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HYB - New America High Income Closed Fund News Story

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The New America High Income Fund, Inc. Announces Election to Opt in to Maryland Control Share Acquisition Act

Tue 16th February, 2021 12:30pm
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BOSTON, Feb. 16, 2021 (GLOBE NEWSWIRE) -- The board of directors (the
“Board”) of The New America High Income Fund, Inc. (the “Fund”)
announced that the Fund has elected to be subject to the Maryland Control
Share Acquisition Act (the “MCSAA”), effective immediately.

The Board believes that electing to be subject to the MCSAA protects the
interests of the Fund. Maryland lawmakers instituted the MCSAA to limit the
ability of any single stockholder to exert undue influence in pursuit of
short-term gains at the expense of long-term value for Fund stockholders and
the Fund’s ability to achieve its investment objective.

The election to become subject to the MCSAA limits the ability of holders of
“control shares” to vote those shares above various threshold levels that
start at 10%, unless the other stockholders of the Fund reinstate those voting
rights at a meeting of stockholders as provided in the MCSAA. The by-laws for
the Fund provide that the provisions of the MCSAA do not apply to the voting
rights of any company that, in accordance with the Investment Company Act of
1940 or Securities and Exchange Commission (“SEC”) exemptive order or
other regulatory relief or guidance, votes Fund shares held by it in the same
proportion as the vote of all other holders of Fund shares.

The above description of the MCSAA is only a high-level summary and does not
purport to be complete. Investors should refer to the actual provisions of the
MCSAA and the Fund’s by-laws for more information, including definitions of
key terms, various exclusions and exemptions from the statute’s scope, and
the procedures by which stockholders may approve the reinstatement of voting
rights to holders of “control shares.”

About the Fund

The Fund 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 December 31, 2020, T. Rowe Price
and its affiliates managed approximately $1.47 trillion of assets, including
approximately $22 billion of “high yield” investments. T. Rowe Price has
provided investment advisory services to investment companies since 1937.

The Fund has released updated portfolio data, which can be found on the
Fund’s website at Annual and Semi-Annual Reports and
other regulatory filings of the Fund with the SEC are accessible on the
SEC’s website at and on the Fund’s website.

Forward-Looking Statements

Except for any historical information and discussions contained herein,
statements contained in this news release constitute forward-looking
statements. These statements may involve a number of risks, uncertainties and
other factors that could cause actual results to differ materially, including
the performance of financial markets, the investment performance of the Fund,
general economic conditions, future acquisitions, competitive conditions and
government regulations, including changes in tax laws. Readers should
carefully consider such factors. Further, such forward-looking statements
speak only on the date at which such statements are made. The Fund undertakes
no obligation to update any forward-looking statements to reflect events or
circumstances after the date of such statement.

This material has been distributed for informational purposes only and should
not be considered as investment advice or a recommendation of any particular
security, strategy or investment product. No part of this material may be
reproduced in any form, or referred to in any other publication, without
express written permission.

Ellen E. Terry, President
Telephone: (617) 263-6400

GlobeNewswire, Inc. 2021
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