The New America High Income Fund Inc. (HYB) NPORT-P New America High Income Fund Inc (Sep 2022 report)

The New America High Income Fund, Inc.

September 30, 2022 (Unaudited)

Portfolio of Investments

(Dollar Amounts in Thousands)    

Principal			Value
Amount/Units			(See Notes)
CORPORATE DEBT SECURITIES - 136.42% (d)(f)
Aerospace & Defense - 1.78%
$	565	Transdigm Holdings UK, plc,Senior Notes,
		5.50%, 11/15/27	$	490
	1,830	Transdigm Holdings UK, plc,Senior Notes,
		6.25%, 03/15/26 (g)		1,775
	720	Transdigm Holdings UK, plc,Senior Notes,
		6.375%, 06/15/26		677
	115	Transdigm Holdings UK, plc,Senior Notes,
		7.50, 03/15/27		110
				3,052
Airlines - 3.71%
	925	American Airlines Inc., Senior Notes,
		5.50%, 04/20/26 (g)		867
	1,015	American Airlines Inc., Senior Notes,
		5.75%, 04/20/29 (g)		886
	1,960	American Airlines Inc., Senior Notes,
		11.75%, 07/15/25 (g)		2,043
	725	Delta Airlines, Senior Notes,
		7.375%, 01/15/26		732
	722	Mileage Plus Holdings, LLC, Senior Notes,
		6.50%, 06/20/27 (g)		704
	760	United Airlines Holdings, Inc., Senior Notes,
		4.625%, 04/15/29 (g)		631
	295	VistaJet Malta Finance, Plc, Senior Notes,
		6.375%, 02/01/30 (g)		237
	290	VistaJet Malta Finance, Plc, Senior Notes,
		7.875%, 05/01/27 (g)		257
				6,357
Automotive - 10.08%
	1,465	Clarios Global LP, Senior Notes,
		8.50%, 05/15/27 (g)		1,390
	1,470	Dana Inc., Senior Notes,
		5.625%, 06/15/28		1,205
	335	Dornoch Debt Merger, Senior Notes,
		6.625%, 10/15/29 (g)		243
	3,048	Ford Motor Company, Senior Notes,
		6.10%, 08/19/32		2,687
	70	Ford Motor Company, Senior Notes,
		7.45%, 07/16/31		69
	480	Ford Motor Company, Senior Notes,
		9.625%, 04/22/30		531
	660	Ford Motor Credit Company, LLC, Senior Notes,
		4.95%, 05/28/27		592
	1,488	Goodyear Tire and Rubber Company, Senior Notes,
		5%, 07/15/29		1,216
	1,110	Goodyear Tire and Rubber Company, Senior Notes,
		5.25%, 07/15/31		888
	995	Goodyear Tire and Rubber Company, Senior Notes,
		5.625%, 04/30/33		787
	305	Jaguar land Rover Automotive Plc, Senior Notes,
		5.875%, 01/15/28 (g)		214
	445	Jaguar land Rover Automotive Plc, Senior Notes,
		7.75%, 10/15/25 (g)		408
	535	LCM Investments Holdings II, LLC, Senior Notes,
		4.875%, 05/01/29 (g)		413

	635	Metis Merger, LLC, Senior Notes,
		6.50%, 05/15/29 (g)	495
	3,500	Rivian Holdings LLC, Senior Notes, 7.177%, 10/15/26,
		Acquisition Date 10/8/21, cost 3,431 (g)	3,303
	650	Tenneco Inc., Senior Notes,
		5%, 07/15/26	635
	1,093	Tenneco Inc., Senior Notes,
		5.125%, 04/15/29 (g)	1,079
	242	Tenneco Inc., Senior Notes,
		5.375%, 12/15/24	240
	902	Tenneco Inc., Senior Notes,
		7.875%, 01/15/29 (g)	890
			17,285
Broadcasting - 9.46%
	540	Clear Channel Outdoor Holdings, Inc., Senior Notes,
		7.50%, 06/01/29 (g)	392
	1,080	Clear Channel Outdoor Holdings, Inc., Senior Notes,
		7.75%, 04/15/28 (g)	805
	1,130	CMG Media Corporation, Senior Notes,
		8.875%, 12/15/27 (g)	853
	765	Diamond Sports Group, LLC, Senior Notes,
		6.625%, 08/15/27 (g)	52
	1,265	Gray Escrow II, Inc., Senior Notes,
		5.375%, 11/15/31 (g)	984
	5,169	iHeart Communications, Inc., Senior Notes,
		8.375%, 05/01/27	4,342
	74	Lamar Media Corporation, Senior Notes,
		4%, 02/15/30	62
	681	Lamar Media Corporation, Senior Notes,
		4.875%, 01/15/29	609
	310	Lions Gate Capital Holdings, LLC, Senior Notes,
		5.50%, 04/15/29 (g)	230
	1,570	Midas Opco Holdings LLC, Senior Notes,
		5.625%, 08/15/29 (g)	1,283
	355	Nexstar Broadcasting, Inc., Senior Notes,
		4.75%, 11/01/28 (g)	302
	170	Nielsen Finance LLC, Senior Notes,
		4.50%, 07/15/29 (g)	167
	220	Nielsen Finance LLC, Senior Notes,
		4.75%, 07/15/31 (g)	216
	450	Nielsen Finance LLC, Senior Notes,
		5.625%, 10/01/28 (g)	444
	145	Outfront Media Capital, LLC, Senior Notes,
		4.25%, 01/15/29 (g)	113
	890	Scripps Escrow, Inc., Senior Notes,
		5.875%, 07/15/27 (g)	774
	480	Sirius XM Radio, Inc., Senior Notes,
		3.875%, 09/01/31 (g)	372
	1,285	Sirius XM Radio, Inc., Senior Notes,
		4%, 07/15/28 (g)	1,089
	740	Sirius XM Radio, Inc., Senior Notes,
		4.125%, 07/01/30 (g)	601
	620	Sirius XM Radio, Inc., Senior Notes,
		5%, 08/01/27 (g)	567
	665	Townsquare Media, Inc., Senior Notes,
		6.875%, 02/01/26 (g)	605
	310	Univision Communications, Inc., Senior Notes,
		4.50%, 05/01/29 (g)	253
	580	Univision Communications, Inc., Senior Notes,
		6.625%, 06/01/27 (g)	545
	590	Univision Communications, Inc., Senior Notes,
		7.375%, 06/30/30 (g)	561
			16,221

