Edgar Filing: VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

VIRTUS GLOBAL DIVIDEND & INCOME FUND

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 811-05620

Virtus Global Dividend & Income Fund Inc.

(Exact name of registrant as specified in charter)

101 Munson Street

Greenfield, MA 01301-9683

(Address of principal executive offices) (Zip code)

William Renahan, Esq.

Vice President, Chief Legal Officer and Secretary for Registrant

100 Pearl Street

Hartford, CT 06103-4506

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 272-2700

Date of fiscal year end: November 30

Date of reporting period: August 31, 2018

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.

The Schedule of Investments is attached herewith.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—2.8%
U.S. Treasury Bond 2.500%, 2/15/46	$	3,680	$	3,318
3.000%, 8/15/48		775		771
U.S. Treasury Note 1.375%, 4/30/20		2,885		2,828
1.875%, 2/28/22		735		714
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $7,772)				7,631
MUNICIPAL BONDS—2.1%
California—0.7%
State of California, Build America Bonds Taxable 7.600%, 11/1/40		1,000		1,511
University of California, Taxable Series B-A 4.428%, 5/15/48		290		293

				1,804

Idaho—0.1%
Idaho Health Facilities Authority Saint Lukes Health System Revenue Taxable 5.020%, 3/1/48		355		364

New York—1.1%
New York City Transitional Finance Authority Future Tax Secured Revenue Series A-3 5.000%, 8/1/40		1,235		1,409
Port Authority of New York & New Jersey, Consolidated Bonds Revenue 5.000%, 4/15/57		1,515		1,703

				3,112

Virginia—0.2%
City of Bristol, General Obligation Taxable 4.210%, 1/1/42		565		571
TOTAL MUNICIPAL BONDS
(Identified Cost $5,897)				5,851


	PAR VALUE		VALUE
FOREIGN GOVERNMENT SECURITIES—1.2%
Argentine Republic 7.625%, 4/22/46	$	380	$	280
6.875%, 1/11/48		245		171
Dominican Republic 144A 5.950%, 1/25/27⁽²⁾		455		464
Kingdom of Abu Dhabi 144A 2.500%, 10/11/22⁽²⁾		495		477
Kingdom of Bahrain 144A 7.000%, 10/12/28⁽²⁾		490		458
Republic of Indonesia 144A 8.500%, 10/12/35⁽²⁾		440		613
Republic of South Africa 4.300%, 10/12/28		430		378
Sultanate of Oman 144A, 5.375%, 3/8/27⁽²⁾		285		272
144A, 5.625%, 1/17/28⁽²⁾		200		191
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $3,636)				3,304
MORTGAGE-BACKED SECURITIES—9.0%
Agency—2.5%
Federal National Mortgage Association
Pool #AS6947, 3.500%, 4/1/46		3,018		3,006
Pool #AS7244, 3.500%, 5/1/46		2,882		2,869
Pool #AS8483, 3.000%, 12/1/46		773		747
Pool #AS9393, 4.000%, 4/1/47		155		158

				6,780

Non-Agency—6.5%
American Homes 4 Rent Trust 2014-SFR2, C 144A 4.705%, 10/17/36⁽²⁾		610		634
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, 2003-AR3, M4, (3 month LIBOR + 5.850%) 3.329%, 6/25/33⁽¹⁾		87		86

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Non-Agency (continued)
AMSR Trust 2016-SFR1, C 144A, (1 month LIBOR + 2.250%) 4.310%, 11/17/33⁽¹⁾⁽²⁾	$	488	$	488
2016-SFR1, D 144A, (1 month LIBOR + 2.400%) 4.460%, 11/17/33⁽¹⁾⁽²⁾		100		100
Angel Oak Mortgage Trust I LLC 2018-2, A1 144A 3.674%, 7/27/48⁽¹⁾⁽²⁾		140		140
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A 144A 3.218%, 4/14/33⁽²⁾		385		378
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A, 4.250%, 4/28/55⁽²⁾		395		402
2017-SPL5, B1 144A, 4.000%, 6/28/57⁽¹⁾⁽²⁾		175		177
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34⁽²⁾		270		272
Citigroup Commercial Mortgage Trust 2016-SMPL, A 144A 2.228%, 9/10/31⁽²⁾		685		684
Colony Starwood Homes Trust 2016-2A, C 144A, (1 month LIBOR + 2.150%) 4.213%, 12/17/33⁽¹⁾⁽²⁾		490		492
COLT Mortgage Loan Trust Funding LLC 2016-2, A1 144A, 2.750%, 9/25/46⁽¹⁾⁽²⁾		40		40
2017-1, A3 144A, 3.074%, 5/27/47⁽¹⁾⁽²⁾		104		104
Credit Suisse First Boston Mortgage Securities Corp. 2003-AR30, 5A1 3.914%, 1/25/34⁽¹⁾		175		180


	PAR VALUE		VALUE
Non-Agency (continued)
Deephaven Residential Mortgage Trust 2017-1A, A2 144A 2.928%, 12/26/46⁽¹⁾⁽²⁾	$	171	$	170
Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56⁽¹⁾⁽²⁾		213		211
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35⁽²⁾		965		949
Home Equity Mortgage Trust 2005-2, M7, (3 month LIBOR + 1.680%) 3.745%, 7/25/35⁽¹⁾		120		120
JPMorgan Chase (Bear Stearns) Alternate Loan Trust 2004-5, 3A1 4.239%, 6/25/34⁽¹⁾		415		422
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C22, A4 3.801%, 9/15/47		920		936
JPMorgan Chase Mortgage Trust 2014-5, B2 144A, 2.988%, 10/25/29⁽¹⁾⁽²⁾		155		145
2016-2, M2 144A, 3.750%, 12/25/45⁽¹⁾⁽²⁾		604		596
2017-3, 2A2 144A, 2.500%, 8/25/47⁽¹⁾⁽²⁾		215		206
2017-5, A1 144A, 3.172%, 10/26/48⁽¹⁾⁽²⁾		710		703
MetLife Securitization Trust 2017-1A, M1 144A 3.663%, 4/25/55⁽¹⁾⁽²⁾		135		134
New Residential Mortgage Loan Trust 2016-4A, B1A 144A, 4.500%, 11/25/56⁽¹⁾⁽²⁾		672		688
2017-2A, A3 144A, 4.000%, 3/25/57⁽¹⁾⁽²⁾		198		200
2018-1A, A1A 144A, 4.000%, 12/25/57⁽¹⁾⁽²⁾		219		221

