HYB New America High Income Fund Inc

 

The New America High Income Fund, Inc.

September 30, 2023 (Unaudited)

Portfolio of Investments

(Dollar Amounts in Thousands)

 

Principal																Value
Amount/Units																(See Notes)
CORPORATE DEBT SECURITIES - 136.34% (d)(f)
Aerospace & Defense - 2.86%
		$	1,830			TRANSDIGM INC			6.250	%		3/15/2026		(g)		$	1,800
			515			TRANSDIGM INC			7.500	%		3/15/2027					514
			565			TRANSDIGM INC			5.500	%		11/15/2027					530
			745			TRANSDIGM INC			6.750	%		8/15/2028		(g)			736
			1,635			TRANSDIGM INC			6.875	%		12/15/2030		(g)			1,602
																	5,182
Airlines - 2.56%
			2,320			AMERICAN AIRLINES INC			11.750	%		7/15/2025		(g)			2,494
			1,015			AMERICAN AIRLINES/AADVAN			5.750	%		4/20/2029		(g)			941
			570			MILEAGE PLUS HLDINGS LLC			6.500	%		6/20/2027		(g)			564
			760			UNITED AIRLINES INC			4.625	%		4/15/2029		(g)			654
																	4,653
Automotive - 9.91%
			800			ADIENT GLOBAL HOLDINGS			8.250	%		4/15/2031		(g)			800
			270			BENTELER INTERNATIONAL A			10.500	%		5/15/2028		(g)			272
			1,300			CLARIOS GLOBAL LP/US FIN			8.500	%		5/15/2027		(g)			1,298
			552			DANA FINANCING LUX SARL			8.500	%		7/15/2031		(g)(EUR)			590
			1,470			DANA INC			5.625	%		6/15/2028					1,338
			70			FORD MOTOR COMPANY			7.450	%		7/16/2031					72
			480			FORD MOTOR COMPANY			9.625	%		4/22/2030					547
			2,463			FORD MOTOR COMPANY			6.100	%		8/19/2032					2,314
			260			FORD MOTOR CREDIT CO LLC			4.950	%		5/28/2027					243
			1,325			FORD MOTOR CREDIT CO LLC			7.350	%		11/4/2027					1,347
			655			FORD MOTOR CREDIT CO LLC			7.350	%		3/6/2030					663
			995			GOODYEAR TIRE + RUBBER			5.625	%		4/30/2033					811
			1,585			GOODYEAR TIRE + RUBBER			5.250	%		7/15/2031					1,308
			305			JAGUAR LAND ROVER AUTOMO			5.875	%		1/15/2028		(g)			273
			535			LCM INVESTMENTS HOLDINGS			4.875	%		5/1/2029		(g)			452
			1,265			METIS MERGER SUB LLC			6.500	%		5/15/2029		(g)			1,069
			3,500			RIVIAN HLD/AUTO LLC			10.931	%		10/15/2026		(g)			3,500
			635			TENNECO INC			8.000	%		11/17/2028		(g)			516
			170			ZF NA CAPITAL			6.875	%		4/14/2028		(g)			166
			415			ZF NA CAPITAL			7.125	%		4/14/2030		(g)			405
																	17,984
Broadcasting - 7.09%
			1,080			CLEAR CHANNEL OUTDOOR HO			7.750	%		4/15/2028		(g)			856
			540			CLEAR CHANNEL OUTDOOR HO			7.500	%		6/1/2029		(g)			412
			805			CLEAR CHANNEL OUTDOOR HO			9.000	%		9/15/2028		(g)			796
			1,130			CMG MEDIA CORPORATION			8.875	%		12/15/2027		(g)			881
			875			GRAY ESCROW II INC			5.375	%		11/15/2031		(g)			571
			1,865			IHEARTCOMMUNICATIONS INC			8.375	%		5/1/2027					1,338
			433			IHEARTCOMMUNICATIONS INC			5.250	%		8/15/2027		(g)			342
			74			LAMAR MEDIA CORP			4.000	%		2/15/2030					63
			681			LAMAR MEDIA CORP			4.875	%		1/15/2029					620
			1,570			MIDAS OPCO HOLDINGS LLC			5.625	%		8/15/2029		(g)			1,268
			805			NEPTUNE BIDCO US INC			9.290	%		4/15/2029		(g)			728
			145			OUTFRONT MEDIA CAP LLC/C			4.250	%		1/15/2029		(g)			115
			460			SCRIPPS ESCROW INC			5.875	%		7/15/2027		(g)			337
			660			SIRIUS XM RADIO INC			5.000	%		8/1/2027		(g)			602
			740			SIRIUS XM RADIO INC			4.125	%		7/1/2030		(g)			592
			1,285			SIRIUS XM RADIO INC			4.000	%		7/15/2028		(g)			1,092
			665			TOWNSQUARE MEDIA INC			6.875	%		2/1/2026		(g)			624
			720			UNIVISION COMMUNICATIONS			6.625	%		6/1/2027		(g)			670
			590			UNIVISION COMMUNICATIONS			7.375	%		6/30/2030		(g)			538
			445			UNIVISION COMMUNICATIONS			8.000	%		8/15/2028		(g)			429
																	12,874

 

 

