New America High Income Fund shareholders approved its reorganization into T. Rowe Price High Yield Fund, effective February 21, 2025.
Quiver AI Summary
The New America High Income Fund, Inc. has announced that its shareholders have approved a proposal to reorganize into the T. Rowe Price High Yield Fund, with the transition expected to take effect after the close of trading on February 21, 2025. Following this reorganization, shareholders will hold Investor Class shares in the new fund, and trading of the current fund's shares will be halted before the closing date. Additionally, shareholders approved the election of five board members: Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira, and Ellen E. Terry. The New America High Income Fund is managed by T. Rowe Price Associates, Inc., which currently oversees approximately $1.63 trillion in assets.
Potential Positives
- Shareholders approved the reorganization of the New America High Income Fund into the T. Rowe Price High Yield Fund, indicating strong investor support for the transition.
- The reorganization will provide shareholders with access to a well-established fund managed by T. Rowe Price, a reputable investment advisor with a significant track record.
- T. Rowe Price manages approximately $1.63 trillion in assets, enhancing the potential for improved investment performance and stability for the restructured fund.
- The approval of new board members signifies a refreshed governance structure, which could lead to improved oversight and strategic direction for the fund post-reorganization.
Potential Negatives
- Shareholders approved a significant reorganization, which may signal a lack of confidence in the current fund management structure.
- Trading in shares of the Fund is expected to be halted before the Closing Date, potentially causing uncertainty and inconvenience for investors.
- The transition to a new series may raise concerns about the continuity of investment strategies and performance under the new fund management.
FAQ
What is the New America High Income Fund's Reorganization?
The Fund is reorganizing into the T. Rowe Price High Yield Fund, effective February 21, 2025.
When will the Reorganization take effect?
The Reorganization is expected to take effect after the close of business on February 21, 2025.
What will happen to shareholders after the Reorganization?
Shareholders will receive Investor Class shares of the T. Rowe Price High Yield Fund.
Who were elected to the Fund's board?
Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira, and Ellen E. Terry were elected.
Where can I find more information about the funds?
Additional information is available at and .
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HYB Hedge Fund Activity
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Here are some of the largest recent moves:
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To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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
or
, 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