Building & Real Estate - 1.86%
	385	Brookfield Residential Properties, Senior Notes,
		5%, 06/15/29 (g)	287
	300	Brookfield Residential Properties, Senior Notes,
		6.25%, 09/15/27 (g)	251
	215	Castle UK Finco, Plc, Senior Notes,
		5.571%, 05/15/28 (g) (EUR)	166
	180	Castle UK Finco, Plc, Senior Notes,
		7%, 05/15/29 (g) (GBP)	135
	1,225	Cushman & Wakefield U.S. Borrower, LLC, Senior Notes,
		6.75%, 05/15/28 (g)	1,136
	645	Howard Hughes Corporation, Senior Notes,
		4.125%, 02/01/29 (g)	492
	345	Howard Hughes Corporation, Senior Notes,
		4.375%, 02/01/31 (g)	248
	570	Howard Hughes Corporation, Senior Notes,
		5.375%, 08/01/28 (g)	472
			3,187
Building Products - 2.09%
	210	Advanced Drainage Systems Inc., Senior Notes,
		6.375%, 06/15/30 (g)	203
	355	Graphic Packaging International, LLC, Senior Notes,
		3.75%, 02/01/30 (g)	296
	80	Mercer International, Inc., Senior Notes,
		5.50%, 01/15/26	74
	625	New Enterprise Stone and Lime Company, Inc., Senior Notes,
		5.25%, 07/15/28 (g)	512
	810	PGT Innovations, Inc., Senior Notes,
		4.375%, 10/01/29 (g)	666
	395	Specialty Building Products Holdings, LLC, Senior Note,
		6.375%, 09/30/26 (g)	324
	475	SRS Distribution, Inc., Senior Notes,
		6%, 12/01/29 (g)	378
	590	Summit Materials LLC, Senior Notes,
		5.25%, 01/15/29 (g)	519
	640	Summit Materials LLC, Senior Notes,
		6.50%, 03/15/27 (g)	614
			3,586
Cable Operators - 11.59%
	1,285	Altice Financing S.A., Senior Notes,
		5%, 01/15/28 (g)	983
	795	Altice Financing S.A., Senior Notes,
		5.75%, 08/15/29 (g)	608
	795	Altice France S.A., Senior Notes,
		5.50%, 10/15/29 (g)	597
	2,340	Altice France S.A., Senior Notes,
		6%, 02/15/28 (g)	1,486
	785	Altice France S.A., Senior Notes,
		10.50%, 05/15/27 (g)	614
	995	C&W Senior Financing Designated Activity, Senior Notes,
		6.875%, 09/15/27 (g)	811
	1,090	CCO Holdings, LLC, Senior Notes,
		4.50%, 06/01/33 (g)	804
	400	CCO Holdings, LLC, Senior Notes,
		4.50%, 05/01/32	304
	1,070	CCO Holdings, LLC, Senior Notes,
		4.50%, 08/15/30 (g)	845
	680	CCO Holdings, LLC, Senior Notes,
		4.75%, 02/01/32 (g)	529
	680	CCO Holdings, LLC, Senior Notes,
		5.375%, 06/01/29 (g)	593
	2,770	CCO Holdings, LLC, Senior Notes,
		6.375%, 09/01/29 (g)	2,535

	880		CSC Holdings, LLC, Senior Notes,
			5.75%, 01/15/30 (g)	634
	1,410		CSC Holdings, LLC, Senior Notes,
			6.50%, 02/01/29 (g)	1,244
	895		CSC Holdings, LLC, Senior Notes,
			7.50%, 04/01/28 (g)	732
	465		Direct TV Financing, LLC, Senior Notes,
			5.875%, 08/15/27 (g)	400
	660		Dish DBS Corporation, Senior Notes,
			5.125%, 06/01/29	388
	950	��	Dish DBS Corporation, Senior Notes,
			5.25%, 12/01/26 (g)	786
	950		Dish DBS Corporation, Senior Notes,
			5.75%, 12/01/28 (g)	717
	450		Dish DBS Corporation, Senior Notes,
			7.375%, 07/01/28	303
	550		Dish DBS Corporation, Senior Notes,
			7.75%, 07/01/26	421
	630		GCI, LLC, Senior Notes,
			4.75%, 10/15/28 (g)	518
	202		LCPR Senior Secured Notes,
			6.75%, 10/15/27 (g)	168
	780		Netflix, Inc., Senior Notes,
			6.375%, 05/15/29	774
	570		Radiate Holdco LLC, Senior Notes,
			6.50%, 09/15/28 (g)	402
	2,190		VMed O2 UK Financing I, plc, Senior Notes,
			4.75%, 07/15/31 (g)	1,673
				19,869
Chemicals - 2.01%
	425		Avient Corporation, Senior Notes,
			7.125%, 08/01/30 (g)	394
	111		Compass Minerals International, Inc., Senior Notes,
			6.75%, 12/01/27 (g)	103
	618		CVR Partners, L.P., Senior Notes,
			6.125%, 06/15/28 (g)	538
	847		GPD Companies, Inc,. Senior Notes,
			10.125%, 04/01/26 (g)	779
	480		Methanex Corporation, Senior Notes,
			5.125%, 10/15/27	403
	280		Methanex Corporation, Senior Notes,
			5.25%, 12/15/29	223
	520		Univar Solutions USA, Senior Notes,
			5.125%, 12/01/27 (g)	465
	715		W.R. Grace Holdings LLC, Senior Notes,
			5.625%, 08/15/29 (g)	533
				3,438
Consumer Products - .28%
	635		Wolverine World Wide, Inc., Senior Notes,
			4%, 08/15/29 (g)	479
Container - 1.56%
	435		Ardagh Metal Packaging S.A., Senior Notes,
			6%, 06/15/27 (g)	409
	1,000		Ardagh Packaging Finance, Plc, Senior Notes,
			4%, 09/01/29 (g)	733
	250		Sealed Air Corporation, Senior Notes,
			5%, 04/15/29 (g)	223
	260		Sealed Air Corporation, Senior Notes,
			6.875%, 07/15/33 (g)	248
	1,200		Trivium Packaging Finance B.V., Senior Notes,
			8.50%, 08/15/27 (g)	1,062
				2,675

