EX-99.77B

                            TAIT, WELLER & BAKER LLP

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Shareholders and Board of Trustees
Global Income Fund, Inc.
11 Hanover Square
New York, New York 10005


In planning and performing our audits of the financial statements of the Global
Income Fund, Inc. (the "Fund"), as of and for the year ended December 31, 2008,
in accordance with the standards of the Public Company Accounting Oversight
Board (United States), we considered the Fund's internal control over financial
reporting, including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, but
not for the purpose of expressing an opinion on the effectiveness of the Fund's
internal control over financial reporting. Accordingly, we express no such
opinion.

The management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. A company's internal control
over financial reporting is a process designed 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. A company's internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of a company's assets
that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may
not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or
combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the
Fund's annual or interim financial statements will not be prevented or detected
on a timely basis.



Our consideration of the Fund's internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be material
weaknesses under standards established by the Public Company Accounting
Oversight Board (United States). However, we noted no deficiencies in the Fund's
internal control over financial reporting and its operation, including controls
over safeguarding securities that we consider to be material weaknesses as
defined above as of December 31, 2008.

This report is intended solely for the information and use of management, the
Board of Trustees of the Global Income Fund, Inc. and the Securities and
Exchange Commission, and is not intended to be and should not be used by anyone
other than these specified parties.

                                                        TAIT, WELLER & BAKER LLP


Philadelphia, Pennsylvania
February 26, 2009

EX-99.77Q1

                           DIVIDEND REINVESTMENT PLAN
                          Terms and Conditions of the
                    2008 Amended Dividend Reinvestment Plan

1. Each shareholder (the "Shareholder") holding shares of common stock (the
"Shares") of Global Income Fund, Inc. (the "Fund") will automatically be a
participant in the Dividend Reinvestment Plan (the "Plan"), unless the
Shareholder specifically elects to receive all dividends and capital gains in
cash paid by check mailed directly to the Shareholder by Illinois Stock Transfer
Company, 209 West Jackson Blvd., Suite 903, Chicago, Illinois 60606,
1-800-757-5755, as agent under the Plan (the "Agent"). The Agent will open an
account for each Shareholder under the Plan in the same name in which such
Shareholder's shares of Common Stock are registered.

2. Whenever the Fund declares a capital gain distribution or an income dividend
payable in Shares or cash, participating Shareholders will take the distribution
or dividend entirely in Shares and the Agent will automatically receive the
Shares, including fractions, for the Shareholder's account in accordance with
the following: Whenever the Market Price (as defined in Section 3 below) per
Share is equal to or exceeds the net asset value per Share at the time Shares
are valued for the purpose of determining the number of Shares equivalent to the
cash dividend or capital gain distribution (the "Valuation Date"), participants
will be issued additional Shares equal to the amount of such dividend divided by
the greater of the Fund's net asset value per Share or 95% of the Fund's Market
Price per Share. Whenever the Market Price per Share is less than such net asset
value on the Valuation Date, participants will be issued additional Shares equal
to the amount of such dividend divided by the Market Price. The Valuation Date
is the day before the dividend or distribution payment date or, if that day is
not a business day, the next business day. If the Fund should declare a dividend
or capital gain distribution payable only in cash, the Agent will, as purchasing
agent for the participating Shareholders, buy Shares in the open market, or
elsewhere, for such Shareholders' accounts after the payment date, except that
the Agent will endeavor to terminate purchases in the open market and cause the
Fund to issue the remaining Shares if, following the commencement of the
purchases, the market value of the Shares exceeds the net asset value. These
remaining Shares will be issued by the Fund at a price equal to the Market
Price. In a case where the Agent has terminated open market purchases and caused
the issuance of remaining Shares by the Fund, the number of Shares received by
the participant in respect of the cash dividend or distribution will be based on
the weighted average of prices paid for Shares purchased in the open market and
the price at which the Fund issues remaining Shares. To the extent that the
Agent is unable to terminate purchases in the open market before the Agent has
completed its purchases, or remaining Shares cannot be issued by the Fund
because the Fund declared a dividend or distribution payable only in cash, and
the market price exceeds the net asset value of the Shares, the average Share
purchase price paid by the Agent may exceed the net asset value of the Shares,
resulting in the acquisition of fewer Shares than if the dividend or capital
gain distribution had been paid in Shares issued by the Fund. The Agent will
apply all cash received as a dividend or capital gain distribution to purchase
shares of common stock on the open market as soon as practicable after the
payment date of the dividend or capital gain distribution, but in no event later
than 45 days after that date, except when necessary to comply with applicable
provisions of the federal securities laws.

3. For all purposes of the Plan: (a) the Market Price of the Shares on a
particular date shall be the average of the volume weighted average sale prices
or, if no sale occurred then the mean between the closing bid and asked
quotations, for the Shares on each of the five trading days the Shares traded
ex-dividend immediately prior to such date, and (b) net asset value per share on
a particular date shall be as determined by or on behalf of the Fund.

