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ck0001396092:MSCIACWINetTotalReturnIndexMember 2016-09-30 2026-09-30 0001396092 ck0001396092:C000251944Member 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:ArcaContinentalSABDeCVMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:BerkshireHathawayClassBMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:CocaColaEmbonorSAMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:AnheuserBuschInBevSANVMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:FomentoEconomicoMexicanoSABMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:USTreasuryBill422026Member 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:UnionDeCerveceriasPeruanasBackusYJohnstonSAMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:LibertyLatinAmericaLtdClassCMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:AGAnadoluGrubuHoldingASMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:BIMBirlesikMagazalarASMember 2026-03-31 0001396092 ck0001396092:C000251944Member pf0:MX 2026-03-31 0001396092 ck0001396092:C000251944Member pf0:US 2026-03-31 0001396092 ck0001396092:C000251944Member pf0:CL 2026-03-31 0001396092 ck0001396092:C000251944Member pf0:BE 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:TurkeyMember 2026-03-31 0001396092 ck0001396092:C000251944Member pf0:BM 2026-03-31 0001396092 ck0001396092:C000251944Member pf0:PE 2026-03-31 0001396092 ck0001396092:C000251944Member pf0:BR 2026-03-31 0001396092 ck0001396092:C000251944Member pf0:HK 2026-03-31 0001396092 ck0001396092:C000251944Member pf0:DE 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:CashOtherMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:SoftDrinkBottingAndDistributionMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:ConglomerateMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:BreweriesMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:ShortTermInvestmentMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:RetailConvenienceStoresMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:ConsumerStaplesMerchandiseRetailMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:WiredAndWirelessTelecommunicationsCarriersMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:HealthCareServicesMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:IndustrialMachineryAndSuppliesAndComponentsMember 2026-03-31 0001396092 ck0001396092:C000251944Member ck0001396092:OtherAssetsNetOfLiabilitiesMember 2026-03-31 iso4217:USD pure ck0001396092:Holdings World Funds Trust 2026-03-31 The Cook & Bynum Fund The Cook & Bynum Fund COBYX <span class="CharOverride-2" style="color:#3d3d3e;">This </span>semi<span class="nobreak">-</span>annual shareholder report contains important information about The Cook &amp; Bynum Fund for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at www.cookandbynum.com/invest-with-us/mutual-fund/reports-filings/. You can also request this information by contacting us at (877) 839-2629. www.cookandbynum.com/invest-with-us/mutual-fund/reports-filings/ (877) 839-2629 <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:9pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#3d3d3e;">This report describes changes to the Fund that occurred during the reporting period.</span></p> <table class="NOGUTTER TableOverride-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-left-color:#2459a9;border-left-width:1pt;border-top-color:#2459a9;border-top-width:1pt;padding-bottom:8pt;padding-top:8pt;width: 1.32%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" colspan="4" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-style:none;border-top-color:#2459a9;border-top-width:1pt;padding-bottom:8pt;padding-left:0pt;padding-top:8pt;width: 96.00%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="H2" style="margin:0;padding:0;border-width:0;color:#2459a9;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-bottom:6pt;"><span class="Bold" style="font-style:normal;font-weight:bold;font-variant:normal;text-transform:uppercase;">What were the Fund costs for the period?</span> <span class="Regular" style="color:#545456;font-size:9pt;font-style:normal;font-weight:normal;">(based on a hypothetical $10,000 investment)</span></p> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-style:none;border-top-color:#2459a9;border-top-width:1pt;padding-bottom:8pt;padding-top:8pt;width: 1.42%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#2459a9;border-right-width:1pt;border-top-color:#2459a9;border-top-width:1pt;padding-bottom:8pt;padding-top:8pt;width: 1.26%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-12" style="height:12pt;"> <td class="NOGUTTER CellOverride-8 _idGenCellOverride-1" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#2459a9;border-left-style:solid;border-left-width:1pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 1.32%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-9 _idGenCellOverride-2" style="background-color:#e1eef9;border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-style:none;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 1.32%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-10 _idGenCellOverride-2" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-style:none;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 47.43%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:3pt;"><span class="Bold" style="font-style:normal;font-weight:bold;">Fund Name</span></p> </td> <td class="NOGUTTER