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) Thomas B. Winmill, President Global Income Fund, Inc. 11 Hanover Square, 12th Floor 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: 09/30/04 ---------------------
Item 1. Schedule of Investments September 30, 2004 (Unaudited) Principal Debt Securities - 80.64% Amount Value ------------- -------------- Australia - 6.57% BHP Finance Ltd., 6.25%, 8/15/2008 1,000,000 730,450 National Australia Bank, 8.60%, 5/19/2010 1,000,000 1,202,814 Principal Financial Group, 8.20%, 8/15/2009 300,000 352,173 -------------- 2,285,437 -------------- Canada - 3.91% Province of Quebec, 5.50%, 2/05/2010 1,000,000 1,358,445 -------------- Cyprus - 1.82% Republic of Cyprus, 4.375%, 7/15/2014 500,000 631,885 -------------- Denmark - 12.91% Deutsche Ausgleichsbank, 5.75%, 12/07/2011 700,000 1,313,791 Dresdner Bank, 7.75%, 12/07/2007 1,000,000 1,918,371 Kredit Wiederauf, 3.50%, 4/17/2009 1,000,000 1,256,257 -------------- 4,488,419 -------------- France - 7.48% Elf Aquitaine, 4.50%, 3/23/2009 1,000,000 1,293,487 Social National Chemins Fer Fra, 4.625%, 10/25/2009 1,000,000 1,308,096 -------------- 2,601,583 -------------- Germany - 7.66% European Investment Bank, 5.50%, 12/07/2011 738,000 1,366,287 Vodafone Group PLC, 4.625%, 1/31/2008 1,000,000 1,296,068 -------------- 2,662,355 -------------- Hungary - 1.81% Republic of Hungary, 4.00%, 9/27/2010 500,000 630,794 -------------- Italy - 1.82% Enel-Societa Per Azioni, 4.75%, 6/12/2018 500,000 633,807 -------------- Korea - 1.52% Korea Development Bank, 5.75%, 09/10/2013 500,000 528,238 -------------- Netherlands - 7.56% ABN Amro Bank, N.V., 4.75%, 1/04/2014 500,000 645,884 Aegon N.V., 4.625%, 4/16/2008 1,000,000 1,293,441 Koninklijke Philips Electronics, 6.125%, 5/16/2011 500,000 691,282 -------------- 2,630,607 -------------- Sweden - 3.82% Kingdom of Sweden, 5.00%, 1/28/2009 1,000,000 1,329,753 -------------- United Kingdom - 7.07% National Westminster Bank, 7.375%, 10/01/2009 1,000,000 1,156,841 Tesco PLC, 4.75%, 4/13/2010 1,000,000 1,302,126 -------------- 2,458,967 --------------
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Schedule of Investments - continued September 30, 2004 (Unaudited) Principal Debt Securities - 80.64% - continued Amount Value ------------ ------------- United States - 16.69% CIT Rv Trust 1998-A, 6.29%, 1/15/2017 500,000 $ 519,541 Federal Farm Credit Bank, 4.73%, 6/13/2018 250,000 242,903 Federal Home Loan Bank, 2.625%, 10/16/2006 2,000,000 1,991,956 General Electric Capital Corp., 4.75%, 2/13/2019 500,000 492,271 International Bank Recon & Development, 5.05%, 5/29/2008 1,200,000 1,272,960 Toyota Motor Credit Corp., 4.125%, 1/15/2008 1,000,000 1,282,810 ------------- 5,802,441 ------------- TOTAL DEBT SECURITIES (Cost $27,581,036) 28,042,731 ------------- Preferred Stocks - 6.13% BAC Capital Trust II, 7.00% 5,000 132,000 BAC Capital Trust III, 7.00% 5,000 132,350 Corporate-Backed Trust Certificates, 6.00% 5,000 118,250 Corporate-Backed Trust Certificates, 8.20% 25,000 662,500 Disney (Walt) Company, 7.00% 20,000 530,200 General Motors Corp., 7.25% 10,000 255,200 SATURNS SM, 5.875% 5,000 118,450 Wells Fargo Capital Trust V, 7.00% 6,900 182,229 ------------- TOTAL PREFERRED STOCK (Cost $2,047,500) 2,131,179 ------------- Short Term Investments - 11.37% State Street Repurchase Agreement, 0.35%, 10/01/2004 2,935,639 2,935,639 U.S. Treasury Note, 1.875%, 7/15/2013 1,000,000 1,017,305 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $3,939,209) 3,952,944 ------------ TOTAL INVESTMENTS (Cost $33,567,745) - 98.14% $ 34,126,854 ------------ Other assets less liabilities - 1.86% 645,738 ------------ TOTAL NET ASSETS - 100.00% $ 34,772,592 ============ Note: The Market Value is stated in U.S. dollars.
-2- Midas Funds Global Income Fund Schedule of Investments - Continued September 30, 2004 (Unaudited)
Tax Related Unrealized appreciation $ 670,878 Unrealized depreciation (111,769) ------------ Net unrealized appreciation $ 559,109 ============ Aggregate cost of securities for income tax purposes $ 33,567,745 ============
-3- Item 2. Controls and Procedures (a) The 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) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a- 3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits (a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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 29, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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 29, 2004 By: /s/ William G. Vohrer ----------------------------- William G. Vohrer, Treasurer Date: November 29, 2004 EXHIBIT INDEX (a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)