- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
May 19 2010 - 2:04PM
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,
6
th
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.
Registrants telephone number, including area code: (877) 449-4742
Date of fiscal year end: 12/31/2010
Date of
reporting period: 03/31/2010
Item 1 Schedule of Investments
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Global Income & Currency Fund Inc.
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Schedule of Investments as of March 31, 2010 (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** - 15.2%
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Turkey - 15.1%
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Turkey Government Bond, 10.65%, 4/14/10
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TRY 22,676,000
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$
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14,901,692
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Total Short-Term Securities in Turkey
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14,901,692
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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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United States - 85.7%
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U.S. Government & Agency Obligations** - 82.2%
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Fannie Mae Discount Notes
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9/03/10
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1.62
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%
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USD 2,000,000
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1,997,934
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Fannie Mae Discount Notes
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10/01/10
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0.26
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%
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10,000,000
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9,985,770
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Fannie Mae Discount Notes
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12/01/10
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0.39
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%
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4,000,000
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3,991,052
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Federal Home Loan Banks
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4/19/10
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0.36
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%
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2,500,000
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2,499,925
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Federal Home Loan Banks
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4/23/10
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0.13
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%
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4,000,000
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3,999,852
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Federal Home Loan Banks
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4/30/10
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0.17
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%
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7,000,000
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6,999,664
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Federal Home Loan Banks
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5/12/10
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0.17
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%
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4,500,000
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4,499,590
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Federal Home Loan Banks
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6/02/10
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0.18
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%
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2,000,000
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1,999,656
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Federal Home Loan Banks
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6/11/10
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0.18
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%
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5,000,000
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4,999,015
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Federal Home Loan Banks
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6/11/10
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5.25
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%
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3,000,000
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3,029,130
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Federal Home Loan Banks
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6/18/10
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0.15
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%
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5,000,000
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4,998,915
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Federal Home Loan Banks
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8/18/10
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0.21
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%
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5,000,000
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4,995,945
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Federal Home Loan Banks
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9/17/10
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0.15
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%
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7,000,000
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6,992,111
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Federal Home Loan Banks
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12/01/10
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0.32
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%
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3,270,000
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3,262,685
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Federal Home Loan Banks
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1/06/11
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0.38
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%
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4,000,000
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3,993,756
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Freddie Mac
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4/12/10
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0.15
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%
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3,500,000
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3,499,937
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Freddie Mac
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4/27/10
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0.11
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%
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3,000,000
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2,999,871
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Freddie Mac
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6/02/10
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0.14
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%
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3,000,000
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2,999,484
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U.S. Treasury Notes
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2/28/11
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0.88
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%
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3,000,000
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3,012,306
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Total U.S. Government & Agency
Obligations
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80,756,598
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Shares
Held
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Mutual Funds - 3.5%
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AIM Short-Term Investment Trust - Liquid
Assets Portfolio - Institutional Class, 0.11% (a)
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3,431,244
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3,431,244
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Total Short-Term Securities in the United States
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84,187,842
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Total Investments
(Net Cost -
$98,434,828*) - 100.9%
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99,089,534
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Liabilities in Excess of Other Assets - (0.9%)
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(825,974
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)
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Net Assets - 100.0%
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$
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98,263,560
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*
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The cost and unrealized appreciation (depreciation) of investments as of March 31, 2010, as computed for federal income tax purposes, were as follows:
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Aggregate cost
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$
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98,434,828
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Gross unrealized appreciation
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$
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663,245
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Gross unrealized depreciation
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(8,539
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)
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Net unrealized appreciation
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$
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654,706
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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 discounts 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 the rates in effect at March 31, 2010.
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(a)
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Represents the current yield as of March 31, 2010.