CellOverride-10 _idGenCellOverride-2" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-style:none;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 21.87%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-top:3pt;text-align:center;"><span class="Bold" style="font-style:normal;font-weight:bold;">Costs of a $10,000<br/>investment</span></p> </td> <td class="NOGUTTER CellOverride-10 _idGenCellOverride-2" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-style:none;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 25.38%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-top:3pt;text-align:center;"><span class="Bold" style="font-style:normal;font-weight:bold;">Costs paid as a percentage of <br/>a $10,000 investment</span></p> </td> <td class="NOGUTTER CellOverride-11 _idGenCellOverride-2" style="background-color:#e1eef9;border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 1.42%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-12 _idGenCellOverride-1" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:none;border-left-width:0pt;border-right-color:#2459a9;border-right-style:solid;border-right-width:1pt;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 1.26%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-13" style="height:12pt;"> <td class="NOGUTTER CellOverride-13 _idGenCellOverride-3" style="border-left-color:#2459a9;border-left-style:solid;border-left-width:1pt;border-right-style:none;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;vertical-align:middle;width: 1.32%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="middle"> </td> <td class="NOGUTTER CellOverride-14 _idGenCellOverride-3" style="background-color:#e1eef9;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;vertical-align:middle;width: 1.32%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="middle"> </td> <td class="NOGUTTER CellOverride-15 _idGenCellOverride-3" style="background-color:#e1eef9;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;vertical-align:middle;width: 47.43%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;"><span class="CharOverride-5" style="font-style:normal;font-weight:normal;">The Cook &amp; Bynum Fund</span></p> </td> <td class="NOGUTTER CellOverride-15 _idGenCellOverride-3" style="background-color:#e1eef9;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;vertical-align:middle;width: 21.87%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="CharOverride-4">$77</span></p> </td> <td class="NOGUTTER CellOverride-15 _idGenCellOverride-3" style="background-color:#e1eef9;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;vertical-align:middle;width: 25.38%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="CharOverride-4">1.49%</span><span class="superscript" style="vertical-align:super;font-size:58%;">1</span></p> </td> <td class="NOGUTTER CellOverride-16 _idGenCellOverride-3" style="background-color:#e1eef9;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;vertical-align:middle;width: 1.42%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="middle"> </td> <td class="NOGUTTER CellOverride-17 _idGenCellOverride-3" style="border-left-style:none;border-left-width:0pt;border-right-color:#2459a9;border-right-style:solid;border-right-width:1pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;vertical-align:middle;width: 1.26%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="middle"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-14" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-left-color:#2459a9;border-left-width:1pt;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 1.32%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#e1eef9;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 1.32%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#e1eef9;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;vertical-align:top;width: 47.43%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:9pt;font-style:italic;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:5pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:3;margin-top:7pt;">​<span class="superscript" style="vertical-align:super;font-size:58%;font-style:normal;font-weight:normal;">1      </span><span class="CharOverride-8" style="font-style:normal;font-weight:normal;">Annualized.</span></p> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#e1eef9;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 21.87%; padding: 0in 0in 3px 0in;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#e1eef9;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 25.38%; padding: 0in 0in 3px 0in;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#e1eef9;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 1.42%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#2459a9;border-right-width:1pt;padding-bottom:3pt;padding-top:3pt;vertical-align:top;width: 1.26%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-15" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#2459a9;border-bottom-width:1pt;border-left-color:#2459a9;border-left-width:1pt;padding-bottom:0pt;padding-top:0pt;vertical-align:top;width: 1.32%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#2459a9;border-bottom-width:1pt;padding-bottom:0pt;padding-top:0pt;vertical-align:top;width: 1.32%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#2459a9;border-bottom-width:1pt;padding-bottom:0pt;padding-left:0pt;padding-top:0pt;vertical-align:top;width: 47.43%; padding: 0in 0in 