The New America High Income Fund Inc. (HYB) N-CSRS Certified semi-annual shareholder report (management investment company)

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SECURITIES AND EXCHANGE COMMISSION
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FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-5399
The New America High Income Fund, Inc
(Exact name of registrant as specified in charter)
33 Broad Street Boston, MA					02109
(Address of principal executive offices)					(Zip code)
Ellen E. Terry, 33 Broad St., Boston, MA 02109
(Name and address of agent for service)
Registrant’s telephone number, including area code:				617-263-6400
Date of fiscal year end:	12/31
Date of reporting period:		1/1/21 - 6/30/21

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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Item 1. Report to Stockholders

August 5, 2021

Dear Shareholder,

We are pleased to report to our shareholders on the results of The New America High Income Fund (the "Fund") for the six month period ended June 30, 2021. The Fund's net asset value (the "NAV") was $10.01 as of June 30th. The market price for the Fund's shares ended the period at $9.23, representing a market price discount of 7.8%. The Fund paid dividends totaling $0.25 per share from earnings during the six month period. Based upon the current rate, the annualized dividend yield on a share of common stock purchased at the year-end 2020 price of $8.68 was 6.9%.

As of June 30th, the Fund's outstanding borrowing through its credit facility (the "Facility") with the Bank of Nova Scotia was $84 million, unchanged from borrowings at year-end. The borrowing represented approximately 26% of the Fund's total assets. Amounts borrowed under the Facility bear interest at an adjustable rate based on a margin above the London Inter-bank Offered Rate. The interest rate on the Facility as of June 30th was 0.95%, an attractive spread relative to the portfolio's market value-weighted average current yield of 6.08% on June 30th. The average rate paid during the period on the borrowings was 0.97%, compared with the average rate paid during 2020 of 1.53%. The Fund's leverage contributed approximately 24% of the net income earned for the six month period ended June 30, 2021, an increase from the leverage contribution to income of approximately 21% for the year ended December 31, 2020.

We remind our shareholders that there is no certainty that the dividend will remain at the current level. The dividend can be affected by portfolio results, the cost and amount of leverage, market conditions, the extent to which the portfolio is fully invested, and operating expenses, among other factors. Leverage magnifies the effect of price movements on the Fund's NAV per share. The Fund's leverage increases the Fund's total return in periods of positive high yield market performance, such as the first six months of this year. Of course, the opposite is true in an unfavorable high yield market.

	Total Returns for the Periods Ending June 30, 2021
	1 Year			3 Years Cumulative
New America High Income Fund (Stock Price and Dividends)*		27.71	%		35.14	%
New America High Income Fund (NAV and Dividends)*		19.75	%		30.78	%
Credit Suisse High Yield Index		15.69	%		21.73	%

Sources: Credit Suisse and The New America High Income Fund, Inc.

Past performance is no guarantee of future results. Total returns are calculated by determining the percentage change in net asset value or market price (as applicable) and assumes the reinvestment of dividends. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted.

The Credit Suisse High Yield Index is an unmanaged index. Unlike the Fund, the Index has no trading activity, expenses or leverage.

*  Returns are historical and are calculated by determining the percentage change in NAV or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Because the Fund's shares may trade at either a discount or premium to the Fund's NAV per share, returns based upon the stock price and dividends will tend to differ from those derived from the underlying change in NAV and dividends. The variance between the Fund's total return based on stock price and dividends and the total return based on the Fund's NAV and dividends is due to the narrowing of the stock price discount to the NAV over the last year.

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Commentary by T. Rowe Price Associates, Inc.
Market Review

The high yield market returned 3.89% for the six month period ended June 30, 2021, according to the Credit Suisse High Yield Index (the "Index"). Early in the reporting period, new stimulus measures fueled higher expectations for growth and worries about potential inflation, driving a rise in U.S. Treasury yields. Longer-term yields on government bonds moved sharply higher during the period, with the yield on the benchmark 10-year note jumping from 0.93% to 1.74%, its highest level since late 2019. The accelerated rollout of the Covid-19 vaccine seemed to further boost investor confidence. By the end of March, nearly one-third of Americans had received their first dose of the vaccine. As the third wave of the corona virus abated, many states began to reopen. As they did, hiring resumed, particularly in the hospitality and leisure industries. The economic rebound and lingering supply chain disruptions led to price pressures in some sectors of the economy. In May the U.S. Department of Labor reported that core consumer prices (excluding food and energy) jumped by 0.9% in April, the most in nearly four decades and roughly triple consensus estimates. Core prices rose another 0.7% the following month, and the headline increase in consumer prices for the year ended May 31, 2021, hit 5%, the most since 2008. Market reaction to the inflation news was muted, as investors seemed reassured by repeated statements from the Federal Reserve (the "Fed") officials that inflationary pressures were likely transitory and primarily due to pandemic-related supply constraints. Fed Chair Jerome Powell revealed that Fed officials have begun to discuss slowing the central bank's monthly bond purchases, the first step toward eventually raising interest rates. The Fed's June Summary of Economic Projections showed that policymakers now expect two rate hikes by the end of 2023, indicating a faster pace of tightening than previously projected.

Technical conditions in the high yield market were mixed during the first quarter. Despite modest cash outflows from dedicated high yield mutual funds, strong demand for high yield bonds from multi-sector strategy funds and institutional investors helped to absorb a record $160 billion in new issuance between January and March. The majority of the cash raised by issuers in the first quarter was used to refinance existing debt, allowing companies to lower financing costs, extend maturities, bolster liquidity, and repair balance sheets. In May and June new issue proceeds were increasingly directed toward acquisition financing and leveraged buyout activity. High yield issuance moderated later in the period, although it was still quite high by historical standards; notably, the percentage of total issuance by CCC rated companies was the largest since 2008, driven, in part, by investors' reach for yield. The yield on the Index declined to a record low 4.19% in June and yield spreads compressed to 358 basis points as equities and Treasuries rallied amid growing confidence that recent inflationary pressures will prove transitory. The J.P. Morgan par-weighted default rate decreased to 1.63% from 6.17% in December 2020, and now sits well below the 2.63% seen in December 2019, before the onset of the global pandemic.

Strategy Review

As the high yield market struggled with historically expensive valuations, our higher-quality energy positioning and select investments in convertible bonds of some of our highest conviction names supported the portfolio's relative performance. Overall, we maintained our disciplined, risk-aware positioning with overweight allocations to the cable operators and utilities segments. Within the energy industry, we broadly avoided distressed names in favor of issuers with larger asset bases and more durable business models. We maintained an overweight to large, diversified, and well-capitalized midstream companies that tend to have contractual-based revenue models as well as an overweight to relatively high-quality exploration and production ("E&P") names.

2

Security selection within the BB rating tier added to performance, in large part, due to the portfolio's overweight positions in fallen angels Occidental Petroleum and Continental Resources. These E&P companies benefited from a surge in oil prices during the period and improved fundamentals, as both management teams remained focused on executing their debt reduction plans. Additionally, our positioning in the longer-dated issues within these capital structures enabled the portfolio to benefit from the rally in rates.

Credit selection in the health care segment aided relative performance. Avantor is a leading provider of product and service solutions to laboratory and production companies. Increasing demand for its products supported the company's performance, and management has continued to execute on its deleveraging strategy. The strength of the company's balance sheet should enable Avantor to move forward with its strategic plans for vertically integrated merger and acquisition transactions.

Credit selection in the satellites industry contributed to relative performance, partly due to Intelsat, which operates the world's first globalized network. The secured debt traded higher after the company reached an agreement with some of its creditors and filed a financial reorganization plan that could significantly reduce debt and enable Intelsat to pay down secured bonds and loans owned by the Fund upon exit from bankruptcy. The reorganization plan positions the company to potentially emerge from bankruptcy in the second half of 2021. Our investment team has closely followed developments in this credit story for several years. When the company filed for bankruptcy in May 2020 we saw an excellent risk/reward opportunity in the secured part of the capital structure based on our fundamental view that the value of the core business covers the company's secured debt.

Security selection within the CCC rating tier was a relative performance detractor, largely because we did not own many of the lower-quality, and in our view, more fundamentally-challenged names that continued to drive performance against a backdrop of easy access to capital and rising commodity prices. With a total return of 7.84% in the first half of the year, CCCs outperformed the 3.49% total return of B rated issues and 2.37% total return of BB rated issues. Our investment team continued to execute our investment process by maintaining a risk-aware, disciplined approach, which meant we did not chase gains seen in the more speculative areas of the market.

Credit selection within the financials segment detracted from performance largely due to the portfolio's underweight in diversified holding company Icahn Enterprises. The company's portfolio, which has large public equity holdings, performed well alongside the rally seen in the broad equity market during the first half of 2021. We underweighted the position because during the market volatility of 2020, the company's portfolio experienced a decline in value of more than 65%. In our view, this type of volatility in the portfolio's NAV is unacceptable for a BB rated credit.

Outlook

We remain constructive on credit risk overall. Companies that were among the hardest hit by the pandemic shutdown are likely to experience significant recoveries as the economy continues to reopen. Many issuers in the entertainment and leisure industries could move from near-zero earnings to having a meaningful boost in revenues, which should create a supportive environment for taking credit risk. Nevertheless, we are mindful of valuations and remain committed to controlling risk exposures despite our benign default expectations for the year ahead.

After a period in which a record number of downgrades of formerly investment grade rated issues entered the high yield asset class, the market could be on the verge of a sea change. Given the rebound in earnings, balance

3

sheet repair, and the liquidity that has been afforded the broad market, we believe rising stars could be a prominent theme in the high yield asset class over the medium term. Identifying upgrade candidates among the relatively higher-quality high yield bond rating tier could create significant opportunities

As always, we aim to deliver high current income while seeking to contain the volatility inherent in this market. Our team maintains a commitment to credit research and risk-conscious investing that has led to favorable returns for our high yield clients over various market cycles.

Sincerely,

Ellen E. Terry President The New America High Income Fund, Inc.	Rodney Rayburn Vice President T. Rowe Price Associates, Inc.

Past performance is no guarantee of future results. The views expressed in this update are as of the date of this letter. These views and any portfolio holdings discussed in the update are subject to change at any time based on market or other conditions. The Fund and T. Rowe Price Associates, Inc. disclaim any duty to update these views, which may not be relied upon as investment advice. In addition, references to specific companies' securities should not be regarded as investment recommendations or indicative of the Fund's portfolio as a whole.

4

The New America High Income Fund, Inc.

Industry Summary June 30, 2021 (Unaudited)	As a Percent of Total Investments*
Energy		12.06	%
Cable Operators		9.62	%
Healthcare		8.25	%
Services		7.44	%
Financial		6.78	%
Broadcasting		5.33	%
Automotive		5.19	%
Gaming		4.75	%
Utilities		4.28	%
Satellites		3.84	%
Metals & Mining		3.81	%
Entertainment & Leisure		3.45	%
Information Technology		2.96	%
Airlines		2.85	%
Wireless Communications		2.72	%
Food/Tobacco		1.71	%
Supermarkets		1.69	%
Building & Real Estate		1.39	%
Retail		1.35	%
Chemicals		1.35	%
Aerospace & Defense		1.30	%
Manufacturing		1.21	%
Container		1.20	%
Building Products		1.12	%
Lodging		1.03	%
Restaurants		0.99	%
Other Telecommunications		0.93	%
Consumer Products		0.75	%
Real Estate Investment Trust Securities		0.40	%
Transportation		0.25	%
Total Investments		100.00	%

*  Percentages do not match the industry percentages in the Schedule of Investments because due to the Fund's leverage total investments exceed net assets by 1.33 times.

Moody's Investors Service Ratings (1) June 30, 2021 (Unaudited)	As a Percent of Total Investments
Baa1		0.38	%
Baa2		0.21	%
Baa3		1.78	%
Total Baa		2.37	%
Ba1		6.95	%
Ba2		9.85	%
Ba3		15.32	%
Total Ba		32.12	%
B1		13.74	%
B2		13.27	%
B3		15.33	%
Total B		42.34	%
Caa1		12.19	%
Caa2		5.10	%
Caa3		0.28	%
Total Caa		17.57	%
Unrated		2.41	%
Equity		3.19	%
Total Investments		100.00	%

(1)  SOURCE: Moody's Investors Service, Inc. This table compiles the ratings assigned by Moody's to the Fund's holdings.