Energy - 17.26%
	285	Aethon United BR, LP, Senior Notes,
		8.25%02/15/26(g)	275
	125	Antero Resources Corporation, Senior Notes,
		7.625%, 02/01/29 (g)	125
	600	Archrock Partners, L.P., Senior Notes,
		6.875%, 04/01/27 (g)	537
	935	Cheniere Energy Partners, L.P., Senior Notes
		4%, 03/01/31	783
	1,175	Chesapeake Energy Corporation, Senior Notes,
		6.75%, 04/15/29 (g)	1,122
	900	Citgo Holding, Inc., Senior Notes,
		9.25%, 08/01/24 (g)	893
	800	Citgo Petroleum Corporation, Senior Notes,
		7%, 06/15/25 (g)	764
	530	Comstock Resources, Inc., Senior Notes,
		5.875%, 01/15/30 (g)	461
	340	Comstock Resources, Inc., Senior Notes,
		6.75%, 03/01/29 (g)	315
	1,140	Crescent Energy Finance, Senior Notes,
		7.25%, 05/01/26 (g)	1,020
	130	Crestwood Midstream Partners, L.P., Senior Notes,
		6%, 02/01/29 (g)	116
	795	DCP Midstream, LLC, Senior Notes,
		6.75%, 09/15/37 (g)	770
	540	DCP Midstream, LLC, Senior Notes,
		7.375%, (b)	533
	470	DCP Midstream, LLC, Senior Notes,
		8.125%, 08/16/30	502
	365	Ecopetrol, S.A., Senior Notes,
		5.875%, 05/28/45	219
	590	Ecopetrol, S.A., Senior Notes,
		6.875%, 04/29/30	495
	598	Endeavor Energy Resources, L.P., Senior Notes.
		5.75%, 01/30/28 (g)	570
	1,080	EQT Corporation, Senior Notes,
		7%, 02/01/30	1,114
	375	Exterran NRG Solutions, Senior Notes,
		8.125%, 05/01/25	380
	625	Ferrellgas, L.P., Senior Notes,
		5.375%, 04/01/26 (g)	548
	650	Ferrellgas, L.P., Senior Notes,
		5.875%, 04/01/29 (g)	528
	440	Gulfport Energy Corporation, Senior Notes,
		8%, 05/17/26 (g)	438
	305	HilCorp Energy, L.P., Senior Notes,
		5.75%, 02/01/29 (g)	268
	385	HilCorp Energy, L.P., Senior Notes,
		6%, 02/01/31 (g)	334
	240	HilCorp Energy, L.P., Senior Notes,
		6%, 04/15/30 (g)	210
	210	HilCorp Energy, L.P., Senior Notes,
		6.25%, 04/15/32 (g)	185
	1,420	Kinetik Holdings, L.P., Senior Notes,
		5.875%, 06/15/30 (g)	1,295
	1,505	Magnolia Oil and Gas Operating LLC, Senior Notes,
		6%, 08/01/26 (g)	1,437
	1,480	NGL Energy Partners L.P., Senior Notes,
		7.50%, 02/01/26 (g)	1,317
	345	Nustar Logistics, L.P., Senior Notes,
		5.75%, 10/01/25	318
	1,190	Nustar Logistics, L.P., Senior Notes,
		6%, 06/01/26	1,089

	310	Occidental Petroleum Corporation, Senior Notes,
		6.125%, 01/01/31	306
	755	Occidental Petroleum Corporation, Senior Notes,
		6.20%, 03/15/40	730
	290	Occidental Petroleum Corporation, Senior Notes,
		6.375%, 09/01/28	289
	100	Occidental Petroleum Corporation, Senior Notes,
		6.45%, 09/15/36	99
	230	Occidental Petroleum Corporation, Senior Notes,
		6.625%, 09/01/30	232
	285	Occidental Petroleum Corporation, Senior Notes,
		7.50%, 05/01/31	298
	180	Occidental Petroleum Corporation, Senior Notes,
		7.875%, 09/15/31	192
	790	Occidental Petroleum Corporation, Senior Notes,
		7.95%, 06/15/39	893
	625	Occidental Petroleum Corporation, Senior Notes,
		8.50%, 07/15/27	672
	1,190	Occidental Petroleum Corporation, Senior Notes,
		8.875%, 07/15/30	1,318
	660	Petroleos Mexicanos, Senior Notes,
		6.625%, 06/15/35	418
	650	Petroleos Mexicanos, Senior Notes,
		7.69%, 01/23/50	399
	270	Range Resources, Corporation, Senior Notes,
		4.75%, 02/15/30 (g)	234
	215	Range Resources, Corporation, Senior Notes,
		8.25%, 01/15/29	217
	315	Rockcliff Energy II LLC, Senior Notes,
		5.50%, 10/15/29 (g)	274
	320	Solaris Midstream Holdings, LLC, Senior Notes,
		7.625%, 04/01/26 (g)	307
	420	Southwestern Energy Company, Senior Notes,
		4.75%, 02/01/32	352
	39	Summit Midstream Partners, LP, Senior Notes,
		9.50%, (a)(b)	28
	635	Tallgrass Energy Partners, L.P., Senior Notes,
		6%, 09/01/31 (g)	537
	405	Tallgrass Energy Partners, L.P., Senior Notes,
		6%, 03/01/27 (g)	366
	450	Tallgrass Energy Partners, L.P., Senior Notes,
		6%, 12/31/30 (g)	380
	370	Tallgrass Energy Partners, L.P., Senior Notes,
		7.50%, 10/01/25 (g)	363
	435	Targa Resources Partners, L.P., Senior Notes,
		6.875%, 01/15/29	427
	410	Venture Global Calcasieu Pass, LLC, Senior Notes,
		3.875%, 08/15/29 (g)	345
	510	Venture Global Calcasieu Pass, LLC, Senior Notes,
		4.125%, 08/15/31 (g)	417
	585	Vermilion Energy, Inc., Senior Notes,
		6.875%, 05/01/30 (g)	537
			29,591
Entertainment & Leisure - 5.46%
	105	AMC Entertainment Holdings, Inc., Senior Notes,
		10%, 06/15/26 (g)	72
	300	Carnival Corporation, Senior Notes,
		5.75%, 03/01/27 (g)	210
	45	Carnival Corporation, Senior Notes,
		6%, 05/01/29 (g)	29
	1,065	Carnival Corporation, Senior Notes,
		7.625%, 03/01/26 (g)	809
	555	Carnival Corporation, Senior Notes,
		10.50%, 06/01/30 (g)	444
	910	CDI Escrow, Senior Notes,
		5.75%, 04/01/30 (g)	794