3px 0in;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#2459a9;border-bottom-width:1pt;padding-bottom:0pt;padding-top:0pt;vertical-align:top;width: 21.87%; padding: 0in 0in 3px 0in;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#2459a9;border-bottom-width:1pt;padding-bottom:0pt;padding-top:0pt;vertical-align:top;width: 25.38%; padding: 0in 0in 3px 0in;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#2459a9;border-bottom-width:1pt;padding-bottom:0pt;padding-top:0pt;vertical-align:top;width: 1.42%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#2459a9;border-bottom-width:1pt;border-right-color:#2459a9;border-right-width:1pt;padding-bottom:0pt;padding-top:0pt;vertical-align:top;width: 1.26%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> </tr> </table> 77 0.0149 <table class="NOGUTTER TableOverride-2" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-17" style="height:12pt;"> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#e1eef9;padding-bottom:4pt;padding-left:0pt;padding-right:8pt;padding-top:7pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#e1eef9;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:7pt;width: 98.60%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="H2" style="margin:0;padding:0;border-width:0;color:#2459a9;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;"><span class="Bold" style="font-style:normal;font-weight:bold;font-variant:normal;text-transform:uppercase;">How did the Fund perform?</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-right:8pt;margin-top:6pt;text-align:justify;">The Cook &amp; Bynum Fund (the “Fund”) delivered positive returns for the period of October<span class="nobreak"> </span>1, 2025, through March<span class="nobreak"> </span>31, 2026, in contrast to the slight decline of the MSCI All Country World Index (“ACWI”). The solid 2025 business performance that many of our companies recently reported underpinned the Fund’s positive results. The Fund’s five beverage investments contributed significantly to returns on the back of strong business results and a modest improvement in their valuations. The Fund’s six investments in Latin America also all contributed to returns as the region had a strong 2025 that continued into 2026.</p> </td> </tr> </table> <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-18" style="height:12pt;"> <td class="TB100" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-style:none;border-left-style:none;border-right-style:none;border-top-style:none;padding-bottom:10pt;padding-left:0pt;padding-right:8pt;padding-top:8pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB100a" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-style:none;border-left-style:none;border-right-style:none;border-top-style:none;padding-bottom:10pt;padding-left:0pt;padding-right:8pt;padding-top:8pt;vertical-align:top;width: 98.60%; padding: 0in 0in 3px 0in;" valign="top"> <p class="H3" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-bottom:10pt;margin-top:10pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#34383d;">CUMULATIVE PERFORMANCE</span> <span class="Regular" style="color:#545456;font-size:9pt;font-style:normal;font-weight:normal;">(based on a hypothetical $10,000 investment)</span></p> </td> </tr> </table><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-19" style="height:12pt;"> <td class="TB100" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#000000;padding-bottom:8pt;padding-left:0pt;padding-right:8pt;padding-top:0pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB100" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-style:none;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-bottom:8pt;padding-left:0pt;padding-right:8pt;padding-top:0pt;vertical-align:top;width: 98.60%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:8pt;text-align:center;"><span class="CharOverride-10" style="font-style:normal;font-weight:bold;"><img alt="" src="tlinecharttsr_001.jpg" style="width:640.0px;max-width:100%;"/></span></p> </td> </tr> </table> <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-20" style="height:12pt;"> <td class="TB100" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-style:none;border-left-style:none;border-right-style:none;border-top-style:none;padding-bottom:8pt;padding-left:0pt;padding-right:8pt;padding-top:5pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="TB100" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-style:none;border-left-style:none;border-right-style:none;border-top-style:none;padding-bottom:8pt;padding-left:0pt;padding-right:8pt;padding-top:5pt;vertical-align:top;width: 98.60%; padding: 0in 0in 3px 0in;" valign="top"> <p class="H3" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#34383d;font-variant:normal;text-transform:uppercase;">ANNUAL Performance</span></p> </td> </tr> </table><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-26" style="height:12pt;"> <td class="TB100" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#000000;border-right-style:none;border-right-width:0pt;padding-bottom:8pt;padding-left:0pt;padding-right:8pt;padding-top:0pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-35" style="background-color:#e1eef9;border-bottom-color:#000000;border-bottom-style:none;border-bottom-width:0pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:8pt;vertical-align:bottom;width: 