UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Item 1.           Report to Stockholders

February 12, 2014

Dear Shareholder,

We are pleased to report to our shareholders on the results of The New America High Income Fund (the "Fund") for the year ended December 31, 2013. The Fund's net asset value per share (the "NAV") ended the period at $10.58. The market price for the Fund's shares was $9.65 on December 31, 2013, representing a market price discount to NAV of 8.8%, which is generally in line with other leveraged, high yield closed-end funds. In 2013, the Fund paid common stock dividends totaling $0.86 per share, including a special dividend of $.145 per share. The dividend yield for the year ended December 31, 2013 on a share of common stock purchased at year-end 2012 was approximately 8.2%. However, there is no certainty that the monthly dividend will continue at the current level of $.065 per share per month. The common stock dividend can be affected by portfolio results, the cost and amount of leverage, market conditions, and operating expenses, among other factors. The Fund's leverage contributed approximately 24% of the common stock dividend in 2013. It is important to note that leverage is a two-edged sword. Leverage increases the total return to the common shareholders in favorable markets while the opposite is true in unfavorable markets.

At year-end, the Fund had borrowed the maximum $100 million available through its credit facility (the "Facility") with The Bank of Nova Scotia. The Facility, which has a one year term, was extended in November for an additional year. Amounts borrowed under the Facility bear interest at an adjustable rate based on a margin above LIBOR. As a consequence, in the current interest rate environment the 1.07% interest rate on the Facility at December 31, 2013 offered an attractive spread relative to the year-end weighted average current yield of 7.16% on the Fund's portfolio. 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 stock dividend.

Sources: Credit Suisse, Citigroup, Lipper Inc., 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 and Citigroup 10 Year Treasury Index are unmanaged indices. Unlike the Fund, the indices have no trading activity, expenses or leverage.

*  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.

Market Review

High yield bonds produced strong results for the year, outperforming most other fixed income assets against a backdrop that was largely dominated by concerns over rising interest rates. Other external macro developments weighed on the performance for high yield bonds in 2013, including continuing U.S. political discord and looming changes in Fed policy, but each period of elevated volatility was short lived. Recognizing the health of below

investment-grade companies, dedicated high yield investors quickly stepped in to buy during times of weakness, particularly following declines in the second quarter.

With corporate fundamentals remaining stable and yields relatively attractive versus other bond sectors, investors continued to deploy fresh capital into the asset class throughout the year. The market performed well despite the highly anticipated announcement from the Fed regarding the future of its asset purchase program.

The 10-year Treasury yield climbed to 3% in late December, its highest level in more than two years, as the Federal Reserve announced that it would begin to reduce its asset purchase program amid solid economic data. The Fed decided to slow the pace of its Treasury and mortgage-backed securities purchases by $5 billion each in January. In addition, the central bank provided enhanced guidance on short-term interest rates, saying that it is likely to keep policy rates near 0% "well past" the time when the unemployment rate falls to 6.5%. Bond markets had a relatively muted reaction to the Fed decision, suggesting that much of the impact of tapering had been discounted in prior months.

As U.S. Treasury yields tracked higher for much of the year, high yield was one of the few fixed income sectors to produce positive absolute results in 2013. For context, the Credit Suisse High Yield Index returned 7.53% for the year versus -2.02% for the Barclays U.S. Aggregate Bond Index, which represents the broad, investment-grade fixed income universe. Higher-yielding, lower-duration CCC rated bonds outperformed higher-rated securities by a wide margin during the fourth quarter and the 12-month period. In addition to benefiting from relatively low-duration profiles, lower-rated companies also generally received a boost from ongoing balance sheet repair.

After a busy fourth quarter, high yield bonds and leveraged loans both set new annual records for primary market activity—more than $1 trillion below investment-grade new issues were priced this year. According to J.P. Morgan, $398.5 billion of new high yield bonds came to the market in 2013, surpassing the previous record of $368 billion that was set in 2012. More than half of this year's new bond deals were refinancing related, which is positive from a fundamental perspective because it allows companies to lower debt costs and extend maturities.

The average yield-to-worst on the Credit Suisse High Yield Index stood at 5.77% at year end, down from 6.25% at the start of the year. Average credit spreads for the index, represented as the yield premium over Treasuries measured in basis points, declined to 436 at year end, after beginning 2013 at 554. The drop in yield and spread does indicate valuations are becoming stretched for the asset class, but the spread figure is still well above the all-time low of 271 basis points for the index that was set in June 2007.

