# EDGAR Filing Document

**Accession Number:** 0001501103
**File Stem:** 0000940400-25-005511
**Filing Date:** 2025-10
**Character Count:** 90923
**Document Hash:** f9e7a53714b67750798a7534af989d9c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005511.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005511

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Stone Harbor Emerging Markets Income Fund
- **CENTRAL INDEX KEY:** 0001501103

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22473
- **FILM NUMBER:** 251428622

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **STREET 2:** SUITE 104
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 1-866-270-7788

**MAIL ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **STREET 2:** SUITE 104
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Stone Harbor Emerging Markets Income Fund
- **DATE OF NAME CHANGE:** 20101104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Stone Harbor Emerging Markets Fixed Income Fund
- **DATE OF NAME CHANGE:** 20100910

## Nport-Ex

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—86.3%** | **Foreign Government Securities—86.3%** | **Foreign Government Securities—86.3%** |
| **Angola —5.4%** | **Angola —5.4%** |  |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 9.500%, 11/12/25<sup>(2)(3)</sup> | $3860 | $3877 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 5/9/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.000%, 11/26/29<sup>(2)</sup> | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 4/14/32<sup>(2)</sup> | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;RegS<br> 8.250%, 5/9/28<sup>(3)(4)</sup> | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 1821 |
| Republic of Angola Via Avenir Issuer II Ireland DAC RegS<br> 6.927%, 2/19/27<sup>(4)(5)</sup> | &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 1132 |
|  |  | &nbsp;&nbsp;&nbsp; 8260 |
| **Argentina—15.2%** | **Argentina—15.2%** |  |
| Provincia de Buenos Aires RegS<br> 6.625%, 9/1/37<sup>(4)(6)</sup> | &nbsp;&nbsp; 9382 | &nbsp;&nbsp; 6424 |
| Republic of Argentina |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, 7/9/29<sup>(3)</sup> | &nbsp;&nbsp; 11157 | &nbsp;&nbsp; 8832 |
| &nbsp;&nbsp;&nbsp;0.750%, 7/9/30<sup>(6)</sup> | &nbsp;&nbsp; 10788 | &nbsp;&nbsp; 8145 |
|  |  | &nbsp;&nbsp;&nbsp; 23401 |
| **Bolivia—2.1%** | **Bolivia—2.1%** |  |
| Bolivia Government RegS<br> 4.500%, 3/20/28<sup>(4)</sup> | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 3233 |
| **Brazil—5.1%** | **Brazil—5.1%** |  |
| Brazil Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;Series F<br> 10.000%, 1/1/27 | &nbsp;&nbsp; 8000<sup>BRL</sup> | &nbsp;&nbsp; 1409 |
| &nbsp;&nbsp;&nbsp;Series F<br> 10.000%, 1/1/31 | &nbsp;&nbsp; 22300<sup>BRL</sup> | &nbsp;&nbsp; 3579 |
| &nbsp;&nbsp;&nbsp;Series F<br> 10.000%, 1/1/33 | &nbsp;&nbsp; 18800<sup>BRL</sup> | &nbsp;&nbsp; 2900 |
|  |  | &nbsp;&nbsp;&nbsp; 7888 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Cameroon—2.4%** | **Cameroon—2.4%** |  |
| Republic of Cameroon RegS<br> 9.500%, 7/31/31<sup>(3)(4)</sup> | $3882 | $3694 |
| **Colombia—3.9%** | **Colombia—3.9%** |  |
| Titulos De Tesoreria |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 8/26/26 | &nbsp;&nbsp; 5800000<sup>COP</sup> | &nbsp;&nbsp; 1421 |
| &nbsp;&nbsp;&nbsp;6.000%, 4/28/28 | &nbsp;&nbsp; 6600000<sup>COP</sup> | &nbsp;&nbsp; 1493 |
| &nbsp;&nbsp;&nbsp;7.000%, 6/30/32 | &nbsp;&nbsp; 7900000<sup>COP</sup> | &nbsp;&nbsp; 1548 |
| &nbsp;&nbsp;&nbsp;7.250%, 10/18/34 | &nbsp;&nbsp; 8275000<sup>COP</sup> | &nbsp;&nbsp; 1572 |
|  |  | &nbsp;&nbsp;&nbsp; 6034 |
| **Ecuador—3.5%** | **Ecuador—3.5%** |  |
| Republic of Ecuador RegS<br> 6.900%, 7/31/30<sup>(3)(4)(6)</sup> | &nbsp;&nbsp; 5907 | &nbsp;&nbsp; 5322 |
| **Egypt—7.3%** | **Egypt—7.3%** |  |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.875%, 2/16/26<sup>(2)(3)</sup> | &nbsp;&nbsp; 2741 | &nbsp;&nbsp; 2700 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.750%, 4/16/26<sup>(2)</sup> | &nbsp;&nbsp; 7000<sup>EUR</sup> | &nbsp;&nbsp; 8200 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.375%, 4/11/31<sup>(2)</sup> | &nbsp;&nbsp; 246<sup>EUR</sup> | &nbsp;&nbsp; 269 |
|  |  | &nbsp;&nbsp;&nbsp; 11169 |
| **El Salvador—1.3%** | **El Salvador—1.3%** |  |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.375%, 1/18/27<sup>(3)(4)</sup> | &nbsp;&nbsp; 1298 | &nbsp;&nbsp; 1293 |
| &nbsp;&nbsp;&nbsp;RegS<br> 8.625%, 2/28/29<sup>(3)(4)</sup> | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 720 |
|  |  | &nbsp;&nbsp;&nbsp; 2013 |
| **Ethiopia—0.7%** | **Ethiopia—0.7%** |  |
| Federal Republic of Ethiopia 144A<br> 6.625%, 12/11/25<sup>(2)(7)</sup> | &nbsp;&nbsp; 1212 | &nbsp;&nbsp; 1115 |
| **Gabon—3.4%** | **Gabon—3.4%** |  |
| Republic of Gabon |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.000%, 11/24/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1466 |

