N-CSRS 1 tm2314553d1_ncsrs.htm N-CSRS

 

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  SECURITIES AND EXCHANGE COMMISSION  
  Washington, D.C. 20549  

 

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: 1/1/23 - 6/30/23  
                 

 

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.

 

A registrant is required to disclose the information specified by Form  N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form  N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

 

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  contained in this form are not required to respond unless the
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Item 1.Report to Stockholders

 

August 3, 2023

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, 2023. The Fund's net asset value (the "NAV") was $7.85 as of June 30th. The market price for the Fund's shares ended the period at $6.65, representing a market price discount of 15.3%. The Fund paid dividends totaling $0.20 per share from earnings during the six-month period.

The Federal Reserve (the "Fed") continued its program of increasing interest rates in order to combat stubbornly high inflation. The Fed increased the federal funds rate three times during the period. Worries about the impact of higher interest rates and inflation on economic growth continued to weigh on investors' minds. The Fund's investment adviser—T. Rowe Price Associates—discusses the market environment and its market outlook in detail below.

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 31% of the Fund's total assets. Amounts borrowed under the Facility bear interest at an adjustable rate based on a margin above the Secured Overnight Financing Rate. The interest rate on the Facility as of June 30th was 6.10%, well above the rate of 5.32% at year-end 2022 and more than double the 2.47% rate the Fund was paying on the Facility a year ago. The difference between the market-value weighted average current yield on the portfolio and the rate paid on the Facility has narrowed to 1.30 percentage points at June 30th, compared to a yield spread of 2.07 percentage points as of December 31, 2022 and 4.68 percentage points a year ago.

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. In addition to increasing the amount of income available for the dividend, leverage magnifies the effect of price movements on the Fund's NAV per share. The Fund's leverage increased the Fund's total return in the positive high yield market of the first six months of the year. Of course, in a poorly performing high yield market, the leverage would decrease the Fund's total return.

   

Total Returns for the Periods Ended June 30, 2023

 
   

1 Year

 

3 Years Cumulative

 
New America High Income Fund
(Stock Price and Dividends)*
   

5.68

%

   

7.66

%

 
New America High Income Fund
(NAV and Dividends)*
   

11.64

%

   

9.88

%

 

Credit Suisse High Yield Index

   

9.35

%

   

11.21

%

 

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 widening of the stock price discount to the NAV over the period.


1


Commentary by T. Rowe Price Associates, Inc.

Market Review

The high yield market returned 5.84% in the six months ended June 30, 2023, according to the Credit Suisse High Yield Index.

The collapse of two major regional banks in mid-March weighed on investor sentiment. Following a run on its deposits, Silicon Valley Bank fell into Federal Deposit Insurance Company ("FDIC") receivership, followed within days by New York-based Signature Bank. Reports of stressed balance sheets at other regional banks fed investors' concerns that problems in the industry—a key source of financing for commercial real estate and other smaller-size businesses—would result in a severe tightening in credit conditions. Working with other regulators, the Fed appeared to successfully stem the regional bank outflows, at least temporarily. Fed officials increased rates by a quarter point at their March 22 policy meeting but acknowledged that tighter credit conditions might lessen the need for further hikes.

The apparent containment of a potential regional banking crisis appeared to boost investor sentiment. Signs emerged in April that California's First Republic Bank was likely to follow similarly tech-focused Silicon Valley Bank into failure. The FDIC took the bank into receivership on May 1st, marking the second-biggest bank failure in U.S. history, but the stocks of other regional banks stabilized over the following weeks. News late in the second quarter that all 23 of the nation's largest banks had passed the Fed's stress tests also seemed to reassure investors.

During the period, improving economic data appeared to support the performance of risk assets. After falling in four of the previous five months, retail sales rose in both April and May. In addition, in May an unexpected increase in durable goods orders, a jump in the construction and sale of new homes, a positive reading on consumer sentiment and a solid rise in personal incomes further bolstered investors' outlook on the markets. Though weekly jobless claims spiked to their highest level in nearly two years in June, continuing claims fell over most of the quarter.

After raising rates by a quarter point at their early-May policy meeting, Fed officials held rates steady in June. However, they continued to insist that the battle against inflation had yet to be won—suggesting that June's lack of action was probably a "skip" instead of the widely anticipated "pause" in their rate-hiking program. In prepared testimony before Congress late in the quarter, Fed Chair Jerome Powell stated that "nearly all policymakers expect that it will be appropriate to raise interest rates somewhat further by the end of the year." As measured by futures contracts, expectations that the Fed would reverse course and begin cutting rates late in 2023 seemed to fade.

The yield spread between high yield bonds and U.S. Treasuries narrowed by 87 basis points during the six-month period as measured by the J.P. Morgan Global High Yield Index; however, the average yield on a high yield bond of over 9%, is indicative of attractive forward returns. Capital markets activity increased year-over-year, producing $95.6 billion in new high yield issues compared with $71 billion during the first half of 2022.

High yield companies' fundamentals remain resilient, driven by a number of factors: (1) the refinancing waves of 2020 and 2021 have kept interest coverage ratios high for fixed-rate capital structures, which also (2) pushed out near-term maturity walls, and (3) the relative resilience of the U.S. economy. While the U.S. high yield default rate increased quarter-over-quarter to 1.6% as of June 30th from 1.3% in March, default activity has been idiosyncratic


2


and notably 31% of defaults in the period are repeat offenders. The J.P. Morgan par-weighted default rate increased to 1.64% from 0.84% in December, but remains well below its long-term average.

Portfolio Review

Credit selection in the wireless communications segment added value. Asurion, the leading provider of mobile protection services, was a notable contributor within the portfolio's loan asset class. We believe that Asurion's dominant market position, solid credit profile, near-term revenue projections (partly due to the recent extension of its contract with Verizon through the end of 2027), and an attractive coupon support our high conviction in the company.

The portfolio's allocation to bank loans aided relative performance, partly due to UKG (Ultimate Kronos Group), a provider of workforce management solutions and human resource management services. The company has a market-leading product suite, diversified and sticky customer base, and a recession-resilient recurring revenue profile. Our investment in the issuer's second-lien loans continued to generate solid gains.

Security selection in the health care industry was beneficial, partly due to for-profit hospital company Community Health Systems. Declines in contract labor costs, recovering volumes, and marginally better reimbursement rates are expected to contribute to improved performance for the company throughout 2023.

The portfolio's overweight in the entertainment and leisure segment contributed to relative results due to the continued post-Covid resurgence of live events, trips, and activities. Airlines, hotels, theme parks, and cruise ships have been among the better-performing industries in terms of earnings improvement as consumers continued to demonstrate a preference for experiential spending. We expect this trend to continue throughout the rest of 2023.

Leading audio company iHeartMedia was a meaningful detractor from performance, partly due to cyclical pressures in the radio industry. When there is a pullback in the broader economy, advertising spending is typically one of the first expenses that companies reduce or eliminate. Therefore, iHeartMedia's results are highly sensitive to the macroeconomic environment. Terrestrial radio also faces a difficult secular outlook amid significant competition in digital audio from large, well-capitalized companies including Apple, Amazon, and SiriusXM. However, we believe iHeartMedia's scale and breadth of digital assets should continue to support significant free cash flow generation.

Credit selection and the portfolio's overweight in the cable operators reduced portfolio returns. DISH Network has faced delays in overhauling its spectrum as it moves into the wholesale wireless market. Additionally, in February the company disclosed a data breach that potentially included personal customer information. Despite the challenges the company has faced in rolling out its wireless network, they have made significant progress—reaching over 20% of the U.S. population in June 2022—and are poised to enter the wireless market as a facilities-based provider of wireless services with a nationwide consumer offering, competing with Verizon, AT&T, and T-Mobile.

Security selection in the CCC rating tier also weighed on investment performance, partly due to Altice France, a wireless telecommunications services and cable provider whose first quarter results were weaker than expected. The issuer's underperformance was largely the result of its split CCC rated capital structure and concerns about a 2025 debt maturity. However, we expect the company will be able to access capital markets to refinance the debt well ahead of maturity. Altice could also potentially use asset sales to deleverage. As with all the names in which we invest, we continue to monitor developments closely.


3


Outlook

Financial conditions and lending standards have been tightening for over a year as the Fed and most developed market central banks aggressively raised short-term interest rates to combat inflation. These tighter financial conditions have resulted in historically light new issuance which, combined with manageable cash flows, have created positive technical conditions in the high yield market. Despite modest cash inflows, the need to reinvest coupon payments has fostered strong demand for new deals, while the absence of significant outflows has supported high yield bond prices in the secondary market.

As a result of the challenging macro economic environment and tighter financial conditions, we anticipate the high yield bond market default rate may continue to move toward to its long-term average of 3-4% annually over the near to medium term, although we believe it will remain well below levels seen during previous recessionary periods. Furthermore, the asset class continues to provide attractive yields, and we believe investors will be fairly compensated for accepting somewhat higher default risk.

High yield bonds have never experienced two consecutive years of negative returns. Years in which the asset class sells off, as it did in 2022, have historically been followed by multiyear periods of positive returns. Given the current relatively high-quality nature of the asset class—roughly 60% is composed of BB rated bonds—we believe this trend may continue.

