Stone Harbor Emerging Markets Debt Fund	Statement of Investments
August 31, 2021 (Unaudited)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
SOVEREIGN DEBT OBLIGATIONS - 68.86%
Angola - 1.92%
Republic of Angola:
	USD		6M US L + 7.50	%	07/01/23		13,867,077	$	13,901,744	(1)
	USD		6M US L + 4.50	%	12/07/23		2,275,000		2,263,625	(1)
	USD		6.93	%	02/19/27		6,089,286		5,739,152
	USD		9.38	%	05/08/48		5,991,000		6,371,998	(2)
									28,276,519
Argentina - 2.81%
Republic of Argentina:
	USD		0.50	%	07/09/30		91,094,980		35,549,816	(3)
	USD		1.13	%	07/09/46		16,477,974		5,783,769	(3)
									41,333,585
Armenia - 0.13%
Republic of Armenia	USD		3.60	%	02/02/31		2,074,000		1,980,349	(4)
Bahamas - 0.23%
Commonwealth of Bahamas:
	USD		6.00	%	11/21/28		672,000		659,499	(2)
	USD		8.95	%	10/15/32		2,459,000		2,687,583	(4)
									3,347,082
Bahrain - 2.43%
Kingdom of Bahrain:
	USD		7.00	%	10/12/28		2,521,000		2,785,705	(4)
	USD		6.75	%	09/20/29		3,538,000		3,850,308	(4)
	USD		7.38	%	05/14/30		4,915,000		5,481,134	(2)
	USD		5.63	%	09/30/31		5,474,000		5,480,008	(4)
	USD		5.63	%	09/30/31		1,091,000		1,092,197	(2)
	USD		5.45	%	09/16/32		7,352,000		7,232,530	(4)
	USD		5.25	%	01/25/33		9,492,000		9,171,645	(4)
	USD		6.00	%	09/19/44		765,000		718,643	(2)
									35,812,170
Belarus - 1.53%
Development Bank Belarus	USD		6.75	%	05/02/24		5,984,000		5,595,040	(2)
Republic of Belarus:
	USD		5.88	%	02/24/26		6,324,000		5,906,616	(2)
	USD		7.63	%	06/29/27		275,000		269,087	(4)
	USD		7.63	%	06/29/27		1,811,000		1,772,064	(2)
	USD		6.20	%	02/28/30		420,000		368,130	(4)
	USD		6.20	%	02/28/30		4,189,000		3,671,658	(2)
	USD		6.38	%	02/24/31		1,100,000		964,150	(4)
	USD		6.38	%	02/24/31		4,500,000		3,944,250	(2)
									22,490,995

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Brazil - 2.35%
Fed Republic of Brazil:
	USD		6.00	%	04/07/26		1,713,000	$	2,000,249
	USD		4.63	%	01/13/28		1,147,000		1,239,924
	USD		3.88	%	06/12/30		16,107,000		16,206,259
	USD		5.63	%	02/21/47		2,414,000		2,580,657
State of Minas Gerais:
	USD		5.33	%	02/15/28		1,295,700		1,401,115	(4)
	USD		5.33	%	02/15/28		10,365,600		11,208,919	(2)
									34,637,123
Cameroon - 0.09%
Republic of Cameroon	EUR		5.95	%	07/07/32		1,100,000		1,299,839	(4)
Chile - 1.23%
Republic of Chile:
	USD		2.55	%	07/27/33		3,442,000		3,516,863
	USD		3.86	%	06/21/47		5,289,000		6,005,607
	USD		3.50	%	01/25/50		7,991,000		8,579,018
									18,101,488
Colombia - 3.98%
Republic of Colombia:
	USD		8.13	%	05/21/24		2,703,000		3,161,942
	USD		3.00	%	01/30/30		7,591,000		7,444,361
	USD		3.13	%	04/15/31		14,043,000		13,740,795
	USD		3.25	%	04/22/32		1,744,000		1,705,632
	USD		7.38	%	09/18/37		1,304,000		1,690,091
	USD		6.13	%	01/18/41		4,466,000		5,222,295
	USD		4.13	%	02/22/42		1,870,000		1,799,875
	USD		5.00	%	06/15/45		9,151,000		9,594,595
	USD		5.20	%	05/15/49		2,392,000		2,568,536
	USD		3.88	%	02/15/61		13,349,000		11,706,372
									58,634,494
Costa Rica - 0.76%
Costa Rica Government:
	USD		4.38	%	04/30/25		1,800,000		1,869,453	(2)
	USD		5.63	%	04/30/43		195,000		182,179	(4)
	USD		7.00	%	04/04/44		2,835,000		2,942,099	(4)
	USD		7.16	%	03/12/45		2,434,000		2,547,330	(4)
	USD		7.16	%	03/12/45		3,432,000		3,591,798	(2)
									11,132,859
Dominican Republic - 2.65%
Dominican Republic:
	USD		6.60	%	01/28/24		1,632,000		1,803,360	(2)
	USD		5.88	%	04/18/24		2,537,000		2,695,784	(4)
	USD		5.95	%	01/25/27		2,152,000		2,445,210	(2)
	USD		4.50	%	01/30/30		8,975,000		9,355,719	(4)
	USD		4.88	%	09/23/32		2,045,000		2,148,641	(4)
	USD		4.88	%	09/23/32		4,457,000		4,682,881	(2)
	USD		7.50	%	04/30/44		1,510,000		1,857,364	(2)
	USD		6.50	%	02/15/48		4,675,000		5,190,092
	USD		6.40	%	06/05/49		3,389,000		3,722,537	(2)

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Dominican Republic (continued)
Dominican Republic: (continued)
	USD		5.88	%	01/30/60		4,957,000	$	5,070,689	(4)
									38,972,277
Ecuador - 1.77%
Republic of Ecuador:
	USD		5.00	%	07/31/30		7,220,738		6,489,638	(3)(4)
	USD		0.00	%	07/31/30		5,211,766		2,964,192	(4)(5)
	USD		1.00	%	07/31/35		15,065,323		10,903,527	(3)(4)
	USD		0.50	%	07/31/40		8,850,000		5,686,125	(3)(4)
									26,043,482
Egypt - 3.11%
Republic of Egypt:
	EUR		4.75	%	04/11/25		3,571,000		4,390,215	(4)
	USD		5.88	%	06/11/25		936,000		1,000,329	(4)
	USD		5.25	%	10/06/25		1,451,000		1,530,805	(4)
	EUR		4.75	%	04/16/26		2,252,000		2,754,420	(4)
	USD		7.60	%	03/01/29		635,000		696,897	(2)
	EUR		6.38	%	04/11/31		1,763,000		2,161,669	(4)
	USD		7.05	%	01/15/32		1,753,000		1,819,605	(4)
	USD		7.63	%	05/29/32		8,565,000		9,182,322	(4)
	USD		8.50	%	01/31/47		3,169,000		3,334,160	(2)
	USD		7.90	%	02/21/48		9,569,000		9,513,548	(4)
	USD		7.90	%	02/21/48		2,099,000		2,086,836	(2)
	USD		8.70	%	03/01/49		1,115,000		1,178,165	(4)
	USD		8.88	%	05/29/50		2,639,000		2,840,112	(4)
	USD		8.15	%	11/20/59		3,335,000		3,331,615	(4)
									45,820,698
El Salvador - 1.33%
Republic of El Salvador:
	USD		5.88	%	01/30/25		462,000		410,603	(4)
	USD		5.88	%	01/30/25		987,000		877,196	(2)
	USD		6.38	%	01/18/27		2,105,000		1,833,981	(4)
	USD		6.38	%	01/18/27		3,032,000		2,641,630	(2)
	USD		8.25	%	04/10/32		1,878,000		1,699,590	(4)
	USD		8.25	%	04/10/32		5,254,000		4,754,870	(2)
	USD		7.65	%	06/15/35		528,000		460,680	(4)
	USD		7.63	%	02/01/41		2,912,000		2,473,380	(4)
	USD		7.63	%	02/01/41		4,341,000		3,687,137	(2)
	USD		9.50	%	07/15/52		720,000		676,350	(2)
									19,515,417
Ethiopia - 0.08%
Republic of Ethiopia	USD		6.63	%	12/11/24		1,319,000		1,178,675	(4)
Gabon - 0.31%
Republic of Gabon:
	USD		6.38	%	12/12/24		937,000		1,009,599	(2)
	USD		6.63	%	02/06/31		3,521,000		3,588,383	(4)
									4,597,982

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Georgia - 0.16%
Republic of Georgia	USD		2.75	%	04/22/26		2,366,000	$	2,422,192	(4)
Ghana - 1.77%
Republic of Ghana:
	USD		8.13	%	01/18/26		1,616,000		1,681,824	(4)
	USD		6.38	%	02/11/27		1,308,000		1,282,854	(4)
	USD		7.88	%	03/26/27		5,098,000		5,261,200	(4)
	USD		7.75	%	04/07/29		2,403,000		2,427,030	(4)
	USD		7.63	%	05/16/29		396,000		397,665	(4)
	USD		7.63	%	05/16/29		1,268,000		1,273,332	(2)
	USD		8.63	%	04/07/34		2,016,000		2,043,720	(2)
	USD		8.88	%	05/07/42		2,973,000		2,964,824	(4)
	USD		8.63	%	06/16/49		600,000		576,430	(2)
	USD		8.95	%	03/26/51		2,200,000		2,165,064	(2)
	USD		8.75	%	03/11/61		6,160,000		5,937,763	(4)
									26,011,706
Guatemala - 0.39%
Republic of Guatemala:
	USD		4.38	%	06/05/27		3,000,000		3,263,872	(2)
	USD		5.38	%	04/24/32		2,181,000		2,524,508	(2)
									5,788,380
Honduras - 0.20%
Honduras Government	USD		5.63	%	06/24/30		2,825,000		3,008,865	(4)
Indonesia - 1.30%
Republic of Indonesia:
	USD		2.85	%	02/14/30		7,584,000		7,987,867
	USD		8.50	%	10/12/35		834,000		1,341,900	(2)
	USD		5.25	%	01/17/42		1,380,000		1,746,173	(2)
	USD		6.75	%	01/15/44		948,000		1,424,664	(2)
	USD		5.13	%	01/15/45		670,000		846,436	(2)
	USD		5.25	%	01/08/47		664,000		865,516	(4)
	USD		3.05	%	03/12/51		4,988,000		4,978,647
									19,191,203
Iraq - 0.21%
Republic of Iraq	USD		5.80	%	01/15/28		3,266,250		3,151,000	(2)
Ivory Coast - 0.30%
Ivory Coast Government:
	EUR		5.25	%	03/22/30		1,100,000		1,390,177	(2)
	EUR		6.88	%	10/17/40		922,000		1,220,622	(2)
	EUR		6.63	%	03/22/48		1,446,000		1,840,721	(4)
									4,451,520
Jordan - 0.52%
Kingdom of Jordan:
	USD		5.85	%	07/07/30		4,362,000		4,612,815	(4)
	USD		7.38	%	10/10/47		531,000		572,639	(4)

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Jordan (continued)
Kingdom of Jordan: (continued)
	USD		7.38	%	10/10/47		2,325,000	$	2,507,321	(2)
									7,692,775
Kazakhstan - 0.14%
Republic of Kazakhstan	USD		4.88	%	10/14/44		1,560,000		1,990,817	(4)
Kenya - 0.94%
Republic of Kenya:
	USD		6.88	%	06/24/24		3,675,000		4,054,637	(4)
	USD		7.00	%	05/22/27		1,055,000		1,162,953	(4)
	USD		7.25	%	02/28/28		1,510,000		1,700,513	(2)
	USD		8.00	%	05/22/32		3,225,000		3,694,705	(2)
	USD		8.25	%	02/28/48		2,861,000		3,247,764	(4)
									13,860,572
Lebanon - 0.30%
Lebanese Republic:
	USD		8.25	%	04/12/21		5,803,000		747,136	(2)(6)
	USD		6.00	%	01/27/23		3,176,000		416,850	(6)
	USD		6.40	%	05/26/23		1,400,000		181,864	(6)
	USD		6.65	%	04/22/24		4,700,000		616,875	(6)
	USD		6.60	%	11/27/26		4,525,000		593,906	(6)
	USD		6.65	%	02/26/30		4,400,000		583,000	(6)
	USD		8.20	%	05/17/33		9,575,000		1,226,079	(6)
									4,365,710
Malaysia - 2.42%
1mdb Global Investments	USD		4.40	%	03/09/23		35,300,000		35,653,000	(2)
Mexico - 1.57%
United Mexican States:
	USD		4.75	%	04/27/32		7,384,000		8,561,490
	EUR		2.25	%	08/12/36		1,839,000		2,174,112
	USD		6.05	%	01/11/40		3,354,000		4,289,774
	USD		4.28	%	08/14/41		1,549,000		1,662,036
	USD		4.75	%	03/08/44		2,446,000		2,757,431
	USD		3.77	%	05/24/61		3,840,000		3,670,829
									23,115,672
Morocco - 0.49%
Kingdom of Morocco	USD		3.00	%	12/15/32		7,350,000		7,138,688	(2)
Mozambique - 0.66%
Republic of Mozambique	USD		5.00	%	09/15/31		11,237,000		9,740,119	(3)(4)
Nigeria - 1.37%
Republic of Nigeria:
	USD		6.50	%	11/28/27		2,019,000		2,135,840	(4)
	USD		7.88	%	02/16/32		13,364,000		14,419,455	(4)
	USD		7.70	%	02/23/38		1,880,000		1,931,164	(4)

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Nigeria (continued)
Republic of Nigeria: (continued)
	USD		7.70	%	02/23/38		1,681,000	$	1,726,748	(2)
									20,213,207
Oman - 2.39%
Oman Government:
	USD		4.88	%	02/01/25		4,237,000		4,447,325	(4)
	USD		6.00	%	08/01/29		2,546,000		2,732,908	(2)
	USD		6.25	%	01/25/31		7,430,000		8,107,988	(4)
	USD		7.38	%	10/28/32		9,001,000		10,452,411	(4)
	USD		6.50	%	03/08/47		5,248,000		5,280,380	(4)
	USD		6.75	%	01/17/48		1,730,000		1,773,466	(4)
	USD		6.75	%	01/17/48		694,000		711,437	(2)
	USD		7.00	%	01/25/51		1,599,000		1,670,955	(4)
									35,176,870
Pakistan - 1.00%
Republic of Pakistan:
	USD		6.00	%	04/08/26		3,765,000		3,802,650	(4)
	USD		6.88	%	12/05/27		6,803,000		6,988,229	(2)
	USD		6.88	%	12/05/27		1,443,000		1,482,289	(4)
	USD		7.88	%	03/31/36		473,000		474,494	(2)
Third Pkstan International Sukuk Co., Ltd.	USD		5.50	%	10/13/21		1,915,000		1,924,278	(2)
									14,671,940
Panama - 2.67%
Panama Bonos Del	USD		3.36	%	06/30/31		2,720,000		2,786,300
Republic of Panama:
	USD		9.38	%	04/01/29		1,488,000		2,215,260
	USD		3.16	%	01/23/30		909,000		964,297
	USD		2.25	%	09/29/32		9,364,000		9,152,210
	USD		4.50	%	04/16/50		6,242,000		7,161,384
	USD		4.50	%	04/01/56		10,038,000		11,478,478
	USD		3.87	%	07/23/60		5,384,000		5,582,198
									39,340,127
Papua New Guinea - 0.10%
Papua New Guinea Government	USD		8.38	%	10/04/28		1,446,000		1,454,134	(4)
Peru - 0.59%
Republic of Peru:
	USD		2.84	%	06/20/30		1,190,000		1,230,020
	USD		2.78	%	01/23/31		3,107,000		3,183,890
	USD		1.86	%	12/01/32		4,599,000		4,336,041
									8,749,951
Philippines - 1.22%
Republic of Philippines:
	USD		3.00	%	02/01/28		1,233,000		1,344,740
	USD		1.95	%	01/06/32		3,080,000		3,078,075
	USD		5.00	%	01/13/37		1,582,000		2,026,356
	USD		3.70	%	03/01/41		3,248,000		3,599,385
	USD		2.95	%	05/05/45		3,188,000		3,215,449

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Philippines (continued)
Republic of Philippines: (continued)
	USD		2.65	%	12/10/45		4,829,000	$	4,669,945
									17,933,950
Qatar - 2.49%
State of Qatar:
	USD		4.50	%	04/23/28		1,300,000		1,535,726	(4)
	USD		4.00	%	03/14/29		9,340,000		10,783,030	(2)
	USD		6.40	%	01/20/40		2,822,000		4,191,538	(4)
	USD		5.10	%	04/23/48		6,303,000		8,494,647	(4)
	USD		4.40	%	04/16/50		7,598,000		9,454,761	(4)
	USD		4.40	%	04/16/50		1,824,000		2,269,740	(2)
									36,729,442
Romania - 1.34%
Republic of Romania:
	EUR		2.38	%	04/19/27		1,343,000		1,744,864	(4)
	EUR		2.88	%	03/11/29		1,012,000		1,330,048
	EUR		3.62	%	05/26/30		2,272,000		3,108,535	(4)
	EUR		3.38	%	02/08/38		1,103,000		1,432,675	(4)
	EUR		4.13	%	03/11/39		3,037,000		4,228,803
	EUR		2.75	%	04/14/41		1,929,000		2,252,041	(4)
	USD		6.13	%	01/22/44		554,000		761,100	(2)
	EUR		4.63	%	04/03/49		2,143,000		3,196,263	(2)
	EUR		4.63	%	04/03/49		1,144,000		1,706,264	(4)
									19,760,593
Russia - 2.27%
Russian Federation:
	USD		4.38	%	03/21/29		10,200,000		11,679,000	(2)
	USD		5.10	%	03/28/35		12,800,000		15,617,088	(2)
	USD		5.10	%	03/28/35		2,000,000		2,440,170	(4)
	USD		5.25	%	06/23/47		2,800,000		3,627,855	(2)
									33,364,113
Saudi Arabia - 3.24%
Kingdom of Saudi Arabia:
	USD		4.38	%	04/16/29		4,567,000		5,327,794	(4)
	USD		4.50	%	04/17/30		5,642,000		6,711,737	(4)
	USD		3.25	%	10/22/30		5,348,000		5,823,090	(4)
	USD		2.25	%	02/02/33		8,380,000		8,270,012	(4)
	USD		4.50	%	10/26/46		842,000		993,560	(4)
	USD		4.50	%	10/26/46		6,987,000		8,244,660	(2)
	USD		4.63	%	10/04/47		1,892,000		2,275,329	(4)
	USD		5.00	%	04/17/49		2,923,000		3,715,864	(2)
	USD		5.25	%	01/16/50		933,000		1,230,179	(4)
	USD		5.25	%	01/16/50		3,916,000		5,163,324	(2)
									47,755,549
Senegal - 0.39%
Republic of Senegal:
	EUR		4.75	%	03/13/28		811,000		1,018,195	(4)
	EUR		5.38	%	06/08/37		2,230,000		2,695,606	(4)