---

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Gabon—continued** | **Gabon—continued** |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.500%, 2/18/29<sup>(4)</sup> | $4098 | $3805 |
|  |  | &nbsp;&nbsp;&nbsp; 5271 |
| **Hungary—1.2%** | **Hungary—1.2%** |  |
| Hungary Government Bond<br> 4.750%, 11/24/32 | &nbsp;&nbsp; 740000<sup>HUF</sup> | &nbsp;&nbsp; 1921 |
| **Indonesia—3.0%** | **Indonesia—3.0%** |  |
| Indonesia Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 3/15/34 | &nbsp;&nbsp;27400000<sup>IDR</sup> | &nbsp;&nbsp; 1874 |
| &nbsp;&nbsp;&nbsp;8.375%, 4/15/39 | &nbsp;&nbsp;40300000<sup>IDR</sup> | &nbsp;&nbsp; 2787 |
|  |  | &nbsp;&nbsp;&nbsp; 4661 |
| **Ivory Coast—2.8%** | **Ivory Coast—2.8%** |  |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 1/30/33<sup>(2)(3)</sup> | &nbsp;&nbsp; 3170 | &nbsp;&nbsp; 3185 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.250%, 3/22/30<sup>(4)</sup> | &nbsp;&nbsp; 553<sup>EUR</sup> | &nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.875%, 10/17/31<sup>(4)</sup> | &nbsp;&nbsp; 465<sup>EUR</sup> | &nbsp;&nbsp; 530 |
|  |  | &nbsp;&nbsp;&nbsp; 4346 |
| **Kenya—1.9%** | **Kenya—1.9%** |  |
| Republic of Kenya 144A<br> 9.500%, 3/5/36<sup>(2)(3)</sup> | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2866 |
| **Lebanon—0.1%** | **Lebanon—0.1%** |  |
| Lebanon Government International Bond RegS<br> 6.400%, 5/26/23<sup>(4)(7)</sup> | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 166 |
| **Mexico—5.8%** | **Mexico—5.8%** |  |
| Mex Bonos Desarr |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 3/4/27 | &nbsp;&nbsp; 29000<sup>MXN</sup> | &nbsp;&nbsp; 1504 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/23/34 | &nbsp;&nbsp; 58000<sup>MXN</sup> | &nbsp;&nbsp; 2901 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/13/42 | &nbsp;&nbsp; 98800<sup>MXN</sup> | &nbsp;&nbsp; 4498 |
|  |  | &nbsp;&nbsp;&nbsp; 8903 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Mozambique—1.1%** | **Mozambique—1.1%** |  |
| Republic of Mozambique 144A<br> 9.000%, 9/15/31<sup>(2)(6)</sup> | $1968 | $1742 |
| **Pakistan—2.0%** | **Pakistan—2.0%** |  |
| Islamic Republic of Pakistan 144A<br> 6.000%, 4/8/26<sup>(2)</sup> | &nbsp;&nbsp; 3020 | &nbsp;&nbsp; 3002 |
| **Poland—2.5%** | **Poland—2.5%** |  |
| Poland Government Bond<br> 6.000%, 10/25/33 | &nbsp;&nbsp; 13200<sup>PLN</sup> | &nbsp;&nbsp; 3787 |
| **Romania—1.1%** | **Romania—1.1%** |  |
| Romania Government Bond<br> 6.300%, 4/25/29 | &nbsp;&nbsp; 7400<sup>RON</sup> | &nbsp;&nbsp; 1641 |
| **Senegal—1.7%** | **Senegal—1.7%** |  |
| Republic of Senegal RegS<br> 4.750%, 3/13/28<sup>(4)</sup> | &nbsp;&nbsp; 2508<sup>EUR</sup> | &nbsp;&nbsp; 2577 |
| **South Africa—5.2%** | **South Africa—5.2%** |  |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, 12/21/26 | &nbsp;&nbsp; 48000<sup>ZAR</sup> | &nbsp;&nbsp; 2818 |
| &nbsp;&nbsp;&nbsp;6.250%, 3/31/36 | &nbsp;&nbsp; 16700<sup>ZAR</sup> | &nbsp;&nbsp; 725 |
| &nbsp;&nbsp;&nbsp;6.500%, 2/28/41 | &nbsp;&nbsp; 38600<sup>ZAR</sup> | &nbsp;&nbsp; 1517 |
| &nbsp;&nbsp;&nbsp;8.750%, 1/31/44 | &nbsp;&nbsp; 25700<sup>ZAR</sup> | &nbsp;&nbsp; 1215 |
| &nbsp;&nbsp;&nbsp;8.750%, 2/28/48 | &nbsp;&nbsp; 36800<sup>ZAR</sup> | &nbsp;&nbsp; 1718 |
|  |  | &nbsp;&nbsp;&nbsp; 7993 |
| **Sri Lanka—0.3%** | **Sri Lanka—0.3%** |  |
| Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.000%, 4/15/28<sup>(2)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.100%, 1/15/30<sup>(2)(6)</sup> | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.350%, 3/15/33<sup>(2)(6)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 6/15/35<sup>(2)(6)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 55 |

