Total return shows the Fund's overall change in value, including changes in share price and assuming all the Fund's distributions are reinvested. Cumulative total return reflects the Fund's performance over a stated period of time. Average annual total return reflects the hypothetical annually compounded return that would have produced the same cumulative total return if the Fund's performance had been constant over the entire period. Since average annual returns tend to smooth out variations in the Fund's returns, shareholders should recognize that these returns are not the same as actual year-by-year returns.

Average Annual Total Return as of 4/30/2008
(most recent month-end)

YTD

1 Year

3 Year

5 Year

10 Year

Since Inception
(July 31, 1989)

Polaris Global Value

-2.57%

-11.82%

9.91%

17.69%

8.37%

11.31%

MSCI World Index

-4.28%

-2.47%

12.36%

15.18%

5.02%

7.25%

Average Annual Total Return as of 3/31/2008
(most recent calendar quarter-end)

YTD

1 Year

3 Year

5 Year

10 Year

Since Inception
(July 31, 1989)

Polaris Global Value

-2.57%

-12.02%

7.78%

19.65%

8.42%

11.25%

MSCI World Index

-4.28%

-3.25%

9.64%

15.96%

4.58%

6.99%

Gross Expense Ratio 1.23%

Quarter End Expense Ratio* 1.25%

Fund Fact Sheet

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund's annual operating expense ratio (gross) is 1.23%. *The quarter end expense ratio is based on amounts incurred during the most recent quarter, divided by average assets for the period, multiplied by 365 and divided by the number of days in the quarter. Shares redeemed or exchanged within 180 days of purchase will be charged a 1.00% fee. Returns greater than one year are annualized.

Largest Equity Holdings as of 3/31/2008

ISSUER	PERCENTAGE
Southwest Bancorp, Inc.	1.98%
Kone Oyj	1.80%
Lloyds TSB Group plc	1.80%
Bellway plc	1.78%
Greencore Group plc	1.72%
Ameris Bancorp	1.69%
Yit Oyj	1.68%
Taylor Wimpey plc	1.66%
Ametek, Inc.	1.62%
Iino Kaiun Kaisha Ltd.	1.58%

The Fund's 10 Largest Equity Positions are as of 3/31/2008 and represent approximately 17.31% of the Fund's equity holdings.

Country Allocations as of 3/31/2008

COUNTRY	PERCENTAGE
United States	33 %
Japan	11 %
United Kingdom	9 %
Ireland	8 %
Finland	7 %
France	6 %
South Africa	5 %
Germany	3 %
Other	18 %

Industry Allocations as of 3/31/2008

INDUSTRY PERCENTAGE
Financials 26 %
Industrials 20 %
Materials 17 %
Consumer Discretionary 12 %
Energy 5 %
Consumer Staples 5 %
Telecommunication Services 4 %
Health Care 4 %
Other 7 %

Equity holdings, country allocations and industry allocations are subject to change.

Total return includes reinvestment of dividends and capital gains. During the period, some of the Fund's fees were waived or expenses reimbursed. In the absence of these waivers and reimbursements, performance figures would be lower. Fund expenses are based on amounts incurred during the Fund's fiscal year ended December 31, 2006, stated as a percentage of average daily net assets. The Fund invests in securities of foreign issuers, including issuers located in countries with emerging capital markets. Investments in such securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets.

On June 1, 1998, a limited partnership managed by the Adviser reorganized into the Fund. The predecessor limited partnership maintained an investment objective and investment policies that were, in all material respects, equivalent to those of the Fund. The Fund's performance for periods before June 1, 1998 is that of the limited partnership and includes the expenses of the limited partnership. If the limited partnership's performance had been readjusted to reflect the first year expenses of the Fund, the Fund's performance for the periods prior to June 1, 1998 may have been lower. The limited partnership was not registered under the Investment Company Act of 1940 ("1940 Act") and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code, which, if applicable, may have adversely affected its performance.