497 1 mundsai080513.htm Mundoval Fund

MUNDOVAL FUND

A series of Mundoval Funds

Supplement dated August 5, 2013
to the Statement of Additional Information dated May 1, 2013

At a meeting held on May 22, 2013, the Board of Trustees (the "Board ") of Mundoval Funds (the "Trust") approved the nominations of Selwyn Isakow and Martha G. Dennis, PhD for election to the Board. At the time of that meeting, Mr. Isakow was an incumbent Trustee, having been appointed to that position by the Board on February 8, 2012.

At a meeting held on July 17, 2013, the shareholders of Mundoval Fund (the "Fund"), the only series currently authorized by the Board, elected Mr. Isakow and Dr. Dennis to the Board, effective as of July 17, 2013.

With the election of Mr. Isakow and Dr. Dennis to the Board, the following changes are being made to the Fund's Statement of Additional Information dated May 1, 2013:

On page 8, the second sentence of the second paragraph under "TRUSTEES AND OFFICERS" is deleted and replaced in its entirety with the following:

The Board is currently comprised of five Trustees, including four Trustees who are not "interested persons" of the Fund, as that term is defined in the 1940 Act (each an "Independent Trustee").

On page 9, the following paragraph is inserted after the fourth full paragraph:

Martha G. Dennis., PhD Dr. Dennis has served as a Trustee since July 2013. Dr. Dennis has served as (i) Chairman of Netsapiens Inc. since 2002, (ii) Lead Director of Space Micro Inc. since 2006, (iii) Director of Odyon, Inc. since 2012, (iv) Director of Clarinova since 2007, (v) Chair-Elect of La Jolla Music Society since 2008 and (vi) Director & Chair of the Investment Committee of the San Diego Museum of Art since 2008. Dr. Dennis brings substantial leadership skills and knowledge of business operations to the Board of Trustees.

On page 10, an additional row in the table listing each Independent Trustee of the Trust is added to the end as follows:

           
        Other 
    Term of   Number of Directorships  
     Position Office and     Portfolios  Held by 
Name, Address    with the  Length of  Principal Occupation(s)  Overseen Trustee During 
and Age1    Trust  Time Served  During Past 5 Years by Trustee  Past 5 Years 
Martha G.  Trustee  Indefinite  Principal, Gordian Knot 
Dennis, PhD:    Term, Since  (2005 – current)     
1942    July 2013       

1 The mailing address of each Trustee is c/o Mundoval Funds, 7855 Ivanhoe Avenue, Suite 210, La Jolla, CA 92037.

On page 10, an additional row in the table listing Board interest in the Trust is added to the end as follows:

  Dollar Range of Securities In The  Aggregate Dollar Range of 
Name of Trustee or Officer  Mundoval Fund  Securities In Trust 
Martha G. Dennis, PhD1  None  None 

1Dr. Dennis was elected to the Board of Trustees on July 17, 2013.


On page 11, an additional row in the table listing Trustee Compensation is added to the end as follows:

         
      Aggregate Compensation from    
  Name   Trust      Total Compensation from Trust 
Martha G. Dennis, PhD1    $0     $0 

1Dr. Dennis was elected to the Board of Trustees on July 17, 2013.

This Supplement and the Fund's Prospectus and Statement of Additional Information dated May 1, 2013, provide the information a prospective investor ought to know before investing and should be retained for future reference.