UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22172

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World Funds Trust
(Exact name of registrant as specified in charter)

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8730 Stony Point Parkway,
Suite 205
Richmond, VA 23235
(Address of principal executive offices)

The Corporation Trust Co.,
Corporation Trust Center,
1209 Orange St.,
Wilmington, DE 19801
(Name and address of agent for service)

With Copy to:

John H. Lively
Practus, LLP
11300 Tomahawk Creek Parkway
Suite 310
Leawood, KS 66211

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Registrant’s telephone number, including area code: (804) 267-7400

Date of fiscal year end: September 30

Date of reporting period: March 31, 2025

The Cook & Bynum Fund

ITEM 1. (a) Report to Stockholders.

This semi-annual shareholder report contains important information about The Cook & Bynum Fund for the period of October 1, 2024 to March 31, 2025. 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.

WHAT DID THE FUND INVEST IN? (% of Net Assets as of March 31, 2025)

ITEM 1. (b) Not applicable

ITEM 2.       CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3.       AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4.       PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5.       AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.       INVESTMENTS.

(a)      The Registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

(b)      Not applicable.

ITEM 7.       FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

FINANCIAL STATEMENTS
AND OTHER INFORMATION

For the Six Months Ended March 31, 2025 (unaudited)

The Cook & Bynum Fund

See Notes to Financial Statements

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​(A)   Non-income producing.

​(B)   Zero coupon security. The rate shown is the yield-to-maturity as of March 31, 2025.

ADR - Security represented is held by the cusodian in the form of American Depositary Receipts

See Notes to Financial Statements

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See Notes to Financial Statements

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See Notes to Financial Statements

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See Notes to Financial Statements

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NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Cook & Bynum Fund (the “Fund”) is a non-diversified series of the World Funds Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on April 9, 2007 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund was established on March 18, 2009, originally as a series of the Cook & Bynum Funds Trust. Effective October 4, 2024, the Fund was reorganized as a series of the Trust.

The investment objective of the Fund is to seek long-term growth of capital.

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by Cook & Bynum Capital Management, LLC (the “Advisor”) to make investment decisions, and the results of the Fund’s operations, as shown in its Statement of Operations and Financial Highlights, is the information utilized for the day-today management of the Fund. The Fund and the Advisor are parties to expense agreements as disclosed in the Notes to the Financial Statements, and resources are not allocated to the Fund based on performance measurements. Due to the significance of oversight and its role in the Fund’s management, the Advisor’s portfolio manager is deemed to be the Chief Operating Decision Maker.

The following is a summary of significant accounting policies consistently followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.

Security Valuation

The Fund’s securities are valued at current market price. Equity securities, including common stocks and preferred stocks, traded on a national securities exchange or in the over-the-counter market are valued at the closing price on the principal exchange or market as of the close of regular trading hours on the day the securities are being valued, or, lacking any sales, at the latest bid price. Foreign securities are valued on the basis of quotations from the primary market in which they are traded, and they are translated from the local currency into U.S. dollars using exchange rates as of the close of the New York Stock Exchange (“NYSE”). Short-term securities, including bonds, notes, debentures, and other debt securities, and money market instruments such as certificates of deposit, commercial paper, bankers’ acceptances, and obligations of domestic and foreign banks are valued at current market quotations as provided by an independent pricing service approved by the Board of Trustees (the “Board”). Other

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assets for which market prices are not readily available are valued at their fair value as determined in good faith under procedures set by the Board. Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund’s assets to the Advisor as the Valuation Designee pursuant to the Fund’s policies and procedures. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the NYSE. The value of these securities used in computing the net asset value (“NAV”) is determined as of such times.

The Fund has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Fund when market prices are unavailable for a portfolio security as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to have changed the value of the security. The Fund may use fair value pricing more often due to the Fund’s global focus.

When the Fund uses fair value pricing to determine the NAV per share of the Fund, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Valuation Designee believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing.

Various inputs are used in determining the value of the Fund’s investments. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market,

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the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the level of inputs used to value the Fund’s investments as of March 31, 2025:

Refer to the Fund’s Schedule of Investments for a listing of the securities by sector type.

The Fund held no Level 3 securities at any time during the six months ended March 31, 2025.

