VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
August 31, 2026
($ reported in thousands)
 
 
Par Value(1)
Value
Foreign Government Securities—82.1%
Angola—5.5%
Republic of Angola
144A
9.375%, 3/31/33(2)
$2,965
$3,076
144A
9.875%, 10/15/35(2)
800
844
144A
9.875%, 3/31/37(2)
4,661
4,833
Republic of Angola Via
Avenir Issuer II Ireland
DAC RegS
6.927%, 2/19/27(3)(4)
296
295
 
9,048
 
 
Argentina—19.5%
Provincia de Buenos Aires
RegS
6.625%, 9/1/37(4)(5)
8,868
7,029
Republic of Argentina

1.000%, 7/9/29(6)
7,747
6,925

0.750%, 7/9/30(5)(6)
20,659
17,881
 
31,835
 
 
Benin—0.5%
Benin Government
International Bond RegS
4.950%, 1/22/35(4)
755
EUR
826
Bolivia—1.0%
Bolivia Government Bond
RegS
9.450%, 5/14/31(4)
1,600
1,590
Brazil—5.0%
Brazil Notas do Tesouro
Nacional
Series F
10.000%, 1/1/27
8,000
BRL
1,527
Series F
10.000%, 1/1/31
22,300
BRL
3,725
Series F
10.000%, 1/1/33
18,800
BRL
2,982
 
8,234
 
 
 
Par Value(1)
Value
 
Cameroon—2.4%
Republic of Cameroon
RegS
9.500%, 7/31/31(4)
$3,882
$3,933
Colombia—1.5%
Titulos De Tesoreria

7.000%, 6/30/32
2,600,000
COP
624
Series B
7.250%, 10/18/34
8,275,000
COP
1,869
 
2,493
 
 
Ecuador—6.0%
Republic of Ecuador
144A
9.250%, 1/29/39(2)(6)
4,515
4,562
RegS
6.900%, 7/31/35(4)(5)
3,648
3,335
RegS
5.500%, 7/31/40(4)(5)
2,400
1,962
 
9,859
 
 
Egypt—1.2%
Arab Republic of Egypt
144A
6.375%, 4/11/31(2)
246
EUR
289
144A
7.053%, 1/15/32(2)
339
339
RegS
8.700%, 3/1/49(4)
1,379
1,337
 
1,965
 
 
El Salvador—1.2%
Republic of El Salvador
RegS
6.375%, 1/18/27(4)(6)
1,298
1,299
RegS
8.625%, 2/28/29(4)(6)
683
722
 
2,021
 
 
Gabon—3.0%
Republic of Gabon
144A
7.000%, 11/24/31(2)
1,050
909
See Notes to Schedule of Investments
1
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Gabon—continued
RegS
9.500%, 2/18/29(4)
$4,098
$3,960
 
4,869
 
 
Ghana—0.2%
Republic of Ghana 144A
5.000%, 7/3/35(2)(5)
380
354
Hungary—1.4%
Hungary Government Bond
4.750%, 11/24/32
740,000
HUF
2,257
Indonesia—2.6%
Indonesia Government
Bond

8.375%, 3/15/34
27,400,000
IDR
1,671

8.375%, 4/15/39
40,300,000
IDR
2,513
 
4,184
 
 
Ivory Coast—2.5%
Republic of Ivory Coast
144A
7.625%, 1/30/33(2)(6)
3,170
3,365
RegS
5.250%, 3/22/30(4)
553
EUR
649
 
4,014
 
 
Kenya—2.9%
Republic of Kenya
144A
7.875%, 10/9/33(2)
1,700
1,704
144A
9.500%, 3/5/36(2)(6)
2,900
3,055
 
4,759
 
 
Mexico—5.9%
Mex Bonos Desarr

5.500%, 3/4/27
29,000
MXN
1,697

7.750%, 11/23/34
58,000
MXN
3,135

7.750%, 11/13/42
98,800
MXN
4,868
 
9,700
 
 
Nigeria—0.8%
Republic of Nigeria 144A
9.625%, 6/9/31(2)
1,110
1,242
 
Par Value(1)
Value
 
Poland—2.2%
Poland Government Bond
6.000%, 10/25/33
13,200
PLN
$3,591
Romania—2.9%
Romania Government
Bond
6.300%, 4/25/29
7,400
RON
1,626
Romanian Government
International Bond 144A
6.375%, 1/30/34(2)(6)
$3,150
3,144
 
