Edgar Filing: VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

Virtus Global Dividend & Income Fund

LOGO

QUARTERLY REPORT

Not FDIC Insured

No Bank Guarantee

May Lose Value

September 30, 2017

FUND DISTRIBUTIONS AND MANAGED DISTRIBUTION PLAN

The Fund has a Managed Distribution Plan to maintain a consistent distribution level that may be paid in part or in full from net investment income, realized capital gains, or, if necessary, return of capital. The board believes that regular monthly fixed cash payouts will enhance shareholder value and serve the long-term interests of shareholders. You should not draw any conclusions about the Fund’s investment performance from the amount of the distributions or from the terms of the Fund’s Managed Distribution Plan.

On a tax basis, the Fund estimates it distributed more than its income and net realized capital gains in the fiscal year to date. Shareholders should note, however, that if the Fund’s aggregate investment income and net realized capital gains are less than the amount of the distribution level, the difference will be paid from the Fund’s capital and will constitute a return of the shareholder’s capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

The amounts and sources of distributions reported in the Fund’s notices pursuant to Section 19(a) of the Investment Company Act of 1940 are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send shareholders a Form 1099-DIV for 2017 that tells them how to report distributions for federal income tax purposes.

The Board may amend, suspend or terminate the Managed Distribution Plan at any time, without prior notice to shareholders if it deems such action to be in the best interest of the Fund and its shareholders.

Information on the Fund is available at www.Virtus.com. Section 19(a) notices are posted on the website at:
http://www.virtus.com/our-products/closed-end-fund-details/ZTR.

MESSAGE TO SHAREHOLDERS

Dear Fellow Virtus Global Dividend & Income Fund Shareholder:

I am pleased to share with you the manager’s report for the Virtus Global Dividend & Income Fund Inc. for the nine months ended September 30, 2017.

For the nine months ended September 30, 2017, the Fund’s NAV increased 14.88%, including $1.517 in reinvested distributions. During the same period, the Virtus Global Dividend & Income Fund Linked Benchmark, a composite index that consists of 60% Russell Developed Large Cap Index (net)⁽¹⁾ and 40% Bloomberg Barclays U.S. Aggregate Bond Index⁽²⁾, increased 10.72%, including reinvested dividends. Performance for the composite’s underlying indices over this period was a 16.03% for the Russell Developed Large Cap Index (net) and a 3.14% increase in the Bloomberg Barclays U.S. Aggregate Bond Index.

On behalf of the Fund’s investment professionals, I thank you for entrusting your assets to us. Should you have any questions or require support, the Virtus customer service team is ready to assist you at 1-866-270-7788 or through the closed-end fund section of our website, www.virtus.com.

Sincerely,

LOGO

George R. Aylward

President, Chairman and Chief Executive Officer

Virtus Global Dividend & Income Fund, Inc.

October 2017

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than performance shown above. Any market index referenced herein is unmanaged; its returns do not reflect any fees, expenses, or sales charges; and is not available for direct investment.

⁽¹⁾	The Russell Developed Large Cap Index (net) is a free-float market capitalization-weighted index constructed to provide a comprehensive and unbiased barometer for the large-cap segment in the developed world, calculated on a total return basis with net dividends reinvested.

⁽²⁾	The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market, calculated on a total return basis.

MESSAGE TO SHAREHOLDERS (Continued)

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.

Foreign Investing: Investing internationally involves additional risks such as currency, political, accounting, economic, and market risk.

High Yield-High Risk Fixed Income Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.

Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.

Leverage: When a fund leverages its portfolio, the value of its shares may be more volatile and all other risks may be compounded.

Call/Put Spreads: Buying and selling call and put option spreads on the SPX Index risks the loss of the premium when buying and may increase downside losses.

Market Price/NAV: At the time of purchase and/or sale, an investor’s shares may have a market price that is above or below the fund’s NAV, which may increase the investor’s risk of loss.

Fundamental Risk of Investing: There can be no assurance that the Fund will achieve its investment objectives. An investment in the shares of the Fund is subject to loss of principal; shares may decrease in value.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)



Portfolio Holdings Summary Weightings

The following table presents the portfolio holdings within certain sectors as a percentage of total investments, net of written options, attributable to each sector.
Common Stocks			63	%
Financials	12	%
Telecommunication Services	9
Utilities	6
All other Common Stock	36
Corporate Bonds and Notes			20
Financials	7
Consumer Discretionary	2
Energy	2
All other Corporate Bonds and Notes	9
Mortgage-Backed Securities			7
Asset-Backed Securities			3
U.S. Government Securities			2
Other			5

Total			100	%


	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—3.0%
U.S. Treasury Bond 2.500%, 2/15/46	$	5,700	$	5,298
U.S. Treasury Note
1.125%, 2/28/19		3,285		3,272
1.625%, 2/15/26		835		793
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $9,471)				9,363
MUNICIPAL BONDS—1.5%
California—1.0%
State of California, Build America Bonds Taxable 7.600%, 11/1/40		2,000		3,129


	PAR VALUE		VALUE
New York—0.5%
Port Authority of New York & New Jersey, Consolidated Bonds Revenue 5.000%, 4/15/57	$	1,515	$	1,738
TOTAL MUNICIPAL BONDS (Identified Cost $4,886)				4,867
FOREIGN GOVERNMENT SECURITIES—1.3%
Argentine Republic 7.625%, 4/22/46		380		422
Dominican Republic 144A 6.600%, 1/28/24⁽²⁾		315		354
Kingdom of Bahrain 144A 7.000%, 10/12/28⁽²⁾		490		500

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
Republic of Costa Rica 144A 7.000%, 4/4/44⁽²⁾	$	500	$	532
Republic of Indonesia
144A, 3.700%, 1/8/22⁽²⁾⁾		280		291
144A, 4.350%, 1/8/27⁽²⁾		480		509
Republic of South Africa
4.665%, 1/17/24		410		419
4.300%, 10/12/28		430		405
Republic of Turkey 7.375%, 2/5/25		345		401
Sultanate of Oman 144A 4.750%, 6/15/26⁽²⁾		300		297
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $4,100)				4,130
MORTGAGE-BACKED SECURITIES—9.9%
Agency—4.0%
FNMA
4.000%, 1/1/46		432		455
3.500%, 4/1/46		4,716		4,863
3.500%, 5/1/46		3,289		3,392
3.000%, 12/1/46		826		829
3.500%, 1/1/47		395		407
4.000%, 4/1/47		184		193
3.500%, 7/1/47		1,732		1,786
4.000%, 8/1/47		783		824