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, 2023 (Unaudited)
  As a Percent of
Total Investments*
 

Energy

   

11.65

%

 

Financial

   

9.17

%

 

Automotive

   

8.19

%

 

Services

   

7.54

%

 

Cable Operators

   

7.46

%

 

Healthcare

   

7.18

%

 

Entertainment & Leisure

   

5.22

%

 

Information Technology

   

5.16

%

 

Broadcasting

   

4.92

%

 

Utilities

   

4.55

%

 

Gaming

   

4.13

%

 

Wireless Communications

   

2.69

%

 

Airlines

   

2.37

%

 

Container

   

2.03

%

 

Retail

   

1.92

%

 

Chemicals

   

1.86

%

 

Manufacturing

   

1.86

%

 

Aerospace & Defense

   

1.83

%

 

Metals & Mining

   

1.81

%

 

Building Products

   

1.77

%

 

Satellites

   

1.35

%

 

Building & Real Estate

   

0.93

%

 

Food/Tobacco

   

0.88

%

 

Restaurants

   

0.77

%

 

Real Estate Investment Trust Securities

   

0.74

%

 

Supermarkets

   

0.60

%

 

Consumer Products

   

0.58

%

 

Lodging

   

0.47

%

 

Transportation

   

0.26

%

 

Other Telecommunications

   

0.11

%

 

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 1.43 times.

Moody's Investors Service Ratings (1)
June 30, 2023 (Unaudited)
  As a Percent of
Total Investments
 

Baa2

   

0.14

%

 

Baa3

   

3.74

%

 

Total Baa

   

3.88

%

 

Ba1

   

4.12

%

 

Ba2

   

10.35

%

 

Ba3

   

16.96

%

 

Total Ba

   

31.43

%

 

B1

   

17.50

%

 

B2

   

12.88

%

 

B3

   

16.96

%

 

Total B

   

47.34

%

 

Caa1

   

5.34

%

 

Caa2

   

8.55

%

 

Caa3

   

0.36

%

 

Total Caa

   

14.25

%

 

Unrated

   

2.33

%

 

Equity

   

0.77

%

 

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.


5


The New America High Income Fund, Inc.

Performance Overview (Unaudited)

Average Annual Total Returns for the Periods Ended June 30, 2023

 

One Year

 

Five Years

 

Ten Years

 
Fund at NAV    

11.64

%

   

3.71

%

   

5.59

%

 
Fund at Market Price    

5.68

%

   

2.64

%

   

4.13

%

 
Credit Suisse High Yield Index    

9.35

%

   

3.19

%

   

4.31

%

 

Sources: Credit Suisse and The New America High Income Fund, Inc. Past performance is no guarantee of future results. Total return assumes the reinvestment of dividends. The Credit Suisse High Yield Index (the "Index") is an unmanaged index. Unlike the Fund, the Index has no trading activity, expenses or leverage.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change stock price or NAV 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.


6


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — 134.15% (d)(f)

 

Aerospace & Defense — 2.51%

 

$

260

    Spirit Aerosystems, Inc.,
Senior Notes,
9.375%, 11/30/29 (g)
 

Ba2

 

$

278

   
 

565

    Transdigm Holdings UK, plc,
Senior Notes,
5.50%, 11/15/27
 

B3

   

532

   
 

1,830

    Transdigm Holdings UK, plc,
Senior Notes,
6.25%, 03/15/26 (g)
 

Ba3

   

1,821

   
 

720

    Transdigm Holdings UK, plc,
Senior Notes,
6.375%, 06/15/26
 

B3

   

708

   
 

745

    Transdigm Holdings UK, plc,
Senior Notes,
6.75%, 08/15/28 (g)
 

Ba3

   

747

   
 

515

    Transdigm Holdings UK, plc,
Senior Notes,
7.50, 03/15/27
 

B3

   

514

   
     

4,600

   

Airlines — 3.04%

 
 

1,015

    American Airlines Inc.,
Senior Notes,
5.75%, 04/20/29 (g)
 

Ba2

   

985

   
 

2,320

    American Airlines Inc.,
Senior Notes,
11.75%, 07/15/25 (g)
 

Ba3

   

2,540

   
 

725

    Delta Airlines, Senior Notes,
7.375%, 01/15/26
 

Baa3

   

756

   
 

608

    Mileage Plus Holdings, LLC,
Senior Notes,
6.50%, 06/20/27 (g)
 

Baa3

   

609

   
 

760

    United Airlines Holdings, Inc.,
Senior Notes,
4.625%, 04/15/29 (g)
 

Ba1

   

693

   
     

5,583

   

Automotive — 11.25%

 
 

800

    Adient Global Holdings,
Seniro Notes,
8.25% 04/15/31 (g)
 

B3

   

815

   
 

270

    Benteler International AG,
Senior Notes,
10.50%, 05/15/28 (g)
 

Ba3

   

271

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

405

    Clarios Global LP, Senior Notes,
6.75%, 05/15/28 (g)
 

B1

 

$

403

   
 

1,730

    Clarios Global LP, Senior Notes,
8.50%, 05/15/27 (g)
 

Caa1

   

1,734

   
 

552

    Dana Financing Lux SARL,
Senior Notes,
8.50%, 07/15/31 (g) (EUR)
 

B1

   

621

   
 

1,470

    Dana Inc., Senior Notes,
5.625%, 06/15/28
 

B1

   

1,385

   
 

335

    Dornoch Debt Merger,
Senior Notes,
6.625%, 10/15/29 (g)
 

Caa2

   

270

   
 

3,323

    Ford Motor Company,
Senior Notes,
6.10%, 08/19/32
 

Ba2

   

3,189

   
 

70

    Ford Motor Company,
Senior Notes,
7.45%, 07/16/31
 

Ba2

   

74

   
 

480

    Ford Motor Company,
Senior Notes,
9.625%, 04/22/30
 

Ba2

   

557

   
 

260

    Ford Motor Credit Company, LLC,
Senior Notes,
4.95%, 05/28/27
 

Ba2

   

245

   
 

655

    Ford Motor Credit Company, LLC,
Senior Notes,
6.95%, 03/06/26
 

Ba2

   

658

   
 

655

    Ford Motor Credit Company, LLC,
Senior Notes,
7.35%, 03/06/30
 

Ba2

   

668

   
 

1,325

    Ford Motor Credit Company, LLC,
Senior Notes,
7.35%, 11/04/27
 

Ba2

   

1,355

   
 

718

    Goodyear Tire and
Rubber Company, Senior Notes,
5%, 07/15/29
 

B2

   

645

   
 

1,585

    Goodyear Tire and Rubber
Company, Senior Notes,
5.25%, 07/15/31
 

B2

   

1,371

   
 

995

    Goodyear Tire and Rubber
Company, Senior Notes,
5.625%, 04/30/33
 

B2

   

868

   
 

305

    Jaguar land Rover Automotive Plc,
Senior Notes,
5.875%, 01/15/28 (g)
 

B1

   

277

   

The accompanying notes are an integral part of these financial statements.
7


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

$

535

    LCM Investments Holdings II, LLC,
Senior Notes,
4.875%, 05/01/29 (g)
 

B2

 

$

455

   
 

945

    Metis Merger, LLC, Senior Notes,
6.50%, 05/15/29 (g)
 

Caa2

   

813

   
 

3,500

    Rivian Holdings LLC, Senior Notes,
10.931%, 10/15/26 (g)
 

(e)

   

3,373

   
 

170

    ZF North America Capital, Inc.,
Senior Notes,
6.875%, 04/14/28 (g)
 

Ba1

   

171

   
 

415

    ZF North America Capital, Inc.,
Senior Notes,
7.125%, 04/14/30 (g)
 

Ba1

   

421

   
     

20,639

   

Broadcasting — 6.81%

 
 

540

    Clear Channel Outdoor Holdings,
Inc., Senior Notes,
7.50%, 06/01/29 (g)
 

Caa2

   

400

   
 

1,080

    Clear Channel Outdoor Holdings,
Inc., Senior Notes,
7.75%, 04/15/28 (g)
 

Caa2

   

848

   
 

1,130

    CMG Media Corporation,
Senior Notes,
8.875%, 12/15/27 (g)
 

Caa1

   

802

   
 

875

    Gray Escrow II, Inc., Senior Notes,
5.375%, 11/15/31 (g)
 

B3

   

577

   
 

433

    iHeart Communications, Inc.,
Senior Notes,
5.25%, 08/15/27 (g)
 

B1

   

330

   
 

2,945

    iHeart Communications, Inc.,
Senior Notes,
8.375%, 05/01/27
 

Caa1

   

1,958

   
 

74

    Lamar Media Corporation,
Senior Notes,
4%, 02/15/30
 

Ba3

   

65

   
 

681

    Lamar Media Corporation,
Senior Notes,
4.875%, 01/15/29
 

Ba3

   

634

   
 

1,570

    Midas Opco Holdings LLC,
Senior Notes,
5.625%, 08/15/29 (g)
 

B2

   

1,350

   
 

805

    Neptune Bidco US, Inc.,
Senior Notes,
9.29%, 04/15/29 (g)
 

B2

   

736

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

145

    Outfront Media Capital, LLC,
Senior Notes,
4.25%, 01/15/29 (g)
 

B2

 

$

121

   
 

460

    Scripps Escrow, Inc., Senior Notes,
5.875%, 07/15/27 (g)
 

B3

   

377

   
 

1,285

    Sirius XM Radio, Inc.,
Senior Notes,
4%, 07/15/28 (g)
 

Ba3

   

1,108

   
 

740

    Sirius XM Radio, Inc.,
Senior Notes,
4.125%, 07/01/30 (g)
 

Ba3

   

604

   
 

620

    Sirius XM Radio, Inc.,
Senior Notes,
5%, 08/01/27 (g)
 

Ba3

   

572

   
 

665

    Townsquare Media, Inc.,
Senior Notes,
6.875%, 02/01/26 (g)
 

B2

   

637

   
 

131

    Univision Communications, Inc.,
Senior Notes,
4.50%, 05/01/29 (g)
 

B1

   

112

   
 

720

    Univision Communications, Inc.,
Senior Notes,
6.625%, 06/01/27 (g)
 

B1

   

