Shareholder Information

About Us

Francis Chou, the fund manager of Chou America Mutual Funds, has been managing the Chou Funds in Canada since 1986.

Minimum Investment

Initial purchase: $5,000; Subsequent purchase: $500

Buying & Selling Shares

You may purchase or redeem shares of the Chou America Mutual Funds on any business day through your financial intermediary, by mail (c/o Atlantic Fund Administration, P.O. Box 588, Portland, Maine 04112), or by telephone at 877 682 6352. Shares also may be purchased by check, wire or electronic bank transfer.

Tax Information

Shareholders may receive distributions from the Chou America Mutual Funds of dividends and capital gains, which may be taxable to shareholders.

Directors & Officers

Independent Trustees  
Lily Pinarello  
Errol (Tyrone) Tull  
   
Interested Trustee  
Francis Chou  
   
Officers  
Francis Chou CEO
Michael J. McKeen Treasurer and Principal Financial Officer
Dennis Mason Chief Compliance Officer
Gino Malaspina Secretary

Proxy Voting Procedures

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Code of Ethics

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Privacy Policy

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Performance

As of October 31, 2017

1 Month

3 Months

6 Months

9 Months

1 Year

3 Years

5 Years

% change since inception*

Chou Opportunity Fund

-1.70%

-5.46%

-5.32%

-2.26%

6.27%

-10.61%

-0.91%

3.40%

S&P 500 Index

2.33%

4.76%

9.10%

14.73%

23.63%

10.77%

15.18%

15.76%

Chou Income Fund

-1.25%

-4.59%

-2.55%

-2.19%

5.73%

-0.28%

4.81%

7.45%

Barclays Capital U.S. Corporate High Yield

0.42%

1.28%

3.44%

5.92%

8.92%

5.56%

6.27%

8.13%

As of September 30, 2017

1 Month

3 Months

6 Months

9 Months

1 Year

3 Years

5 Years

% change since inception*

Chou Opportunity Fund

2.44%

-2.76%

-3.48%

-1.42%

7.62%

-6.83%

2.15%

3.69%

S&P 500 Index

2.06%

4.48%

7.71%

14.24%

18.61%

10.81%

14.22%

15.59%

Chou Income Fund

-1.11%

-0.37%

-1.32%

0.28%

13.06%

-0.19%

5.75%

7.73%

Barclays Capital U.S. Corporate High Yield

0.90%

1.98%

4.19%

7.00%

8.88%

5.83%

6.36%

8.16%

* Inception Date: July 1, 2010
Performance Disclosures: Performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value will fluctuate so that upon redemption, an investor’s shares may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains. Chou America Mutual Funds are no-load funds. If the funds are redeemed within 120 days of purchase a 2% redemption fee is assessed. Returns presented do not include the deduction of a redemption fee. As such, returns will be lower with the imposition of a redemption fee. Return for periods less than one year are not annualized.
The Funds' adviser has agreed to contractually waive a portion of its fees and to reimburse expenses such that total operating expenses do not exceed 1.2% through at least May 1, 2018. For the period reported, some of the Funds' fees were waived or expenses reimbursed, otherwise total return would have been lower.
For performance data current to the most recent month end, please call us at toll free phone 877-682-6352.

Distribution

  Chou Opportunity Fund Chou Income Fund
June 2017 $0.41678 $0.05285
December 2016 $0.36629 $0.44266
June 2016 $0.22905 $0.55954
December 2015 $0.14772 $0.63426
June 2015 None $0.45672
December 2014 $0.47044 $0.57506
June 2014 None $0.19326
December 2013 $1.27 $0.55740
June 2013 $0.01059 $0.50824
December 2012 $1.46278 $0.90584
June 2012 $0.13648 $0.82331
December 2011 $0.31020 $0.81463
June 2011 None $0.49184
December 2010 None $0.25412
Chou America Management Inc., is an investment adviser registered with the Securities and Exchange Commission and exclusively manages the Chou Opportunity Fund and the Chou Income Fund (hereinafter collectively referred to as "Funds"), both of which are registered under the Investment Company Act of 1940. Nothing on this site should be construed as personalized investment advice. Rafferty Capital Markets, LLC serves as the Distributor of the Funds’ shares. The Distributor may enter into arrangements with banks, broker-dealers and other financial institutions through which investors may purchase or redeem shares. Rafferty Capital Markets, LLC, is located at 1010 Franklin Avenue, Garden City, New York 11530.