---

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Sri Lanka—continued** | **Sri Lanka—continued** |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 2/15/38<sup>(2)(6)</sup> | $107 | &nbsp;&nbsp;$89 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
| **Tunisia—0.5%** | **Tunisia—0.5%** |  |
| Tunisian Republic 144A<br> 6.375%, 7/15/26<sup>(2)</sup> | &nbsp;&nbsp; 608<sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| **Turkey—0.9%** | **Turkey—0.9%** |  |
| Turkiye Government Bond<br> 12.600%, 10/1/25 | &nbsp;&nbsp; 57000<sup>TRY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1355 |
| **Ukraine—3.6%** | **Ukraine—3.6%** |  |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/30<sup>(2)(6)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/34<sup>(2)(6)</sup> | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/34<sup>(2)(6)</sup> | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/35<sup>(2)(6)</sup> | &nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/36<sup>(2)(6)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/36<sup>(2)(6)</sup> | &nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/34<sup>(4)(6)</sup> | &nbsp;&nbsp; 8298 | &nbsp;&nbsp;&nbsp;&nbsp; 4460 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/35<sup>(4)(6)</sup> | &nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5455 |
| **Zambia—2.3%** | **Zambia—2.3%** |  |
| Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.750%, 6/30/33<sup>(2)(6)</sup> | &nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp;&nbsp; 3577 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.500%, 12/31/53<sup>(2)</sup> | &nbsp;&nbsp; —<sup>(8)</sup> | &nbsp;&nbsp; —<sup>(8)</sup> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3577 |
| **Total Foreign Government Securities<br> (Identified Cost $128,461)** | **Total Foreign Government Securities<br> (Identified Cost $128,461)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**132492** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Corporate Bonds and Notes—34.4%** | **Corporate Bonds and Notes—34.4%** | **Corporate Bonds and Notes—34.4%** |
| **Angola —0.5%** | **Angola —0.5%** |  |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(2)</sup> | $750 | $758 |
| **Argentina—0.4%** | **Argentina—0.4%** |  |
| Generacion Mediterranea S.A. 144A<br> 11.000%, 11/1/31<sup>(2)(7)</sup> | &nbsp;&nbsp; 1061 | &nbsp;&nbsp; 631 |
| **Brazil—4.3%** | **Brazil—4.3%** |  |
| Ambipar Lux S.a.r.l. 144A<br> 10.875%, 2/5/33<sup>(2)</sup> | &nbsp;&nbsp; 802 | &nbsp;&nbsp; 668 |
| Constellation Oil Services Holding S.A. 144A<br> 9.375%, 11/7/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 830 |
| MC Brazil Downstream Trading S.a.r.l. 144A<br> 7.250%, 6/30/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 1344 |
| OHI Group S.A. 144A<br> 13.000%, 7/22/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; 1375 |
| Samarco Mineracao S.A. PIK 144A<br> 9.500%, 6/30/31<sup>(2)(9)</sup> | &nbsp;&nbsp; 2384 | &nbsp;&nbsp; 2367 |
|  |  | &nbsp;&nbsp;&nbsp; 6584 |
| **Colombia—1.8%** | **Colombia—1.8%** |  |
| Gran Tierra Energy, Inc. 144A<br> 9.500%, 10/15/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 3445 | &nbsp;&nbsp; 2804 |
| **Ghana—0.5%** | **Ghana—0.5%** |  |
| Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;RegS 7.125%, 4/4/26<sup>(4)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;RegS 7.750%, 5/1/27<sup>(4)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 672 |
|  |  | &nbsp;&nbsp;&nbsp; 761 |

