a diversified no-load mutual fund, which seeks
capital appreciation by investing primarily in 
common stock companies worldwide.

How the Fund is Managed

The Investment Adviser
The Fund is managed by its Investment Adviser, Polaris Capital Management, LLC, which makes investment decisions for the Fund.

Polaris Capital Management is registered as an investment adviser with the Securities and Exchange Commission and provides investment management services to pension plans, endowment funds and institutional and individual accounts. As of September 30, 2008 the Adviser had approximately $2.7 billion in assets under management.

The Portfolio Manager
Bernard R. Horn, Jr. has been president and chief portfolio manager of Polaris Capital Management since the company's organization in 1995.   He is a  leading global and international equity manager with a pure "value" investment philosophy.  Under this leadership, the firm's professionals evaluate investments based on Polaris’ investment criteria and fundamental security analysis.

Investment Strategy

The Fund's Investment Adviser uses a three-step process to identify companies with the most undervalued streams of sustainable cash flow.

• A ranking of country and industry value sectors is established first, as these sectors influence security prices. This ranking is based on an evaluation of the interaction of cash flow, inflation and interest rates, utilizing a proprietary investment model developed by the Adviser. The ranking identifies companies priced low relative to comparable companies.

• Using traditional valuation criteria, the Adviser regularly reviews its database of more than 24,000 global companies to produce a list of approximately 500 companies that appear to have the greatest potential for undervalued streams of sustainable cash flow. The Adviser also takes into consideration the normal security price fluctuations that can undervalue a company's cash flow and assets.

• The Adviser then conducts rigorous fundamental research on the companies identified through the ranking and evaluation processes. The Fund invests in a portfolio of 50-100 companies, typically diversified across 15 countries and 15 industries, that pass fundamental research criteria. Typically initial investments  are evenly weighted but, because the value of stocks will change, this weighting may also change.

Click here for a Fund prospectus, which contains complete information on

Expenses and fees
Risks of investing
How to purchase shares
Dividends and capital gains
Service providers