Semi-Annual Report

Purchase and Redemption

Associates Fund

Weekly Unit Prices

Annualized Returns

Annual Rates of Return

Distribution Table

Dealer Services

Investment Philosophy

Semi-Annual Reports

IRC Annual Reports

Letters of the Manager

Accredited Investor

CHOU ASSOCIATES MANAGEMENT INC.

Proxy Voting

Proxy Voting Record July 1 2006 - June 30 2007

Proxy Voting Record July 1 2005 - June 30 2006

Proxy Voting Policy