-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RrXL+t1dKDtkEKdhACeumeDaLxXnNOBEMpJNc75zgfWgQHoHm9dB3USNUKjkM35f F65BVIgQXC7u4YN4ZmHYHA== 0000950117-97-000050.txt : 19970113 0000950117-97-000050.hdr.sgml : 19970113 ACCESSION NUMBER: 0000950117-97-000050 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970220 FILED AS OF DATE: 19970110 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL HIGH INCOME DOLLAR FUND INC CENTRAL INDEX KEY: 0000897996 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07540 FILM NUMBER: 97504450 BUSINESS ADDRESS: STREET 1: 1285 AVENUE OF THE AMERICAS STREET 2: 16TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2127132000 MAIL ADDRESS: STREET 1: 1285 AVENUE OF THE AMERICAS STREET 2: 16TH FL CITY: NEW YORK STATE: NY ZIP: 10019 DEF 14A 1 GLOBAL HIGH INCOME DOLLAR FUND INC. Section 240.14a-101 Schedule 14A. Information required in proxy statement. Schedule 14A Information Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12 GLOBAL HIGH INCOME DOLLAR FUND INC. ................................................................. (Name of Registrant as Specified In Its Charter) ................................................................. (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11 (1) Title of each class of securities to which transaction applies: ............................................................ (2) Aggregate number of securities to which transaction applies: ....................................................... (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): ....................................................... (4) Proposed maximum aggregate value of transaction: ....................................................... (5) Total fee paid: ....................................................... [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: ....................................................... (2) Form, Schedule or Registration Statement No.: ....................................................... (3) Filing Party: ....................................................... (4) Date Filed: ....................................................... GLOBAL HIGH INCOME DOLLAR FUND INC. --------------------- NOTICE OF ANNUAL MEETING OF SHAREHOLDERS FEBRUARY 20, 1997 --------------------- TO THE SHAREHOLDERS: The annual meeting of shareholders of Global High Income Dollar Fund Inc. ('Fund') will be held on February 20, 1997 at 10:00 a.m., Eastern time, at 1285 Avenue of the Americas, 38th Floor, New York, New York 10019 for the following purposes: (1) To elect ten (10) directors to serve until the annual meeting of shareholders in 1998, or until their successors are elected and qualified; (2) To ratify the selection of Price Waterhouse LLP as the Fund's independent accountants for the fiscal year ending October 31, 1997; and (3) To transact such other business as may properly come before the meeting or any adjournment thereof. You are entitled to vote at the meeting and any adjournments thereof if you owned Fund shares at the close of business on December 20, 1996. If you attend the meeting, you may vote your shares in person. IF YOU DO NOT EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE, DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED POSTAGE PAID ENVELOPE. By order of the board of directors, DIANNE E. O'DONNELL Secretary January 10, 1997 1285 Avenue of the Americas New York, New York 10019 YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN PLEASE INDICATE YOUR VOTING INSTRUCTIONS ON THE ENCLOSED PROXY CARD, DATE AND SIGN IT, AND RETURN IT IN THE ENVELOPE PROVIDED. If you sign, date and return the proxy card but give no voting instructions, your shares will be voted 'FOR' the nominees for director named in the attached proxy statement and 'FOR' all other proposals noticed above. IN ORDER TO AVOID THE ADDITIONAL EXPENSE TO THE FUND OF FURTHER SOLICITATION, WE ASK YOUR COOPERATION IN MAILING IN YOUR PROXY CARD PROMPTLY. UNLESS PROXY CARDS SUBMITTED BY CORPORATIONS AND PARTNERSHIPS ARE SIGNED BY THE APPROPRIATE PERSONS AS INDICATED IN THE VOTING INSTRUCTIONS ON THE PROXY CARD, THEY WILL NOT BE VOTED. GLOBAL HIGH INCOME DOLLAR FUND INC. 1285 AVENUE OF THE AMERICAS NEW YORK, NEW YORK 10019 ------------------------ PROXY STATEMENT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON FEBRUARY 20, 1997 ------------------------ This statement is furnished to the shareholders of Global High Income Dollar Fund Inc. ('Fund') in connection with the board of directors' solicitation of proxies to be used at the annual meeting of the shareholders of the Fund to be held on February 20, 1997, or any adjournment or adjournments thereof. A majority of the shares outstanding on December 20, 1996, represented in person or by proxy, must be present for the transaction of business at the meeting. In the event that a quorum is not present at the annual meeting, or if 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. Any such adjournment will require the affirmative vote of a majority of those shares represented at the annual meeting in person or by proxy. The persons named as proxies will vote those proxies which they are entitled to vote FOR any such proposal in favor of such an adjournment, and will vote those proxies required to be