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, 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, 2026.
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, 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, 2026.
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

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 fourth quarter of 2025, the Seafarer Overseas Growth and Income Fund returned 6.85%.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 3.22% and 4.14%, respectively. By way of broader comparison, the S&P 500 Index returned 2.65%.

The Fund began the quarter with a net asset value of $14.25 per share. During the quarter the Fund paid a distribution of approximately $0.362 per share. This payment brought the cumulative distribution, as measured from the Fund’s inception, to $6.006 per share.³ The Fund finished the quarter with a value of $14.86 per share.⁴

During the calendar year, the Fund returned 32.48%, whereas the 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 28.78% and 29.76%, respectively.⁵

Please note: this Portfolio Review encompasses only the fourth quarter of 2025, and does not offer a thorough discussion of the entire calendar year. The Fund operates on a fiscal year that concludes April 30; as such, Seafarer offers performance review summaries for the Fund’s annual and semi-annual periods, which are published in the Fund’s Shareholder Reports in late June and December, respectively. Previous Shareholder Reports are available in the Archives.

Performance

Artificial intelligence (AI) continued to propel the Bloomberg benchmark index’s return in the fourth quarter, following substantial gains earlier in the year driven by the same factor. Three stocks alone accounted for the great majority (74.8%) of the benchmark’s return in the fourth quarter: Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics, and SK Hynix.

Given the dominance of AI as the driving force behind the benchmark’s return, it would be reasonable to conclude that any outperforming emerging markets (EM) fund must have overweighted AI-related stocks. This was not the case for the Growth and Income Fund, whose 6.85% return for the quarter may be attributed to stock selection in sectors beyond technology as much as it may be attributed to its technology holdings.

What’s more, consumer staples and consumer discretionary holdings rank among the Fund’s top contributors to return. These sectors detracted from the Bloomberg benchmark’s total return, highlighting stock selection during the period as one of the dominant factors driving performance for the Fund.

Specifically, Hyundai Mobis, a South Korean auto component manufacturer and therefore a consumer discretionary company, proved one of the top contributors to performance driven by strong reported earnings, new initiatives related to advanced mobility technology and robotics, along with dividend growth. On the consumer staples end, Raia Drogasil, Brazil’s leading pharmaceutical chain, demonstrated improving operating metrics which led to positive earnings revisions and a strong stock price performance.

Seafarer estimates that the Growth and Income Fund generated approximately one-third of the fourth quarter’s return from AI-related holdings, or approximately the same contribution to return as it derived from consumer stocks. The quarter’s highlight for the Fund in the technology sector was Samsung Electronics, which benefitted from improving expectations around its High Bandwidth Memory (HBM) semiconductor manufacturing.

The balance of the Fund’s 6.85% quarterly return may be attributed to various other sectors. Salient among this group were the Fund’s financial holdings (banks and non-banks), the majority of which made meaningful and positive contributions to the Fund’s total return.

Also worth noting were two company restructurings that unlocked value for the Fund. The first relates to Samsung Biologics, a South Korean biopharmaceutical manufacturer, which spun out its generic biotherapies subsidiary into a newly-listed entity, Samsung Epis Holdings. In U.S. dollar terms, the combined value of these two entities increased 33% by December 31, 2025 versus the original single listing on September 30, 2025. The second case of value unlocking relates to Tata Motors, an India-based auto manufacturer, that spun-out its commercial vehicles subsidiary, Tata Motors Limited, from its passenger vehicles, renamed Tata Motors Passenger Vehicles. The combined value of these two entities increased 18% in U.S. dollars by December 31, 2025 compared to the original single listing at the beginning of the quarter.

The final source of differentiated return relative to the benchmark was dividend growth. While the Fund’s return in 2024 benefitted from numerous special dividends, the return in 2025 may be better characterized by meaningful growth in organic dividends.

Alibaba, a Chinese provider of internet infrastructure and e-commerce, was one of the Fund’s top detractors to performance. After a strong stock price performance earlier in the year, the stock suffered after reporting third quarter revenue that fell short of expectations, while persistent sizable investments in AI infrastructure impinged on free cash flow. The market is concerned about the payback time of these investments. Along a similar line, Shenzhen Mindray, a Chinese medical equipment manufacturer, detracted from Fund performance after reporting disappointing third quarter earnings, and the emergence of signs of weakness in Chinese medical equipment demand.

Allocation

During the fourth quarter of 2025 the Growth and Income Fund introduced HDFC Bank, India’s largest private sector bank, as a new holding. The bank merged with its parent company in 2023, which added scale and expanded its customer base, but resulted in a deterioration of financial metrics and higher technology investments. The bank is now emerging from this transitional period. We expect HDFC Bank to improve its financial performance, normalize technology investments, and benefit from the maturation of its branch network after a period of aggressive expansion.

As explained above, two stock additions relate to corporate restructurings at Samsung Biologics and Tata Motors, which spun-out subsidiaries Samsung Epis Holdings and Tata Motors Limited, respectively, as newly-listed entities.

During the quarter, the Fund finished exiting two small positions: CD Projekt, a Polish videogame developer, and Innocean Worldwide, a South Korean advertising and marketing company. The Fund also exited Siam Cement, a petrochemical and industrial conglomerate operating in Southeast Asia, and Naver, a South Korean internet and e-commerce company. These sales helped fund the new position in HDFC Bank and the Fund’s position in ADNOC Gas, a midstream gas processing company in the United Arab Emirates, which was initiated late in the third quarter.

