UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORED OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-22394
CHOU AMERICA MUTUAL FUNDS
Three Canal Plaza, Suite 600
Portland, Maine 04101
(207) 347-2000
Francis S.M. Chou, President
Three Canal Plaza, Suite 600
Portland, Maine 04101
(207) 347-2000
Date of fiscal year end:
DECEMBER 31
Chou Opportunity Fund and Chou Income Fund
Date of reporting period: July 1, 2014 - June 30, 2015
ITEM 1. PROXY VOTING RECORD
Chou Opportunity Fund
| Vote Summary | ||||||||||||||||||||||
| SEARS CANADA INC. | ||||||||||||||||||||||
| Security | 81234D109 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | SRSC | Meeting Date | 23-Apr-2015 | |||||||||||||||||||
| ISIN | CA81234D1096 | Agenda | 934152187 - Management | |||||||||||||||||||
| Record Date | 12-Mar-2015 | Holding Recon Date | 12-Mar-2015 | |||||||||||||||||||
| City / | Country | / | Canada | Vote Deadline Date | 20-Apr-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 01 | Election of Directors (Majority Voting) | Management | ||||||||||||||||||||
| 1 | RONALD D. BOIRE | For | For | |||||||||||||||||||
| 2 | R. RAJA KHANNA | For | For | |||||||||||||||||||
| 3 | KLAUDIO LESHNJANI | For | For | |||||||||||||||||||
| 4 | DEBORAH E. ROSATI | For | For | |||||||||||||||||||
| 5 | ANAND A. SAMUEL | For | For | |||||||||||||||||||
| 6 | GRAHAM SAVAGE | For | For | |||||||||||||||||||
| 7 | S. JEFFREY STOLLENWERCK | For | For | |||||||||||||||||||
| 8 | BRANDON G. STRANZL | For | For | |||||||||||||||||||
| 02 | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| OVERSTOCK.COM, INC. | ||||||||||||||||||||||
| Security | 690370101 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | OSTK | Meeting Date | 05-May-2015 | |||||||||||||||||||
| ISIN | US6903701018 | Agenda | 934147097 - Management | |||||||||||||||||||
| Record Date | 09-Mar-2015 | Holding Recon Date | 09-Mar-2015 | |||||||||||||||||||
| City / | Country | / | United States | Vote Deadline Date | 04-May-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 1 | Election of Directors | Management | ||||||||||||||||||||
| 1 | PATRICK M. BYRNE | For | For | |||||||||||||||||||
| 2 | BARCLAY F. CORBUS | For | For | |||||||||||||||||||
| 3 | JONATHAN E. JOHNSON III | For | For | |||||||||||||||||||
| 2 | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| SEARS HOLDINGS CORPORATION | ||||||||||||||||||||||
| Security | 812350106 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | SHLD | Meeting Date | 06-May-2015 | |||||||||||||||||||
| ISIN | US8123501061 | Agenda | 934145459 - Management | |||||||||||||||||||
| Record Date | 09-Mar-2015 | �� | Holding Recon Date | 09-Mar-2015 | ||||||||||||||||||
| City / | Country | / | United States | Vote Deadline Date | 05-May-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 1. | Election of Directors | Management | ||||||||||||||||||||
| 1 | CESAR L. ALVAREZ | For | For | |||||||||||||||||||
| 2 | PAUL G. DEPODESTA | For | For | |||||||||||||||||||
| 3 | KUNAL S. KAMLANI | For | For | |||||||||||||||||||
| 4 | WILLIAM C. KUNKLER, III | For | For | |||||||||||||||||||
| 5 | EDWARD S. LAMPERT | For | For | |||||||||||||||||||
| 6 | STEVEN T. MNUCHIN | For | For | |||||||||||||||||||
| 7 | ANN N. REESE | For | For | |||||||||||||||||||
| 8 | THOMAS J. TISCH | For | For | |||||||||||||||||||
| 2. | 14A Executive Compensation | Management | For | For | ||||||||||||||||||
| 3. | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| CHICAGO BRIDGE & IRON COMPANY N.V. | ||||||||||||||||||||||
| Security | 167250109 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | CBI | Meeting Date | 06-May-2015 | |||||||||||||||||||
| ISIN | US1672501095 | Agenda | 934153444 - Management | |||||||||||||||||||
| Record Date | 12-Mar-2015 | Holding Recon Date | 12-Mar-2015 | |||||||||||||||||||
