FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

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

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Item 1.           Report to Stockholders

August 11, 2016

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 months ended June 30, 2016. The Fund's net asset value (the "NAV") was $9.45 as of June 30th. The market price for the Fund's shares ended the period at $8.55, representing a market price discount of 9.5%. During the period the Fund paid regular monthly dividends of $.06 per share. The annualized dividend yield on a share of common stock purchased at the year-end 2015 price of $7.66 was 9.4%.

During the first six months of the year, the Fund adjusted the amount of its cash position and leverage in response to volatile market conditions. In January, the Fund increased its leverage by $10 million (from $80 million to $90 million), consistent with the view expressed by the Fund's investment advisor that turmoil in the high yield bond market would present buying opportunities for the Fund. The draw-down of cash from the Fund's credit facility (the "Facility") proved to be well-timed as weakness in the market early in the period allowed the Fund to add to positions at attractive prices. However, later in the period the Fund raised cash and reduced the amount of its leverage due to concern about potential adverse market reaction to the pending United Kingdom referendum on continued membership in the European Union (commonly referred to as the "Brexit" vote).

As of June 30th, the Fund had borrowed $76 million through its Facility with the Bank of Nova Scotia. Amounts borrowed under the Facility bear interest at an adjustable rate based on a margin above LIBOR. The interest rate on the Facility at the end of the period was 1.35%, an attractive spread relative to the 7.18% market value-weighted average current yield on the Fund's portfolio on June 30th. The Fund's leverage contributed approximately 25% of the common stock dividend year-to-date. An increase in the cost of the leverage or reduction in the portfolio's yield will reduce the spread and may reduce the income available for the common dividend.

We remind shareholders that there is no certainty that the dividend will remain at the current level. The dividend can be affected by portfolio results, the cost and amount of leverage, market conditions, the extent to which the portfolio is fully invested and operating expenses, among other factors. Leverage magnifies the effect of price movements on the net asset value. The Fund's leverage has increased the Fund's total return in the recent period of positive high yield market performance. Of course the opposite would be true in an unfavorable high yield market.

The Fund's investment advisor discusses in detail below the numerous challenges investors face from political and economic events in the United States and around the world. Bond market investors have been paying close attention to signals from the Federal Reserve concerning when the next increase in interest rates may occur. Fixed income markets have recently experienced increased volatility due, in part, to investors' concerns about the impact of increased interest rates on the prices of fixed income instruments.

Interest rate risk is one of the risks faced by the Fund's shareholders. However, bonds of different quality and varying maturities react differently to changing rates. Duration is a measure of the sensitivity of a bond's price to a change in rates. Duration takes into account a bond's maturity and coupon. A relatively short maturity shortens duration as does a relatively high coupon. A short bond duration indicates less price sensitivity to changes in interest rates. High yield bonds have relatively lower durations compared to investment grade bonds, resulting in less price volatility in changing rate environments, although high yield bonds are more sensitive to credit risk than investment grade bonds, resulting in greater price volatility in changing economic conditions. It is also noteworthy that a change in Fed policy to higher interest rates indicates confidence in the strength of the U.S. economy. In general, a stable to improving economy is beneficial to high yield companies.

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

Past performance is no guarantee of future results.

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 net asset value 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 net asset value per share, returns based upon the stock price and dividends will tend to differ from those derived from the underlying change in net asset value and dividends.

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

High yield bonds posted impressive gains of 9.3% during the first six months of the year as measured by the Credit Suisse High Yield Index (the "Index"). Through mid-February, the high yield market was adversely affected by the pronounced weakness in commodity-related sectors and lower quality issues; this was followed by a dramatic rally in below investment-grade bonds as risk aversion subsided. The price of oil continued its outsized impact on the largest sector in the Index, energy, which represents almost 16% of the high yield market. After falling to $26 per barrel in February, oil rose to more than $50 per barrel amid reports of supply disruptions and lower U.S. crude inventories. The high yield energy sector returned over 20% during the six-months ended June 30. The average yield spread-to-worst for the Index compared to U.S. Treasuries tightened by 79 basis points over the prior six months and finished the period at 674 basis points. As of June 30, the yield-to-worst on the Index was a relatively compelling 7.73% in the low global yield environment.

