Edgar Filing: NEW AMERICA HIGH INCOME FUND INC

SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )

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[X] Definitive Proxy Statement

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[ ] Soliciting Material Under Rule 14a-12

(Name of Registrant as Specified in Its Charter)

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The New America High Income Fund, Inc.

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THE NEW AMERICA HIGH INCOME FUND, INC.
33 BROAD STREET
BOSTON, MASSACHUSETTS 02109

March 13, 2003

Dear Stockholder:

You are cordially invited to attend the 2003 Annual Meeting of Stockholders
(the "Annual Meeting" or "Meeting") of The New America High Income Fund, Inc., a
Maryland corporation (the "Fund") to be held at the offices of Goodwin Procter
LLP, Exchange Place, 53 State Street, Boston, Massachusetts 02109, on Thursday,
April 17, 2003 at 11:00 a.m. local time.

We hope that you will be able to attend the Meeting. Whether or not you plan
to attend the Meeting and regardless of the number of shares you own, it is
important that your shares be represented. You are urged to complete, sign and
date the enclosed proxy card and return it in the enclosed postage-paid envelope
or vote your shares via the Internet or by touch tone telephone. Please act
promptly to assure that your shares are represented at the meeting.

Sincerely,

/s/ Robert F. Birch

Robert F. Birch
PRESIDENT

IMPORTANT

PLEASE GIVE ALL OF THIS INFORMATION YOUR CAREFUL ATTENTION. IT IS IMPORTANT THAT
YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING. WHETHER OR NOT YOU PLAN TO
ATTEND THE ANNUAL MEETING IN PERSON, YOU ARE REQUESTED TO PROMPTLY COMPLETE,
SIGN AND RETURN THE ENCLOSED PROXY CARD AS SOON AS POSSIBLE. CERTAIN HOLDERS OF
THE COMMON STOCK MAY ALSO VOTE THEIR SHARES VIA THE INTERNET OR BY TELEPHONE AS
DISCUSSED IN THE PROXY STATEMENT. RETURNING A SIGNED PROXY CARD OR AUTHORIZING A
PROXY BY TELEPHONE OR OVER THE INTERNET TO VOTE YOUR SHARES WILL NOT PREVENT YOU
FROM VOTING YOUR SHARES IN PERSON IF YOU SUBSEQUENTLY CHOOSE TO ATTEND THE
MEETING, BUT YOUR PRESENCE (WITHOUT FURTHER ACTION) AT THE MEETING WILL NOT IN
ITSELF CONSTITUTE A REVOCATION OF A PREVIOUSLY DELIVERED PROXY.

THE NEW AMERICA HIGH INCOME FUND, INC.
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NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON THURSDAY, APRIL 17, 2003
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To the stockholders of The New America High Income Fund, Inc.:

NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders (the "Annual
Meeting" or "Meeting") of The New America High Income Fund, Inc., a Maryland
corporation (the "Fund"), will be held at the offices of Goodwin Procter LLP,
Exchange Place, 53 State Street, Boston, Massachusetts 02109, on Thursday,
April 17, 2003 at 11:00 a.m. local time, for the following purposes:

1. To elect five Directors of the Fund, two of whom shall be elected by the
holders of the Fund's Series A, Series B, Series C and Series D Auction
Term Preferred Stock (collectively, the "ATP"), and the remainder of whom
shall be elected by the holders of the Fund's Common Stock and the Fund's
ATP, to hold office until the next annual meeting of stockholders and
until their successors shall have been duly elected and qualified.

2. To transact such other business as may properly come before the Annual
Meeting and any adjournments thereof.

The matters referred to above may be acted upon at the Annual Meeting or any
adjournments thereof.

The close of business on Monday, March 3, 2003, has been fixed as the record
date for the determination of stockholders entitled to notice of, and to vote
at, the Annual Meeting and any adjournments or postponements thereof.

YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND.
WHETHER OR NOT YOU EXPECT TO BE PRESENT AT THE ANNUAL MEETING, PLEASE COMPLETE
AND SIGN THE ENCLOSED PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED
ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES. HOLDERS OF THE
FUND'S COMMON STOCK SHOULD SIGN AND RETURN THE WHITE PROXY CARD. HOLDERS OF THE
FUND'S AUCTION TERM PREFERRED STOCK SHOULD SIGN AND RETURN THE YELLOW PROXY
CARD. CERTAIN HOLDERS OF COMMON STOCK MAY ALSO SUBMIT THEIR PROXIES OVER THE
INTERNET OR BY TELEPHONE.

By Order of the Board of Directors

Richard E. Floor
Secretary

March 13, 2003
Boston, Massachusetts

THE NEW AMERICA HIGH INCOME FUND, INC.
33 BROAD STREET
BOSTON, MASSACHUSETTS 02109
(617) 263-6400
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PROXY STATEMENT
ANNUAL MEETING OF STOCKHOLDERS
APRIL 17, 2003
------------------------

This proxy statement is furnished in connection with the solicitation of
proxies on behalf of the Board of Directors of The New America High Income
Fund, Inc., a Maryland corporation (the "Fund"), for use at the Fund's Annual
Meeting of Stockholders (the "Annual Meeting" or "Meeting") to be held at the
offices of Goodwin Procter LLP, Exchange Place, 53 State Street, Boston,
Massachusetts 02109 on Thursday, April 17, 2003 at 11:00 a.m. local time, and at
any and all adjournments or postponements thereof, for the purposes set forth in
the accompanying Notice of Annual Meeting dated March 13, 2003.

