Form: N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company filed on Form N-Q

May 31, 2005

Documents

N-Q: Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company filed on Form N-Q

Published on May 31, 2005

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
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Global Income Fund, Inc.
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(Exact name of registrant as specified in charter)

11 Hanover Square, 12th Floor, New York, NY 10005
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(Address of principal executive offices) (Zip code)

Thomas B. Winmill, President
Global Income Fund, Inc.
11 Hanover Square, 12th Floor
New York, NY 10005
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(Name and address of agent for service)

Registrant's telephone number, including area code: 1-212-344-6310
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Date of fiscal year end: 12/31
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Date of reporting period: 03/31/05
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Item I. Schedule of Investments

March 31, 2005 (Unaudited)
Principal
Debt Securities - 86.93% Amount Value
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ABN Amro Bank, N.V., 4.75%, 1/04/2014 $ 500,000 $ 696,122
Aegon N.V., 4.625%, 4/16/2008 1,000,000 1,360,951
BHP Finance Ltd., 6.25%, 8/15/2008 1,000,000 774,454
CIT Rv Trust 1998-A, 6.29%, 1/15/2017 500,000 510,566
Deutsche Ausgleichsbank, 5.75%, 12/07/2011 700,000 1,379,991
Dresdner Bank, 7.75%, 12/07/2007 500,000 1,001,871
Elf Aquitaine, 4.50%, 3/23/2009 1,000,000 1,369,519
Enel-Societa Per Azioni, 4.75%, 6/12/2018 500,000 683,470
European Investment Bank, 5.50%, 12/07/2011 738,000 1,439,500
Federal Home Loan Bank, 2.625%, 10/16/2006 1,500,000 1,472,412
International Bank Recon & Development, 5.05%, 5/29/2008 1,200,000 1,232,400
KFW, 5.25%, 1/04/2010 1,000,000 1,425,894
Kingdom of Sweden, 5.00%, 1/28/2009 1,000,000 1,399,496
Koninklijke Philips Electric, 6.125%, 5/16/2011 500,000 735,318
Korea Development Bank, 5.75%, 09/10/2013 500,000 514,569
National Australia Bank, 8.60%, 5/19/2010 1,000,000 1,168,705
National Westminster Bank, 7.375%, 10/01/2009 1,000,000 1,109,450
Neder Waterschapsbank, 4.00%, 2/11/2009 1,000,000 1,350,936
Principal Financial Group, 8.20%, 8/15/2009 300,000 336,984
Province of Quebec, 5.50%, 2/05/2010 1,000,000 1,434,962
Republic of Austria, 5.25%, 1/04/2011 1,000,000 1,438,938
Republic of Cyprus, 4.375%, 7/15/2014 500,000 684,247
Republic of Hungary, 4.00%, 9/27/2010 500,000 671,794
RWE Finance, 4.625%, 8/17/2010 500,000 918,930
Social National Chemins Fer Fra, 4.625%, 10/25/2009 1,000,000 1,382,735
Tesco PLC, 4.75%, 4/13/2010 1,000,000 1,387,407
Toyota Motor Credit Corp., 4.125%, 1/15/2008 1,000,000 1,345,850
Vodafone Group PLC, 4.625%, 1/31/2008 1,000,000 1,360,305
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TOTAL DEBT SECURITIES (Cost $29,253,304) 30,587,776
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Preferred Stocks - 4.18%
Shares
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BAC Capital Trust II, 7.00% 4,000 103,320
BAC Capital Trust III, 7.00% 3,000 77,970
Corporate-Backed Trust Certificates, 6.00% 4,000 94,040
Corporate-Backed Trust Certificates, 8.20% 25,000 640,000
Disney (Walt) Company, 7.00% 10,000 258,000
SATURNS SM, 5.875% 5,000 119,000
Wells Fargo Capital Trust V, 7.00% 6,900 177,675
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TOTAL PREFERRED STOCK (Cost $1,447,500) 1,470,005
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Short Term Investments - 7.39%
Par Value
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State Street Repurchase Agreement, 4/01/2005 $2,560,000 2,560,000
(Collateralized by U.S. Treasury Note, 4.875%, 2/15/2012) 41,995 41,995
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TOTAL SHORT TERM INVESTMENTS (Cost $2,601,995) 2,601,995
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TOTAL INVESTMENTS (Cost $33,302,799) - 98.50% $ 34,659,776
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Other assets less liabilities - 1.50% 526,834
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TOTAL NET ASSETS - 100.00% $ 35,186,610
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Note: The Market Value is stated in U.S. dollars.



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Schedule of Investments - Continued

March 31, 2005 (Unaudited)

Tax Related
Unrealized appreciation $ 1,485,730
Unrealized depreciation (128,753)
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Net unrealized appreciation $ 1,356,977
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Aggregate cost of securities for income tax purposes $ 33,302,799
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This schedule of investments provides information about the Fund's portfolio
holdings as of the date on the schedule. It is unaudited, and the Fund assumes
no obligation to update or supplement the schedule to reflect subsequent
changes. More information is available in the Fund's most recent annual or
semiannual shareholder report.


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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
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Thomas B. Winmill, President

Date: May 31, 2005

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
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Thomas B. Winmill, President

Date: May 31, 2005

By: /s/ William G. Vohrer
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William G. Vohrer, Treasurer

Date: May 31, 2005

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)