N-Q 1 a04-10678_1nq.htm N-Q

 

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 Dollar Fund Inc.

(Exact name of registrant as specified in charter)

 

51 West 52nd Street, New York, New York 10019-6114

(Address of principal executive offices) (Zip code)

 

Mark F. Kemper, Esq.
UBS Global Asset Management (US) Inc.
51 West 52nd Street
New York, NY 10019-6114

(Name and address of agent for service)

 

Copy to:

Jack W. Murphy, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, DC 20006-2401

 

Registrant’s telephone number, including area code:  212-882 5000

 

Date of fiscal year end:  October 31

 

Date of reporting period:  July 31, 2004

 

 


Item 1.  Schedule of Investments

 

Global High Income Dollar Fund Inc.

Portfolio of Investments-July 31, 2004 (Unaudited)

 

Principal
Amount
(000)

 

 

 

Maturity
Dates

 

Interest
Rates

 

Value

 

 

 

 

 

 

 

 

 

 

 

Foreign Debt Securities — 96.40%

 

 

 

 

 

 

 

Algeria — 1.59%

 

 

 

 

 

 

 

$

4,863

 

The People’s Democratic Republic of Algeria Loan Participation, Tranche 3 (JPMorgan Chase Bank) (1)

 

03/04/10

 

1.985

%†

$

4,765,936

 

Argentina — 6.12%

 

 

 

 

 

 

 

23,610

 

Republic of Argentina

 

08/03/12

 

1.980

†

15,865,920

 

5,000

 

Republic of Argentina, PAR (2)

 

03/31/23

 

6.000

 

2,550,000

 

 

 

 

 

 

 

 

 

18,415,920

 

Bahamas — 1.25%

 

 

 

 

 

 

 

3,760

 

Odebrecht Overseas Ltd.

 

02/25/09

 

11.500

 

3,769,400

 

Brazil — 20.73%

 

 

 

 

 

 

 

890

 

Braskem S.A., 144A

 

01/22/14

 

11.750

 

849,950

 

2,340

 

Braskem S.A., 144A

 

11/05/08

 

12.500

 

2,433,600

 

2,174

 

Federal Republic of Brazil

 

04/15/12

 

2.125

†

1,888,765

 

1,200

 

Federal Republic of Brazil

 

01/20/34

 

8.250

 

942,000

 

5,540

 

Federal Republic of Brazil

 

04/15/24

 

8.875

 

4,681,300

 

1,070

 

Federal Republic of Brazil

 

08/17/40

 

11.000

 

1,049,670

 

3,430

 

Federal Republic of Brazil

 

03/12/08

 

11.500

 

3,755,850

 

15,774

 

Federal Republic of Brazil, C

 

04/15/14

 

8.000

 

14,876,624

 

24,951

 

Federal Republic of Brazil, DCB

 

04/15/12

 

2.125

†

21,675,827

 

6,000

 

Federal Republic of Brazil, DISC

 

04/15/24

 

2.063

†

4,860,000

 

6,650

 

Federal Republic of Brazil, PAR

 

04/15/24

 

6.000

††

5,386,500

 

 

 

 

 

 

 

 

 

62,400,086

 

Bulgaria — 2.29%

 

 

 

 

 

 

 

5,810

 

Republic of Bulgaria

 

01/15/15

 

8.250

 

6,899,375

 

Colombia — 4.33%

 

 

 

 

 

 

 

8,318

 

Republic of Colombia

 

04/09/11

 

9.750

 

9,337,239

 

2,490

 

Republic of Colombia

 

01/28/33

 

10.375

 

2,546,025

 

1,000

 

Republic of Colombia

 

02/25/20

 

11.750

 

1,149,000

 

 

 

 

 

 

 

 

 

13,032,264

 

Ecuador — 1.79%

 

 

 

 

 

 

 

1,760

 

Republic of Ecuador

 

08/15/30

 

8.000

††

1,307,680

 

5,500

 

Republic of Ecuador, 144A

 

08/15/30

 

8.000

††

4,086,500

 

 

 

 

 

 

 

 

 

5,394,180

 

Germany — 4.65%

 

 

 

 

 

 

 

