# EDGAR Filing Document

**Accession Number:** 0001459065
**File Stem:** 0001145549-23-012725
**Filing Date:** 2023-2
**Character Count:** 19955
**Document Hash:** 16c53b67ac130bf8b2d62fc0a93e71a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012725.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012725

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cook & Bynum Funds Trust
- **CENTRAL INDEX KEY:** 0001459065
- **IRS NUMBER:** 264491595
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22282
- **FILM NUMBER:** 23680658

**BUSINESS ADDRESS:**
- **STREET 1:** 2830 CAHABA ROAD
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35223
- **BUSINESS PHONE:** 205-994-2815

**MAIL ADDRESS:**
- **STREET 1:** 2830 CAHABA ROAD
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35223

## Series and Classes Contracts Data

### The Cook & Bynum Fund (Series ID: S000025845)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000077284 | The Cook & Bynum Fund | COBYX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **The Cook & Bynum Fund** | **The Cook & Bynum Fund** | **The Cook & Bynum Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Description** | **Shares** | **Value** |
| **DOMESTIC COMMON STOCKS (16.2%)** | | |
| **Conglomerates (16.2%)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. - Class B <sup>(1)</sup> | 32013 | $9888816 |
| &nbsp;&nbsp;&nbsp; TOTAL DOMESTIC COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,335,410) |  | $9888816 |
| **FOREIGN COMMON STOCKS (62.2%)** |  |  |
| **Breweries (17.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV - ADR | 128304 | 7703372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union de Cervecerias Peruanas Backus y Johnston SAA | 500000 | 3236979 |
|  |  | 10940351 |
| **Retail - Convenience Stores (7.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de CV - ADR | 54513 | 4258555 |
| **Soft Drink Bottling and Distribution (26.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arca Continental SAB de CV | 1986195 | 16108499 |
| **Specialty Retail (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JUMBO SA | 60909 | 1041893 |
| **Wired and Wireless Telecommunications Carriers (9.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. - Class A <sup>(1)</sup> | 81841 | 616263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. - Class C <sup>(1)</sup> | 654782 | 4976343 |
|  |  | 5592606 |
| &nbsp;&nbsp;&nbsp; TOTAL FOREIGN COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $40,717,626) |  | $37941904 |
| **FOREIGN PREFERRED STOCKS (13.5%)** |  |  |
| **Soft Drink Bottling and Distribution (13.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Embonor SA - Class B | 5301259 | 8218279 |
| &nbsp;&nbsp;&nbsp; TOTAL FOREIGN PREFERRED STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $10,125,461) |  | $8218279 |
|  | **Principal** |  |
| **Description** | **Amount** | **Value** |
| **SHORT-TERM INVESTMENTS (8.1%)** |  |  |
| **Money Market Funds (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Bank Money Market Deposit Account, 2.500% <sup>(2)</sup> | $401821 | $401821 |
| **U.S. Treasury Bills (7.4%)** |  |  |
| &nbsp;&nbsp;&nbsp; 0.000%, 03/21/2023 <sup>(1)</sup> | 4550000 | 4508913 |
| &nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,909,281) |  | $4910734 |
| TOTAL INVESTMENTS (100.0%) |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $58,087,778) |  | $60959733 |
| TOTAL CASH INCLUDING FOREIGN CURRENCY (0.0%) <sup>(3)</sup> |  | 18853 |
| TOTAL OTHER ASSETS LESS LIABILITIES (0.0%) <sup>(3)</sup> |  | 2990 |
| NET ASSETS (100.0%) |  | $60981576 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | Non-income producing security. |
| <sup>(2)</sup>  | The Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of December 31, 2022. |
| <sup>(3)</sup>  | Less than 0.05%. |
| ***Common Abbreviations:*** | ***Common Abbreviations:*** |
| *ADR - American Depositary Receipt* | *ADR - American Depositary Receipt* |
| *SA - Sociedad Anónima* | *SA - Sociedad Anónima* |
| *SA/NV - Societe Anonyme/Naamloze Vennootschap* | *SA/NV - Societe Anonyme/Naamloze Vennootschap* |
| *SAA - Sociedad Anonima Abierta* | *SAA - Sociedad Anonima Abierta* |
| *SAB de CV - Sociedad Anónima Bursátil de Capital Variable is a Spanish Capital Company* | *SAB de CV - Sociedad Anónima Bursátil de Capital Variable is a Spanish Capital Company* |
| *For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.* | *For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.* |
| **Valuation Measurements** | **Valuation Measurements** |
| **Fair Value Measurements:** In accordance with GAAP, the Fund uses a three-tier hierarchy to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. | **Fair Value Measurements:** In accordance with GAAP, the Fund uses a three-tier hierarchy to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. |
| <u>Level 1:</u> | Quoted prices in active markets for identical securities. |
| <u>Level 2:</u> | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| <u>Level 3:</u> | Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). |
| 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, 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 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, 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, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | 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, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
| 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, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | 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, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
| Various inputs are used in determining the value of the Fund's investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. | Various inputs are used in determining the value of the Fund's investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. |
| Various inputs are used in determining the value of the Fund's investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. | Various inputs are used in determining the value of the Fund's investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. |
| The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022: | The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(1)</sup>** | **Level 1 - Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Equities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Belgium | $7703372 | $- | $- | $7703372 |
| &nbsp;&nbsp;&nbsp; Bermuda | 5592606 | - | - | 5592606 |
| &nbsp;&nbsp;&nbsp; Chile | 8218279 | - | - | 8218279 |
| &nbsp;&nbsp;&nbsp; Greece | 1041893 | - | - | 1041893 |
| &nbsp;&nbsp;&nbsp; Mexico | 20367054 | - | - | 20367054 |
| &nbsp;&nbsp;&nbsp; Peru | 3236979 |  | - | 3236979 |
| &nbsp;&nbsp;&nbsp; United States | 9888816 | - | - | 9888816 |
| Short-Term Investments | 401821 | 4508913 | - | 4910734 |
| Total Investments in Securities | $56450820 | $4508913 | $- | $60959733 |
| <sup>(1)</sup> Please refer to the schedule of investments to view securities by industry type. |  |  |  |  |
| All securities of the Fund were valued using Level 1 and Level 2 inputs for the period ended December 31, 2022. Thus, a reconciliation of assets in which other significant observable inputs are used, (Level 3) is not applicable for this Fund. | All securities of the Fund were valued using Level 1 and Level 2 inputs for the period ended December 31, 2022. Thus, a reconciliation of assets in which other significant observable inputs are used, (Level 3) is not applicable for this Fund. | All securities of the Fund were valued using Level 1 and Level 2 inputs for the period ended December 31, 2022. Thus, a reconciliation of assets in which other significant observable inputs are used, (Level 3) is not applicable for this Fund. | All securities of the Fund were valued using Level 1 and Level 2 inputs for the period ended December 31, 2022. Thus, a reconciliation of assets in which other significant observable inputs are used, (Level 3) is not applicable for this Fund. | All securities of the Fund were valued using Level 1 and Level 2 inputs for the period ended December 31, 2022. Thus, a reconciliation of assets in which other significant observable inputs are used, (Level 3) is not applicable for this Fund. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Cook & Bynum Funds Trust

