SCHEDULE 14A

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934

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
[X] Definitive Proxy Statement Only (as permitted by Rule 14a-6(e)(2))
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-12

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GLOBAL HIGH INCOME DOLLAR FUND INC.
(Name of Registrant as Specified in its Charter)

----------

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:
(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.

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NOTICE OF
ANNUAL MEETING OF SHAREHOLDERS
February 19, 2004

---------------

TO THE SHAREHOLDERS:

The annual meeting of shareholders of Global High Income Dollar Fund Inc.
(the "Fund") will be held on February 19, 2004 at 10:00 a.m., Eastern time, on
the 16th Floor of the CBS Building located at 51 West 52nd Street, New York,
New York 10019-6114 for the following purposes:

(1) To elect eight (8) directors to serve until the annual meeting of
shareholders in 2005, or until their successors are elected and qualified
or until they resign or are otherwise removed; and

(2) 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 19, 2003. 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,

AMY R. DOBERMAN
Secretary

December 22, 2003
51 West 52nd Street
New York, New York 10019-6114

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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 postage paid 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, in the proxies' discretion, either "FOR" or "AGAINST" any other business
that may properly arise at the annual meeting. In order to avoid the additional
expense to the Fund of further solicitation, we ask your cooperation in mailing
in your proxy card promptly.

- --------------------------------------------------------------------------------

INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general guidelines for signing proxy cards may be of
assistance to you and avoid the time and expense to the Fund of validating your
vote if you fail to sign your proxy card properly.

1. Individual Accounts: Sign your name exactly as it appears in the
registration on the proxy card.

2. Joint Accounts: Either party may sign, but the name of the party
signing should conform exactly to the name shown in the registration on the
proxy card.

3. All Other Accounts: The capacity of the individual signing the proxy
card should be indicated unless it is reflected in the form of registration.
For example:

Registration Valid Signature
------------ ---------------

Corporate Accounts
(1) ABC Corp ................................ ABC Corp.
John Doe, Treasurer
(2) ABC Corp. ............................... John Doe, Treasurer
(3) ABC Corp. c/o John Doe, Treasurer ....... John Doe
(4) ABC Corp. Profit Sharing Plan ........... John Doe, Trustee

Partnership Accounts
(1) The XYZ Partnership ..................... Jane B. Smith, Partner
(2) Smith and Jones, Limited Partnership .... Jane B. Smith, General Partner

Trust Accounts
(1) ABC Trust Account ....................... Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee u/t/d 12/18/78 ..... Jane B. Doe

Custodial or Estate Accounts
(1) John B. Smith, Cust. f/b/o
John B. Smith, Jr. UGMA/UTMA ............ John B. Smith
(2) Estate of John B. Smith ................. John B. Smith, Jr., Executor

GLOBAL HIGH INCOME DOLLAR FUND INC.
51 West 52nd Street
New York, New York 10019-6114

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PROXY STATEMENT
------------------

Annual Meeting of Shareholders to be Held on February 19, 2004

This proxy statement is furnished to the shareholders of Global High
Income Dollar Fund Inc. (the "Fund") in connection with the board of directors'
solicitation of proxies to be used at the annual meeting of shareholders of the
Fund to be held on February 19, 2004, at 10:00 a.m. Eastern time, on the 16th
Floor of the CBS Building located at 51 West 52nd Street, New York, New York
10019-6114, or any adjournment or adjournments thereof. This proxy statement
and the related proxy card will first be mailed to shareholders on or about
December 23, 2003.

A majority of the shares outstanding on December 19, 2003, 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 marked WITHHOLD on 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.

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 be
counted as shares present for purposes of determining whether a quorum is
present but will not be voted for or against any adjournment or proposal.
Accordingly, abstentions and broker non-votes effectively will be a vote
against adjournment but will have no effect on Proposal 1, for which the
required vote is a plurality of the votes cast on the matter.

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
FOR the eight nominees for directors named herein and, in the proxies'
discretion, either FOR or AGAINST any other business that may properly arise at
the annual meeting. You may revoke any proxy card by giving another proxy or by
submitting a written notice of revocation to the Fund's Secretary at UBS Global
Asset Management (US) Inc., 51 West 52nd Street, New York, New York 10019-6114.
To be effective, your 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 annual 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 19, 2003, the Fund had 19,439,667 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 UBS Global Asset Management (US) Inc. ("UBS Global AM") or
UBS Financial Services Inc., 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.

UBS Global AM serves as the Fund's investment advisor and administrator.
UBS Global AM is an indirect wholly owned asset management subsidiary of UBS
AG. UBS AG is an internationally diversified organization with headquarters in
Zurich, Switzerland. UBS AG operates in many areas of the financial services
industry. The principal business offices of UBS Global AM are located at 51
West 52nd Street, New York, New York 10019-6114. The principal business address
of UBS AG is Bahnhofstrasse 45, Zurich, Switzerland.

The Fund's annual report containing financial statements for the fiscal
year ended October 31, 2003, is being mailed to shareholders concurrently with
this proxy statement.

