-----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, WbGX1FNviQbGj6qz4V6s8H6XBvDuSWc9vKzc9JDGF1a9weEDO8YznUDu1mmJRqyK 1iqmqjqPej7LoTgptF7TxA== 0001209286-06-000078.txt : 20060331 0001209286-06-000078.hdr.sgml : 20060331 20060331163651 ACCESSION NUMBER: 0001209286-06-000078 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060131 FILED AS OF DATE: 20060331 DATE AS OF CHANGE: 20060331 EFFECTIVENESS DATE: 20060331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL HIGH INCOME DOLLAR 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: 06729414 BUSINESS ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (US) INC STREET 2: 51 WEST 52ND ST CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212 882 5575 MAIL ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (US) INC STREET 2: 51 WEST 52ND ST CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: GLOBAL OPPORTUNITIES INCOME FUND INC /MD/ DATE OF NAME CHANGE: 19930624 N-Q 1 e48074.htm

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: January 31, 2006


Item 1.   Schedule of Investments

Global High Income Dollar Fund Inc.
Portfolio of Investments — January 31, 2006 (Unaudited)
        Face      
        Amount     Value

International Bonds — 96.05%              
Argentina — 14.40%              
Banco de Galicia y Buenos Aires              
5.000%, due 01/01/14   $   6,720,000   $ 5,762,400
Banco de Galicia y Buenos Aires ††              
8.190%, due 01/01/10       1,500,000     1,462,500
Banco de Galicia y Buenos Aires              
11.000%, due 01/01/19       772,669     803,576
Republic of Argentina, DISC              
5.830%, due 12/31/33   ARS   44,931,571     18,388,756
Republic of Argentina ††              
3.000%, due 04/30/13   $   2,820,000     2,375,850
Republic of Argentina †† (a)              
4.889%, due 08/03/12       22,222,000     17,588,713
           
              46,381,795
           
Brazil — 17.16%              
Brazil Real Credit-Linked Note, 144A @              
13.120%, due 01/05/10   BRL   6,026,619     3,704,054
15.568%, due 01/03/07   $   3,192,333     2,786,251
18.870%, due 01/05/10   BRL   19,570,000     5,111,921
Federal Republic of Brazil              
7.875%, due 03/07/15   $   1,000,000     1,081,000
8.250%, due 01/20/34       2,470,000     2,729,350
8.750%, due 02/04/25       7,620,000     8,705,850
8.875%, due 10/14/19       6,370,000     7,357,350
Federal Republic of Brazil, DCB ††              
5.250%, due 04/15/12       3,005,350     2,994,080
Federal Republic of Brazil, DISC ††              
5.188%, due 04/15/24       6,000,000     5,880,000
Federal Republic of Brazil, EXIT Bond (b)              
6.000%, due 09/15/13       3,333,333     3,320,833
Federal Republic of Brazil, PAR †† (b)              
6.000%, due 04/15/24       11,730,000     11,583,375
           
              55,254,064
China — 0.82%          
Hopson Development Holdings Ltd., 144A              
8.125%, due 11/09/12   $   2,510,000     2,632,363
           
Dominican Republic — 2.38%              
Republic of Dominican              
9.500%, due 09/27/11   $   7,143,950     7,679,746
           
Ecuador — 3.86%              
Republic of Ecuador              
9.000%, due 08/15/30   $   3,040,000     2,948,800
Republic of Ecuador, 144A              
9.000%, due 08/15/30       4,945,000     4,796,650
Republic of Ecuador, 144A              
9.375%, due 12/15/15       4,650,000     4,677,900
           
              12,423,350
           
El Salvador — 2.40%              
Republic of El Salvador              
7.750%, due 01/24/23   $   3,000,000     3,352,500
8.250%, due 04/10/32       3,870,000     4,373,100
           
              7,725,600
           
Indonesia — 2.14%              
Indonesia Government Credit-Linked Note, 144A              
11.000%, due 10/15/14   IDR   4,000,000,000     382,337
13.150%, due 01/15/12       4,949,000,000     536,525
Republic of Indonesia              
7.250%, due 04/20/15   $   581,000     596,978
Republic of Indonesia, 144A              
7.250%, due 04/20/15       2,649,000     2,721,848
7.500%, due 01/15/16       1,270,000     1,317,625
8.500%, due 10/12/35       1,210,000     1,340,075
           
