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. 2 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: 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