PROPOSAL 1. ELECTION OF DIRECTORS

Proposal 1 relates to the election of directors of the Fund. Management
proposes the election of the eight nominees named in the table below. Each
nominee 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, or until he or she resigns
or is otherwise removed. Each of the nominees, except for Mr. Storms, was last
elected director at the Fund's February 2003 Annual Meeting of Shareholders.
Mr. Storms was appointed a director by the current board effective June 30,
2003, and is being nominated for election by shareholders at the February 2004
Annual Meeting. Mr. Storms previously served as a director of the Fund from
1999 to 2001. Unless you give contrary instructions on the enclosed proxy card,
your shares will be voted FOR the election of all eight nominees. If any of the
nominees should withdraw or otherwise become unavailable for election, your
shares will be voted FOR such other nominee or nominees as management may
recommend.

Directors, including those who are not "interested persons" of the Fund as
that term is defined in the Investment Company Act of 1940, as amended ("1940
Act") ("Independent Directors"), shall be elected by the affirmative vote of
the holders of a plurality of the shares of the Fund cast in person or by proxy
and entitled to vote thereon, provided a quorum is present. Proxies cannot be
voted for a greater number of persons than the number of nominees named. None
of the current directors and executive officers (17 persons) beneficially owned
any shares of the Fund on November 28, 2003.

Listed in the table below, for each nominee, is a brief description of the
nominee's experience as a director of the Fund and as a director or trustee of
other funds, as well as other recent professional experience.

Number of
Portfolios in
Position(s) Length of Principal Fund Complex Other
Held with Time Occupation(s) Overseen Directorships
Name, Address, and Age Fund Served During Past 5 Years by Nominee Held by Nominee
---------------------- ---- ------ ------------------- ---------- ---------------

INTERESTED DIRECTORS:

Margo N. Alexander*+; 56 Director Since 1996 Mrs. Alexander is Mrs. Alexander is a None
retired. She was an director or trustee
executive vice of 17 investment
president of UBS companies
Financial Services Inc. (consisting of 37
(from March 1984 to portfolios) for which
December 2002). She UBS Global AM or
was chief executive one of its affiliates
officer of UBS Global serves as investment
AM (from January advisor, sub-advisor
1995 to October or manager.
2000), a director
(from January 1995
to September 2001)
and chairman (from
March 1999 to
September 2001).

Brian M. Storms*+; 49 Director Since 2003 Mr. Storms is chief Mr. Storms is a None
and executive officer of director or trustee
Chairman UBS Global Asset of 21 investment
of the Management-- companies (consisting
Board of Americas region (since of 80 portfolios) for
Directors July 2002). Mr. Storms which UBS Global
was chief executive AM or one of its
officer, president affiliates serves as
and/or chief operating investment advisor,
officer of UBS Global sub-advisor or
AM and certain manager.
affiliated asset
management
companies from 1999
to July 2002. He was
president of Prudential
Investments
(1996-1999).

INDEPENDENT DIRECTORS:

Richard Q. Armstrong; 68 Director Since 1995 Mr. Armstrong is Mr. Armstrong is a None
R.Q.A. Enterprises chairman and principal director or trustee
One Old Church Road - of R.Q.A. Enterprises of 17 investment
Unit # 6 (management companies
Greenwich, CT 06830 consulting firm) (since (consisting of 37
April 1991 and portfolios) for which
principal occupation UBS Global AM or
since March 1995). one of its affiliates
serves as investment
advisor, sub-advisor
or manager.

David J. Beaubien; 69 Director Since 2001 Mr. Beaubien is Mr. Beaubien is a Mr. Beaubien is
84 Doane Road chairman of Yankee director or trustee also a director of
Ware, MA 01082 Environmental of 17 investment IEC Electronics,
Systems, Inc., a companies Inc., a
manufacturer of (consisting of 37 manufacturer
meteorological portfolios) for which of electronic
measuring systems UBS Global AM or assemblies.
(since 1991). one of its affiliates
serves as investment
advisor, sub-advisor
or manager.

Richard R. Burt; 56 Director Since 1995 Mr. Burt is chairman Mr. Burt is a Mr. Burt is also a
1275 Pennsylvania Ave., N.W. of Diligence LLC director or trustee director of Hollinger
Washington, D.C. 20004 (international of 17 investment International Inc.
information and companies (publishing), HCL
security firm) and IEP (consisting of 37 Technologies, Ltd.
Advisors (international portfolios) for which (software and
investments and UBS Global AM or information
consulting firm). one of its affiliates technologies), The
serves as investment Central European
advisor, sub-advisor Fund, Inc., The
or manager. Germany Fund,
Inc., IGT, Inc.
(provides
technology to
gaming and
wagering industry)
and chairman of
Weirton Steel
Corp. (makes and
finishes steel
products). He is
also a director or
trustee of funds
in the Scudder
Mutual Funds
Family (consisting
of 47 portfolios).

Meyer Feldberg; 61 Director Since 1996 Mr. Feldberg is Dean Feldberg is a Dean Feldberg is
Columbia University Dean and Professor director or trustee also a director of
101 Uris Hall of Management of of 35 investment Primedia Inc.
New York, New York 10027 the Graduate School companies (publishing),
of Business, (consisting of 51 Federated
Columbia University portfolios) for which Department Stores,
(since 1989). UBS Global AM or Inc. (operator of
one of its affiliates department stores),
serves as investment Revlon, Inc.
advisor, sub-advisor (cosmetics), Select
or manager. Medical Inc.
(healthcare services)
and SAPPI, Ltd.
(producer of paper).

