N-Q: Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company filed on Form N-Q
Published on November 17, 2009
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
N-Q
QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT
INVESTMENT COMPANY
Investment
Company Act file number 811-08025
GLOBAL
INCOME FUND, INC.
(Exact
name of registrant as specified in charter)
11
Hanover Square
|
|
New
York, NY
|
10005
|
(Address
of principal executive offices)
|
(Zip
Code)
|
John
F. Ramírez, Esq.
Global
Income Fund, Inc.
11
Hanover Square
New
York, NY 10005
(Name and
address of agent for service)
Registrant's
telephone number, including area code: 1-212-344-6310
Date of
Fiscal Year End: 12/31
Date of
Reporting Period: 9/30/09
Item
1. Schedule of Investments
GLOBAL
INCOME FUND, INC.
SCHEDULE
OF PORTFOLIO INVESTMENTS
September
30, 2009
(Unaudited)
|
||||
Debt
Securities (56.36%)
|
||||
Principal Amount (a) |
|
|
Value
|
|
Australia
(6.07%)
|
||||
$1,000,000
|
National
Australia Bank, 8.60% Subordinated Notes, due 5/19/10 (b)
|
$
1,049,248
|
||
500,000
|
AUD
|
Telstra
Corp. Ltd., 6.25% Senior Notes due 4/15/15
|
425,946
|
|
500,000
|
AUD
|
Telstra
Corp. Ltd., 7.25% Senior Notes due 11/15/12 (b)
|
453,053
|
|
1,928,247
|
||||
Austria
(4.84%)
|
||||
1,000,000
|
EUR
|
Republic
of Austria, 5.25% Euro Medium Term Notes, due 1/04/11
|
1,539,154
|
|
Canada
(8.19%)
|
||||
1,000,000
|
CAD
|
HSBC
Financial Corp. Ltd., 4.00% Medium Term Notes, due 5/03/10
|
944,666
|
|
500,000
|
CAD
|
Molson
Coors Cap, 5.00% Guaranteed Notes, due 9/22/15 (b)
|
482,563
|
|
1,350,000
|
AUD
|
Province
of Ontario, 5.50% Euro Medium Term Notes, due 7/13/12 (b)
|
1,174,835
|
|
2,602,064
|
||||
Cyprus
(2.38%)
|
||||
500,000
|
EUR
|
Republic
of Cyprus, 4.375% Euro Medium Term Notes, due
7/15/14
|
755,283
|
|
France
(4.61%)
|
||||
1,000,000
|
EUR
|
Societe
Nationale des Chemins de Fer Francais, 4.625% Euro Medium Term Notes, due
10/25/09
|
1,465,071
|
|
Germany
(2.58%)
|
||||
500,000
|
GBP
|
RWE
Finance B.V., 4.625% Notes, due 8/17/10
|
819,602
|
|
Hungary
(2.32%)
|
||||
500,000
|
EUR
|
Republic
of Hungary, 4.00% Bonds, due 9/27/10
|
736,840
|
|
Mexico
(3.28%)
|
||||
1,000,000
|
United
Mexican States, 5.625% Notes, due 1/15/17 (b)
|
1,043,000
|
||
Netherlands
(11.80%)
|
||||
500,000
|
EUR
|
Heineken
N.V., 4.375% Notes, due 2/04/10
|
737,282
|
|
1,000,000
|
EUR
|
ING
Bank N.V., 5.50% Euro Medium Term Notes, due 1/04/12
|
1,533,286
|
|
1,000,000
|
EUR
|
Rabobank
Nederland, 3.125% Senior Notes, due 7/19/10
|
1,480,604
|
|
3,751,172
|
||||
South Korea
(1.66%)
|
||||
500,000
|
Korea
Development Bank, 5.75% Notes, due 9/10/13 (b)
|
527,424
|
||
United Kingdom
(7.82%)
|
||||
1,000,000
|
National
Westminster Bank, 7.375% Subordinated Notes, due 10/01/09
(b)
|
1,000,000
|
||
1,000,000
|
EUR
|
Tesco
PLC, 4.75% Euro Medium Term Notes, due 4/13/10 (b)
|
1,487,037
|
|
2,487,037
|
||||
United States
(.81%)
|
||||
307,021
|
CIT
RV Trust 1998-A B , 6.29% Subordinated Bonds, due 1/15/17
(b)
|
257,832
|
||
Total
debt securities (cost: $16,318,783)
|
17,912,726
|
|||
Closed
End Funds (32.39%)
|
||||
Shares
|
United States
(32.39%)
|
|||
30,000
|
American
Select Portfolio, Inc.