697

   
 

590

    Univision Communications, Inc.,
Senior Notes,
7.375%, 06/30/30 (g)
 

B1

   

560

   
     

12,488

   

Building & Real Estate — 1.33%

 
 

300

    Brookfield Residential Properties,
Senior Notes,
6.25%, 09/15/27 (g)
 

B1

   

275

   
 

180

    Castle UK Finco, Plc, Senior Notes,
7%, 05/15/29 (g) (GBP)
 

B1

   

182

   
 

735

    Cushman & Wakefield U.S.
Borrower, LLC, Senior Notes,
6.75%, 05/15/28 (g)
 

Ba3

   

665

   
 

645

    Howard Hughes Corporation,
Senior Notes,
4.125%, 02/01/29 (g)
 

Ba3

   

534

   
 

345

    Howard Hughes Corporation,
Senior Notes,
4.375%, 02/01/31 (g)
 

Ba3

   

275

   
 

570

    Howard Hughes Corporation,
Senior Notes,
5.375%, 08/01/28 (g)
 

Ba3

   

507

   
     

2,438

   

The accompanying notes are an integral part of these financial statements.
8


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

Building Products — 2.53%

 

$

210

    Advanced Drainage Systems Inc.,
Senior Notes,
6.375%, 06/15/30 (g)
 

Ba2

 

$

208

   
 

450

    Cascades Inc., Senior Notes,
5.375%, 01/15/28 (g)
 

Ba3

   

421

   
 

355

    Graphic Packaging International,
LLC, Senior Notes,
3.75%, 02/01/30 (g)
 

Ba2

   

307

   
 

625

    New Enterprise Stone and Lime
Company, Inc., Senior Notes,
5.25%, 07/15/28 (g)
 

B2

   

570

   
 

810

    PGT Innovations, Inc.,
Senior Notes,
4.375%, 10/01/29 (g)
 

B1

   

757

   
 

395

    Specialty Building Products
Holdings, LLC, Senior Note,
6.375%, 09/30/26 (g)
 

B3

   

372

   
 

475

    SRS Distribution, Inc.,
Senior Notes,
6%, 12/01/29 (g)
 

Caa2

   

410

   
 

1,020

    Summit Materials LLC,
Senior Notes,
5.25%, 01/15/29 (g)
 

Ba3

   

954

   
 

640

    Summit Materials LLC,
Senior Notes,
6.50%, 03/15/27 (g)
 

Ba3

   

636

   
     

4,635

   

Cable Operators — 10.67%

 
 

1,285

    Altice Financing S.A.,
Senior Notes,
5%, 01/15/28 (g)
 

B3

   

1,022

   
 

795

    Altice Financing S.A.,
Senior Notes,
5.75%, 08/15/29 (g)
 

B3

   

614

   
 

795

    Altice France S.A.,
Senior Notes,
5.50%, 10/15/29 (g)
 

B2

   

573

   
 

2,340

    Altice France S.A.,
Senior Notes,
6%, 02/15/28 (g)
 

Caa2

   

1,129

   
 

1,385

    Altice France S.A.,
Senior Notes,
10.50%, 05/15/27 (g)
 

Caa2

   

834

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

995

    C&W Senior Financing
Designated Activity,
Senior Notes,
6.875%, 09/15/27 (g)
 

B2

 

$

864

   
 

720

    CCO Holdings, LLC, Senior Notes,
4.50%, 08/15/30 (g)
 

B1

   

598

   
 

1,090

    CCO Holdings, LLC, Senior Notes,
4.50%, 06/01/33 (g)
 

B1

   

853

   
 

325

    CCO Holdings, LLC, Senior Notes,
5.375%, 06/01/29 (g)
 

B1

   

293

   
 

3,050

    CCO Holdings, LLC, Senior Notes,
6.375%, 09/01/29 (g)
 

B1

   

2,867

   
 

1,425

    CCO Holdings, LLC, Senior Notes,
7.375%, 03/01/31 (g)
 

B1

   

1,386

   
 

880

    CSC Holdings, LLC, Senior Notes,
5.75%, 01/15/30 (g)
 

Caa1

   

414

   
 

1,410

    CSC Holdings, LLC, Senior Notes,
6.50%, 02/01/29 (g)
 

B1

   

1,137

   
 

895

    CSC Holdings, LLC, Senior Notes,
7.50%, 04/01/28 (g)
 

Caa1

   

510

   
 

465

    Direct TV Financing, LLC,
Senior Notes,
5.875%, 08/15/27 (g)
 

Ba3

   

420

   
 

580

    Dish DBS Corporation,
Senior Notes,
5.125%, 06/01/29
 

B3

   

270

   
 

480

    Dish DBS Corporation,
Senior Notes,
5.25%, 12/01/26 (g)
 

Ba3

   

385

   
 

625

    Dish DBS Corporation,
Senior Notes,
5.75%, 12/01/28 (g)
 

Ba3

   

465

   
 

450

    Dish DBS Corporation,
Senior Notes,
7.375%, 07/01/28
 

B3

   

241

   
 

935

    Dish DBS Corporation,
Senior Notes,
7.75%, 07/01/26
 

B3

   

573

   
 

1,295

    Dish DBS Corporation,
Senior Notes,
11.75%, 11/15/27 (g)
 

Ba3

   

1,264

   
 

630

    GCI, LLC, Senior Notes,
4.75%, 10/15/28 (g)
 

B3

   

537

   
 

202

    LCPR Senior Secured Notes,
6.75%, 10/15/27 (g)
 

B1

   

189

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

$

570

    Radiate Holdco LLC,
Senior Notes,
6.50%, 09/15/28 (g)
 

Caa3

 

$

329

   
 

2,190

    VMed O2 UK Financing I, plc,
Senior Notes,
4.75%, 07/15/31 (g)
 

Ba3

   

1,809

   
     

19,576

   

Chemicals — 2.66%

 
 

625

    Avient Corporation,
Senior Notes,
7.125%, 08/01/30 (g)
 

Ba3

   

630

   
 

111

    Compass Minerals International,
Inc., Senior Notes,
6.75%, 12/01/27 (g)
 

B1

   

107

   
 

870

    CVR Partners, L.P., Senior Notes,
6.125%, 06/15/28 (g)
 

B1

   

753

   
 

847

    GPD Companies, Inc,.
Senior Notes,
10.125%, 04/01/26 (g)
 

B3

   

781

   
 

480

    Methanex Corporation,
Senior Notes,
5.125%, 10/15/27
 

Ba1

   

446

   
 

280

    Methanex Corporation,
Senior Notes,
5.25%, 12/15/29
 

Ba1

   

255

   
 

490

    Tronox, Inc., Senior Notes,
4.625%, 03/15/29 (g)
 

B1

   

408

   
 

920

    Windsor Holdings III, LLC,
Senior Notes,
8.50%, 06/15/30 (g)
 

B2

   

913

   
 

715

    W.R. Grace Holdings LLC,
Senior Notes,
5.625%, 08/15/29 (g)
 

B3

   

584

   
     

4,877

   

Consumer Products — .83%

 
 

464

    Life Time, Inc., Senior Notes,
8%, 04/15/26 (g)
 

Caa2

   

458

   
 

574

    Life Time, Inc., Senior Notes,
5.75%, 01/15/26 (g)
 

B2

   

558

   
 

635

    Wolverine World Wide, Inc.,
Senior Notes,
4%, 08/15/29 (g)
 

B1

   

506

   
     

1,522

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

Container — 2.9%

 

$

1,000

    Ardagh Packaging Finance,
Plc, Senior Notes,
4%, 09/01/29 (g)
 

Caa1

 

$

790

   
 

435

    Ardagh Metal Packaging S.A.,
Senior Notes,
6%, 06/15/27 (g)
 

Ba3

   

427

   
 

1,070

    Ball Corporation, Senior Notes,
6%, 06/15/29
 

Ba1

   

1,059

   
 

905

    Ball Corporation, Senior Notes,
6.875%, 03/15/28
 

Ba1

   

921

   
 

250

    Sealed Air Corporation,
Senior Notes,
5%, 04/15/29 (g)
 

Ba2

   

232

   
 

295

    Sealed Air Corporation,
Senior Notes,
6.125%, 02/01/28 (g)
 

Ba2

   

292

   
 

260

    Sealed Air Corporation,
Senior Notes,
6.875%, 07/15/33 (g)
 

Ba2

   

270

   
 

180

    Trident TPI Holdings, Inc.,
Senior Notes,
12.75%, 12/31/28 (g)
 

Caa2

   

186

   
 

1,200

    Trivium Packaging Finance B.V.,
Senior Notes,
8.50%, 08/15/27 (g)
 

Caa2

   

1,150

   
     

5,327

   

Energy -16.50%

 
 

685

    Aethon United BR, LP,
Senior Notes,
8.25% 02/15/26 (g)
 

B3

   

673

   
 

125

    Antero Resources Corporation,
Senior Notes,
7.625%, 02/01/29 (g)
 

Ba2

   

127

   
 

270

    Archrock Partners, L.P.,
Senior Notes,
6.875%, 04/01/27 (g)
 

B2

   

258

   
 

1,175

    Chesapeake Energy Corporation,
Senior Notes,
6.75%, 04/15/29 (g)
 

Ba2

   

1,165

   
 

800

    Citgo Petroleum Corporation,
Senior Notes,
7%, 06/15/25 (g)
 

B3

   

784

   
 

270

    Civitas Resources, Inc.,
Senior Notes,
8.375%, 07/01/28 (g)
 

B1

   

273

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

$

400

    Civitas Resources, Inc.,
Senior Notes,
8.75%, 07/01/31 (g)
 

B1

 

$

405

   
 

