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
 
New York, NY
  10005
(Address of principal executive offices)
(Zip Code)

John F. Ramírez, Esq.
Global Income Fund, Inc.
11 Hanover Square
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: 03/31/10

Item 1.  Schedule of Investments

GLOBAL INCOME FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
March 31, 2010
(Unaudited)
Shares          Cost      Value  
      CLOSED END FUNDS (47.03%)            
     
United States
           
 105,476    
Alpine Global Premier Properties Fund
   $          644,593     $        690,868  
 104,900     BlackRock Income Trust, Inc.    609,177      688,144  
 95,000    
Cohen & Steers Dividend Majors Fund, Inc.
   998,213      1,058,300  
 152,014     Cohen & Steers Quality Income Realty Fund, Inc.    587,993      1,083,860  
 75,000     DWS Dreman Value Income Edge Fund, Inc.    1,265,200      971,250  
 349,000     DWS RREEF Real Estate Fund, Inc.    1,275,959      1,584,460  
 1,100,066     DWS RREEF Real Estate Fund II, Inc.    981,254      1,441,086  
 54,000     Gabelli Dividend & Income Trust (a)    988,501      743,040  
 54,199     Helios Advantage Income Fund, Inc.    256,334      379,393  
 20,000     Helios High Income Fund, Inc.    181,158      162,600  
 27,301     LMP Capital & Income Fund Inc.    272,123      293,759  
 86,320     Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund    1,011,189      1,095,401  
 60,000     Macquarie Global Infrastructure Total Return Fund Inc.    977,850      956,400  
 71,192     NFJ Dividend, Interest & Premium Strategy Fund    985,984      1,126,257  
 150,000     Nuveen Multi-Strategy Income and Growth Fund    748,275      1,180,500  
 135,000     Nuveen Multi-Strategy Income and Growth Fund 2    904,050      1,115,100  
 59,477     RMR Real Estate Fund    808,673      1,554,729  
                   
      Total closed end funds    13,496,526      16,125,147  
                   
Principal
                 
Amount (b)
       
 
   
 
 
     
DEBT SECURITIES (41.40%)
           
     
Australia (5.62%)
           
$ 1,000,000    
National Australia Bank, 8.60% Subordinated Notes, due 5/19/10 (a)
    1,004,946       1,010,052  
  500,000  
AUD
Telstra Corp. Ltd., 6.25% Senior Notes due 4/15/15
    365,869       446,825  
  500,000  
AUD
Telstra Corp. Ltd., 7.25% Senior Notes due 11/15/12 (a)
    403,051       470,965  
              1,773,866       1,927,842  
                         
       
Austria (4.08%)
               
  1,000,000  
EUR
Republic of Austria, 5.25% Euro Medium Term Notes, due 1/04/11
    1,300,880       1,399,917  
                         
       
Canada (8.02%)
               
  1,000,000  
CAD
HSBC Financial Corp. Ltd., 4.00% Medium Term Notes, due 5/03/10
    902,722       988,518  
  500,000  
CAD
Molson Coors Cap, 5.00% Guaranteed Notes, due 9/22/15 (a)
    446,081       518,869  
  1,350,000  
AUD
Province of Ontario, 5.50% Euro Medium Term Notes, due 7/13/12  (a)
    1,034,104       1,241,808  
              2,382,907       2,749,195  
                         
       
Cyprus (2.07%)
               
  500,000  
EUR
Republic of Cyprus, 4.375% Euro Medium Term Notes,  due 7/15/14
    619,159       708,179  
                         
       
Germany (2.24%)
               
  500,000  
GBP
RWE Finance B.V., 4.625% Notes, due 8/17/10
    921,685       766,387  
                         
       
Hungary (1.99%)
               
  500,000  
EUR
Republic of Hungary, 4.00% Bonds, due 9/27/10
    619,649       684,759  
                         
       
Mexico (3.14%)
               
  1,000,000    
United Mexican States, 5.625% Notes, due 1/15/17 (a)
    983,665       1,075,000  
                         
       
Netherlands (8.10%)
               
  1,000,000  
EUR
ING Bank N.V., 5.50% Euro Medium Term Notes, due 1/04/12
    1,324,774       1,418,257  
  1,000,000  
EUR
Rabobank Nederland, 3.125% Senior Notes, due 7/19/10
    1,330,573       1,359,106  
              2,655,347       2,777,363  
                         
       
South Korea (1.58%)
               
  500,000    
Korea Development Bank, 5.75% Notes, due 9/10/13 (a)
    506,323       543,202  
                         
       
United Kingdom (3.95%)
               
  1,000,000  
EUR
Tesco PLC, 4.75% Euro Medium Term Notes, due 4/13/10 (a)
    1,315,088       1,354,334  
                         
                         
       
United States (0.61%)
               
  262,783    
CIT RV Trust 1998-A B , 6.29% Subordinated Bonds, due 1/15/17 (a)
    267,399       210,526  
                         
