We have been steadfast in our belief that a global investment strategy can achieve strong risk-adjusted returns. The proof is in our long-term global fund performance.


HYPOTHETICAL GROWTH OF $10,000 (7/31/89-09/30/17)

Performance data quoted represents past performance and is no guarantee of future results. 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. 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. For the most recent month-end performance, please call (888) 263-5594. *As stated in the current prospectus, the Polaris Global Value Fund’s annual operating expense ratio is 1.27%. However, the Fund’s net annual operating expense ratio has been reduced to 0.99%, effective as of January 1, 2014, under a contractual agreement with the Adviser. The Adviser has agreed to waive its fee and/or reimburse Fund expenses to limit the expense ratio to 0.99% through April 30, 2018. Shares redeemed or exchanged within 180 days of purchase will be charged a 1.00% fee. Polaris Global Value 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. Total return includes reinvestment of dividends and capital gains. During the period, some of the Polaris Global Value Fund’s fees were waived or expenses reimbursed. In the absence of these waivers and reimbursements, performance figures would be lower. The MSCI World Index, net dividends reinvested, measures the performance of a diverse range of global stock markets in the U.S., Canada, Europe, Australia, New Zealand and the Far East. It is unmanaged and does include the reinvestment of dividends, net of withholding taxes. One cannot invest directly in an index.

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 Polaris Global Value 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 Polaris Global Value 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.