SHMDX Monthly Holdings xlsx

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1 Stone Harbor Emerging Markets Debt Fund 1300 Investments as of June 30, (Unaudited) Shares/Principal Currency ISIN/ID Amount Security Description Code Interest Rate Maturity Date Market Value % of Fund Fixed Income XS ,000,000 1MDB Energy, Ltd. USD /11/2022 3,142, % XS ,200,000 1MDB Global Investments, Ltd. USD /09/ ,447, % XS ,000 ABJA Investment Co. Pte, Ltd. USD /24/ , % US00401MAA45 2,206,000 Abu Dhabi Crude Oil Pipeline USD /02/2029 2,324, % US00401MAB28 9,364,000 Abu Dhabi Crude Oil Pipeline USD /02/ ,323, % US005117AA49 5,306,000 Acwa Power Management And Investments One, Ltd. USD /15/2039 5,531, % US00676LAA44 5,027,000 Adecoagro SA USD /21/2027 4,826, % US001355AA49 5,690,000 AI Candelaria Spain SLU USD /15/2028 6,216, % US05462GAJ31 2,321,000 Axtel SAB Axtel de CV USD /14/2024 2,374, % US05971PAB40 1,693,000 Banco Mercantil del Norte SA/Grand Cayman USD /31/2049 1,711, % US05971PAA66 3,586,000 Banco Mercantil del Norte SA/Grand Cayman USD /31/2049 3,586, % US05970AAB89 5,559,000 Banco Nacional de Comercio Exterior SNC USD /11/2026 5,621, % USP14517AB56 4,845,000 Banco Nacional de Comercio Exterior SNC USD /11/2026 4,899, % XS ,000 Banque Centrale de Tunisie USD /30/ , % XS ,825,000 Banque Centrale de Tunisie EUR /17/2024 2,066, % XS ,380,000 Benin Government International Bond EUR /26/2026 5,117, % US105860AA87 1,665,900 Brazil Minas SPE via State of Minas Gerais USD /15/2028 1,752, % USG13201AA91 7,737,300 Brazil Minas SPE via State of Minas Gerais USD /15/2028 8,138, % US12674TAA43 2,563,000 C&W Senior Financing DAC USD /15/2027 2,649, % XS ,710,000 CNAC HK Finbridge Co., Ltd. USD /14/ ,251, % US21987BAV09 8,158,000 Codelco, Inc. USD /16/2025 8,890, % US21987BAY48 14,519,000 Codelco, Inc. USD /05/ ,459, % USP3143NAS38 1,497,000 Codelco, Inc. USD /18/2043 1,871, % USP3143NBB93 1,550,000 Codelco, Inc. USD /05/2049 1,650, % US20039FAA75 4,028,700 Cometa Energia SA de CV USD /24/2035 4,157, % US12644VAC28 2,730,000 CSN Resources SA USD /17/2026 2,904, % US25382FAA93 197,190 Digicel Group Two, Ltd. USD /01/ , % US25714PBY34 447,000 Dominican Republic USD /18/ , % US25714PCF36 1,587,000 Dominican Republic USD /30/2044 1,844, % US25714PDZ80 3,327,000 Dominican Republic USD /19/2028 3,596, % USP3579EAH01 7,162,667 Dominican Republic USD /06/2021 7,565, % USP3579EAT49 1,632,000 Dominican Republic USD /28/2024 1,817, % USP3579EBK21 5,395,000 Dominican Republic USD /29/2026 6,103, % USP3579EBY25 2,878,000 Dominican Republic USD /15/2048 3,050, % USP37110AN62 1,525,000 Empresa Nacional del Petroleo USD /06/2029 1,732, % XS ,368 EP PetroEcuador via Noble Sovereign Funding I, Ltd. USD /24/ , % US296464AA84 3,461,000 Eskom Holdings SOC, Ltd. USD /26/2021 3,506, % US29646AAB26 816,000 Eskom Holdings SOC, Ltd. USD /11/ , % US29646AAD81 834,000 Eskom Holdings SOC, Ltd. USD /10/ , % US37255BAA70 2,393,000 Geopark, Ltd. USD /21/2024 2,452, % US36254VAA61 3,903,000 Gol Finance, Inc. USD /31/2025 3,821, % US38502HAA32 1,940,000 Gran Tierra Energy International Holdings, Ltd. USD /15/2025 1,809, % US38502JAA97 493,000 Gran Tierra Energy, Inc. USD /23/ , % US421790AF39 9,400,000 Hazine Mustesarligi Varlik Kiralama AS USD /21/2022 9,471, %

