# EDGAR Filing Document

**Accession Number:** 0001293530
**File Stem:** 0001413042-23-000151
**Filing Date:** 2023-3
**Character Count:** 81696
**Document Hash:** 4a4e8dd54bcb53d75097824f607b9b1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-23-000151.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001413042-23-000151

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MUNDOVAL FUNDS
- **CENTRAL INDEX KEY:** 0001293530
- **IRS NUMBER:** 432058710
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21596
- **FILM NUMBER:** 23692828

**BUSINESS ADDRESS:**
- **STREET 1:** 7855 IVANHOE AVE., STE 210
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037
- **BUSINESS PHONE:** 858-454-4837

**MAIL ADDRESS:**
- **STREET 1:** 7855 IVANHOE AVE., STE 210
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037

## Series and Classes Contracts Data

### Mundoval Fund (Series ID: S000005306)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000014490 | Mundoval Fund | MUNDX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION <br> WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT <br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21596</u>

**MUNDOVAL FUNDS**<br> (Exact name of registrant as specified in charter)

<u>7855 Ivanhoe Avenue, #210, La Jolla, CA 92037</u><br> (Address of principal executive offices) (Zip code)

Arthur Q. Johnson <br> Mundoval Funds<br> <u>7855 Ivanhoe Avenue, #210, La Jolla, CA 92037</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(858) 454-4837</u> 

Date of fiscal year end: <u>December 31</u> 

Date of reporting period: <u>December 31, 2022</u>

**Item 1. Report to Stockholders.**

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**Mundoval Fund**

**ANNUAL REPORT**

**<u>December 31, 2022</u>**

------

**Mundoval Fund <br> Annual Report <br> December 31, 2022**

<br> Dear Shareholders,

For the year ended December 31, 2022, the Mundoval Fund (the "Fund") returned -18.38% versus -18.14% for the MSCI World Index. Since inception on September 3, 2004, the average annualized rate of return through December 31, 2022 for the Mundoval Fund was 7.07% versus 7.16% for the MSCI World Index.

Assets under management in the Fund as of December 31, 2022, were $22.94 million. During the year shares of Anheuser-Busch InBev SA, British American Tobacco p.l.c., CVS Health Corporation, Enbridge, Inc., Fresenius Medical Care AG, Grifols S.A., Organon & Co., Teva Pharmaceutical Industries and The Boeing Company were sold because the investment adviser believed them to be either fairly valued or determined that there were more attractive businesses to be purchased. New security positions for the year included ASML Holding N.V., Airbus SE, BlackRock Inc., Capital One Financial Corp., Celanese Corporation, Costco Wholesale Corporation, Honeywell International Inc., Linde Plc, Microsoft Corporation, Tencent Holdings Ltd., Visa Inc., and West Pharmaceutical Services Inc. The geographic diversification of the Fund as of December 31, 2022, was 66.53% domestic stocks, 29.88% international stocks and 3.59% net cash equivalents. As of December 31, 2022, the Fund owned shares of common stock in 37 companies.

By the end of the fourth quarter in 2022, the yield on the U.S. Treasury bond, which influences everything from mortgage rates to student loans, climbed to 3.88% from 1.53% at the beginning of the year. The Federal Reserve signaled additional interest rate increases in 2023 to offset surging inflation pressures in the economy. The S&P 500 Index, Dow Jones Industrial Average and NASDAQ Composite all suffered their largest annual declines since 2008. The Energy sector was the best performing industry in the S&P 500 Index, as oil prices reached a 13 year high during the year.

The Aerospace and Defense sector experienced notable gains in 2022, led by Raytheon Technologies and Lockheed Martin. Berkshire Hathaway announced in November a $4 billion investment stake in Taiwan Semiconductor Manufacturing Company, one of the world's largest semi-conductor chip manufacturers. Mastercard reported an 18% increase in net revenues and 22% increase in earnings per share for the year due to extensive cross border volume growth. Bank of America ended the year on a strong note growing earnings year over year in the 4th quarter, while Capital One Financial increased total net revenue by 13% during fiscal year 2022. The Estée Lauder Companies reported that it had more than doubled its online sales of cosmetic products since pre-pandemic fiscal 2019.

Thank you for your business & continued support.

