| Mundoval Fund | |||||||||
| Schedule of Investments | |||||||||
| March 31, 2024 (Unaudited) | |||||||||
| Shares | Fair Value | % of Net Assets | |||||||
| COMMON STOCKS | |||||||||
| Aerospace & Defense | |||||||||
| 3,500 | Airbus SE ** | $ 161,560 | 0.59% | ||||||
| Aircraft Engines & Engine Parts | |||||||||
| 800 | Honeywell International Inc. | 164,200 | |||||||
| 4,000 | RTX Corp. | 390,120 | |||||||
| 554,320 | 2.04% | ||||||||
| Beverages | |||||||||
| 4,000 | Diageo PLC ** | 594,960 | |||||||
| 12,000 | LVMH Moët Hennessy Louis Vuitton ** | 2,172,360 | |||||||
| 2,767,320 | 10.19% | ||||||||
| Cable & Other Pay Television Services | |||||||||
| 2,064 | The Walt Disney Company * | 252,551 | 0.93% | ||||||
| Electronic Computers | |||||||||
| 10,000 | Apple Inc. | 1,714,800 | 6.31% | ||||||
| Fabricated Rubber Products, NEC | |||||||||
| 400 | West Pharmaceutical Services, Inc. | 158,284 | 0.58% | ||||||
| Fire, Marine & Casualty Insurance | |||||||||
| 1,600 | Berkshire Hathaway Inc. Class B * | 672,832 | 2.48% | ||||||
| Food and Kindred Products | |||||||||
| 6,000 | Nestlé S.A. ** | 637,200 | 2.35% | ||||||
| Guided Missiles & Space Vehicles & Parts | |||||||||
| 700 | Lockheed Martin Corporation | 318,409 | 1.17% | ||||||
| Hospital & Medical Service Plans | |||||||||
| 500 | Elevance Health, Inc. | 259,270 | 0.95% | ||||||
| Industrial Inorganic Chemicals | |||||||||
| 400 | Linde PLC (United Kingdom) | 185,728 | 0.68% | ||||||
| Interactive Media & Services | |||||||||
| 2,500 | Tencent Holdings Limited ** | 97,575 | 0.36% | ||||||
| National Commercial Banks | |||||||||
| 25,000 | Bank of America Corporation | 948,000 | |||||||
| 500 | Capital One Financial Corporation | 74,445 | |||||||
| 1,022,445 | 3.76% | ||||||||
| Perfumes, Cosmetics & Other Toilet Preparations | |||||||||
| 5,000 | The Estée Lauder Companies Inc. Class A | 770,750 | 2.84% | ||||||
| Pharmaceutical Preparations | |||||||||
| 2,000 | Merck & Co. | 263,900 | |||||||
| 18,000 | Novo Nordisk A/S ** | 2,311,200 | |||||||
| 10,000 | Roche Holding Ltd. ** | 319,200 | |||||||
| 600 | Zoetis Inc. Class A | 101,526 | |||||||
| 2,995,826 | 11.03% | ||||||||
| Plastic Material, Synth Resin/Rubber, Cellulose (No Glass) | |||||||||
| 200 | Celanese Corporation | 34,372 | 0.13% | ||||||
| Retail - Family Clothing Stores | |||||||||
| 12,000 | The TJX Companies, Inc. | 1,217,040 | 4.48% | ||||||
| Retail - Variety Stores | |||||||||
| 100 | Costco Wholesale Corporation | 73,263 | 0.27% | ||||||
| Rubber & Plastics Footwear | |||||||||
| 8,000 | NIKE, Inc. - Class B | 751,840 | 2.77% | ||||||
| Search, Detection, Navigation, Guidance, Aeronautical Systems | |||||||||
| 500 | Northrop Grumman Corp. | 239,330 | 0.88% | ||||||
| Security & Commodity Brokers, Dealers, Exchanges & Services | |||||||||
| 5,000 | T. Rowe Price Group, Inc. | 609,600 | 2.24% | ||||||
| Security Brokers, Dealers & Flotation Companies | |||||||||
| 150 | BlackRock, Inc. | 125,055 | |||||||
| 1,500 | The Charles Schwab Corporation | 108,510 | |||||||
| 233,565 | 0.86% | ||||||||
| Semiconductors & Related Devices | |||||||||
| 2,000 | Intel Corporation | 88,340 | |||||||
| 7,500 | Taiwan Semiconductor Manufacturing Company Ltd. ** | 1,020,375 | |||||||
| 1,108,715 | 4.08% | ||||||||
| Services - Business Services, NEC | |||||||||
| 7,000 | MasterCard Incorporated Class A | 3,370,990 | |||||||
| 700 | Visa Inc. Class A | 195,356 | |||||||
| 3,566,346 | 13.13% | ||||||||
| Services - Computer Programming, Data Processing, Etc. | |||||||||
| 14,000 | Alphabet Inc. Class A * | 2,113,020 | |||||||
| 12,000 | Alphabet Inc. Class C * | 1,827,120 | |||||||
| 3,940,140 | 14.51% | ||||||||
| Services - Prepackaged Software | |||||||||
| 600 | Microsoft Corporation | 252,432 | 0.93% | ||||||
| Soap, Detergents, Cleaning Preparations, Perfumes, Cosmetics | |||||||||
| 6,000 | Unilever PLC ** | 301,140 | 1.11% | ||||||
| Special Industry Machinery, NEC | |||||||||
| 300 | ASML Holding N.V. ** | 291,141 | 1.07% | ||||||
| Sugar & Confectionery Products | |||||||||
| 4,500 | The Hershey Company | 875,250 | 3.22% | ||||||
| Total for Common Stocks (Cost - $8,299,456) | $ 26,063,044 | 95.97% | |||||||
| Money Market Funds | |||||||||
| 1,078,329 | Invesco Treasury Portfolio Institutional Class 5.21% *** | 1,078,329 | 3.97% | ||||||
| (Cost - $1,078,329) | |||||||||
| Total Investment Securities | 27,141,373 | 99.94% | |||||||
| (Cost - $9,377,785) | |||||||||
| Other Assets in Excess of Liabilities | 17,040 | 0.06% | |||||||
| Net Assets | $ 27,158,413 | 100.00% | |||||||
| * Non-Income Producing Securities. | |||||||||
| ** ADR - American Depositary Receipt. | |||||||||
| *** The yield shown represents the 7-day yield at March 31, 2024. | |||||||||