Building & Real Estate - 1.32%
			300			BROOKFIELD RESID PROPERT			6.250	%		9/15/2027		(g)			270
			180			CASTLE UK FINCO PLC			7.000	%		5/15/2029		(g)(GBP)			169
			735			CUSHMAN + WAKEFIELD US			6.750	%		5/15/2028		(g)			678
			570			HOWARD HUGHES CORP			5.375	%		8/1/2028		(g)			501
			645			HOWARD HUGHES CORP			4.125	%		2/1/2029		(g)			516
			345			HOWARD HUGHES CORP			4.375	%		2/1/2031		(g)			264
																	2,398
Building Products - 2.60%
			210			ADVANCED DRAINAGE SYSTEM			6.375	%		6/15/2030		(g)			201
			175			BEACON ROOFING SUPPLY IN			6.500	%		8/1/2030		(g)			169
			450			CASCADES INC/USA INC			5.375	%		1/15/2028		(g)			415
			355			GRAPHIC PACKAGING INTERN			3.750	%		2/1/2030		(g)			297
			625			NEW ENTERPRISE STONE + L			5.250	%		7/15/2028		(g)			561
			810			PGT INNOVATIONS INC			4.375	%		10/1/2029		(g)			746
			395			SPECIALTY BUILDING PRODU			6.375	%		9/30/2026		(g)			370
			475			SRS DISTRIBUTION INC			6.000	%		12/1/2029		(g)			401
			640			SUMMIT MATERIALS LLC/FIN			6.500	%		3/15/2027		(g)			626
			1,020			SUMMIT MATERIALS LLC/FIN			5.250	%		1/15/2029		(g)			929
																	4,715
Cable Operators - 10.82%
			1,610			ALTICE FINANCING SA			5.000	%		1/15/2028		(g)			1,372
			795			ALTICE FINANCING SA			5.750	%		8/15/2029		(g)			650
			2,340			ALTICE FRANCE HOLDING SA			6.000	%		2/15/2028		(g)			1,158
			1,620			ALTICE FRANCE HOLDING SA			10.500	%		5/15/2027		(g)			1,012
			995			C+W SENIOR FINANCING DAC			6.875	%		9/15/2027		(g)			877
			325			CCO HLDGS LLC/CAP CORP			5.375	%		6/1/2029		(g)			291
			720			CCO HLDGS LLC/CAP CORP			4.500	%		8/15/2030		(g)			589
			1,090			CCO HLDGS LLC/CAP CORP			4.500	%		6/1/2033		(g)			832
			3,050			CCO HLDGS LLC/CAP CORP			6.375	%		9/1/2029		(g)			2,837
			1,425			CCO HLDGS LLC/CAP CORP			7.375	%		3/1/2031		(g)			1,375
			895			CSC HOLDINGS LLC			7.500	%		4/1/2028		(g)			593
			1,410			CSC HOLDINGS LLC			6.500	%		2/1/2029		(g)			1,169
			880			CSC HOLDINGS LLC			5.750	%		1/15/2030		(g)			493
			465			DIRECTV FIN LLC/COINC			5.875	%		8/15/2027		(g)			412
			935			DISH DBS CORP			7.750	%		7/1/2026					701
			450			DISH DBS CORP			7.375	%		7/1/2028					284
			480			DISH DBS CORP			5.250	%		12/1/2026		(g)			406
			625			DISH DBS CORP			5.750	%		12/1/2028		(g)			480
			1,295			DISH NETWORK CORP			11.750	%		11/15/2027		(g)			1,306
			630			GCI LLC			4.750	%		10/15/2028		(g)			546
			202			LCPR SR SECURED FIN DAC			6.750	%		10/15/2027		(g)			185
			570			RADIATE HOLDCO / FINANCE			6.500	%		9/15/2028		(g)			299
			2,190			VMED O2 UK FINAN			4.750	%		7/15/2031		(g)			1,768
																	19,635
Chemicals - 2.98%
			625			AVIENT CORP			7.125	%		8/1/2030		(g)			614
			260			CELANESE US HOLDINGS LLC			6.550	%		11/15/2030					254
			320			CELANESE US HOLDINGS LLC			6.700	%		11/15/2033					312
			111			COMPASS MINERALS INTERNA			6.750	%		12/1/2027		(g)			105
			870			CVR PARTNERS/CVR NITROGE			6.125	%		6/15/2028		(g)			782
			847			GPD COS INC			10.125	%		4/1/2026		(g)			784
			280			METHANEX CORP			5.250	%		12/15/2029					252
			480			METHANEX CORP			5.125	%		10/15/2027					442
			490			TRONOX INC			4.625	%		3/15/2029		(g)			393
			920			WINDSOR HOLDINGS III LLC			8.500	%		6/15/2030		(g)			906
			715			WR GRACE HOLDING LLC			5.625	%		8/15/2029		(g)			574
																	5,418
Consumer Products - .81%
			574			LIFE TIME INC			5.750	%		1/15/2026		(g)			554
			464			LIFE TIME INC			8.000	%		4/15/2026		(g)			455
			635			WOLVERINE WORLD WIDE			4.000	%		8/15/2029		(g)			469
																	1,478
Container - 2.26%
			1,000			ARDAGH METAL PACKAGING			4.000	%		9/1/2029		(g)			785

 

 