|
340,800
|
||
65,000
|
American
Strategic Income Portfolio II
|
664,950
|
||
104,900
|
BlackRock
Income Trust, Inc.
|
695,487
|
||
97,708
|
Cohen
& Steers Advantage Income Realty Fund, Inc.
|
577,454
|
||
16,161
|
Dreman/Claymore
Dividend & Income Fund
|
225,608
|
||
23,150
|
DWS
Dreman Value Income Edge Fund, Inc.
|
258,817
|
||
20,000
|
DWS
Multi-Market Income Trust
|
165,000
|
||
369,929
|
DWS
RREEF Real Estate Fund II, Inc.
|
325,538
|
||
40,587
|
Evergreen
Multi-Sector Income Fund (b)
|
579,176
|
||
54,000
|
Gabelli
Dividend & Income Trust (b)
|
669,060
|
||
51,336
|
Helios
Advantage Income Fund, Inc.
|
324,957
|
||
20,000
|
Helios
High Income Fund, Inc.
|
151,800
|
||
111,016
|
Highland
Credit Strategies Fund
|
704,952
|
||
76,456
|
John
Hancock Patriot Premium Dividend Fund II
|
745,446
|
||
150,000
|
Nuveen
Multi-Strategy Income and Growth Fund
|
1,036,500
|
||
135,000
|
Nuveen
Multi-Strategy Income and Growth Fund 2
|
973,350
|
||
59,477
|
RMR
Real Estate Fund
|
1,153,854
|
||
57,750
|
Western
Asset Worldwide Income Fund, Inc.
|
701,662
|
||
Total
closed end funds (cost: $10,246,882)
|
10,294,411
|
|||
Common Stocks (4.63%) | ||||
United States
(4.63%)
|
||||
65,000
|
Ares
Capital Corp.
|
716,300
|
||
18,900
|
GSC
Investment Corp.
|
67,095
|
||
95,000
|
NGP
Capital Resources Co.
|
689,700
|
||
Total
common stocks (cost: $ 1,309,455)
|
1,473,095
|
|||
Preferred
Stocks (1.97%)
|
|
|||
United States
(1.97%)
|
||||
4,000
|
BAC
Capital Trust II, 7.00%
|
84,880
|
||
25,000
|
Corporate-Backed
Trust Certificates, 8.20% (Motorola)
|
540,250
|
||
Total
preferred stocks (cost: $725,000)
|
625,130
|
|||
Money Market Fund (4.26%) |
|
|||
1,355,396
|
SSgA
Money Market Fund, 0.07% (cost: $1,355,396) (c)
|
1,355,396
|
||
Total
investments (cost: $29,955,516) (99.61%)
|
31,660,758
|
|||
Other
assets in excess of liabilities (0.39%)
|
124,665
|
|||
Net
assets (100.00%)
|
$
31,785,423
|
|||
(a) The
principal amount is stated in U.S. dollars unless otherwise
indicated.
|
||||
(b) Fully
or partially pledged as collateral on bank credit facility. As of
September 30, 2009, the value of investments pledged as collateral was
$7,648,477.
|
||||
(c) Rate
represents the 7-day annualized yield at September 30,
2009.
|
||||
Currency
Abbreviations
|
||||
AUD
- Australian Dollar
|
||||
CAD
- Canadian Dollar
|
||||
EUR
- Euros
|
||||
GBP
- British Pound
|
Notes
to Schedule of Portfolio Investments (Unaudited):
Valuation
of Investments
Securities
traded primarily on a U.S. national securities exchange ("USNSE"), are valued at
the last reported sale price on the day the valuations are made. Securities
traded primarily on the Nasdaq Stock Market ("Nasdaq") are normally valued by
the Fund at the Nasdaq Official Closing Price ("NOCP") provided by Nasdaq each
business day. The NOCP is the most recently reported price as of 4:00:02 p.m. ET
unless that price is outside the range of the "inside" bid and asked prices
(i.e.,
the bid and asked prices that dealers quote to each other when trading for their
own accounts); in such case, Nasdaq will adjust the price to equal the inside
bid or asked price, whichever is closer. Because of delays in reporting trades,
the NOCP may not be based on the price of the last trade to occur before the
market closes. Securities that are not traded on a particular day and securities
traded in foreign and over-the-counter markets that are not also traded on a
USNSE or Nasdaq are valued at the mean between the last bid and asked prices.
