NEW
YORK, March 22, 2022 /PRNewswire/ -- Stone
Harbor Emerging Markets Total Income Fund (NYSE: EDI) and
Stone Harbor Emerging Markets Income Fund (NYSE: EDF) today
announced that shareholders of each fund elected a new Board of
Trustees and approved new investment advisory and subadvisory
agreements related to the acquisition of Stone Harbor
Investment Partners by Virtus Investment Partners, Inc.
At a shareholder meeting on February 17,
2022, shareholders of each fund approved:
- The election of a slate of 12 trustees;
- A new investment advisory agreement between the applicable fund
and Virtus Alternative Investment Advisers, Inc. (VAIA), an
affiliate of Virtus Investment Partners; and
- A new agreement under which Stone
Harbor continues to manage the applicable fund in a
subadvisory capacity.
|
EDF
|
EDI
|
Proposal
|
For
|
Withhold
|
For
|
Withhold
|
Donald C.
Burke
|
83.8%
|
16.2%
|
85.7%
|
14.3%
|
Sarah E.
Cogan
|
83.9%
|
16.1%
|
85.7%
|
14.3%
|
Deborah A.
DeCotis
|
83.9%
|
16.1%
|
85.7%
|
14.3%
|
F. Ford
Drummond
|
83.7%
|
16.3%
|
85.6%
|
14.4%
|
Sidney E.
Harris
|
83.7%
|
16.3%
|
85.6%
|
14.4%
|
John R.
Mallin
|
83.8%
|
16.2%
|
85.7%
|
14.3%
|
Connie D.
McDaniel
|
83.9%
|
16.1%
|
85.7%
|
14.3%
|
Philip R.
McLoughlin
|
83.7%
|
16.3%
|
85.7%
|
14.3%
|
Geraldine M.
McNamara
|
83.9%
|
16.1%
|
85.7%
|
14.3%
|
R. Keith
Walton
|
83.8%
|
16.2%
|
85.6%
|
14.4%
|
Brian T.
Zino
|
83.8%
|
16.2%
|
85.5%
|
14.5%
|
George R.
Aylward
|
83.7%
|
16.3%
|
85.5%
|
14.5%
|
|
EDF
|
EDI
|
Proposal
|
For
|
Against
|
Abstain
|
Broker
Non-Vote
|
For
|
Against
|
Abstain
|
Broker
Non-Vote
|
Approval of a new
investment advisory agreement between the Fund and VAIA
|
67.1%
|
12.7%
|
3.6%
|
16.7%
|
50.4%
|
12.4%
|
2.5%
|
20.1%
|
Approval of a new
subadvisory agreement by and among VAIA, Stone Harbor, and the
Fund
|
67.3%
|
12.6%
|
3.3%
|
16.7%
|
50.9%
|
12.1%
|
2.2%
|
20.1%
|
Election of the new trustees is anticipated to be effective
April 8, 2022, while the other
approved changes are anticipated to be effective April 11, 2022. Further, as a result of these
developments, the funds have announced the following name changes
effective on or about April 11,
2022:
Current Fund
Name
|
Ticker
|
New Fund
Name
|
Stone Harbor
Emerging Markets Total Income Fund
|
EDI
|
Virtus Stone Harbor
Emerging Markets Total Income Fund
|
Stone Harbor
Emerging Markets Income Fund
|
EDF
|
Virtus Stone Harbor
Emerging Markets Income Fund
|
There are no changes to the funds' investment objectives,
investment strategies or ticker symbols associated with the
aforementioned changes. Updated CUSIP numbers will be provided
prior to the name changes.
About Stone Harbor
Stone Harbor Investment Partners, LLC is a global
institutional fixed-income investment manager specializing in
credit and asset allocation strategies. The firm manages
institutional clients' assets in a range of investment strategies
including emerging markets debt, global high yield, bank loans, as
well as multi-sector credit products including unconstrained and
total return approaches. The firm's investment strategies are based
on fundamental insights, derived from a combination of proprietary
research and the in-depth knowledge and specialized experience of
the firm's team. Founded in 2006, it is based in New York City with additional offices in
London and Singapore.
About Virtus Investment Partners,
Inc.
Virtus Investment Partners (NASDAQ: VRTS) is a distinctive
partnership of boutique investment managers singularly committed to
the long-term success of individual and institutional investors. We
provide investment management products and services from our
affiliated managers, each with a distinct investment style and
autonomous investment process, as well as select subadvisers.
Investment solutions are available across multiple disciplines and
product types to meet a wide array of investor needs. Additional
information about our firm, investment partners, and strategies is
available at virtus.com.
Important Risk
Considerations
There is no assurance that the funds will achieve their
investment objectives. Investing in the funds involves risks,
including the risk that you may receive little or no return on your
investment or that you may lose part or even all of your
investment. The funds' shares may be worth less upon their sale
than what an investor paid for them. Therefore, before investing
you should consider carefully, among other things, the funds'
investment objectives, charges and expenses, and the risks that you
will assume if you invest in the funds' common shares.
Emerging markets securities are subject to greater risks arising
from political or economic instability, nationalization or
confiscatory taxation, currency exchange restrictions and an
issuer's unwillingness or inability to make principal or interest
payments on its obligations.
Each Fund is "non-diversified," which means that it can invest a
higher percentage of its assets in any one issuer or in a smaller
number of issuers than a diversified fund. Being non-diversified
may magnify a Fund's losses from adverse events affecting a
particular issuer. EACH FUND SHOULD BE CONSIDERED AS ONLY ONE
ELEMENT OF A COMPLETE INVESTMENT PROGRAM. AN INVESTMENT IN EITHER
FUND SHOULD BE CONSIDERED SPECULATIVE. CLOSED-END FUNDS FREQUENTLY
TRADE AT A DISCOUNT TO THEIR NET ASSET VALUES.
Stone Harbor Emerging Markets Total Income
Fund (EDI) seeks to achieve its investment objective by
investing at least 80% of its net assets (plus borrowings for
investment purposes) in emerging markets debt, which includes fixed
income securities and other instruments, including derivatives,
that are economically tied to emerging market countries, that are
denominated in the predominant currency of the local market of an
emerging market country or whose performance is linked to those
countries' markets, currencies, economies or ability to repay
loans. The Fund normally expects to invest up to 20% of its total
assets in emerging markets equity, which includes securities issued
by either single country or regional exchange-traded funds, common
stocks, preferred stocks, other equity securities and other
instruments (including derivatives) that are economically tied to
the equity markets of emerging market countries, that are
denominated in the predominant currency of the local market of an
emerging market country or whose performance is linked or otherwise
related to those countries' markets, currencies, or economies. A
security or instrument is economically tied to an emerging market
country if it is principally traded on the country's securities
markets or if 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.
Stone Harbor Emerging Markets Income Fund (EDF)
seeks to achieve its investment objective by investing at least 80%
of its net assets (plus borrowings for investment purposes) in
emerging markets securities, which include fixed income securities
and other instruments, including derivatives, that are economically
tied to emerging market countries, that are denominated in the
predominant currency of the local market of an emerging market
country or whose performance is linked to those countries' markets,
currencies, economies or ability to repay loans. A security or
instrument is economically tied to an emerging market country if it
is principally traded on the country's securities markets or if 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.
For more complete information, please call 1-212-548-1043 or
visit the funds' website, www.shiplpcef.com.
View original
content:https://www.prnewswire.com/news-releases/stone-harbor-closed-end-funds-announce-results-of-shareholder-meeting-name-changes-301507805.html
SOURCE Stone Harbor