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Senegal (continued)
Republic of Senegal: (continued)
	USD		6.75	%	03/13/48		2,000,000	$	2,087,145	(2)
									5,800,946
South Africa - 0.49%
Republic of South Africa:
	USD		4.30	%	10/12/28		3,200,000		3,311,840
	USD		5.00	%	10/12/46		1,208,000		1,133,497
	USD		5.75	%	09/30/49		2,758,000		2,782,339
									7,227,676
Sri Lanka - 1.06%
Republic of Sri Lanka:
	USD		5.88	%	07/25/22		462,000		355,518	(4)
	USD		6.13	%	06/03/25		758,000		509,950	(4)
	USD		6.85	%	11/03/25		3,656,000		2,465,204	(2)
	USD		6.20	%	05/11/27		3,145,000		2,051,326	(2)
	USD		6.75	%	04/18/28		7,188,000		4,637,105	(4)
	USD		7.85	%	03/14/29		3,222,000		2,073,534	(4)
	USD		7.55	%	03/28/30		5,419,000		3,491,950	(2)
									15,584,587
Trinidad & Tobago - 0.41%
Trinidad & Tobago:
	USD		4.38	%	01/16/24		4,451,000		4,740,315	(2)
	USD		4.50	%	08/04/26		502,000		538,711	(2)
	USD		4.50	%	06/26/30		763,000		810,449	(2)
									6,089,475
Tunisia - 0.93%
Banque  Centrale  de  Tunisie:
	EUR		5.63	%	02/17/24		4,490,000		4,771,407
	USD		5.75	%	01/30/25		1,408,000		1,247,840	(4)
	EUR		6.38	%	07/15/26		7,371,000		7,713,301	(4)
									13,732,548
Turkey - 3.36%
Hazine Mustesarligi Varl	USD		5.80	%	02/21/22		3,311,000		3,366,592	(4)
Republic of Turkey:
	USD		6.25	%	09/26/22		693,000		722,886
	USD		5.75	%	03/22/24		7,723,000		8,055,321
	USD		6.35	%	08/10/24		1,687,000		1,788,578
	USD		4.75	%	01/26/26		4,368,000		4,368,000
	USD		5.13	%	02/17/28		2,753,000		2,734,844
	USD		5.95	%	01/15/31		2,768,000		2,785,300
	USD		5.88	%	06/26/31		7,855,000		7,845,181
	USD		6.88	%	03/17/36		10,855,000		11,270,177
	USD		6.63	%	02/17/45		1,606,000		1,580,368
	USD		5.75	%	05/11/47		5,554,000		4,947,281
									49,464,528

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Ukraine - 2.22%
Ukraine Government:
	USD		7.75	%	09/01/24		2,510,000	$	2,759,664	(4)
	USD		7.75	%	09/01/25		8,473,000		9,379,611	(4)
	EUR		6.75	%	06/20/26		2,260,000		2,949,078	(4)
	USD		7.75	%	09/01/26		2,662,000		2,967,331	(4)
	USD		7.75	%	09/01/26		1,251,000		1,394,490	(2)
	USD		7.75	%	09/01/27		2,370,000		2,646,413	(2)
	USD		9.75	%	11/01/28		2,644,000		3,210,431	(4)
	USD		9.75	%	11/01/28		272,000		330,271	(2)
	USD		6.88	%	05/21/29		4,035,000		4,273,065	(4)
	USD		7.25	%	03/15/33		1,807,000		1,919,716	(4)
Ukreximbank Via Biz Finance PLC	USD		9.75	%	01/22/25		787,500		855,422	(2)
									32,685,492
United Arab Emirates - 0.82%
Abu Dhabi Govt Int'l	USD		4.13	%	10/11/47		2,857,000		3,453,399	(4)
Fin Dept Govt Sharjah	USD		4.00	%	07/28/50		9,418,000		8,605,697	(4)
									12,059,096
Uruguay - 1.10%
Republic of Uruguay:
	USD		4.38	%	10/27/27		7,071,705		8,213,856
	USD		4.38	%	01/23/31		2,118,000		2,503,370
	USD		4.98	%	04/20/55		4,117,000		5,435,963
									16,153,189
Uzbekistan - 0.29%
Republic of Uzbekistan	USD		3.90	%	10/19/31		4,252,000		4,271,134	(4)
Venezuela - 0.19%
Republic of Venezuela:
	USD		7.75	%	10/13/19		25,087,500		2,634,187	(6)
	USD		9.25	%	05/07/28		927,000		98,494	(6)
									2,732,681
Zambia - 0.84%
Republic of Zambia:
	USD		5.38	%	09/20/22		1,390,000		1,061,613	(4)(6)
	USD		5.38	%	09/20/22		10,131,000		7,737,551	(2)
	USD		8.97	%	07/30/27		4,599,000		3,615,964	(4)
									12,415,128
TOTAL SOVEREIGN DEBT OBLIGATIONS									1,014,123,609
(Cost $1,000,125,888)
CORPORATE BONDS - 26.87%
Argentina - 0.09%
MSU Energy SA	USD		6.88	%	02/01/25		733,000		583,749	(4)
Pampa Energia SA	USD		7.50	%	01/24/27		859,000		789,206	(4)
									1,372,955

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Bahrain - 0.24%
Oil and Gas Holding Co. BSCC	USD		7.63	%	11/07/24		3,200,000	$	3,556,640	(4)
Brazil - 2.27%
Adecoagro SA	USD		6.00	%	09/21/27		3,021,000		3,185,992	(4)
Banco do Brasil SA	USD		10Y US TI + 6.36	%	Perpetual		1,400,000		1,574,650	(1)(7)
CSN Inova Ventures	USD		6.75	%	01/28/28		378,000		415,942	(4)
CSN Resources SA	USD		7.63	%	04/17/26		1,249,000		1,334,556	(4)
Gol Finance SA	USD		7.00	%	01/31/25		2,771,000		2,649,769	(4)
Guara Norte Sarl	USD		5.20	%	06/15/34		417,473		429,225	(4)
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV	USD		5.00	%	05/07/28		2,807,000		2,858,578	(4)
Klabin Austria GmbH	USD		3.20	%	01/12/31		4,335,000		4,291,650	(4)
MC Brazil Downstream Trading SARL	USD		7.25	%	06/30/31		2,540,000		2,638,552	(4)
Minerva Luxembourg SA	USD		4.38	%	03/18/31		7,294,000		7,166,355	(4)
MV24 Capital BV	USD		6.75	%	06/01/34		2,199,028		2,400,102	(4)
NBM US Holdings, Inc.	USD		7.00	%	05/14/26		1,278,000		1,360,942	(4)
Simpar Europe SA	USD		5.20	%	01/26/31		882,000		907,093	(4)
Usiminas International Sarl	USD		5.88	%	07/18/26		2,093,000		2,247,898	(4)
									33,461,304
British Virgin Islands - 0.18%
Wanda Properties Overseas, Ltd.	USD		6.88	%	07/23/23		2,603,000		2,624,520
Chile - 0.74%
ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par	USD		4.05	%	04/27/26		1,235,000		1,258,792	(4)
Codelco, Inc.	USD		5.63	%	10/18/43		1,497,000		2,021,586	(2)
Empresa Nacional del Petroleo	USD		5.25	%	11/06/29		1,525,000		1,727,063	(2)
Geopark, Ltd.:
	USD		6.50	%	09/21/24		700,000		720,125	(4)
	USD		5.50	%	01/17/27		5,174,000		5,181,127	(4)
									10,908,693
China - 1.04%
CNRC Capitale, Ltd.	USD		3.90	%	Perpetual		691,000		701,864	(1)(7)
Country Garden Holdings Co., Ltd.	USD		4.80	%	08/06/30		2,676,000		2,820,170
ENN Clean Energy International Investment, Ltd.	USD		3.38	%	05/12/26		3,190,000		3,246,878	(4)
Huarong Finance 2017 Co., Ltd.:
	USD		3M US L + 1.85	%	04/27/22		800,000		780,000	(1)
	USD		3M US L + 1.325	%	07/03/23		400,000		376,000	(1)
	USD		7.77% + 5Y US TI		Perpetual		1,791,000		1,732,792	(1)(7)
Huarong Finance 2019 Co., Ltd.	USD		4.50	%	05/29/29		300,000		291,750
Huarong Finance II Co., Ltd.	USD		3.63	%	11/22/21		300,000		299,625
Shimao Group Holdings, Ltd.	USD		5.60	%	07/15/26		2,124,000		2,220,451
Wanda Properties International Co., Ltd.	USD		7.25	%	01/29/24		2,270,000		2,289,499
Wanda Properties Overseas, Ltd.	USD		6.95	%	12/05/22		579,000		587,715
									15,346,744

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Colombia - 0.59%
AI Candelaria Spain SLU	USD		7.50	%	12/15/28		5,251,000	$	5,848,301	(4)
Gran Tierra Energy International Holdings, Ltd.	USD		6.25	%	02/15/25		1,940,000		1,714,480	(4)
Gran Tierra Energy, Inc.	USD		7.75	%	05/23/27		1,270,000		1,111,250	(4)
									8,674,031
Ghana - 0.50%
Tullow Oil PLC:
	USD		7.00	%	03/01/25		3,796,000		3,236,090	(4)
	USD		10.25	%	05/15/26		3,903,000		4,056,681	(4)
									7,292,771
Hong Kong - 0.31%
CNAC HK Finbridge Co., Ltd.:
	USD		4.13	%	07/19/27		300,000		328,148
	USD		3.88	%	06/19/29		3,095,000		3,364,512
	USD		3.00	%	09/22/30		800,000		811,400
									4,504,060
India - 0.08%
Network i2i, Ltd.	USD		5Y US TI + 4.28	%	Perpetual		1,140,000		1,218,879	(1)(4)(7)
Indonesia - 2.83%
Indonesia Asahan Aluminium Persero PT:
	USD		5.71	%	11/15/23		2,367,000		2,604,203	(4)
	USD		4.75	%	05/15/25		1,910,000		2,087,868	(4)
	USD		5.80	%	05/15/50		3,580,000		4,299,258	(4)
Minejesa Capital BV:
	USD		4.63	%	08/10/30		1,809,000		1,913,018	(4)
	USD		5.63	%	08/10/37		1,392,000		1,518,035	(4)
Pertamina Persero PT:
	USD		6.00	%	05/03/42		1,922,000		2,418,260	(2)
	USD		5.63	%	05/20/43		2,573,000		3,129,643	(2)
	USD		6.45	%	05/30/44		7,649,000		10,209,675	(2)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara:
	USD		5.45	%	05/21/28		795,000		938,839	(2)
	USD		5.25	%	10/24/42		2,744,000		3,149,872	(2)
PT Bakrie & Brothers TBK	IDR		0.00	%	12/22/22		6,750,674,000		–
PT Pertamina Pertii	USD		2.30	%	02/09/31		9,575,000		9,365,547	(4)
									41,634,218
Ireland - 0.23%
C&W Senior Financing DAC	USD		7.50	%	10/15/26		3,274,000		3,417,238	(4)
Israel - 0.36%
Leviathan Bond, Ltd.	USD		6.50	%	06/30/27		4,811,000		5,320,786	(4)
Jamaica - 0.33%
Digicel International Finance, Ltd./Digicel international Holdings, Ltd.:
	USD		8.75	%	05/25/24		2,107,000		2,191,939	(4)

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Jamaica (continued)
Digicel International Finance, Ltd./Digicel international Holdings, Ltd.: (continued)
	USD		8.75	%	05/25/24		2,561,000	$	2,659,592	(4)
									4,851,531
Kazakhstan - 2.06%
KazMunayGas National Co. JSC:
	USD		4.75	%	04/24/25		6,009,000		6,703,039	(4)
	USD		5.38	%	04/24/30		4,000,000		4,803,420	(2)
	USD		3.50	%	04/14/33		1,271,000		1,335,821	(2)
	USD		5.75	%	04/19/47		6,752,000		8,456,880	(4)
	USD		6.38	%	10/24/48		1,996,000		2,631,447	(4)
KazTransGas JSC	USD		4.38	%	09/26/27		5,774,000		6,380,761	(4)
									30,311,368
Macau - 0.14%
Studio City Finance, Ltd.:
	USD		6.00	%	07/15/25		493,000		515,334	(4)
	USD		6.50	%	01/15/28		1,419,000		1,489,950	(4)
									2,005,284
Malaysia - 0.41%
1MDB Energy, Ltd.	USD		5.99	%	05/11/22		3,000,000		3,088,125
Petronas Capital, Ltd.	USD		4.55	%	04/21/50		2,303,000		2,904,215	(4)
									5,992,340
Mexico - 4.99%
Aerovias de Mexico SA de CV	USD		7.00	%	02/05/25		1,442,000		1,226,602	(4)(6)
Axtel SAB Axtel de CV	USD		6.38	%	11/14/24		1,922,000		2,000,624	(4)
Banco Mercantil del Norte SA/Grand Cayman:
	USD		6.75	%	Perpetual		1,486,000		1,601,351	(1)(4)(7)
	USD		7.50	%	Perpetual		2,615,000		2,976,288	(1)(4)(7)
Cometa Energia SA de CV	USD		6.38	%	04/24/35		1,604,070		1,893,003	(4)
FEL Energy VI Sarl	USD		5.75	%	12/01/40		400,831		427,486	(4)
Mexichem SAB de CV	USD		6.75	%	09/19/42		2,605,000		3,503,829	(4)
Petroleos Mexicanos:
	USD		6.88	%	08/04/26		5,550,000		6,061,655
	USD		9.50	%	09/15/27		1,062,000		1,239,885
	USD		9.50	%	09/15/27		1,896,000		2,222,409
	USD		5.35	%	02/12/28		5,646,000		5,617,770
	USD		5.95	%	01/28/31		7,494,000		7,377,094
	USD		6.63	%	06/15/35		6,012,000		5,855,417
	USD		5.63	%	01/23/46		653,000		533,827
	USD		6.75	%	09/21/47		6,041,000		5,329,672
	USD		6.35	%	02/12/48		2,410,000		2,039,222
	USD		7.69	%	01/23/50		264,000		252,719
	USD		6.95	%	01/28/60		2,116,000		1,858,800
Poinsettia Finance, Ltd.	USD		6.63	%	06/17/31		21,445,020		21,458,423	(2)
									73,476,076

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Nigeria - 0.67%
Africa Finance Corp.	USD		2.88	%	04/28/28		8,632,000	$	8,761,480	(4)
IHS Netherlands Holdco BV	USD		8.00	%	09/18/27		980,000		1,055,852	(4)
									9,817,332
Panama - 0.17%
Aeropuerto Internacional de Tocumen SA	USD		4.00	%	08/11/41		871,000		895,900	(4)
AES Panama Generation Holdings SRL	USD		4.38	%	05/31/30		1,514,000		1,574,946	(4)
									2,470,846
Peru - 1.66%
Kallpa Generacion SA:
	USD		4.88	%	05/24/26		1,830,000		1,940,724	(4)
	USD		4.13	%	08/16/27		1,022,000		1,058,084	(4)
Nexa Resources SA	USD		5.38	%	05/04/27		1,233,000		1,303,898	(4)
Peru Payroll Deduction Finance Ltd.	USD		0.00	%	11/01/29		2,155,385		1,759,441	(5)
Petroleos del Peru SA:
	USD		4.75	%	06/19/32		2,020,000		2,106,415	(4)
	USD		4.75	%	06/19/32		5,386,000		5,616,413	(2)
	USD		5.63	%	06/19/47		2,277,000		2,378,099	(4)
	USD		5.63	%	06/19/47		7,975,000		8,329,090	(2)
									24,492,164
Qatar - 0.52%
Qatar Petroleum	USD		2.25	%	07/12/31		7,627,000		7,703,270	(4)
Russia - 0.47%
Gazprom PJSC Via Gaz Capital SA	USD		4.95	%	02/06/28		2,633,000		2,952,251	(4)
Gazprom PJSC via Gaz Finance PLC	USD		5Y US TI + 4.264	%	Perpetual		3,830,000		3,995,217	(1)(4)(7)
									6,947,468
South Africa - 1.76%
Eskom Holdings SOC, Ltd.:
	USD		6.75	%	08/06/23		4,103,000		4,291,738	(4)
	USD		7.13	%	02/11/25		15,087,000		15,992,145	(4)
	USD		8.45	%	08/10/28		1,920,000		2,192,640	(4)
	USD		6.35	%	08/10/28		3,144,000		3,505,481	(2)
									25,982,004
Turkey - 0.22%
Aydem Yenilenebilir Enerji AS	USD		7.75	%	02/02/27		3,242,000		3,237,948	(4)
Ukraine - 0.26%
NAK Naftogaz Ukraine via Kondor Finance PLC	USD		7.63	%	11/08/26		3,373,000		3,473,954	(4)
State Savings Bank of Ukraine Via SSB #1 PLC	USD		9.63	%	03/20/25		280,000		305,620	(2)(3)
									3,779,574
United Arab Emirates - 2.19%
Abu Dhabi Crude Oil Pipeline:
	USD		3.65	%	11/02/29		1,236,000		1,388,955	(4)
	USD		4.60	%	11/02/47		2,062,000		2,484,710	(4)