				12,749

Non-Agency—5.9%
American Homes 4 Rent Trust 14-SFR2, C 144A 4.705%, 10/17/36⁽²⁾		610		656
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, 03-AR3, M4 , (5.850% minus 1 month LIBOR) 4.286%, 6/25/33⁽¹⁾		100		99
AMSR Trust
16-SFR1, C 144A, (1 month LIBOR + 2.250%) 3.484%, 11/17/33⁽¹⁾⁽²⁾		488		496


	PAR VALUE		VALUE
Non-Agency (continued)
16-SFR1, D 144A, (1 month LIBOR + 2.400%) 3.634%, 11/17/33⁽¹⁾⁽²⁾	$	100	$	101
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 15-200P, A 144A 3.218%, 4/14/33⁽²⁾		385		390
Bayview Opportunity Master Fund IIIb Trust 17-RN2, A1 144A 3.475%, 4/28/32⁽¹⁾⁽²⁾		169		170
Bayview Opportunity Master Fund IVa Trust
16-SPL1, B1 144A, 4.250%, 4/28/55⁽²⁾		395		408
17-SLP5, B1 144A, 4.000%, 6/28/57⁽¹⁾⁽²⁾		175		184
17-SPL1, B1 144A, 4.250%, 10/28/64⁽¹⁾⁽²⁾		263		274
Bayview Opportunity Master Fund IVb Trust 17-SPL3, B1 144A 4.250%, 11/28/53⁽¹⁾⁽²⁾		345		361
Citigroup Commercial Mortgage Trust 16-SMPL, A 144A 2.228%, 9/10/31⁽²⁾		685		679
Colony Starwood Homes Trust 16-2A, C 144A , (1 month LIBOR + 2.150%) 3.384%, 12/17/33⁽¹⁾⁽²⁾		490		490
COLT Mortgage Loan Trust 16-1, A2 144A 3.500%, 5/25/46⁽²⁾		481		484
COLT Mortgage Loan Trust Funding LLC
16-2, A1 144A, 2.750%, 9/25/46⁽¹⁾⁽²⁾		82		83
17-1, A3 144A, 3.074%, 5/27/47⁽¹⁾⁽²⁾		194		196
Credit Suisse First Boston Mortgage Securities Corp. 03-AR30, 5A1 3.310%, 1/25/34⁽¹⁾		226		231

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
Non-Agency (continued)
Deephaven Residential Mortgage Trust 17-1A, A2 144A 2.928%, 12/26/46⁽¹⁾⁽²⁾	$	330	$	329
Galton Funding Mortgage Trust 17-1, A21 144A 3.500%, 7/25/56⁽¹⁾⁽²⁾		282		287
Hilton USA Trust 16-SFP, B 144A 3.323%, 11/5/35⁽²⁾		965		970
Home Equity Mortgage Trust 05-2, M7 , (1 month LIBOR + 1.680%) 2.917%, 7/25/35⁽¹⁾		299		297
JPMorgan Chase (Bear Stearns) Alternate Loan Trust 04-5, 3A1 3.611%, 6/25/34⁽¹⁾		498		508
JPMorgan Chase Commercial Mortgage Securities Trust
14-C22, A4, 3.801%, 9/15/47		1,320		1,389
07-LDPX, AM, 5.464%, 1/15/49⁽¹⁾		272		272
JPMorgan Chase Mortgage Trust
14-5, B2 144A, 3.008%, 10/25/29⁽¹⁾⁽²⁾		171		168
16-2, M2 144A, 3.750%, 12/25/45⁽¹⁾⁽²⁾		671		683
16-5, A1 144A, 2.609%, 12/25/46⁽¹⁾⁽²⁾		838		839
17-3, 2A2 144A, 2.500%, 8/25/47⁽¹⁾⁽²⁾		251		250
New Residential Mortgage Loan Trust
16-4A, B1A 144A, 4.500%, 11/25/56⁽¹⁾⁽²⁾		698		748
17-2A, A3 144A, 4.000%, 3/25/57⁽¹⁾⁽²⁾		250		261
One Market Plaza Trust 17-1MKT, A 144A 3.614%, 2/10/32⁽²⁾		345		358
Progress Residential Trust 17-SFR1, B 144A 3.017%, 8/17/34⁽²⁾		335		335


	PAR VALUE		VALUE
Non-Agency (continued)
RCO Mortgage LLC 17-1, A1 144A 3.375%, 8/25/22⁽¹⁾⁽²⁾	$	328	$	329
Sequoia Mortgage Trust 13-8, B1 3.532%, 6/25/43⁽¹⁾		364		367
Structured Adjustable Rate Mortgage Loan Trust 04-4, 3A2 3.471%, 4/25/34⁽¹⁾		213		216
Towd Point Mortgage Trust
15-1, A2 144A, 3.250%, 10/25/53⁽¹⁾⁽²⁾		610		619
15-6, M1 144A, 3.750%, 4/25/55⁽¹⁾⁽²⁾		185		192
15-2, 1M1 144A, 3.250%, 11/25/60⁽¹⁾⁽²⁾		945		961
Tricon American Homes Trust
16-SFR1, C 144A, 3.487%, 11/17/33⁽²⁾		975		983
17-SFR1, A 144A, 2.716%, 9/17/34⁽²⁾		165		164
Vericrest Opportunity Loan Trust LVI LLC, 17-NPL3, A1 144A 3.500%, 3/25/47⁽¹⁾⁽²⁾		327		329
Vericrest Opportunity Loan Trust LLC 17-NPL7, A1 144A 3.250%, 4/25/59⁽¹⁾⁽²⁾		264		265
Verus Securitization Trust 17-2A, A1 144A 2.485%, 7/25/47⁽¹⁾⁽²⁾		479		479
Wells Fargo Commercial Mortgage Trust 15-LC20, B 3.719%, 4/15/50		675		680

				18,580
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $31,391)				31,329
ASSET-BACKED SECURITIES—3.6%
American Credit Acceptance Receivables Trust 17-2, C 144A 2.860%, 6/12/23⁽²⁾		430		429

