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SIGNATURE ELLEN TERRY
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 511,261
<INVESTMENTS-AT-VALUE> 467,878
<RECEIVABLES> 14,835
<ASSETS-OTHER> 1,578
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 484,291
<PAYABLE-FOR-SECURITIES> 3,353
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,119
<TOTAL-LIABILITIES> 4,472
<SENIOR-EQUITY> 210,000
<PAID-IN-CAPITAL-COMMON> 368,432
<SHARES-COMMON-STOCK> 66,402
<SHARES-COMMON-PRIOR> 65,764
<ACCUMULATED-NII-CURRENT> 3,300
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (60,016)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (41,897)
<NET-ASSETS> 479,819
<DIVIDEND-INCOME> 348
<INTEREST-INCOME> 23,346
<OTHER-INCOME> 170
<EXPENSES-NET> 1,466
<NET-INVESTMENT-INCOME> 22,398
<REALIZED-GAINS-CURRENT> (20,085)
<APPREC-INCREASE-CURRENT> 11,173
<NET-CHANGE-FROM-OPS> 13,486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19,880
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 638
<NET-CHANGE-IN-ASSETS> (3,699)
<ACCUMULATED-NII-PRIOR> 782
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 612
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,466
<AVERAGE-NET-ASSETS> 484,505
<PER-SHARE-NAV-BEGIN> 4.16
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> (.14)
<PER-SHARE-DIVIDEND> .30
<PER-SHARE-DISTRIBUTIONS> 0
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</TABLE>
77.L.
In January 1999, the Fund adopted Statement of Financial Accounting
Standards No. 133, Accounting for Derivative Instruments and Hedging Activities.
This statement requires an entity to recognize all freestanding derivative
instruments in the balance sheets as either assets or liabilities and measure
them at fair value. Any change in the unrealized gain or loss is recorded in
current earnings. The effect of adoption on the Fund's net asset value per share
was a decrease of approximately $0.05 per share.
<PAGE>
August 30, 1999
The New America High Income Fund, Inc.
33 Broad Street
Boston Massachusetts 02109
Ladies/Gentlemen:
This letter is written to meet the requirements of Item 77L on Form N-SAR for
the six months ended June 30, 1999 calling for a letter from a registrant's
independent accountants whenever there has been a change in accounting principle
or practice.
As of January 1, 1999, The New America High Income Fund, Inc. (the Fund) early
adopted Statement of Financial Accounting Standards No. 133 Accounting for
Derivative Instruments and Hedging Activities (SFAS No. 133) and recorded the
estimated fair value of the interest rate swap agreements on the Balance Sheet
at the date of adoption.
The fund previously followed hedge accounting for the interest rate swap
agreements and was required to adopt the accounting provisions of SFAS No. 133.
We have not audited the application of this change to the financial statements
of any period subsequent to December 31, 1998. Further, we have not examined and
do not express any opinion with respect to your financial statements for the six
months ended June 30, 1999.
Very truly yours,
/s/ ARTHUR ANDERSEN LLP