voted AGAINST any such proposal against such adjournment. A shareholder vote may be taken on one or more of the proposals in this proxy statement prior to any such adjournment if sufficient votes have been received and it is otherwise appropriate. Abstentions and broker non-votes (see below) will be counted as shares present for purposes of determining whether a quorum is present but will not be voted for or against any adjournment. Accordingly, abstentions and broker non-votes effectively will be a vote against adjournment. Broker non-votes are shares held in street name for which the broker indicates that instructions have not been received from the beneficial owners or other persons entitled to vote and for which the broker does not have discretionary voting authority. Abstentions and broker non-votes will not be counted, however, as votes cast for purposes of determining whether sufficient votes have been received to approve a proposal. The individuals named as proxies on the enclosed proxy card will vote in accordance with your direction as indicated thereon if your proxy card is received properly executed by you or by your duly appointed agent or attorney-in-fact. If you give no voting instructions, your shares will be voted in favor of the ten nominees for directors named herein and in favor of the remaining proposals described in this proxy statement. The proxy card may be revoked by giving another proxy or by letter or telegram revoking your proxy. To be effective, such revocation must be received by the Fund prior to the meeting and must indicate your name and account number. In addition, if you attend the meeting in person you may, if you wish, vote by ballot at the meeting, thereby cancelling any proxy previously given. As of the record date, December 20, 1996, the Fund had 22,736,667 shares of common stock outstanding. The solicitation of proxies, the cost of which will be borne by the Fund, will be made primarily by mail but also may include telephone or oral communications by regular employees of Mitchell Hutchins Asset Management Inc. ('Mitchell Hutchins') or PaineWebber Incorporated ('PaineWebber'), who will not receive any compensation therefor from the Fund. Management does not know of any person who owns beneficially 5% or more of the shares of the Fund. Each full share of the Fund outstanding is entitled to one vote and each fractional share of the Fund outstanding is entitled to a proportionate share of one vote for such purposes. This proxy statement and the related proxy card will first be mailed to shareholders on or about January 15, 1997. A COPY OF THE FUND'S MOST RECENT ANNUAL REPORT HAS PREVIOUSLY BEEN MAILED TO SHAREHOLDERS. SHAREHOLDERS MAY REQUEST COPIES OF THE FUND'S ANNUAL REPORT, WITHOUT CHARGE, BY WRITING THE FUND AT 1285 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK 10019, OR BY CALLING 1-800-647-1568. Mitchell Hutchins serves as the Fund's investment adviser and administrator. Mitchell Hutchins is a wholly owned subsidiary of PaineWebber, which is a wholly owned subsidiary of Paine Webber Group Inc. ('PW Group'), a publicly held financial services holding company. PaineWebber may from time to time act as a dealer and secondary market-maker in connection with over-the-counter secondary market sales of the Fund's common stock. The principal business address of each of Mitchell Hutchins, PaineWebber and PW Group is 1285 Avenue of the Americas, New York, New York 10019. PROPOSAL 1. ELECTION OF DIRECTORS Proposal 1 relates to the election of directors of the Fund. Management proposes the election of the ten nominees named in the table below. Each nominee, including those who are not 'interested persons' of the Fund as that term is defined by the Investment Company Act of 1940 ('1940 Act') ('Independent Directors'), has indicated his or her willingness to serve if elected. If elected, each nominee will hold office until the next annual meeting of shareholders or until his or her successor is elected and qualified. Unless you give contrary instructions on the enclosed proxy card, your shares will be voted in favor of the election of the ten nominees. If any of the nominees should withdraw or otherwise become unavailable for election, your shares will be voted in favor of such other nominee or nominees as management may recommend. Mr. Torell has served as a director of the Fund since its inception in 1993. Mr. Bewkes served as a director from the Fund's inception until his resignation from the board on November 17, 1993; he was reappointed to the board on December 27, 1993. Messrs. Armstrong and Burt have served as directors of the Fund since February 16, 1995. Each of the other directors was first elected to the board on April 11, 1996. Directors shall be elected by the affirmative vote of a plurality of the votes cast for the election of directors, present in person or by proxy and entitled to vote thereon, provided a quorum is present. If each of the ten nominees is elected, they will constitute the entire board of directors of the Fund. All directors and executive officers as a group (22 persons) beneficially owned 100 shares of the Fund, including shares shown in the table below, on November 30, 1996, representing less than 1% of shares outstanding of the Fund on that date.