13,250

 

Aries Vermogensverwalting, 144A

 

10/25/14

 

9.600

 

14,005,250

 

Indonesia — 0.73%

 

 

 

 

 

 

 

3,000

 

Republic of Indonesia 1995 Loan Participation (Deutsche Bank AG, Singapore Branch) (1)(3)

 

12/14/19

 

2.125

 

2,205,000

 

Ivory Coast — 0.31%

 

 

 

 

 

 

 

5,700

 

Republic of Ivory Coast (3)

 

03/29/18

 

2.000

 

930,240

 

Malaysia — 4.25%

 

 

 

 

 

 

 

3,000

 

Petroliam Nasional Berhad

 

10/15/26

 

7.625

 

3,282,677

 

4,784

 

Petroliam Nasional Berhad, 144A

 

10/15/26

 

7.625

 

5,234,776

 

3,800

 

Petronas Capital Ltd.

 

05/22/22

 

7.875

 

4,282,893

 

 

 

 

 

 

 

 

 

12,800,346

 

Mexico — 11.10%

 

 

 

 

 

 

 

3,170

 

Conproca S.A. de C.V.

 

06/16/10

 

12.000

 

3,930,800

 

820

 

PEMEX Finance Ltd.

 

05/15/07

 

8.020

 

867,920

 

2,500

 

PEMEX Project Funding Master Trust

 

02/01/22

 

8.625

 

2,706,250

 

 

1


 

Principal
Amount
(000)

 

 

 

Maturity
Dates

 

Interest
Rates

 

Value

 

3,000

 

PEMEX Project Funding Master Trust

 

10/13/10

 

9.125

%

$

3,487,500

 

1,250

 

Petroleos Mexicanos

 

03/30/18

 

9.250

 

1,450,000

 

3,317

 

United Mexican States

 

04/08/33

 

7.500

 

3,312,025

 

16,344

 

United Mexican States

 

08/15/31

 

8.300

 

17,651,520

 

 

 

 

 

 

 

 

 

33,406,015

 

Netherlands — 1.45%

 

 

 

 

 

 

 

606

 

ING Bank NV (3)

 

05/31/09

 

8.585

 

482,428

 

1,093

 

ING Bank NV (3)

 

05/31/10

 

8.909

 

768,684

 

2,136

 

ING Bank NV (3)

 

05/31/11

 

9.004

 

1,363,537

 

1,373

 

ING Bank NV (3)

 

05/31/12

 

9.055

 

800,269

 

1,115

 

ING Bank NV (3)

 

05/31/13

 

9.183

 

587,069

 

781

 

ING Bank NV (3)

 

05/31/14

 

9.319

 

371,321

 

 

 

 

 

 

 

 

 

4,373,308

 

Peru — 2.37%

 

 

 

 

 

 

 

1,610

 

Republic of Peru

 

05/03/16

 

8.375

 

1,529,500

 

1,100

 

Republic of Peru

 

02/06/15

 

9.875

 

1,179,750

 

5,330

 

Republic of Peru, FLIRB

 

03/07/17

 

4.500

††

4,410,575

 

 

 

 

 

 

 

 

 

7,119,825

 

Philippines — 3.07%

 

 

 

 

 

 

 

4,970

 

Republic of Philippines

 

01/18/17

 

9.375

 

5,181,225

 

3,935

 

Republic of Philippines

 

01/15/19

 

9.875

 

4,062,888

 

 

 

 

 

 

 

 

 

9,244,113

 

Poland — 1.86%

 

 

 

 

 

 

 

PLN

11,000

 

Republic of Poland

 

10/24/13

 

5.000

 

2,531,467

 

11,940

 

Republic of Poland

 

06/24/08

 

5.750

 

3,065,730

 

 

 

 

 

 

 

 

 

5,597,197

 

Romania — 1.40%

 

 

 

 

 

 

 

ECU

2,900

 

Government of Romania

 

05/08/12

 

8.500

 

4,218,344

 

Russia — 14.04%

 

 

 

 

 

 

 

$

9,230

 

Gaz Capital S.A., 144A

 

04/28/34

 

8.625

 

9,091,550

 

21,984

 

