VIRTUS GLOBAL DIVIDEND & INCOME FUND

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.


	PAR VALUE		VALUE
MUNICIPAL BONDS (continued)
New York—0.6%
New York City Transitional Finance Authority Future Tax Secured Revenue Taxable 5.000%, 5/1/40	$	1,640	$	1,861
TOTAL MUNICIPAL BONDS (Identified Cost $5,105)				4,842
FOREIGN GOVERNMENT SECURITIES—1.8%
Argentine Republic
144A 7.500%, 4/22/26⁽³⁾		715		760
144A 7.625%, 4/22/46⁽³⁾		380		387
Dominican Republic 144A 6.600%, 1/28/24⁽³⁾		315		343
Federative Republic of Brazil 6.000%, 4/7/26		385		420


	PAR VALUE		VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
Kingdom of Bahrain 144A 7.000%, 10/12/28⁽³⁾	$	490	$	513
Kingdom of Jordan 144A 5.750%, 1/31/27⁽³⁾		490		481
Republic of Colombia 3.875%, 4/25/27		430		428
Republic of Costa Rica 144A 7.000%, 4/4/44⁽³⁾		500		506
Republic of Indonesia 144A 3.700%, 1/8/22⁽³⁾		280		286
Republic of Panama 3.875%, 3/17/28		500		508
Republic of Turkey 4.875%, 10/9/26		1,000		965
Sultanate of Oman 144A 4.750%, 6/15/26⁽³⁾		300		302
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $6,064)				5,899
MORTGAGE-BACKED SECURITIES—11.2%
Agency—3.7%
FNMA
4.000%, 1/1/46		474		498
3.500%, 4/1/46		5,050		5,169
3.500%, 5/1/46		4,807		4,920
3.000%, 7/1/46		1,574		1,562

				12,149

Non-Agency—7.5%
Agate Bay Mortgage Trust 13-1, A1 144A 3.500%, 7/25/43⁽²⁾⁽³⁾		1,764		1,776
American Homes 4 Rent Trust 14-SFR2, C 144A 4.705%, 10/17/36⁽³⁾		610		636
AMSR Trust 16-SFR1, C 144A 3.193%, 11/17/33⁽²⁾⁽³⁾		488		491
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 15-200P, A 144A 3.218%, 4/14/33⁽³⁾		385		387
Bayview Opportunity Master Fund IVa Trust
16-SPL1, B1 144A 4.250%, 4/28/55⁽³⁾		395		406


	PAR VALUE		VALUE
Non-Agency (continued)
17-SPL1, B1 144A 4.250%, 10/28/64⁽²⁾⁽³⁾	$	263	$	271
Citigroup Commercial Mortgage Trust
16-SMPL, A 144A 2.228%, 9/10/31⁽³⁾		685		672
08-C7, AM 6.127%, 12/10/49⁽²⁾		1,000		1,020
Colony Starwood Homes Trust 16-2A, C 144A 3.093%, 12/17/33⁽²⁾⁽³⁾		490		492
COLT Mortgage Loan Trust Funding LLC 16-2, A1 144A 2.750%, 9/25/46⁽²⁾⁽³⁾		135		136
Credit Suisse First Boston Mortgage Securities Corp. 03-AR30, 5A1 3.185%, 1/25/34⁽²⁾		268		271
Credit Suisse Mortgage Loan Trust 15-1, B4 144A 3.893%, 5/25/45⁽²⁾⁽³⁾		232		214
Freddie Mac Structured Agency Credit Risk Debt Notes 16-DNA2, M2 3.182%, 10/25/28⁽²⁾		1,150		1,171
Galton Funding Mortgage Trust 17-1, A21 144A 3.500%, 7/25/56⁽³⁾		339		342
Goldman Sachs Mortgage Securities Trust 07-GG10, A1A 5.949%, 8/10/45⁽²⁾		792		794
Hilton USA Trust 16-SFP, B 144A 3.323%, 11/5/35⁽³⁾		965		955
Home Equity Mortgage Trust 05-2, M7 2.662%, 7/25/35⁽²⁾		437		433
JPMorgan Chase (Bear Stearns) Alternate Loan Trust 04-5, 3A1 3.317%, 6/25/34⁽²⁾		897		900