52.99%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-35" style="background-color:#e1eef9;border-bottom-color:#000000;border-bottom-style:none;border-bottom-width:0pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:8pt;vertical-align:bottom;width: 10.53%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-36" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:8pt;vertical-align:bottom;width: 3.51%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-37" colspan="2" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:8pt;vertical-align:bottom;width: 30.27%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;text-align:center;"><span class="Bold" style="font-style:normal;font-weight:bold;">Average Annual Return </span><span class="Bold" style="font-style:normal;font-weight:bold;color:#34383d;font-variant:normal;text-transform:uppercase;">(%)</span></p> </td> <td class="NOGUTTER CellOverride-38" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:8pt;vertical-align:bottom;width: 1.29%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-27" style="height:12pt;"> <td class="TB100" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#000000;border-right-style:none;border-right-width:0pt;padding-bottom:8pt;padding-left:0pt;padding-right:8pt;padding-top:0pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-39" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 52.99%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-39" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 10.53%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;"><span class="Bold" style="font-style:normal;font-weight:bold;">1 Year</span></p> </td> <td class="NOGUTTER CellOverride-40" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 3.51%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-41" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 14.92%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;"><span class="Bold" style="font-style:normal;font-weight:bold;">5 Year</span></p> </td> <td class="NOGUTTER CellOverride-41" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 15.35%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;">10 Year</span></p> </td> <td class="NOGUTTER CellOverride-42" style="background-color:#e1eef9;border-bottom-color:#2459a9;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#000000;border-left-style:none;border-left-width:0pt;border-right-color:#000000;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:bottom;width: 1.29%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-27" style="height:12pt;"> <td class="TB100" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#838586;border-right-style:none;border-right-width:0pt;padding-bottom:8pt;padding-left:0pt;padding-right:8pt;padding-top:0pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-44" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#838586;border-left-style:none;border-left-width:0pt;border-right-color:#838586;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:middle;width: 52.99%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#545456;">The Cook &amp; Bynum Fund</span></p> </td> <td class="NOGUTTER CellOverride-44" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#838586;border-left-style:none;border-left-width:0pt;border-right-color:#838586;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:middle;width: 10.53%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;"><span class="CharOverride-12" style="color:#545456;">8.42%</span></p> </td> <td class="NOGUTTER CellOverride-44" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#838586;border-left-style:none;border-left-width:0pt;border-right-color:#838586;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:middle;width: 3.51%; padding: 0in 0in 3px 0in;" valign="middle"> </td> <td class="NOGUTTER CellOverride-44" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#838586;border-left-style:none;border-left-width:0pt;border-right-color:#838586;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:middle;width: 14.92%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;"><span class="CharOverride-12" style="color:#545456;">8.24%</span></p> </td> <td class="NOGUTTER CellOverride-44" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#838586;border-left-style:none;border-left-width:0pt;border-right-color:#838586;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:middle;width: 15.35%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;"><span class="CharOverride-12" style="color:#545456;">4.10%</span></p> </td> <td class="NOGUTTER CellOverride-45" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#838586;border-left-style:none;border-left-width:0pt;border-right-color:#838586;border-right-style:none;border-right-width:0pt;border-top-color:#2459a9;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;vertical-align:middle;width: 1.29%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="middle"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-27" style="height:12pt;"> <td class="TB100" style="background-color:#e1eef9;border-bottom-style:solid;border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-right-color:#838586;border-right-style:none;padding-bottom:8pt;padding-left:0pt;padding-right:8pt;padding-top:0pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="bottom"> </td> <td class="NOGUTTER CellOverride-47 _idGenCellOverride-4" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#838586;border-left-style:none;border-right-color:#838586;border-right-style:none;border-top-color:#838586;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:middle;width: 