VIRTUS GLOBAL DIVIDEND & INCOME FUND

Virtus Global Dividend & Income Fund Inc.

c/o Computershare Investor Services

P.O. Box 43078

Providence, RI 02940

For more information about

Virtus Closed-End Funds, please

contact us at 1-866-270-7788

or closedendfunds@virtus.com

or visit Virtus.com.


QUARTERLY REPORT

August 31, 2019

Virtus Global Dividend & Income Fund Inc.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-270-7788 or, with respect to requesting electronic delivery, by visiting www.virtus.com. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.

Not FDIC Insured • No Bank Guarantee • May Lose Value

FUND DISTRIBUTIONS AND MANAGED DISTRIBUTION PLAN

The Board of Directors (the “Board,” or the “Directors”) of Virtus Global Dividend & Income Fund Inc. (the “Fund”) adopted a Managed Distribution Plan (the “Plan”) which currently provides for the Fund to make a monthly distribution rate 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 does not necessarily reflect the Fund’s investment performance and 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 Section 19(a) notices 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 the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send shareholders a Form 1099-DIV for the calendar year that will tell you 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 through the closed-end fund section on the web at www.Virtus.com. Section 19(a) notices are posted on the website at: https://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 period ended August 31, 2019.

For the three months ended August 31, 2019, the fund’s NAV increased 5.01%, including $0.339 in reinvested distributions, and its market price increased 0.30%. The fund’s NAV return during the period included a benefit of 0.09% from the options overlay strategy.

For the three months ended August 31, 2019, the fund’s composite benchmark, consisting of 60% MSCI World High Dividend Yield Index (net) and 40% Bloomberg Barclays U.S. Aggregate Bond Index, increased 4.02%, including reinvested dividends. Performance of the composite’s underlying indices for this period included a gain of 4.02% for the MSCI World High Dividend Yield Index (net) and a gain of 4.11% for the Bloomberg Barclays U.S. Aggregate Bond Index.

As announced on July 3, 2019, the fund has scheduled a special meeting of shareholders for November 1, 2019 to vote on several proposals that are discussed in detail in the proxy materials that have been mailed to affected shareholders. The members of the Board support these proposals. Your vote is important, and I hope you will carefully review the information provided and support these proposals.

On behalf of Virtus Investment Partners and our affiliated portfolio managers, I thank you for your investment in the fund. 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, www.virtus.com.

LOGO

George R. Aylward

President, Chief Executive Officer, and Director

Virtus Global Dividend & Income Fund Inc.

October 2019

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 MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid cap stocks across 23 Developed Markets (DM) countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The index is calculated on a total return basis with net dividends reinvested; it is unmanaged; its returns do not reflect any fees, expenses or sales charges; and it is not available for direct investment.

⁽²⁾ The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MESSAGE TO SHAREHOLDERS (Continued)

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

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

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.

ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset and mortgage-backed securities. These securities are also subject to risks associated with the repayment of underlying collateral.

Leveraged Loans: Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and/or trade infrequently on the secondary market. Loans can carry significant credit and call risk, can be difficult to value and have longer settlement times than other investments, which can make loans relatively illiquid at times.

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

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

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

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
U.S. GOVERNMENT SECURITIES—4.2%
U.S. Treasury Bond 3.000%, 8/15/48	$	7,745	$	9,514
U.S. Treasury Note
2.250%, 3/31/21		125		126
2.000%, 2/15/25		135		139
2.625%, 2/15/29		950		1,044
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $9,062)				10,823
MUNICIPAL BONDS—1.5%
California—0.8%
State of California, Build America Bonds Taxable 7.600%, 11/1/40		1,000		1,724
University of California, Series B-A, Taxable 4.428%, 5/15/48		290		326

				2,050

Idaho—0.2%
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable 5.020%, 3/1/48		355		452


New York—0.3%
New York City Transitional Finance Authority Future Tax Secured Revenue 4.000%, 5/1/42		695		806

Virginia—0.2%
City of Bristol, General Obligation Taxable 4.210%, 1/1/42		565		600
TOTAL MUNICIPAL BONDS (Identified Cost $3,566)				3,908
FOREIGN GOVERNMENT SECURITIES—0.7%
Dominican Republic 144A 5.950%, 1/25/27⁽¹⁾		230		252


	Par Value		Value
FOREIGN GOVERNMENT SECURITIES—continued
Kingdom of Jordan 144A 5.750%, 1/31/27⁽¹⁾	$	260	$	264
Kingdom of Saudi Arabia 144A 4.375%, 4/16/29⁽¹⁾		310		357
Republic of Turkey
7.375%, 2/5/25		170		176
6.000%, 3/25/27		245		233
Sultanate of Oman
144A 5.375%, 3/8/27⁽¹⁾		285		279
144A 5.625%, 1/17/28⁽¹⁾		200		197
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $1,697)				1,758
MORTGAGE-BACKED SECURITIES—13.9%
Agency—0.5%
Federal National Mortgage Association Pool #MA3638 4.000%, 4/1/49		1,258		1,305