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Non-Agency (continued)
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32⁽²⁾	$	345	$	345
Pretium Mortgage Credit Partners I LLC 2017-NPL5, A1 144A 3.327%, 12/30/32⁽¹⁾⁽²⁾		123		123
Progress Residential Trust 2017-SFR1, B 144A, 3.017%, 8/17/34⁽²⁾		335		326
2018-SFR1, B 144A, 3.484%, 3/17/35⁽²⁾		300		297
2018-SFR2, B 144A, 3.841%, 8/17/35⁽²⁾		185		186
RCO Mortgage LLC 2017-1, A1 144A 3.375%, 8/25/22⁽²⁾		342		340
Sequoia Mortgage Trust 2013-8, B1 3.529%, 6/25/43⁽¹⁾		351		341
Structured Adjustable Rate Mortgage Loan Trust 2004-4, 3A2 4.054%, 4/25/34⁽¹⁾		152		154
Towd Point Mortgage Trust 2015-1, A2 144A, 3.250%, 10/25/53⁽¹⁾⁽²⁾		610		603
2015-6, M1 144A, 3.750%, 4/25/55⁽¹⁾⁽²⁾		185		185
2017-1, M1 144A, 3.750%, 10/25/56⁽¹⁾⁽²⁾		200		198
2017-6, A2 144A, 3.000%, 10/25/57⁽¹⁾⁽²⁾		330		311
2018-4, A1 144A, 3.000%, 6/25/58⁽¹⁾⁽²⁾		260		253
2015-2, 1M1 144A, 3.250%, 11/25/60⁽¹⁾⁽²⁾		945		917
Tricon American Homes Trust 2016-SFR1, C 144A, 3.487%, 11/17/33⁽²⁾		975		962
2017-SFR1, A 144A, 2.716%, 9/17/34⁽²⁾		165		160
Vericrest Opportunity Loan Trust LVI LLC 2017-NPL3, A1 144A 3.500%, 3/25/47⁽²⁾		223		222


	PAR VALUE		VALUE
Non-Agency (continued)
Vericrest Opportunity Loan Trust LX LLC 2017-NPL7, A1 144A 3.250%, 6/25/47⁽²⁾	$	146	$	145
Vericrest Opportunity Loan Trust LXIII LLC 2017-NP10, A1 144A 3.000%, 10/25/47⁽²⁾		62		61
Verus Securitization Trust 2017-2A, A1 144A, 2.485%, 7/25/47⁽¹⁾⁽²⁾		335		328
2018-1, A1 144A, 2.929%, 2/25/48⁽¹⁾⁽²⁾		242		239
2018-2, A1 144A, 3.677%, 6/1/58⁽¹⁾⁽²⁾		421		421
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50		675		660

				17,655
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $25,027)				24,435
ASSET-BACKED SECURITIES—4.3%
Auto Floor Plan—0.4%
Navistar Financial Dealer Note Master Owner Trust II 2016-1, B 144A, (1 month LIBOR + 1.750%) 3.815%, 9/27/21⁽¹⁾⁽²⁾		780		781
NextGear Floorplan Master Owner Trust 2018-1A, A2 144A 3.220%, 2/15/23⁽²⁾		355		353

				1,134

Automobiles—2.4%
ACC Trust 2018-1, A 144A 3.700%, 12/21/20⁽²⁾		279		279
American Credit Acceptance Receivables Trust 2017-2, C 144A 2.860%, 6/12/23⁽²⁾		430		429

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Automobiles (continued)
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21⁽²⁾	$	436	$	431
Drive Auto Receivables Trust 2017-2, C 2.750%, 9/15/23		505		504
Exeter Automobile Receivables Trust 2015-2A, C 144A, 3.900%, 3/15/21⁽²⁾		580		583
2016-3A, B 144A, 2.840%, 8/16/21⁽²⁾		685		684
First Investors Auto Owner Trust 2017-2A, B 144A 2.650%, 11/15/22⁽²⁾		415		410
Flagship Credit Auto Trust 2017-3, C 144A 2.910%, 9/15/23⁽²⁾		505		498
Foursight Capital Automobile Receivables Trust 2017-1, B 144A 3.050%, 12/15/22⁽²⁾		400		395
GLS Auto Receivables Trust 2017-1A, B 144A 2.980%, 12/15/21⁽²⁾		525		521
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24⁽²⁾		415		409
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23⁽²⁾		505		496
Santander Drive Auto Receivables Trust 2016-1, C 3.090%, 4/15/22		290		291
Westlake Automobile Receivables Trust 2017-2A, C 144A 2.590%, 12/15/22⁽²⁾		505		501

				6,431

Other—1.3%
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23⁽²⁾		355		354


	PAR VALUE		VALUE
Other (continued)
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47⁽²⁾	$	422	$	415
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22⁽²⁾		390		386
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29⁽²⁾		254		253
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23⁽²⁾		133		132
Mariner Finance Issuance Trust 2017-AA, A 144A 3.620%, 2/20/29⁽²⁾		425		426
OneMain Financial Issuance Trust 2015-1A, A 144A 3.190%, 3/18/26⁽²⁾		237		238
Prosper Marketplace Issuance Trust 2017-2A, B 144A, 3.480%, 9/15/23⁽²⁾		420		419
2018-1A, A 144A, 3.110%, 6/17/24⁽²⁾		253		253
SoFi Consumer Loan Program LLC 2016-3, A 144A, 3.050%, 12/26/25⁽²⁾		189		188
2017-1, A 144A, 3.280%, 1/26/26⁽²⁾		224		224
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47⁽²⁾		414		415