This proxy statement and the accompanying Notice of Annual Meeting and form
of proxy will be first sent to stockholders on or about March 13, 2003. The
Board of Directors has fixed the close of business on Monday, March 3, 2003, as
the record date for the determination of stockholders entitled to notice of and
to vote at the Annual Meeting. As of the record date, 69,822,980 shares of the
Fund's Common Stock, par value $.01 per share (the "Common Stock"), were issued
and outstanding and 4,000 shares of the Fund's Auction Term Preferred Stock (the
"ATP"), par value $1.00 per share, liquidation preference $25,000 per share,
were issued and outstanding, consisting of 1,400 shares of ATP Series A, 1,000
shares of ATP Series B, 600 shares of ATP Series C and 1,000 shares of ATP
Series D. Each outstanding share of the Common Stock and each outstanding share
of the ATP is entitled to one vote on each matter submitted to stockholders at
the Annual Meeting of the relevant class or classes as described below. The Fund
does not know of any person who beneficially owned more than 5% of the
outstanding shares of the Common Stock or the ATP at March 3, 2003.

If the accompanying form of proxy is properly executed and returned in time
to be voted at the Annual Meeting (either by returning the paper proxy card or,
for certain holders of the Common Stock, by submitting a proxy electronically by
telephone or over the Internet), the shares represented thereby will be voted in
accordance with the instructions indicated thereon by the stockholder. Executed
proxies that are unmarked will be voted for the election of the applicable
nominees named herein as Directors of the Fund and in the discretion of the
persons named as proxies in connection with any other matter which may properly
come before the Annual Meeting or any adjournments thereof.

Holders of the Common Stock who tender proxies by mail should sign and
return the white proxy card. Holders of the ATP should sign and return the
yellow proxy card. The proxy card should be returned in the enclosed
postage-paid envelope. Certain holders of the Common Stock also have the option
of executing and returning their proxies by telephone or over the Internet. The
form of proxy these stockholders receive along with the proxy statement includes
an attachment that has instructions both for calling a toll free number for
automated touch-tone voting and for finding a website address that will permit
voting over the Internet. Prior to using either of these methods of voting,
stockholders should read the proxy statement and have it and the form of proxy
ready at hand.

A stockholder voting by telephone or over the Internet represents that the
stockholder is authorized to vote the shares of the Common Stock being voted,
for example, when a stockholder is acting on behalf of all registered owners of
an account or in the capacity of trustee of a trust or officer of an
organization that holds Fund shares. In addition, by using the telephone or the
Internet to submit voting instructions, the stockholder expressly authorizes

EquiServe Trust Company, N.A. ("EquiServe"), which is assisting the Fund in
gathering and tabulating votes for the Annual Meeting, and its agents, to
execute a proxy to vote the stockholder's shares at the Annual Meeting as the
stockholder has indicated. The Fund believes that the procedures governing the
execution of proxies by telephone or over the Internet are reasonably designed
to ensure that the identities of the stockholders executing proxies are
accurately determined and that the voting instructions of those stockholders are
accurately recorded.

Abstentions do not constitute a vote "for" or "against" a matter and will be
disregarded in determining the "votes cast" for purposes of Proposal One.
Abstentions will, however, be counted as shares present at the Meeting for
purposes of determining the existence of a quorum. Broker "non-votes" (i.e.,
proxies from brokers or nominees indicating that such persons have not received
instructions from the beneficial owner or other person entitled to vote shares
on a particular matter with respect to which the brokers or nominees do not have
discretionary voting power) will be treated as abstentions. A stockholder may
revoke his or her proxy prior to its use by appearing at the Annual Meeting and
voting in person, by giving written notice of such revocation to the Secretary
of the Fund, or by returning a subsequently dated proxy. In addition, holders of
the Common Stock who may vote by telephone or over the Internet may also revoke
their proxies by executing a subsequently dated proxy using either of these
methods of voting. Holders of the Common Stock who vote by telephone or over the
Internet should not subsequently return a proxy card by mail unless they intend
the proxy card to revoke their prior instructions given by telephone or over the
Internet.

If shares of the ATP are registered in the name of a New York Stock Exchange
("NYSE") member or the name of the member's nominee on behalf of the shares'
beneficial owner, the member will request voting instructions with respect to
the shares from the beneficial owner. If the member does not receive voting
instructions for those shares in a timely manner and certain other conditions
are met, the member may vote the shares in the same proportion as the member
votes shares of the ATP for which beneficial holders have provided voting
instructions.

In the event a quorum is not present at the Annual Meeting or in the event a
quorum is present at the Annual Meeting but sufficient votes to approve any of
the proposals are not received, the persons named as proxies may propose one or
more adjournments of the Annual Meeting to permit further solicitation of
proxies, provided that such persons determine such an adjournment and additional
solicitation is reasonable and in the interest of stockholders. A stockholder
vote may be taken on any proposal in this Proxy Statement prior to such
adjournment if sufficient votes have been received and such vote is otherwise
appropriate. Any such adjournment will require the affirmative vote of a
majority of those shares present at the Annual Meeting in person or by proxy.

In addition to the solicitation of proxies by mail, Directors and officers
of the Fund or other representatives of the Fund may also solicit proxies by
telephone, by telegraph or in person. The Fund has also retained a proxy
solicitor, The Altman Group, Inc. ("Altman"), to assist in the solicitation of
proxies. Pursuant to this arrangement, Altman has agreed to contact banks,
brokers and proxy intermediaries to secure votes in favor of the proposal
described in this Proxy Statement. The costs of retaining Altman, which will be
fully borne by the Fund, are not expected to exceed $10,000. Under the
agreement, the Fund has agreed to indemnify and hold harmless Altman and its
employees against any loss, damage, expense, liability or claim incurred in
connection with the solicitation of proxies except in case of gross negligence
or misconduct on the part of Altman. The agreement between the Fund and Altman
will terminate upon the conclusion of the Annual Meeting or any adjournments
thereof. The costs of proxy solicitation and expenses incurred in connection
with preparing this Proxy Statement and its enclosures will be paid by the Fund.

