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
Yum China COM 98850P109   303,346,411 5,550,712 SH   SOLE   5,550,712 0 0
Visa CL A 92826C839   177,870,192 856,133 SH   SOLE   856,133 0 0
S&P Global COM 78409V104   206,816,407 617,473 SH   SOLE   617,473 0 0
Starbucks COM 855244109   350,782,707 3,536,116 SH   SOLE   3,536,116 0 0
Otis Worldwide COM 68902V107   468,230,682 5,979,194 SH   SOLE   5,979,194 0 0
Nike CL B 654106103   300,043,244 2,564,253 SH   SOLE   2,564,253 0 0
Microsoft COM 594918104   275,538,071 1,148,937 SH   SOLE   1,148,937 0 0
Moody's COM 615369105   307,595,087 1,103,995 SH   SOLE   1,103,995 0 0
Mastercard CL A 57636Q104   253,441,272 728,845 SH   SOLE   728,845 0 0
Expeditors International COM 302130109   229,420,651 2,207,666 SH   SOLE   2,207,666 0 0
Estee Lauder CL A 518439104   194,114,317 782,372 SH   SOLE   782,372 0 0
Autozone COM 053332102   148,651,466 60,276 SH   SOLE   60,276 0 0
Automatic Data Processing COM 053015103   273,115,629 1,143,413 SH   SOLE   1,143,413 0 0