Global High income Fund, Inc.

0001193125-15-331785.txt : 20150929 0001193125-15-331785.hdr.sgml : 20150929 20150929104608 ACCESSION NUMBER: 0001193125-15-331785 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150731 FILED AS OF DATE: 20150929 DATE AS OF CHANGE: 20150929 EFFECTIVENESS DATE: 20150929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL HIGH INCOME FUND INC CENTRAL INDEX KEY: 0000897996 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07540 FILM NUMBER: 151129199 BUSINESS ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (AMERICA STREET 2: 12TH FLOOR 1285 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-821-3000 MAIL ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (AMERICA STREET 2: 12TH FLOOR 1285 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: GLOBAL HIGH INCOME DOLLAR FUND INC DATE OF NAME CHANGE: 19930624 FORMER COMPANY: FORMER CONFORMED NAME: GLOBAL OPPORTUNITIES INCOME FUND INC /MD/ DATE OF NAME CHANGE: 19930624 N-Q 1 d96859dnq.htm GLOBAL HIGH INCOME FUND, INC. Global High income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-07540

Global High Income Fund Inc.

(Exact name of registrant as specified in charter)

1285 Avenue of the Americas, New York, New York 10019-6028

(Address of principal executive offices) (Zip code)

Mark F. Kemper, Esq.

UBS Global Asset Management

1285 Avenue of the Americas

New York, NY 10019-6028

(Name and address of agent for service)

Copy to:

Jack W. Murphy, Esq.

Dechert LLP

1900 K Street, N.W.

Washington, DC 20006

Registrant’s telephone number, including area code: 212-821 3000

Date of fiscal year end: October 31

Date of reporting period: July 31, 2015

Item 1. Schedule of Investments

Global High Income Fund Inc.

Industry diversification (unaudited)

As a percentage of net assets

As of July 31, 2015



Bonds
Corporate bonds
Airlines	0.17	%
Automobiles	0.09
Banks	6.19
Building products	0.12
Capital markets	1.52
Chemicals	0.39
Construction & engineering	0.30
Construction materials	0.16
Consumer finance	0.20
Diversified financial services	3.60
Electric utilities	1.98
Electrical equipment	1.03
Food & staples retailing	0.10
Food products	0.22
Independent power and renewable electricity producers	0.21
Marine	0.25
Metals & mining	0.10
Multiline retail	0.10
Oil, gas & consumable fuels	6.81
Real estate management & development	0.12
Road & rail	1.24
Wireless telecommunication services	0.10

Total corporate bonds	25.00	%
Non-US government obligations	65.26
Structured note	0.85
Supranational bond	0.07

Total bonds	91.18	%
Short-term investment	6.75

Total investments	97.93	%
Cash and other assets, less liabilities	2.07

Net assets	100.00	%

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds: 91.18%
Corporate bonds: 25.00%
Azerbaijan: 0.68%
International Bank of Azerbaijan OJSC Via Rubrika Finance Co., Ltd.,
7.200%, due 10/31/16	$	1,000,000	$	1,006,250
State Oil Co. of the Azerbaijan Republic,
6.950%, due 03/18/30		400,000		410,072

				1,416,322

Brazil: 2.07%
Banco do Brasil SA,
5.875%, due 01/26/22¹		1,050,000		1,003,800
Banco Nacional de Desenvolvimento Economico e Social,
5.750%, due 09/26/23²		400,000		395,500
Caixa Economica Federal,
2.375%, due 11/06/17¹		200,000		191,700
Centrais Eletricas Brasileiras SA,
5.750%, due 10/27/21²		1,530,000		1,357,110
Minerva Luxembourg SA,
7.750%, due 01/31/23²		250,000		249,925
Petrobras Global Finance BV,
2.429%, due 01/15/19³		470,000		424,175
3.163%, due 03/17/20³		450,000		406,710
7.250%, due 03/17/44		325,000		285,142

				4,314,062

Chile: 0.58%
Colbun SA,
4.500%, due 07/10/24²		200,000		198,760
Empresa Electrica Angamos SA,
4.875%, due 05/25/29¹		250,000		247,500
Empresa Electrica Guacolda SA,
4.560%, due 04/30/25¹		300,000		289,875
Empresa Nacional de Telecomunicaciones SA,
4.875%, due 10/30/24²		210,000		214,200
Empresa Nacional del Petroleo,
4.750%, due 12/06/21²		250,000		259,062

				1,209,397

China: 1.97%
BOC Aviation Pte Ltd.,
3.000%, due 03/30/20¹		425,000		418,936
Charming Light Investments Ltd.,
3.750%, due 09/03/19		200,000		200,649
5.000%, due 09/03/24		200,000		201,050
China Cinda Finance 2014 Ltd.,
4.000%, due 05/14/19²		200,000		202,841
5.625%, due 05/14/24²		450,000		473,103

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Corporate bonds — (continued)
China — (concluded)
CNOOC Curtis Funding No 1 Pty Ltd.,
4.500%, due 10/03/23¹	$	235,000	$	246,459
Golden Eagle Retail Group Ltd.,
4.625%, due 05/21/23²		250,000		208,141
Huarong Finance II Co. Ltd.,
5.500%, due 01/16/25		500,000		519,507
Prosperous Ray Ltd.,
4.625%, due 11/12/23²		200,000		209,623
Sinochem Overseas Capital Co., Ltd.,
4.500%, due 11/12/20¹		200,000		211,610
4.500%, due 11/12/20²		265,000		280,383
Sinopec Group Overseas Development 2014 Ltd.,
4.375%, due 04/10/24¹		710,000		739,004
Three Gorges Finance I Cayman Islands Ltd.,
3.700%, due 06/10/25¹		200,000		202,411

