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

March 31, 2018

FUND DISTRIBUTIONS AND MANAGED DISTRIBUTION PLAN

The Board of Directors of Virtus Global Dividend & Income Fund Inc. (“Fund”) adopted a Managed Distribution Plan (the “Plan”) which provides for the Fund to make a monthly distribution of $0.113 per share. Under the terms of the Plan, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income, realized capital gains, and a return of capital, or a combination thereof.

If the Fund estimates that it has distributed more than its income and capital gains in a particular period, a portion of your distribution may be a return of 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 should not be confused with “yield” or “income.”

To the extent that the Fund uses capital gains and/or return of capital to supplement its investment income, you should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s Managed Distribution Plan.

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 will send shareholders a Form 1099-DIV for 2018 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 Virtus Global Dividend & Income Fund Inc. Shareholder:

Enclosed is the quarterly report for the Virtus Global Dividend & Income Fund Inc. (ZTR) for the three-month period ended March 31, 2018.

For the three months ended March 31, 2018, the fund’s net asset value (NAV) decreased 12.23%, including $0.339 in reinvested distributions, and its market price decreased 15.60%. During the same period, the fund’s composite benchmark, consisting of the fund’s composite benchmark, consisting of 60% Russell Developed Large Cap Index (net)⁽¹⁾ and 40% Bloomberg Barclays U.S. Aggregate Bond Index⁽²⁾, declined 1.27%, including reinvested dividends. Performance for the composite’s underlying indices over this period included a loss of 1.26% for the Russell Developed Large Cap Index (net) and a loss of 1.46% for the Bloomberg Barclays U.S. Aggregate Bond Index.

The fund’s performance was reflective of the profound shift in the financial markets that occurred during the quarter and the impact of the fund’s options overlay strategy, which lost 8.51% (gross of expenses) for the three months ended March 31, 2018. The fund’s options overlay strategy was affected by market volatility that was at historically low levels in January, but returned in February, as evidenced by steep market losses early in the month, followed by a partial recovery and a plunge again in late March. While the options overlay strategy can adapt to a broad range of market volatility, an abrupt shift from lower to higher volatility, such as occurred twice in the quarter, can lead to significant losses. On balance, we continue to believe the options overlay strategy provides benefits to the fund over time when market volatility is more consistently in line with historical long-term levels.

Thank you to all shareholders for entrusting your assets to us. Should you have any questions or require support, the Virtus customer service team is ready to assist at 1-866-270-7788 or through the closed-end fund section of our website, virtus.com.

Sincerely,

LOGO

George R. Aylward

President, Chief Executive Officer, and Director

Virtus Global Dividend & Income Fund Inc.

May 2018

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)

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.

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.

Options Overlay Strategy: The options overlay strategy may not be successful in achieving its objective of increasing distributable income while limiting the risk of loss and, in periods of significant moves in the S&P 500 Index, has resulted and, in the future, may result in losses for investors.

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.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS

MARCH 31, 2018 (Unaudited)



Asset Allocations

The following table presents the portfolio within certain sectors or countries and as a percentage of total investments, net of written options as of March 31, 2018.
Common Stocks			62	%
Financials	13	%
Telecommunication Services	7
Energy	7
Industrials	6
All other Common Stock	29
Corporate Bonds and Notes			21
Financials	7
Energy	2
Health Care	2
All other Corporate Bonds and Notes	10
Mortgage-Backed Securities			7
Asset-Backed Securities			3
Leveraged Loans			2
Other (including short-term investments)			5

Total			100	%

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—0.7%
U.S. Treasury Bond 2.500%, 2/15/46	$	2,235	$	2,029
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $2,126)				2,029
MUNICIPAL BONDS—2.0%
California—1.2%
State of California, Build America Bonds Taxable 7.600%, 11/1/40		2,000		3,094

New York—0.6%
Port Authority of New York & New Jersey, Consolidated Bonds Revenue 5.000%, 4/15/57		1,515		1,712

Virginia—0.2%
City of Bristol, General Obligation Taxable 4.210%, 1/1/42		565		574
TOTAL MUNICIPAL BONDS
(Identified Cost $5,425)				5,380
FOREIGN GOVERNMENT SECURITIES—1.4%
Argentine Republic 5.875%, 1/11/28		250		235
7.625%, 4/22/46		380		378
6.875%, 1/11/48		245		224
Dominican Republic 144A 5.950%, 1/25/27⁽²⁾		455		475
Kingdom of Abu Dhabi 144A 2.500%, 10/11/22⁽²⁾		495		477
Kingdom of Bahrain 144A 7.000%, 10/12/28⁽²⁾		490		472
Republic of South Africa 4.665%, 1/17/24		410		412
4.300%, 10/12/28		430		402
Republic of Turkey 7.375%, 2/5/25		261		289
Sultanate of Oman 144A, 5.375%, 3/8/27⁽²⁾		285		278
144A, 5.625%, 1/17/28⁽²⁾		200		195
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $3,984)				3,837


	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES—9.6%
Agency—2.7%
Federal National Mortgage Association Pool #AS6947, 3.500%, 4/1/46	$	3,219	$	3,227
Pool #AS7244, 3.500%, 5/1/46		3,039		3,047
Pool #AS8483, 3.000%, 12/1/46		799		779
Pool #AS9393, 4.000%, 4/1/47		166		171