			435			ARDAGH METAL PACKAGING			6.000	%		6/15/2027		(g)			416
			905			BALL CORP			6.875	%		3/15/2028					912
			1,070			BALL CORP			6.000	%		6/15/2029					1,040
			260			SEALED AIR CORP			6.875	%		7/15/2033		(g)			252
			250			SEALED AIR CORP			5.000	%		4/15/2029		(g)			226
			295			SEALED AIR/SEALED AIR US			6.125	%		2/1/2028		(g)			285
			180			TRIDENT TPI HOLDINGS INC			12.750	%		12/31/2028		(g)			188
																	4,104
Energy - 19.09%
			930			AETHON UN/AETHIN UN FIN			8.250	%		2/15/2026		(g)			921
			195			AMERIGAS PART/FIN CORP			5.500	%		5/20/2025					189
			215			AMERIGAS PART/FIN CORP			9.375	%		6/1/2028		(g)			218
			125			ANTERO RESOURCES CORP			7.625	%		2/1/2029		(g)			127
			270			ARCHROCK PARTNERS LP/FIN			6.875	%		4/1/2027		(g)			261
			1,175			CHESAPEAKE ENERGY CORP			6.750	%		4/15/2029		(g)			1,146
			800			CITGO PETROLEUM CORP			7.000	%		6/15/2025		(g)			788
			270			CIVITAS RESOURCES INC			8.375	%		7/1/2028		(g)			275
			400			CIVITAS RESOURCES INC			8.750	%		7/1/2031		(g)			409
			340			COMSTOCK RESOURCES INC			6.750	%		3/1/2029		(g)			313
			530			COMSTOCK RESOURCES INC			5.875	%		1/15/2030		(g)			458
			1,140			CRESCENT ENERGY FINANCE			7.250	%		5/1/2026		(g)			1,112
			505			CRESCENT ENERGY FINANCE			9.250	%		2/15/2028		(g)			514
			215			CRESTWOOD MID PARTNER LP			6.000	%		2/1/2029		(g)			206
			525			CRESTWOOD MID PARTNER LP			7.375	%		2/1/2031		(g)			534
			795			DCP MIDSTREAM OPERATING			6.750	%		9/15/2037		(g)			805
			470			DCP MIDSTREAM OPERATING			8.125	%		8/16/2030					521
			540			DIAMOND FRGN/DIAMOND FIN			8.500	%		10/1/2030		(g)			540
			598			ENDEAVOR ENERGY RESOURCE			5.750	%		1/30/2028		(g)			577
			625			FERRELLGAS LP/FERRELLGAS			5.375	%		4/1/2026		(g)			586
			650			FERRELLGAS LP/FERRELLGAS			5.875	%		4/1/2029		(g)			585
			440			GULFPORT ENERGY OP CORP			8.000	%		5/17/2026		(g)			441
			305			HILCORP ENERGY I/HILCORP			5.750	%		2/1/2029		(g)			275
			385			HILCORP ENERGY I/HILCORP			6.000	%		2/1/2031		(g)			340
			240			HILCORP ENERGY I/HILCORP			6.000	%		4/15/2030		(g)			214
			429			HILCORP ENERGY I/HILCORP			6.250	%		4/15/2032		(g)			380
			1,420			KINETIK HOLDINGS LP			5.875	%		6/15/2030		(g)			1,328
			1,505			MAGNOLIA OIL GAS/MAG FIN			6.000	%		8/1/2026		(g)			1,452
			1,350			NGL ENRGY OP/FIN CORP			7.500	%		2/1/2026		(g)			1,335
			420			NORTHRIVER MIDSTREAM FIN			5.625	%		2/15/2026		(g)			400
			1,190			NUSTAR LOGISTICS LP			6.000	%		6/1/2026					1,156
			345			NUSTAR LOGISTICS LP			5.750	%		10/1/2025					336
			180			OCCIDENTAL PETROLEUM COR			7.875	%		9/15/2031					195
			100			OCCIDENTAL PETROLEUM COR			6.450	%		9/15/2036					99
			790			OCCIDENTAL PETROLEUM COR			7.950	%		6/15/2039					852
			755			OCCIDENTAL PETROLEUM COR			6.200	%		3/15/2040					718
			1,190			OCCIDENTAL PETROLEUM COR			8.875	%		7/15/2030					1,336
			660			PETROLEOS MEXICANOS			6.625	%		6/15/2035					442
			215			RANGE RESOURCES CORP			8.250	%		1/15/2029					220
			270			RANGE RESOURCES CORP			4.750	%		2/15/2030		(g)			239
			315			ROCKCLIFF ENERGY II LLC			5.500	%		10/15/2029		(g)			284
			1,070			SEADRILL FINANCE LTD			8.375	%		8/1/2030		(g)			1,089
			320			SOLARIS MIDSTREAM HOLDIN			7.625	%		4/1/2026		(g)			309
			1,515			SOUTHWESTERN ENERGY CO			4.750	%		2/1/2032					1,299
			405			TALLGRASS NRG PRTNR/FIN			6.000	%		3/1/2027		(g)			381
			370			TALLGRASS NRG PRTNR/FIN			7.500	%		10/1/2025		(g)			370
			1,170			TALLGRASS NRG PRTNR/FIN			6.000	%		12/31/2030		(g)			1,033
			635			TALLGRASS NRG PRTNR/FIN			6.000	%		9/1/2031		(g)			555
			175			TRANSOCEAN AQUILA LTD			8.000	%		9/30/2028		(g)			175
			406			TRANSOCEAN INC			11.500	%		1/30/2027		(g)			426
			835			TRANSOCEAN INC			8.750	%		2/15/2030		(g)			854
			405			VALARIS LTD			8.375	%		4/30/2030		(g)			406
			1,380			VENTURE GLOBAL CALCASIEU			6.250	%		1/15/2030		(g)			1,314
			665			VENTURE GLOBAL LNG INC			8.125	%		6/1/2028		(g)			657
			2,130			VENTURE GLOBAL LNG INC			8.375	%		6/1/2031		(g)			2,101
			585			VERMILION ENERGY INC			6.875	%		5/1/2030		(g)			555
																	34,651

 

 

