Investment Company Act file number

811-07540

Global High Income Dollar Fund Inc.

(Exact name of registrant as specified in charter)

51 West 52^nd 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 52^nd  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, 2005

Principal
Amount
(000)

Maturity
Dates

Interest
Rates

Value

Foreign Debt Securities – 93.56%

Argentina – 10.06%

$

13,900

Banco de Galicia y Buenos Aires

01/01/14

4.000

% †

$

10,547,320

2,587

Republic of Argentina

04/01/07

2.000

††

514,833

7,189

Republic of Argentina

12/28/10

2.000

††

2,652,848

ARS

4,270

Republic of Argentina

01/03/10

2.000

2,254,351

$

6,760

Republic of Argentina

01/03/16

2.000

3,156,920

10,070

Republic of Argentina (1)

08/03/12

2.008

††

8,574,605

5,000

Republic of Argentina (1)

03/31/23

6.000

2,775,000

30,475,877

Brazil – 23.05%

8,156

Brazil Real Credit-Linked Note (4)

01/03/07

11.631

@

5,932,915

23,360

Federal Republic of Brazil

04/15/24

6.000

††

21,783,200

1,200

Federal Republic of Brazil

01/20/34

8.250

1,126,800

1,520

Federal Republic of Brazil

10/14/19

8.875

1,569,400

5,270

Federal Republic of Brazil

04/15/24

8.875

5,296,350

2,290

Federal Republic of Brazil

07/14/14

10.500

2,662,125

10,920

Federal Republic of Brazil

08/17/40

11.000

12,656,280

13,058

Federal Republic of Brazil, C

04/15/14

8.000

13,367,770

6,000

Federal Republic of Brazil, DISC

04/15/24

3.063

††

5,460,000

69,854,840

Bulgaria – 1.02%

2,450

Republic of Bulgaria

01/15/15

8.250

3,099,250

Colombia – 2.88%

5,876

Republic of Colombia

04/09/11

9.750

6,651,933

1,840

Republic of Colombia

01/28/33

10.375

2,088,400

8,740,333

Ecuador – 4.21%

8,255

Republic of Ecuador

08/15/30

8.000

†

7,656,512

5,500

Republic of Ecuador, 144A

08/15/30

8.000

†

5,101,250

12,757,762

El Salvador – 1.43%

1,450

Republic of El Salvador, 144A

09/21/34

7.625

1,497,125

2,770

Republic of El Salvador

04/10/32

8.250

2,832,325

4,329,450

Germany – 3.46%

8,500

Aries Vermogensverwaltungs, 144A

10/25/14

9.600

10,497,500

Principal
Amount
(000)

Maturity
Dates

Interest
Rates

Value

Mexico – 13.26%

$

3,170

Conproca S.A. de C.V.

06/16/10

12.000

%

$

4,010,050

683

PEMEX Finance Ltd.

05/15/07

8.020

711,426

5,500

PEMEX Project Funding Master Trust

02/01/22

8.625

6,517,500

3,000

PEMEX Project Funding Master Trust

10/13/10

9.125

3,577,500

1,250

Petroleos Mexicanos, 144A

03/30/18

9.250

1,575,000

15,797

United Mexican States

04/08/33

7.500

17,676,843

MXN

40,000

United Mexican States

12/29/05

9.000

3,572,327

28,900

United Mexican States

12/24/09

9.000

2,555,483

40,196,129

Netherlands – 1.96%

EUR

781

ING Bank NV (2)

05/31/14

5.054

@

543,475

1,115

ING Bank NV (2)

05/31/13

5.515

@

831,763

1,373

ING Bank NV (2)

05/31/12

6.022

@

1,093,826

2,136

ING Bank NV (2)

05/31/11

6.555

@

1,841,678

1,093

ING Bank NV (2)

05/31/10

7.145

@

1,015,875

606

ING Bank NV (2)

05/31/09

7.793

@

603,369

5,929,986

Panama – 2.21%

$

3,920

Republic of Panama

09/30/27

8.875

4,351,200

950

Republic of Panama

01/16/23

9.375

1,111,500

1,040

Republic of Panama

01/16/23

9.375

1,216,800

6,679,500

Peru – 2.46%

890

Republic of Peru

05/03/16

8.375

965,650

220

Republic of Peru

05/03/16

8.375

238,700

1,100

Republic of Peru

02/06/15

9.875

1,317,250

5,330

Republic of Peru, FLIRB

03/07/17

4.500

††

4,943,575

7,465,175

Philippines – 2.35%

1,515

Republic of Philippines

01/15/19

9.875

1,607,718

5,000

Republic of Philippines

03/16/25

10.625

5,518,500

7,126,218

Poland – 0.85%

PLZ

8,110

Republic of Poland

06/24/08

5.750

2,570,183

Qatar – 4.50%

$

9,120

State of Qatar

06/15/30

9.750

13,634,400

Russia – 10.80%

5,700

Russian Federation

03/31/30

5.000

†

5,977,590

18,984

Russian Federation, 144A

03/31/30

5.000

†

19,908,090

8,060

Russian Ministry of Finance

05/14/11

3.000

6,851,000

32,736,680

Principal
Amount
(000)

Maturity
Dates

Interest
Rates

Value

Slovakia – 1.27%

SKK

120,000

Republic of Slovakia

01/14/07

0.123

%@

$

3,858,359

Turkey – 2.69%

$

2,000

Turkish Credit-Linked Note (2)(4)

