- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
November 17 2009 - 4:19PM
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: 4 World Financial Center, 6th Floor, New York, New
York 10080.
Name and address of agent for service: Justin C. Ferri, 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: 09/30/2009
Item 1 – Schedule of Investments
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Global Income & Currency Fund Inc.
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Schedule of Investments September 30, 2009
(Unaudited)
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(Percentages shown are
based on Net Assets)
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Short-Term Securities
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Face Amount
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Value
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Foreign Commercial Paper** - 7.8%
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Colombia - 7.8%
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Colombia Government International Bond,
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COP
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15,075,000,000
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$
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8,038,743
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11.75%, 3/01/10
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Total Short-Term Securities in Columbia
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Foreign Commercial Paper** - 14.3%
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Turkey - 14.3%
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Turkey Government Bond, 10.88%, 4/14/10
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TRY
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22,676,000
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14,693,253
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Total Short-Term Securities in Turkey
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Short-Term Securities
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Maturity Date
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Discount Rate
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Face Amount
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U.S. Government & Agency
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Obligations** -75.2%
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Fannie Mae
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11/04/09
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0.32%
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USD
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1,500,000
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1,499,930
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Fannie Mae (a)
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12/21/09
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0.33%
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8,200,000
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8,199,073
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Federal Home Loan Banks
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10/02/09
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0.41%
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3,000,000
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2,999,997
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Federal Home Loan Banks
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10/19/09
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0.32%
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2,000,000
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1,999,960
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Federal Home Loan Banks (a)
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10/20/09
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0.35%
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6,000,000
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5,999,874
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Federal Home Loan Banks
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10/21/09
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0.85%
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2,000,000
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1,999,956
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Federal Home Loan Banks
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10/27/09
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0.56%
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1,000,000
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999,971
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Federal Home Loan Banks (a)
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11/02/09
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0.22%
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10,000,000
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9,999,560
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Federal Home Loan Banks (a)
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11/12/09
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0.31%
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4,000,000
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3,999,768
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Federal Home Loan Banks
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11/13/09
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0.28%
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2,500,000
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2,499,850
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Federal Home Loan Banks
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11/16/09
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0.38%
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1,500,000
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1,499,904
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Federal Home Loan Banks
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12/16/09
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0.23%
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2,000,000
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1,999,788
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Federal Home Loan Banks
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12/07/09
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0.29%
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3,000,000
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2,999,721
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Federal Home Loan Banks (a)
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2/18/10
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0.05%
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8,000,000
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7,996,264
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Federal Home Loan Banks
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3/12/10
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0.22%
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3,500,000
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3,497,637
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Federal Home Loan Banks
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3/16/10
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0.22%
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2,000,000
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1,998,616
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Federal Home Loan Banks
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4/19/10
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0.11%
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2,500,000
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2,497,640
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Federal Home Loan Banks (a)
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6/11/10
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5.25%
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3,000,000
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3,100,914
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Federal Home Loan Banks
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9/17/10
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0.37%
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7,000,000
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6,979,525
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Freddie Mac
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12/23/09
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0.33%
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1,300,000
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1,299,851
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U.S. Treasury Bills
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2/11/10
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0.31%
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3,000,000
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2,998,647
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Total U.S. Government & Agency Obligations
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77,066,446
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Short-Term Securities
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Shares Held
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Mutual Funds - 3.0%
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AIM Short-Term Investment Trust - Liquid
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Assets Portfolio - Institutional Class,
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0.20% (b)
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3,107,148
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3,107,148
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Total Short-Term Securities in the United States
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80,173,594
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Total Investments
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(Net Cost - $100,003,611*) - 100.4%
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102,905,590
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Liabilities in Excess of Other Assets - (0.4%)
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(386,603
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Net Assets - 100.0%
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$
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102,518,987
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1
Global Income & Currency Fund Inc.