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
United Arab Emirates (continued)
DAE Funding LLC	USD		3.38	%	03/20/28		2,600,000	$	2,700,750	(4)
DP World Crescent, Ltd.	USD		4.85	%	09/26/28		2,275,000		2,613,975	(2)
DP World Salaam	USD		5Y US TI + 5.75	%	Perpetual		11,136,000		12,176,520	(1)(7)
DP World, Ltd.	USD		6.85	%	07/02/37		521,000		707,010	(4)
DP World, Ltd./United Arab Emirates:
	USD		4.70	%	09/30/49		437,000		488,780	(4)
	USD		4.70	%	09/30/49		500,000		559,245	(2)
MDGH - GMTN BV:
	USD		4.50	%	11/07/28		3,494,000		4,101,022	(2)
	USD		2.88	%	05/21/30		3,680,000		3,911,527
	USD		3.95	%	05/21/50		990,000		1,149,672
									32,282,166
United States - 0.22%
SierraCol Energy Andina LLC	USD		6.00	%	06/15/28		3,251,000		3,249,513	(4)
Uzbekistan - 0.27%
Uzauto Motors AJ	USD		4.85	%	05/04/26		4,034,000		4,028,958	(4)
Venezuela - 0.24%
Petroleos de Venezuela SA:
	USD		6.00	%	05/16/24		60,489,976		2,812,784	(2)(6)
	USD		6.00	%	11/15/26		3,307,000		153,776	(2)(6)
	USD		5.38	%	04/12/27		600,000		28,650	(6)
	USD		9.75	%	05/17/35		11,517,000		547,057	(6)
									3,542,267
Vietnam - 0.37%
Mong Duong Finance Holdings BV	USD		5.13	%	05/07/29		5,385,000		5,410,713	(4)
Zambia - 0.46%
First Quantum Minerals, Ltd.:
	USD		7.50	%	04/01/25		1,167,000		1,214,045	(4)
	USD		6.88	%	03/01/26		1,638,000		1,706,019	(4)
	USD		6.88	%	10/15/27		3,628,000		3,922,775	(4)
									6,842,839
TOTAL CORPORATE BONDS									395,756,500
(Cost $404,189,340)
CREDIT LINKED NOTES - 0.52%
Iraq - 0.52%
Republic of Iraq (Counterparty: Bank of America - Merrill Lynch):
	JPY		2.99	%	01/01/28		192,029,423		1,429,377	(1)(8)
	JPY		2.55	%	01/01/28		421,018,593		3,143,815	(1)(8)

	Currency	Rate			Maturity  Date	Principal Amount/Shares*		Value (Expressed in USD)
Iraq (continued)
Republic of Iraq (Counterparty: Bank of America - Merrill Lynch): (continued)
	JPY		3.05	%	01/01/28		413,185,439	$	3,083,445	(1)(8)
									7,656,637
TOTAL CREDIT LINKED NOTES									7,656,637
(Cost $9,456,159)
SHORT TERM INVESTMENTS - 2.06%
Money Market Fund - 2.06%
State Street Institutional Liquid Reserves Fund - Institutional Class (7-Day SEC Yield)	USD		0.03	%	N/A		30,248,403		30,254,453
TOTAL SHORT TERM INVESTMENTS									30,254,453
(Cost $30,254,449)
Total Investments - 98.31%									1,447,791,199
(Cost $1,444,025,836)
Other Assets In Excess of Liabilities - 1.69%									24,951,067	(9)
Net Assets - 100.00%								$	1,472,742,266

* The principal amount/shares of each security is stated in the currency in which the security is denominated.  

Currency Abbreviations:
EUR	-	Euro Currency
IDR	-	Indonesian Rupiah
JPY	-	Japanese Yen
USD	-	United States Dollar

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Reference Rates:

3M US L - 3 Month LIBOR as of August 31, 2021 was 0.12%

6M US L - 6 Month LIBOR as of August 31, 2021 was 0.15%

5Y US TI -  5 Year US Treasury Index as of August 31, 2021 was 0.77%

10Y US TI -  10 Year US Treasury Index as of August 31, 2021 was 1.30%

(1)	Floating or variable rate security. The reference rate is described above. The rate in effect as of August 31, 2021 is based on the reference rate plus the displayed spread as of the security's last reset date. 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. These securities do not indicate a reference rate and spread in their description.
(2)	Securities were originally issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration.  Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  As of August 31, 2021, the aggregate fair value of those securities was $348,523,830, which represents approximately 23.66% of net assets.
(3)	Step bond.  Coupon changes periodically based upon a predetermined schedule.  Interest rate disclosed is that which is in effect as of August 31, 2021.
(4)	Security exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.  Total fair value of Rule 144A securities amounts to $624,045,924, which represents approximately 42.37% of net assets as of August 31, 2021.

(5)	Issued with a zero coupon.  Income is recognized through the accretion of discount.
(6)	Security is in default and therefore is non-income producing.
(7)	Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
(8)	The level 3 assets were valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
(9)	Includes cash which is being held as collateral for forward foreign currency contracts.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS  

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at August 31, 2021	Fund Delivering	U.S. $ Value at August 31, 2021		Unrealized Appreciation/ (Depreciation)
J.P. Morgan Chase & Co.	09/30/21	USD	55,872,215	EUR	55,201,022	$	671,193
J.P. Morgan Chase & Co.	09/30/21	JPY	860,688	USD	857,902		2,786
						$	673,979
J.P. Morgan Chase & Co.	09/30/21	EUR	3,806,364	USD	3,820,009	$	(13,645	)
J.P. Morgan Chase & Co.	09/30/21	USD	8,491,372	JPY	8,543,960		(52,588	)
J.P. Morgan Chase & Co.	09/30/21	USD	4,332,153	EUR	4,375,394		(43,241	)
						$	(109,474	)

See Notes to Quarterly Statement of Investments

Stone Harbor High Yield Bond Fund Statement of Investments

August 31, 2021 (Unaudited)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
CORPORATE BONDS - 95.25%
Aerospace/Defense - 0.98%
TransDigm, Inc.	USD		6.25	%	03/15/26		996,000	$	1,047,045	(1)
Airlines - 1.13%
Air Canada	USD		3.88	%	08/15/26		157,000		157,982	(1)
Delta Air Lines, Inc.	USD		7.38	%	01/15/26		174,000		204,964
United Airlines, Inc.:
	USD		4.38	%	04/15/26		410,000		426,146	(1)
	USD		4.63	%	04/15/29		403,000		418,626	(1)
									1,207,718
Automotive - 4.72%
Clarios Global LP / Clarios US Finance Co.:
	USD		6.25	%	05/15/26		149,000		157,195	(1)
	USD		8.50	%	05/15/27		539,000		576,056	(1)
Ford Motor Co.	USD		8.50	%	04/21/23		631,000		698,438
Ford Motor Credit Co. LLC:
	USD		5.13	%	06/16/25		632,000		694,410
	USD		3.38	%	11/13/25		418,000		433,153
	USD		4.13	%	08/17/27		688,000		737,134
	USD		5.11	%	05/03/29		1,282,000		1,450,384
Goodyear Tire & Rubber Co.:
	USD		5.00	%	07/15/29		132,000		139,788	(1)
	USD		5.25	%	07/15/31		132,000		141,389	(1)
									5,027,947
Building Products - 4.19%
Griffon Corp., Series WI	USD		5.75	%	03/01/28		559,000		593,904
LBM Acquisition LLC	USD		6.25	%	01/15/29		1,052,000		1,059,364	(1)
Park River Holdings, Inc.:
	USD		5.63	%	02/01/29		705,000		671,146	(1)
	USD		6.75	%	08/01/29		361,000		359,675	(1)
Specialty Building Products Holdings LLC / SBP Finance Corp.	USD		6.38	%	09/30/26		872,000		918,870	(1)
White Cap Buyer LLC	USD		6.88	%	10/15/28		816,000		869,040	(1)
									4,471,999
Chemicals - 2.25%
CF Industries, Inc.	USD		5.15	%	03/15/34		164,000		205,314
GCP Applied Technologies, Inc.	USD		5.50	%	04/15/26		690,000		707,429	(1)
Illuminate Buyer LLC / Illuminate Holdings IV, Inc.	USD		9.00	%	07/01/28		1,120,000		1,239,000	(1)
WR Grace Holdings LLC	USD		5.63	%	08/15/29		242,000		252,588	(1)
									2,404,331

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Consumer Products - 0.98%
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.:
	USD		5.00	%	12/31/26		262,000	$	261,080	(1)
	USD		7.00	%	12/31/27		811,000		789,926	(1)
									1,051,006
Containers/Packaging - 0.92%
Flex Acquisition Co., Inc.	USD		6.88	%	01/15/25		464,000		469,800	(1)
Graham Packaging Co., Inc.	USD		7.13	%	08/15/28		475,000		506,948	(1)
									976,748
Drillers/Services - 1.67%
Archrock Partners LP / Archrock Partners Finance Corp.	USD		6.25	%	04/01/28		902,000		920,040	(1)
ChampionX Corp.	USD		6.38	%	05/01/26		269,000		280,774
Precision Drilling Corp.	USD		6.88	%	01/15/29		573,000		577,246	(1)
									1,778,060
Electric - 2.75%
Calpine Corp.	USD		4.50	%	02/15/28		859,000		885,844	(1)
Covanta Holding Corp.	USD		5.00	%	09/01/30		566,000		580,857
NRG Energy, Inc.	USD		5.75	%	01/15/28		269,000		287,830
Vistra Operations Co. LLC:
	USD		5.63	%	02/15/27		945,000		985,219	(1)
	USD		5.00	%	07/31/27		191,000		198,421	(1)
									2,938,171
Exploration & Production - 11.88%
Antero Resources Corp.:
	USD		7.63	%	02/01/29		785,000		864,489	(1)
	USD		5.38	%	03/01/30		198,000		201,769	(1)
Ascent Resources Utica Holdings LLC / ARU Finance Corp.	USD		5.88	%	06/30/29		711,000		682,539	(1)
Chesapeake Energy Corp.	USD		5.50	%	02/01/26		1,004,000		1,050,425	(1)
CNX Midstream Partners LP / CNX Midstream Finance Corp.	USD		6.50	%	03/15/26		560,000		576,128	(1)
CNX Resources Corp.:
	USD		7.25	%	03/14/27		465,000		493,488	(1)
	USD		6.00	%	01/15/29		214,000		223,188	(1)
CrownRock LP / CrownRock Finance, Inc.	USD		5.00	%	05/01/29		290,000		298,334	(1)
Hilcorp Energy I LP / Hilcorp Finance Co.:
	USD		5.75	%	10/01/25		773,000		783,231	(1)
	USD		6.25	%	11/01/28		424,000		438,840	(1)
	USD		5.75	%	02/01/29		100,000		101,625	(1)
Leviathan Bond, Ltd.:
	USD		6.13	%	06/30/25		235,000		256,655	(1)
	USD		6.50	%	06/30/27		126,000		139,352	(1)
	USD		6.75	%	06/30/30		176,000		198,263	(1)
Murphy Oil Corp.:
	USD		5.75	%	08/15/25		947,000		969,491

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Exploration & Production (continued)
Murphy Oil Corp. (continued)
	USD		5.88	%	12/01/27		361,000	$	375,891
Oasis Petroleum, Inc.	USD		6.38	%	06/01/26		132,000		137,940	(1)
Occidental Petroleum Corp.:
	USD		5.50	%	12/01/25		137,000		152,932
	USD		5.55	%	03/15/26		144,000		160,740
	USD		8.88	%	07/15/30		1,838,000		2,524,759
	USD		7.50	%	05/01/31		327,000		428,311
	USD		7.88	%	09/15/31		167,000		222,080
	USD		6.60	%	03/15/46		208,000		263,427
SM Energy Co.:
	USD		5.63	%	06/01/25		481,000		483,150
	USD		6.50	%	07/15/28		631,000		634,865
									12,661,912
Financial/Lease - 5.22%
Acrisure LLC / Acrisure Finance, Inc.:
	USD		7.00	%	11/15/25		1,024,000		1,044,480	(1)
	USD		4.25	%	02/15/29		535,000		530,329	(1)
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer:
	USD		4.25	%	10/15/27		529,000		530,984	(1)
	USD		6.75	%	10/15/27		1,010,000		1,051,662	(1)
HUB International, Ltd.	USD		7.00	%	05/01/26		307,000		318,006	(1)
OneMain Finance Corp.:
	USD		8.88	%	06/01/25		125,000		137,244
	USD		7.13	%	03/15/26		1,169,000		1,367,730
	USD		3.50	%	01/15/27		580,000		587,836
									5,568,271
Food/Beverage/Tobacco - 2.54%
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.	USD		6.50	%	04/15/29		1,132,000		1,283,405	(1)
Pilgrim's Pride Corp.	USD		5.88	%	09/30/27		299,000		319,488	(1)
Post Holdings, Inc.	USD		4.63	%	04/15/30		439,000		448,797	(1)
Triton Water Holdings, Inc.	USD		6.25	%	04/01/29		662,000		656,118	(1)
									2,707,808
Gaming - 4.96%
Caesars Entertainment, Inc.	USD		8.13	%	07/01/27		610,000		674,995	(1)
Churchill Downs, Inc.:
	USD		5.50	%	04/01/27		560,000		582,400	(1)
	USD		4.75	%	01/15/28		365,000		382,173	(1)
Everi Holdings, Inc.	USD		5.00	%	07/15/29		79,000		80,955	(1)
International Game Technology PLC:
	USD		6.25	%	01/15/27		596,000		680,185	(1)
	USD		5.25	%	01/15/29		70,000		74,812	(1)
MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc.	USD		5.75	%	02/01/27		391,000		450,696
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC	USD		4.88	%	11/01/26		205,000		207,932	(1)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Gaming (continued)
Scientific Games International, Inc.:
	USD		8.25	%	03/15/26		766,000	$	815,696	(1)
	USD		7.25	%	11/15/29		213,000		238,028	(1)
Station Casinos LLC	USD		5.00	%	10/01/25		137,000		138,713	(1)
VICI Properties LP / VICI Note Co., Inc.	USD		4.13	%	08/15/30		457,000		488,419	(1)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.	USD		5.13	%	10/01/29		457,000		475,938	(1)
									5,290,942
Healthcare - 8.20%
AdaptHealth LLC:
	USD		4.63	%	08/01/29		870,000		873,524	(1)
	USD		5.13	%	03/01/30		198,000		200,844	(1)
Bausch Health Cos., Inc.:
	USD		6.13	%	04/15/25		618,000		632,677	(1)
	USD		7.00	%	01/15/28		898,000		931,846	(1)
	USD		6.25	%	02/15/29		752,000		747,353	(1)
	USD		5.25	%	02/15/31		442,000		412,852	(1)
Catalent Pharma Solutions, Inc.	USD		5.00	%	07/15/27		202,000		211,857	(1)
Encompass Health Corp.	USD		4.50	%	02/01/28		401,000		420,549
Endo Dac / Endo Finance LLC / Endo Finco, Inc.	USD		9.50	%	07/31/27		823,000		809,725	(1)
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc.	USD		6.13	%	04/01/29		177,000		175,457	(1)
IQVIA, Inc.	USD		5.00	%	05/15/27		333,000		348,378	(1)
Legacy LifePoint Health LLC	USD		4.38	%	02/15/27		563,000		562,296	(1)
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
	USD		4.13	%	04/30/28		302,000		311,951	(1)
	USD		5.13	%	04/30/31		289,000		303,519	(1)
Par Pharmaceutical, Inc.	USD		7.50	%	04/01/27		113,000		114,554	(1)
Syneos Health, Inc.	USD		3.63	%	01/15/29		380,000		378,520	(1)
Tenet Healthcare Corp.	USD		4.63	%	07/15/24		458,000		464,870
US Acute Care Solutions LLC:
	USD		6.38	%	03/01/26		728,000		758,030	(1)
	USD		6.38	%	03/01/26		82,000		85,382	(1)
									8,744,184
Home Builders - 2.01%
KB Home	USD		4.80	%	11/15/29		350,000		388,311
Mattamy Group Corp.	USD		4.63	%	03/01/30		794,000		814,941	(1)
Tri Pointe Homes, Inc.	USD		5.70	%	06/15/28		393,000		438,486
Weekley Homes LLC / Weekley Finance Corp.	USD		4.88	%	09/15/28		485,000		503,292	(1)
									2,145,030
Industrial Other - 3.84%
Hillenbrand, Inc.	USD		5.75	%	06/15/25		403,000		426,676
Madison IAQ LLC:
	USD		4.13	%	06/30/28		273,000		274,917	(1)
	USD		5.88	%	06/30/29		784,000		803,600	(1)
Park-Ohio Industries, Inc.	USD		6.63	%	04/15/27		515,000		511,627
United Rentals North America, Inc.	USD		3.75	%	01/15/32		858,000		877,429

