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          <ccc>XXXXXXXX</ccc>
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      <regLei>5493007LD8ZCR54TZZ81</regLei>
      <regStreet1>7855 Ivanhoe Avenue</regStreet1>
      <regStreet2>STE 210</regStreet2>
      <regCity>LA JOLLA</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>92037</regZipOrPostalCode>
      <regPhone>858-454-4837</regPhone>
      <seriesName>Mundoval Fund</seriesName>
      <seriesId>S000005306</seriesId>
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      <repPdEnd>2022-12-31</repPdEnd>
      <repPdDate>2022-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>33268.15</totLiabs>
      <netAssets>27116190.46</netAssets>
      <assetsAttrMiscSec>0.00</assetsAttrMiscSec>
      <assetsInvested>0.00</assetsInvested>
      <amtPayOneYrBanksBorr>0.00</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00</amtPayOneYrOthAffil>
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        <name>Anheuser-Busch InBev SA/NV</name>
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        <name>Apple Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Short-Term Investments Trust</name>
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        <name>LVMH Moet Hennessy Louis Vuitton</name>
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        <title>LVMH Moet Hennessy Louis Vuitton</title>
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        <name>Lockheed Martin Corporation</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
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        <name>MasterCard Incorporated</name>
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        <name>Merck &amp; Co.</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>NIKE, Inc.</name>
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        <title>NIKE, Inc. Class B</title>
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        <name>Nestle S.A.</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle S.A.</title>
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        <name>Novo Nordisk A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>Novo Nordisk A/S</title>
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        <invCountry>DK</invCountry>
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        <name>Raytheon Technologies Corporation</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>Raytheon Technologies Corporation</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roche Holding Ltd.</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding Ltd.</title>
        <cusip>771195104</cusip>
        <identifiers>
          <isin value="US7711951043"/>
        </identifiers>
        <balance>18000.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>889380.00</valUSD>
        <pctVal>3.28</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>T. Rowe Price Group, Inc.</name>
        <lei>549300SIV6FPS9Y7IH33</lei>
        <title>T. Rowe Price Group, Inc.</title>
        <cusip>74144T108</cusip>
        <identifiers>
          <isin value="US74144T1088"/>
        </identifiers>
        <balance>6500.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>982735.00</valUSD>
        <pctVal>3.62</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Company Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Company Ltd.</title>
        <cusip>874039100</cusip>
        <identifiers>
          <isin value="US8740391003"/>
        </identifiers>
        <balance>7500.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>781950.00</valUSD>
        <pctVal>2.88</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Estee Lauder Companies Inc.</name>
        <lei>549300VFZ8XJ9NUPU221</lei>
        <title>The Estee Lauder Companies Inc. Class A</title>
        <cusip>518439104</cusip>
        <identifiers>
          <isin value="US5184391044"/>
        </identifiers>
        <balance>5000.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1361600.00</valUSD>
        <pctVal>5.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Hershey Company</name>
        <lei>21X2CX66SU2BR6QTAD08</lei>
        <title>The Hershey Company</title>
        <cusip>427866108</cusip>
        <identifiers>
          <isin value="US4278661081"/>
        </identifiers>
        <balance>4500.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>974835.00</valUSD>
        <pctVal>3.60</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The TJX Companies, Inc.</name>
        <lei>V167QI9I69W364E2DY52</lei>
        <title>The TJX Companies, Inc.</title>
        <cusip>872540109</cusip>
        <identifiers>
          <isin value="US8725401090"/>
        </identifiers>
        <balance>12000.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>726960.00</valUSD>
        <pctVal>2.68</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Walt Disney Company</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>The Walt Disney Company</title>
        <cusip>254687106</cusip>
        <identifiers>
          <isin value="US2546871060"/>
        </identifiers>
        <balance>4664.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>639714.21</valUSD>
        <pctVal>2.36</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tyson Foods, Inc.</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
        <title>Tyson Foods, Inc. - Class A</title>
        <cusip>902494103</cusip>
        <identifiers>
          <isin value="US9024941034"/>
        </identifiers>
        <balance>1500.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>134445.00</valUSD>
        <pctVal>0.50</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Unilever PLC</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>Unilever PLC</title>
        <cusip>904767704</cusip>
        <identifiers>
          <isin value="US9047677045"/>
        </identifiers>
        <balance>10000.00</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>455700.00</valUSD>
        <pctVal>1.68</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-05-10</ncom:dateSigned>
      <ncom:nameOfApplicant>Mundoval Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Arthur Q. Johnson</ncom:signature>
      <ncom:signerName>Arthur Q. Johnson</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