Carl W. Schafer; 67 Director Since 1996 Mr. Schafer is Mr. Schafer is a Mr. Schafer is also
66 Witherspoon Street president of the director or trustee a director of Labor
#1100 Atlantic Foundation of 17 investment Ready, Inc.
Princeton, NJ 08542 (charitable foundation) companies (temporary
(since 1990). (consisting of 37 employment),
portfolios) for which Roadway Corp.
UBS Global AM or (trucking), Guardian
one of its affiliates Life Insurance
serves as investment Company Mutual
advisor, sub-advisor Funds (consisting
or manager. of 19 portfolios),
the Harding,
Loevner Funds
(consisting of three
portfolios), E.I.I.
Realty Securities
Trust (investment
company) and
Frontier Oil
Corporation.

William D. White; 69 Director Since 2001 Mr. White is retired Mr. White is a None
P.O. Box 199 (since 1994). director or trustee
Upper Black Eddy, PA 18972 of 17 investment
companies
(consisting of 37
portfolios) for which
UBS Global AM or
one of its affiliates
serves as investment
advisor, sub-advisor
or manager.

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* This person's business address is 51 West 52nd Street, New York, New York
10019-6114.

+ Mrs. Alexander and Mr. Storms are "interested persons" of the Fund as defined
in the 1940 Act by virtue of their current or former positions with UBS
Global AM and/or any of its affiliates.

Information about Nominee Ownership of Fund Shares

Aggregate Dollar Range of Equity Securities in All
Dollar Range Registered Investment Companies Overseen by
of Equity Nominee for Which UBS Global AM or an
Securities Affiliate Serves as Investment Advisor,
Nominee in Fund+ Sub-Advisor or Manager+
------- -------- -----------------------

Interested Directors:
Margo N. Alexander ........... None Over $100,000
Brian M. Storms .............. None $1-$10,000

Independent Directors:
Richard Q. Armstrong ......... None Over $100,000
David J. Beaubien ............ None Over $100,000
Richard R. Burt .............. None $10,001-$50,000
Meyer Feldberg ............... None Over $100,000
Carl W. Schafer .............. None Over $100,000
William D. White ............. None $10,001-$50,000

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+ Information regarding ownership of shares of the Fund is as of November 28,
2003; information regarding ownership of shares in all registered investment
companies overseen by nominee for which UBS Global AM or an affiliate serves
as investment advisor, sub-advisor or manager is as of December 31, 2002.

As of December 31, 2002, the Independent Directors did not own any
securities issued by UBS Global AM or any company controlling, controlled by or
under common control with UBS Global AM.

The board of directors of the Fund met six times during the fiscal year
ended October 31, 2003. Each director attended 75% or more of the board
meetings during the last fiscal year. The board has established an Audit and
Contract Review Committee that acts pursuant to a written charter and is
responsible for, among other things: (i) overseeing the scope of the Fund's
audit; (ii) overseeing the Fund's accounting and financial reporting policies,
practices and internal controls; (iii) approving, and recommending to the board
for ratification, the selection, appointment, retention or termination of the
Fund's independent auditors, as well as determining the compensation thereof;
and (iv) reviewing the performance by certain of the Fund's service providers
of their contracts and arrangements with the Fund. A copy of the charter is
attached as Exhibit A. In fulfilling its duties, the Audit and Contract Review
Committee has: (a) reviewed and discussed the Fund's audited financial
statements with management; (b) discussed with the independent auditors the
matters required to be discussed by Statement on Auditing Standards No. 61; (c)
received certain written disclosures and the letter from the independent
auditors required by Independence Standards Board Standard No. 1 and discussed
the independent auditors' independence with them; and (d) based upon its review
of the above, recommended to the board that the Fund's audited financial
statements be included in the Fund's annual report to shareholders for the
fiscal year ended October 31, 2003. The Audit and Contract Review Committee
currently consists of Messrs. Armstrong, Beaubien, Burt, Feldberg, Schafer and
White, none of whom have any relationship to the Fund that may interfere with
the exercise of their independence from management or the Fund and each of whom
is independent as defined under the listing standards of the New York Stock
Exchange. Each member of the Fund's Audit and Contract Review Committee is also
a member of a similar committee established by the boards of certain other
investment companies for which UBS Global AM or an affiliate serves as

investment advisor, sub-advisor or manager. The Audit and Contract Review
Committee met five times during the fiscal year ended October 31, 2003, and
each member attended those meetings.

The board has also established a Nominating Committee that acts pursuant
to a written charter. The Nominating Committee is responsible for selecting and
nominating for consideration by the full Board candidates to be considered for
election/appointment as additional Independent Directors of the Board. The
Nominating Committee currently consists of Messrs. Feldberg, Schafer and White.
The Nominating Committee did not meet during the fiscal year ended October 31,
2003. The Nominating Committee will consider nominees recommended by
shareholders if a vacancy occurs. In order to recommend a nominee, a
shareholder should send a letter to the chairperson of the Nominating
Committee, Mr. Meyer Feldberg, care of the Secretary of the Fund at UBS Global
Asset Management (US) Inc., 51 West 52nd Street, New York, New York 10019-6114
and indicate on the envelope "Nominating Committee." The shareholder's letter
should state the nominee's name and should include the nominee's resume or
curriculum vitae. The board does not have a standing compensation committee.