PRESENT POSITION WITH THE SHARES OWNED FUND; BUSINESS EXPERIENCE DURING BENEFICIALLY ON NOMINEE; AGE PAST FIVE YEARS; OTHER DIRECTORSHIPS NOVEMBER 30, 1996** - -------------------------------- ----------------------------------------------------------- ------------------- Margo N. Alexander*; 49 Director and president. Mrs. Alexander is president, chief -- executive officer and a director of Mitchell Hutchins (since January 1995) and an executive vice president and a director of PaineWebber. Mrs. Alexander is president and a director or trustee of 29 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. Richard Q. Armstrong; 61 Director. Mr. Armstrong is chairman and principal of RQA -- Enterprises (management consulting firm) (since April 1991 and principal occupation since March 1995). Mr. Armstrong is also a director of Hi Lo Automotive,
2
PRESENT POSITION WITH THE SHARES OWNED FUND; BUSINESS EXPERIENCE DURING BENEFICIALLY ON NOMINEE; AGE PAST FIVE YEARS; OTHER DIRECTORSHIPS NOVEMBER 30, 1996** - -------------------------------- ----------------------------------------------------------- ------------------- Inc. He was chairman of the board, chief executive officer and co-owner of Adirondack Beverages (producer and distributor of soft drinks and sparking/still waters) (October 1993-March 1995). Mr. Armstrong was a partner of The New England Consulting Group (management consulting firm) (December 1992-September 1993). He was managing director of LVMH U.S. Corporation (U.S. subsidiary of the French luxury goods conglomerate, Luis Vuitton Moet Hennessey Corporation) (1987-1991) and chairman of its wine and spirits subsidiary, Schieffelin & Somerset Company (1987-1991). Mr. Armstrong is also a director or trustee of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. E. Garrett Bewkes, Jr.*; 70 Director and chairman of the board of directors. Mr. Bewkes -- is a director of PW Group (holding company of PaineWebber and Mitchell Hutchins). Prior to December 1995, he was a consultant to PW Group. Prior to 1988, he was chairman of the board, president and chief executive officer of American Bakeries Company. Mr. Bewkes is also a director of Interstate Bakeries Corporation and NaPro BioTherapeutics, Inc. Mr. Bewkes is a director or trustee of 29 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. Richard R. Burt; 49 Director. Mr. Burt is chairman of International Equity Partners (international investments and consulting firm) (since March 1994) and a partner of McKinsey & Company (management consulting firm) (since 1991). He is also a director of American Publishing Company and Archer-Daniels-Midland Co. (agricultural commodities). He was the chief negotiator in the Strategic Arms Reduction Talks with the former Soviet Union (1989-1991) and the U.S. Ambassador to the Federal Republic of Germany (1985-1989). Mr. Burt is a director or trustee of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. Mary C. Farrell*; 47 Director. Ms. Farrell is a managing director, senior -- investment strategist and member of the Investment Policy Committee of PaineWebber. Ms. Farrell joined PaineWebber in 1982. She is a member of the Financial Women's Association and Women's Economic Roundtable and is employed as a regular panelist on Wall $treet Week with Louis Rukeyser. She also serves on the Board of Overseers of New York University's Stern School of Business. Ms. Farrell is a director or trustee of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. Meyer Feldberg; 54 Director. Mr. Feldberg is Dean and Professor of Management -- of the Graduate School of Business,
3