Non-Agency—13.4%
Ajax Mortgage Loan Trust
2019-D, A1 144A 2.956%, 9/25/65⁽¹⁾⁽²⁾		545		546
2018-C, A 144A 4.360%, 9/25/65⁽¹⁾⁽²⁾		388		395
American Homes 4 Rent Trust 2014-SFR2, C 144A 4.705%, 10/17/36⁽¹⁾		610		666
Angel Oak Mortgage Trust 2019-3, A1 144A 2.930%, 5/25/59⁽¹⁾⁽²⁾		395		397
Angel Oak Mortgage Trust I LLC
2018-2, A1 144A 3.674%, 7/27/48⁽¹⁾⁽²⁾		405		409
2018-3, A1 144A 3.649%, 9/25/48⁽¹⁾⁽²⁾		454		459

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Non-Agency—continued
2019-1, A1 144A 3.920%, 11/25/48⁽¹⁾⁽²⁾	$	396	$	403
Arroyo Mortgage Trust
2018-1, A1 144A 3.763%, 4/25/48⁽¹⁾⁽²⁾		331		338
2019-1, A1 144A 3.805%, 1/25/49⁽¹⁾⁽²⁾		229		234
2019-2, A1 144A 3.347%, 4/25/49⁽¹⁾⁽²⁾		232		235
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A 144A 3.218%, 4/14/33⁽¹⁾		1,085		1,150
Bayview Opportunity Master Fund IVa Trust
2016-SPL1, B1 144A 4.250%, 4/28/55⁽¹⁾		395		417
2017-SPL5, B1 144A 4.000%, 6/28/57⁽¹⁾⁽²⁾		175		183
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48⁽¹⁾⁽²⁾		226		229
BX Trust 2018-MCSF, A (1 month LIBOR + 0.577%) 144A 2.772%, 4/15/35⁽¹⁾⁽²⁾		315		314
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34⁽¹⁾		470		494
Chase Home Lending Mortgage Trust 2019-ATR1, A4 144A 4.000%, 4/25/49⁽¹⁾⁽²⁾		274		277
Citigroup Commercial Mortgage Trust 2013-375P, B 144A 3.635%, 5/10/35⁽¹⁾⁽²⁾		370		385


	Par Value		Value
Non-Agency—continued
2019-SST2, A (1 month LIBOR + 0.920%) 144A 3.115%, 12/15/36⁽¹⁾⁽²⁾	$	385	$	384
Citigroup Mortgage Loan Trust
2019-IMC1, A1 144A 2.720%, 7/25/49^(1)(2)(3)		275		275
2019-RP1, A1 144A 3.500%, 1/25/66⁽¹⁾⁽²⁾		258		266
COLT Mortgage Loan Trust Funding LLC
2019-1, A1 144A 3.705%, 3/25/49⁽¹⁾⁽²⁾		340		345
2019-3, A1 144A 2.764%, 8/25/49⁽¹⁾⁽²⁾		580		583
CoreVest American Finance Trust 2018-2, A 144A 4.026%, 11/15/52⁽¹⁾		310		328
Credit Suisse First Boston Mortgage Securities Corp. 2003-AR30, 5A1 4.514%, 1/25/34⁽²⁾		128		131
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 3.175%, 5/15/36⁽¹⁾⁽²⁾		340		340
Deephaven Residential Mortgage Trust 2017-1A, A2 144A 2.928%, 12/26/46⁽¹⁾⁽²⁾		78		78
Ellington Financial Mortgage Trust
2017-1, A1 144A 2.687%, 10/25/47⁽¹⁾⁽²⁾		236		235
2018-1, A1FX 144A 4.140%, 10/25/58⁽¹⁾⁽²⁾		154		156
2019-1, A1 144A 2.934%, 6/25/59⁽¹⁾⁽²⁾		309		311

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Non-Agency—continued
Galton Funding Mortgage Trust
2017-1, A21 144A 3.500%, 7/25/56⁽¹⁾⁽²⁾	$	162	$	165
2018-2, A41 144A 4.500%, 10/25/58⁽¹⁾⁽²⁾		307		314
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59⁽¹⁾⁽²⁾		265		269
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35⁽¹⁾		965		967
Homeward Opportunities Fund I Trust 2019-1, A1 144A 3.454%, 1/25/59⁽¹⁾⁽²⁾		417		422
JPMorgan Chase (Bear Stearns) Alternate Loan Trust 2004-5, 3A1 4.614%, 6/25/34⁽²⁾		343		352
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C31, AS 4.106%, 8/15/48		340		371
JPMorgan Chase Mortgage Trust
2014-5, B2 144A 2.982%, 10/25/29⁽¹⁾⁽²⁾		137		136
2016-SH2, M2 144A 3.750%, 12/25/45⁽¹⁾⁽²⁾		539		565
2017-3, 2A2 144A 2.500%, 8/25/47⁽¹⁾⁽²⁾		189		189
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A 2.995%, 5/15/36⁽¹⁾⁽²⁾		340		340
Lending Home Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23⁽¹⁾⁽²⁾		380		385
MetLife Securitization Trust 2017-1A, M1 144A 3.723%, 4/25/55⁽¹⁾⁽²⁾		135		142