Security Transactions and Income

Security transactions are accounted for on the trade date. The cost of securities sold is generally determined on a specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules.

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Cash and Cash Equivalents

Cash and cash equivalents consist of overnight deposits with the custodian bank which earn interest at the current market rate.

Accounting Estimates

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Federal Income Taxes

The Fund has complied and intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

Management has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Fund’s tax returns. The Fund has no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change. Interest and penalties, if any, associated with any federal or state income tax obligations are recorded as income tax expense as incurred.

Reclassification of Capital Accounts

GAAP requires certain components of net assets related to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the six months ended March 31, 2025, there were no such reclassifications.

Foreign Currency

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such

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transactions. The Fund isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes, a portion of which may be reclaimable, recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal year end, resulting from changes in the exchange rate.

NOTE 2 – INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement, the Advisor provides investment services for an annual fee of 1.49% of the Fund’s daily net assets.

The Advisor earned and waived management fees for the six months ended March 31, 2025 as follows:

The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, dividend expense on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of business) do not exceed 1.49% of the daily net assets of the Fund. This agreement is in effect through February 1, 2026, and thereafter is reevaluated on an annual basis. The Trust’s Board of Trustees and the Adviser may terminate or modify the agreement prior to February 1, 2026, only by mutual written consent. This agreement shall terminate automatically upon the termination of the investment management agreement with the Adviser. Each waiver or reimbursement of an expense by the Advisor is subject to repayment by the Fund within the three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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Dear Partners:

For the six-month period ended March 31, 2025, The Cook & Bynum Fund (the “Fund”) returned 2.34% while the MSCI All Country World Index (“MSCI ACWI”)1 declined 2.30%.

The 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. To obtain the most recent quarter-end performance, please call the Fund’s toll-free number at 1-877-839-COBY (2629) or visit our website at www.cookandbynum.com/cobyx.

As shown in the Prospectus dated January 28, 2025, the gross and net expense ratios of the Fund were 1.97% and 1.49%, respectively. Cook & Bynum Capital Management, LLC, the Fund’s adviser, has contractually agreed to reduce fees and/or reimburse the Fund’s expenses to the extent necessary to maintain the “Net Annual Operating Expenses” at 1.49%. This agreement is in effect through February 1, 2026. For additional information, please reference Note 4 in the Fund’s Core Financial Statements dated September 30, 2024.

Portfolio Update

The solid 2024 business performance that many of our companies reported during this quarter underpinned the Fund’s positive recent performance. Amid the uncertainty gripping global markets, our businesses delivered consistent aggregate results. The portfolio’s 2024 revenue and earnings both grew in U.S. dollars even with the headwind of weaker currencies in both Mexico and Chile. Despite today’s global uncertainty and challenging economic outlook, we are confident in the persistence and expansion of our company’s economic moats in a wide range of scenarios. These economic moats enable us to project our companies’ earnings streams for many decades and are the foundation for our conviction that they are priced at large discounts to intrinsic value. In the past six months we made a few new investments and rebalanced the portfolio to take advantage of price volatility.

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​1      The MSCI All Country World Index (MSCI ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 49 country indexes comprising 23 developed and 26 emerging market country indexes.

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Mexico, Turkey, Chile, & Peru at a Near Two Standard Deviation Discount

We are not market timers and do not make investments based on expected changes in sentiment. We only invest in a business if we would be satisfied with the cash flows that business will produce as our only means of return2. Currently, our portfolio in aggregate trades at a trailing Price-to-earnings ratio3 (P/E) of 16.6x yet has grown U.S. dollar revenue by 8% annually over the last five years with an operating margin of 19%, return on equity of 14%, and a net cash balance sheet. The competitive moats of our businesses, the quality management teams that lead them, and the slow

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​2    https://www.cookandbynum.com/how-we-think/absolute-value-investing/

​3      Price-to-earnings ratio is the measure of the share price relative to the annual net income earned by a company, per share.

*   Price-to-earnings ratio is the measure of the share price relative to the annual net income earned by a company, per share.

     Earnings yield is a financial metric that measures a company’s profitability by dividing its earnings per share by its current stock price.

     Price-to-sales ratio is a company’s market capitalization divided by revenue.