PRESENT POSITION WITH THE SHARES OWNED FUND; BUSINESS EXPERIENCE DURING BENEFICIALLY ON NOMINEE; AGE PAST FIVE YEARS; OTHER DIRECTORSHIPS NOVEMBER 30, 1996** - -------------------------------- ----------------------------------------------------------- ------------------- Columbia University. Prior to 1989, he was president of the Illinois Institute of Technology. Dean Feldberg is also a director of KIII Communications Corporation, Federated Department Stores, Inc. and New World Communications Group Incorporated. Dean Feldberg is a director or trustee of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. George W. Gowen; 68 Director. Mr. Gowen is a partner in the law firm -- Dunnington, Bartholow & Miller. Prior to May 1994, he was a partner in the law firm of Fryer, Ross & Gowen. Mr. Gowen is a director of Columbia Real Estate Investments, Inc. Mr. Gowen is a director or trustee of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. Frederic V. Malek; 59 Director. Mr. Malek is chairman of Thayer Capital Partners -- (investment bank). From January 1992 to November 1992, he was campaign manager of Bush-Quayle '92. From 1990 to 1992, he was vice chairman and, from 1989 to 1990, he was president of Northwest Airlines Inc., NWA Inc. (holding company of Northwest Airlines Inc.) and Wings Holdings Inc. (holding company of NWA Inc.). Prior to 1989, he was employed by the Marriot Corporation (hotels, restaurants, airline catering and contract feeding), where he most recently was an executive vice president and president of Marriot Hotels and Resorts. Mr. Malek is also a director of American Management Systems, Inc. (management consulting and computer related services), Automatic Data Processing, Inc., CB Commercial Group, Inc. (real estate services), Choice Hotels International (hotel and hotel franchising), FPL Group, Inc. (electric services), Integra, Inc. (bio-medical), Manor Care, Inc. (health care), National Educational Corporation and Northwest Airlines Inc. Mr. Malek is a director or trustee of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. Carl W. Schafer; 60 Director. Mr. Schafer is president of the Atlantic -- Foundation (charitable foundation supporting mainly oceanographic exploration and research). He is a director of Roadway Express, Inc. (trucking), The Guardian Group of Mutual Funds, Evans Systems, Inc (motor fuels, convenience store and diversified company), Electronic Clearing House, Inc. (financial transactions processing), Wainoco Oil Corporation and Nutraceutix, Inc. (biotechnology company). Prior to January 1993, he was chairman of the Investment Advisory Committee of the Howard Hughes Medical Institute. Mr. Schafer is a director or trustee of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as an investment adviser.
4
PRESENT POSITION WITH THE SHARES OWNED FUND; BUSINESS EXPERIENCE DURING BENEFICIALLY ON NOMINEE; AGE PAST FIVE YEARS; OTHER DIRECTORSHIPS NOVEMBER 30, 1996** - -------------------------------- ----------------------------------------------------------- ------------------- John R. Torell III; 57 Director. Mr. Torell is chairman of Torell Management, Inc. 100 (financial advisory firm), chairman of Telesphere Corporation (electronic provider of financial information) and a managing director of Zikha & Company (merchant banking and private investment company). He is the former chairman and chief executive officer of Fortune Bancorp (1990 to 1994), the former chairman, president and chief executive officer of CalFed, Inc. (savings association) (1988 to 1989) and former president of Manufacturers Hanover Corp. (bank) (prior to 1988). Mr. Torell is a director of American Home Products Corp., New Colt Inc. (armament manufacturer) and Volt Information Sciences Inc. Mr. Torell is a director or trustee of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser.
