On February 28, 2026 the U.S. and Israel launched a large, coordinated military offensive on Iran. Iran has responded with strikes on Israeli cities and U.S. military bases in the Middle East, with impacts on oil infrastructure and commercial shipping. Multiple countries in the Middle East have seen exchanges of fire, resulting in lost lives and property destruction.

The conflict is of material consequence for both investors generally and shareholders of the Seafarer Funds, and as such Seafarer is monitoring events closely.

Investors should consider not only first-order exposures of the conflict (companies based in countries that are direct parties to the conflict, i.e., Iran, Israel, and the U.S.), but also second-order exposures (i.e., companies not based in those countries, but which have material business interests in the Middle East region that might be financially or physically harmed by the conflict). Beyond these two categories, broader risks may exist (e.g., other countries may be drawn into the conflict, and dislocations in energy markets may invoke economic and financial distress in industries around the world).

To aid investors’ deliberations, Seafarer has summarized the first- and second-order exposures of the Seafarer Funds to the conflict, as follows:

Seafarer has not disclosed all possible risks because the conflict is highly complicated and still unfolding. Seafarer believes that even if the immediate conflict subsides, it might engender challenges that could have far-reaching and lasting implications for security, energy and trade practices around the world.

During highly complicated, fast-moving, large-scale events such as this conflict, Seafarer’s general tendency is to avoid overreaction in the short term (either materially increasing or decreasing exposure). We prefer to gather facts over time and make careful, deliberate assessments before committing (or decommitting) large amounts of capital.

Seafarer will continue to monitor events closely and will provide further updates as needed.

Thank you for placing your trust and capital with the Seafarer Funds.

Seafarer Capital Partners, LLC

The views and information discussed in this commentary are as of the date of publication and are subject to change post publication. 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. The data provided is derived by Seafarer on a best efforts basis from publicly available information in the financial disclosures and regulatory filings of portfolio holdings in the Seafarer Funds. Seafarer does not warrant the data’s accuracy or completeness. Seafarer disclaims any responsibility for the use of this information for investment purposes; the Firm does not accept any liability for losses either direct or consequential caused by the use of this information.

1. As of the date of this Message (March 3, 2026), the Funds’ Disclosure of Portfolio Holdings policy in the Statement of Additional Information only permits disclosure of partial Fund holdings as of February 25, 2026 or earlier.
2. View the holdings of the Seafarer Overseas Growth and Income Fund. View the holdings of the Seafarer Overseas Value Fund. Holdings are subject to change.
3. The second-order exposures of the Seafarer Overseas Growth and Income Fund are the following holdings:

   Holdings	Country	% Net Assets
   ADNOC Gas PLC National Central Cooling Co. (Tabreed)	United Arab Emirates	2.2%
   Qatar Gas Transport Co., Ltd.	Qatar	1.8%
   		3.9%

4. The second-order exposures of the Seafarer Overseas Value Fund are the following holdings:

   Holdings	Country	% Net Assets
   ADNOC Gas PLC Emaar Properties PJSC Fertiglobe PLC National Central Cooling Co. (Tabreed)	United Arab Emirates	8.8%
   Qatar Gas Transport Co., Ltd.	Qatar	1.9%
   		10.6%