Each Independent Director receives, in the aggregate from the UBS Global
AM funds, an annual retainer of $50,000, and a $10,000 fee for each regular
board meeting (and each in-person special board meeting) actually attended.
Each such board member is also entitled to a $2,000 fee for each special
telephonic meeting attended. The chairperson of the Audit and Contract Review
Committee receives annually $12,500. Until recently, the chairperson of the
Nominating Committee received annually $5,000; however, effective June 30,
2003, this additional compensation for the chairperson of the Nominating
Committee ceased. The foregoing fees will be allocated among all such funds (or
each relevant fund in the case of a special meeting) as follows: (i) one-half
of the expense will be allocated pro rata based on the funds' relative net
assets at the end of the calendar quarter preceding the date of payment and
(ii) one-half of the expense will be allocated according to the number of such
funds (i.e., expense divided by number of funds yields per fund allocation). No
officer, director or employee of UBS Global AM or one of its affiliates
presently receives any compensation from the Fund for acting as a board member
or officer.

Each director who has attained the age of seventy-two (72) years will be
subject to retirement on the last day of the month in which he or she attains
such age. The table below includes certain information relating to the
compensation of the Fund's directors.

Compensation Table+

Total
Compensation
Aggregate from the Fund
Name of Compensation and the
Person, Position from the Fund* Fund Complex**
---------------- -------------- --------------

Richard Q. Armstrong, Director ......... $886 $111,125
David J. Beaubien, Director ............ $796 $108,000
Richard R. Burt, Director .............. $796 $108,000
Meyer Feldberg, Director ............... $783 $210,250
Carl W. Schafer, Director .............. $796 $108,000
William D. White, Director ............. $796 $108,000

- -------------
+ Only Independent Directors are compensated by the funds for which UBS Global
AM or an affiliate serves as investment advisor, sub-advisor or manager;
directors who are "interested persons," as defined by the 1940 Act, do not
receive compensation from the funds.

* Represents fees paid to each director during the fiscal year ended October
31, 2003.

** Represents fees paid during the calendar year ended December 31, 2002 to
each board member by: (a) 22 investment companies in the case of Messrs.
Armstrong, Beaubien, Burt, Schafer and White; and (b) 36 investment
companies in the case of Mr. Feldberg for which UBS Global AM or one of its
affiliates served as investment advisor, sub-advisor or manager. No fund
within the UBS fund complex has a bonus, pension, profit sharing or
retirement plan.

INFORMATION CONCERNING INDEPENDENT AUDITORS

The Fund's financial statements for the fiscal year ended October 31,
2003, were audited by Ernst & Young LLP ("Ernst & Young"), independent
auditors. In addition, Ernst & Young prepares the Fund's federal and state
annual income tax returns and provides certain non-audit services. The Audit
and Contract Review Committee has considered whether the provision of those
non-audit services is compatible with maintaining Ernst & Young's independence.
The board of directors of the Fund has selected Ernst & Young as the
independent auditors for the Fund for the fiscal year ending October 31, 2004.
Ernst & Young has been the Fund's independent auditors since July 25, 2001.
Ernst & Young has informed the Fund that it has no material direct or indirect
financial interest in the Fund.

Representatives of Ernst & Young 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.

Audit Fees

The aggregate fees billed by Ernst & Young for professional services
rendered for the audit of the Fund's annual financial statements for the most
recent fiscal year and the review of the financial statements included in the
Fund's reports to shareholders were $41,900.

Financial Information Systems Design and Implementation Fees

There were no fees billed by Ernst & Young for the most recent fiscal year
for professional services rendered for financial information systems design and
implementation services provided to

the Fund, UBS Global AM and entities that control, are controlled by or are
under common control with UBS Global AM that provide services to the Fund.

All Other Fees

There were approximately $110,000 in fees billed by Ernst & Young for the
most recent fiscal year for other services provided to the Fund, UBS Global AM
and entities that control, are controlled by or are under common control with
UBS Global AM that provide services to the Fund.

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 are:

Principal Occupation(s) During Past 5 Years;
Position(s) Held Length of Number of Portfolios in Fund Complex
Name, Address, and Age with the Fund Time Served for which Person Serves as Officer
---------------------- ------------- ----------- ----------------------------------

W. Douglas Beck*; 36 Vice President Since 2003 Mr. Beck is an executive director and head
of mutual fund product management of
UBS Global AM (since 2002). From March
1998 to November 2002, he held various
positions at Merrill Lynch, the most recent
being first vice president and co-manager of
the managed solutions group. Mr. Beck is
vice president of 20 investment companies
(consisting of 78 portfolios) for which UBS
Global AM or one of its affiliates serves as
investment advisor, sub-advisor or manager.

Thomas Disbrow*; 37 Vice President Since 2000 Mr. Disbrow is a director and a senior
and Assistant manager of the mutual fund finance
Treasurer department of UBS Global AM. Prior to
November 1999, he was a vice president
of Zweig/Glaser Advisers. Mr. Disbrow is a
vice president and assistant treasurer of
17 investment companies (consisting of
37 portfolios) for which UBS Global AM or
one of its affiliates serves as investment
advisor, sub-advisor or manager.

Amy R. Doberman*; 41 Vice President Since 2000 Ms. Doberman is a managing director and
and Secretary general counsel of UBS Global AM. From
December 1997 through July 2000, she was
general counsel of Aeltus Investment
Management, Inc. Ms. Doberman is vice
president and assistant secretary of five
investment companies (consisting of 44
portfolios) and vice president and secretary
of 17 investment companies (consisting of 37
portfolios) for which UBS Global AM or one
of its affiliates serves as investment advisor,
sub-advisor or manager.