- ------------ * Mrs. Alexander, Mr. Bewkes and Ms. Farrell are 'interested persons' of the Fund, as defined in the 1940 Act, by virtue of their positions with Mitchell Hutchins, PaineWebber, and/or PW Group. ** Unless otherwise stated, as of the date indicated, each director had sole voting and investment power of shares owned. The board of directors of the Fund met six times during the fiscal year ended October 31, 1996. The Audit and Contract Review Committee ('ACR Committee') of the board currently consists of Messrs. Armstrong, Burt, Feldberg, Gowen, Malek, Schafer and Torell. The ACR Committee has established a sub-committee that periodically reviews the contractual and audit arrangements for the Fund and reports back to the full ACR Committee. Messrs. Burt, Feldberg, Gowen and Schafer are members of this sub-committee. Each member of the Fund's ACR Committee is also a member of a similar committee established by the board of each of the other above referenced investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser and also may be a member of a sub-committee established by another fund's audit and contract review committee. The duties of the ACR Committee are (a) to review the financial and accounting policies of the Fund, including internal accounting control procedures, and to review reports prepared by the Fund's independent accountants, including reports on the Fund's financial statements; (b) to review and recommend approval or disapproval of audit and non-audit services and the fees charged for such services, (c) to evaluate the independence of the independent accountants and to recommend whether to retain such independent accountants for the next fiscal year; and (d) to report to the board and make such recommendations as it deems necessary. The ACR Committee and the related sub-committee each met once during the fiscal year ended October 31, 1996. The board does not have a standing nominating or compensation committee. The Fund pays the Independent Directors $1,000 annually and $150 for each board meeting and for each meeting of a board committee (other than committee meetings held on the same day as a board meeting). (When the ACR Committee and its sub-committee both meet on the same day, one attendance fee is paid.) Messrs. Feldberg and Torell serve as chairmen of the sub-committees of individual funds within the PaineWebber fund complex and receive additional annual compensation aggregating $15,000 each from the relevant funds. Directors of the Fund who are 'interested persons' as defined in the 1940 Act receive no compensation from 5 the Fund. Directors are reimbursed for any expenses incurred in attending meetings. Each director will be subject to mandatory retirement at the end of the year in which he or she becomes 72 years old. The table below includes certain information relating to the compensation of the Fund's directors. COMPENSATION TABLE
PENSION OR TOTAL RETIREMENT COMPENSATION BENEFITS FROM THE AGGREGATE ACCRUED AS ESTIMATED FUND AND THE COMPENSATION PART OF ANNUAL FUND COMPLEX NAME OF FROM THE FUND'S BENEFITS UPON PAID TO PERSON, POSITION THE FUND* EXPENSES RETIREMENT DIRECTORS** - --------------------------------------------------- ------------ ---------- ------------- ------------ Margo N. Alexander, Director and president........................... -- -- -- -- Richard Q. Armstrong, Director......................................... $2,422 -- -- $ 58,006 E. Garrett Bewkes, Jr., Director and chairman of the board of directors........................... -- -- -- -- Richard R. Burt, Director......................................... $2,272 -- -- $ 46,818 Mary C. Farrell, Director***...................................... -- -- -- -- Meyer Feldberg, Director***...................................... $ 756 -- -- $ 59,111 George W. Gowen, Director***...................................... $ 756 -- -- $ 56,111 Federic V. Malek, Director***...................................... $ 756 -- -- $ 53,571 Carl W. Schafer, Director***...................................... $ 756 -- -- $ 57,793 John R. Torell III, Director......................................... $2,422 -- -- $ 56,943
- ------------ * Represents fees paid to each director during the fiscal year ended October 31, 1996. ** Represents total compensation paid to each director by 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser during the twelve months ended December 31, 1996; no fund within the complex has a bonus, pension, profit sharing or retirement plan. *** Elected as a director at a shareholder meeting held on April 11, 1996. 