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The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — 117.79% (d)(f)
Aerospace & Defense — 1.36%
$	325	Bombardier, Inc., Senior Notes, 7.50%, 3/15/25 (g)	Caa2	$	333
	1,830	Transdigm Holdings UK, plc, Senior Notes, 6.25%, 03/15/26 (g)	Ba3		1,931
	115	Transdigm Holdings UK, plc, Senior Notes, 7.50, 03/15/27	B3		122
	730	Transdigm Holdings UK, plc, Senior Notes, 8%, 12/15/25 (g)	Ba3		787
					3,173
Airlines — 2.86%
	925	American Airlines Inc., Senior Notes, 5.50%, 04/20/26 (g)	Ba2		980
	1,015	American Airlines Inc., Senior Notes, 5.75%, 04/20/29 (g)	Ba2		1,097
	720	American Airlines Inc., Senior Notes, 11.75%, 07/15/25 (g)	Ba3		904
	135	Delta Airlines, Senior Notes, 4.50%, 10/20/25 (g)	Baa1		146
	495	Delta Airlines, Senior Notes, 4.75%, 10/20/28 (g)	Baa1		551
	550	Delta Airlines, Senior Notes, 7%, 05/01/25 (g)	Baa2		643
	725	Delta Airlines, Senior Notes, 7.375%, 01/15/26	Baa3		851
	285	Hawaiian Miles Loyalty, Ltd., Senior Notes, 5.75%, 01/20/26 (g)	Ba3		305
	760	Mileage Plus Holdings, LLC, Senior Notes, 6.50%, 06/20/27 (g)	Baa3		837

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	355	United Airlines Holdings, Inc., Senior Notes, 4.625%, 04/15/29 (g)	Ba1	$	367
					6,681
Automotive — 6.92%
	810	Adient Global Holdings, Senior Notes, 4.875%, 08/15/26 (g)	B3		833
	655	Adient US, LLC, Senior Notes, 9%, 04/15/25 (g)	Ba3		720
	3,215	Clarios Global LP, Senior Notes, 8.50%, 05/15/27 (g)	Caa1		3,504
	76	Clarios Global LP, Senior Secured Notes, 6.25%, 05/15/26 (g)	B1		81
	50	Dana Financing Luxembourg Sarl, Senior Notes, 5.75%, 04/15/25 (g)	B2		52
	455	Dana Inc., Senior Notes, 5.625%, 06/15/28	B2		490
	700	Ford Motor Company, Senior Notes, 8.50%, 04/21/23	Ba2		781
	1,185	Ford Motor Company, Senior Notes, 9%, 04/22/25	Ba2		1,460
	480	Ford Motor Credit Company, LLC, Senior Notes, 9.625%, 04/22/2030	Ba2		687
	1,123	Goodyear Tire and Rubber Company, Senior Notes, 5%, 07/15/29 (g)	B2		1,174
	620	Goodyear Tire and Rubber Company, Senior Notes, 5.25%, 07/15/31 (g)	B2		646
	265	Goodyear Tire and Rubber Company, Senior Notes, 9.50%, 05/31/25	B2		296

The accompanying notes are an integral part of these financial statements.
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The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	445	Jaguar land Rover Automotive Plc, Senior Notes, 7.75%, 10/15/25 (g)	B1	$	488
	535	LCM Investments Holdings II, LLC, Senior Notes, 4.875%, 05/01/29 (g)	B2		548
	490	Lithia Motors, Inc., Senior Notes, 3.875%, 06/01/29 (g)	Ba2		507
	435	Meritor, Inc., Senior Notes, 6.25%, 06/01/25 (g)	B1		461
	475	Metis Merger, LLC, Senior Notes, 6.50%, 05/15/29 (g)	Caa2		468
	590	Navistar International Corporation, Senior Notes, 9.50%, 05/01/25 (g)	B2		632
	915	Tenneco Inc., Senior Notes, 5%, 07/15/26	Caa1		910
	530	Tenneco Inc., Senior Notes, 5.125%, 04/15/29 (g)	Ba3		544
	285	Tenneco Inc., Senior Notes, 5.375%, 12/15/24	Caa1		286
	385	Tenneco Inc., Senior Notes, 7.875%, 01/15/29 (g)	Ba3		434
	155	TI Automotive Finance, Senior Notes, 3.75%, 04/15/29 (g) (EUR)	B3		185
					16,187
Broadcasting — 7.10%
	365	Clear Channel Outdoor Holdings, Inc., Senior Notes, 5.125%, 08/15/27 (g)	B1		373

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	540	Clear Channel Outdoor Holdings, Inc., Senior Notes, 7.50%, 06/01/29 (g)	Caa2	$	558
	1,080	Clear Channel Outdoor Holdings, Inc., Senior Notes, 7.75%, 04/15/28 (g)	Caa2		1,131
	220	Diamond Sports Group, LLC, Senior Notes, 5.375%, 08/15/26 (g)	B2		142
	765	Diamond Sports Group, LLC, Senior Notes, 6.625%, 08/15/27 (g)	Caa2		375
	5,169	iHeart Communications, Inc., Senior Notes, 8.375%, 05/01/27	Caa1		5,537
	1,635	MDC Partners, Inc., Senior Notes, 7.50%, 05/01/24 (g)	B3		1,655
	355	Nexstar Broadcasting, Inc., Senior Notes, 4.75%, 11/01/28 (g)	B2		365
	170	Nielsen Finance LLC, Senior Notes, 4.50%, 07/15/29 (g)	B2		171
	220	Nielsen Finance LLC, Senior Notes, 4.75%, 07/15/31 (g)	B2		220
	450	Nielsen Finance LLC, Senior Notes, 5.625%, 10/01/28 (g)	B2		476
	145	Outfront Media Capital, LLC, Senior Notes, 4.25%, 01/15/29 (g)	B2		146
	65	Outfront Media Capital, LLC, Senior Notes, 5%, 08/15/27 (g)	B2		67
	215	Scripps Company., Senior Notes, 5.375%, 01/15/31 (g)	Caa1		214
	1,105	Sirius XM Radio, Inc., Senior Notes, 4%, 07/15/28 (g)	Ba3		1,138

The accompanying notes are an integral part of these financial statements.
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The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	620	Sirius XM Radio, Inc., Senior Notes, 5%, 08/01/27 (g)	Ba3	$	649
	1,130	Terrier Media Buyer, Inc., Senior Notes, 8.875%, 12/15/27 (g)	Caa1		1,220
	433	Townsquare Media, Inc., Senior Notes, 6.875%, 02/01/26 (g)	B2		462
	780	Univision Communications, Inc., Senior Notes, 4.50%, 05/01/29 (g)	B1		786
	580	Univision Communications, Inc., Senior Notes, 6.625%, 06/01/27 (g)	B2		627
	280	Univision Communications, Inc., Senior Notes, 9.50%, 05/01/25 (g)	B2		309
					16,621
Building & Real Estate — 1.85%
	455	Brookfield Residential Properties, Senior Notes, 5%, 06/15/29 (g)	B2		459
	755	Cushman & Wakefield U.S. Borrower, LLC, Senior Notes, 6.75%, 05/15/28 (g)	Ba3		815
	645	Howard Hughes Corporation, Senior Notes, 4.125%, 02/01/29 (g)	Ba3		645
	345	Howard Hughes Corporation, Senior Notes, 4.375%, 02/01/31 (g)	Ba3		343
	570	Howard Hughes Corporation, Senior Notes, 5.375%, 08/01/28 (g)	Ba3		603
	150	Realogy Group LLC, Senior Notes, 7.625%, 06/15/25 (g)	B1		163
	400	Realogy Group LLC, Senior Notes, 9.375%, 04/01/27 (g)	B3		444

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	225	Taylor Morrison Communities, Inc., Senior Notes, 5.125%, 08/01/30 (g)	Ba3	$	243
	425	Taylor Morrison Communities, Inc., Senior Notes, 5.875%, 04/15/23 (g)	Ba3		453
	160	Weekley Homes LLC, Senior Notes, 4.875%, 09/15/28 (g)	Ba3		165
					4,333
Building Products — 1.49%
	120	CP Atlas Buyer, Inc., Senior Notes, 7%, 12/01/28 (g)	Caa2		124
	445	Forterra Finance LLC, Senior Notes, 6.50%, 07/15/25 (g)	B2		479
	355	Mercer International, Inc., Senior Notes, 5.125%, 02/01/29 (g)	Ba3		366
	80	Mercer International, Inc., Senior Notes, 5.50%, 01/15/26	Ba3		82
	295	New Enterprise Stone and Lime Company, Inc., Senior Notes, 6.25%, 03/15/26 (g)	B1		304
	470	PGT Innovations, Inc., Senior Notes, 6.75%, 08/01/26 (g)	B2		495
	130	SRS Distribution, Inc., Senior Notes 6.125%, 07/01/29 (g)	Caa2		134
	395	Specialty Building Products Holdings, LLC, Senior Note, 6.375%, 09/30/26 (g)	B3		413
	290	Summit Materials LLC, Senior Notes, 5.125%, 06/01/25 (g)	B1		294
	120	Summit Materials LLC, Senior Notes, 5.25%, 01/15/29 (g)	B1		127
	640	Summit Materials LLC, Senior Notes, 6.50%, 03/15/27 (g)	B1		675
					3,493

The accompanying notes are an integral part of these financial statements.
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The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
Cable Operators — 12.82%
$	1,285	Altice Financing S.A., Senior Notes, 5%, 01/15/28 (g)	B2	$	1,264
	2,340	Altice France Holding S.A., Senior Notes, 6%, 02/15/28 (g)	Caa1		2,322
	810	Altice France Holding S.A., Senior Notes, 10.50%, 05/15/27 (g)	Caa1		900
	1,270	Altice France S.A., Senior Notes, 5.125%, 07/15/29 (g)	B2		1,273
	605	Altice France S.A., Senior Notes, 8.125%, 02/01/27 (g)	B2		659
	475	C&W Senior Financing Designated Activity, Senior Notes, 6.875%, 09/15/27 (g)	B2		506
	200	Cablevision Lightpath LLC, Senior Notes, 5.625%, 09/15/28 (g)	Caa1		204
	1,090	CCO Holdings, LLC, Senior Notes, 4.50%, 06/01/33 (g)	B1		1,112
	845	CCO Holdings, LLC, Senior Notes, 4.50%, 05/01/32	B1		872
	2,260	CCO Holdings, LLC, Senior Notes, 5.00%, 02/01/28 (g)	B1		2,370
	1,658	CCO Holdings, LLC, Senior Notes, 5.125%, 05/01/27 (g)	B1		1,739
	680	CCO Holdings, LLC, Senior Notes, 5.375%, 06/01/29 (g)	B1		740
	1,130	CCO Holdings, LLC, Senior Notes, 5.50%, 05/01/26 (g)	B1		1,165
	425	CSC Holdings, LLC, Senior Notes, 5%, 11/15/31 (g)	B3		427

