- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
May 28 2009 - 1:22PM
Edgar (US Regulatory)
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:
2 World Financial Center, 7
th
Floor, New York, New York 10281.
Name and address of agent for service: Mitchell M. Cox, Chief Executive Officer, Global Income & Currency Fund Inc., 4 World Financial Center, 6
th
Floor, New York, New York 10080.
Registrant’s telephone number, including area code: (877) 449-4742
Date of fiscal year end: 12/31/2009
Date of reporting period: 03/31/2009
Item 1 – Schedule of Investments
|
|
|
|
Global Income & Currency Fund
Inc.
|
|
|
|
|
|
Schedule
of Investments as of March 31, 2009 (Unaudited)
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Securities
|
|
Face Amount
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
Commercial Paper** - 5.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colombia
- 5.8%
|
|
Colombia Government
International Bond, 11.75%, 3/01/10
|
|
COP
|
|
15,075,000,000
|
|
$
|
6,109,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities in Columbia
|
|
|
|
|
|
|
6,109,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
Commercial Paper** - 13.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turkey -
13.0%
|
|
Turkey Government Bond,
18.296%, 5/06/09 (a)
|
|
TRY
|
|
23,202,064
|
|
|
13,807,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities in Turkey
|
|
|
|
|
|
|
13,807,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Securities
|
|
Maturity
Date
|
|
Discount
Rate
|
|
Face
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States - 83.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Government Agency
Obligations** -78.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Banks
|
|
4/02/09
|
|
0.305
|
%
|
USD
|
|
|
9,000,000
|
|
|
8,999,991
|
|
|
Federal Home Loan Banks
|
|
4/03/09
|
|
1.208
|
%
|
|
|
|
1,900,000
|
|
|
1,899,994
|
|
|
Federal Home Loan Banks
|
|
4/06/09
|
|
0.203
|
%
|
|
|
|
11,000,000
|
|
|
10,999,923
|
|
|
Federal Home Loan Banks
|
|
4/21/09
|
|
0.234
|
%
|
|
|
|
6,500,000
|
|
|
6,499,818
|
|
|
Federal Home Loan Banks
|
|
4/22/09
|
|
0.223
|
%
|
|
|
|
8,000,000
|
|
|
7,999,768
|
|
|
Federal Home Loan Banks
|
|
4/27/09
|
|
0.244
|
%
|
|
|
|
1,500,000
|
|
|
1,499,946
|
|
|
Federal Home Loan Banks
(a)
|
|
5/15/09
|
|
1.842
|
%
|
|
|
|
6,000,000
|
|
|
5,998,752
|
|
|
Federal Home Loan Banks
(a)
|
|
5/20/09
|
|
0.254
|
%
|
|
|
|
3,000,000
|
|
|
2,999,307
|
|
|
Federal Home Loan Banks
(a)
|
|
5/26/09
|
|
0.352
|
%
|
|
|
|
10,000,000
|
|
|
9,997,400
|
|
|
Federal Home Loan Banks
|
|
6/12/09
|
|
0.451
|
%
|
|
|
|
2,349,000
|
|
|
2,348,107
|
|
|
Federal Home Loan Banks
(a)
|
|
6/29/09
|
|
0.351
|
%
|
|
|
|
3,000,000
|
|
|
2,998,590
|
|
|
Federal Home Loan Banks
(a)
|
|
7/06/09
|
|
0.244
|
%
|
|
|
|
3,000,000
|
|
|
2,998,320
|
|
|
Federal Home Loan Banks
|
|
7/27/09
|
|
0.254
|
%
|
|
|
|
2,655,000
|
|
|
2,653,187
|
|
|
Federal Home Loan Banks
|
|
9/14/09
|
|
0.406
|
%
|
|
|
|
3,245,000
|
|
|
3,240,363
|
|
|
Federal Home Loan Banks
|
|
9/18/09
|
|
0.406
|
%
|
|
|
|
7,200,000
|
|
|
7,189,459
|
|
|
Freddie Mac
|
|
4/17/09
|
|
0.266
|
%
|
|
|
|
2,500,000
|
|
|
2,499,945
|
|
|
Freddie Mac
|
|
7/20/09
|
|
0.254
|
%
|
|
|
|
2,300,000
|
|
|
2,298,523
|
|
|
|
|
|
|
|
|
|
Total
U.S. Government Agency Obligations
|
|
|
83,121,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Securities
|
|
|
|
Shares
Held
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual
Funds - 4.8%
|
|
AIM Short-Term Investment
Trust - Liquid Assets Portfolio - Institutional Class, 0.423% (b)
|
|
|
5,075,961
|
|
|
5,075,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities
(Cost - $112,455,278) - 101.8%
|
|
|
|
|
|
108,114,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
Purchased
|
|
Number of
Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Call
Options Purchased
|
|
Mexican Peso, expiring
June 2009 at USD 12 (Counterparty: HSBC)
|
|
|
5,500
|
|
|
141,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Options Purchased
(Premiums Paid - $202,813) - 0.1%
|
|
|
|
|
|
141,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments Before Options Written
(Cost - $112,658,091*) - 101.9%
|
|
|
|
|
|
108,256,229
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
Global Income & Currency Fund
Inc.