6 PROPOSAL 2. RATIFICATION OF SELECTION OF INDEPENDENT ACCOUNTANTS The Fund's financial statements for the fiscal year ended October 31, 1996, were audited by Price Waterhouse LLP ('Price Waterhouse'), independent accountants. In addition, Price Waterhouse prepares the Fund's federal and state annual income tax returns. The board of directors of the Fund has selected Price Waterhouse as the independent accountants for the Fund for the fiscal year ending October 31, 1997, subject to ratification by shareholders of the Fund at the annual meeting. Price Waterhouse has been the Fund's independent accountants since its inception in October 1993. The ratification of Price Waterhouse as independent accountants is to be voted upon at the annual meeting, and it is intended that the persons named in the accompanying proxy will vote for such ratification unless contrary instructions are given. Price Waterhouse has informed the Fund that it has no material direct or indirect financial interest in the Fund. The affirmative vote of the holders of a majority of the shares of the Fund cast at the annual meeting is required for ratification, provided a quorum is present. Representatives of Price Waterhouse are not expected to be present at the meeting but have been given the opportunity to make a statement if they so desire and will be available should any matter arise requiring their presence. THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE 'FOR' PROPOSAL 2. EXECUTIVE OFFICERS Officers of the Fund are appointed by the directors and serve at the pleasure of the board. None of the Fund's officers currently receives any compensation from the Fund. The executive officers of the Fund, in addition to Mrs. Alexander (about whom information is given previously), are: TERESA M. BOYLE, age 38, vice president of the Fund (appointed December 1993). Ms. Boyle is a first vice president of Mitchell Hutchins. Prior to November 1993, she was compliance manager of Hyperion Capital Management, Inc., an investment advisory firm. Prior to April 1993, Ms. Boyle was a vice president and manager -- legal administration of Mitchell Hutchins. Ms. Boyle is a vice president of 29 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. C. WILLIAM MAHER, age 35, vice president and assistant treasurer of the Fund (appointed June 1995). Mr. Maher is a first vice president and a senior manager of the mutual fund finance division of Mitchell Hutchins. Mr. Maher is a vice president and assistant treasurer of 29 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. DENNIS MCCAULEY, age 50, vice president of the Fund (appointed September 1995). Mr. McCauley is a managing director and chief investment officer-fixed income of Mitchell Hutchins. Prior to December 1994, he was director of fixed income investments of IBM Corporation. Mr. McCauley is a vice president of 18 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. ANN E. MORAN, age 39, vice president and assistant treasurer of the Fund (appointed June 1993). Ms. Moran is a vice president of Mitchell Hutchins. Ms. Moran is a vice president and assistant treasurer of 29 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. DIANNE E. O'DONNELL, age 44, vice president and secretary of the Fund (appointed February 1993). Ms. O'Donnell is a senior vice president and deputy general counsel of Mitchell Hutchins. Ms. 7 O'Donnell is a vice president and secretary of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. EMIL POLITO, age 36, vice president of the Fund (appointed September 1996). Mr. Polito is a senior vice president and director of operations and control for Mitchell Hutchins. From March 1991 to September 1993, he was director of the Mutual Funds Sales Support and Service Center for Mitchell Hutchins and PaineWebber. Mr. Polito is a vice president of 29 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. VICTORIA E. SCHONFELD, age 45, vice president of the Fund (appointed May 1994). Ms. Schonfeld is a managing director and general counsel of Mitchell Hutchins. Prior to May 1994, she was a partner in the law firm of Arnold & Porter. Ms. Schonfeld is a vice president of 29 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. PAUL H. SCHUBERT, age 33, vice president and assistant treasurer of the Fund (appointed September 1994). Mr. Schubert is a first vice president and a senior manager of the mutual fund finance division of Mitchell Hutchins. From August 1992 to August 1994, he was a vice president at BlackRock Financial Management, Inc. Prior to August 1992, he was an audit manager with Ernst & Young LLP. Mr. Schubert is a vice president and assistant treasurer of 29 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. JULIAN F. SLUYTERS, age 36, vice president and treasurer of the Fund (appointed February 1993). Mr. Sluyters is a senior vice president and the director of the mutual fund finance division of Mitchell Hutchins. Mr. Sluyters is a vice president and treasurer of 29 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. GREGORY K. TODD, age 40, vice president and assistant secretary of the Fund (appointed June 1993). Mr. Todd is a first vice president and senior associate general counsel of Mitchell Hutchins. Prior to 1993, he was a partner in the law firm of Shereff, Friedman, Hoffman & Goodman. Mr. Todd is a vice president and assistant secretary of nine investment companies