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)

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: 9/30/11
 
Item 1.  Schedule of Investments
GLOBAL INCOME FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
September 30, 2011
(Unaudited)
 
 
Shares
        
Cost
    
Value
  
     
CLOSED END FUNDS (61.83%)
            
     
United States
            
  135,000    
AllianceBernstein Income Fund, Inc.
   $ 1,061,384     $ 1,075,950  
  120,703    
Alpine Global Premier Properties Fund
     748,897       644,554  
  100,000    
BlackRock Credit Allocation Income Trust I, Inc.
     908,295       879,000  
  110,000    
BlackRock Credit Allocation Income Trust II, Inc.
     1,129,311       1,027,400  
  90,000    
BlackRock Credit Allocation Income Trust III, Inc.
     1,019,233       889,200  
  104,900    
BlackRock Income Trust, Inc.
     609,177       756,329  
  123,094    
Calamos Strategic Total Return Fund
     1,089,674       979,828  
  76,506    
Clough Global Allocation Fund
     1,184,758       948,674  
  75,805    
Cohen & Steers Infrastructure Fund, Inc.
     1,037,167       1,180,284  
  626,319    
DCA Total Return Fund
     1,670,847       2,066,853  
  220,718    
First Trust Strategic High Income Fund III
     955,365       876,250  
  54,000    
Gabelli Dividend & Income Trust (a)
     898,496       739,260  
  154,949    
Helios Advantage Income Fund, Inc.
     982,433       1,171,415  
  67,986    
Lazard World Dividend & Income Fund, Inc.
     777,008       767,562  
  96,383    
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund
     1,153,816       1,304,062  
  65,268    
Macquarie Global Infrastructure Total Return Fund Inc.
     1,066,051       999,906  
  62,000    
Nuveen Diversified Dividend and Income Fund
     618,254       605,120  
  93,000    
Nuveen Multi-Strategy Income & Growth Fund 2
     830,218       730,980  
  34,477    
RMR Real Estate Fund
     299,136       929,845  
  20,000    
Source Capital, Inc.
     1,088,630       831,000  
  63,470    
Western Asset Global Corporate Defined Opportunity Fund Inc.
     1,135,114       1,097,396  
                         
       
Total closed end funds
     20,263,264       20,500,868  
                         
Principal
                      
Amount (b)
                      
       
DEBT SECURITIES (19.56%)
                
       
Australia (3.00%)
                
  500,000  
AUD
Telstra Corp. Ltd., 6.25% Senior Notes due 4/15/15
     365,869       496,249  
  500,000  
AUD
Telstra Corp. Ltd., 7.25% Senior Notes due 11/15/12 (a)
     375,117       498,142  
              740,986       994,391  
                         
       
Canada (5.55%)
                
  500,000  
CAD
Molson Coors Cap, 5.00% Guaranteed Notes, due 9/22/15 (a)
     448,427       517,418  
  1,350,000  
AUD
Province of Ontario, 5.50% Euro Medium Term Notes, due 7/13/12 (a)
     1,041,842       1,322,492  
              1,490,269       1,839,910  
                         
       
Cyprus (1.60%)
                
  500,000  
EUR
Republic of Cyprus, 4.375% Euro Medium Term Notes,  due 7/15/14
     619,460       530,975  
                         
       
Mexico (3.37%)
                
  1,000,000    
United Mexican States, 5.625% Notes, due 1/15/17 (a)
     986,631       1,119,000  
                         
       
Netherlands (4.07%)
                
  1,000,000  
EUR
ING Bank N.V., 5.50% Euro Medium Term Notes, due 1/04/12
     1,288,295       1,350,360  
                         
       
South Korea (1.61%)
                
  500,000    
Korea Development Bank, 5.75% Notes, due 9/10/13 (a)
     503,694       532,405  
                         
       
United States (0.36%)
                
  151,328    
CIT RV Trust 1998-A B , 6.29% Subordinated Bonds, due 1/15/17 (a)
     153,516       119,736  
                         
       
Total debt securities
     5,782,851       6,486,777  
                         
Shares
    
CLOSED END FUND BUSINESS DEVELOPMENT COMPANIES (15.41%)
                
       
United States
                
  116,000    
American Capital, Ltd.
     1,146,277       791,120  
  12,500    
Capital Southwest Corp.
     1,165,713       925,000  
  110,000    
MCG Capital Corp.
     662,176       435,600  
  101,500    
MVC Capital, Inc.
     980,236       1,062,705  
  136,918    
NGP Capital Resources Co.
     990,743       895,444  
  60,598    
Saratoga Investment Corp.
     1,270,962       999,867  
                         
