Overview

Investment Objective

The Fund seeks to provide long-term capital appreciation along with some current income; it also seeks to mitigate adverse volatility in returns.

Strategy

The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including dividend-paying common stocks, preferred stocks, and fixed-income securities.

The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. View the Fund’s most recent month-end performance.

Sources: ALPS Fund Services, Inc., Bloomberg, Morningstar, Seafarer.

Portfolio holdings are subject to change.

1. Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (inclusive of acquired fund fees and expenses other than acquired fund fees and expenses incurred in connection with investments in money market funds and other cash management vehicles, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.05%, 1.15%, and 1.35% of the Fund’s average daily net assets for the Institutional, Investor, and Retail share classes, respectively. This agreement shall continue at least through August 31, 2027.
2. The 12b-1 Fee is included in the Gross Expense Ratio for SFGRX.
3. Shareholders who sign up for an Automatic Investment Plan can request a waiver of the Institutional Class investment minimum. View the waiver program criteria.
4. Calculated as a harmonic average of the underlying portfolio holdings.
5. Based on consensus earnings estimates for next year. Excludes securities for which consensus earnings estimates are not available.
6. © Morningstar, Inc. All rights reserved. The Active Share data is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Performance

• Total Returns
• Return Characteristics

Total Returns

As of (Prior Month)

43	NAV / Index Level ()					Annualized					Cumulative	Inception Date	Net Expense Ratio2	Gross Expense Ratio2
		YTD	1 Mo	3 Mo	1 Yr	3 Yr	5 Yr	7 Yr	10 Yr	Since Inception1	Since Inception1

As of (Prior Quarter)

43	NAV / Index Level ()					Annualized					Cumulative	Inception Date	Net Expense Ratio2	Gross Expense Ratio2
		YTD	1 Mo	3 Mo	1 Yr	3 Yr	5 Yr	7 Yr	10 Yr	Since Inception1	Since Inception1

The rates of return are hypothetical and do not represent the returns of any particular investment.

Fund performance is presented in U.S. dollar terms, with U.S. jurisdiction distributions reinvested on a gross (pre-tax) basis. For the Bloomberg and Morningstar indices, performance is calculated to reflect the reinvestment of dividends, capital gains, and other corporate actions net of foreign jurisdiction withholding taxes. The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

Source: ALPS Fund Services, Inc.

1. “Since Inception” returns for the Bloomberg and Morningstar indices are as of the inception date of the Fund’s Institutional and Investor share classes.
2. Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (inclusive of acquired fund fees and expenses other than acquired fund fees and expenses incurred in connection with investments in money market funds and other cash management vehicles, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.05%, 1.15%, and 1.35% of the Fund’s average daily net assets for the Institutional, Investor, and Retail share classes, respectively. This agreement shall continue at least through August 31, 2027.
3. Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
4. The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar Emerging Markets Net Return U.S. Dollar Index to track general equity market performance of emerging markets.
5. As of 3/1/12.  The Fund’s inception date is 2/15/12 but Morningstar data is only available as of the beginning of the following month.
6. © Morningstar, Inc. All rights reserved. The data in the Return Characteristics table is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Composition

30-Day SEC Yield: ()

The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. View the Fund’s most recent month-end performance.

Due to rounding, percentage values may not sum to 100%. Values less than 0.5% may be rounded to 0%.

1. The Growth and Income Fund selects a range of securities by employing distinct research capabilities across three investment styles.

   Style	Characteristics of Holdings
   Balanced	Moderately underappreciated growth	Typically moderately elevated current yield
   Growth	Higher growth potential	Typically lower current yield; sometimes no yield (dividend policy not yet established)
   Value	Lower growth potential	Typically higher current yield; sometimes no yield (dividends canceled under financial stress)

   Please note that the classification of a given security within one of three investment styles (Balanced, Growth, Value) is not driven by observable security characteristics (e.g., price/earnings or price/book ratios, or estimated growth rates) but rather by the specialist Seafarer research team that discovered, researched, and introduced the security to the portfolio. In other words, the provenance of the security's introduction to the portfolio determines its classification rather than any observable characteristics or descriptive statistics. A security's characteristics might change or fluctuate over time, but its “style” will typically remain fixed throughout.