	PAR VALUE		VALUE
Non-Agency (continued)
JPMorgan Chase Commercial Mortgage Securities Trust
14-C22, A4 3.801%, 9/15/47	$	1,320	$	1,368
07-LDPX, AM 5.464%, 1/15/49⁽²⁾		839		839
JPMorgan Chase Mortgage Trust
16-2, M2 144A 3.750%, 12/25/45⁽²⁾⁽³⁾		711		711
16-1, A3 144A 3.500%, 5/25/46⁽³⁾		416		420
16-5, A1 144A 2.602%, 12/25/46⁽²⁾⁽³⁾		891		889
Morgan Stanley Capital Barclays Bank Trust 16-MART, A 144A 2.200%, 9/13/31⁽³⁾		1,000		982
Morgan Stanley Capital I Trust 07-IQ14, AM 5.778%, 4/15/49⁽²⁾		923		921
Motel 6 Trust 15-MTL6, D 144A 4.532%, 2/5/30⁽³⁾		401		404
New Residential Mortgage Loan Trust 16-4A, B1A 144A 4.500%, 11/25/56⁽³⁾		711		732
One Market Plaza Trust 17-1MKT, A 144A 3.614%, 2/10/32⁽³⁾		345		357
Sequoia Mortgage Trust 13-8, B1 3.535%, 6/25/43⁽²⁾		369		370
Structured Adjustable Rate Mortgage Loan Trust 04-4, 3A2 3.309%, 4/25/34⁽²⁾		253		252
Towd Point Mortgage Trust
15-1, A2 144A 3.250%, 10/25/53⁽²⁾⁽³⁾		975		950
15-6, M1 144A 3.750%, 4/25/55⁽²⁾⁽³⁾		185		180
15-2, 1M1 144A 3.250%, 11/25/60⁽²⁾⁽³⁾		945		938
Tricon American Homes Trust 16-SFR1, C 144A 3.487%, 11/17/33⁽³⁾		975		954


	PAR VALUE		VALUE
Non-Agency (continued)
Vericrest Opportunity Loan Trust LLC
XXXV 16-NPL9, A1 144A 3.500%, 9/25/46⁽²⁾⁽³⁾	$	528	$	528
16-NP11, A1 144A 3.500%, 10/25/46⁽²⁾⁽³⁾		276		278
15-NPL7, A1 144A 3.250%, 2/25/55⁽²⁾⁽³⁾		299		298
Wells Fargo Commercial Mortgage Trust 15-LC20, B 3.719%, 4/15/50		675		670

				24,408
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $37,233)				36,557
ASSET-BACKED SECURITIES—2.4%
Centre Point Funding LLC 12-2A,1 144A 2.610%, 8/20/21⁽³⁾		620		611
CKE Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43⁽³⁾		466		462
Drug Royalty II LP 2 14-1, A2 144A 3.484%, 7/15/23⁽³⁾		308		306
Exeter Automobile Receivables Trust
15-2A, C 144A 3.900%, 3/15/21⁽³⁾		580		589
16-3A, B 144A 2.840%, 8/16/21⁽³⁾		685		684
Mariner Finance Issuance Trust 17-AA, A 144A 3.620%, 2/20/29⁽³⁾		425		427
Murray Hill Marketplace Trust 16-LC1, A 144A 4.190%, 11/25/22⁽³⁾		294		296
Navistar Financial Dealer Note Master Owner Trust II 16-1, B 144A 2.732%, 9/27/21⁽²⁾⁽³⁾		780		781
OneMain Financial Issuance Trust 15-1A, A 144A 3.190%, 3/18/26⁽³⁾		560		566


	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust 16-1, C 3.090%, 4/15/22	$	990	$	1,002
SoFi Consumer Loan Program LLC 16-3, A 144A 3.050%, 12/26/25⁽³⁾		424		424
Taco Bell Funding LLC 16-1A, A21 144A 3.832%, 5/25/46⁽³⁾		537		545
TGIF Funding LLC 17-1A, A2 144A 6.202%, 4/30/47⁽³⁾		425		417
Trip Rail Master Funding LLC 14-1A, A1 144A 2.863%, 4/15/44⁽³⁾		566		554
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $7,695)				7,664
CORPORATE BONDS AND NOTES—25.9%
Consumer Discretionary—2.4%
American Greetings Corp. 144A 7.875%, 2/15/25⁽³⁾		5		5
Boyd Gaming Corp. 6.875%, 5/15/23		190		206
Caesars Growth Properties Holdings LLC 9.375%, 5/1/22		180		194
CalAtlantic Group, Inc. 5.250%, 6/1/26		280		280
Cequel Communications Holdings I LLC 144A 5.125%, 12/15/21⁽³⁾		110		112
144A 5.125%, 12/15/21⁽³⁾		275		280
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		420		425
Cooper-Standard Automotive, Inc. 144A 5.625%, 11/15/26⁽³⁾		390		391
Eagle II Acquisition Co., LLC 144A 6.000%, 4/1/25⁽³⁾		50		52
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24⁽³⁾		150		152


	PAR VALUE		VALUE
Consumer Discretionary (continued)
Hilton Worldwide Finance LLC 144A 4.875%, 4/1/27⁽³⁾	$	100	$	101
Horton (D.R.), Inc. 4.750%, 2/15/23		510		543
Landry’s, Inc. 144A 6.750%, 10/15/24⁽³⁾		110		114
NCL Corp., Ltd. 144A 4.750%, 12/15/21⁽³⁾		280		285
PetSmart, Inc. 144A 7.125%, 3/15/23⁽³⁾		345		329
Pinnacle Entertainment, Inc. 144A 5.625%, 5/1/24⁽³⁾		145		147
Priceline Group, Inc. (The) 3.650%, 3/15/25⁽⁷⁾		490		493
QVC, Inc. 4.375%, 3/15/23⁽⁷⁾		665		667
Scientific Games International, Inc. 144A 7.000%, 1/1/22⁽³⁾		100		107
SFR Group S.A. 144A 7.375%, 5/1/26⁽³⁾		415		429
Signet UK Finance plc 4.700%, 6/15/24⁽⁷⁾		525		508
Sirius XM Radio, Inc. 144A 5.375%, 7/15/26⁽³⁾		410		420
Taylor Morrison Communities, Inc. 144A 5.625%, 3/1/24⁽³⁾		90		94
TI Group Automotive Systems LLC 144A 8.750%, 7/15/23⁽³⁾		200		213
Toll Brothers Finance Corp. 5.625%, 1/15/24		25		27
TRI Pointe Group, Inc. 5.875%, 6/15/24		405		419
Wyndham Worldwide Corp.
5.100%, 10/1/25⁽⁷⁾		615		654
4.500%, 4/1/27		115		116