- **b. Investment Company Act file number:** 811-22282

- **c. CIK number of Registrant:** 0001459065

- **d. LEI of Registrant:** 549300N7NKWV5CPHXU16

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2830 Cahaba Road

  - **City:** Birmingham

  - **State:** AL

  - **Foreign country:** US

  - **Zip / Postal Code:** 35223

  - **Telephone number:** 205-994-2815

**Item A.2. Information about the Series.**

- **a. Name of Series:** The Cook & Bynum Fund

- **b. EDGAR series identifier (if any):** S000025845

- **c. LEI of Series:** 549300AREIVLMQ2VQJ40

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $61110051.29

**Total Liabilities:** $124810.06

**Net Assets:** $60985241.23

**Cash Not Reported:** $18995.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000077284 | 11.10%               | 6.43%                | 2.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-99177.51               | $5746185.65                                |
| Month 2  | $616.89                  | $3328513.00                                |
| Month 3  | $1689.97                 | $1483349.75                                |

### Schedule of Portfolio Investments

| Name                           | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| US BANK MMDA - USBFS 2         | US BANK MMDA - USBFS 2                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    401821 | NS      | $401820.79    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                         | CUSIP: 912796Z77<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4550000 | PA      | $4508913.36   | 7.39%             | 2023-03-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Liberty Latin America Ltd      | Liberty Latin America Ltd                           | CUSIP: N/A<br>LEI: 213800YWQHEAX7CAVO83       | Long             | EC               | CORP              | US        |     81841 | NS      | $616262.73    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Latin America Ltd      | Liberty Latin America Ltd                           | CUSIP: N/A<br>LEI: 213800YWQHEAX7CAVO83       | Long             | EC               | CORP              | US        |    654782 | NS      | $4976343.20   | 8.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev SA/NV                          | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |    128304 | NS      | $7703372.16   | 12.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                              | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     32013 | NS      | $9888815.70   | 16.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Union de Cervecerias Peruanas  | Union de Cervecerias Peruanas Backus y Johnston SAA | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PE        |    500000 | NS      | $3236979.00   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Embonor SA           | Coca-Cola Embonor SA                                | CUSIP: P3698K133<br>LEI: N/A                  | Long             | EP               | CORP              | CL        |   5301259 | NS      | $8218279.50   | 13.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental SAB de CV     | Arca Continental SAB de CV                          | CUSIP: P0448R103<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |   1986195 | NS      | $16108498.59  | 26.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB | Fomento Economico Mexicano SAB de CV                | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     54513 | NS      | $4258555.56   | 6.98%             |  |  |  | No            |                  1 | On Loan: No      |
| JUMBO SA                       | JUMBO SA                                            | CUSIP: N/A<br>LEI: 549300TGIVUUMY40MZ05       | Long             | EC               | CORP              | GR        |     60909 | NS      | $1041892.78   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-12

**Name of Applicant:** Cook & Bynum Funds Trust

**Signature:** /s/ Amanda Pridgen

**Name of Signer:** Cook & Bynum Funds Trust

**Title:** Chief Compliance Officer