| Mundoval Fund | ||||||
| Schedule of Investments | ||||||
| March 31, 2025 (Unaudited) | ||||||
| Shares | Fair Value | % of Net Assets | ||||
| COMMON STOCKS | ||||||
| Aerospace & Defense | ||||||
| 3,500 | Airbus SE ** | $ 154,315 | 0.63% | |||
| Aircraft Engines & Engine Parts | ||||||
| 4,000 | RTX Corp. | 529,840 | 2.18% | |||
| Beverages | ||||||
| 10,000 | LVMH Moët Hennessy Louis Vuitton ** | 1,238,700 | 5.09% | |||
| Cable & Other Pay Television Services | ||||||
| 2,064 | The Walt Disney Company | 203,717 | 0.84% | |||
| Electronic Computers | ||||||
| 9,000 | Apple Inc. | 1,999,170 | 8.21% | |||
| Fire, Marine & Casualty Insurance | ||||||
| 1,600 | Berkshire Hathaway Inc. Class B * | 852,128 | 3.50% | |||
| Food and Kindred Products | ||||||
| 2,000 | Mondelēz International, Inc. Class A | 135,700 | ||||
| 4,000 | Nestlé S.A. ** | 404,680 | ||||
| 540,380 | 2.22% | |||||
| Guided Missiles & Space Vehicles & Parts | ||||||
| 700 | Lockheed Martin Corporation | 312,697 | 1.28% | |||
| Hospital & Medical Service Plans | ||||||
| 800 | Elevance Health, Inc. | 347,968 | ||||
| 1,100 | Humana Inc. | 291,060 | ||||
| 700 | UnitedHealth Group Inc. | 366,625 | ||||
| 1,005,653 | 4.13% | |||||
| Industrial Inorganic Chemicals | ||||||
| 400 | Linde PLC (United Kingdom) | 186,256 | 0.77% | |||
| Insurance Agents, Brokers & Service | ||||||
| 800 | Arthur J. Gallagher & Co. | 276,192 | 1.13% | |||
| Measuring & Controlling Devices, NEC | ||||||
| 400 | Thermo Fisher Scientific Inc. | 199,040 | 0.82% | |||
| National Commercial Banks | ||||||
| 25,000 | Bank of America Corporation | 1,043,250 | ||||
| 500 | Capital One Financial Corporation | 89,650 | ||||
| 1,132,900 | 4.65% | |||||
| Natural Gas Distribution | ||||||
| 900 | Cheniere Energy, Inc. | 208,260 | 0.86% | |||
| Perfumes, Cosmetics & Other Toilet Preparations | ||||||
| 2,000 | The Estée Lauder Companies Inc. Class A | 132,000 | ||||
| 17,000 | Haleon PLC ** | 174,930 | ||||
| 306,930 | 1.26% | |||||
| Petroleum Refining | ||||||
| 1,000 | Marathon Petroleum Corporation | 145,690 | 0.60% | |||
| Pharmaceutical Preparations | ||||||
| 2,200 | AstraZeneca PLC ** | 161,700 | ||||
| 2,000 | Merck & Co. | 179,520 | ||||
| 15,000 | Novo Nordisk A/S ** | 1,041,600 | ||||
| 1,500 | Zoetis Inc. Class A | 246,975 | ||||
| 1,629,795 | 6.69% | |||||
| Retail - Catalog & Mail-Order Houses | ||||||
| 400 | Amazon.com, Inc. * | 76,104 | 0.31% | |||
| Retail - Family Clothing Stores | ||||||
| 10,000 | The TJX Companies, Inc. | 1,218,000 | 5.00% | |||
| Retail - Variety Stores | ||||||
| 100 | Costco Wholesale Corporation | 94,578 | 0.39% | |||
| Rubber & Plastics Footwear | ||||||
| 8,000 | NIKE, Inc. Class B | 507,840 | 2.09% | |||
| Search, Detection, Navigation, Guidance, Aeronautical Systems | ||||||
| 800 | Northrop Grumman Corp. | 409,608 | 1.68% | |||
| Security Brokers, Dealers & Flotation Companies | ||||||
| 150 | BlackRock, Inc. | 141,972 | ||||
| 2,500 | The Charles Schwab Corporation | 195,700 | ||||
| 337,672 | 1.39% | |||||
| Semiconductors & Related Devices | ||||||
| 6,500 | Taiwan Semiconductor Manufacturing Company Ltd. ** | 1,079,000 | 4.43% | |||
| Services - Business Services, NEC | ||||||
| 5,000 | MasterCard Incorporated Class A | 2,740,600 | ||||
| 1,000 | Visa Inc. Class A | 350,460 | ||||
| 3,091,060 | 12.70% | |||||
| Services - Computer Programming, Data Processing, Etc. | ||||||
| 11,000 | Alphabet Inc. Class A | 1,718,530 | ||||
| 11,000 | Alphabet Inc. Class C | 1,701,040 | ||||
| 3,419,570 | 14.05% | |||||
| Services - Prepackaged Software | ||||||
| 700 | Microsoft Corporation | 262,773 | ||||
| 600 | Paycom Software, Inc. | 131,088 | ||||
| 393,861 | 1.62% | |||||
| Soap, Detergents, Cleaning Preparations, Perfumes, Cosmetics | ||||||
| 6,000 | Unilever PLC ** | 357,300 | 1.47% | |||
| Special Industry Machinery, NEC | ||||||
| 300 | ASML Holding N.V. ** | 198,789 | 0.82% | |||
| Sugar & Confectionery Products | ||||||
| 4,500 | The Hershey Company | 769,635 | 3.16% | |||
| Total for Common Stocks (Cost - $8,630,553) | 22,874,680 | 93.96% | ||||
| MONEY MARKET FUNDS | ||||||
| 1,475,123 | Goldman Sachs FS Government Fund Institutional | |||||
| Class 4.22% *** | 1,475,123 | 6.06% | ||||
| (Cost - $ 1,475,123) | ||||||
| Total Investment Securities | 24,349,803 | 100.02% | ||||
| (Cost - $10,105,676) | ||||||
| Liabilities in Excess of Other Assets | (4,316) | -0.02% | ||||
| Net Assets | $ 24,345,487 | 100.00% | ||||
| * Non-Income Producing Securities. | ||||||
| ** ADR - American Depositary Receipt. | ||||||
| *** The yield shown represents the 7-day yield at March 31, 2025. | ||||||