4,770
 
 
Senegal—1.0%
Republic of Senegal RegS
4.750%, 3/13/28(4)
2,472
EUR
1,597
South Africa—6.1%
Republic of South Africa

10.500%, 12/21/26
16,000
ZAR
1,003

10.500%, 12/21/27
16,000
ZAR
1,031

6.250%, 3/31/36
16,700
ZAR
871

6.500%, 2/28/41
38,600
ZAR
1,875

8.750%, 1/31/44
25,700
ZAR
1,512

8.750%, 2/28/48
36,800
ZAR
2,165
144A
7.100%, 11/19/36(2)(6)
1,500
1,600
 
10,057
 
 
Turkey—1.2%
Republic of Turkiye
7.125%, 2/12/32
2,000
2,035
Ukraine—3.0%
Ukraine Government Bond
144A
0.000%, 2/1/30(2)(5)
46
33
144A
0.000%, 2/1/34(2)(5)
174
97
144A
4.500%, 2/1/34(2)(5)
384
264
144A
4.500%, 2/1/35(2)(5)
299
201
144A
0.000%, 2/1/36(2)(5)
123
71
See Notes to Schedule of Investments
2
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Ukraine—continued
144A
4.500%, 2/1/36(2)(5)
$331
$219
RegS
4.000%, 2/1/32(4)(5)
4,356
3,577
RegS
4.500%, 2/1/35(4)(5)
561
377
 
4,839
 
 
Venezuela—2.2%
Bolivarian Republic of
Venezuela
RegS
12.750%, 8/23/22(4)(7)
200
118
RegS
8.250%, 10/13/24(4)(7)
7,000
3,476
 
3,594
 
 
Zambia—0.4%
Republic of Zambia 144A
5.750%, 6/30/33(2)(5)
680
668
Total Foreign Government
Securities
(Identified Cost $128,081)
134,334
 
 
Corporate Bonds and Notes—43.4%
Angola—0.5%
Azule Energy Finance plc
144A
8.125%, 1/23/30(2)
750
765
Argentina—2.1%
Generacion Mediterranea
S.A.

144A
7.500%, 12/31/34(2)
1,352
1,064

144A
4.000%, 6/30/36(2)(8)
186
80
MSU Energy S.A. 144A
9.750%, 12/5/30(2)
775
785
 
Par Value(1)
Value
 
Argentina—continued
MSU Green Energy 144A
9.750%, 6/16/36(2)
$1,478
$1,436
 
3,365
 
 
Brazil—5.8%
FS Luxembourg S.a.r.l.
144A
8.125%, 2/11/36(2)(6)
1,692
1,487
MC Brazil Downstream
Trading S.a.r.l. 144A
7.250%, 6/30/31(2)(6)
1,525
1,512
Movida Europe S.A. 144A
9.700%, 10/11/33(2)(6)
1,084
1,015
OHI Group S.A. 144A
13.000%, 7/22/29(2)(6)
1,305
1,305
Samarco Mineracao S.A.
(9.000% or 5.000% PIK,
4.000% cash) 144A
9.500%, 6/30/31(2)(8)
2,556
2,580
Vamos Europe S.A. 144A
9.200%, 1/26/31(2)(6)
1,600
1,532
 
9,431
 
 
Colombia—2.2%
Gran Tierra Energy, Inc.
144A
9.750%, 4/15/31(2)
3,497
3,627
Ghana—0.4%
Kosmos Energy Gta
Holdings 144A, RegS
11.250%, 1/29/31(2)(4)
300
319
Kosmos Energy Ltd. RegS
7.750%, 5/1/27(4)
410
410
 
729
 
 
India—0.3%
Vedanta Resources Finance
II plc 144A
7.375%, 7/13/34(2)
450
451
See Notes to Schedule of Investments
3
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Kazakhstan—1.1%
Development Bank of
Kazakhstan JSC

144A
13.000%, 4/15/27(2)
270,000
KZT
$574

144A
13.489%, 5/23/28(2)
590,000
KZT
1,232
 
1,806
 
 
Kyrgyzstan—3.0%
Eldik Bank OAO 144A
8.500%, 4/23/31(2)
$4,936
4,961
Mexico—19.3%
Banco Mercantil del Norte
S.A.

