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Global High Income Dollar Fund Inc.--Updated Information Regarding Name and Investment Policy Changes.

NEW YORK -- Global High Income Dollar Fund Inc. (the "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 updated information regarding previously announced name and investment policy changes.

The previously announced changes will become effective on Monday, November 6, 2006. The Fund had previously targeted a November 1, 2006, effective date. The Fund has moved the date forward several days to allow a slightly longer advance notice period for shareholders. The additional time should help ensure that all Fund shareholders have received advance notice of the changes within applicable requirements. The Fund mailed a notice to its shareholders apprising them of the name and policy changes. The completion of that mailing by an unaffiliated firm occurred slightly later than the date originally targeted by the Fund.

A description of the changes is provided below. The following information is substantially the same as that which was contained in a press release issued on September 11, 2006, but has been updated to reflect the November 6, 2006, effectiveness date.

Effective November 6, 2006, the Fund will be able to take greater advantage of investment opportunities in non-US markets. Currently, the Fund has a policy to invest at least 80% of its net assets in US dollar-denominated debt securities under normal circumstances. The Fund may also invest up to 20% of its net assets in non-US dollar-denominated debt securities under normal circumstances.

Effective November 6, 2006:

* The requirement that the Fund focus on "US dollar- denominated" investment opportunities will be dropped. The current 80% policy will be changed to read as follows: "Under normal circumstances, the Fund invests at least 80% of its net assets in debt securities." The related 20% policy will cease as it will no longer be needed. The Fund will be able to invest more heavily in non-US dollar denominated securities.

* A related, secondary policy will also be revised to remove references to US dollars/US issuers and thus become less restrictive. It will read as follows: "Under normal market conditions, the Fund may commit up to 20% of its net assets to cash as well as invest up to a total of 35% of its total assets in a combination of cash and money market instruments, including repurchase agreements, for liquidity purposes (such as clearance of portfolio transactions, the payment of dividends and expenses and share repurchases) or as part of its ordinary investment activities. The Fund's investments in money market instruments are considered to be investments in debt securities for purposes of the 80% minimum noted above."

While increased investing in non-US dollar denominated securities increases potential investment opportunities, it may also increase risk. Changes in foreign currency exchange rates may affect, to a greater extent, the Fund's net asset value, the value of interest and dividends earned, and gains and losses realized on the sale of securities denominated in foreign currencies.

Reflective of the Fund's strategy enhancements, the Fund's name will change from "Global High Income Dollar Fund Inc." to "Global High Income Fund Inc." on November 6, 2006.

* In connection with the change in the name of the Fund, the benchmark used by the Fund's advisor to monitor performance will change from the JP Morgan Emerging Markets Bond Index-Global Index ("EMBI-Global") to a blended benchmark composed of 70% of EMBI-Global and 30% JPMorgan Government Bond IndexCoEmerging Markets Diversified (in USD) ("JP Morgan GBI-EM Diversified"), a local emerging markets debt benchmark that tracks local currency government bonds issued in emerging markets.

* The Fund's New York Stock Exchange trading symbol will remain "GHI."

The Fund commenced operations in 1993. Since that time, there have been many changes in the global bond markets. These policy changes should help the Fund gain greater exposure to what its advisor believes are attractive investment opportunities around the world.
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Publication:Business Wire
Date:Oct 31, 2006
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