				7,224

Non-Agency—6.9%
American Homes 4 Rent Trust 2014-SFR2, C 144A 4.705%, 10/17/36⁽²⁾		610		641
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, 2003-AR3, M4, (5.850% minus 1 month LIBOR) 4.748%, 6/25/33⁽¹⁾		93		92
AMSR Trust 2016-SFR1, C 144A, (1 month LIBOR + 2.250%) 4.058%, 11/17/33⁽¹⁾⁽²⁾		488		492
2016-SFR1, D 144A, (1 month LIBOR + 2.400%) 4.208%, 11/17/33⁽¹⁾⁽²⁾		100		100
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A 144A 3.218%, 4/14/33⁽²⁾		385		379
Bayview Opportunity Master Fund IIIb Trust 2017-RN2, A1 144A 3.475%, 4/28/32⁽¹⁾⁽²⁾		63		63
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A, 4.250%, 4/28/55⁽²⁾		395		408
2017-SPL5, B1 144A, 4.000%, 6/28/57⁽¹⁾⁽²⁾		175		180

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Non-Agency (continued)
2017-SPL1, B1 144A, 4.250%, 10/28/64⁽¹⁾⁽²⁾	$	263	$	269
Bayview Opportunity Master Fund IVb Trust 2017-SPL3, B1 144A 4.250%, 11/28/53⁽¹⁾⁽²⁾		345		360
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34⁽²⁾		270		275
Citigroup Commercial Mortgage Trust 2016-SMPL, A 144A 2.228%, 9/10/31⁽²⁾		685		664
Colony Starwood Homes Trust 2016-2A, C 144A, (1 month LIBOR + 2.150%) 3.927%, 12/17/33⁽¹⁾⁽²⁾		490		490
COLT Mortgage Loan Trust Funding LLC 2016-2, A1 144A, 2.750%, 9/25/46⁽¹⁾⁽²⁾		55		54
2017-1, A3 144A, 3.074%, 5/27/47⁽¹⁾⁽²⁾		138		139
Credit Suisse First Boston Mortgage Securities Corp. 2003-AR30, 5A1 3.537%, 1/25/34⁽¹⁾		188		193
Deephaven Residential Mortgage Trust 2017-1A, A2 144A 2.928%, 12/26/46⁽¹⁾⁽²⁾		235		233
Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56⁽¹⁾⁽²⁾		238		238
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35⁽²⁾		965		949
Home Equity Mortgage Trust 2005-2, M7, (1 month LIBOR + 1.680%) 3.552%, 7/25/35⁽¹⁾		203		202
JPMorgan Chase (Bear Stearns) Alternate Loan Trust 2004-5, 3A1 3.835%, 6/25/34⁽¹⁾		435		445


	PAR VALUE		VALUE
Non-Agency (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C22, A4 3.801%, 9/15/47	$	1,320	$	1,352
JPMorgan Chase Mortgage Trust 2014-5, B2 144A, 2.998%, 10/25/29⁽¹⁾⁽²⁾		162		154
2016-2, M2 144A, 3.750%, 12/25/45⁽¹⁾⁽²⁾		631		630
2017-3, 2A2 144A, 2.500%, 8/25/47⁽¹⁾⁽²⁾		234		227
2017-5, A1 144A, 3.184%, 10/26/48⁽¹⁾⁽²⁾		778		774
MetLife Securitization Trust 2017-1A, M1 144A 3.640%, 4/25/55⁽¹⁾⁽²⁾		135		136
New Residential Mortgage Loan Trust 2016-4A, B1A 144A, 4.500%, 11/25/56⁽¹⁾⁽²⁾		683		707
2017-2A, A3 144A, 4.000%, 3/25/57⁽¹⁾⁽²⁾		218		222
2018-1A, A1A 144A, 4.000%, 12/25/57⁽¹⁾⁽²⁾		238		243
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32⁽²⁾		345		348
Pretium Mortgage Credit Partners I LLC 2017-NPL5, A1 144A 3.327%, 12/30/32⁽¹⁾⁽²⁾		151		151
Progress Residential Trust 2017-SFR1, B 144A, 3.017%, 8/17/34⁽²⁾		335		328
2018-SFR1, B 144A, 3.484%, 3/17/35⁽²⁾		300		300
RCO Mortgage LLC 2017-1, A1 144A 3.375%, 8/25/22⁽¹⁾⁽²⁾		597		595
Sequoia Mortgage Trust 2013-8, B1 3.533%, 6/25/43⁽¹⁾		358		351

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Non-Agency (continued)
Structured Adjustable Rate Mortgage Loan Trust 2004-4, 3A2 3.813%, 4/25/34⁽¹⁾	$	176	$	178
Towd Point Mortgage Trust 2015-1, A2 144A, 3.250%, 10/25/53⁽¹⁾⁽²⁾		610		608
2015-6, M1 144A, 3.750%, 4/25/55⁽¹⁾⁽²⁾		185		188
2017-1, M1 144A, 3.750%, 10/25/56⁽¹⁾⁽²⁾		200		202
2017-6, A2 144A, 3.000%, 10/25/57⁽¹⁾⁽²⁾		330		319
2015-2, 1M1 144A, 3.250%, 11/25/60⁽¹⁾⁽²⁾		945		932
Tricon American Homes Trust 2016-SFR1, C 144A, 3.487%, 11/17/33⁽²⁾		975		967
2017-SFR1, A 144A, 2.716%, 9/17/34⁽²⁾		165		161
Vericrest Opportunity Loan Trust LVI LLC 2017-NPL3, A1 144A 3.500%, 3/25/47⁽¹⁾⁽²⁾		294		294
Vericrest Opportunity Loan Trust LX LLC 2017-NPL7, A1 144A 3.250%, 6/25/47⁽¹⁾⁽²⁾		196		195
Vericrest Opportunity Loan Trust LXIII LLC 2017-NP10, A1 144A 3.000%, 10/25/47⁽¹⁾⁽²⁾		100		99
Verus Securitization Trust 2017-2A, A1 144A, 2.485%, 7/25/47⁽¹⁾⁽²⁾		393		390
2018-1, A1 144A, 2.929%, 2/25/48⁽¹⁾⁽²⁾		295		295
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50		675		669