---

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **India—0.7%** | **India—0.7%** |  |
| Vedanta Resources Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 10.875%, 9/17/29<sup>(2)</sup> | $343 | $352 |
| &nbsp;&nbsp;&nbsp;144A 9.475%, 7/24/30<sup>(2)</sup> | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 665 |
|  |  | &nbsp;&nbsp;&nbsp; 1017 |
| **Israel—0.5%** | **Israel—0.5%** |  |
| Leviathan Bond Ltd. 144A, RegS<br> 6.750%, 6/30/30<sup>(2)(4)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 795 |
| **Kazakhstan—1.5%** | **Kazakhstan—1.5%** |  |
| Development Bank of Kazakhstan JSC |  |  |
| &nbsp;&nbsp;&nbsp;144A 10.950%, 5/6/26<sup>(2)</sup> | &nbsp;&nbsp; 506000<sup>KZT</sup> | &nbsp;&nbsp; 896 |
| &nbsp;&nbsp;&nbsp;144A 13.000%, 4/15/27<sup>(2)</sup> | &nbsp;&nbsp; 270000<sup>KZT</sup> | &nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp;144A 13.489%, 5/23/28<sup>(2)</sup> | &nbsp;&nbsp; 590000<sup>KZT</sup> | &nbsp;&nbsp; 985 |
|  |  | &nbsp;&nbsp;&nbsp; 2348 |
| **Mexico—17.4%** | **Mexico—17.4%** |  |
| Banco Mercantil del Norte S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.625%<sup>(2)(10)</sup> | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;144A 8.375%<sup>(2)(10)</sup> | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 406 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, 6/2/29<sup>(3)</sup> | &nbsp;&nbsp; 5232 | &nbsp;&nbsp; 5539 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50<sup>(3)</sup> | &nbsp;&nbsp; 4621 | &nbsp;&nbsp; 3941 |
| &nbsp;&nbsp;&nbsp;RegS 6.700%, 2/16/32<sup>(4)</sup> | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;Series 14-2<br> 7.470%, 11/12/26 | &nbsp;&nbsp; 25240<sup>MXN</sup> | &nbsp;&nbsp; 1320 |
| Poinsettia Finance Ltd. RegS<br> 6.625%, 6/17/31<sup>(4)</sup> | &nbsp;&nbsp; 15567 | &nbsp;&nbsp; 14798 |
|  |  | &nbsp;&nbsp;&nbsp; 26665 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Nigeria—0.8%** | **Nigeria—0.8%** |  |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 11/29/28<sup>(2)</sup> | $487 | $481 |
| &nbsp;&nbsp;&nbsp;144A 7.875%, 5/29/30<sup>(2)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 11/29/31<sup>(2)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 648 |
|  |  | &nbsp;&nbsp;&nbsp; 1234 |
| **Peru—1.9%** | **Peru—1.9%** |  |
| Petroleos del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;RegS 4.750%, 6/19/32<sup>(3)(4)</sup> | &nbsp;&nbsp; 2625 | &nbsp;&nbsp; 2130 |
| &nbsp;&nbsp;&nbsp;RegS 5.625%, 6/19/47<sup>(3)(4)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 834 |
|  |  | &nbsp;&nbsp;&nbsp; 2964 |
| **Turkey—1.0%** | **Turkey—1.0%** |  |
| Aydem Yenilenebilir Enerji AS 144A<br> 7.750%, 2/2/27<sup>(2)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 720 |
| Yapi ve Kredi Bankasi AS 144A<br> 9.250%, 1/17/34<sup>(2)</sup> | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 812 |
|  |  | &nbsp;&nbsp;&nbsp; 1532 |
| **Ukraine—0.3%** | **Ukraine—0.3%** |  |
| VF Ukraine PAT via VFU Funding plc 144A<br> 9.625%, 2/11/27<sup>(2)(5)</sup> | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 532 |
| **Uzbekistan—1.4%** | **Uzbekistan—1.4%** |  |
| Uzauto Motors AJ 144A<br> 4.850%, 5/4/26<sup>(2)(3)</sup> | &nbsp;&nbsp; 2166 | &nbsp;&nbsp; 2135 |

---

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Venezuela—0.7%** | **Venezuela—0.7%** |  |
| Petroleos de Venezuela S.A. |  |  |
| &nbsp;&nbsp;&nbsp;RegS 12.750%, 2/17/22<sup>(4)(7)</sup> | $700 | $120 |
| &nbsp;&nbsp;&nbsp;RegS 9.750%, 5/17/35<sup>(4)(7)</sup> | &nbsp;&nbsp; 5517 | &nbsp;&nbsp;&nbsp; 941 |
|  |  | &nbsp;&nbsp;&nbsp; 1061 |
| **Vietnam—0.7%** | **Vietnam—0.7%** |  |
| Mong Duong Finance Holdings B.V. 144A<br> 5.125%, 5/7/29<sup>(2)</sup> | &nbsp;&nbsp; 1016 | &nbsp;&nbsp;&nbsp; 1004 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $52,726)** | **Total Corporate Bonds and Notes<br> (Identified Cost $52,726)** | &nbsp;&nbsp;&nbsp;&nbsp; **52825** |
| **Credit Linked Notes—2.3%** | **Credit Linked Notes—2.3%** | **Credit Linked Notes—2.3%** |
| **Iraq—2.3%** | **Iraq—2.3%** |  |
| Republic of Iraq |  |  |
| &nbsp;&nbsp;&nbsp;(Counterparty: BOA)<br> 2.536%, 1/1/28<sup>(11)(12)</sup> | &nbsp;&nbsp; 111862<sup>JPY</sup> | &nbsp;&nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp;(Counterparty: BOA)<br> 3.540%, 1/6/28<sup>(11)(12)</sup> | &nbsp;&nbsp; 184057<sup>JPY</sup> | &nbsp;&nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp;(Counterparty: BOA)<br> 3.751%, 1/1/28<sup>(11)(12)</sup> | &nbsp;&nbsp; 245844<sup>JPY</sup> | &nbsp;&nbsp;&nbsp; 1620 |
| **Total Credit Linked Notes<br> (Identified Cost $4,675)** | **Total Credit Linked Notes<br> (Identified Cost $4,675)** | &nbsp;&nbsp;&nbsp;&nbsp; **3572** |
| **Total Long-Term Investments—123.0%<br> (Identified Cost $185,862)** | **Total Long-Term Investments—123.0%<br> (Identified Cost $185,862)** | &nbsp;&nbsp;&nbsp;&nbsp;**188889** |
| **TOTAL INVESTMENTS—123.0%<br> (Identified Cost $185,862)** | **TOTAL INVESTMENTS—123.0%<br> (Identified Cost $185,862)** | &nbsp;&nbsp;&nbsp;**$188889** |
| Other assets and liabilities, net—(23.0)% | Other assets and liabilities, net—(23.0)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35304) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;&nbsp;**$153585** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CDS | Credit Default Swap |
| DAC | Designated Activity Company |
| JSC | Joint Stock Company |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2025, these securities amounted to a value of $57,410 or 37.4% of net assets. |
| <sup>(3)</sup> | All or a portion is segregated as collateral for reverse repurchase agreements. On August 31, 2025, securities valued at $52,308 were pledged as collateral for reverse repurchase agreements. |
| <sup>(4)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(5)</sup> | This Note was issued for the sole purpose of funding a leveraged loan between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
| <sup>(6)</sup> | Represents step coupon bond. Rate shown reflects the rate in effect as of August 31, 2025. |
| <sup>(7)</sup> | Security in default; no interest payments are being received. |
| <sup>(8)</sup> | Amount is less than $500 (not in thousands). |
| <sup>(9)</sup> | 100% of the income received was in PIK. |
| <sup>(10)</sup> | No contractual maturity date. |