2 US69888UAB17 4,862,000 Independent State of Papua New Guinea USD /04/2028 5,225, % US74445PAB85 2,367,000 Indonesia Asahan Aluminium Persero PT USD /15/2023 2,601, % US45721RAC79 113,000 Inkia Energy, Ltd. USD /09/ , % XS ,930,000 Ivory Coast Government USD /15/2033 2,735, % XS ,561,000 Ivory Coast Government USD /15/2033 2,391, % XS ,741,000 Ivory Coast Government EUR /22/2030 4,182, % US29605YAA10 3,032,000 JBS Investments GmbH USD /05/2023 3,100, % US46650CAA71 1,127,000 JBS Investments II GmbH USD /15/2026 1,225, % US46590PAB94 1,909,000 JSL Europe SA USD /26/2024 1,956, % US48667QAN51 5,854,000 KazMunayGas National Co. JSC USD /19/2027 6,285, % US48667QAP00 3,029,000 KazMunayGas National Co. JSC USD /19/2047 3,426, % US48667QAR65 8,015,000 KazMunayGas National Co. JSC USD /24/2025 8,545, % US48667QAS49 8,668,000 KazMunayGas National Co. JSC USD /24/ ,349, % XS ,797,000 KazMunayGas National Co. JSC USD /24/2030 9,771, % US48668NAA90 5,774,000 KazTransGas JSC USD /26/2027 5,916, % US05674RAD61 2,676,000 Kingdom of Bahrain USD /19/2044 2,465, % US05674RAF10 1,000,000 Kingdom of Bahrain USD /26/2026 1,087, % US05674RAG92 582,000 Kingdom of Bahrain USD /12/ , % US05674RAJ32 5,732,000 Kingdom of Bahrain USD /20/2029 6,075, % US05674RAK05 6,541,000 Kingdom of Bahrain USD /20/2047 6,933, % XS ,000 Kingdom of Bahrain USD /01/ , % XS ,000 Kingdom of Bahrain USD /19/ , % XS ,405,000 Kingdom of Bahrain USD /20/2029 2,549, % XS ,000 Kingdom of Bahrain USD /20/ , % US418097AJ07 825,000 Kingdom of Jordan USD /10/ , % XS ,262,000 Kingdom of Jordan USD /10/2047 1,304, % US500688AC04 2,468,000 Kosmos Energy, Ltd. USD /04/2026 2,498, % XS ,578,000 Lebanese Republic USD /04/2022 3,917, % XS ,597,000 Lebanese Republic USD /12/2021 3,407, % XS ,000 Lebanese Republic USD /28/ , % XS ,563,000 Lebanese Republic USD /27/2026 1,243, % XS ,570,000 Lebanese Republic USD /26/2030 1,998, % XS ,284,000 Lebanese Republic USD /19/2020 1,245, % XS ,406,000 Lebanese Republic USD /26/2023 2,048, % USG54897AA45 1,126,000 Lima Metro Line 2 Finance, Ltd. USD /05/2034 1,198, % US566007AB67 416,000 Marb Bondco PLC USD /19/ , % US602736AB68 395,000 Minejesa Capital BV USD /10/ , % US602736AA85 2,507,000 Minejesa Capital BV USD /10/2030 2,544, % US603374AD12 5,001,000 Minerva Luxembourg SA USD /20/2026 5,208, % US62877VAA98 2,863,000 NBM US Holdings, Inc. USD /14/2026 3,019, % US66978CAC64 2,076,000 Nostrum Oil & Gas Finance BV USD /16/2025 1,337, % US67091TAB17 2,213,000 OCP SA USD /25/2044 2,553, % US67778M2C35 6,732,000 Oil and Gas Holding Co. BSCC USD /07/2024 7,333, % US682051AE72 6,395,000 Oman Government USD /08/2027 5,995, % US682051AF48 3,831,000 Oman Government USD /08/2047 3,328, % US682051AH04 3,981,000 Oman Government USD /17/2028 3,786, % XS ,000 Oman Government USD /08/ , % XS ,776,000 Oman Government USD /17/2048 2,453, % US697660AA69 1,384,000 Pampa Energia SA USD /24/2027 1,292, %

3 US69370RAA59 7,649,000 Pertamina Persero PT USD /30/2044 9,372, % USY7138AAD29 1,922,000 Pertamina Persero PT USD /03/2042 2,213, % USY7138AAF76 4,428,000 Pertamina Persero PT USD /20/2043 4,884, % XS ,878,151 Peru Payroll Deduction Finance Ltd. USD /01/2029 2,194, % US71568QAE70 2,300,000 Perusahaan Listrik Negara PT USD /21/2028 2,556, % XS ,606,667 Petroamazonas EP USD /16/2020 1,607, % US71647NBD03 2,371,000 Petrobras Global Finance BV USD /19/2049 2,528, % US71647NAZ24 2,347,000 Petrobras Global Finance BV USD /01/2029 2,453, % USP7807HAQ85 11,517,000 Petroleos de Venezuela