Stone Harbor 500 Plus Fund Institutional Class (SHERX) Exchange: NMFQS

DELISTED - The Fund seeks to exceed the total return of the Standard & Poor’s 500 Index (“S&P 500 Index”) by investing its net assets (plus any borrowings made for investment purposes), under normal market conditions, primarily in S&P 500 Index derivatives and various types of fixed income instruments. The Fund typically will seek to gain long exposure to the S&P 500 Index through the use of S&P 500 Index derivatives in an amount, under normal market circumstances, approximately equal to the Fund’s net assets in an attempt to equal or exceed, net of expenses, the daily performance of the S&P 500 Index. However, since S&P 500 Index derivatives may be purchased with a fraction of the assets that would be needed to purchase the equity securities directly, the remainder of the Fund’s assets may be invested in fixed income instruments. The fixed income instruments will normally be actively managed with a view toward enhancing the Fund’s total return, subject to overall portfolio duration which is typically not expected to exceed two years. In managing the Fund’s investments in fixed income instruments, the Adviser seeks to outperform the cost of obtaining equity exposures, thereby enhancing the Fund’s total return and return versus the benchmark (sometimes referred to as “alpha”). Under normal market conditions, the Fund expects to gain the entirety of its exposure to the S&P 500 Index through the use of S&P 500 derivatives, and not through direct investment in stocks of companies listed on the S&P 500 Index.   The Fund normally will attempt to invest in fixed income instruments that are rated at least investment grade by any of Moody’s Investors Services, Inc., (“Moody’s”) S&P Global Inc., Fitch Ratings Limited (“Fitch”), DBRS or other qualified ratings agencies or, if unrated, are determined by the Adviser to be of comparable quality. The types of fixed income instruments in which the Fund may invest include, but are not limited to, asset backed securities (“ABS”), agency and non-agency residential mortgage backed securities (“RBS”), commercial mortgage back securities (“CMBS”), corporate debt securities, 144A securities, money market instruments including commercial paper and agency discount notes, and derivatives related to these types of securities. Securities may be denominated in both the U.S dollar and non-U.S. currencies.   Although the Fund is not limited in the types of derivatives it can use, the Fund currently expects that its derivatives investments will consist primarily of the following instruments and transactions: futures, options, swaps, including total return swaps, credit default swaps, and credit linked notes. The Fund may use derivatives to a significant extent. The Fund may enter into repurchase agreements with broker-dealers, banks and other financial institutions.