				4,113,717

Colombia: 0.34%
Bancolombia SA,
5.125%, due 09/11/22		210,000		208,740
Ecopetrol SA,
7.375%, due 09/18/43		480,000		501,254

				709,994

Croatia: 0.20%
Agrokor DD,
8.875%, due 02/01/20¹		200,000		216,250
Hrvatska Elektroprivreda,
6.000%, due 11/09/17²		200,000		209,000

				425,250

Ecuador: 0.22%
EP PetroEcuador via Noble Sovereign Funding I Ltd.,
5.912%, due 09/24/19^2,3		536,842		459,000

Hungary: 0.47%
Magyar Export-Import Bank Zrt,
4.000%, due 01/30/20¹		650,000		654,206
5.500%, due 02/12/18²		300,000		318,678

				972,884

India: 1.38%
Canara Bank/London,
6.365%, due 11/28/21³		650,000		658,216
Delhi International Airport Pvt Ltd.,
6.125%, due 02/03/22		230,000		235,750
ICICI Bank Ltd.,
6.375%, due 04/30/22^2,3		1,700,000		1,757,817
Vedanta Resources PLC,
9.500%, due 07/18/18²		210,000		217,885

				2,869,668

Indonesia: 1.60%
Indo Energy Finance II BV,
6.375%, due 01/24/23²		250,000		152,125
Majapahit Holding BV,
7.250%, due 06/28/17¹		100,000		109,158

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Corporate bonds — (continued)
Indonesia — (concluded)
MPM Global Pte Ltd.,
6.750%, due 09/19/19²	$	200,000	$	186,000
Pelabuhan Indonesia II PT,
4.250%, due 05/05/25¹		550,000		513,563
Pertamina Persero PT,
4.300%, due 05/20/23¹		200,000		191,920
5.625%, due 05/20/43¹		200,000		176,253
6.000%, due 05/03/42¹		1,700,000		1,572,500
6.500%, due 05/27/41²		200,000		197,500
Theta Capital Pte Ltd.,
6.125%, due 11/14/20²		250,000		250,331

				3,349,350

Kazakhstan: 0.99%
Development Bank of Kazakhstan JSC,
5.500%, due 12/20/15¹		264,000		269,280
Kazakhstan Temir Zholy Finance BV,
6.950%, due 07/10/42¹		500,000		452,500
KazMunayGas National Co. JSC,
4.400%, due 04/30/23²		620,000		561,100
5.750%, due 04/30/43¹		280,000		222,250
9.125%, due 07/02/18²		500,000		565,625

				2,070,755

Malaysia: 0.64%
Malayan Banking Bhd,
3.250%, due 09/20/22^2,3		800,000		805,428
Petronas Capital Ltd.,
3.500%, due 03/18/25¹		530,000		520,460

				1,325,888

Mexico: 2.40%
Cemex SAB de CV,
5.700%, due 01/11/25²		200,000		193,500
Comision Federal de Electricidad,
4.875%, due 01/15/24²		850,000		884,000
Elementia SAB de CV,
5.500%, due 01/15/25¹		250,000		252,500
Empresas ICA SAB de CV,
8.875%, due 05/29/24²		290,000		189,950
Petroleos Mexicanos,
5.625%, due 01/23/46¹		150,000		140,152
5.625%, due 01/23/46²		2,200,000		2,055,566
6.625%, due 06/15/35		650,000		695,500
7.190%, due 09/12/24	MXN	10,000,000		597,741

				5,008,909

Morocco: 0.39%
OCP SA,
4.500%, due 10/22/25¹	$	350,000		335,563
6.875%, due 04/25/44¹		250,000		261,562
6.875%, due 04/25/44²		200,000		209,250

				806,375

Nigeria: 0.40%
FBN Finance Co. BV,
8.000%, due 07/23/21^1,3		945,000		824,513

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Corporate bonds — (continued)
Panama: 0.17%
Avianca Holdings SA,
8.375%, due 05/10/20²	$	350,000	$	351,313

Peru: 0.50%
Fondo MIVIVIENDA SA,
3.500%, due 01/31/23¹		450,000		430,312
Intercorp Peru Ltd.,
5.875%, due 02/12/25¹		215,000		214,463
Lima Metro Line 2 Finance Ltd.,
5.875%, due 07/05/34¹		250,000		253,750
Union Andina de Cementos SAA,
5.875%, due 10/30/21¹		150,000		153,000

				1,051,525

Philippines: 1.03%
Power Sector Assets & Liabilities Management Corp.,
9.625%, due 05/15/28		1,400,000		2,142,000

Russia: 2.56%
RSHB Capital SA for OJSC Russian Agricultural Bank,
5.298%, due 12/27/17²		1,000,000		991,250
6.000%, due 06/03/21^2,3		550,000		499,813
8.700%, due 03/17/16	RUB	10,000,000		158,163
Sberbank of Russia,
4.950%, due 02/07/17²	$	700,000		708,750
5.717%, due 06/16/21		500,000		481,250
5.717%, due 06/16/21²		130,000		125,125
VEB Finance Ltd.,
5.375%, due 02/13/17²		1,590,000		1,611,862
6.025%, due 07/05/22¹		200,000		182,750
6.902%, due 07/09/20¹		200,000		196,000
6.902%, due 07/09/20²		400,000		392,000

