Seafarer Overseas Growth & Income Fund

Portfolio Holdings as of 3/31/13

Security Country Sector Date Shares Value
SIA Engineering Co., Ltd. Singapore Industrials 3/31/2013 435,000 $1,664,772
PGE Polska Grupa Energetyczna SA Poland Utilities 3/31/2013 323,000 $1,661,941
Sindoh Co. Ltd. South Korea Information Technology 3/31/2013 26,000 $1,554,018
Ajinomoto Co. Inc Japan Consumer Staples 3/31/2013 105,500 $1,551,245
Aselsan Elektronik Sanayi Ve Ticaret AS Turkey Industrials 3/31/2013 247,000 $1,433,916
Bangkok Bank PCL NVDR Thailand Financials 3/31/2013 157,000 $1,194,682
Bank Pekao SA Poland Financials 3/31/2013 24,500 $1,183,351
Infosys, Ltd. ADR India Information Technology 3/31/2013 21,600 $1,164,456
Hang Lung Properties, Ltd. China / Hong Kong Financials 3/31/2013 305,000 $1,141,877
Sociedad Quimica y Minera de Chile SA ADR Chile Materials 3/31/2013 19,000 $1,053,550
Odontoprev SA Brazil Health Care 3/31/2013 225,700 $1,028,676
Perusahaan Gas Negara Persero Tbk PT Indonesia Utilities 3/31/2013 1,610,000 $988,012
PTT PCL Thailand Energy 3/31/2013 88,500 $981,725
Grupo Herdez SAB de CV Mexico Consumer Staples 3/31/2013 265,347 $976,835
Kimberly-Clark de Mexico SAB de CV, Class A Mexico Consumer Staples 3/31/2013 255,100 $890,164
AMMB Holdings Bhd Malaysia Financials 3/31/2013 420,000 $887,066
Hartalega Holdings Bhd Malaysia Health Care 3/31/2013 530,000 $843,824
Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan Information Technology 3/31/2013 248,000 $830,616
Shandong Weigao Group Medical Polymer Co., Ltd., Class H China / Hong Kong Health Care 3/31/2013 879,000 $796,443
Kingdee International Software Group Co. Ltd. China / Hong Kong Information Technology 3/31/2013 4,806,000 $795,046
Hong Leong Finance, Ltd. Singapore Financials 3/31/2013 337,000 $756,369
S-Oil Corp., Pfd. South Korea Energy 3/31/2013 14,000 $754,926
Asseco Poland SA Poland Information Technology 3/31/2013 58,000 $749,251
Aliansce Shopping Centers SA Brazil Financials 3/31/2013 62,000 $729,303
Taiwan Hon Chuan Enterprise Co., Ltd. Taiwan Materials 3/31/2013 282,000 $730,259
Samsung Fire & Marine Insurance Co., Ltd., Pfd. South Korea Financials 3/31/2013 9,832 $722,347
Singapore Technologies Engineering, Ltd. Singapore Industrials 3/31/2013 200,000 $696,764
Television Broadcasts, Ltd. China / Hong Kong Consumer Discretionary 3/31/2013 89,000 $675,157
Citic Telecom International Holdings, Ltd. China / Hong Kong Telecommunication Services 3/31/2013 1,744,000 $650,715
PetroVietnam Drilling and Well Services JSC Vietnam Energy 3/31/2013 315,000 $637,680
Cia Vale do Rio Doce, Pfd. Brazil Materials 3/31/2013 38,500 $637,110
Thai Reinsurance PCL Thailand Financials 3/31/2013 3,295,000 $581,406
Digital China Holdings, Ltd. China / Hong Kong Information Technology 3/31/2013 400,000 $542,544
Corpbanca SA Chile Financials 3/31/2013 37,035,716 $508,760
Hisamitsu Pharmaceutical Co., Inc. Japan Health Care 3/31/2013 9,050 $490,256
Life Healthcare Group Holdings, Ltd. South Africa Health Care 3/31/2013 130,000 $489,163
Olam Intl 6.0% Cnv Bds 10/15/16 USD Singapore Consumer Staples 3/31/2013 500,000 $473,750
Bao Viet Holdings Vietnam Financials 3/31/2013 190,000 $459,255
Vitasoy International Holdings, Ltd. China / Hong Kong Consumer Staples 3/31/2013 356,000 $401,390
Keppel Corp. Ltd. Singapore Industrials 3/31/2013 40,000 $362,344
Corpbanca SA ADR Chile Financials 3/31/2013 13,376 $279,692
Steinhoff Intl Hld 9.625% Cnv Bds 7/20/15 Rand South Africa Consumer Discretionary 3/31/2013 2,000,000 $279,926
Beijing Enterprises Holdings Ltd. China / Hong Kong Industrials 3/31/2013 35,000 $269,945
Dongfang Electric Corp. Ltd. China / Hong Kong Industrials 3/31/2013 125,000 $207,857
Hartalega Holdings 2015 Warrant Malaysia Health Care 3/31/2013 6,860 $2,503
Cash and Other Assets, Less Liabilities 3/31/2013 $465,903

This portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments.

This portfolio data should not be relied upon as a complete listing of the Fund’s holdings, as information on particular holdings may have been withheld if it was in the Fund’s interest to do so.

Portfolio holdings are subject to change without notice and may not represent current or future portfolio composition.

Unlike the Fund’s regulatory filings, the portfolio data and its presentation on this page are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, the portfolio holdings and its presentation may differ from the complete statement of investments in the annual and semiannual reports to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year.

Seafarer Fund

SFGIX(Investor) $12.15 +$0.04
SIGIX(Institutional) $12.16 +$0.04

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