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Centre Point Funding LLC 12-2A,1 144A 2.610%, 8/20/21⁽²⁾	$	551	$	543
CKE Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43⁽²⁾		445		448
DB Master Finance LLC 17-1A, A2I 144A 3.629%, 11/20/47⁽²⁾		425		425
Drive Auto Receivables Trust 17-2, C 2.750%, 9/15/23		505		504
Drug Royalty II LP 2 14-1, A2 144A 3.484%, 7/15/23⁽²⁾		251		252
Exeter Automobile Receivables Trust
15-2A, C 144A, 3.900%, 3/15/21⁽²⁾		580		589
16-3A, B 144A, 2.840%, 8/16/21⁽²⁾		685		687
First Investors Auto Owner Trust 17-2A, B 144A 2.650%, 11/15/22⁽²⁾		415		414
Flagship Credit Auto Trust 17-3, C 144A 2.910%, 9/15/23⁽²⁾		505		505
Foursight Capital Automobile Receivables Trust 17-1, B 144A 3.050%, 12/15/22⁽²⁾		400		400
GLS Auto Receivables Trust 17-1A, B 144A 2.980%, 12/15/21⁽²⁾		525		524
Laurel Road Prime Student Loan Trust 17-B, A2FX 144A 2.770%, 8/25/42⁽²⁾		505		504
Mariner Finance Issuance Trust 17-AA, A 144A 3.620%, 2/20/29⁽²⁾		425		427
Murray Hill Marketplace Trust 16-LC1, A 144A 4.190%, 11/25/22⁽²⁾		181		182


	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Navistar Financial Dealer Note Master Owner Trust II 16-1, B 144A , (1 month LIBOR + 1.750%) 2.987%, 9/27/21⁽¹⁾⁽²⁾	$	780	$	782
OneMain Financial Issuance Trust 15-1A, A 144A 3.190%, 3/18/26⁽²⁾		560		566
Prestige Auto Receivables Trust 17-1A, C 144A 2.810%, 1/17/23⁽²⁾		505		506
Prosper Marketplace Issuance Trust 17-2A, B 144A 3.480%, 9/15/23⁽²⁾		420		421
Santander Drive Auto Receivables Trust 16-1, C 3.090%, 4/15/22		990		1,001
SoFi Consumer Loan Program LLC 16-3, A 144A 3.050%, 12/26/25⁽²⁾⁽⁵⁾		311		315
TGIF Funding LLC 17-1A, A2 144A 6.202%, 4/30/47⁽²⁾		423		429
Westlake Automobile Receivables Trust 17-2A, C 144A 2.590%, 12/15/22⁽²⁾		505		504
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $11,345)				11,357
CORPORATE BONDS AND NOTES—26.5%
Consumer Discretionary—2.5%
Caesars Growth Properties Holdings LLC 9.375%, 5/1/22		180		194
CalAtlantic Group, Inc. 5.250%, 6/1/26		350		362
Charter Communications Operating LLC 4.908%, 7/23/25		430		460

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
Consumer Discretionary (continued)
Cooper-Standard Automotive, Inc. 144A 5.625%, 11/15/26⁽²⁾	$	390	$	399
Discovery Communications LLC 3.950%, 3/20/28		405		404
Eldorado Resorts, Inc. 6.000%, 4/1/25		185		194
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24⁽²⁾		150		158
Horton (D.R.), Inc. 4.750%, 2/15/23		510		553
Lear Corp. 3.800%, 9/15/27		505		503
PetSmart, Inc. 144A 7.125%, 3/15/23⁽²⁾		345		269
Priceline Group, Inc. (The) 3.650%, 3/15/25⁽⁵⁾		490		504
QVC, Inc. 4.375%, 3/15/23⁽⁵⁾		665		690
Scientific Games International, Inc. 144A 7.000%, 1/1/22⁽²⁾		100		106
SFR Group S.A. 144A 7.375%, 5/1/26⁽²⁾		415		447
Signet UK Finance plc 4.700%, 6/15/24⁽⁵⁾		525		520
Sirius XM Radio, Inc. 144A 5.375%, 7/15/26⁽²⁾		410		432
TI Group Automotive Systems LLC 144A 8.750%, 7/15/23⁽²⁾		200		212
TRI Pointe Group, Inc. 5.875%, 6/15/24		405		433
Vista Outdoor, Inc. 5.875%, 10/1/23		340		350
Wyndham Worldwide Corp.
5.100%, 10/1/25⁽⁵⁾		615		644
4.500%, 4/1/27		115		115

				7,949


	PAR VALUE		VALUE
Consumer Staples—0.8%
BAT Capital Corp. 144A 3.222%, 8/15/24⁽²⁾	$	505	$	506
CVS Health Corp. 2.875%, 6/1/26⁽⁵⁾		635		613
Flowers Foods, Inc. 4.375%, 4/1/22⁽⁵⁾		690		733
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26		420		403
Safeway, Inc. 7.250%, 2/1/31		285		245
Smithfield Foods, Inc.
144A, 2.650%, 10/3/21⁽²⁾		15		15
144A, 4.250%, 2/1/27⁽²⁾		117		121

				2,636

Energy—2.2%
Alta Mesa Holdings LP 144A 7.875%, 12/15/24⁽²⁾		190		205
Anadarko Petroleum Corp. 6.600%, 3/15/46		215		266
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25		280		301
Crestwood Midstream Partners LP 5.750%, 4/1/25		290		296
Enbridge Energy Partners LP 5.875%, 10/15/25		430		490
Energy Transfer Partners LP 4.200%, 4/15/27		430		435
EP Energy LLC 144A 8.000%, 11/29/24⁽²⁾⁽⁵⁾		165		167
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		290		307
HollyFrontier Corp. 5.875%, 4/1/26⁽⁵⁾		480		522
Kinder Morgan Energy Partners LP 7.500%, 11/15/40		615		771

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
Energy (continued)
MPLX LP 4.875%, 12/1/24⁽⁵⁾	$	635	$	684
NGL Energy Partners LP 5.125%, 7/15/19		335		335
NuStar Logistics LP 5.625%, 4/28/27		150		158
Oasis Petroleum, Inc. 6.875%, 1/15/23		165		168
Petrobras Global Finance BV
144A, 5.299%, 1/27/25⁽²⁾		138		138
7.375%, 1/17/27		630		694
Petroleos Mexicanos
6.875%, 8/4/26		395		449
144A, 6.500%, 3/13/27⁽²⁾		260		289
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		355		399