Entertainment & Leisure - 7.84%
			1,935			CARNIVAL CORP			7.625	%		3/1/2026		(g)			1,882
			45			CARNIVAL CORP			6.000	%		5/1/2029		(g)			38
			1,020			CARNIVAL CORP			10.500	%		6/1/2030		(g)			1,048
			360			CARNIVAL CORP			7.000	%		8/15/2029		(g)			354
			910			CDI ESCROW ISSUER INC			5.750	%		4/1/2030		(g)			820
			245			CEDAR FAIR LP			5.250	%		7/15/2029					213
			1,340			CINEMARK USA INC			5.250	%		7/15/2028		(g)			1,189
			625			LIVE NATION ENTERTAINMEN			4.750	%		10/15/2027		(g)			572
			370			MOTION FINCO SARL			7.375	%		6/15/2030		(g)(EUR)			383
			730			NCL CORPORATION LTD			5.875	%		3/15/2026		(g)			672
			340			NCL CORPORATION LTD			5.875	%		2/15/2027		(g)			321
			835			NCL CORPORATION LTD			7.750	%		2/15/2029		(g)			774
			215			NCL FINANCE LTD			6.125	%		3/15/2028		(g)			190
			480			ROYAL CARIBBEAN CRUISES			5.500	%		4/1/2028		(g)			439
			555			ROYAL CARIBBEAN CRUISES			5.375	%		7/15/2027		(g)			512
			985			ROYAL CARIBBEAN CRUISES			11.625	%		8/15/2027		(g)			1,069
			620			ROYAL CARIBBEAN CRUISES			9.250	%		1/15/2029		(g)			655
			520			ROYAL CARIBBEAN CRUISES			8.250	%		1/15/2029		(g)			537
			960			SEAWORLD PARKS + ENTERTA			5.250	%		8/15/2029		(g)			840
			730			SIX FLAGS ENTERTAINMENT			5.500	%		4/15/2027		(g)			675
			1,110			SIX FLAGS ENTERTAINMENT			7.250	%		5/15/2031		(g)			1,042
																	14,225
Financial - 13.78%
			840			ACRISURE LLC / FIN INC			7.000	%		11/15/2025		(g)			813
			1,925			ACRISURE LLC / FIN INC			10.125	%		8/1/2026		(g)			1,968
			1,135			ALLIANT HOLD / CO ISSUER			6.750	%		10/15/2027		(g)			1,056
			315			ALLIANT HOLD / CO ISSUER			5.875	%		11/1/2029		(g)			273
			295			AMWINS GROUP INC			4.875	%		6/30/2029		(g)			257
			660			APOLLO CMMRL REAL EST FI			4.625	%		6/15/2029		(g)			500
			475			COBRA ACQUISITIONCO LLC			6.375	%		11/1/2029		(g)			352
			1,665			ENACT HOLDINGS INC			6.500	%		8/15/2025		(g)			1,636
			1,225			GTCR AP FINANCE INC			8.000	%		5/15/2027		(g)			1,201
			1,070			GTCR W 2 MERGER SUB LLC			7.500	%		1/15/2031		(g)			1,069
			725			HUB INTERNATIONAL LTD			7.000	%		5/1/2026		(g)			721
			790			HUB INTERNATIONAL LTD			5.625	%		12/1/2029		(g)			686
			1,585			HUB INTERNATIONAL LTD			7.250	%		6/15/2030		(g)			1,579
			460			ICAHN ENTERPRISES/FIN			6.250	%		5/15/2026					427
			490			JANE STREET GRP/JSG FIN			4.500	%		11/15/2029		(g)			420
			785			JONES DESLAURIERS INSURA			8.500	%		3/15/2030		(g)			791
			480			MIDCAP FINANCIAL			5.625	%		1/15/2030		(g)			373
			950			MIDCAP FINANCIAL ISSR TR			6.500	%		5/1/2028		(g)			822
			215			NAVIENT CORP			6.750	%		6/15/2026					209
			500			NAVIENT CORP			5.000	%		3/15/2027					449
			685			NAVIENT CORP			4.875	%		3/15/2028					581
			630			NAVIENT CORP			5.500	%		3/15/2029					529
			1,495			NAVIENT CORP			9.375	%		7/25/2030					1,474
			325			ONEMAIN FINANCE CORP			3.500	%		1/15/2027					278
			1,335			ONEMAIN FINANCE CORP			9.000	%		1/15/2029					1,328
			300			ONEMAIN FINANCE CORP			7.125	%		3/15/2026					294
			610			ONEMAIN FINANCE CORP			6.625	%		1/15/2028					562
			305			ONEMAIN FINANCE CORP			5.375	%		11/15/2029					255
			300			PENNYMAC FIN SVCS INC			5.375	%		10/15/2025		(g)			285
			840			PENNYMAC FIN SVCS INC			4.250	%		2/15/2029		(g)			683
			790			PROG HOLDINGS INC			6.000	%		11/15/2029		(g)			689
			235			RYAN SPECIALTY GROUP			4.375	%		2/1/2030		(g)			205
			335			SLM CORP			4.200	%		10/29/2025					312
			330			STAR PARENT INC			9.000	%		10/1/2030		(g)			332
			465			STARWOOD PROPERTY TRUST			4.375	%		1/15/2027		(g)			407
			320			UNITED WHOLESALE MTGE LL			5.500	%		4/15/2029		(g)			269
			635			UNITED WHOLESALE MTGE LL			5.750	%		6/15/2027		(g)			575
			363			WILLIAMS SCOTSMAN INC			7.375	%		10/1/2031		(g)			360
																	25,020
Food/Tobacco - 1.43%
			285			B+G FOODS INC			5.250	%		4/1/2025					280
			270			B+G FOODS INC			8.000	%		9/15/2028		(g)			270

 

 

