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
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
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
ADOBE INC COM 00724F101 211,590,088 546,914 SH DFND 406,439 0 140,475
ADOBE INC COM 00724F101 119,822,539 309,715 SH DFND 1 309,715 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 133,390,833 1,130,335 SH DFND 1 1,130,335 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 235,541,823 1,995,948 SH DFND 1,483,070 0 512,878
ALCON AG ORD SHS H01301128 160,799,636 1,821,473 SH DFND 1,354,345 0 467,128
ALCON AG ORD SHS H01301128 91,105,048 1,032,001 SH DFND 1 1,032,001 0 0
ALPHABET INC CAP STK CL A 02079K305 475,880,742 2,700,339 SH DFND 2,006,457 0 693,882
ALPHABET INC CAP STK CL A 02079K305 269,499,904 1,529,251 SH DFND 1 1,529,251 0 0
AMERICAN TOWER CORP NEW COM 03027X100 146,703,130 663,755 SH DFND 1 663,755 0 0
AMERICAN TOWER CORP NEW COM 03027X100 259,056,658 1,172,096 SH DFND 870,918 0 301,178
ANALOG DEVICES INC COM 032654105 187,283,895 786,841 SH DFND 1 786,841 0 0
ANALOG DEVICES INC COM 032654105 330,706,416 1,389,406 SH DFND 1,032,380 0 357,026
AON PLC SHS CL A G0403H108 284,110,107 796,362 SH DFND 591,728 0 204,634
AON PLC SHS CL A G0403H108 160,895,906 450,992 SH DFND 1 450,992 0 0
APPLIED MATLS INC COM 038222105 348,734,071 1,904,922 SH DFND 1,415,453 0 489,469
APPLIED MATLS INC COM 038222105 197,499,211 1,078,818 SH DFND 1 1,078,818 0 0
BLACKROCK INC COM 09290D101 345,677,511 329,452 SH DFND 244,797 0 84,655
BLACKROCK INC COM 09290D101 195,763,819 186,575 SH DFND 1 186,575 0 0
BROADCOM INC COM 11135F101 964,653,714 3,499,560 SH DFND 2,600,603 0 898,957
BROADCOM INC COM 11135F101 546,123,293 1,981,220 SH DFND 1 1,981,220 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 120,944,538 1,525,729 SH DFND 1 1,525,729 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 213,567,807 2,694,182 SH DFND 2,001,876 0 692,306
CBRE GROUP INC CL A 12504L109 226,752,833 1,618,276 SH DFND 1 1,618,276 0 0
CBRE GROUP INC CL A 12504L109 400,399,486 2,857,547 SH DFND 2,123,279 0 734,268
CME GROUP INC COM 12572Q105 277,737,037 1,007,681 SH DFND 748,751 0 258,930
CME GROUP INC COM 12572Q105 157,287,790 570,669 SH DFND 1 570,669 0 0
ECOLAB INC COM 278865100 188,378,976 699,150 SH DFND 519,555 0 179,595
ECOLAB INC COM 278865100 106,698,240 396,000 SH DFND 1 396,000 0 0
ENTEGRIS INC COM 29362U104 126,939,874 1,573,960 SH DFND 1,169,958 0 404,002
ENTEGRIS INC COM 29362U104 71,924,718 891,813 SH DFND 1 891,813 0 0
EQUIFAX INC COM 294429105 162,219,854 625,438 SH DFND 1 625,438 0 0
EQUIFAX INC COM 294429105 286,430,850 1,104,333 SH DFND 820,594 0 283,739
FASTENAL CO COM 311900104 249,323,340 5,936,270 SH DFND 4,410,911 0 1,525,359
FASTENAL CO COM 311900104 141,194,046 3,361,763 SH DFND 1 3,361,763 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107 276,866,077 1,271,486 SH DFND 944,757 0 326,729
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107 156,796,331 720,075 SH DFND 1 720,075 0 0
FLUTTER ENTMT PLC SHS G3643J108 234,730,122 821,424 SH DFND 1 821,424 0 0