				3,703

Student Loans—0.2%
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A 2.770%, 8/25/42⁽²⁾		505		493
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $11,834)				11,761
CORPORATE BONDS AND NOTES—25.2%
Consumer Discretionary—2.7%
Altice France S.A. 144A 7.375%, 5/1/26⁽²⁾		200		197
Beazer Homes USA, Inc. 6.750%, 3/15/25		250		234

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Consumer Discretionary (continued)
Charter Communications Operating LLC 4.908%, 7/23/25	$	430	$	438
CSC Holdings LLC 144A 5.375%, 2/1/28⁽²⁾		300		288
Discovery Communications LLC 3.950%, 3/20/28		405		385
DISH DBS Corp. 5.875%, 7/15/22		295		283
Dollar General Corp. 4.125%, 5/1/28		405		404
frontdoor, Inc. 144A 6.750%, 8/15/26⁽²⁾		175		179
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24⁽²⁾		135		143
GLP Capital LP 5.750%, 6/1/28		395		419
Graham Holdings Co. 144A 5.750%, 6/1/26⁽²⁾		310		317
Horton (D.R.), Inc. 4.750%, 2/15/23		510		524
Lear Corp. 3.800%, 9/15/27		505		476
Lennar Corp. 5.250%, 6/1/26		290		287
4.750%, 11/29/27		275		262
Live Nation Entertainment, Inc. 144A 5.625%, 3/15/26⁽²⁾		275		276
Marriott Ownership Resorts, Inc. 144A 6.500%, 9/15/26⁽²⁾		155		158
Meredith Corp. 144A 6.875%, 2/1/26⁽²⁾		295		299
PulteGroup, Inc. 6.375%, 5/15/33		280		273
QVC, Inc. 4.375%, 3/15/23⁽⁴⁾		665		657
Tenneco, Inc. 5.000%, 7/15/26		305		271
TRI Pointe Group, Inc. 5.875%, 6/15/24		210		209
Wyndham Worldwide Corp. 4.500%, 4/1/27		280		268

				7,247


	PAR VALUE		VALUE
Consumer Staples—0.8%
Bacardi Ltd. 144A 4.700%, 5/15/28⁽²⁾	$	345	$	344
CVS Health Corp. 2.875%, 6/1/26⁽⁴⁾		700		642
4.300%, 3/25/28		311		309
Flowers Foods, Inc. 4.375%, 4/1/22⁽⁴⁾		330		337
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26		420		383
Safeway, Inc. 7.250%, 2/1/31		235		224

				2,239

Energy—2.6%
Anadarko Petroleum Corp. 6.600%, 3/15/46		215		259
Andeavor Logistics LP 4.250%, 12/1/27⁽⁴⁾		420		414
Bristow Group, Inc. 144A 8.750%, 3/1/23⁽²⁾		115		110
Crestwood Midstream Partners LP 5.750%, 4/1/25		270		276
Enbridge Energy Partners LP 5.875%, 10/15/25		430		473
Energy Transfer Partners LP 4.200%, 4/15/27		430		417
EP Energy LLC 144A 8.000%, 11/29/24⁽²⁾		145		145
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		290		300
HollyFrontier Corp. 5.875%, 4/1/26⁽⁴⁾		480		517
Jagged Peak Energy LLC 144A 5.875%, 5/1/26⁽²⁾		220		217
Kinder Morgan Energy Partners LP 7.500%, 11/15/40⁽⁴⁾		615		758
MPLX LP 4.875%, 12/1/24⁽⁴⁾		695		722
NuStar Logistics LP 5.625%, 4/28/27		320		319
Range Resources Corp. 5.000%, 3/15/23		210		205

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Energy (continued)
Sabine Pass Liquefaction LLC 6.250%, 3/15/22	$	355	$	382
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30⁽³⁾		445		469
Sunoco LP 144A, 4.875%, 1/15/23⁽²⁾		140		138
144A, 5.500%, 2/15/26⁽²⁾		145		139
TransMontaigne Partners LP 6.125%, 2/15/26		120		113
Transocean Guardian Ltd. 144A 5.875%, 1/15/24⁽²⁾		110		110
USA Compression Partners LP 144A 6.875%, 4/1/26⁽²⁾		140		144
Valero Energy Partners LP 4.500%, 3/15/28		330		330

				6,957

Financials—8.6%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22		495		495
Allstate Corp. (The) Series B 5.750%, 8/15/53⁽⁴⁾⁽⁶⁾		485		506
Apollo Management Holdings LP 144A 4.000%, 5/30/24⁽²⁾⁽⁴⁾		475		476
Ares Capital Corp. 3.500%, 2/10/23		175		168
4.250%, 3/1/25⁽⁴⁾		325		314
Ares Finance Co., LLC 144A 4.000%, 10/8/24⁽²⁾⁽⁴⁾		675		639
Athene Holding Ltd. 4.125%, 1/12/28		395		371
Aviation Capital Group LLC 144A 3.500%, 11/1/27⁽²⁾		410		378
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33⁽²⁾		325		297
Banco de Credito e Inversiones 144A 3.500%, 10/12/27⁽²⁾		740		679
Bank of America Corp. 3.004%, 12/20/23		339		330
4.200%, 8/26/24		938		942