4. The open market purchases provided for herein may be made on any securities
exchange on which the Shares are traded, in the over the counter market, or in
negotiated transactions, and may be on such terms as to price, delivery and
otherwise as the Agent shall determine. Funds held by the Agent uninvested will
not bear interest, and it is understood that, in any event, the Agent shall have
no liability in connection with any inability to purchase Shares within 45 days
after the initial date of such purchase as herein provided, or with the timing
of any purchases effected. The Agent shall have no responsibility as to the
value of the Shares acquired for the Shareholder's account.

5. The Agent will hold Shares acquired pursuant to the Plan in noncertificated
form in the Agent's name or that of its nominee. At no additional cost, a
Shareholder participating in the Plan may send to the Agent for deposit into its
Plan account those certificate shares of the Fund in its possession. These
Shares will be combined with those unissued full and fractional Shares acquired
under the Plan and held by the Agent. Shortly thereafter, such Shareholder will
receive a statement showing its combined holdings. The Agent will forward to the
Shareholder any proxy solicitation material and will vote any Shares so held for
the Shareholder only in accordance with the proxy returned by the Shareholder to
the Fund. Upon the Shareholder's written request, the Agent will deliver to him
or her, without charge, a certificate or certificates for the full Shares.

6. The Agent will confirm to the Shareholder each acquisition for the
Shareholder's account as soon as practicable but not later than 60 days after
the date thereof. Although the Shareholder may from time to time have an
individual fractional interest (computed to three decimal places) in a Share, no
certificates for fractional Shares will be issued. However, dividends and
distributions on fractional Shares will be credited to Shareholders' accounts.
In the event of a termination of a Shareholder's account under the Plan, the
Agent will adjust for any such undivided fractional interest in cash at the
opening market value of the Shares at the time of termination.

7. Any stock dividends or split Shares distributed by the Fund on Shares held by
the Agent for the Shareholder will be credited to the Shareholder's account. In
the event that the Fund makes available to the Shareholder the right to purchase
additional Shares or other securities, the Shares held for a Shareholder under
the Plan will be added to other Shares held by the Shareholder in calculating
the number of rights to be issued to such Shareholder. Transaction processing
may either be curtailed or suspended until the completion of any stock dividend,
stock split, or corporate action.

8. The Agent's service fee for handling capital gain distributions or income
dividends will be paid by the Fund. The Shareholder will be charged a pro rata
share of brokerage commissions on all open market purchases.

9. The Shareholder may terminate the account under the Plan by notifying the
Agent. A termination will be effective immediately if notice is received by the
Agent two days prior to any dividend or distribution payment date. If the
request is received less than two days prior to the payment date, then that
dividend will be invested, and all subsequent dividends will be paid in cash.
Upon any termination the Agent will cause a certificate or certificates for the
full Shares held for the Shareholder under the Plan and cash adjustment for any
fraction to be delivered to the Shareholder.

10. These terms and conditions may be amended or supplemented by the Fund at any
time or times but, except when necessary or appropriate to comply with
applicable law or the rules or policies of the Securities and Exchange
Commission or any other regulatory authority, only by mailing to the Shareholder
appropriate written notice at least 30 days prior to the effective date thereof.
The amendment or supplement shall be deemed to be accepted by the Shareholder
unless, prior to the effective date thereof, the Agent receives written notice
of the termination of such Shareholder's account under the Plan. Any such
amendment may include an appointment by the Fund of a successor agent in its
place and stead under these terms and conditions, with full power and authority
to perform all or any of the acts to be performed by the Agent. Upon any such
appointment of an Agent for the purpose of receiving dividends and
distributions, the Fund will be authorized to pay to such successor Agent all
dividends and distributions payable on Shares held in the Shareholder's name or
under the Plan for retention or application by such successor Agent as provided
in these terms and conditions.

11. In the case of Shareholders, such as banks, brokers or nominees, which hold
Shares for others who are the beneficial owners, the Agent will administer the
Plan on the basis of the number of Shares certified from time to time by the
Shareholders as representing the total amount registered in the Shareholder's
name and held for the account of beneficial owners who are to participate in the
Plan.

12. The Agent shall at all times act in good faith and agree to use its best
efforts within reasonable limits to insure the accuracy of all services
performed under this agreement and to comply with applicable law, but assumes no
responsibility and shall not be liable for loss or damage due to errors unless
the errors are caused by its negligence, bad faith or willful misconduct or that
of its employees.

13. Neither the Fund or the Agent will be liable for any act performed in good
faith or for any good faith omission to act, including without limitation, any
claim of liability arising out of (i) failure to terminate a Shareholder's
account, sell shares or purchase shares, (ii) the prices which shares are
purchased or sold for the Shareholder's account, and (iii) the time such
purchases or sales are made, including price fluctuation in market value after
such purchases or sales.