Certain of the securities in which the Fund invests are priced through pricing
services that may utilize a matrix pricing system which takes in to
consideration factors such as yields, prices, maturities, call features, and
ratings on comparable securities. Bonds may be valued according to prices quoted
by a dealer in bonds that offers pricing services. Open end investment companies
are valued at their net asset value. Securities for which market
quotations are not readily available or reliable and other assets may be valued
as determined in good faith by the Investment Manager under the direction of or
pursuant to procedures established by the Fund's Board of Directors. Due to the
inherent uncertainty of valuation, these values may differ from the values that
would have been used had a ready market for the securities existed and these
differences could be material. A security's valuation may differ depending on
the method used for determining value. The use of fair value pricing by the Fund
may cause the net asset value of its shares to differ from the net asset value
that would be calculated using market prices.
Fair
Value Measurements
The Fund
uses a three level hierarchy for fair value measurements based on the
transparency of inputs to the valuation of an asset or
liability. Inputs may be observable or unobservable and refer broadly
to the assumptions that market participants would use in pricing the asset or
liability. Observable inputs reflect the assumptions market participants would
use in pricing the asset or liability based on market data obtained from sources
independent of the Fund. Unobservable inputs reflect the Fund's own assumptions
about the assumptions that market participants would use in pricing the asset or
liability developed based on the best information available under the
circumstances. The Fund's investment in its entirety is assigned a level based
upon the inputs which are significant to the overall valuation. The hierarchy of
inputs is summarized below.
Level
1 -
|
quoted
prices in active markets for identical investments
|
Level
2 -
|
other
significant observable inputs (including quoted prices for similar
investments, interest rates, prepayment speeds, credit risk,
etc.).
|
Level
3 -
|
significant
unobservable inputs (including the Fund's own assumptions in determining
fair value of investments).
|
The
inputs or methodology used for valuing investments are not an indication of the
risk associated with investing in those investments.
The
following is a summary of the inputs used as of September 30, 2009 in valuing
the Fund's investments:
Level
1
|
Level
2
|
Level
3
|
Total
|
||||
Debt
securities
|
$
-
|
$17,912,726
|
$
-
|
$ 17,912,726
|
|||
Closed
end funds
|
10,294,411
|
-
|
-
|
10,294,411
|
|||
Common
stocks
|
1,473,095
|
-
|
-
|
1,473,095
|
|||
Preferred
stocks
|
625,130
|
-
|
-
|
625,130
|
|||
Money
market funds
|
1,355,396
|
-
|
-
|
1,355,396
|
|||
Total
|
$
13,748,032
|
$17,912,726
|
$
-
|
$ 31,660,758
|
Cost
for Federal Income Tax Purposes
The cost
of investments for federal income tax purposes is $29,955,516 and net unrealized
appreciation is $1,705,242 comprised of aggregate gross unrealized appreciation
and depreciation of $3,595,048 and $1,889,806, respectively.
Item
2. Controls and Procedures
(a)
|
The
registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the "1940 Act")) are effective as of a date within 90 days of the
filing date of this report that includes the disclosure required by this
paragraph, based on their evaluation of the disclosure controls and
procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b)
under the Securities Exchange Act of
1934.
|
(b)
|
There
were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred
during the registrant's last fiscal quarter that have materially affected,
or are reasonably likely to materially affect, the registrant's internal
control over financial reporting.
|
Item
3. Exhibits
(a)
|
Certifications
of the registrant's principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the 1940
Act.
|
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Global
Income Fund, Inc.
By: /s/Thomas B.
Winmill
Thomas B.
Winmill, President
Date:
November 17, 2009
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the 1940 Act,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
By: /s/Thomas B.
Winmill
Thomas B.
Winmill, President
Date:
November 17, 2009
By: /s/Thomas
O'Malley
Thomas
O'Malley, Chief Financial Officer
Date:
November 17, 2009
Exhibit
Index
(a)
|
Certifications
of the registrant's principal executive and principal financial officer as
required by Rule 30a-2(a) under the 1940 Act.
(EX-99.CERT)
|