FLUTTER ENTMT PLC SHS G3643J108 414,475,734 1,450,433 SH DFND 1,077,732 0 372,701
ICON PLC SHS G4705A100 67,662,904 465,197 SH DFND 465,197 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 256,510,455 4,629,317 SH DFND 1 4,629,317 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 452,938,739 8,174,314 SH DFND 6,073,816 0 2,100,498
INTERCONTINENTAL EXCHANGE IN COM 45866F104 392,331,147 2,138,394 SH DFND 1,588,917 0 549,477
INTERCONTINENTAL EXCHANGE IN COM 45866F104 222,189,325 1,211,039 SH DFND 1 1,211,039 0 0
IQVIA HLDGS INC COM 46266C105 127,551,770 809,390 SH DFND 489,853 0 319,537
IQVIA HLDGS INC COM 46266C105 110,988,746 704,288 SH DFND 1 704,288 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 271,066,681 1,791,821 SH DFND 1,331,399 0 460,422
LIVE NATION ENTERTAINMENT IN COM 538034109 153,513,498 1,014,764 SH DFND 1 1,014,764 0 0
MICROSOFT CORP COM 594918104 402,142,555 808,473 SH DFND 600,727 0 207,746
MICROSOFT CORP COM 594918104 227,739,666 457,851 SH DFND 1 457,851 0 0
MOODYS CORP COM 615369105 81,047,414 161,581 SH DFND 1 161,581 0 0
MOODYS CORP COM 615369105 143,107,640 285,308 SH DFND 211,996 0 73,312
ORACLE CORP COM 68389X105 120,527,221 551,284 SH DFND 409,711 0 141,573
ORACLE CORP COM 68389X105 68,275,744 312,289 SH DFND 1 312,289 0 0
S&P GLOBAL INC COM 78409V104 335,845,765 636,928 SH DFND 1 636,928 0 0
S&P GLOBAL INC COM 78409V104 593,030,408 1,124,676 SH DFND 835,678 0 288,998
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 225,878,234 2,727,998 SH DFND 2,027,022 0 700,976
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 127,921,777 1,544,949 SH DFND 1 1,544,949 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 410,511,087 1,812,491 SH DFND 1,346,750 0 465,741
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 232,476,584 1,026,432 SH DFND 1 1,026,432 0 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109 149,548,544 7,673,091 SH DFND 1 7,673,091 0 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109 214,680,479 11,014,904 SH DFND 9,538,440 0 1,476,464
THERMO FISHER SCIENTIFIC INC COM 883556102 226,824,461 559,425 SH DFND 415,702 0 143,723
THERMO FISHER SCIENTIFIC INC COM 883556102 128,465,946 316,840 SH DFND 1 316,840 0 0
TRADEWEB MKTS INC CL A 892672106 105,587,047 721,223 SH DFND 536,147 0 185,076
TRADEWEB MKTS INC CL A 892672106 59,831,630 408,686 SH DFND 1 408,686 0 0
TRIP COM GROUP LTD ADS 89677Q107 141,640,112 2,415,418 SH DFND 2,091,782 0 323,636
TRIP COM GROUP LTD ADS 89677Q107 98,622,687 1,681,833 SH DFND 1 1,681,833 0 0
UBER TECHNOLOGIES INC COM 90353T100 307,255,560 3,293,200 SH DFND 2,446,976 0 846,224
UBER TECHNOLOGIES INC COM 90353T100 174,006,926 1,865,026 SH DFND 1 1,865,026 0 0
VISA INC COM CL A 92826C839 443,417,329 1,248,887 SH DFND 927,975 0 320,912
VISA INC COM CL A 92826C839 251,118,344 707,276 SH DFND 1 707,276 0 0
YUM BRANDS INC COM 988498101 195,211,887 1,317,397 SH DFND 979,012 0 338,385
YUM BRANDS INC COM 988498101 110,509,977 745,782 SH DFND 1 745,782 0 0
ZOETIS INC CL A 98978V103 68,736,522 440,760 SH DFND 1 440,760 0 0
ZOETIS INC CL A 98978V103 121,381,343 778,335 SH DFND 578,334 0 200,001