				18,881
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $26,617)				26,105


	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—4.4%
Auto Floor Plan—0.3%
Navistar Financial Dealer Note Master Owner Trust II 2016-1, B 144A, (1 month LIBOR + 1.750%) 3.622%, 9/27/21⁽¹⁾⁽²⁾	$	780	$	783

Automobiles—2.3%
American Credit Acceptance Receivables Trust 2017-2, C 144A 2.860%, 6/12/23⁽²⁾		430		427
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21⁽²⁾		496		491
Drive Auto Receivables Trust 2017-2, C 2.750%, 9/15/23		505		502
Exeter Automobile Receivables Trust 2015-2A, C 144A, 3.900%, 3/15/21⁽²⁾		580		585
2016-3A, B 144A, 2.840%, 8/16/21⁽²⁾		685		685
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		499
Foursight Capital Automobile Receivables Trust 2017-1, B 144A 3.050%, 12/15/22⁽²⁾		400		393
GLS Auto Receivables Trust 2017-1A, B 144A 2.980%, 12/15/21⁽²⁾		525		522
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24⁽²⁾		415		408
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23⁽²⁾		505		496

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Automobiles (continued)
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		500

				6,209

Other—1.7%
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23⁽²⁾		355		354
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47⁽²⁾		424		422
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⁾		332		325
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23⁽²⁾		187		186
Mariner Finance Issuance Trust 2017-AA, A 144A 3.620%, 2/20/29⁽²⁾		425		427
NextGear Floorplan Master Owner Trust 2018-1A, A2144A 3.220%, 2/15/23⁽²⁾		355		355
OneMain Financial Issuance Trust 2015-1A, A 144A 3.190%, 3/18/26⁽²⁾		449		450
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⁾		355		355
SoFi Consumer Loan Program LLC 2016-3, A 144A, 3.050%, 12/26/25⁽²⁾		242		242


	PAR VALUE		VALUE
Other (continued)
2017-1, A 144A, 3.280%, 1/26/26⁽²⁾	$	280	$	281
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47⁽²⁾		419		421

				4,623

Student Loans—0.2%
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A 2.770%, 8/25/42⁽²⁾		505		497
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $12,183)				12,112
CORPORATE BONDS AND NOTES—28.3%
Consumer Discretionary—2.3%
Altice France S.A. 144A 7.375%, 5/1/26⁽²⁾		415		395
Beazer Homes USA, Inc. 6.750%, 3/15/25		305		302
Charter Communications Operating LLC 4.908%, 7/23/25		430		439
CSC Holdings LLC 144A 5.375%, 2/1/28⁽²⁾		300		283
Discovery Communications LLC 3.950%, 3/20/28		405		389
Dollar General Corp. 4.125%, 5/1/28		405		408
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24⁽²⁾		150		159
Horton (D.R.), Inc. 4.750%, 2/15/23		510		535
L Brands, Inc. 6.875%, 11/1/35		182		177
Lear Corp. 3.800%, 9/15/27		505		485
Lennar Corp. 144A, 5.250%, 6/1/26⁽²⁾		350		346
144A, 4.750%, 11/29/27⁽²⁾		335		321
Live Nation Entertainment, Inc. 144A 5.625%, 3/15/26⁽²⁾		230		233

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Consumer Discretionary (continued)
Meredith Corp. 144A 6.875%, 2/1/26⁽²⁾	$	115	$	118
QVC, Inc. 4.375%, 3/15/23⁽⁴⁾		665		665
TRI Pointe Group, Inc. 5.875%, 6/15/24		245		249
Wyndham Worldwide Corp. 5.100%, 10/1/25⁽⁴⁾		615		636
4.500%, 4/1/27		130		129

				6,269

Consumer Staples—0.7%
CVS Health Corp. 2.875%, 6/1/26⁽⁴⁾		700		645
4.300%, 3/25/28		311		313
Flowers Foods, Inc. 4.375%, 4/1/22⁽⁴⁾		330		341
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26		420		387
Safeway, Inc. 7.250%, 2/1/31		285		231

				1,917

Energy—3.3%
Anadarko Petroleum Corp. 6.600%, 3/15/46		215		270
Andeavor Logistics LP 4.250%, 12/1/27⁽⁴⁾		420		409
Bristow Group, Inc. 144A 8.750%, 3/1/23⁽²⁾		50		51
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25		280		293
Crestwood Midstream Partners LP 5.750%, 4/1/25		290		288
Enbridge Energy Partners LP 5.875%, 10/15/25		430		471
Energy Transfer Partners LP 4.200%, 4/15/27		430		415
EP Energy LLC 144A 8.000%, 11/29/24⁽²⁾		165		166
Gazprom OAO 144A 4.950%, 2/6/28⁽²⁾⁽⁵⁾		470		466


	PAR VALUE		VALUE
Energy (continued)
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25	$	290	$	301
HollyFrontier Corp. 5.875%, 4/1/26⁽⁴⁾		480		516
Kinder Morgan Energy Partners LP 7.500%, 11/15/40⁽⁴⁾		615		767
MPLX LP 4.875%, 12/1/24⁽⁴⁾		695		728
NuStar Logistics LP 5.625%, 4/28/27		395		383
Parsley Energy LLC 144A 5.625%, 10/15/27⁽²⁾		380		380
Petrobras Global Finance BV 7.375%, 1/17/27		460		498
Petroleos Mexicanos 6.500%, 3/13/27		480		513
Range Resources Corp. 4.875%, 5/15/25		335		311
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		355		385
SM Energy Co. 5.625%, 6/1/25		100		95
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30⁽³⁾		445		482
Sunoco LP 144A 5.500%, 2/15/26⁽²⁾		160		154
TransMontaigne Partners LP 6.125%, 2/15/26		130		130
USA Compression Partners LP 144A 6.875%, 4/1/26⁽²⁾		210		213
Valero Energy Partners LP 4.500%, 3/15/28		330		332

