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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
RAVEN INDS INC COM 754212108 14,598 579,297 SH   DFND 1,2 571,362 0 7,935
MICROSOFT CORP COM 594918104 14,482 233,053 SH   DFND 1,2 229,883 0 3,170
RITCHIE BROS AUCTIONEERS COM 767744105 13,886 408,418 SH   DFND 1,2 402,706 0 5,712
QUALCOMM INC COM 747525103 12,319 188,947 SH   DFND 1,2 186,312 0 2,635
APPLE INC COM 037833100 10,317 89,078 SH   DFND 1,2 87,867 0 1,211
LANDSTAR SYS INC COM 515098101 8,908 104,437 SH   DFND 1,2 102,976 0 1,461
C H ROBINSON WORLDWIDE INC COM NEW 12541w209 8,844 120,721 SH   DFND 1,2 119,046 0 1,675
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 7,820 47,982 SH   DFND 1,2 47,261 0 721
PROGRESSIVE CORP OHIO COM 743315103 5,469 154,062 SH   DFND 1,2 151,847 0 2,215
COSTCO WHSL CORP NEW COM 22160k105 5,186 32,388 SH   DFND 1,2 31,936 0 452
MARRIOTT INTL INC NEW Cl A 571903202 4,289 51,874 SH   DFND 1,2 51,154 0 720
CARMAX INC COM 143130102 1,990 30,912 SH   DFND 1,2 30,427 0 485
FACTSET RESH SYS INC COM 303075105 1,085 6,637 SH   DFND 1,2 6,552 0 85
STURM RUGER & CO INC COM 864159108 642 12,186 SH   DFND 1,2 12,076 0 110
COSTAR GROUP INC COM 22160n109 36 190 SH   DFND 1,2 190 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524a108 1 10 SH   DFND 1,2 10 0 0
ROPER TECHNOLOGIES INC COM 776696106 1 5 SH   DFND 1,2 5 0 0