The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it 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 |
| ALPHABET INC | CAP STK CL A | 02079K305 | 15,784 | 9,006 | SH | DFND | 1 | 9,006 | 0 | 0 | |
| ANSYS INC | COM | 03662Q105 | 2,396 | 6,585 | SH | DFND | 1 | 6,585 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 16,377 | 77,516 | SH | DFND | 1 | 77,516 | 0 | 0 | |
| BLACK KNIGHT INC | COM | 09215C105 | 15,767 | 178,465 | SH | DFND | 1 | 178,465 | 0 | 0 | |
| CANADIAN PAC RY LTD | COM | 13645T100 | 14,267 | 32,313 | SH | DFND | 1 | 32,313 | 0 | 0 | |
| DESCARTES SYS GROUP INC | COM | 249906108 | 10,974 | 187,652 | SH | DFND | 1 | 187,652 | 0 | 0 | |
| FISERV INC | COM | 337738108 | 10,003 | 87,857 | SH | DFND | 1 | 87,857 | 0 | 0 | |
| HENRY JACK & ASSOC INC | COM | 426281101 | 2,393 | 14,775 | SH | DFND | 1 | 14,775 | 0 | 0 | |
| IHS MARKIT LTD | SHS | G47567105 | 9,040 | 100,635 | SH | DFND | 1 | 100,635 | 0 | 0 | |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | 16,535 | 143,422 | SH | DFND | 1 | 143,422 | 0 | 0 | |
| LENNOX INTL INC | COM | 526107107 | 11,854 | 43,269 | SH | DFND | 1 | 43,269 | 0 | 0 | |
| MARSH & MCLENNAN COS INC | COM | 571748102 | 16,404 | 140,202 | SH | DFND | 1 | 140,202 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 25,275 | 70,811 | SH | DFND | 1 | 70,811 | 0 | 0 | |
| MOODYS CORP | COM | 615369105 | 2,383 | 8,209 | SH | DFND | 1 | 8,209 | 0 | 0 | |
| MSCI INC | COM | 55354G100 | 11,452 | 25,647 | SH | DFND | 1 | 25,647 | 0 | 0 | |
| ROLLINS INC | COM | 775711104 | 568 | 14,548 | SH | DFND | 1 | 14,548 | 0 | 0 | |
| ROPER TECHNOLOGIES INC | COM | 776696106 | 14,781 | 34,288 | SH | DFND | 1 | 34,288 | 0 | 0 | |
| S&P GLOBAL INC | COM | 78409V104 | 15,749 | 47,908 | SH | DFND | 1 | 47,908 | 0 | 0 | |
| SOTERA HEALTH CO | COM | 83601L102 | 3,005 | 109,498 | SH | DFND | 1 | 109,498 | 0 | 0 | |
| SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 23,519 | 62,904 | SH | DFND | 1 | 62,904 | 0 | 0 | |
| THOMSON REUTERS CORP. | COM NEW | 884903709 | 4,570 | 55,811 | SH | DFND | 1 | 55,811 | 0 | 0 | |
| TORO CO | COM | 891092108 | 11,305 | 119,204 | SH | DFND | 1 | 119,204 | 0 | 0 | |
| TRANSUNION | COM | 89400J107 | 13,734 | 138,418 | SH | DFND | 1 | 138,418 | 0 | 0 | |
| TYLER TECHNOLOGIES INC | COM | 902252105 | 2,352 | 5,387 | SH | DFND | 1 | 5,387 | 0 | 0 | |
| UNION PAC CORP | COM | 907818108 | 11,373 | 54,621 | SH | DFND | 1 | 54,621 | 0 | 0 | |
| VERISIGN INC | COM | 92343E102 | 2,392 | 11,053 | SH | DFND | 1 | 11,053 | 0 | 0 | |
| VERISK ANALYTICS INC | COM | 92345Y106 | 6,275 | 30,230 | SH | DFND | 1 | 30,230 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 25,234 | 115,364 | SH | DFND | 1 | 115,364 | 0 | 0 | |