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, 12th Floor
 
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: 3/31/12
 
Item 1.  Schedule of Investments
 

GLOBAL INCOME FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
March 31, 2012
(Unaudited)

 
Shares
     
Cost
   
Value
 
   
COMMON STOCKS (55.30%)
           
   
REAL ESTATE (1.79%)
           
   
Property Management (1.79%)
           
   
United States (1.79%)
           
  33,000  
CBRE Group, Inc.
  $ 665,511     $ 658,680  
                       
     
REAL ESTATE INVESTMENT TRUSTS (53.51%)
               
     
Diversified (7.44%)
               
     
United Kingdom (0.41%)
               
  19,900  
British Land Company plc ADR (a)
    151,441       151,240  
                       
     
United States (7.03%)
               
  25,000  
Annaly Capital Management, Inc.
    389,938       395,500  
  55,000  
Chimera Investment Corp.
    157,713       155,650  
  19,000  
Douglas Emmett, Inc.
    424,737       433,390  
  33,000  
MFA Financial, Inc.
    248,408       246,510  
  5,500  
Public Storage
    720,926       759,935  
  7,000  
Vornado Realty Trust
    581,904       589,400  
            2,523,626       2,580,385  
     
Total Diversified
    2,675,067       2,731,625  
                       
     
Healthcare Facilities (4.59%)
               
     
United States (4.59%)
               
  13,000  
HCP, Inc.
    532,938       512,980  
  12,000  
Health Care REIT, Inc.
    659,514       659,520  
  9,000  
Ventas, Inc.
    513,344       513,900  
            1,705,796       1,686,400  
                       
     
Hotel/Motel (0.98%)
               
     
United States (0.98)
               
  22,000  
Host Hotels & Resorts, Inc.
    351,943       361,240  
                       
     
Industrial (7.34%)
               
     
United States (7.34%)
               
  45,000  
CubeSmart
    530,356       535,500  
  27,000  
Extra Space Storage Inc.
    735,639       777,330  
  19,000  
ProLogis
    658,547       684,380  
  14,000  
Sovran Self Storage, Inc.
    682,549       697,620  
            2,607,091       2,694,830  
                       
     
Mortgage Investment (0.53%)
               
     
United States (0.53%)
               
  11,100  
Invesco Mortgage Capital Inc.
    193,327       195,915  
                       
     
Office (5.17%)
               
     
United States (5.17%)
               
  7,000  
Boston Properties Inc.
    734,002       734,930  
  15,000  
Kilroy Realty Corp.
    673,849       699,150  
  13,000  
Liberty Property Trust
    453,805       464,360  
            1,861,656       1,898,440  
                       
     
Residential (10.77%)
               
     
United States (10.77%)
               
  15,000  
Apartment Investment and Management Company
    389,893       396,150  
  4,000  
AvalonBay Communities, Inc.
    554,230       565,400  
  22,000  
Education Realty Trust, Inc.
    231,461       238,480  
  9,000  
Equity Residential
    536,562       563,580  
  4,500  
Essex Property Trust, Inc.
    663,284       681,795  
  9,000  
Post Properties, Inc.
    407,770       421,740  
  19,000  
Senior Housing Properties Trust
    419,689       418,950  
  25,000  
UDR, Inc.
    649,237       667,750  
            3,852,126       3,953,845  
                       
     
Retail (16.69%)
               
     
Australia (0.41%)
               
  8,200  
Westfield Group ADR (a)
    151,352       150,017  
                       
     
United States (16.28%)
               