				9,017

Financials—9.5%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22		495		497
Allstate Corp. (The) Series B 5.750%, 8/15/53⁽⁴⁾⁽⁷⁾		485		508

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Financials (continued)
Apollo Management Holdings LP 144A 4.000%, 5/30/24⁽²⁾⁽⁴⁾	$	475	$	477
Ares Capital Corp. 3.500%, 2/10/23		175		170
4.250%, 3/1/25⁽⁴⁾		325		316
Ares Finance Co., LLC 144A 4.000%, 10/8/24⁽²⁾⁽⁴⁾		675		655
Athene Holding Ltd. 4.125%, 1/12/28		395		379
Aviation Capital Group LLC 144A 3.500%, 11/1/27⁽²⁾		410		384
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33⁽²⁾		325		312
Banco de Credito e Inversiones 144A 3.500%, 10/12/27⁽²⁾		740		692
Bank of America Corp. 144A, 3.004%, 12/20/23⁽²⁾		339		332
4.200%, 8/26/24		938		951
Bank of Montreal 3.803%, 12/15/32		121		115
BrightSphere Investment Group plc 4.800%, 7/27/26		495		497
Brookfield Finance LLC 4.000%, 4/1/24		598		602
Capital One Financial Corp. 4.200%, 10/29/25⁽⁴⁾		450		446
3.750%, 7/28/26⁽⁴⁾		545		519
Citigroup, Inc. 5.500%, 9/13/25		2,200		2,384
Compass Bank 3.875%, 4/10/25⁽⁴⁾		625		611
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22⁽²⁾		720		718
Discover Financial Services 3.950%, 11/6/24		475		470


	PAR VALUE		VALUE
Financials (continued)
Ford Motor Credit Co., LLC 2.343%, 11/2/20	$	740	$	720
FS Investment Corp. 4.250%, 1/15/20		410		414
4.750%, 5/15/22		100		101
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22⁽⁴⁾		455		492
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽²⁾		475		485
ICAHN Enterprises LP 6.375%, 12/15/25		330		332
Jefferies Group LLC 5.125%, 1/20/23		235		249
4.850%, 1/15/27		250		255
JPMorgan Chase & Co. 3.300%, 4/1/26⁽⁴⁾		920		889
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽²⁾		535		598
Leucadia National Corp. 5.500%, 10/18/23		375		385
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23⁽²⁾⁽⁴⁾		610		622
Lincoln National Corp. 4.200%, 3/15/22⁽⁴⁾		340		350
Macquarie Group Ltd. 144A 6.250%, 1/14/21⁽²⁾⁽⁴⁾		520		559
Manulife Financial Corp. 4.150%, 3/4/26⁽⁴⁾		540		548
Morgan Stanley 4.100%, 5/22/23		385		390
3.125%, 7/27/26		955		903
Navient Corp. 7.250%, 9/25/23		100		104
6.750%, 6/25/25		250		253
Powszechna Kasa Oszczednosci Bank Polski S.A. 144A 4.630%, 9/26/22⁽²⁾⁽⁵⁾		440		458
Prudential Financial, Inc. 5.875%, 9/15/42		165		174
5.625%⁽⁷⁾		400		419

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Financials (continued)
Santander Holdings USA, Inc. 3.700%, 3/28/22	$	425	$	426
4.400%, 7/13/27		185		184
Societe Generale S.A. 144A 4.750%, 11/24/25⁽²⁾⁽⁴⁾		500		506
Springleaf Finance Corp. 6.875%, 3/15/25		140		140
Trinity Acquisition plc 4.400%, 3/15/26		200		203
Turkiye Vakiflar Bankasi TAO 144A 5.625%, 5/30/22⁽²⁾		430		422
UBS AG 7.625%, 8/17/22⁽⁴⁾		1,235		1,386
Wells Fargo & Co. 3.550%, 9/29/25		285		280
Series S, 5.900%, 8/15/27⁽⁴⁾		585		603

				25,885

Health Care—2.6%
Abbott Laboratories 3.750%, 11/30/26		605		601
AbbVie, Inc. 3.600%, 5/14/25		485		478
3.200%, 5/14/26		305		290
Allergan Sales LLC 144A 4.875%, 2/15/21⁽²⁾		184		190
AmerisourceBergen Corp. 3.450%, 12/15/27		335		319
Anthem, Inc. 3.650%, 12/1/27		126		122
4.101%, 3/1/28		365		366
Becton Dickinson & Co. 3.363%, 6/6/24		89		86
3.700%, 6/6/27		585		564
Cardinal Health, Inc. 3.200%, 3/15/23		325		320
3.079%, 6/15/24		25		24
3.410%, 6/15/27		185		174
Community Health Systems, Inc. 6.250%, 3/31/23		210		193
Endo Dac 144A 6.000%, 7/15/23⁽²⁾		275		208


	PAR VALUE		VALUE
Health Care (continued)
Envision Healthcare Corp. 144A 6.250%, 12/1/24⁽²⁾	$	85	$	88
HCA, Inc. 5.375%, 2/1/25		200		200
Mylan, Inc. 4.200%, 11/29/23⁽⁴⁾		500		506
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		200		193
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽²⁾		305		318
Tenet Healthcare Corp. 4.500%, 4/1/21		215		213
144A, 4.625%, 7/15/24⁽²⁾		170		163
Teva Pharmaceutical Finance Netherlands III BV 3.150%, 10/1/26		165		132
Valeant Pharmaceuticals International, 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⁾		250		243
Zimmer Biomet Holdings, Inc. (3 month LIBOR + 0.750%) 2.928%, 3/19/21⁽¹⁾		430		431
3.550%, 4/1/25		665		645