	245	Cedar Fair, L. P., Senior Notes,
		5.25%, 07/15/29	210
	650	Cedar Fair, L. P., Senior Notes,
		5.375%, 04/15/27	598
	1,050	Cinemark USA, Inc., Senior Notes,
		5.25%, 07/15/28 (g)	803
	625	Live Nation Entertainment Inc., Senior Notes,
		4.75%, 10/15/27 (g)	545
	340	NCL Corporation Ltd., Senior Notes,
		5.875%, 02/15/27 (g)	284
	730	NCL Corporation Ltd., Senior Notes,
		5.875%, 03/15/26 (g)	558
	215	NCL Finance, Ltd., Senior Notes,
		6.125%, 03/15/28 (g)	156
	325	NCL Corporation Ltd., Senior Notes,
		7.75%, 02/15/29 (g)	247
	555	Royal Caribbean Cruises, Ltd., Senior Notes,
		5.375%, 07/15/27 (g)	402
	780	Royal Caribbean Cruises, Ltd., Senior Notes,
		5.50%, 04/01/28 (g)	546
	635	Royal Caribbean Cruises, Ltd., Senior Notes,
		5.50%, 08/31/26 (g)	476
	620	Royal Caribbean Cruises, Ltd., Senior Notes,
		9.25%, 01/15/29 (g)	611
	560	Royal Caribbean Cruises, Ltd., Senior Notes,
		11.625%, 08/15/27 (g)	517
	960	SeaWorld Parks & Entertainment, Inc.,Senior Notes,
		5.25%, 08/15/29 (g)	797
	295	Six Flags Entertainment, Inc., Senior Notes,
		5.50%, 04/15/27 (g)	258
			9,366
Financial - 10.38%
	695	Acrisure, LLC, Senior Notes,
		7%, 11/15/25 (g)	631
	1,655	Acrisure, LLC, Senior Notes,
		10.125%, 08/01/26 (g)	1,593
	315	Alliant Holdings, Senior Notes,
		5.875%, 11/01/29 (g)	258
	1,135	Alliant Holdings, Senior Notes,
		6.75%, 10/15/27 (g)	987
	295	AmWins Group, Inc., Senior Notes,
		4.875%, 06/30/29 (g)	246
	970	Apollo Commercial Real Estate Finance, Inc., Senior
		Notes, 4.625%, 06/15/29 (g)	732
	475	Cobra Acquisition Company, LLC, Senior Notes,
		6.375%, 11/01/29 (g)	330
	875	Enact Holdings, Inc., Senior Notes,
		6.50%, 08/15/25 (g)	838
	750	GTCR AP Finance, Inc., Senior Notes,
		8%, 05/15/27 (g)	690
	485	Home Point Capital, Inc., Senior Notes,
		5%, 02/01/26 (g)	304
	790	Hub Holdings LLC, Senior Notes,
		5.625%, 12/1/29 (g)	662
	725	Hub Holdings LLC, Senior Notes,
		7%, 05/01/26 (g)	682
	460	Icahn Enterprises, L.P., Senior Notes,
		6.25%, 05/15/26	428
	490	Jane Street Group LLC, Senior Notes,
		4.50%, 11/15/29 (g)	419
	505	LPL Holdings, Inc., Senior Notes,
		4%, 03/15/29 (g)	430

	75	LPL Holdings, Inc., Senior Notes,
		4.375%, 05/15/31 (g)	63
	480	Midcap Financial Issuer Trust, Senior Notes,
		5.625%, 01/15/30 (g)	367
	950	Midcap Financial Issuer Trust, Senior Notes,
		6.50%, 05/01/28 (g)	815
	685	Navient Corporation, Senior Notes,
		4.875%, 03/15/28	524
	500	Navient Corporation, Senior Notes,
		5%, 03/15/27	407
	630	Navient Corporation, Senior Notes,
		5.50%, 03/15/29	478
	550	Navient Corporation, Senior Notes,
		6.75%, 06/25/25	515
	215	Navient Corporation, Senior Notes,
		6.75%, 06/15/26	195
	325	OneMain Finance Corporation, Senior Notes,
		3.50%, 01/15/27	253
	305	OneMain Finance Corporation, Senior Notes,
		5.375%, 11/15/29	235
	390	OneMain Finance Corporation, Senior Notes,
		6.625%, 01/15/28	331
	810	OneMain Finance Corporation, Senior Notes,
		6.875%, 03/15/25	760
	300	OneMain Finance Corporation, Senior Notes,
		7.125%, 03/15/26	270
	840	PennyMac Financial Services, Inc., Senior Notes,
		4.25%, 02/15/29 (g)	591
	300	PennyMac Financial Services, Inc., Senior Notes,
		5.375%, 10/15/25 (g)	258
	790	Prog Holdings, Inc., Senior Notes,
		6%, 11/15/29 (g)	632
	235	Ryan Specialty Group, Senior Notes,
		4.375%, 02/01/30 (g)	199
	335	SLM Corporation, Senior Notes,
		4.20%, 10/29/25	297
	240	Starwood Property Trust, Senior Notes,
		3.75%, 12/31/24 (g)	218
	465	Starwood Property Trust, Senior Notes,
		4.375%, 01/15/27 (g)	395
	320	United Wholesale Mortgage, LLC, Senior Notes,
		5.50%, 04/15/29 (g)	243
	635	United Wholesale Mortgage, LLC, Senior Notes,
		5.75%, 06/15/27 (g)	510
			17,786
Food/Tobacco - 1.27%
	610	BellRing Brands, Senior Notes,
		7%, 03/15/30 (g)	557
	305	Chobani LLC, Senior Notes,
		7.50%, 04/15/25 (g)	279
	570	Cosan Luxembourg S.A., Senior Notes,
		7%, 01/20/27 (g)	569
	540	Darling Ingredients, Inc., Senior Notes,
		6%, 06/15/30 (g)	514
	345	Triton Water Holdings, Inc., Senior Notes
		6.25%, 04/01/29 (g)	264
			2,183
Gaming - 5.63%
	2,065	Caesar's Resorts, Senior Notes,
		8.125%, 07/01/27 (g)	1,967
	275	Cirsa Finance International, S.A.R.L., Senior Notes,
		4.50%, 03/15/27 (g) (EUR)	214