Arthur Q. Johnson, CFA <br> Portfolio Manager

**2022 Annual Report 1**

------

**<u>Mundoval Fund</u>** ![](mundovaln-csr12312022x4x1.jpg) <br>

**PERFORMANCE INFORMATION (Unaudited)**

**AVERAGE ANNUAL RATE OF RETURN (%) FOR PERIODS ENDED DECEMBER 31, 2022.**

**December 31, 2022 NAV $22.43**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<u>1 Year</u><sup>(A)</sup>** | **<u>3 Years</u><sup>(A)</sup>** | **<u>5 Years</u><sup>(A)</sup>** | **<u>7 Years</u><sup>(A)</sup>** | **<u>10 Years</u><sup>(A)</sup>** |
| **Mundoval Fund** | -18.38% | 4.81% | 7.70% | 9.84% | 8.12% |
| MSCI World Index<sup>(B)</sup> | -18.14% | 4.94% | 6.14% | 8.51% | 8.85% |

---

The Fund's Total Annual Operating Expense Ratio per the May 1, 2022 prospectus is 1.50% of the Fund's average net assets. The Total Annual Operating Expense Ratio may not correlate to the expense ratio in the Fund's financial highlights because (a) the financial highlights only include the direct operating expenses incurred by the Fund, not the indirect costs of investing in the Fund, and (b) the impact of the management fee waiver that is outlined in Note 4.

<sup>(A)</sup> 1 Year, 3 Years, 5 Years, 7 Years and 10 Years returns include change in share prices and in each case includes reinvestment of any dividends and capital gain distributions. The inception date of the Mundoval Fund was September 3, 2004.

<sup>(B)</sup> The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance in twenty-three countries in Europe, Australia, Asia, the Far East and North America.

**PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. TO OBTAIN PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE CALL 1-800-595-2877.**

**<br> 2022 Annual Report 2**

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**Expense Example (Unaudited)**

Shareholders of this Fund incur ongoing expenses consisting solely of management fees, net of applicable waivers. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by Mutual Shareholder Services, LLC, the Fund's transfer agent. IRA accounts will be charged an $8.00 annual maintenance fee. Additionally, your account will be indirectly subject to the expenses of any underlying funds. The following example is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with similar costs of investing in other mutual funds. The example is based on an investment of $1,000 invested in the Fund on July 1, 2022, and held through December 31, 2022.

**Actual Expenses**

The first line of the table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6) and then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period."

**Hypothetical Example for Comparison Purposes**

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid by a shareholder for the period. Shareholders may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in other funds' shareholder reports.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as the charges assessed by Mutual Shareholder Services, LLC as described above, or the expenses of underlying funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending | During the Period\* |
|  | Account Value | Account Value | July 1, 2022 to |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>December 31, 2022</u> |
| Actual | $1000.00 | $1031.38 | $7.68 |
| Hypothetical | $1000.00 | $1017.64 | $7.63 |
| (5% annual return |  |  |  |
| before expenses) |  |  |  |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.50%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period ended December 31, 2022).

**2022 Annual Report 3**

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**Mundoval Fund<br> by Industry Sectors (as a percentage of Net Assets) <br> as of December 31, 2022 <br> (Unaudited)**

![](mundovaln-csr12312022x6x1.jpg) <br>

\*Net Cash represents cash equivalents and liabilities in excess of other assets.

**Availability of Quarterly Schedule of Investments (Unaudited)**

The Fund publicly files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at http://www.sec.gov.

**Proxy Voting Guidelines (Unaudited)**

Mundoval Capital Management, Inc., the Fund's Adviser, is responsible for exercising the voting rights associated with the securities held by the Fund. A description of the policies and procedures used by the Adviser in fulfilling this responsibility is available without charge by calling our toll free number (1-800-595-2877) or by visiting the Fund's website at www.mundoval.com. This information is also included in the Fund's Statement of Additional Information, which is available on the SEC's website at http://www.sec.gov.

Form N-PX provides information regarding how the Fund voted proxies with regards to portfolio securities held during the most recent 12-month period ended June 30th and is available without charge, upon request, by calling our toll free number (1-800-595-2877). This information is also available on the SEC's website at http://www.sec.gov.