				7,135

Industrials—1.1%
Ashtead Capital, Inc. 144A 4.375%, 8/15/27⁽²⁾		345		328
Bombardier, Inc. 144A 6.125%, 1/15/23⁽²⁾		260		259
CNH Industrial N.V. 4.500%, 8/15/23		359		365
3.850%, 11/15/27		222		215
Masco Corp. 5.950%, 3/15/22		213		231
4.450%, 4/1/25		140		143

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Industrials (continued)
Owens Corning 3.400%, 8/15/26⁽⁴⁾	$	495	$	477
Pitney Bowes, Inc. 4.125%, 5/15/22		410		388
Standard Industries, Inc. 144A 6.000%, 10/15/25⁽²⁾		410		420
TransDigm, Inc. 6.500%, 5/15/25		115		116

				2,942

Information Technology—1.6%
Analog Devices, Inc. 2.950%, 1/12/21		425		424
Arrow Electronics, Inc. 3.875%, 1/12/28		420		406
Broadcom Corp. 3.000%, 1/15/22		185		182
3.625%, 1/15/24		340		334
Citrix Systems, Inc. 4.500%, 12/1/27		380		376
Dell International LLC
144A, 6.020%, 6/15/26⁽²⁾		100		108
144A, 8.100%, 7/15/36⁽²⁾		230		279
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		330		342
Jabil, Inc. 3.950%, 1/12/28		325		315
VeriSign, Inc. 4.750%, 7/15/27		300		287
Verisk Analytics, Inc. 4.000%, 6/15/25		470		473
VMware, Inc. 2.950%, 8/21/22		216		207
3.900%, 8/21/27		233		220
Western Digital Corp. 4.750%, 2/15/26		370		369

				4,322

Materials—2.2%
Anglo American Capital plc 144A 4.000%, 9/11/27⁽²⁾		525		503
BHP Billiton Finance USA Ltd. 144A 6.750%^(2)(6)(7)		410		460


	PAR VALUE		VALUE
Materials (continued)
CRH America Finance, Inc. 144A 3.400%, 5/9/27⁽²⁾	$	425	$	407
FMG Resources August 2006 Pty Ltd. 144A 5.125%, 3/15/23⁽²⁾		185		184
Glencore Funding LLC 144A 4.000%, 3/27/27⁽²⁾		425		410
GTL Trade Finance, Inc. 144A 5.893%, 4/29/24⁽²⁾		295		314
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24⁽²⁾		495		501
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽²⁾		935		954
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24⁽²⁾		175		168
144A, 5.000%, 5/1/25⁽²⁾		240		230
OCP SA 144A 5.625%, 4/25/24⁽²⁾		500		527
Rusal Capital DAC 144A 5.125%, 2/2/22⁽²⁾		430		424
Teck Resources Ltd. 144A 8.500%, 6/1/24⁽²⁾		80		89
United States Steel Corp. 6.250%, 3/15/26		285		284
Vulcan Materials Co. 3.900%, 4/1/27		425		418

				5,873

Real Estate—2.2%
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27		300		293
Corporate Office Properties LP 3.600%, 5/15/23⁽⁴⁾		660		646
EPR Properties 4.750%, 12/15/26		620		620
Healthcare Trust of America Holdings LP 3.750%, 7/1/27		435		420
Hospitality Properties Trust 4.950%, 2/15/27		510		518
Kilroy Realty LP 4.375%, 10/1/25		475		481

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Real Estate (continued)
LifeStorage LP 3.500%, 7/1/26	$	455	$	434
3.875%, 12/15/27		165		159
MPT Operating Partnership LP 6.375%, 3/1/24		50		53
5.500%, 5/1/24		225		230
5.000%, 10/15/27		195		191
National Retail Properties, Inc. 4.000%, 11/15/25		150		149
Physicians Realty LP 3.950%, 1/15/28		435		417
Select Income REIT 4.500%, 2/1/25		470		464
Welltower, Inc. 4.000%, 6/1/25⁽⁴⁾		500		499
WP Carey, Inc. 4.600%, 4/1/24⁽⁴⁾		400		410

				5,984

Telecommunication Services—1.6%
AT&T, Inc. 144A 6.375%, 6/1/28⁽²⁾		2,000		2,224
Consolidated Communications, Inc. 6.500%, 10/1/22		204		182
Frontier Communications Corp. 7.125%, 1/15/23		370		249
144A, 8.500%, 4/1/26⁽²⁾		135		131
Level 3 Financing, Inc. 5.375%, 1/15/24		325		317
Sprint Spectrum Co., LLC 144A 3.360%, 9/20/21⁽²⁾		175		174
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28⁽²⁾		400		382
Verizon Communications, Inc. 4.125%, 3/16/27		715		724

				4,383

Utilities—1.3%
American Electric Power Co., Inc. 3.200%, 11/13/27		390		371


	PAR VALUE		VALUE
Utilities (continued)
Duke Energy Corp. 2.650%, 9/1/26	$	505	$	461
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25⁽²⁾		410		418
Exelon Corp. 3.497%, 6/1/22		605		599
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25⁽²⁾		520		535
PNM Resources, Inc. 3.250%, 3/9/21		315		315
State Grid Overseas Investment 2014 Ltd. 144A 4.125%, 5/7/24⁽²⁾		500		509
TerraForm Power Operating LLC 144A 5.000%, 1/31/28⁽²⁾		290		275

				3,483
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $79,044)				77,210
LEVERAGED LOANS⁽¹⁾—2.9%
Chemicals—0.0%
Tronox Blocked Borrower LLC First Lien, (3 month LIBOR + 3.000%) 5.302%, 9/23/24		20		20
Tronox Finance LLC First Lien, (3 month LIBOR + 3.000%) 5.302%, 9/23/24		45		45

