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 Shareholders

August 5, 2015

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, 2015. The Fund's net asset value (the "NAV") was $10.19 as of June 30th. The market price for the Fund's shares ended the period at $8.77, representing a market price discount of 13.9%. During the period the Fund's regular monthly dividend remained at $.065 per share. The annualized dividend yield for a common stock purchase at the year-end 2014 price of $8.94 was 8.7%.

Interest rate risk is one of the risks faced by the Fund's shareholders. After a prolonged period of low rates, statements from the Federal Reserve (the "Fed") indicate that the Fed may soon begin to raise interest rates. We do not know the timing or the magnitude of a potential change in interest rates. 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. However, bonds 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 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. It is also noteworthy that a change in Fed policy to higher interest rates indicates confidence in the strength of the U.S. economy. A stable to improving economy is beneficial to high yield companies.

As of June 30th, the Fund had borrowed $90 million through its credit facility (the "Facility") with the Bank of Nova Scotia, unchanged over the last year. 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 1.08%, which offered an attractive spread relative to the 7.01% market value-weighted average current yield on the Fund's portfolio on June 30th. 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. The Fund's leverage contributed approximately 23% of the common stock dividend year-to-date.

As always, 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, how fully invested the portfolio is 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.

As discussed below, the Fund's investment advisor has adopted a somewhat cautious outlook on the high yield bond market. There are positive underpinnings to the market, but the Fund's portfolio is not immune to the potential volatility resulting from investors withdrawing assets from high yield mutual funds due to rate concerns and fall-out from political or economic news abroad.

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. 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 last year.

Market Review

High yield bonds generated gains for the first half of the year, posting a total return of 2.9%, as measured by the Credit Suisse High Yield Index (the "Index"). Continuing a seasonal pattern investors have seen in recent years, high yield bond prices declined late in the second quarter. There is no shortage of factors creating volatility in today's market environment, many of which are recycled from prior months or years. Concerns about the Greek debt crisis, the Federal Reserve's interest rate policies, and weaker oil prices all negatively impacted investors' outlook at the end of the quarter.

The Federal Reserve did not raise interest rates at its June policy meeting; however, many market analysts believe that generally strong U.S. economic data will lead the central bank to begin tightening monetary policy before the end of the year. As a result of these concerns, the yield on the 10-year Treasury note increased from less than 2.00% in March to nearly 2.50% in early June—the highest level in 2015—before falling to 2.35% at the end of the period as demand for safe-haven assets increased.

The energy sector continued its rebound from the first quarter but languished in June while metals and mining names, particularly in the coal industry, have yet to recover from last year's weakness. From a quality perspective, B rated bonds were well positioned to outperform as rising Treasury yields weighed on higher quality issues and general risk-aversion sentiment impacted lower-rated credits. The average yield spread-to-worst for the Index tightened by 29 basis points over the prior six months and finished the period at 535 basis points over U.S. Treasuries. At the end of June, the yield-to-worst on the Index was a relatively attractive 6.86%, compared to the rich valuations in 2013 and the majority of last year.

According to J.P. Morgan, $191.2 billion of new high yield issues was priced in the first half of 2015. Merger and acquisition (M&A) deal volume remained elevated relative to prior years, supporting net new supply to the market while refinancing continues to be a major use of proceeds for new issued debt. High yield bond defaults totaled

$13 billion in the first half of 2015, representing 21 issuers. Year-to-date, two-thirds of the companies that defaulted on their debt obligations are energy or metals and mining-related, including credits in the coal industry. The J.P. Morgan par-weighted trailing 12 month default rate increased to 1.88% in June from 1.58% in May, but lower than December's trailing 12 month default rate of 2.96%.

Portfolio Review

Commodity sectors will continue to be an area of focus for the portfolio. After last year's considerable declines, the Fund's investments in the energy industry have been top performers year-to-date. Our primary emphasis on high-quality issuers in the sector has benefited the strategy despite oil price volatility during the first half of the year. Energy industry M&A activity and the portfolio's targeted overweight in names deemed likely to be takeover candidates also resulted in attractive gains. For example, a position in Rosetta Resources, an independent oil and gas producer, traded up sharply following the announcement of its purchase by a strategic investment-grade acquirer. Unlike energy, the metals and mining sector continues to trade lower and an underweight to that sector proved advantageous. Iron ore and the coal industry face headwinds partially stemming from excess global supply and a strong U.S. dollar.

Credit selection in the media/telecom sector also aided relative results. We have positioned our portfolio to benefit from M&A activity in the broad media space. Many media and telecom companies, including wireless, cable, and broadcasting, have executed acquisitions to diversify their service offerings and/or broaden their geographic presence. We believe M&A synergies and credit improvements will likely continue over the next few years, and we continue to overweight media-related sectors to benefit from this trend. Additionally, European names are benefiting from secular growth trends, with many carriers seizing opportunities to bundle multiple service offerings and expand revenues. Charter Communications issued new debt during the period to fund its well-publicized merger with Time Warner Cable and acquisition of Bright House Networks. While there are many moving parts, we believe the combined entity will ultimately be one of significant scale, strong free cash flow generation, and healthier credit profile than the stand-alone Charter Communications is today. Additionally, T-Mobile is benefiting from subscriber growth given its unique marketing strategy and potential as an acquisition target.

Limited exposure to the utilities sector weighed on results. Moreover an overweight to NRG Energy detracted from total return as the bonds traded down alongside natural gas price declines. Regardless, we continue to favor NRG Energy given its geographic diversity and strong free cash flow. Credit selection in the consumer products sector weighed on relative results, largely driven by the Fund's position in Quiksilver. These bonds sold off after weaker than expected second-quarter earnings. The company's profitability remains challenged despite management's claims of future 2016 improvements. We are monitoring the position closely.

Outlook

We are cautious in the near term as several adverse factors are likely to weigh on the high yield market. The market typically experiences reduced liquidity in summer months, and volatile interest rates along with global risks from Greece and China could produce a challenging environment. We believe valuations are attractive at the current high yield market average yields of 7%, and aside from the uncertainty emanating from the energy sector, the fundamentals underpinning the companies in the high yield market appear solid. Issuers have repaired

their balance sheets, reduced capital costs, and extended maturities through refinancing activity over the past several years. Increased M&A activity could continue to surprise to the upside given our focus on companies that may be attractive take-over targets, particularly within the energy, health care, and media/telecommunications industries.

We continue to leverage the broad research resources within T. Rowe Price to cast a wide net seeking attractive high yield investment opportunities. As always, we aim to deliver high current income while seeking to limit the impact of volatility inherent in the high yield market on the Fund's portfolio. Our team maintains a commitment to credit research and risk-conscious investing that we believe leads to favorable returns for high yield investors over complete 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.

(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, 2015 (Unaudited) (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2015 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2015 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2015 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2015 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2015 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2015 (Unaudited) — Continued (Dollar Amounts in Thousands)

The New America High Income Fund, Inc.

Schedule of Investments — June 30, 2015 (Unaudited) — Continued (Dollar Amounts in Thousands)