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	1,410	CSC Holdings, LLC, Senior Notes, 6.50%, 02/01/29 (g)	Ba3	$	1,562
	895	CSC Holdings, LLC, Senior Notes, 7.50%, 04/01/28 (g)	B3		982
	425	Dish DBS Corporation, Senior Notes, 5.125%, 06/01/29 (g)	B2		419
	225	Dish DBS Corporation, Senior Notes, 5.875%, 11/15/24	B2		241
	665	Dish DBS Corporation, Senior Notes, 7.375%, 07/01/28	B2		713
	810	Dish DBS Corporation, Senior Notes, 7.75%, 07/01/26	B2		915
	225	LCPR Senior Secured Notes, 6.75%, 10/15/27 (g)	B1		242
	770	Netflix, Inc., Senior Notes, 5.375%, 11/15/29 (g)	Ba1		934
	1,555	Netflix, Inc., Senior Notes, 5.875%, 11/15/28	Ba1		1,907
	2,625	Netflix, Inc., Senior Notes, 6.375%, 05/15/29	Ba1		3,347
	570	Radiate Holdco LLC, Senior Notes, 6.50%, 09/15/28 (g)	Caa1		598
	490	Virgin Media Secured Finance, Plc, Senior Notes, 5.50%, 08/15/26 (g)	Ba3		505
	890	VMed O2 UK Financing I, plc, Senior Notes, 4.75%, 07/15/31 (g)	(e)		903
	270	VTR Finance B.V., Senior Notes, 6.375%, 07/15/28 (g)	B1		287
	845	Ziggo Bond Finance B.V., Senior Notes, 6%, 01/15/27 (g)	B3		882
					29,990

The accompanying notes are an integral part of these financial statements.
9

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
Chemicals — 1.79%
$	366	Compass Minerals International, Inc., Senior Notes, 6.75%, 12/01/27 (g)	B1	$	393
	460	CVR Partners, L.P., Senior Notes, 6.125%, 06/15/28 (g)	B2		471
	630	GPD Companies, Inc,. Senior Notes, 10.125%, 04/01/26 (g)	B3		684
	200	Kraton Polymers LLC, Senior Notes, 5.25%, 05/15/26 (g)(EUR)	B2		243
	480	Methanex Corporation, Senior Notes, 5.125%, 10/15/27	Ba1		517
	280	Methanex Corporation, Senior Notes, 5.25%, 12/15/29	Ba1		302
	410	Methanex Corporation, Senior Notes, 5.65%, 12/01/44	Ba1		426
	615	SCIH Salt Holdings, Inc., Senior Notes, 4.875%, 05/01/28 (g)	B3		613
	520	Univar Solutions USA, Senior Notes, 5.125%, 12/01/27 (g)	B1		547
					4,196
Consumer Products — .45%
	105	CD&R Smokey Buyer, Inc., Senior Notes, 6.75%, 07/15/25 (g)	B2		113
	93	Life Time Inc, Senior Notes, 5.75%, 01/15/26 (g)	B3		96
	145	Mattel Inc., Senior Notes, 5.45%, 11/01/41	B1		166
	325	Mattel Inc., Senior Notes, 5.875%, 12/15/27 (g)	Ba2		354

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	260	Mattel Inc., Senior Notes, 6.20%, 10/01/40	B1	$	320
					1,049
Container — 1.60%
	1,005	Ardagh Packaging Finance plc, Senior Notes, 4%, 09/01/29 (g)	B3		994
	400	Ardagh Packaging Finance plc, Senior Notes, 5.25%, 04/30/25 (g)	B1		420
	310	Mauser Packaging Solutions, Senior Notes, 7.25%, 04/15/25 (g)	Caa3		304
	235	Mauser Packaging Solutions, Senior Notes, 8.50%, 04/15/24 (g)	B3		243
	325	Pactiv Corporation, Senior Notes, 7.95%, 12/15/25	Caa1		366
	102	Pactiv Corporation, Senior Notes, 8.375%, 04/15/27	Caa1		117
	1,200	Trivium Packaging Finance B.V., Senior Notes, 8.50%, 08/15/27 (g)	Caa2		1,305
					3,749
Energy — 13.08%
	285	Aethon United BR, LP, Senior Notes, 8.25% 02/15/26 (g)	B3		309
	430	Apache Corporation, Senior Notes, 4.625%, 11/15/25	Ba1		463
	420	Apache Corporation, Senior Notes, 4.875%, 11/15/27	Ba1		454
	30	Apache Corporation, Senior Notes, 6%, 01/15/37	Ba1		34
	275	Cheniere Energy Partners, L.P., Senior Notes, 5.625%, 10/01/26	Ba2		285

The accompanying notes are an integral part of these financial statements.
10

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	900	Citgo Holding, Inc., Senior Notes, 9.25%, 08/01/24 (g)	Caa1	$	918
	800	Citgo Petroleum Corporation, Senior Notes, 7%, 06/15/25 (g)	B3		832
	530	Comstock Resources, Inc., Senior Notes, 5.875%, 01/15/30 (g)	B3		541
	340	Comstock Resources, Inc., Senior Notes, 6.75%, 03/01/29 (g)	B3		361
	720	Continental Resources, Inc., Senior Notes, 4.90%, 06/01/44	Ba1		814
	695	Continental Resources, Inc., Senior Notes, 5.75%, 01/15/31 (g)	Ba1		831
	230	CrownRock , L.P., Senior Notes, 5.625%, 10/15/25 (g)	B2		238
	795	DCP Midstream, LLC, Senior Notes, 6.75%, 09/15/37 (g)	Ba1		956
	540	DCP Midstream, LLC, Senior Notes, 7.375%, (h)	Ba3		526
	470	DCP Midstream, LLC, Senior Notes, 8.125%, 08/16/30	Ba1		625
	598	Endeavor Energy Resources, L.P., Senior Notes. 5.75%, 01/30/28 (g)	Ba3		635
	110	Endeavor Energy Resources, L.P., Senior Notes. 6.625%, 07/15/25 (g)	Ba3		118
	135	EQT Corporation, Senior Notes, 5%, 01/15/29	Ba2		151
	90	EQT Corporation, Senior Notes, 7.375%, 02/01/25	Ba2		105
	700	EQT Corporation, Senior Notes, 8.25%, 02/01/30	Ba2		908

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	765	Exterran NRG Solutions, Senior Notes, 8.125%, 05/01/25	B3	$	677
	440	Gulfport Energy Corporation, Senior Notes, 8%, 05/17/26 (g)	B3		469
	60	Hess Corporation, Senior Notes, 7.875%, 10/01/29	Ba1		82
	245	HilCorp Energy, L.P., Senior Notes, 5.75%, 02/01/29 (g)	Ba3		255
	275	HilCorp Energy, L.P., Senior Notes, 6%, 02/01/31 (g)	Ba3		291
	605	Independence Energy Finance LLC, Senior Notes, 7.25%, 05/01/26 (g)	B2		637
	1,475	Magnolia Oil and Gas Operating LLC, Senior Notes, 6%, 08/01/26 (g)	B3		1,519
	635	NGL Energy Partners L.P., Senior Notes, 7.50%, 11/01/23	Caa1		624
	1,780	NGL Energy Partners L.P., Senior Notes, 7.50%, 02/01/26 (g)	B1		1,865
	345	Nustar Logistics, L.P., Senior Notes, 5.75%, 10/01/25	Ba3		374
	1,190	Nustar Logistics, L.P., Senior Notes, 6%, 06/01/26	Ba3		1,291
	310	Occidental Petroleum Corporation, Senior Notes, 6.125%, 01/01/31	Ba2		363
	290	Occidental Petroleum Corporation, Senior Notes, 6.375%, 09/01/28	Ba2		335
	100	Occidental Petroleum Corporation, Senior Notes, 6.45%, 09/15/36	Ba2		119

The accompanying notes are an integral part of these financial statements.
11

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	165	Occidental Petroleum Corporation, Senior Notes, 7.50%, 05/01/31	Ba2	$	207
	140	Occidental Petroleum Corporation, Senior Notes, 7.875%, 09/15/31	Ba2		179
	790	Occidental Petroleum Corporation, Senior Notes, 7.95%, 06/15/39	Ba2		1,011
	470	Occidental Petroleum Corporation, Senior Notes, 8%, 07/15/25	Ba2		561
	625	Occidental Petroleum Corporation, Senior Notes, 8.50%, 07/15/27	Ba2		785
	1,190	Occidental Petroleum Corporation, Senior Notes, 8.875%, 07/15/30	Ba2		1,587
	455	Ovintiv Exploration, Inc., Senior Notes, 5.625%, 07/01/24	Ba1		506
	215	Range Resources, Corporation, Senior Notes, 8.25%, 01/15/29 (g)	B2		242
	530	Range Resources, Corporation, Senior Notes, 9.25%, 02/01/26	B2		584
	320	Solaris Midstream Holdings, LLC, Senior Notes, 7.625%, 04/01/26 (g)	B3		338
	39	Summit Midstream Partners, LP, Senior Notes, 9.50%, (a)(h)	Caa3		31
	371	Tallgrass Energy Partners, L.P., Senior Notes, 5.50%, 09/15/24 (g)	B1		377
	345	Tallgrass Energy Partners, L.P., Senior Notes, 6%, 03/01/27 (g)	B1		355
	450	Tallgrass Energy Partners, L.P., Senior Notes, 6%, 12/31/30 (g)	B1		468
	370	Tallgrass Energy Partners, L.P., Senior Notes, 7.50%, 10/01/25 (g)	B1		405

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	675	Targa Resources Partners, L.P., Senior Notes, 4%, 01/15/32 (g)	Ba2	$	693
	295	Targa Resources Partners, L.P., Senior Notes, 6.50%, 07/15/27	Ba2		320
	435	Targa Resources Partners, L.P., Senior Notes, 6.875%, 01/15/29	Ba2		489
	151	Transocean Phoenix 2, Ltd., Senior Notes, 7.75%, 10/15/24 (g)	(e)		156
	239	Transocean Pontus, Ltd., Senior Notes, 6.125%, 08/01/25 (g)	Caa1		241
	182	Transocean Proteus, Ltd., Senior Notes, 6.25%, 12/01/24 (g)	(e)		183
	450	USA Compression Partners, L.P., Senior Notes, 6.875%, 04/01/26	B3		471
	390	USA Compression Partners, L.P., Senior Notes, 6.875%, 09/01/27	B3		414
	945	Vine Energy Holdings, LLC, Senior Notes, 6.75%, 04/15/29 (g)	B3		995
					30,603
Entertainment & Leisure — 4.60%
	1,065	Carnival Corporation, Senior Notes, 7.625%, 03/01/26 (g)	B2		1,157
	525	Carnival Corporation, Senior Notes, 9.875%, 08/01/27 (g)	B1		614
	410	Carnival Corporation, Senior Notes, 11.50%, 04/01/23 (g)	Ba2		462
	70	Cedar Fair, L. P., Senior Notes, 5.25%, 07/15/29	B3		72
	650	Cedar Fair, L. P., Senior Notes, 5.375%, 04/15/27	B3		669

The accompanying notes are an integral part of these financial statements.
12

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	1,080	Cedar Fair, L. P., Senior Notes, 5.50%, 05/01/25 (g)	Ba2	$	1,129
	410	Cinemark USA, Inc., Senior Notes, 5.25%, 07/15/28 (g)	Caa1		419
	730	NCL Corporation Ltd., Senior Notes, 5.875%, 03/15/26 (g)	Caa1		765
	215	NCL Finance, Ltd., Senior Notes, 6.125%, 03/15/28 (g)	Caa1		225
	1,005	Royal Caribbean Cruises, Ltd., Senior Notes, 5.50%, 04/01/28 (g)	B2		1,048
	75	Royal Caribbean Cruises, Ltd., Senior Notes, 9.125%, 06/15/23 (g)	B2		82
	415	Royal Caribbean Cruises, Ltd., Senior Notes, 10.875%, 06/01/23 (g)	Ba2		471
	915	SeaWorld Parks & Entertainment, Inc., Senior Notes, 9.50%, 08/01/25 (g)	Caa2		985
	1,675	Six Flags Theme Parks, Inc., Senior Notes, 7%, 07/01/25 (g)	Ba2		1,803
	300	Vail Resorts, Inc., Senior Notes, 6.25%, 05/15/25 (g)	B1		320
	300	Viking Cruises, Ltd., Senior Notes, 7%, 02/15/29 (g)	Caa2		313
	190	Viking Cruises, Ltd., Senior Notes, 13%, 05/15/25 (g)	B2		223
					10,757
Financial — 8.89%
	425	Acrisure, LLC, Senior Notes, 4.25%, 02/15/29 (g)	B2		420
	695	Acrisure, LLC, Senior Notes, 7%, 11/15/25 (g)	Caa2		709