EACH STOCKHOLDER ENTITLED TO NOTICE OF AND TO VOTE AT THE ANNUAL MEETING HAS
BEEN SENT A COPY OF THE ANNUAL REPORT OF THE FUND FOR THE YEAR ENDED
DECEMBER 31, 2002, INCLUDING FINANCIAL STATEMENTS, EITHER WITH THIS PROXY
STATEMENT OR UNDER SEPARATE COVER. IF YOU DID NOT RECEIVE THE ANNUAL REPORT OR
IF YOU WOULD LIKE TO REQUEST ANOTHER COPY, YOU MAY CALL THE FUND COLLECT AT
(617) 263-6400.

THE INVESTMENT ADVISER
AND ADMINISTRATIVE SERVICES

T. Rowe Price Associates, Inc. with its principal office at 100 East Pratt
Street, Baltimore, Maryland 21202, has served as the investment adviser to the
Fund since December 2, 2002. Since February 1992, the Fund has engaged Ellen E.
Terry to perform administrative services, and has engaged Paul E. Saidnawey to
provide certain related administrative services subject to the supervision of
the President of the Fund and Ms. Terry.

PROPOSAL ONE
ELECTION OF DIRECTORS

The stockholders of the Fund are being asked to elect the five nominees
listed below as Directors of the Fund, to serve as such until the next annual
meeting of the Fund's stockholders and until their successors shall have been
duly elected and qualified. The five nominees named below are presently serving
as Directors of the Fund. All shares represented by valid proxies will be voted
in the election of Directors for the applicable nominees named below, unless
authority to vote for a particular nominee is withheld. Each nominee has agreed
to serve as a Director if elected. If any such nominee is not available for
election at the time of the Annual Meeting, the persons named as proxies will
vote for such substitute nominee as the Board of Directors may recommend.

Under the terms of the Fund's charter, the holders of the ATP are entitled
as a class, to the exclusion of the holders of the Common Stock, to elect two
Directors of the Fund. For this purpose all series of the ATP vote together as a
single class. Joseph L. Bower and Bernard J. Korman have been nominated as the
Directors to be elected by the holders of the ATP. The Fund's charter further
provides for the election of the other three nominees named below by the holders
of the Common Stock and the holders of all series of the ATP, voting together as
a single class. A plurality of all the votes cast at a meeting at which a quorum
is present is sufficient to elect a Director. Election of Directors is
non-cumulative; accordingly, holders of a majority of the outstanding shares of
the relevant class or classes represented at the Annual Meeting in person or by
proxy may elect all of the Directors who are subject to election by such class
or classes.

THE BOARD OF DIRECTORS RECOMMENDS THAT STOCKHOLDERS VOTE FOR THE ELECTION OF
THE FIVE NOMINEES TO THE FUND'S BOARD OF DIRECTORS.

The nominees for election to the Board of Directors who are not "interested
persons" of the Fund within the meaning of Section 2(a)(19) of the Investment
Company Act of 1940, as amended (the "1940 Act"), are as follows:

POSITION(S) PRINCIPAL OCCUPATION(S)
NAME AND AGE WITH THE FUND(1) DURING PAST 5 YEARS OTHER DIRECTORSHIPS
------------ ---------------- ------------------- -------------------

PREFERRED STOCK NOMINEES
Joseph L. Bower Director since Professor, Harvard Business School Director of Anika
Date of Birth: 1988 since 1963--as Donald K. David Therapeutics, Inc., Sonesta
09/21/38 Professor of Business International Hotels Corporation,
Administration since 1986, Senior Loews Corporation (a conglomerate),
Associate Dean, Chair of the and Brown Shoe Company, Inc.;
Doctoral Programs, Chair of the Independent General Partner of
General Management Area, and ML-Lee Acquisition Funds, L.P.; and
currently, Chair of the General Trustee of TH Lee-Putnam Emerging
Manager Program; member and Opportunities Portfolio.
research fellow at the Institute of
Politics since 1966; faculty member
of the John F. Kennedy School of
Government since 1969.
Bernard J. Korman Director since Chairman of the Board of Directors Director of Kramont Realty Trust,
Date of Birth: 1987 of Philadelphia Health Care Trust. Omega Healthcare Investors, Inc.
10/13/31 (real estate investment trust), The
Pep Boys, Inc. (automotive
supplies), and Nutramax
Products, Inc. (a consumer
healthcare products company).
COMMON STOCK NOMINEE
Ernest E. Monrad Director since Trustee since 1960 and Chairman of Trustee of Century Shares Trust and
Date of Birth: 1988 the Trustees from 1969 to May 2001 Century Small Cap Select.
05/30/30 of Northeast Investors Trust;
Chairman, Assistant Treasurer and a
Director since 1981 of Northeast
Investors Growth Fund; Director and
Vice President of Northeast
Investment Management, Inc., and
Director of Northeast Management &
Research Company, Inc.

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(1) The Fund is not part of any fund complex.

The nominees for election to the Board of Directors who are "interested
persons" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act are
as follows:

POSITION(S) PRINCIPAL OCCUPATION(S)
NAME AND AGE WITH THE FUND(1) DURING PAST 5 YEARS OTHER DIRECTORSHIPS
------------ ---------------- ------------------- -------------------

COMMON STOCK NOMINEES
Robert F. Birch* Director and Private investor and consultant. Director of Hyperion Funds (4
Date of Birth: President since funds), and Director of the
03/12/36 1992 Brandywine Funds (3 funds).

Richard E. Floor* Director and Partner through his professional Director of Affiliated Managers
Date of Birth: Secretary since corporation with the law firm of Group, Inc.
08/03/40 1987 Goodwin Procter LLP, Boston,
Massachusetts.

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* Messrs. Birch and Floor are deemed to be "interested persons" of the Fund
within the meaning of Section 2(a)(19) of the 1940 Act because, in the case
of Mr. Birch, he is the President of the Fund and, in the case of
Mr. Floor, he is the Secretary of the Fund and a partner, through his
professional corporation, of Goodwin Procter LLP, counsel to the Fund.
(1) The Fund is not part of any fund complex.