530

    Comstock Resources, Inc.,
Senior Notes,
5.875%, 01/15/30 (g)
 

B2

   

458

   
 

340

    Comstock Resources, Inc.,
Senior Notes,
6.75%, 03/01/29 (g)
 

B2

   

311

   
 

1,140

    Crescent Energy Finance,
Senior Notes,
7.25%, 05/01/26 (g)
 

B1

   

1,069

   
 

275

    Crescent Energy Finance,
Senior Notes,
9.25%, 02/15/28 (g)
 

B1

   

266

   
 

215

    Crestwood Midstream
Partners, L.P., Senior Notes,
6%, 02/01/29 (g)
 

Ba3

   

201

   
 

525

    Crestwood Midstream Partners,
L.P., Senior Notes,
7.375%, 02/01/31 (g)
 

Ba3

   

518

   
 

795

    DCP Midstream, LLC,
Senior Notes,
6.75%, 09/15/37 (g)
 

Baa3

   

841

   
 

470

    DCP Midstream, LLC,
Senior Notes,
8.125%, 08/16/30
 

Baa3

   

528

   
 

598

    Endeavor Energy Resources,
L.P., Senior Notes.
5.75%, 01/30/28 (g)
 

Ba2

   

583

   
 

625

    Ferrellgas, L.P., Senior Notes,
5.375%, 04/01/26 (g)
 

B2

   

580

   
 

650

    Ferrellgas, L.P., Senior Notes,
5.875%, 04/01/29 (g)
 

B2

   

544

   
 

440

    Gulfport Energy Corporation,
Senior Notes,
8%, 05/17/26 (g)
 

B3

   

442

   
 

305

    HilCorp Energy, L.P., Senior Notes,
5.75%, 02/01/29 (g)
 

Ba3

   

277

   
 

385

    HilCorp Energy, L.P., Senior Notes,
6%, 02/01/31 (g)
 

Ba3

   

346

   
 

240

    HilCorp Energy, L.P., Senior Notes,
6%, 04/15/30 (g)
 

Ba3

   

218

   
 

210

    HilCorp Energy, L.P., Senior Notes,
6.25%, 04/15/32 (g)
 

Ba3

   

188

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

1,420

    Kinetik Holdings, L.P., Senior Notes,
5.875%, 06/15/30 (g)
 

Ba1

 

$

1,346

   
 

1,505

    Magnolia Oil and Gas Operating
LLC, Senior Notes,
6%, 08/01/26 (g)
 

B2

   

1,456

   
 

1,350

    NGL Energy Partners L.P.,
Senior Notes,
7.50%, 02/01/26 (g)
 

B2

   

1,330

   
 

345

    Nustar Logistics, L.P.,
Senior Notes,
5.75%, 10/01/25
 

Ba3

   

336

   
 

1,190

    Nustar Logistics, L.P.,
Senior Notes,
6%, 06/01/26
 

Ba3

   

1,160

   
 

755

    Occidental Petroleum Corporation,
Senior Notes,
6.20%, 03/15/40
 

Baa3

   

744

   
 

100

    Occidental Petroleum Corporation,
Senior Notes,
6.45%, 09/15/36
 

Baa3

   

103

   
 

230

    Occidental Petroleum Corporation,
Senior Notes,
6.625%, 09/01/30
 

Baa3

   

238

   
 

285

    Occidental Petroleum Corporation,
Senior Notes,
7.50%, 05/01/31
 

Baa3

   

311

   
 

180

    Occidental Petroleum Corporation,
Senior Notes,
7.875%, 09/15/31
 

Baa3

   

200

   
 

790

    Occidental Petroleum Corporation,
Senior Notes,
7.95%, 06/15/39
 

Baa3

   

889

   
 

1,190

    Occidental Petroleum Corporation,
Senior Notes,
8.875%, 07/15/30
 

Baa3

   

1,364

   
 

660

    Petroleos Mexicanos, Senior Notes,
6.625%, 06/15/35
 

B1

   

459

   
 

270

    Range Resources, Corporation,
Senior Notes,
4.75%, 02/15/30 (g)
 

Ba3

   

243

   
 

215

    Range Resources, Corporation,
Senior Notes,
8.25%, 01/15/29
 

Ba3

   

223

   
 

315

    Rockcliff Energy II LLC,
Senior Notes,
5.50%, 10/15/29 (g)
 

B3

   

287

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

$

320

    Solaris Midstream Holdings, LLC,
Senior Notes,
7.625%, 04/01/26 (g)
 

B3

 

$

310

   
 

420

    Southwestern Energy Company,
Senior Notes,
4.75%, 02/01/32
 

Ba2

   

369

   
 

635

    Tallgrass Energy Partners, L.P.,
Senior Notes,
6%, 09/01/31 (g)
 

B1

   

548

   
 

405

    Tallgrass Energy Partners, L.P.,
Senior Notes,
6%, 03/01/27 (g)
 

B1

   

381

   
 

1,170

    Tallgrass Energy Partners, L.P.,
Senior Notes,
6%, 12/31/30 (g)
 

B1

   

1,030

   
 

370

    Tallgrass Energy Partners, L.P.,
Senior Notes,
7.50%, 10/01/25 (g)
 

B1

   

369

   
 

435

    Targa Resources Partners, L.P.,
Senior Notes,
6.875%, 01/15/29
 

Baa3

   

440

   
 

375

    Transocean, Inc., Senior Notes,
8.75%, 02/15/30 (g)
 

B2

   

381

   
 

1,380

    Venture Global Calcasieu Pass,
LLC, Senior Notes,
6.25%, 01/15/30 (g)
 

Ba2

   

1,363

   
 

665

    Venture Global LNG, Inc.,
Senior Notes,
8.125%, 06/01/28 (g)
 

B1

   

670

   
 

2,130

    Venture Global LNG, Inc.,
Senior Notes,
8.375%, 06/01/31 (g)
 

B1

   

2,133

   
 

585

    Vermilion Energy, Inc.,
Senior Notes,
6.875%, 05/01/30 (g)
 

B3

   

540

   
     

30,278

   

Entertainment & Leisure — 7.47%

 
 

45

    Carnival Corporation,
Senior Notes,
6%, 05/01/29 (g)
 

B3

   

40

   
 

1,935

    Carnival Corporation,
Senior Notes,
7.625%, 03/01/26 (g)
 

B3

   

1,891

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

1,020

    Carnival Corporation, Senior Notes,
10.50%, 06/01/30 (g)
 

B3

 

$

1,081

   
 

910

    CDI Escrow, Senior Notes,
5.75%, 04/01/30 (g)
 

B1

   

845

   
 

245

    Cedar Fair, L. P., Senior Notes,
5.25%, 07/15/29
 

B3

   

223

   
 

1,340

    Cinemark USA, Inc., Senior Notes,
5.25%, 07/15/28 (g)
 

B3

   

1,186

   
 

625

    Live Nation Entertainment Inc.,
Senior Notes,
4.75%, 10/15/27 (g)
 

B2

   

583

   
 

370

    Motion Finco, Senior Notes,
7.375%, 06/15/30 (g) (EUR)
 

B2

   

401

   
 

730

    NCL Corporation Ltd., Senior Notes,
5.875%, 03/15/26 (g)
 

Caa1

   

684

   
 

340

    NCL Corporation Ltd., Senior Notes,
5.875%, 02/15/27 (g)
 

B1

   

331

   
 

215

    NCL Finance, Ltd., Senior Notes,
6.125%, 03/15/28 (g)
 

Caa1

   

195

   
 

325

    NCL Corporation Ltd., Senior Notes,
7.75%, 02/15/29 (g)
 

Caa1

   

308

   
 

555

    Royal Caribbean Cruises, Ltd.,
Senior Notes,
5.375%, 07/15/27 (g)
 

B3

   

519

   
 

480

    Royal Caribbean Cruises, Ltd.,
Senior Notes,
5.50%, 04/01/28 (g)
 

B3

   

447

   
 

635

    Royal Caribbean Cruises, Ltd.,
Senior Notes,
5.50%, 08/31/26 (g)
 

B3

   

602

   
 

620

    Royal Caribbean Cruises, Ltd.,
Senior Notes,
9.25%, 01/15/29 (g)
 

B2

   

660

   
 

985

    Royal Caribbean Cruises, Ltd.,
Senior Notes,
11.625%, 08/15/27 (g)
 

B3

   

1,071

   
 

960

    SeaWorld Parks & Entertainment,
Inc.,Senior Notes,
5.25%, 08/15/29 (g)
 

B3

   

862

   
 

730

    Six Flags Entertainment, Inc.,
Senior Notes,
5.50%, 04/15/27 (g)
 

B3

   

690

   
 

1,110

    Six Flags Entertainment, Inc.,
Senior Notes,
7.25%, 05/15/31 (g)
 

B3

   

1,081

   
     

13,700

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

Financial — 12.95%

 

$

840

    Acrisure, LLC, Senior Notes,
7%, 11/15/25 (g)
 

Caa2

 

$

813

   
 

1,925

    Acrisure, LLC, Senior Notes,
10.125%, 08/01/26 (g)
 

Caa2

   

1,968

   
 

315

    Alliant Holdings, Senior Notes,
5.875%, 11/01/29 (g)
 

Caa2

   

277

   
 

1,135

    Alliant Holdings, Senior Notes,
6.75%, 10/15/27 (g)
 

Caa2

   

1,067

   
 

295

    AmWins Group, Inc., Senior Notes,
4.875%, 06/30/29 (g)
 

B3

   

266

   
 

660

    Apollo Commercial Real Estate
Finance, Inc., Senior Notes,
4.625%, 06/15/29 (g)
 

Ba3

   

514

   
 

475

    Cobra Acquisition Company,
LLC, Senior Notes,
6.375%, 11/01/29 (g)
 