  35,000  
CBL & Associates Properties, Inc.
    621,320       662,200  
  25,000  
DDR Corp.
    373,470       365,000  
  7,000  
Federal Realty Investment Trust
    677,453       677,530  
  15,000  
General Growth Properties, Inc.
    247,913       254,850  
  35,000  
Kimco Realty Corp.
    653,509       674,100  
  11,000  
PS Business Parks, Inc.
    697,380       720,940  
  11,000  
Regency Centers Corp.
    487,338       489,280  
  9,000  
SL Green Realty Corp.
    702,435       697,950  
  4,500  
Simon Property Group, Inc.
    632,329       655,560  
  5,300  
Taubman Centers, Inc.
    374,337       386,635  
  15,000  
Weingarten Realty Investors
    394,980       396,450  
            5,862,464       5,980,495  
     
Total Retail
    6,013,816       6,130,512  
                       
     
Total real estate investment trusts
    19,260,822       19,652,807  
                       
     
Total common stocks
    19,926,333       20,311,487  
                       
     
CLOSED END FUNDS (8.17%)
               
     
United States (8.17%)
               
  8,716  
AllianceBernstein Income Fund, Inc.
    68,526       71,384  
  93,020  
Alpine Global Premier Properties Fund
    578,359       604,630  
  68,408  
BlackRock Credit Allocation Income Trust I, Inc.
    619,817       677,923  
  21,027  
BlackRock Credit Allocation Income Trust II, Inc.
    216,273       220,994  
  1,383  
BlackRock Credit Allocation Income Trust III, Inc.
    15,735       15,531  
  48,291  
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund
    601,266       772,656  
  54,437  
Nuveen Diversified Dividend and Income Fund
    541,844       638,546  
                       
     
Total closed end funds
    2,641,820       3,001,664  
                       
     
CLOSED END FUND BUSINESS DEVELOPMENT COMPANIES (5.13%)
 
     
United States (5.13%)
               
  9,005  
Capital Southwest Corp.
    840,996       851,423  
  108,757  
MCG Capital Corp.
    654,701       462,217  
  87,203  
NGP Capital Resources Co.
    672,148       571,180  
                       
     
Total closed end fund business development companies
    2,167,845       1,884,820  
                       
     
PREFERRED STOCKS (1.51%)
               
     
United States (1.51%)
               
  4,000  
BAC Capital Trust II, 7.00%
    100,000       99,760  
  17,834  
Corporate-Backed Trust Certificate, 8.20% (Motorola)
    445,850       452,984  
                       
     
Total preferred stocks
    545,850       552,744  
                       
     
TIME DEPOSIT (24.76%)
               
Principal Amount
 
United States (24.76%)
               
  9,093,070  
State Street Euro Dollar Time Deposit 0.01%, 4/2/12
    9,093,070       9,093,070  
                       
     
Total investments (94.87%)
  $ 34,374,918       34,843,785  
                       
     
Cash and other assets in excess of liabilities (5.13%)
            1,885,331  
                       
     
Net assets (100.00%)
          $ 36,729,116  
                       
      (a)        The company is organized as a real estate investment trust as defined by the laws of its country of domicile.                
                     
 
 
ADR     American Depositary Receipt
               
   
 
               
   
REIT    Real Estate Investment Trust
               

Notes to Schedule of Portfolio Investments (Unaudited)

Valuation of Investments
Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade.  Most equity securities for which the primary markets is the United States are valued at the official closing price, last sale price or, if no sale has occurred, at the closing bid price.  Most equity securities for which the primary market is outside the United States are valued using the official closing price or the last sale price in the principal market in which they are traded.  If the last sale price on the local exchange is unavailable, the last evaluated quote or closing bid price normally is used. Debt obligations with remaining maturities of 60 days or less are valued at cost adjusted for amortization of premiums and accretion of discounts. Certain of the securities in which the Fund may invest are priced through pricing services that may utilize a matrix pricing system which takes into consideration factors such as yields, prices, maturities, call features, and ratings on comparable securities. Bonds may be valued according to prices quoted by a bond dealer that offers pricing services.  Open end investment companies are valued at their net asset value. Foreign securities markets may be open on days when U.S. markets are closed. For this reason, the value of any foreign securities owned by the Fund could change on a day when stockholders cannot buy or sell shares of the Fund. Securities for which quotations are not readily available or reliable and other assets may be valued as determined in good faith by CEF Advisers, Inc., the Fund’s Investment Manager, under the direction of or pursuant to procedures established by the Fund’s Board of Directors, called “fair value pricing.”  Due to the inherent uncertainty of valuation, fair value pricing values may differ from the values that would have been used had a readily available market for the securities existed.  These differences in valuation 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
Inputs to valuation methods are prioritized by a three level hierarchy as follows:

·  
Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities including securities actively traded on a securities exchange.
·  
Level 2 – observable inputs other than quoted prices included in level 1 that are observable for the asset or liability which may include quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default  rates, and similar data.
·  
Level 3 – unobservable inputs for the asset or liability including the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for investments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows:

Equity securities (common and preferred stock). Equity securities traded on a national securities exchange or market generally are stated normally at the official closing price, last sales price or, if no sale has occurred, at the closing bid price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they may be categorized in level 1. Preferred stock and other equities on inactive markets or valued by reference to similar instruments may be categorized in level 2.

Debt securities. The fair value of debt securities is estimated using various techniques which may consider, among other things, recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Although most debt securities may be categorized in level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they may be categorized in level 3.

The flowing is a summary of the inputs used as of March 31, 2012 in valuing the Fund’s assets carried at fair value. Refer to the Schedule of Portfolio Investments for detailed information on specific investments.

   
Level 1
   
Level 2
   
Level 3
   
Total
 
 Assets
                       
 Investments, at value
                       
 Common Stocks
                       
 Real Estate - Property Management
                       
 United States
  $ 658,680     $ -     $ -     $ 658,680  
 Real Estate Investment Trusts
                               
 Diversified
                               
 United Kingdom
    151,240       -       -       151,240  
 United States
    2,580,385       -       -       2,580,385  
 Healthcare Facilities
                               
 United States
    1,686,400       -       -       1,686,400  
 Hotel/Motel
                               
 United States
    361,240       -       -       361,240  
 Industrial
                               
 United States
    2,694,830       -       -       2,694,830  
 Mortgage Investment
                               
 United States
    195,915       -       -       195,915  
 Office
                               
 United States
    1,898,440       -       -       1,898,440  
 Residential
                               
 United States
    3,953,845       -       -       3,953,845  
 Retail
                               
 Australia
    150,017       -       -       150,017  
 United States
    5,980,495       -       -       5,980,495  
 Closed End Funds
                               
 United States
    3,001,664       -       -       3,001,664  
 Closed End Fund Business Development Companies
                               
 United States
    1,884,820       -       -       1,884,820  
 Preferred Stocks
                               
 United States
    552,744       -       -       552,744  
 Time Deposit
                               
 United States
    -       9,093,070       -       9,093,070  
 Total investments, at value
  $ 25,750,715     $ 9,093,070     $ -     $ 34,843,785  
 
There were no transfers between level 1 and level 2 during the three months ended March 31, 2012.

Cost for Federal Income Tax Purposes
At March 31, 2012, for federal income tax purposes the aggregate cost of securities was $34,374,918 and net unrealized depreciation was $468,867, comprised of gross unrealized appreciation of $808,743 and gross unrealized depreciation of $339,876.

Foreign Securities Risk
Investments in the securities of foreign issuers involve special risks which include changes in foreign exchange rates and the possibility of future adverse political and economic developments which could adversely affect the value of such securities.  Moreover, securities in foreign issuers and markets may be less liquid and their prices more volatile than those of U.S. issuers and markets.
 
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/ Mark C. Winmill
Mark C. Winmill, President

Date: May 29, 2012
 
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/ Mark C. Winmill
Mark C. Winmill, President

Date: May 29, 2012
 
By: /s/ Thomas O'Malley
Thomas O'Malley, Chief Financial Officer

Date: May 29, 2012
 
 
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)