Pursuing Lasting Progress in Emerging Markets_®

Seafarer Funds NAV as of Dec. 24

Overseas Growth and Income Fund
SIGIX (Institutional)	$11.76	+$0.04
SFGIX (Investor)	$11.68	+$0.03
SFGRX (Retail)	$11.67	+$0.03
Overseas Value Fund
SIVLX (Institutional)	$13.00	+$0.04
SFVLX (Investor)	$12.95	+$0.04
SFVRX (Retail)	$12.94	+$0.03

Research Capabilities

Seafarer employs three distinct research capabilities to select securities for clients’ portfolios according to their investment objectives.

Research Capability	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)

For each research capability, a Lead Portfolio Manager directs the research queue and bears responsibility for security selection and portfolio construction decisions.

Before any security is admitted to a client portfolio, the entire investment team undertakes a critical review of the prospective holding in a group presentation and discussion.