				7,763

Consumer Staples—1.3%
AdvancePierre Foods Holdings, Inc. 144A 5.500%, 12/15/24⁽³⁾		260		264


	PAR VALUE		VALUE
Consumer Staples (continued)
Anheuser-Busch Inbev Worldwide, Inc. 7.750%, 1/15/19	$	1,500	$	1,650
CVS Health Corp. 2.875%, 6/1/26⁽⁷⁾		635		605
Flowers Foods, Inc. 4.375%, 4/1/22⁽⁷⁾		690		732
Post Holdings, Inc. 144A 5.750%, 3/1/27		220		221
Safeway, Inc. 7.250%, 2/1/31		285		277
Smithfield Foods, Inc. 144A 4.250%, 2/1/27⁽³⁾		117		118
Whole Foods Market, Inc. 5.200%, 12/3/25		355		377

				4,244

Energy—2.2%
Alta Mesa Holdings LP 144A 7.875%, 12/15/24⁽³⁾		190		199
Anadarko Petroleum Corp. 6.600%, 3/15/46		215		259
Antero Resources Corp. 5.625%, 6/1/23		200		206
Blue Racer Midstream LLC 144A 6.125%, 11/15/22⁽³⁾		115		117
Cheniere Corpus Christi Holdings LLC 144A 5.875%, 3/31/25⁽³⁾		280		293
Crestwood Midstream Partners LP 144A 5.750%, 4/1/25⁽³⁾		290		297
Energy Transfer Partners LP 4.200%, 4/15/27		430		425
EP Energy LLC 144A 8.000%, 11/29/24⁽³⁾		45		47
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		290		301
Holly Energy Partners LP 144A 6.000%, 8/1/24⁽³⁾		35		37
HollyFrontier Corp. 5.875%, 4/1/26⁽⁷⁾		480		510
Kinder Morgan Energy Partners LP 7.500%, 11/15/40		615		742


	PAR VALUE		VALUE
Energy (continued)
Matador Resources Co. 144A 6.875%, 4/15/23⁽³⁾	$	300	$	315
MPLX LP 4.875%, 12/1/24⁽⁷⁾		635		668
NGL Energy Partners LP 5.125%, 7/15/19		335		338
Noble Holding International Ltd. 7.750%, 1/15/24		220		212
Pertamina Persero PT 144A 4.875%, 5/3/22⁽³⁾		200		212
Petrobras Global Finance BV
8.750%, 5/23/26		230		267
7.375%, 1/17/27		75		80
Petroleos Mexicanos 6.875%, 8/4/26		395		438
QEP Resources, Inc. 5.250%, 5/1/23		140		138
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		355		394
Summit Midstream Holdings LLC 5.750%, 4/15/25		60		60
Sunoco LP 6.375%, 4/1/23		410		418
Transocean, Inc. 144A 9.000%, 7/15/23⁽³⁾		235		252

				7,225

Financials—9.3%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22⁽⁷⁾		495		508
Allstate Corp. (The) 5.750% ⁽²⁾⁽⁵⁾		445		478
Ally Financial, Inc. 5.750%, 11/20/25		300		308
Apollo Management Holdings LP 144A 4.000%, 5/30/24⁽³⁾		475		476
Ares Capital Corp.
4.875%, 11/30/18		65		67
3.875%, 1/15/20		175		178
Ares Finance Co., LLC 144A 4.000%, 10/8/24⁽³⁾⁽⁷⁾		675		632


	PAR VALUE		VALUE
Financials (continued)
Banco de Credito del Peru 144A 6.125%, 4/24/27⁽²⁾⁽³⁾	$	440	$	481
Banco de Credito e Inversiones 144A 4.000%, 2/11/23⁽³⁾⁽⁷⁾		680		697
Banco Inbursa S.A. Institucion de Banca Multiple 144A 4.125%, 6/6/24⁽³⁾		400		400
Banco Nacional de Comercio Exterior SNC 144A 4.375%, 10/14/25⁽³⁾		500		508
Bancolombia S.A. 5.125%, 9/11/22		655		684
Bank of America Corp.
2.000%, 1/11/18		370		371
5.625%, 7/1/20⁽⁷⁾		585		642
4.200%, 8/26/24⁽⁷⁾		853		869
Brookfield Finance LLC 4.000%, 4/1/24		368		370
Capital One Financial Corp.
4.200%, 10/29/25		450		452
3.750%, 7/28/26		495		479
Citigroup, Inc. 5.500%, 9/13/25		2,000		2,186
Compass Bank 3.875%, 4/10/25⁽⁷⁾		625		613
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22⁽³⁾		720		713
Discover Financial Services 3.950%, 11/6/24		475		476
Ford Motor Credit Co., LLC 5.000%, 5/15/18		2,000		2,066
FS Investment Corp.
4.250%, 1/15/20		410		413
4.750%, 5/15/22		100		102
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22⁽⁷⁾		1,000		1,126
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽³⁾		630		649