	235	International Game Technology Plc, Senior Notes,
		4.125%, 04/15/26 (g)	214
	375	International Game Technology Plc, Senior Notes,
		5.25%, 01/15/29 (g)	332
	1,170	International Game Technology Plc, Senior Notes,
		6.25%, 01/15/27 (g)	1,129
	395	MGM China Holdings, Limited, Senior Notes,
		4.75%, 02/01/27 (g)	303
	315	MGM China Holdings, Limited, Senior Notes,
		5.875%, 05/15/26 (g)	256
	435	MGM Growth Prop. Operating Partnership L.P., Senior Notes,
		5.75%, 02/01/27	398
	140	MGM Resorts International, Senior Notes,
		4.75%, 10/15/28	118
	500	Midwest Gaming Borrower, LLC, Senior Notes,
		4.875%, 05/01/29 (g)	408
	475	Playtike Holding Corporation, Senior Notes,
		4.25%, 03/15/29 (g)	377
	335	Sands China Ltd., Senior Notes,
		4.875%, 06/18/30	263
	605	Sands China Ltd., Senior Notes,
		5.90%, 08/08/28	508
	565	SC Games Holdings, Senior Notes,
		6.625%, 03/01/30 (g)	453
	230	Scientific Games International Inc., Senior Notes,
		7%, 05/15/28 (g)	215
	1,390	Scientific Games International Inc., Senior Notes,
		7.25%, 11/15/29 (g)	1,293
	350	Studio City Finance Ltd., Senior Notes,
		5%, 01/15/29 (g)	160
	450	Wynn Macau Ltd., Senior Notes,
		5.50%, 01/15/26 (g)	342
	995	Wynn Macau Ltd., Senior Notes,
		5.50%, 10/01/27 (g)	692
			9,642
Healthcare - 10.02%
	250	AdaptHealth, LLC, Senior Notes,
		5.125%, 03/01/30 (g)	205
	725	Avantor Funding, Inc., Senior Notes,
		4.625%, 07/15/28 (g)	645
	100	Bausch Health Companies, Inc., Senior Notes,
		8.50%, 01/31/27 (g)	42
	1,600	Bausch Health Companies, Inc., Senior Notes,
		9.25%, 04/01/26 (g)	936
	410	Cano Health, LLC, Senior Notes,
		6.25%, 10/01/28 (g)	385
	830	CHS/Community Health Systems, Inc, Senior Notes,
		5.25%, 05/15/30 (g)	577
	455	CHS/Community Health Systems, Inc, Senior Notes,
		6%, 01/15/29 (g)	337
	1,165	CHS/Community Health Systems, Inc, Senior Notes,
		6.125%, 04/01/30 (g)	548
	990	CHS/Community Health Systems, Inc, Senior Notes,
		6.875%, 04/15/29 (g)	475
	1,100	CHS/Community Health Systems, Inc, Senior Notes,
		8%, 12/15/27 (g)	872
	630	DaVita Healthcare Partners, Inc., Senior Notes,
		4.625%, 06/01/30 (g)	482
	340	Embecta Corporation, Senior Notes,
		5%, 02/15/30 (g)	291
	2,350	Medline L.P., Senior Notes,
		5.25%, 10/01/29 (g)	1,774
	1,240	Minerva Merger Sub Inc., Senior Notes,
		6.50%, 02/15/30 (g)	977

	550	Option Care Health, Inc., Senior Notes,
		4.375%, 10/31/29 (g)	465
	735	Organon & Company, Senior Notes,
		5.125%, 04/30/31 (g)	603
	750	Radiology Partners, Inc., Senior Notes,
		9.25%, 02/01/28 (g)	487
	770	Select Medical Corporation, Senior Notes,
		6.25%, 08/15/26 (g)	720
	700	Tenet Healthcare Corporation, Senior Notes,
		4.375%, 01/15/30 (g)	581
	780	Tenet Healthcare Corporation, Senior Notes,
		6.125%, 06/15/30 (g)	719
	1,640	Tenet Healthcare Corporation, Senior Notes,
		6.125%, 10/01/28 (g)	1,447
	424	Tenet Healthcare Corporation, Senior Notes,
		6.875%, 11/15/31	375
	630	Teva Pharma Finance Netherlands III BV, Senior Notes,
		4.75%, 05/09/27	532
	1,240	Teva Pharma Finance Netherlands III BV, Senior Notes,
		5.125%, 05/09/29	1,017
	465	Teva Pharma Finance Netherlands III BV, Senior Notes,
		6.75%, 03/01/28	425
	1,290	Teva Pharma Finance Netherlands III BV, Senior Notes,
		7.125%, 01/31/25	1,256
			17,173
Information Technology - 6.71%
	610	Arches Buyer, Inc., Senior Notes,
		4.25%, 06/01/28 (g)	476
	275	Boxer Parent Company, Inc., Senior Notes,
		7.125%, 10/02/25 (g)	269
	1,855	CDK Global, Inc., Senior Secured Notes,
		7.25%, 06/15/29 (g)	1,746
	610	Condor Merger, Inc., Senior Notes,
		7.375%, 02/15/30 (g)	500
	2,595	Entegris Inc., Senior Notes,
		5.95%, 06/15/30 (g)	2,348
	275	Go Daddy, Inc., Senior Notes,
		5.25%, 12/01/27 (g)	252
	475	Match Group Holdings II, LLC, Senior Notes,
		3.625%, 10/01/31 (g)	357
	965	Match Group Holdings II, LLC, Senior Notes,
		4.125%, 08/01/30 (g)	793
	305	Match Group Holdings II, LLC, Senior Notes,
		4.625%, 06/01/28 (g)	266
	295	Match Group Holdings II, LLC, Senior Notes,
		5%, 12/15/27 (g)	262
	148	Match Group Holdings II, LLC, Senior Notes,
		5.625%, 02/15/29 (g)	135
	30	NCR Corporation, Senior Notes,
		5.75%, 09/01/27 (g)	27
	660	Norton LifeLock, Inc., Senior Notes,
		6.75%, 09/30/27 (g)	637
	462	Norton LifeLock, Inc., Senior Notes,
		7.125%, 09/30/30 (g)	447
	965	Photo Holdings Merger, Senior Notes,
		8.50%, 10/01/26 (g)	614
	520	Picard Midco, Inc., Senior Notes,
		6.50%, 03/31/29 (g)	441
	605	Roblox Corporation, Senior Notes,
		3.875%, 05/01/30 (g)	492
	510	Twilio, Inc., Senior Notes,
		3.875%, 03/15/31	400