				7,074

Financials—9.4%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22⁽⁵⁾		495		515
Allstate Corp. (The) 5.750%, 8/15/53⁽³⁾		445		488
Ally Financial, Inc. 5.750%, 11/20/25		300		325
Apollo Management Holdings LP 144A 4.000%, 5/30/24⁽²⁾		475		485
Ares Capital Corp.
4.875%, 11/30/18		65		67
3.875%, 1/15/20		175		179
3.500%, 2/10/23		175		173
Ares Finance Co., LLC 144A 4.000%, 10/8/24⁽²⁾⁽⁵⁾		675		648
Banco de Credito del Peru 144A 6.125%, 4/24/27⁽²⁾		440		486
Banco de Credito e Inversiones 144A 4.000%, 2/11/23⁽²⁾⁽⁵⁾		680		721
Bancolombia S.A. 5.125%, 9/11/22		655		695


	PAR VALUE		VALUE
Financials (continued)
Bank of America Corp.
5.625%, 7/1/20⁽⁵⁾	$	585	$	637
4.200%, 8/26/24⁽⁵⁾		853		897
Brookfield Finance LLC 4.000%, 4/1/24		543		562
Capital One Financial Corp.
4.200%, 10/29/25		450		462
3.750%, 7/28/26		495		490
Citigroup, Inc. 5.500%, 9/13/25		2,000		2,244
Compass Bank 3.875%, 4/10/25⁽⁵⁾		625		624
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22⁽²⁾		720		727
Discover Financial Services 3.950%, 11/6/24		475		486
Ford Motor Credit Co., LLC 5.000%, 5/15/18		740		755
FS Investment Corp.
4.250%, 1/15/20		410		420
4.750%, 5/15/22		100		104
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22		1,000		1,122
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽²⁾		555		569
iStar, Inc.
5.000%, 7/1/19		160		162
6.000%, 4/1/22		120		124
5.250%, 9/15/22		115		117
Jefferies Group LLC
5.125%, 1/20/23		215		235
4.850%, 1/15/27		250		262
JPMorgan Chase & Co. 3.300%, 4/1/26		835		837
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽²⁾		535		598
Kimco Realty Corp. 3.300%, 2/1/25		515		515
Leucadia National Corp. 5.500%, 10/18/23		375		401

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
Financials (continued)
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23⁽²⁾⁽⁵⁾	$	610	$	651
Lincoln National Corp. 4.200%, 3/15/22⁽⁵⁾		625		661
Macquarie Group Ltd. 144A 6.250%, 1/14/21⁽²⁾⁽⁵⁾		520		581
Manulife Financial Corp. 4.150%, 3/4/26⁽⁵⁾		540		575
MetLife, Inc. 4.368%, 9/15/23		590		642
Morgan Stanley
4.100%, 5/22/23		385		402
3.125%, 7/27/26		865		848
Navient Corp.
7.250%, 9/25/23		100		109
6.750%, 6/25/25		250		260
Nordea Bank AB 144A 2.125%, 5/29/20⁽²⁾		300		300
OM Asset Management plc 4.800%, 7/27/26		495		511
Powszechna Kasa Oszczednosci Bank Polski S.A. 144A 4.630%, 9/26/22^(2)(4)(5)		440		472
Prudential Financial, Inc.
5.875%, 9/15/42		165		183
5.625%, 6/15/43⁽³⁾		400		436
S&P Global, Inc. 4.000%, 6/15/25		485		510
Santander Holdings USA, Inc.
144A, 3.700%, 3/28/22⁽²⁾		425		433
144A, 4.400%, 7/13/27⁽²⁾		165		168
Societe Generale S.A. 144A 4.750%, 11/24/25⁽²⁾⁽⁵⁾		500		529
TC Ziraat Bankasi AS 144A 5.125%, 5/3/22⁽²⁾		200		203
Trinity Acquisition plc 4.400%, 3/15/26		200		212


	PAR VALUE		VALUE
Financials (continued)
Turkiye Vakiflar Bankasi TAO 144A 5.625%, 5/30/22⁽²⁾	$	430	$	437
UBS AG 7.625%, 8/17/22		1,235		1,456
Wells Fargo & Co.
3.069%, 1/24/23		225		229
5.900%, 8/15/27		585		637

				29,577

Health Care—2.1%
Abbott Laboratories
3.400%, 11/30/23		105		108
3.750%, 11/30/26		460		472
AbbVie, Inc.
2.850%, 5/14/23		335		337
3.600%, 5/14/25		440		456
3.200%, 5/14/26		275		275
Becton Dickinson & Co.
3.363%, 6/6/24		89		90
3.700%, 6/6/27		530		534
Cardinal Health, Inc.
3.200%, 3/15/23		325		330
3.079%, 6/15/24		25		25
3.410%, 6/15/27		185		186
Community Health Systems, Inc. 6.250%, 3/31/23		210		207
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A 7.625%, 5/15/22⁽²⁾⁽⁸⁾		45		47
Endo Dac 144A 6.000%, 7/15/23⁽²⁾		275		227
Envision Healthcare Corp. 144A 6.250%, 12/1/24⁽²⁾		85		91
Forest Laboratories LLC 144A 4.875%, 2/15/21⁽²⁾		184		198
HCA, Inc. 5.375%, 2/1/25		200		211
MEDNAX, Inc. 144A 5.250%, 12/1/23⁽²⁾		225		236
Mylan, Inc. 4.200%, 11/29/23⁽⁵⁾		500		521

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
Health Care (continued)
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22⁽²⁾	$	300	$	294
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		200		199
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽²⁾		305		320
Team Health Holdings, Inc. 144A 6.375%, 2/1/25⁽²⁾		225		213
Tenet Healthcare Corp.
4.500%, 4/1/21		215		219
144A, 7.500%, 1/1/22⁽²⁾		15		16
144A, 4.625%, 7/15/24⁽²⁾		170		168
Valeant Pharmaceuticals International, Inc.
144A, 6.500%, 3/15/22⁽²⁾		25		26
144A, 7.000%, 3/15/24⁽²⁾		40		43
Zimmer Biomet Holdings, Inc. 3.550%, 4/1/25		605		611

				6,660

Industrials—1.4%
Carpenter Technology Corp. 4.450%, 3/1/23		630		642
CNH Industrial N.V. 4.500%, 8/15/23		359		380
Doric Nimrod Air Alpha Pass-Through-Trust 13-1, A 144A 5.250%, 5/30/23⁽²⁾		390		411
General Electric Capital Corp. 3.150%, 9/7/22		660		685
Masco Corp.
5.950%, 3/15/22		213		240
4.450%, 4/1/25		140		150
Owens Corning 3.400%, 8/15/26		495		488
Pitney Bowes, Inc. 3.875%, 5/15/22		410		403