**2022 Annual Report 4**

------

---

| | | |
|:---|:---|:---|
| **Mundoval Fund** | | |
|  | **Schedule of Investments** | **Schedule of Investments** |
| | **December 31, 2022** | **December 31, 2022** |
| **Shares** | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** |  |  |
| **Aerospace & Defense** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,500 Airbus SE \*\* | $103810 | 0.45% |
| **Aircraft Engines & Engine Parts** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 Honeywell International Inc. | 107150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000 Raytheon Technologies Corporation | 403680 |  |
|  | 510830 | 2.23% |
| **Beverages** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000 Diageo PLC \*\* | 712760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,000 LVMH Moët Hennessy Louis Vuitton \*\* | 1738440 |  |
|  | 2451200 | 10.68% |
| **Cable & Other Pay Television Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,564 The Walt Disney Company \* | 309640 | 1.35% |
| **Electronic Computers** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,000 Apple Inc. | 1948950 | 8.49% |
| **Fabricated Rubber Products, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 West Pharmaceutical Services, Inc. | 94140 | 0.41% |
| **Fire, Marine & Casualty Insurance** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,600 Berkshire Hathaway Inc. Class B \* | 494240 | 2.15% |
| **Food and Kindred Products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,000 Nestlé S.A. \*\* | 692040 | 3.02% |
| **Guided Missiles & Space Vehicles & Parts** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 Lockheed Martin Corporation | 340543 | 1.48% |
| **Industrial Inorganic Chemicals** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 Linde PLC (United Kingdom) | 130472 | 0.57% |
| **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,500 Tencent Holdings Limited \*\* | 63540 | 0.28% |
| **National Commercial Banks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000 Bank of America Corporation | 828000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000 Capital One Financial Corporation | 92960 |  |
|  | 920960 | 4.01% |
| **Perfumes, Cosmetics & Other Toilet Preparations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000 The Estée Lauder Companies Inc. Class A | 1240550 | 5.41% |
| **Pharmaceutical Preparations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,000 Merck & Co. | 221900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,000 Novo Nordisk A/S \*\* | 1624080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,000 Roche Holding Ltd. \*\* | 704700 |  |
|  | 2550680 | 11.12% |
| **Plastic Material, Synth Resin/Rubber, Cellulose (No Glass)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 Celanese Corporation | 20448 | 0.09% |
| **Poultry Slaughtering and Processing** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,500 Tyson Foods, Inc. Class A | 93375 | 0.41% |
| **Retail - Family Clothing Stores** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,000 The TJX Companies, Inc. | 955200 | 4.16% |
| **Retail - Variety Stores** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 Costco Wholesale Corporation | 45650 | 0.20% |
| **Rubber & Plastics Footwear** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000 NIKE, Inc. Class B | 936080 | 4.08% |
| **Security Brokers, Dealers & Flotation Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 BlackRock, Inc. | 106294 | 0.46% |
| **Security & Commodity Brokers, Dealers, Exchanges & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,500 T. Rowe Price Group, Inc. | 708890 | 3.09% |

---

\* Non-Income Producing Securities.<br> \*\* ADR - American Depositary Receipt.<br>The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 5**

------

---

| | | |
|:---|:---|:---|
| **Mundoval Fund** | **Mundoval Fund** | **Mundoval Fund** |
|  | **Schedule of Investments** | **Schedule of Investments** |
| | **December 31, 2022** | **December 31, 2022** |
| **Shares** | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** |  |  |
| **Semiconductors & Related Devices** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,000 Intel Corporation | $52860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,500 Taiwan Semiconductor Manufacturing Company Ltd. \*\* | 558675 |  |
|  | 611535 | 2.67% |
| **Services - Business Services, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 Alibaba Group Holding Limited \* \*\* | 61663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,500 MasterCard Incorporated Class A | 2607975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 Visa Inc. Class A | 145432 |  |
|  | 2815070 | 12.27% |
| **Services - Computer Programming, Data Processing, Etc.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,000 Alphabet Inc. Class A \* | 1235220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,000 Alphabet Inc. Class C \* | 1064760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 Meta Platforms, Inc. Class A \* | 24068 |  |
|  | 2324048 | 10.13% |
| **Services - Prepackaged Software** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 Microsoft Corporation | 143892 | 0.63% |
| **Soap, Detergents, Cleaning Preparations, Perfumes, Cosmetics** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,000 Unilever PLC \*\* | 302100 | 1.32% |
| **Special Industry Machinery, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 ASML Holding N.V. \*\* | 163920 | 0.71% |
| **Sugar & Confectionery Products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,500 The Hershey Company | 1042065 | 4.54% |
| **Total for Common Stocks (Cost - $8,499,320)** | 22120162 | 96.41% |
| **Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845,896 Invesco Short-Term Investments Trust Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Institutional Class 4.20% \*\*\* | 845896 | 3.69% |
| **(Cost - $845,896)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities | 22966058 | 100.10% |
| **(Cost - $9,345,216)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets | (21688) | -0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $22944370 | 100.00% |

---

---

| | | |
|:---|:---|:---|
| **SUMMARY OF COMMON STOCKS BY COUNTRY** |  |  |
|  |  | **% of Common** |
|  | **Fair Value** | **Stocks** |
| China | $125203 | 0.57% |
| Denmark | 1624080 | 7.34% |
| France | 1738440 | 7.86% |
| Netherlands | 267730 | 1.21% |
| Switzerland | 1396740 | 6.31% |
| Taiwan | 558675 | 2.53% |
| United Kingdom | 1145332 | 5.18% |
| United States | 15263962 | 69.00% |
|  | $22120162 | 100.00% |

---

\* Non-Income Producing Securities.<br> \*\* ADR - American Depositary Receipt.<br> \*\*\* The yield shown represents the 7-day yield at December 31, 2022.