	PAR VALUE		VALUE
Financials (continued)
Bank of Montreal 3.803%, 12/15/32	$	621	$	584
BrightSphere Investment Group plc 4.800%, 7/27/26		495		483
Brookfield Finance LLC 4.000%, 4/1/24		598		596
Capital One Financial Corp. 4.200%, 10/29/25⁽⁴⁾		450		443
3.750%, 7/28/26⁽⁴⁾		545		511
Citigroup, Inc. 5.500%, 9/13/25		2,200		2,343
Compass Bank 3.875%, 4/10/25⁽⁴⁾		625		606
FS Investment Corp. 4.250%, 1/15/20		410		411
4.750%, 5/15/22		100		100
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22⁽⁴⁾		455		486
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽²⁾		436		437
ICAHN Enterprises LP 6.375%, 12/15/25		285		289
Jefferies Financial Group, Inc. 5.500%, 10/18/23		375		390
Jefferies Group LLC
6.875%, 4/15/21		59		64
5.125%, 1/20/23		95		99
4.850%, 1/15/27		250		248
JPMorgan Chase & Co. 3.300%, 4/1/26⁽⁴⁾		920		887
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽²⁾		535		586
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23⁽²⁾⁽⁴⁾		610		620
Macquarie Group Ltd. 144A 6.250%, 1/14/21⁽²⁾⁽⁴⁾		520		552
Manulife Financial Corp. 4.150%, 3/4/26⁽⁴⁾		540		548
Morgan Stanley 4.100%, 5/22/23		385		388
3.125%, 7/27/26		955		892
Navient Corp. 7.250%, 9/25/23		100		105
6.750%, 6/25/25		210		209

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Financials (continued)
Prudential Financial, Inc. 5.875%, 9/15/42	$	165	$	176
5.625%, 6/15/43⁽⁶⁾		400		418
Santander Holdings USA, Inc. 3.700%, 3/28/22		425		422
4.400%, 7/13/27		185		180
Societe Generale S.A. 144A 4.750%, 11/24/25⁽²⁾⁽⁴⁾		500		499
Springleaf Finance Corp. 6.875%, 3/15/25		180		180
Synchrony Financial 3.950%, 12/1/27		360		328
Trinity Acquisition plc 4.400%, 3/15/26		200		200
Turkiye Vakiflar Bankasi TAO 144A 5.625%, 5/30/22⁽²⁾		430		315
UBS AG 7.625%, 8/17/22⁽⁴⁾		1,235		1,372
Wells Fargo & Co. 3.550%, 9/29/25		285		279
Series S, 5.900%⁽⁴⁾⁽⁵⁾		585		593

				23,434

Health Care—2.0%
AbbVie, Inc. 3.600%, 5/14/25		485		473
3.200%, 5/14/26		305		287
Allergan Sales LLC 144A 4.875%, 2/15/21⁽²⁾		184		190
AmerisourceBergen Corp. 3.450%, 12/15/27		335		314
Anthem, Inc. 3.650%, 12/1/27		126		120
4.101%, 3/1/28		365		358
Bausch Health Cos., Inc. 144A, 6.500%, 3/15/22⁽²⁾		25		26
144A, 7.000%, 3/15/24⁽²⁾		40		42
144A, 5.500%, 11/1/25⁽²⁾		210		209
Becton Dickinson & Co. 3.363%, 6/6/24		89		86
3.700%, 6/6/27		370		354
Cardinal Health, Inc. 3.200%, 3/15/23		325		316
3.410%, 6/15/27		185		170


	PAR VALUE		VALUE
Health Care (continued)
Centene Corp. 144A 5.375%, 6/1/26⁽²⁾	$	65	$	67
Elanco Animal Health Inc 144A 4.900%, 8/28/28⁽²⁾		80		81
Endo Dac 144A 6.000%, 7/15/23⁽²⁾		275		237
Envision Healthcare Corp. 144A 6.250%, 12/1/24⁽²⁾		85		91
HCA, Inc. 5.375%, 2/1/25		175		177
HLF Financing S.a.r.l. LLC 144A 7.250%, 8/15/26⁽²⁾		200		203
Mylan, Inc. 4.200%, 11/29/23⁽⁴⁾		500		498
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽²⁾		255		266
Tenet Healthcare Corp. 4.625%, 7/15/24		150		147
Teva Pharmaceutical Finance Netherlands III BV 3.150%, 10/1/26		145		120
Zimmer Biomet Holdings, Inc. 3.550%, 4/1/25⁽⁴⁾		665		641

				5,473

Industrials—0.9%
Ashtead Capital, Inc. 144A 4.375%, 8/15/27⁽²⁾		345		333
CNH Industrial N.V. 4.500%, 8/15/23		359		366
3.850%, 11/15/27		222		213
Masco Corp. 5.950%, 3/15/22		213		229
4.450%, 4/1/25		140		142
Oshkosh Corp. 4.600%, 5/15/28		459		461
Owens Corning 3.400%, 8/15/26⁽⁴⁾		495		459
Pitney Bowes, Inc. 4.375%, 5/15/22		410		374

				2,577

Information Technology—1.3%
Arrow Electronics, Inc. 3.875%, 1/12/28		420		397

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Information Technology (continued)
Broadcom Corp. 3.000%, 1/15/22	$	185	$	180
3.625%, 1/15/24		340		329
CDK Global, Inc. 5.875%, 6/15/26		275		282
Citrix Systems, Inc. 4.500%, 12/1/27		380		369
Dell International LLC 144A, 6.020%, 6/15/26⁽²⁾		100		106
144A, 8.100%, 7/15/36⁽²⁾		230		272
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		330		340
Jabil, Inc. 3.950%, 1/12/28		325		310
Verisk Analytics, Inc. 4.000%, 6/15/25		470		466
VMware, Inc. 2.950%, 8/21/22		216		210
3.900%, 8/21/27		233		221

