Virtus Stone Harbor Local Markets Fund I Class NMFQS:SHLMX

The fund normally invests at least 80% of its net assets (plus any borrowings made for investment purposes) in Emerging Markets Investments. It may invest in securities of any credit rating (including unrated securities) and may invest without limit in higher risk, below-investment grade debt securities, commonly referred to as "high yield" securities or "junk bonds." The Adviser normally maintains an average portfolio duration of between 2 and 7 years. The fund is non-diversified.