     Price-to-book ratio is a financial valuation metric that compares a company’s market price per share to its book value per share.

     5-year revenue USD compound annual growth rate (CAGR) is the annualized average rate of U.S. dollar revenue growth over five years assuming growth takes place at an exponentially compounded rate.

     The net debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio measures financial leverage and a company’s ability to pay off its debt.

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Since 2012, we have seen relentless contraction of P/E multiples in Mexico, Turkey, Chile, and Peru and have responded to the increasingly attractive valuations by steadily purchasing undervalued businesses. As shown in the chart below, in 2012 the average forward P/E of the Mexico, Turkey, Chile, and Peru indices was at a premium to the U.S., and we had less than 10% of our portfolio invested in these countries. Today, the average forward P/E of these four countries is at a more than 50% discount to the U.S. This discount is nearly two standard deviations from the average since 2005, and the current forward earnings yields are on average nearly 11% in these countries versus only 5% in the U.S. We do not invest in whole countries or indices but rather seek to own carefully selected businesses at prices reflecting large discounts to intrinsic value. At lower valuations, we find more of these high-quality businesses trading at large discounts to intrinsic value. When presented with a compelling investment opportunity that meets our four core investment criteria – circle of competence, business, people, and price – we follow our investment discipline and act decisively. Following our investment discipline often requires us to act contrary to popular opinion. Today, investors have abandoned many countries like Mexico, Turkey, Chile, and Peru resulting in extremely attractive valuations, and we now have about 51% of the portfolio invested in companies listed in these four countries but that do business in twenty countries. We will revisit this valuation gap in Mexico specifically later in this letter and discuss the tremendous opportunity we see there.

Source: Bloomberg. The above graph compares the forward P/E ratio of the S&P 500 to the average forward P/E ratio of the MSCI Mexico, MSCI Turkey, MSCI Chile, and MSCI Peru indices. C&B Weight is the total weight of positions listed in Mexico, Turkey, Chile, and Peru in the Fund since inception on July 1, 2009. For axes, RHS = right hand side, LHS = left hand side.

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Today’s popular opinion is that the U.S. is the only stock market in the world worthy of investment. This would be a logical conclusion if one were to only look back over the last dozen years. From the beginning of 2013 to the end of 2024, the U.S.’s S&P 500 has returned 14.6% annualized which has trounced every other part of the world. However, looking further back in history paints a different picture. From the beginning of the MSCI indices in January 1988 to the end of 2012, the MSCI Latin America and an equal-weighted basket of the Mexico, Turkey, Chile, and Peru indices performed much better than the S&P 500 Index (“S&P 500”) (see the table and graphs below). For this whole period from 1988 to the end of 2024, the returns are nearly identical. Countless factors determine long-term investment results for entire countries or regions, and we are skeptical of anyone who claims to be able to predict these. Some countries undoubtedly benefit from better rules of the game for capital than others, and we believe the U.S. ranks highly on this list. However, countries starved for investment capital can offer higher incremental returns should the rules of the game be at least conducive to capital investment. We view Mexico, Turkey, Chile, and Peru as having both characteristics and view these countries’ returns since 1988 as evidence of their future potential. All else being equal, high P/E ratios imply abundant capital with low incremental returns, and low P/E ratios imply scarce capital with high incremental returns.

Source: Bloomberg, through 12/31/2024. The MX/TR/CI/PE Index is an equal-weighted index of the MSCI Mexico, MSCI Turkey, and MSCI Chile indices since inception on 12/31/1987. The MSCI Peru Index was added after its inception on 12/31/1992.