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Industrial Other (continued)
Madison IAQ LLC (continued)
WESCO Distribution, Inc.	USD		7.25	%	06/15/28		1,077,000	$	1,199,175	(1)
									4,093,424
Leisure - 4.09%
Boyne USA, Inc.	USD		4.75	%	05/15/29		151,000		156,096	(1)
Carnival Corp.:
	USD		7.63	%	03/01/26		871,000		927,179	(1)
	USD		5.75	%	03/01/27		93,000		95,201	(1)
NCL Corp., Ltd.:
	USD		3.63	%	12/15/24		420,000		397,425	(1)
	USD		5.88	%	03/15/26		412,000		413,545	(1)
NCL Finance, Ltd.	USD		6.13	%	03/15/28		858,000		863,590	(1)
Royal Caribbean Cruises, Ltd.:
	USD		9.13	%	06/15/23		683,000		745,324	(1)
	USD		5.50	%	08/31/26		511,000		518,665	(1)
	USD		5.50	%	04/01/28		241,000		243,086	(1)
									4,360,111
Lodging - 0.15%
Marriott Ownership Resorts, Inc.	USD		4.50	%	06/15/29		154,000		155,717	(1)
Media Cable - 7.63%
Altice France Holding SA	USD		6.00	%	02/15/28		569,000		564,804	(1)
Altice France SA:
	USD		5.13	%	01/15/29		102,000		102,872	(1)
	USD		5.13	%	07/15/29		945,000		956,595	(1)
CCO Holdings LLC / CCO Holdings Capital Corp.:
	USD		5.38	%	06/01/29		836,000		914,375	(1)
	USD		4.50	%	08/15/30		642,000		671,647	(1)
CSC Holdings LLC:
	USD		7.50	%	04/01/28		2,362,000		2,589,343	(1)
	USD		5.00	%	11/15/31		263,000		262,045	(1)
DISH DBS Corp.:
	USD		7.75	%	07/01/26		122,000		139,897
	USD		7.38	%	07/01/28		493,000		531,147
	USD		5.13	%	06/01/29		626,000		623,653	(1)
Midcontinent Communications / Midcontinent Finance Corp.	USD		5.38	%	08/15/27		210,000		219,152	(1)
Radiate Holdco LLC / Radiate Finance, Inc.	USD		4.50	%	09/15/26		335,000		349,231	(1)
Telenet Finance Luxembourg Notes Sarl	USD		5.50	%	03/01/28		200,000		210,900	(1)
									8,135,661
Media Other - 5.67%
Clear Channel Outdoor Holdings, Inc.	USD		7.50	%	06/01/29		501,000		519,161	(1)
Netflix, Inc.:
	USD		4.88	%	04/15/28		986,000		1,153,650
	USD		4.88	%	06/15/30		86,000		103,048	(1)
Nexstar Media, Inc.	USD		4.75	%	11/01/28		150,000		156,155	(1)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Media Other (continued)
Sirius XM Radio, Inc.:
	USD		3.13	%	09/01/26		322,000	$	328,504	(1)
	USD		5.00	%	08/01/27		360,000		378,000	(1)
	USD		3.88	%	09/01/31		572,000		570,453	(1)
TEGNA, Inc.	USD		4.63	%	03/15/28		425,000		441,596
Terrier Media Buyer, Inc.	USD		8.88	%	12/15/27		1,077,000		1,148,351	(1)
Univision Communications, Inc.:
	USD		6.63	%	06/01/27		1,022,000		1,107,899	(1)
	USD		4.50	%	05/01/29		132,000		134,066	(1)
									6,040,883
Midstream - 6.69%
Antero Midstream Partners LP / Antero Midstream Finance Corp.:
	USD		5.75	%	03/01/27		465,000		479,540	(1)
	USD		5.75	%	01/15/28		557,000		580,684	(1)
DCP Midstream Operating LP	USD		5.13	%	05/15/29		648,000		720,158
DT Midstream, Inc.	USD		4.38	%	06/15/31		759,000		784,616	(1)
EQM Midstream Partners LP	USD		6.50	%	07/01/27		766,000		855,090	(1)
Genesis Energy LP / Genesis Energy Finance Corp.:
	USD		8.00	%	01/15/27		572,000		568,728
	USD		7.75	%	02/01/28		1,061,000		1,041,478
Hess Midstream Operations LP	USD		4.25	%	02/15/30		161,000		163,246	(1)
Holly Energy Partners LP / Holly Energy Finance Corp.	USD		5.00	%	02/01/28		622,000		635,404	(1)
Targa Resources Partners LP / Targa Resources Partners Finance Corp.	USD		6.50	%	07/15/27		1,203,000		1,304,016
									7,132,960
Paper/Forest Products - 0.59%
Mercer International, Inc.	USD		5.13	%	02/01/29		620,000		625,537
Restaurants - 0.65%
1011778 BC ULC / New Red Finance, Inc.	USD		3.88	%	01/15/28		684,000		693,405	(1)
Retail Food/Drug - 1.04%
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC:
	USD		4.63	%	01/15/27		283,000		299,980	(1)
	USD		5.88	%	02/15/28		65,000		69,794	(1)
	USD		4.88	%	02/15/30		533,000		582,302	(1)
Ingles Markets, Inc.	USD		4.00	%	06/15/31		154,000		157,982	(1)
									1,110,058
Retail Non Food/Drug - 1.57%
Ambience Merger Sub, Inc.	USD		4.88	%	07/15/28		824,000		829,834	(1)
LCM Investments Holdings II LLC	USD		4.88	%	05/01/29		98,000		100,818	(1)
PetSmart, Inc. / PetSmart Finance Corp.:
	USD		4.75	%	02/15/28		196,000		204,330	(1)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Retail Non Food/Drug (continued)
PetSmart, Inc. / PetSmart Finance Corp. (continued)
	USD		7.75	%	02/15/29		486,000	$	534,600	(1)
									1,669,582
Satellite - 1.64%
Hughes Satellite Systems Corp.	USD		6.63	%	08/01/26		850,000		966,968
Intelsat Jackson Holdings SA	USD		5.50	%	08/01/23		464,000		241,860	(2)
Viasat, Inc.	USD		5.63	%	04/15/27		521,000		541,189	(1)
									1,750,017
Services Other - 4.12%
ADT Security Corp.	USD		4.13	%	08/01/29		1,063,000		1,062,979	(1)
GFL Environmental, Inc.:
	USD		4.75	%	06/15/29		341,000		350,804	(1)
	USD		4.38	%	08/15/29		449,000		452,048	(1)
Prime Security Services Borrower LLC / Prime Finance, Inc.	USD		6.25	%	01/15/28		1,533,000		1,590,488	(1)
WW International, Inc.	USD		4.50	%	04/15/29		946,000		936,540	(1)
									4,392,859
Technology - 1.95%
Avaya, Inc.	USD		6.13	%	09/15/28		501,000		529,181	(1)
Fair Isaac Corp.	USD		4.00	%	06/15/28		221,000		229,011	(1)
Plantronics, Inc.	USD		4.75	%	03/01/29		1,177,000		1,128,367	(1)
Rackspace Technology Global, Inc.	USD		3.50	%	02/15/28		196,000		188,409	(1)
									2,074,968
Wirelines - 1.22%
Consolidated Communications, Inc.	USD		6.50	%	10/01/28		1,188,000		1,300,860	(1)
TOTAL CORPORATE BONDS									101,557,214
(Cost $98,774,473)
BANK LOANS - 1.56%(3)
Consumer Products - 0.32%
Revlon Consumer Products Corporation - Initial B Term Loan	USD		3M US L + 3.50	%	09/07/23		567,344		336,293
Containers/Packaging - 0.13%
Flex Acquisition Co., Inc. (aka Novolex) - Specified Refinancing Term Loan	USD		3M US L + 3.50	%	03/02/28		134,561		133,912
Healthcare - 0.53%
Envision Healthcare Corporation - Initial Term Loan	USD		1M US L + 3.75	%	10/10/25		284,311		251,514
LifePoint Health, Inc. - Term B Loan	USD		1M US L + 3.75	%	11/16/25		317,115		315,257
									566,771
Industrial Other - 0.58%
Filtration Group Corporation - Initial Dollar Term Loan	USD		1M US L + 3.00	%	03/29/25		254,874		253,193

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Industrial Other (continued)
Gates Global LLC - Initial B-3 Dollar Term Loan	USD		1M US L + 2.50	%	03/31/27		257,265	$	256,461
Oregon Tool, Inc. - New Refinancing Term Loan	USD		1M US L + 3.75	%	04/12/23		111,304		111,501
									621,155
TOTAL BANK LOANS									1,658,131
(Cost $1,853,221)
COMMON/PREFERRED STOCKS - 0.00%(4)
Exploration & Production - 0.00%(4)
Alta Mesa Escrow	USD		N/A		N/A		400,000		40	(5)(6)
Transport Other - 0.00%(4)
Euronav NV	USD		N/A		N/A		31		254	(6)
TOTAL COMMON/PREFERRED STOCKS									294
(Cost $40)
SHORT TERM INVESTMENTS - 1.42%
Money Market Fund - 1.42%
State Street Institutional Liquid Reserves Fund - Institutional Class (7-Day SEC Yield)	USD		0.03	%	N/A		1,512,379		1,512,681
TOTAL SHORT TERM INVESTMENTS									1,512,681
(Cost $1,512,394)
Total Investments - 98.23%									104,728,320
(Cost $102,140,128)
Other Assets in Excess of Liabilities - 1.77%									1,891,519
Net Assets - 100.00%								$	106,619,839

* The principal amount/shares of each security is stated in the currency in which the security is denominated.

Currency Abbreviations: 

USD - United States Dollar

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Reference Rates:

1M US L - 1 Month LIBOR as of August 31, 2021 was 0.08%

3M US L - 3 Month LIBOR as of August 31, 2021 was 0.12% 

⁽¹⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.  Total fair value of Rule 144A securities amounts to $75,367,917, which represents approximately 70.69% of net assets as of August 31, 2021.

⁽²⁾ Security is in default and therefore is non-income producing.

⁽³⁾ Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

⁽⁴⁾ Amount represents less than 0.005% of net assets.

⁽⁵⁾ The level 3 assets were valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

⁽⁶⁾ Non-income producing security.

See Notes to Quarterly Statement of Investments 

Stone Harbor Local Markets Fund Statement of Investments

August 31, 2021 (Unaudited)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
SOVEREIGN DEBT OBLIGATIONS - 85.97%
Brazil - 4.83%
Brazil Letras do Tesouro Nacional:
	BRL		0.00	%	01/01/22		11,550,000	$	2,187,627	(1)
	BRL		0.00	%	01/01/24		9,990,000		1,572,167	(1)
	BRL		10.00	%	01/01/31		7,490,000		1,410,862
Nota Do Tesouro Nacional:
	BRL		0.00	%	07/01/22		1,190,000		215,962	(1)
	BRL		10.00	%	01/01/23		8,370,000		1,646,684
	BRL		10.00	%	01/01/29		2,880,000		552,589
									7,585,891
Chile - 1.42%
Republic of Chile:
	CLP		4.50	%	03/01/26		1,085,000,000		1,433,637
	CLP		4.70	%	09/01/30		620,000,000		801,354	(2)
									2,234,991
China - 11.59%
China Government Bond:
	CNY		3.19	%	04/11/24		24,470,000		3,851,475
	CNY		1.99	%	04/09/25		26,510,000		4,005,279
	CNY		3.13	%	11/21/29		66,050,000		10,360,025
									18,216,779
Colombia - 6.62%
Bogota Distrio Capital	COP		9.75	%	07/26/28		10,114,000,000		2,885,455	(3)
Titulos De Tesoreria:
	COP		10.00	%	07/24/24		6,917,000,000		2,084,221
	COP		7.50	%	08/26/26		1,208,000,000		340,532
	COP		5.75	%	11/03/27		2,465,000,000		634,125
	COP		6.00	%	04/28/28		2,195,000,000		564,554
	COP		7.75	%	09/18/30		9,296,000,000		2,606,094
	COP		7.00	%	06/30/32		4,137,000,000		1,078,716
	COP		7.25	%	10/18/34		801,000,000		209,532
									10,403,229
Czech Republic - 3.56%
Czech Republic Government:
	CZK		2.40	%	09/17/25		3,970,000		189,392
	CZK		1.00	%	06/26/26		36,500,000		1,639,867
	CZK		0.25	%	02/10/27		42,980,000		1,842,155
	CZK		4.20	%	12/04/36		32,050,000		1,929,036
									5,600,450
Egypt - 0.99%
Egypt Treasury Bill	EGP		0.00	%	09/28/21		5,000,000		315,554	(1)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Egypt (continued)
Republic of Egypt	EGP		13.77	%	01/05/24		19,491,000	$	1,235,202
									1,550,756
Indonesia - 11.66%
Republic of Indonesia:
	IDR		7.00	%	05/15/22		10,090,000,000		726,551
	IDR		11.00	%	09/15/25		58,400,000,000		4,985,241
	IDR		8.38	%	09/15/26		31,031,000,000		2,483,568
	IDR		6.50	%	02/15/31		2,700,000,000		195,744
	IDR		8.25	%	06/15/32		14,010,000,000		1,119,818
	IDR		6.63	%	05/15/33		68,500,000,000		4,862,839
	IDR		8.38	%	03/15/34		33,690,000,000		2,728,270
	IDR		7.50	%	05/15/38		16,480,000,000		1,227,695
									18,329,726
Malaysia - 4.40%
Malaysia Government:
	MYR		3.91	%	07/15/26		6,370,000		1,616,635
	MYR		3.50	%	05/31/27		3,800,000		941,544
	MYR		3.90	%	11/16/27		1,580,000		400,226
	MYR		3.73	%	06/15/28		1,110,000		278,101
	MYR		3.89	%	08/15/29		10,020,000		2,524,886
	MYR		4.50	%	04/15/30		2,530,000		663,691
	MYR		2.63	%	04/15/31		2,160,000		495,574
									6,920,657
Mexico - 6.20%
Mexican Bonos:
	MXN		6.75	%	03/09/23		11,087,000		562,548
	MXN		8.00	%	12/07/23		16,760,000		874,217
	MXN		8.00	%	09/05/24		6,210,000		325,386
	MXN		5.75	%	03/05/26		27,850,000		1,347,243
	MXN		7.75	%	11/23/34		11,096,000		579,672
	MXN		10.00	%	11/20/36		24,916,000		1,546,666
	MXN		8.50	%	11/18/38		52,770,000		2,875,842
	MXN		7.75	%	11/13/42		32,160,000		1,634,551
									9,746,125
Peru - 1.49%
Republic of Peru:
	PEN		6.15	%	08/12/32		4,230,000		1,023,064
	PEN		5.40	%	08/12/34		5,046,000		1,100,684
	PEN		5.35	%	08/12/40		1,050,000		214,861
									2,338,609
Poland - 5.75%
Kfw	PLN		1.70	%	01/17/22		6,000,000		1,575,502
Republic of Poland:
	PLN		4.00	%	10/25/23		18,930,000		5,323,323
	PLN		2.75	%	04/25/28		7,550,000		2,144,175
									9,043,000

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Romania - 3.04%
Romania Government Bond:
	RON		5.00	%	02/12/29		14,155,000	$	3,675,185
	RON		3.65	%	09/24/31		4,700,000		1,110,625
									4,785,810
Russia - 8.69%
Russian Federation:
	RUB		7.60	%	07/20/22		196,990,000		2,715,434
	RUB		7.40	%	12/07/22		144,130,000		1,987,172
	RUB		7.95	%	10/07/26		34,270,000		492,287
	RUB		7.05	%	01/19/28		17,630,000		244,347
	RUB		8.50	%	09/17/31		201,530,000		3,069,192
	RUB		7.70	%	03/23/33		301,100,000		4,340,914
	RUB		7.70	%	03/16/39		56,000,000		808,643
									13,657,989
Serbia - 0.60%
Serbia Treasury Bonds	RSD		4.50	%	08/20/32		85,700,000		949,383
South Africa - 9.11%
Republic of South Africa:
	ZAR		10.50	%	12/21/26		36,480,000		2,859,100
	ZAR		8.88	%	02/28/35		14,000,000		886,063
	ZAR		6.25	%	03/31/36		170,190,000		8,404,922
	ZAR		8.50	%	01/31/37		24,077,000		1,438,793
	ZAR		6.50	%	02/28/41		15,780,000		739,413
									14,328,291
Thailand - 3.41%
Thailand Government:
	THB		2.88	%	12/17/28		25,250,000		875,698
	THB		3.78	%	06/25/32		41,620,000		1,552,696
	THB		1.59	%	12/17/35		85,370,000		2,533,415
	THB		4.68	%	06/29/44		8,950,000		391,180
									5,352,989
Turkey - 1.99%
Republic of Turkey:
	TRY		11.00	%	03/02/22		2,900,000		337,424
	TRY		7.10	%	03/08/23		7,690,000		799,098
	TRY		9.00	%	07/24/24		6,100,000		598,887
	TRY		10.60	%	02/11/26		4,090,000		396,877
	TRY		11.00	%	02/24/27		5,610,000		534,591
	TRY		10.50	%	08/11/27		4,900,000		453,977
									3,120,854
Uruguay - 0.62%
Republic of Uruguay:
	UYU		9.88	%	06/20/22		28,360,000		682,200	(3)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Uruguay (continued)
Republic of Uruguay: (continued)
	UYU		8.50	%	03/15/28		12,100,000	$	296,863	(2)
									979,063
TOTAL SOVEREIGN DEBT OBLIGATIONS									135,144,592
(Cost $137,904,650)
CORPORATE BONDS - 6.24%
Brazil - 1.91%
Swiss Insured Brazil Power Finance Sarl	BRL		9.85	%	07/16/32		15,255,719		3,000,608	(2)
Kazakhstan - 0.17%
Development Bank of Kazakhstan JSC	KZT		8.95	%	05/04/23		116,250,000		270,504	(2)
Mexico - 4.16%
America Movil SAB de CV	MXN		6.45	%	12/05/22		90,680,000		4,531,957
Petroleos Mexicanos	MXN		7.47	%	11/12/26		45,370,000		2,012,932
									6,544,889
TOTAL CORPORATE BONDS									9,816,001
(Cost $11,744,394)
SHORT TERM INVESTMENTS - 3.48%
Money Market Fund - 3.48%
State Street Institutional Liquid Reserves Fund - Institutional Class (7-Day SEC Yield)	USD		0.03	%	N/A		5,467,685		5,468,779
TOTAL SHORT TERM INVESTMENTS									5,468,779
(Cost $5,468,788)
Total Investments - 95.69%									150,429,372
(Cost $155,117,832)
Other Assets In Excess of Liabilities - 4.31%									6,778,284
Net Assets - 100.00%								$	157,207,656

* The principal amount/shares of each security is stated in the currency in which the security is denominated.