Russian Federation, 144A

 

03/31/30

 

5.000

††

20,169,943

 

12,094

 

Russian Federation, 144A

 

03/31/10

 

8.250

 

12,985,947

 

 

 

 

 

 

 

 

 

42,247,440

 

South Africa — 1.85%

 

 

 

 

 

 

 

3,500

 

Republic of South Africa

 

04/25/12

 

7.375

 

3,823,750

 

1,500

 

Republic of South Africa

 

05/19/09

 

9.125

 

1,745,625

 

 

 

 

 

 

 

 

 

5,569,375

 

Turkey — 5.37%

 

 

 

 

 

 

 

2,830

 

Republic of Turkey

 

06/30/11

 

9.000

 

2,964,425

 

5,270

 

Republic of Turkey

 

01/15/14

 

9.500

 

5,612,550

 

1,440

 

Republic of Turkey

 

11/27/06

 

11.375

 

1,623,600

 

5,000

 

Republic of Turkey

 

06/15/09

 

12.375

 

5,950,000

 

 

 

 

 

 

 

 

 

16,150,575

 

Uruguay — 2.81%

 

 

 

 

 

 

 

11,907

 

Republic of Uruguay

 

01/15/33

 

7.875

 

8,453,631

 

Venezuela — 3.04%

 

 

 

 

 

 

 

10,010

 

Republic of Venezuela

 

03/31/20

 

6.750

 

9,159,150

 

Total Foreign Debt Securities (cost—$276,507,404)

 

 

 

 

 

290,156,970

 

 

Number of
Rights
(000)

 

 

 

 

 

 

 

 

 

Rights — 0.04%

 

 

 

 

 

 

 

Mexico — 0.04%

 

 

 

 

 

 

 

1,885

 

United Mexican States Value Recovery Rights
Series C, expires 06/30/05 (4)

 

 

 

 

 

37,700

 

 

2


 

Number of
Rights
(000)

 

 

 

 

 

 

 

Value

 

1,885

 

United Mexican States Value Recovery Rights
Series D, expires 06/30/06 (4)

 

 

 

 

 

$

37,700

 

1,885

 

United Mexican States Value Recovery Rights
Series E, expires 06/30/07 (4)

 

 

 

 

 

31,103

 

 

 

 

 

 

 

 

 

106,503

 

Venezuela — 0.00%

 

 

 

 

 

 

 

27

 

Venezuela Oil Indexed Payment Obligations,
expires 4/15/20 (3)(4)

 

 

 

 

 

—

 

Total Rights (cost–$0)

 

 

 

 

 

106,503

 

 

Number of
Shares
(000)

 

 

 

 

 

 

 

 

 

Short-Term Investment—1.24%**

 

 

 

 

 

 

 

United States — 1.24%

 

 

 

 

 

 

 

3,725

 

UBS Supplementary Trust U.S. Cash Management Prime Fund (cost—$3,725,358)

 

 

 

1.371

%*

3,725,358

 

Total Investments (cost—$280,232,762)—97.68%

 

 

 

 

 

293,988,831

 

Other assets in excess of liabilities — 2.32%

 

 

 

 

 

6,980,420

 

Net Assets — 100%

 

 

 

 

 

$

300,969,251

 

 

Note:                                         The Portfolio of Investments is listed by the issuer’s country of origin.

†                                                                  Reflects rate at July 31, 2004 on variable rate instruments.

††                                                            Reflects rate at July 31, 2004 on step coupon rate instruments.

*                                                                 Interest rate reflects yield at July 31, 2004.

**                                                          Security is issued by a fund that is advised by an affiliate of UBS Global Asset Management (US) Inc., Global High Income Dollar Fund Inc.’s advisor.

(1)                                                          Participation interest was acquired through the financial institution indicated parenthetically.

(2)                                                          Bond interest in default.

(3)                                                          Illiquid securities which represent a value of $7,508,548 or 2.49% of net assets.

(4)                                                          Rights do not currently accrue income.  Quarterly income, if any, will vary based on several factors including oil exports, prices, and inflation.