B2

   

335

   
 

1,665

    Enact Holdings, Inc., Senior Notes,
6.50%, 08/15/25 (g)
 

Baa3

   

1,632

   
 

1,225

    GTCR AP Finance, Inc.,
Senior Notes,
8%, 05/15/27 (g)
 

Caa2

   

1,196

   
 

790

    Hub Holdings LLC, Senior Notes,
5.625%, 12/1/29 (g)
 

Caa2

   

708

   
 

725

    Hub Holdings LLC, Senior Notes,
7%, 05/01/26 (g)
 

Caa2

   

721

   
 

1,585

    Hub Holdings LLC, Senior Notes,
7.25%, 06/15/30 (g)
 

B2

   

1,633

   
 

460

    Icahn Enterprises, L.P.,
Senior Notes,
6.25%, 05/15/26
 

Ba3

   

420

   
 

490

    Jane Street Group LLC,
Senior Notes,
4.50%, 11/15/29 (g)
 

Ba2

   

421

   
 

785

    Jones DesLauriers Insurance
Mananagement, Inc.,
Senior Notes,
8.50%, 03/15/30 (g)
 

B2

   

801

   
 

505

    LPL Holdings, Inc., Senior Notes,
4%, 03/15/29 (g)
 

Baa3

   

441

   
 

75

    LPL Holdings, Inc., Senior Notes,
4.375%, 05/15/31 (g)
 

Baa3

   

64

   
 

480

    Midcap Financial Issuer Trust,
Senior Notes,
5.625%, 01/15/30 (g)
 

B1

   

381

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

950

    Midcap Financial Issuer Trust,
Senior Notes,
6.50%, 05/01/28 (g)
 

B1

 

$

841

   
 

685

    Navient Corporation, Senior Notes,
4.875%, 03/15/28
 

Ba3

   

586

   
 

500

    Navient Corporation, Senior Notes,
5%, 03/15/27
 

Ba3

   

447

   
 

630

    Navient Corporation, Senior Notes,
5.50%, 03/15/29
 

Ba3

   

535

   
 

215

    Navient Corporation, Senior Notes,
6.75%, 06/15/26
 

Ba3

   

208

   
 

1,495

    Navient Corporation, Senior Notes,
9.375%, 07/25/30
 

Ba3

   

1,480

   
 

325

    OneMain Finance Corporation,
Senior Notes,
3.50%, 01/15/27
 

Ba2

   

278

   
 

305

    OneMain Finance Corporation,
Senior Notes,
5.375%, 11/15/29
 

Ba2

   

260

   
 

610

    OneMain Finance Corporation,
Senior Notes,
6.625%, 01/15/28
 

Ba2

   

573

   
 

810

    OneMain Finance Corporation,
Senior Notes,
6.875%, 03/15/25
 

Ba2

   

800

   
 

300

    OneMain Finance Corporation,
Senior Notes,
7.125%, 03/15/26
 

Ba2

   

294

   
 

375

    OneMain Finance Corporation,
Senior Notes,
9%, 01/15/29
 

(e)

   

378

   
 

840

    PennyMac Financial Services, Inc.,
Senior Notes,
4.25%, 02/15/29 (g)
 

Ba3

   

676

   
 

300

    PennyMac Financial Services, Inc.,
Senior Notes,
5.375%, 10/15/25 (g)
 

Ba3

   

283

   
 

790

    Prog Holdings, Inc., Senior Notes,
6%, 11/15/29 (g)
 

B1

   

696

   
 

235

    Ryan Specialty Group,
Senior Notes,
4.375%, 02/01/30 (g)
 

B1

   

207

   
 

335

    SLM Corporation, Senior Notes,
4.20%, 10/29/25
 

Ba1

   

311

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

$

465

    Starwood Property Trust,
Senior Notes,
4.375%, 01/15/27 (g)
 

Ba3

 

$

400

   
 

320

    United Wholesale Mortgage,
LLC, Senior Notes,
5.50%, 04/15/29 (g)
 

Ba3

   

274

   
 

635

    United Wholesale Mortgage,
LLC, Senior Notes,
5.75%, 06/15/27 (g)
 

Ba3

   

578

   
     

23,763

   

Food/Tobacco — 1.25%

 
 

220

    B&G Foods, Inc., Senior Notes,
5.25%, 04/01/25
 

Caa1

   

209

   
 

610

    BellRing Brands, Senior Notes,
7%, 03/15/30 (g)
 

B2

   

614

   
 

520

    Chobani LLC, Senior Notes,
7.50%, 04/15/25 (g)
 

Caa2

   

517

   
 

685

    Darling Ingredients, Inc.,
Senior Notes,
6%, 06/15/30 (g)
 

Ba2

   

667

   
 

345

    Triton Water Holdings, Inc.,
Senior Notes
6.25%, 04/01/29 (g)
 

Caa2

   

295

   
     

2,302

   

Gaming — 5.90%

 
 

545

    Caesar's Resorts, Senior Notes,
7%, 02/15/30 (g)
 

Ba3

   

546

   
 

2,065

    Caesar's Resorts, Senior Notes,
8.125%, 07/01/27 (g)
 

B3

   

2,109

   
 

580

    Churchill Downs, Inc., Senior Notes,
6.75%, 05/01/31 (g)
 

B1

   

573

   
 

275

    Cirsa Finance International,
S.A.R.L., Senior Notes,
4.50%, 03/15/27 (g) (EUR)
 

B3

   

274

   
 

100

    Cirsa Finance International,
S.A.R.L., Senior Notes,
10.375%, 11/30/27 (g) (EUR)
 

B3

   

117

   
 

235

    International Game Technology Plc,
Senior Notes,
4.125%, 04/15/26 (g)
 

Ba1

   

222

   
 

375

    International Game Technology Plc,
Senior Notes,
5.25%, 01/15/29 (g)
 

Ba1

   

354

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

1,170

    International Game Technology Plc,
Senior Notes,
6.25%, 01/15/27 (g)
 

Ba1

 

$

1,163

   
 

120

    Lottomatica SpA, Senior Notes,
7.125%, 06/01/28 (g) (EUR)
 

Ba3

   

134

   
 

435

    MGM Growth Prop. Operating
Partnership L.P., Senior Notes,
5.75%, 02/01/27
 

Ba1

   

426

   
 

500

    Midwest Gaming Borrower, LLC,
Senior Notes,
4.875%, 05/01/29 (g)
 

B3

   

443

   
 

475

    Playtika Holding Corporation,
Senior Notes,
4.25%, 03/15/29 (g)
 

B2

   

423

   
 

335

    Sands China Ltd., Senior Notes,
4.875%, 06/18/30
 

Baa2

   

298

   
 

565

    SC Games Holdings, Senior Notes,
6.625%, 03/01/30 (g)
 

Caa2

   

497

   
 

530

    Scientific Games International Inc.,
Senior Notes,
7%, 05/15/28 (g)
 

B3

   

527

   
 

1,390

    Scientific Games International Inc.,
Senior Notes,
7.25%, 11/15/29 (g)
 

B3

   

1,392

   
 

995

    Wynn Macau Ltd., Senior Notes,
5.50%, 10/01/27 (g)
 

B2

   

886

   
 

450

    Wynn Macau Ltd., Senior Notes,
5.50%, 01/15/26 (g)
 

B2

   

418

   
 

23

    Wynn Resorts Finance, LLC,
Senior Notes,
7.125%, 02/15/31 (g)
 

B2

   

23

   
     

10,825

   

Healthcare — 9.59%

 
 

780

    AdaptHealth, LLC, Senior Notes,
5.125%, 03/01/30 (g)
 

B1

   

632

   
 

1,240

    Athena Health Group, Inc.,
Senior Notes,
6.50%, 02/15/30 (g)
 

Caa2

   

1,038

   
 

1,415

    Avantor Funding, Inc., Senior Notes,
4.625%, 07/15/28 (g)
 

B2

   

1,311

   
 

830

    CHS/Community Health Systems,
Inc, Senior Notes,
5.25%, 05/15/30 (g)
 

B3

   

654

   
 

455

    CHS/Community Health Systems,
Inc, Senior Notes,
6%, 01/15/29 (g)
 

B3

   

383

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

$

1,165

    CHS/Community Health Systems,
Inc, Senior Notes,
6.125%, 04/01/30 (g)
 

Caa2

 

$

699

   
 

990

    CHS/Community Health Systems,
Inc, Senior Notes,
6.875%, 04/15/29 (g)
 

Caa2

   

614

   
 

1,100

    CHS/Community Health Systems,
Inc, Senior Notes,
8%, 12/15/27 (g)
 

B3

   

1,056

   
 

990

    DaVita Healthcare Partners, Inc.,
Senior Notes,
4.625%, 06/01/30 (g)
 

B1

   

849

   
 

280

    Iqvia, Inc., Senior Notes,
6.50%, 05/15/30 (g)
 

Ba2

   

283

   
 

385

    Legacy Lifepoint Health,
Senior Notes,
6.75%, 04/15/25 (g)
 

B2

   

356

   
 

940

    Medline Borrower, L.P.,
Senior Notes,
5.25%, 10/01/29 (g)
 

Caa1

   

815

   
 

570

    Molina Healthcare, Inc.,
Senior Notes,
4.375%, 06/15/28 (g)
 

Ba3

   

524

   
 

735

    Organon & Company, Senior Notes,
5.125%, 04/30/31 (g)
 

B1

   

606

   
 

1,050

    Select Medical Corporation,
Senior Notes,
6.25%, 08/15/26 (g)
 

B3

   

1,029

   
 

700

    Tenet Healthcare Corporation,
Senior Notes,
4.375%, 01/15/30
 

B1

   