10/06/05

0.000

@

2,518,323

1,060

Republic of Turkey

02/14/34

8.000

1,097,100

2,830

Republic of Turkey

06/30/11

9.000

3,204,975

940

Republic of Turkey

01/15/30

11.875

1,341,850

8,162,248

Ukraine – 2.01%

5,560

Republic of Ukraine

06/11/13

7.650

6,102,100

Uruguay – 0.51%

1,727

Republic of Uruguay

01/15/33

7.875

1,536,756

2

Republic of Uruguay, PIK

01/15/33

7.875

2,049

1,538,805

Venezuela – 2.58%

1,520

Republic of Venezuela

10/08/14

8.500

1,546,600

3,180

Republic of Venezuela

09/15/27

9.250

3,275,400

2,900

Republic of Venezuela

01/13/34

9.375

2,992,800

7,814,800

Total Foreign Debt Securities (cost–$258,393,545)

283,569,595

Number of

Rights

(000)

Rights – 0.16%

Mexico – 0.04%

1,885

United Mexican States Value Recovery Rights, Series C, Expiration Date 06/30/05 (3)

25,448

1,885

United Mexican States Value Recovery Rights, Series D, Expiration Date 06/30/06 (3)

48,067

1,885

United Mexican States Value Recovery Rights, Series E, Expiration Date 06/30/07 (3)

42,412

115,927

Venezuela – 0.12%

27

Venezuela Oil Indexed Payment Obligations, Expiration Date 4/15/20 (2)(3)

381,500

Total Rights (cost–$0)

497,427

Principal
Amount
(000)

Maturity
Dates

Interest
Rates

Value

Short-Term Investments  – 6.48%

Russia – 2.19%

Time Deposit – 2.19%

$

4,000

Russia Over the Counter (2)(4)

08/22/05

3.000

%*

$

3,912,580

2,710

Russia Over the Counter (2)(4)

08/22/05

3.500

*

2,711,694

6,624,274

Number of

Shares

(000)

United States – 4.29%

Other – 4.29%

13,012

UBS Supplementary Trust U.S. Cash Management Prime Fund **

2.280

*

13,011,604

Total Short-Term Investments (cost–$19,721,604)

19,635,878

Total Investments –100.20% #
(Cost $278,115,149)

303,702,900

Liabilities in excess of cash and other assets – (0.20%)

(595,627

)

Net Assets – 100.00%

$

303,107,273

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes was $278,115,149; and net unrealized appreciation consisted of:

Gross unrealized appreciation

$

26,526,172

Gross unrealized depreciation

(938,421

)

Net unrealized appreciation

$

25,587,751

Note:

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

†

Reflects rate at January 31, 2005 on step coupon rate instruments.

††

Reflects rate at January 31, 2005 on variable rate instruments.

@

Reflects annualized yield at January 31, 2005 on zero coupon bonds.

*

Interest rate reflects yield at January 31, 2005.

**

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.

(1)

Bond interest in default.

(2)

Security is illiquid. These securities amounted to $15,454,083 or 5.10% of net assets.

(3)

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

(4)

Security is being fair valued by a valuation committee under the direction of the Board of Directors. At January 31, 2005 the value of these securities amounted to $15,075,512 or 4.97% 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 on the valuation date 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, 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. All investments quoted in foreign currencies will be valued weekly in U.S. Dollars on the basis of the foreign currency exchange rates.

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, 2005, the value of these securities amounted to $38,578,965 or 12.73% of net assets.

ARS

Argentina Peso

C

Front-Loaded Interest Reduction with Capitalized Interest Bond

DCB

Debt Conversion Bond

DISC

Discount Bond

EUR

Euro

FLIRB

Front-Loaded Interest Reduction Bond

MXN

Mexican Peso

PIK

Payment in Kind

PLZ

Polish Zloty

SKK

Slovakia Koruna

Expiration
Dates

Cost/
Proceeds

Current
Value

Unrealized
Appreciation/
(Depreciation)

U.S. Treasury Note Futures Buy Contracts:

5 Year U.S. Treasury Notes, 152 contracts

March 2005

$

16,580,450

$

16,606,000

$

25,550

U.S. Treasury Bond Futures Sale Contracts:

10 Year U.S. Treasury Bonds, 527 contracts

March 2005

59,037,917

60,522,656

(1,484,739

)

10 Year U.S. Treasury Notes, 65 contracts

March 2005

7,256,078

7,297,266

(41,188

)

Total net unrealized depreciation on futures contracts

$

(1,500,377

)

Contracts to
Deliver

In
Exchange For

Maturity
Dates

Unrealized
Appreciation

Chinese Renminbi

47,924,077

USD

5,960,706

07/05/05

$

45,060

Euro

7,200,000

USD

9,443,520

04/21/05

33,630

United States Dollar

5,960,706

MXN

69,916,102

07/05/05

113,991

United States Dollar

7,445,708

THB

288,000,000

04/21/05

24,915

Total net unrealized appreciation on forward foreign currency contracts

$

217,596

MXN

Mexican Peso

THB

Thai Bhat

USD

United States Dollar

Foreign Debt Securities

International Corporate Bonds

Commercial Banks

5.44

%

Oil & Gas

3.85

Diversified Financial Services

3.46

Construction & Engineering

1.32

Capital Markets

0.23

Total International Corporate Bonds

14.30

Foreign Government Bonds

79.26

Total Foreign Debt Securities

93.56

Rights

0.16

Short-Term Investments

6.48

Total Investments

100.20

Liabilities in excess of cash and other assets

(0.20

)

Net Assets

100.00

%

Purchases

Sales
Proceeds

Interest
Income

Value

% of Net Assets

$95,557,684

$92,664,628

$45,886

$13,011,604

4.29

%

By:

/s/ Joseph A. Varnas

Joseph A. Varnas

President

Date:

April 1, 2005

By:

/s/ Joseph A. Varnas

Joseph A. Varnas

President

Date:

April 1, 2005

By:

/s/ Thomas Disbrow

Thomas Disbrow

Treasurer

Date:

April 1, 2005