Company Website:
http://www.ubs.com/us/en/asset_management/financial_advisors/closed_end_funds.html
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 its
distribution characteristics for the month of November 2014.
The following notice was sent to shareholders today:
Global High Income Fund Inc.
c/o UBS Global Asset Management
(Americas) Inc.
1285 Avenue of the Americas
New York, NY 10019
DISTRIBUTION NOTICE
November 2014
The purpose of this document is to provide you with information that is
required to be sent to you as well as additional information that may be
of interest to at least some investors.
On November 10, 2014, the Fund's Board of Directors declared a regular
monthly distribution of $0.0548 per share. This distribution is payable
on November 28, 2014 to shareholders of record as of November 20, 2014.
The ex-distribution date was November 18, 2014.
The Fund adopted a managed distribution policy ("Policy") in December
1999. Pursuant to the Policy as currently in effect, the Fund makes
regular monthly distributions at an annualized rate equal to 6% of the
Fund’s net asset value, determined as of the last day on which the New
York Stock Exchange is open for trading during the first week of that
month. (Pursuant to the Policy with respect to distributions paid from
June 2012 through the monthly distribution for May 2014, the annualized
rate had been 7%, which, consistent with the policy, in any given month
may have been comprised of a combination of net investment income,
capital gains, and/or a return of capital.) 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 without
prior notice to Fund shareholders; any such change or termination may
have an adverse effect on the market price for the Fund’s shares.
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 profits, the amount of that excess would constitute a
return of capital or net realized capital gains for tax purposes. A
return of capital may occur, for example, when some or all of the money
that shareholders invested in the Fund is deemed to be paid back to
shareholders. A return of capital distribution does not necessarily
reflect the Fund’s investment performance and should not be confused
with “yield” or “income.”
During the current fiscal year which ends on October 31, 2015 (November
1, 2014 to October 31, 2015), the Fund has made one (1) regular monthly
distribution which is equal to $0.0548 per share. (Given that the Fund’s
current fiscal year began on November 1, 2014, the fiscal year to date
characteristics are the same.) The sources of the distribution paid
during the month and current fiscal year are estimated as
follows:
Estimated source of regular monthly distributions |
|
| |
| Estimated allocations |
|
|
Distributions
|
|
Net investment
income
|
|
Net realized short- term capital gains
|
|
Net realized long- term capital gains
|
|
Return of capital
|
Current month
|
|
$0.0548
|
|
$0.0548 (100%)
|
|
$0 (0%)
|
|
$0 (0%)
|
|
$0 (0%)
|
YTD*
|
|
$0.0548
|
|
$0.0548 (100%)
|
|
$0 (0%)
|
|
$0 (0%)
|
|
$0 (0%)
|
|
* Fiscal year-to-date.
|
| | | | |
| |
| |
| |
The Fund periodically issues notices to shareholders and press releases
estimating the source characteristics of its monthly distributions. The
amounts and sources reported in these materials are only estimates and
are not being provided for tax reporting purposes. The actual amounts
and sources of the amounts for accounting and tax reporting purposes
will depend upon the Fund’s investment experience during its entire
fiscal year and may be subject to retroactive changes based on tax
regulations. The Fund sends shareholders a Form 1099-DIV (or a financial
intermediary should provide a shareholder with similar information) for
the calendar year that will tell shareholders how to report these
distributions for federal income tax purposes.
If you chose to receive your distributions in cash, a check should have
been sent to you or a credit should have been made on your financial
intermediary or Fund account statement. If you chose to reinvest your
distributions, that statement (or a subsequent one) should indicate the
additional shares purchased for your account in full and fractional
shares of the Fund's common stock.
You should not draw any conclusions about the Fund’s investment
performance from the amount of the monthly distribution or from the
terms of the Fund’s managed distribution policy.
If you would like to change your distribution option, please write or
call your broker or, if you hold shares directly with the Fund, the
Fund's distribution disbursing agent, BNY Mellon Investment Servicing,
at 1-800-331-1710. For more information about the Fund, please contact:
UBS Global Asset Management Closed-End Funds Desk, 888-793 8637.
Please find below additional information regarding the Fund’s
performance. Please note that this information is primarily based on the
Fund’s net asset value based performance, not its market price based
performance. Market price based performance for various periods is
included in the Fund’s most recent report to shareholders and is
different.
