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      <sshPrnamt>88110</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>88110</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Starbucks Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855244109</cusip>
    <value>1043456</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12334</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12334</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Stryker Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>863667101</cusip>
    <value>279101</value>
    <shrsOrPrnAmt>
      <sshPrnamt>755</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>755</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Tapestry Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>876030107</cusip>
    <value>700832</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6190</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6190</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Tenet Healthcare Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88033g100</cusip>
    <value>253800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1250</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>The Cigna Group</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125523100</cusip>
    <value>5701585</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19780</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19780</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>The Mosaic Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>61945c103</cusip>
    <value>2076636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59880</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>59880</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>The Travelers Companies Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89417e109</cusip>
    <value>12000037</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42977</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42977</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>The Walt Disney Co.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>1653723</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14443</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14443</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>US Bancorp Delaware New</nameOfIssuer>
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    <cusip>902973304</cusip>
    <value>628725</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13009</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13009</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Union Pacific Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>907818108</cusip>
    <value>1692409</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7160</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7160</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>United Parcel Service Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>911312106</cusip>
    <value>1241632</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14865</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14865</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UnitedHealth Group Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91324p102</cusip>
    <value>22398988</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64868</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64868</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Unum Group</nameOfIssuer>
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    <value>4462316</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57371</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57371</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Valero Energy Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91913y100</cusip>
    <value>9622394</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56516</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56516</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Verizon Communications</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>1373525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31252</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31252</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Visa, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92826c839</cusip>
    <value>13479389</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39485</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39485</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Wal Mart Stores</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>931142103</cusip>
    <value>14655750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>142206</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>142206</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Warner Bros. Discovery, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>934423104</cusip>
    <value>1426022</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73017</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73017</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Washington Federal</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>938824109</cusip>
    <value>3965355</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130913</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>130913</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Waste Management Inc. Del</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>94106L109</cusip>
    <value>326828</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1480</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1480</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Wells Fargo &amp; Co.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>2650975</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31627</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31627</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Western Union Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>139441</value>
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      <sshPrnamt>17452</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17452</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Weyerhaeuser Co.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>962166104</cusip>
    <value>241579</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9745</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9745</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Yum! Brands, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>988498101</cusip>
    <value>1647072</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10836</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10836</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Zimmer Biomet Holdings</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98956p102</cusip>
    <value>6242733</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63378</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63378</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AON Plc</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>g0403h108</cusip>
    <value>1414553</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3967</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3967</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ASML Holding N.V.</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>n07059210</cusip>
    <value>680567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>703</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>703</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Alibaba Group Holding Limited</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>01609w102</cusip>
    <value>1693645</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9476</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9476</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Alkermes PLC</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>g01767105</cusip>
    <value>235110</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7837</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7837</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Allegion PLC</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>g0176j109</cusip>
    <value>626578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3533</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3533</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>America Movil ADR</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>02390a101</cusip>
    <value>1600515</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76215</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76215</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Arch Capital Group Ltd</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>g0450a105</cusip>
    <value>1132310</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12480</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12480</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Arcos Dorados Hldgs.</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>g0457f107</cusip>
    <value>2496967</value>
    <shrsOrPrnAmt>
      <sshPrnamt>369921</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>369921</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BP p.l.c.</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>055622104</cusip>
    <value>6204420</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180047</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>180047</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>British American Tobacco</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>110448107</cusip>
    <value>11865397</value>
    <shrsOrPrnAmt>
      <sshPrnamt>223538</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>223538</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAE Inc.</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>124765108</cusip>
    <value>1536241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51830</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>51830</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Colliers International Group</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>194693107</cusip>
    <value>1118464</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7160</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7160</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Diageo PLC ADR</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>25243q205</cusip>
    <value>1153462</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12087</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12087</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Enbridge Inc.</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>29250n105</cusip>
    <value>240391</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4764</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4764</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FirstService Corp Voting Share</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>33767e202</cusip>
    <value>1309238</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6873</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6873</Sole>
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      <None>0</None>
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    <nameOfIssuer>Glaxo SmithKline ADS</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>37733W204</cusip>
    <value>1217587</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28211</sshPrnamt>
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    <votingAuthority>
      <Sole>28211</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Haleon PLC</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>405552100</cusip>
    <value>340627</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37974</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37974</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Johnson Controls Intl. PLC</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>g51502105</cusip>
    <value>431224</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3922</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3922</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LyondellBasell Industries N.V.</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>n53745100</cusip>
    <value>3163374</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64506</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64506</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Medtronic PLC</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>g5960L103</cusip>
    <value>13332457</value>
    <shrsOrPrnAmt>
      <sshPrnamt>139988</sshPrnamt>
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    <votingAuthority>
      <Sole>139988</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Nokia Corp Sponsored ADR</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>654902204</cusip>
    <value>48615</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10107</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10107</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>Shell PLC</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>780259305</cusip>
    <value>1176740</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16451</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16451</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Taiwan Semiconductor Manufactu</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>874039100</cusip>
    <value>1560393</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5587</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5587</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Telefonica S.A. ADR</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>879382208</cusip>
    <value>797164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>156922</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>156922</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Toyota Motor Corp ADR</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>892331307</cusip>
    <value>262558</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1374</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1374</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Trane Technologies PLC</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>g8994e103</cusip>
    <value>2719532</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6445</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6445</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Unilever PLC ADR</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>904767704</cusip>
    <value>6588438</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111141</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>111141</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Yum China Holdings, Inc.</nameOfIssuer>
    <titleOfClass>FOR</titleOfClass>
    <cusip>98850p109</cusip>
    <value>417569</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9729</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9729</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