              6,895,388
           
Iraq — 0.47%              
Republic of Iraq, 144A              
5.800%, due 01/15/28   $   2,090,000     1,523,088
           

        Face      
        Amount     Value

Malaysia — 3.93%              
Johor Corp.              
1.000%, due 07/31/12   MYR   43,970,000   $ 12,661,672
           
Mexico — 6.29%              
Conproca S.A. de C.V.              
12.000%, due 06/16/10   $   1,145,000     1,356,825
PEMEX Finance Ltd.              
8.020%, due 05/15/07       410,000     416,444
PEMEX Project Funding Master Trust (b)              
8.625%, due 02/01/22       9,250,000     11,294,250
United Mexican States              
7.500%, due 04/08/33       3,762,000     4,392,135
8.300%, due 08/15/31       2,220,000     2,804,970
           
              20,264,624
           
Peru — 5.03%              
Republic of Peru, DISC ††              
4.687%, due 03/07/27   $   2,970,000     2,851,200
Republic of Peru              
7.350%, due 07/21/25       1,450,000     1,500,750
8.375%, due 05/03/16       440,000     500,500
8.750%, due 11/21/33       6,350,000     7,461,250
9.125%, due 02/21/12       1,200,000     1,386,000
9.875%, due 02/06/15       750,000     928,125
Republic of Peru, FLIRB ††              
5.000%, due 03/07/17       1,636,600     1,567,863
           
              16,195,688
           
Philippines — 6.11%              
National Power Corp.              
9.875%, due 03/16/10   $   6,950,000     7,714,500
Republic of Philippines              
7.750%, due 01/14/31       5,870,000     5,789,287
9.000%, due 02/15/13       5,550,000     6,181,035
           
              19,684,822
           
Qatar — 3.81%              
State of Qatar              
9.750%, due 06/15/30   $   8,040,000     12,281,100
           
Russia — 12.07%              
Aries Vermogensverwaltungs, 144A              
9.600%, due 10/25/14   $   3,500,000     4,471,250
Russian Federation              
5.000%, due 03/31/30       3,560,000     3,969,400
Russian Federation, 144A              
5.000%, due 03/31/30       9,153,589     10,206,252
Russian Federation              
12.750%, due 06/24/28       8,370,000     15,139,237
Russian Gazprom Credit-Linked Note, 144A              
8.110%, due 01/18/07   RUB   34,500,000     1,246,460
Russian Ruble Credit-Linked Note, 144A              
7.580%, due 10/09/07       66,000,000     2,389,225
OAO Gazprom              
9.125%, due 04/25/07   $   1,380,000     1,438,650
           
              38,860,474
           
Serbia — 2.66%              
Republic of Serbia              
3.750%, due 11/01/24   $   9,500,000     8,573,750
           
               
Turkey — 3.32%              
Republic of Turkey              
8.000%, due 02/14/34   $   5,740,000     6,263,775
Republic of Turkey Credit-Linked Note              
15.000%, due 02/10/10   TRY   1,000,000     871,639
Turkish Credit-Linked Note @              
13.241%, due 05/09/07       5,529,000     3,552,951
           
              10,688,365
           
Ukraine — 1.97%              
City of Kiev, 144A              
8.000%, due 11/06/15   $   1,350,000     1,338,835
ING Bank NV Credit-Linked Note              
11.890%, due 12/30/09   UAH   8,270,000     1,842,863
NAK Naftogaz Ukrainy              
8.125%, due 09/30/09   $   1,200,000     1,218,000
Ukraine Credit-Linked Note @              
0.000%, due 12/30/09   UAH   8,630,000     1,931,749
           
              6,331,447
           
Uruguay — 2.42%              
Republic of Uruguay              
6.875%, due 01/19/16   EUR   5,330,000     6,881,546
Republic of Uruguay              
9.250%, due 05/17/17   $   780,000     906,750
           