Fund performance and distribution rate information |
|
|
|
| |
Fiscal year-to-date 11/1/2013 to 10/31/2014 |
|
|
Year-to-date Cumulative Net Asset Value Return1 | |
-0.24%
|
Cumulative Distribution Rate2 | |
6.77%
|
| |
|
Preceding five-year period 11/1/2009 to 10/31/2014 |
|
|
5 Years Average Annual Total Net Asset Value Return1 | |
5.13%
|
Average Annual Distribution Rate3 | |
7.97%
|
Current Annualized Distribution Rate4 |
|
5.90%
|
|
1 |
|
The Fund’s net asset value (“NAV”) returns assume, for
illustration only, that dividends and other distributions, if any,
were reinvested at the NAV on the payable dates.
|
2 | |
Cumulative Distribution Rate for the Fund’s fiscal period
(November 1, 2013 through October 31, 2014) measured on the dollar
value of distributions in the year-to-date period as a percentage
of the Fund’s NAV as of October 31, 2014.
|
3 | |
Average Annual Distribution Rate is the simple arithmetic average
of the Annual Distribution Rates for the preceding five-year
period. The Annual Distribution Rates are calculated by taking the
total distributions paid during the period divided by average
daily NAV for the period.
|
4 | |
The Current Annualized Distribution Rate is the current monthly
distribution rate annualized as a percentage of the Fund’s NAV as
of October 31, 2014.
|
| |
|
Please refer to the chart below for information about the Fund’s
historical NAVs, change in NAVs, total returns and distributions paid.
Performance data assumes reinvestment of distributions.
Fiscal year ending Oct 31 |
| Average daily NAV for period |
| End of period NAV per share |
| Change in NAV |
| Total returns |
| Distribution rate 2 |
| Net investment income distributions
paid |
| Short-term distributions paid |
| Long-term distributions paid |
| Return of capital |
| Total distributions paid |
Oct-09
|
|
$11.31
|
|
$12.89
|
|
31.26%
|
|
43.02%
|
|
8.64%
|
|
0.7167
|
|
-
|
|
-
|
|
0.2600
|
|
0.9767
|
Oct-10
|
|
$13.29
|
|
$14.16
|
|
9.85%
|
|
18.91%
|
|
7.96%
|
|
1.0579
|
|
-
|
|
-
|
|
-
|
|
1.0579
|
Oct-11
|
|
$13.47
|
|
$13.01
|
|
-8.12%
|
|
1.95%
|
|
10.42%
|
|
1.3723
|
|
-
|
|
-
|
|
0.0310
|
|
1.4033
|
Oct-12
|
|
$13.01
|
|
$13.45
|
|
3.38%
|
|
11.53%
|
|
7.60%
|
|
0.7104
|
|
-
|
|
0.2785
|
|
-
|
|
0.9889
|
Oct-13
|
|
$12.86
|
|
$11.93
|
|
-11.30%
|
|
-4.81%
|
|
7.02%
|
|
0.2618
|
|
-
|
|
-
|
|
0.6416
|
|
0.9034
|
Oct-141 |
|
$11.42
|
|
$11.14
|
|
-6.62%
|
|
-0.24%
|
|
6.60%
|
|
-
|
|
-
|
|
-
|
|
-
|
|
0.7538
|
Since inception (October 8, 1993) annualized total return: 9.34%
|
| |
|
1 |
|
Figures are fiscal year to date, November 1, 2013 through October
31, 2014, and this period's final distribution characterization will
not be completed until January 2015.
|
2 | |
Distribution rate calculated by taking the total distributions paid
within the period divided by average daily NAV for the period.
|
| |
|
Any performance information reflects the deduction of the Fund’s fees
and expenses, as indicated in its shareholder reports, such as
investment advisory and administration fees, custody fees, exchange
listing fees, etc. It does not reflect any transaction charges that a
shareholder may incur when (s)he buys or sells shares (e.g., a
shareholder’s brokerage commissions).
Investing in the Fund entails specific risks, such as interest rate
risk and the risks associated with investing in the securities of
issuers in emerging market countries.The value of the Fund's
investments in foreign securities may fall due to adverse political,
social and economic developments abroad and due to decreases in foreign
currency values relative to the US dollar.Investments in
emerging market issuers may decline in value because of unfavorable
government actions, greater risks of political instability or the
absence of accurate information about emerging market
issuers. Further detailed information regarding the Fund, including a
discussion of principal objectives, principal investment strategies and
principal risks, may be found in the fund overview located at http://www.ubs.com/closedendfundsinfo.
You may also request copies of the fund overview by calling the
Closed-End Funds Desk at 888-793 8637.
©UBS 2014. All rights reserved.
The key symbol and UBS are among
the registered and unregistered trademarks of UBS.
Contacts:
UBS Global Asset Management
Closed-End Funds Desk: 888-793-8637
ubs.com
Source: Global High Income Fund Inc.
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