Seafarer Overseas Value Institutional (SIVLX)

Under normal market conditions, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks, preferred stocks, warrants, and debt obligations of foreign companies (which the fund regards as companies located outside the U.S.) with value characteristics. For this purpose, the debt obligations in which the fund may invest include corporate, government, agency, and convertible bonds.