David M. Goldenberg*; 37 Vice President Since 2002 Mr. Goldenberg is an executive director and
and Assistant deputy general counsel of UBS Global AM.
Secretary From 2000 to 2002 he was director, legal
affairs at Lazard Asset Management.
Mr. Goldenberg served in various capacities,
including most recently as global director of
compliance, at SSB Citi Asset Management
Group from 1996 to 2000. Mr. Goldenberg
is vice president and secretary of five
investment companies (consisting of 44
portfolios) and a vice president and assistant
secretary of 17 investment companies
(consisting of 37 portfolios) for which
UBS Global AM, or one of its affiliates
serves as investment advisor, sub-advisor
or manager.

Kevin J. Mahoney*; 38 Vice President Since 1999 Mr. Mahoney is a director and a senior
and Assistant manager of the mutual fund finance
Treasurer department of UBS Global AM. Prior to
April 1999, he was the manager of the
mutual fund internal control group of
Salomon Smith Barney. Mr. Mahoney is a
vice president and assistant treasurer of 17
investment companies (consisting of 37
portfolios) for which UBS Global AM or one
of its affiliates serves as investment advisor,
sub-advisor or manager.

John Penicook**; 45 Vice President Since 2002 Mr. Penicook is a managing director and
head of fixed income of UBS Global AM
(Americas) Inc. and UBS Global AM.
Mr. Penicook is a vice president of three
investment companies (consisting of three
portfolios) for which UBS Global AM or one
of its affiliates serves as investment advisor,
sub-advisor or manager.

Paul H. Schubert*; 40 Vice President Since 1994 Mr. Schubert is an executive director and
and Treasurer head of the mutual fund finance department
of UBS Global AM. Mr. Schubert is
treasurer and principal accounting officer
of three investment companies (consisting of
41 portfolios), a vice president and treasurer
of 18 investment companies (consisting of
38 portfolios), and treasurer and chief
financial officer of one investment company
(consisting of two portfolios) for which
UBS Global AM or one of its affiliates serves
as investment advisor, sub-advisor or manager.

Joseph A. Varnas*; 36 President Since 2003 Mr. Varnas is a managing director (since
March 2003); chief technology officer (since
March 2001) and head of product,
technology and operations of UBS Global
AM (since November 2002). From 2000
to 2001, he was manager of product
development in Investment Consulting
Services at UBS Financial Services Inc.
Mr. Varnas was a senior analyst in the Global
Securities Research and Economics Group
at Merrill Lynch from 1995 to 1999.
Mr. Varnas is president of 21 investment
companies (consisting of 79 portfolios) for
which UBS Global AM or one of its affiliates
serves as investment advisor, sub-advisor
or manager.

Keith A. Weller*; 42 Vice President Since 1995 Mr. Weller is a director and senior associate
and Assistant general counsel of UBS Global AM. Mr.
Secretary Weller is a vice president and assistant
secretary of 17 investment companies
(consisting of 37 portfolios) for which UBS
Global AM or one of its affiliates serves as
investment advisor, sub-advisor or manager.

- -------------
* This person's business address is 51 West 52nd Street, New York,
New York 10019-6114.

** This person's business address is One North Wacker Drive, Chicago,
Illinois 60606.

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. Varnas. This delayed report did not involve
any transactions in the Fund's common stock but rather related to his election
as an officer.

SHAREHOLDER PROPOSALS

Any shareholder who wishes to submit proposals to be considered at the
Fund's 2005 annual meeting of shareholders should send such proposals to the
Secretary of the Fund at UBS Global Asset Management (US) Inc., 51 West 52nd
Street, New York, New York 10019-6114. In order to be considered at that
meeting, shareholder proposals must be received by the Fund no later than
September 1, 2004 and must satisfy the other requirements of the federal
securities laws.

OTHER BUSINESS

Management knows of no business to be presented at 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,

AMY R. DOBERMAN
Secretary

December 22, 2003

--------------------------------------------------------------------------
It is important that you execute and return your proxy promptly.
--------------------------------------------------------------------------

EXHIBIT A

AUDIT AND CONTRACT REVIEW COMMITTEE CHARTER

AMENDED AND RESTATED AS OF MAY 8, 2003

Establishment and Purpose

This document serves as the Charter for the Audit and Contract Review
Committee (the "Committee") of the Board of each fund (the "Fund") advised by
UBS Global Asset Management (US) Inc. ("UBS Global") listed on Appendix A
hereto (each such Charter being a separate Charter). The primary purposes of
the Committee are to (a) oversee the scope of the Fund's audit, the quality and
objectivity of the Fund's financial statements, the Fund's accounting and
financial reporting policies and practices and its internal controls and, as
appropriate, the internal controls of certain service providers; (b) approve,
and recommend to the Board, for ratification, the selection, appointment,
retention or termination of the Fund's independent auditors, as well as
determining the compensation thereof; (c) pre-approve all audit and non-audit
services provided to the Fund and certain other persons by such independent
auditors; and (d) review the performance by certain service providers and
approve their contracts and arrangements with the Fund.

With respect to its contract review function, the Committee will consider
the performance of UBS Global, the Fund's adviser, administrator and
distributor(1); the Fund's sub-advisors, if any; and, as deemed necessary or
appropriate by the Committee, any other service providers. The Committee will
determine whether compensation paid by the Fund pursuant to its contracts and
arrangements is reasonable and appropriate in light of the nature and quality
of the services rendered.