	PAR VALUE		VALUE
Industrials (continued)
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23⁽²⁾	$	190	$	210
TransDigm, Inc. 6.500%, 5/15/25		115		119
UAL Pass-Through-Trust 07-01, A 6.636%, 7/2/22		568		619

				4,347

Information Technology—1.2%
Apple, Inc. 2.900%, 9/12/27		705		699
Arrow Electronics, Inc. 3.875%, 1/12/28		420		419
Broadcom Corp.
144A, 3.000%, 1/15/22⁽²⁾		185		188
144A, 3.625%, 1/15/24⁽²⁾		340		349
Dell International LLC
144A, 6.020%, 6/15/26⁽²⁾		100		111
144A, 8.100%, 7/15/36⁽²⁾		230		288
First Data Corp. 144A 5.000%, 1/15/24⁽²⁾		570		592
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		300		317
Verisk Analytics, Inc. 4.000%, 6/15/25		470		491
VMware, Inc.
2.950%, 8/21/22		216		217
3.900%, 8/21/27		233		235

				3,906

Materials—2.2%
Alpek SAB de C.V. 144A 5.375%, 8/8/23⁽²⁾⁽⁵⁾		375		399
Anglo American Capital plc 144A 4.000%, 9/11/27⁽²⁾		525		519
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75⁽²⁾⁽³⁾		410		483

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
Materials (continued)
CRH America Finance, Inc. 144A 3. 400%, 5/9/27⁽²⁾	$	425	$	427
Glencore Funding LLC 144A 4.000%, 3/27/27⁽²⁾		425		427
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24⁽²⁾		495		514
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽²⁾		935		966
NOVA Chemicals Corp.
144A, 4.875%, 6/1/24⁽²⁾		175		177
144A, 5.000%, 5/1/25⁽²⁾		240		244
OCP SA 144A 5.625%, 4/25/24⁽²⁾		500		539
Rusal Capital DAC 144A 5.125%, 2/2/22⁽²⁾		430		437
Severstal OAO Via Steel Capital S.A. 144A 3.850%, 8/27/21⁽²⁾⁽⁴⁾		510		521
Standard Industries, Inc. 144A 6.000%, 10/15/25⁽²⁾		410		447
Valvoline, Inc. 144A 4.375%, 8/15/25⁽²⁾		355		361
Vulcan Materials Co. 3.900%, 4/1/27		425		435

				6,896

Real Estate—2.0%
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27		300		306
Corporate Office Properties LP 3.600%, 5/15/23⁽⁵⁾		660		662
Digital Realty Trust LP 5.250%, 3/15/21		415		451
EPR Properties 4.750%, 12/15/26		620		641
Healthcare Trust of America Holdings LP 3.750%, 7/1/27		435		434


	PAR VALUE		VALUE
Real Estate (continued)
Hospitality Properties Trust 4.950%, 2/15/27	$	510	$	534
Kilroy Realty LP 4.375%, 10/1/25		475		499
LifeStorage LP 3.500%, 7/1/26		310		298
MPT Operating Partnership LP
6.375%, 3/1/24		50		54
5.500%, 5/1/24		225		236
5.000%, 10/15/27		195		200
National Retail Properties, Inc. 4.000%, 11/15/25		150		154
Select Income REIT 4.500%, 2/1/25		470		475
Uniti Group, Inc. 144A 7.125%, 12/15/24⁽²⁾		370		312
Welltower, Inc. 4.000%, 6/1/25⁽⁵⁾		500		521
WP Carey, Inc. 4.600%, 4/1/24		400		419

				6,196

Telecommunication Services—1.4%
BellSouth Telecommunications LLC 6.375%, 6/1/28		2,000		2,327
Frontier Communications Corp. 10.500%, 9/15/22		370		323
Sprint Spectrum Co., LLC 144A 3.360%, 9/20/21⁽²⁾		200		203
Telefonica Emisiones SAU 4.570%, 4/27/23⁽⁵⁾		560		612
Verizon Communications, Inc.
2.946%, 3/15/22		505		513
4.125%, 3/16/27		430		449

				4,427

Utilities—1.3%
Dominion Energy, Inc. 2.962%, 7/1/19		50		51

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
Utilities (continued)
Duke Energy Corp. 2.650%, 9/1/26	$	505	$	483
Dynegy, Inc. 7.375%, 11/1/22		410		428
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25⁽²⁾		410		425
Exelon Corp. 3.497%, 6/1/22		605		623
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25⁽²⁾		520		550
Southern Power Co. 4.150%, 12/1/25⁽⁵⁾		570		600
State Grid Overseas Investment 2014 Ltd. 144A 4.125%, 5/7/24⁽²⁾		500		534
TerraForm Power Operating LLC 144A 6.375%, 2/1/23⁽²⁾		360		374

				4,068
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $83,136)				83,736
LOAN AGREEMENTS⁽¹⁾—2.2%
Consumer Discretionary—0.5%
Caesars Entertainment Resort Properties LLC Tranche B, First Lien , (1 month LIBOR + 3.500%) 4.735%, 10/11/20		386		387
Caesars Growth Properties Holdings LLC 2017, First Lien , (1 month LIBOR + 3.000%) 4.235%, 5/8/21		198		198
Playa Resorts Holding B.V. , (3 month LIBOR + 3.000%) 4.320%, 4/29/24		45		45


	PAR VALUE		VALUE
Consumer Discretionary (continued)
Scientific Games International, Inc. Tranche B-4 , (1 month LIBOR + 3.250%) 4.504%, 8/14/24	$	265	$	265
Seminole Tribe of Florida Tranche B , (3 month LIBOR + 2.000%) 3.456%, 7/8/24		270		271
Station Casinos LLC Tranche B , (1 month LIBOR + 2.500%) 3.740%, 6/8/23		241		241
UFC Holdings LLC First Lien , (1 month LIBOR + 3.250%) 4.490%, 8/18/23		245		246

				1,653

Consumer Staples—0.2%
Albertson’s LLC 2017-1, Tranche B-4 , (1 month LIBOR + 2.750%) 3.985%, 8/25/21		257		248
JBS USA Lux S.A. , (3 month LIBOR + 2.500%) 3.804%, 10/30/22		254		250
TKC Holdings, Inc. First Lien , (2 month LIBOR + 4.250%) 5.522%, 2/1/23		194		196