SA^ USD /17/2035 1,785, % USP7807HAR68 3,307,000 Petroleos de Venezuela SA^ USD /15/ , % USP7807HAT25 60,489,976 Petroleos de Venezuela SA^ USD /16/2024 9,375, % XS ,000 Petroleos de Venezuela SA^ USD /12/ , % USP7808BAA54 4,789,000 Petroleos del Peru SA USD /19/2032 5,256, % USP7808BAB38 8,470,000 Petroleos del Peru SA USD /19/2047 9,666, % US71654QAM42 1,062,000 Petroleos Mexicanos USD /15/2027 1,218, % US71654QAZ54 1,183,000 Petroleos Mexicanos USD /02/2041 1,052, % US71654QBW15 1,723,000 Petroleos Mexicanos USD /23/2026 1,582, % US71654QCB68 7,836,000 Petroleos Mexicanos USD /04/2026 7,921, % USP2389CAA10 999,000 Provincia del Chaco USD /18/ , % PPE01Z7D0 6,750,674,000 PT Bakrie & Brothers TBK (MCB) IDR /22/ % XS ,282 PT Bumi Resources TBK (Eterna Capital Pte, Ltd.) USD /11/ , % XS ,605,999 PT Bumi Resources TBK (Eterna Capital Pte, Ltd.) USD /11/2022 2,614, % US74727PAR29 1,998,000 Qatar Government International Bond USD /20/2042 2,604, % US74727PAX96 2,000,000 Qatar Government International Bond USD /23/2028 2,240, % US74727PAY79 3,530,000 Qatar Government International Bond USD /23/2048 4,216, % US74727PBA84 7,948,000 Qatar Government International Bond USD /14/2029 8,593, % XS ,911,000 Qatar Government International Bond USD /23/2048 3,476, % XS ,146,000 Qatar Government International Bond USD /14/2029 1,239, % XS ,795,000 Qatar Government International Bond USD /14/ ,092, % PTAVBAOT ,366,000 Republic of Angola USD /01/ ,281, % PTAVBBOT0002 1,692,000 Republic of Angola USD /07/2023 1,620, % US040114GW47 28,043,000 Republic of Argentina USD /22/ ,677, % ARARGE ,083,000 Republic of Argentina USD /13/2020 2,801, % XS ,702,900 Republic of Argentina EUR /31/ ,900, % XS ,852,849 Republic of Argentina EUR /31/2033 5,580, % US07737JAB98 755,000 Republic of Belarus USD /28/ , % XS ,805,000 Republic of Belarus USD /29/2027 3,211, % XS ,203,000 Republic of Belarus USD /28/2030 1,288, % USP37878AC26 6,297,000 Republic of Bolivia USD /20/2028 6,159, % US105756BB58 1,531,000 Republic of Brazil USD /20/2034 2,048, % US105756BR01 1,220,000 Republic of Brazil USD /07/2041 1,310, % US105756BX78 7,506,000 Republic of Brazil USD /07/2026 8,661, % US105756BY51 4,444,000 Republic of Brazil USD /21/2047 4,752, % US105756BZ27 114,000 Republic of Brazil USD /13/ , % US105756CA66 10,177,000 Republic of Brazil USD /30/ ,469, % US133653AA31 1,964,000 Republic of Cameroon USD /19/2025 2,139, % XS ,194,000 Republic of Cameroon USD /19/2025 2,390, % US168863DL94 1,080,000 Republic of Chile USD /25/2050 1,100, % US195325BD67 3,515,000 Republic of Columbia USD /21/2024 4,341, %

4 US195325BR53 2,617,000 Republic of Columbia USD /26/2044 3,109, % US195325CU73 8,220,000 Republic of Columbia USD /15/2045 9,111, % US195325CX13 2,646,000 Republic of Columbia USD /28/2026 2,861, % US195325DP79 1,565,000 Republic of Columbia USD /15/2029 1,715, % US195325DQ52 770,000 Republic of Columbia USD /15/ , % XS ,873,000 Republic of Ecuador USD /20/2024 1,967, % XS ,497,000 Republic of Ecuador USD /20/2024 1,572, % XS ,578,000 Republic of Ecuador USD /23/2027 7,928, % XS ,607,000 Republic of Ecuador USD /31/2029 2,954, % XS ,786,000 Republic of Ecuador USD /23/2028 6,736, % XS ,314,000 Republic of Ecuador USD /23/2028 5,274, % US038461AK57 2,669,000 Republic of Egypt USD /31/2022 2,765, % US038461AM14 1,666,000 Republic of Egypt USD /31/2047 1,771, % US03846JW222 