Duties and Responsibilities

Audit Oversight

The Fund's independent auditors are accountable to the Committee.

The Committee shall:

1. Approve, and recommend to the Board for the Board's ratification, the
selection, appointment, retention or termination of the Fund's
independent auditors, or of any other public accounting firm engaged
for the purpose of performing other audit, review or attest services
for the Fund.

2. Pre-approve (a) all audit and permissible non-audit services(2) to be
provided to the Fund and (b) all permissible non-audit services to be
provided by the Fund's independent

- -------------
(1) Open-end Funds only.

(2) The Committee will not approve non-audit services that the Committee
believes may taint the independence of the auditors. Currently, permissible
non-audit services include any professional services (including tax
services) that are not prohibited services as described below, provided to
the Fund by the independent auditors, other than those provided to the Fund
in connection with an audit or a review of the financial statements of the
Fund. Permissible non-audit services may not include: (i) bookkeeping or
other services related to the accounting records or financial statements of
the Fund; (ii) financial information systems design and implementation;
(iii) appraisal or valuation services, fairness opinions or
contribution-in-kind reports; (iv) actuarial services; (v) internal audit
outsourcing services; (vi) management functions or human resources; (vii)
broker or dealer, investment adviser or investment banking services; (viii)
legal services and expert services unrelated to the audit; and (ix) any
other service the Public Company Accounting Oversight Board determines, by
regulation, is impermissible.

A-1

auditors to UBS Global and any Covered Service Providers, if the
engagement relates directly to the operations and financial reporting
of the Fund. In carrying out this responsibility, the Committee shall
seek periodically from UBS Global and from the independent auditors a
list of such audit and permissible non-audit services that can be
expected to be rendered to the Fund, UBS Global or any Covered Service
Providers by the Fund's independent auditors, and an estimate of the
fees sought to be paid in connection with such services. The Committee
may delegate its responsibility to pre-approve any such audit and
permissible non-audit services to a sub-committee consisting of the
Chairperson of the Committee and two other members of the Committee as
the Chairperson, from time to time, may determine and appoint, and such
sub-committee shall report to the Committee, at its next regularly
scheduled meeting after the sub-committee's meeting, its decision(s).
From year to year, the Committee shall report to the Board whether this
system of pre-approval has been effective and efficient or whether this
Charter should be amended to allow for pre-approval pursuant to such
policies and procedures as the Committee shall approve, including the
delegation of some or all of the Committee's pre-approval
responsibilities to other persons (other than UBS Global or the Fund's
officers).

3. Discuss with the independent auditors any disclosed relationships or
services that may diminish the objectivity and independence of the
independent auditors; receive periodic reports from the independent
auditors regarding the independent auditors' independence (including
receiving the independent auditors' specific representations as to
independence consistent with current statements of the Independence
Standards Board); and discuss such reports with the independent
auditors, and, if so determined by the Committee, recommend that the
Board take appropriate action to ensure the independence of the
independent auditors.

4. Review, in consultation with the independent auditors, the scope of the
Fund's proposed audit each year, including the audit procedures to be
utilized, and certain other matters in connection with the Fund's
financial statements.

5. Inquire of UBS Global and the independent auditors as to the Fund's
qualification under Subchapter M of the Internal Revenue Code and
amounts distributed and reported to shareholders for Federal tax
purposes.

6. Review with the independent auditors any problems or difficulties the
auditors may have encountered during the conduct of the audit, relating
to the conduct of the audit, including any matters required to be
discussed pursuant to Statement of Auditing Standards No. 61, or any
subsequent Statement.

- -------------
Pre-approval by the Committee of any permissible non-audit services is not
required so long as: (i) the aggregate amount of all such permissible
non-audit services provided to the Fund, UBS Global and any service
providers controlling, controlled by or under common control with UBS
Global that provide ongoing services to the Fund ("Covered Service
Providers") constitutes not more than 5% of the total amount of revenues
paid to the independent auditors (during the fiscal year in which the
permissible non-audit services are provided) by (a) the Fund, (b) its
investment adviser and (c) any entity controlling, controlled by, or under
common control with the investment adviser that provides ongoing services
to the Fund during the fiscal year in which the services are provided that
would have to be approved by the Committee; (ii) the permissible non-audit
services were not recognized by the Fund at the time of the engagement to
be non-audit services; and (iii) such services are promptly brought to the
attention of the Committee and approved by the Committee (or its
delegate(s)) prior to the completion of the audit.

A-2

7. Ensure that the independent auditors submit on a periodic basis to the
Committee a formal written statement delineating all relationships of
the auditors consistent with Independence Standards Board Standard No.
1, or any subsequent Statement.

8. Review, in consultation, as appropriate, with the independent auditors
and Fund service providers, matters relating to internal controls and
disclosure controls and procedures at the Fund and at the Fund's
service providers.

9. Request, receive and/or review from the independent auditors such other
materials as deemed necessary or advisable by the Committee in the
exercise of its duties under this charter; such materials may include,
without limitation, any other material written communications bearing
on the Fund's financial statements, or internal or disclosure controls,
between the independent auditors and the Fund, UBS Global, the Fund's
sub-adviser(s), if any, or other Fund service providers, such as any
management letter or schedule of unadjusted differences, and any
comment or "deficiency" letter received from a regulatory or
self-regulatory organization addressed to the Fund, UBS Global or the
Fund's sub-adviser(s), if any, that relates to services rendered to the
Fund.