2. Yield = dividend yield for common and preferred stocks and yield to maturity for bonds.
3. Based on consensus earnings estimates for next year.
4. Consensus EPS Growth forecasts (produced by research arms of investment banks) suggest that this company's earnings will improve, leading to substantial percentage growth in profits; however, such consensus forecasts are subject to a very high degree of uncertainty.
5. Calculated as a harmonic average of the underlying portfolio holdings.
6. Based on consensus earnings estimates. Excludes securities for which consensus earnings estimates are not available.

Distributions

Estimates for the Fund’s year-end distributions will be available on this page the week of November 23, 2026. To be notified when the estimates are available, sign up for Seafarer email updates.

For more information on the Fund’s distribution policies, please see the “Dividends and Distributions” section of the Prospectus.

Past performance is no guarantee of future results. There is no guarantee that the Fund will pay or continue to pay distributions.

Portfolio Review

During the third quarter of 2026, the Seafarer Overseas Growth and Income Fund returned 0.12%.¹² The Fund’s benchmark indices, the Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index and the Morningstar Emerging Markets Net Return USD Index, returned -2.13% and -0.87%, respectively. By way of broader comparison, the S&P 500 Index returned 2.30%.

The Fund began the quarter with a net asset value of $16.90 per share. It paid no distributions during the quarter and finished the quarter with a value of $16.92 per share.³

Performance

The negligible return for the Growth and Income Fund and the modest loss for its benchmark belie the volatility that beset markets during the quarter. Slumping through most of July, technology stocks gave up much of the pronounced gains they generated during the preceding quarter: between June 30 and July 29, the Bloomberg EM benchmark fell -8.8%. Semiconductor stocks in South Korea and Taiwan led the selloff. However, on the final day of July, the tech sector began to recover, and over the course of the quarter, the benchmark recouped much of July’s abrupt losses. As noted above, the index finished the quarter about -2% lower than where it began. Most sectors within the benchmark either contributed losses or negligible gains, though financial, energy and health care stocks made notable, positive contributions to the benchmark’s performance.

Like the Bloomberg benchmark, the Fund declined in July, but by contrast, it was substantially more stable. On the 29th of July – the benchmark’s nadir – the Fund declined -4.3% relative to June 30th, less than half of the loss produced by the index. From that nadir, the Fund also climbed through the remainder of the quarter; but unlike the benchmark, its returns were far more broad-based. It generated positive contributions from health care, industrial and financial stocks, respectively; but it also produced gains from holdings in real estate and materials. The Fund’s outperformance was also due to its strong relative performance among its technology holdings. While the benchmark lost nearly -3% during the quarter due to its technology exposure, the Fund experienced only a shallow -0.1% loss from its technology exposure. This outcome was due to substantially differentiated exposure in the sector. Whereas the benchmark held large, extremely concentrated positions in the common stock of three semiconductor companies (TSMC, SK Hynix, Samsung Electronics), the Fund held a large exposure to Samsung SDI (a battery maker) that gained during the quarter, and it swapped its exposure in Samsung Electronics common stock for the same company’s cheaper preferred share (the latter outperformed the former during the quarter; please see the Allocation section below for more information on this swap).

Perhaps most notable of all: the Fund’s positive return would have been marginally negative, and the benchmark’s loss would have been materially worse, had emerging currencies not gained about 2% versus the U.S. dollar during the quarter.⁴ Near the end of the quarter, the U.S. Federal Reserve increased interest rates for the first time in three years. Though the hike was widely anticipated, emerging currencies produced gains – even though most traders assume, often in a kneejerk manner, that higher U.S. rates boost demand for the dollar. So far, that kneejerk reaction has left traders wrong-footed. I offer a few more thoughts on currencies in the Outlook section below.

Allocation

The Fund’s portfolio underwent several changes during the quarter. I do not begrudge anyone that might look for “big picture” meaning behind those changes, discerning thematic clues regarding which countries or sectors Seafarer believes will next be “in favor.” However, I can attest that none of the decisions were motivated by such “macro” considerations. Rather, Lydia So, Paul Espinosa and I simply traded some individual stocks for others, gradually improving the long-term fundamentals within the Fund’s portfolio. Our decision-making is always “bottom up” in nature: we evaluate individual companies on their unique merits; we do not set out to shift allocations between countries and sectors. If there is one commonality among the holdings introduced this quarter, it is that they prospectively provide new sources of steady growth to the Fund – sources far removed from the current AI-driven hypercycle.