				5,346,963

Singapore: 0.09%
Pratama Agung Pte Ltd.,
6.250%, due 02/24/20		200,000		193,647

South Africa: 1.42%
Eskom Holdings SOC Ltd.,
6.750%, due 08/06/23²		500,000		501,875
7.125%, due 02/11/25¹		570,000		575,985
Transnet SOC Ltd.,
9.500%, due 05/13/21¹	ZAR	12,660,000		984,688
10.000%, due 03/30/29		12,000,000		890,762

				2,953,310

Sri Lanka: 1.03%
Bank of Ceylon,
6.875%, due 05/03/17²	$	300,000		311,250
National Savings Bank,
8.875%, due 09/18/18¹		900,000		977,912
8.875%, due 09/18/18²		800,000		869,256

				2,158,418

Thailand: 0.10%
Krung Thai Bank PCL,
5.200%, due 12/26/24^2,3		200,000		205,573

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Corporate bonds — (concluded)
Trinidad and Tobago: 0.09%
Petroleum Co. of Trinidad & Tobago Ltd.,
9.750%, due 08/14/19²	$	165,000	$	189,338

Turkey: 1.68%
Export Credit Bank of Turkey,
5.375%, due 11/04/16¹		700,000		722,750
5.875%, due 04/24/19¹		400,000		422,500
Turkiye Halk Bankasi AS,
3.875%, due 02/05/20²		300,000		288,000
4.875%, due 07/19/17¹		800,000		822,000
Turkiye Vakiflar Bankasi TAO,
3.750%, due 04/15/18²		850,000		840,437
5.750%, due 04/24/17²		400,000		416,000

				3,511,687

United Arab Emirates: 0.49%
IPIC GMTN Ltd.,
5.500%, due 03/01/22²		900,000		1,029,375

Venezuela: 1.51%
Petroleos de Venezuela SA,
5.250%, due 04/12/17²		530,000		255,619
6.000%, due 05/16/24²		1,700,000		564,825
6.000%, due 11/15/26²		2,160,000		698,760
8.500%, due 11/02/17¹		454,000		307,585
8.500%, due 11/02/17²		610,000		413,275
9.000%, due 11/17/21²		1,805,000		719,744
9.750%, due 05/17/35²		495,000		198,000

				3,157,808

Total corporate bonds (cost $55,527,402)				52,167,041

Non-US government obligations: 65.26%
Albania: 0.95%
Republic of Albania,
7.500%, due 11/04/15	EUR	1,800,000		1,990,553

Angola: 0.12%
Republic of Angola Via Northern Lights III BV,
7.000%, due 08/16/19²	$	250,000		247,938

Argentina: 0.52%
Republic of Argentina,
0.000%, due 12/15/35⁴		501,737		41,142
0.000%, due 12/15/35⁴		520,000		43,160
7.000%, due 10/03/15		165,000		163,955
Series 1,
8.750%, due 06/02/17⁵		872,897		835,799

				1,084,056

Armenia: 0.09%
Republic of Armenia,
6.000%, due 09/30/20²		200,000		196,750

Belarus: 1.17%
Republic of Belarus,
8.750%, due 08/03/15²		2,300,000		2,297,738
8.950%, due 01/26/18²		150,000		150,562

				2,448,300

Bolivia: 0.10%
Plurinational State of Bolivia,
5.950%, due 08/22/23²		200,000		209,000

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Non-US government obligations — (continued)
Brazil: 6.36%
Federative Republic of Brazil,
0.000%, due 07/01/16⁶	BRL	12,661,000	$	3,280,775
4.250%, due 01/07/25	$	550,000		518,375
5.000%, due 01/27/45		1,040,000		871,000
6.000%, due 08/15/50⁷	BRL	1,000,000		768,764
Notas do Tesouro Nacional,
Series B,
6.000%, due 05/15/45⁷		1,600,000		1,200,394
Series F,
10.000%, due 01/01/17		12,895,000		3,610,331
10.000%, due 01/01/19		2,140,000		580,182
10.000%, due 01/01/21		3,928,000		1,029,151
10.000%, due 01/01/25		1,230,000		305,080
State of Minas Gerais,
5.333%, due 02/15/28¹	$	1,200,000		1,113,000

				13,277,052

Colombia: 3.07%
Republic of Colombia,
2.625%, due 03/15/23	$	580,000		532,150
4.375%, due 07/12/21		350,000		365,313
4.375%, due 03/21/23	COP	395,000,000		121,877
6.000%, due 04/28/28		1,844,000,000		547,847
6.125%, due 01/18/41	$	150,000		162,000
7.375%, due 09/18/37		575,000		707,250
8.125%, due 05/21/24		250,000		319,687
9.850%, due 06/28/27	COP	1,106,000,000		470,365
12.000%, due 10/22/15		2,130,000,000		749,834
Series B,
6.000%, due 04/28/28		8,202,000,000		2,436,791

				6,413,114

Costa Rica: 1.00%
Banco Nacional de Costa Rica,
4.875%, due 11/01/18²	$	400,000		407,000
6.250%, due 11/01/23¹		500,000		502,500
Republic of Costa Rica,
7.000%, due 04/04/44¹		200,000		190,750
7.000%, due 04/04/44²		675,000		643,781
7.158%, due 03/12/45¹		350,000		334,250

				2,078,281

Cote d’Ivoire: 0.60%
Republic of Cote d’Ivoire,
5.750%, due 12/31/32^2,8		1,000,000		922,500
6.375%, due 03/03/28¹		350,000		336,000

