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 811-21791

Name of Fund: Global Income & Currency Fund Inc. (GCF)

Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011

Name and address of agent for service: Mitchell M. Cox, Chief Executive Officer, Global Income & Currency Fund Inc., 4 World Financial Center, 6th Floor, New York, New York 10080.

Registrant's telephone number, including area code: (877) 449-4742

Date of fiscal year end: 12/31/2008

Date of reporting period: 07/01/2008 - 09/30/2008

Item 1 - Schedule of Investments

Global Income & Currency Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited) (In U.S. Dollars) 

 Face
 Short-term Securities Amount Value
------------------------------------------------------------------------------------------------------------------------
Mexico - 10.2% Foreign Commercial Mexican Cetes, 8.511%,
 Paper** - 10.2% 12/04/08 MXN 130,000,000 $ 11,709,481
------------------------------------------------------------------------------------------------------------------------
 Total Short-Term Securities in
 Mexico 11,709,481
------------------------------------------------------------------------------------------------------------------------
South Foreign Commercial South Africa Government Bond Series
Africa - 10.6% Paper** - 10.6% 196, 10%, 2/28/09 (a) ZAR 101,194,000 12,153,944
------------------------------------------------------------------------------------------------------------------------
 Total Short-Term Securities in
 South Africa 12,153,944
------------------------------------------------------------------------------------------------------------------------
Turkey - 12.8% Foreign Commercial Turkey Government Bond, 19.037%,
 Paper** - 12.8% 5/06/09 (a) TRY 20,602,064 14,626,735
------------------------------------------------------------------------------------------------------------------------
 Total Short-Term Securities in
 Turkey 14,626,735
------------------------------------------------------------------------------------------------------------------------
United U.S. Government Federal Home Loan Banks, 2.355%,
States - 78.2% Agency 10/10/08 (a) USD 9,000,000 8,994,701
 Obligations** - 66.1% Federal Home Loan Banks, 2.455%,
 11/03/08 (a) 13,100,000 13,071,180
 Federal Home Loan Banks, 2.311%,
 11/14/08 (a) 17,500,000 17,451,875
 Federal Home Loan Banks, 2.63%,
 11/28/08 (a) 9,000,000 8,971,722
 Federal Home Loan Banks, 2.408%,
 1/12/09 (a) 11,080,000 11,005,502
 Freddie Mac, 2.10%, 11/05/08 (a) 16,350,000 16,319,001
------------------------------------------------------------------------------------------------------------------------
 Total U.S. Government Agency
 Obligations 75,813,981
------------------------------------------------------------------------------------------------------------------------

 Shares
 Held
------------------------------------------------------------------------------------------------------------------------
 Mutual Funds - 12.1% AIM Short-Term Investment Trust-Liquid
 Assets Portfolio - Institutional Class,
 3.11% (b) 13,922,920 13,922,920
------------------------------------------------------------------------------------------------------------------------
 Total Short-Term Securities in the
 United States 89,736,901
------------------------------------------------------------------------------------------------------------------------
 Total Investments
 (Cost - $129,769,737*) - 111.8% 128,227,061
 Liabilities in Excess of Other Assets - (11.8)% (13,543,911)
 ---------------
 Net Assets - 100.0% $ 114,683,150
 ===============

* The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows: 

Aggregate cost $ 129,769,737
 ==============
Gross unrealized appreciation $ 11,368
Gross unrealized depreciation (1,554,044)
 --------------
Net unrealized depreciation $ (1,542,676)
 ==============

1

Global Income & Currency Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

** Foreign Commercial Paper and certain U.S. Government Agency Obligations are traded on a discount basis; the interest rates shown reflect the discount rates paid at the time of purchase. Other securities bear interest at the rates shown payable at fixed dates or upon maturity. The interest rates shown are rates in effect at September 30, 2008.

(a) All or a portion of security held as collateral in connection with open forward foreign exchange contracts.