52.99%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-bottom:5pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#545456;">MSCI ACWI Net Total Return Index</span></p> </td> <td class="NOGUTTER CellOverride-47 _idGenCellOverride-4" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#838586;border-left-style:none;border-right-color:#838586;border-right-style:none;border-top-color:#838586;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:middle;width: 10.53%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-bottom:5pt;margin-right:2pt;"><span class="CharOverride-12" style="color:#545456;">20.01%</span></p> </td> <td class="NOGUTTER CellOverride-47 _idGenCellOverride-4" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#838586;border-left-style:none;border-right-color:#838586;border-right-style:none;border-top-color:#838586;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:middle;width: 3.51%; padding: 0in 0in 3px 0in;" valign="middle"> </td> <td class="NOGUTTER CellOverride-47 _idGenCellOverride-4" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#838586;border-left-style:none;border-right-color:#838586;border-right-style:none;border-top-color:#838586;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:middle;width: 14.92%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-bottom:5pt;"><span class="CharOverride-12" style="color:#545456;">9.48%</span></p> </td> <td class="NOGUTTER CellOverride-48" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#838586;border-left-style:none;border-right-color:#838586;border-right-style:none;border-right-width:0pt;border-top-color:#838586;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:middle;width: 15.35%; padding: 0in 0in 3px 0in;" valign="middle"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-bottom:5pt;margin-right:0;"><span class="CharOverride-12" style="color:#545456;">11.33%</span></p> </td> <td class="NOGUTTER CellOverride-49" style="background-color:#e1eef9;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#838586;border-left-style:none;border-left-width:0pt;border-right-color:#838586;border-right-style:none;border-right-width:0pt;border-top-color:#838586;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;vertical-align:middle;width: 1.29%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="middle"> </td> </tr> </table> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-right:8pt;margin-top:5pt;text-align:justify;">The MSCI All Country World Index (ACWI) Net Total Return Index captures the performance of large- and mid<span class="nobreak">-cap</span> stocks across 23 developed and 24 emerging markets, reflecting dividends reinvested after withholding taxes. It offers a broad, global equity benchmark covering approximately 85% of the investable market capitalization.</p> The Cook & Bynum Fund 0.0842 0.0824 0.041 MSCI ACWI Net Total Return Index 0.2001 0.0948 0.1133 Visit www.cookandbynum.com/invest<span class="nobreak">-with-us</span>/mutual<span class="nobreak">-fund</span>/performance/ for more recent performance information. The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <table class="NOGUTTER1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER1" style="height:12pt;"> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#0a5382;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:1pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:1pt;padding-bottom:8pt;padding-left:0pt;padding-right:0pt;padding-top:7pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#848689;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:1pt;padding-bottom:8pt;padding-left:0pt;padding-right:0pt;padding-top:7pt;width: 84.15%; padding: 0in 0in 3px 0in;" valign="top"> <p class="H2" style="margin:0;padding:0;border-width:0;color:#2459a9;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;">KEY FUND STATISTICS <span class="Regular" style="color:#545456;font-size:9pt;font-style:normal;font-weight:normal;">(as of March 31, 2026)</span></p> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#848689;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:1pt;padding-bottom:8pt;padding-left:0pt;padding-top:7pt;width: 13.15%; padding: 0in 0in 3px 0in;" valign="top"> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#0a5382;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:1pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:1pt;padding-bottom:8pt;padding-left:0pt;padding-top:7pt;width: 1.29%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> </tr> <tr class="NOGUTTER1" style="height:12pt;"> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#0a5382;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:1pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#848689;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#848689;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 84.15%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;"><span class="CharOverride-12" style="color:#545456;">Fund Net Assets</span></p> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#848689;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#848689;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 13.15%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;"><span class="CharOverride-12" style="color:#545456;">$82,493,977</span></p> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#0a5382;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:1pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 