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	1,375	Acrisure, LLC, Senior Notes, 10.125%, 08/01/26 (g)	Caa2	$	1,550
	325	Alliant Holdings, Senior Notes, 6.75%, 10/15/27 (g)	Caa2		341
	838	AmWins Group, Inc., Senior Notes, 7.75%, 07/01/26 (g)	B3		888
	825	Banco Do Brasil S.A. (Cayman), 9% (h)	B2		920
	745	Enact Holdings, Inc., Senior Notes, 6.50%, 08/15/25 (g)	Ba3		818
	475	Freedom Mortgage Corporation, Senior Notes, 6.625%, 01/15/27 (g)	B2		478
	585	GTCR AP Finance, Inc., Senior Notes, 8%, 05/15/27 (g)	Caa2		626
	485	Home Point Capital, Inc., Senior Notes, 5%, 02/01/26 (g)	B2		452
	1,090	Hub Holdings LLC, Senior Notes, 7%, 05/01/26 (g)	Caa2		1,128
	1,010	Icahn Enterprises, L.P., Senior Notes, 6.25%, 05/15/26	Ba3		1,068
	980	Itau Unibankco Holding S.A., Senior Notes, 6.125%, (g)(h)	B2		991
	505	LPL Holdings, Inc., Senior Notes, 4%, 03/15/29 (g)	Ba2		508
	55	LPL Holdings, Inc., Senior Notes, 4.375%, 05/15/31 (g)	Ba2		56
	210	MGIC Investment Corporation, Senior Notes, 5.25%, 08/15/28	Ba1		222
	480	Midcap Financial Issuer Trust, Senior Notes, 5.625%, 01/15/30 (g)	B1		482
	950	Midcap Financial Issuer Trust, Senior Notes, 6.50%, 05/01/28 (g)	B1		992

The accompanying notes are an integral part of these financial statements.
13

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	685	Navient Corporation, Senior Notes, 4.875%, 03/15/28	Ba3	$	688
	500	Navient Corporation, Senior Notes, 5%, 03/15/27	Ba3		518
	1,115	Navient Corporation, Senior Notes, 6.125%, 03/25/24	Ba3		1,204
	550	Navient Corporation, Senior Notes, 6.75%, 06/25/25	Ba3		608
	215	Navient Corporation, Senior Notes, 6.75%, 06/15/26	Ba3		240
	40	Navient Corporation, Senior Notes, 7.25%, 01/25/22	Ba3		42
	725	Navient Corporation, Senior Notes, 7.25%, 09/25/23	Ba3		801
	300	OneMain Finance Corporation, Senior Notes, 6.125%, 03/15/24	Ba3		323
	390	OneMain Finance Corporation, Senior Notes, 6.625%, 01/15/28	Ba3		448
	810	OneMain Finance Corporation, Senior Notes, 6.875%, 03/15/25	Ba3		913
	300	OneMain Finance Corporation, Senior Notes, 7.125%, 03/15/26	Ba3		349
	275	OneMain Finance Corporation, Senior Notes, 8.875%, 06/01/25	Ba3		304
	475	PennyMac Financial Services, Inc., Senior Notes, 4.25%, 02/15/29 (g)	B1		457
	300	PennyMac Financial Services, Inc., Senior Notes, 5.375%, 10/15/25 (g)	B1		316
	250	Quicken Loans, Inc., Senior Notes, 5.25%, 01/15/28 (g)	Ba1		262

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	335	SLM Corporation, Senior Notes, 4.20%, 10/29/25	Ba1	$	360
	320	United Wholesale Mortgage, LLC, Senior Notes, 5.50%, 04/15/29 (g)	Ba3		319
					20,801
Food/Tobacco — 2.28%
	190	Chobani LLC., Senior Notes, 4.625%, 11/15/28 (g)	B1		196
	1,130	Chobani LLC., Senior Notes, 7.50%, 04/15/25 (g)	Caa2		1,177
	770	Cosan Luxembourg S.A., Senior Notes, 7%, 01/20/27 (g)	Ba2		815
	520	FAGE International S.A., Senior Notes, 5.625%, 08/15/26 (g)	B2		536
	230	Kraft Foods Group, Senior Notes, 6.875%, 01/26/39	Baa3		329
	315	Post Holdings, Inc., Senior Notes, 4.50%, 09/15/31 (g)	B2		314
	485	Post Holdings, Inc., Senior Notes, 5.625%, 01/15/28 (g)	B2		515
	330	Post Holdings, Inc., Senior Notes, 5.75%, 03/01/27 (g)	B2		345
	305	Sigma Holdco., B.V., Senior Notes, 7.875%, 05/15/26 (g)	Caa1		312
	780	Triton Water Holdings, Inc., Senior Notes 6.25%, 04/01/29 (g)	Caa1		785
					5,324
Gaming — 6.33%
	160	Affinity Gaming Corporation, Senior Notes, 6.875%, 12/15/27 (g)	B3		170
	195	Boyd Gaming Corporation, Senior Notes, 8.625%, 06/01/25 (g)	Caa1		214

The accompanying notes are an integral part of these financial statements.
14

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	375	Caesar's Resorts, Senior Notes, 5.75%, 07/01/25 (g)	B1	$	395
	1,410	Caesar's Resorts, Senior Notes, 8.125%, 07/01/27 (g)	Caa1		1,572
	752	Cirsa Finance International, S.A.R.L., Senior Notes, 7.875%, 12/20/23 (g)	B3		766
	235	International Game Technology Plc, Senior Notes, 4.125%, 04/15/26 (g)	Ba3		246
	375	International Game Technology Plc, Senior Notes, 5.25%, 01/15/29 (g)	Ba3		402
	1,165	International Game Technology Plc, Senior Notes, 6.25%, 01/15/27 (g)	Ba3		1,325
	520	Melco Resorts Finance, Senior Notes, 5.375%, 12/04/29 (g)	Ba2		547
	395	MGM China Holdings, Limited, Senior Notes, 4.75%, 02/01/27 (g)	Ba3		404
	315	MGM China Holdings, Limited, Senior Notes, 5.375%, 05/15/24 (g)	Ba3		323
	315	MGM China Holdings, Limited, Senior Notes, 5.875%, 05/15/26 (g)	Ba3		330
	435	MGM Growth Prop. Operating Partnership L.P., Senior Notes, 5.75%, 02/01/27	B1		484
	605	MGM Resorts International, Senior Notes, 6%, 03/15/23	Ba3		647
	500	Midwest Gaming Borrower, LLC, Senior Notes, 4.875%, 05/01/29 (g)	B3		499
	965	Peninsula Pacific Entertainment LLC, Senior Notes, 8.50%, 11/15/27 (g)	Caa1		1,036

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	105	Raptor Acquisition, Senior Notes, 4.875%, 11/01/26 (g)	(e)	$	106
	230	Scientific Games International Inc., Senior Notes, 7%, 05/15/28 (g)	Caa2		250
	350	Scientific Games International Inc., Senior Notes, 7.25%, 11/15/29 (g)	Caa2		396
	1,240	Scientific Games International Inc., Senior Notes, 8.25%, 03/15/26 (g)	Caa2		1,330
	335	Scientific Games International Inc., Senior Notes, 8.625%, 07/01/25 (g)	Caa2		367
	350	Studio City Finance Ltd., Senior Notes, 5%, 01/15/29 (g)	B1		353
	70	VICI Properties, Senior Notes, 4.125%, 08/15/30 (g)	Ba3		72
	1,390	Wynn Las Vegas, LLC, Senior Notes, 5.25%, 05/15/27 (g)	B1		1,491
	450	Wynn Macau Ltd., Senior Notes, 5.50%, 01/15/26 (g)	B1		471
	585	Wynn Macau Ltd., Senior Notes, 5.50%, 10/01/27 (g)	B1		608
					14,804
Healthcare — 9.40%
	870	Avantor Funding, Inc., Senior Notes, 4.625%, 07/15/28 (g)	B2		918
	780	Bausch Health Companies, Inc., Senior Notes, 4.875%, 06/01/28 (g)	Ba2		795
	1,795	Bausch Health Companies, Inc., Senior Notes, 6.25%, 2/15/29 (g)	B3		1,773
	85	Bausch Health Companies, Inc., Senior Notes, 7%, 01/15/28 (g)	B3		88

The accompanying notes are an integral part of these financial statements.
15

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	515	Bausch Health Companies, Inc., Senior Notes, 7.25%, 05/30/29 (g)	B3	$	528
	1,970	Bausch Health Companies, Inc., Senior Notes, 8.50%, 01/31/27 (g)	B3		2,142
	145	Bausch Health Companies, Inc., Senior Notes, 9%, 12/15/25 (g)	B3		155
	1,600	Bausch Health Companies, Inc., Senior Notes, 9.25%, 04/01/26 (g)	B3		1,736
	775	Centene Corporation, Senior Notes, 4.625%, 12/15/29	Ba1		851
	455	CHS/Community Health Systems, Inc, Senior Notes, 6%, 01/15/29 (g)	B2		486
	370	CHS/Community Health Systems, Inc, Senior Notes, 6.875%, 04/15/29 (g)	Caa2		388
	900	CHS/Community Health Systems, Inc, Senior Notes, 8%, 12/15/27 (g)	B2		997
	500	DaVita Healthcare Partners, Inc., Senior Notes, 4.625%, 06/01/30 (g)	Ba3		512
	230	HCA, Incorporated, Senior Notes, 5.625%, 09/01/28	Baa3		273
	575	HCA, Incorporated, Senior Notes, 5.875%, 02/15/26	Baa3		665
	450	HCA, Incorporated, Senior Notes, 5.875%, 02/01/29	Baa3		543
	405	Legacy Lifepoint Health Inc., Senior Notes, 6.75%, 04/15/25 (g)	B1		430
	1,070	Organon & Company, Senior Notes, 5.125%, 04/30/31 (g)	B1		1,102
	200	Radiology Partners, Inc., Senior Notes, 9.25%, 02/01/28 (g)	Caa3		220

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	1,135	Regional Care Hospital Partners Holdings, Inc., Senior Notes, 9.75%, 12/01/26 (g)	Caa1	$	1,220
	275	RP Escrow Issuer LLC, Senior Notes, 5.25%, 12/15/25 (g)	B3		287
	435	Select Medical Corporation, Senior Notes, 6.25%, 08/15/26 (g)	B3		461
	1,640	Tenet Healthcare Corporation, Senior Notes, 6.125%, 10/01/28 (g)	Caa1		1,743
	424	Tenet Healthcare Corporation, Senior Notes, 6.875%, 11/15/31	Caa1		479
	810	Tenet Healthcare Corporation, Senior Notes, 7.50%, 04/01/25 (g)	B1		872
	360	Teva Pharma Finance Netherlands III BV, Senior Notes, 6%, 04/15/24	Ba2		382
	24	Teva Pharma Finance Netherlands III BV, Senior Notes, 6.15%, 02/01/36	Ba2		26
	465	Teva Pharma Finance Netherlands III BV, Senior Notes, 6.75%, 03/01/28	Ba2		509
	1,290	Teva Pharma Finance Netherlands III BV, Senior Notes, 7.125%, 01/31/25	Ba2		1,421
					22,002
Information Technology — 3.30%
	360	Banff Merger Sub, Inc., Senior Notes, 9.75%, 09/01/26 (g)	Caa2		381
	135	Boxer Parent Company, Inc., Senior Notes, 6.50%, 10/02/25 (g) (EUR)	B2		170
	150	Boxer Parent Company, Inc., Senior Notes, 7.125%, 10/02/25 (g)	B2		160