2,066,000 Republic of Egypt USD /11/2025 2,112, % US03846JW487 11,550,000 Republic of Egypt USD /21/ ,708, % XS ,000 Republic of Egypt USD /31/ , % XS ,000 Republic of Egypt EUR /16/ , % XS ,013,000 Republic of Egypt EUR /16/ ,708, % XS ,370,000 Republic of Egypt EUR /16/2026 1,572, % XS ,925,000 Republic of Egypt EUR /11/2031 5,718, % US283875AH54 867,000 Republic of El Salvador USD /10/ , % US283875AP70 190,000 Republic of El Salvador USD /01/ , % USP01012AR71 4,341,000 Republic of El Salvador USD /01/2041 4,606, % USP01012AS54 3,333,000 Republic of El Salvador USD /30/2025 3,354, % USP01012BX31 4,277,000 Republic of El Salvador USD /28/2029 4,889, % XS ,825,000 Republic of El Salvador USD /10/2032 4,236, % US37311PAA84 373,000 Republic of Georgia USD /12/ , % US374422AD53 6,400,000 Republic of Ghana USD /14/2030 8,144, % US37443GAA94 3,081,000 Republic of Ghana USD /26/2027 3,242, % US37443GAC50 3,081,000 Republic of Ghana USD /26/2051 3,198, % XS ,278,000 Republic of Ghana USD /07/2023 2,478, % XS ,547,000 Republic of Ghana USD /14/2030 5,786, % US445545AL04 3,683,000 Republic of Hungary USD /25/2024 4,166, % US455780BX36 11,271,000 Republic of Indonesia USD /08/ ,061, % US455780BY19 664,000 Republic of Indonesia USD /08/ , % US455780CH76 2,217,000 Republic of Indonesia USD /11/2029 2,465, % USY20721AE96 5,347,000 Republic of Indonesia USD /12/2035 8,054, % USY20721AJ83 692,000 Republic of Indonesia USD /17/ , % USY20721BB49 1,380,000 Republic of Indonesia USD /17/2042 1,580, % USY20721BK48 948,000 Republic of Indonesia USD /15/2044 1,300, % USY20721BM04 1,770,000 Republic of Indonesia USD /15/2045 1,997, % USY20721BN86 2,219,000 Republic of Indonesia USD /08/2026 2,422, % US462652AE80 1,199,000 Republic of Iraq USD /09/2023 1,236, % XS ,247,000 Republic of Iraq USD /15/2028 2,221, % US491798AE43 6,541,000 Republic of Kenya USD /24/2024 6,990, % US491798AG90 1,159,000 Republic of Kenya USD /28/2028 1,206, % US491798AK03 851,000 Republic of Kenya USD /22/ , % US65412JAC71 16,806,000 Republic of Nigeria USD /28/ ,890, % US65412JAD54 382,000 Republic of Nigeria USD /23/ , %

5 US65412JAK97 540,000 Republic of Nigeria USD /21/ , % XS ,443,000 Republic of Nigeria USD /23/2038 5,551, % US740840AC76 3,867,000 Republic of Pakistan USD /05/2027 3,923, % USY8793YAL66 473,000 Republic of Pakistan USD /31/ , % XS ,714,000 Republic of Pakistan USD /05/2027 3,768, % US698299AK07 4,988,000 Republic of Panama USD /01/2029 7,494, % US699149AB65 4,939,000 Republic of Paraguay USD /11/2044 5,909, % USP75744AE59 1,794,000 Republic of Paraguay USD /27/2027 1,948, % US715638BM30 1,956,000 Republic of Peru USD /18/2050 2,704, % US81720TAC99 4,100,000 Republic of Senegal USD /23/2033 3,992, % US81720TAD72 1,327,000 Republic of Senegal USD /13/2048 1,254, % US836205AN45 3,400,000 Republic of South Africa USD /09/2020 3,462, % US836205AT15 6,754,000 Republic of South Africa USD /14/2026 7,019, % US836205AW44 1,032,000 Republic of South Africa USD /27/2027 1,064, % US836205AZ74 1,519,000 Republic of South Africa USD /22/2048 1,675, % US85227SAK24 6,616,000 Republic of Sri Lanka USD /25/2022 6,647, % US85227SAV88 4,790,000 Republic of Sri Lanka USD /18/2023 4,766, % US85227SAW61 2,399,000 Republic of Sri Lanka USD /18/2028 2,331, % US85227SAZ92 4,342,000 Republic of Sri Lanka USD /14/2029 4,504, % USY8137FAH11 4,940,000 Republic of Sri Lanka USD /11/2027 4,704, % USY2029SAF12 340,000 Republic of Sri Lanka USD /04/ , % USY2029SAG94 4,631,000 Republic of Sri Lanka USD /27/2021 4,704, % US900123AY60 2,028,000 Republic of Turkey USD /17/2036 1,953, % US900123BZ27 9,510,000 Republic of Turkey USD /26/2022 9,619, % US900123CF53 5,448,000 Republic of Turkey USD /22/2024 5,330, % US900123CL22 4,103,000 Republic of Turkey USD /25/2027 3,919, % US900123CM05 8,314,000 Republic of Turkey USD /11/2047 7,014, % US900123CQ19 6,241,000 Republic of Turkey USD /24/2028 5,921, % US900123CR91 1,612,000 Republic of Turkey USD /23/2023 1,671, % US900123CT57 1,847,000 Republic of Turkey USD /26/2029 1,896, % US760942BB71 20,360,576 Republic of Uruguay USD /27/ ,037, % USP97475AN08 25,087,500 Republic of Venezuela^ USD /13/2019 5,142, % USP17625AB33 1,927,000 Republic of Venezuela^ USD /07/ , % US988895AA69 927,000 Republic of Zambia USD /20/ , % US988895AE81 3,013,000 Republic of Zambia USD /14/2024 2,033, % XS ,998,000 Republic of Zambia USD /20/2022 2,678, % US76706AAA25 2,874,000 Rio Energy SA USD /01/2025 2,204, % XS ,035,000 Romanian Government International Bond EUR /29/2035 2,663, % XS ,807,000 Romanian Government International Bond EUR /08/2038 7,145, % XS ,529,000 Romanian Government International Bond EUR /11/2039 7,219, % RU000A0JXTS9 7,200,000 Russian Federation USD /23/2027 7,455, % RU000A0JXU14 11,400,000 Russian Federation USD /23/ ,632, % RU000A0JWHA4 8,000,000 Russian Federation USD /27/2026 8,533, % RU000A1006S9 4,200,000 Russian Federation USD /28/2035 4,569, % RU000A1006T7 12,800,000 Russian Federation USD /28/ ,926, % US78307ADB61 66,000 Russian Federation USD /29/ , % XS ,800,000 Russian Federation USD /04/2042 4,463, % US80414L2D64 6,128,000 Saudi Arabian Oil Co. USD /16/2029 6,209, % US80414L2E48 6,150,000 Saudi Arabian Oil Co. USD /16/2039 6,230, %

6 US80413TAJ88 2,000,000 Saudi Government International Bond USD /17/2049 2,195, % US80413TAK51 5,631,000 Saudi Government International Bond USD /16/2029 6,106, % XS ,296,000 Saudi Government International Bond USD /26/2046 1,320, % XS ,123,000 Saudi Government International Bond USD /17/ ,012, % USG8201NAC68 4,435,000 Sinopec Group Overseas Development 2017, Ltd. USD /12/2027 4,580, % USG8201NAH55 2,520,000 Sinopec Group Overseas Development 2017, Ltd. USD /13/2027 2,547, % USG82016AC32 18,291,000 Sinopec Group Overseas Development 2018, Ltd. USD /12/ ,800, % US84302LAA08 2,700,000 Southern Gas Corridor CJSC USD /24/2026 3,141, % XS ,892,000 State Oil Co. of the Azerbaijan Republic USD /18/2030 3,433, % XS ,000 State Savings Bank of Ukraine Via SSB #1 PLC USD /20/ , % USP68788AA97 1,330,000 Suriname Government International Bond USD /26/2026 1,244, % US899415AC75 717,000 Tullow Oil PLC USD /15/ , % US912810SH23 14,813,000 U.S. Treasury Notes USD /15/ ,868, % US903724AS16 627,000 Ukraine Government USD /01/ , % US903724AT98 2,372,000 Ukraine Government USD /01/2026 2,456, % US903724AU61 1,402,000 Ukraine Government USD /01/2027 1,449, % US903724BM37 2,547,000 Ukraine Government USD /25/2032 2,513, % XS ,284,000 Ukraine Government USD /01/2023 3,484, % XS ,244,000 Ukraine Government USD /01/2026 2,323, % XS ,027,000 Ukraine Government USD /01/2027 3,130, % XS ,816,000 Ukraine Government USD /31/2040 6,359, % XS ,977,000 Ukraine Government EUR /20/ ,088, % XS ,000 Ukreximbank Via Biz Finance PLC USD /27/ , % US91086QBB32 