				1,258,500

Dominican Republic: 0.78%
Republic of Dominica,
5.500%, due 01/27/25¹		485,000		486,819
5.500%, due 01/27/25¹		550,000		552,062
7.500%, due 05/06/21¹		200,000		223,750
9.040%, due 01/23/18²		327,893		354,945

				1,617,576

Ecuador: 0.12%
Republic of Ecuador,
7.950%, due 06/20/24¹		300,000		247,875

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Non-US government obligations — (continued)
El Salvador: 0.46%
Republic of El Salvador,
6.375%, due 01/18/27²	$	315,000	$	300,037
7.750%, due 01/24/23²		320,000		343,200
8.250%, due 04/10/32²		300,000		323,250

				966,487

Ethiopia: 0.12%
Republic of Ethiopia,
6.625%, due 12/11/24¹		250,000		246,875

Gabon: 0.59%
Gabonese Republic,
6.375%, due 12/12/24¹		550,000		512,875
6.375%, due 12/12/24²		440,000		410,300
6.950%, due 06/16/25¹		205,000		198,081
8.200%, due 12/12/17²		100,000		105,875

				1,227,131

Georgia: 0.10%
Republic of Georgia,
6.875%, due 04/12/21²		200,000		211,000

Ghana: 0.35%
Republic of Ghana,
7.875%, due 08/07/23²		200,000		185,750
8.500%, due 10/04/17²		515,000		536,887

				722,637

Guatemala: 0.11%
Republic of Guatemala,
5.750%, due 06/06/22²		210,000		224,700

Honduras: 0.11%
Republic of Honduras,
8.750%, due 12/16/20¹		200,000		227,750

Hungary: 2.40%
Government of Hungary,
5.375%, due 02/21/23		550,000		595,578
5.500%, due 06/24/25	HUF	181,850,000		742,863
5.750%, due 11/22/23	$	1,120,000		1,243,760
6.500%, due 06/24/19	HUF	90,000,000		367,222
6.750%, due 02/24/17		70,000,000		270,300
7.500%, due 11/12/20		150,000,000		653,378
Magyar Fejlesztesi Bank Rt,
5.875%, due 05/31/16	EUR	1,000,000		1,141,823

				5,014,924

Indonesia: 6.55%
Indonesia Treasury Bond,
8.375%, due 03/15/34	IDR	7,610,000,000		537,243
9.000%, due 03/15/29		56,850,000,000		4,274,435
9.500%, due 07/15/23		29,400,000,000		2,259,198
11.750%, due 08/15/23		4,600,000,000		397,006
12.000%, due 09/15/26		12,215,000,000		1,106,145

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Non-US government obligations — (continued)
Indonesia — (concluded)
Republic of Indonesia,
3.375%, due 04/15/23²	$	300,000	$	284,625
3.750%, due 04/25/22²		430,000		425,700
4.875%, due 05/05/21¹		1,080,000		1,142,100
5.875%, due 03/13/20²		1,000,000		1,111,250
6.625%, due 02/17/37²		920,000		1,035,000
7.750%, due 01/17/38²		232,000		294,060
8.500%, due 10/12/35²		400,000		537,000
11.625%, due 03/04/19²		200,000		261,500

				13,665,262

Iraq: 0.19%
Republic of Iraq,
5.800%, due 01/15/28²		500,000		396,750

Jamaica: 0.10%
People’s Republic of Jamaica,
6.750%, due 04/28/28		200,000		200,000

Kazakhstan: 0.29%
Republic of Kazakhstan,
3.875%, due 10/14/24¹		200,000		185,000
4.875%, due 10/14/44¹		250,000		206,250
5.125%, due 07/21/25¹		210,000		208,163

				599,413

Kenya: 0.65%
Republic of Kenya,
5.875%, due 06/24/19¹		900,000		906,750
6.875%, due 06/24/24²		450,000		442,687

				1,349,437

Lebanon: 0.14%
Lebanese Republic,
6.200%, due 02/26/25		165,000		166,443
6.650%, due 02/26/30²		125,000		127,344

				293,787

Lithuania: 0.17%
Republic of Lithuania,
6.625%, due 02/01/22¹		300,000		359,979

Malaysia: 4.33%
1MDB Global Investments Ltd.,
4.400%, due 03/09/23²		400,000		336,000
Government of Malaysia,
3.580%, due 09/28/18	MYR	2,600,000		680,901
4.012%, due 09/15/17		9,200,000		2,441,482
4.048%, due 09/30/21		2,650,000		694,708
4.181%, due 07/15/24		5,500,000		1,438,148
4.262%, due 09/15/16		3,100,000		820,359
4.498%, due 04/15/30		9,810,000		2,616,814

				9,028,412

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Non-US government obligations — (continued)
Mexico: 3.63%
Mexican Bonos,
Series M,
7.750%, due 11/13/42	MXN	4,800,000	$	337,193
7.500%, due 06/03/27		7,850,000		537,335
10.000%, due 12/05/24		4,480,000		356,492
10.000%, due 11/20/36		2,000,000		172,116
Mexican Udibonos,
Series S,
2.500%, due 12/10/20⁷		16,915,280		1,064,681
Series S,
4.000%, due 11/15/40⁷		26,694,426		1,795,350
United Mexican States,
4.600%, due 01/23/46	$	200,000		188,750
4.750%, due 03/08/44		1,100,000		1,069,750
5.550%, due 01/21/45		800,000		865,000
6.050%, due 01/11/40		1,030,000		1,192,225

				7,578,892

Mongolia: 0.70%
Development Bank of Mongolia LLC,
5.750%, due 03/21/17²		1,300,000		1,265,875
Mongolia Government International Bond,
5.125%, due 12/05/22¹		230,000		197,800

