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
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADOBE INC COM 00724F101   100,144,974 180,266 SH   DFND 1 180,266 0 0
ADOBE INC COM 00724F101   144,142,075 259,463 SH   DFND   196,039 0 63,424
AGILENT TECHNOLOGIES INC COM 00846U101   180,541,405 1,392,744 SH   DFND 1 1,392,744 0 0
AGILENT TECHNOLOGIES INC COM 00846U101   259,877,039 2,004,760 SH   DFND   1,514,735 0 490,025
ALPHABET INC CAP STK CL A 02079K305   494,031,966 2,712,226 SH   DFND   2,049,348 0 662,878
ALPHABET INC CAP STK CL A 02079K305   343,204,480 1,884,186 SH   DFND 1 1,884,186 0 0
AMERICAN TOWER CORP NEW COM 03027X100   158,974,849 817,856 SH   DFND 1 817,856 0 0
AMERICAN TOWER CORP NEW COM 03027X100   228,853,099 1,177,349 SH   DFND   889,529 0 287,820
ANALOG DEVICES INC COM 032654105   403,176,551 1,766,304 SH   DFND   1,334,640 0 431,664
ANALOG DEVICES INC COM 032654105   280,108,802 1,227,148 SH   DFND 1 1,227,148 0 0
AON PLC SHS CL A G0403H108   136,991,768 466,625 SH   DFND 1 466,625 0 0
AON PLC SHS CL A G0403H108   197,179,190 671,637 SH   DFND   507,478 0 164,159
APPLIED MATLS INC COM 038222105   313,685,696 1,329,233 SH   DFND 1 1,329,233 0 0
APPLIED MATLS INC COM 038222105   451,528,399 1,913,337 SH   DFND   1,445,688 0 467,649
BLACKROCK INC COM 09247X101   221,867,563 281,801 SH   DFND   234,784 0 47,017
BLACKROCK INC COM 09247X101   180,995,420 229,888 SH   DFND 1 229,888 0 0
BROADCOM INC COM 11135F101   508,130,979 316,488 SH   DFND 1 316,488 0 0
BROADCOM INC COM 11135F101   731,461,807 455,589 SH   DFND   344,234 0 111,355
CANADIAN PACIFIC KANSAS CITY COM 13646K108   109,519,571 1,391,078 SH   DFND 1 1,391,078 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   157,734,453 2,003,486 SH   DFND   1,513,328 0 490,158
CBRE GROUP INC CL A 12504L109   255,778,938 2,870,373 SH   DFND   2,168,640 0 701,733
CBRE GROUP INC CL A 12504L109   177,678,033 1,993,918 SH   DFND 1 1,993,918 0 0
CDW CORP COM 12514G108   121,120,272 541,102 SH   DFND 1 541,102 0 0
CDW CORP COM 12514G108   174,359,496 778,947 SH   DFND   588,501 0 190,446
CME GROUP INC COM 12572Q105   138,241,256 703,160 SH   DFND 1 703,160 0 0
CME GROUP INC COM 12572Q105   198,989,280 1,012,153 SH   DFND   764,735 0 247,418
CREDIT ACCEP CORP MICH COM 225310101   49,359,871 95,904 SH   DFND 1 95,904 0 0
CREDIT ACCEP CORP MICH COM 225310101   71,046,427 138,040 SH   DFND   104,289 0 33,751
ECOLAB INC COM 278865100   116,129,720 487,940 SH   DFND 1 487,940 0 0
ECOLAB INC COM 278865100   167,147,400 702,300 SH   DFND   530,678 0 171,622
ENTEGRIS INC COM 29362U104   191,249,386 1,412,477 SH   DFND   1,067,339 0 345,138
ENTEGRIS INC COM 29362U104   132,879,664 981,386 SH   DFND 1 981,386 0 0
EQUIFAX INC COM 294429105   186,845,980 770,626 SH   DFND 1 770,626 0 0
EQUIFAX INC COM 294429105   268,938,572 1,109,208 SH   DFND   838,143 0 271,065
FASTENAL CO COM 311900104   187,326,480 2,981,007 SH   DFND   2,252,531 0 728,476
FASTENAL CO COM 311900104   130,149,746 2,071,129 SH   DFND 1 2,071,129 0 0
FERGUSON PLC NEW SHS G3421J106   138,666,956 716,070 SH   DFND 1 716,070 0 0
FERGUSON PLC NEW SHS G3421J106   199,622,166 1,030,840 SH   DFND   778,830 0 252,010
FLUTTER ENTMT PLC SHS G3643J108   4,880,318 26,762 SH   DFND 1 26,762 0 0