10. [Closed-end Funds only] Establish procedures for the receipt, retention
and treatment of complaints that the Fund may receive regarding Fund
accounting, internal accounting controls or auditing matters, including
procedures for the confidential, anonymous submission by Fund officers
or employees or Fund service providers of concerns regarding
questionable accounting or auditing matters related to the Fund.

11. Request that the independent auditors report to the Committee on any
unusual items or matters discovered during the course of any
semi-annual or other reviews.

12. [Closed-end Funds only] Consider and, if appropriate, recommend the
publication of the Fund's annual audited financial statements in the
Fund's annual report in advance of the printing and publication of the
annual report, based on its review and discussions of such annual
report with the independent auditors, the Fund's officers and UBS
Global.

13. Review and reassess the adequacy of this Charter annually and recommend
any proposed changes to the Board for approval.

Contract Review

1. Request such information as is deemed relevant by the Committee
regarding the performance of each of the contracts and arrangements
required to be reviewed and approved by the Board.

2. Review all information and data provided by the service providers in
connection with their performance of these contracts and arrangements.

3. Meet with such representatives of the service providers as the
Committee deems necessary.

4. Make recommendations to the Board concerning the initial approval
and/or continuation of each of the proposed contracts and arrangements
and the reasonableness and appropriateness of the proposed fees.

5. Consider such other matters as the Committee may deem appropriate in
carrying out the above responsibilities and any other matters that may
be assigned to it by the Board.

A-3

In performing its duties, the Committee shall be provided by UBS Global,
the Fund's sub-advisor(s), if any, or the Fund, as applicable, with such
information, data and services as the Committee shall request to discharge its
duties and responsibilities, shall consult as it deems appropriate with the
members of the Board, officers and employees of the Fund, UBS Global, the
Fund's sub-advisor(s), if any, the Fund's counsel and the Fund's other service
providers and, as it determines necessary to carry out its duties and at the
Fund's expense, may engage outside advisors and consultants. The Fund shall
provide appropriate funding for the Committee to carry out its duties and
responsibilities.

Composition

The Committee shall be composed of each Board member who has been
determined not to be an "interested person," as that term is defined in Section
2(a)(19) of the Investment Company Act of 1940, as amended ("1940 Act"), of the
Fund (the "Independent Board Members"). Each member of the Committee must also
meet the independence and experience requirements as set forth in Section
303.01(b)(2)(a) of the New York Stock Exchange's Listed Company Manual. The
Committee shall elect a chairperson, who shall preside over Committee meetings
(the "Chairperson"). The Chairperson shall serve for a term of three years,
which term may be renewed from time to time.(3)

In addition, the Board shall use its best efforts to ensure that at least
one member of the Committee is an "audit committee financial expert," as
determined under the rules of the Securities and Exchange Commission. Appendix
B sets forth the audit committee financial expert requirements as of the date
of this amended and restated Charter. In the event that the Committee does not
have at least one such audit committee financial expert, the nominating
committee of the Board shall endeavor to identify and recommend to the Board a
candidate that meets such requirements or, in the event the Board does not, at
such time, have a nominating committee, the Board shall designate the
Independent Board Members as a committee to identify and recommend to the Board
a candidate that meets such requirements.

Meetings

The Committee shall meet on a regular basis, but not less frequently than
twice a year. Special meetings may also be held upon reasonable notice to the
members of the Committee. An agenda shall be established for each meeting.
Additional meetings shall be called as circumstances require. The Committee may
request any officer or employee of the Fund, the Fund's counsel, UBS Global,
the Fund's sub-adviser(s), if any, the Fund's independent auditors or other
interested persons to attend a meeting of the Committee or to meet with any
members of, or consultants to, the Committee. The Committee will meet with the
Fund's independent auditors at least once a year outside the presence of the
Fund's officers and other parties. The Committee may, in its discretion, also
meet outside the presence of the Fund's officers and other parties at other
times. Meetings of the Committee may be held in person, by telephone or by
other appropriate means.

One-third of the Committee's members shall constitute a quorum. At any
meeting of the Committee, the decision of a majority of the members present and
voting shall be determinative as to any matter submitted to a vote.

- -------------
(3) In the case of a newly-organized UBS fund, the Chairperson's term will be
coterminous with those of the other UBS funds listed on Schedule A, even if
such term is shorter than three years.

A-4

Reporting

The Chairperson shall report to the Board on the result of its
deliberations and make such recommendations as deemed appropriate.

Limits on Role of Committee

While the Committee has the duties and responsibilities set forth in this
Charter, the Committee is not responsible for planning or conducting the Fund's
audit or for determining whether the Fund's financial statements are complete
and accurate and are in accordance with generally accepted accounting
principles. In fulfilling their responsibilities hereunder, it is recognized
that the members of the Committee are not full-time employees of the Fund, it
is not the duty or the responsibility of the Committee or its members to
conduct "field work" or other types of auditing or accounting reviews or
procedures or to set auditor independence standards, and each member of the
Committee shall be entitled to rely on (a) the integrity of those persons
within and outside the Fund from which it receives information; (b) the
accuracy of the financial and other information provided to the Committee
absent actual knowledge to the contrary (which shall be promptly reported to
the Board); and (c) statements made by the officers and employees of the Fund,
UBS Global or other third parties as to any information technology, internal
audit and other non-audit services provided by the independent auditors to the
Fund. The review of the Fund's financial statements by the Committee is not of
the same quality as the audit performed by the independent auditors.