				1,463,675

Montenegro: 0.53%
Republic of Montenegro,
7.875%, due 09/14/15	EUR	1,000,000		1,098,651

Nigeria: 0.21%
Republic of Nigeria,
6.375%, due 07/12/23²	$	440,000		430,650

Pakistan: 0.30%
Islamic Republic of Pakistan,
6.875%, due 06/01/17²		200,000		208,000
7.125%, due 03/31/16²		200,000		204,750
8.250%, due 04/15/24²		200,000		214,025

				626,775

Panama: 0.13%
Republic of Panama,
4.300%, due 04/29/53		300,000		267,000

Paraguay: 0.27%
Republic of Paraguay,
4.625%, due 01/25/23¹		350,000		354,375
6.100%, due 08/11/44¹		200,000		206,000

				560,375

Peru: 2.15%
Republic of Peru,
5.625%, due 11/18/50		600,000		672,750
5.700%, due 08/12/24¹	PEN	4,800,000		1,413,268
6.900%, due 08/12/37²		1,250,000		379,991

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Non-US government obligations — (continued)
Peru — (concluded)
Republic of Peru — (concluded)
6.950%, due 08/12/31¹	PEN	2,070,000	$	638,190
6.950%, due 08/12/31²		2,860,000		881,751
8.200%, due 08/12/26		1,442,000		500,296

				4,486,246

Philippines: 0.38%
Republic of the Philippines,
3.900%, due 11/26/22	PHP	5,000,000		107,686
3.950%, due 01/20/40	$	200,000		205,000
4.950%, due 01/15/21	PHP	10,000,000		228,162
6.250%, due 01/14/36		10,000,000		246,168

				787,016

Poland: 4.60%
Republic of Poland,
3.250%, due 07/25/25	PLN	5,700,000		1,549,718
4.750%, due 04/25/17		16,500,000		4,596,257
5.000%, due 04/25/16		5,300,000		1,438,648
5.000%, due 03/23/22	$	200,000		223,686
5.500%, due 10/25/19	PLN	6,000,000		1,796,548

				9,604,857

Romania: 1.77%
Government of Romania,
4.375%, due 08/22/23¹	$	450,000		468,563
4.750%, due 02/24/25	RON	3,000,000		802,028
5.750%, due 01/27/16		3,150,000		801,235
5.900%, due 07/26/17		5,200,000		1,396,322
6.125%, due 01/22/44¹	$	200,000		229,756

				3,697,904

Russia: 3.07%
Russian Federation,
3.500%, due 01/16/19²		1,000,000		988,750
4.875%, due 09/16/23²		600,000		584,250
5.000%, due 04/29/20²		500,000		510,000
5.625%, due 04/04/42¹		1,000,000		920,000
5.625%, due 04/04/42²		200,000		184,000
7.000%, due 01/25/23	RUB	25,100,000		334,889
7.050%, due 01/19/28		55,000,000		685,898
7.600%, due 04/14/21		87,500,000		1,243,216
8.150%, due 02/03/27		69,500,000		960,821

				6,411,824

Senegal: 0.11%
Republic of Senegal,
8.750%, due 05/13/21²	$	200,000		223,250

South Africa: 3.59%
Republic of South Africa,
5.500%, due 03/09/20		100,000		108,750
5.875%, due 09/16/25		1,150,000		1,278,225
6.250%, due 03/31/36	ZAR	13,900,000		836,560
7.000%, due 02/28/31		17,000,000		1,155,732
7.750%, due 02/28/23		37,600,000		2,907,920
10.500%, due 12/21/26		11,050,000		1,017,060
13.500%, due 09/15/16		2,266,666		191,265

				7,495,512

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (continued)
Non-US government obligations — (continued)
Sri Lanka: 1.10%
Republic of Sri Lanka,
5.875%, due 07/25/22²	$	700,000	$	694,750
6.250%, due 10/04/20¹		550,000		566,500
6.250%, due 10/04/20²		1,000,000		1,030,000

				2,291,250

Thailand: 3.79%
Government of Thailand,
1.200%, due 07/14/21^2,7	THB	112,934,962		3,082,067
3.125%, due 12/11/15		37,450,000		1,068,681
3.775%, due 06/25/32		10,000,000		291,926
3.850%, due 12/12/25		28,200,000		872,860
3.875%, due 06/13/19		52,100,000		1,581,695
4.675%, due 06/29/44		19,150,000		628,853
4.875%, due 06/22/29		11,650,000		389,926

				7,916,008

Turkey: 5.32%
Republic of Turkey,
5.125%, due 03/25/22	$	1,450,000		1,510,175
5.625%, due 03/30/21		1,000,000		1,072,000
5.750%, due 03/22/24		500,000		537,000
6.250%, due 09/26/22		230,000		254,265
6.750%, due 04/03/18		250,000		275,125
6.750%, due 05/30/40		200,000		228,100
6.875%, due 03/17/36		250,000		287,250
7.100%, due 03/08/23	TRY	2,300,000		727,491
7.500%, due 11/07/19	$	200,000		229,600
8.000%, due 02/14/34		350,000		447,300
8.500%, due 09/14/22	TRY	1,500,000		515,319
9.000%, due 07/24/24		1,350,000		475,235
10.500%, due 01/15/20		12,100,000		4,538,974

				11,097,834

Ukraine: 0.37%
Financing of Infrastructural Projects State Enterprise,
8.375%, due 11/03/17¹	$	1,150,000		655,504
Ukraine Government International Bond,
9.250%, due 07/24/17²		200,000		117,500

				773,004

Uruguay: 0.09%
Republic of Uruguay,
4.500%, due 08/14/24		116,000		122,815
6.875%, due 09/28/25		60,000		73,688

				196,503

Venezuela: 1.30%
Republic of Venezuela,
7.650%, due 04/21/25		2,625,000		938,437
7.750%, due 10/13/19²		365,000		137,788
8.250%, due 10/13/24²		2,000,000		730,000
9.250%, due 05/07/28²		712,000		267,000
9.375%, due 01/13/34		1,700,000		646,000

				2,719,225

Vietnam: 0.15%
Socialist Republic of Vietnam,
4.800%, due 11/19/24¹		200,000		199,941
6.750%, due 01/29/20²		100,000		111,000

				310,941

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)


	Face amount		Value
Bonds — (concluded)
Non-US government obligations — (concluded)
Zambia: 0.16%
Republic of Zambia,
5.375%, due 09/20/22¹	$	400,000		337,600

Total Non-US government obligations (cost $168,300,957)				136,178,531

Structured note: 0.85%
India: 0.85%
Standard Chartered Bank, 7.160%, due 05/20/23 (linked to Republic of India, 7.160%, due 05/20/23) (cost $1,789,427)		1,843,320		1,775,366

Supranational bond: 0.07%
European Investment Bank,
7.200%, due 07/09/19¹ (cost $151,178)	IDR	2,090,000,000		144,643

Total bonds (cost $225,768,964)				190,265,581


	Shares
Short-term investment: 6.75%
Investment company: 6.75%
UBS Cash Management Prime Relationship Fund⁹ (cost $14,083,121)		14,083,121		14,083,121

Total investments: 97.93% (cost $239,852,085)				204,348,702
Cash and other assets, less liabilities — 2.07%				4,317,306

Net assets — 100.00%			$	208,666,008

Notes to portfolio of investments

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized depreciation consisted of:


Gross unrealized appreciation	$	197,119
Gross unrealized depreciation		(35,700,502	)

Net unrealized depreciation of investments	$	(35,503,383	)

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)

Forward foreign currency contracts


Counterparty	Contracts to deliver		In exchange for		Maturity date		Unrealized appreciation/ (depreciation)
BB	IDR	9,853,633,042	USD	728,334		09/16/15	$	6,181
BB	INR	118,385,000	USD	1,841,853		09/16/15		11,025
BB	NGN	9,525,000	USD	44,929		09/16/15		(2,300	)
BB	PLN	2,120,000	USD	575,003		09/16/15		13,723
BB	RON	1,347,000	USD	337,941		09/16/15		2,486
BB	TRY	95,000	USD	34,222		09/16/15		373
BB	USD	954,596	IDR	12,930,000,000		09/16/15		(6,982	)
BB	USD	520,095	NGN	110,000,000		09/16/15		25,331
BB	USD	1,763,455	PHP	79,990,300		09/16/15		(19,061	)
BB	USD	1,849,806	RUB	103,467,999		09/16/15		(194,028	)
BB	USD	198,254	TRY	545,000		09/16/15		(4,068	)
CSI	BRL	7,132,850	USD	2,232,102		09/16/15		181,600
CSI	CNY	3,320,000	USD	539,653		09/16/15		6,644
CSI	INR	9,120,000	USD	141,714		09/16/15		673
CSI	MXN	8,215,000	USD	526,771		09/17/15		18,655
CSI	USD	32,318	BRL	105,000		09/16/15		(2,133	)
CSI	USD	151,047	CLP	95,469,400		09/16/15		(10,041	)
CSI	USD	540,717	CNY	3,320,000		09/16/15		(7,707	)
CSI	USD	1,718,713	MYR	6,455,487		09/17/15		(37,006	)
CSI	USD	62,170	PEN	200,000		09/16/15		74
CSI	USD	2,434,412	ZAR	30,575,000		09/16/15		(36,262	)
DB	BRL	700,000	USD	214,428		09/16/15		13,197
DB	PEN	6,637,000	USD	2,073,415		09/16/15		7,851
DB	USD	2,451,040	COP	6,338,390,000		09/16/15		(255,181	)
DB	USD	70,938	HUF	19,800,000		09/16/15		(203	)
DB	USD	181,286	INR	11,615,000		09/16/15		(1,660	)
DB	USD	6,166,312	MXN	95,916,000		09/17/15		(233,693	)
DB	USD	100,171	RUB	5,665,000		09/16/15		(9,516	)
GSI	BRL	9,100,000	USD	2,837,543		09/16/15		221,539
GSI	HUF	52,750,000	USD	185,870		09/16/15		(2,577	)
GSI	PLN	430,000	USD	117,413		09/16/15		3,568
GSI	RUB	4,315,000	USD	76,045		09/16/15		6,993
GSI	USD	3,688,823	BRL	12,470,000		09/16/15		(104,035	)
GSI	USD	3,101,768	HUF	858,817,499		09/16/15		(33,671	)
GSI	USD	155,672	IDR	2,105,000,000		09/16/15		(1,401	)
GSI	USD	22,708	MXN	350,000		09/17/15		(1,060	)
GSI	USD	1,351,424	NGN	283,485,000		09/16/15		54,211
GSI	USD	1,868,856	PLN	6,930,000		09/16/15		(34,106	)
GSI	USD	3,521,337	TRY	9,914,324		09/16/15		11,183
GSI	ZAR	2,275,000	USD	183,506		09/16/15		5,067
JPMCB	EUR	4,010,000	USD	4,437,514		10/16/15		28,869
Net unrealized depreciation on forward foreign currency contracts							$	(377,448	)

Futures contracts


	Expiration date		Cost/ (proceeds)			Value			Unrealized appreciation/ (depreciation)
US Treasury futures buy contracts:
US Long Bond, 15 contracts (USD)		September 2015	$	2,321,986		$	2,339,062		$	17,076
US Ultra Bond, 6 contracts (USD)		September 2015		933,790			957,187			23,397
5 Year US Treasury Notes, 16 contracts (USD)		September 2015		1,899,524			1,917,501			17,977
US Treasury futures sell contracts:
10 Year US Treasury Notes, 6 contracts (USD)		September 2015		(761,898	)		(764,625	)		(2,727	)
Net unrealized appreciation on futures contracts									$	55,723

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)

Currency swap agreements¹⁰

Notional Amount

Counterparty

Pay contracts

Receive contracts

Termination
date

Pay
rate¹¹

Receive

rate¹¹

Upfront
payments

Value

Unrealized
appreciation

PHP

85,653,500

USD

2,085,803

12/18/15

1.300%

6 month LIBOR

—

223,322

Interest rate swap agreements


Counterparty	Notional amount		Termination date	Payments made by the Fund¹¹	Payments received by the Fund¹¹	Upfront payments		Value			Unrealized appreciation/ (depreciation)
CITI	MYR	1,950,000	08/24/15	3 month KLIBOR	3.505%	$	—	$	(233	)	$	(233	)
DB	MYR	7,650,000	08/24/15	3 month KLIBOR	3.500		—		(935	)		(935	)
DB	ZAR	12,700,000	05/31/23	3 month JIBAR	7.480		—		(33,302	)		(33,302	)
MLI	MXN	7,200,000	11/16/28	28 day MXIBTIIE	8.830		—		93,562			93,562
MLI	MXN	7,000,000	11/21/28	28 day MXIBTIIE	8.610		—		81,891			81,891
MLI	ZAR	35,000,000	06/04/18	3 month JIBAR	6.400		—		(61,164	)		(61,164	)

						$	—	$	79,819		$	79,819

Credit default swaps on credit indices-buy protection¹²


Counterparty	Referenced index¹³	Notional amount		Termination date		Payments made by the Fund¹¹			Upfront payments received		Value			Unrealized appreciation
BB	CDX.EM Series 21 Index	USD	1,700,000		06/20/19		5.000	%	$	172,977	$	(51,900	)	$	121,077
DB	CDX.EM Series 21 Index	USD	3,050,000		06/20/19		5.000			308,877		(93,115	)		215,762

									$	481,854	$	(145,015	)	$	336,839

Credit default swaps on sovereign issues-buy protection¹²


Counterparty	Referenced obligation¹³	Notional amount		Termination date		Payments made by the Fund¹¹			Upfront payments made			Value		Unrealized appreciation/ (depreciation)
DB	Federation of Russia bond, 2.250%, due 03/31/30	USD	1,000,000		03/20/16		1.000	%	$	(16,785	)	$	6,137	$	(10,648	)
DB	Republic of Colombia bond, 10.375%, due 01/28/33	USD	680,000		12/20/24		1.000			(37,843	)		68,943		31,100

									$	(54,628	)	$	75,080	$	20,452

Credit default swaps on sovereign issues-sell protection¹⁴


Counterparty	Referenced obligation¹³	Notional amount		Termination date		Payments received by the Fund¹¹			Upfront payments received		Value			Unrealized depreciation			Credit spread¹⁵
BB	Federal Republic of Brazil bond, 12.250%, due 03/06/30		USD 180,000		06/20/22		1.000	%	$	14,775	$	(22,250	)	$	(7,475	)		3.121	%
BB	Federation of Russia bond, 2.250%, due 03/31/30		USD 2,900,000		12/20/22		1.000			277,973		(444,433	)		(166,460	)		3.552
DB	Federal Republic of Brazil bond, 12.250%, due 03/06/30		USD 800,000		06/20/22		1.000			64,908		(98,891	)		(33,983	)		3.121
DB	United Mexican States bond, 7.500%, due 04/08/33		USD 680,000		12/20/24		1.000			22,977		(43,824	)		(20,847	)		1.820

									$	380,633	$	(609,398	)	$	(228,765	)

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of July 31, 2015 in valuing the Fund’s investments:


Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Corporate bonds	$	—		$	52,167,041		$	—	$	52,167,041
Non-US government obligations		—			136,178,531			—		136,178,531
Structured note		—			1,775,366			—		1,775,366
Supranational bond		—			144,643			—		144,643
Short-term investment		—			14,083,121			—		14,083,121
Forward foreign currency contracts		—			619,243			—		619,243
Futures contracts		58,450			—			—		58,450
Swap agreements		—			473,855			—		473,855
Total	$	58,450		$	205,441,800		$	—	$	205,500,250

Liabilities
Forward foreign currency contracts	$	—		$	(996,691	)	$	—	$	(996,691	)
Futures contracts		(2,727	)		—			—		(2,727	)
Swap agreements		—			(850,047	)		—		(850,047	)
Total	$	(2,727	)	$	(1,846,738	)	$	—	$	(1,849,465	)

At July 31, 2015, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2015, the value of these securities amounted to $31,020,589 or 14.87% of net assets.

Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At July 31, 2015, the value of these securities amounted to $51,011,369 or 24.45% of net assets.

Variable or floating rate security — The interest rate shown is the current rate as of July 31, 2015 and changes periodically.

⁴

Security pays, when required, a floating rate that is determined annually based on the Argentina GDP.

