UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21791

Global Income & Currency Fund Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-917-7700

Date of fiscal year end: 12/31

Date of reporting period: 9/30/10

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1. Schedule of Investments


Global Income & Currency Fund Inc.

Schedule of Investments as of September 30, 2010 (unaudited) (Percentages shown are based on Net Assets)

 

Short-Term Securities

                     Face
Amount
     Value  
Foreign Commercial Paper**                                    

Mexico - 12.4%

   Mexican Cetes, 4.77%, 2/10/11         MXN         143,000,000       $   11,157,646   
Total Short-Term Securities in Mexico                                 11,157,646   

Turkey - 12.7%

   Turkey Government Bond, 7.49%, 2/02/11         TRY         17,000,000         11,468,992   
Total Short-Term Securities in Turkey                           11,468,992   
Short-Term Securities    Maturity
Date
     Discount
Rate
             Face
Amount
          

United States - 76.3%

                                  
U.S. Government & Agency Obligations** - 73.3%                                   

Fannie Mae

     12/01/10         0.39     USD         4,000,000         3,999,052   

Fannie Mae

     1/18/11         0.23        2,000,000         1,999,092   

Fannie Mae

     4/01/11         0.49        2,000,000         1,998,180   

Fannie Mae

     4/28/11         0.50        1,000,000         998,955   

Federal Farm Credit Banks

     3/17/11         1.80        3,000,000         3,021,681   

Federal Home Loan Banks

     10/20/10         0.27        2,000,000         1,999,894   

Federal Home Loan Banks

     11/19/10         0.16        2,400,000         2,399,609   

Federal Home Loan Banks

     11/22/10         0.13        5,000,000         4,999,135   

Federal Home Loan Banks

     11/30/10         0.14        3,250,000         3,249,350   

Federal Home Loan Banks

     12/01/10         0.31        3,270,000         3,269,225   

Federal Home Loan Banks (a)

     1/06/11         0.38        4,000,000         4,001,740   

Federal Home Loan Banks (a)

     1/25/11         0.28        4,000,000         3,998,068   

Federal Home Loan Banks

     2/03/11         0.27        2,000,000         1,998,888   

Federal Home Loan Banks (a)

     3/02/11         0.22        5,000,000         4,996,410   

Federal Home Loan Banks (a)

     4/28/11         0.48        1,017,000         1,015,937   

Federal Home Loan Banks (a)

     6/15/11         0.43        5,000,000         4,992,860   

U.S. Treasury Bills

     10/21/10         0.22        9,000,000         8,999,352   

U.S. Treasury Bills

     7/28/11         0.30        5,000,000         4,990,415   

U.S. Treasury Notes

     2/28/11         0.88              3,000,000         3,008,436   
Total U.S. Government & Agency Obligations                  65,936,279   

Short-Term Securities

                   Shares
Held
          
Mutual Funds - 3.0%    AIM Short-Term Investment Trust - Liquid Assets Portfolio - Institutional Class, 0.15% (b)               2,739,672         2,739,672   
     Total Short-Term Securities in the United States                        68,675,951   
   Total Investments
(Net Cost - $90,573,528*) - 101.4%
           91,302,589   
   Liabilities in Excess of Other Assets - (1.4%)            (1,220,557
                    
   Net Assets - 100.0%          $   90,082,032   
                    


Global Income & Currency Fund Inc.

Schedule of Investments as of September 30, 2010 (unaudited)

 

 

  * The cost and unrealized appreciation (depreciation) of investments as of September 30, 2010, as computed for federal income tax purposes, were as follows:

 

Aggregate cost

   $   90,573,528   
        

Gross unrealized appreciation

   $ 729,271   

Gross unrealized depreciation

     (210
        

Net unrealized appreciation

   $ 729,061   
        
  ** 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, 2010.
  (a) All or a portion of security has been pledged as collateral in connection with open forward foreign exchange contracts.
  (b) Represents the current yield as of September 30, 2010.