The address of each Director is: c/o The New America High Income Fund, Inc.,
33 Broad Street, Boston, Massachusetts 02109.

EXECUTIVE OFFICER

Ellen E. Terry (date of birth 04/09/59), Vice President and Treasurer of the
Fund since February 18, 1992, is the only executive officer of the Fund not
named in the above table of Directors who are interested persons of the Fund.
Ms. Terry served as Acting President and Treasurer of the Fund from October 1991
through February 18, 1992, and as Vice President of the Fund prior to such time.
Ms. Terry's address is: c/o The New America High Income Fund, Inc., 33 Broad
Street, Boston, Massachusetts 02109. A Fund officer holds office until the
officer's successor is duly elected and qualified, until the officer's death or
until the officer's resignation or removal.

SECURITY OWNERSHIP OF MANAGEMENT

The following table shows the beneficial ownership of the Fund's Common
Stock by the Fund's Directors and officers at December 31, 2002, based on
information provided to the Fund by the Directors and officers. No officer or
Director of the Fund owns shares of the Fund's ATP. All individuals listed in
the table have sole voting and investment power over the shares reported as
owned unless otherwise indicated.

SHARES OF PERCENT OF SHARES OF
COMMON STOCK COMMON STOCK
NAME OF BENEFICIAL OWNER BENEFICIALLY OWNED BENEFICIALLY OWNED
------------------------ ------------------ ------------------

Joseph L. Bower 20,000 *
Bernard J. Korman 507,309 *
Ernest E. Monrad 271,900(1) *
Robert F. Birch 147,425(2) *
Richard E. Floor 144,542 *
Ellen E. Terry 19,270 *
All executive officers and directors as
a group 1,110,446 1.60%

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* Less than 1%
(1) Includes 121,954 shares owned by Mr. Monrad's spouse and 7,037 shares held
by Mr. Monrad as a fiduciary for unrelated persons. Mr. Monrad disclaims
beneficial ownership of the shares he holds as a fiduciary for unrelated
persons.
(2) Includes 22,000 shares held by a family limited partnership. Mr. Birch has
shared voting and investment power with respect to these shares.

The address of each director and officer is: c/o The New America High Income
Fund, Inc., 33 Broad Street, Boston, Massachusetts 02109.

BOARD OF DIRECTORS AND COMMITTEE MEETINGS

During 2002, the Directors of the Fund met five (5) times. During such year,
each Director attended at least 75% of the meetings held by the Board. The Board
of Directors has an Audit and Nominating Committee, which it created in February
2000 to succeed the Fund's Audit Committee. The Audit and Nominating Committee
is responsible for: (a) overseeing the audit process for the Fund and
considering any questions raised by the Fund's independent public accountants
concerning the Fund's financial reporting process, internal controls, and
compliance procedures, (b) supervising the nomination and election of Directors
who are not "interested persons" of the Fund, and (c) reviewing on a periodic
basis the Fund's governance structures and procedures. The Fund adopted a
written charter for the Audit and Nominating Committee in 2000, which was filed
as Appendix A to the 2001 Proxy Statement filed with the Securities and Exchange
Commission (the "SEC") on March 16, 2001. The Audit and Nominating Committee is
responsible for: (a) recommending the selection of the Fund's independent public
accountants, (b) reviewing the scope and procedures of the year-end audit,
(c) reviewing annual financial statements, and (d) conferring with the Fund's
independent public accountants. The Audit and Nominating Committee is presently
comprised of former members of the Audit Committee, including Messrs. Korman and
Monrad and Professor Bower, each of the members are "independent," as defined by
the NYSE Listing Company Manual in Sections 303.01(B)(2)(a) and (3). The Audit
and Nominating Committee met three (3) times during 2002, with all Committee
members attending each meeting. The Audit and Nominating Committee will consider
nominees for Director recommended by stockholders when submitted in writing to
the Fund's Secretary at the Fund's address in accordance with criteria for
submitting stockholder proposals set forth in the Fund's by-laws.

At its January 1999 meeting, the Directors established a Compensation
Committee. The Compensation Committee is responsible for: (a) monitoring and
revising as appropriate the compensation of Fund employees other than
Mr. Birch, subject to review by the Board as a whole and (b) monitoring
Mr. Birch's compensation as President of the Fund and making recommendations to
the Board regarding that compensation. Messrs. Monrad and Floor currently
comprise the Compensation Committee. As described on page 5, Mr. Floor is an
"interested person" of the Fund. The Compensation Committee met one (1) time
during 2002.

INDEPENDENT PUBLIC ACCOUNTANTS

The Board of Directors has selected the firm of KPMG LLP ("KPMG") as
independent public accountants for the Fund for the year ending December 31,
2003. Since June 27, 2002, KPMG has acted as the Fund's independent public
accountants. The services provided by KPMG consist of the examination of the
Fund's annual financial statements, assistance and consultation in connection
with the SEC filings, and review of tax and certain compliance matters on behalf
of the Fund.

Representatives of KPMG are not expected to be represented at the Annual
Meeting, but a representative of KPMG is expected to be available via telephone
during the Annual Meeting to respond to appropriate questions and will have the
opportunity to make a statement if the representative so desires.

AUDIT FEES. For 2002, KPMG's fees for audit services provided to the Fund
totaled $48,500.

FINANCIAL INFORMATION SYSTEMS DESIGN AND IMPLEMENTATION FEES. KPMG did not
bill any fees in 2002 to the Fund, T. Rowe Price Group, Inc. ("Price Group") or
any of Price Group's subsidiaries for financial information systems design and
implementation. Price Group wholly owns T. Rowe Price Associates, Inc., the
Fund's investment adviser.

ALL OTHER FEES. KPMG's fees for other nonaudit services rendered to the Fund
in 2002 were $25,500. Fees for other nonaudit services billed to Price Group and
its subsidiaries in 2002 totaled $734,000.