Currency Abbreviations:

BRL	-	Brazilian Real
CLP	-	Chilean Peso
CNH	-	Chinese Yuan Offshore
CNY	-	Chinese Yuan
COP	-	Columbian Peso
CZK	-	Czech Republic Koruna
EGP	-	Egyptian Pound
HUF	-	Hungarian Forint
IDR	-	Indonesian Rupiah
KZT	-	Kazakhstan Tenge
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
PEN	-	Peruvian Nuevo Sol
PLN	-	Polish Zloty
RON	-	Romanian Leu
RSD	-	Serbian Dinar
RUB	-	Russian Ruble
THB	-	Thai Baht
TRY	-	Turkish Lira
USD	-	United States Dollar
UYU	-	Uruguayan Peso
ZAR	-	South African Rand

⁽¹⁾ Issued with a zero coupon.  Income is recognized through the accretion of discount.

⁽²⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.  Total fair value of Rule 144A securities amounts to $4,369,329, which represents approximately 2.78% of net assets as of August 31, 2021.

⁽³⁾ Securities were originally issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration.  Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  As of August 31, 2021, the aggregate fair value of those securities was $3,567,655, which represents approximately 2.27% of net assets.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at August 31, 2021		Fund Delivering	U.S. $ Value at August 31, 2021		Unrealized Appreciation/ (Depreciation)
Citigroup Global Markets	09/02/21	BRL		808,966	USD		798,969	$	9,997
Citigroup Global Markets	09/14/21	USD		2,223,080	RON		2,218,032		5,048
Citigroup Global Markets	10/04/21	BRL		805,330	USD		794,432		10,898
Citigroup Global Markets	10/06/21	CZK		160,027	USD		157,992		2,035
Citigroup Global Markets	10/06/21	USD		160,316	CZK		160,027		289
Citigroup Global Markets	10/22/21	COP		253,012	USD		252,732		280
Citigroup Global Markets	10/29/21	CLP		174,058	USD		173,522		536
Citigroup Global Markets	10/29/21	USD		110,097	CLP		108,126		1,971
Goldman Sachs & Co.	09/02/21	BRL		1,145,111	USD		1,137,085		8,026
Goldman Sachs & Co.	09/30/21	RUB		799,803	USD		787,863		11,940
Goldman Sachs & Co.	10/04/21	BRL		1,139,964	USD		1,124,514		15,450
Goldman Sachs & Co.	10/06/21	CZK		2,438,708	USD		2,407,971		30,737
Goldman Sachs & Co.	10/06/21	HUF		1,566,202	USD		1,510,568		55,634
Goldman Sachs & Co.	10/06/21	PLN		1,925,299	USD		1,899,177		26,122
J.P. Morgan Chase & Co.	09/14/21	USD		953,123	RON		951,422		1,701
J.P. Morgan Chase & Co.	10/06/21	HUF		1,563,957	USD		1,506,755		57,202
J.P. Morgan Chase & Co.	10/06/21	PLN		1,247,300	USD		1,229,300		18,000
								$	255,866
Citigroup Global Markets	10/29/21	CLP		1,032,015	USD		1,050,675	$	(18,660	)
Citigroup Global Markets	09/29/21	THB		631,273	USD		639,303		(8,030	)
Citigroup Global Markets	09/29/21	USD		61,404	THB		63,596		(2,192	)
Citigroup Global Markets	10/22/21	USD		600,908	CNH		604,609		(3,701	)
Citigroup Global Markets	10/22/21	USD		1,001,875	COP		1,029,421		(27,546	)
Citigroup Global Markets	09/02/21	USD		797,826	BRL		808,966		(11,140	)
Goldman Sachs & Co.	09/29/21	THB		2,730,292	USD		2,749,116		(18,824	)
Goldman Sachs & Co.	10/29/21	USD		242,019	MXN		244,712		(2,693	)
Goldman Sachs & Co.	10/18/21	USD		2,012,409	ZAR		2,031,261		(18,852	)
Goldman Sachs & Co.	09/02/21	USD		1,129,297	BRL		1,145,111		(15,814	)
HSBC	10/22/21	USD		2,096,144	CNH		2,109,060		(12,916	)
J.P. Morgan Chase & Co.	10/04/21	BRL		1,743,028	USD		1,760,636		(17,608	)
J.P. Morgan Chase & Co.	10/06/21	PLN		2,114,952	USD		2,120,599		(5,647	)
J.P. Morgan Chase & Co.	09/29/21	THB		575,092	USD		582,407		(7,315	)
J.P. Morgan Chase & Co.	10/29/21	USD		559,349	MXN		565,552		(6,203	)
J.P. Morgan Chase & Co.	10/22/21	USD		1,062,815	COP		1,092,803		(29,988	)
								$	(207,129	)

See Notes to Quarterly Statement of Investments 

Stone Harbor Emerging Markets Corporate Debt Fund Statement of Investments

August 31, 2021 (Unaudited)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
CORPORATE BONDS - 96.37%
Argentina - 2.19%
MSU Energy SA	USD		6.88	%	02/01/25		48,000	$	38,227	(1)
Pampa Energia SA	USD		7.50	%	01/24/27		35,000		32,156	(1)
YPF SA:
	USD		8.50	%	07/28/25		16,000		13,706	(1)
	USD		6.95	%	07/21/27		87,000		65,263	(2)
									149,352
Brazil - 8.58%
Adecoagro SA	USD		6.00	%	09/21/27		27,000		28,475	(1)
Banco do Brasil SA	USD		9.00	%	Perpetual		6,000		6,748	(1)(3)(4)
CSN Inova Ventures	USD		6.75	%	01/28/28		20,000		22,007	(1)
Gol Finance SA	USD		7.00	%	01/31/25		66,000		63,112	(1)
Guara Norte Sarl	USD		5.20	%	06/15/34		20,628		21,209	(1)
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV	USD		5.00	%	05/07/28		23,000		23,423	(1)
Itau Unibanco Holding SA	USD		6.13	%	Perpetual		32,000		32,657	(1)(3)(4)
Klabin Austria GmbH:
	USD		3.20	%	01/12/31		30,000		29,700	(1)
	USD		7.00	%	04/03/49		23,000		29,170	(1)
MC Brazil Downstream Trading SARL	USD		7.25	%	06/30/31		51,000		52,979	(1)
Minerva Luxembourg SA	USD		4.38	%	03/18/31		33,000		32,423	(1)
MV24 Capital BV	USD		6.75	%	06/01/34		21,477		23,440	(1)
Petrobras Global Finance BV:
	USD		5.75	%	02/01/29		28,000		32,043
	USD		6.90	%	03/19/49		51,000		60,512
Simpar Europe SA	USD		5.20	%	01/26/31		45,000		46,280	(1)
Usiminas International Sarl	USD		5.88	%	07/18/26		76,000		81,625	(1)
									585,803
Chile - 2.72%
ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par	USD		4.05	%	04/27/26		18,000		18,347	(1)
Celulosa Arauco y Constitucion SA	USD		5.50	%	04/30/49		29,000		35,005	(1)
Cencosud SA	USD		4.38	%	07/17/27		14,000		15,368	(1)
Empresa Nacional de Telecomunicaciones SA	USD		4.88	%	10/30/24		11,000		11,782	(1)
Geopark, Ltd.	USD		5.50	%	01/17/27		60,000		60,083	(1)
Inversiones CMPC SA	USD		3.00	%	04/06/31		28,000		28,455	(1)
VTR Comunicaciones SpA	USD		5.13	%	01/15/28		16,000		16,755	(1)
									185,795
China - 6.89%
Bank of China, Ltd.	USD		5.00	%	11/13/24		46,000		51,259	(2)
ENN Clean Energy International Investment, Ltd.	USD		3.38	%	05/12/26		131,000		133,336	(1)
Golden Eagle Retail Group, Ltd.	USD		4.63	%	05/21/23		44,000		44,902	(2)
Tencent Holdings, Ltd.:
	USD		2.39	%	06/03/30		14,000		14,001	(1)
	USD		3.24	%	06/03/50		14,000		13,799	(1)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
China (continued)
Wanda Properties International Co., Ltd.	USD		7.25	%	01/29/24		200,000	$	201,718
Yingde Gases Investment, Ltd.	USD		6.25	%	01/19/23		11,000		11,323	(2)
									470,338
Colombia - 3.67%
AI Candelaria Spain SLU:
	USD		7.50	%	12/15/28		32,000		35,640	(1)
	USD		7.50	%	12/15/28		20,000		22,275	(2)
Ecopetrol SA:
	USD		5.38	%	06/26/26		29,000		31,987
	USD		7.38	%	09/18/43		33,000		40,524
Gran Tierra Energy International Holdings, Ltd.	USD		6.25	%	02/15/25		103,000		91,026	(1)
Millicom International Cellular SA	USD		5.13	%	01/15/28		27,900		29,142	(1)
									250,594
Ghana - 1.92%
Tullow Oil PLC:
	USD		7.00	%	03/01/25		98,000		83,545	(1)
	USD		10.25	%	05/15/26		46,000		47,811	(1)
									131,356
Guatemala - 1.51%
Energuate Trust	USD		5.88	%	05/03/27		38,000		39,766	(1)
Investment Energy Resources, Ltd.	USD		6.25	%	04/26/29		58,000		63,437	(1)
									103,203
Hong Kong - 3.00%
ESR Cayman, Ltd.	USD		7.88	%	04/04/22		200,000		204,975
India - 4.81%
Bharti Airtel, Ltd.:
	USD		4.38	%	06/10/25		15,000		16,314	(2)
	USD		3.25	%	06/03/31		33,000		33,478	(1)
Greenko Dutch BV	USD		3.85	%	03/29/26		24,000		24,546	(1)
Network i2i, Ltd.	USD		5Y US TI + 4.28	%	Perpetual		173,000		184,970	(1)(3)(4)
Vedanta Resources Finance II PLC:
	USD		13.88	%	01/21/24		19,000		20,953	(1)
	USD		8.95	%	03/11/25		21,000		21,354	(1)
Vedanta Resources, Ltd.	USD		6.38	%	07/30/22		27,000		27,078	(1)
									328,693

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Indonesia - 3.44%
Indika Energy Capital IV Pte, Ltd.	USD		8.25	%	10/22/25		12,000	$	12,654	(1)
Indonesia Asahan Aluminium Persero PT	USD		5.45	%	05/15/30		60,000		70,075	(1)
Minejesa Capital BV	USD		4.63	%	08/10/30		125,000		132,187	(1)
PT Bumi Resources TBK (Eterna Capital Pte, Ltd.)	USD		7.50% PIK		12/11/22		9,635		6,956	(5)
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak	USD		4.85	%	10/14/38		12,000		13,319	(1)
									235,191
Israel - 4.91%
Altice Financing SA	USD		5.00	%	01/15/28		94,000		94,277	(1)
Leviathan Bond, Ltd.	USD		6.75	%	06/30/30		74,000		83,361	(1)
Teva Pharmaceutical Finance Netherlands III BV	USD		3.15	%	10/01/26		164,000		157,997
									335,635
Jamaica - 0.42%
Digicel Group Holdings, Ltd.	USD		8% Cash and 2% PIK or 10.00% PIK		04/01/24		14,527		14,434	(5)
Digicel, Ltd.	USD		6.75	%	03/01/23		15,000		14,250	(2)
									28,684
Macau - 3.50%
Melco Resorts Finance, Ltd.:
	USD		5.63	%	07/17/27		87,000		90,394
	USD		5.75	%	07/21/28		32,000		33,426	(1)
Sands China, Ltd.	USD		5.40	%	08/08/28		18,000		20,828
Studio City Finance, Ltd.:
	USD		6.00	%	07/15/25		79,000		82,579	(1)
	USD		6.50	%	01/15/28		11,000		11,550	(1)
									238,777
Malaysia - 3.11%
Gohl Capital, Ltd.	USD		4.25	%	01/24/27		200,000		212,351
Mexico - 7.71%
Aerovias de Mexico SA de CV	USD		7.00	%	02/05/25		69,000		58,693	(1)(6)
America Movil SAB de CV	USD		3.63	%	04/22/29		13,000		14,313
Axtel SAB Axtel de CV	USD		6.38	%	11/14/24		77,000		80,150	(1)
Banco Mercantil del Norte SA/Grand Cayman:
	USD		6.75	%	Perpetual		63,000		67,890	(1)(3)(4)
	USD		7.50	%	Perpetual		43,000		48,941	(1)(3)(4)
BBVA Bancomer SA	USD		6.75	%	09/30/22		11,000		11,648	(1)
Cemex SAB de CV	USD		5Y US TI + 4.534	%	Perpetual		33,000		34,576	(1)(3)(4)
Cometa Energia SA de CV	USD		6.38	%	04/24/35		51,184		60,404	(1)
FEL Energy VI Sarl	USD		5.75	%	12/01/40		10,941		11,668	(1)
Mexico Generadora De Energia	USD		5.50	%	12/06/32		24,903		28,624	(1)
Petroleos Mexicanos	USD		7.69	%	01/23/50		48,000		45,949
Sixsigma Networks Mexico SA de CV	USD		7.50	%	05/02/25		35,000		34,205	(1)
Southern Copper Corp.	USD		6.75	%	04/16/40		21,000		29,925
									526,986

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Nigeria - 2.63%
Access Bank PLC	USD		10.50	%	10/19/21		22,000	$	22,356	(1)
Africa Finance Corp.	USD		2.88	%	04/28/28		32,000		32,480	(1)
IHS Netherlands Holdco BV	USD		8.00	%	09/18/27		93,000		100,198	(1)
United Bank for Africa PLC	USD		7.75	%	06/08/22		24,000		24,893	(1)
									179,927
Oman - 0.44%
Oryx Funding, Ltd.	USD		5.80	%	02/03/31		28,000		29,750	(1)
Panama - 0.83%
C&W Senior Financing DAC	USD		7.50	%	10/15/26		54,000		56,362	(1)
Peru - 3.87%
Banco BBVA Peru SA	USD		5Y US TI + 2.75%		09/22/29		13,000		13,754	(2)(3)
Banco de Credito del Peru	USD		5Y US TI + 3.00	%	07/01/30		28,000		28,000	(1)(3)
Inkia Energy, Ltd.	USD		5.88	%	11/09/27		92,000		94,524	(1)
Kallpa Generacion SA:
	USD		4.88	%	05/24/26		22,000		23,331	(1)
	USD		4.13	%	08/16/27		53,000		54,871	(1)
Nexa Resources SA	USD		6.50	%	01/18/28		45,000		50,027	(1)
									264,507
Russia - 4.02%
Gazprom PJSC Via Gaz Capital SA	USD		4.95	%	02/06/28		118,000		132,308	(1)
Lukoil Securities BV	USD		3.88	%	05/06/30		103,000		109,566	(1)
VTB Bank PJSC Via VTB Eurasia DAC	USD		9.50	%	Perpetual		30,000		32,592	(1)(3)(4)
									274,466
Saudi Arabia - 3.09%
Acwa Power Management And Investments One, Ltd.	USD		5.95	%	12/15/39		102,890		122,439	(1)
Saudi Arabian Oil Co.:
	USD		3.50	%	04/16/29		40,000		43,623	(1)
	USD		3.25	%	11/24/50		46,000		45,195	(1)
									211,257
South Africa - 3.18%
AngloGold Ashanti Holdings PLC	USD		3.75	%	10/01/30		52,000		54,600
Eskom Holdings SOC, Ltd.	USD		6.75	%	08/06/23		109,000		114,014	(1)
Liquid Telecommunications Financing PLC	USD		5.50	%	09/04/26		30,000		31,162	(1)
Prosus NV	USD		3.83	%	02/08/51		19,000		17,320	(1)
									217,096
South Korea - 1.93%
Shinhan Bank Co., Ltd.	USD		3.88	%	03/24/26		60,000		66,052	(2)
Woori Bank	USD		4.75	%	04/30/24		60,000		65,620	(2)
									131,672

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Tanzania - 0.93%
HTA Group, Ltd.	USD		7.00	%	12/18/25		60,000	$	63,820	(1)
Thailand - 2.40%
Bangkok Bank PCL	USD		5Y US TI + 1.90	%	09/25/34		50,000		51,812	(1)(3)
PTT Treasury Center Co., Ltd.	USD		4.50	%	10/25/42		60,000		68,615	(1)
Thaioil Treasury Center Co., Ltd.	USD		4.88	%	01/23/43		40,000		43,356	(2)
									163,783
Turkey - 3.79%
Akbank Turk AS:
	USD		5.13	%	03/31/25		15,000		15,251	(1)
	USD		6.80	%	04/27/28		35,000		35,713	(1)(3)
Aydem Yenilenebilir Enerji AS	USD		7.75	%	02/02/27		62,000		61,923	(1)
Turk Telekomunikasyon AS	USD		6.88	%	02/28/25		37,000		40,776	(1)
Turkiye Garanti Bankasi AS	USD		6.13	%	05/24/27		60,000		60,703	(1)(3)
Ulker Biskuvi Sanayi AS	USD		6.95	%	10/30/25		41,000		44,298	(1)
									258,664
Ukraine - 3.59%
Metinvest BV:
	USD		7.75	%	04/23/23		60,000		64,125	(1)
	USD		7.75	%	10/17/29		77,000		86,457	(1)
VF Ukraine PAT via VFU Funding PLC	USD		6.20	%	02/11/25		91,000		94,754	(1)
									245,336
United Arab Emirates - 3.69%
DP World, Ltd./United Arab Emirates	USD		4.70	%	09/30/49		149,000		166,655	(1)
Galaxy Pipeline Assets Bidco, Ltd.	USD		1.75	%	09/30/27		84,000		85,470	(1)
									252,125
United States - 0.50%
SierraCol Energy Andina LLC	USD		6.00	%	06/15/28		34,000		33,984	(1)
Vietnam - 1.53%
Mong Duong Finance Holdings BV	USD		5.13	%	05/07/29		104,000		104,497	(1)
Zambia - 1.57%
First Quantum Minerals, Ltd.:
	USD		6.50	%	03/01/24		39,000		39,834	(1)
	USD		7.50	%	04/01/25		65,000		67,620	(1)
									107,454
TOTAL CORPORATE BONDS									6,582,433
(Cost $6,246,221)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
SHORT TERM INVESTMENTS - 3.46%
Money Market Fund - 3.46%
State Street Institutional Liquid Reserves Fund - Institutional Class (7-Day SEC Yield)	USD		0.03	%	N/A		236,356	$	236,403
TOTAL SHORT TERM INVESTMENTS									236,403
(Cost $236,407)
Total Investments - 99.83%									6,818,836
(Cost $6,482,628)
Other Assets In Excess of Liabilities - 0.17%									11,740
Net Assets - 100.00%								$	6,830,576

* The principal amount/shares of each security is stated in the currency in which the security is denominated.