632

   
 

780

    Tenet Healthcare Corporation,
Senior Notes,
6.125%, 06/15/30
 

B1

   

766

   
 

1,640

    Tenet Healthcare Corporation,
Senior Notes,
6.125%, 10/01/28
 

B3

   

1,576

   
 

405

    Tenet Healthcare Corporation,
Senior Notes,
6.75%, 05/15/31 (g)
 

B1

   

406

   
 

424

    Tenet Healthcare Corporation,
Senior Notes,
6.875%, 11/15/31
 

B3

   

420

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

630

    Teva Pharma Finance
Netherlands III BV, Senior Notes,
4.75%, 05/09/27
 

Ba2

 

$

583

   
 

1,240

    Teva Pharma Finance
Netherlands III BV, Senior Notes,
5.125%, 05/09/29
 

Ba2

   

1,125

   
 

465

    Teva Pharma Finance
Netherlands III BV, Senior Notes,
6.75%, 03/01/28
 

Ba2

   

457

   
 

455

    Teva Pharma Finance
Netherlands III BV, Senior Notes,
7.875%, 09/15/29
 

Ba2

   

470

   
 

310

    Teva Pharma Finance
Netherlands III BV, Senior Notes,
8.125%, 09/15/31
 

Ba2

   

324

   
     

17,608

   

Information Technology — 7.00%

 
 

340

    Boxer Parent Company, Inc.,
Senior Notes,
7.125%, 10/02/25 (g)
 

B2

   

338

   
 

560

    Boxer Parent Company, Inc.,
Senior Notes,
9.125%, 03/01/26 (g)
 

Caa2

   

557

   
 

810

    Capstone Borrower, Inc.,
Senior Notes,
8%, 06/15/30 (g)
 

B2

   

800

   
 

1,950

    Central Parent/CDK Global, Inc.,
Senior Notes,
7.25%, 06/15/29 (g)
 

B1

   

1,918

   
 

605

    Cloud Software Group Holdings,
Senior Notes,
6.50%, 03/31/29 (g)
 

B2

   

537

   
 

910

    Cloud Software Group Holdings,
Senior Notes,
9%, 09/30/29 (g)
 

Caa2

   

787

   
 

2,035

    Entegris Inc., Senior Notes,
5.95%, 06/15/30 (g)
 

Ba2

   

1,948

   
 

805

    General Digital, Inc., Senior Notes,
6.75%, 009/30/27 (g)
 

B1

   

801

   
 

662

    General Digital, Inc., Senior Notes,
7.125%, 09/30/30 (g)
 

B1

   

662

   
 

275

    Go Daddy, Inc., Senior Notes,
5.25%, 12/01/27 (g)
 

Ba3

   

263

   
 

475

    Match Group Holdings II, LLC,
Senior Notes,
3.625%, 10/01/31 (g)
 

Ba3

   

389

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

$

965

    Match Group Holdings II, LLC,
Senior Notes,
4.125%, 08/01/30 (g)
 

Ba3

 

$

824

   
 

305

    Match Group Holdings II, LLC,
Senior Notes,
4.625%, 06/01/28 (g)
 

Ba3

   

279

   
 

295

    Match Group Holdings II, LLC,
Senior Notes,
5%, 12/15/27 (g)
 

Ba3

   

275

   
 

148

    Match Group Holdings II, LLC,
Senior Notes,
5.625%, 02/15/29 (g)
 

Ba3

   

140

   
 

920

    McAfee Corporation, Senior Notes,
7.375%, 02/15/30 (g)
 

Caa2

   

800

   
 

475

    Roblox Corporation, Senior Notes,
3.875%, 05/01/30 (g)
 

Ba2

   

399

   
 

510

    Twilio, Inc., Senior Notes,
3.875%, 03/15/31
 

Ba3

   

425

   
 

245

    Viavi Solutions, icn., Senior Notes,
3.75%, 10/01/29 (g)
 

Ba2

   

208

   
 

573

    ZI Tech LLC, Senior Notes,
3.875%, 02/01/29 (g)
 

B1

   

491

   
     

12,841

   

Lodging — .67%

 
 

370

    Park Intermediate Holdings, LLC,
Senior Notes,
4.875%, 05/15/29 (g)
 

B1

   

318

   
 

300

    Park Intermediate Holdings, LLC,
Senior Notes,
5.875%, 10/01/28 (g)
 

B1

   

276

   
 

630

    RHP Hotel Properties, L.P.,
Senior Notes,
4.50%, 02/15/29 (g)
 

B1

   

558

   
 

75

    RHP Hotel Properties, L.P.,
Senior Notes,
7.25%, 07/15/28 (g)
 

B1

   

76

   
     

1,228

   

Manufacturing — 2.38%

 
 

535

    Emerald Debt Merger Sub, LLC,
Senior Notes,
6.625%, 12/15/30 (g)
 

Ba3

   

529

   
 

430

    Gates Global, LLC, Senior Notes,
6.25%, 01/15/26 (g)
 

B3

   

423

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

325

    Hillenbrand Inc., Senior Notes,
3.75%, 03/01/31
 

Ba1

 

$

274

   
 

15

    Hillenbrand Inc., Senior Notes,
5%, 09/15/26
 

Ba1

   

15

   
 

735

    Madison IAQ, LLC, Senior Notes,
4.125%, 06/30/28 (g)
 

B2

   

647

   
 

420

    Madison IAQ, LLC, Senior Notes,
5.875%, 06/30/29 (g)
 

Caa2

   

338

   
 

615

    Mueller Water Products,
Senior Notes,
4%, 06/15/29 (g)
 

Ba1

   

546

   
 

735

    Sensata Technologies,
Senior Notes,
4%, 04/15/29 (g)
 

Ba3

   

652

   
 

700

    Sensata Technologies,
Senior Notes,
5.875%, 09/01/30 (g)
 

Ba3

   

675

   
 

270

    Stevens Holding Company, Inc.,
Senior Notes,
6.125%, 10/01/26 (g)
 

Ba3

   

271

   
     

4,370

   

Metals & Mining — 2.58%

 
 

300

    ATI, Inc., Senior Notes,
5.125%, 10/01/31
 

B2

   

268

   
 

708

    Big River Steel, LLC,
Senior Notes,
6.625%, 01/31/29 (g)
 

Ba2

   

699

   
 

315

    Ero Copper Corporation,
Senior Notes,
6.50%, 02/15/30 (g)
 

B1

   

271

   
 

455

    FMG Resources, Senior Notes,
4.50%, 09/15/27 (g)
 

Ba1

   

425

   
 

445

    FMG Resources, Senior Notes,
5.875%, 04/15/30 (g)
 

Ba1

   

422

   
 

370

    GrafTech Global Enterprises,
Inc., Senior Notes,
9.875%, 12/15/28 (g)
 

B1

   

367

   
 

1,145

    Hecla Mining Company,
Senior Notes,
7.25%, 02/15/28
 

B2

   

1,131

   
 

545

    HudBay Minerals, Inc.,
Senior Notes,
6.125%, 04/01/29 (g)
 

B2

   

499

   
 

745

    Novelis Corporation, Senior Notes,
4.75%, 01/30/30 (g)
 

Ba3

   

660

   
     

4,742

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

Other Telecommunications — .16%

 

$

475

    Level 3 Financing, Inc.,
Senior Notes,
3.75%, 07/15/29 (g)
 

Ba3

 

$

286

   

Real Estate Investment Trust Securities — 1.06%

 
 

85

    Kilroy Realty, L.P., Senior Notes,
3.45%, 12/15/24
 

Baa2

   

80

   
 

915

    Necessity Retail Inc., Senior Notes,
4.50%, 09/30/28 (g)
 

(e)

   

700

   
 

620

    Service Properties Trust,
Senior Notes,
4.35%, 10/01/24
 

B2

   

596

   
 

580

    Service Properties Trust,
Senior Notes,
7.50%, 09/15/25
 

B1

   

568

   
     

1,944

   

Restaurants — 1.10%

 
 

572

    Dave and Buster's, Inc.,
Senior Notes,
7.625%, 11/01/25 (g)
 

B1

   

580

   
 

723

    YUM Brands, Inc., Senior Notes,
5.35%, 11/01/43
 

Ba3

   

633

   
 

760

    YUM Brands, Inc., Senior Notes,
6.875%, 11/15/37
 

Ba3

   

806

   
     

2,019

   

Retail — 2.75%

 
 

240

    At Home Group, Inc., Senior Notes
4.875%, 07/15/28 (g)
 

Caa3

   

126

   
 

295

    At Home Group, Inc., Senior Notes
7.125%, 05/12/28 (g)
 

Caa3

   

173

   
 

143

    At Home Cayman, Inc.,
Senior Notes,
11.50%, 05/12/28 (g)
 

Caa3

   

139

   
 

1,005

    Bath and Body Works, Inc.,
Senior Notes,
6.625%, 10/01/30 (g)
 

Ba2

   

965

   
 

65

    Bath and Body Works, Inc.,
Senior Notes,
6.694%, 01/15/27
 

Ba2

   

65

   
 

355

    Bath and Body Works, Inc.,
Senior Notes,
6.95%, 03/01/33
 

B1

   

318

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

350

    Bath and Body Works, Inc.,
Senior Notes,
7.50%, 06/15/29
 

Ba2

 

$

353

   
 

277

    Bath and Body Works, Inc.,
Senior Notes,
9.375%, 07/01/25 (g)
 

Ba2

   

293

   
 

635

    LSF9 Atlantis Holdings, LLC,
Senior Notes,
7.75%, 02/15/26 (g)
 

B2

   

591

   
 

1,450

    Petsmart, Inc., Senior Notes,
7.75%, 02/15/29 (g)
 