				3,482

Materials—1.8%
Anglo American Capital plc 144A 4.000%, 9/11/27⁽²⁾		525		484
ArcelorMittal 6.125%, 6/1/25		305		332
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75⁽²⁾⁽⁶⁾		410		450
CRH America Finance, Inc. 144A 3.400%, 5/9/27⁽²⁾		425		401
Glencore Funding LLC 144A 4.000%, 3/27/27⁽²⁾		425		399
GTL Trade Finance, Inc. 144A 5.893%, 4/29/24⁽²⁾		295		296
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽²⁾		935		937
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24⁽²⁾		155		152
144A, 5.000%, 5/1/25⁽²⁾		205		198
Rusal Capital Designated Activity Co. 144A 5.125%, 2/2/22⁽²⁾		430		271
Syngenta Finance N.V. 144A 4.441%, 4/24/23⁽²⁾		430		431


	PAR VALUE		VALUE
Materials (continued)
United States Steel Corp. 6.250%, 3/15/26	$	235	$	234
Vulcan Materials Co. 3.900%, 4/1/27		425		409

				4,994

Real Estate—2.1%
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27		300		292
Corporate Office Properties LP 3.600%, 5/15/23⁽⁴⁾		660		643
EPR Properties 4.750%, 12/15/26		620		613
Healthcare Trust of America Holdings LP 3.750%, 7/1/27		435		414
Hospitality Properties Trust 4.950%, 2/15/27		510		507
Kilroy Realty LP 4.375%, 10/1/25		475		479
LifeStorage LP 3.500%, 7/1/26		455		427
3.875%, 12/15/27		165		157
MPT Operating Partnership LP 6.375%, 3/1/24		50		53
5.500%, 5/1/24		190		192
5.000%, 10/15/27		170		167
National Retail Properties, Inc. 4.000%, 11/15/25		150		149
Physicians Realty LP 3.950%, 1/15/28		435		411
Select Income REIT 4.500%, 2/1/25		470		456
Welltower, Inc. 4.000%, 6/1/25⁽⁴⁾		500		496
WP Carey, Inc. 4.600%, 4/1/24⁽⁴⁾		400		406

				5,862

Telecommunication Services—1.4%
AT&T, Inc. 144A 6.375%, 6/1/28⁽²⁾		2,000		2,162

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Telecommunication Services (continued)
Frontier Communications Corp. 7.625%, 4/15/24	$	310	$	195
144A, 8.500%, 4/1/26⁽²⁾		125		118
Sprint Spectrum Co., LLC 144A 3.360%, 9/20/21⁽²⁾		163		162
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28⁽²⁾		400		374
Verizon Communications, Inc. 4.125%, 3/16/27		715		718

				3,729

Utilities—1.0%
Duke Energy Corp. 2.650%, 9/1/26		505		459
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25⁽²⁾		410		388
Exelon Corp. 3.497%, 6/1/22		605		598
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25⁽²⁾		520		529
PSEG Power LLC 3.850%, 6/1/23		118		118
State Grid Overseas Investment 2014 Ltd. 144A 4.125%, 5/7/24⁽²⁾		500		508
TerraForm Power Operating LLC 144A 5.000%, 1/31/28⁽²⁾		215		201
Vistra Operations Co., LLC 144A 5.500%, 9/1/26⁽²⁾		45		46

				2,847
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $71,227)				68,841
LEVERAGED LOANS⁽¹⁾—3.5%
Aerospace—0.0%
TransDigm, Inc. Tranche E, (1 month LIBOR + 2.500%) 4.576%, 5/30/25		125		124


	PAR VALUE		VALUE
Consumer Durables—0.1%
Fluidra, S.A., (1 month LIBOR + 2.250%) 4.326%, 7/2/25	$	70	$	70
Global Appliance, Inc. Tranche B, (1 month LIBOR + 4.000%) 6.080%, 9/29/24		144		143

				213

Consumer Non-Durables—0.1%
Herbalife Nutrition Ltd. Tranche B, (1 month LIBOR + 3.250%) 5.326%, 8/8/25		40		40
Kronos Acquisition Intermediate, Inc., (1 month LIBOR + 4.000%) 6.065%, 5/15/23		280		278

				318

Financial—0.0%
Franklin Square Holdings LP, (3 month LIBOR + 2.500%) 4.625%, 8/1/25		50		50
Genworth Holdings, Inc., (1 month LIBOR + 4.500%) 6.567%, 3/7/23		10		10

				60

Food and Drug—0.1%
Albertson’s LLC Tranche B-4, (1 month LIBOR + 2.750%) 4.826%, 8/25/21		255		255

Food/Tobacco—0.2%
Aramark Intermediate HoldCo Corp. Tranche B-3, (3 month LIBOR + 1.750%) 4.084%, 3/11/25		165		165
CHG PPC Parent LLC First Lien, (1 month LIBOR + 2.750%) 4.826%, 3/31/25		140		139

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Food/Tobacco (continued)
H-Food Holdings, LLC, (1 month LIBOR + 3.000%) 5.065%, 5/23/25	$	35	$	35
JBS USA Lux S.A., (3 month LIBOR + 2.500%) 4.835%, 10/30/22		252		252

				591

Gaming/Leisure—0.6%
Aristocrat Leisure Ltd. Tranche B-3, (2 month LIBOR + 1.750%) 4.098%, 10/19/24		288		287
Gateway Casinos & Entertainment Ltd., (3 month LIBOR + 3.000%) 5.473%, 12/1/23		45		45
GVC Holdings plc Tranche B-2, (1 month LIBOR + 2.500%) 4.576%, 3/29/24		185		185
Playa Resorts Holding B.V., (1 month LIBOR + 2.750%) 4.830%, 4/29/24		213		211
Scientific Games International, Inc. Tranche B-5, (1 month LIBOR + 2.750%) 4.826%, 8/14/24		209		209
Seminole Tribe of Florida 2018 Replacement, Tranche B, (1 month LIBOR + 1.750%) 3.826%, 7/8/24		268		269
Station Casinos LLC Tranche B, (1 month LIBOR + 2.500%) 4.580%, 6/8/23		241		241
Wyndham Hotels & Resorts, Inc. Tranche B, (1 month LIBOR + 1.750%) 3.826%, 5/30/25		350		350