The Fund's Audit and Nominating Committee of the Board has considered and
determined that the performance by KPMG of nonaudit services to the Fund and
Price Group and its subsidiaries is compatible with maintaining that firm's
independence in connection with serving as the Fund's independent public
accountants.

On June 27, 2002, the Board of Directors, upon the recommendation of the
Board's Audit and Nominating Committee, determined not to retain Arthur Andersen
LLP ("Arthur Andersen") and approved a change in the Fund's independent public
accountants to KPMG. For the fiscal years ended December 31, 2001 and
December 31, 2000, Arthur Andersen's audit reports on the Fund's financial
statements contained no adverse opinion or disclaimer of opinion; nor were its
reports qualified or modified as to uncertainty, audit scope, or accounting
principals. Further, there were no disagreements between the Fund and Arthur
Andersen on any matter of accounting principles or practices, financial
statement disclosure or audit scope or procedure, which if not resolved to the
satisfaction of Arthur Andersen, would have caused it to make reference to the
disagreements in its report.

REPORT OF THE AUDIT AND NOMINATING COMMITTEE OF THE BOARD OF DIRECTORS

The Fund's Audit and Nominating Committee of the Board is composed of each
Director who is not an "interested person" of the Fund, as defined in
Section 2(a)(19) of the 1940 Act and who is independent under applicable
rules of the NYSE and operates under a written charter adopted by the Board of
Directors in 2000. The Audit and Nominating Committee has met and held
discussions separately, and jointly with each of management and the Fund's
independent public accountants. In addition, the Audit and Nominating Committee
has reviewed and discussed the Fund's audited financial statements for 2002 with
management and the independent public accountants. The Audit and Nominating
Committee discussed with the Fund's independent public accountants the matters
required to be discussed by Statement on Auditing Standards No. 61
(Communication with Audit Committees). The Fund's independent public accountants
also provided the Audit and Nominating Committee the written disclosures and the
letter required by Independence Standards Board Standard No. 1 (Independence
Discussions with Audit Committees), and the Audit and Nominating Committee
discussed with the independent public accountants that firm's independence.
Based on the review and discussions described in this Report, the

Audit and Nominating Committee recommended that the Board of Directors include
the audited financial statements in the Fund's annual report to stockholders
required by Section 30(e) of the 1940 Act and Rule 30e-1 thereunder for 2002 for
filing with the SEC.

Joseph L. Bower Ernest E. Monrad Bernard J. Korman

REMUNERATION OF DIRECTORS AND OFFICERS

During the fiscal year ended December 31, 2002, the Fund paid each Director
a fee of $24,000 per year plus $2,000 per Directors' meeting in which the
Director participated except in the case of telephonic Directors' meetings for
which the fee was $1,000, together with actual out-of-pocket expenses relating
to attendance at such meetings. In addition, Mr. Birch's compensation for
services rendered to the Fund in his capacity as President for the calendar year
ended December 31, 2002 was $100,000, and he currently receives an annual
retainer of $100,000 for his services to the Fund as President. Each member of
the Fund's Audit and Nominating Committee, which consists of the Fund's
non-interested Directors, receives $2,000 for each Audit and Nominating
Committee meeting attended, other than meetings held on days on which there is
also a Directors' meeting. Directors of the Fund received for the fiscal year
ended December 31, 2002 aggregate remuneration of $165,000 exclusive of
compensation paid to Mr. Birch for his services rendered to the Fund in his
capacity as President. The following table summarizes the compensation paid to
the Directors and officers of the Fund for the fiscal year ended December 31,
2002. The Fund does not provide remuneration in the form of pension or
retirement benefits to any of its Directors or officers.

PENSION OR
RETIREMENT
BENEFITS ESTIMATED
NAME OF AGGREGATE ACCRUED AS ANNUAL TOTAL
DIRECTOR COMPENSATION PART OF FUND BENEFITS UPON COMPENSATION
OR OFFICER FROM FUND EXPENSES RETIREMENT FROM FUND
---------- --------- -------- ---------- ---------

Robert F. Birch $133,000 none none $133,000(1)
Joseph L. Bower $ 33,000 none none $ 33,000
Richard E. Floor $ 33,000 none none $ 33,000
Bernard J. Korman $ 33,000 none none $ 33,000
Ernest E. Monrad $ 33,000 none none $ 33,000
Ellen E. Terry $156,978 none none $156,978

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(1) Of this amount, $100,000 was compensation for service as President and
$33,000 was compensation for service as a Director.

OTHER MATTERS

The Directors do not intend to present any other business at the Annual
Meeting nor are they aware of any stockholder's intention to do so. If, however,
any other matters are properly brought before the Annual Meeting, the persons
named in the accompanying proxy will vote thereon in accordance with their
judgment.

STOCKHOLDER PROPOSALS FOR ANNUAL MEETING

Stockholder proposals intended to be included in the proxy statement and
form of proxy to be presented at the Fund's next Annual Meeting of Stockholders
must be received at the Fund's principal offices, 33 Broad Street, Boston,
Massachusetts 02109, no later than November 8, 2003. Such proposals must also
comply with all other legal requirements in order to be included in the Fund's
proxy statement and form of proxy for that Meeting. Proxies solicited by the
Board of Directors for the Fund's 2004 Annual Meeting will confer discretionary
voting authority with respect to stockholder proposals received not later than
the close of business on January 16, 2004, subject to the SEC rules governing
the exercise of this authority. Such proposals must be received in writing by
the Secretary of the Fund at the Fund's principal offices. Notice of a
stockholder proposal for the 2004 Annual Meeting received after January 16,
2004, will be considered untimely.