B3

   

1,439

   
 

660

    QVC, Inc., Senior Notes,
4.45%, 02/15/25
 

B2

   

581

   
     

5,043

   

Satellites — 1.93%

 
 

1,365

    Connect Finco Sarl, Senior Notes,
6.75%, 10/01/26 (g)
 

B1

   

1,327

   
 

1,094

    Hughes Satellite Systems, Inc.,
Senior Notes,
6.625%, 08/01/26
 

B2

   

1,023

   
 

445

    Intelsat Jackson Holdings Ltd.,
Senior Notes,
6.50%, 03/15/30 (g)
 

B3

   

404

   
 

475

    Telesat Canada, Senior Notes,
6.50%, 10/15/27 (g)
 

Caa3

   

190

   
 

650

    Viasat, Inc., Senior Notes,
5.625%, 04/15/27 (g)
 

Ba3

   

605

   
     

3,549

   

Services — 8.12%

 
 

451

    Adtalem Global Education, Inc.,
Senior Notes,
5.50%, 03/01/28 (g)
 

Ba3

   

408

   
 

445

    Advantage Sales and Marketing,
Inc., Senior Notes,
6.50%, 11/15/28 (g)
 

B2

   

375

   
 

635

    Albion Financing 1 S.a.r.l.,
Senior Notes,
6.125%, 10/15/26 (g)
 

B1

   

597

   
 

315

    Albion Financing 1 S.a.r.l.,
Senior Notes,
8.75%, 04/15/27 (g)
 

B3

   

290

   
 

520

    Allied Universal Holdco, LLC,
Senior Secured Notes,
6%, 06/01/29 (g)
 

Caa2

   

385

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

$

1,300

    Allied Universal Holdco, LLC,
Senior Secured Notes,
9.75%, 07/15/27 (g)
 

Caa2

 

$

1,147

   
 

195

    AmeriGas Partners, L.P.,
Senior Notes,
5.50%, 05/20/25
 

B1

   

188

   
 

215

    AmeriGas Partners, L.P.,
Senior Notes,
9.375%, 06/01/28 (g)
 

B1

   

218

   
 

440

    Clarivate Science Holdings Corp.,
Senior Secured Notes,
4.875%, 07/01/29 (g)
 

Caa1

   

389

   
 

100

    EG Global Finance plc,
Senior Notes,
6.25%, 10/30/25 (EUR)
 

B3

   

104

   
 

1,095

    EG Global Finance plc,
Senior Notes,
6.75%, 02/07/25 (g)
 

B3

   

1,061

   
 

660

    EG Global Finance plc,
Senior Notes,
8.50%, 10/30/25 (g)
 

B3

   

640

   
 

760

    Fair Isaac Corporation,
Senior Notes,
4%, 06/15/28 (g)
 

Ba2

   

690

   
 

1,280

    Gartner, Inc., Senior Notes,
3.625%, 06/15/29 (g)
 

Ba1

   

1,123

   
 

1,265

    H&E Equipment Services,
Senior Notes,
3.875%, 12/15/28 (g)
 

B2

   

1,097

   
 

100

    Itelyum Regeneration,
Senior Notes,
4.625%, 10/01/26 (g) (EUR)
 

B2

   

101

   
 

685

    Presidio Holding, Inc.,
Senior Notes,
8.25%, 02/01/28 (g)
 

Caa1

   

651

   
 

465

    Prime Security Services Borrower,
LLC, Senior Notes,
5.75%, 04/15/26 (g)
 

Ba3

   

455

   
 

710

    Prime Security Services Borrower,
LLC, Senior Notes,
6.25%, 01/15/28 (g)
 

B3

   

662

   
 

290

    Ritchie Bros. Holdings, Inc.,
Senior Notes,
6.75%, 03/15/28 (g)
 

Ba2

   

293

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

$

390

    Ritchie Bros. Holdings, Inc.,
Senior Notes,
7.75%, 03/15/31 (g)
 

B1

 

$

406

   
 

29

    Sabre GLBL, Inc., Senior Notes,
9.25%, 04/15/25 (g)
 

Ba3

   

27

   
 

257

    Staples, Inc., Senior Notes
7.50%, 04/15/26 (g)
 

B3

   

212

   
 

320

    Staples, Inc., Senior Notes
10.75%, 04/15/27 (g)
 

Caa2

   

186

   
 

1,460

    TK Elevator U.S. Newco, Inc.,
Senior Notes,
5.25%, 07/15/27 (g)
 

B1

   

1,345

   
 

1,309

    TK Elevator U.S. Newco, Inc.,
Senior Notes,
7.625%, 07/15/28 (g)
 

Caa1

   

1,188

   
 

775

    United Rentals (North America),
Inc., Senior Notes,
3.75%, 01/15/32
 

Ba2

   

656

   
     

14,894

   

Supermarkets — .85%

 
 

540

    Albertsons Companies, LLC,
Senior Notes,
4.875%, 02/15/30 (g)
 

Ba3

   

497

   
 

160

    Albertsons Companies, LLC,
Senior Notes,
7.45%, 08/01/29
 

(e)

   

164

   
 

680

    Iceland Bondco, Plc, Senior Notes,
4.625%, 03/15/25 (GBP)
 

B3

   

820

   
 

95

    United Natural Foods, Inc.,
Senior Notes,
6.75%, 10/15/28 (g)
 

B2

   

79

   
     

1,560

   

Transportation — .38%

 
 

730

    Watco Companies, LLC,
Senior Notes,
6.50%, 06/15/27 (g)
 

Caa1

   

694

   

Utilities — 6.50%

 
 

310

    Calpine Corporation, Senior Notes,
4.50%, 02/15/28 (g)
 

Ba2

   

281

   
 

625

    Calpine Corporation, Senior Notes,
5%, 02/01/31 (g)
 

B2

   

516

   
 

950

    Calpine Corporation, Senior Notes,
5.125%, 03/15/28 (g)
 

B2

   

853

   
 

135

    Pattern Energy Operations L.P.,
Senior Notes,
4.50%, 08/15/28 (g)
 

Ba3

   

122

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

CORPORATE DEBT SECURITIES — continued

 

$

1,065

    PG&E Corporation, Senior Notes,
5%, 07/01/28
 

B1

 

$

976

   
 

1,300

    PG&E Corporation, Senior Notes,
5.25%, 07/01/30
 

B1

   

1,162

   
 

530

    Pike Corporation, Senior Notes,
5.50%, 09/01/28 (g)
 

B3

   

474

   
 

580

    Talen Energy Supply, LLC,
Senior Notes,
8.625%, 06/01/30 (g)
 

Ba3

   

600

   
 

1,795

    TerraForm Global Operating,
LLC, Senior Notes
6.125%, 03/01/26 (g)
 

Ba3

   

1,748

   
 

195

    TransAlta Corporation,
Senior Notes,
7.75%, 11/15/29
 

Ba1

   

201

   
 

950

    Vistra Operations Company, LLC,
Senior Notes,
4.375%, 05/01/29 (g)
 

Ba2

   

830

   
 

2,360

    Vistra Operations Company, LLC,
Senior Notes,
7%, (b)(g)
 

Ba3

   

2,059

   
 

2,270

    Vistra Operations Company, LLC,
Senior Notes,
8%, (b)(g)
 

Ba3

   

2,114

   
     

11,936

   

Wireless Communications — .48%

 
 

950

    Iliad Holdings SAS, Senior Notes,
6.50%, 10/15/26 (g)
 

B2

   

889

   
     

889

   
    Total Corporate Debt Securities
(Total cost of $267,064)
       

246,156

   

BANK DEBT SECURITIES — 7.54% (d)(f)

 

Aerospace & Defense — .11%

 
 

214

    Peraton Holding Corporation,
12.651%, 02/01/29
 

(e)

   

207

   

Airlines — .35%

 
 

620

    Mileage Plus Holdings, LLC,
10.213%, 06/21/27
 

Baa3

   

643

   

Automotive — .30%

 
 

556

    Wand Newco 3 Inc.,
7.59%, 02/05/26
 

B2

   

551

   
Principal
Amount/Units
      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

Broadcasting — .23%

 

$

215

    Diamond Sports Group, LLC,
12.775%, 5/25/26
 

(e)

 

$

164

   
 

255

    Neptune US Bidco, Inc.,
14.485%, 10/11/29
 

(e)

   

250

   
     

414

   

Energy — .14%

 
 

270

    Prairie ECI Acquiror, LP,
9.59%, 03/11/26
 

B3

   

266

   

Information Technology — .38%

 
 

120

    Banff Merger Sub Inc.,
10.34%, 02/27/26
 

Caa2

   

116

   
 

600

    RealPage Inc.,
11.34%, 04/23/29
 

(e)

   

579

   
     

695

   

Services — 2.66%

 
 

1,130

    Ascend Learning, LLC,
10.556%, 12/10/29
 

Caa2

   

956

   
 

295

    Celestial Saturn Parent, Inc.,
11.375%, 06/4/29
 

Caa2

   

237

   
 

2,760

    Ultimate Software Group, Inc.,
10.032%, 05/03/27
 

Caa1

   

2,669

   
 

1,045

    Ultimate Software Group, Inc.,
8.032%, 05/04/26
 

B1

   

1,022

   
     

4,884

   

Wireless Communications — 3.37%

 
 

3,664

    Asurion LLC,
10.09%, 01/31/28
 

B3

   

3,108

   
 

3,670

    Asurion LLC,
10.09%, 01/20/29
 

B3

   

3,069

   
     

6,177

   
    Total Bank Debt Securities
(Total cost of $15,066)
       

13,837

   

CONVERTIBLE BONDS — .16% (d)(f)

 

Automotive — .16%

 
 

265

    Rivian Holdings LLC,
Senior Notes,
4.625%, 03/15/29
 

(e)

   

292

   
    Total Convertible Bonds
(Total cost of $261)
       

292

   

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


The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2023 (Unaudited) — Continued (Dollar Amounts in Thousands)

Shares

      Moody's
Rating
(Unaudited)
  Value
(See Notes)
 

PREFERRED STOCK — .16% (d)(f)

 

Financial — .16%

 
 

325

    Alliant Services, Series A,
Cvt, 9.75%, 01/02/24
Acquisition Date 11/06/20,
Cost $320 (c)(h)
 

(e)

 

$

294

   
        Total Preferred Stock
(Total cost of $320)
           

294

   

COMMON STOCK — .94% (d)(f)

 

Healthcare — .66%

 
 

31,256

   

Avantor, Inc. (a)

           

642

   
 

2,163

   

Becton Dickinson and Company

           

571

   
     

1,213

   

Manufacturing — .28%

 
 

2,102

   

Danaher Corporation

           

505

   
        Total Common Stock
(Total cost of $1,526)
           

1,718

   
        TOTAL INVESTMENTS —
142.95% (d)
(Total cost of $284,237)
           

262,297

   
        CASH AND OTHER ASSETS
LESS LIABILITIES — (42.95)% (d)
           

(78,813

)

 
       

NET ASSETS — 100.00%

     

$

183,484

   

(a)  Non-income producing

(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 $294 or .16% of total net assets as of June 30, 2023.

