Redeeming Shares

  • By Mail
    Sale requests should be mailed via U.S. mail or overnight courier service to:

    First Class Mail:
    The Cook & Bynum Fund
    P.O. Box 13215
    Denver, CO 80201

    Overnight Mail:
    The Cook & Bynum Fund
    c/o ALPS Fund Services
    1290 Broadway, Suite 1100
    Denver, CO 80203


  • Signature Guarantee
    A signature guarantee is required to redeem shares in the following situations:

    • If ownership is changed on your account;
    • When redemption proceeds are sent to any person, address or bank account not on record;
    • Written requests to wire redemption proceeds (if not previously authorized on the account);
    • When establishing or modifying certain services on an account;
    • If a change of address was received by the Transfer Agent within the last 15 days; and
    • For all redemptions in excess of $50,000 from any shareholder account.

    In addition to the situations described above, the Fund and/or the Transfer Agent reserve the right to require a Medallion signature guarantee in other instances based on the circumstances relative to the particular situation.


  • By Telephone
    If you elected to use telephone redemption on your Application when you initially purchased shares, you may redeem up to a $50,000 value of your Fund shares by calling a Cook & Bynum representative toll-free at 1-877-839-COBY. Investors may have a check sent to the address of record, proceeds may be wired to a shareholder’s bank account of record, or funds may be sent via electronic funds transfer through the ACH network to the bank account of record. There is no charge if redemption proceeds are sent via the ACH system and credit is generally available within three business days. If an investor calls a Cook & Bynum representative before 4:00 p.m., EST, the investor will receive NAV next determined after receipt of the redemption request by the Cook & Bynum representative; that is, that day's NAV. If a request has been made to change the address of the account and was received by the Fund or the Transfer Agent within 15 days of the redemption request, you may not redeem by telephone. Once a telephone transaction has been placed, it cannot be canceled or modified.


  • Wire
    You may request the redemption proceeds be wired to your designated bank if it is a member bank or a correspondent of a member bank of the Federal Reserve System.


  • Option of the Fund
    If the value of the shares in your account falls below $2,000 ($1,000 in the case of shares held in an IRA), the Fund may notify you that, unless your account is increased to $2,000 in value, it will redeem all your shares and close the account by paying you the redemption proceeds and any dividends and distributions declared and unpaid at the date of redemption. You will have thirty days after notice to bring the account up to $2,000 ($1,000 in the case of shares held in an IRA) before any action is taken. The Fund reserves this right because of the expense to the Fund of maintaining relatively small accounts. This right of redemption shall not apply if the value of your account drops below $2,000 ($1,000 in the case of shares held in an IRA) as the result of market action. The Fund also reserves the right, in its sole discretion, to cause the redemption of any shareholder if it believes that the continued ownership of such shareholder may adversely affect the Fund or its other shareholders.


  • Fees
    The Fund assesses a 2% fee on the proceeds of Fund shares that are redeemed within 60 days of their purchase. For purposes of applying the fee, the first day of the period will be the settlement date. Shares will be redeemed on a first-in, first-out (FIFO) basis. The redemption fee is paid to the Fund for the benefit of remaining shareholders, and is intended to discourage short-term trading of Fund shares and to offset the trading costs, market impact and other costs associated with short-term trading in Fund shares.

    The redemption fee is not imposed in the following situations:

    • periodic distributions from retirement accounts (including IRAs and retirement plans),
    • redemption of reinvested distributions,
    • when the Fund cannot identify the beneficial owner in certain omnibus accounts if the Fund has received assurances that a system allowing for the redemption fee will be implemented within a reasonable time when and if required by any relevant regulation,
    • when the shares are redeemed in certain hardship situations, including but not limited to, death or disability of the shareholder,
    • shares redeemed by the Fund,
    • shares redeemed to return an excess contribution to an IRA account, or
    • shares redeemed in connection with qualified default investment alternatives.