              7,788,296
           

        Face      
        Amount     Value

Venezuela — 3.49%              
Republic of Venezuela              
9.375%, due 01/13/34   $   9,010,000   $ 11,239,975
           
Vietnam — 1.32%              
Socialist Republic of Vietnam, 144A              
6.875%, due 01/15/16   $   4,100,000     4,248,625
           
Total International Bonds (Cost $288,424,641)             309,334,232
           
        Number of      
        Rights      
       
     
Rights — 0.02%              
Mexico — 0.02%              
United Mexican States Value Recovery Rights, Series D, Expiration Date 06/30/06 (c)       1,885,000     25,447
United Mexican States Value Recovery Rights, Series E, Expiration Date 06/30/07 (c)       1,885,000     47,125
           
Total Rights (Cost $0)             72,572
           
        Number of
Warrants
     
       
     
Warrants — 0.30%              
Argentina — 0.30%              
Republic of Argentina, expires 12/15/35 (d)       51,648,103     976,876
           
Total Warrants (Cost $348,001)             976,876
           
        Face      
        Amount      
       
     
Short-Term Investments — 1.77%              
U.S. Government Obligations — 0.22%              
U.S. Treasury Bills,              
yield of 3.39%, due 07/06/06 (e)   $   705,000     691,842
           
        Shares      
       
     
Other — 1.55%*              
UBS Supplementary Trust —              
U.S. Cash Management Prime Fund, 4.51% **       4,994,246     4,994,246
           
Total Short-Term Investments (Cost $5,686,349)             5,686,088
           
Total Investments (Cost $294,458,991) — 98.14% #             316,069,768
Cash and other assets, less liabilities — 1.86%             5,975,284
           
Net Assets — 100.00%           $ 322,045,052
           
NOTES TO SCHEDULE OF INVESTMENTS
Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $294,458,991; and net unrealized appreciation consisted of:
             
             
  Gross unrealized appreciation     $ 22,681,199  
  Gross unrealized depreciation       (1,070,422 )
       
 
         Net unrealized appreciation     $ 21,610,777  
       
 

Note:   The Portfolio of Investments is listed by the issuer’s country of origin.
  Step Bonds - Coupon rate increases in increments to maturity. Rate disclosed is as of January 31, 2006. Maturity date disclosed is the ultimate maturity date.
††   Floating rate securities - the interest rates shown are the current rates as of January 31, 2006.
@   Reflects annualized yield at January 31, 2006 on zero coupon bonds.
*   Security is issued by a fund that is advised by a related entity of UBS Global Asset Management. (US) Inc., Global High Income Dollar Fund Inc.’s advisor.
**   Interest rate reflects yield at January 31, 2006.
(a)   Bond interest in default.
(b)   All or a portion of this security has been pledged to cover open forward foreign currency contracts.
(c)   Rights do not currently accrue income. Quarterly income, if any, will vary based on several factors including oil exports, prices and inflation.
(d)   Security represents an equity claim linked to Argentina’s Gross Domestic Product.
(e)   All or a portion of this security was pledged to cover margin requirements for futures contracts.
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 institutional buyers. At January 31, 2006 the value of these securities amounted to $55,431,284 or 17.21% of net assets.
#   Global High Income Dollar Fund, Inc. (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 securities from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, current market quotations or valuations from computerized “matrix” systems that derive values based on comparable securities. A matrix 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 securities. Securities 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 available prior to valuation. Securities which are listed on U.S. and foreign stock exchanges normally are valued at 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 securities are traded on more than one exchange, the securities are valued on the exchange designated as the primary market by UBS Global Asset Management (US) Inc. (“UBS Global AM”), the investment advisor and administrator of the Fund. UBS Global AM is an indirect wholly owned asset management subsidiary of UBS AG, an internationally diversified organization with headquarters in Zurich and Basel, Switzerland and operations in many areas of the financial services industry. If a market value is not available from an independent pricing source for a particular security, that security 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 a security’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 securities; and the evaluation of forces which influence the market in which the securities are purchased and sold. All investments quoted in foreign currencies will be valued weekly in U.S. Dollars on the basis of the foreign currency exchange rates determined as of the close of regular trading on the NYSE. Occasionally, events affecting the value of the foreign investments and such exchange rates occured between the time at which they are determined and the close of the NYSE, which will not be reflected in the computation of the Fund’s net asset value. If events materially affecting the value of such securities or currency exchange rates occured during such time periods, the securities were valued at their fair value as determined in good faith by or under the direction of the Board. The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with sixty days or less remaining to maturity, unless the Board determines that this does not represent fair value.