The accompanying notes are an integral part of these financial statements.
16

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	260	Boxer Parent Company, Inc., Senior Notes, 9.125%, 03/01/26 (g)	Caa2	$	274
	435	Commscope, Inc., Senior Notes, 7.125%, 07/01/28 (g)	B3		471
	275	Commscope, Inc., Senior Notes, 8.25%, 03/01/27 (g)	B3		294
	495	Expedia Group, Inc., Senior Notes, 6.25%, 05/01/25 (g)	Baa3		576
	305	Logmein, Inc., Senior Notes, 5.50%, 09/01/27 (g)	B2		316
	100	Match Group Holdings II, LLC, Senior Notes, 4.125%, 08/01/30 (g)	Ba3		102
	1,165	Photo Holdings Merger, Senior Notes, 8.50%, 10/01/26 (g)	B2		1,276
	750	SS&C Technologies, Inc., Senior Notes, 5.50%, 09/30/27 (g)	B2		794
	1,755	Uber Technologies, Inc., Senior Notes, 7.50%, 09/15/27 (g)	B3		1,928
	215	Veritas Bermuda Ltd., Senior Notes, 7.50%, 09/01/25 (g)	B2		224
	740	Veritas Bermuda Ltd., Senior Notes, 10.50%, 02/01/24 (g)	Caa2		759
					7,725
Lodging — 1.37%
	150	Hilton Domestic Operating Company, Inc.,Senior Notes, 5.375%, 05/01/25 (g)	Ba2		158
	170	Hilton Domestic Operating Company, Inc.,Senior Notes, 5.75%, 05/01/28 (g)	Ba2		183
	125	Hilton Worldwide Finance, LLC, Senior Notes, 4.875%, 04/01/27	Ba2		130

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	420	Marriott Ownership Resorts, Inc., Senior Notes, 6.125%, 09/15/25 (g)	Ba1	$	446
	825	Marriott Ownership Resorts, Inc., Senior Notes, 6.50%, 09/15/26	B1		857
	370	Park Intermediate Holdings, LLC, Senior Notes, 4.875%, 05/15/29 (g)	B1		382
	300	Park Intermediate Holdings, LLC, Senior Notes, 5.875%, 10/01/28 (g)	B1		319
	280	Park Intermediate Holdings, LLC, Senior Notes, 7.50%, 06/01/25 (g)	B1		302
	230	RLJ Lodging Trust, L.P., Senior Notes, 3.75%, 07/01/26 (g)	Ba3		232
	185	XHR L.P., Senior Notes, 4.875%, 06/01/29 (g)	B1		191
					3,200
Manufacturing — .85%
	315	Apex Tool /BC Mountain, 9%, 02/15/23 (g)	Caa3		317
	218	Colfax Corporation, Senior Notes, 6.375%, 02/15/26 (g)	Ba2		230
	145	Hillenbrand Inc., Senior Notes, 3.75%, 03/01/31	Ba1		144
	15	Hillenbrand Inc., Senior Notes, 5%, 09/15/26	Ba1		17
	95	Hillenbrand Inc., Senior Notes, 5.75%, 06/15/25	Ba1		101
	440	Madison IAQ, LLC, Senior Notes, 4.125%, 06/30/28 (g)	B1		444
	420	Madison IAQ, LLC, Senior Notes, 5.875%, 06/30/29 (g)	Caa1		427
	300	Mueller Water Products, Senior Notes, 4%, 06/15/29 (g)	Ba1		308
					1,988

The accompanying notes are an integral part of these financial statements.
17

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
Metals & Mining — 5.08%
$	745	Alcoa Nederland Holding B.V., Senior Notes, 5.50%, 12/15/27 (g)	Ba1	$	806
	600	Alcoa Nederland Holding B.V., Senior Notes, 7%, 09/30/26 (g)	Ba1		628
	280	Arconic Corporation, Senior Notes, 6%, 05/15/25 (g)	Ba1		298
	780	Arconic Corporation, Senior Notes, 6.125%, 02/15/28 (g)	Ba3		837
	885	Big River Steel, LLC, Senior Notes, 6.625%, 01/31/29 (g)	Ba3		976
	232	Cleveland-Cliffs, Inc., Senior Notes, 9.875%, 10/17/25 (g)	Ba2		271
	385	Constellium N.V., Senior Notes, 3.75%, 04/15/29 (g)	B2		381
	610	FMG Resources Pty. Ltd., Senior Notes, 5.125%, 05/15/24 (g)	Ba1		662
	310	Freeport McMoran, Inc., Senior Notes, 5%, 09/01/27	Ba1		327
	320	Freeport McMoran, Inc., Senior Notes, 5.25%, 09/01/29	Ba1		353
	1,182	Freeport McMoran, Inc., Senior Notes, 5.40%, 11/14/34	Ba1		1,427
	330	Freeport McMoran, Inc., Senior Notes, 5.45%, 03/15/43	Ba1		403
	265	GrafTech Finance Inc., Senior Notes, 4.625%, 12/15/28 (g)	Ba3		272
	1,145	Hecla Mining Company, Senior Notes, 7.25%, 02/15/28	B3		1,251

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	315	HudBay Minerals, Inc., Senior Notes, 4.50%, 04/01/26 (g)	B3	$	315
	545	HudBay Minerals, Inc., Senior Notes, 6.125%, 04/01/29 (g)	B3		580
	600	New Gold Inc., Senior Notes, 7.50%, 07/15/27 (g)	B3		650
	745	Novelis Corporation, Senior Notes, 4.75%, 01/30/30 (g)	B1		781
	608	Ryerson Inc., Senior Secured Notes, 8.50%, 08/01/28 (g)	B3		673
					11,891
Other Telecommunications — 1.25%
	475	Consolidated Communications, Inc., Senior Notes, 6.50%, 10/01/28 (g)	B2		510
	385	Embarq Corporation, Senior Notes, 7.995%, 06/01/36	Ba2		435
	475	Level 3 Financing, Inc., Senior Notes, 3.75%, 07/15/29 (g)	Ba3		461
	1,065	Lumen Technologies, Inc., Senior Notes, 4.50%, 01/15/29 (g)	B2		1,026
	475	Lumen Technologies, Inc., Senior Notes, 5.375%, 06/15/29 (g)	B2		481
					2,913
Real Estate Investment Trust Securities — .53%
	625	Apollo Commercial Real Estate Finance, Inc., Senior Notes, 4.625%, 06/15/29 (g)	Ba2		616
	620	Service Properties Trust, Senior Notes, 4.35%, 10/01/24	Ba2		623
					1,239
Restaurants — 1.32%
	165	1011778 B.C. Unlimited Liability Company, Senior Notes, 5.75%, 04/15/25 (g)	Ba2		175

The accompanying notes are an integral part of these financial statements.
18

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	715	Dave and Buster's, Inc., Senior Notes, 7.625%, 11/01/25 (g)	Caa1	$	768
	723	YUM Brands, Inc., Senior Notes, 5.35%, 11/01/43	Ba3		763
	760	YUM Brands, Inc., Senior Notes, 6.875%, 11/15/37	Ba3		944
	395	YUM Brands, Inc., Senior Notes, 7.75%, 04/01/25 (g)	Ba3		430
					3,080
Retail — 1.80%
	200	Ambience Merger, Senior Notes, 7.125%, 07/15/29 (g)	Caa1		202
	445	L Brands, Inc., Senior Notes, 6.625%, 10/01/30 (g)	Ba3		515
	65	L Brands, Inc., Senior Notes, 6.694%, 01/15/27	Ba3		76
	350	L Brands, Inc., Senior Notes, 7.50%, 06/15/29	Ba3		412
	480	L Brands, Inc., Senior Notes, 9.375%, 07/01/25 (g)	Ba3		620
	375	LSF9 Atlantis Holdings, LLC, Senior Notes, 7.75%, 02/15/26 (g)	B2		388
	250	Petsmart, Inc., Senior Notes, 4.75%, 02/15/28 (g)	B1		260
	1,450	Petsmart, Inc., Senior Notes, 7.75%, 02/15/29 (g)	Caa1		1,597
	140	Rent-A-Center, Inc., Senior Notes, 6.375%, 02/15/29 (g)	B2		150
					4,220

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
Satellites — 3.22%
$	815	Connect Finco Sarl, Senior Notes, 6.75%, 10/01/26 (g)	B1	$	862
	1,750	Hughes Satellite Systems, Inc., Senior Notes, 6.625%, 08/01/26	B2		1,962
	3,090	Intelsat Jackson Holdings Ltd., Senior Notes, 9.50%, 09/30/22 (b)(g)	B3		3,638
	640	Telesat Canada, Senior Notes, 6.50%, 10/15/27 (g)	Caa1		608
	450	Viasat, Inc., Senior Notes, 5.625%, 04/15/27 (g)	Ba3		470
					7,540
Services — 7.88%
	635	Adtalem Global Education, Inc., Senior Notes, 5.50%, 03/01/28 (g)	B1		646
	300	Advantage Sales and Marketing, Inc., Senior Notes, 6.50%, 11/15/28 (g)	B2		317
	645	Allied Universal Holdco, LLC, Senior Secured Notes, 9.75%, 07/15/27 (g)	Caa1		710
	260	Avis Budget Car Rental LLC, Senior Notes, 5.75%, 07/15/27 (g)	B3		272
	205	Avis Budget Car Rental LLC, Senior Notes, 5.75%, 07/15/27 (g)	B3		214
	560	Black Knight, Inc., Senior Notes, 3.625%, 09/01/28 (g)	Ba3		557
	250	Booz Allen Hamilton, Inc., Senior Notes 4%, 7/01/29 (g)	Ba2		255
	625	Calrivate Science Holdings Corp., Senior Secured Notes, 3.875%, 06/30/28 (g)	B1		629
	440	Calrivate Science Holdings Corp., Senior Notes, 4.875%, 06/30/29 (g)	Caa1		452

The accompanying notes are an integral part of these financial statements.
19

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	640	EG Global Finance plc, Senior Notes, 6.75%, 02/07/25 (g)	B3	$	655
	660	EG Global Finance plc, Senior Notes, 8.50%, 10/30/25 (g)	B3		698
	790	Fair Isaac Corporation, Senior Notes, 5.25%, 05/15/26 (g)	Ba2		890
	295	Gartner, Inc., Senior Notes, 3.625%, 06/25/29 (g)	Ba3		299
	555	GFL Enironmental, Inc., Senior Notes, 4.75%, 06/15/29 (g)	B3		573
	1,265	H&E Equipment Services, Senior Notes, 3.875%, 12/15/28 (g)	B2		1,244
	115	IPD 3 B.V., Senior Notes, 5.50%, 12/01/25 (g) (EUR)	B3		142
	515	Performance Food Group, Inc., Senior Notes, 5.50%, 10/15/27 (g)	B2		542
	211	Picasso Finance , Senior Notes, 6.125%, 06/15/25 (g)	B3		223
	310	Presidio Holding, Inc., Senior Notes, 4.875%, 02/01/27 (g)	B1		319
	440	Presidio Holding, Inc., Senior Notes, 8.25%, 02/01/28 (g)	Caa1		480
	465	Prime Security Services Borrower, LLC, Senior Notes, 5.75%, 04/15/26 (g)	Ba3		513
	710	Prime Security Services Borrower, LLC, Senior Notes, 6.25%, 01/15/28 (g)	B3		754
	300	Sabre GLBL, Inc., Senior Notes, 7.375%, 09/01/25 (g)	Ba3		326
	360	Sabre GLBL, Inc., Senior Notes, 9.25%, 04/15/25 (g)	Ba3		427

