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

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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Arch Capital Group Ltd COM G0450A105 129,094 1,496,044 SH   SOLE   1,493,629 0 2,415
Capella Education Co COM 139594105 3,147 35,841 SH   SOLE   35,841 0 0
Chipotle Mexican Grill Cl A COM 169656105 40,300 106,807 SH   SOLE   106,672 0 135
Cummins Inc COM 231021106 83,455 610,635 SH   SOLE   610,180 0 455
Deere & Co. COM 244199105 83,685 812,163 SH   SOLE   811,058 0 1,105
Expeditors International of Washington COM 302130109 66,887 1,262,965 SH   SOLE   1,261,635 0 1,330
Fastenal Co COM 311900104 78,913 1,679,707 SH   SOLE   1,677,442 0 2,265
Goldman Sachs Group Inc COM 38141G104 124,210 518,729 SH   SOLE   518,059 0 670
Mastercard Inc Class A COM 57636Q104 56,501 547,224 SH   SOLE   546,579 0 645
Moody's Corp. COM 615369105 119,225 1,264,718 SH   SOLE   1,263,003 0 1,715
NVR Inc. COM 62944T105 78,361 46,951 SH   SOLE   46,867 0 84
Ross Stores Inc COM 778296103 53,423 814,368 SH   SOLE   813,273 0 1,095
Strayer Education Inc COM 863236105 60,157 746,088 SH   SOLE   745,048 0 1,040
US Bancorp COM 902973304 57,283 1,115,098 SH   SOLE   1,113,873 0 1,225
Union Pacific Corporation COM 907818108 70,536 680,328 SH   SOLE   679,243 0 1,085
Visa Inc Cl A COM 92826C839 54,186 694,510 SH   SOLE   693,570 0 940
Waters Corp COM 941848103 14,517 108,024 SH   SOLE   108,024 0 0
Wells Fargo & Company COM 949746101 64,399 1,168,551 SH   SOLE   1,166,809 0 1,742
YUM! Brands Inc COM 988498101 58,297 920,530 SH   SOLE   918,508 0 2,022
YUM! China Holdings Inc. COM 98850P109 13,039 499,188 SH   SOLE   496,393 0 2,795