---

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### August 31, 2025
($ reported in thousands)

<sup>(11)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(12)</sup> Variable rate security. Rate disclosed is as of August 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

---

| | |
|:---|:---|
| **Counterparties:** |  |
| BCLY | Barclays |
| BOA | Bank of America |
| JPM | JPMorgan Chase Bank N.A. |

---

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| COP | Colombian Peso |

---

---

| | |
|:---|:---|
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| KZT | Kazakhstani Tenge |
| MXN | Mexican Peso |
| PLN | Polish Zloty |
| RON | Romania New Leu |
| TRY | Turkish Lira |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Mexico | &nbsp;&nbsp;&nbsp;19% |
| Argentina | &nbsp;&nbsp;13 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Angola | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;40 |
| Total | 100% |
| <sup>†</sup> % of total investments as of August 31, 2025. | <sup>†</sup> % of total investments as of August 31, 2025. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Reverse Repurchase Agreements as of August 31, 2025 were as follows:** | **Reverse Repurchase Agreements as of August 31, 2025 were as follows:** | **Reverse Repurchase Agreements as of August 31, 2025 were as follows:** | **Reverse Repurchase Agreements as of August 31, 2025 were as follows:** |
| **Counterparty** | **Interest Rate** | **Acquisition Date\*** | **Amount** |
| JPM | 4.88% | 07/31/25 | &nbsp;&nbsp;$(1609) |
| JPM | 4.90 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1733) |
| JPM | 4.90 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1041) |
| JPM | 4.90 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(2374) |
| JPM | 4.90 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(3205) |
| JPM | 4.95 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(4741) |
| JPM | 4.95 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(2202) |
| JPM | 5.00 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1442) |
| JPM | 5.00 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699) |
| JPM | 5.00 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1128) |
| JPM | 5.00 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(3113) |
| JPM | 5.00 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683) |
| JPM | 5.05 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1033) |
| JPM | 5.05 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(2331) |
| JPM | 5.05 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1161) |
| JPM | 5.05 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(589) |
| JPM | 5.05 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) |
| JPM | 5.05 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(2597) |

---

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### August 31, 2025
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
| **Reverse Repurchase Agreements as of August 31, 2025 were as follows:** | **Reverse Repurchase Agreements as of August 31, 2025 were as follows:** | **Reverse Repurchase Agreements as of August 31, 2025 were as follows:** | **Reverse Repurchase Agreements as of August 31, 2025 were as follows:** |
| **Counterparty** | **Interest Rate** | **Acquisition Date\*** | **Amount** |
| JPM | 5.15% | 07/31/25 | &nbsp;&nbsp;$(2939) |
| JPM | 5.15 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(2447) |
| JPM | 5.15 | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(3895) |
| **Total** |  |  | $(41592) |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>\*</sup> | All agreements can be terminated by either party on demand at value plus accrued interest. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of August 31, 2025 were as follows:** |
| **Reference Entity** | **Payment<br> Frequency** | **Counterparty** | **Fixed<br> Rate** | **Expiration<br> Date** | **Notional<br> Amount<sup>(2)</sup>** | **Value** | **Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| Republic of Argentina 5 Year CDS,<br> CCC /BL<sup>(3),\*</sup> | Quarterly | BCLY | 5.000% | 12/20/25 | $11200 | $45 | $(214) | $259 | $— |
| **Total** |  |  |  |  |  | $45 | $(214) | $259 | $— |

---

---

| | |
|:---|:---|
| **<sup>Footnote Legend:</sup>** | **<sup>Footnote Legend:</sup>** |
| <sup>(1)</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
| <sup>(2)</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| <sup>(3)</sup> | Based on Republic of Argentina Sovereign Debt Obligation, USD Denominated 1.00% fixed coupon, 07/09/2029 maturity. |
| <sup>\*</sup> | S&P / Morningstar DBRS, respectively. |

---

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### August 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of August 31, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Credit Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572 |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Over-the-Counter Credit Default Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572 |
| Liabilities: |  |  |  |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$147342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$143770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3572 |

---

<sup>\*</sup> Other financial instruments are derivative instruments reflected in the Schedule of Investments. Swap contracts and forward currency exchange contracts are valued at the net unrealized appreciation (depreciation) on the instrument by level and counterparty. For liabilities arising from reverse repurchase agreements, the carrying amount approximates fair value due to the short-term maturity of these financial instruments.

There were no securities valued using quoted prices (Level 1) at August 31, 2025.

There were no transfers into or out of Level 3 related to securities held at August 31, 2025.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### August 31, 2025
($ reported in thousands)

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Credit<br> Linked<br> Notes |
| **Investments in Securities** |  |  |
| **Balance as of November 30, 2024:** | &nbsp;&nbsp;&nbsp;&nbsp;$4760 | &nbsp;&nbsp;&nbsp;&nbsp;$4760 |
| Accrued discount/(premium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580) |
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 |
| Sales<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1427) |
| **Balance as of August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;$3572 | &nbsp;&nbsp;&nbsp;&nbsp;$3572 |

---

<sup>(a)</sup> The net change in unrealized appreciation (depreciation) on investments still held at August 31, 2025, was $701.

<sup>(b)</sup> Includes paydowns on securities.

