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
Estimated average burden
hours per response: 23.8
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
ALLEGION PLC ORD SHS G0176J109   87,438,779 649,089 SH   SOLE   604,895 0 44,194
APPLIED MATLS INC COM 038222105   102,406,806 496,566 SH   SOLE   462,712 0 33,854
BROADCOM INC COM 11135F101   96,330,799 72,680 SH   SOLE   67,725 0 4,955
BROOKFIELD CORP CL A LTD VT SH 11271J107   978,201 23,385 SH   SOLE   23,385 0 0
CARRIER GLOBAL CORPORATION COM 14448C104   93,688,005 1,611,698 SH   SOLE   1,502,403 0 109,295
COLLIERS INTL GROUP INC SUB VTG SHS 194693107   809,277 6,623 SH   SOLE   6,623 0 0
CANADIAN NATL RY CO COM 136375102   779,826 5,924 SH   SOLE   5,924 0 0
CSX CORP COM 126408103   97,652,315 2,634,268 SH   SOLE   2,455,046 0 179,222
CINTAS CORP COM 172908105   122,434,929 178,209 SH   SOLE   166,149 0 12,060
CORTEVA INC COM 22052L104   88,805,572 1,539,892 SH   SOLE   1,435,688 0 104,204
FIRSTSERVICE CORP NEW COM 33767E202   852,977 5,154 SH   SOLE   5,154 0 0
INTUIT COM 461202103   98,963,800 152,252 SH   SOLE   141,874 0 10,378
LOWES COS INC COM 548661107   99,178,616 389,348 SH   SOLE   362,895 0 26,453
MASTERCARD INCORPORATED CL A 57636Q104   103,298,691 214,504 SH   SOLE   199,901 0 14,603
MICROCHIP TECHNOLOGY INC. COM 595017104   91,423,102 1,019,096 SH   SOLE   949,996 0 69,100
MCKESSON CORP COM 58155Q103   97,509,676 181,633 SH   SOLE   169,157 0 12,476
MOODYS CORP COM 615369105   96,433,841 245,360 SH   SOLE   228,611 0 16,749
MARSH & MCLENNAN COS INC COM 571748102   95,138,866 461,884 SH   SOLE   430,182 0 31,702
MSCI INC COM 55354G100   85,075,189 151,798 SH   SOLE   141,477 0 10,321
MICROSOFT CORP COM 594918104   100,742,666 239,453 SH   SOLE   223,204 0 16,249
OPEN TEXT CORP COM 683715106   860,238 22,177 SH   SOLE   22,177 0 0
ROPER TECHNOLOGIES INC COM 776696106   99,527,227 177,461 SH   SOLE   165,381 0 12,080
SHERWIN WILLIAMS CO COM 824348106   106,568,833 306,823 SH   SOLE   285,927 0 20,896
TELUS CORPORATION COM 87971M103   762,448 47,675 SH   SOLE   47,675 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102   100,781,233 173,399 SH   SOLE   161,585 0 11,814
THOMSON REUTERS CORP. COM 884903808   961,590 6,181 SH   SOLE   6,181 0 0
UNITEDHEALTH GROUP INC COM 91324P102   85,361,969 172,553 SH   SOLE   160,784 0 11,769
VISA INC COM CL A 92826C839   93,516,080 335,087 SH   SOLE   312,441 0 22,646
WASTE CONNECTIONS INC COM 94106B101   821,490 4,780 SH   SOLE   4,780 0 0
ZOETIS INC CL A 98978V103   79,968,984 472,602 SH   SOLE   440,717 0 31,885