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   92,349,479 245,584 SH   SOLE   96,885 0 148,699
Mastercard Incorporated CL A 57636Q104   75,544,116 177,122 SH   SOLE   68,896 0 108,226
Amazon Com Inc COM 023135106   74,354,587 489,368 SH   SOLE   194,187 0 295,181
Moodys Corp COM 615369105   73,250,719 187,553 SH   SOLE   74,848 0 112,705
Alphabet Inc CAP STK CL C 02079K107   60,690,095 430,640 SH   SOLE   155,179 0 275,461
Copart Inc COM 217204106   58,794,414 1,199,886 SH   SOLE   482,780 0 717,106
MSCI Inc. COM 55354G100   50,509,209 89,294 SH   SOLE   41,877 0 47,417
Verisk Analytics Inc COM 92345Y106   47,453,876 198,668 SH   SOLE   85,668 0 113,000
Waste Mgmt Inc Del COM 94106L109   44,968,674 251,081 SH   SOLE   106,169 0 144,912
AON Plc SHS CL A G0403H108   41,261,980 141,784 SH   SOLE   61,133 0 80,651
Marsh & McLennan Cos Inc COM 571748102   41,097,724 216,909 SH   SOLE   98,033 0 118,876
CoStar Group Inc COM 22160N109   39,911,625 456,707 SH   SOLE   203,109 0 253,598
Intuit COM 461202103   39,268,925 62,827 SH   SOLE   26,583 0 36,244
CBRE Group Inc CL A 12504L109   37,550,551 403,379 SH   SOLE   165,570 0 237,809
S&P Global Inc COM 78409V104   35,159,383 79,813 SH   SOLE   34,240 0 45,573
Nike Inc CL B 654106103   33,430,475 307,916 SH   SOLE   125,059 0 182,857
Republic Svcs Inc COM 760759100   33,423,429 202,677 SH   SOLE   95,284 0 107,393
Apple Inc COM 037833100   33,030,585 171,561 SH   SOLE   65,807 0 105,754
Canadian Natl Ry Co COM 136375102   31,418,179 250,085 SH   SOLE   113,392 0 136,693
Adobe Inc COM 00724F101   29,489,938 49,430 SH   SOLE   15,675 0 33,755
Canadian Pacific Kansas City COM 13646K108   29,443,683 372,422 SH   SOLE   169,715 0 202,707
Progressive Corp COM 743315103   29,404,237 184,607 SH   SOLE   74,363 0 110,244
Berkshire Hathaway Inc Del CL B NEW 084670702   29,178,355 81,810 SH   SOLE   0 0 81,810
Lauder Estee Cos Inc CL A 518439104   26,067,958 178,242 SH   SOLE   76,849 0 101,393
Pepsico Inc COM 713448108   18,421,829 108,466 SH   SOLE   35,114 0 73,352
Procter and Gamble Co COM 742718109   17,140,483 116,968 SH   SOLE   42,509 0 74,459
Colgate Palmolive Co COM 194162103   16,422,677 206,030 SH   SOLE   82,613 0 123,417
Unilever PLC SPON ADR NEW 904767704   14,172,505 292,337 SH   SOLE   127,082 0 165,255
CME Group Inc COM 12572Q105   12,847,028 61,002 SH   SOLE   27,389 0 33,613
Visa Inc COM CL A 92826C839   12,671,337 48,670 SH   SOLE   18,925 0 29,745
Ferrari N V COM N3167Y103   12,034,909 35,561 SH   SOLE   22,928 0 12,633
Coca Cola Co COM 191216100   5,214,446 88,485 SH   SOLE   0 0 88,485
Berkshire Hathaway Inc Del CL A 084670108   3,798,375 7 SH   SOLE   0 0 7
Equifax Inc COM 294429105   2,720,190 11,000 SH   SOLE   0 0 11,000
Stryker Corporation COM 863667101   1,794,963 5,994 SH   SOLE   0 0 5,994
Johnson & Johnson COM 478160104   1,248,434 7,965 SH   SOLE   0 0 7,965
Becton Dickinson & Co COM 075887109   1,006,043 4,126 SH   SOLE   0 0 4,126
Fair Isaac Corp COM 303250104   895,124 769 SH   SOLE   0 0 769
Globe Life Inc COM 37959E102   273,870 2,250 SH   SOLE   0 0 2,250
Schwab Charles Corp COM 808513105   263,815 3,835 SH   SOLE   0 0 3,835