Chou America Mutual Funds

2014 Semi-Annual Report

2013 Annual Report

2013 Semi-Annual Report

2012 Annual Report

2012 Semi-Annual Report

2011 Annual Report

It is important to note that there is no guarantee that the U.S. Government will not let any major financial institutions fail; nor is there any guarantee that any financial institutions that survive a financial crisis will be the ultimate beneficiaries of any recovery in the economy.

2011 Semi-Annual Report

2010 Annual Report

Prospectus

Prospectus disclosure: The Chou America Mutual Funds prospectus contains important information about the Fund’s investment objectives, potential risks, management fees, charges and expenses, and other information and should be read and considered carefully before investing. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. You may obtain a current copy of the Fund’s prospectus by calling toll free phone 877-682-6352. The Funds are distributed by Rafferty Capital Markets, LLC, 59 Hilton Avenue, Garden City, NY 11530.

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Statement of Additional Information

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Chou America Mutual Funds XBRL File

download the Chou Opportunity Fund and the Chou Income Fund XBRL zip file here (October 2014)

download the Chou Opportunity Fund and the Chou Income Fund XBRL zip file here (May 2014)

Shareholder Services

Administrator, Accountant, Transfer Agent and Compliances: Atlantic Fund Administration, LLC ("Atlantic") provides administration, compliance, portfolio accounting and transfer agency services to the Funds. Atlantic provides the Funds with a Principal Financial Officer ("PFO"), Chief Compliance Officer ("CCO") and an Anti-Money Laundering Compliance Officer (AMLCO"), as well as additional compliance support functions.

Custody: Union Bank, N.A. is the Custodian for the Funds and safeguards the Funds’ cash and securities, determines income and collects interest on Fund investments. The Custodian may employ subcustodians to provide custody of the Funds’ domestic and foreign assets. The Custodian is located at 350 California Street, 6th Floor, San Francisco, California, 94104.

Legal Counsel: Perkins Coie LLP, 700 13th Street, N.W. Suite 600. Washington, D.C. 20005-3960.

Independent Registered Public Accounting Firm: BBD, LLP, ("BBD"), 1835 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, is the Fund’s independent registered public accounting firm, providing audit services, tax services and assistance with respect to the preparation of filings with the SEC.

Distributor: Rafferty Capital Markets, LLC, the Trust’s principal underwriter (the "Distributor"), serves as the Trust’s Distributor in connection with the offering 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 59 Hilton Avenue, Garden City, NY 11530.