				1,797


	PAR VALUE		VALUE
Healthcare—0.3%
Bausch Health Cos., Inc., (1 month LIBOR + 3.000%) 5.081%, 6/2/25	$	44	$	45
CHG Healthcare Services, Inc. First Lien, (3 month LIBOR + 3.000%) 5.209%, 6/7/23		297		298
Endo Luxembourg Finance Co. S.a.r.l., (1 month LIBOR + 4.250%) 6.375%, 4/29/24		124		124
Iqvia, Inc. Tranche B-3, (3 month LIBOR + 1.750%) 4.084%, 6/11/25		275		275
Quorum Health Corp., (1 month LIBOR + 6.750%) 8.826%, 4/29/22		132		133

				875

Housing—0.3%
American Builders & Contractors Supply Co., Inc. Tranche B-2, (1 month LIBOR + 2.000%) 4.076%, 10/31/23		349		348
Capital Automotive LP Tranche B-2, (1 month LIBOR + 2.500%) 4.580%, 3/25/24		380		380

				728

Information Technology—0.3%
BMC Software Finance, Inc., (3 month LIBOR + 4.250%) 0.000%, 9/1/25⁽⁹⁾		285		285
Rackspace Hosting, Inc. Tranche B, (3 month LIBOR + 3.000%) 5.265%, 11/3/23		388		385

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Information Technology (continued)
Renaissance Holding Corp. First Lien, (3 month LIBOR + 3.250%) 5.584%, 5/30/25	$	60	$	60

				730

Manufacturing—0.1%
Accudyne Industries Borrower S.C.A., (1 month LIBOR + 3.000%) 5.076%, 8/18/24		171		172

Media/Telecom - Cable/Wireless Video—0.2%
Altice US Finance I Corp. 2017 Refinancing, (1 month LIBOR + 2.250%) 4.326%, 7/28/25		279		279
Telenet Financing USD LLC, (1 month LIBOR + 2.250%) 4.313%, 8/15/26		210		207

				486

Media/Telecom - Diversified Media—0.1%
Crown Finance US, Inc., (1 month LIBOR + 2.500%) 4.576%, 2/28/25		294		293

Media/Telecom - Telecommunications—0.3%
CenturyLink, Inc. Tranche B, (1 month LIBOR + 2.750%) 4.826%, 1/31/25		638		630
Level 3 Financing, Inc. Tranche B, (1 month LIBOR + 2.250%) 4.317%, 2/22/24		335		335

				965


	PAR VALUE		VALUE
Media/Telecom - Wireless Communications—0.1%
Digicel International Finance Ltd. Tranche B, (3 month LIBOR + 3.250%) 5.570%, 5/27/24	$	25	$	23
SBA Senior Finance II LLC, (1 month LIBOR + 2.000%) 4.080%, 4/11/25		155		155

				178

Metals/Minerals—0.1%
Covia Holdings Corp., (3 month LIBOR + 3.750%) 6.050%, 6/1/25		210		207

Service—0.2%
Red Ventures LLC First Lien, (1 month LIBOR + 4.000%) 6.076%, 11/8/24		250		252
TKC Holdings, Inc. First Lien, (1 month LIBOR + 3.750%) 5.830%, 2/1/23		193		193

				445

Transportation - Automotive—0.1%
Navistar, Inc. Tranche B, (1 month LIBOR + 3.500%) 5.580%, 11/6/24		219		219

Utility—0.3%
Brookfield WEC Holdings, Inc. (Westinghouse Electric Co., LLC) First Lien, (1 month LIBOR + 3.750%) 5.826%, 8/1/25		220		221
NRG Energy, Inc., (3 month LIBOR + 1.750%) 4.084%, 6/30/23		244		243

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	PAR VALUE			VALUE
Utility (continued)
Vistra Operations Co., LLC
(1 month LIBOR + 2.000%) 4.076%, 8/4/23	$	160		$	160
(1 month LIBOR + 2.000%) 4.068%, 12/31/25		160			160

					784
TOTAL LEVERAGED LOANS (Identified Cost $9,459)					9,440

	SHARES
PREFERRED STOCKS—1.0%
Financials—1.0%
Huntington Bancshares, Inc. Series E, 5.700%		280	⁽⁷⁾		279
JPMorgan Chase & Co. Series Z, 5.300%⁽⁴⁾		550	⁽⁷⁾		562
KeyCorp Series D, 5.000%⁽⁸⁾		270	⁽⁷⁾		266
M&T Bank Corp. Series F, 5.125%⁽⁸⁾		355	⁽⁷⁾		353
MetLife, Inc. Series D, 5.875%		156	⁽⁷⁾		161
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽⁴⁾		535	⁽⁷⁾		536
Series S, 5.000%⁽⁴⁾		485	⁽⁷⁾		485
TOTAL PREFERRED STOCKS
(Identified Cost $2,663)					2,642
COMMON STOCKS—83.8%
Consumer Discretionary—3.5%
Compass Group plc Sponsored ADR		113,578			2,479
Las Vegas Sands Corp.		108,110			7,073

					9,552

Consumer Staples—9.4%
Altria Group, Inc.		71,157			4,164
British American Tobacco plc Sponsored ADR		47,279			2,287


	SHARES		VALUE
Consumer Staples (continued)
Clorox Co. (The)		39,680	$	5,753
Coca-Cola Co. (The)		158,980		7,086
Imperial Brands plc		57,340		2,040
Imperial Brands plc Sponsored ADR		121,477		4,317