Currency Abbreviations:

USD - United States Dollar

Investment Abbreviations:

PIK - Payment in-kind

TI – Treasury Index

Reference Rates:

5Y US TI -  5 Year US Treasury Index as of August 31, 2021 was 0.77%

⁽¹⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.  Total fair value of Rule 144A securities amounts to $4,948,559, which represents approximately 72.45% of net assets as of August 31, 2021.

⁽²⁾ Securities were originally issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration.  Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  As of August 31, 2021, the aggregate fair value of those securities was $414,368, which represents approximately 6.07% of net assets.

⁽³⁾ Floating or variable rate security. The reference rate is described above. The rate in effect as of August 31, 2021 is based on the reference rate plus the displayed spread as of the security's last reset date. 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. These securities do not indicate a reference rate and spread in their description.

⁽⁴⁾ Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

⁽⁵⁾ Payment-in-kind securities.

⁽⁶⁾ Security is in default and therefore is non-income producing.

See Notes to Quarterly Statement of Investments 

Stone Harbor Strategic Income Fund Statement of Investments

August 31, 2021 (Unaudited)

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
OPEN-END FUNDS - 62.83%
Stone Harbor Emerging Markets Corporate Debt Fund	USD		N/A		N/A		175,392	$	1,632,895	(1)
Stone Harbor Emerging Markets Debt Fund	USD		N/A		N/A		725,037		7,206,864	(1)
Stone Harbor High Yield Bond Fund	USD		N/A		N/A		1,079,992		8,877,538	(1)
Stone Harbor Local Markets Fund	USD		N/A		N/A		255,938		2,300,880	(1)
									20,018,177
TOTAL OPEN-END FUNDS									20,018,177
(Cost $19,914,638)
ASSET BACKED/COMMERCIAL MORTGAGE BACKED SECURITIES - 2.15%
Aqua Finance Trust, Series 2019-A	USD		3.14	%	09/15/25		32,808		33,643	(2)
BB-UBS Trust, Series 2012-TFT	USD		2.89	%	06/05/30		20,898		20,939	(2)
BX Commercial Mortgage Trust, Series 2019-IMC	USD		1M US L + 1.30	%	04/15/34		100,000		99,894	(2)(3)
CLNY Trust, Series 2019-IKPR	USD		1M US L + 1.13	%	11/15/38		50,000		50,127	(2)(3)
Fannie Mae Pool, Series 2013-	USD		3.00	%	07/01/27		38,379		40,656	(4)
Freddie Mac Whole Loan Securities Trust:
Series 2015-SC02	USD		3.00	%	09/25/45		15,298		15,402	(4)
Series 2016-SC01	USD		3.50	%	07/25/46		25,509		25,984	(4)
Invitation Homes Trust, Series 2017-SFR2	USD		1M US L + 0.85	%	12/17/36		14,937		14,971	(2)(3)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9	USD		5.34	%	05/15/47		52,508		46,572
MBRT, Series 2019-MBR	USD		1M US L + 0.85	%	11/25/21		75,000		75,092	(2)(3)
MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV	USD		4.43	%	10/15/22		100,000		79,911	(2)(3)
New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1	USD		1.43	%	08/15/23		50,000		50,154	(2)
Towd Point Mortgage Trust, Series 2016-5	USD		2.50	%	10/25/56		12,049		12,239	(2)(3)
Verus Securitization Trust 2021-3, Series 2021-3	USD		1.05	%	06/25/66		118,852		119,112	(2)(3)
									684,696
TOTAL ASSET BACKED/COMMERCIAL MORTGAGE BACKED SECURITIES									684,696
(Cost $681,869)
CORPORATE BONDS - 15.02%
Aerospace/Defense - 0.40%
Boeing Co.	USD		3.60	%	05/01/34		25,000		26,514
General Dynamics Corp.	USD		2.85	%	06/01/41		50,000		52,283
Raytheon Technologies Corp.	USD		1.90	%	09/01/31		50,000		49,446
									128,243
Automotive - 0.42%
Ford Motor Credit Co. LLC	USD		4.27	%	01/09/27		50,000		53,572
General Motors Financial Co., Inc.	USD		4.35	%	01/17/27		50,000		56,302
Hyundai Capital America	USD		1.30	%	01/08/26		25,000		24,746	(2)
									134,620

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Banking - 3.47%
Bank of America Corp.	USD		3M US L + 0.99	%	02/13/31		100,000	$	102,897	(3)
Citigroup, Inc.:
	USD		4.40	%	06/10/25		50,000		55,648
	USD		4.45	%	09/29/27		75,000		85,950
Credit Suisse Group AG	USD		3M US L + 1.24	%	06/12/24		50,000		52,987	(2)(3)
Deutsche Bank AG:
	USD		3.70	%	05/30/24		50,000		53,478
	USD		1D US SOFR + 1.87	%	11/24/26		50,000		51,106	(3)
Goldman Sachs Group, Inc.	USD		1D US SOFR + 0.61	%	02/12/26		50,000		49,733	(3)
HSBC Holdings PLC:
	USD		1D US SOFR + 1.54	%	04/18/26		25,000		25,319	(3)
	USD		1D US SOFR + 1.29	%	05/24/27		25,000		25,098	(3)
Intesa Sanpaolo SpA	USD		4.00	%	09/23/29		75,000		82,886	(2)
JPMorgan Chase & Co.	USD		3.63	%	12/01/27		50,000		55,051
Mizuho Financial Group, Inc.	USD		1D US SOFR + 1.53	%	09/08/31		75,000		73,800	(3)
Morgan Stanley	USD		1D US SOFR + 1.02	%	04/28/32		50,000		48,905	(3)
Societe Generale SA	USD		1Y US TI + 1.10	%	12/14/26		75,000		74,631	(2)(3)
Standard Chartered PLC:
	USD		3M US L + 1.21	%	01/30/26		25,000		26,132	(2)(3)
	USD		5Y US TI + 2.30	%	02/18/36		25,000		25,144	(2)(3)
	USD		5.70	%	03/26/44		25,000		33,001	(2)
State Street Corp.	USD		2.20	%	03/03/31		50,000		51,068
Sumitomo Mitsui Financial Group, Inc.	USD		2.14	%	09/23/30		25,000		24,549
Synchrony Financial	USD		3.70	%	08/04/26		50,000		54,827
Wells Fargo & Co.	USD		1D US SOFR + 1.26	%	02/11/31		50,000		51,952	(3)
									1,104,162
Building Products - 0.19%
Vulcan Materials Co.	USD		4.50	%	06/15/47		50,000		61,790
Chemicals - 0.35%
Huntsman International LLC	USD		2.95	%	06/15/31		50,000		51,802
Nutrien, Ltd.	USD		3.95	%	05/13/50		50,000		58,866
									110,668
Commercial Services - 0.16%
Equifax, Inc.	USD		2.35	%	09/15/31		50,000		50,377
Construction Machinery - 0.16%
CNH Industrial Capital LLC	USD		1.45	%	07/15/26		50,000		50,016

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Diversified Manufacturing - 0.17%
Carrier Global Corp.	USD		3.58	%	04/05/50		50,000	$	54,514
Electric - 1.02%
Appalachian Power Co.	USD		3.70	%	05/01/50		50,000		55,948
Duke Energy Corp.	USD		3.50	%	06/15/51		50,000		52,886
Electricite de France SA	USD		4.50	%	09/21/28		50,000		58,179	(2)
Entergy Texas, Inc.	USD		3.55	%	09/30/49		50,000		55,181
NextEra Energy Capital Holdings, Inc.	USD		2.25	%	06/01/30		50,000		50,986
Vistra Operations Co. LLC	USD		3.55	%	07/15/24		50,000		52,907	(2)
									326,087
Environmental Services - 0.16%
Waste Management, Inc.	USD		2.95	%	06/01/41		50,000		51,961
Exploration & Production - 0.33%
BP Capital Markets PLC	USD		5Y US TI + 4.04	%	Perpetual		50,000		53,375	(3)(5)
TotalEnergies Capital International SA	USD		3.13	%	05/29/50		50,000		51,819
									105,194
Food and Beverage - 0.15%
Conagra Brands, Inc.	USD		1.38	%	11/01/27		50,000		49,070
Gaming - 0.16%
Las Vegas Sands Corp.	USD		3.20	%	08/08/24		50,000		51,970
Gas Distributors - 0.18%
Sempra Energy	USD		4.00	%	02/01/48		50,000		56,659
Gas Pipelines - 0.72%
CenterPoint Energy, Inc.	USD		4.25	%	11/01/28		50,000		57,603
Kinder Morgan Energy Partners LP	USD		5.50	%	03/01/44		50,000		63,678
Sabine Pass Liquefaction LLC	USD		5.00	%	03/15/27		50,000		57,876
Williams Cos., Inc.	USD		2.60	%	03/15/31		50,000		51,053
									230,210
Healthcare - 0.37%
CVS Health Corp.:
	USD		4.30	%	03/25/28		10,000		11,525
	USD		4.78	%	03/25/38		25,000		31,148
Laboratory Corp. of America Holdings	USD		1.55	%	06/01/26		75,000		75,816
									118,489

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Healthcare-Services - 0.32%
HCA, Inc.	USD		3.50	%	07/15/51		50,000	$	51,155
Universal Health Services, Inc.	USD		1.65	%	09/01/26		50,000		50,060	(2)
									101,215
Industrial Other - 0.17%
Flowserve Corp.	USD		3.50	%	10/01/30		50,000		52,772
Lodging - 0.25%
Marriott International, Inc.:
	USD		5.75	%	05/01/25		25,000		28,734
	USD		2.85	%	04/15/31		50,000		51,051
									79,785
Media Cable - 0.29%
Charter Communications Operating LLC / Charter Communications Operating Capital	USD		6.48	%	10/23/45		25,000		34,932
Comcast Corp.	USD		3.97	%	11/01/47		50,000		58,896
									93,828
Media Other - 0.09%
Interpublic Group of Cos., Inc.	USD		4.65	%	10/01/28		25,000		29,477
Metals/Mining/Steel - 0.18%
Anglo American Capital PLC	USD		4.00	%	09/11/27		50,000		55,890	(2)
Non Captive Finance - 0.17%
Air Lease Corp.	USD		3.63	%	12/01/27		50,000		54,208
Oil&Gas - 0.16%
Valero Energy Corp.	USD		2.15	%	09/15/27		50,000		50,899
Pharmaceuticals - 0.33%
AbbVie, Inc.	USD		3.20	%	11/21/29		50,000		54,690
Pfizer, Inc.	USD		1.75	%	08/18/31		50,000		49,790
									104,480
Pipelines - 0.35%
Boardwalk Pipelines LP	USD		4.80	%	05/03/29		50,000		57,868
Eastern Gas Transmission & Storage, Inc.	USD		3.00	%	11/15/29		50,000		53,247	(2)
									111,115
Property & Casualty Insurance - 0.16%
Kemper Corp.	USD		2.40	%	09/30/30		50,000		50,402

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Refining - 0.15%
Phillips 66	USD		2.15	%	12/15/30		50,000	$	49,307
REITS - 0.82%
Boston Properties LP	USD		2.55	%	04/01/32		50,000		50,693
CubeSmart LP	USD		3.00	%	02/15/30		50,000		52,975
Office Properties Income Trust	USD		2.40	%	02/01/27		50,000		50,039
SITE Centers Corp.:
	USD		4.25	%	02/01/26		15,000		16,358
	USD		4.70	%	06/01/27		35,000		39,422
WEA Finance LLC	USD		2.88	%	01/15/27		50,000		52,106	(2)
									261,593
Restaurants - 0.20%
McDonald's Corp.	USD		4.45	%	03/01/47		50,000		62,504
Retail Non Food/Drug - 0.15%
O'Reilly Automotive, Inc.	USD		1.75	%	03/15/31		50,000		48,551
Semiconductors - 0.16%
Intel Corp.	USD		1.60	%	08/12/28		50,000		50,323
Services Other - 0.33%
Expedia Group, Inc.	USD		3.25	%	02/15/30		50,000		51,885
Western Union Co.	USD		2.85	%	01/10/25		50,000		52,709
									104,594
Software - 0.16%
salesforce.com, Inc.	USD		2.70	%	07/15/41		50,000		51,059
Technology - 0.98%
Automatic Data Processing, Inc.	USD		1.70	%	05/15/28		50,000		50,911
Broadcom, Inc.	USD		5.00	%	04/15/30		50,000		59,276
Electronic Arts, Inc.	USD		2.95	%	02/15/51		50,000		49,750
Fidelity National Information Services, Inc.	USD		1.15	%	03/01/26		50,000		49,776
Tencent Holdings, Ltd.	USD		3.60	%	01/19/28		50,000		54,182	(2)
TSMC Global, Ltd.	USD		1.00	%	09/28/27		50,000		48,516	(2)
									312,411
Telecommunications - 0.23%
Verizon Communications, Inc.	USD		3.00	%	11/20/60		75,000		72,310
Transportation Non Air/Rail - 0.19%
FedEx Corp.	USD		4.40	%	01/15/47		50,000		60,776

	Currency	Rate			Maturity Date	Principal Amount/Shares*		Value (Expressed in USD)
Wireless - 0.37%
T-Mobile USA, Inc.:
	USD		3.88	%	04/15/30		25,000	$	28,042
	USD		4.50	%	04/15/50		25,000		30,010
Vodafone Group PLC	USD		4.25	%	09/17/50		50,000		58,995
									117,047
Wirelines - 0.40%
AT&T, Inc.:
	USD		2.25	%	02/01/32		75,000		74,585
	USD		3.65	%	09/15/59		50,000		51,545	(2)
									126,130
TOTAL CORPORATE BONDS									4,784,706
(Cost $4,663,003)
U.S. GOVERNMENT AGENCY MORTGAGE BACKED SECURITIES - 8.15%
FNMA TBA	USD		2.50	%	09/15/21		2,500,000		2,596,680	(4)
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE BACKED SECURITIES									2,596,680
(Cost $2,599,219)
U.S. TREASURY BONDS/NOTES - 5.83%
U.S. Treasury Bonds:
	USD		2.75	%	02/15/28		50,000		55,494
	USD		2.50	%	02/15/46		225,000		251,341
U.S. Treasury Notes:
	USD		2.00	%	11/15/21		625,000		627,494
	USD		2.13	%	05/15/25		325,000		343,662
	USD		2.00	%	08/15/25		550,000		580,121
									1,858,112
TOTAL U.S. TREASURY BONDS/NOTES									1,858,112
(Cost $1,837,809)
SHORT TERM INVESTMENTS - 5.18%
Money Market Fund - 5.18%
State Street Institutional Liquid Reserves Fund - Institutional Class (7-Day SEC Yield)	USD		0.03	%	N/A		1,650,308		1,650,638
TOTAL SHORT TERM INVESTMENTS									1,650,638
(Cost $1,650,686)
Total Investments - 99.16%									31,593,009
(Cost $31,347,224)
Other Assets In Excess of Liabilities - 0.84%									266,285	(6)
Net Assets - 100.00%								$	31,859,294

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

TI – Treasury Index

Reference Rates:

1M US L - 1 Month LIBOR as of August 31, 2021 was 0.08%

3M US L - 3 Month LIBOR as of August 31, 2021 was 0.12%

1D US SOFR - 1 Day SOFR as of August 31, 2021 was 0.01%

1Y US TI -  1 Year US Treasury Bill as of August 31, 2021 was 0.05%

5Y US TI -  5 Year US Treasury Index as of August 31, 2021 was 0.77%

* The shares of each security is stated in the currency in which the security is denominated.

Currency Abbreviations:

AUD	-	Australian Dollar
EUR	-	Euro Currency
GBP	-	Great Britain Pound
JPY	-	Japanese Yen
USD	-	United States Dollar

⁽¹⁾ Affiliated with the Fund, as each is a series of Stone Harbor Investment Funds and has the same investment adviser.

⁽²⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.  Total fair value of Rule 144A securities amounts to $1,352,241, which represents approximately 4.24% of net assets as of August 31, 2021.

⁽³⁾ Floating or variable rate security. The reference rate is described above. The rate in effect as of August 31, 2021 is based on the reference rate plus the displayed spread as of the security's last reset date. 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. These securities do not indicate a reference rate and spread in their description.

⁽⁴⁾ Investment purchased on a delayed delivery basis.