1.29%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> </tr> <tr class="NOGUTTER1" style="height:12pt;"> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#0a5382;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:1pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#848689;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#848689;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 84.15%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:4pt;"><span class="CharOverride-10" style="font-style:normal;font-weight:bold;">Number of Holdings</span></p> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#848689;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#848689;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 13.15%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;"><span class="CharOverride-12" style="color:#545456;">12</span></p> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#0a5382;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:1pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 1.29%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> </tr> <tr class="NOGUTTER1" style="height:12pt;"> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#0a5382;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:1pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#848689;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 84.15%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:4pt;"><span class="CharOverride-10" style="font-style:normal;font-weight:bold;">Total Net Advisory Fee</span></p> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#848689;border-top-style:solid;border-top-width:1pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 13.15%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;"><span class="CharOverride-12" style="color:#545456;">$404,782</span></p> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#0a5382;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:1pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-top:4pt;width: 1.29%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> </tr> <tr class="NOGUTTER1" style="height:12pt;"> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-style:none;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:1pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:0pt;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 1.40%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#838586;border-top-style:solid;border-top-width:1pt;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 84.15%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;"><span class="CharOverride-12" style="color:#545456;">Portfolio Turnover Rate</span></p> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#838586;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:0pt;border-top-color:#838586;border-top-style:solid;border-top-width:1pt;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:4pt;width: 13.15%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;"><span class="CharOverride-12" style="color:#545456;">5.13%</span></p> </td> <td class="NOGUTTER1" style="border-left-width:1pt;border-left-style:solid;border-left-color:#000000;border-top-width:1pt;border-top-style:solid;border-top-color:#000000;border-right-width:1pt;border-right-style:solid;border-right-color:#000000;border-bottom-width:1pt;border-bottom-style:solid;border-bottom-color:#000000;padding-top:4pt;padding-bottom:4pt;padding-left:4pt;padding-right:4pt;vertical-align:top;border-bottom-color:#0a5382;border-bottom-style:solid;border-bottom-width:0pt;border-left-color:#0a5382;border-left-style:solid;border-left-width:0pt;border-right-color:#0a5382;border-right-style:solid;border-right-width:1pt;border-top-color:#0a5382;border-top-style:solid;border-top-width:0pt;padding-bottom:6pt;padding-left:0pt;padding-top:4pt;width: 1.29%; padding: 0in 0in 3px 0in;white-space: nowrap;" valign="top"> </td> </tr> </table> 82493977 12 404782 0.0513 <p class="H2a" style="margin:0;padding:0;border-width:0;color:#2459a9;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-left:8pt;margin-top:15pt;">WHAT DID THE FUND INVEST IN? <span class="Regular" style="color:#545456;font-size:9pt;font-style:normal;font-weight:normal;">(% of Net Assets as of March 31, 2026)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-27" style="height:12pt;"> <td class="NOGUTTER CellOverride-68" style="border-bottom-width:0pt;border-left-width:0pt;border-top-width:0pt;padding-bottom:5pt;padding-top:3pt;width: 4.06%; padding: 0in 0in 3px 0in;" valign="top"> </td> <td class="TCH_R1" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;padding-bottom:5pt;padding-left:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Top 10 Holdings</p> </td> <td class="TCH_R1" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:solid;border-left-width:0pt;border-right-style:solid;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;padding-bottom:5pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">(%)</p> </td> <td class="NOGUTTER CellOverride-71" rowspan="11" style="border-bottom-width:0pt;border-right-color:#848689;border-right-style:solid;border-right-width:1pt;border-top-width:0pt;padding-bottom:2pt;padding-left:0pt;padding-right:8pt;padding-top:2pt;vertical-align:top;width: 3.05%; padding: 0in 0in 3px 0in;" valign="top"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-14" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">Arca Continental S.A.B. de C.V.