				25,647

Energy—8.8%
Royal Dutch Shell plc Class B Sponsored ADR		154,140		10,386
TOTAL S.A. Sponsored ADR		108,830		6,828
Vermilion Energy, Inc.		214,518		6,800

				24,014

Financials—15.2%
Bank of Hawaii Corp.		36,520		3,036
HSBC Holdings plc		243,930		2,115
HSBC Holdings plc Sponsored ADR		156,755		6,899
Royal Bank of Canada		99,109		7,881
Sabre Insurance Group plc		968,000		3,489
SCOR SE Sponsored ADR		1,329,587		5,318
Tokio Marine Holdings, Inc.		86,870		4,095
Zurich Insurance Group AG ADR		283,280		8,620

				41,453

Health Care—8.7%
AstraZeneca plc Sponsored ADR		120,270		4,611
GlaxoSmithKline plc		94,260		1,907
GlaxoSmithKline plc Sponsored ADR		172,460		6,985
Merck & Co., Inc.		97,430		6,683
Sonic Healthcare Ltd. Sponsored ADR		190,944		3,614

				23,800

Industrials—6.6%
ABB Ltd. Registered Shares		205,410		4,843
Air New Zealand Ltd.		1,988,670		4,342
Port of Tauranga Ltd.		558,800		1,874
Waste Management, Inc.		26,660		2,423

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)


	SHARES		VALUE
Industrials (continued)
Watsco, Inc.		26,260	$	4,595

				18,077

Information Technology—4.7%
Analog Devices, Inc.		31,150		3,079
Cisco Systems, Inc.		48,830		2,333
Paychex, Inc.		44,110		3,231
Tieto OYJ		129,880		4,215

				12,858

Materials—2.3%
Sonoco Products Co.		109,440		6,133

Real Estate—7.5%
Crown Castle International Corp.		51,970		5,926
Lamar Advertising Co. Class A		103,142		7,947
Realty Income Corp.		109,745		6,428

				20,301

Telecommunication Services—9.8%
AT&T, Inc.		202,083		6,454
BCE, Inc.		238,830		9,737
Spark New Zealand Ltd.		3,997,540		10,553

				26,744

Utilities—7.3%
Duke Energy Corp.		93,300		7,580
Fortis, Inc.		190,730		6,241
WEC Energy Group, Inc.		89,850		6,072

				19,893
TOTAL COMMON STOCKS (Identified Cost $222,976)				228,472
EXCHANGE-TRADED FUND—0.3%
iShares iBoxx High Yield Corporate Bond Index Fund⁽¹⁰⁾		8,200		708
TOTAL EXCHANGE-TRADED FUND (Identified Cost $701)				708
TOTAL LONG-TERM INVESTMENTS—133.2%
(Identified Cost $361,192)				363,085	⁽¹¹⁾


	SHARES		VALUE
SHORT-TERM INVESTMENTS—2.0%
Purchased Options—0.1%
(See the open purchased options table on page 15 for the detailed information)
TOTAL PURCHASED OPTIONS—0.1%
(Premiums Paid $582)			$	294
Money Market Mutual Fund—1.9%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.840%)⁽¹⁰⁾		5,237,538		5,238	⁽¹¹⁾
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $5,820)				5,532
TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS—135.2%
(Identified Cost $367,012)				368,617
WRITTEN OPTIONS—(0.3)%
(See the open written options table on page 15 for the detailed information)
TOTAL WRITTEN OPTIONS—(0.3)%
(Premiums Received $1,203)				(738	)
TOTAL INVESTMENTS NET OF WRITTEN OPTIONS—134.9%
(Identified Cost $365,809)				367,879
Other assets and liabilities, net—(34.9)%				(95,109	)

NET ASSETS—100.0%			$272,770

Abbreviations

ADR	American Depositary Receipt

LIBOR

London Interbank Offered Rate

REIT	Real Estate Investment Trust

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)

Footnote Legend:

⁽¹⁾

Variable rate security. Rate disclosed is as of August 31, 2018. For leveraged loans, 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 August 31, 2018, these securities amounted to a value of $47,509 or 17.4% of net assets.

⁽³⁾	Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁴⁾	All or a portion of the security is segregated as collateral for written options.

⁽⁵⁾	No contractual maturity date.

⁽⁶⁾	Interest payments may be deferred.

⁽⁷⁾	Value shown as par value.

⁽⁸⁾	Interest may be forfeited.

⁽⁹⁾	This loan will settle after August 31, 2018, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽¹⁰⁾	Shares of this fund are publicly offered and its prospectus and annual reports are publicly available.

⁽¹¹⁾	All or a portion of the portfolio is segregated as collateral for borrowings.


Country Weightings†
United States	59	%
United Kingdom	13
Canada	9
New Zealand	5
Switzerland	4
France	3
Australia	1
Other	6
Total	100	%

†	% of total investments net of written options as of August 31, 2018.

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)

Open Purchased Options contracts as of August 31, 2018, were as follows:


Description of Options	Number of Contracts		Contract Notional Amount		Strike Price⁽¹⁾		Expiration Date		Value
Call Options
S&P 500^® Index		464	$	139,200	$	3,000		9/4/18	$	2
S&P 500^® Index		631		188,669		2,990		9/5/18		6
S&P 500^® Index		151		45,225		2,995		9/7/18		3
S&P 500^® Index		504		152,712		3,030		9/10/18		1
S&P 500^® Index		689		208,767		3,030		9/12/18		3
S&P 500^® Index		151		45,904		3,040		9/14/18		8

										23

Put Options
S&P 500^® Index		464		125,280		2,700		9/4/18		10
S&P 500^® Index		631		171,632		2,720		9/5/18		38
S&P 500^® Index		151		41,374		2,740		9/7/18		14
S&P 500^® Index		504		138,852		2,755		9/10/18		64
S&P 500^® Index		689		190,164		2,760		9/12/18		107
S&P 500^® Index		151		41,676		2,760		9/14/18		38

