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
ANHEUSER-BUSCH INBEV ADR SPONSORED ADR 03524a108 1 10 SH   DFND 01 02 10 0 0
APPLE Inc COM 037833100 13,473 93,549 SH   DFND 01 02 93,549 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 8,872 52,384 SH   DFND 01 02 52,384 0 0
C.H. ROBINSON WORLDWIDE INC COM NEW 12541w209 8,968 130,581 SH   DFND 01 02 130,581 0 0
CARMAX COM 143130102 1,748 27,717 SH   DFND 01 02 27,717 0 0
COSTAR GRP INC COM 22160n109 50 190 SH   DFND 01 02 190 0 0
COSTCO WHSL CORP NEW COM 22160k105 5,167 32,308 SH   DFND 01 02 32,308 0 0
FACTSET RESH SYS INC COM 303075105 1,006 6,052 SH   DFND 01 02 6,052 0 0
LANDSTAR SYS INC COM 515098101 3,320 38,786 SH   DFND 01 02 38,786 0 0
MARRIOTT INTL INC NEW CL A 571903202 8,432 84,057 SH   DFND 01 02 84,057 0 0
MICROSOFT CORP COM 594918104 16,496 239,322 SH   DFND 01 02 239,322 0 0
PROGRESSIVE CORP OHIO COM 743315103 6,829 154,881 SH   DFND 01 02 154,881 0 0
QUALCOMM INC COM 747525103 11,256 203,839 SH   DFND 01 02 203,839 0 0
RAVEN INDS INC COM 754212108 15,228 457,302 SH   DFND 01 02 457,302 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 12,575 437,557 SH   DFND 01 02 437,557 0 0
ROPER TECHNOLOGIES INC COM 776696106 1 5 SH   DFND 01 02 5 0 0
STURM RUGER & CO INC COM 864159108 757 12,186 SH   DFND 01 02 12,186 0 0