(d)  Percentages indicated are based on total net assets to common shareholders of $183,484.

(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 $193,651 as of June 30, 2023.

(h)  Level 3 in fair value hierarchy. See Note 1.

(EUR) Euro

(GBP) British Pound

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


The New America High Income Fund, Inc.

Statement of Assets and Liabilities
June 30, 2023 (Unaudited)

(Dollars in thousands, except shares and per share amounts)

Assets:

 
INVESTMENTS IN SECURITIES, at value (Identified
cost of $284,237 see Schedule of Investments
and Note 1)
 

$

262,297

   
CASH    

1,400

   

RECEIVABLES:

 
Investment securities sold    

199

   
Interest and dividends    

4,800

   
PREPAID EXPENSES    

40

   
UNREALIZED GAIN ON FORWARD CURRENCY
EXCHANGE CONTRACTS (Notes 1 and 7)
   

7

   

DEFERRED OFFERING EXPENSES

   

94

   

Total assets

 

$

268,837

   

Liabilities:

 

CREDIT AGREEMENT (Note 4)

 

$

84,000

   

PAYABLES:

 
Investment securities purchased    

1,066

   
Investment management fees (Note 3)    

78

   
Interest on loan (Note 4)    

14

   
ACCRUED EXPENSES    

128

   
UNREALIZED LOSS ON FORWARD CURRENCY
EXCHANGE CONTRACTS (Notes 1 and 7)
   

67

   

Total liabilities

 

$

85,353

   

Net Assets

 

$

183,484

   

Represented By:

 

COMMON STOCK:

 
$0.01 par value, 40,000,000 shares authorized,
23,374,744 shares issued and outstanding
 

$

234

   

CAPITAL IN EXCESS OF PAR VALUE

   

239,668

   
DISTRIBUTABLE EARNINGS    

(56,418

)

 
Net Assets Applicable To Common Stock
(Equivalent to $7.85 per share, based on
23,374,744 shares outstanding)
 

$

183,484

   

Statement of Operations
For the Six Months Ended
June 30, 2023 (Unaudited)
(Dollars in thousands)

Investment Income: (Note 1)  

Interest income

 

$

9,515

   
Dividend income    

50

   

Loan fee income

   

3

   

Other income

   

17

   

Total investment income

 

$

9,585

   

Expenses:

 

Cost of leverage:

 

Interest expense (Note 4)

 

$

2,428

   
Loan fees (Note 4)    

12

   

Total cost of leverage

 

$

2,440

   

Professional services:

 

Investment Advisor (Note 3)

 

$

472

   
Legal    

119

   
Custodian and transfer agent    

116

   
Audit    

31

   

Total professional services

 

$

738

   

Administrative:

 

General administrative (Note 6)

 

$

289

   
Directors    

129

   
Insurance    

66

   
Shareholder communications    

20

   
Shareholder meeting    

14

   
NYSE    

13

   

Total administrative

 

$

531

   

Total expenses

 

$

3,709

   

Net investment income

 

$

5,876

   
Realized and Unrealized Gain (Loss) on Investment
Activities:
 

Net realized loss

 

Investments

 

$

(4,288

)

 
Forward currency exchange contracts    

(17

)

 
Foreign currency transactions    

(1

)

 

Net realized loss

 

$

(4,306

)

 

Change in net unrealized gain (loss)

 

Investments

 

$

9,585

   
Forward currency exchange contracts    

(44

)

 
Change in net unrealized gain    

9,541

   

Net gain on investments

 

$

5,235

   
Net increase in net assets resulting
from operations
 

$

11,111

   

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


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, 2023
(Unaudited)
  For the
Year Ended
December 31,
2022
 

From Operations:

 

Net investment income

 

$

5,876

   

$

13,132

   

Realized loss on investments and currencies, net

   

(4,306

)

   

(7,357

)

 
Change in net unrealized appreciation (depreciation) on investments and other
financial instruments
   

9,541

     

(43,271

)

 

Net increase (decrease) in net assets resulting from operations

 

$

11,111

   

$

(37,496

)

 

Distributions to Common Stockholders:

 

Distributable earnings ($.20 and $.60 per share in 2023 and 2022, respectively)

 

$

(4,675

)

 

$

(14,072

)

 

Total net increase (decrease) in net assets

 

$

6,436

   

$

(51,568

)

 

Net Assets Applicable to Common Stock:

 

Beginning of period

 

$

177,048

   

$

228,616

   

End of period

 

$

183,484

   

$

177,048

   

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


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, 2023
 

For the Years Ended December 31,

 
   

(Unaudited)

 

2022

 

2021

 

2020

 

2019

 

2018

 

NET ASSET VALUE:

 

Beginning of period

 

$

7.57

   

$

9.78

   

$

9.79

   

$

10.02

   

$

8.90

   

$

10.19

   

NET INVESTMENT INCOME

   

.25

     

.56

     

.64

     

.63

     

.62

     

.66

   
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND OTHER FINANCIAL INSTRUMENTS
   

.23

     

(2.17

)

   

.03

     

(.21

)

   

1.16

     

(1.25

)

 

TOTAL FROM INVESTMENT OPERATIONS

   

.48

     

(1.61

)

   

.67

     

.42

     

1.78

     

(.59

)

 

DISTRIBUTIONS TO COMMON SHAREHOLDERS:

 

From net investment income

   

(.20

)

   

(.60

)

   

(.68

)

   

(.65

)

   

(.66

)

   

(.70

)

 

TOTAL DISTRIBUTIONS

   

(.20

)

   

(.60

)

   

(.68

)

   

(.65

)

   

(.66

)

   

(.70

)

 

NET ASSET VALUE:

 

End of period

 

$

7.85

   

$

7.57

   

$

9.78

   

$

9.79

   

$

10.02

   

$

8.90

   

PER SHARE MARKET VALUE:

 

End of period

 

$

6.65

   

$

6.60

   

$

9.33

   

$

8.68

   

$

9.13

   

$

7.56

   

TOTAL INVESTMENT RETURN†

   

3.79

%

   

(23.19

)%

   

15.62

%

   

2.94

%

   

30.09

%

   

(12.70

)%

 

  †  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. Total returns for periods less than one year are not annualized. 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.
23


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, 2023
 

For the Ended December 31,

 
   

(Unaudited)

 

2022

 

2021

 

2020

 

2019

 

2018

 

NET ASSETS, END OF PERIOD, APPLICABLE TO COMMON STOCK (a)

 

$

183,484

   

$

177,048

   

$

228,616

   

$

228,878

   

$

234,085

   

$

207,893

   

 

EXPENSE RATIOS:

 

 

Ratio of interest expense to average net assets

   

2.67

%*

   

1.13

%

   

.35

%

   

.57

%

   

1.26

%

   

1.16

%

 

Ratio of leverage expenses to average net assets

   

.01

%*

   

.01

%

   

.01

%

   

.01

%

   

.01

%

   

.01

%

 

Ratio of operating expenses to average net assets

   

1.40

%*

   

1.34

%

   

1.14

%

   

1.20

%

   

1.16

%

   

1.18

%

 

RATIO OF TOTAL EXPENSES TO AVERAGE NET ASSETS

   

4.08

%*

   

2.48

%

   

1.50

%

   

1.78

%

   

2.43

%

   

2.35

%

 

RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS

   

6.47

%*

   

6.75

%

   

6.46

%

   

6.80

%

   

6.38

%

   

6.77

%

 

PORTFOLIO TURNOVER RATE

   

14.83

%

   

37.82

%

   

50.73

%

   

53.11

%

   

65.64

%

   

71.56

%

 

  (a)  Dollars in thousands.

  *  Annualized

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


The New America High Income Fund, Inc.

Information Regarding
Senior Securities

    For the
Six Months
Ended
June 30, 2023
 

As of December 31,

 
   

(Unaudited)

 

2022

 

2021

 

2020

 

2019

 

2018

 

TOTAL AMOUNT OUTSTANDING:

 

Credit Agreement

 

$

84,000,000

   

$

84,000,000

   

$

84,000,000

   

$

84,000,000

   

$

91,000,000

   

$

91,000,000

   
ASSET COVERAGE:  

Per $1,000 borrowed under Credit Agreement (1)

 

$

3,184

   

$

3,108

   

$

3,722

   

$

3,725