										271

Total Purchased Options									$	294

Open Written Options contracts as of August 31, 2018, were as follows:


Description of Options	Number of Contracts		Contract Notional Amount		Strike Price⁽¹⁾		Expiration Date		Value
Call Options
S&P 500^® Index		464	$	136,184	$	2,935		9/4/18	$	(8	)
S&P 500^® Index		631		184,883		2,930		9/5/18		(65	)
S&P 500^® Index		151		44,470		2,945		9/7/18		(15	)
S&P 500^® Index		504		149,688		2,970		9/10/18		(27	)
S&P 500^® Index		689		204,978		2,975		9/12/18		(48	)
S&P 500^® Index		151		45,149		2,990		9/14/18		(11	)

										(174	)

Put Options
S&P 500^® Index		464		128,296		2,765		9/4/18		(14	)
S&P 500^® Index		631		175,418		2,780		9/5/18		(29	)
S&P 500^® Index		151		42,129		2,790		9/7/18		(18	)
S&P 500^® Index		504		141,876		2,815		9/10/18		(153	)
S&P 500^® Index		689		193,954		2,815		9/12/18		(289	)
S&P 500^® Index		151		42,431		2,810		9/14/18		(61	)

										(564	)

Total Written Options									$	(738	)

Footnote Legend:

⁽¹⁾	Strike price not reported in thousands.

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2018

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of August 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):


	Total Value at August 31, 2018			Level 1 Quoted Prices			Level 2 Significant Observable Inputs
Debt Securities:
Asset-Backed Securities	$	11,761		$	—		$	11,761
Corporate Bonds And Notes		68,841			—			68,841
Foreign Government Securities		3,304			—			3,304
Leveraged Loans		9,440			—			9,440
Mortgage-Backed Securities		24,435			—			24,435
Municipal Bonds		5,851			—			5,851
U.S. Government Securities		7,631			—			7,631
Equity Securities:
Common Stocks		228,472			228,472			—
Preferred Stocks		2,642			—			2,642
Exchange-Traded Fund		708			708			—
Money Market Mutual Fund		5,238			5,238			—
Purchased Options		294			182			112

Total Investments before Written Options	$	368,617		$	234,600		$	134,017

Written Options	$	(738	)	$	(738	)	$	—

Total Investments Net of Written Options	$	367,879		$	233,862		$	134,017

There were no securities valued using significant unobservable inputs (Level 3) at August 31, 2018.

There were no transfers between Level 1, Level 2 or Level 3 related to securities held at August 31, 2018.

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS

AUGUST 31, 2018 (Unaudited)

Note 1. Significant Accounting Policies

Virtus Global Dividend & Income Fund Inc. is a closed-end, diversified management investment company registered under the Investment Company Act of 1940 (the “Act”). The Fund follows the accounting and reporting guidance of of Accounting Standards Codification Topic 946 applicable to Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its Schedule of Investments 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 of the Fund (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 any model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly.

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.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

AUGUST 31, 2018 (Unaudited)

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 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 internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Claims are valued by brokers based on pricing models that take into account, among other factors, both cash and non-cash assets. The valuation is derived from expected cash flow of the claims and the non-cash assets, which include all real estate, private equity or other securities within the estate. To the extent that these inputs are observable, the values of the claims are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Listed derivatives, such as options, 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 and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is 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

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

AUGUST 31, 2018 (Unaudited)

methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Leveraged Loans

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. Leveraged loans 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. Leveraged loans 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 leveraged loans 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 leveraged loan. 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. Leveraged loans may involve foreign borrowers, and investments may be denominated in foreign currencies. Direct

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

AUGUST 31, 2018 (Unaudited)

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 leveraged loans 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, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan 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 leveraged loan. Prepayment penalty fees are received upon the prepayment of a Leveraged loans by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

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 as collateral for outstanding written options are noted in the Schedule of Investments.

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.

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

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

AUGUST 31, 2018 (Unaudited)

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”.

For the period ended August 31, 2018, the average daily premiums paid by the Fund for purchased options were $544, and the average daily premiums received by the Fund for written options were $1,103.

Note 3. Illiquid and Restricted Securities

($ reported in thousands)

Investments are generally considered illiquid if they cannot be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the Fund. Additionally, the following information is also considered in determining liquidity: the frequency of trades and quotes for the investment, whether the investment is listed for trading on a recognized domestic exchange and/or whether two or more brokers are willing to purchase or sell the security at a comparable price, the extent of market making activity in the investment and the nature of the market for investment. Restricted securities are illiquid securities, as defined above, not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category, except where defined as illiquid. The Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

At August 31, 2018, the Fund did not hold any securities that were illiquid or restricted.

Note 4. 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.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

AUGUST 31, 2018 (Unaudited)

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 the following subsequent event requires recognition or disclosure in these financial statements.

Effective October 15, 2018, Rampart Investment Management, an investment management affiliate of Virtus Investment Partners that specializes in options strategies, has been appointed as an additional investment subadviser to manage the existing options overlay strategy on the Fund. Warun Kumar, chief investment officer, Rampart, who previously managed the strategy through Newfleet Asset Management, has been added as a portfolio manager to the Fund.

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 the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (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.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are 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)		Virtus Global Dividend & Income Fund Inc.


By (Signature and Title)*		/s/ George R. Aylward
		George R. Aylward, President
		(principal executive officer)

Date 10/30/2018

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/George R. Aylward
		George R. Aylward, President
		(principal executive officer)

Date 10/30/2018


By (Signature and Title)*		/s/ W. Patrick Bradley
		W. Patrick Bradley, Executive Vice President,
		Chief Financial Officer, and Treasurer
		(principal financial officer)

Date 10/30/2018

^* Print the name and title of each signing officer under his or her signature.