				65

Consumer Durables—0.1%
Global Appliance, Inc. Tranche B, (1 month LIBOR + 4.000%) 5.880%, 9/29/24		144		146

Consumer Non-Durables—0.0%
HLF Financing S.a.r.l. Senior Lien, (1 month LIBOR + 5.500%) 7.377%, 2/15/23		79		79

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Energy—0.1%
Ultra Resources, Inc., (1 month LIBOR + 3.000%) 4.765%, 4/12/24	$	280	$	277

Financial—0.0%
Genworth Holdings, Inc., (1 month LIBOR + 4.500%) 6.202%, 3/7/23		10		10

Food / Tobacco—0.2%
Aramark Intermediate HoldCo Corp. Tranche B-1, (1 month LIBOR + 2.000%) 3.877%, 3/11/25		165		166
CHG PPC Parent LLC First Lien, (3 month LIBOR + 2.750%) 0.000%, 3/23/25⁽⁹⁾		15		15
JBS USA Lux S.A., (3 month LIBOR + 2.500%) 4.678%, 10/30/22		252		251

				432

Food and Drug—0.1%
Albertson’s LLC 2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.627%, 8/25/21		256		253

Gaming / Leisure—0.5%
Gateway Casinos & Entertainment Ltd., (1 month LIBOR + 3.000%) 4.750%, 3/13/25		65		65
GVC Holdings plc, (3 month LIBOR + 2.500%) 0.000%, 3/15/24⁽⁹⁾		185		185
Playa Resorts Holding B.V., (3 month LIBOR + 3.250%) 5.000%, 4/29/24		214		215


	PAR VALUE		VALUE
Gaming / Leisure (continued)
Scientific Games International, Inc. Tranche B-5, (2 month LIBOR + 2.750%) 4.686%, 8/14/24	$	5	$	5
Seminole Tribe of Florida Tranche B, (1 month LIBOR + 2.000%) 3.877%, 7/8/24		269		270
Station Casinos LLC Tranche B, (1 month LIBOR + 2.500%) 4.380%, 6/8/23		241		242
UFC Holdings LLC First Lien, (1 month LIBOR + 3.250%) 5.130%, 8/18/23		245		246
Wyndham Hotels & Resorts, Inc. Tranche B, (3 month LIBOR + 1.750%) 0.000%, 3/29/25⁽⁹⁾		55		55

				1,283

Healthcare—0.3%
CHG Healthcare Services, Inc. 2017, First Lien, (3 month LIBOR + 3.000%) 4.772%, 6/7/23		290		292
Concentra, Inc. Tranche B-1, First Lien, (3 month LIBOR + 2.750%) 4.530%, 6/1/22		25		25
Endo Luxembourg Finance Co. S.a.r.l., (1 month LIBOR + 4.250%) 6.188%, 4/29/24		124		124
Envision Healthcare Corp., (1 month LIBOR + 3.000%) 4.880%, 12/1/23		203		204
Parexel International Corp., (1 month LIBOR + 2.750%) 4.627%, 9/27/24		50		50

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE		VALUE
Healthcare (continued)
Quorum Health Corp., (1 month LIBOR + 6.750%) 8.627%, 4/29/22	$	217	$	221

				916

Housing—0.2%
Beacon Roofing Supply, Inc., (1 month LIBOR + 2.250%) 3.936%, 1/2/25		290		291
Capital Automotive LP Tranche B-2, First Lien, (1 month LIBOR + 2.500%) 4.380%, 3/25/24		381		383

				674

Information Technology—0.1%
Rackspace Hosting, Inc. Tranche B, First Lien, (1 month LIBOR + 2.500%) 4.380%, 3/25/24		389		388

Manufacturing—0.3%
Accudyne Industries LLC, (1 month LIBOR + 3.250%) 5.127%, 8/18/24		184		185
CPI Acquisition, Inc. First Lien, (3 month LIBOR + 4.500%) 6.358%, 8/17/22		375		256
Zodiac Pool Solutions LLC
Tranche B-1, First Lien, (3 month LIBOR + 4.000%) 6.302%, 12/20/23		272		272
Tranche B, (3 month LIBOR + 2.250%) 0.000%, 3/7/25⁽⁹⁾		70		70

				783


	PAR VALUE		VALUE
Media Telecom - Telecommunications—0.2%
CenturyLink, Inc. Tranche B, (1 month LIBOR + 2.750%) 4.627%, 1/31/25	$	259	$	255
Level 3 Financing, Inc. 2024, Tranche B, (1 month LIBOR + 2.250%) 4.111%, 2/22/24		335		335

				590

Media/Telecom - Wireless Communications—0.0%
Digicel International Finance Ltd. Tranche B, First Lien, (3 month LIBOR + 3.250%) 5.020%, 5/27/24		25		25

Media/Telecom - Broadcasting—0.1%
Sinclair Television Group, Inc. Tranche B, (3 month LIBOR + 2.500%) 0.000%, 12/12/24⁽⁹⁾		220		221

Media/Telecom - Cable/Wireless Video—0.0%
Telenet Financing USD LLC, (3 month LIBOR + 2.500%) 0.000%, 3/1/26⁽⁹⁾		10		10

Media/Telecom - Diversified Media—0.1%
Crown Finance US, Inc., (1 month LIBOR + 2.500%) 4.377%, 2/28/25		155		155
Meredith Corp., (1 month LIBOR + 3.000%) 4.877%, 1/31/25		210		211

				366

Service—0.3%
Delek U.S. Holdings, Inc., (3 month LIBOR + 2.500%) 0.000%, 3/14/25⁽⁹⁾		55		55