FLUTTER ENTMT PLC SHS G3643J108   6,250,389 34,275 SH   DFND   34,275 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   174,822,819 1,425,961 SH   DFND 1 1,425,961 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   251,650,476 2,052,614 SH   DFND   1,550,870 0 501,744
INTERCONTINENTAL EXCHANGE IN COM 45866F104   293,997,558 2,147,692 SH   DFND   1,622,818 0 524,874
INTERCONTINENTAL EXCHANGE IN COM 45866F104   204,257,539 1,492,129 SH   DFND 1 1,492,129 0 0
IQVIA HLDGS INC COM 46266C105   236,479,993 1,118,426 SH   DFND   844,892 0 273,534
IQVIA HLDGS INC COM 46266C105   164,226,082 776,703 SH   DFND 1 776,703 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109   168,708,846 1,799,753 SH   DFND   1,359,847 0 439,906
LIVE NATION ENTERTAINMENT IN COM 538034109   117,191,498 1,250,176 SH   DFND 1 1,250,176 0 0
MICROSOFT CORP COM 594918104   362,914,908 811,981 SH   DFND   613,534 0 198,447
MICROSOFT CORP COM 594918104   252,135,669 564,125 SH   DFND 1 564,125 0 0
MOODYS CORP COM 615369105   83,802,533 199,089 SH   DFND 1 199,089 0 0
MOODYS CORP COM 615369105   120,608,231 286,528 SH   DFND   216,516 0 70,012
ORACLE CORP COM 68389X105   78,399,606 555,238 SH   DFND   418,855 0 136,383
ORACLE CORP COM 68389X105   54,325,147 384,739 SH   DFND 1 384,739 0 0
S&P GLOBAL INC COM 78409V104   349,963,266 784,671 SH   DFND 1 784,671 0 0
S&P GLOBAL INC COM 78409V104   503,831,928 1,129,668 SH   DFND   853,533 0 276,135
SS&C TECHNOLOGIES HLDGS INC COM 78467J100   171,714,672 2,739,982 SH   DFND   2,070,338 0 669,644
SS&C TECHNOLOGIES HLDGS INC COM 78467J100   119,300,805 1,903,635 SH   DFND 1 1,903,635 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   316,404,941 1,820,407 SH   DFND   1,375,492 0 444,915
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   219,815,074 1,264,686 SH   DFND 1 1,264,686 0 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109   76,075,580 5,414,632 SH   DFND 1 5,414,632 0 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109   109,255,189 7,776,170 SH   DFND   5,869,602 0 1,906,568
THERMO FISHER SCIENTIFIC INC COM 883556102   268,492,560 485,520 SH   DFND   366,864 0 118,656
THERMO FISHER SCIENTIFIC INC COM 883556102   186,536,854 337,318 SH   DFND 1 337,318 0 0
TRADEWEB MKTS INC CL A 892672106   76,819,048 724,708 SH   DFND   547,718 0 176,990
TRADEWEB MKTS INC CL A 892672106   53,381,494 503,599 SH   DFND 1 503,599 0 0
TRINET GROUP INC COM 896288107   32,505,400 325,054 SH   DFND 1 325,054 0 0
TRINET GROUP INC COM 896288107   43,829,800 438,298 SH   DFND   330,154 0 108,144
TRIP COM GROUP LTD ADS 89677Q107   117,519,082 2,500,406 SH   DFND   1,890,096 0 610,310
TRIP COM GROUP LTD ADS 89677Q107   81,708,043 1,738,469 SH   DFND 1 1,738,469 0 0
UBER TECHNOLOGIES INC COM 90353T100   104,292,021 1,434,948 SH   DFND   1,083,674 0 351,274
UBER TECHNOLOGIES INC COM 90353T100   72,715,904 1,000,494 SH   DFND 1 1,000,494 0 0
VISA INC COM CL A 92826C839   228,733,156 871,464 SH   DFND 1 871,464 0 0
VISA INC COM CL A 92826C839   329,217,171 1,254,304 SH   DFND   947,754 0 306,550
YUM BRANDS INC COM 988498101   74,738,436 564,234 SH   DFND 1 564,234 0 0
YUM BRANDS INC COM 988498101   107,572,885 812,116 SH   DFND   613,583 0 198,533
ZOETIS INC CL A 98978V103   135,508,404 781,659 SH   DFND   590,664 0 190,995
ZOETIS INC CL A 98978V103   94,151,296 543,097 SH   DFND 1 543,097 0 0