				694

Energy—0.1%
Ultra Resources, Inc. , (3 month LIBOR + 3.000%) 4.309%, 4/12/24		280		279

Health Care—0.4%
CHG Healthcare Services, Inc. First Lien, (3 month LIBOR + 3.250%) 4.561%, 6/7/23		262		264

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE		VALUE
Health Care (continued)
Endo Luxembourg Finance Co. S.a.r.l. , (1 month LIBOR + 4.250%) 5.500%, 4/29/24	$	125	$	126
Envision Healthcare Corp. , (1 month LIBOR + 3.000%) 4.240%, 12/1/23		357		357
HLF Financing S.a.r.l. Senior Lien , (1 month LIBOR + 5.500%) 6.735%, 2/15/23		82		83
lasis Healthcare LLC Tranche B-3 , (3 month LIBOR + 4.000%) 5.274%, 2/17/21		10		10
NVA Holdings, Inc. Second Lien , (3 month LIBOR + 7.000%) 8.333%, 8/14/22		214		216
Parexel International Corp. Tranche B 0.000%, (3 month LIBOR + 3.000%) 9/27/24⁽⁷⁾		50		50
Quorum Health Corp. , (3 month LIBOR + 6.750%) 8.026%, 4/29/22		225		228

				1,334

Industrials—0.4%
Accudyne Industries LLC, (3 month LIBOR + 3.750%) 5.083%, 8/18/24		185		186
Advanced Disposal Services, Inc. , (weekly LIBOR + 2.750%) 3.947%, 11/10/23		41		41
Navistar, Inc. Tranche B , (1 month LIBOR + 4.000%) 5.240%, 8/7/20		297		298
Sedgwick Claims Management Services, Inc. Second Lien , (3 month LIBOR + 5.750%) 7.067%, 2/28/22		300		302


	PAR VALUE		VALUE
Industrials (continued)
Zodiac Pool Solutions LLC Tranche B-1, First Lien , (3 month LIBOR + 4.000%) 5.333%, 12/20/23	$	273	$	276

				1,103

Information Technology—0.1%
Rackspace Hosting, Inc. 2017 Refinancing Tranche B, First Lien , (3 month LIBOR + 3.000%) 4.311%, 11/3/23		301		300

Materials—0.1%
Anchor Glass Container Corp. 2017, First Lien , (3 month LIBOR + 2.750%) 4.024%, 12/7/23		86		87
CPI Acquisition, Inc. First Lien , (3 month LIBOR + 4.500%) 5.962%, 8/17/22		375		265
Tronox Finance LLC
First Lien, (3 month LIBOR + 3.000%) 0.000%, 9/23/24⁽⁷⁾		45		45
First Lien, (3 month LIBOR + 3.000%) 0.000%, 9/23/24⁽⁷⁾		20		20

				417

Real Estate—0.0%
Capital Automotive LP Tranche B-2, First Lien 4.240%, 3/25/24		49		49

Telecommunication Services—0.2%
Level 3 Financing, Inc. 2024, Tranche B , (1 month LIBOR + 2.250%) 3.486%, 2/22/24		335		335
UPC Financing Partnership , (1 month LIBOR + 2.750%) 3.984%, 4/15/25		190		190

				525

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	PAR VALUE			VALUE
Utilities—0.2%
Energy Future Intermediate Holding Co. LLC , (1 month LIBOR + 3.000%) 4.235%, 6/30/18	$	205		$	206
NRG Energy, Inc. , (3 month LIBOR + 2.250%) 3.583%, 6/30/23		246			246
Vistra Operations Co. LLC
Tranche C, (1 month LIBOR + 2.750%) 3.982%, 8/4/23		37			37
(1 month LIBOR + 2.750%) 3.983%, 8/4/23		162			162

					651
TOTAL LOAN AGREEMENTS (Identified Cost $7,087)					7,005

	SHARES
PREFERRED STOCKS—1.0%
Financials—1.0%
Citigroup, Inc. Series J, 7.125%		20			580
Citigroup, Inc. Series T, 6.250%		390	⁽⁶⁾		439
JPMorgan Chase & Co. Series Z, 5.300%⁽⁵⁾		500	⁽⁶⁾		521
KeyCorp Series D, 5.000%		415	⁽⁶⁾		429
M&T Bank Corp. Series F, 5.125%		190	⁽⁶⁾		201
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽⁵⁾		535	⁽⁶⁾		550
Series S, 5.000%⁽⁵⁾		485	⁽⁶⁾		508
TOTAL PREFERRED STOCKS (Identified Cost $3,143)					3,228


	SHARES		VALUE
COMMON STOCKS—83.2%
Consumer Discretionary—5.9%
Compass Group plc Sponsored ADR		131,538	$	2,843
Las Vegas Sands Corp.		164,130		10,531
Meredith Corp.		93,860		5,209

				18,583

Consumer Staples—7.2%
Altria Group, Inc.		146,610		9,298
British American Tobacco plc Sponsored ADR		55,279		3,452
Coca-Cola Co. (The)		85,750		3,860
Imperial Brands plc Sponsored ADR		143,597		6,213

				22,823

Energy—8.0%
Royal Dutch Shell plc Class B Sponsored ADR		181,210		11,333
TOTAL S.A. Sponsored ADR		128,650		6,885
Vermilion Energy, Inc.		196,048		6,976

				25,194

Financials—15.6%
Bank of Hawaii Corp.		42,320		3,528
CI Financial Corp.		189,540		4,122
Cincinnati Financial Corp.		39,710		3,041
HSBC Holdings plc Sponsored ADR		191,170		9,446
Royal Bank of Canada		115,539		8,937
SCOR SE Sponsored ADR		2,204,767		9,348
Zurich Insurance Group AG ADR		356,120		10,898

				49,320

Health Care—7.2%
AstraZeneca plc Sponsored ADR		249,650		8,458
GlaxoSmithKline plc Sponsored ADR		211,240		8,576
Sonic Healthcare Ltd. Sponsored ADR		224,574		3,721

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


	SHARES		VALUE
Health Care (continued)
Takeda Pharmaceutical Co., Ltd. Sponsored ADR		77,200	$	2,138

				22,893

Industrials—5.4%
ABB Ltd. Registered Shares		164,000		4,055
BAE Systems plc Sponsored ADR		211,170		7,285
Waste Management, Inc.		71,740		5,615