The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 6**

------

---

| | |
|:---|:---|
| **Mundoval Fund** | |
| **Statement of Assets and Liabilities** |  |
| **December 31, 2022** |  |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Securities at Fair Value | $22966058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost - $9,345,216) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Receivable | 8454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 22974512 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser | 30142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 30142 |
| Net Assets | $22944370 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | $9321382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributable Earnings | 13622988 |
| Net Assets, for 1,023,153 Shares Outstanding | $22944370 |
| (Without par value, unlimited shares authorized) |  |
| Net Asset Value, Offering and Redemption Price |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Per Share ($22,944,370/1,023,153 shares) | $22.43 |
| **Statement of Operations** |  |
| **For the fiscal year ended December 31, 2022** |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (Net of foreign withholding taxes of $25,381\*) | $311768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 311768 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fees | 372159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 372159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses Waived | (1862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 370297 |
| Net Investment Loss | (58529) |
| Net Realized and Unrealized Gain/(Loss) on Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 658591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Net Unrealized Appreciation on Investments | (5996445) |
| Net Realized and Unrealized Loss on Investments | (5337854) |
| Net Decrease in Net Assets from Operations | $(5396383) |

---

\* Foreign withholding taxes on foreign dividends have been provided for in accordance with<br> the Fund's understanding of the applicable countries' tax rules and rates.

The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 7**

------

---

| | | |
|:---|:---|:---|
| **Mundoval Fund** | **Mundoval Fund** | **Mundoval Fund** |
| **Statements of Changes in Net Assets** |  |  |
|  | 1/1/2022 | 1/1/2021 |
|  | to | to |
|  | 12/31/2022 | 12/31/2021 |
| From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | $(58529) | $(97924) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 658591 | 1356388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Net Unrealized Appreciation on Investments | (5996445) | 4347432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in Net Assets from Operations | (5396383) | 5605896 |
| From Distributions to Shareholders: | (656445) | (1306906) |
| From Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds From Sale of Shares | 228075 | 86050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | 252861 | 1306906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (1461841) | (734138) |
| Net Increase/(Decrease) from Shareholder Activity | (980905) | 658818 |
| Net Increase/(Decrease) in Net Assets | (7033733) | 4957808 |
| Net Assets at Beginning of Year | 29978103 | 25020295 |
| Net Assets at End of Year | $22944370 | $29978103 |
| Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 9505 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested | 11385 | 47215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (57630) | (28649) |
| Net Increase/(Decrease) in Shares | (36740) | 21847 |
| Shares Outstanding Beginning of Year | 1059893 | 1038046 |
| Shares Outstanding End of Year | 1023153 | 1059893 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Highlights** |  |  |  |  |  |
| Selected data for a share outstanding |  |  |  |  |  |
| throughout the period: | 1/1/2022 | 1/1/2021 | 1/1/2020 | 1/1/2019 | 1/1/2018 |
|  | to | to | to | to | to |
|  | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 |
| Net Asset Value - |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | $28.28 | $24.10 | $22.02 | $16.13 | $17.63 |
| Net Investment Income/(Loss) <sup>(a)</sup> | (0.06) | (0.10) | (0.05) | 0.06 | 0.03 |
| Net Gain/(Loss) on Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Realized and Unrealized) | (5.14) | 5.57 | 3.30 | 5.94 | (1.49) |
| Total from Investment Operations | (5.20) | 5.47 | 3.25 | 6.00 | (1.46) |
| Distributions (From Net Investment Income) |  |  | (0.03) | (0.06) | (0.04) |
| Distributions (From Realized Capital Gains) | (0.65) | (1.29) | (1.14) | (0.05) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.65) | (1.29) | (1.17) | (0.11) | (0.04) |
| Net Asset Value - |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $22.43 | $28.28 | $24.10 | $22.02 | $16.13 |
| Total Return <sup>(b)</sup> | (18.38)% | 22.81% | 14.86% | 37.23% | (8.29)% |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net Assets - End of Year (Thousands) | $22944 | $29978 | $25020 | $25288 | $19952 |
| Before Reimbursement |  |  |  |  |  |
| Ratio of Expenses to Average Net Assets | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| After Reimbursement |  |  |  |  |  |
| Ratio of Expenses to Average Net Assets | 1.49% | 1.48% | 1.50% | 1.50% | 1.50% |
| Ratio of Net Investment Income/(Loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Net Assets | -0.24% | -0.36% | -0.24% | 0.29% | 0.18% |
| Portfolio Turnover Rate | 6.42% | 5.03% | 2.30% | 9.14% | 7.11% |