			610			BELLRING BRANDS INC			7.000	%		3/15/2030		(g)			601
			520			CHOBANI LLC/FINANCE CORP			7.500	%		4/15/2025		(g)			514
			685			DARLING INGREDIENTS INC			6.000	%		6/15/2030		(g)			648
			345			TRITON WATER HOLDINGS IN			6.250	%		4/1/2029		(g)			285
																	2,598
Gaming - 5.63%
			545			CAESARS ENTERTAIN INC			7.000	%		2/15/2030		(g)			530
			2,065			CAESARS ENTERTAIN INC			8.125	%		7/1/2027		(g)			2,070
			580			CHURCHILL DOWNS INC			6.750	%		5/1/2031		(g)			548
			275			CIRSA FINANCE INTER			4.500	%		3/15/2027		(g)(EUR)			267
			100			CIRSA FINANCE INTER			10.375	%		11/30/2027		(g)(EUR)			114
			1,170			INTERNATIONAL GAME TECH			6.250	%		1/15/2027		(g)			1,148
			375			INTERNATIONAL GAME TECH			5.250	%		1/15/2029		(g)			345
			260			LIGHT + WONDER INTL INC			7.500	%		9/1/2031		(g)			257
			530			LIGHT + WONDER INTL INC			7.000	%		5/15/2028		(g)			519
			1,390			LIGHT + WONDER INTL INC			7.250	%		11/15/2029		(g)			1,366
			120			LOTTOMATICA SPA/ROMA			7.125	%		6/1/2028		(g)(EUR)			129
			435			MGM GROWTH/MGM FINANCE			5.750	%		2/1/2027					421
			500			MIDWEST GMNG BOR/MWG FIN			4.875	%		5/1/2029		(g)			425
			280			ONTARIO GAMING GTA LP			8.000	%		8/1/2030		(g)			279
			475			PLAYTIKA HOLDING CORP			4.250	%		3/15/2029		(g)			397
			565			SC GAMES HOLDIN/US FINCO			6.625	%		3/1/2030		(g)			489
			995			WYNN MACAU LTD			5.500	%		10/1/2027		(g)			886
			23			WYNN RESORTS FINANCE LLC			7.125	%		2/15/2031		(g)			22
																	10,212
Health Care - 9.94%
			780			ADAPTHEALTH LLC			5.125	%		3/1/2030		(g)			608
			1,240			ATHENAHEALTH GROUP INC			6.500	%		2/15/2030		(g)			1,035
			1,415			AVANTOR FUNDING INC			4.625	%		7/15/2028		(g)			1,288
			540			BAUSCH + LOMB ESCROW COR			8.375	%		10/1/2028		(g)			541
			1,100			CHS/COMMUNITY HEALTH SYS			8.000	%		12/15/2027		(g)			1,026
			455			CHS/COMMUNITY HEALTH SYS			6.000	%		1/15/2029		(g)			366
			990			CHS/COMMUNITY HEALTH SYS			6.875	%		4/15/2029		(g)			530
			1,165			CHS/COMMUNITY HEALTH SYS			6.125	%		4/1/2030		(g)			594
			830			CHS/COMMUNITY HEALTH SYS			5.250	%		5/15/2030		(g)			627
			990			DAVITA INC			4.625	%		6/1/2030		(g)			812
			280			IQVIA INC			6.500	%		5/15/2030		(g)			275
			89			LIFEPOINT HEALTH INC			9.875	%		8/15/2030		(g)			86
			450			LIFEPOINT HEALTH INC			11.000	%		10/15/2030		(g)			450
			280			LIFEPT/LEGACY LIFEPT			9.750	%		12/1/2026		(g)			272
			940			MEDLINE BORROWER LP			5.250	%		10/1/2029		(g)			811
			570			MOLINA HEALTHCARE INC			4.375	%		6/15/2028		(g)			511
			735			ORGANON + CO/ORG			5.125	%		4/30/2031		(g)			590
			1,050			SELECT MEDICAL CORP			6.250	%		8/15/2026		(g)			1,022
			424			TENET HEALTHCARE CORP			6.875	%		11/15/2031					405
			1,640			TENET HEALTHCARE CORP			6.125	%		10/1/2028					1,540
			780			TENET HEALTHCARE CORP			6.125	%		6/15/2030					731
			700			TENET HEALTHCARE CORP			4.375	%		1/15/2030					600
			405			TENET HEALTHCARE CORP			6.750	%		5/15/2031		(g)			390
			630			TEVA PHARMACEUTICAL INDU			4.750	%		5/9/2027					578
			465			TEVA PHARMACEUTICALS NE			6.750	%		3/1/2028					456
			1,240			TEVA PHARMACEUTICALS NE			5.125	%		5/9/2029					1,121
			310			TEVA PHARMACEUTICALS NE			8.125	%		9/15/2031					319
			455			TEVA PHARMACEUTICALS NE			7.875	%		9/15/2029					463
																	18,047
Informational Technology - 7.58%
			340			BOXER PARENT CO INC			7.125	%		10/2/2025		(g)			338
			560			BOXER PARENT CO INC			9.125	%		3/1/2026		(g)			558
			810			CAPSTONE BORROWER INC			8.000	%		6/15/2030		(g)			791
			1,185			CLOUD SOFTWARE GRP INC			9.000	%		9/30/2029		(g)			1,031
			1,060			CLOUD SOFTWARE GRP INC			6.500	%		3/31/2029		(g)			933
			510			CNT PRNT/CDK GLO II/FIN			8.000	%		6/15/2029		(g)			510
			1,950			CNTRL PARENT/CDK GLB INC			7.250	%		6/15/2029		(g)			1,892
			2,035			ENTEGRIS ESCROW CORP			5.950	%		6/15/2030		(g)			1,887
			805			GEN DIGITAL INC			6.750	%		9/30/2027		(g)			787
			662			GEN DIGITAL INC			7.125	%		9/30/2030		(g)			651

 

 