	PAR VALUE		VALUE
Financials (continued)
Hutchison Whampoa International Ltd. Series 12 144A 6.000%^{(2)(3)(4)(5)(7)}	$	780	$	783
ICAHN Enterprises LP
5.875%, 2/1/22		160		163
144A 6.250%, 2/1/22⁽³⁾		85		86
iStar, Inc.
5.000%, 7/1/19		225		228
6.000%, 4/1/22		45		46
Jefferies Group LLC
5.125%, 1/20/23		215		231
4.850%, 1/15/27		250		255
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽³⁾		535		564
Leucadia National Corp. 5.500%, 10/18/23		375		399
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23⁽³⁾⁽⁷⁾		610		641
Lincoln National Corp. 4.200%, 3/15/22⁽⁷⁾		625		660
Macquarie Group Ltd. 144A 6.250%, 1/14/21⁽³⁾⁽⁷⁾		520		577
Manulife Financial Corp. 4.150%, 3/4/26⁽⁷⁾		540		569
MetLife, Inc. 3.600%, 11/13/25⁽⁷⁾		550		562
Morgan Stanley
4.100%, 5/22/23		385		398
4.350%, 9/8/26⁽⁷⁾		855		870
Navient Corp.
6.500%, 6/15/22		175		177
7.250%, 9/25/23		100		101
OM Asset Management plc 4.800%, 7/27/26		495		493
Powszechna Kasa Oszczednosci Bank Polski S.A. 144A 4.630%, 9/26/22^(3)(6)(7)		440		463
Prudential Financial, Inc. 5.625%⁽²⁾⁽⁵⁾		400		429
S&P Global, Inc. 4.000%, 6/15/25		485		498
Santander Holdings USA, Inc. 144A 3.700%, 3/28/22⁽³⁾		425		426


	PAR VALUE		VALUE
Financials (continued)
Societe Generale S.A. 144A 4.750%, 11/24/25⁽³⁾⁽⁷⁾	$	500	$	503
Starwood Property Trust, Inc. 144A 5.000%, 12/15/21⁽³⁾		55		57
State Bank of India 144A 3.250%, 4/18/18⁽³⁾		660		668
Tervita Escrow Corp. 144A 7.625%, 12/1/21⁽³⁾		35		36
Trinity Acquisition plc 4.400%, 3/15/26		200		205
UBS AG 7.625%, 8/17/22⁽⁷⁾		1,235		1,428
Vnesheconombank 144A 6.025%, 7/5/22⁽³⁾		410		441
Wells Fargo & Co. 3.069%, 1/24/23		225		226

				30,127

Health Care—1.9%
Abbott Laboratories
3.400%, 11/30/23		105		106
3.750%, 11/30/26		375		374
AbbVie, Inc.
2.850%, 5/14/23		335		329
3.600%, 5/14/25		440		440
3.200%, 5/14/26		275		264
Cardinal Health, Inc.
3.200%, 3/15/23		325		329
3.750%, 9/15/25		415		428
Community Health Systems, Inc.
5.125%, 8/1/21		110		109
6.250%, 3/31/23		85		87
Endo Finance LLC 144A 6.000%, 7/15/23⁽³⁾		275		242
Envision Healthcare Corp. 144A 6.250%, 12/1/24⁽³⁾		85		89
Forest Laboratories LLC 144A 4.875%, 2/15/21⁽³⁾		395		425
HCA, Inc.
5.375%, 2/1/25		200		209
5.250%, 6/15/26		50		52
Hill-Rom Holdings, Inc. 144A 5.000%, 2/15/25⁽³⁾		204		204


	PAR VALUE		VALUE
Health Care (continued)
MEDNAX, Inc. 144A 5.250%, 12/1/23⁽³⁾	$	225	$	230
Mylan, Inc. 4.200%, 11/29/23⁽⁷⁾		500		513
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22⁽³⁾		300		281
Shire Acquisitions Investments 2.400%, 9/23/21		200		196
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21⁽³⁾		305		323
Team Health Holdings, Inc. 144A 6.375%, 2/1/25⁽³⁾		225		221
Tenet Healthcare Corp.
4.631%, 6/15/20⁽²⁾		185		187
4.500%, 4/1/21		215		216
144A 7.500%, 1/1/22⁽³⁾		15		16
Teva Pharmaceutical Finance III BV 3.150%, 10/1/26		295		272
Valeant Pharmaceuticals International, Inc.
144A 6.500%, 3/15/22⁽³⁾		25		26
144A 7.000%, 3/15/24⁽³⁾		40		41