Forward foreign exchange contracts as of September 30, 2010 were as follows:

 

Foreign
Currency Purchased
   Foreign
Currency Sold
   Settlement
Date
   Appreciation
(Depreciation)

BRL

  20,622,500    USD   11,687,447    10/04/10    $    490,715

USD

  12,052,893    BRL   20,622,500    10/04/10    (125,269)

EUR

  8,800,000    USD   11,857,507    10/18/10    137,605

USD

  11,309,760    EUR   8,800,000    10/18/10    (685,352)

USD

  11,365,407    GBP   7,300,000    10/18/10    (100,635)

BRL

  20,622,500    USD   11,987,735    11/03/10    42,752

USD

  2,693,253    TRY   4,000,000    11/15/10    (50,249)

INR

  127,859,500    USD   2,825,000    12/06/10    25,405

ZAR

  39,744,643    USD   5,650,000    12/15/10    (17,759)
Total Unrealized Depreciation on Forward Foreign
Exchange Contracts - Net
   $  (282,787)

 

Currency Abbreviations:

       

BRL

     Brazilian Real        MXN       Mexican Peso

EUR

     Euro        TRY       Turkish Lira

GBP

     British Pound        USD       U.S. Dollar

INR

     Indian Rupee        ZAR       South African Rand

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 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).

   

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).

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


Global Income & Currency Fund Inc.

Schedule of Investments as of September 30, 2010 (unaudited)

 

 

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 tables summarize the inputs used as of September 30, 2010 in determining the fair valuation of the Fund’s investments:

 

Valuation Inputs    Level 1      Level 2      Level 3      Total  

Assets:

           

Investments in Securities:

           

Short-Term Securities 1

   $   19,737,875       $   71,564,714         -       $   91,302,589   

Total

   $ 19,737,875       $ 71,564,714         -       $ 91,302,589   

 

       Derivative Financial Instruments 2  
Valuation Inputs    Level 1      Level 2     Level 3      Total  

Assets:

          

Foreign currency exchange contracts

     -       $ 696,477        -       $ 696,477   

Liabilities:

          

Foreign currency exchange contracts

     -           (979,264     -           (979,264

Total

     -       $ (282,787     -       $ (282,787
  1

See above Schedule of Investments for values in each country.

  2

Derivative financial instruments are forward foreign exchange contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The table below presents the transfers in and out of the three valuation levels for the Fund as of the end of the reporting period when compared to the valuation levels at the end of the previous fiscal year. Changes in the leveling of investments are primarily due to changes in the leveling methodology.

 

Level 1      Level 2     Level 3  
Transfers In   (Transfers Out)      Transfers In      (Transfers Out)     Transfers In      (Transfers Out)  
$  16,998,203   $   -       $   -       $   (16,998,203)      $   -       $   -   


Item 2. Controls and Procedures.

 

  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”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  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 (17 CFR 270.30a-3(d)) 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.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.


SIGNATURES

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.

(Registrant) Global Income & Currency Fund Inc.

 

 

 

By (Signature and Title)   /s/ Kevin J. McCarthy
  Kevin J. McCarthy
  Vice President and Secretary

Date November 24, 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.

 

 

By (Signature and Title)   /s/ Gifford R. Zimmerman
  Gifford R. Zimmerman
  Chief Administrative Officer (principal executive officer)

Date November 24, 2010

 

 

By (Signature and Title)

   /s/ Stephen D. Foy
   Stephen D. Foy
  

Vice President and Controller

(principal financial officer)

Date November 24, 2010

Global Income & Currency Fund Inc. (NYSE:GCF)
Historical Stock Chart
From Jul 2024 to Aug 2024 Click Here for more Global Income & Currency Fund Inc. Charts.
Global Income & Currency Fund Inc. (NYSE:GCF)
Historical Stock Chart
From Aug 2023 to Aug 2024 Click Here for more Global Income & Currency Fund Inc. Charts.