			275			GO DADDY OPCO/FINCO			5.250	%		12/1/2027		(g)			259
			295			MATCH GROUP HLD II LLC			5.000	%		12/15/2027		(g)			272
			148			MATCH GROUP HLD II LLC			5.625	%		2/15/2029		(g)			137
			965			MATCH GROUP HLD II LLC			4.125	%		8/1/2030		(g)			799
			305			MATCH GROUP HLD II LLC			4.625	%		6/1/2028		(g)			273
			475			MATCH GROUP HLD II LLC			3.625	%		10/1/2031		(g)			374
			920			MCAFEE CORP			7.375	%		2/15/2030		(g)			769
			475			ROBLOX CORP			3.875	%		5/1/2030		(g)			380
			285			TWILIO INC			3.625	%		3/15/2029					238
			510			TWILIO INC			3.875	%		3/15/2031					413
			573			ZI TECH LLC/ZI FIN CORP			3.875	%		2/1/2029		(g)			476
																	13,768
Lodging - .66%
			300			PARK INTERMED HOLDINGS			5.875	%		10/1/2028		(g)			272
			370			PARK INTERMED HOLDINGS			4.875	%		5/15/2029		(g)			315
			630			RHP HOTEL PPTY/RHP FINAN			4.500	%		2/15/2029		(g)			542
			75			RHP HOTEL PPTY/RHP FINAN			7.250	%		7/15/2028		(g)			74
																	1,203
Manufacturing - 2.35%
			535			EMERALD DEBT MERGER			6.625	%		12/15/2030		(g)			516
			430			GATES GLOBAL/GATES CORP			6.250	%		1/15/2026		(g)			420
			15			HILLENBRAND INC			5.000	%		9/15/2026					14
			325			HILLENBRAND INC			3.750	%		3/1/2031					261
			735			MADISON IAQ LLC			4.125	%		6/30/2028		(g)			628
			420			MADISON IAQ LLC			5.875	%		6/30/2029		(g)			336
			615			MUELLER WATER PRODUCTS			4.000	%		6/15/2029		(g)			538
			735			SENSATA TECHNOLOGIES BV			4.000	%		4/15/2029		(g)			628
			700			SENSATA TECHNOLOGIES BV			5.875	%		9/1/2030		(g)			648
			270			STEVENS HOLDING CO INC			6.125	%		10/1/2026		(g)			271
																	4,260
Metals & Mining - 2.95%
			300			ARSENAL AIC PARENT LLC			8.000	%		10/1/2030		(g)			297
			300			ATI INC			5.125	%		10/1/2031					259
			210			ATI INC			7.250	%		8/15/2030					209
			708			BIG RIVER STEEL/BRS FIN			6.625	%		1/31/2029		(g)			696
			405			ERO COPPER CORP			6.500	%		2/15/2030		(g)			349
			215			FMG RESOURCES AUG 2006			4.500	%		9/15/2027		(g)			195
			445			FMG RESOURCES AUG 2006			5.875	%		4/15/2030		(g)			406
			370			GRAFTECH GLOBAL ENTERPRI			9.875	%		12/15/2028		(g)			351
			1,145			HECLA MINING CO			7.250	%		2/15/2028					1,105
			545			HUDBAY MINERALS INC			6.125	%		4/1/2029		(g)			500
			340			MINERAL RESOURCES LTD			9.250	%		10/1/2028		(g)			343
			745			NOVELIS CORP			4.750	%		1/30/2030		(g)			644
																	5,354
Other Telecommunications - .14%
			475			LEVEL 3 FINANCING INC			3.750	%		7/15/2029		(g)			263
Real Estate Investment Trust Securities - 1.03%
			915			NECESS RETAIL/AFIN OP LP			4.500	%		9/30/2028		(g)			695
			620			SERVICE PROPERTIES TRUST			4.350	%		10/1/2024					595
			580			SERVICE PROPERTIES TRUST			7.500	%		9/15/2025					570
																	1,860
Restaurants - 1.09%
			572			DAVE + BUSTER S INC			7.625	%		11/1/2025		(g)			571
			760			YUM  BRANDS INC			6.875	%		11/15/2037					768
			723			YUM  BRANDS INC			5.350	%		11/1/2043					634
																	1,973
Retail - 2.34%
			143			AT HOME CAYMAN			11.500	%		5/12/2028		(g)			133
			240			AT HOME GROUP INC			4.875	%		7/15/2028		(g)			95
			295			AT HOME GROUP INC			7.125	%		5/12/2028		(g)			142
			65			BATH + BODY WORKS INC			6.694	%		1/15/2027					63
			350			BATH + BODY WORKS INC			7.500	%		6/15/2029					344
			277			BATH + BODY WORKS INC			9.375	%		7/1/2025		(g)			288
			1,005			BATH + BODY WORKS INC			6.625	%		10/1/2030		(g)			942

 

 