       
Total closed end fund business development companies
     6,216,107       5,109,736  
                         
       
PREFERRED STOCKS (1.60%)
                
       
United States
                
  4,000    
BAC Capital Trust II, 7.00%
     100,000       82,680  
  17,834    
Corporate-Backed Trust Certificates, 8.20% (Motorola)
     445,850       447,990  
                         
       
Total preferred stocks
     545,850       530,670  
                         
       
MONEY MARKET FUND (1.06%)
                
  351,349    
SSgA Money Market Fund, 7 day annualized yield 0.00%
     351,349       351,349  
                         
                         
       
Total investments (99.46%)
   $ 33,159,421       32,979,400  
                         
       
Other assets in excess of liabilities (0.54%)
             177,682  
                         
       
Net assets (100.00%)
           $ 33,157,082  
                         
                         
(a) Fully or partially pledged as collateral on bank credit facility. As of September 30, 2011, the value of investments pledged as collateral was $4,862,703.
                 
(b) The principal amount is stated in U.S. dollars unless otherwise indicated.
                
                         
                         
Currency Abbreviations
                
AUD - Australian Dollar
                
CAD - Canadian Dollar
                  
EUR - Euro
                      
 
 
Notes to Schedule of Portfolio Investments (Unaudited)

Valuation of Investments
Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade.  Most equity securities for which the primary markets is the United States are valued at the official closing price, last sale price or, if no sale has occurred, at the closing bid price.  Most equity securities for which the primary market is outside the United States are valued using the official closing price or the last sale price in the principal market in which they are traded.  If the last sale price on the local exchange is unavailable, the last evaluated quote or closing bid price normally is used. 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 Fund 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 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 quotations are not readily available or reliable and other assets may be valued as determined in good faith by CEF Advisers, Inc. the Fund’s Investment Manager under the direction of or pursuant to procedures established by the Fund’s Board of Directors, called “fair value pricing.”  Due to the inherent uncertainty of valuation, fair value pricing 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
Inputs to valuation methods are prioritized by a three level hierarchy as follows:

·  
Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities including securities actively traded on a securities exchange.
·  
Level 2 – observable inputs other than quoted prices included in level 1 that are observable for the asset or liability which may include quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default  rates, and similar data.
·  
Level 3 – unobservable inputs for the asset or liability including the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for investments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows:

Equity securities (common and preferred stock) - Equity securities traded on a national securities exchange or market generally are stated normally at the official closing price, last sales price or, if no sale has occurred, at the closing bid price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they may be categorized in level 1. Preferred stock and other equities on inactive markets or valued by reference to similar instruments may be categorized in level 2.

Debt securities - The fair value of debt securities is estimated using various techniques which may consider, among other things, recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Although most debt securities may be categorized in level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they may be categorized in level 3.

The following is a summary of the inputs used as of September 30, 2011 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
                        
 Investments, at value
                        
 Closed end funds
                        
 United States
   $ 20,500,868     $ -     $ -     $ 20,500,868  
 Debt securities
                                
 Australia
     -       994,391       -       994,391  
 Canada
     -       1,839,910       -       1,839,910  
 Cyprus
     -       530,975       -       530,975  
 Mexico
     -       1,119,000       -       1,119,000  
 Netherlands
     -       1,350,360       -       1,350,360  
 South Korea
     -       532,405       -       532,405  
 United States
     -       119,736       -       119,736  
 Closed end fund business development companies
                                
 United States
     5,109,736       -       -       5,109,736  
 Preferred stocks
                                
 United States
     530,670       -       -       530,670  
 Money market fund
                                
 United States
     351,349       -       -       351,349  
                                 
 Total investments, at value
   $ 26,492,623     $ 6,486,777     $ -     $ 32,979,400  

There were no transfers between level 1 and level 2 during the nine months ended September 30, 2011.

Cost for Federal Income Tax Purposes
At September 30, 2011, for federal income tax purposes the aggregate cost of securities was $33,159,421 and net unrealized depreciation was $180,021, comprised of gross unrealized appreciation of $2,581,578 and gross unrealized depreciation of $2,761,599.

Foreign Securities Risk
Investments in the securities of foreign issuers involve special risks which include changes in foreign exchange rates and the possibility of future adverse political and economic developments which could adversely affect the value of such securities.  Moreover, securities in foreign issuers and markets may be less liquid and their prices more volatile than those of U.S. issuers and markets.
 
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: November 29, 2011

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: November 29, 2011
 
By: /s/Thomas O'Malley
Thomas O'Malley, Chief Financial Officer

Date: November 29, 2011

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)