C                                                                Front-Load Interest Reduction with Capitalized Interest Bond

DCB                                               Debt Conversion Bond

DISC                                            Discount Bond

ECU                                                Euro

FLIRB                                      Front-Loaded Interest Reduction Bond

PAR                                               Par Bond

PLN                                                 Poland Zloty

144A                                            Security exempt from registration under Rule 144A of the Securities Act of 1933.  These Securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.  At July 31, 2004, the value of these securities amounted to $68,857,516 or 22.88% of net assets.

 

For more information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

 

3


 

Global High Income Dollar Fund Inc.

Portfolio of Investments-

July 31, 2004 (Unaudited)

  Futures Contracts

 

Number of
Contracts

 

 

 

In
Exchange For

 

Expiration
Dates

 

Unrealized
Appreciation/
(Depreciation)

 

 

 

Contracts to Receive

 

 

 

 

 

 

 

290

 

U.S. Treasury Note 5 Year Futures

 

$

31,755,000

 

September 2004

 

$

623,500

 

154

 

U.S. Treasury Note 10 Year Futures

 

17,050,688

 

September 2004

 

371,241

 

 

 

Contracts to Deliver

 

 

 

 

 

 

 

104

 

U.S. Long Bond 20 Year Futures

 

11,254,750

 

September 2004

 

(572,650

)

 

 

 

 

 

 

 

 

$

422,091

 

 

Forward Foreign Currency Contracts

 

 

 

Contracts to
Deliver

 

In
Exchange For

 

Maturity
Dates

 

Unrealized
Appreciation/
(Depreciation)

 

Euro Dollar

 

11,400,000

 

USD

13,463,400

 

08/06/04

 

$

(240,420

)

Euro Dollar

 

11,600,000

 

USD

13,989,600

 

10/22/04

 

59,373

 

United States Dollar

 

13,761,567

 

EUR

11,400,000

 

08/06/04

 

(57,747

)

 

 

 

 

 

 

 

 

$

(238,794

)

 

Currency Type Abbreviations:

EUR   Euro

USD  United States Dollar

 

4


 

Global High Income Dollar Fund Inc.

Industry Diversification Table — July 31, 2004 (Unaudited)

 

 

 

Percentage
of Net
Assets

 

Capital Markets

 

0.29

%

Chemicals

 

1.09

 

Commercial Banks

 

1.45

 

Construction & Engineering

 

2.56

 

Diversified Financial Services

 

4.65

 

Foreign Governments

 

73.84

 

Foreign Agencies

 

2.75

 

Oil & Gas

 

9.81

 

Short Term Investment

 

1.24

 

Total Investments

 

97.68

 

Other assets in excess of liabilities

 

2.32

 

Net Assets

 

100.00

%

 

5


 

Global High Income Dollar Fund Inc.

Portfolio of Investments-July 31, 2004 (Unaudited)

 

Transactions with Affiliates

 

The Fund may invest in shares of the UBS Supplementary Trust U.S. Cash Management Prime Fund.  Amounts relating to those investments at July 31, 2004, were as follows:

 

Purchases

 

Sales
Proceeds

 

Interest
Income

 

Value

 

% of Net
Assets

 

$

120,231,568

 

$

116,506,210

 

$

34,834

 

$

3,725,358

 

1.24

%

 

Federal Tax Status

 

For federal income tax purposes, the cost of securities owned at July 31, 2004 was substantially the same as the cost of securities for financial statement reporting purposes.  At July 31, 2004, the components of net unrealized appreciation of investments were as follows:

 

Gross appreciation (investments having an excess of value over cost)

 

$

17,770,896

 

Gross depreciation (investments having an excess of cost over value)

 

(4,014,827

)

Net unrealized appreciation of investments

 

$

13,756,069

 

 

6


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 Dollar Fund Inc.

 

 

By:

/s/ Joseph A. Varnas

 

 

Joseph A. Varnas

 

President

 

 

Date:

September 29, 2004

 

 

 

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/ Joseph A. Varnas

 

 

Joseph A. Varnas

 

President

 

 

Date:

September 29, 2004

 

 

 

By:

/s/ Thomas Disbrow

 

 

Thomas Disbrow

 

Treasurer

 

 

Date:

September 29, 2004