In carrying out its responsibilities, the Committee's policies and
procedures shall be adapted, as appropriate, in order to best react to a
changing environment.

Amendments

This Charter may be amended by a vote of a majority of the Board members.

A-5

APPENDIX A

UBS Managed Investments Trust
UBS Managed Municipal Trust
UBS Series Trust
Liquid Institutional Reserves
UBS Investment Trust
UBS Index Trust
UBS Municipal Money Market Series
UBS Money Series
UBS Securities Trust
UBS PACE Select Advisors Trust
UBS Cashfund Inc.
UBS RMA Money Fund Inc.
UBS RMA Tax-Free Fund Inc.
UBS Master Series Inc.
UBS Financial Sector Fund Inc.
Strategic Global Income Fund Inc.*
Global High Income Dollar Fund Inc.*
Investment Grade Municipal Income Fund Inc.*
Insured Municipal Income Fund Inc.*
Managed High Yield Plus Fund Inc.*

- -------------
* Closed-end Funds. The duties and responsibilities of paragraphs 10 and 12
and any other provision applicable exclusively to closed-end funds apply to
these funds only.

A-6

APPENDIX B

AUDIT COMMITTEE FINANCIAL EXPERT REQUIREMENTS

An "audit committee financial expert" is a person who has the following
attributes:

an understanding of generally accepted accounting principles and financial
statements;

the ability to assess the general application of such principles in
connection with the accounting for estimates, accruals and reserves;

experience preparing, auditing, analyzing or evaluating financial statements
that present a breadth and level of complexity of accounting issues that are
generally comparable to the breadth and complexity of issues that can
reasonably be expected to be raised by the registrant's financial
statements, or experience actively supervising one or more persons engaged
in such activities;

an understanding of internal controls and procedures for financial
reporting; and

an understanding of audit committee functions.

A person must have acquired such attributes through one or more of the
following:

education and experience as a principal financial officer, principal
accounting officer, controller, public accountant or auditor or experience
in one or more positions that involve the performance of similar functions;

experience actively supervising a principal financial officer, principal
accounting officer, controller, public accountant, auditor or person
performing similar functions;

experience overseeing or assessing the performance of companies or public
accountants with respect to the preparation, auditing or evaluation of
financial statements; or

other relevant experience.

B-1

- ----------------
GLOBAL
HIGH INCOME
DOLLAR FUND INC.
- ----------------

Proxy
Statement

-------------------
GLOBAL
HIGH INCOME
DOLLAR FUND INC.
-------------------

--------------------
Notice of
Annual Meeting
to be held on
February 19, 2004
and
Proxy Statement
--------------------

[4993 - GLOBAL HIGH INCOME DOLLAR FUND INC.] [FILE NAME: ZGHI52.ELX]
[VERSION - (1)] [12/10/03] [orig. 12/10/03]

DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL ZGHI52

COMMON STOCK
PROXY

GLOBAL HIGH INCOME DOLLAR FUND INC.

Annual Meeting of Shareholders - February 19, 2004

The undersigned hereby appoints as proxies Keith A. Weller and Marissa
Duran-Cruz 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 8586, Edison, NJ 08818-9452. PFPC Inc.
has been engaged to forward the enclosed proxy material and to tabulate proxies
returned by mail.

- ----------- -----------
SEE REVERSE SEE REVERSE
SIDE CONTINUED AND TO BE SIGNED ON REVERSE SIDE SIDE
- ----------- -----------

GLOBAL HIGH INCOME
DOLLAR FUND INC.

C/O PFPC INC.
P.O. BOX 8586
EDISON, NJ 08818-9452

[4993 - GLOBAL HIGH INCOME DOLLAR FUND INC.] [FILE NAME: ZGHI51.ELX]
[VERSION - (3)] [12/16/03] [orig. 12/10/03]

DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL ZGHI51

4993

PLEASE MARK
[X] VOTE AS IN
THIS EXAMPLE.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR"

1. To elect as directors:

NOMINEES: (01) Margo N. Alexander, (02) Richard Q. Armstrong,
(03) David J. Beaubien, (04) Richard R. Burt, (05) Meyer Feldberg,
(06) Carl W. Schafer, (07) Brian M. Storms and
(08) William D. White.

FOR WITHHOLD
ALL [ ] FROM ALL [ ]
NOMINEES NOMINEES

[ ]________________________________________
For all nominees except as written above

MARK HERE FOR ADDRESS CHANGE AND NOTE AT LEFT [ ]

This proxy will not be voted unless it is dated and
signed exactly as instructed below:

If shares are held by an individual, sign your name
exactly as it appears on this card. If shares are
held jointly, either party may sign, but the name of
the party signing should conform exactly to the name
shown on this proxy card. If shares are held by a
corporation, partnership or similar account, the
name and the capacity of the individual signing the
proxy card should be indicated unless it is
reflected in the form of registration. For example:
"ABC Corp., John Doe, Treasurer."

Sign exactly as name appears hereon.

Signature:
(if held jointly)______________________________ Date:________________
Signature:______________________________ Date:________________