144A 5.875%(2)(9)
227
226

144A 6.625%(2)(9)
642
611
Grupo Aeromexico SAB de
C.V. 144A
8.625%, 11/15/31(2)(6)
800
818
Petroleos Mexicanos

8.750%, 6/2/29(6)
5,232
5,609

6.625%, 6/15/35(6)
4,660
4,454

7.690%, 1/23/50(6)
4,621
4,214

RegS 6.700%, 2/16/32(4)
293
295
Series 14-2
7.470%, 11/12/26
25,240
MXN
1,483
Poinsettia Finance Ltd.
S.a.r.l. RegS
6.625%, 6/17/31(4)
14,144
13,952
 
31,662
 
 
Nigeria—0.8%
IHS Holding Ltd.

144A
6.250%, 11/29/28(2)
487
484

144A 7.875%, 5/29/30(2)
103
106

144A
8.250%, 11/29/31(2)
617
640
 
1,230
 
 
Peru—0.9%
Petroleos del Peru S.A.
RegS
4.750%, 6/19/32(4)
1,708
1,480
 
Par Value(1)
Value
 
Turkey—2.4%
Aydem Yenilenebilir Enerji
AS 144A
9.875%, 9/30/30(2)
$567
$564
Guermat Elektrik Ueretim
AS 144A
10.748%, 5/21/35(2)
393
392
Limak Yenilenebilir Enerji
AS 144A
9.625%, 8/12/30(2)
1,200
1,189
WE Soda Investments
Holding plc

144A 9.500%, 10/6/28(2)
500
503

RegS 9.375%, 2/14/31(4)
500
487
Yapi ve Kredi Bankasi AS
144A
9.250%, 1/17/34(2)
763
787
 
3,922
 
 
Ukraine—0.3%
VF Ukraine PAT via VFU
Funding plc 144A
9.625%, 2/11/27(2)(3)
560
556
Venezuela—3.9%
Petroleos de Venezuela S.A.

RegS
9.000%, 11/17/21(4)(7)
9,677
4,390

RegS
12.750%, 2/17/22(4)(7)
3,834
1,994
 
6,384
 
 
Vietnam—0.4%
Mong Duong Finance
Holdings B.V. 144A
5.125%, 5/7/29(2)(6)
714
702
Total Corporate Bonds and Notes
(Identified Cost $67,470)
71,071
 
 
Credit Linked Notes—1.2%
Iraq—1.2%
Republic of Iraq
(Counterparty: BOA)
2.536%, 1/1/28(10)
67,116
JPY
415
See Notes to Schedule of Investments
4
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2026
($ reported in thousands)
 
Par Value(1)
Value
 
Iraq—continued
(Counterparty: BOA)
4.558%, 1/1/28(10)(11)
147,454
JPY
$900
(Counterparty: BOA)
4.739%, 1/6/28(10)(11)
110,527
JPY
681
Total Credit Linked Notes
(Identified Cost $2,806)
1,996
 
 
Total Long-Term
Investments—126.7%
(Identified Cost $198,357)
207,401
 
 
Short-Term Investment—1.1%
Commercial Paper—1.1%
Nigeria OMO Bill Series
138D
0.000%, 10/27/26(12)
2,400,000
NGN
1,741
Total Short-Term Investment
(Identified Cost $1,712)
1,741
 
 
TOTAL INVESTMENTS—127.8%
(Identified Cost $200,069)
$209,142
Other assets and liabilities, net—(27.8)%
(45,492
)
NET ASSETS—100.0%
$163,650
 
Abbreviations:
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:
(1)
Par Value disclosed in foreign currency is
reported in thousands.
(2)
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, 2026, these
securities amounted to a value of $63,172 or
38.6% of net assets.
(3)
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.
(4)
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.
(5)
Represents step coupon bond. Rate shown
reflects the rate in effect as of August 31, 2026.
(6)
All or a portion is segregated as collateral for
reverse repurchase agreements. On August 31,
2026, securities valued at $64,087 were pledged
as collateral for reverse repurchase agreements.
(7)
Security in default; no interest payments are
being received.
(8)
Payment-in-kind security which may pay
interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate
and possible payment rates.
(9)
No contractual maturity date.
(10)
The value of this security was determined using
significant unobservable inputs and is reported
as a Level 3 security in the Fair Value Hierarchy
table located after the Schedule of Investments.
See Notes to Schedule of Investments
5
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2026
($ reported in thousands)
(11)
Variable rate security. Rate disclosed is as of
August 31, 2026. 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.
(12)
Issued with a zero coupon. Income is recognized
through the accretion of discount.
 