|
|
|
|
|
|
Schedule
of Investments as of March 31, 2009 (Unaudited)
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
Written
|
|
Number of
Contracts
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Put Options Written
|
|
Mexican Peso, expiring
June 2009 at USD 20.56 (Counterparty: HSBC)
|
|
|
5,500
|
|
$
|
(80,295
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Options Written (Premiums Received - $116,325) - (0.1%)
|
|
|
|
|
|
(80,295
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments, Net of Options Written (Net Cost - $112,541,766) - 101.8%
|
|
|
|
|
|
108,175,934
|
|
|
|
|
Liabilities
in Excess of Other Assets - (1.8%)
|
|
|
|
|
|
(1,893,563
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets - 100.0%
|
|
|
|
|
$
|
106,282,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
The cost and unrealized appreciation
(depreciation) of investments as of March 31, 2009, as computed for federal
income tax purposes, were as follows:
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
112,658,174
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized
appreciation
|
|
$
|
24,819
|
|
|
|
Gross unrealized
depreciation
|
|
|
(4,426,764
|
)
|
|
|
|
|
|
|
|
|
|
Net unrealized
depreciation
|
|
$
|
(4,401,945
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
|
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
March 31, 2009.
|
|
|
|
|
|
(a)
|
|
All or a portion of
security has been pledged as collateral in connection with open forward
foreign exchange and option contracts.
|
|
|
|
|
|
(b)
|
|
Represents the current
yield as of March 31, 2009.
|
|
|
|
|
|
•
|
|
Forward foreign exchange
contracts as of March 31, 2009 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency
Purchased
|
|
Foreign Currency
Sold
|
|
Settlement
Date
|
|
|
Appreciation
(Depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
TWD
|
|
|
454,231,250
|
|
|
USD
|
|
|
13,589,566
|
|
4/08/09
|
|
$
|
(190,603
|
)
|
|
USD
|
|
|
13,750,000
|
|
|
TWD
|
|
|
454,231,250
|
|
4/08/09
|
|
|
351,037
|
|
|
CZK
|
|
|
309,870,000
|
|
|
USD
|
|
|
15,797,604
|
|
4/17/09
|
|
|
(760,163
|
)
|
|
USD
|
|
|
13,750,000
|
|
|
CZK
|
|
|
309,870,000
|
|
4/17/09
|
|
|
(1,287,441
|
)
|
|
MXN
|
|
|
101,292,813
|
|
|
USD
|
|
|
6,875,000
|
|
4/20/09
|
|
|
244,966
|
|
|
MXN
|
|
|
101,299,688
|
|
|
USD
|
|
|
6,875,000
|
|
4/20/09
|
|
|
245,449
|
|
|
TRY
|
|
|
23,000,000
|
|
|
USD
|
|
|
13,458,950
|
|
4/20/09
|
|
|
300,605
|
|
|
USD
|
|
|
12,864,974
|
|
|
TRY
|
|
|
23,000,000
|
|
4/20/09
|
|
|
(894,582
|
)
|
|
ZAR
|
|
|
129,834,276
|
|
|
USD
|
|
|
13,000,000
|
|
4/20/09
|
|
|
634,026
|
|
|
AUD
|
|
|
19,000,000
|
|
|
USD
|
|
|
13,281,950
|
|
4/27/09
|
|
|
(98,769
|
)
|
|
USD
|
|
|
15,000,000
|
|
|
CNY
|
|
|
102,492,000
|