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	215	Shift 4 Payments, LLC, Senior Notes, 4.625%, 11/01/26 (g)	Ba3	$	224
	972	Staples, Inc., Senior Notes 7.50%, 04/15/26 (g)	B2		1,008
	920	Staples, Inc., Senior Notes 10.75%, 04/15/27 (g)	Caa1		938
	1,460	Vertical U.S. Newco, Inc., Senior Notes, 5.25%, 07/15/27 (g)	B1		1,537
	1,460	Vertical Holdco GmbH, Senior Notes, 7.625%, 07/15/28 (g)	Caa1		1,580
	400	Wash Multifamily Acquisition, Inc., Senior Notes, 5.75%, 04/15/26 (g)	B3		418
	325	WeWork Companies, Inc, Senior Notes, 7.875%, 05/01/25 (g)	(e)		339
	245	White Cap Buyer, LLC, Senior Notes, 6.875%, 10/15/28 (g)	Caa1		261
					18,442
Supermarkets — 2.25%
	1,050	Albertsons Companies, LLC, Senior Notes, 3.50%, 03/15/29 (g)	Ba3		1,036
	540	Albertsons Companies, LLC, Senior Notes, 4.875%, 02/15/30 (g)	Ba3		571
	545	Albertsons Companies, LLC, Senior Notes, 5.875%, 02/15/28 (g)	Ba3		586
	370	Albertsons Companies, LLC, Senior Notes, 7.45%, 08/01/29	(e)		431
	895	Albertsons Companies, LLC, Senior Notes, 7.50%, 03/15/26 (g)	Ba3		980
	220	Albertsons Companies, LLC, Senior Notes, 8%, 05/01/31	(e)		268
	680	Iceland Bondco, Plc, Senior Notes, 4.625%, 03/15/25 (GBP)	B2		924

The accompanying notes are an integral part of these financial statements.
20

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
CORPORATE DEBT SECURITIES — continued
$	425	United Natural Foods, Inc., Senior Notes, 6.75%, 10/15/28 (g)	B3	$	457
					5,253
Transportation — .33%
	730	Watco Companies, LLC, Senior Notes, 6.50%, 06/15/27 (g)	Caa1		781
Utilities — 4.27%
	50	Calpine Corporation, Senior Notes, 4.50%, 02/15/28 (g)	Ba2		51
	795	Calpine Corporation, Senior Notes, 5.125%, 03/15/28 (g)	B2		803
	235	First Energy Corporation, Senior Notes, 7.375%, 11/15/31	Ba1		320
	650	General Electric Company, Senior Notes, 3.449% (h)	Baa3		637
	74	NextEra Energy Operating Partners, L.P., Senior Notes, 4.25%, 09/15/24 (g)	Ba1		78
	670	NextEra Energy Operating Partners, L.P., Senior Notes, 4.50%, 09/15/27 (g)	Ba1		724
	620	NiSource, Incorporated, Senior Notes, 5.65%, (h)	(e)		660
	540	NRG Energy, Inc., Senior Notes, 6.625%, 01/15/27	Ba2		558
	135	Pattern Energy Operations L.P., Senior Notes, 4.50%, 08/15/28 (g)	Ba3		139
	435	PG&E Corporation, Senior Notes, 5%, 07/01/28	B1		438
	595	PG&E Corporation, Senior Notes, 5.25%, 07/01/30	B1		600
	420	Pike Corporation, Senior Notes, 5.50%, 09/01/28 (g)	B3		437

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	1,795	TerraForm Global Operating, LLC, Senior Notes 6.125%, 03/01/26 (g)	Ba3	$	1,847
	1,735	Vistra Operations Company, LLC, Senior Notes, 4.375%, 05/01/29 (g)	Ba2		1,744
	800	Vistra Operations Company, LLC, Senior Notes, 5.50%, 09/01/26 (g)	Ba2		824
	130	Vistra Operations Company, LLC, Senior Notes, 5.625%, 02/15/27 (g)	Ba2		135
					9,995
Wireless Communications — 1.52%
	725	Sprint Capital Corporation, Senior Notes, 6.875%, 11/15/28	B1		930
	2,194	Sprint Corporation, Senior Notes, 7.125%, 06/15/24	B1		2,532
	70	Sprint Corporation, Senior Notes, 7.625%, 02/15/25	B1		83
					3,545
		Total Corporate Debt Securities (Total cost of $259,662)			275,575
CONVERTIBLE DEBT SECURITIES — .15% (d)(f)
Energy — .15%
	412	Cheniere Energy, Inc., Senior Notes, 4.25%, 03/15/45	(e)		347
		Total Convertible Debt Securities (Total cost of $283)			347
BANK DEBT SECURITIES — 11.04% (d)(f)
Aerospace & Defense — .37%
	638	Peraton Holding Corporation, 4.50%, 02/01/28	B1		640
	220	Peraton Holding Corporation, 8.50%, 02/01/29	(e)		224
					864

The accompanying notes are an integral part of these financial statements.
21

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
BANK DEBT SECURITIES — continued
Airlines — .94%
$	345	AAdvantage Loyalty IP, Ltd., 5.50%, 04/20/28	Ba2	$	359
	170	JetBlue Airways Corporation, 6.25%, 6/17/24	Ba2		173
	775	Mileage Plus Holdings, LLC, 6.25%, 6/21/27	Baa3		827
	460	Skymiles IP, Ltd, 4.75%, 10/20/27	Baa1		486
	360	United Airlines, nc., 4.50%, 4/21/28	Ba1		364
					2,209
Consumer Products — .56%
	1,297	Life Time Fitness, 5.75%, 12/16/24	B3		1,300
Energy — 1.12%
	1,883	BCP Raptor, LLC, 5.25%, 6/24/24	B3		1,864
	345	Prairie ECI Acquiror, LP, 4.854%, 03/11/26	B3		336
	409	Stonepeak Lonestar, 4.69%, 10/19/26	B1		410
					2,610
Healthcare — 1.06%
	315	ADMI Corporation, 4.25%, 12/23/27	B2		314
	419	ADMI Corporation, 3.25%, 12/23/27	B2		414
	780	Gainwell Acquisition Corporation, 4.75%, 10/01/27	B2		782
	478	Regional Care Hospital Partners, 3.854%, 11/16/25	B1		477
	488	US Radiology Specialists, Inc., 5.647%, 12/10/27	B3		490
					2,477
Information Technology — .64%
	165	Epicor Software Corporation, 8.75%, 7/31/28	Caa2		170
	510	Polaris Newco, Inc., 4.50%, 6/2/28	B2		511
	190	Proofpoint, Inc., 6.75%, 6/08/29	(e)		192

Principal Amount/Units			Moody's Rating (Unaudited)	Value (See Notes)
$	600	RealPage Inc., 7.25%, 04/22/29	(e)	$	617
					1,490
Manufacturing — .32%
	750	Apex Tool Group, LLC, 6.50%, 8/01/24	B3		753
Satellites — 1.90%
	891	Intelsat Jackson Holdings, S.A., 6.50%, 07/13/22 (b)	(e)		896
	2,025	Intelsat Jackson Holdings, S.A., 8%, 11/27/23 (b)	(e)		2,054
	140	Intelsat Jackson Holdings, S.A., 8.625%, 01/02/24 (b)	(e)		142
	1,341	Iridium Satellite LLC, 3.75%, 11/04/26	Ba3		1,343
					4,435
Services — 2.03%
	320	Celestial Saturn Parent, Inc., 7%, 4/13/29	Caa1		322
	320	Renaissance Holding Corp., 7.104%, 05/29/26	Caa2		320
	438	Sabre GLBL, Inc., 4.75%, 12/17/27	Ba3		440
	1,543	Ultimate Software Group, Inc., 4%, 05/04/26	B1		1,544
	2,100	Ultimate Software Group, Inc., 7.50%, 05/03/27	Caa1		2,133
					4,759
Wireless Communications — 2.10%
	900	Asurion LLC, 3.354%, 12/23/26	Ba3		890
	883	Asurion LLC, 3.354%, 07/31/27	Ba3		872
	2,664	Asurion LLC, 5.354%, 01/31/28	B3		2,683
	479	CCI Buyer, Inc., 4.75%, 12/17/27	B1		479
					4,924
		Total Bank Debt Securities (Total cost of $25,224)			25,821

The accompanying notes are an integral part of these financial statements.
22

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2021 (Unaudited) — Continued (Dollar Amounts in Thousands)

Shares			Moody's Rating (Unaudited)	Value (See Notes)
PREFERRED STOCK — 4.25% (d)(f)
Energy — 1.72%
	3,750	Targa Resources Corp., Series A, Cvt, 9.50%, Acquisition Date 10/26/17, Cost $4,133 (c)	(e)	$	4,032
Financial — .14%
	325	Alliant Services, Series A, Cvt, 9.75%, Acquisition Date 11/6/20, Cost $320 (c)	(e)		326
Healthcare — .53%
	11,283	Avantor, Inc., Series A, Cvt, 6.25%, 05/15/22	(e)		1,236
Manufacturing — .44%
	694	Danaher Corporation, Cvt, 5%, 04/15/23	(e)		1,024
Utilities — 1.42%
	21,950	American Electric Power, Cvt, Series B, 6.125%, 03/15/22	(e)		1,078
	10,632	American Electric Power, Cvt, Series C, 6.125%, 08/15/23	(e)		546
	22,232	NextEra Energy, Inc., Cvt, 5.279%, 03/01/23	(e)		1,088
	12,300	Southern Company, Cvt, 6.75%, 08/01/22	(e)		623
					3,335
		Total Preferred Stock (Total cost of $9,055)			9,953
		TOTAL INVESTMENTS — 133.23% (d) (Total cost of $294,224)			311,696
		CASH AND OTHER ASSETS LESS LIABILITIES — (33.23)% (d)			(77,748	)
		NET ASSETS — 100.00%		$	233,948

(a)  Denotes income is not being accrued.

(b)  Denotes issuer is in bankruptcy proceedings.

(c)  Security cannot be offered for public resale without first being registered under the Securities Act of 1933 (restricted security). Total market value of restricted securities (excluding Rule 144A securities) amounted to $4,358 or 1.86% of total net assets as of June 30, 2021.

(d)  Percentages indicated are based on total net assets to common shareholders of $233,948.

(e)  Not rated.

(f)  All of the Fund's investments and other assets are pledged as collateral in accordance with a credit agreement with The Bank of Nova Scotia.

(g)  Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers in transactions exempt from registration. Unless otherwise noted, 144A Securities are deemed to be liquid. See notes to the portfolio of investments for valuation policy. Total market value of Rule 144A securities amounted to $203,525 as of June 30, 2021.

(h)  Perpetual security with no stated maturity date.

(EUR) Euro

(GBP) British Pound

The accompanying notes are an integral part of these financial statements.
23

The New America High Income Fund, Inc.

Statement of Assets and Liabilities
June 30, 2021 (Unaudited)
(Dollars in thousands, except shares and per share amounts)

Assets:
INVESTMENTS IN SECURITIES, at value (Identified cost of $294,224 see Schedule of Investments and Note 1)	$	311,696
CASH		3,981
RECEIVABLES:
Investment securities sold		981
Interest and dividends		4,541
PREPAID EXPENSES		43
UNREALIZED GAIN ON FORWARD CURRENCY EXCHANGE CONTRACTS (Notes 1 and 7)		8
Total assets	$	321,250
Liabilities:
CREDIT AGREEMENT (Note 4)	$	84,000
PAYABLES:
Investment securities purchased		3,128
Interest on loan (Note 4)		2
ACCRUED EXPENSES (Note 3)		172
Total liabilities	$	87,302
Net Assets	$	233,948
Represented By:
COMMON STOCK:
$0.01 par value, 40,000,000 shares authorized, 23,368,918 shares issued and outstanding	$	234
CAPITAL IN EXCESS OF PAR VALUE		239,609
DISTRIBUTABLE EARNINGS		(5,895	)
Net Assets Applicable To Common Stock (Equivalent to $10.01 per share, based on 23,368,918 shares outstanding)	$	233,948

Statement of Operations
For the Year Ended
June 30, 2021 (Unaudited) (Dollars in thousands)

Investment Income: (Note 1)
Interest income	$	8,963
Dividend income		337
Other income		59
Total investment income	$	9,359
Expenses:
Cost of leverage:
Interest expense (Note 4)	$	408
Loan fees (Note 4)		12
Total cost of leverage	$	420
Professional services:
Investment Advisor (Note 3)	$	543
Custodian and transfer agent		123
Legal		115
Audit		29
Total professional services	$	810
Administrative:
General administrative (Note 6)	$	254
Directors		111
Insurance		66
Shareholder communications		18
Shareholder meeting		13
NYSE		13
Total administrative	$	475
Total expenses	$	1,705
Net investment income	$	7,654
Realized and Unrealized Gain on Investment Activities:
Realized gain on investments and currencies, net	$	2,703
Change in net unrealized appreciation on investments and other financial instruments	$	555
Net gain on investments	$	3,258
Net increase in net assets resulting from operations	$	10,912

The accompanying notes are an integral part of these financial statements.
24

The New America High Income Fund, Inc.