During the third quarter, the Fund exited four positions: Walmart de Mexico, Ambev, Tata Motors Limited (Commercial Vehicles), and DFI Retail. The first of these is Walmart’s subsidiary based in Mexico; Lydia So chose to exit it because rising competition is impinging on the company’s growth. The second is one of South America’s leading brewers and beverage companies. Ambev performed quite well for the Fund, and Paul Espinosa sold it for valuation-related reasons. The third is one of the leading commercial truck manufacturers in India. The company was created only recently, when a predecessor company (Tata Motors) split itself in two. That action rendered two new corporate entities, a passenger vehicle company and a commercial vehicle company. Prior to the split, the Fund owned the original Tata Motors; it was therefore entitled to shares in both new entities. After analyzing prospects for each, Paul Espinosa determined to retain the former and sell the latter (for now). The last company exited, DFI, operates grocery and drugstores chains throughout East Asia. Paul elected to use the position as a funding source for a new holding.

The Fund also established four new positions: Westports Holdings, Bursa Malaysia, Ayala Land, and Piraeus Bank. The first of these is a port operator in the Strait of Malacca, one of the most critical shipping lanes in the world. Despite declining global trade volumes, Lydia believes that traffic in the Strait is poised to grow, and that Westports will capture a growing share of it. The second operates the principal stock exchange in Malaysia. While Bursa Malaysia has historically been a sleepy exchange, Lydia’s research suggests that improved governance under new management will boost growth and fuel better shareholder returns (e.g., dividends). The third is a commercial real estate developer in the Philippines. Paul believes Ayala Land, which trades at a steep discount to stated book value, might see a recovery in property values and improved income streams from existing tenants. Lastly, Piraeus Bank is one of the leading financial institutions in Greece. It enjoys improved economic conditions amid Greece’s recovery from the financial crisis that struck over a decade ago.

Finally, I completed one other major change during the quarter: I swapped the Fund’s holding in Samsung Electronics common stock for preferred stock in the same company. In my opinion, the two share classes offer nearly identical economic exposure to the same company. The preferred share enjoys a slightly enhanced dividend relative to the common stock; and the common stock enjoys voting rights; otherwise, I believe the two securities are nearly identical in every material respect. Nevertheless, the stock market has historically expressed two very different valuations, with the preferred share typically trading at a much lower price than the common stock. During the second quarter, the apparent “discount” widened to levels that suggested markets were either fundamentally overvaluing the common stock or fundamentally undervaluing the preferred share. I reasoned that if the market’s ebullience for Samsung was correct, I could maintain nearly identical exposure at a much lower price by swapping the former for the latter. If the market’s ebullience was ultimately misplaced, I knew that I would have less capital at risk for the Fund’s shareholders.

Further, I anticipated that if Samsung Electronics enjoyed the substantial profits the market seemed to forecast, stockholders would clamor for more stock buybacks. I suspected that management would be pressured to purchase a disproportionate amount of the preferred stock, as its lower price would make it the most efficient target for prospective buybacks. I guessed that anticipation of this possibility would cause the apparent “discount” on the preferred shares to narrow, eventually. When I initiated the swap in early February, the preferred share was -30% cheaper than the common stock; in the middle of the second quarter, at the apex of the market’s undisciplined behavior, the gap widened to -39%; by the end of the quarter, the differential narrowed to -27%. The Fund’s swap helped it produce gains in the holding during the period, even as the price of Samsung Electronics common stock returned -6% in dollar terms during the quarter.

Outlook

Typically, I have a lot to convey about markets; presently, I have nothing new to state. Right now, there are three “big picture” topics on my mind, and I have communicated all of them to you before, in prior reviews.

First: I wrote at length in the Fund’s preceding portfolio review about my concern that global markets are likely engulfed in an AI-induced bubble. My view has not changed since. I note only that more evidence has accumulated to substantiate my opinion.