|
4/27/09
|
|
|
945
|
|
|
USD
|
|
|
15,000,000
|
|
|
HKD
|
|
|
116,227,500
|
|
4/27/09
|
|
|
1,703
|
|
|
USD
|
|
|
6,600,000
|
|
|
COP
|
|
|
16,988,400,000
|
|
5/04/09
|
|
|
(50,729
|
)
|
|
USD
|
|
|
13,000,000
|
|
|
CZK
|
|
|
273,910,000
|
|
5/04/09
|
|
|
(287,002
|
)
|
|
BRL
|
|
|
31,528,750
|
|
|
USD
|
|
|
13,935,359
|
|
5/05/09
|
|
|
(460,719
|
)
|
|
SGD
|
|
|
20,635,300
|
|
|
USD
|
|
|
13,669,835
|
|
6/23/09
|
|
|
(114,420
|
)
|
|
USD
|
|
|
13,472,595
|
|
|
SGD
|
|
|
20,635,300
|
|
6/23/09
|
|
|
(82,820
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Unrealized Depreciation on Forward Foreign
Exchange Contracts - Net
|
|
$
|
(2,448,517
|
)
|
|
|
|
|
|
|
2
|
|
|
Global Income & Currency Fund
Inc.
|
|
|
|
Schedule
of Investments as of March 31, 2009 (Unaudited)
|
|
|
|
|
|
•
|
Currency Abbreviations:
|
|
|
|
|
|
|
AUD
|
Australian Dollar
|
|
|
BRL
|
Brazilian Real
|
|
|
CNY
|
China Renminbi
|
|
|
COP
|
Colombian Peso
|
|
|
CZK
|
Czech Republic Koruna
|
|
|
HKD
|
Hong Kong Dollar
|
|
|
MXN
|
Mexican New Peso
|
|
|
SGD
|
Singapore Dollar
|
|
|
TRY
|
Turkish Lira
|
|
|
TWD
|
New Taiwan Dollar
|
|
|
USD
|
U.S. Dollar
|
|
|
ZAR
|
South African Rand
|
|
|
|
|
•
|
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:
|
|
|
|
|
|
|
•
|
Level 1 - price quotations
in active markets/exchanges for identical securities
|
|
|
|
|
|
|
•
|
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)
|
|
|
|
|
|
|
•
|
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 annual report.
|
|
|
|
|
|
The following table
summarizes the inputs used as of March 31, 2009 in determining the fair
valuation of the Fund’s investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation
Inputs
|
|
Investments in
Securities
|
|
Other Financial Instruments*
|
|
|
|
|
|
|
Assets
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
$
|
5,075,961
|
|
|
—
|
|
|
—
|
|
|
Level 2
|
|
|
103,038,351
|
|
$
|
1,920,648
|
|
$
|
(4,307,543
|
)
|
|
Level 3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
108,114,312
|
|
$
|
1,920,648
|
|
$
|
(4,307,543
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
* Other financial
instruments are forward foreign exchange contracts and options.
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: May 20, 2009
|
|
|
|
|
|
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: May 20, 2009
|
|
|
|
|
|
By:
|
/s/ James E. Hillman
|
|
|
|
|
James E. Hillman
|
|
|
|
Chief Financial Officer (principal financial officer) of
|
|
|
|
Global Income & Currency Fund Inc.
|
|
|
|
|
|
Date: May 20, 2009
|
Global Income & Currency Fund Inc. (NYSE:GCF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Global Income & Currency Fund Inc. (NYSE:GCF)
Historical Stock Chart
From Jul 2023 to Jul 2024