Statements of Changes in Net Assets (Dollars in thousands, except shares and per share amounts)

	Six Months Ended June 30, 2021 (Unaudited)			For the Year Ended December 31, 2020
From Operations:
Net investment income	$	7,654		$	14,778
Realized gain (loss) on investments and currencies, net		2,703			(11,097	)
Change in net unrealized appreciation on investments and other financial instruments		555			6,360
Net increase in net assets resulting from operations	$	10,912		$	10,041
Distributions to Common Stockholders:
Distributable earnings ($.25 and $.65 per share in 2021 and 2020, respectively)	$	(5,842	)	$	(15,248	)
Total net increase (decrease) in net assets	$	5,070		$	(5,207	)
Net Assets Applicable to Common Stock:
Beginning of period	$	228,878		$	234,085
End of period	$	233,948		$	228,878

The accompanying notes are an integral part of these financial statements.
25

The New America High Income Fund, Inc.

Financial Highlights
Selected Per Share Data and Ratios
For Each Share of Common Stock Outstanding Throughout the Period

	For the Six Months Ended June 30, 2021			For the Years Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
NET ASSET VALUE:
Beginning of period	$	9.79		$	10.02		$	8.90		$	10.19		$	9.89		$	8.84
NET INVESTMENT INCOME		.33			.63			.62			.66			.71			.75
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS		.14			(.21	)		1.16			(1.25	)		.30			1.06
TOTAL FROM INVESTMENT OPERATIONS		.47			.42			1.78			(.59	)		1.01			1.81
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		(.25	)		(.65	)		(.66	)		(.70	)		(.71	)		(.76	)
TOTAL DISTRIBUTIONS		(.25	)		(.65	)		(.66	)		(.70	)		(.71	)		(.76	)
NET ASSET VALUE:
End of period	$	10.01		$	9.79		$	10.02		$	8.90		$	10.19		$	9.89
PER SHARE MARKET VALUE:
End of period	$	9.23		$	8.68		$	9.13		$	7.56		$	9.40		$	9.26
TOTAL INVESTMENT RETURN†		9.46	%		2.94	%		30.09	%		(12.70	)%		9.19	%		31.68	%

  †  Total investment return is calculated assuming a purchase of $1,000 of common stock at the current market value on the first day and a sale at the current market value on the last day of each year reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the dividend reinvestment plan. This calculation does not reflect brokerage commissions.

The accompanying notes are an integral part of these financial statements.
26

The New America High Income Fund, Inc.

Financial Highlights
Selected Per Share Data and Ratios
For Each Share of Common Stock Outstanding Throughout the Period — Continued

	For the Six Months Ended June 30, 2021			For the Years Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
NET ASSETS, END OF PERIOD, APPLICABLE TO COMMON STOCK (a)	$	233,948		$	228,878		$	234,085		$	207,893		$	238,244		$	231,092
EXPENSE RATIOS:
Ratio of interest expense to average net assets		.36	%*		.57	%		1.26	%		1.16	%		.76	%		.55	%
Ratio of leverage expenses to average net assets		.01	%*		.01	%		.01	%		.01	%		.01	%		.01	%
Ratio of operating expenses to average net assets		1.12	%*		1.20	%		1.16	%		1.18	%		1.14	%		1.26	%
RATIO OF TOTAL EXPENSES TO AVERAGE NET ASSETS		1.49	%*		1.78	%		2.43	%		2.35	%		1.91	%		1.82	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		6.68	%*		6.80	%		6.38	%		6.77	%		6.92	%		7.90	%
PORTFOLIO TURNOVER RATE		27.73	%		53.11	%		65.64	%		71.56	%		70.11	%		77.10	%

  (a)  Dollars in thousands.

  *  Annualized

The accompanying notes are an integral part of these financial statements.
27

The New America High Income Fund, Inc.

Information Regarding
Senior Securities

	For the Six Months Ended June 30, 2021			As of December 31,
	(Unaudited)			2020			2019			2018			2017			2016
TOTAL AMOUNT OUTSTANDING:
Credit Agreement	$	84,000,000		$	84,000,000		$	91,000,000		$	91,000,000		$	91,000,000		$	91,000,000
ASSET COVERAGE:
Per $1,000 borrowed under Credit Agreement (1)	$	3,785		$	3,725		$	3,572		$	3,285		$	3,618		$	3,539
Credit Agreement Asset Coverage (2)		379	%		372	%		357	%		328	%		362	%		354	%

  (1)  Calculated by subtracting the Fund's total liabilities excluding the amount borrowed under the credit facility, from the Fund's total assets and dividing such amount by the amount borrowed under the credit facility, (per $1,000 of amount borrowed).

  (2)  Calculated by subtracting the Fund's total liabilities excluding the amount borrowed under the credit facility, from the Fund's total assets and dividing such amount by the amount borrowed under the credit facility.

The accompanying notes are an integral part of these financial statements.
28

The New America High Income Fund, Inc.

Statement of Cash Flows (Dollars in thousands)

	For the Six Months Ended June 30, 2021 (Unaudited)
Cash Flows From Operating Activities:
Purchases of portfolio securities	$	(85,787	)
Sales of portfolio securities		86,035
Interest and dividends received		9,794
Operating expenses paid		(1,721	)
Net cash provided by operating activities	$	8,321
Cash Flows From Financing Activities:
Common stock dividends	$	(8,004	)
Net cash used by financing activities	$	(8,004	)
Net Increase in Cash	$	317
Cash at Beginning of Period		3,664
Cash at End of Period	$	3,981
Reconciliation of Net Increase in Net Assets Resulting from Operations to Net Cash Provided by Operating Activities:
Purchases of portfolio securities	$	(85,787	)
Sales of portfolio securities		86,035
Net increase in net assets resulting from operations		10,912
Amortization of interest		317
Net realized gain on investments and currencies		(2,703	)
Change in net unrealized appreciation on investments and other financial instruments		(555	)
Decrease in interest and dividend receivable		117
Decrease in prepaid expenses		51
Decrease in accrued expenses and other payables		(66	)
Net cash provided by operating activities	$	8,321

The accompanying notes are an integral part of these financial statements.
29

The New America High Income Fund, Inc.

Notes to Financial Statements
June 30, 2021 (Unaudited)

(1) Significant Accounting and Other Policies

The New America High Income Fund, Inc. (the Fund) was organized as a corporation in the state of Maryland on November 19, 1987 and is registered with the Securities and Exchange Commission as a diversified, closed-end investment company under the Investment Company Act of 1940. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services Investment Companies". The Fund commenced operations on February 26, 1988. The investment objective of the Fund is to provide high current income while seeking to preserve stockholders' capital through investment in a professionally managed, diversified portfolio of "high yield" fixed-income securities.

The Fund invests primarily in fixed maturity corporate debt securities that are rated less than investment grade. Risk of loss upon default by the issuer is significantly greater with respect to such securities compared to investment grade securities because these securities are generally unsecured and are often subordinated to other creditors of the issuer and because these issuers usually have high levels of indebtedness and are more sensitive to adverse economic conditions, such as a recession, than are investment grade issuers. In some cases, the collection of principal and timely receipt of interest is dependent upon the issuer attaining improved operating results, selling assets or obtaining additional financing.

The Fund may focus its investments in certain industries, subjecting it to greater risk than a Fund that is more diversified. See the schedule of investments for information on individual securities as well as industry diversification and credit quality ratings.

The Fund's financial statements have been prepared in conformity with accounting principles generally accepted in the United States for investment companies that require the management of the Fund to, among other things, make estimates and assumptions that affect the

reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund, which are in conformity with those generally accepted in the investment company industry.

(a)  Valuation of Investments—Except as otherwise described below, the Fund's investments are valued based on evaluated bid prices provided by an independent pricing service. Independent pricing services provide prices based primarily on quotations from dealers and brokers, market transactions, data accessed from quotations services, offering sheets obtained from dealers and various relationships among similar securities. Investments whose primary market is on an exchange are valued at the last sale price on the day of valuation. Short-term investments with original maturities of 60 days or less are stated at amortized cost, which approximates the fair value of such investments. Following procedures approved by the Board of Directors, investments for which market prices are not yet provided by an independent pricing service (primarily newly issued fixed-income corporate bonds and notes) shall be valued at the most recently quoted bid price provided by a principal market maker for the security. Other investments for which market quotations are not readily available are valued in good faith at fair value using methods approved by the Board of Directors. Fair value measurement is further discussed in section (f) of this footnote.

(b)  Foreign Currency—Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U. S. dollar amounts on the respective dates of such transactions.

30

The New America High Income Fund, Inc.

Notes to Financial Statements — Continued
June 30, 2021 (Unaudited)

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transaction, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

(c)  Foreign Currency Forward Exchange Contracts—The Fund may enter into foreign currency forward exchange contracts to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed upon price on an agreed future date. The Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized gains and losses are included in the statement of operations. These instruments involve market risk, credit risk or both kinds of risks, in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

(d)  Securities Transactions and Net Investment Income—Securities transactions are recorded on trade

date. Realized gains or losses on sales of securities are calculated on the identified cost basis. Interest income is accrued on a daily basis. Discount on short-term investments is amortized to investment income. Premiums or discounts on corporate debt securities are amortized based on the interest method for financial reporting purposes. All income on original issue discount and step interest bonds is accrued based on the effective interest method. The Fund does not amortize market premiums or discounts for tax purposes. Dividend payments received in the form of additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

(e)  Federal Income Taxes—It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders each year. Accordingly, no federal income tax provision is required.

(f)  Fair Value Measurement—The Fund applies ASC 820 "Fair Value Measurements and Disclosures". This standard establishes the definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2—Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

31

The New America High Income Fund, Inc.

Notes to Financial Statements — Continued
June 30, 2021 (Unaudited)

Level 3—Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Fund's major asset and liability categories is as follows.

Debt securities (corporate, U.S. Treasury, convertible & bank debt). The fair value of debt securities is provided by independent pricing services using quotations from dealers and brokers, market transactions, data from quotations services, offering sheets and various relationships between securities. While most corporate bonds are categorized in level2 of the fair value hierarchy, there may be instances where less observable inputs necessitate a level3 categorization.

Equity securities (preferred and common stock). Equity securities for which the primary market is on an exchange will be valued at the last sale price on the day of valuation and are categorized in level 1 of the fair value hierarchy. Other equity securities traded in inactive markets or valued by independent pricing services using methods similar to debt securities are categorized in level2. The fair value of equity securities in which observable inputs are unavailable are categorized in level 3.

Short-term investments. Short-term investments are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely the values would be categorized in level 2 of the fair value hierarchy.

Forwards are valued at the unrealized gain or loss on the contract as measured by the difference between the forward exchange rates at the date of entry into the contract and the forward rates at the reporting date. Forwards are categorized in level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments:

	Level 1		Level 2		Level 3		Total Value
	Quoted Prices (000's)		Significant Observable Inputs (000's)		Significant Unobservable Inputs (000's)		(000's)
Investments
Debt Securities*	$	—	$	301,743	$	—	$	301,743
Preferred Stock
Energy		—		4,032		—		4,032
Finance		—		326		—		326
Healthcare		1,236		—		—		1,236
Manufacturing		1,024		—		—		1,024
Utilities		2,789		546		—		3,335
Total Investments	$	5,049	$	306,647	$	—	$	311,696
Forward Currency Exchange Contracts	$	—	$	8	$	—	$	8

*  Debt Securities — Type of debt and industries are shown on the Schedule of Investments.

