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: 9/30/06
Item 1. Schedule of Investments
September 30, 2006 (Unaudited)
GLOBAL INCOME FUND, INC.
FORM N-Q - SEPTEMBER 30, 2006 (UNAUDITED)
PRINCIPAL AMOUNT (a) DEBT SECURITIES (96.03%) MARKET VALUE
AUSTRALIA (10.40%)
1,500,000 AUD Commonwealth Bank of Australia, 6.75% Senior Government Guaranteed Notes, due 12/01/07 $ 1,126,978
1,000,000 National Australia Bank, 8.60% Subordinated Notes, due 05/19/10 1,111,548
300,000 Principal Financial Group, 144A, 8.20% Senior Notes, due 08/15/09 322,891
500,000 AUD Telstra Corp. Ltd., 6.25% Senior Notes due 4/15/15 363,792
500,000 AUD Telstra Corp. Ltd., 7.25% Senior Notes due 11/15/12 385,022
-----------
3,310,231
-----------
AUSTRIA (4.23%)
1,000,000 EUR Republic of Austria, 5.25% Euro Medium Term Notes, due 01/04/11 1,347,127
-----------
CANADA (13.12%)
1,000,000 CAD Canada Housing Trust 144A, 4.75% Guaranteed Notes, due 03/15/07 (b) 898,700
1,300,000 AUD Government of Quebec, 6.00% Senior Unsubordinated Notes, due 02/18/09 964,198
1,000,000 CAD HSBC Financial Corp. Ltd., 4.00% Medium Term Notes, due 5/03/10 888,375
500,000 CAD Molson Coors Cap, 5.00% Guaranteed Notes, due 9/22/15 446,800
1,350,000 AUD Province of Ontario, 5.50% Euro Medium Term Notes, due 07/13/12 979,598
-----------
4,177,671
-----------
CYPRUS (2.06%)
500,000 EUR Republic of Cyprus, 4.375% Euro Medium Term Notes, due 07/15/14 654,116
-----------
FRANCE (8.12%)
1,000,000 EUR Elf Aquitaine, 4.50% Senior Unsubordinated Notes, due 03/23/09 1,287,943
1,000,000 EUR Societe Nationale des Chemins de Fer Francais, 4.625% Euro Medium Term Notes, 1,297,592
due 10/25/09
-----------
2,585,535
-----------
GERMANY (5.88%)
500,000 GBP Dresdner Bank Aktiengesellschaft, 7.75% Subordinated Bonds, due 12/07/07 957,136
500,000 GBP RWE Finance B.V., 4.625% Notes, due 08/17/10 914,301
-----------
1,871,437
HUNGARY (1.99%)
500,000 EUR Republic of Hungary, 4.00% Bonds, due 09/27/10 634,560
-----------
JAPAN (4.00%)
1,000,000 EUR Toyota Motor Credit Corp., 4.125% Euro Medium Term Notes, due 01/15/08 1,272,895
-----------
KOREA (1.60%)
500,000 Korea Development Bank, 5.75% Notes, due 09/10/13 510,306
-----------
MEXICO (3.11%)
1,000,000 United Mexican States, 5.625% Notes, due 01/15/17 990,500
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NETHERLANDS (16.35%)
1,000,000 EUR Aegon N.V., 4.625% Euro Medium Term Notes, due 04/16/08 1,282,107
500,000 EUR Essent N.V., 4.50% Euro Medium Term Notes, due 06/25/13 651,482
500,000 EUR Heineken N.V., 4.375% Bonds, due 02/04/10 638,823
1,000,000 EUR ING Bank N.V., 5.50% Euro Medim Term Notes, due 01/04/12 1,356,410
1,000,000 EUR Nederlandse Waterschapsbank, 4.00% Notes, due 02/11/09 1,274,754
-----------
5,203,576
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1
GLOBAL INCOME FUND, INC.
FORM N-Q - SEPTEMBER 30, 2006 (UNAUDITED) - CONTINUED
PRINCIPAL AMOUNT DEBT SECURITIES (96.03%) MARKET VALUE
SWEDEN (4.10%)
1,000,000 EUR Kingdom of Sweden, 5.00% Eurobonds, due 01/28/09 $ 1,304,966
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UNITIED KINGDOM (11.45%)
1,000,000 EUR National Westminster Bank, 7.375% Subordinated Notes, due 10/01/09 1,065,500
1,000,000 EUR Tesco PLC, 4.75% Euro Medium Term Notes, due 04/13/10 1,299,985
1,000,000 EUR Vodafone Group Plc, 4.625% Euro Medium Term Notes, due 01/31/08 1,278,842
-----------
3,644,327
-----------
UNITED STATES (1.41%)
500,000 CIT RV Trust 1998-A B , 6.29% Subordinated Bonds, due 01/15/17 448,938
-----------
SUPRANATIONAL/OTHER (8.21%)
738,000 GBP European Investment Bank, 5.50% Supra-National Bonds, due 12/07/11 1,410,774
1,200,000 The International Bank for Reconstruction & Development, 5.05% Notes, due 05/29/08 1,201,560
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2,612,334
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Total Debt Securities (cost: $30,780,847) 30,568,519
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SHARES PREFERRED STOCKS (3.48%) MARKET VALUE
UNITED STATES (3.48%)
4,000 BAC Capital Trust II, 7.00% 101,520
25,000 Corporate-Backed Trust Certificates, 8.20% (Motorola) 637,000
10,000 The Walt Disney Company, 7.00% 253,800
5,000 SATURNS-Bellsouth SM, 5.875% 116,500
-----------
1,108,820
-----------
Total Preferred Stocks (cost: $1,100,000) 1,108,820
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Total Investments (cost: $31,880,847) (99.51%) $ 31,677,339
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Other Assets Less Liabilities (0.49%) 157,022
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TOTAL NET ASSETS (100.00%) $ 31,834,361
===========
(a) The principal amount is stated in U.S. dollars unless
otherwise indicated.
(b) 144A securities may be sold to institutional
investors only. The total market value of this
security represents approximately 2.82% of total
net assets.
Income Taxes.
At September 30, 2006, the cost of investments and net
unrealized appreciation (depreciation) for income tax
purposes were as follows:
Unrealized appreciation $ 364,472
Unrealized depreciation (567,980)
----------
Net unrealized depeciation $ (203,508)
==========
Aggregate cost of securities for income tax purposes $ 31,880,847
==========
2
Securities valuation policies and other investment related disclosures are
hereby incorporated by reference in the annual and semi-annual reports
previously filed with the Securities and Exchange Commission on Form N-CSR.
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.
3
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 17, 2006
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: May 26, 2006
By:/s/ Thomas O'Malley
-----------------------
Thomas O'Malley, Chief Financial Officer
Date: November 17, 2006
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)