Behold the fool saith, ‘Put not all thine eggs in the one basket’ — which is but a manner of saying, ‘Scatter your money and your attention;’ but the wise man saith, ‘Put all your eggs in the one basket and WATCH THAT BASKET.’ — Mark Twain

Performance

Performance Through 2/22/2012
Net Asset Value NAV Daily Change %Daily Change¹ % YTD Return² Three Months Last Twelve Months Since Inception³
The Cook & Bynum Fund $13.33$-0.09-0.67%3.90%6.01%10.33%44.45%
S&P 500 Plus Dividends⁴ 2337.67-7.74-0.33%8.28%14.91%5.43%55.26%
Average Annual Returns as of 9/30/11
1-Year Data Since Inception through 9/30/2011
The Cook & Bynum Fund 8.48%14.08%
S&P 500 Plus Dividends⁴ 2.11%15.50%
Performance data quoted represents past performance. Past performance is not indicative of future results and current performance may be lower or higher than the performance quoted. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Average annual total returns reflect reinvestment of all dividends, capital gains distributions, all fee waivers in effect, and any expense reimbursements.
As of January 30, 2012, the gross and net expense ratios of the Fund were 2.54% and 1.89%, respectively.
Cook & Bynum Capital Management, LLC, the Fund’s adviser, has contractually agreed to reduce fees and/or expenses to the extent necessary to maintain the net annual operating expenses at 1.88%; this agreement is in effect through February 1, 2013. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Performance shown does not include the redemption fee, which, if reflected, would reduce the performance quoted. The total returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain the most recent month-end performance, please call the Fund’s toll-free number at 877-839-COBY.
¹ Represents the percentage increase/decrease in the net asset value from the prior trading day.
² Performance for periods less than one year is not annualized.
³ Inception date is July 1, 2009.
⁴ The S&P 500 is an unmanaged index containing common stocks of 500 industrial, transportation, utility, and financial companies, regarded as generally representative of the U.S. stock market. The index return reflects the reinvestment of income dividends and capital gain distributions, if any, but does not reflect fees, brokerage commissions, or other expenses of investing. You cannot invest directly in an index.