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

#### August 31, 2025

#### Note 1. Security Valuation
The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as

------

#### VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND

#### NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### August 31, 2025
mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For additional information about significant accounting policies, refer to the Fund's most recent semi or annual report.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Virtus Stone Harbor Emerging Markets Income Fund

- **b. Investment Company Act file number:** 811-22473

- **c. CIK number of Registrant:** 0001501103

- **d. LEI of Registrant:** XXFOYQ5TGUGS75Z22C46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 101 Munson Street

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301-9683

  - **Telephone number:** 866-270-7788

**Item A.2. Information about the Series.**

- **a. Name of Series:** Virtus Stone Harbor Emerging Markets Income Fund

- **c. LEI of Series:** XXFOYQ5TGUGS75Z22C46

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-29

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $199199261.28

**Total Liabilities:** $45762619.62

**Net Assets:** $153436641.66

**Cash Not Reported:** $6562099.53

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -55.54437116 | **5-Year:** -2709.04343600 | **10-Year:** -11244.90609000 | **30-Year:** -9893.65311400

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -85.70802023 | **1-Year:** -1480.66696800 | **5-Year:** -11599.00135000 | **10-Year:** -16912.54754000 | **30-Year:** -10126.01710000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 3.88%                | 1.27%                | 2.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14288.92                | $4068865.34                                |
| Month 2  | $455084.62               | $327467.50                                 |
| Month 3  | $1266947.86              | $733750.01                                 |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INTERCONTINENTAL EXCHANGE, INC.           | CDS REPUBLIC OF ARGENTINA                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |           1 | NC      | $45261.95     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                   | Mexican Bonos                                        | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    29000000 | PA      | $1504089.98   | 0.98%             | 2027-03-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMBIPAR LUX SARL                          | Ambipar Lux Sarl                                     | CUSIP: 02319WAB7<br>LEI: 9845008C0E14F9BDEK55 | Long             | DBT              | CORP              | LU        |      802000 | PA      | $667945.70    | 0.44%             | 2033-02-05      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| UZAUTO MOTORS AJ                          | Uzauto Motors AJ                                     | CUSIP: 46653NAA0<br>LEI: 25490082QA3E2MKBZI88 | Long             | DBT              | CORP              | UZ        |     2166000 | PA      | $2135134.50   | 1.39%             | 2026-05-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |     -699403 | PA      | $-699402.73   | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| NEON CAPITAL LTD #225                     | Neon Capital Ltd/KY                                  | CUSIP: 000000000<br>LEI: 549300K1NZTY5QS1NO76 | Long             | DBT              | CORP              | KY        |   184057044 | PA      | $1213896.00   | 0.79%             | 2028-01-06      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| TUNISIAN REPUBLIC                         | Tunisian Republic                                    | CUSIP: 000000000<br>LEI: 254900B5LFB16S9T2T11 | Long             | DBT              | NUSS              | TN        |      608000 | PA      | $702742.27    | 0.46%             | 2026-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                  | Yapi ve Kredi Bankasi AS                             | CUSIP: 984848AR2<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |      763000 | PA      | $811984.60    | 0.53%             | 2034-01-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |     -683123 | PA      | $-683122.78   | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST                               | Ivory Coast Government International Bond            | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      465000 | PA      | $529924.69    | 0.35%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                      | Colombian TES                                        | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  5800000000 | PA      | $1420601.16   | 0.93%             | 2026-08-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                  | Brazil Notas do Tesouro Nacional Serie F             | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     8000000 | PA      | $1409191.61   | 0.92%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                     | Sri Lanka Government International Bond              | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      113786 | PA      | $94584.95     | 0.06%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT BANK OF KAZA                  | Development Bank of Kazakhstan JSC                   | CUSIP: 25159XAC7<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |   506000000 | PA      | $895874.40    | 0.58%             | 2026-05-06      | Fixed         | 10.95%                | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -2596701 | PA      | $-2596701.32  | -1.69%            |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                   | Ethiopia International Bond                          | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |     1212000 | PA      | $1115040.00   | 0.73%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM                         | MC Brazil Downstream Trading SARL                    | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     1584507 | PA      | $1344117.29   | 0.88%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                           | IHS Holding Ltd                                      | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |      487000 | PA      | $481369.06    | 0.31%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENER                  | Aydem Yenilenebilir Enerji AS                        | CUSIP: 054644AA7<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |      729600 | PA      | $720341.38    | 0.47%             | 2027-02-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -2939494 | PA      | $-2939493.53  | -1.92%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                   | El Salvador Government International Bond            | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     1298000 | PA      | $1293457.00   | 0.84%             | 2027-01-18      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                         | Vedanta Resources Finance II PLC                     | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      343000 | PA      | $351842.09    | 0.23%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                     | Sri Lanka Government International Bond              | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       76832 | PA      | $54934.88     | 0.04%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -2374250 | PA      | $-2374249.98  | -1.55%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                  | Petroleos de Venezuela SA                            | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |     5517000 | PA      | $940648.50    | 0.61%             | 2035-05-17      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -3895039 | PA      | $-3895038.88  | -2.54%            |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                        | Ukraine Government International Bond                | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      122663 | PA      | $63171.33     | 0.04%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                   | Romania Government Bond                              | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     7400000 | PA      | $1641082.37   | 1.07%             | 2029-04-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -3112961 | PA      | $-3112961.33  | -2.03%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -1127962 | PA      | $-1127962.50  | -0.74%            |  |  |  | No            |                  2 | On Loan: No      |
| NEON CAPITAL LTD 386                      | Neon Capital Ltd/KY                                  | CUSIP: 000000000<br>LEI: 549300K1NZTY5QS1NO76 | Long             | DBT              | CORP              | KY        |   245843793 | PA      | $1619552.76   | 1.06%             | 2028-01-01      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -1441952 | PA      | $-1441951.67  | -0.94%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond             | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    38600000 | PA      | $1517622.90   | 0.99%             | 2041-02-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                     | Argentine Republic Government International Bond     | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    11157600 | PA      | $8832141.93   | 5.76%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                    | Republic of Poland Government Bond                   | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    13200000 | PA      | $3786690.45   | 2.47%             | 2033-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                     | Petroleos del Peru SA                                | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     1225000 | PA      | $833686.00    | 0.54%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                      | Constellation Oil Services Holding SA                | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |      813000 | PA      | $829666.50    | 0.54%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                   | Turkiye Government Bond                              | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    57000000 | PA      | $1354646.09   | 0.88%             | 2025-10-01      | Fixed         | 12.60%                | No            |                  2 | On Loan: No      |
