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 | 4,899,588 | 55,532 | SH | DFND | 1 | 55,532 | 0 | 0 | |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 | 4,858,614 | 35,392 | SH | DFND | 1 | 35,392 | 0 | 0 | |
| ANSYS INC | COM | 03662Q105 | 1,283,809 | 5,314 | SH | DFND | 1 | 5,314 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 2,800,006 | 9,329 | SH | DFND | 1 | 9,329 | 0 | 0 | |
| CANADIAN PAC RY LTD | COM | 13645T100 | 4,835,226 | 64,726 | SH | DFND | 1 | 64,726 | 0 | 0 | |
| CARLISLE COS INC | COM | 142339100 | 2,038,608 | 8,651 | SH | DFND | 1 | 8,651 | 0 | 0 | |
| DANAHER CORPORATION | COM | 235851102 | 4,064,642 | 15,314 | SH | DFND | 1 | 15,314 | 0 | 0 | |
| DESCARTES SYS GROUP INC | COM | 249906108 | 703,604 | 10,102 | SH | DFND | 1 | 10,102 | 0 | 0 | |
| FIRSTSERVICE CORP NEW | COM | 33767E202 | 718,143 | 5,860 | SH | DFND | 1 | 5,860 | 0 | 0 | |
| GALLAGHER ARTHUR J & CO | COM | 363576109 | 5,327,386 | 28,256 | SH | DFND | 1 | 28,256 | 0 | 0 | |
| ICON PLC | SHS | G4705A100 | 1,434,342 | 7,384 | SH | DFND | 1 | 7,384 | 0 | 0 | |
| INTUIT | COM | 461202103 | 707,991 | 1,819 | SH | DFND | 1 | 1,819 | 0 | 0 | |
| IQVIA HLDGS INC | COM | 46266C105 | 1,264,786 | 6,173 | SH | DFND | 1 | 6,173 | 0 | 0 | |
| MARSH & MCLENNAN COS INC | COM | 571748102 | 4,865,774 | 29,404 | SH | DFND | 1 | 29,404 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 4,880,043 | 14,034 | SH | DFND | 1 | 14,034 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 4,885,373 | 20,371 | SH | DFND | 1 | 20,371 | 0 | 0 | |
| MSCI INC | COM | 55354G100 | 2,202,580 | 4,735 | SH | DFND | 1 | 4,735 | 0 | 0 | |
| S&P GLOBAL INC | COM | 78409V104 | 4,847,587 | 14,473 | SH | DFND | 1 | 14,473 | 0 | 0 | |
| SHERWIN WILLIAMS CO | COM | 824348106 | 720,297 | 3,035 | SH | DFND | 1 | 3,035 | 0 | 0 | |
| SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 4,487,434 | 11,734 | SH | DFND | 1 | 11,734 | 0 | 0 | |
| STERICYCLE INC | COM | 858912108 | 1,508,973 | 30,246 | SH | DFND | 1 | 30,246 | 0 | 0 | |
| THOMSON REUTERS CORP. | COM NEW | 884903709 | 688,298 | 6,034 | SH | DFND | 1 | 6,034 | 0 | 0 | |
| TYLER TECHNOLOGIES INC | COM | 902252105 | 605,486 | 1,878 | SH | DFND | 1 | 1,878 | 0 | 0 | |
| UNION PAC CORP | COM | 907818108 | 727,644 | 3,514 | SH | DFND | 1 | 3,514 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 4,868,856 | 23,435 | SH | DFND | 1 | 23,435 | 0 | 0 | |
| WASTE CONNECTIONS INC | COM | 94106B101 | 4,832,210 | 36,453 | SH | DFND | 1 | 36,453 | 0 | 0 | |