Early in the year, the high yield market struggled amid investors' concerns over slowing growth in China and marked equity volatility. However, a relatively dovish central bank policy narrative and stronger economic figures for the U.S. decreased early-year apprehensions over the possibility of a U.S. recession. Market disruptions, most notably in June around the U.K. referendum to exit the European Union—the so-called "Brexit" vote—were largely short-lived. The surprise "Brexit" result renewed concerns over slowing global growth and lowered expectations for any near-term Fed rate actions. Against this backdrop, U.S. Treasuries rallied and the 10-year Treasury bond yield declined to levels not seen in four years.

According to J.P. Morgan, more than $155 billion of new issues came to market over the past six months, with roughly two-thirds of that volume coming in the second quarter. The use of proceeds for refinancing increased quarter-over-quarter as falling rates and a more favorable environment encouraged issuers to come to the market. Mutual fund cash inflows over the first quarter were followed by outflows in the second, as investors took advantage of the market rally to take profits amid renewed uncertainty.

High yield issuer defaults in the first half of 2016 have surpassed 2015's total default volume. Commodity companies have accounted for 83% of year-to-date bankruptcies. Through June 30, 20 energy companies have defaulted on

$29 billion of debt and four metals and mining issuers have defaulted on almost $8 billion of debt. Nearly 13% of high yield energy companies and 17% of metals and mining issuers have defaulted during the year ended June 30. Consequently, the J.P. Morgan par-weighted trailing 12 month default rate increased over the period to 3.56% in June from 1.80% as of December. Market strategists expect to see more bankruptcies in these industries and the high yield default rate to remain elevated above the 20-year average of 3.1%

Portfolio Review

The portfolio was underweighted in energy compared with the Index. However, during the period the exposure to energy was increased through the addition of relatively higher quality credits. Purchases included BB-rated Concho Resources and Cheniere Corporation. We purposely avoided distressed and restructured names that drove the market rally in the period. Similarly, the portfolio was underweight in metals and mining compared with the Index, which hurt the portfolio's performance relative to the Index. We believe commodity-related companies face a number of headwinds and the substantial risk-on rally this year has been somewhat detached from the underlying fundamentals of the issuers.

An overweight allocation to media and telecom also hurt performance relative to the Index, although this was partially offset by our security selection within the industry. Cable is a relatively defensive sector which lagged the broad market in what was a strong positive environment, however, several of our high conviction positions such as Altice and Charter Communications outperformed.

Performance benefited from credit selection in the information technology sector, partly due to our position in Blue Coat, a leading manufacturer of on-premises security systems. The company has adapted to the growing use of cloud storage, and we anticipate continued expansion of its business. Security selection in the manufacturing sector also contributed positively to performance. Apex Tool, a leading tool manufacturer, is beginning to realize the benefits of cost reductions and restructuring undertaken in recent years. The position in Milacron, a leading manufacturer of systems used in the plastic technology and processing industry, also contributed positively to results. The company reported significantly improved year-over-year first quarter results on the back of strong demand for its products in a number of markets.

Outlook

Eight years after the global financial crisis, weakening corporate profitability, creeping leverage and increased idiosyncratic risks are indicative of an aging high yield credit cycle. Ongoing macro factors, geopolitical developments and negative headlines—all in plentiful supply—will continue to cause volatility in risk assets, including high yield bonds. We believe energy and metals issuers may continue to keep the high yield market default rate elevated for the remainder of this year and into 2017. Market valuations of non-commodity issues are relatively unattractive. Today's high yield market trading and liquidity conditions are more challenging in all market environments as a result of new rules and regulations that dissuade broker-dealers from taking on risk and maintaining inventories.

While the market backdrop outlined above is cause for concern, the support provided to the market by investors' demand for income is considerable. Yields on government bonds in many developed countries are negative and U.S. Treasury yields returned to historic low levels late in the period. If demand for income continues and the U.S.

economy remains in a slow, albeit positive, growth trajectory, high yield issuers may continue to have access to capital markets to refinance and service debt, investors will lend and the credit cycle will lumber along. In addition, the recent rally in oil and natural gas prices may have pushed off several defaults for at least six months and that high yield energy defaults may be lower in 2017 than in 2016. However, a global recession resulting from "Brexit" or another macro influence—not our base case—would derail this thesis.

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

Sincerely,

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.

The New America High Income Fund, Inc.

*  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 1.32 times.

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

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2016 (Unaudited) (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2016 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2016 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2016 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2016 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2016 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2016 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2016 (Unaudited) — Continued (Dollar Amounts in Thousands)