			355			BATH + BODY WORKS INC			6.950	%		3/1/2033					319
			1,450			PETSMART INC/PETSMART FI			7.750	%		2/15/2029		(g)			1,350
			660			QVC INC			4.450	%		2/15/2025					578
																	4,254
Satellites - 2.02%
			1,365			CONNECT FINCO SARL/CONNE			6.750	%		10/1/2026		(g)			1,273
			1,094			HUGHES SATELLITE SYSTEMS			6.625	%		8/1/2026					935
			445			INTELSAT JACKSON HLDG			6.500	%		3/15/2030		(g)			393
			475			TELESAT CANADA/TELESAT L			6.500	%		10/15/2027		(g)			242
			650			VIASAT INC			5.625	%		4/15/2027		(g)			561
			400			VIASAT INC			7.500	%		5/30/2031		(g)			264
																	3,668
Services - 7.04%
			451			ADTALEM GLOBAL EDUCATION			5.500	%		3/1/2028		(g)			414
			445			ADVANTAGE SALES + MARKET			6.500	%		11/15/2028		(g)			383
			635			ALBION FINANCING 1SARL /			6.125	%		10/15/2026		(g)			598
			315			ALBION FINANCING 2SARL			8.750	%		4/15/2027		(g)			293
			1,300			ALLIED UNIVERSAL			9.750	%		7/15/2027		(g)			1,170
			520			ALLIED UNIVERSAL			6.000	%		6/1/2029		(g)			391
			440			CLARIV SCI HLD CORP			4.875	%		7/1/2029		(g)			374
			1,012			EG GLOBAL FINANCE PLC			6.750	%		2/7/2025		(g)			989
			609			EG GLOBAL FINANCE PLC			8.500	%		10/30/2025		(g)			600
			92			EG GLOBAL FINANCE PLC			6.250	%		10/30/2025		(EUR)			95
			760			FAIR ISAAC CORP			4.000	%		6/15/2028		(g)			677
			1,265			H+E EQUIPMENT SERVICES			3.875	%		12/15/2028		(g)			1,083
			100			ITELYUM REGENERATION SPA			4.625	%		10/1/2026		(g)(EUR)			98
			685			PRESIDIO HOLDING INC			8.250	%		2/1/2028		(g)			654
			465			PRIME SECSRVC BRW/FINANC			5.750	%		4/15/2026		(g)			450
			710			PRIME SECSRVC BRW/FINANC			6.250	%		1/15/2028		(g)			658
			290			RITCHIE BROS HLDGS INC			6.750	%		3/15/2028		(g)			289
			390			RITCHIE BROS HLDGS INC			7.750	%		3/15/2031		(g)			395
			1,309			TK ELEVATOR HOLDCO GMBH			7.625	%		7/15/2028		(g)			1,199
			1,460			TK ELEVATOR US NEWCO INC			5.250	%		7/15/2027		(g)			1,332
			775			UNITED RENTALS NORTH AM			3.750	%		1/15/2032					625
																	12,767
Supermarkets - .46%
			540			ALBERTSONS COS/SAFEWAY			4.875	%		2/15/2030		(g)			485
			100			ICELAND BONDCO PLC			4.625	%		3/15/2025		(GBP)			120
			100			ICELAND BONDCO PLC			10.875	%		12/15/2027		(g)(GBP)			124
			100			ICELAND BONDCO PLC			9.254	%		12/15/2027		(g)(EUR)			105
																	834
Transportation - .38%
			730			WATCO COS LLC/FINANCE CO			6.500	%		6/15/2027		(g)			684
Utilities - 6.82%
			310			CALPINE CORP			4.500	%		2/15/2028		(g)			278
			950			CALPINE CORP			5.125	%		3/15/2028		(g)			846
			625			CALPINE CORP			5.000	%		2/1/2031		(g)			503
			135			PATTERN ENERGY OP LP/PAT			4.500	%		8/15/2028		(g)			117
			1,065			PG+E CORP			5.000	%		7/1/2028					960
			1,300			PG+E CORP			5.250	%		7/1/2030					1,131
			358			PIKE CORP			5.500	%		9/1/2028		(g)			313
			1,110			TALEN ENERGY SUPPLY LLC			8.625	%		6/1/2030		(g)			1,136
			1,795			TERRAFORM GLOBAL OPERATI			6.125	%		3/1/2026		(g)			1,759
			195			TRANSALTA CORP			7.750	%		11/15/2029					198
			3,120			VISTRA CORP			8.000	%		12/31/2099		(b)(g)			2,972
			2,360			VISTRA CORP			7.000	%		12/31/2099		(b)(g)			2,171
																	12,384
Wireless Communications - .56%
			950			ILIAD HOLDING SAS			6.500	%		10/15/2026		(g)			889
			140			US CELLULAR CORP			6.700	%		12/15/2033					136
																	1,025
						Total Corporate Debt Securities
						(Total cost of $269,245)											247,491

 

 

BANK DEBT SECURITIES - 6.77% (d)(f)
Aerospace & Defense - .11%
			213			PERATON CORP			13.233	%		2/1/2029					208
Airlines - .33%
			581			MILEAGE PLUS HOLDINGS LLC			10.909	%		6/21/2027					603
Automotive - .31%
			555			WAND NEWCO 3 INC			8.166	%		2/5/2026					553
Broadcasting - .17%
			255			NEPTUNE US BIDCO INC			15.148	%		10/11/2029					250
			121			DIAMOND SPORTS GROUP LLC			13.431	%		5/25/2026					61
																	311
Energy - .15%
			270			PRAIRIE ECI ACQUIROR LP			10.166	%		3/11/2026					270
Information Technology - .40%
			120			BANFF MERGER SUB INC			10.931	%		2/27/2026					119
			600			REALPAGE INC			11.931	%		4/23/2029					601
																	720
Services - 2.62%
			1,130			ASCEND LEARNING LLC			11.166	%		12/10/2029					960
			2,760			ULTIMATE SOFTWARE GROUP INC			10.618	%		5/3/2027					2,753
			1,042			ULTIMATE SOFTWARE GROUP INC.			8.618	%		5/4/2026					1,038
																	4,751
Wireless Communications - 2.68%
			3,664			ASURION LLC			10.568	%		1/31/2028					3,290
			1,785			ASURION LLC			10.681	%		1/20/2029					1,579
																	4,869
						Total Bank Debt Securities
						(Total cost of $12,788)											12,285
CONVERTIBLE BONDS - .21% (d)(f)
Automotive - .21%			265			RIVIAN AUTO INC			4.625	%		3/15/2029		(g)			387
						Total Convertible Bonds
						(Total cost of $261)											387

 

Shares
PREFERRED STOCK - .17% (d)(f)
Financial - .17%
			325			ALLIANT SERVICES SERIES A,
						Acquisition Date 11/06/20, Cost $320			9.750	%		1/2/2024		(c)(e)			309
						Total Preferred Stock
						(Total cost of $320)											309
COMMON STOCK - .96% (d)(f)
Healthcare - .67%
			31,256			AVANTOR INC								(a)			659
			2,163			BECTON DICKINSON AND CO											559
																	1,218
Manufacturing - .29%
			2,102			DANAHER CORP											522
						Total Common Stock
						(Total cost of $1,526)											1,740
						Total Investments - 144.45% (d)
						(Total cost of $284,140)											262,212
						Cash And Other Assets
						Less Liabilities - (44.45%) (d)											(80,685	)
						Net Assets - 100%										$	181,527

 

(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 $309 or .17% of total net assets as of September 30, 2023.