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Both the MSCI Latin America and the Mexico, Turkey, Chile, and Peru indices in aggregate have experienced a dramatic fall in P/E multiples since 2012. This decline has been a 4% and 5% annual headwind, respectively, to returns since then. On the other hand, the S&P 500 has experienced a dramatic expansion in P/E multiple since 2012, which has been a 5% annual tailwind to returns since then. The combination of these two explains about two-thirds of the performance gap with the S&P 500 over this time period. Earnings multiple expansion or contraction can only drive investment returns for so long. In fact, as shown in the graph below, the length of this cycle of U.S. stock market outperformance of developed international markets is the longest in the last fifty years. The graph also shows the long-term correlation between U.S. dollar strength and U.S. market outperformance. When capital is flowing to the U.S. from abroad, both equity markets and the dollar strengthen, but they also tend to reverse together. After more than a decade of multiple contraction and a record long cycle of U.S. outperformance, we see a tremendous opportunity to own exceptional businesses at bargain prices in Mexico, Turkey, Chile, and Peru today. These countries trade at a near two standard deviation P/E discount to the U.S. and are also at historically low absolute valuations. The six businesses we own in these markets have strong balance sheets, high margins, high returns on capital, and long track records of outperforming their countries’ indices, as all but the most recently purchased one have since we first purchased them. Regardless of how their countries’ indices perform, we expect attractive returns in these six businesses from today’s prices. These returns could quickly become exceptional if there were to be some reversal of the last decade’s P/E compression headwind.

Source: Bloomberg. The graph shows the difference in the trailing monthly 5-year annualized return of the S&P 500 Index and the MSCI World ex USA Index from January 1975 to March 2025. The 5-year return of ICE’s U.S. Dollar Index is overlaid on the graph with a different axis.

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Looking beyond tariffs, in our view, markets are right to be pessimistic about the supermajority secured by the Morena Party in last June’s election. Many of former President Andrés Manuel López Obrador’s policies damaged the Mexican economy, and the prospect of their entrenchment under Sheinbaum is a headwind to Mexico’s continued development. We do see some signs that Sheinbaum, who is vastly more educated and worldly than her predecessor, may have a more pragmatic approach to governing, and we see a Trump Presidency and the 2026 USMCA renegotiation as some constraint on the worst instincts of a socialist and populist government. Lastly, both Morena Presidents have been unwavering in their support of minimum wage increases. In fact, since Morena first entered office in 2018, the minimum wage in Mexico has increased by nearly 125% in real terms, benefitting our consumer businesses. With Morena stronger than ever, we expect this agenda to continue for another six years.

Meanwhile, Mexico’s valuations have collapsed with its forward P/E multiple reaching levels below 10x at the end of 2024, a level not seen since the 2008/2009 Global Financial Crisis.

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Taking advantage of this weakness, Arca remains our favorite and largest position in Mexico. We have owned shares in Arca since the Fund’s inception in 2009, and those purchases have compounded at 15% per year in U.S. dollars. At that time, Arca was a single country Coca-Cola bottler in Mexico with US$1.7 billion of revenue. Today through world-class management and frontline heroes – a term used internally for associates in the market – Arca is a US$12.7 billion revenue business with more than half of revenue outside of Mexico including more than one-third in the U.S. We were able to spend a day earlier this month with a group of these frontline heroes, learn from all their innovations, and thank them for their hard work on our behalf.

Richard visiting with the Arca Continental team in Houston, Texas.

What an outstanding organization! Over the last 10 years, Arca’s earnings per share in U.S. dollars have grown at 7.7% annualized which is higher than S&P 500’s 7.0%. Despite consistently strong execution and results, Arca’s shares trade at a near fifteen-year low forward P/E of only 15x, which we believe presents a large discount to intrinsic value. Arca has limited direct exposure to tariffs as overwhelmingly products they make in Mexico are sold in Mexico, and products they make in the U.S. are sold in the U.S. Furthermore, Arca’s business by nature is resilient to changes in government policy or regulation.

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Artificial Intelligence: A Cambrian Explosion

The landscape of Artificial Intelligence (AI) underwent a seismic shift in 2024, characterized by rapid evolution, intense competition, and the commoditization of foundational technologies. The large language models (LLMs) that captured the public’s imagination just a year ago are quickly becoming ubiquitous, with token prices plummeting and switching costs between providers approaching zero. What was once cutting-edge is now commonplace, and the relentless pace of innovation is rendering even the most advanced models obsolete in mere months. This commoditization trend is pushing pricing towards the underlying hardware and electricity costs, mirroring the trajectory seen in other technological revolutions. The value proposition is rapidly migrating from the raw models themselves to other factors.