Finally, the Fund exited its position in the preferred shares of Samsung Electronics – though not its position in the common stock of the company. The exit from the preferred shares was designed to reduce portfolio risk after their rapid rise during the fourth quarter, and to reduce exposure to the more speculative element of the AI capital expenditure boom.

Outlook

2025 proved to be a remarkable year in that the emerging markets, as represented by the Bloomberg EM Index, delivered its second highest annual return, 28.78%, since the Global Financial Crisis of 2008. Based on forecasts as of the date of writing, 2025 and 2026 would represent only the second instance in the past decade of two consecutive years of earnings growth for the EM universe.⁶ The fact that EM equities delivered said returns and earnings growth following a bleak outlook at the beginning of the year based on the earnings implications of U.S. tariffs and a weak Chinese economy is remarkable, indeed.

With the benefit of hindsight, one could rationalize 2025 investment performance as a derivative of spending related to AI. Seafarer estimates that the information technology sector accounted for over 60% of the EM universe’s 13.0% earnings growth in 2025.⁷ Consistent with this metric and as noted above, just three technology stocks – TSMC, Samsung Electronics, and SK Hynix – accounted for the great majority (74.8%) of the benchmark’s return in the fourth quarter of the year.

However, there is arguably more to EM earnings than simply AI. Seafarer estimates that earnings excluding the information technology sector grew approximately 4.7% in 2025.⁷ In the context of the cloudy outlook for EM corporates at the beginning of the year, this figure suggests an overall earnings resiliency, rather than an earnings dependence on AI exclusively.

Indeed, as of the date of writing, it is notable that the consensus EM earnings growth forecast for 2026 stands at 18%.⁶ In the context of the past decade, the years 2017 and 2018 were the only occurrence of two consecutive years of earnings growth in the emerging markets. For sustained, positive EM returns beyond 2025, it will likely be important for EM corporates to deliver a meaningful measure of the 18% projected earnings growth. Spreading said growth more widely beyond AI-related corporates to other sectors will likely be a critical factor to watch.

Against this backdrop, the Growth and Income Fund has remained true to its investment objective and steady in its strategy implementation, as defined in the Fund’s overview and prospectus. During 2025, the Fund delivered capital appreciation not only from AI-related companies, but from additional, diversified sources of return as well, as explained in the Performance section of this portfolio review. The Fund also sought to mitigate adverse volatility in returns by moderating its exposure to the earnings momentum and surprise factors driving AI-related stocks. The Fund’s exit from its position in the preferred shares of Samsung Electronics (not its position in the company, which it still owns through common shares as explained in the Allocation section) was designed with volatility mitigation in mind.

Thus, regardless of the vagaries of earnings momentum related to AI or whether the forecasted 2026 earnings growth spreads beyond the technology sector, the Growth and Income Fund remains steady in its search for sustainable, long-term growth at the stock level, as distinct from sector or country-based prognostications. Furthermore, the Fund continues to emphasize non-U.S. dollar sources of income, as evidenced by the Fund’s gross investment portfolio yield, seen on the Fund’s overview page.

As investors weigh their approach to the emerging markets after a remarkable year, I hope the foregoing insights into the EM universe and how the Growth and Income Fund generated returns will prove valuable considerations in their allocation decision.

Thank you for entrusting us with your capital. We appreciate that you have selected Seafarer as your long-term investment adviser in the developing world, and we will continue to work to earn your trust in the years ahead.

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 December 31, 2025, securities mentioned in the portfolio review comprised the following weights in the Seafarer Overseas Growth and Income Fund: Hyundai Mobis Co., Ltd. (6.9%), Raia Drogasil SA (1.8%), Samsung Electronics Co., Ltd. (4.9%), Samsung Biologics Co., Ltd. (2.9%), Samsung Epis Holdings Co., Ltd. (0.7%), Tata Motors Limited (0.4%), Tata Motors Passenger Vehicles Limited (0.4%), Alibaba Group Holding, Ltd. (2.4%), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (2.6%), HDFC Bank, Ltd. (0.8%), and HDFC Bank, Ltd. ADR (0.7%). The Fund did not own shares in Taiwan Semiconductor Manufacturing Company, SK Hynik, CD Projekt, Innocean Worldwide, Naver, or Siam Cement. 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 6.85% during the quarter. The Retail share class (ticker: SFGRX) returned 6.77% 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 inception date of the Fund’s Institutional share class is February 15, 2012.
4. The Fund’s Investor share class began the quarter with a net asset value of $14.15 per share; it paid a distribution of approximately $0.355 per share during the quarter, and it finished the quarter with a value of $14.76 per share. The Fund’s Retail share class began the quarter with a net asset value of $14.13 per share; it paid a distribution of approximately $0.342 per share during the quarter, and it finished the quarter with a value of $14.74 per share.
5. The Fund’s Investor share class returned 32.45% during the calendar year. The Fund’s Retail share class returned 32.23% during the calendar year.
6. Source: J.P. Morgan, “Emerging Markets Equity Strategy,” January 2, 2026.
7. Sources: J.P. Morgan, “Emerging Markets Equity Strategy,” January 2, 2026; Seafarer.