Polaris Global Value Fund
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PERFORMANCE 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. The recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. average annual total return as of 08/31/10 (most recent month-end) year-to-date 1 year 3 year 5 year 10 year since inception Polaris Global Value -2.39% 1.34% -12.36% -2.26% 5.58% 8.37% MSCI World Index -6.17% 1.54% -9.58% 0.02% -0.66% 5.02% average annual total return as of 06/30/10 (most recent calendar quarter-end) year-to-date 1 year 3 year 5 year 10 year since inception Polaris Global Value -4.35% 17.99% -14.32% -1.75% 5.68% 8.34% MSCI World Index -9.84% 10.20% -11.46% 0.06% -1.02% 4.86%
gross expense ratio 1.46% 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 1.46%. *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. Fund returns for periods less than 180 days do not reflect this fee; otherwise, if reflected, this return would have been lower.
Returns greater than one year are annualized. 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.
(July 31, 1989)
(July 31, 1989)
quarter end expense ratio* 1.39%
fund fact sheet
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, 2010, stated as a percentage of average daily net
assets.