The views in these article excerpts and hyperlinks were those of the Fund manager as of each article's publication date and may be subject to change. For the period ending June 30, 2008 the Fund's 1-, 5-, 10-year and since inception (7/1/89) average annual returns were -24.48%, 11.53%, 7.50% and 10.32%, respectively. 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. Please click here for the Fund's most recent month end performance and related information. The article excerpts and hyperlinks reference individual securities that may or may not currently be held by the Fund. Click here to view a recent listing of the Fund's top 10 holdings.  Furthermore, please see additional disclosure at the end of this section. 

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Financial Times
"Manager Thrives And Has Fun Amid The Panic"
November 13, 2002

As a deep value investor, Bernie Horn of Polaris Capital Management is finding many opportunities in the market right now. Good values have been sought across the board - in both sector and in multi-cap stocks - although Mr. Horn believes large-cap stocks remain generally overvalued.

Mr. Horn runs the Polaris Global Value Fund with a disciplined value philosophy, focusing on a company's free cash flow and healthy balance sheets rather than looking at earnings. He also visits with companies and "scrubs them down" by looking at how companies rate relative to their competitors in terms of products and skills.

Currently, Mr. Horn is looking at TXU, a Texas energy company whose shares had been sold on concerns about the company's European operations. Overseas, Horn sees value in UK homebuilding companies, French carmaker Peugeot, South African pulp and paper company Sappi and Korea's Samsung. He is also keeping an eye on companies that have set up manufacturing operations in China.

CNNfn Television
"Markets Impact: Analyst's Fund Picks"
October 10, 2002

During his last CNNfn television appearance in July 2002, Polaris Capital Management's Bernard R. Horn Jr. discussed three stocks that played prominently in the Polaris Global Value Fund (PGVFX), which has outperformed its benchmark year-to-date.

Two of Mr. Horn's stock picks are in positive territory, while one is down slightly. European car manufacturer Peugeot's stock price dropped primarily due to turmoil in the car business. However, Mr. Horn believes that Peugeot will rebound, pointing to the company's excellent free cash flow enabling it to enjoy a stronger competitive position.

The other two stocks that contributed to the Fund's performance include: Sasol Limited, the South African coal and energy company, and Anthem Healthcare. According to Mr. Horn, Sasol has a reasonably protected market and the company utilizes technology that converts wasted gas into diesel and chemicals.

Anthem Healthcare, which Mr. Horn purchased early in the third quarter, has also experienced solid performance. Health insurance premiums are rising and, as a result, are providing operating leverage to health providers. Mr. Horn expects to see further promising developments in this sector.

One new pick for the fourth quarter: chipmaker Samsung Electronics. Mr. Horn believes that Samsung is positioned well in the wireless area, creating code division multiple access and dynamic random access memory handsets for cell phones, as well as maintaining a strong position in DRAM manufacturing.

Mutual Funds Magazine
"Category Champ: Polaris Global Value"
October 2002

Bargain seeking has helped the no-load Polaris Global Value Fund since early 2000. In fact, the Fund has placed well in the rankings of Morningstar's world stock funds for the past three years (as of 9/30/2002). Specifically, the Fund received a three-year and overall Morningstar rating^TM of 4 stars based upon a universe of 241 World stock funds. Fund manager Bernard Horn Jr. has about half of the Fund's assets in U.S. securities and 8% in South African commodity plays. With profits taken last fall in Japan, he has added positions in Europe, notably to mid-cap British and Finnish industrial companies that became unfavorable with many investors during the switch to the Euro currency.

Please click here   for the Fund's most recent calendar quarter Morningstar rating and Morningstar's rating methodology.

CBS Marketwatch
"Shopping Small Banks And Health Care, Polaris Global Value Manager Likes Anthem, Banknorth"
September 10, 2002

Bernie Horn, manager of the Polaris Global Value Fund, has become attracted to smaller banking and health-care companies with impressive cash flow. In this volatile market, the fund has avoided large-cap companies, which Mr. Horn still considers overvalued.

Mr. Horn has been bottom fishing, seeking to find good values not in pharmaceuticals, but in health maintenance organizations such as Anthem. Anthem has been buying up former Blue Cross/Blue Shield divisions, and more consolidation in the industry could boost the company's revenue, comments Mr. Horn. 

In the banking sector, Mr. Horn gives merit to California - based Hawthorne Financial for its strong loan originations. In the Northeast, Mr. Horn likes Banknorth Corp., which he believes is a model for the way banks are going to develop as deregulation continues to encourage firms to enter insurance and financial services.