and vice president and secretary of one investment company for which Mitchell Hutchins or PaineWebber serves as investment adviser. STUART WAUGH, age 41, vice president of the Fund (appointed February 1993). Mr. Waugh is a managing director and a portfolio manager of Mitchell Hutchins responsible for global fixed income investments and currency trading. Mr. Waugh is a vice president of five investment companies for which Mitchell Hutchins serves as investment adviser. KEITH A. WELLER, age 35, vice president and assistant secretary of the Fund (appointed September 1995). Mr. Weller is a first vice president and associate general counsel of Mitchell Hutchins. Prior to joining Mitchell Hutchins in June 1995, he was an attorney with the law firm of Brown & Wood. Mr. Weller is a vice president and assistant secretary of 28 investment companies for which Mitchell Hutchins or PaineWebber serves as investment adviser. SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE An initial report under Section 16(a) of the Securities Exchange Act of 1934 was not timely filed for Mr. Polito. This delayed report did not involve any transactions in the Fund's common stock but related to his election as an officer. Also, a report under that section of that Act was not timely filed for Mr. Torell. This delayed report involved a purchase of the Fund's common stock. The Fund is not aware of any outstanding report required to be filed by any board member. 8 SHAREHOLDER PROPOSALS Any shareholder who wishes to submit proposals to be considered at the Fund's 1998 annual meeting of shareholders should send such proposals to the Fund at 1285 Avenue of the Americas, New York, New York 10019, so as to be received by the Fund no later than September 12, 1997. Shareholder proposals that are submitted in a timely manner will not necessarily be included in the Fund's proxy materials. Inclusion of such proposals is subject to limitations under the federal securities laws. OTHER BUSINESS The management knows of no business to be presented to the meeting other than the matters set forth in this proxy statement, but should any other matter requiring a vote of shareholders arise, the proxies will vote thereon according to their best judgment in the interest of the Fund. By order of the board of directors, DIANNE E. O'DONNELL Secretary January 10, 1997 IT IS IMPORTANT THAT YOU EXECUTE AND RETURN YOUR PROXY PROMPTLY. 9 - --------------- GLOBAL HIGH INCOME DOLLAR FUND INC. - --------------- PROXY STATEMENT ----------------------- GLOBAL HIGH INCOME DOLLAR FUND INC. ----------------------- ----------------------- NOTICE OF ANNUAL MEETING TO BE HELD ON FEBRUARY 20, 1997 AND PROXY STATEMENT ----------------------- APPENDIX 1 PROXY Global High Income Dollar Fund Inc. Annual Meeting of Shareholders -- February 20, 1997 The undersigned hereby appoints as proxies Gregory K. Todd and Evelyn Chieffo and each of them (with power of substitution) to vote for the undersigned all shares of common stock of the undersigned at the aforesaid meeting and any adjournment thereof with all the power the undersigned would have if personally present. The shares represented by this proxy will be voted as instructed. UNLESS INDICATED TO THE CONTRARY, THIS PROXY SHALL BE DEEMED TO GRANT AUTHORITY TO VOTE 'FOR' ALL PROPOSALS. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF GLOBAL HIGH INCOME DOLLAR FUND INC. YOUR VOTE IS IMPORTANT Please date and sign this proxy on the reverse side and return it in the enclosed envelope to PFPC Inc., P.O. Box 9426, Wilmington, DE 19809-9938. PFPC Inc. has been engaged to forward the enclosed proxy material and to tabulate proxies returned by mail. PLEASE INDICATE YOUR VOTE BY AN 'X' IN THE APPROPRIATE BOX BELOW. THE BOARD OF DIRECTORS RECOMMENDS A VOTE 'FOR'
FOR ALL OR FOR ALL EXCEPT OR WITHHOLD 1. ELECTION OF DIRECTORS (INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW AND MARK CENTER BOX TO RIGHT.) [ ] [ ] [ ] Margo N. Alexander, Richard Q. Armstrong, E. Garrett Bewkes, Jr., Richard R. Burt, Mary C. Farrell, Meyer Feldberg, George W. Gowen, Frederic V. Malek, Carl W. Schafer, John R. Torell III.
Continued and to be signed on reverse side
FOR AGAINST ABSTAIN 2. To ratify the selection of Price Waterhouse LLP as the Fund's independent auditors for the fiscal year ending October 31, 1997. [ ] [ ] [ ]
This proxy will not be voted unless it is dated and signed exactly as instructed below If shares are held jointly, each shareholder named should sign. If only one signs, his or her signature will be binding. If the shareholder is a corporation, the President or a Vice President should sign in his or her own name, indicating title. If the shareholder is a partnership, a partner should sign in his or her own name, indicating that he or she is a 'Partner.' Sign exactly as name appears hereon. ________________________________(L.S.) ________________________________(L.S.) Date ___________________________, 1997 -----END PRIVACY-ENHANCED MESSAGE-----