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On December 12, 2007 the Polaris Global Value Fund distributed a short-term capital gain of $0.085 per share and a long-term capital gain of $1.401 per share to shareholders of record as of December 11, 2007.
On December 31, 2007 the Polaris Global Value Fund distributed dividends of $0.262 per share to shareholders of record as of December 28, 2007.
On the day that a fund distributes capital gains to shareholders, the fund’s net asset value per share (for each class of shares) drops by the amount of the distribution per share, to reflect that the distribution has been paid out. The drop in the net asset value does not reflect a loss in the shareholder’s overall investment value, but instead indicates that a portion of that value has been given to the shareholder as a capital gain. Keep in mind that there may also be appreciation or depreciation in the fund value from the market activity on that day that will also be reflected in the NAV.