Dear Fellow Shareholders,

We are pleased to announce that the Seafarer Overseas Growth and Income Fund’s Institutional Class (SIGIX) will re-open to new investors on November 19, 2018.

The Growth and Income Fund was closed to most new investors on September 30, 2016, in an effort to manage its investment capacity and moderate the pace of subscriptions. The Fund’s Institutional Class is re-opening because the Adviser believes the Fund now has additional capacity to accept new assets. The Adviser also believes that it is in the best interest of long-term shareholders to restore the balance between subscription and redemption activity.

The Fund’s Investor Class (SFGIX) will remain closed to most new investors. As of November 19, 2018, the Investor Class will be available for purchase only by the following investors:

• Existing shareholders of the Fund’s Investor Class;
• Financial advisors with existing clients invested in the Fund’s Investor Class (i.e., these advisors can continue to add new clients in the Fund’s Investor Class); and
• Seafarer employees and their family members.

Please note the following about the Fund’s Investor Class:

• Some broker-dealers and financial intermediaries may not be able to accommodate purchases of the Fund’s Investor Class based on the criteria listed above.
• If you close your account in the Fund’s Investor Class due to redemption or exchange, you will no longer be able to make additional investments in the Fund’s Investor Class.
• Exchanges between the Seafarer Funds (i.e., the Growth and Income Fund and the Value Fund) and share class transfers are subject to any existing restrictions on, or conditions of, the Fund and/or share class that is to be acquired.
• The Fund reserves the right to make exceptions to any action taken to close the Fund, or limit inflows into the Fund, and delegates such authority to Seafarer.

For additional information, please see the Fund’s Prospectus or contact us.

Thank you for your interest in the Growth and Income Fund. We are honored to have the opportunity to serve as your investment adviser in the emerging markets.

The views and information discussed herein 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.