Item 5 - Additional Compensation .......................................................................................................................... 15 Item 6 - Supervision ..................................................................................................................................................... 15 Principal Executive Officer – Natalie G. McIntosh ............................................................................................ 17 Item 2 - Educational Background and Business Experience ....................................................................... 17 Item 3 - Disciplinary Information ........................................................................................................................... 18 Item 5 - Additional Compensation .......................................................................................................................... 19 Item 6 - Supervision ..................................................................................................................................................... 19 Firm Description Mundoval Capital Management, Inc. (“Mundoval Capital”, “Firm”) was founded in 2002 and provides investment advisory services on a discretionary basis for individuals, trusts, estates, charitable organizations, corporations or other business entities, pension and profit-sharing plans, and investment companies. Mundoval Capital seeks to understand each Client’s investment objectives in order to develop and maintain an appropriate long- term investment plan that is consistent with their return objectives, risk tolerance, liquidity needs, time horizon, tax status, and other unique circumstances. Arthur Q. Johnson and Natalie G. McIntosh are Co-Owners. Types of Advisory Services ASSET MANAGEMENT Mundoval Capital offers discretionary asset management services to advisory Clients. Mundoval Capital will offer Clients ongoing asset management services through determining individual investment goals, time horizons, objectives, and risk tolerance. Investment strategies, investment selection, asset allocation, portfolio monitoring and the overall investment program will be based on the above factors. The Client will authorize Mundoval Capital discretionary authority to execute selected investment program transactions as stated within the Investment Advisory Agreement. ERISA PLAN SERVICES Mundoval Capital provides service to qualified retirement plans including 401(k) plans, 403(b) plans, pension and profit-sharing plans, cash balance plans, and deferred compensation plans. Mundoval Capital may act as a 3(21) advisor: Limited Scope ERISA 3(21) Fiduciary. Mundoval Capital may serve as a limited scope ERISA 3(21) fiduciary that can advise, help and assist plan sponsors with their investment decisions. As an investment advisor Mundoval Capital has a fiduciary duty to act in the best interest of the Client. The plan sponsor is still ultimately responsible for the decisions made in their plan, though using Mundoval Capital can help the plan sponsor delegate liability by following a diligent process. 1. Fiduciary Services are:
• Provide investment advice to the Client about asset classes and investment alternatives available for the Plan in accordance with the Plan’s investment policies and objectives. Client will make the final decision regarding the initial selection, retention, removal

and addition of investment options. Mundoval Capital acknowledges that it is a fiduciary as defined in ERISA section 3 (21) (A) (ii).
• Assist the Client in the development of an investment policy statement (“IPS”). The IPS establishes the investment policies and objectives for the Plan. Client shall have the ultimate responsibility and authority to establish such policies and objectives and to adopt and amend the IPS.
• Provide investment advice to the Plan Sponsor with respect to the selection of a qualified default investment alternative for participants who are automatically enrolled in the Plan or who have otherwise failed to make investment elections. The Client retains the sole responsibility to provide all notices to the Plan participants required under ERISA Section 404(c) (5) and 404(a)-5.
• Assist in monitoring investment options by preparing periodic investment reports that document investment performance, consistency of fund management and conformance to the guidelines set forth in the IPS and make recommendations to maintain, remove or replace investment options.
• Meet with Client on a periodic basis to discuss the reports and the investment recommendations. 2. Non-fiduciary Services are:
• Assist in the education of Plan participants about general investment information and the investment alternatives available to them under the Plan. Client understands Mundoval Capital’s assistance in education of the Plan participants shall be consistent with and within the scope of the Department of Labor’s definition of investment education (Department of Labor Interpretive Bulletin 96-1). As such, Mundoval Capital is not providing fiduciary advice as defined by ERISA 3(21)(A)(ii) to the Plan participants. Mundoval Capital will not provide investment advice concerning the prudence of any investment option or combination of investment options for a particular participant or beneficiary under the Plan.
• Assist in the group enrollment meetings designed to increase retirement plan participation among the employees and investment and financial understanding by the employees. Mundoval Capital may provide these services or, alternatively, may arrange for the Plan’s other providers to offer these services, as agreed upon between Mundoval Capital and Client. 3. Mundoval Capital has no responsibility to provide services related to the following types of assets (“Excluded Assets”):
• Employer securities;
• Real estate (except for real estate funds or publicly traded REITs);
• Stock brokerage accounts or mutual fund windows;
• Participant loans;
• Non-publicly traded partnership interests;
• Other non-publicly traded securities or property (other than collective trusts and similar vehicles); or
• Other hard-to-value or illiquid securities or property. Excluded Assets will not be included in calculation of Fees paid to Mundoval Capital on the ERISA Agreement. Specific services will be outlined in detail to each plan in the 408(b)2 disclosure. Client Tailored Services and Client Imposed Restrictions The goals and objectives for each Client are documented in our Client files. Investment strategies are created that reflect the stated goals and objectives. Clients may impose restrictions on investing in certain securities or types of securities. Agreements may not be assigned without written Client consent. Wrap Fee Programs Mundoval Capital does not sponsor any wrap fee programs. Client Assets under Management As of December 31, 2022, Mundoval Capital has $66,880,977 in discretionary assets under management and $0 in non-discretionary.