	Par Value		Value
Non-Agency—continued
2019-1A, A1A 144A 3.750%, 4/25/58⁽¹⁾⁽²⁾	$	386	$	402
Mill City Mortgage Loan Trust 2018-4, A1B 144A 3.500%, 4/25/66⁽¹⁾⁽²⁾		770		793
New Residential Mortgage Loan Trust
2018-4A, A1S (1 month LIBOR + 0.750%) 144A 2.895%, 1/25/48⁽¹⁾⁽²⁾		99		99
2016-4A, A1 144A 3.750%, 11/25/56⁽¹⁾⁽²⁾		57		59
2016-4A, B1A 144A 4.500%, 11/25/56⁽¹⁾⁽²⁾		645		697
2017-2A, A3 144A 4.000%, 3/25/57⁽¹⁾⁽²⁾		228		239
2018-1A, A1A 144A 4.000%, 12/25/57⁽¹⁾⁽²⁾		462		481
OBX Trust
2018-EXP2, 1A1 144A 4.000%, 11/25/48⁽¹⁾⁽²⁾		518		522
2019-INV1, A3 144A 4.500%, 11/25/48⁽¹⁾⁽²⁾		317		328
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32⁽¹⁾		345		360
Preston Ridge Partners Mortgage LLC
2019-1A, A1 144A 4.500%, 1/25/24⁽¹⁾⁽²⁾		462		467
2019-2A, A1 144A 3.967%, 4/25/24⁽¹⁾⁽²⁾		391		394
Pretium Mortgage Credit Partners I LLC 2019-NPL1, A1 144A 4.213%, 7/25/60⁽¹⁾⁽²⁾		252		255
Progress Residential Trust
2017-SFR1, B 144A 3.017%, 8/17/34⁽¹⁾		635		643
2018-SFR1, B 144A 3.484%, 3/17/35⁽¹⁾		300		304
2018-SFR2, B 144A 3.841%, 8/17/35⁽¹⁾		185		190
2019-SFR3, B 144A 2.571%, 9/17/36⁽¹⁾		280		281

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Non-Agency—continued
RCO V Mortgage LLC 2019-1, A1 144A 3.721%, 5/24/24⁽¹⁾⁽²⁾	$	107	$	108
Residential Mortgage Loan Trust
2019-1, A1 144A 3.936%, 10/25/58⁽¹⁾⁽²⁾		146		148
2019-2, A1 144A 2.913%, 5/25/59⁽¹⁾⁽²⁾		395		397
Sequoia Mortgage Trust 2013-8, B1 3.530%, 6/25/43⁽²⁾		332		341
Stack Infrastructure Issuer LLC 2019-1A, A2 144A 4.540%, 2/25/44⁽¹⁾		368		389
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 2/25/49⁽¹⁾⁽²⁾		229		233
Structured Adjustable Rate Mortgage Loan Trust 2004-4, 3A2 4.707%, 4/25/34⁽²⁾		114		118
Towd Point Mortgage Trust
2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 3.045%, 4/25/48⁽¹⁾⁽²⁾		195		195
2015-1, A2 144A 3.250%, 10/25/53⁽¹⁾⁽²⁾		610		613
2015-6, M1 144A 3.750%, 4/25/55⁽¹⁾⁽²⁾		185		198
2016-2, A1 144A 3.000%, 8/25/55⁽¹⁾⁽²⁾		263		266
2017-1, M1 144A 3.750%, 10/25/56⁽¹⁾⁽²⁾		200		210
2017-6, A2 144A 3.000%, 10/25/57⁽¹⁾⁽²⁾		330		338
2018-6, A2 144A 3.750%, 3/25/58⁽¹⁾⁽²⁾		480		511
2019-1, A1 144A 3.750%, 3/25/58⁽¹⁾⁽²⁾		584		613
2018-4, A1 144A 3.000%, 6/25/58⁽¹⁾⁽²⁾		593		605
2018-SJ1, A1 144A 4.000%, 10/25/58⁽¹⁾⁽²⁾		148		149


	Par Value		Value
Non-Agency—continued
2015-2, 1M1 144A 3.250%, 11/25/60⁽¹⁾⁽²⁾	$	350	$	359
Tricon American Homes Trust
2016-SFR1, C 144A 3.487%, 11/17/33⁽¹⁾		975		987
2017-SFR1, A 144A 2.716%, 9/17/34⁽¹⁾		369		372
VCAT LLC 2019-NPL1, A1 144A 4.360%, 2/25/49⁽¹⁾⁽²⁾		279		282
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49⁽¹⁾⁽²⁾		256		257
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A 4.213%, 8/25/48⁽¹⁾⁽²⁾		314		315
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A 3.967%, 9/25/48⁽¹⁾⁽²⁾		138		139
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49⁽¹⁾⁽²⁾		328		330
Verus Securitization Trust
2017-2A, A1 144A 2.485%, 7/25/47⁽¹⁾⁽²⁾		175		174
2018-1, A1 144A 2.929%, 2/25/48⁽¹⁾⁽²⁾		139		139
2018-2, A1 144A 3.677%, 6/1/58⁽¹⁾⁽²⁾		456		460
2018-3, A1 144A 4.108%, 10/25/58⁽¹⁾⁽²⁾		521		527
2019-1, A1 144A 3.836%, 2/25/59⁽¹⁾⁽²⁾		399		405
2019-INV1, A1 144A 3.402%, 12/25/59⁽¹⁾⁽²⁾		236		238
Wells Fargo Commercial Mortgage Trust
2014-C24, AS 3.931%, 11/15/47		340		365
2015-LC20, A5 3.184%, 4/15/50		340		359

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Non-Agency—continued
2015-LC20, B 3.719%, 4/15/50	$	675	$	713

				33,947
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $34,589)				35,252
ASSET-BACKED SECURITIES—5.8%
Auto Floor Plan—0.1%
NextGear Floorplan Master Owner Trust 2018-1A, A2 144A 3.220%, 2/15/23⁽¹⁾		355		360


Automobiles—4.0%
ACC Trust
2018-1, A 144A 3.700%, 12/21/20⁽¹⁾		64		64
2018-1, B 144A 4.820%, 5/20/21⁽¹⁾		335		337
2019-1, A 144A 3.750%, 5/20/22⁽¹⁾		283		285
American Credit Acceptance Receivables Trust
2017-2, C 144A 2.860%, 6/12/23⁽¹⁾		189		189
2018-3, C 144A 3.750%, 10/15/24⁽¹⁾		430		435
2018-4, C 144A 3.970%, 1/13/25⁽¹⁾		400		407
2019-2, C 144A 3.170%, 6/12/25⁽¹⁾		340		344


	Par Value		Value
Automobiles—continued
Carvana Auto Receivables Trust 2019-1A, D 144A 3.880%, 10/15/24⁽¹⁾	$	385	$	399
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21⁽¹⁾		204		204
CPS Auto Receivables Trust 2017-D, B 144A 2.430%, 1/18/22⁽¹⁾		335		335
DT Auto Owner Trust
2018-3A, C 144A 3.790%, 7/15/24⁽¹⁾		285		292
2019-2A, B 144A 2.990%, 4/17/23⁽¹⁾		340		344
Exeter Automobile Receivables Trust
2015-2A, C 144A 3.900%, 3/15/21⁽¹⁾		131		131
2016-3A, B 144A 2.840%, 8/16/21⁽¹⁾		208		208
2019-2A, C 144A 3.300%, 3/15/24⁽¹⁾		345		352
First Investors Auto Owner Trust 2017-2A, B 144A 2.650%, 11/15/22⁽¹⁾		415		416
Flagship Credit Auto Trust
2016-2, B 144A 3.840%, 9/15/22⁽¹⁾		285		286
2017-3, C 144A 2.910%, 9/15/23⁽¹⁾		505		509
2019-1, C 144A 3.600%, 2/18/25⁽¹⁾		235		243

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Automobiles—continued
Foursight Capital Automobile Receivables Trust 2017-1, B 144A 3.050%, 12/15/22⁽¹⁾	$	400	$	403
GLS Auto Receivables Trust
2017-1A, B 144A 2.980%, 12/15/21⁽¹⁾		525		526
2018-3A, C 144A 4.180%, 7/15/24⁽¹⁾		515		534
Hertz Vehicle Financing II LP 2019-1A, A 144A 3.710%, 3/25/23⁽¹⁾		310		320
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24⁽¹⁾		415		416
Prestige Auto Receivables Trust
2017-1A, C 144A 2.810%, 1/17/23⁽¹⁾		505		508
2019-1A, D 144A 3.010%, 8/15/25⁽¹⁾		345		351
Santander Drive Auto Receivables Trust 2016-1, C 3.090%, 4/15/22		79		79
Tricolor Auto Securitization Trust 2018-2A, B 144A 4.760%, 2/15/22⁽¹⁾		318		324
United Auto Credit Securitization Trust 2019-1, D 144A 3.470%, 8/12/24⁽¹⁾		340		344
Westlake Automobile Receivables Trust 2017-2A, C 144A 2.590%, 12/15/22⁽¹⁾		505		505

				10,090


	Par Value		Value
Consumer Loans—0.2%
SoFi Consumer Loan Program Trust 2019-3, A 144A 2.900%, 5/25/28⁽¹⁾	$	363	$	366


Other—1.5%
Amur Equipment Finance Receivables VI LLC 2018-2A, A2 144A 3.890%, 7/20/22⁽¹⁾		392		398
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47⁽¹⁾		417		426
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22⁽¹⁾		310		310
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29⁽¹⁾		160		162
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23⁽¹⁾		37		37
Foundation Finance Trust 2019-1A, A 144A 3.860%, 11/15/34⁽¹⁾		334		342
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38⁽¹⁾		380		388
Primose Funding LLC 2019-1A, A2 144A 4.475%, 7/30/49⁽¹⁾		345		348
Prosper Marketplace Issuance Trust 2018-1A, A 144A 3.110%, 6/17/24⁽¹⁾		6		6
Small Business Lending Trust 2019-A, A 144A 2.850%, 7/15/26⁽¹⁾		350		350
SoFi Consumer Loan Program LLC
2016-3, A 144A 3.050%, 12/26/25⁽¹⁾		85		86
2017-1, A 144A 3.280%, 1/26/26⁽¹⁾		113		114

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Other—continued
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47⁽¹⁾	$	154	$	152
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49⁽¹⁾		337		357
Upgrade Master Pass-Through-Trust 2019-ST1, A 144A 4.000%, 7/15/25⁽¹⁾⁽³⁾		393		393

				3,869
TOTAL ASSET-BACKED SECURITIES (Identified Cost $14,511)				14,685
CORPORATE BONDS AND NOTES—24.3%
Communication Services—1.2%
AT&T, Inc.
4.100%, 2/15/28		325		355
(3 month LIBOR + 1.180%) 3.616%, 6/12/24⁽²⁾		135		137
Comcast Corp. 4.150%, 10/15/28		91		103
Diamond Sports Group LLC
144A 5.375%, 8/15/26⁽¹⁾		155		163
144A 6.625%, 8/15/27⁽¹⁾		85		89
Discovery Communications LLC 3.950%, 3/20/28		475		499
DISH DBS Corp. 5.875%, 7/15/22		185		191
Frontier Communications Corp. 144A 8.500%, 4/1/26⁽¹⁾		125		122
iHeartCommunications, Inc. 144A 5.250%, 8/15/27⁽¹⁾		30		32
Meredith Corp. 6.875%, 2/1/26		185		195


	Par Value		Value
Communication Services—continued
Sirius XM Radio, Inc.
144A 4.625%, 7/15/24⁽¹⁾	$	45	$	47
144A 5.500%, 7/1/29⁽¹⁾		90		98
Sprint Spectrum Co., LLC
144A 3.360%, 9/20/21⁽¹⁾		112		113
144A 4.738%, 3/20/25⁽¹⁾		465		493
Verizon Communications, Inc. 4.125%, 3/16/27⁽⁴⁾		330		368

				3,005


Consumer Discretionary—1.8%
Bunge Ltd. Finance Corp. 4.350%, 3/15/24		290		310
Dollar Tree, Inc. 4.000%, 5/15/25		440		465
Eldorado Resorts, Inc. 6.000%, 9/15/26		90		98
Frontdoor, Inc. 144A 6.750%, 8/15/26⁽¹⁾		175		190
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24⁽¹⁾		135		140
GLP Capital LP 5.750%, 6/1/28		395		449
Hilton Domestic Operating Co., Inc. 144A 4.875%, 1/15/30⁽¹⁾		75		80
IAA, Inc. 144A 5.500%, 6/15/27⁽¹⁾		30		32
Lear Corp. 3.800%, 9/15/27		505		509
MGM Growth Properties Operating Partnership LP 144A 5.750%, 2/1/27⁽¹⁾		140		155
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26⁽¹⁾		15		16

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Consumer Discretionary—continued
Prime Security Services Borrower LLC
144A 5.250%, 4/15/24⁽¹⁾	$	40	$	41
144A 5.750%, 4/15/26⁽¹⁾		20		21
PulteGroup, Inc. 6.375%, 5/15/33		280		304
QVC, Inc. 4.375%, 3/15/23		665		695
Scientific Games International, Inc. 144A 8.250%, 3/15/26⁽¹⁾		125		132
Service Corp. International 5.125%, 6/1/29		60		64
Tenneco, Inc. 5.000%, 7/15/26		165		128
TRI Pointe Group, Inc. 5.875%, 6/15/24		210		226
Under Armour, Inc. 3.250%, 6/15/26		190		186
Wyndham Worldwide Corp. 5.750%, 4/1/27		280		299

				4,540


Consumer Staples—0.9%
Anheuser-Busch Inbev Worldwide, Inc. 4.000%, 4/13/28		405		449
Bacardi Ltd. 144A 4.700%, 5/15/28⁽¹⁾		555		617
Conagra Brands, Inc. 4.300%, 5/1/24		470		505
Flowers Foods, Inc. 4.375%, 4/1/22⁽⁴⁾		330		346
JBS USA LUX S.A. 144A 5.500%, 1/15/30⁽¹⁾		55		58
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26		420		413

				2,388


	Par Value		Value
Energy—2.4%
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25⁽¹⁾	$	195	$	199
Andeavor Logistics LP 4.250%, 12/1/27		215		228
Cheniere Energy Partners LP 5.625%, 10/1/26		140		148
CrownRock LP 144A 5.625%, 10/15/25⁽¹⁾		210		208
Energy Transfer Operating LP 4.200%, 4/15/27		430		457
Helmerich & Payne, Inc. 4.650%, 3/15/25		290		315
HollyFrontier Corp. 5.875%, 4/1/26⁽⁴⁾		480		534
Kinder Morgan Energy Partners LP 7.500%, 11/15/40		615		861
MPLX LP 4.000%, 3/15/28		330		346
NuStar Logistics LP 5.625%, 4/28/27		320		333
Pertamina Persero PT 144A 6.450%, 5/30/44⁽¹⁾		475		627
Sabine Pass Liquefaction LLC
6.250%, 3/15/22		355		384
4.200%, 3/15/28		205		218
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30⁽⁵⁾		445		536
Transocean Guardian Ltd. 144A 5.875%, 1/15/24⁽¹⁾		98		99
USA Compression Partners LP 6.875%, 4/1/26		290		297

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Energy—continued
Valero Energy Partners LP 4.500%, 3/15/28	$	330	$	364

				6,154

Financials—8.1%
AerCap Ireland Capital DAC 3.950%, 2/1/22		495		513
Allstate Corp. (The) Series B 5.750%, 8/15/53⁽⁴⁾⁽⁶⁾		485		517
Apollo Management Holdings LP 144A 4.000%, 5/30/24⁽¹⁾⁽⁴⁾		475		505
Ares Capital Corp. 4.250%, 3/1/25⁽⁴⁾		325		337
Ares Finance Co., LLC 144A 4.000%, 10/8/24⁽¹⁾		675		677
Athene Holding Ltd. 4.125%, 1/12/28		395		404
Aviation Capital Group LLC 144A 3.500%, 11/1/27⁽¹⁾		480		501
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33⁽¹⁾		325		311
Banco de Credito e Inversiones S.A. 144A 3.500%, 10/12/27⁽¹⁾		740		770
Bank of America Corp.
3.004%, 12/20/23		339		348
4.200%, 8/26/24		458		494
Bank of Montreal 3.803%, 12/15/32		621		651
Brighthouse Financial, Inc. 3.700%, 6/22/27		400		395
Brightsphere Investment Group, Inc. 4.800%, 7/27/26		495		520
Brookfield Finance, Inc. 4.000%, 4/1/24		598		638
Capital One Financial Corp.
4.200%, 10/29/25⁽⁴⁾		450		481
3.750%, 7/28/26⁽⁴⁾		545		569


	Par Value		Value
Financials—continued
Citigroup, Inc. 5.500%, 9/13/25	$	1,300	$	1,490
Discover Bank 4.682%, 8/9/28		375		393
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28		430		469
FS KKR Capital Corp. 4.250%, 1/15/20		410		411
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22⁽⁴⁾		325		352
Guanay Finance Ltd. 144A 6.000%, 12/15/20⁽¹⁾		270		274
ICAHN Enterprises LP 144A 6.250%, 5/15/26⁽¹⁾		350		365
iStar, Inc. 5.250%, 9/15/22		140		144
Jefferies Financial Group, Inc. 5.500%, 10/18/23		240		261
Jefferies Group LLC
6.875%, 4/15/21		59		63
5.125%, 1/20/23		95		102
4.850%, 1/15/27		250		267
JPMorgan Chase & Co. 3.300%, 4/1/26		645		680
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42⁽¹⁾		535		733
Liberty Mutual Group, Inc.
144A 4.250%, 6/15/23⁽¹⁾		135		144
144A 4.569%, 2/1/29⁽¹⁾		475		541
Morgan Stanley 6.375%, 7/24/42		410		608
Navient Corp. 6.750%, 6/25/25		295		317
Prudential Financial, Inc.
5.875%, 9/15/42		165		177
5.625%, 6/15/43⁽⁶⁾		400		429
Santander Holdings USA, Inc.
3.700%, 3/28/22		343		352
3.500%, 6/7/24		275		284

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Financials—continued
4.400%, 7/13/27	$	185	$	199
Societe Generale S.A. 144A 4.750%, 11/24/25⁽¹⁾		500		538
Springleaf Finance Corp. 6.875%, 3/15/25		180		204
Synchrony Financial 3.950%, 12/1/27		360		373
Synovus Financial Corp. 5.900%, 2/7/29		173		182
Trinity Acquisition plc 4.400%, 3/15/26		200		219
UBS AG 7.625%, 8/17/22		630		710
Wells Fargo & Co.
3.550%, 9/29/25		285		303
Series S 5.900%⁽⁷⁾		310		331

				20,546

Health Care—1.7%
AbbVie, Inc.
3.600%, 5/14/25		285		297
3.200%, 5/14/26		265		271
Bausch Health Cos., Inc.
144A 7.000%, 3/15/24⁽¹⁾		40		42
144A 5.750%, 8/15/27⁽¹⁾		15		16
Becton Dickinson & Co.
3.363%, 6/6/24		159		166
3.700%, 6/6/27		242		259
Catalent Pharma Solutions, Inc. 144A 5.000%, 7/15/27⁽¹⁾		45		47
CVS Health Corp.
2.875%, 6/1/26		700		704
4.300%, 3/25/28		311		340
HCA, Inc.
5.125%, 6/15/39		140		155
5.250%, 6/15/49		210		235


	Par Value		Value
Health Care—continued
IQVIA, Inc. 144A 5.000%, 5/15/27⁽¹⁾	$	55	$	58
Mylan NV 3.950%, 6/15/26		480		500
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27⁽¹⁾		125		117
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		320		329
Tenet Healthcare Corp. 144A 5.125%, 11/1/27⁽¹⁾		95		98
Zimmer Biomet Holdings, Inc. 3.550%, 4/1/25		665		700

				4,334


Industrials—1.6%
American Airlines Pass-Through Trust 2019-1, A 3.500%, 2/15/32		345		355
Ashtead Capital, Inc. 144A 4.375%, 8/15/27⁽¹⁾		425		436
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26⁽¹⁾		345		358
CNH Industrial N.V. 4.500%, 8/15/23		429		458
DP World plc 144A 6.850%, 7/2/37⁽¹⁾		220		297
Navistar International Corp. 144A 6.625%, 11/1/25⁽¹⁾		125		127
Oshkosh Corp. 4.600%, 5/15/28		459		498
Owens Corning 3.400%, 8/15/26		495		496
Pentair Finance S.a.r.l 4.500%, 7/1/29		485		511

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Industrials—continued
TransDigm, Inc. 6.375%, 6/15/26	$	130	$	136
United Airlines Pass-Through Trust 2007-1, A 6.636%, 7/2/22		318		336

				4,008

Information Technology—1.1%
Broadcom Corp.
3.000%, 1/15/22		185		186
3.625%, 1/15/24		200		204
Citrix Systems, Inc. 4.500%, 12/1/27		360		388
Dell International LLC
144A 6.020%, 6/15/26⁽¹⁾		100		113
144A 8.100%, 7/15/36⁽¹⁾		230		292
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		465		516
Micron Technology, Inc. 4.185%, 2/15/27		345		356
Motorola Solutions, Inc.
4.600%, 2/23/28		262		284
4.600%, 5/23/29		135		148
NCR Corp. 144A 6.125%, 9/1/29⁽¹⁾		205		218
VMware, Inc. 3.900%, 8/21/27		233		238

				2,943

Materials—1.9%
Anglo American Capital plc 144A 4.000%, 9/11/27⁽¹⁾		300		310
ArcelorMittal 6.125%, 6/1/25		250		281
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75⁽¹⁾⁽⁶⁾		410		480
CRH America Finance, Inc. 144A 3.400%, 5/9/27⁽¹⁾		425		442


	Par Value		Value
Materials—continued
Glencore Funding LLC 144A 4.000%, 3/27/27⁽¹⁾	$	495	$	512
Greif, Inc. 144A 6.500%, 3/1/27⁽¹⁾		165		173
Inversiones CMPC S.A. 144A 4.375%, 5/15/23⁽¹⁾		935		982
Olin Corp. 5.625%, 8/1/29		335		348
SABIC Capital II BV 144A 4.500%, 10/10/28⁽¹⁾		360		407
Syngenta Finance N.V. 144A 4.441%, 4/24/23⁽¹⁾		430		451
Vulcan Materials Co. 3.900%, 4/1/27		425		449

				4,835

Real Estate—2.0%
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27		300		325
Corporate Office Properties LP 3.600%, 5/15/23		660		675
EPR Properties 4.750%, 12/15/26		620		673
Healthcare Trust of America Holdings LP 3.750%, 7/1/27		435		458
Hospitality Properties Trust 4.950%, 2/15/27		510		529
Kilroy Realty LP 4.375%, 10/1/25		475		516
Life Storage LP 3.875%, 12/15/27		165		177
LifeStorage LP 3.500%, 7/1/26		455		471
MPT Operating Partnership LP
5.000%, 10/15/27		170		182
4.625%, 8/1/29		70		73

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Real Estate—continued
Office Properties Income Trust 4.500%, 2/1/25	$	470	$	486
Physicians Realty LP 3.950%, 1/15/28		435		460

				5,025

Utilities—1.6%
CenterPoint Energy, Inc. 4.250%, 11/1/28		410		456
DPL, Inc. 144A 4.350%, 4/15/29⁽¹⁾		414		413
Exelon Corp. 3.497%, 6/1/22		605		623
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25⁽¹⁾		520		566
Pennsylvania Electric Co. 144A 3.600%, 6/1/29⁽¹⁾		375		402
PSEG Power LLC 3.850%, 6/1/23		373		394
Southern Power Co. 4.150%, 12/1/25		480		524
Talen Energy Supply LLC 144A 6.625%, 1/15/28⁽¹⁾		160		155
TerraForm Power Operating LLC 144A 5.000%, 1/31/28⁽¹⁾		215		224
Vistra Operations Co., LLC 144A 4.300%, 7/15/29⁽¹⁾		350		357

				4,114
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $58,701)				61,892
LEVERAGED LOANS⁽²⁾—2.8%
Aerospace—0.1%
Atlantic Aviation FBO, Inc.
(1 Month LIBOR + 3.75%) 5.870%, 12/6/25		45		45


	Par Value		Value
Aerospace—continued
TransDigm, Inc. 2018, Tranche E (3 Month LIBOR + 2.50%) 4.830%, 5/30/25	$	123	$	122

