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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Global Income & Currency Fund Inc. | NYSE:GCF | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.06 | 0.00 | 01:00:00 |
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
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Global Income & Currency Fund Inc. |
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Schedule of Investments as of March 31, 2009 (Unaudited) |
(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** - 5.8% |
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Colombia - 5.8% |
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Colombia Government International Bond, 11.75%, 3/01/10 |
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COP |
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15,075,000,000 |
|
$ |
6,109,305 |
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Total Short-Term Securities in Columbia |
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6,109,305 |
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Foreign Commercial Paper** - 13.0% |
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Turkey - 13.0% |
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Turkey Government Bond, 18.296%, 5/06/09 (a) |
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TRY |
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23,202,064 |
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|
13,807,653 |
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Total Short-Term Securities in Turkey |
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13,807,653 |
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Short-Term Securities |
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Maturity
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Discount
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Face
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United States - 83.0% |
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U.S.
Government Agency
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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 |
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|
3,240,363 |
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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 |
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|
2,298,523 |
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||||||||
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Total U.S. Government Agency Obligations |
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|
83,121,393 |
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Short-Term Securities |
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Shares
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|
|
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Mutual Funds - 4.8% |
|
AIM Short-Term Investment Trust - Liquid Assets Portfolio - Institutional Class, 0.423% (b) |
|
|
5,075,961 |
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|
5,075,961 |
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|
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Total
Short-Term Securities
|
|
|
|
|
|
108,114,312 |
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Options Purchased |
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Number of
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Call Options Purchased |
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Mexican Peso, expiring June 2009 at USD 12 (Counterparty: HSBC) |
|
|
5,500 |
|
|
141,917 |
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|
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|
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Total
Options Purchased
|
|
|
|
|
|
141,917 |
|
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|
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Total
Investments Before Options Written
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108,256,229 |
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1
|
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Global Income & Currency Fund Inc. |
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|
|
Schedule of Investments as of March 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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Options Written |
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Number of
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Value |
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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 |
) |
|
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|
|
|
|
|
|
|
|
|
|
Total Investments, Net of Options Written (Net Cost - $112,541,766) - 101.8% |
|
|
|
|
|
108,175,934 |
|
|
|
Liabilities in Excess of Other Assets - (1.8%) |
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|
|
|
|
(1,893,563 |
) |
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|
|
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Net Assets - 100.0% |
|
|
|
|
$ |
106,282,371 |
|
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|
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* |
|
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 |
) |
|
|
|
|
|
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Net unrealized depreciation |
|
$ |
(4,401,945 |
) |
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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 March 31, 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 and option contracts. |
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(b) |
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Represents the current yield as of March 31, 2009. |
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Forward foreign exchange contracts as of March 31, 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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|
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|||||||
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
Unrealized Depreciation on Forward Foreign
|
|
$ |
(2,448,517 |
) |
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2
|
Global Income & Currency Fund Inc. |
|
Schedule of Investments as of March 31, 2009 (Unaudited) |
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Currency Abbreviations: |
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AUD |
Australian Dollar |
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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 |
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|
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: |
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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 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 circumstance, to the extent observable inputs are not available (including the Funds own assumption 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. |
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The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of the Funds investments: |
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Valuation
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Investments in
|
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Other Financial Instruments* |
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Assets |
|
Assets |
|
Liabilities |
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|||||
|
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|||
Level 1 |
|
$ |
5,075,961 |
|
|
|
|
|
|
|
Level 2 |
|
|
103,038,351 |
|
$ |
1,920,648 |
|
$ |
(4,307,543 |
) |
Level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Total |
|
$ |
108,114,312 |
|
$ |
1,920,648 |
|
$ |
(4,307,543 |
) |
|
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|
|
|
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|
* 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 |
1 Year Global Income & Currency Fund Inc. Chart |
1 Month Global Income & Currency Fund Inc. Chart |
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