				6,209

Industrials—1.6%
Carpenter Technology Corp. 4.450%, 3/1/23		630		640
Doric Nimrod Air Alpha Pass-Through-Trust 13-1, A 144A 5.250%, 5/30/23⁽³⁾		418		436
General Electric Capital Corp. 3.150%, 9/7/22		2,000		2,065
Harland Clarke Holdings Corp. 144A 8.375%, 8/15/22⁽³⁾		80		82
Masco Corp.
5.950%, 3/15/22		280		314
4.450%, 4/1/25		140		146
Owens Corning 3.400%, 8/15/26		495		479


	PAR VALUE		VALUE
Industrials (continued)
Park Aerospace Holdings Ltd. 144A 5.500%, 2/15/24⁽³⁾	$	205	$	214
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23⁽³⁾		190		209
TransDigm, Inc. 6.500%, 5/15/25		115		116
UAL Pass-Through-Trust 07-01, A 6.636%, 7/2/22		599		647

				5,348

Information Technology—0.9%
Broadcom Corp.
144A 3.000%, 1/15/22⁽³⁾		185		184
144A 3.625%, 1/15/24⁽³⁾		340		342
CDW LLC 5.000%, 9/1/25		70		72
CommScope Technologies LLC 144A 5.000%, 3/15/27⁽³⁾		70		70
Diamond 1 Finance Corp.
144A 5.450%, 6/15/23⁽³⁾		100		108
144A 6.020%, 6/15/26⁽³⁾		100		109
144A 8.100%, 7/15/36⁽³⁾		230		289
DXC Technology Co. (Everett Spinco, Inc.) 144A 4.250%, 4/15/24⁽³⁾		114		116
First Data Corp. 144A 5.000%, 1/15/24⁽³⁾		570		582
Hewlett Packard Enterprise Co. 4.900%, 10/15/25⁽⁷⁾		300		312
Radiate Holdco LLC 144A 6.625%, 2/15/25⁽³⁾		220		218
Verisk Analytics, Inc. 4.000%, 6/15/25		470		477

				2,879

Materials—1.8%
Alpek SAB de C.V. 144A 5.375%, 8/8/23⁽³⁾⁽⁷⁾		765		801
Ardagh Packaging Finance plc 144A 6.000%, 2/15/25⁽³⁾		200		203
Equate Petrochemical BV 144A 4.250%, 11/3/26⁽³⁾		490		490


	PAR VALUE		VALUE
Materials (continued)
Freeport-McMoRan, Inc. 3.875%, 3/15/23	$	180	$	166
Glencore Funding LLC 144A 4.000%, 3/27/27⁽³⁾		425		419
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24⁽³⁾		495		498
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽³⁾		935		957
Novelis Corp. 144A 6.250%, 8/15/24⁽³⁾		25		26
Office Cherifien des Phosphates (OCP) S.A. 144A 5.625%, 4/25/24⁽³⁾		500		532
Rusal Capital DAC 144A 5.125%, 2/2/22⁽³⁾		430		433
Severstal Oao Via Steel Capital S.A. 144A 3.850%, 8/27/21⁽³⁾⁽⁶⁾		510		511
Silgan Holdings, Inc. 144A 4.750%, 3/15/25⁽³⁾		75		76
Standard Industries, Inc. 144A 6.000%, 10/15/25⁽³⁾		410		423
Vulcan Materials Co. 3.900%, 4/1/27		425		429

				5,964

Real Estate—2.0%
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27		300		300
Corporate Office Properties LP 3.600%, 5/15/23⁽⁷⁾		660		641
CyrusOne LP 144A 5.375%, 3/15/27⁽³⁾		95		96
DDR Corp. 7.875%, 9/1/20		395		457
Digital Realty Trust LP 5.250%, 3/15/21		415		450
EPR Properties 4.750%, 12/15/26		620		624
Hospitality Properties Trust 4.950%, 2/15/27		510		524
Kilroy Realty LP 4.375%, 10/1/25		475		496


	PAR VALUE		VALUE
Real Estate (continued)
Kimco Realty Corp. 3.400%, 11/1/22	$	460	$	464
LifeStorage LP 3.500%, 7/1/26		310		296
MPT Operating Partnership LP
6.375%, 3/1/24		50		54
5.500%, 5/1/24		225		229
National Retail Properties, Inc. 4.000%, 11/15/25		150		153
Select Income REIT 4.500%, 2/1/25		470		472
Uniti Group, Inc. (Communications Sales & Leasing, Inc.) 144A 7.125%, 12/15/24⁽³⁾		370		376
Welltower, Inc. 4.000%, 6/1/25⁽⁷⁾		500		507
WP Carey, Inc. 4.600%, 4/1/24		400		414

				6,553

Telecommunication Services—1.4%
Altice Financing S.A. 144A 6.625%, 2/15/23⁽³⁾		200		209
BellSouth Telecommunications LLC 6.375%, 6/1/28⁽⁷⁾		2,000		2,239
Crown Castle International Corp. 3.700%, 6/15/26		50		49
Frontier Communications Corp. 10.500%, 9/15/22		370		376
Sprint Spectrum Co., LLC 144A 3.360%, 3/20/23⁽³⁾		200		200
T-Mobile USA, Inc. 6.375%, 3/1/25		285		308
Telefonica Emisiones SAU 4.570%, 4/27/23⁽⁷⁾		560		599
Verizon Communications, Inc. 4.125%, 3/16/27		430		437
Zayo Group LLC
6.375%, 5/15/25		205		222
144A 5.750%, 1/15/27⁽³⁾		15		16

