Chou Opportunity Fund

Class Other (CHOEX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 0.07 0.0 0.07
Stocks 88.74 0.27 88.47
Bonds 0.0 0.0 0.0
Other 0.0 0.0 0.0
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 0.93 0.0 0.93
Convertible 10.52 0.0 10.52
Preferred 0.01 0.0 0.01

Updated 12.31.2012

Top 10 Holdings

Performance as of 04.30.2013

Portfolio as of 12.31.2012

Ticker YTD Return % % Net Assets
Overstock.com, Inc. OSTK 51.64 30.44
Resolute Forest Products Inc RFP 5.74 15.76
Mannkind Cv 3.75% --- --- 10.52
Sears Holdings Corporation SHLD 20.99 8.89
Bk Amer ([Wts/Rts]) --- --- 8.73
UTStarcom Holdings Corp UTSI -13.7 7.27
MBIA Inc MBI 20.64 5.72
Jpmorgan Chase ([Wts/Rts]) --- --- 5.31
Asta Funding, Inc. ASFI -6.31 3.64
Wells Fargo & Co New ([Wts/Rts]) --- --- 1.88

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