				16,955

Information Technology—4.4%
Analog Devices, Inc.		39,340		3,390
Cisco Systems, Inc.		121,870		4,098
Microchip Technology, Inc.		39,080		3,509
Paychex, Inc.		47,590		2,854

				13,851

Materials—2.6%
BASF SE Sponsored ADR		45,370		4,832
RPM International, Inc.		65,880		3,382

				8,214

Real Estate—7.1%
Crown Castle International Corp.		85,910		8,589
Lamar Advertising Co. Class A		92,222		6,320
Realty Income Corp.		128,865		7,370

				22,279

Telecommunication Services—11.6%
AT&T, Inc.		229,573		8,992
BCE, Inc.		195,230		9,143
Spark New Zealand Ltd.		3,290,000		8,674
Vodafone Group plc Sponsored ADR		347,027		9,876

				36,685

Utilities—8.2%
National Grid plc Sponsored ADR		139,775		8,765
PPL Corp.		277,086		10,516


	SHARES		VALUE
Utilities (continued)
WEC Energy Group, Inc.		105,590	$	6,629

				25,910
TOTAL COMMON STOCKS (Identified Cost $252,167)				262,707
EXCHANGE-TRADED FUNDS⁽¹⁰⁾—0.4%
iShares iBoxx $ High Yield Corporate Bond Index Fund		6,050		537
iShares iBoxx $ Investment Grade Corporate Bond Index Fund		6,820		827
TOTAL EXCHANGE-TRADED FUNDS
(Identified Cost $1,359)				1,364

	CONTRACTS
PURCHASED OPTIONS—0.1%

See the table on page 17 of the Schedule of Investments
TOTAL PURCHASED OPTIONS—0.1%
(Premiums Paid $643)				247
TOTAL LONG TERM INVESTMENTS—132.7%
(Identified Cost $408,728)				419,333	⁽⁹⁾
TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS—132.7%
(Identified Cost $408,728)				419,333
WRITTEN OPTIONS—(0.2)%

See the table on page 17 of the Schedule of Investments
TOTAL WRITTEN OPTIONS—(0.2)%
(Premiums Received $1,369)				(626	)
TOTAL INVESTMENTS—132.5%
(Identified Cost $407,359)				418,707
Other assets and liabilities, net—(32.5)%				(102,778	)

NET ASSETS—100.0%			$315,929

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)

Abbreviations

ADR	American Depositary Receipt

FNMA	Federal National Mortgage Association (“Fannie Mae”)

LIBOR

London Interbank Offered Rate

PIK	Payment-in-Kind Security

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾

Variable rate security. Rate disclosed is as of September 30, 2017. For loan agreements, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽²⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, these securities amounted to a value of $51,215 or 16.2% of net assets.

⁽³⁾	Interest payments may be deferred.

⁽⁴⁾	This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁵⁾	All or a portion of the security is segregated as collateral for written options.

⁽⁶⁾	Value shown as par value.

⁽⁷⁾	This loan will settle after September 30, 2017, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁸⁾	100% of the income received was in cash.

⁽⁹⁾	All or a portion of the portfolio is segregated as collateral for borrowings.

⁽¹⁰⁾	Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.


Country Weightings†
United States	57	%
United Kingdom	19
Canada	7
France	4
Switzerland	4
New Zealand	2
Germany	1
Other	6
Total	100	%

†	% of total investments net of written options as of September 30, 2017

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)


Open Purchased Options—0.1%
Description	Contracts		Exercise Price		Expiration Date		Notational Amount		Value
Call Options—0.0%
S&P 500^® Index		869	$	2,600		10/04/17	$	225,940	$	—
S&P 500^® Index		868		2,600		10/06/17		225,680		9
S&P 500^® Index		869		2,600		10/11/17		225,940		5
S&P 500^® Index		870		2,610		10/13/17		227,070		16

										30

Put Options—0.1%
S&P 500^® Index		869		2,380		10/04/17		206,822		15
S&P 500^® Index		868		2,395		10/06/17		207,886		30
S&P 500^® Index		869		2,390		10/11/17		207,691		83
S&P 500^® Index		870		2,405		10/13/17		209,235		89

										217

									$	247


Open Written Options—(0.2)%
Description	Contracts		Exercise Price		Expiration Date		Notational Amount			Value
Call Options—(0.1)%
S&P 500^® Index		869	$	2,550		10/04/17	$	(221,595	)	$	(22	)
S&P 500^® Index		868		2,550		10/06/17		(221,340	)		(48	)
S&P 500^® Index		869		2,550		10/11/17		(221,595	)		(103	)
S&P 500^® Index		870		2,560		10/13/17		(222,720	)		(73	)

											(246	)

Put Options—(0.1)%
S&P 500^® Index		869		2,430		10/04/17		(211,167	)		(29	)
S&P 500^® Index		868		2,445		10/06/17		(212,226	)		(51	)
S&P 500^® Index		869		2,440		10/11/17		(212,036	)		(124	)
S&P 500^® Index		870		2,455		10/13/17		(213,585	)		(176	)

											(380	)

										$	(626	)

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of September 30, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):


	Total Value at September 30, 2017			Level 1 Quoted Prices			Level 2 Significant Observable Inputs
Debt Securities:
Asset-Backed Securities	$	11,357		$	—		$	11,357
Corporate Bonds And Notes		83,736			—			83,736
Foreign Government Securities		4,130			—			4,130
Loan Agreements		7,005			—			7,005
Mortgage-Backed Securities		31,329			—			31,329
Municipal Bonds		4,867			—			4,867
U.S. Government Securities		9,363			—			9,363
Equity Securities:
Common Stocks		262,707			262,707			—
Exchange-Traded Funds		1,364			1,364			—
Preferred Stocks		3,228			580			2,648
Purchased Options		247			242			5

Total Investments before Written Options	$	419,333		$	264,893		$	154,440

Written Options	$	(626	)	$	(626	)	$	—

Total Investments Net of Written Options	$	418,707		$	264,267		$	154,440

There are no Level 3 securities (Significant Unobservable Inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at September 30, 2017.