| GENER MEDIT/CENT TERMICA                  | Generacion Mediterranea SA / Central Termica Roca SA | CUSIP: 36875KAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |     1061000 | PA      | $631295.00    | 0.41%             | 2031-11-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                        | Zambia Government International Bond                 | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |           2 | PA      | $1.28         | 0.00%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                        | Angolan Government International Bond                | CUSIP: 035198AA8<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     3860000 | PA      | $3876887.50   | 2.53%             | 2025-11-12      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                   | Mexican Bonos                                        | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    98800000 | PA      | $4498579.52   | 2.93%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                     | Sri Lanka Government International Bond              | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      112010 | PA      | $103049.57    | 0.07%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                         | Lebanon Government International Bond                | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      848000 | PA      | $165784.00    | 0.11%             | 2023-05-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                  | Petroleos de Venezuela SA                            | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |      700000 | PA      | $119945.00    | 0.08%             | 2022-02-17      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                       | Petroleos Mexicanos                                  | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    25240000 | PA      | $1320013.66   | 0.86%             | 2026-11-12      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                   | Pakistan Government International Bond               | CUSIP: 695847AS2<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     3020000 | PA      | $3001880.00   | 1.96%             | 2026-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                  | Banco Mercantil del Norte SA/Grand Cayman            | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |      426000 | PA      | $404700.00    | 0.26%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond             | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    36800000 | PA      | $1718419.60   | 1.12%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                         | Kosmos Energy Ltd                                    | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |       90000 | PA      | $89190.00     | 0.06%             | 2026-04-04      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                        | Ukraine Government International Bond                | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      383988 | PA      | $206393.44    | 0.13%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                      | Samarco Mineracao SA                                 | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     2384364 | PA      | $2367554.23   | 1.54%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -1033522 | PA      | $-1033521.68  | -0.67%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -4741148 | PA      | $-4741147.57  | -3.09%            |  |  |  | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                         | Vedanta Resources Finance II PLC                     | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      674000 | PA      | $665406.50    | 0.43%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                         | Gabon Government International Bond                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     4098000 | PA      | $3804747.12   | 2.48%             | 2029-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                        | Angolan Government International Bond                | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      456000 | PA      | $431490.00    | 0.28%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                        | Leviathan Bond Ltd                                   | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |      800000 | PA      | $794504.00    | 0.52%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING)                  | VF Ukraine PAT via VFU Funding PLC                   | CUSIP: 918212AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |      560418 | PA      | $532397.17    | 0.35%             | 2027-02-11      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                    | Egypt Government International Bond                  | CUSIP: 03846JAA8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     2741000 | PA      | $2699885.00   | 1.76%             | 2026-02-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                       | Senegal Government International Bond                | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     2508000 | PA      | $2577438.89   | 1.68%             | 2028-03-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -1732533 | PA      | $-1732532.86  | -1.13%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                   | El Salvador Government International Bond            | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      683000 | PA      | $719499.52    | 0.47%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                              | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 40300000000 | PA      | $2786320.98   | 1.82%             | 2039-04-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                     | Petroleos del Peru SA                                | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     2625000 | PA      | $2130187.50   | 1.39%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT BANK OF KAZA                  | Development Bank of Kazakhstan JSC                   | CUSIP: 48129VAC0<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |   270000000 | PA      | $467336.52    | 0.30%             | 2027-04-15      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -1608779 | PA      | $-1608779.35  | -1.05%            |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                        | Ukraine Government International Bond                | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      298657 | PA      | $159034.94    | 0.10%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond             | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    25700000 | PA      | $1214706.71   | 0.79%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                    | Mozambique International Bond                        | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |     1968000 | PA      | $1742270.40   | 1.14%             | 2031-09-15      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                        | Angolan Government International Bond                | CUSIP: 035198AB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      808000 | PA      | $795122.50    | 0.52%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                         | Gabon Government International Bond                  | CUSIP: 362420AE1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     1800000 | PA      | $1466442.00   | 0.96%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                     | Sri Lanka Government International Bond              | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       57674 | PA      | $54861.92     | 0.04%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                        | Ukraine Government International Bond                | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      330661 | PA      | $174423.81    | 0.11%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Republic of Iraq CLN                      | Republic of Iraq CLN                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IQ        |   111862564 | PA      | $738138.40    | 0.48%             | 2028-01-01      | Floating      | 2.54%                 | No            |                  3 | On Loan: No      |
