(As of 11/30/2018)

Chou Bond Fund Series A

(Global Fixed Income Balanced)

Inception Return (9/16/2005)	5.37 %
YTD Return	5.90 %

NAVPS (12/11/2018)	$8.57
Change	($0.07) / -0.86 %

Growth of $10,000 (As of November 30, 2018)

MER	1.41 %
Assets ($mil)	$14.02
Rank (1Yr)	1/251
Std Dev (3Yr)	17.81 %
Volatility Ranking (3Yr)	10/10
RRSP Eligibility	Yes
Load	Front Fee Only
Max Front End	2.00 %
Max Back End	-
Sales Status	Open

Objective

The Fund's objective is to provide conservation of principal and income production with capital appreciation as a secondary consideration. The Fund invests primarily in Canadian and US bonds. These bonds include, but are not limited to Government of Canada, provincial municipal and corporate issues, including convertibles and high yield bonds.

Management Co.

Chou Associates Management Inc.

Managers

Francis Chou

Asset Allocation
(As of September 30, 2018)

Sector Allocation
(As of September 30, 2018)

Geographic Allocation
(As of September 30, 2018)

Top 10 Holdings

Name	Asset	Sector	Geographic	Percent
Fortress Global Enterprses Inc 7.00% 04-Oct-2018	Cash and Equivalents	Cash and Cash Equivalent	Canada	27.40%
Atlanticus Holdings Corp 5.88% 30-Nov-2035	Foreign Bonds	Fixed Income	United States	21.53%
Exco Resources, Inc. Term Loan Rank 1.75 Lien	Foreign Bonds	Fixed Income	Other	15.60%
UKRLANDFARMING PLC (USD)	Foreign Bonds	Fixed Income	Other	12.06%
Wow Unlimited Inc	Foreign Bonds	Fixed Income	Other	8.94%
Catalyst Paper Corporation, Term Loan	Foreign Bonds	Fixed Income	Other	6.01%
AvangardCo Investments Public Ltd - ADR	International Equity	Consumer Goods	European Union	4.15%
Taiga Building Products Ltd 7.00% 17-Nov-2022	Domestic Bonds	Fixed Income	Canada	3.17%
Catalyst Paper Corp	Canadian Equity	Basic Materials	Canada	1.53%
CAD SWEEP VII CIBC MELLON 0.50% 31-Dec-2049	Cash and Equivalents	Cash and Cash Equivalent	Canada	0.24%

Performance Data (As of November 30, 2018)

	Return (%)				Annualized Return (%)
Return	1 Mth	3 Mth	6 Mth	YTD	1 Yr	3 Yr	5 Yr	10 Yr
Fund	-6.92	10.16	12.26	5.90	5.34	3.79	3.82	8.48
Benchmark	1.83	-0.84	0.17	2.98	0.85	3.76	6.97	5.89
Quartile Ranking	4	1	1	1	1	1	1	1

Calendar Return (%)	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Fund	-1.61	9.10	-3.59	9.77	23.75	12.95	-18.40	32.69	42.45	-37.70
Benchmark	3.81	0.39	16.91	11.35	10.49	4.94	5.08	2.36	-2.79	13.39
Quartile Ranking	4	1	4	1	1	1	4	1	1	4

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