Strategy Review

Holdings in European and emerging markets credits have been an important and growing allocation in the portfolio. Our focus in the expanding European high yield market is on B-rated credits, and we have added several relatively short-maturity bonds that yield more than comparable-quality U.S. issues. European high yield companies have performed well in recent months, in part because interest rates in the region have increased less than in the U.S. Additionally, most of the portfolio's European holdings traded up following reports that the eurozone economy exited its prolonged recession in the second quarter. At year-end 13.4% of total Fund assets was invested in European issuers and approximately 3.8% of total Fund assets was invested in companies domiciled in emerging market countries.

In terms of casting a wider net outside the U.S., cable operator Altice is an interesting fourth-quarter purchase that has operations in developed Europe as well as emerging markets. While this name is well positioned as the top provider in Israel's duopoly cable market, we are also encouraged by its efforts to diversify globally, with key acquisitions in Europe and the Dominican Republic. Furthermore, Altice recently announced its intentions to launch an IPO, and it plans to use the proceeds to pay down debt and fund future acquisitions. The company's commitment to fund additional acquisitions with equity, rather than debt, is positive for bond investors, and the forthcoming deleveraging is likely to boost the fund's position in the company's subordinated securities.

The Fund's emerging markets bond holdings generally lagged during the fourth quarter. The emerging markets corporate bond asset class has experienced some technical pressure related to capital outflows, although there have also been some credit-specific challenges. For instance, the portfolio has a position in NII Holdings, a Latin American wireless carrier that sold off after reporting disappointing earnings and lowering forward guidance. The larger-than-expected decline in revenues was partly linked to subscriber losses in Mexico. We believe the market has somewhat overreacted to these results as the company has ample liquidity, no significant debt maturities until 2016, and additional assets to sell if needed. Moreover, NII has a competitive advantage in terms of 3G network quality within Brazil, which affirms the company's strategic value.

From a credit quality perspective, our CCC allocation is higher within an historical context given the solid fundamental credit backdrop and low default environment. This allocation benefitted Fund performance; however a relatively equal weight distribution between BB and B rated bonds weighed on results versus peers. BB rated securities underperformed as Treasurys rose and many peers carry a higher concentration to single B issues with lower duration profiles.

Lastly, the portfolio continues to benefit from a number of balance sheet repair stories, such as First Data, Travelport, Rite Aid, and SunEdison. In recent months, each of these companies took advantage of favorable capital market conditions to refinance or extend debt maturities, significantly reducing near-term default risk.

Outlook

While we are encouraged that high yield was one of the few fixed income markets to generate positive results in 2013, we believe that capital appreciation potential may be limited for the coming year, with most bonds at a premium to par value. In our view, the most promising total return opportunities are outside the traditional U.S. BB-rated bond space, but we maintain a positive outlook on the overall asset class. Many of the setbacks that high yield bonds faced over the last few years were related to challenges outside of the asset class that have since diminished, including political wrangling in the U.S. and sovereign debt concerns in Europe.

As we continue to broaden the investment opportunity set, we believe our team is in an advantageous position to leverage various independent insights that arise from the firm's global research platform. In an environment where upside potential is somewhat limited, success generally hinges on an investor's ability to appropriately price risk, which requires a deep assessment of credit fundamentals and relative valuations.

Below investment-grade companies are benefiting from an improving economic environment, leading to healthy cash flows, and corporate fundamentals are generally sound. Following a surge in refinancing activity over the past several years, many companies have pushed out near-term maturities and locked in low debt costs for an extended period. The limited amount of high yield bonds that are set to mature over the next two years is highly supportive of the low default environment. The potential restructuring of TXU—a large, highly leveraged utility

issuer—could have a material impact on the default rate in 2014, but market participants are largely anticipating this event, and the contagion effects should be limited. Additionally, as we search for select investments outside the traditional high yield universe, it is worth noting that distressed and restructuring situations can represent compelling investment opportunities if the risks are fully identified.

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 focused on favorable returns over various market cycles.

Sincerely,

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.

The New America High Income Fund, Inc.

Schedule of Investments — December 31, 2013 (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — December 31, 2013 — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — December 31, 2013 — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — December 31, 2013 — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — December 31, 2013 — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — December 31, 2013 — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — December 31, 2013 — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — December 31, 2013 — Continued (Dollar Amounts in Thousands)