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 | 692,398 | 6,675 | SH | DFND | 1 | 0 | 0 | 0 | |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 | 4,820,027 | 39,671 | SH | DFND | 1 | 0 | 0 | 0 | |
| ANSYS INC | COM | 03662Q105 | 4,860,211 | 14,604 | SH | DFND | 1 | 0 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 1,319,804 | 4,186 | SH | DFND | 1 | 0 | 0 | 0 | |
| CANADIAN PAC RY LTD | COM | 13645T100 | 4,833,450 | 62,846 | SH | DFND | 1 | 0 | 0 | 0 | |
| DANAHER CORPORATION | COM | 235851102 | 654,044 | 2,595 | SH | DFND | 1 | 0 | 0 | 0 | |
| FIRSTSERVICE CORP NEW | COM | 33767E202 | 809,142 | 5,739 | SH | DFND | 1 | 0 | 0 | 0 | |
| GALLAGHER ARTHUR J & CO | COM | 363576109 | 4,745,445 | 24,805 | SH | DFND | 1 | 0 | 0 | 0 | |
| ICON PLC | SHS | G4705A100 | 1,106,396 | 5,180 | SH | DFND | 1 | 0 | 0 | 0 | |
| INTUIT | COM | 461202103 | 810,965 | 1,819 | SH | DFND | 1 | 0 | 0 | 0 | |
| IQVIA HLDGS INC | COM | 46266C105 | 1,088,127 | 5,471 | SH | DFND | 1 | 0 | 0 | 0 | |
| MARSH & MCLENNAN COS INC | COM | 571748102 | 1,350,887 | 8,111 | SH | DFND | 1 | 0 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 5,257,452 | 14,467 | SH | DFND | 1 | 0 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 4,832,773 | 16,763 | SH | DFND | 1 | 0 | 0 | 0 | |
| MSCI INC | COM | 55354G100 | 1,561,535 | 2,790 | SH | DFND | 1 | 0 | 0 | 0 | |
| S&P GLOBAL INC | COM | 78409V104 | 4,810,576 | 13,953 | SH | DFND | 1 | 0 | 0 | 0 | |
| SHERWIN WILLIAMS CO | COM | 824348106 | 653,631 | 2,908 | SH | DFND | 1 | 0 | 0 | 0 | |
| SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 4,803,782 | 11,734 | SH | DFND | 1 | 0 | 0 | 0 | |
| STERICYCLE INC | COM | 858912108 | 1,168,050 | 26,784 | SH | DFND | 1 | 0 | 0 | 0 | |
| TYLER TECHNOLOGIES INC | COM | 902252105 | 645,445 | 1,820 | SH | DFND | 1 | 0 | 0 | 0 | |
| VANGUARD INDEX FDS | S&P 500 ETF SHS | 922908363 | 4,004,017 | 10,647 | SH | DFND | 1 | 0 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 4,827,775 | 21,413 | SH | DFND | 1 | 0 | 0 | 0 | |
| WASTE CONNECTIONS INC | COM | 94106B101 | 4,797,915 | 34,500 | SH | DFND | 1 | 0 | 0 | 0 | |