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1
Global Income & Currency Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)
Forward foreign exchange contracts as of
March 31, 2010 were as follows:
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Foreign
Currency Purchased
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Foreign
Currency Sold
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Settlement
Date
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Appreciation
(Depreciation)
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EUR
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9,000,000
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USD
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12,105,000
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4/01/10
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$
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50,920
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USD
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12,127,500
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EUR
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9,000,000
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4/01/10
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(28,420
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)
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BRL
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23,118,750
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USD
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12,604,269
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4/05/10
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382,542
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CLP
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6,216,875,000
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USD
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11,819,154
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4/05/10
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29,445
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USD
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12,872,355
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BRL
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23,118,750
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4/05/10
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(114,456
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)
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USD
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11,739,704
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CLP
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6,216,875,000
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4/05/10
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(108,894
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)
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HUF
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2,346,240,000
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USD
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12,000,000
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4/06/10
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(67,264
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NZD
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18,000,000
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USD
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12,444,300
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4/06/10
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336,912
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USD
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11,909,848
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HUF
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2,346,240,000
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4/06/10
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(22,889
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)
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USD
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12,733,200
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NZD
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18,000,000
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4/06/10
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(48,012
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)
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GBP
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8,000,000
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USD
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12,080,320
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4/08/10
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59,029
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USD
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11,952,000
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GBP
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8,000,000
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4/08/10
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(187,349
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)
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USD
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15,003,287
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TRY
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22,676,000
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4/14/10
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97,852
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USD
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12,789,469
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ZAR
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95,655,000
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4/23/10
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(289,363
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)
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ZAR
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95,655,000
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USD
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13,043,567
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4/23/10
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35,265
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USD
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12,500,000
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SEK
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90,653,250
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5/03/10
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(55,692
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BRL
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23,118,750
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USD
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12,796,828
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5/04/10
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111,223
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MXN
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160,755,000
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USD
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12,522,005
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5/04/10
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435,768
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USD
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10,830,400
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CLP
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6,216,875,000
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5/05/10
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(25,381
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)
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HUF
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2,346,240,000
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USD
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11,868,279
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5/06/10
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18,918
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NZD
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18,000,000
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USD
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12,708,000
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5/06/10
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47,202
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USD
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12,500,000
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JPY
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1,160,943,750
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5/06/10
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79,704
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USD
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12,105,315
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EUR
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9,000,000
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6/01/10
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(51,097
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)
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IDR
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109,680,000,000
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USD
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12,000,000
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7/01/10
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(159,841
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)
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Total Unrealized Appreciation on Forward Foreign Exchange Contracts - Net
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$
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526,122
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2
Global Income & Currency Fund Inc.
Schedule of Investments as of March 31, 2010 (Unaudited)
Fair Value Measurements - Various inputs are used in
determining the fair value of investments, which are as follows:
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Level 1 - price quotations in active markets/exchanges for identical securities
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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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Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the
Funds 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 Funds policy regarding valuation of investments and other significant accounting policies, please refer to the Funds
most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of March 31, 2010 in
determining the fair valuation of the Funds investments:
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Valuation
Inputs
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Investments
in Securities
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Other
Financial
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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3,431,244
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-
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-
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Level 2
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95,658,290
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2
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$
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1,684,780
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$
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(1,158,658
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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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99,089,534
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$
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1,684,780
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$
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(1,158,658
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)
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1
Other financial instruments are forward foreign exchange contracts.
2
See above Schedule of Investments for values in each country.
Currency Abbreviations:
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BRL
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Brazilian Real
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MXN
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Mexican New Peso
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CLP
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Chilean Peso
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NZD
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New Zealand Dollar
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EUR
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Euro
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SEK
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Swedish Krona
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GBP
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British Pound
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TRY
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Turkish Lira
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HUF
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Hungary Forint
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USD
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U.S. Dollar
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IDR
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Indonesian Rupiah
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ZAR
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South African Rand
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JPY
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Japanese Yen
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3
Item 2 Controls and Procedures
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2(a)
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The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
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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.
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By:
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/s/ Justin C. Ferri
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Justin C. Ferri
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Chief Executive Officer (principal executive officer) of
Global Income & Currency Fund Inc.
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Date: May 13, 2010
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
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Chief Executive Officer (principal executive officer) of
Global Income & Currency Fund Inc.
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Date: May 13, 2010
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By:
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/s/ James E. Hillman
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James E. Hillman
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Chief Financial Officer (principal financial officer) of
Global Income & Currency Fund Inc.
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Date: May 13, 2010
Global Income & Currency Fund Inc. (NYSE:GCF)
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