				4,655


	PAR VALUE		VALUE
Utilities—1.0%
Dominion Resources, Inc. 2.962%, 7/1/19⁽²⁾	$	50	$	51
Duke Energy Corp. 2.650%, 9/1/26		505		468
Dynegy, Inc. 7.375%, 11/1/22		410		408
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25⁽³⁾		410		415
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25⁽³⁾		520		541
Southern Power Co. 4.150%, 12/1/25⁽⁷⁾		570		589
State Grid Overseas Investment 2014 Ltd. 144A 4.125%, 5/7/24⁽³⁾		500		529
TerraForm Power Operating LLC 144A 6.375%, 2/1/23⁽²⁾⁽³⁾		360		376

				3,377
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $84,943)				84,344
LOAN AGREEMENTS⁽²⁾—2.1%
Consumer Discretionary—0.5%
Boyd Gaming Corp. Refinancing Tranche B, 0.000%, 9/15/23⁽⁹⁾		385		388
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		388		391
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		199		201
Laureare Education, Inc. 2021 Extended, 8.509%, 3/17/21		198		200
Station Casinos LLC Tranche B, 3.450%, 6/8/23		199		199
UFC Holdings LLC First Lien, 4.250%, 8/18/23		234		235

				1,614


	PAR VALUE		VALUE
Consumer Staples—0.2%
Albertson’s LLC Tranche B-4 3.982%, 8/25/21	$	279	$	281
JBS USA Lux S.A. 3.289%, 10/30/22		115		116
TKC Holdings, Inc. First Lien, 4.750%, 2/1/23		100		101

				498

Financials—0.0%
Avolon TLB Borrower 1 U.S. LLC Tranche B-2, 0.000%, 3/21/22⁽⁹⁾		10		10

Health Care—0.6%
CHG Healthcare Services, Inc. First Lien, 4.750%, 6/7/23		263		267
Community Health Systems, Inc. 2021 Tranche H, 4.027%, 1/27/21		285		282
Envision Healthcare Corp. 4.150%, 12/1/23		310		313
Grifols Worldwide Operations Ltd. Tranche B, 3.194%, 1/31/25		70		70
HLF Financing S.a.r.l. Senior Lien, 6.482%, 2/15/23		85		85
Inventiv Group Holdings, Inc. 4.804%, 11/9/23		389		391
NVA Holdings, Inc. Second Lien, 8.147%, 8/14/22		214		216
Quorum Health Corp. 6.789%, 4/29/22		226		222

				1,846

Industrials—0.4%
84 Lumber Co. 6.750%, 10/25/23		268		272
Advanced Disposal Services, Inc. 3.698%, 11/10/23		41		41
Navistar, Inc. Tranche B, 5.000%, 8/7/20		298		302


	PAR VALUE		VALUE
Industrials (continued)
Sedgwick Claims Management Services, Inc. Second Lien, 6.804%, 2/28/22	$	300	$	301
Zodiac Pool Solutions LLC First Lien, 5.647%, 12/20/23		274		277

				1,193

Information Technology—0.0%
Rackspace Hosting, Inc. Tranche B, First Lien, 4.535%, 11/3/23		87		87

Materials—0.1%
Anchor Glass Container Corp. First Lien, 4.250%, 12/7/23		87		88
CPI Acquisition, Inc. First Lien, 5.834%, 8/17/22		375		350

				438

Real Estate—0.0%
Capital Automotive LP Tranche B-2, First Lien 4.000%, 3/25/24		50		51

Telecommunication Services—0.1%
Neustar, Inc. Tranche B2, 0.000%, 3/1/24⁽⁹⁾		135		137
UPC Financing Partnership 3.662%, 4/15/25		190		191

				328

Utilities—0.2%
Helix Gen Funding LLC Tranche 0.000%, 3/9/24⁽⁹⁾		10		10
NRG Energy, Inc. 3.232%, 6/30/23		592		595
Vistra Operations Company LLC
3.732%, 8/4/23		162		163
Tranche C, 3.732%, 8/4/23		37		37

				805
TOTAL LOAN AGREEMENTS (Identified Cost $6,834)				6,870


	SHARES			VALUE
PREFERRED STOCKS—1.1%
Energy—0.2%
PTT Exploration & Production PCL Series Y, 144A, 4.875%^(2)(3)(7)		500	⁽⁸⁾	$	511

Financials—0.9%
Citigroup, Inc. Series J, 7.125%		20,000			578
6.250%⁽²⁾		390	⁽⁸⁾		421
M&T Bank Corp. Series F, 5.125%⁽²⁾		190	⁽⁸⁾		189
PNC Financial Services Group, Inc. (The) Series R, 4.850%⁽²⁾⁽⁷⁾		535	⁽⁸⁾		532
Series S, 5.000%⁽²⁾		485	⁽⁸⁾		483
SunTrust Bank, Inc. 5.625%⁽²⁾		110	⁽⁸⁾		115
Wells Fargo & Co. Series K, 7.980%⁽²⁾⁽⁷⁾		585	⁽⁸⁾		609