Boston, Massachusetts
March 13, 2003

THE NEW AMERICA HIGH INCOME FUND, INC.
33 BROAD STREET, BOSTON, MASSACHUSETTS 02109
ANNUAL MEETING OF STOCKHOLDERS
APRIL 17, 2003
PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The undersigned holder(s) of shares of Series A, Series B, Series C and/or
Series D Auction Term Preferred Stock (collectively, "Auction Term Preferred
Stock") of The New America High Income Fund, Inc., a Maryland corporation (the
"Fund"), hereby constitute(s) and appoint(s) ROBERT F. BIRCH and RICHARD E.
FLOOR, and each of them, as proxies for the undersigned, each with full power of
substitution and revocation, to represent the undersigned at the Annual Meeting
of Stockholders of the Fund (the "Annual Meeting" or "Meeting") to be held at
the offices of Goodwin Procter LLP, Exchange Place, 53 State Street, Boston,
Massachusetts 02109 on Thursday, April 17, 2003 at 11:00 a.m. local time, and at
any and all adjournments and postponements thereof, and thereat to vote all
shares of the Auction Term Preferred Stock of the Fund held of record by the
undersigned on March 3, 2003, with all powers the undersigned would possess if
personally present, in accordance with the instructions on this proxy.
WHEN THIS PROXY IS PROPERLY EXECUTED, THE SHARES REPRESENTED HEREBY WILL BE
VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED FOR
THE ELECTION OF ALL NOMINEES AS DIRECTORS AND IN THE DISCRETION OF THE PROXIES
WITH RESPECT TO ALL OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING AND
ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF. THE BOARD OF DIRECTORS RECOMMENDS A
VOTE FOR PROPOSAL ONE. THE UNDERSIGNED HEREBY ACKNOWLEDGE(S) RECEIPT OF THE
ACCOMPANYING NOTICE OF ANNUAL MEETING AND PROXY STATEMENT.
PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY IN THE ENCLOSED
ENVELOPE.
Please sign this proxy exactly as your name appears on the reverse side.
Joint owners should each sign personally. Trustees and other fiduciaries should
indicate the capacity in which they sign, and where more than one name appears,
a majority must sign. If a corporation, this signature should be that of an
authorized officer who should state his or her title.

HAS YOUR ADDRESS CHANGED?
PLEASE PROVIDE NEW ADDRESS BELOW: DO YOU HAVE ANY COMMENTS?
-------------------------------------- --------------------------------------
-------------------------------------- --------------------------------------
-------------------------------------- --------------------------------------

THE NEW AMERICA HIGH INCOME FUND, INC.

PLEASE MARK BOXES IN BLUE OR BLACK INK AS IN THIS EXAMPLE /X/

1. A. authority to vote for the election as Directors of all the
Auction Term Preferred Stock nominees listed below. / / GRANTING / / WITHHOLDING
JOSEPH L. BOWER AND BERNARD J. KORMAN
B. authority to vote for the election as Directors of all the
nominees listed below. / / GRANTING / / WITHHOLDING
ROBERT F. BIRCH, RICHARD E. FLOOR AND ERNEST E. MONRAD
(INSTRUCTIONS: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S
NAME.)

Please be sure to sign and date this Proxy.
WHEN THIS PROXY IS PROPERLY EXECUTED, THE SHARES REPRESENTED HEREBY WILL BE
VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, THIS PROXY SHALL BE VOTED FOR
THE ELECTION OF ALL NOMINEES AS DIRECTORS AND IN THE DISCRETION OF THE PROXIES
WITH RESPECT TO ALL OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING AND
ANY ADJOURNMENTS THEREOF. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR PROPOSAL
ONE. THE UNDERSIGNED HEREBY ACKNOWLEDGE(S) RECEIPT OF THE ACCOMPANYING NOTICE OF
ANNUAL MEETING AND PROXY STATEMENT.

-----------------------------------------
Date

-----------------------------------------
Stockholder sign here

-----------------------------------------
Co-owner sign here
Mark box at right if an address change or comment has been noted on the
reverse side of the card. / /
SHARES ON RECORD DATE: _________________________________________

THE NEW AMERICA HIGH INCOME FUND, INC.
33 BROAD STREET, BOSTON, MASSACHUSETTS 02109
ANNUAL MEETING OF STOCKHOLDERS
APRIL 17, 2003
PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned holder(s) of shares of Common Stock of The New America High
Income Fund, Inc., a Maryland corporation (the "Fund"), hereby constitute(s) and
appoint(s) ROBERT F. BIRCH and RICHARD E. FLOOR, and each of them, as proxies
for the undersigned, each with full power of substitution and revocation, to
represent the undersigned at the Annual Meeting of Stockholders of the Fund (the
"Annual Meeting" or "Meeting") to be held at the offices of Goodwin Procter LLP,
Exchange Place, 53 State Street, Boston, Massachusetts 02109 on Thursday, April
17, 2003 at 11:00 a.m. local time, and at any and all adjournments or
postponements thereof, and thereat to vote all shares of the Common Stock of the
Fund held of record by the undersigned on March 3, 2003, with all powers the
undersigned would possess if personally present, in accordance with the
instructions on this proxy.

WHEN THIS PROXY IS PROPERLY EXECUTED, THE SHARES REPRESENTED HEREBY WILL BE
VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED FOR
THE ELECTION OF ALL NOMINEES AS DIRECTORS AND IN THE DISCRETION OF THE PROXIES
WITH RESPECT TO ALL OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING AND
ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF. THE BOARD OF DIRECTORS RECOMMENDS A
VOTE FOR PROPOSAL ONE. THE UNDERSIGNED HEREBY ACKNOWLEDGE(S) RECEIPT OF THE
ACCOMPANYING NOTICE OF ANNUAL MEETING AND PROXY STATEMENT.

PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY IN THE ENCLOSED
ENVELOPE.