⁽⁵⁾ Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

⁽⁶⁾ Includes cash which is being held as collateral for forward foreign currency contracts, futures contracts and credit default swap contracts.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at August 31, 2021		Fund Delivering	U.S. $ Value at August 31, 2021		Unrealized Appreciation/ (Depreciation)
Citigroup Global Markets	09/30/21	USD		83,784	GBP		82,360	$	1,424
J.P. Morgan Chase & Co.	09/10/21	EUR		543,228	USD		542,505		723
J.P. Morgan Chase & Co.	09/10/21	JPY		70,002	USD		69,911		91
J.P. Morgan Chase & Co.	09/16/21	JPY		318,994	USD		317,580		1,414
J.P. Morgan Chase & Co.	09/30/21	USD		106,045	EUR		104,558		1,487
								$	5,139
Citigroup Global Markets	09/16/21	AUD		146,323	USD		146,923	$	(600	)
Goldman Sachs & Co.	09/10/21	JPY		157,988	USD		159,491		(1,503	)
J.P. Morgan Chase & Co.	09/10/21	AUD		153,633	USD		155,399		(1,766	)
J.P. Morgan Chase & Co.	09/10/21	EUR		82,665	USD		83,253		(588	)
								$	(4,457	)

FUTURES CONTRACTS

Description	Position	Contracts	Currency	Expiration Date	Notional Amount***			Value and Unrealized Appreciation/(Depreciation)
US 10 Yr T-Note Future	Short	(83)	USD	12/21/21	$	(11,076,609	)	$	10,709
								$	10,709
Euro-Bund Future	Short	(6)	EUR	9/08/21		(1,052,700	)	$	(28,615	)
US Ultra Bond Future	Long	1	USD	12/21/21		197,281			(1,316	)
								$	(29,931	)

*** The notional amount of each security is stated in the currency in which the security is denominated. 

CREDIT DEFAULT SWAP CONTRACTS ON CREDIT INDICES ISSUE - BUY PROTECTION (CENTRALLY CLEARED)⁽¹⁾

Reference Obligations	Clearing House	Fixed Deal Pay Rate			Currency	Maturity Date	Implied Credit Spread at August 31, 2021			Notional Amount***(2)		Value			Upfront Premiums Received/(Paid)			Unrealized Depreciation
Markit CDX EM S35 5Y ICE(3)	Intercontinental Exchange		1.000	%	USD	06/20/2026		1.520	%		6,050,000	$	144,033		$	(196,738	)	$	(52,705	)
Markit CDX IG S36 5Y ICE(4)	Intercontinental Exchange		1.000	%	USD	06/20/2026		0.462	%		1,875,000		(47,546	)		42,634			(4,912	)
												$	96,487		$	(154,104	)	$	(57,617	)

CREDIT DEFAULT SWAP CONTRACTS ON CREDIT INDICES ISSUE - SELL PROTECTION (CENTRALLY CLEARED)⁽⁵⁾

Reference Obligations	Clearing House	Fixed Deal Pay Rate			Currency	Maturity Date	Implied Credit Spread at August 31, 2021			Notional Amount***(2)		Value		Upfront Premiums Received/(Paid)			Unrealized Appreciation
Markit CDX HY S36 ICE(6)	Intercontinental Exchange		5.000	%	USD	06/20/2026		2.757	%		1,150,000	$	112,818	$	(111,838	)	$	980
												$	112,818	$	(111,838	)	$	980

Credit default swaps pay quarterly.

*** The notional amount of each security is stated in the currency in which the security is denominated.

⁽¹⁾ If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

⁽²⁾ 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.

⁽³⁾ Based on an index of 14 sovereign issues domiciled in Latin America, Eastern Europe, the Middle East and North Africa, and Asia.

⁽⁴⁾ Based on an index of 125 North American, equally weighted investment grade issuers that trade in the CDS market.

⁽⁵⁾ 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 securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽⁶⁾ Based on an index of 100 North American, non-investment grade entities that trade in the CDS market.

See Notes to Quarterly Statement of Investments

Stone Harbor Emerging Markets Debt Allocation Fund Statement of Investments

August 31, 2021 (Unaudited)

	Currency	Rate			Shares*		Value (Expressed in USD)
OPEN-END FUNDS - 100.14%
Stone Harbor Emerging Markets Debt Fund	USD		N/A			925,186	$	9,196,347	(1)
Stone Harbor Local Markets Fund	USD		N/A			1,098,750		9,877,764	(1)(2)
								19,074,111
TOTAL OPEN-END FUNDS								19,074,111
(Cost $16,045,141)
SHORT TERM INVESTMENTS - 0.06%
Money Market Fund - 0.06%
State Street Institutional Liquid Reserves Fund - Institutional Class (7-Day SEC Yield)	USD		0.03	%		12,512		12,515
TOTAL SHORT TERM INVESTMENTS								12,515
(Cost $12,515)
Total Investments - 100.20%								19,086,626
(Cost $16,057,656)
Liabilities in Excess of  Other Assets - (0.20)%								(39,013	)
Net Assets - 100.00%							$	19,047,613

* The shares of each security is stated in the currency in which the security is denominated.

Currency Abbreviations: 

BRL	-	Brazilian Real
EUR	-	Euro
COP	-	Colombian Peso
CZK	-	Czech Republic Koruna
RUB	-	Russian Ruble
USD	-	United States Dollar

(1) Affiliated with the Fund, as each is a series of Stone Harbor Investment Funds and has the same investment adviser.

(2) Non-income producing security.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at August 31, 2021		Fund Delivering	U.S. $ Value at August 31, 2021		Unrealized Appreciation/ (Depreciation)
Citigroup Global Markets	09/30/21	RUB		93,344	USD		91,926	$	1,418
Citigroup Global Markets	10/06/21	CZK		90,163	USD		89,016		1,147
J.P. Morgan Chase & Co.	09/02/21	BRL		95,150	USD		94,448		702
J.P. Morgan Chase & Co.	10/04/21	BRL		94,722	USD		93,430		1,292
J.P. Morgan Chase & Co.	10/08/21	COP		87,948	USD		85,571		2,377
								$	6,936
J.P. Morgan Chase & Co.	10/15/21	USD		56,114	EUR		56,725	$	(611	)
J.P. Morgan Chase & Co.	09/02/21	USD		93,830	BRL		95,150	$	(1,320	)
								$	(1,931	)

See Notes to Quarterly Statement of Investments

Stone Harbor Investment Funds Notes to Quarterly Statements of Investments

August 31, 2021 (Unaudited)

1. ORGANIZATION

Stone Harbor Investment Funds, which consists of Stone Harbor Emerging Markets Debt Fund, Stone Harbor High Yield Bond Fund, Stone Harbor Local Markets Fund, Stone Harbor Emerging Markets Corporate Debt Fund, Stone Harbor Strategic Income Fund, and Stone Harbor Emerging Markets Debt Allocation Fund (each, a “Fund” and together, the “Funds”) is a Massachusetts business trust (the “Trust”), organized on February 20, 2007 and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Shares of each Fund are currently divided into two classes, designated Institutional Class Shares and Distributor Class Shares. As of the date of this report, Distributor Class shares were not offered for sale in each Fund. The Trust’s Declaration of Trust permits the Trustees to create additional funds and share classes. The Trust also includes the Stone Harbor Emerging Markets Debt Blend Fund which had not commenced operations as of the reporting period.

The Emerging Markets Debt Fund’s investment objective is to maximize total return. The Fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in Emerging Markets Fixed Income Securities. “Emerging Markets Fixed Income Securities” include fixed income securities and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) that economically are tied to countries with emerging securities markets or whose performance is linked to those countries’ markets, economies or ability to repay loans. Emerging Markets Fixed Income Securities may be denominated in non-U.S. currencies or the U.S. dollar. A security or instrument is economically tied to an emerging market country if it is principally traded on the country’s securities markets or the issuer is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country. Emerging Markets Fixed Income Securities also include derivatives and other instruments used to hedge or gain exposure to emerging securities markets (for example, futures or other derivatives whose return is based on specific emerging markets securities or indices).

The High Yield Bond Fund’s investment objective is to maximize total return. The Fund will normally invest at least 80% of its net assets (plus any borrowings made for investment purposes) in High Yield Debt Securities. “High Yield Debt Securities” include fixed income securities and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) rated below investment grade (or, if unrated, of comparable quality as determined by Stone Harbor Investment Partners LP (the “Adviser” or “Stone Harbor”). These types of securities and instruments are commonly referred to as “high yield” securities or “junk bonds,” and may include, among other things, bonds, debentures, notes, equipment trust certificates, commercial paper, commercial loans, preferred stock and other obligations of U.S. and non-U.S. issuers. High Yield Debt Securities also include securities or other instruments whose return is based on the return of high yield securities, including derivative instruments and instruments created to hedge or gain exposure to the high yield markets.

The Local Markets Fund’s investment objective is to maximize total return. The Fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in Emerging Markets Investments. “Emerging Markets Investments” include fixed income securities and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) that economically are tied to an emerging market country, which are denominated in the predominant currency of the local market of an emerging market country (an “Emerging Markets Currency”) or whose performance is linked to those countries’ currencies, markets, economies or ability to repay loans. Although under normal circumstances a significant portion of the Fund’s investments will be denominated in Emerging Markets Currencies, Emerging Markets Investments may be denominated in non-Emerging Markets Currencies, including the U.S. dollar. A security or instrument is economically tied to an emerging market country if it is principally traded on the country’s securities markets or the issuer is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country. Emerging Markets Investments also include Emerging Markets Currencies and derivatives and other instruments used to hedge or gain exposure to emerging securities markets or Emerging Markets Currencies (for example, futures or other derivatives whose return is based on specific emerging markets securities, emerging markets indices or Emerging Markets Currencies).

The Emerging Markets Corporate Debt Fund’s investment objective is to maximize total return. The Fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in Emerging Markets Corporate Debt Investments. “Emerging Markets Corporate Debt Investments” are debt instruments, including loans, issued by corporations or other business organizations that are economically tied to an emerging market country. A corporation or other business organization is economically tied to an emerging market country if it issues securities that are principally traded on the country’s securities markets or if it is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country. Emerging Markets Corporate Debt Investments also include derivative instruments used for hedging purposes or to otherwise gain or reduce long or short exposure to Emerging Markets Corporate Debt Investments.

The Strategic Income Fund’s investment objective is to maximize total return. The Fund is intended to provide broad exposure to global credit markets. The Fund, either directly or through investment in the underlying funds (defined below), may invest in a broad variety of fixed income and other income producing securities and instruments (including derivatives), and will not be limited in terms of type of instrument, geography, credit rating or duration. The Fund may invest all or a significant portion of its assets in Stone Harbor Investment Grade Fund, Stone Harbor High Yield Bond Fund, Stone Harbor Emerging Markets Debt Fund, Stone Harbor Local Markets Fund and Stone Harbor Emerging Markets Corporate Debt Fund and other funds sponsored or advised by the Adviser (together, the “underlying funds”). The Fund is not required to invest in the underlying funds, and from time to time may not be invested in any underlying fund. In addition to investing in the underlying funds, the Fund may invest directly in fixed income securities and in other instruments and transactions.

The Emerging Markets Debt Allocation Fund’s investment objective is to maximize total return. The Fund will normally invest, either directly or through investment in the underlying funds (defined below), at least 80% of its net assets (plus any borrowings made for investment purposes) in Emerging Markets Investments. Emerging Markets Investments include fixed income securities and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps), that economically are tied to an emerging market country or whose performance is linked to those countries’ currencies, markets, economies or ability to repay loans. The Fund may invest all or a significant portion of its assets in Stone Harbor Emerging Markets Debt Fund and Stone Harbor Local Markets Fund (together, the “underlying funds”). The Fund is not required to invest in the underlying funds, and from time to time may not be invested in any underlying fund. In addition to investing in the underlying funds, the Fund may invest directly in fixed income securities and in other instruments and transactions.

The Emerging Markets Debt Fund and Local Markets Fund are each classified as “non-diversified” under the 1940 Act. As a result, these Funds can invest a greater portion of the respective Funds’ assets in obligations of a single issuer than a “diversified” fund. These Funds may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence. The High Yield Bond Fund, Emerging Markets Corporate Debt Fund, Investment Grade Fund, Strategic Income Fund, and the Emerging Markets Debt Allocation Fund. The Emerging Markets Corporate Debt Fund was previously classified as a non-diversified investment company for purposes of the 1940 Act. As a result of ongoing operations, the Emerging Markets Corporate Debt Fund is now classified as a diversified company.

2. SIGNIFICANT ACCOUNTING POLICIES and risk disclosures

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company for financial reporting purposes under generally accepted accounting principles in the United States of America (“GAAP”). The policies are in conformity with GAAP. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Investment Valuation: Sovereign debt obligations, corporate bonds, convertible corporate bonds, and U.S. Treasury bonds, are generally valued at the mean between the closing bid and asked prices provided by an independent pricing service. The pricing services generally use market models that consider trade data, yields, spreads, quotations from dealers and active market makers, credit worthiness, market information on comparable securities, and other relevant security specific information. Asset backed/commercial mortgage backed securities are generally valued at the mean between the closing bid and asked prices provided by an independent pricing service. The pricing services generally use models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Bank loans are primarily valued by a loan pricing provider using a composite loan price at the mean of the bid and ask prices from one or more brokers of dealers. Credit Linked securities are generally valued using quotations from broker through which the Fund executed the transaction. The broker’s quotation considers cash flows, default and recovery rates, and other security specific information. Equity securities for which market quotations are available are generally valued at the last sale price or official closing price on the primary market or exchange on which they trade. If on a given day, a closing price is not available on the exchange, the equity security is valued at the mean between the closing bid and asked prices, as such prices are provided by a pricing service. Publicly traded foreign government debt securities are typically traded internationally in the over the counter (“OTC”) market, and are valued at the mean between the bid and asked prices as of the close of business of that market. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Funds calculate their net asset value, the Funds may value these investments at fair value as determined in accordance with the procedures approved by the Funds’ Board of Trustees (the “Board”). Short term obligations with maturities of 60 days or less are valued at amortized cost, which approximates market value. Open end funds and money market mutual funds are valued at their net asset value. Futures contracts are ordinarily valued at the settlement price established by the securities or commodities exchange on which they are traded, except that S&P 500 futures contracts are priced at the last transaction price before 4:00 p.m. Eastern time (generally at approximately 3:59 p.m. Eastern time) on the commodities exchange on which they are traded. OTC traded options are priced by Markit and exchange traded options are valued by the securities or commodities exchange on which they are traded. OTC traded credit default swaps are valued by the independent pricing source using a mid price that is calculated based on data an independent pricing source receives from dealers. OTC traded foreign currency options are valued by an independent pricing source using mid foreign exchange rates against USD for all currencies at 4:00 p.m. Eastern Standard Time (“EST”). Derivatives which are cleared by an exchange are priced by using the last price on such exchange. Foreign currency positions including forward currency contracts are priced at the mean between the closing bid and asked prices at 4:00 p.m. EST.

A three-tier hierarchy has been established to measure fair value based on the extent of use of “observable inputs” as compared to “unobservable inputs” for disclosure purposes and requires additional disclosures about these valuations measurements. Inputs refer broadly to the assumptions that market participants would use in pricing a security. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the security developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the security developed based on the best information available in the circumstances.

The three-tier hierarchy is summarized as follows:

Level 1— Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

Level 2— Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curve, rates, and similar data.

Level 3— Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best
information available.

The following is a summary of each Fund’s investments and financial instruments based on the three-tier hierarchy as of August 31, 2021:

Investments in Securities at Value*	Level 1		Level 2			Level 3		Total
Stone Harbor Emerging Markets Debt Fund
Sovereign Debt Obligations	$	–	$	1,014,123,609		$	–	$	1,014,123,609
Corporate Bonds		–		395,756,500			–		395,756,500
Credit Linked Notes		–		–			7,656,637		7,656,637
Short Term Investments		30,254,453		–			–		30,254,453
Total	$	30,254,453	$	1,409,880,109		$	7,656,637	$	1,447,791,199
Other Financial Instruments**
Assets
Forward Foreign Currency Contracts	$	–	$	673,979		$	–	$	673,979
Liabilities
Forward Foreign Currency Contracts		–		(109,474	)		–		(109,474	)
Total	$	–	$	564,505		$	–	$	564,505

Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Stone Harbor High Yield Bond Fund
Corporate Bonds
Exploration & Production	$	–	$	12,661,912	$	–	$	12,661,912
Other		–		88,895,302		–		88,895,302
Bank Loans		–		1,658,131		–		1,658,131
Common/Preferred Stocks		254		–		40		294
Short Term Investments		1,512,681		–		–		1,512,681
Total	$	1,512,935	$	103,215,345	$	40	$	104,728,320

Investments in Securities at Value*	Level 1		Level 2			Level 3		Total
Stone Harbor Local Markets Fund
Sovereign Debt Obligations	$	–	$	135,144,592		$	–	$	135,144,592
Corporate Bonds		–		9,816,001			–		9,816,001
Short Term Investments		5,468,779		–			–		5,468,779
Total	$	5,468,779	$	144,960,593		$	–	$	150,429,372
Other Financial Instruments**
Assets
Forward Foreign Currency Contracts	$	–	$	255,866		$	–	$	255,866
Liabilities
Forward Foreign Currency Contracts		–		(207,129	)		–		(207,129	)
Total	$	–	$	48,737		$	–	$	48,737

Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Stone Harbor Emerging Markets Corporate Debt Fund
Corporate Bonds	$	–	$	6,582,433	$	–	$	6,582,433
Short Term Investments		236,403		–		–		236,403
Total	$	236,403	$	6,582,433	$	–	$	6,818,836

Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Stone Harbor Strategic Income Fund
Open-End Funds	$	20,018,177	$	–	$	–	$	20,018,177
Asset Backed/Commercial Mortgage Backed Securities		–		684,696		–		684,696
Corporate Bonds		–		4,784,706		–		4,784,706
U.S. Government Agency Mortgage Backed Securities		–		2,596,680		–		2,596,680
U.S. Treasury Bonds/Notes		–		1,858,112		–		1,858,112
Short Term Investments		1,650,638		–		–		1,650,638
Total	$	21,668,815	$	9,924,194	$	–	$	31,593,009

Other Financial Instruments**		Level 1			Level 2			Level 3		Total
Assets
Forward Foreign Currency Contracts	$	–		$	5,139		$	–	$	5,139
Future Contracts		10,709			–			–		10,709
Credit Default Swap Contracts		–			980			–		980
Liabilities
Forward Foreign Currency Contracts		–			(4,457	)		–		(4,457	)
Credit Default Swap Contracts		–			(57,617	)		–		(57,617	)
Future Contracts		(29,933	)		–			–		(29,933	)
Total	$	(19,224	)	$	(55,955	)	$	–	$	(75,179	)

Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Stone Harbor Emerging Markets Debt Allocation Fund
Open-End Funds	$	19,074,111	$	–	$	–	$	19,074,111
Short Term Investments		12,515		–		–		12,515
Total	$	19,086,626	$	–	$	–	$	19,086,626

Other Financial Instruments**		Level 1		Level 2			Level 3		Total
Assets
Forward Foreign Currency Contracts	$	–	$	6,936		$	–	$	6,936
Liabilities
Forward Foreign Currency Contracts		–		(1,931	)		–		(1,931	)
Total	$	–	$	5,005		$	–	$	5,005

* For detailed Industry/Country descriptions see accompanying Statement of Investments.