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	PAR VALUE			VALUE
Service (continued)
Red Ventures LLC First Lien, (1 month LIBOR + 4.000%) 5.877%, 11/8/24	$	169		$	170
Sedgwick Claims Management Services, Inc. Second Lien, (3 month LIBOR + 5.750%) 7.734%, 2/28/22		300			301
TKC Holdings, Inc. First Lien, (3 month LIBOR + 4.250%) 6.030%, 2/1/23		193			195

					721

Transportation - Automotive—0.1%
Navistar, Inc. Tranche B, (1 month LIBOR + 3.500%) 5.210%, 11/6/24		220			221

Utility—0.2%
NRG Energy, Inc., (3 month LIBOR + 1.750%) 4.052%, 6/30/23		244			244
Vistra Operations Co., LLC (1 month LIBOR + 2.500%) 4.377%, 8/4/23		161			162
Tranche C, (1 month LIBOR + 2.500%) 4.377%, 8/4/23		29			29

					435
TOTAL LEVERAGED LOANS
(Identified Cost $7,974)					7,895

	SHARES
PREFERRED STOCKS—1.3%
Financials—1.3%
Citigroup, Inc. Series J, 7.125%		20,000			571
Huntington Bancshares, Inc. Series E, 5.700%		365	⁽⁸⁾		367
JPMorgan Chase & Co. Series Z, 5.300%⁽⁴⁾		550	⁽⁸⁾		565
KeyCorp Series D, 5.000%		415	⁽⁸⁾		409
M&T Bank Corp. Series F, 5.125%		355	⁽⁸⁾		354


	SHARES			VALUE
Financials (continued)
MetLife, Inc. Series D, 5.875%		156	⁽⁸⁾	$	159
PNC Financial Services Group, Inc. (The) Series R, 4.850%		535	⁽⁸⁾		536
Series S, 5.000%		485	⁽⁸⁾		483
TOTAL PREFERRED STOCKS
(Identified Cost $3,468)					3,444
COMMON STOCKS—85.2%
Consumer Discretionary—3.9%
Compass Group plc Sponsored ADR		117,288			2,444
Las Vegas Sands Corp.		115,620			8,313

					10,757

Consumer Staples—7.7%
Altria Group, Inc.		71,637			4,464
British American Tobacco plc Sponsored ADR		49,499			2,855
Clorox Co. (The)		18,840			2,508
Coca-Cola Co. (The)		107,730			4,679
Imperial Brands plc		57,340			1,952
Imperial Brands plc Sponsored ADR		129,977			4,504

					20,962

Energy—9.0%
Royal Dutch Shell plc Class B Sponsored ADR		162,510			10,649
TOTAL S.A. Sponsored ADR		116,280			6,708
Vermilion Energy, Inc.		222,198			7,173

					24,530

Financials—17.5%
Bank of Hawaii Corp.		38,390			3,190
CI Financial Corp.		168,650			3,602
HSBC Holdings plc		243,930			2,277
HSBC Holdings plc Sponsored ADR		170,000			8,104
Royal Bank of Canada		103,319			7,986
SCOR SE Sponsored ADR		1,967,977			8,049
Tokio Marine Holdings, Inc.		88,350			3,932

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)


	SHARES		VALUE
Financials (continued)
Zurich Insurance Group AG ADR		320,370	$	10,503

				47,643

Health Care—7.6%
AstraZeneca plc Sponsored ADR		224,030		7,834
GlaxoSmithKline plc		94,260		1,844
GlaxoSmithKline plc Sponsored ADR		188,060		7,347
Sonic Healthcare Ltd. Sponsored ADR		206,534		3,625

				20,650

Industrials—8.8%
ABB Ltd. Registered Shares		156,200		3,712
Air New Zealand Ltd.		1,988,670		4,660
BAE Systems plc Sponsored ADR		193,080		6,422
Deutsche Post AG Registered Shares		53,765		2,350
Port of Tauranga Ltd.		558,800		1,938
Waste Management, Inc.		27,590		2,321
Watsco, Inc.		13,950		2,524

				23,927

Information Technology—4.7%
Analog Devices, Inc.		35,930		3,274
Cisco Systems, Inc.		53,100		2,278
Paychex, Inc.		45,110		2,778
Tieto OYJ		134,770		4,491

				12,821

Materials—1.5%
BASF SE Sponsored ADR		163,640		4,155

Real Estate—6.9%
Crown Castle International Corp.		54,870		6,014
Lamar Advertising Co. Class A		106,432		6,776
Realty Income Corp.		115,695		5,985

				18,775

Telecommunication Services—10.2%
AT&T, Inc.		209,303		7,461
BCE, Inc.		244,240		10,512


	SHARES		VALUE
Telecommunication Services (continued)
Spark New Zealand Ltd.		3,997,540	$	9,700

				27,673

Utilities—7.4%
Duke Energy Corp.		98,220		7,609
Fortis, Inc.		199,390		6,733
WEC Energy Group, Inc.		94,640		5,934

				20,276
TOTAL COMMON STOCKS
(Identified Cost $228,811)				232,169
TOTAL LONG TERM INVESTMENTS—135.8%
(Identified Cost $369,632)				370,181
SHORT-TERM INVESTMENTS—2.3%
Purchased Options—0.1%
(see open purchased options schedule)
TOTAL PURCHASED OPTIONS—0.1%
(Premiums Paid $795)				228
Money Market Mutual Fund—2.2%
Dreyfus Government Cash Management Fund –Institutional Shares (seven-day effective yield 1.540%)⁽¹⁰⁾		6,061,146		6,061
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $6,856)				6,289
TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS—138.0%
(Identified Cost $376,894)				376,470	⁽¹¹⁾
WRITTEN OPTIONS—(0.3)%
(see open written options schedule)
TOTAL WRITTEN OPTIONS —(0.3)%
(Premiums Received $1,390)				(772	)
TOTAL INVESTMENTS NET OF WRITTEN OPTIONS—137.7%
(Identified Cost $375,504)				375,698
Other assets and liabilities, net—(37.7)%				(103,049	)

NET ASSETS—100.0%			$272,649

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands except for strike price)

Abbreviations

ADR	American Depositary Receipt

ICE	Intercontinental Exchange

LIBOR

London Interbank Offered Rate

REIT	Real Estate Investment Trust

Footnote Legend:

⁽¹⁾

Variable rate security. Rate disclosed is as of March 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 March 31, 2018, these securities amounted to a value of $51,611 or 18.9% 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⁾	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.