| TITULOS DE TESORERIA                      | Colombian TES                                        | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  7900000000 | PA      | $1548019.48   | 1.01%             | 2032-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -2201594 | PA      | $-2201594.04  | -1.43%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                        | Angolan Government International Bond                | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      222000 | PA      | $204112.17    | 0.13%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                              | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 27400000000 | PA      | $1874185.92   | 1.22%             | 2034-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                      | Colombian TES                                        | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  8275000000 | PA      | $1571884.37   | 1.02%             | 2034-10-18      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT BANK OF KAZA                  | Development Bank of Kazakhstan JSC                   | CUSIP: 25159XAF0<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |   590000000 | PA      | $985183.05    | 0.64%             | 2028-05-23      | Fixed         | 13.49%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                       | Ecuador Government International Bond                | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     5907000 | PA      | $5322207.00   | 3.47%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                   | Mexican Bonos                                        | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    58000000 | PA      | $2900814.17   | 1.89%             | 2034-11-23      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                  | Azule Energy Finance Plc                             | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |      750000 | PA      | $757500.00    | 0.49%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                               | Ivory Coast Government International Bond            | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     3170000 | PA      | $3184867.30   | 2.08%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                        | Ukraine Government International Bond                | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       46612 | PA      | $23538.98     | 0.02%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -1041012 | PA      | $-1041012.14  | -0.68%            |  |  |  | No            |                  2 | On Loan: No      |
| REP OF ANGOLA(AVENIR IS)                  | Republic of Angola Via Avenir Issuer II Ireland DAC  | CUSIP: 000000000<br>LEI: 635400VEZIQKZPR7KU35 | Long             | DBT              | NUSS              | IE        |     1182857 | PA      | $1131899.66   | 0.74%             | 2027-02-19      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -3204577 | PA      | $-3204577.04  | -2.09%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |     -589105 | PA      | $-589104.58   | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                      | Republic of Cameroon International Bond              | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |     3882000 | PA      | $3693955.92   | 2.41%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                        | Ukraine Government International Bond                | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     8298000 | PA      | $4460175.00   | 2.91%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |     -629782 | PA      | $-629782.13   | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                  | Provincia de Buenos Aires/Government Bonds           | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |     9381714 | PA      | $6424031.02   | 4.19%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                         | Kosmos Energy Ltd                                    | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |      710000 | PA      | $672075.35    | 0.44%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BOLIVIA GOVERNMENT                        | Bolivian Government International Bond               | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |     4100000 | PA      | $3232850.00   | 2.11%             | 2028-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                           | IHS Holding Ltd                                      | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |      630000 | PA      | $647992.80    | 0.42%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                  | Banco Mercantil del Norte SA/Grand Cayman            | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |      392000 | PA      | $405974.80    | 0.26%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                       | Petroleos Mexicanos                                  | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     5232000 | PA      | $5538856.80   | 3.61%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                       | Petroleos Mexicanos                                  | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      293000 | PA      | $255753.84    | 0.17%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                       | Petroleos Mexicanos                                  | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     4621000 | PA      | $3940742.59   | 2.57%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC                    | Gran Tierra Energy Inc                               | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |     3445000 | PA      | $2803506.55   | 1.83%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                         | Republic of Kenya Government International Bond      | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     2900000 | PA      | $2866476.00   | 1.87%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LTD                    | Poinsettia Finance Ltd                               | CUSIP: 000000000<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | KY        |    15567056 | PA      | $14798666.35  | 9.64%             | 2031-06-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                    | Egypt Government International Bond                  | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      246000 | PA      | $269160.65    | 0.18%             | 2031-04-11      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -2331084 | PA      | $-2331084.44  | -1.52%            |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                      | Colombian TES                                        | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  6600000000 | PA      | $1493245.38   | 0.97%             | 2028-04-28      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                   | Hungary Government Bond                              | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   740000000 | PA      | $1921447.37   | 1.25%             | 2032-11-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OHI GROUP SA                              | OHI Group SA                                         | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |     1305300 | PA      | $1375055.23   | 0.90%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                        | Ukraine Government International Bond                | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      174181 | PA      | $69237.00     | 0.05%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                        | Angolan Government International Bond                | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     1850000 | PA      | $1820515.63   | 1.19%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                           | IHS Holding Ltd                                      | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |      103000 | PA      | $105053.82    | 0.07%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                     | Argentine Republic Government International Bond     | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    10788000 | PA      | $8144940.00   | 5.31%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond             | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    48000000 | PA      | $2817752.11   | 1.84%             | 2026-12-21      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                     | Sri Lanka Government International Bond              | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      106691 | PA      | $89487.24     | 0.06%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -2446617 | PA      | $-2446617.47  | -1.59%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                        | Zambia Government International Bond                 | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     3839659 | PA      | $3576488.50   | 2.33%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                    | Egypt Government International Bond                  | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     7000000 | PA      | $8199536.63   | 5.34%             | 2026-04-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                        | Ukraine Government International Bond                | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      561000 | PA      | $298732.50    | 0.19%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                               | Ivory Coast Government International Bond            | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      553000 | PA      | $631427.79    | 0.41%             | 2030-03-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond             | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    16700000 | PA      | $724654.28    | 0.47%             | 2036-03-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                  | Brazil Notas do Tesouro Nacional Serie F             | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    22300000 | PA      | $3579256.79   | 2.33%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                  | Brazil Notas do Tesouro Nacional Serie F             | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    18800000 | PA      | $2899697.53   | 1.89%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                   | Mong Duong Finance Holdings BV                       | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     1016401 | PA      | $1004000.87   | 0.65%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | JPM                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Short            | RA               | CORP              | US        |    -1161457 | PA      | $-1161457.47  | -0.76%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Virtus Stone Harbor Emerging Markets Income Fund

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer