Global High Income Dollar Fund Inc. ("Fund") (NYSE:GHI),
a non-diversified, closed-end management investment company seeking
high current income and secondarily, capital appreciation through
investments primarily in securities of emerging market debt issuers,
today announced that the Fund's Board of Directors declared a regular
monthly distribution of $0.1194 per share. The distribution is payable
on October 31, 2005 to shareholders of record as of October 20, 2005.
The ex-dividend date is October 18, 2005.
The Fund adopted a managed distribution policy in December 1999, which was revised in May 2005. Pursuant to the policy as currently in effect, the Fund makes regular monthly distributions at an annualized rate equal to 9% of the Fund's net asset value, as determined as of the last day on which the New York Stock Exchange is open for trading during the first week of that month. Based on information available at this time, the Fund estimates that portions of the current regular monthly distribution may be comprised of net investment income and capital gain distributions. Further information regarding the estimated sources of the current regular monthly distribution will be provided around month-end; however, information provided will be an estimate and subject to change based on the Fund's investment experience during the remainder of its fiscal year.
To the extent that the Fund's taxable income in any fiscal year exceeds the aggregate amount distributed based on a fixed percentage of its net asset value, the Fund would make an additional distribution in the amount of that excess near the end of the fiscal year. To the extent that the aggregate amount distributed by the Fund based on a fixed percentage of its net asset value exceeds its taxable income, the amount of that excess would constitute a return of capital for tax purposes. From time to time, the Fund may project that a portion of a distribution may consist of a return of capital based on information available at that time. Such an estimate is subject to change based on the Fund's investment experience during the remainder of its fiscal year. The actual sources of the Fund's regular monthly distributions may be net investment income, net realized capital gains, return of capital or a combination of the foregoing and may be subject to retroactive recharacterization at the end of the Fund's fiscal year based on tax regulations. The actual amounts attributable to each of the sources will be reported to each shareholder in January of each year on Form 1099-DIV.
Monthly distributions based on a fixed percentage of the Fund's net asset value may require the Fund to make multiple distributions of long-term capital gains during a single fiscal year. The Fund has received exemptive relief from the Securities and Exchange Commission that enables it to do so. The Fund's Board receives recommendations from UBS Global AM periodically and no less frequently than annually will reassess the annualized percentage of net assets at which the Fund's monthly distributions will be made. The Fund's Board may change or terminate the managed distribution policy at any time; any such change or termination may have an adverse effect on the market price for the Fund's shares. -0- Global High Income Dollar Fund Inc. Portfolio Statistics (% of net assets) as of September 30, 2005:* Asset Allocation Currency Exposure ---------------------------------------------------------------------- U.S. Dollar-Denominated U.S. Dollar 82.3% Sovereign Debt 68.6% Argentina Peso 6.6 --------------------------- Malaysian Ringgit 3.9 Brazil 18.8% Other 7.2 Russia 10.9 -------------------------- Argentina 7.2 Total 100.0% Qatar 4.5 Turkey 4.5 Philippines 3.1 Venezuela 3.1 Credit Quality Other Emerging Market Debt ----------------- (less than 3% of net A/A 5.1% assets per credit) 16.5 BBB/Baa 22.4 BB/Ba 31.3 B/B 19.1 CCC/Caa 2.0 Not Rated 17.2 U.S. Dollar Denominated Cash 2.9 Corporate Debt 10.8% ----------------- -------- --------------------------- Total 100.0% Germany 3.7% Other Emerging Market Debt 7.1 Characteristics ----------------- Foreign Currency Market Yield** 8.22% Denominated Debt 17.7% NAV Yield** 8.87% --------------------------- Modified Argentina 6.6% Duration*** 8.85% Malaysia 3.9 Market Price** $17.43 Other 7.2 Net Asset Value** $16.15 Cash & Cash Equivalents 2.9% --------------------------- Total 100.0%
* The Fund is actively managed, and its portfolio composition will vary over time.
** Net asset value (NAV), market price and yields will fluctuate. Market yield is calculated by multiplying the current month's distribution by 12 and dividing by the month-end market price. NAV yield is calculated by multiplying the current month's distribution by 12 and dividing by the month-end net asset value.
*** US interest rate duration.
The Fund adopted a managed distribution policy in December 1999, which was revised in May 2005. Pursuant to the policy as currently in effect, the Fund makes regular monthly distributions at an annualized rate equal to 9% of the Fund's net asset value, as determined as of the last day on which the New York Stock Exchange is open for trading during the first week of that month. Based on information available at this time, the Fund estimates that portions of the current regular monthly distribution may be comprised of net investment income and capital gain distributions. Further information regarding the estimated sources of the current regular monthly distribution will be provided around month-end; however, information provided will be an estimate and subject to change based on the Fund's investment experience during the remainder of its fiscal year.
To the extent that the Fund's taxable income in any fiscal year exceeds the aggregate amount distributed based on a fixed percentage of its net asset value, the Fund would make an additional distribution in the amount of that excess near the end of the fiscal year. To the extent that the aggregate amount distributed by the Fund based on a fixed percentage of its net asset value exceeds its taxable income, the amount of that excess would constitute a return of capital for tax purposes. From time to time, the Fund may project that a portion of a distribution may consist of a return of capital based on information available at that time. Such an estimate is subject to change based on the Fund's investment experience during the remainder of its fiscal year. The actual sources of the Fund's regular monthly distributions may be net investment income, net realized capital gains, return of capital or a combination of the foregoing and may be subject to retroactive recharacterization at the end of the Fund's fiscal year based on tax regulations. The actual amounts attributable to each of the sources will be reported to each shareholder in January of each year on Form 1099-DIV.
Monthly distributions based on a fixed percentage of the Fund's net asset value may require the Fund to make multiple distributions of long-term capital gains during a single fiscal year. The Fund has received exemptive relief from the Securities and Exchange Commission that enables it to do so. The Fund's Board receives recommendations from UBS Global AM periodically and no less frequently than annually will reassess the annualized percentage of net assets at which the Fund's monthly distributions will be made. The Fund's Board may change or terminate the managed distribution policy at any time; any such change or termination may have an adverse effect on the market price for the Fund's shares. -0- Global High Income Dollar Fund Inc. Portfolio Statistics (% of net assets) as of September 30, 2005:* Asset Allocation Currency Exposure ---------------------------------------------------------------------- U.S. Dollar-Denominated U.S. Dollar 82.3% Sovereign Debt 68.6% Argentina Peso 6.6 --------------------------- Malaysian Ringgit 3.9 Brazil 18.8% Other 7.2 Russia 10.9 -------------------------- Argentina 7.2 Total 100.0% Qatar 4.5 Turkey 4.5 Philippines 3.1 Venezuela 3.1 Credit Quality Other Emerging Market Debt ----------------- (less than 3% of net A/A 5.1% assets per credit) 16.5 BBB/Baa 22.4 BB/Ba 31.3 B/B 19.1 CCC/Caa 2.0 Not Rated 17.2 U.S. Dollar Denominated Cash 2.9 Corporate Debt 10.8% ----------------- -------- --------------------------- Total 100.0% Germany 3.7% Other Emerging Market Debt 7.1 Characteristics ----------------- Foreign Currency Market Yield** 8.22% Denominated Debt 17.7% NAV Yield** 8.87% --------------------------- Modified Argentina 6.6% Duration*** 8.85% Malaysia 3.9 Market Price** $17.43 Other 7.2 Net Asset Value** $16.15 Cash & Cash Equivalents 2.9% --------------------------- Total 100.0%
* The Fund is actively managed, and its portfolio composition will vary over time.
** Net asset value (NAV), market price and yields will fluctuate. Market yield is calculated by multiplying the current month's distribution by 12 and dividing by the month-end market price. NAV yield is calculated by multiplying the current month's distribution by 12 and dividing by the month-end net asset value.
*** US interest rate duration.
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