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND

FINANCIAL HIGHLIGHTS (Unaudited)

SEPTEMBER 30, 2017

(Reported in thousands except for the per share amounts)


	Total Net Assets						Net Asset Value per share
Beginning of period: December 31, 2016				$	345,132					$	12.77
Net investment income*	$	8,579					$	0.34
Net realized and unrealized gain on investments		34,210						1.36
Dividends from net investment income and distributions from net long-term and short-term capital gains**		(39,343	)					(1.56	)
Capital share transactions:
Payments for tendered shares		(33,148	)					0.02
Issuance of common stock related to reinvestment of distributions		499						—

Net increase (decrease) in net assets/net asset value					(29,203	)		0.16

End of period: September 30, 2017				$	315,929					$	12.93

*	Computed using average shares outstanding.

Please note that the tax status of our distributions is determined at the end of the taxable year. However, based on interim data as of September 30, 2017, we estimate that 34.3% of distributions will represent net investment income, 30.8% will represent short-term capital gains, 34.1% will represent long-term capital gains and 0.8% will represent return of capital. Also refer to inside front cover for information on the Managed Distribution Plan.

See Notes to Schedule of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2017 (Unaudited)

Note 1. Significant Accounting Policies

The significant accounting policies consistently followed by the Fund in the preparation of its Schedule of Investments are summarized below and, for derivatives, included in Note 2 below. The preparation of the Schedule of Investments in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the Schedule of Investments. Actual results could differ from those estimates and those differences could be significant.

Security Valuation

Security valuation procedures for the Fund, which include nightly price variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Directors (the “Board”, or the “Directors”). All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to the model. Fair valuations are reviewed quarterly by the Board.

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers between levels at the end of the reporting period.

• Level 1 –

quoted prices in active markets for identical securities (security types generally include listed equities).

• Level 2 –

prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 –

prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

net asset value (“NAV”) (at the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets.

In such cases the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, exchange-traded funds and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities, may also incorporate collateral analysis and utilize cash flow models for valuation, and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds are valued as of the close of regular trading on the NYSE each business day. Both are categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Security Transactions and Investment Income:

Security transactions are recorded on the trade date. Realized gains and losses from sales of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from the underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

Foreign Currency Translation:

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Loan Agreements

The Fund may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Loan agreements are generally non-investment grade and often involve borrowers that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. Loan agreements are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Loan agreements may involve foreign borrowers, and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.

The loan agreements have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR (London Interbank Offered Rate), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a loan agreement is purchased the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

At March 31, 2017, all loan agreements held by the Fund are assignment loans.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

Note 2. Derivative Financial Instruments

Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by the Fund.

Options

contracts

($ reported in thousands)

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed-upon price. The Fund pursues an option income strategy whereby it purchases and sells out-of-the-money puts and calls, creating an options spread designed to generate a consistent level of option cash flow which should result in additional yield. The Fund is subject to equity price risk in the normal course of pursuing its investment objectives.

When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option.

Holdings of the Fund designated to cover outstanding written options are noted in the Schedule of Investments. Purchased options are reported as an asset within “Investment in securities at value” in the Statement of Assets and Liabilities. Options written are reported as a liability within “Written options outstanding at value”. Changes in value of the purchased option is included in “Net change in unrealized appreciation (depreciation) on investments” in the Statement of Operations. Changes in value of written options is included in “Net change in unrealized appreciation (depreciation) on written options”.

If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in “Net realized gain (loss) on investments” in the Statement of Operations. Gain or loss on written options is presented separately as “Net realized gain (loss) on written options” in the Statement of Operations.

The risk in writing covered call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing covered put options is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are normally subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value. However, the Fund may limit its risk of loss when writing an option by purchasing an option by purchasing an option similar to the one that is sold except for the fact it is further “out of the money”.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

SEPTEMBER 30, 2017 (Unaudited)

For the period ended September 30, 2017, the average daily premiums paid by the Fund for purchased options were $468, and the average daily premiums received by the Fund for written options were $1,055.

Note 3. Regulatory Matters And Litigation

From time to time, Virtus Investment Advisers, LLC (“VIA”), the Fund’s Adviser, Kayne Anderson Rudnick Investment Management Co. (“KAR”) and Newfleet Asset Management LLC (“Newfleet”) the Fund’s subadvisers and/or their respective affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Fund’s Adviser believes that the outcomes of such matters are not likely, either individually or in the aggregate, to be material to these financial statements.

Note 4. Recent Pronouncement

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. The financial statements presented are in compliance with the most recent Regulations S-X amendments.

Note 5. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there are no subsequent events that require recognition or disclosure in these financial statements.

KEY INFORMATION

Shareholder Relations: 1-866-270-7788

For general information and literature, as well as updates on net asset value, share price, major industry groups and other key information

REINVESTMENT PLAN

Many of you have questions about our reinvestment plan. We urge shareholders who want to take advantage of this plan and whose shares are held in “Street Name,” to consult your broker as soon as possible to determine if you must change registration into your own name to participate.

REPURCHASE OF SECURITIES

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may from time to time purchase its shares of common stock in the open market when Fund shares are trading at a discount from their net asset value.

PROXY VOTING INFORMATION (FORM N-PX)

The Adviser votes proxies relating to portfolio securities in accordance with procedures that have been approved by the Fund’s Board of Directors. You may obtain a description of these procedures, along with information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-866-270-7788. This information is also available through the Securities and Exchange Commission’s website at http://www.sec.gov.

FORM N-Q INFORMATION

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

101 Munson Street

Greenfield, MA 01301-9668

Board of Directors

George R. Aylward

Philip R. McLoughlin, Chairman

William R. Moyer

James M. Oates

James B. Rogers, Jr.

R. Keith Walton

Brian T. Zino

William H. Wright II, Advisory Member

Officers

George R. Aylward, President and Chief Executive Officer

Frances G. Waltman, Executive Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

William Renahan, Vice President, Chief Legal Officer, and Secretary

Jacqueline Porter, Vice President and Assistant Treasurer

Nancy Engberg, Senior Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Fund Administrator

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

Transfer Agent

Computershare Trust Company, NA

P.O. Box 43078

Providence, RI 02940-3078

Fund Counsel

Sullivan & Worcester LLP

1666 K Street NW

7th Floor

Washington D.C. 20006

This report is transmitted to the shareholders of Virtus Global Dividend & Income Fund Inc. for their information. This is not a prospectus, circular, or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

For more information about

Virtus Closed-End Funds, please

or closedendfunds@virtus.com

or visit Virtus.com.


Q3		11-17

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c/o Computershare Investor Services

P.O. Box 43078

Providence, RI 02940