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 | 19,103 | 6,594 | SH | DFND | 1 | 6,594 | 0 | 0 | |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 | 16,837 | 122,612 | SH | DFND | 1 | 122,612 | 0 | 0 | |
| ANSYS INC | COM | 03662Q105 | 8,856 | 22,078 | SH | DFND | 1 | 22,078 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 18,759 | 62,413 | SH | DFND | 1 | 62,413 | 0 | 0 | |
| AUTODESK INC | COM | 052769106 | 2,800 | 9,956 | SH | DFND | 1 | 9,956 | 0 | 0 | |
| BLACK KNIGHT INC | COM | 09215C105 | 2,384 | 28,760 | SH | DFND | 1 | 28,760 | 0 | 0 | |
| CANADIAN PAC RY LTD | COM | 13645T100 | 17,148 | 238,169 | SH | DFND | 1 | 238,169 | 0 | 0 | |
| CDW CORP | COM | 12514G108 | 3,259 | 15,913 | SH | DFND | 1 | 15,913 | 0 | 0 | |
| COSTAR GROUP INC | COM | 22160N109 | 2,967 | 37,544 | SH | DFND | 1 | 37,544 | 0 | 0 | |
| DESCARTES SYS GROUP INC | COM | 249906108 | 15,569 | 188,303 | SH | DFND | 1 | 188,303 | 0 | 0 | |
| FACTSET RESH SYS INC | COM | 303075105 | 2,973 | 6,118 | SH | DFND | 1 | 6,118 | 0 | 0 | |
| FISERV INC | COM | 337738108 | 1,768 | 17,030 | SH | DFND | 1 | 17,030 | 0 | 0 | |
| ICON PLC | SHS | G4705A100 | 18,868 | 60,924 | SH | DFND | 1 | 60,924 | 0 | 0 | |
| IHS MARKIT LTD | SHS | G47567105 | 1,418 | 10,669 | SH | DFND | 1 | 10,669 | 0 | 0 | |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | 17,667 | 129,171 | SH | DFND | 1 | 129,171 | 0 | 0 | |
| INTUIT | COM | 461202103 | 14,023 | 21,802 | SH | DFND | 1 | 21,802 | 0 | 0 | |
| IQVIA HLDGS INC | COM | 46266C105 | 9,204 | 32,622 | SH | DFND | 1 | 32,622 | 0 | 0 | |
| LENNOX INTL INC | COM | 526107107 | 3,142 | 9,687 | SH | DFND | 1 | 9,687 | 0 | 0 | |
| MARSH & MCLENNAN COS INC | COM | 571748102 | 18,914 | 108,812 | SH | DFND | 1 | 108,812 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 4,525 | 12,593 | SH | DFND | 1 | 12,593 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 18,305 | 54,428 | SH | DFND | 1 | 54,428 | 0 | 0 | |
| MSCI INC | COM | 55354G100 | 11,770 | 19,210 | SH | DFND | 1 | 19,210 | 0 | 0 | |
| NASDAQ INC | COM | 631103108 | 4,860 | 23,142 | SH | DFND | 1 | 23,142 | 0 | 0 | |
| ROPER TECHNOLOGIES INC | COM | 776696106 | 5,871 | 11,936 | SH | DFND | 1 | 11,936 | 0 | 0 | |
| S&P GLOBAL INC | COM | 78409V104 | 15,855 | 33,596 | SH | DFND | 1 | 33,596 | 0 | 0 | |
| SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 23,715 | 49,899 | SH | DFND | 1 | 49,899 | 0 | 0 | |
| THOMSON REUTERS CORP. | COM NEW | 884903709 | 2,967 | 24,805 | SH | DFND | 1 | 24,805 | 0 | 0 | |
| TORO CO | COM | 891092108 | 5,474 | 54,791 | SH | DFND | 1 | 54,791 | 0 | 0 | |
| TRANSUNION | COM | 89400J107 | 4,313 | 36,373 | SH | DFND | 1 | 36,373 | 0 | 0 | |
| TYLER TECHNOLOGIES INC | COM | 902252105 | 8,956 | 16,649 | SH | DFND | 1 | 16,649 | 0 | 0 | |
| UNION PAC CORP | COM | 907818108 | 3,081 | 12,229 | SH | DFND | 1 | 12,229 | 0 | 0 | |
| VERISK ANALYTICS INC | COM | 92345Y106 | 8,159 | 35,670 | SH | DFND | 1 | 35,670 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 4,246 | 19,591 | SH | DFND | 1 | 19,591 | 0 | 0 | |
| WASTE CONNECTIONS INC | COM | 94106B101 | 16,932 | 124,250 | SH | DFND | 1 | 124,250 | 0 | 0 | |