 

(d)	Percentages indicated are based on total net assets to common shareholders of $181,527.

 

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

 

(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 $200,217 as of September 30, 2023.

 

(EUR) Euro

 

(GBP) British Pound

 

 

Derivative Contracts (Currency Amounts in Thousands)

 

Forward Currency Exchange Contracts - As of September 30, 2023 the Fund had forward currency exchange contracts outstanding as follows:

 

																Unrealized
		Settlement		Receive												Appreciation
Counterparty		Date		(Deliver)				Asset				Liability				(Depreciation)
Royal Bank of Canada		10/3/23		EUR	1,714				1,812				1,815				(3	)
Royal Bank of Canada		10/3/23		EUR	(1,714	)			1,863				1,812				51
Royal Bank of Canada		11/2/23		EUR	(1,714	)			1,817				1,814				3
Royal Bank of Canada		10/3/23		GBP	334				408				410				(2	)
HSBC Bank		10/3/23		GBP	(334	)			423				408				15
Royal Bank of Canada		11/2/23		GBP	(334	)			410				408				2
Net unrealized gain on open forward currency exchange contracts																$	66

 

 

The New America High Income Fund, Inc.

Notes to Portfolio of Investments

September 30, 2023 (Unaudited)

 

The New America High Income Fund, Inc. (the Fund) was organized as a corporation in the state of Maryland on November 19, 1987 and is registered with the Securities and Exchange Commission as a diversified, closed-end investment company under the Investment Company Act of 1940. The Fund follows the Investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification topic 946 “financial services investment companies”.

 

Valuation of Investments—The Fund’s Board of Directors has adopted policies and procedures to fair value securities that are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. Except as otherwise described below, the Fund's investments are valued based on evaluated bid prices provided by an independent pricing service. Independent pricing services provide prices based primarily on quotations from dealers and brokers, market transactions, data accessed from quotations services, offering sheets obtained from dealers and various relationships among similar securities. Investments whose primary market is on an exchange are valued at the last sale price on the day of valuation. Short-term investments with original maturities of 60 days or less are stated at amortized cost, which approximates the fair value of such investments. Investments for which market prices are not yet provided by an independent pricing service (primarily newly issued fixed-income corporate bonds and notes) shall be valued at the most recently quoted bid price provided by a principal market maker for the security. Fair value measurement is further discussed in this footnote.

 

Foreign Currency—Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation.

 

 

Foreign Currency Forward Exchange Contracts—The Fund may enter into foreign currency forward exchange contracts to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed upon price on an agreed future date.

 

Fair Value Measurement—The Fund applies ASC 820 “Fair Value Measurements and Disclosures”. This standard establishes the definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

 

The three levels of the fair value hierarchy under ASC 820 are described below:

 

Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

 

Level 2—Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

 

Level 3—Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

A description of the valuation techniques applied to the Fund’s major asset and liability categories is as follows.

 

Debt securities (corporate, convertible & bank debt). The fair value of debt securities is provided by independent pricing services using quotations from dealers and brokers, market transactions, data from quotations services, offering sheets and various relationships between securities. While most corporate bonds are categorized in level 2 of the fair value hierarchy, there may be instances where less observable inputs necessitate a level 3 categorization.

 

Equity securities (preferred and common stock). Equity securities for which the primary market is on an exchange will be valued at the last sale price on the day of valuation and are categorized in level 1 of the fair value hierarchy. Other equity securities traded in inactive markets or valued by independent pricing services using methods similar to debt securities are categorized in level 2. The fair value of equity securities in which observable inputs are unavailable are categorized in level 3.

 

Short-term investments. Short-term investments are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely the values would be categorized in level 2 of the fair value hierarchy.

 

Forwards are valued at the unrealized gain or loss on the contract as measured by the difference between the forward exchange rates at the date of entry into the contract and the forward rates at the reporting date. Forwards are categorized in level 2 of the fair value hierarchy.

 

The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments:

 

		Level 1			Level 2			Level 3			Total Value
		Quoted Prices (000’s)			Significant Observable Inputs (000’s)			Significant Unobservable Inputs (000’s)			(000’s)
Investments
Debt Securities*		$	—		$	260,163		—			$	260,163
Preferred Stock
Financial		—			—			309			309
Common Stock
Healthcare		1218			—			—			1218
Utilities		522			—			—			522
Total Investments		$	1,740		$	260,163		$	309		$	262,212

 

 

		Level 1			Level 2			Level 3			Total Value
		Quoted Prices (000’s)			Significant Observable Inputs (000’s)			Significant Unobservable Inputs (000’s)			(000’s)
Forward Currency  Exchange  Contracts		$	—		$	66		$	—		$	66

 

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

 

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs.

 

Asset Type

Fair Value as of September 30, 2023

Valuation Techniques

Unobservable Input

Input Values

Impact to Valuation from an increase to input

Alliant Services, Convertible preferred stock

$

309,000

Yield analysis model

Private placement issuance

Model

Increase

 

The Fund owned one Level 3 security at September 30, 2023. It is identified on the Schedule of Investments with a footnote (e) and has a value of $309,000. The value was determined by the Valuation Committee of the Fund's investment advisor, T. Rowe Price, under procedures approved by the Board of Directors. The techniques used to arrive at this valuation take into account the lack of trading, lack of vendor coverage, resale restrictions, company specific or industry events and other market factors. The value is derived based on a model that was setup using the yield analysis functionality.

 

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

 

		Securities (000's)
Balance, December 31, 2022		$	—
Transfers in			309
Change in unrealized depreciation			—
Balance, September 30, 2023		$	309

 

 

---