(b) Represents the current yield as of September 30, 2008.

o Forward foreign exchange contracts as of September 30, 2008 were as follows: 

--------------------------------------------------------------------------------
 Foreign Currency Foreign Currency Settlement Appreciation
 Purchased Sold Date (Depreciation)
--------------------------------------------------------------------------------
USD 11,976,139 TWD 361,380,000 10/09/08 $ 760,427
CAD 12,239,220 USD 11,458,871 10/10/08 47,052
ISK 462,500,000 USD 6,250,000 10/10/08 (1,893,502)
SGD 16,524,000 USD 12,227,320 10/10/08 (723,351)
USD 12,038,774 CAD 12,239,220 10/10/08 532,852
USD 5,968,558 ISK 462,500,000 10/10/08 1,612,060
USD 12,167,894 SGD 16,524,000 10/10/08 663,926
USD 11,635,484 MXN 125,000,000 10/20/08 235,676
JPY 1,285,200,000 USD 12,023,801 10/27/08 115,037
USD 12,000,000 JPY 1,285,200,000 10/27/08 (138,838)
CZK 192,084,210 EUR 8,026,921 11/05/08 (291,586)
EUR 8,118,145 CZK 192,084,210 11/05/08 420,418
EUR 7,830,017 HUF 1,916,475,000 11/05/08 (46,736)
HUF 1,916,475,000 EUR 8,263,518 11/05/08 (565,482)
USD 12,272,908 ZAR 98,827,590 11/12/08 460,040
ZAR 112,948,290 USD 14,000,000 11/12/08 (499,285)
USD 14,701,992 TRY 18,623,460 11/14/08 260,500
UAH 14,550,000 USD 3,000,000 11/21/08 (170,220)
IDR 56,220,000,000 USD 6,003,203 11/24/08 (89,977)
NZD 20,000,000 USD 14,202,200 11/25/08 (907,306)
USD 13,547,000 NZD 20,000,000 11/25/08 252,106
RON 18,067,500 EUR 5,000,000 11/28/08 (368,377)
DKK 57,816,000 USD 11,139,241 12/09/08 (188,812)
USD 11,083,293 DKK 57,816,000 12/09/08 132,865
--------------------------------------------------------------------------------

Total Unrealized Depreciation on Forward Foreign Exchange Contracts - Net $ (390,513)

o Currency Abbreviations:

CAD Canadian Dollar
CZK Czech Republic Koruna
DKK Danish Krone
EUR Euro
HUF Hungary Forint
IDR Indonesian Rupiah
ISK Icelandic Krona
JPY Japanese Yen
MXN Mexican New Peso
NZD New Zealand Dollar
RON Romanian Leu
SGD Singapore Dollar
TRY Turkish Lira
TWD New Taiwan Dollar
UAH Ukrainian Hryvnia
USD U.S. Dollar
ZAR South African Rand

2

Global Income & Currency Fund Inc.

Schedule of Investments as of September 30, 2008 (Unaudited)

o Effective January 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

o Level 1 - price quotations in active markets/exchanges for identical securities

o Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs)

o Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund's own assumption used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Fund's investments: 

--------------------------------------------------------------
 Valuation Investments in Other Financial
 Inputs Securities Instruments*
--------------------------------------------------------------
Level 1 $ 128,227,061 $ (390,513)
Level 2 -- --
Level 3 -- --
--------------------------------------------------------------
Total $ 128,227,061 $ (390,513)
 ======================================

* Other financial instruments are forward foreign exchange contracts.

3

Item 2 - Controls and Procedures 

2(a) - The registrant's principal executive and principal financial officers
 or persons performing similar functions 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
 of this report based on the evaluation of these controls and
 procedures required by Rule 30a-3(b) under the 1940 Act and Rule
 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(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

 Certifications - Attached hereto

 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 & Currency Fund Inc.

 By: /s/ Mitchell M. Cox
 -----------------------------------
 Mitchell M. Cox
 Chief Executive Officer (principal executive officer) of
 Global Income & Currency Fund Inc.

 Date: November 24, 2008

 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/ Mitchell M. Cox
 -----------------------------------
 Mitchell M. Cox
 Chief Executive Officer (principal executive officer) of
 Global Income & Currency Fund Inc.

 Date: November 24, 2008

 By: /s/ James E. Hillman
 -----------------------------------
 James E. Hillman
 Chief Financial Officer (principal financial officer) of
 Global Income & Currency Fund Inc.

 Date: November 24, 2008

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