</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">25.45%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-14" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">Berkshire Hathaway Class B</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">18.26%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-14" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">Coca<span class="nobreak">-Cola</span> Embonor SA</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">10.96%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-14" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">Anheuser<span class="nobreak">-Busch</span> InBev SA/NV</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">10.79%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-18" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">Fomento Economico Mexicano SAB</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">7.34%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-14" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">US Treasury Bill 4/2/2026</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">6.85%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-37" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">Union de Cervecerias Peruanas Backus y Johnston SA</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">4.81%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-18" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">Liberty Latin America Ltd. Class C</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">4.19%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-18" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">AG Anadolu Grubu Holding AS</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dee9f7;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">2.90%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-14" style="height:12pt;"> <td class="NOGUTTER CellOverride-72" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-top:3pt;vertical-align:bottom;width: 4.06%; padding: 0in 0in 3px 0in;" valign="bottom"> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:2pt;padding-right:0pt;padding-top:3pt;width: 72.08%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:3pt;">BIM Birlesik Magazalar AS</p> </td> <td class="TB_TR1" style="border-bottom-style:solid;border-left-style:solid;border-right-style:solid;border-top-style:solid;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#848689;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-color:#848689;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:3pt;width: 20.81%; padding: 0in 0in 3px 0in;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;color:#504f4f;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:3pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:2pt;">2.78%</p> </td> </tr> </table> 0.2545 0.1826 0.1096 0.1079 0.0734 0.0685 0.0481 0.0419 0.029 0.0278 <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 15pt 0 15pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-42"> <td class="NOGUTTER CellOverride-78" style="border-bottom-width:0pt;border-left-style:solid;border-left-width:0pt;border-right-color:#848689;border-right-style:solid;border-right-width:1pt;border-top-color:#000000;border-top-style:solid;border-top-width:0pt;padding-bottom:15pt;padding-left:0pt;padding-right:8pt;padding-top:2pt;vertical-align:top;width: 48.88%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-left:2pt;margin-top:0;"><span class="CharOverride-17" style="color:#3d3d3e;font-style:normal;font-weight:bold;">Geographic Breakdown</span></p> <p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:9pt;font-style:italic;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:5pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:3;margin-left:3pt;margin-right:6pt;margin-top:8pt;text-indent:0;"><img alt="" src="tpiecharttsr_001.jpg" style="width:229.12px;max-width:100%;"/></p> </td> <td class="NOGUTTER CellOverride-79" style="border-bottom-width:0pt;border-left-color:#848689;border-left-style:solid;border-left-width:1pt;border-right-color:#000000;border-right-style:solid;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:0pt;padding-bottom:2pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;vertical-align:top;width: 51.12%; padding: 0in 0in 3px 0in;" valign="top"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;color:#545456;font-family:Public Sans Light, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-left:4pt;margin-top:0;"><span class="CharOverride-17" style="color:#3d3d3e;font-style:normal;font-weight:bold;">Sector Breakdown</span></p> <p class="H2" style="margin:0;padding:0;border-width:0;color:#2459a9;font-family:Public Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-left:2pt;margin-top:8pt;"><span class="CharOverride-18" style="color:#545456;font-size:9pt;font-style:italic;font-weight:normal;"><img alt="" src="tbarcharttsr_001.jpg" style="width:241.92000000000002px;max-width:100%;"/></span></p> </td> </tr> </table> www.cookandbynum.com/invest-with-us/mutual-fund/reports-filings/ N-CSRS 0.3279 0.1826 0.1096 0.1079 0.0568 0.0505 0.0481 0.0171 0.0132 0.0051 0.0812 0.3641 0.1826 0.1731 0.0801 0.0734 0.0568 0.0505 0.0132 0.0051 0.0011 N-1A 0001396092 false 10000 10474 11185 10565 8061 10065 10906 12011 13490 13791 14954 10000 11773 13521 13872 12311 19033 20418 18899 23287 24952 29945 Annualized