| City / | Country | / | United States | Vote Deadline Date | 04-May-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 1A. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1B. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1C. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 2. | 14A Executive Compensation | Management | Abstain | Against | ||||||||||||||||||
| 3. | Adopt Accounts for Past Year | Management | For | For | ||||||||||||||||||
| 4. | Dividends | Management | For | For | ||||||||||||||||||
| 5. | Approve Financial Statements, Allocation of Income, and Discharge Directors | Management | For | For | ||||||||||||||||||
| 6. | Approve Discharge of Supervisory Board | Management | For | For | ||||||||||||||||||
| 7. | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| 8. | Amend Articles/Charter to Reflect Changes in Capital | Management | Abstain | Against | ||||||||||||||||||
| 9. | Miscellaneous Corporate Actions | Management | Abstain | Against | ||||||||||||||||||
| 10. | Miscellaneous Compensation Plans | Management | Abstain | Against | ||||||||||||||||||
| MBIA INC. | ||||||||||||||||||||||
| Security | 55262C100 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | MBI | Meeting Date | 06-May-2015 | |||||||||||||||||||
| ISIN | US55262C1009 | Agenda | 934153761 - Management | |||||||||||||||||||
| Record Date | 12-Mar-2015 | Holding Recon Date | 12-Mar-2015 | |||||||||||||||||||
| City / | Country | / | United States | Vote Deadline Date | 05-May-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 1A. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1B. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1C. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1D. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1E. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1F. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1G. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1H. | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 2. | Approve Stock Compensation Plan | Management | Abstain | Against | ||||||||||||||||||
| 3. | 14A Executive Compensation | Management | Abstain | Against | ||||||||||||||||||
| 4. | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| SEARS HOMETOWN AND OUTLET STORES, INC. | ||||||||||||||||||||||
| Security | 812362101 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | SHOS | Meeting Date | 27-May-2015 | |||||||||||||||||||
| ISIN | US8123621018 | Agenda | 934210624 - Management | |||||||||||||||||||
| Record Date | 07-Apr-2015 | Holding Recon Date | 07-Apr-2015 | |||||||||||||||||||
| City / | Country | / | United States | Vote Deadline Date | 26-May-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 1. | Election of Directors | Management | ||||||||||||||||||||
| 1 | E.J. BIRD | For | For | |||||||||||||||||||
| 2 | JEFFREY FLUG | For | For | |||||||||||||||||||
| 3 | JAMES F. GOOCH | For | For | |||||||||||||||||||
| 4 | JOSEPHINE LINDEN | For | For | |||||||||||||||||||
| 2. | 14A Executive Compensation | Management | For | For | ||||||||||||||||||
| 3. | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| ASCENT CAPITAL GROUP, INC. | ||||||||||||||||||||||
| Security | 043632108 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | ASCMA | Meeting Date | 29-May-2015 | |||||||||||||||||||
| ISIN | US0436321089 | Agenda | 934190771 - Management | |||||||||||||||||||
| Record Date | 10-Apr-2015 | Holding Recon Date | 10-Apr-2015 | |||||||||||||||||||
| City / | Country | / | United States | Vote Deadline Date | 28-May-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 1. | Election of Directors | Management | ||||||||||||||||||||
| 1 | CHARLES Y. TANABE | For | For | |||||||||||||||||||
| 2 | CARL E. VOGEL | For | For | |||||||||||||||||||
| 2. | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| 3. | Adopt Omnibus Stock Option Plan | Management | For | For | ||||||||||||||||||
| RESOLUTE FOREST PRODUCTS INC. | ||||||||||||||||||||||