⁵

Security is in default.

⁶

Rate shown reflects annualized yield at July 31, 2015 on zero coupon bond.

⁷

Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities’ principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuer’s country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity.

⁸

Step bond — Coupon rate increases in increments to maturity. Rate disclosed is as of July 31, 2015. Maturity date disclosed is the ultimate maturity date.

⁹

The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Fund.


Security description	Value 10/31/14		Purchases during the nine months ended 07/31/15		Sales during the nine months ended 07/31/15		Value 07/31/15		Net income earned from affiliate for the nine months ended 07/31/15
UBS Cash Management Prime Relationship Fund	$	6,240,018	$	45,978,676	$	38,135,573	$	14,083,121	$	4,263

Global High Income Fund Inc.

Portfolio of investments — July 31, 2015 (unaudited)

¹⁰

Illiquid investment as of July 31, 2015.

¹¹

Payments made or received are based on the notional amount.

¹²

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

¹³

Payments from/to the counterparty will be received/made upon the occurrence of bankruptcy and/or restructuring event with respect to the referenced index/obligation.

¹⁴

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation.

¹⁵

Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity.


Portfolio acronyms
GDP		Gross Domestic Product
GMTN		Global Medium Term Note
JIBAR		Johannesburg Interbank Agreed Rate
JSC		Joint Stock Company
KLIBOR		Korea Interbank Offered Rate
LIBOR		London Interbank Offered Rate
MXIBTIIE		Mexico Interbank TIIE 28 Day Rate
OJSC		Open Joint Stock Company

Counterparty abbreviations
BB		Barclays Bank PLC
CITI		CitiBank NA
CSI		Credit Suisse International
DB		Deutsche Bank AG
GSI		Goldman Sachs International
JPMCB		JPMorgan Chase Bank
MLI		Merrill Lynch International

Currency abbreviations
BRL		Brazilian Real
CLP		Chilean Peso
CNY		Chinese Yuan
COP		Colombian Peso
EUR		Euro
HUF		Hungarian Forint
IDR		Indonesian Rupiah
INR		Indian Rupee
MXN		Mexican Peso
MYR		Malaysian Ringgit
NGN		Nigeria Naira
PEN		Peru Nuevo Sol
PHP		Philippine Peso
PLN		Polish Zloty
RON		Romanian Lei
RUB		Russian Ruble
THB		Thai Baht
TRY		Turkish Lira
USD		United States Dollar
ZAR		South African Rand

The Fund calculates its net asset value based on the current market value, where available, for its portfolio securities. The Fund normally obtains market values for its investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized “evaluation” systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also maybe valued based on appraisals derived from information concerning the investments or similar investments received from recognized dealers in those holdings. Investments traded in the over-the-counter (“OTC”) market and listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), the investment advisor of the Fund. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Directors (the “Board”). Various factors may be reviewed in order to make a good faith determination of an investment’s fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investments; and the evaluation of forces which influence the market in which the investments are purchased and sold. Certain investments in which the Fund invests are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m. Eastern time will not be reflected in the Fund’s net asset value. However, if the Fund determines that such developments are so significant that they will materially affect the value of the Fund’s investments, the Fund may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m. Eastern time. Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Fund’s use of the practical expedient within ASC Topic 820, investments in non registered investment companies are also valued at the daily net asset value.

The Fund’s Board of Directors (the “Board”) has delegated to the UBS Global Asset Management Global Valuation Committee (“GVC”) the responsibility for making fair value determinations with respect to the Fund’s portfolio holdings. The GVC is comprised of representatives of management, including members of the investment team.

The GVC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the GVC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the GVC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews of security valuations.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances, as discussed below, securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value the Fund’s portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the “limit up” or “limit” down price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment’s fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of investments; and the evaluation of forces which influence the market in which the investments are purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US Generally Accepted Accounting Principles (“GAAP”) requires disclosure regarding the various inputs that are used in determining the value of the Fund’s investments. These inputs are summarized into the three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical investments.

Level 2 — Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk.

Level 3 — Unobservable inputs inclusive of the Fund’s own assumptions in determining the fair value of investments.

A fair value hierarchy has been included near the end of the Fund’s Portfolio of investments.

For more information regarding the Fund’s other significant accounting policies, please refer to the Fund’s Semi-annual report to shareholders dated April 30, 2015.

Item 2. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“Investment Company Act”)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)

The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a)

Certifications of principal executive officer and principal financial officer of registrant pursuant to Rule 30a-2(a) under the Investment Company Act is attached hereto as Exhibit EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Global High Income Fund Inc.


By:		/s/ Mark E. Carver
		Mark E. Carver
		President

Date:		September 29, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Mark E. Carver
		Mark E. Carver
		President

Date:		September 29, 2015


By:		/s/ Thomas Disbrow
		Thomas Disbrow
		Vice President and Treasurer

Date:		September 29, 2015

EX-99.CERT 2 d96859dex99cert.htm CERTIFICATIONS Certifications

Exhibit EX-99.CERT

Certifications

I, Mark E. Carver, President of Global High Income Fund Inc., certify that:

1.	I have reviewed this report on Form N-Q of Global High Income Fund Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


By:		/s/ Mark E. Carver
		Mark E. Carver
		President

Date:		September 29, 2015

I, Thomas Disbrow, Vice President and Treasurer of Global High Income Fund Inc., certify that:

1.	I have reviewed this report on Form N-Q of Global High Income Fund Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


By:		/s/ Thomas Disbrow
		Thomas Disbrow
		Vice President and Treasurer

Date:		September 29, 2015