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Distributions

The Cook & Bynum Fund received a 5 star Overall Morningstar Rating^TM based on risk-adjusted return out of 723 funds in the diversified emerging markets category. Rating as of 6/30/2023.

December 2022

Distribution Type	Record Date	Ex-Divdend Date	Payable Date	Cents-per-share
Ordinary Income Dividends	12/27/22	12/28/22	12/28/22	$0.16566132
Short-Term Capital Gains	12/27/22	12/28/22	12/28/22	-
Long Term Capital Gains	12/27/22	12/28/22	12/28/22	-
Total				$0.16566132

2022 Tax Insert

© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. As of 6/30/23, the fund was rated 5 stars out of 723 funds for the 3-year period, 4 stars out of 646 funds for the 5-year period and 5 stars out of 385 funds for the 10-year period.

The Cook & Bynum Fund is distributed by Foreside Financial Services, LLC. Member FINRA/SIPC. Investments involve risks and principal loss is possible.

Distributions

December 2022

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