| Security | 76117W109 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | RFP | Meeting Date | 29-May-2015 | |||||||||||||||||||
| ISIN | US76117W1099 | Agenda | 934206637 - Management | |||||||||||||||||||
| Record Date | 09-Apr-2015 | Holding Recon Date | 09-Apr-2015 | |||||||||||||||||||
| City / | Country | / | Canada | Vote Deadline Date | 27-May-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 1A | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1B | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1C | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1D | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1E | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1F | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1G | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1H | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1I | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 02 | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| 03 | 14A Executive Compensation | Management | For | For | ||||||||||||||||||
| 04 | Miscellaneous Corporate Actions | Management | For | For | ||||||||||||||||||
Chou Income Fund
| Vote Summary | ||||||||||||||||||||||
| CENTRUS ENERGY CORP | ||||||||||||||||||||||
| Security | 15643U104 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | LEU | Meeting Date | 07-May-2015 | |||||||||||||||||||
| ISIN | US15643U1043 | Agenda | 934180326 - Management | |||||||||||||||||||
| Record Date | 13-Mar-2015 | Holding Recon Date | 13-Mar-2015 | |||||||||||||||||||
| City / | Country | / | United States | Vote Deadline Date | 06-May-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 1. | Election of Directors | Management | ||||||||||||||||||||
| 1 | MICHAEL DIAMENT | For | For | |||||||||||||||||||
| 2 | OSBERT HOOD | For | For | |||||||||||||||||||
| 3 | W. THOMAS JAGODINSKI | For | For | |||||||||||||||||||
| 4 | PATRICIA J. JAMIESON | For | For | |||||||||||||||||||
| 5 | SULEMAN E. LUNAT | For | For | |||||||||||||||||||
| 6 | WILLIAM J. MADIA | For | For | |||||||||||||||||||
| 7 | MICHAEL P. MORRELL | For | For | |||||||||||||||||||
| 8 | DANIEL B. PONEMAN | For | For | |||||||||||||||||||
| 9 | MIKEL H. WILLIAMS | For | For | |||||||||||||||||||
| 2. | 14A Executive Compensation | Management | Abstain | Against | ||||||||||||||||||
| 3. | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| RESOLUTE FOREST PRODUCTS INC. | ||||||||||||||||||||||
| Security | 76117W109 | Meeting Type | Annual | |||||||||||||||||||
| Ticker Symbol | RFP | Meeting Date | 29-May-2015 | |||||||||||||||||||
| ISIN | US76117W1099 | Agenda | 934206637 - Management | |||||||||||||||||||
| Record Date | 09-Apr-2015 | Holding Recon Date | 09-Apr-2015 | |||||||||||||||||||
| City / | Country | / | Canada | Vote Deadline Date | 27-May-2015 | |||||||||||||||||
| SEDOL(s) | Quick Code | |||||||||||||||||||||
| Item | Proposal | Proposed by | Vote | For/Against Management | ||||||||||||||||||
| 1A | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1B | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1C | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1D | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1E | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1F | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1G | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1H | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 1I | Election of Directors (Majority Voting) | Management | For | For | ||||||||||||||||||
| 02 | Ratify Appointment of Independent Auditors | Management | For | For | ||||||||||||||||||
| 03 | 14A Executive Compensation | Management | For | For | ||||||||||||||||||
| 04 | Miscellaneous Corporate Actions | Management | For | For | ||||||||||||||||||
SIGNATURES
Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CHOU AMERICA MUTUAL FUNDS
By: /s/ Francis S.M. Chou
Francis S.M. Chou, President and Principal Executive Officer
Date: August 17, 2015