2,446,000 United Mexican States USD /08/2044 2,561, % US91087BAB62 8,944,000 United Mexican States USD /15/2047 8,904, % US91087BAE02 6,832,000 United Mexican States USD /11/2028 6,965, % US91087BAF76 2,749,000 United Mexican States USD /22/2029 2,950, % Fixed Income Total 1,142,203, % Credit Linked Notes XS ,120,999 Republic of Iraq JPY /01/2028 1,766, % XS ,950,889 Republic of Iraq JPY /01/2028 3,759, % Credit Linked Notes Total 5,526, % Short Term Investments US85749P ,226,893 State Street Institutional Liquid Reserves Fund ,239, % Short Term Investments Total 64,239, % Total Investments 1,211,969, % Other Assets and Liabilities 11,129, % Total Net Assets 1,223,098, % Forward Foreign Currency Contracts Unrealized Appreciation Contract to Buy/Sell Delivery Date Currency Units of Currency Value (Depreciation) Buy 07/23/2019 EUR 20,231,358 23,046, ,756 Sell 07/23/2019 EUR (118,057,211) (134,484,036) (1,158,547) Sell 07/23/2019 JPY (604,472,300) (5,616,026) (151,737)

7 Centrally Cleared Credit Default Swap Contracts Buy Protection Upfront Reference Maturity Contract Rate Received Notional Market Premiums Unrealized Appreciation Obligation Date Counterparty Currency by the Fund Amount Value Received/(Paid) (Depreciation) Republic of 06/20/2024 Intercontinental USD ,910, ,566 (909,742) (115,176) Argentina Exchange Centrally Cleared Credit Default Swap Contracts Sell Protection Upfront Reference Maturity Contract Rate Received Notional Market Premiums Unrealized Appreciation Obligation Date Counterparty Currency by the Fund Amount Value Received/(Paid) (Depreciation) Lebanese 06/20/2023 Intercontinental USD ,920,000 (5,200,419) 5,207,819 7,399 Republic Exchange Credit Default Swap Contracts Sell Protection Upfront Reference Maturity Contract Rate Received Notional Market Premiums Unrealized Appreciation Obligation Date Counterparty Currency by the Fund Amount Value Received/(Paid) (Depreciation) Republic of 12/20/2019 Credit Suisse First USD ,200,000 6,198 22,546 28,744 Ecuador Boston Key to abbreviations: EUR Euro IDR Indonesian Rupiah JPY Japanese Yen USD U.S. Dollar ^Security is in default and therefore is non income producing Interest rate may be fixed or variable depending on terms of the security. Interest rate disclosed is that which is in effect as of the date of this holdings report Market value and unrealized appreciation (depreciation) are stated in US Dollars unless otherwise noted. The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The portfolio data is for informational purposes only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments. An investment in the Fund involves risk, including loss of principal. Unlike the Fund s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, the information presented herein may differ from the complete statement of investments included in the annual and semiannual report to shareholders filed with the SEC on Form N CSR, and the complete statement of investments provided in the first and third quarter SEC Form N Q filings for each fiscal year. Stone Harbor Investment Funds are distributed by ALPS Distributors, Inc. An investment in the Funds involves risk, including loss of principal. An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call or download the file from content/uploads/shif_prospectus.pdf. Read the prospectus carefully before you invest. SHF EXP 07/30/