⁽⁶⁾	No contractual maturity date.

⁽⁷⁾	Interest payments may be deferred.

⁽⁸⁾	Value shown as par value.

⁽⁹⁾	This loan will settle after March 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 report are publicly available.

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


Country Weightings†
United States	52	%
United Kingdom	15
Canada	10
New Zealand	4
France	4
Switzerland	4
Germany	2
Other	9
Total	100	%

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

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

Open Purchased Options contracts as of March 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		435	$	126,150	$	2,900		4/2/2018	$	2
S&P 500^® Index		541		157,431		2,910		4/4/2018		3
S&P 500^® Index		147		41,675		2,835		4/6/2018		2
S&P 500^® Index		430		123,840		2,880		4/9/2018		—	⁽²⁾
S&P 500^® Index		500		143,500		2,870		4/11/2018		2
Put Options
S&P 500^® Index		435		108,315		2,490		4/2/2018		11
S&P 500^® Index		541		135,521		2,505		4/4/2018		58
S&P 500^® Index		147		34,545		2,350		4/6/2018		9
S&P 500^® Index		430		104,705		2,435		4/9/2018		65
S&P 500^® Index		500		119,500		2,390		4/11/2018		76

Total Purchased Options									$	228

Open Written Options contracts as of March 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		435	$	123,105	$	2,830		4/2/2018	$	(2	)
S&P 500^® Index		541		153,644		2,840		4/4/2018		(3	)
S&P 500^® Index		147		40,940		2,785		4/6/2018		(8	)
S&P 500^® Index		430		120,830		2,810		4/9/2018		(13	)
S&P 500^® Index		500		139,750		2,795		4/11/2018		(49	)
Put Options
S&P 500^® Index		435		111,360		2,560		4/2/2018		(19	)
S&P 500^® Index		541		139,308		2,575		4/4/2018		(297	)
S&P 500^® Index		147		35,280		2,400		4/6/2018		(10	)
S&P 500^® Index		430		107,715		2,505		4/9/2018		(175	)
S&P 500^® Index		500		123,250		2,465		4/11/2018		(196	)

Total Written Options									$	(772	)

Footnote Legend:

⁽¹⁾	Strike price not reported in thousands.

⁽²⁾	Amount is less than $500.

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

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


	Total Value at March 31, 2018			Level 1 Quoted Prices			Level 2 Significant Observable Inputs
Debt Securities:
Asset-Backed Securities	$	12,112		$	—		$	12,112
Corporate Bonds And Notes		77,210			—			77,210
Foreign Government Securities		3,837			—			3,837
Leveraged Loans		7,895			—			7,895
Mortgage-Backed Securities		26,105			—			26,105
Municipal Bonds		5,380			—			5,380
U.S. Government Securities		2,029			—			2,029
Equity Securities:
Common Stocks		232,169			215,871			16,298
Preferred Stocks		3,444			571			2,873
Money Market Mutual Fund		6,061			6,061			—
Purchased Options		228			86			143

Total Investments before Written Options	$	376,470		$	222,588		$	153,882

Written Options	$	(772	)	$	(527	)	$	(245	)

Total Investments Net of Written Options	$	375,698		$	222,061		$	153,637

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

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

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND

FINANCIAL HIGHLIGHTS (Unaudited)

MARCH 31, 2018

(Reported in thousands except for the per share amounts)


	Total Net Assets					Net Asset Value per share
Beginning of period: December 31, 2017				$	319,176				$	13.05
Net investment income*	$	2,784				$	0.11
Net realized and unrealized gain on investments		(41,339	)				(1.69	)
Dividends from net investment income and distributions from net long-term and short-term capital gains**		(8,299	)				(0.34	)
Capital share transactions:
Issuance of common stock related to reinvestment of distributions		327					—

Net increase (decrease) in net assets/net asset value		(46,527	)				(1.92	)

End of period: March 31, 2018				$	272,649				$	11.13

*	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 March 31, 2018, we estimate that 24.8% of distributions will represent net investment income, and 75.2% will represent return of capital. Also refer to inside front cover for information on the Managed Distribution Plan.

See Notes to Schedules of Investments

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS

MARCH 31, 2018 (Unaudited)

Note 1. Significant Accounting Policies

The Fund is a closed-end, diversified management investment company registered under the Investment Company Act of 1940 (the “Act”).

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

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2018 (Unaudited)

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 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)

MARCH 31, 2018 (Unaudited)

Foreign Currency Transactions:

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.

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 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 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 (London Interbank Offered Rate), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a Leveraged loans 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 loans. 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.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2018 (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)

MARCH 31, 2018 (Unaudited)

For the period ended March 31, 2018, the average daily premiums paid by the Fund for purchased options were $634, and the average daily premiums received by the Fund for written options were $1,219.

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 March 31, 2018, the Fund did not hold any securities that were both illiquid and 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.

Note 5. Recent Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 6. 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

Julia R. Short, Senior Vice President

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

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

The Bank of New York Mellon

225 Liberty Street

New York, NY 10286-1048

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.


Q1		05-18

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c/o Computershare Investor Services

P.O. Box 43078

Providence, RI 02940