32

The New America High Income Fund, Inc.

Notes to Financial Statements — Continued
June 30, 2021 (Unaudited)

The Fund owned no Level 3 securities at June 30, 2021.

The following is a reconciliation of Fund investments using Level 3 inputs for the period:

	Securities (000's)
Balance, December 31, 2020	$	320
Transfers out		(326	)
Change in unrealized appreciation		6
Balance, June 30, 2021	$	—

(2) Tax Matters and Distributions

At June 30, 2021, the total cost of securities (including temporary cash investments) for federal income tax purposes was approximately $295,066,000. Aggregate gross unrealized gain on securities in which there was an excess of value over tax cost was approximately $17,537,000. Aggregate gross unrealized loss on securities in which there was an excess of tax cost over value was approximately $907,000. Net unrealized gain on investments for tax purposes at June 30, 2021 was approximately $16,630,000.

At December 31, 2020, the Fund had approximate capital loss carryforwards available to offset future capital gains, if any, to the extent provided by regulations:

Carryover Available		Character	Expiration Date
$	7,102,000	Short-term	None
	19,659,000	Long-term	None
$	26,761,000

As a result of the passage of the Regulated Investment Company Modernization Act of 2010 (the "Act"), losses incurred in the 2011 fiscal year and beyond retain their character as short-term or long-term, have no expiration date and are utilized before the capital losses incurred prior to the enactment of the Act. At December 31, 2020, the Fund had total non-expiring capital loss carryforwards of $26,761,000.

It is the policy of the Fund to reduce future distributions of realized gains to shareholders to the extent of the unexpired capital loss carryforwards.

The tax character of distributions paid to common shareholders in 2020 and 2019 of approximately $15,248,000 and $15,419,000, respectively, was from ordinary income.

As of December 31, 2020, the components of distributable earnings on a tax basis were approximately:

Unrealized Gain on Investments	$	15,749,000
Capital Loss Carryforwards		(26,761,000	)
Other Accumulated Losses		(95,000	)
Undistributed Net Investment Income		142,000
	$	(10,965,000	)

The difference between components of distributable earnings on a tax basis and amounts in accordance with generally accepted accounting principals ("GAAP") are primarily due to market discount and premium adjustments, wash sales, and the recognition of unrealized gain on currency forward contracts. GAAP also requires components related to permanent differences of net assets to be classified differently for financial reporting purposes than for tax reporting purposes. These differences have no net effect on the net asset value of the Fund. As of December 31, 2020, there were no financial reporting reclassifications recorded to the net asset accounts.

As of December 31, 2020, the Fund had $95,000 of post-October losses which are deferred until fiscal year 2021 for tax purposes. The other accumulated losses incurred after October 31, and within the taxable year are deemed to arise on the first day of the Fund's next taxable year. Distributions on common stock are declared based upon annual projections of the Fund's investment company taxable income. The Fund records all dividends and distributions payable to shareholders on the ex-dividend date and declares and distributes income dividends monthly.

33

The New America High Income Fund, Inc.

Notes to Financial Statements — Continued
June 30, 2021 (Unaudited)

The Fund is required to amortize market discounts and premiums for financial reporting purposes. This results in additional interest income in some years and decreased interest income in others for financial reporting purposes only. The Fund does not amortize market discounts or premiums for tax purposes. Therefore, the additional or decreased interest income for financial reporting purposes does not result in additional or decreased common stock dividend income.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2017-2019, or expected to be taken in the Fund's 2020 tax returns. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

(3) Investment Advisory Agreement

T. Rowe Price Associates, Inc. (T. Rowe Price), the Fund's Investment Advisor, earned approximately $543,000 in management fees during the six months ended June 30, 2021. Management fees paid by the Fund to T. Rowe Price were calculated at 0.50% on the first $50,000,000 of the Fund's average weekly net assets, 0.40% on the next $50 million and 0.30% on average weekly net assets in excess of $100 million. T. Rowe Price's fee is calculated based on assets attributable to the Fund's common stock and senior securities. At June 30, 2021, the fee payable to T. Rowe Price was approximately $90,000, which was included in accrued expenses on the accompanying statement of assets and liabilities.

(4) Bank Credit Agreement

The Fund has a credit agreement with The Bank of Nova Scotia pursuant to which the Fund may borrow up to an aggregate amount of $100,000,000. On June 30, 2021 the total amount outstanding on the loan was $84,000,000. The term of the facility has been extended to October 2021. Amounts borrowed under the credit facility bear interest at an adjustable rate based on a margin above LIBOR. The rate paid on these borrowings is approximately .95% and will be in effect until July 30, 2021 at which time the rate will be reset. For the six months ended June 30, 2021 the weighted average rate on the loan was approximately .97% and the maximum amount borrowed during the period was $84,000,000.

The Fund pays a commitment fee to The Bank of Nova Scotia at a rate of .15% per annum for any unused portion of borrowings not to exceed $100,000,000. For the six months June 30, 2021 the Fund paid approximately $12,000 for this commitment.

The Fund has granted to The Bank of Nova Scotia a security interest in the investments and other assets of the Fund in accordance with the Credit Agreement.

(5) Purchases and Sales of Securities

Purchases and proceeds of sales or maturities of long-term securities during the six months ended June 30, 2021 were approximately:

Cost of purchases	$	86,062,000
Proceeds of sales or maturities	$	87,027,000

(6) Related Party Transactions

The Fund paid approximately $93,000 during the six months ended June 30, 2021 to the president of the Fund for her services as an officer and employee of the Fund.

34

The New America High Income Fund, Inc.

Notes to Financial Statements — Continued
June 30, 2021 (Unaudited)

(7) Derivative Contracts (Currency Amounts in Thousands)

Forward Currency Exchange Contracts—As of June 30, 2021 the Fund had forward currency exchange contracts outstanding as follows:

Counterparty	Settlement Date	Receive (Deliver)			Asset		Liability		Unrealized Appreciation (Depreciation)
Royal Bank of Canada	7/30/21	EUR	(206	)	$	245	$	244	$	1
Royal Bank of Canada	7/30/21	EUR	(209	)		249		248		1
State Street Bank	7/30/21	EUR	(209	)		249		248		1
Bank of America	7/30/21	GBP	(910	)		910		905		5
Net unrealized gain on open forward currency exchange contracts									$	8

Fair Value of Derivative Instruments—The fair value of derivative instruments as of June 30, 2021 was as follows:

	Asset Derivatives June 30, 2021
	Statement of Assets and Liabilities Location	Fair Value
Forward currency contracts	Unrealized gain on forward currency exchange contracts	$	8

The effect of derivative instruments that are included on the Statement of Operations for the six months ended June 30, 2021 was as follows:

Amount of Realized Loss on Derivatives
	Realized gain on investments and currencies, net
Forward currency contracts	$	(80	)
Change in Unrealized Appreciation on Derivatives
	Change in net unrealized appreciation on investments and other financial instruments
Forward currency contracts	$	95

(8) LIBOR Transition

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the consolidated financial statements.

(9) Covid-19 Risks

In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. This coronavirus has resulted in closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries, the financial

35

The New America High Income Fund, Inc.

Notes to Financial Statements — Continued
June 30, 2021 (Unaudited)

health of individual companies and the market in general in significant and unforeseen ways. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund, including political, social and economic risks. Any such impact could adversely affect the Fund's performance, the performance of the securities in which the Fund Invests and may lead to losses on your investment in the Fund. The ultimate impact of COVID-19 on the financial performance of the Fund's investments is not reasonably estimable at this time.

(10) Subsequent Events

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements as of June 30, 2021.

36

The New America High Income Fund, Inc.

Notes to Financial Statements — Continued
Supplemental Information (Unaudited)

Availability of Portfolio Holdings

The Fund provides a complete schedule of its portfolio holdings quarterly. The lists of holdings as of the end of the second and fourth quarters appear in the Fund's semi-annual and annual reports to shareholders, respectively. The schedules of portfolio holdings as of the end of the first and third quarters are filed with the Securities and Exchange Commission (the "SEC") on Form NPORT-P (the "Forms") within 60 days of the end of the first and third quarters. Shareholders can look up the Forms on the SEC's web site at www.sec.gov. The Forms may also be reviewed and copied at the SEC's public reference room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC's web site and their public reference room.

Compliance with CFTC Regulation of Transactions in Commodity Interests

The Fund does not currently intend to engage in transactions in commodity interests such as futures contracts, options on futures contracts, and swaps. However, the Fund may in the future enter into interest rate transactions, such as swaps, caps, collars and floors for the purpose or with the effect of hedging its portfolio and/or its payment obligations with respect to senior securities. In addition, the Fund has reserved the right, subject to the approval of the Board of Directors, to purchase and sell financial futures contracts and options on such futures contracts for the purpose of hedging its portfolio securities (or portfolio securities which it expects to acquire) against anticipated changes in prevailing interest rates. To the extent it engages in transactions in commodity interests, the Fund expects their use to be limited such that the Fund may claim the exclusion from the definition of the term "commodity pool operator" available under Regulation 4.5 of the Commodity Futures Trading Commission under the Commodity Exchange Act, and will not therefor be subject to regulation as a pool operator under the Commodity Exchange Act.

Common Stock Transactions

The Fund may purchase shares of its Common Stock in the open market when the Common Stock trades at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that the Fund will take such action in the event of a market discount to net asset value or that Fund purchases will reduce a discount.

37

The New America High Income Fund, Inc.

Directors

Joseph L. Bower
Stuart A. McFarland
Marguerite A. Piret
Oleg M. Pohotsky
Ellen E. Terry

Officer

Ellen E. Terry – President, Treasurer, Secretary

Investment Advisor

T. Rowe Price Associates, Inc.
100 E. Pratt Street
Baltimore, Maryland 21202

Administrator

The New America High Income Fund, Inc.
33 Broad Street
Boston, MA 02109
(617) 263-6400

Custodian

State Street Corporation
One Lincoln Street
Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
(800) 937-5449
Web site: www.astfinancial.com

Listed: NYSE
Symbol: HYB
Web site: www.newamerica-hyb.com

38

American Stock Transfer & Trust Company
6201 15th Avenue
Brooklyn, NY 11219

The New
America
High Income
Fund, Inc.

Beginning on January 1, 2022, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of The New America High Income Fund, Inc.'s (the "Fund") shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, www.newamerica-hyb.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold your shares directly with the Fund, you can call American Stock Transfer & Trust Company toll free at (866) 624-4105 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports.

If you already elected to receive Fund shareholder reports electronically, you will not be affected by this change and you need not take any action.

Semi-Annual

Report

June 30, 2021

Item 2 -	Code of Ethics - Not required in semi-annual filing.
Item 3 -	Audit Committee Financial Experts - Not required in a semi-annual filing.
Item 4 -	Principal Accountant Fees and Services - Not required in semi-annual filing.
Item 5 -	Audit Committee of Listed Registrant - Not required in semi-annual filing.
Item 6 -	Schedule of Investments - Included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 -	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not required in semi-annual filing.
Item 8 -	Portfolio Managers of Closed-End Management Investment Companies - Not required in semi-annual filing.

2

Item 9 -	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not applicable.
Item 10 -	Submission of Matters to a Vote of Security Holders - Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Fund’s principal executive officer and principal financial officer concluded that the Fund disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) provide reasonable assurances that information required to be disclosed by the Fund on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Fund in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Fund’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure, based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.

(b) There was no change in the Fund’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Fund’s second fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

Item 12 - Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies - None.

ITEM 13. EXHIBITS.

(a)(1)	Not Applicable.
(a)(2)	The certifications required by Rule 30a-2(a) under the 1940 Act.
(a)(3)	Not Applicable.
(b)	The certifications required by Rule 30a-2(b) under the 1940 Act.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The New America High Income Fund, Inc.
By:	/s/ Ellen E. Terry
Name:	Ellen E. Terry
Title:	President
Date:	August 27, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Ellen E. Terry
Name:	Ellen E. Terry
Title:	President and Treasurer
Date:	August 27, 2021

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