       
Total debt securities
    13,345,968       14,196,704  
  Shares                      
       
CLOSED END FUND BUSINESS DEVELOPMENT COMPANIES (9.75%)
               
       
United States
               
  485,911    
GSC Investment Corp.
    1,057,164       1,132,173  
  101,500    
MVC Capital, Inc.
    980,236       1,377,355  
  97,765    
NGP Capital Resources Co.
    675,980       832,958  
                         
       
Total closed end fund business development companies
    2,713,380       3,342,486  
                         
       
PREFERRED STOCKS (2.05%)
               
       
United States
               
  4,000    
BAC Capital Trust II, 7.00%
    100,000       92,960  
  25,000    
Corporate-Backed Trust Certificates, 8.20% (Motorola)
    625,000       608,750  
                         
       
Total preferred stocks
    725,000       701,710  
                         
       
Total investments (100.23%)
  $ 30,280,874       34,366,047  
                         
       
Other assets in excess of liabilities (-0.23%)
            (78,096 )
                         
       
Net assets (100.00%)
          $ 34,287,951  
                         
        (a) Fully or partially pledged as collateral on bank credit facility. As of March 31, 2010, the value of investments pledged as collateral was $7,357,841.  
       
(b) The principal amount is stated in U.S. dollars unless otherwise indicated.
         
       
 
         
                         
       
 Currency Abbreviations
               
       
 AUD - Australian Dollar
               
       
 CAD - Canadian Dollar
               
       
 EUR - Euros
               
       
 GBP - British Pound
               


Notes to Schedule of Portfolio Investments (Unaudited):

Valuation of Investments

Securities traded primarily on a U.S. national securities exchange (“USNSE”) are valued at the last reported sale price on the day the valuations are made. Securities traded primarily on the Nasdaq Stock Market (“Nasdaq”) are normally valued by the Funds 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., ET, 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. Securities that are not traded on a particular day, and securities traded in foreign and over-the-counter markets that are not also traded on a USNSE or Nasdaq, are valued at the mean between the last bid and asked prices. Debt obligations with remaining maturities of 60 days or less are valued at cost adjusted for amortization of premiums and accretion of discounts. Certain of the securities in which the Funds may invest 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 bond dealer that offers pricing services. Open end investment companies are valued at their net asset value. Foreign securities markets may be open on days when the U.S. markets are closed. For this reason, the value of any foreign securities owned by the Fund could change on a day when stockholders cannot buy or sell shares of the Fund. Securities for which market quotations are not readily available or reliable and other assets may be valued as determined in good faith by the Investment Manager under the direction of and pursuant to procedures established by the Fund’s Board of Directors. Due to the inherent uncertainty of valuation, these values may differ from the values that would have been used had a readily available market for the securities existed. These differences in valuation could be material. A security’s valuation may differ depending on the method used for determining value. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ from the net asset value that would be calculated using market prices.

Fair Value Measurements

The Fund uses a three level hierarchy for fair value measurements based on the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the inputs which are significant to the overall valuation. The hierarchy of inputs is summarized below.

Level 1 -  
quoted prices in active markets for identical investments.
Level 2 -  
other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3 -  
significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of March 31, 2010, in valuing the Fund’s assets carried at fair value. Refer to the Schedule of Portfolio Investments for detailed information on specific investments.
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
 Assets
                       
Closed end funds
                       
         United States   16,125,147     -     -     16,125,147  
    Debt securities                                
 Australia
    -       1,927,842       -       1,927,842  
 Austria
    -       1,399,917       -       1,399,917  
 Canada
    -       2,749,195       -       2,749,195  
 Cyprus
    -       708,179       -       708,179  
 Germany
    -       766,387       -       766,387  
 Hungary
    -       684,759       -       684,759  
 Mexico
    -       1,075,000       -       1,075,000  
 Netherlands
    -       2,777,363       -       2,777,363  
 South Korea
    -       543,202       -       543,202  
 United Kingdom
    -       1,354,334       -       1,354,334  
 United States
    -       210,526       -       210,526  
Closed end funds business development companies
                               
 United States
    3,342,486       -       -       3,342,486  
 Preferred stocks
    -       -       -       -  
 United States
    701,710       -       -       701,710  
 Total
  $ 20,169,343     $ 14,196,704     $ -     $ 34,366,047  

 
There were no transfers into or from Level 1 or Level 2 during the three months ended March 31, 2010.

Cost for Federal Income Tax Purposes

At March 31, 2010, for federal income tax purposes the cost of investments was $30,173,544 and net unrealized appreciation aggregated $4,192,503, comprised of gross unrealized appreciation of $4,916,485 and gross unrealized depreciation of $723,982.

Item 2.  Controls and Procedures

(a)  
The registrant's 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 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits

(a)  
Certifications of the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, 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 26, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, 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, 2010

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

Date: May 26, 2010


Exhibit Index

(a)
Certifications of the registrant's principal executive and principal financial officer as required by Rule 30a-2(a) under the 1940 Act. (EX-99.CERT)