Form: N-Q

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

May 30, 2007

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

Published on May 30, 2007

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: 3/31/07


Item 1. Schedule of Investments

GLOBAL INCOME FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2007
(UNAUDITED)





PRINCIPAL AMOUNT (1) MARKET VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
DEBT SECURITIES (91.83%)
AUSTRALIA (10.58%)
1,500,000 AUD Commonwealth Bank of Australia, 6.75% Senior Government Guaranteed Notes, due 12/01/07 $ 1,213,385
1,000,000 National Australia Bank, 8.60% Subordinated Notes, due 5/19/10 1,101,652
300,000 Principal Financial Group, 144A, 8.20% Senior Notes, due 8/15/09 (2) 320,836
500,000 AUD Telstra Corp. Ltd., 6.25% Senior Notes due 4/15/15 384,713
500,000 AUD Telstra Corp. Ltd., 7.25% Senior Notes due 11/15/12 409,518
---------------
3,430,104

AUSTRIA (4.27%)
1,000,000 EUR Republic of Austria, 5.25% Euro Medium Term Notes, due 1/04/11 1,386,124

CANADA (10.39%)
1,300,000 AUD Government of Quebec, 6.00% Senior Unsubordinated Notes, due 2/18/09 1,037,453
1,000,000 CAD HSBC Financial Corp. Ltd., 4.00% Medium Term Notes, due 5/03/10 858,273
500,000 CAD Molson Coors Capital Finance, 5.00% Guaranteed Notes, due 9/22/15 430,550
1,350,000 AUD Province of Ontario, 5.50% Euro Medium Term Notes, due 7/13/12 1,043,298
---------------
3,369,574

CYPRUS (2.06%)
500,000 EUR Republic of Cyprus, 4.375% Euro Medium Term Notes, due 7/15/14 669,461

FRANCE (8.28%)
1,000,000 EUR Elf Aquitaine, 4.50% Senior Unsubordinated Notes, due 3/23/09 1,338,986
1,000,000 EUR Societe Nationale des Chemins de Fer Francais, 4.625% Euro Medium 1,345,608
Term Notes, due 10/25/09 ---------------
2,684,594

GERMANY (5.97%)
500,000 GBP Dresdner Bank Aktiengesellschaft, 7.75% Subordinated Bonds, due 12/07/07 989,871
500,000 GBP RWE Finance B.V., 4.625% Notes, due 8/17/10 946,980
---------------
1,936,851

HUNGARY (2.03%)
500,000 EUR Republic of Hungary, 4.00% Bonds, due 9/27/10 659,794

JAPAN (4.10%)
1,000,000 EUR Toyota Motor Credit Corp., 4.125% Euro Medium Term Notes, due 1/15/08 1,331,207

KOREA (1.59%)
500,000 Korea Development Bank, 5.75% Notes, due 9/10/13 514,330

MEXICO (3.12%)
1,000,000 United Mexican States, 5.625% Notes, due 1/15/17 1,010,500

NETHERLANDS (18.56%)
1,000,000 EUR Aegon N.V., 4.625% Euro Medium Term Notes, due 4/16/08 1,336,805
500,000 EUR Heineken N.V., 4.375% Notes, due 2/04/10 667,588
1,000,000 EUR ING Bank N.V., 5.50% Euro Medium Term Notes, due 1/04/12 1,397,061
1,000,000 EUR Nederlandse Waterschapsbank, 4.00% Notes, due 2/11/09 1,327,895
1,000,000 EUR Rabobank Nederland, 3.125% Senior Notes, due 7/19/10 1,290,118
---------------
6,019,467

SWEDEN (4.17%)
1,000,000 EUR Kingdom of Sweden, 5.00% Eurobonds, due 1/28/09 1,353,235

UNITED KINGDOM (11.52%)
1,000,000 National Westminster Bank, 7.375% Subordinated Notes, due 10/01/09 1,050,445
1,000,000 EUR Tesco PLC, 4.75% Euro Medium Term Notes, due 4/13/10 1,348,718
1,000,000 EUR Vodafone Group Plc, 4.625% Euro Medium Term Notes, due 1/31/08 1,335,474
---------------
3,734,637

UNITED STATES (1.49%)
500,000 CIT RV Trust 1998-A B , 6.29% Subordinated Bonds, due 1/15/17 476,025

SUPRANATIONAL/OTHER (3.70%)
1,200,000 The International Bank for Reconstruction & Development, 5.05% Notes, due 5/29/08 1,201,200
---------------

Total Debt Securities (cost: $29,056,056) 29,777,103
---------------

SHARES
- ------------------
PREFERRED STOCKS (2.25%)
UNITED STATES (2.25%)
4,000 BAC Capital Trust II, 7.00% 101,280
25,000 Corporate-Backed Trust Certificates, 8.20% (Motorola) 628,500
---------------

Total Preferred Stocks (cost: $725,000) 729,780

Principal Amount(1) SHORT-TERM INVESTMENTS (4.22%)
- ------------------
INVESTMENT COMPANIES (4.22%)
1,366,470 Midas Dollar Reserves, Inc. (3) (cost: $1,366,470) 1,366,470
---------------

Total Investments (cost: $31,147,526) (98.30%) 31,873,353

Other assets less liabilities (1.70%) 552,029
---------------

Net Assets (100.00%) $ 32,425,382
===============

Currency Abbreviation
---------------------

AUD - Australian Dollar
CAD - Canadian Dollar
EUR - Euro
GBP - British Pound

(1) The principal amount is stated in U.S. dollars unless
otherwise indicated.
(2) This security is exempt from registration pursuant to
Rule 144A under the Securities Act of 1933, as amended,
or otherwise restricted. This security may be resold in
transactions exempt from registration, normally to
qualified institutional buyers. This security was
acquired on September 16, 2003 at a cost of C$358,530. At
March 31, 2007, this security is considered liquid and
the market value amounted to 0.99% of net assets.
(3) Investment in affiliated money market fund.


1

NOTE TO SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED):

SECURITY VALUATION
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., Eastern time, 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 that 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. Such securities that are not
traded on a particular day, securities traded in the over-the-counter market
that are not on NASDAQ, and foreign securities are valued at the mean between
the current 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 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 dealer in bonds that offers pricing
services. If market quotations are not available or deemed reliable, then such
securities are valued as determined in good faith under the direction of and
pursuant to procedures established by the Fund's Board of Directors. Debt
obligations with remaining maturities of 60 days or less are valued at cost
adjusted for amortization of premiums and accretion of discounts.

SECURITY TRANSACTIONS
The cost of investments for federal income tax purposes is $31,147,526 and net
unrealized appreciation is $725,827, comprised of aggregate gross unrealized
appreciation and depreciation of $915,401 and $189,574, respectively.

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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.

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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: May 30, 2007

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 30, 2007

By:/s/ Thomas O'Malley
----------------------------------------
Thomas O'Malley, Chief Financial Officer

Date: May 30, 2007

4

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)

5

EX-99 .CERT

CERTIFICATIONS

I, Thomas B. Winmill, certify that:

1. I have reviewed this report on Form N-Q of Global Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;

3. Based on my knowledge, the schedules of investments included in this report
fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such
evaluation; and

(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting.


Date: May 30, 2007 /s/ Thomas B. Winmill
----------------------------
Thomas B. Winmill, President

6

I, Thomas O'Malley, certify that:

1. I have reviewed this report on Form N-Q of Global Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;

3. Based on my knowledge, the schedules of investments included in this report
fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such
evaluation; and

(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting.


Date: May 30, 2007 /s/ Thomas O'Malley
----------------------------------------
Thomas O'Malley, Chief Financial Officer

7