The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Microsoft Corp COM 594918104   77,664,910 245,970 SH   SOLE   96,885 0 149,085
Mastercard Incorporated CL A 57636Q104   70,147,099 177,179 SH   SOLE   68,896 0 108,283
Amazon Com Inc COM 023135106   62,826,274 494,228 SH   SOLE   198,380 0 295,848
Moodys Corp COM 615369105   59,297,880 187,551 SH   SOLE   74,848 0 112,703
Alphabet Inc CAP STK CL C 02079K107   61,400,435 465,684 SH   SOLE   188,297 0 277,387
Copart Inc COM 217204106   51,720,798 1,200,297 SH   SOLE   482,780 0 717,517
AON Plc SHS CL A G0403H108   45,990,931 141,851 SH   SOLE   61,133 0 80,718
Verisk Analytics Inc COM 92345Y106   47,029,211 199,074 SH   SOLE   85,668 0 113,406
MSCI Inc. COM 55354G100   49,159,105 95,812 SH   SOLE   41,877 0 53,935
Waste Mgmt Inc Del COM 94106L109   38,254,115 250,945 SH   SOLE   106,169 0 144,776
Marsh & McLennan Cos Inc COM 571748102   41,267,838 216,857 SH   SOLE   98,033 0 118,824
CoStar Group Inc COM 22160N109   35,130,349 456,891 SH   SOLE   203,109 0 253,782
Nike Inc CL B 654106103   29,485,032 308,356 SH   SOLE   125,059 0 183,297
Apple Inc COM 037833100   29,350,631 171,431 SH   SOLE   65,807 0 105,624
CBRE Group Inc CL A 12504L109   29,791,726 403,354 SH   SOLE   165,570 0 237,784
S&P Global Inc COM 78409V104   29,057,878 79,521 SH   SOLE   34,240 0 45,281
Adobe Inc COM 00724F101   27,818,104 54,556 SH   SOLE   20,228 0 34,328
Lauder Estee Cos Inc CL A 518439104   24,374,407 168,623 SH   SOLE   72,849 0 95,774
Intuit COM 461202103   32,207,168 63,035 SH   SOLE   26,583 0 36,452
Berkshire Hathaway Inc Del CL B NEW 084670702   28,741,765 82,049 SH   SOLE   0 0 82,049
Progressive Corp COM 743315103   25,783,736 185,095 SH   SOLE   74,363 0 110,732
Republic Svcs Inc COM 760759100   25,857,495 181,443 SH   SOLE   74,184 0 107,259
Pepsico Inc COM 713448108   18,380,965 108,481 SH   SOLE   35,114 0 73,367
Procter and Gamble Co COM 742718109   17,089,396 117,163 SH   SOLE   42,509 0 74,654
Colgate Palmolive Co COM 194162103   14,661,083 206,175 SH   SOLE   82,613 0 123,562
Canadian Pacific Kansas City COM 13646K108   20,920,074 281,146 SH   SOLE   113,215 0 167,931
Canadian Natl Ry Co COM 136375102   25,548,114 235,836 SH   SOLE   108,292 0 127,544
Unilever PLC SPON ADR NEW 904767704   14,453,286 292,577 SH   SOLE   127,082 0 165,495
Visa Inc COM CL A 92826C839   11,190,917 48,654 SH   SOLE   18,925 0 29,729
Ferrari N V COM N3167Y103   10,511,767 35,568 SH   SOLE   22,928 0 12,640
CME Group Inc COM 12572Q105   12,212,361 60,995 SH   SOLE   27,389 0 33,606
Schwab Charles Corp COM 808513105   210,515 3,835 SH   SOLE   0 0 3,835
Coca Cola Co COM 191216100   4,953,414 88,485 SH   SOLE   0 0 88,485
Berkshire Hathaway Inc Del CL A 084670108   3,720,339 7 SH   SOLE   0 0 7
Equifax Inc COM 294429105   2,014,980 11,000 SH   SOLE   0 0 11,000
Stryker Corporation COM 863667101   1,637,980 5,994 SH   SOLE   0 0 5,994
Johnson & Johnson COM 478160104   1,240,549 7,965 SH   SOLE   0 0 7,965
Becton Dickinson & Co COM 075887109   1,066,695 4,126 SH   SOLE   0 0 4,126
Fair Isaac Corp COM 303250104   667,900 769 SH   SOLE   0 0 769
Globe Life Inc COM 37959E102   244,643 2,250 SH   SOLE   0 0 2,250