ARS   Argentina Peso
BRL   Brazilian Real
DCB   Debt Conversion Bond
DISC   Discount Bond
EUR   Euro
EXIT Bond   A long-term bond with a low interest rate, often issued by a less developed country, that gives the buyer the right of exemption from taking part in any subsequent rescheduling.
FLIRB   Front Loaded Interest Reduction Bond
IDR   Indonesian Rupiah
MYR   Malaysian Ringgit
PAR   Par Bond
RUB   Russian Ruble
TRY   New Turkish Lira
UAH   Ukraine Hryvnia

Forward Foreign Currency Contracts
Global High Income Dollar Fund Inc. had the following open forward foreign currency contracts as of January 31, 2006:

                                Unrealized
    Contracts to   In   Maturity   Appreciation/
    Deliver   Exchange For   Dates   (Depreciation)
 
Euro     16,235,000       USD   19,668,701       04/20/06       $ (146,766 )
Turkish Lira     5,418,347       USD   3,241,026       04/27/07         (506,245 )
United States Dollar     3,528,719       TRY   5,418,347       04/27/07         218,553  
                                 
 
Total net unrealized depreciation on forward foreign currency contracts               $ (434,458 )
                                 
 

Currency Type Abbreviations:
TRY   New Turkish Lira
USD   United States Dollar

Futures Contracts
Global High Income Dollar Fund Inc. had the following open futures contracts as of January 31, 2006:
                              Unrealized
      Expiration           Current   Appreciation/
      Date   Proceeds   Value   (Depreciation)
   
Index Futures Sale Contracts:                                    
                                     
                                     
5 Year U.S. Treasury Note, 190 contracts       March 2006     $ 20,154,240     $ 20,089,531       $ 64,709  
10 Year U.S. Treasury Note, 140 contracts       March 2006       15,259,753       15,181,250         78,503  
30 Year U.S. Treasury Bond, 480 contracts       March 2006       53,867,297       54,165,000         (297,703 )
                               
 
Total net unrealized depreciation on futures contracts                               $ (154,491 )
                               
 
                                     
The segregated aggregate market value of investments to cover margin requirements for open futures positions at January 31, 2006 was $691,842.

1) Transactions with Related Entities

The Fund invests in shares of UBS Supplementary Trust — U.S. Cash Management Prime Fund (“Supplementary Trust”). Supplementary Trust is a business trust managed by UBS Global Asset Management (Americas) Inc., an affiliate of UBS Global AM and is offered as a cash management option only to mutual funds and certain other accounts. Distributions from Supplementary Trust are reflected as interest income. Amounts relating to those investments at January 31, 2006 and for the period ended are summarized as follows:

          Sale   Interest         % of Net
Fund   Purchases   Proceeds   Income   Value   Assets

UBS Supplementary Trust —                                  
U.S. Cash Management Prime Fund   $ 67,999,658   $ 76,651,095   $ 136,440   $ 4,994,246     1.55 %  

2) Swap Agreements

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty, respectively. Total return swaps are marked-to-market daily, and the change, if any, is recorded as unrealized appreciation or depreciation. Periodic payments received or made at the end of each measurement period, but prior to termination, are recorded as realized gains or losses.