					2,927
TOTAL PREFERRED STOCKS (Identified Cost $3,430)					3,438
COMMON STOCKS—82.6%
Consumer Discretionary—7.2%
Compass Group plc Sponsored ADR		136,800			2,635
Las Vegas Sands Corp.		170,140			9,710
Leggett & Platt, Inc.		96,060			4,833
Meredith Corp.		97,260			6,283

					23,461

Consumer Staples—9.4%
Altria Group, Inc.		175,980			12,569
Kimberly-Clark Corp.		22,420			2,951
Reynolds American, Inc.		200,590			12,641
Unilever plc Sponsored ADR		49,360			2,435

					30,596

Energy—7.9%
Royal Dutch Shell plc Class B Sponsored ADR		192,940			10,772
TOTAL S.A. Sponsored ADR		133,360			6,724
Vermilion Energy, Inc.		216,490			8,120

					25,616


	SHARES		VALUE
Financials—16.3%
Bank of Hawaii Corp.		43,850	$	3,612
CI Financial Corp.		196,400		3,924
Cincinnati Financial Corp.		45,000		3,252
HSBC Holdings plc Sponsored ADR		198,170		8,089
Royal Bank of Canada		122,100		8,902
SCOR SE Sponsored ADR		3,018,160		11,544
Sonic Healthcare Ltd. ADR		240,290		4,054
Zurich Insurance Group AG ADR		369,010		9,842

				53,219

Health Care—7.0%
AstraZeneca plc Sponsored ADR		262,980		8,189
Coloplast A/S ADR		395,590		3,074
GlaxoSmithKline plc Sponsored ADR		225,380		9,502
Takeda Pharmaceutical Co., Ltd. Sponsored ADR		79,990		1,891

				22,656

Industrials—5.1%
BAE Systems plc Sponsored ADR		218,810		7,102
Fastenal Co.		79,780		4,109
Waste Management, Inc.		74,340		5,421

				16,632

Information Technology—4.1%
Analog Devices, Inc.		40,760		3,340
Cisco Systems, Inc.		126,280		4,268
Microchip Technology, Inc.		40,490		2,987
Paychex, Inc.		49,310		2,905

				13,500

Materials—2.7%
BASF SE Sponsored ADR		47,010		4,662
RPM International, Inc.		73,260		4,032

				8,694

Real Estate—5.1%
Crown Castle International Corp.		90,410		8,539
Realty Income Corp.		136,500		8,126

				16,665


	SHARES		VALUE
Telecommunication Services—9.0%
AT&T, Inc.		245,550	$	10,203
BCE, Inc.		202,370		8,959
Vodafone Group plc Sponsored ADR		387,790		10,249

				29,411

Utilities—8.8%
National Grid plc Sponsored ADR		169,620		10,767
PPL Corp.		290,340		10,856
WEC Energy Group, Inc.		113,780		6,899

				28,522
TOTAL COMMON STOCKS (Identified Cost $259,909)				268,972
EXCHANGE-TRADED FUNDS—1.6%
iShares iBoxx $ High Yield Corporate Bond Index Fund⁽¹⁰⁾		19,650		1,725
iShares iBoxx $ Investment Grade Corporate Bond Index Fund⁽¹⁰⁾		13,640		1,608
SPDR Barclays Short-Term High Yield Bond Index Fund⁽¹⁰⁾		72,200		2,019
TOTAL EXCHANGE-TRADED FUNDS
(Identified Cost $5,371)				5,352

	CONTRACTS
PURCHASED OPTIONS—0.1%
Call Options—0.0%
S&P 500^® Index expiration 04/05/17 strike price $2,465		618		3
S&P 500^® Index expiration 04/07/17 strike price $2,475		1,151		12
S&P 500^® Index expiration 04/12/17 strike price $2,465		623		0
S&P 500^® Index expiration 04/13/17 strike price $2,470		1,157		23

				38


	CONTRACTS		VALUE
Put Options—0.1%
S&P 500^® Index expiration 04/05/17 strike price $2,200		618	$	16
S&P 500^® Index expiration 04/07/17 strike price $2,200		1,151		40
S&P 500^® Index expiration 04/12/17 strike price $2,245		623		62
S&P 500^® Index expiration 04/13/17 strike price $2,255		1,157		156

				274
TOTAL PURCHASED OPTIONS—0.1%
(Premiums Paid $702)				312
TOTAL LONG TERM INVESTMENTS—133.7%
(Identified Cost $428,268)				435,101	⁽¹¹⁾

	SHARES
SHORT-TERM INVESTMENT—1.9%
Money Market Mutual Fund—1.9%
JPMorgan U.S. Government Money Market Fund – Institutional Shares (seven-day effective yield 0.622%)⁽¹⁰⁾		6,119,725		6,120
TOTAL SHORT-TERM INVESTMENT (Identified Cost $6,120)				6,120
TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS—135.5%
(Identified Cost $434,388)				441,221	⁽¹⁾