One such factor is the ownership of proprietary datasets. While many LLMs are trained on publicly available information, a select few possess access to vast troves of unique data, providing them with an advantage. Google’s Gemini, for example, benefits from its exclusive integration with YouTube, allowing it to learn from an unparalleled library of video content. Similarly, Grok, developed by Elon Musk’s xAI, leverages the vast and constantly updating stream of data from X posts, providing it with a unique window into real-time public discourse and sentiment. This data moat creates a meaningful differentiation, enabling these privileged models to offer superior performance in specific domains.

Beyond the foundational LLMs, we are witnessing an explosion of innovation at the application layer. The development of AI agents and applications, built upon increasingly commoditized models, is accelerating at an astonishing rate. Multimodal models, capable of processing and generating text, images, audio, and video, are further expanding the possibilities. These new applications, powered by AI, are poised to replace vast swathes of existing software, offering not only enhanced functionality but also significantly lower development costs. This dynamic will inevitably shrink the overall cost of software, disrupt established industry leaders, and create entirely new areas for software to enhance productivity and transform workflows across a multitude of industries. We believe we are only beginning to scratch the surface of the transformative potential of this new application layer.

The rise of AI-driven applications and agents is also fundamentally altering the landscape of distribution and profitability. We are beginning to see commerce itself conducted through AI-powered searches, creating new opportunities for advertising and discovery. Companies with core advantages in advertising, such as Google, are well-positioned to capitalize on this trend, as they can seamlessly integrate targeted promotions within these new search paradigms if they can drive traffic, though it is unclear if this will offset or exceed the loss of profits as traditional search becomes less relevant. Simultaneously, AI agents will empower consumers with unprecedented

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be realized by CBCM from the relationship with The Cook & Bynum Fund; (iv) the extent to which economies of scale would be realized if The Cook & Bynum Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of its investors; and (v) possible conflicts of interest and other benefits.

In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared or presented at this Meeting. The Board requested or was provided with information and reports relevant to the approval of the CBCM Advisory Agreement, including: (i) information regarding the services and support to be provided by CBCM to The Cook & Bynum Fund and its shareholders; (ii) presentations by management of CBCM addressing the investment philosophy, investment strategy, personnel and operations to be utilized in managing The Cook & Bynum Fund; (iii) information pertaining to the compliance structure of CBCM; (iv) disclosure information contained in The Cook & Bynum Fund’s registration statements and the firm’s Form ADV and/or the policies and procedures of the firm; and (v) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the CBCM Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

Mr. Lively reminded the Board that it also requested and received various informational materials including, without limitation: (i) documents containing information about CBCM, including financial information, personnel and the services to be provided by CBCM to The Cook & Bynum Fund, the firm’s compliance program, current legal matters, and other general information; (ii) projected expenses of The Cook & Bynum Fund and comparative expense information for other funds with strategies similar to The Cook & Bynum Fund prepared by an independent third party; (iii) the anticipated effect of size on The Cook & Bynum Fund’s performance and expenses; and (iv) benefits anticipated to be realized by CBCM from its relationship with The Cook & Bynum Fund.

The Board did not identify any particular information that was most relevant to its consideration to approve the CBCM Advisory Agreement and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the CBCM Advisory Agreement, the Trustees considered numerous factors, including:

The nature, extent, and quality of the services to be provided by Cook & Bynum.

In this regard, the Board considered the responsibilities of CBCM under the CBCM Advisory Agreement. The Board reviewed the services to be provided by CBCM to The Cook & Bynum Fund, including, without limitation, the processes of CBCM for assuring compliance with The Cook & Bynum Fund’s investment objectives

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ITEM 8.       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.       PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10.     REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Reference Item 7, Note 2 which includes remuneration paid to Officers and the Statements of Operations which include remuneration paid to Trustees.

ITEM 11.     STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Reference Item 7 which includes the investment advisory contract renewal in the Supplemental Information.

ITEM 12.     DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 13.     PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 14.     PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable because it is not a closed-end management investment company.

ITEM 15.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 16.     CONTROLS AND PROCEDURES.

(a)      The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d- 15(b)).

(b)      There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17.     DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 18.     RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19.     EXHIBITS.

(a)(1) Code of Ethics in response to Item 2 of this Form N-CSR – Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 – Not applicable.

(a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)(1)  Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2)  Change in the registrant’s independent public accountant – Not applicable.

(b)      Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.