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Financial Advisor
"The Search For Value Gets Tricky"
September 2002

Despite the stock market's nosedive, many value managers aren't finding a wealth of stocks that fit their criteria. For example, Bernard R. Horn, Jr., president of Polaris Capital Management, uses operating cash flow as his primary valuation metric. Unfortunately, as stock prices fell at many companies worldwide, so too did their cash flow - creating shares that are still overvalued in these volatile markets. However, there are some value pockets worth exploring including U.S. healthcare companies. According to Mr. Horn, efficient providers who can deliver service at below-average cost while charging the market price generally net an earnings premium and strong cash flow.

When asked about the value vs. growth debate, Mr. Horn stated that he believes value will likely outperform this year - as it has done for the last couple of years. Many investors are expecting more growth than the economy can deliver, and in that kind of environment, Mr. Horn thinks value securities are well positioned to thrive.

Kiplinger.com
"Fund Focus: Go-Anywhere Funds"
August 12, 2002

Conventional wisdom dictated that when the U.S. stock market falters, foreign securities tend to perform better. However, this hasn't held true recently as U.S. and international indices declined simultaneously. Staying diversified while seeking to post above average returns now requires a fund with flexibility to invest in multiple markets worldwide. One such strategy is to invest in global funds - and one of the historically better performing funds is the Polaris Global Value Fund.

The Fund has weathered many a market storm by sticking to its disciplined, value-oriented philosophy. Fund manager, Bernard R. Horn Jr., pores over financial statements and footnotes seeking to ensure that that the companies in which he invests have strong free cash flow.

Investor's Business Daily
"Foreign Funds Fueled By Cheap Valuations"
August 9, 2002

Many managers of funds that hold foreign securities were pleased with July's performance - not because of the market rally late in the month - but because many believe the market may be closer to the bottom. According to fund manager Bernard R. Horn, Jr., we still have some downside before the whole market presents a good value. Even though stock prices are down, multiples haven't changes as much as they should have.

Mr. Horn believes the market could reach a balance between share prices and earning by the end of August, at which time a broader selection of good buys will potentially exist across the globe.

The New York Times
"Investing With Bernard R. Horn Jr.: Polaris Global Value Fund"
Sunday, June 9, 2002

Investing overseas was more challenging 20 years ago, when making telephone calls and getting annual reports from global companies was difficult, states Bernard R. Horn Jr., fund manager for the Polaris Global Value Fund.

Upon this principle, Horn manages the Polaris Global Value Fund which has compared quite favorably with the MSCI EAFE Index. Horn picks 55-75 stocks on average in the Fund, choosing from multi-cap companies around the world with no limit on the amount he can invest in companies located in any one country. In making investments, Horn utilizes a multi-step screening process seeking to find companies with free cash flow, growth in operation margins and revenue, and little debt. Horn spends about 90% of his time poring over financial statements of the approximately 250 companies that make up his watch list, paying attention to any indicators that might dilute shareholder value.

Currently, Horn sees much value among the US financial services companies, British homebuilders and national resources companies in South Africa.

Financial Times
"How The Patient Approach Can Pay Off"
January 2, 2002

Value investing is gaining popularity, as the high-fliers of previous markets (growth and momentum strategies) struggle under the strains of the new economy. One fund manager who embodies the value philosophy is Bernard R. Horn Jr. who runs the Polaris Global Value Fund (the "Fund").

Mr. Horn believes that a patient approach to investing serves as the best method for accruing profits in the long run. He warns investors against basing objectives on short-term experiences and believes that short-term statistical samples (3- or 5-year performance) can be misleading.

This same patience has helped the Fund outperform the MSCI World Index benchmark for the 1-, 3-, 5-, 10-year and since inception (7/31/89) periods ending December 31, 2001. The Fund's outperformance has resulted from Mr. Horn's unique stock picks--basic industry companies that he believes are well positioned to dramatically increase in value in five years. Of the 50-odd stocks in the portfolio, two favorites are South African: Sasol, an oil and chemical producer, and Sappi, a book-paper maker. Other favorite companies include: Norske Skog Industirer of Norway, a newsprint maker; Astoria Financial Corp, a U.S. savings & loan; Dal-Tile International, a U.S. maker of ceramic tiles; KCI Konecranes of Finland, maker of digitized cranes; and ST Microelectronics of France--to name just a few.

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 the 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 all the periods would 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.