At January 31, 2006, the Fund had outstanding total return swap contracts with the following terms:

                            Payments        
            Termination   Payments made   received by   Unrealized
    Notional Amount   Dates   by the Fund   the Fund   Appreciation
   
USD     4,480,000       07/27/07       11.75 %     4.57 %*   $ 142,107  
EUR     4,110,000       07/27/07       2.47588 %**     11.00 %††     376,778  
RUB     34,500,000       10/09/07     $ 1,396,580 ^     7.58 %#     23,213  
IDR     12,500,000,000       10/15/14       1,065,471 ^^     11.00 %##     232,759  
                                   
 
                                    $ 774,857  
                                   
 

Currency Type Abbreviations:
EUR   Euro
IDR   Indonesian Rupiah
RUB   Russian Ruble
USD   United States Dollar

*   Rate based on 6 month LIBOR (USD - BBA)
**   Rate based on 12 month LIBOR (EUR - BBA) plus 29 basis points.
  Rate is equal to the interest amounts, if any, paid to holders of record of Government of Jamaica bond, due 05/15/2011.
††   Rate is equal to the interest amounts, if any, paid to holders of record of Government of Jamaica bond, due 07/27/2012.
^   Payment made on 09/27/05 to fully fund the swap.
^^   Payment made on 10/07/05 to fully fund the swap.
#   Rate is equal to the total return on the OAO Gazprom 7.58% bond, due 10/09/07.
##   Rate is equal to the total return on the Republic of Indonesia 11.00% bond, due 10/15/14.
BBA   British Banking Association

Credit default swap agreements involve commitments to pay interest and principal in the event of a default of a security. The Fund makes payments to the counterparty semi-annually, and the Fund would receive payments only upon the occurrence of a credit event. Credit default swaps are marked-to-market daily, and the change, if any, is recorded as unrealized appreciation or depreciation. Periodic payments received or made at the end of each measurement period, but prior to termination, are recorded as realized gains or losses.

At January 31, 2006, the Fund had an outstanding credit default swap contract with the following terms:

                            Payments        
            Termination   Payments made   received by   Unrealized
    Notional Amount   Date   by the Fund   the Fund   Depreciation

      $4,500,000       10/20/07       1.50 %(a)     0.00 %(b)   $ (34,521 )

(a)   Payments made by the Fund are based on the notional amount.
(b)   Payment by the counterparty will be made upon the occurrence of a negative credit event with respect to the Republic of Argentina bond, coupon 8.28%, due 12/31/33.

Industry Diversification      
As a Percent of Net Assets      
As of January 31, 2006 (Unaudited)      
       
International Bonds:      

International Corporate Bonds:

     

Capital Markets

  0.16 %

Commercial Banks

  4.05  

Construction & Engineering

  0.45  

Diversified Financial Services

  3.96  

Electric Utilities

  2.97  

Oil & Gas

  4.50  

Real Estate

  0.82  
   
 

Total International Corporate Bonds

  16.91  
Foreign Government Bonds   79.14  
   
 
Total International Bonds   96.05  

Rights

  0.02  

Warrants

  0.30  

Short-Term Investments

  1.77  
   
 
Total Investments   98.14  
Cash and other assets, less liabilities   1.86  
   
 
Net Assets   100.00 %
   
 

For more information regarding the Fund’s other significant accounting policies, please refer to the Fund’s annual report to shareholders dated October 31, 2005.

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/ W. Douglas Beck
    W. Douglas Beck
    President
     
Date:   March 31, 2006

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/ W. Douglas Beck
    W. Douglas Beck
    President
     
Date:   March 31, 2006

By:   /s/ Thomas Disbrow
    Thomas Disbrow
    Treasurer
     
Date:   March 31, 2006
EX-99.CERT 2 e48074_ex99.htm

Exhibit EX-99.CERT

Certifications

I, W. Douglas Beck, President of Global High Income Dollar Fund Inc., certify that:

1.   I have reviewed this report on Form N-Q of Global High Income Dollar 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;
     
4.  
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/ W. Douglas Beck
    W. Douglas Beck
    President
     
Date:   March 31, 2006

I, Thomas Disbrow, Treasurer of Global High Income Dollar Fund Inc., certify that:

1.   I have reviewed this report on Form N-Q of Global High Income Dollar 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;
     
4.  
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/ Thomas Disbrow
    Thomas Disbrow
    Treasurer
     
Date:   March 31, 2006
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