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Global High Income Fund Inc. " Distribution Declaration and Portfolio Statistics

^{Published on 2009-01-12 13:56:23, Last Modified on 2009-01-12 13:58:02 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Global High Income 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 that the Fund's Board of Directors declared a regular monthly distribution of $0.0770 per share. The distribution is payable on January 30, 2009 to shareholders of record as of January 22, 2009. The ex-dividend date is January 20, 2009.

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, capital gain distributions and return of capital. 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 current and accumulated earnings and profit, the amount of that excess would constitute a return of capital or net realized capital gains 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 next January 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 Asset Management (Americas) Inc., the Fund's investment advisor, 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.

⁽¹⁾ The Fund is actively managed, and its portfolio composition will vary over time.

⁽²⁾ Net asset value (NAV), market price and distribution rates as a percentage of each will fluctuate. NAV distribution rate (DR) is calculated by multiplying the current month's distribution by 12 and dividing by the month-end net asset value. Market distribution rate (DR) is calculated by multiplying the current month's distribution by 12 and dividing by the month-end market price.

⁽³⁾ Credit quality ratings shown are based on those assigned by Standard & Poor's ("S&P"), a division of The McGraw-Hill Companies, Inc. S&P is an independent rating agency.

⁽⁴⁾ Modified duration is the change in price, expressed as a percentage, expected in response to each 1% change in the yield to maturity of the portfolio's holdings.