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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001127958-03-000005.txt : 20030214
<SEC-HEADER>0001127958-03-000005.hdr.sgml : 20030214
<ACCEPTANCE-DATETIME>20030214105008
ACCESSION NUMBER:		0001127958-03-000005
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030214

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WERNER PETER K
		CENTRAL INDEX KEY:			0001127958
		RELATIONSHIP:				DIRECTOR

	FILING VALUES:
		FORM TYPE:		5

	BUSINESS ADDRESS:	
		STREET 1:		11 HANOVER SQUARE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	MAIL ADDRESS:	
		STREET 1:		11 HANOVER SQUARE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBAL INCOME FUND INC
		CENTRAL INDEX KEY:			0001031235
		IRS NUMBER:				133926714
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08025
		FILM NUMBER:		03563538

	BUSINESS ADDRESS:	
		STREET 1:		11 HANOVER SQU
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		2127850903

	MAIL ADDRESS:	
		STREET 1:		11 HANOVER SQU
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BULL & BEAR GLOBAL INCOME FUND INC/
		DATE OF NAME CHANGE:	19970123
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>werner03.txt
<DESCRIPTION>2002 STATEMENT OF BENEFICIAL OWNERSHIP
<TEXT>
                                                  ------------------------------
                                                          OMB APPROVAL
                                                  ------------------------------
                                                  OMB Number:          3235-0362
                                                  Expires:      January 31, 2005
                                                  Estimated average burden
                                                  hours per response.........1.0
                                                  ------------------------------

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                     FORM 5

               ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(h) of the Investment Company Act of 1940

|_|  Check box if no longer  subject to Section 16. Form 4 or Form 5 obligations
     may continue. See Instruction 1(b).

|_|  Form 3 Holdings Reported

|_|  Form 4 Transactions Reported

________________________________________________________________________________
1.   Name and Address of Reporting Person*

Werner                               Peter                 K.
- --------------------------------------------------------------------------------
   (Last)                            (First)              (Middle)

                               11 Hanover Square
- --------------------------------------------------------------------------------
                                    (Street)

New York                                NY                  10005
- --------------------------------------------------------------------------------
   (City)                            (State)                (Zip)
________________________________________________________________________________
2.   Issuer Name and Ticker or Trading Symbol

                         Global Income Fund, Inc. (GIF)

________________________________________________________________________________
3.   I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)



________________________________________________________________________________
4.   Statement for Month/Year

                                      12/02

________________________________________________________________________________
5.   If Amendment, Date of Original (Month/Year)



________________________________________________________________________________
6.   Relationship of Reporting Person(s) to Issuer
     (Check all applicable)

     |X|  Director                             |_|  10% Owner
     |_|  Officer (give title below)           |_|  Other (specify below)

     ____________________________________________________________________
________________________________________________________________________________
7.   Individual or Joint/Group Filing
     (check applicable line)

     |X|  Form filed by One Reporting Person
     |_|  Form filed by More than One Reporting Person
________________________________________________________________________________


================================================================================
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                                                                                 5.             6.
                                                                 4.                              Amount of      Owner-
                                                                 Securities Acquired (A) or      Securities     ship
                                       2A.          3.           Disposed of (D)                 Beneficially   Form:     7.
                            2.         Deemed       Transaction  (Instr. 3, 4 and 5)             Owned          Direct    Nature of
                            Trans-     Execution    Code         ------------------------------- at the End     (D) or    Indirect
1.                          action     Date, if     (Instr. 8)                   (A)             of Issuer's    Indirect  Beneficial
Title of Security           Date       any          ------------                 or              Fiscal Year    (I)       Ownership
(Instr. 3)                 (mm/dd/yy)  (mm/dd/yy)                    Amount      (D)    Price    (Instr. 3 & 4) (Instr.4) (Instr.4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                         <C>        <C>           <C>             <C>         <C>    <C>      <C>            <C>       <C>

Common Stock                3/29/02                   J               12.08       A      5.11
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                6/28/02                   J               10.52       A      5.17
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                9/30/02                   J               11.47       A      4.85
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock               12/31/02                   J               12.21       A      4.67     487.28         D
- ------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
</TABLE>

*    If the form is filed by more than one reporting person, see instruction
     4(b)(v).

J Dividend Reinvestment as per rule 16a-11

Reminder:  Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>


FORM 5 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
            (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                                    10.
                                                                                                          9.        Owner-
                                                                                                          Number    ship
             2.                                                                                           of        of
             Conver-                            5.                              7.                        Deriv-    Deriv-   11.
             sion                               Number of                       Title and Amount          ative     ative    Nature
             or                                 Derivative    6.                of Underlying     8.      Secur-    Secur-   of
             Exer-            3A.      4.       Securities    Date              Securities        Price   ities     ity:     In-
             cise             Deemed   Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of      Bene-     Direct   direct
             Price   3.       Execut-  action   or Disposed   Expiration Date   ----------------  Deriv-  ficially  (D) or   Bene-
1.           of      Trans-   ion      Code     of(D)         (Month/Day/Year)            Amount  ative   Owned     In-      ficial
Title of     Deriv-  action   Date if  (Instr.  (Instr. 3,    ----------------            or      Secur-  at End    direct   Owner-
Derivative   ative   Date     any      8)       4 and 5)      Date     Expira-            Number  ity     of Year   (I)      ship
Security     Secur-  (mm/dd/  (mm/dd/  ------   ------------  Exer-    tion               of      (Instr. (Instr.   (Instr.  (Instr.
(Instr. 3)   ity     yy)      yy)                (A)   (D)    cisable  Date     Title     Shares  5)      4)        4)       4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>     <C>               <C>       <C>   <C>    <C>      <C>      <C>       <C>     <C>     <C>       <C>      <C>


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====================================================================================================================================
</TABLE>
Explanation of Responses:

Thomas B. Winmill on behalf of Peter K.
Werner by Power of Attorney signed 12/11/01                     2/10/02
- ---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations.

     See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedure.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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