Counterparties:
 
JPM
JPMorgan Chase Bank N.A.
 
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
NGN
Nigerian Naira
PLN
Polish Zloty
RON
Romania New Leu
ZAR
South African Rand
 
Country Weightings†
Mexico
20
%
Argentina
17
Brazil
8
South Africa
5
Venezuela
5
Ecuador
5
Angola
5
Other
35
Total
100
%
† % of total investments as of August 31, 2026.
See Notes to Schedule of Investments
6
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2026
($ reported in thousands)
 
Reverse Repurchase Agreements as of August 31, 2026 were as follows:
Counterparty
Interest Rate
Acquisition Date*
Amount
JPM
4.25
%
08/27/26
$(1,242
)
JPM
4.30
07/30/26
(593
)
JPM
4.30
07/30/26
(3,376
)
JPM
4.30
07/30/26
(2,467
)
JPM
4.30
07/30/26
(1,043
)
JPM
4.30
07/30/26
(2,720
)
JPM
4.30
07/30/26
(585
)
JPM
4.30
07/30/26
(1,062
)
JPM
4.30
07/30/26
(4,829
)
JPM
4.30
08/26/26
(3,849
)
JPM
4.35
07/30/26
(2,684
)
JPM
4.35
07/30/26
(1,303
)
JPM
4.40
07/30/26
(4,241
)
JPM
4.40
07/30/26
(671
)
JPM
4.40
07/30/26
(3,707
)
JPM
4.45
07/30/26
(857
)
JPM
4.45
07/30/26
(1,315
)
JPM
4.50
07/30/26
(1,198
)
JPM
4.55
07/30/26
(10,170
)
JPM
4.55
07/30/26
(2,793
)
Total
$(50,705
)
 
Footnote Legend:
*
All agreements can be terminated by either party on demand at value plus accrued interest.
See Notes to Schedule of Investments
7
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2026
($ reported in thousands)
The following table summarizes the value of the Fund’s investments as of August 31, 2026, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments): 
 
Total
Value at
August 31, 2026
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Assets:
Debt Instruments:
Foreign Government Securities
$134,334
$134,334
$—
Corporate Bonds and Notes
71,071
71,071
—
Commercial Paper
1,741
1,741
—
Credit Linked Notes
1,996
—
1,996
Total Assets
209,142
207,146
1,996
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements*
(50,705
)
(50,705
)
—
Total Liabilities
(50,705
)
(50,705
)
—
Total Investments
$158,437
$156,441
$1,996
 
*
Other financial instruments are derivative instruments reflected in the Schedule of Investments. 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, 2026.
Security held by the Fund with an end of period value of $295 was transferred from Level 3 to Level 2 due to a increase in trading activities at period end.
Some of the Fund’s investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.
See Notes to Schedule of Investments
8
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2026
($ 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.
 
 
Total
Corporate
Bonds and
Notes
Credit
Linked
Notes
Investments in Securities
Balance as of November 30, 2025:
$3,641
$255
$3,386
Accrued discount/(premium)
93
4
89
Net realized gain (loss)
(640
)
—
(640
)
Net change in unrealized appreciation (depreciation)(a)
549
36
513
Sales(b)
(1,352
)
—
(1,352
)
Transfers from Level 3(c)
295
(295
)
—
Balance as of August 31, 2026
$1,996
$—
$1,996
(a) The net change in unrealized appreciation (depreciation) on investments still held at August 31, 2026, was $513.
(b) Includes paydowns on securities.
(c) Transfers into and/or from represent the ending value as of August 31, 2026, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.
See Notes to Schedule of Investments
9
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
August 31, 2026
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.
 • Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
 • Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 • 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
10
VIRTUS STONE HARBOR EMERGING MARKETS INCOME FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2026
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.
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