	245	Viavi Solutions, icn., Senior Notes,
		3.75%, 10/01/29 (g)	195
	573	ZI Tech LLC, Senior Notes,
		3.875%, 02/01/29 (g)	466
	470	Zip Recruiter, Inc., Senior Notes,
		5%, 01/15/30 (g)	380
			11,503
Lodging - 1.09%
	630	Hilton Domestic Operating Company, Inc.,Senior Notes,
		4%, 05/01/31 (g)	507
	170	Hilton Domestic Operating Company, Inc.,Senior Notes,
		5.75%, 05/01/28 (g)	159
	125	Hilton Worldwide Finance, LLC, Senior Notes,
		4.875%, 04/01/27	115
	370	Park Intermediate Holdings, LLC, Senior Notes,
		4.875%, 05/15/29 (g)	300
	300	Park Intermediate Holdings, LLC, Senior Notes,
		5.875%, 10/01/28 (g)	261
	630	RHP Hotel Properties, L.P., Senior Notes,
		4.50%, 02/15/29 (g)	526
			1,868
Manufacturing - 1.98%
	340	Gates Global, LLC, Senior Notes,
		6.25%, 01/15/26 (g)	315
	325	Hillenbrand Inc., Senior Notes,
		3.75%, 03/01/31	251
	15	Hillenbrand Inc., Senior Notes,
		5%, 09/15/26	14
	735	Madison IAQ, LLC, Senior Notes,
		4.125%, 06/30/28 (g)	592
	420	Madison IAQ, LLC, Senior Notes,
		5.875%, 06/30/29 (g)	292
	485	Mueller Water Products, Senior Notes,
		4%, 06/15/29 (g)	412
	735	Sensata Technologies, Senior Notes,
		4%, 04/15/29 (g)	608
	700	Sensata Technologies, Senior Notes,
		5.875%, 09/01/30 (g)	654
	270	Stevens Holding Company, Inc., Senior Notes,
		6.125%, 10/01/26 (g)	263
			3,401
Metals & Mining - 4.55%
	845	Alcoa Nederland Holding B.V., Senior Notes,
		6.125%, 05/15/28 (g)	797
	780	Arconic Corporation, Senior Notes,
		6.125%, 02/15/28 (g)	692
	300	ATI, Inc., Senior Notes,
		5.125%, 10/01/31	246
	708	Big River Steel, LLC, Senior Notes,
		6.625%, 01/31/29 (g)	651
	385	Constellium N.V., Senior Notes,
		3.75%, 04/15/29 (g)	280
	600	Constellium N.V., Senior Notes,
		5.625%, 06/15/28 (g)	491
	310	Ero Copper Corporation, Senior Notes,
		6.50%, 02/15/30 (g)	227
	455	FMG Resources, Senior Notes,
		4.50%, 09/15/27 (g)	401
	445	FMG Resources, Senior Notes,
		5.875%, 04/15/30 (g)	386
	1,182	Freeport McMoran, Inc., Senior Notes,
		5.40%, 11/14/34	1,048

	330	Freeport McMoran, Inc., Senior Notes,
		5.45%, 03/15/43	276
	265	GrafTech Finance Inc., Senior Notes,
		4.625%, 12/15/28 (g)	201
	1,145	Hecla Mining Company, Senior Notes,
		7.25%, 02/15/28	1,062
	545	HudBay Minerals, Inc., Senior Notes,
		6.125%, 04/01/29 (g)	439
	745	Novelis Corporation, Senior Notes,
		4.75%, 01/30/30 (g)	607
			7,804
Other Telecommunications - .65%
	370	Embarq Corporation, Senior Notes,
		7.995%, 06/01/36	186
	475	Level 3 Financing, Inc., Senior Notes,
		3.75%, 07/15/29 (g)	346
	325	Lumen Technologies, Inc., Senior Notes,
		4.50%, 01/15/29 (g)	228
	475	Lumen Technologies, Inc., Senior Notes,
		5.375%, 06/15/29 (g)	354
			1,114
Real Estate Investment Trust Securities - 1.05%
	915	American Financial Trust, Senior Notes,
		4.50%, 09/30/28 (g)	703
	620	Service Properties Trust, Senior Notes,
		4.35%, 10/01/24	546
	580	Service Properties Trust, Senior Notes,
		7.50%, 09/15/25	542
			1,791
Restaurants - 1.11%
	572	Dave and Buster's, Inc., Senior Notes,
		7.625%, 11/01/25 (g)	562
	723	YUM Brands, Inc., Senior Notes,
		5.35%, 11/01/43	575
	760	YUM Brands, Inc., Senior Notes,
		6.875%, 11/15/37	766
			1,903
Retail - 2.06%
	320	At Home Group, Inc., Senior Notes
		7.125%, 07/15/29 (g)	190
	445	Bath and Body Works, Inc., Senior Notes,
		6.625%, 10/01/30 (g)	387
	65	Bath and Body Works, Inc., Senior Notes,
		6.694%, 01/15/27	61
	260	Bath and Body Works, Inc., Senior Notes,
		6.95%, 03/01/33	211
	350	Bath and Body Works, Inc., Senior Notes,
		7.50%, 06/15/29	320
	277	Bath and Body Works, Inc., Senior Notes,
		9.375%, 07/01/25 (g)	286
	635	LSF9 Atlantis Holdings, LLC, Senior Notes,
		7.75%, 02/15/26 (g)	567
	250	Petsmart, Inc., Senior Notes,
		4.75%, 02/15/28 (g)	216
	1,450	Petsmart, Inc., Senior Notes,
		7.75%, 02/15/29 (g)	1,291
			3,529

