NEW YORK, Oct. 21, 2020 /PRNewswire/ -- Stone Harbor Emerging Markets Income Fund ("the Fund"), which is traded on the New York Stock Exchange under the symbol "EDF", announced the declaration of monthly distributions of $0.08 per common share, payable on the dates noted below. Based on the Fund's current share price of $6.44 and net asset value per share of $6.62 (as of close on October 20, 2020), the distributions represent an annualized distribution rate of 14.91% and 14.50%, respectively.
The following dates apply to the distributions declared:
Ex-Distribution Date | Record Date | Payable Date |
November 5, 2020 | November 6, 2020 | November 19, 2020 |
December 17, 2020 | December 18, 2020 | December 31, 2020 |
January 14, 2021 | January 15, 2021 | January 28, 2021 |
As of the date of this release, the Fund's shares are trading at a discount to net asset value ("NAV"). When the Fund is trading at a discount, shareholders that participate in the Fund's Dividend Reinvestment Plan (the "Plan") will purchase outstanding shares on the open market at the Fund's market price, as set forth in more detail in the Plan. Additional information about the Plan is included in the Fund's annual and semi-annual reports to shareholders. Shareholders who hold their shares through brokers or other financial intermediaries should discuss with their financial intermediaries whether it would be beneficial to participate in the Fund's Plan.
This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2021 and 2022, after definitive information is available, the Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder's tax return (e.g., ordinary income, capital gain or return of capital).
The Fund is a non-diversified, closed-end management investment company that is managed by Stone Harbor Investment Partners LP ("Stone Harbor"). The Fund's primary investment objective is to maximize total return, which consists of income and capital appreciation on its investments in emerging markets securities. There is no assurance that the Fund will achieve its investment objective.
The Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in emerging markets securities ("the 80% policy"), 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.
Stone Harbor Investment Partners LP is a global institutional fixed income investment manager, specializing in credit and asset allocation strategies. 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. Based in New York and founded in 2006, Stone Harbor is an employee-owned partnership that has offices in Chicago, London, and Singapore. For more information, please visit Stone Harbor's website at www.shiplp.com.
The Stone Harbor Emerging Markets Income Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since its initial public offering, the Fund has traded on the New York Stock Exchange under the symbol EDF. Investors wishing to buy or sell shares need to place orders through an intermediary or broker.
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SOURCE Stone Harbor Emerging Markets Income Fund