Please sign this proxy exactly as your name appears on the reverse
side. Joint owners should each sign personally. Trustees and other fiduciaries
should indicate the capacity in which they sign, and where more than one name
appears, a majority must sign. If a corporation, this signature should be that
of an authorized officer who should state his or her title.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

------------------------------- -----------------------------------

THE NEW AMERICA
HIGH INCOME FUND, INC.
C/O EQUISERVE TRUST COMPANY N.A.
P.O. BOX 8694
EDISON, NJ 08818-8694

VOTER CONTROL NUMBER
----------------------------------

----------------------------------
YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY.

VOTE-BY-INTERNET [GRAPHIC] VOTE-BY-TELEPHONE [GRAPHIC]
------------------------------------ --------------------------------------
1. Log on to the Internet and go to 1. Call toll-free
http://www.eproxyvote.com/hyb OR 1-877-PRX-VOTE (1-877-779-8683)
2. Enter your Voter Control Number 2. Enter your Voter Control Number
listed above and follow the easy listed above and follow the easy
steps outlined on the secured recorded instructions.
website.
------------------------------------ --------------------------------------

IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD.

|X| PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

-----------------------------------------------

THE NEW AMERICA HIGH INCOME FUND, INC.

-----------------------------------------------

1. Election as Directors of all the nominees below.

(01) ROBERT F. BIRCH, (02) RICHARD E. FLOOR AND (03) ERNEST E. MONRAD

FOR WITHHOLD
/ / / /

/ /
---------------------------------------------
For all nominees except as noted above

Mark box at right if an address change or / /
comment has been noted on the reverse
side of this card.

Please be sure to sign and date this Proxy.

------------------------------------ ----------------------------------
Signature Date

THE NEW AMERICA HIGH INCOME FUND, INC.

ANNUAL MEETING OF STOCKHOLDERS
APRIL 17, 2003

SCRIPT FOR TOUCH TONE TELEPHONE VOTING

Welcome to the electronic voting system. Please have your proxy card or
voting instruction sheet or ballot available before voting. Enter the voter
control number as it appears on the card, followed by the pound sign. [If the
stockholder enters necessary information, script continues as follows.] One
moment please while we verify your information. Enter the last four digits of
the U.S. Social Security Number or the U.S. Taxpayer Identification Number for
this account, followed by the pound sign. [If the stockholder enters necessary
information, script continues as follows.] The company that you are voting is
The New America High Income Fund, Inc. Your vote is subject to the same terms
and authorizations as indicated on the proxy card. It also authorizes the named
proxies to vote according to the instructions at the meeting of the
stockholders. To vote all proposals in accordance with the recommendations of
the Board of Directors, press one. If you wish to vote on one proposal at a
time, press two.

[If the stockholder presses one, the script continues as follows; if the
stockholder presses two, the script continues using the script for proposal by
proposal voting shown below.] You have cast your vote as follows: You have voted
in the manner recommended by the Board of Directors. To confirm your vote, press
one. To cancel your vote, press two. [If the stockholder presses one, script
continues as follows.] Your vote has been successfully recorded. It is not
necessary for you to mail in your card. If you wish to vote another card or
change your vote, press one. Otherwise please hang up. Thank you for voting. [If
the stockholder presses two, script continues as follows.] Your vote has been
cancelled. If you wish to vote this card, or another card, press one. Otherwise,
please hang up and mark, sign and return your card in the envelope provided.
Thank you for calling.

[SCRIPT FOR PROPOSAL BY PROPOSAL VOTING]

Item 1. To vote for all nominees, press one. To withhold from all nominees,
press two. To withhold from individual nominees, press three.

[If the stockholder presses one or two, the script continues as follows; if the
stockholder presses three, the script continues below.] You have cast your vote
as follows: [Script reviews stockholder votes.] To confirm your vote, press one.
To cancel your vote, press two. [If the stockholder presses one, script
continues as follows.] Your vote has been successfully recorded. It is not
necessary for you to mail in your card. If you wish to vote another card or
change your vote, press one. Otherwise please hang up. Thank you for voting. [If
the stockholder presses two, script continues as follows.] Your vote has been
cancelled. If you wish to vote this card, or another card, press one. Otherwise,
please hang up and mark, sign and return your card in the envelope provided.
Thank you for calling.

[If the stockholder presses three above, the script continues as follows.] Enter
the two-digit number next to the nominee from whom you would like to withhold
your vote followed by the pound key or if you have completed voting on directors
press the pound key again.

[If the stockholder presses the pound key, the script continues as follows.] You
have cast your vote as follows: [Script reviews stockholder votes.] To confirm
your vote, press one. To cancel your vote, press two.

[If the stockholder presses one, script continues as follows.] Your vote has
been successfully recorded. It is not necessary for you to mail in your card. If
you wish to vote another card, or change your vote, press one. Otherwise please
hang up. Thank you for voting. [If the stockholder presses two, script continues
as follows.] Your vote has been cancelled. If you wish to vote this card, or
another card, press one. Otherwise, please hang up and mark, sign and return
your card in the envelope provided. Thank you for calling.

[GRAPHIC]
[EQUISERVE(R) LOGO] VOTE
BY NET

VOTE BY NET

< STEP 1 > | Step 2 | Step 3

WELCOME TO THE EQUISERVE ONLINE VOTING WIZARD!

Just follow a few simple steps to complete the secure online voting process:

AUTHENTICATION: Login using your voter control number

DELIVERY PREFERENCE: Setup future delivery of your annual meeting materials

VOTING: Cast your vote and receive your confirmation online

FINISH: Update your address and review other options

If you have more than one proxy card, instruction card or ballot, please vote
them one card at a time. To get started now, login below and click "Continue".

STEP 1: AUTHENTICATION

Enter the voter control number as it appears on your proxy
card, instruction card or ballot ___________________

Enter the last 4 digits of the U.S. social security number
(SSN) or the U.S. taxpayer identification number (TIN) for
this account.* ___________________

*If you do not have a SSN or TIN for this account, please
leave this box blank.

