The New America High Income Fund, Inc. Results of 2024 Annual Meeting

Rhea-AI Summary

The New America High Income Fund (NYSE: HYB) shareholders have approved the reorganization into the T. Rowe Price High Yield Fund. The reorganization is expected to complete after NYSE closing on February 21, 2025. Upon completion, HYB shareholders will receive Investor Class shares of the T. Rowe Price Fund. Trading of HYB shares will be halted before the closing date. Shareholders also approved the election of Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira, and Ellen E. Terry.

Positive

• Shareholders approved reorganization into T. Rowe Price High Yield Fund, potentially providing access to a larger investment platform

Negative

• Trading of HYB shares will be halted prior to reorganization closing
• Fund will cease to exist as an independent entity after reorganization

Insights

Financial Analyst

The approved reorganization of HYB into T. Rowe Price High Yield Fund represents a significant structural change for shareholders. This transition from a closed-end fund to an open-end mutual fund structure will fundamentally alter how investors can buy and sell their holdings. The move eliminates the closed-end fund's typical discount/premium dynamic and provides daily liquidity at NAV through the T. Rowe Price platform.

The conversion to Investor Class shares of T. Rowe Price's High Yield Fund may impact expense ratios, investment strategy and portfolio management approach. Current HYB shareholders should prepare for the February 2025 transition by understanding these differences and evaluating whether the new structure aligns with their investment goals. The trading halt prior to closing is a standard procedure to ensure orderly conversion of shares.

BOSTON, Nov. 20, 2024 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that shareholders of the Fund have approved a proposal to reorganize the Fund into the T. Rowe Price High Yield Fund (the “T. Rowe Price Fund”), a separate series of the T. Rowe Price High Yield Fund, Inc. (the "Reorganization").

The Reorganization is currently expected to become effective following the close of business of the New York Stock Exchange on Friday, February 21, 2025 (the "Closing Date"), subject to satisfaction of customary closing conditions. Upon the closing of the Reorganization, shareholders of the Fund will become holders of Investor Class shares of the T. Rowe Price Fund. In order to facilitate the Reorganization, trading in shares of the Fund is expected to be halted prior to the Closing Date.

Shareholders of the Fund also approved the election of Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira and Ellen E. Terry.

About the Fund

The New America High Income Fund, Inc. is a diversified, closed-end management investment company with a leveraged capital structure. The Fund’s investment adviser is T. Rowe Price Associates, Inc. (“T. Rowe Price”). As of September 30, 2024, T. Rowe Price and its affiliates managed approximately $1.63 trillion of assets, including approximately $20 billion of “high yield: investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.

This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Fund or the T. Rowe Price Fund. Additional information about the Fund and the T. Rowe Price Fund, including performance and portfolio characteristic information, is available at www.newamerica-hyb.com or www.troweprice.com, respectively.

Statements in this press release that are not historical facts may be forward-looking statements, as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that may be beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

Contact:      
Ellen E. Terry, President
Telephone: 617-263-6400
www.newamerica-hyb.co

FAQ

When will the New America High Income Fund (HYB) reorganization into T. Rowe Price High Yield Fund complete?

The reorganization is expected to complete after NYSE closing on February 21, 2025, subject to customary closing conditions.

What will HYB shareholders receive in the T. Rowe Price Fund reorganization?

Shareholders will receive Investor Class shares of the T. Rowe Price High Yield Fund.

When will trading of HYB shares be halted?

Trading of HYB shares is expected to be halted prior to the closing date of February 21, 2025.