** Other financial instruments are derivative instruments reflected in the Statement of Investments. The derivatives shown in this table are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract’s value.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

Stone Harbor Emerging Markets Debt Fund

Asset Type	Balance as of May 31, 2021		Accrued Discount/premium		Return of Capital		Realized Gain/(Loss)			Change in Unrealized Appreciation/ Depreciation		Purchases		Sales Proceeds			Transfer into Level 3		Transfer Out of Level 3		Balance as of August 31, 2021		Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at August 31, 2021
Credit Linked Notes	$	8,326,868	$	43,132	$	-	$	(5,862	)	$	10,020	$	-	$	(717,521	)	$	-	$	-	$	7,656,637	$	10,020
	$	8,326,868	$	43,132	$	-	$	(5,862	)	$	10,020	$	-	$	(717,521	)	$	-	$	-	$	7,656,637	$	10,020

Stone Harbor High Yield Bond Fund

Asset Type	Balance as of May 31, 2021		Accrued Discount/premium		Return of Capital		Realized Gain/(Loss)			Change in Unrealized Appreciation/ Depreciation		Purchases		Sales Proceeds			Transfer into Level 3		Transfer Out of Level 3		Balance as of August 31, 2021		Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at August 31, 2021
Corporate Bonds	$	40	$	3,775	$	-	$	(423,604	)	$	419,829	$	-	$	(40	)	$	-	$	-	$	-	$	-
Common/Preferred Stocks		-		-		-		-			-		40		-			-		-		40		-
	$	40	$	3,775	$	-	$	(423,604	)	$	419,828	$	40	$	(40	)	$	-	$	-	$	40	$	-

All level 3 investments have values determined utilizing third party pricing information without adjustment.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

In the event a Board approved independent pricing service is unable to provide an evaluated price for a security or the Adviser believes the price provided is not reliable, securities of the Funds may be valued at fair value as described above. In these instances the Adviser may seek to find an alternative independent source, such as a broker/dealer to provide a price quote, or by using evaluated pricing models similar to the techniques and models used by the independent pricing service. These fair value measurement techniques may utilize unobservable inputs (Level 3).

On at least a quarterly basis, the Adviser presents the factors considered in determining the fair value measurements and presents that information to the Board which meets at least quarterly.

Security Transactions and Investment Income: Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Dividend income received from underlying affiliated funds is generally reinvested back into the underlying fund. If applicable, any foreign capital gains taxes are accrued, net of unrealized gains, and are payable upon the sale of such investments. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Funds’ policy is to generally halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. EST). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Foreign Securities: The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Credit Linked Notes: The Funds may invest in credit linked notes to obtain economic exposure to high yield, emerging markets or other securities. Investments in a credit linked note typically provide the holder with a return based on the return of an underlying reference instrument, such as an emerging market bond. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. In addition to the risks associated with the underlying reference instrument, an investment in a credit linked note is also subject to liquidity risk, market risk, interest rate risk and the risk that the counterparty will be unwilling or unable to meet its obligations under the note.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the U.S. Securities and Exchange Commission (“SEC”) require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., foreign currency exchange contracts, securities with extended settlement periods, and swaps) or certain borrowings (e.g., reverse repurchase agreements), the Fund will segregate collateral or designate on its books and records cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments. Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as “Deposits with brokers” or “Payable due to brokers”, respectively. Securities collateral pledged for the same purpose is noted on the Statements of Investments.

Line of Credit: On May 5, 2017, the Trust entered into a credit agreement (“Credit Agreement”) with State Street Bank and Trust Company (the “Bank”) in which the Funds may borrow through a revolving line of credit. Borrowings under the Credit Agreement are secured by investments held in the Funds. For the period ended August 31, 2021, the Funds did not borrow under the Credit Agreement. Credit Agreement provides for an aggregate commitment amount of $50,000,000 with an annual commitment fee of 0.35% allocated on a pro-rata basis between the Funds based on their net assets, with the exception of the Stone Harbor Emerging Debt Allocation Fund and the Strategic Income Fund. The Credit Agreement will expire on April 29, 2022.

Loan Participations and Assignments: The Funds may invest in loans arranged through private negotiation between one or more financial institutions. The Funds’ investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower and the Funds may not benefit directly from any collateral supporting the loan in which they have purchased the participation.

While some loans are collateralized and senior to an issuer’s other debt securities, other loans may be unsecured and/or subordinated to other securities. Some senior loans, such as bank loans, may be illiquid and generally tend to be less liquid than many other debt securities.

The Funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Funds’ Statements of Investments.

The Funds assume the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Funds and the borrower. In the event of the insolvency of the lender selling the participation, the Funds may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. Loans may not be considered “securities”, and purchasers, such as the Funds, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

Inflation-Indexed Bonds: Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

Mortgage-Related and Other Asset-Backed Securities: Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities, stripped mortgage-backed securities, asset-backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-related and other asset-backed securities are interests in pools of loans or other receivables. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements.

U.S. Government Agencies or Government-Sponsored Enterprises: Certain Funds may invest in securities of U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

Forward Commitments: Certain Funds may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (i.e., “when-issued,” “delayed-delivery,” “forward commitment,” or “To Be Announced (“TBA”) transactions”) consistent with a Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by a Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future or after a period longer than the customary settlement period for that type of security. No interest will be earned by a Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery. A Fund will not engage in these transactions for investment leverage.

When-issued securities involve the risk that the yield obtained in the transaction will be less than that available in the market when delivery takes place. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in value based upon changes in the value of the security or general level of interest rates. In when-issued and delayed-delivery transactions, a Fund relies on the seller to complete the transaction; the seller’s failure to do so may cause a Fund to miss an advantageous price or yield.

The Funds may enter into TBA commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. The Funds generally enter into TBA commitments with the intent to take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. Regulatory developments may limit the ability of a Fund to engage in TBA transactions to the extent desired.

Unsettled TBA sale (purchase) commitments are valued at the current market value of the underlying securities. The contract is adjusted to market value daily, and the change in market value is recorded by the Fund as an unrealized gain or loss. Outstanding TBA commitments and related deliverables are reflected on the Statement of Assets and Liabilities in Payable for investments purchased and Receivable for investments sold, respectively. If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Emerging Market Risk: Emerging market countries often experience instability in their political and economic structures. Government actions could have a great effect on the economic conditions in these countries, which can affect the value and liquidity of the assets of a Fund. Specific risks that could decrease a Fund’s return include seizure of a company’s assets, restrictions imposed on payments as a result of blockages on foreign currency exchanges, expropriation, confiscatory taxation and unanticipated social or political occurrences. In addition, the ability of an emerging market government to make timely payments on its debt obligations will depend on the extent of its reserves, interest rate fluctuations and access to international credit and investments. A country with non-diversified exports or that relies on specific imports will be subject to a greater extent to fluctuations in the pricing of those commodities. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund’s assets invested in corporate debt obligations of emerging market companies would decline. Foreign investment in debt securities of emerging market countries may be restricted or controlled to varying degrees. These restrictions can limit or preclude foreign investment in debt securities of certain emerging market countries. In addition, certain emerging market countries may also restrict investment opportunities in issuers in industries deemed important to national interests.

Interest Rate Risk: Changes in interest rates will affect the value of the Fund's investments. In general, as interest rates rise, bond prices fall, and as interest rates fall, bond prices rise. Interest rate risk is generally greater for funds that invest a significant portion of their assets in high yield securities. However, funds that generally invest a significant portion of their assets in higher-rated fixed income securities are also subject to this risk. The Fund also faces increased interest rate risk if it invests in fixed income securities paying no current interest (such as zero coupon securities and principal-only securities), interest-only securities and fixed income securities paying non-cash interest in the form of other securities. Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate for short-term Eurodollar deposits between major international banks. The administrator of LIBOR announced an intention to delay the phase out of a majority of the U.S. dollar LIBOR publications until mid-2023, with the remainder of LIBOR publications to end at the end of 2021. At this time, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the Fund's performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR. 

Liquidity Risk: Liquidity risk exists when particular investments are difficult to purchase or sell at the time that a Fund would like or at the price that the Fund believes such investments are currently worth. Certain of the Funds’ investments may be illiquid. Illiquid securities may become harder to value, especially in changing markets. A Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Derivatives, securities that involve substantial interest rate or credit risk and bank loans tend to involve greater liquidity risk. In addition, liquidity risk tends to increase to the extent a Fund invests in securities whose sale may be restricted by law or by contract, such as Rule 144A and Regulation S securities.

Foreign Investment Risk: The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign (non-U.S.) securities are usually not subject to the same degree of regulation as U.S. issuers. Reporting, accounting, auditing and custody standards of foreign countries differ, in some cases significantly, from U.S. standards. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Also, nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic developments could adversely affect a Fund’s investments in a foreign country. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire investment in foreign (non-U.S.) securities. Adverse conditions in a certain region can adversely affect securities of other countries whose economies appear to be unrelated. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Credit and Market Risk: The Funds invest in high yield and emerging market instruments that are subject to certain credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Funds’ investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Funds. The Funds’ investment in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations. Investments in derivatives are also subject to credit and market risks.

CORONAVIRUS (COVID 19) PANDEMIC: An outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 has resulted in, among other things, extreme volatility in the financial markets and severe losses, reduced liquidity of many instruments, significant travel restrictions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, service and event cancellations, reductions and other changes, strained healthcare systems, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has negatively affected the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Pandemics may also exacerbate other pre-existing political, social, economic, market and financial risks. The ongoing effects of the outbreak in developing or emerging market countries with less established health care systems and supply chains may be greater due to slower COVID-19 vaccine distribution and potential new outbreaks of the disease. The COVID-19 pandemic has resulted in, and may continue to result in, travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and increased market uncertainty. This could prolong or reignite a sustained economic downturn or a global recession, ongoing market volatility and/or decreased liquidity in the financial markets, exchange trading suspensions and closures, higher default rates, domestic and foreign political and social instability and damage to diplomatic and international trade relations. The foregoing could impair the Funds’ ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments, and negatively impact the Funds’ performance and your investment in the Funds.

Distributions to Shareholders: Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-date. Income distributions, if any are generally declared and paid on a quarterly basis, except for any distributions paid by the Local Markets Fund and the Emerging Markets Debt Allocation Fund, which are declared and paid annually. Capital gain distributions, if any, are declared and paid at least annually. A portion of the Fund’s distributions made for a taxable year may be recharacterized as a return of capital to shareholders. This may occur, for example, if the Fund’s distributions exceed its “earnings and profits” for the taxable year or because certain foreign currency losses may reduce the Fund’s income. This recharacterization may be retroactive. A return of capital will generally not be taxable, but will reduce a shareholder’s basis in his or her Fund shares and therefore result in a higher gain or lower loss when the shareholder sells the shares.

Expenses: Direct expenses are charged to each Fund; expenses of the Trust are generally allocated to the Funds based on each Fund’s relative net assets.

Federal and Other Taxes: No provision for income taxes is included in the accompanying financial statements, as the Funds intend to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

The Funds evaluate tax positions taken (or expected to be taken) in the course of preparing the Funds’ tax provisions to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the period ended August 31, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

3. DERIVATIVE INSTRUMENTS

Risk Exposure and the Use of Derivative Instruments: The Funds’ investment objectives allow the Funds to enter in various types of derivatives contracts. In doing so, the Funds employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that may make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

The Funds’ use of derivatives can result in losses due to unanticipated changes in the risk factors described in Note 2 and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows each Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Funds’ performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell or close out the derivative in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type below in the notes that follow.

Derivatives are also subject to the risk of possible regulatory changes, which could adversely affect the availability and performance of derivative securities, make them more costly and limit or restrict their use by the Fund, which could prevent the Fund from implementing its investment strategies and adversely affect returns. The SEC has issued a proposed rule under the 1940 Act providing for the regulation of registered investment companies’ use of derivatives and certain related instruments. The ultimate impact, if any, of possible regulation remains unclear, but the proposed rule, if adopted, could, among other things, restrict the Funds’ ability to engage in derivatives transactions and/or increase the costs of such derivatives transactions such that the Funds may be unable to implement their investment strategy.

Forward Foreign Currency Contracts: Certain Funds engaged in currency transactions with counterparties during the period ended August 31, 2021, to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through delivery, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished..

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

Futures Contracts: Certain Funds invested in futures contracts during the period ended August 31, 2021, in accordance with their investment objectives. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures contract transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a Fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures contract or a futures option position. Lack of a liquid market for any reason may prevent a Fund from liquidating an unfavorable position, and the Fund would remain obligated to meet margin requirements until the position is closed. In addition, a Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default.

When a purchase or sale of a futures contract is made by a Fund, the Fund is required to deposit with its broker a specified amount of liquid assets (“initial margin”). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The margin is reported on the Statement of Assets and Liabilities as “Deposit with brokers for futures contracts”. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to a Fund upon termination of the contract, assuming all contractual obligations have been satisfied. Each day a Fund may pay or receive cash, called “variation margin,” equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by a Fund. Variation margin does not represent a borrowing or loan by a Fund but is instead a settlement between a Fund and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Swap Agreements: Certain Funds invested in swap agreements during the period ended August 31, 2021. Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over the counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered exchange (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund may enter into credit default swaps, interest rate swaps, total return swaps on individual securities or groups or indices of securities for hedging, investment or leverage purposes. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Swaps are marked-to-market daily and changes in value, including the accrual of periodic amounts of interest, are recorded daily. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) and also reflected in the change in unrealized appreciation/(depreciation) on credit default swap contracts in the Statement of Operations. Each day the Fund may pay or receive cash, equal to the variation margin of the centrally cleared swap. Changes in value for OTC swaps are reflected in the unrealized appreciation/(depreciation) of the position until a periodic payment is made by either party.

Swap payments received or paid at the beginning of the measurement period represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, interest rates, and other relevant factors). Generally, the basis of the swap is the unamortized premium received or paid. Periodic payments received or made by the Fund are recorded as realized gains or losses, respectively. Any upfront fees paid are recorded as assets and any upfront fees received are recorded as liabilities. For centrally cleared swaps, these amounts are included in the deposits with brokers for swap contracts while OTC swaps are displayed as a swap premium paid/received. When the swap is terminated, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any.

Credit Default Swap Contracts: Certain Funds entered into credit default swap contracts during the period ended August 31, 2021, for hedging purposes to gain market exposure or to add leverage to its portfolio. When used for hedging purposes, a Fund is the buyer of a credit default swap contract. In that case, the Fund is entitled to receive the par (or other agreed upon) value of a referenced debt obligation, index or other investment from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign issuer, on the referenced debt obligation. In return, the Fund would pay to the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no event of default occurs, the Fund has spent the stream of payments and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, the Fund receives the stream of payments but is obligated to pay upon default of the referenced debt obligation. As the seller, the Fund effectively adds leverage to its portfolio because, in addition to its total assets, the Fund is subject to investment exposure on the notional amount of the swap.

In addition to the risks applicable to derivatives generally, credit default swaps involve special risks because they may be difficult to value, are highly susceptible to liquidity and credit risk and generally pay a return to the counterparty only in the event of an actual default by the issuer of the underlying obligation, as opposed to a credit downgrade or other indication of financial difficulty.

Purchased Options: When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

4. Affiliated Companies

Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The purchases, sales, dividend income, capital gains, return of capital distributions received, shares and value of investments in affiliated companies for the period ended August 31, 2021, were as follows:

Stone Harbor Strategic Income Fund

Security Name	Market Value as of May 31, 2021		Purchases		Sales		Change in Unrealized Gain/(Loss)			Realized Gain/Loss		Share Balance as of August 31, 2021		Dividends
Stone Harbor Emerging Markets Corporate Debt Fund	$	1,599,911	$	22,485	$	-	$	10,499		$	-		175,392	$	22,485
Stone Harbor Emerging Markets Debt Fund		7,041,069		78,871		-		86,924			-		725,037		78,871
Stone Harbor High Yield Bond Fund		8,694,885		96,135		-		86,518			-		1,079,992		96,135
Stone Harbor Local Markets Fund		2,311,117		-		-		(10,237	)		-		255,938		-
	$	19,646,982					$	173,704		$	-		2,236,359	$	197,491

Stone Harbor Emerging Markets Debt Allocation Fund

Security Name	Market Value as of May 31, 2021		Purchases		Sales			Change in Unrealized Gain/(Loss)			Realized Gain/Loss			Share Balance as of August 31, 2021		Dividends
Stone Harbor Emerging Markets Debt Fund	$	8,871,942	$	238,504	$	(24,038	)	$	110,089		$	(150	)		925,186	$	100,795
Stone Harbor Local Markets Fund		9,794,152		154,048		(26,892	)		(42,897	)		(647	)		1,098,750		-
	$	18,666,094						$	67,192		$	(797	)		2,023,936	$	100,795