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[GRAPHIC]
[EQUISERVE(R) LOGO] VOTE
BY NET

VOTE BY NET

THE NEW AMERICA HIGH INCOME FUND, INC.
Step 1 | < STEP 2 > | Step 3

WELCOME

Name Line
Address Line
City, State Zip Code Line

DELIVERY PREFERENCE

Select how you would like to receive your future annual meeting materials:

/ / Postal mail -or-

/ / Electronically (VIEW TERMS AND CONDITIONS FOR ELECTRONIC DELIVERY)

E-mail address (e.g., name@xyz.com) _______________________________

Enter e-mail address again for validation _______________________________

< CONTINUE >

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[GRAPHIC]
[EQUISERVE(R) LOGO] VOTE
BY NET

VOTE BY NET

THE NEW AMERICA HIGH INCOME FUND, INC.

Step 1 | Step 2 | < Step 3 >

THE NEW AMERICA HIGH INCOME FUND, INC. ANNUAL MEETING OF STOCKHOLDERS
APRIL 17, 2003

PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned holder(s) of shares of Common Stock of The New America High
Income Fund, Inc., a Maryland corporation (the "Fund"), hereby constitute(s) and
appoint(s) ROBERT F. BIRCH and RICHARD E. FLOOR, and each of them, as proxies
for the undersigned, each with full power of substitution and revocation, to
represent the undersigned at the Annual Meeting of Stockholders of the Fund
(the "Annual Meeting" or "Meeting") to be held at the offices of Goodwin
Procter LLP, Exchange Place, 53 State Street, Boston, Massachusetts 02109 on
Thursday, April 17, 2003 at 11:00 a.m. local time, and at any and all
adjournments or postponements thereof, and thereat to vote all shares of the
Common Stock of the Fund held of record by the undersigned on March 3, 2003,
with all powers the undersigned would possess if personally present, in
accordance with the instructions on this proxy.

THE NEW AMERICA HIGH INCOME FUND, INC. BOARD OF DIRECTORS RECOMMENDS A VOTE:

"FOR" ALL NOMINEES

Check this box to cast your vote in accordance with the recommendations of The
New America High Income Fund, Inc. Board of Directors: / /

THE NEW AMERICA HIGH INCOME FUND, INC. BOARD OF DIRECTORS RECOMMENDS A VOTE
"FOR" ALL NOMINEES.

1. Election of Directors of all the nominees.

/ / FOR ALL NOMINEES, EXCEPT AS NOTED BELOW / / WITHHOLD AS TO ALL NOMINEES

/ / Robert F. Birch / / Richard E. Floor / / Ernest E. Monrad

To cast your vote please click "Submit".
(NOTE: Your vote will not be counted until you click "Submit".)

< SUBMIT >

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[GRAPHIC]
[EQUISERVE(R) LOGO] VOTE
BY NET

VOTE BY NET

THE NEW AMERICA HIGH INCOME FUND, INC.

Step 1 | Step 2 | < Step 3 > [GRAPHIC]PRINT THIS PAGE

NAME LINE
ADDRESS LINE
CITY, STATE ZIP CODE LINE

CONTROL NUMBER:
CONFIRMATION NUMBER:
DATE:

Thank you for using EquiServe's Vote-By-Net facility.

STEP 3: SUMMARY OF YOUR VOTE

Your vote was recorded by EquiServe as follows:

1. Election of Directors of all the nominees. FOR ALL NOMINEES

Please keep a copy for your records. To change your vote click "Back".

To change your address or provide a comment click "Options".

You can now VOTE ANOTHER BALLOT or go to THE NEW AMERICA HIGH INCOME FUND, INC.
HOMEPAGE or click "Exit" to go to EquiServe Homepage.

< < BACK OPTIONS >> < FINISH >

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[GRAPHIC]
[EQUISERVE(R) LOGO] VOTE
BY NET

VOTE BY NET

THE NEW AMERICA HIGH INCOME FUND, INC.

Step 1 | Step 2 | < Step 3 > [GRAPHIC]PRINT THIS PAGE

NAME LINE
ADDRESS LINE
CITY, STATE ZIP CODE LINE

CONTROL NUMBER:
CONFIRMATION NUMBER:
DATE:

Thank you for using EquiServe's Vote-By-Net facility.

STEP 3: SUMMARY OF YOUR VOTE

Your vote was recorded by EquiServe as follows:

1. Election of Directors of all the nominees. WITHHOLD AS TO ALL NOMINEES

Please keep a copy for your records. To change your vote click "Back".

To change your address or provide a comment click "Options".

You can now VOTE ANOTHER BALLOT or go to THE NEW AMERICA HIGH INCOME FUND, INC.
HOMEPAGE or click "Exit" to go to EquiServe Homepage.

< < BACK OPTIONS >> < FINISH >

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[GRAPHIC]
[EQUISERVE(R) LOGO] VOTE
BY NET

VOTE BY NET

THE NEW AMERICA HIGH INCOME FUND, INC.

Step 1 | Step 2 | < Step 3 > [GRAPHIC]PRINT THIS PAGE

NAME LINE
ADDRESS LINE
CITY, STATE ZIP CODE LINE

CONTROL NUMBER:
CONFIRMATION NUMBER:
DATE:

Thank you for using EquiServe's Vote-By-Net facility.

STEP 3: SUMMARY OF YOUR VOTE

Your vote was recorded by EquiServe as follows:

1. Election of Directors of all the nominees. FOR ALL NOMINEES, EXCEPT AS
NOTED BELOW

Please keep a copy for your records. To change your vote click "Back".

To change your address or provide a comment click "Options".

You can now VOTE ANOTHER BALLOT or go to THE NEW AMERICA HIGH INCOME FUND, INC.
HOMEPAGE or click "Exit" to go to EquiServe Homepage.

< < BACK OPTIONS >> < FINISH >

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