	CONTRACTS
WRITTEN OPTIONS—(0.2)%
Call Options—(0.1)%
S&P 500^® Index expiration 04/05/17 strike price $2,415		618		(6	)
S&P 500^® Index expiration 04/07/17 strike price $2,425		1,151		(23	)


	CONTRACTS		VALUE
Call Options (continued)
S&P 500^® Index expiration 04/12/17 strike price $2,415		623	$	(49	)
S&P 500^® Index expiration 04/13/17 strike price $2,420		1,157		(87	)

				(165	)

Put Options—(0.1)%
S&P 500^® Index expiration 04/05/17 strike price $2,250		618		(16	)
S&P 500^® Index expiration 04/07/17 strike price $2,250		1,151		(57	)
S&P 500^® Index expiration 04/12/17 strike price $2,295		623		(112	)
S&P 500^® Index expiration 04/13/17 strike price $2,305		1,157		(359	)

				(544	)
TOTAL WRITTEN OPTIONS—(0.2)%
(Premiums Received $1,417)				(709	)⁽¹⁾
TOTAL INVESTMENTS NET OF WRITTEN OPTIONS—135.3%
(Identified Cost $432,971)				440,512
Other assets and liabilities, net—(35.3%)				(114,982	)

NET ASSETS—100.0%			$325,530

Abbreviations

ADR	American Depositary Receipt

FNMA	Federal National Mortgage Association (“Fannie Mae”)

REIT	Real Estate Investment Trust

SPDR	S&P Depositary Receipt

Footnote Legend:

⁽¹⁾	Federal Income Tax Information: For tax information at March 31, 2017, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments.

⁽²⁾	Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2017.

⁽³⁾	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, 2017, these securities amounted to a value of $54,517 or 12.2% of net assets.

⁽⁴⁾	No contractual maturity date.

⁽⁵⁾	Interest payments may be deferred.

⁽⁶⁾	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.

⁽⁷⁾	All or a portion of the security is segregated as collateral for written options.

⁽⁸⁾	Value shown as par value.

⁽⁹⁾	This loan will settle after March 31, 2017, at which time the interest rate, based on the London Interbank Offered Rate (“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	62	%
United Kingdom	16
Canada	7
France	4
Switzerland	3
Australia	1
Germany	1
Other	6
Total	100	%

†	% of total investments net of written options as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 1A in the Notes to Schedules of Investments):

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant

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 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.

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

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

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

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, are illiquid, 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.

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.

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”.

The Fund had transactions in written call options for the period ended March 31, 2017 as follows:


	Calls						Puts
Written Options	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Written Options outstanding at December 31, 2016		3,721		$	298			3,721		$	900
Options written		22,798			1,970			22,798			6,525
Options closed		(19,545	)		(1,595	)		(18,319	)		(5,067	)
Options expired		(3,425	)		(422	)		(4,651	)		(1,192	)
Options exercised		—			—			—			—

Written Options outstanding at March 31, 2017		3,549		$	251			3,549		$	1,166

For the period ended March 31, 2017, the average daily premiums paid by the Fund for purchased options were $468, and the average daily premiums received by the Fund for written options were $1,055.

At March 31, 2017, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Fund were as follows:

The differences between book basis cost and tax basis cost were attributable primarily to the tax deferral of losses on wash sales and derivatives.

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.

On October 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to

Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompany notes.

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.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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.


	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—3.3%
U.S. Treasury Bond 2.500%, 2/15/46	$	8,530	$	7,642
U.S. Treasury Note 1.375%, 2/15/20		3,220		3,209
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $10,982)				10,851
MUNICIPAL BONDS—1.5%
California—0.9%
State of California, Build America Bonds Taxable 7.600%, 11/1/40		2,000		2,981


Investment in Securities	Loan Agreements
Balance as of December 31, 2016:	$	—
Accrued Discount/(Premium)		—
Realized Gain (Loss)		—
Change in Unrealized Appreciation (Depreciation)		—
Purchases		—
(Sales)^(b)		—
Transfers into Level 3^(a)		272
Transfers out of Level 3^(a)		—

Balance as of March 31, 2017:	$	272


	Federal Tax Cost			Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Investments (before written options)	$	434,202		$	16,347	$	(9,328	)	$	7,019
Written Options		(1,417	)		758		(50	)		708



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


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


	Total Value at March 31, 2017			Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	7,664		$	—		$	7,664	$	—
Corporate Bonds And Notes		84,344			—			84,344		—
Foreign Government Securities		5,899			—			5,899		—
Loan Agreements		6,870			—			6,598		272
Mortgage-Backed Securities		36,557			—			36,557		—
Municipal Bonds		4,842			—			4,842		—
U.S. Government Securities		10,851			—			10,851		—
Equity Securities:
Common Stocks		268,972			268,972			—		—
Exchange-Traded Funds		5,352			5,352			—		—
Preferred Stocks		3,438			578			2,860		—
Purchased Options		312			312			—		—
Short-Term Investment		6,120			6,120			—		—

Total Investments before Written Options	$	441,221		$	281,334		$	159,615	$	272

Written Options	$	(709	)	$	(709	)	$	—	$	—

Total Investments Net of Written Options	$	440,512		$	280,625		$	159,615	$	272


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