---

(a) Per share amounts were calculated using the average shares method.<br> (b) Total return in the above table represents the rate that the investor would have earned or lost on an invest-<br> ment in the Fund assuming reinvestment of dividends and distributions.

The accompanying notes are an integral part of these<br> financial statements.

**2022 Annual Report 8**

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**NOTES TO FINANCIAL STATEMENTS <br> MUNDOVAL FUND<br> December 31, 2022**

1.) ORGANIZATION<br> The Mundoval Fund (the "Fund") is a diversified series of the Mundoval Funds (the "Trust"), an open-end management investment company. The Trust was organized in Ohio as a business trust on March 24, 2004, and may offer shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund commenced operations on September 3, 2004. The Fund's investment objective is long-term capital appreciation.

2.) SIGNIFICANT ACCOUNTING POLICIES<br> The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund follows the significant accounting policies described in this section.

*SECURITY VALUATION*: All investments in securities are recorded at their estimated fair value, as described in Note 3.

*SHARE VALUATION:* The net asset value (the "NAV") is generally calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share are equal to the net asset value per share.

*FEDERAL INCOME TAXES*: The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains.

The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal and California tax authorities; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended December 31, 2022, the Fund did not incur any interest or penalties.

*DISTRIBUTIONS TO SHAREHOLDERS*: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Fund.

*USE OF ESTIMATES:* The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**2022 Annual Report 9**

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**Notes to Financial Statements - continued**

*OTHER*: The Fund records security transactions based on trade date. Dividend income is recognized on the ex-dividend date. Interest income, if any, is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and regulations.

3.) SECURITY VALUATIONS<br> The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

*FAIR VALUE MEASUREMENTS*<br> A description of the valuation techniques applied to the Fund's major categories of assets measured at fair value on a recurring basis follows.

*Equity securities (common stocks, including ADRs)*. Equity securities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when the Valuation Committee believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Valuation Committee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued pursuant to the Trust's Fair Value Pricing procedures. The Trust's Valuation Committee consists of the Trust's independent trustees, and the Fund's portfolio manager as a nonvoting member.

*Money market funds.* Money market funds are valued at net asset value provided by the funds and are classified in level 1 of the fair value hierarchy.

In accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures, it is incumbent upon the Valuation Committee to consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. No single standard for determining fair value can be established, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Committee would appear to be the amount that the owner might reasonably expect to receive for them upon their current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a simi-

**2022 Annual Report 10**

------

**Notes to Financial Statements - continued** 

lar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these or other methods.

The following table summarizes the inputs used to value the Fund's assets measured at fair value as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Valuation Inputs of Assets</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Common Stocks | $22120162 | $0 | $0 | $22120162 |
| Money Market Funds | <u>845896</u> | <u>0</u> | <u>0</u> | <u>845896</u> |
| Total | $22966058 | $0 | $0 | $22966058 |

---

The Fund did not hold any Level 3 assets during the fiscal year ended December 31, 2022.

The Fund did not invest in derivative instruments during the fiscal year ended December 31, 2022.

4.) INVESTMENT ADVISORY AGREEMENT<br> The Trust, on behalf of the Fund has entered into an investment advisory agreement (the "Management Agreement") with Mundoval Capital Management, Inc. (the "Adviser"). Under the terms of the Management Agreement, the Adviser manages the investment portfolio of the Fund, subject to policies adopted by the Trust's Board. Under the Management Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. The Adviser also pays the salaries and fees of all of its officers and employees that serve as officers and trustees of the Trust. The Adviser pays all operating expenses of the Fund with the exception of taxes, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), and extraordinary expenses. For its services, the Adviser receives an annual investment management fee payable monthly from the Fund of 1.50% of the average daily net assets of the Fund. The Adviser has agreed to waive, without recoupment, a portion of its management fee (the "Fee Waiver") so that the management fee, on an annual basis, does not exceed (i) 1.25% of the Fund's average daily net assets greater than $25 million and up to and including $75 million, and (ii) 1.00% of the Fund's average daily net assets greater than $75 million. The Fee Waiver will automatically terminate on April 30, 2023, unless it is renewed by the Adviser. The Adviser may not terminate the Fee Waiver before April 30, 2023. For the fiscal year ended December 31, 2022, the Adviser earned management fees totaling $372,159, of which $30,142 was payable to the Adviser as of December 31, 2022. For the fiscal year ended December 31, 2022, the Adviser waived fees and/or reimbursed expenses in the amount of $1,862 with no recapture provision.

Arthur Q. Johnson is the control person of the Adviser and also serves as a trustee/officer of the Trust. This individual receives benefits from the Adviser resulting from management fees paid to the Adviser by the Fund.

5.) RELATED PARTY TRANSACTIONS<br> The Trustees who are not interested persons of the Fund were paid $1,500 each, for a total of $4,500, in Trustees fees by the Adviser for the fiscal year ended December 31, 2022. Under the Management Agreement, the Adviser pays these fees.

6.) INVESTMENTS<br> For the fiscal year ended December 31, 2022, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $1,534,266 and $2,831,052, respectively. There were no purchases or sales of U.S. Government obligations.

7.) CONTROL OWNERSHIP<br> The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2022, Arthur Q. Johnson and immediate family members, located at 7855 Ivanhoe Ave., Suite 210, La Jolla, California, beneficially held 66.61% of the Fund, and therefore may be deemed to control the Fund. Mr. Johnson is the President of the Adviser and serves as a Trustee of the Trust.

8.) TAX MATTERS<br> For federal income tax purposes, the cost of investments owned at December 31, 2022, was $9,345,216. At December 31, 2022, the composition of unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) was as follows:

**2022 Annual Report 11**

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---

| | | |
|:---|:---|:---|
| **Notes to Financial Statements - continued** | **Notes to Financial Statements - continued** |  |
| Appreciation | (Depreciation) | Net Appreciation (Depreciation) |
| $13672807 | ($51965) | $13620842 |

---

The tax character of distributions paid during the years shown below were as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | <u>December 31, 2022</u> | <u>December 31, 2021</u> |
| Ordinary Income | $– | $– |
| Long-Term Capital Gain | <u>656445</u> | <u>1306906</u> |
|  | <u>$656445</u> | <u>$1306906</u> |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated Undistributed Long-Term Capital Gains | $2146 |
| Unrealized Appreciation | <u>13620842</u> |
|  | <u>$13622988</u> |

---

As of December 31, 2022, there were no differences between book and tax basis unrealized appreciation.

As of December 31, 2022, total distributable earnings was increased by $58,529 and paid in capital was decreased by $58,529. The adjustment was primarily related to the reclassification of net operating loss.

9.) CONCENTRATION OF SECTOR RISK<br> If the Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of December 31, 2022, the Fund had 24.50% of the value of its net assets invested in stocks within the Information Technology sector.

10.) COVID-19 RISKS<br> Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. The impact of COVID-19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

11.) SUBSEQUENT EVENTS<br> Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements.

**2022 Annual Report 12**

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**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of <br> Mundoval Funds

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Mundoval Funds comprising Mundoval Fund (the "Fund") as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2004. ![](mundovaln-csr12312022x15x1.jpg) <br>

COHEN & COMPANY, LTD. <br> Milwaukee, Wisconsin <br> February 14, 2023

**2022 Annual Report 13**

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**TRUSTEES AND OFFICERS**<br> **(Unaudited)**

The Board of Trustees supervises the business activities of the Trust. The names of the Trustees and executive officers of the Trust are shown below. Each Trustee serves until the Trustee dies, resigns, retires or is removed. Officers hold office for one year and until their respective successors are chosen and qualified.

The trustees and officers of the Trust and their principal business activities during the past five years are:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Position** |  | **Principal** | **Number of** | **Other** |
| **Name,** | **with the** | **Length of** | **Occupation(s)** | **Portfolios** | **Directorships** |
| **Address<sup>(1)</sup>,** | **<u>Trust</u>** | **Time** | **During** | **Overseen** | **Held By** |
| **<u>and Year of Birth</u>** |  | **<u>Served</u>** | **<u>Past 5 Years</u>** | **<u>By Trustee</u>** | **<u>Trustee</u>** |
| **Arthur Q. Johnson<sup>(2),</sup>** | **President, Secretary,** | **Indefinite** | **President of Mundoval Capital** |  |  |
| **Year of Birth: 1961** | **Treasurer** | **Term,** | **Management, Inc. (2002 – current),** | **1** |  |
|  | **and Trustee** | **Since 2004** |  |  |  |
| **Natalie G. McIntosh,** | **Chief Compliance** | **Indefinite** | **Chief Operating Officer and** | **N/A** | **N/A** |
| **Year of Birth: 1982** | **Officer** | **Term,** | **Investment Advisory** |  |  |
|  |  | **Since 2006** | **Representative of Mundoval Capital** |  |  |
|  |  |  | **Management, Inc. (August 2006 –** |  |  |
| **current).** | **current).** | **current).** | **current).** | **current).** | **current).** |

---

<sup>(1)</sup> The address of each trustee and officer is c/o Mundoval Funds, 7855 Ivanhoe Ave., Ste. 210, La Jolla, CA 92037.<br> <sup>(2)</sup> Arthur Q. Johnson is considered an "interested person" as defined in Section 2(a)(19) of the Investment Company Act of 1940 by<br> virtue of his affiliation with the Adviser.

<u>Independent Trustees</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,** | **Position** | **Length of** | **Principal** | **Number of** | **Other** |
| **Address<sup>(3)</sup>,** | **with the** | **Time** | **Occupation(s)** | **Portfolios** | **Directorships** |
| **<u>and Year of Birth</u>** | **<u>Trust</u>** | **<u>Served</u>** | **During** | **Overseen** | **Held By** |
|  |  |  | **<u>Past 5 Years</u>** | **<u>By Trustee</u>** | **<u>Trustee</u>** |
| **Martha G. Dennis,** | **Trustee** | **Indefinite** | **Principal, Gordian Knot** | **1** |  |
| **PhD.,** |  | **Term, Since** | **(2005 – current).** |  |  |
| **Year of Birth: 1942** |  | **July 2013** |  |  |  |
| **Paul J. Dostart,** | **Trustee** | **Indefinite** | **Managing Partner of Dostart** | **1** |  |
| **Year of Birth: 1951** |  | **Term, Since** | **Hannink & Coveney LLP (1996 –** |  |  |
|  |  | **May 2014** | **current).** |  |  |
| **Selwyn Isakow,** | **Trustee** | **Indefinite** | **Chairman & CEO, The Oxford** | **1** |  |
| **Year of Birth: 1952** |  | **Term,** | **Investment Group, Inc. (1985 – cur-** |  |  |
|  |  | **Since** | **rent). Chairman, CalPrivate Bank** |  |  |
|  |  | **February** | **(2006 – current). Chairman, Private** |  |  |
|  |  | **2012** | **Bancorp of America, Inc. (2015 –** |  |  |
| **current).** | **current).** | **current).** | **current).** | **current).** | **current).** |

---

<sup>(3)</sup> The address of each Trustee is c/o Mundoval Funds, 7855 Ivanhoe Ave., Ste. 210, La Jolla, CA 92037.<br>

The Statement of Additional Information contains additional and more detailed information about the Trustees and is available without charge by calling the transfer agent at 1-800-595-2877.

**2022 Annual Report 14**

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**Board of Trustees**<br> Martha G. Dennis, PhD.<br> Paul J. Dostart<br> Selwyn Isakow<br> Arthur Q. Johnson<br>**Investment Adviser**<br> Mundoval Capital Management, Inc.<br> 7855 Ivanhoe Ave., Suite 210<br> La Jolla, CA 92037<br>**Counsel**<br> Thompson Hine LLP<br> 312 Walnut Street, 14th Floor<br> Cincinnati, OH 45202<br>**Custodian**<br> U.S. Bank, NA<br> 425 Walnut Street<br> P.O. Box 1118<br> Cincinnati, OH 45201<br>**Dividend Paying Agent,**<br> **Shareholders' Servicing Agent,**<br> **Transfer Agent**<br> Mutual Shareholder Services<br> 8000 Town Centre Dr., Suite 400<br> Broadview Hts., OH 44147<br>**Fund Administrator**<br> Premier Fund Solutions, Inc.<br> 1939 Friendship Dr., Suite C<br> El Cajon, CA 92020<br>**Independent Registered**<br> **Public Accounting Firm**<br> Cohen & Company, Ltd.<br> 342 North Water Street<br> Suite 830<br> Milwaukee, WI 53202<br>

This report is provided for the general information of the shareholders of the Mundoval<br> Fund. This report is not intended for distribution to prospective investors in the Fund,<br> unless preceded or accompanied by an effective prospectus.

------

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith.

**Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that Selwyn Isakow is an audit committee finical expert. Mr. Isakow is independent for purposes of this Item 3.