Schedule of Investments September 30, 2009 (Unaudited)
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*
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The cost and unrealized appreciation (depreciation) of investments as of September 30, 2009, as computed for federal income tax purposes, were as follows:
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Aggregate cost
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$
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100,003,664
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Gross unrealized appreciation
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$
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2,901,979
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Gross unrealized depreciation
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(53
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Net unrealized appreciation
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$
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2,901,926
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**
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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, 2009.
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(a)
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All or a portion of security has been pledged as collateral in connection with open forward foreign exchange contracts.
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(b)
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Represents the current yield as of September 30, 2009.
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• Forward foreign exchange contracts as of September 30, 2009 were as follows:
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Foreign Currency
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Foreign Currency
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Settlement
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Appreciation
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Purchased
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Sold
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Date
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(Depreciation)
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BRL
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24,079,125
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USD
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13,125,000
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10/02/09
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$462,904
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USD
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13,452,025
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BRL
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24,079,125
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10/02/09
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(135,879)
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COP
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16,988,400,000
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USD
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8,861,972
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10/06/09
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(12,909)
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USD
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8,078,174
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COP
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16,988,400,000
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10/06/09
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(770,889)
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ZAR
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98,576,400
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USD
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13,000,000
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10/13/09
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89,406
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TRY
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18,278,220
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USD
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12,400,000
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10/19/09
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(125,890)
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USD
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12,990,872
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TRY
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19,425,900
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10/19/09
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(53,923)
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USD
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13,000,000
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CAD
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14,169,350
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10/26/09
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(234,978)
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USD
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12,848,440
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GBP
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8,000,000
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10/28/09
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64,883
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COP
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8,000,000,000
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USD
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4,161,248
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10/30/09
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(6,969)
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NZD
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18,000,000
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USD
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12,935,700
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11/02/09
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33,960
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BRL
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24,079,125
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USD
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13,381,752
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11/04/09
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134,266
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AUD
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15,000,000
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USD
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13,040,400
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11/23/09
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133,571
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USD
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13,000,000
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JPY
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1,185,112,500
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11/24/09
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(207,052)
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Total Unrealized Depreciation on Forward Foreign
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Exchange Contracts - Net
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$(629,499)
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• Currency Abbreviations:
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AUD Australian Dollar
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JPY
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Japanese Yen
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BRL Brazilian Real
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NZD
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New Zealand Dollar
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CAD Canadian Dollar
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TRY
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Turkish Lira
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COP Colombian Peso
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USD
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U.S. Dollar
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GBP British Pound
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ZAR
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South African Rand
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2
Global Income & Currency Fund Inc.
Schedule of Investments September 30, 2009 (Unaudited)
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•
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Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:
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•
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Level 1 - price quotations in active markets/exchanges for identical securities
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•
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Level 2 - other observable inputs (including, but not limited to: quoted prices for identical or 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)
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•
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Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Fund’s own assumptions used in determining the fair value of investments)
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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, 2009 in determining the fair valuation of the Fund’s investments:
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Investments in
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Other Financial
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Valuation Inputs
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Securities
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Instruments
1
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Assets
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Assets
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Liabilities
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Level 1
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$
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3,107,148
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-
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-
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Level 2
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99,798,442
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$
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918,990
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$
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(1,548,489
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)
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Level 3
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-
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-
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-
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Total
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$
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102,905,590
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$
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918,990
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$
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(1,548,489
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1
Other financial instruments are forward foreign exchange contracts.
3
Item 2 – Controls and Procedures
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2(a) –
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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.
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2(b) –
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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.
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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.
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Global Income & Currency Fund Inc.
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By:
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/s/ Justin C. Ferri
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Justin C. Ferri
Chief Executive Officer (principal executive officer) of
Global Income & Currency Fund Inc.
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Date: November 13, 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.
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By:
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/s/ Justin C. Ferri
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Justin C. Ferri
Chief Executive Officer (principal executive officer) of
Global Income & Currency Fund Inc.
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Date: November 13, 2009
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By:
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/s/ James E. Hillman
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James E. Hillman
Chief Financial Officer (principal financial officer) of
Global Income & Currency Fund Inc.
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Date: November 13, 2009
Global Income & Currency Fund Inc. (NYSE:GCF)
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