Second: even as stock markets might be engulfed in a bubble, I believe the aggregate fundamentals of companies in the developing world are strong. The evidence at my disposal suggests that growth among emerging market companies is both broad-based and robust. Consensus forecasts for earnings growth in 2026 and 2027 are 74% and 24%, respectively.⁵ Certainly, semiconductor and technology stocks linked to the propagation of AI are leading the current surge. Yet from my perspective, it is more important that all major regions within the developing world and nearly all sectors (save for real estate) are producing material growth. Excluding the technology sector, profits are forecast to expand by 24% this year and by 12% in 2027.⁶ This follows on the heels of remarkable earnings growth for the overall emerging markets universe: 12% in 2024 and 14% in 2025.⁷

I am not a macroeconomist, and I have no means to determine whether the current surge will continue even if AI spending declines sharply. I suspect that it could hold up, though. The current expansion seems widely distributed, without any obvious catalyst or fiscal impetus. In my view, the absence of a “unifying theme” behind the growth makes it more robust, as its continuation does not depend on any single cause. Whatever the case, I have not seen such pronounced and broad-based growth from the asset class since the inception of the Fund, and I know that the “lost decade” in emerging markets is definitively over.

Third: I note that when assessed as a group, emerging market currencies do not appear to be the “basket case” they once were. At the end of September, the U.S. Federal Reserve increased its benchmark rate, the first such hike in over three years. Many observers expect one or more hikes during the next year. Yet against this backdrop, a representative basket of emerging market currencies finished the quarter at a record high versus the dollar.⁸ Historically, a hawkish Fed would have caused that basket to swoon, at least initially. I suspect something has changed, and the basket is not as problematic (relatively) and structurally flawed as it was for the past three decades.

I believe it is foolish to predict future currency movements. Currencies are fundamentally capricious, the least predictable of all asset classes. For that reason, I will not offer a forecast for the emerging currency basket. However, for the very same reason, I encourage you not to be complacent about the U.S. dollar: its future behavior might not correspond to its past, even as domestic rates rise. Regardless, I am pleased that the Fund has generated record levels of non-dollar equity income (a.k.a. stock dividends) for shareholders, as I believe that such diversification is essential for U.S.-based investors, especially right now.

Amid volatile and uncertain markets, we appreciate the long-term trust you place in us to manage your capital in the developing world. Thank you.

The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. View the Fund’s most recent month-end performance.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect Seafarer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

As of September 30, 2026, securities mentioned in the portfolio review comprised the following weights in the Seafarer Overseas Growth and Income Fund: Samsung Electronics Co., Ltd. Pfd. (7.4%), Samsung SDI Co., Ltd. (3.9%), Tata Motors Passenger Vehicles Limited (0.5%), Westports Holdings Bhd (1.4%), Bursa Malaysia Bhd (1.3%), Ayala Land, Inc. (1.3%), and Piraeus Bank SA (1.1%). The Fund did not own shares in the other securities referenced in this portfolio review. View the Fund’s Top 10 Holdings. Holdings are subject to change.

Sources: ALPS Fund Services, Inc. and Bloomberg.

Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar Emerging Markets Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

1. References to the “Fund” pertain to the Fund’s Institutional share class (ticker: SIGIX). The Investor share class (ticker: SFGIX) returned 0.12% during the quarter. The Retail share class (ticker: SFGRX) returned 0.06% during the quarter. All returns are measured inclusive of Fund distributions paid (in relation to Fund performance) or dividends paid (in relation to index performance), reinvested in full (exclusive of any U.S. taxation) on the pertinent ex-date.
2. The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. View the Fund’s most recent month-end performance.
3. The Fund’s Investor share class began the quarter with a net asset value of $16.77 per share; and it finished the quarter with a value of $16.79 per share. The Fund’s Retail share class began the quarter with a net asset value of $16.74 per share; and it finished the quarter with a value of $16.75 per share.
4. Currency gains boosted the Fund’s and the benchmark’s performance during the quarter by 2.3% and 1.9%, respectively.
5. Source: J.P. Morgan, “Emerging Markets Equity Strategy,” October 2, 2026.
6. Sources: Seafarer; J.P. Morgan.
7. Source: J.P. Morgan, “Emerging Markets Equity Strategy,” March 27, 2025 and February 9, 2026.
8. Sourced from Bloomberg, using the Bloomberg Emerging Markets Large, Mid, and Small Cap Currency Implied Yield Index.