**Item 4. Principal Accountant Fees and Services.**

(a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | $14750 | $14750 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $3500 | $3500 |
| All Other Fees | $750 | $750 |

---

Nature of Tax Fees: preparation of Excise Tax Statement and 1120 RIC. <br> All Other Fees: Semi-Annual Report Review

(e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for services to the registrant , the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years.

---

| | | |
|:---|:---|:---|
| Non-Audit Fees | FYE 12/31/2022 | FYE 12/31/2021 |
| Registrant | $4250 | $4250 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Investments.**

(a) Not applicable. Schedule filed with Item 1.

------

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** Not applicable.

**Item 8. Portfolio Managers of Closed End Management Investment Companies.** Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.** Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 11. Controls and Procedures.**

(a) The Registrant's president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a -3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a -15(b) or 240.15d -15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a)*(1) Code of Ethics*. [Filed herewith](prinofficercode.htm).

(a)*(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith](ex99cert.htm).

(a)*(3)* Not applicable.

(a)(4) Not applicable.

(b) *Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Filed herewith](ex99906cert.htm).

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Mundoval Funds

By: <u>/s/Arthur Q. Johnson</u><br> Arthur Q. Johnson<br> President

Date: <u>FEB. 28, 2023</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: <u>/s/Arthur Q. Johnson</u><br> Arthur Q. Johnson<br> President

Date: <u>FEB. 28, 2023</u>

<br> By: <u>/s/Arthur Q. Johnson</u><br> Arthur Q. Johnson<br> Chief Financial Officer<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: <u>FEB. 28, 2023</u>

## Ex-99.Code

 **MUNDOVAL FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code**

This code of ethics (this "Code") for MUNDOVAL FUNDS (the "Trust") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

* honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;<br>
 

* full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;<br>
 

* compliance with applicable laws and governmental rules and regulations;<br>
 

* the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and<br>
 

* accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act. <br>

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

<br> Each Covered Officer must:

* not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;<br>
 

* not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;<br>
 

* not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;<br>
 

* report at least annually any affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

* service as a director on the board of any public company;<br>
 

* the receipt of any non-nominal gifts;

-2-<br>

------

* the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;<br>
 

* any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and<br>
 

* a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance**

* Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust.<br>
 

* Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.<br>
 

* Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the Trust and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.<br>
 

* It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. 

**IV.** **Reporting and Accountability**

Each Covered Officer must:

* upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board, in substantially the form set forth on <u>Exhibit B,</u> that the Covered Officer has received, read, and understands this Code;<br>
 

* annually thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit C,</u> that the Covered Officer has complied with the requirements of this Code;<br>
 

* not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

-3-<br>

------

* notify the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code. 

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

* the Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;<br>
 

* the Compliance Officer will review with the outside legal counsel to the Trust
the findings and conclusions of such investigation;<br>
 

* if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;<br>
 

* any matter that the Compliance Officer believes is a violation will be reported to the Committee;<br>
 

* if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;<br>
 

* the Board will be responsible for granting waivers, as appropriate; and<br>
 

* any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** 

**Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

------

**VI.** 

**Amendments**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

**VII.** 

**Confidentiality**

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

**VIII.** 

**Internal Use**

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: August 17, 2004

------

**Exhibit A**

**Covered Officers:**

President – Arthur Q. Johnson

&nbsp;&nbsp;&nbsp;&nbsp;Secretary – Arthur Q. Johnson

&nbsp;&nbsp;&nbsp;&nbsp;Treasurer – Arthur Q. Johnson

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Arthur Q. Johnson, certify that:

1. I have reviewed this report on Form N-CSR of Mundoval Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>FEB. 28, 2023</u> 

 <u>/s/Arthur Q. Johnson</u> 

Arthur Q. Johnson

President <br>

------

Exhibit 99.CERT

CERTIFICATIONS

I, Arthur Q. Johnson, certify that:

1. I have reviewed this report on Form N-CSR of Mundoval Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>FEB. 28, 2023</u> 

 <u>/s/Arthur Q. Johnson</u> 

Arthur Q. Johnson

Chief Financial Officer <br>

## Exhibit 99.906

EX-99.906CERT

 **CERTIFICATION**

Arthur Q. Johnson, President and Chief Financial Officer of Mundoval Funds (the "Registrant"), certifies to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President

Chief Financial Officer

Mundoval Funds

Mundoval Funds

 <u>/s/Arthur Q. Johnson</u> <u>/s/Arthur Q. Johnson</u> 

Arthur Q. Johnson

Arthur Q. Johnson

Date: <u>FEB. 28, 2023</u> 

Date: <u>FEB. 28, 2023</u> 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Mundoval Funds and will be retained by Mundoval Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

<br>