Satellites - 2.50%
	815	Connect Finco Sarl, Senior Notes,
		6.75%, 10/01/26 (g)	709
	1,750	Hughes Satellite Systems, Inc., Senior Notes,
		6.625%, 08/01/26	1,597
	295	Intelsat Jackson Holdings Ltd., Senior Notes,
		6.50%, 03/15/30 (g)	250
	850	Maxar Technologies, Inc., Senior Notes,
		7.75%, 06/15/27 (g)	797
	475	Telesat Canada, Senior Notes,
		6.50%, 10/15/27 (g)	176
	910	Viasat, Inc., Senior Notes,
		5.625%, 04/15/27 (g)	760
			4,289
Services - 10.62%
	451	Adtalem Global Education, Inc., Senior Notes,
		5.50%, 03/01/28 (g)	406
	850	Advantage Sales and Marketing, Inc., Senior Notes,
		6.50%, 11/15/28 (g)	674
	635	Albion Financing 1 S.a.r.l., Senior Notes,
		6.125%, 10/15/26 (g)	552
	315	Albion Financing 1 S.a.r.l., Senior Notes,
		8.75%, 04/15/27 (g)	270
	1,000	Allied Universal Holdco, LLC, Senior Secured Notes,
		9.75%, 07/15/27 (g)	824
	625	Clarivate Science Holdings Corp., Senior Secured Notes,
		3.875%, 07/01/28 (g)	513
	440	Clarivate Science Holdings Corp., Senior Secured Notes,
		4.875%, 07/01/29 (g)	344
	130	Constellation Automotive Ltd., Senior Notes,
		4.875%, 07/15/27 (g) (GBP)	98
	115	Dun & Bradstreet Corporation, Senior Notes,
		5%, 12/15/29 (g)	95
	100	EG Global Finance plc, Senior Notes,
		6.25%, 10/30/25 (EUR)	85
	1,095	EG Global Finance plc, Senior Notes,
		6.75%, 02/07/25 (g)	983
	660	EG Global Finance plc, Senior Notes,
		8.50%, 10/30/25 (g)	578
	760	Fair Isaac Corporation, Senior Notes,
		4%, 06/15/28 (g)	648
	790	Fair Isaac Corporation, Senior Notes,
		5.25%, 05/15/26 (g)	751
	1,280	Gartner, Inc., Senior Notes,
		3.625%, 06/15/29 (g)	1,064
	1,580	GFL Enironmental, Inc., Senior Notes,
		4.75%, 06/15/29 (g)	1,327
	45	GFL Enironmental, Inc., Senior Notes,
		5.125%, 12/15/26 (g)	42
	1,265	H&E Equipment Services, Senior Notes,
		3.875%, 12/15/28 (g)	998
	115	IPD 3 B.V., Senior Notes,
		5.50%, 12/01/25 (g) (EUR)	101
	320	Millennium Escrow Corporation, Senior Notes,
		6.625%, 08/01/26 (g)	252
	1,305	MSCI, Inc., Senior Notes,
		3.25%, 08/15/33 (g)	999
	685	Presidio Holding, Inc., Senior Notes,
		8.25%, 02/01/28 (g)	590
	465	Prime Security Services Borrower, LLC, Senior Notes,
		5.75%, 04/15/26 (g)	438

	710	Prime Security Services Borrower, LLC, Senior Notes,
		6.25%, 01/15/28 (g)	603
	415	Sabre GLBL, Inc., Senior Notes,
		7.375%, 09/01/25 (g)	370
	555	Sabre GLBL, Inc., Senior Notes,
		9.25%, 04/15/25 (g)	530
	972	Staples, Inc., Senior Notes
		7.50%, 04/15/26 (g)	814
	320	Staples, Inc., Senior Notes
		10.75%, 04/15/27 (g)	237
	1,460	TK Elevator U.S. Newco, Inc., Senior Notes,
		5.25%, 07/15/27 (g)	1,241
	1,309	TK Elevator U.S. Newco, Inc., Senior Notes,
		7.625%, 07/15/28 (g)	1,096
	775	United Rentals (North America), Inc., Senior Notes,
		3.75%, 01/15/32	606
	100	Verde Bidco, Senior Notes,
		4.625%, 10/01/26 (g) (EUR)	76
			18,205
Supermarkets - 1.64%
	650	Albertsons Companies, LLC, Senior Notes,
		3.50%, 03/15/29 (g)	523
	540	Albertsons Companies, LLC, Senior Notes,
		4.875%, 02/15/30 (g)	454
	545	Albertsons Companies, LLC, Senior Notes,
		5.875%, 02/15/28 (g)	503
	370	Albertsons Companies, LLC, Senior Notes,
		7.45%, 08/01/29	370
	680	Iceland Bondco, Plc, Senior Notes,
		4.625%, 03/15/25 (GBP)	570
	425	United Natural Foods, Inc., Senior Notes,
		6.75%, 10/15/28 (g)	396
			2,816
Transportation - .39%
	730	Watco Companies, LLC, Senior Notes,
		6.50%, 06/15/27 (g)	668
Utilities - 6.36%
	310	Calpine Corporation, Senior Notes,
		4.50%, 02/15/28 (g)	271
	625	Calpine Corporation, Senior Notes,
		5%, 02/01/31 (g)	500
	950	Calpine Corporation, Senior Notes,
		5.125%, 03/15/28 (g)	822
	620	NiSource, Incorporated, Senior Notes,
		5.65%, (b)	572
	135	Pattern Energy Operations L.P., Senior Notes,
		4.50%, 08/15/28 (g)	117
	1,065	PG&E Corporation, Senior Notes,
		5%, 07/01/28	919
	1,300	PG&E Corporation, Senior Notes,
		5.25%, 07/01/30	1,105
	530	Pike Corporation, Senior Notes,
		5.50%, 09/01/28 (g)	429
	1,795	TerraForm Global Operating, LLC, Senior Notes
		6.125%, 03/01/26 (g)	1,692
	950	Vistra Operations Company, LLC, Senior Notes,
		4.375%, 05/01/29 (g)	790
	1,845	Vistra Operations Company, LLC, Senior Notes,
		7%, (b)(g)	1,614
	2,270	Vistra Operations Company, LLC, Senior Notes,
		8%, (b)(g)	2,071
			10,902

Wireless Communications - 1.27%
	950	Iliad Holdings SAS, Senior Notes,
		6.50%, 10/15/26 (g)	825
	725	Sprint Capital Corporation, Senior Notes,
		6.875%, 11/15/28	745
	594	Sprint Corporation, Senior Notes,
		7.125%, 06/15/24	603
			2,173
		Total Corporate Debt Securities
		(Total cost of $274,080)	233,856
				��
BANK DEBT SECURITIES - 7.72% (d)(f)
Aerospace & Defense - .12%
	214	Peraton Holding Corporation, 10.568%, 02/01/29	201
Airlines - .82%
	345	AAdvantage Loyalty IP, Ltd., 7.46%, 04/20/28	334
	736	Mileage Plus Holdings, LLC, 8.777%, 06/21/27	738
	356	United Airlines, nc., 6.533%, 04/21/28	339
			1,411
Energy - .17%
	320	Prairie ECI Acquiror, LP, 7.865%, 03/11/26	299
Information Technology - .51%
	120	Banff Merger Sub Inc., 8.615%, 02/27/26	111
	190	Proofpoint, Inc., 9.32%, 08/31/29	182
	600	RealPage Inc., 9.615%, 04/23/29	578
			871
Services - 2.88%
	754	Ascend Learning, LLC, 6.615%, 12/11/28	695
	1,130	Ascend Learning, LLC, 8.865%, 12/10/29	978
	320	Celestial Saturn Parent, Inc., 9.613%, 06/4/29	214
	2,180	Ultimate Software Group, Inc., 7.535%, 05/03/27	2,049
	1,050	Ultimate Software Group, Inc., 5.535%, 05/04/26	997
			4,933
Wireless Communications - 3.22%
	872	Asurion LLC, 6.635%, 07/31/27	734
	2,664	Asurion LLC, 8.365%, 01/31/28	1,998
	3,670	Asurion LLC, 8.365%, 01/20/29	2,789
			5,521
		Total Bank Debt Securities
		(Total cost of $15,459)	13,236
Shares
PREFERRED STOCK - 1.76% (d)(f)
Financial - .18%
	325	Alliant Services, Series A, Cvt, 9.75%,
		Acquisition Date 11/06/20, Cost $320 (c)	306
Health Care - .30%
	10,900	Becton Dickinson and Co., Series B, Cvt, 6%, 06/01/23	514

Manufacturing - .55%
	694	Danaher Corporation, Cvt, 5%, 04/15/23		935
Utilities - .73%
	10,632	American Electric Power, Cvt, Series C, 6.125%, 08/15/23		526
	14,582	NextEra Energy, Inc., Cvt, 5.279%, 03/01/23		726
				1,252
		Total Preferred Stock
		(Total cost of $2,817)		3,007
COMMON STOCK - .27% (d)(f)
Health Care - .27%
	23,656	Avantor, Inc. (h)		464
		Total Common Stock
		(Total cost of $389)		464
		TOTAL INVESTMENTS - 146.17% (d)
		(Total cost of $292,745)		250,563
		CASH AND OTHER ASSETS
		LESS LIABILITIES - (46.17)% (d)		(79,139	)
		NET ASSETS - 100.00%	$	171,424

(a) Denotes income is not being accrued.

(b) Perpetual security with no stated maturity date.

(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 $306 or .18% of total net assets as of September 30, 2022.

(d) Percentages indicated are based on total net assets to common shareholders of $171,424.

(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 $178,607 as of September 30, 2022.

(h) Non-income producing

(EUR) Euro

(GBP) British Pound

Derivative Contracts (Currency Amounts in Thousands)

Forward Currency Exchange Contracts - As of September 30, 2022 the Fund had forward currency exchange contracts outstanding as follows:

										Unrealized
	Settlement		Receive							Appreciation
Counterparty	Date		(Deliver)			Asset		Liability		(Depreciation)
HSBC Bank		10/31/22	EUR	(875	)		846		859		(13	)
UBS		10/31/22	GBP	(388	)		416		434		(18	)
State Street Bank		10/31/22	GBP	(388	)		420		434		(14	)
Citibank		10/31/22	GBP	40			45		44		1
Net unrealized loss on open forward currency exchange contracts										$	(44	)

The New America High Income Fund, Inc.

Notes to Portfolio of Investments

September 30, 2022 (Unaudited)

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”.

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 this footnote.

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.

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.

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.

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, 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 level 2 of the fair value hierarchy, there may be instances where less observable inputs necessitate a level 3 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 level 2. 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 September 30, 2022 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*	$	—	$	247,092	—		$	247,092
Preferred Stock
Financial	—		306		—		306
Healthcare	514		—		—		514
Manufacturing	935		—		—		935
Utilities	726		526		—		1252
Common Stock
Healthcare	464		—		—		464
Total Investments	$	2,639	$	247,924	$	—	$	250,563

	Level 1		Level 2			Level 3		Total Value
	Quoted Prices (000’s)		Significant Observable Inputs (000’s)			Significant Unobservable Inputs (000’s)		(000’s)
Forward Currency  Exchange  Contracts	$	—	$	(44	)	$	—	$	(44	)

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

The Fund owned no Level 3 securities at September 30, 2022.

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

	Value (000’s)
Balance, December 31, 2021	$	3649
Net purchases/(sales)	—
Transfers in/(out) of Level 3	(3303		)
Change in unrealized appreciation (depreciation)	(346		)
Balance, September 30, 2022	$	—

Level 1 and Level 2 assets are evaluated on a quarterly basis for changes in listings or delistings on national exchanges.

Transfers between levels are recognized at the value at the end of the reporting period. During the nine months ended September 30, 2022, the Fund recognized no transfers between Levels 1 and 2. During the nine months ended September 30, 2022, securities with a market value of $3,303 transferred from Level 3 to Level 2 as there were observable inputs available to determine value.