				167

Consumer Non-Durables—0.1%
Kronos Acquisition Holdings, Inc. Tranche B-3 (3 Month LIBOR + 4.00%) 6.256%, 5/15/23		280		265

Energy—0.1%
Citgo Petroleum Corp. 2019, Tranche B (3 Month LIBOR + 5.00%) 7.319%, 3/28/24		165		165

Financial—0.1%
Financial & Risk US Holdings, Inc. (1 Month LIBOR + 3.75%) 5.862%, 10/1/25		274		275

Food / Tobacco—0.1%
CHG PPC Parent LLC First Lien (1 Month LIBOR + 2.75%) 4.862%, 3/31/25		138		137
H-Food Holdings, LLC (1 Month LIBOR + 3.688%) 5.800%, 5/23/25		35		34
2018, Tranche B-2 (1 Month LIBOR + 4.00%) 6.112%, 5/23/25		174		169

				340

Forest Prod / Containers—0.1%
Berry Global, Inc. Tranche U (1 Month LIBOR + 2.50%) 4.701%, 7/1/26		140		140

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Gaming / Leisure—0.3%
Seminole Tribe of Florida (1 Month LIBOR + 1.75%) 3.862%, 7/8/24	$	265	$	266
Station Casinos LLC Tranche B (1 Month LIBOR + 2.50%) 4.620%, 6/8/23		238		238
Wyndham Hotels & Resorts, Inc. Tranche B (1 Month LIBOR + 1.75%) 3.862%, 5/30/25		224		224

				728


Healthcare—0.4%
Bausch Health Cos., Inc.
(1 Month LIBOR + 2.75%) 4.951%, 11/27/25		69		69
(1 Month LIBOR + 3.00%) 5.201%, 6/2/25		40		40
CHG Healthcare Services, Inc. (1 Month LIBOR + 3.00%) 5.112%, 6/7/23		293		290
Iqvia, Inc. Tranche B-3 (1 Month LIBOR + 1.75%) 4.008%, 6/11/25		272		272
LifePoint Health, Inc. Tranche B, First Lien (1 Month LIBOR + 4.50%) 6.645%, 11/16/25		284		283
NVA Holdings, Inc. Tranche B-4 (1 Month LIBOR + 3.50%) 5.612%, 2/2/25		20		20

				974


	Par Value		Value
Housing—0.4%
American Builders & Contractors Supply Co., Inc. Tranche B-2 (1 Month LIBOR + 2.00%) 4.112%, 10/31/23	$	346	$	342
Capital Automotive LP 2017, Tranche B-2 (1 Month LIBOR + 2.50%) 4.620%, 3/25/24		269		269
CPG International LLC (3 Month LIBOR + 3.75%) 5.933%, 5/5/24		254		251
Summit Materials, LLC Tranche B (1 Month LIBOR + 2.00%) 4.112%, 11/21/24		278		277

				1,139

Information Technology—0.1%
Boxer Parent Co., Inc. (3 Month LIBOR + 4.25%) 6.580%, 10/2/25		283		267

Media / Telecom - Broadcasting—0.1%
Nexstar Broadcasting, Inc. Tranche B-4 0.000%, 6/19/26⁽⁸⁾		220		220

Media / Telecom - Cable/Wireless Video—0.0%
CSC Holdings LLC 2018 (1 Month LIBOR + 2.25%) 4.445%, 1/15/26		114		114

Media / Telecom - Telecommunications—0.1%
CenturyLink, Inc. Tranche B (1 Month LIBOR + 2.75%) 4.862%, 1/31/25		288		284

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Par Value		Value
Media / Telecom - Wireless Communications—0.2%
Commscope, Inc. (1 Month LIBOR + 3.25%) 5.362%, 4/6/26	$	240	$	239
SBA Senior Finance II LLC (1 Month LIBOR + 2.00%) 4.120%, 4/11/25		153		152

				391

Service—0.3%
Dun & Bradstreet Corp. (The) (1 Month LIBOR + 5.00%) 7.145%, 2/6/26		255		255
Sedgwick Claims Management Services, Inc. (1 Month LIBOR + 3.25%) 5.362%, 12/31/25		289		280
TKC Holdings, Inc. First Lien (1 Month LIBOR + 3.75%) 5.870%, 2/1/23		189		184

				719

Transportation - Automotive—0.1%
Navistar, Inc. Tranche B (1 Month LIBOR + 3.50%) 5.700%, 11/6/24		217		216
Panther BF Aggregator 2 LP First Lien (1 Month LIBOR + 3.50%) 5.612%, 4/30/26		155		152

				368

Utility—0.2%
Brookfield WEC Holdings, Inc. First Lien (1 Month LIBOR + 3.50%) 5.612%, 8/1/25		329		329


	Par Value			Value
Utility—continued
Calpine Corp. 2019 (3 Month LIBOR + 2.75%) 5.080%, 4/5/26	$	275		$	275

					604
TOTAL LEVERAGED LOANS (Identified Cost $7,215)					7,160

	Shares
PREFERRED STOCKS—0.8%
Financials—0.8%
Bank of New York Mellon Corp. (The) Series E, 4.950%		255	⁽⁹⁾		260
JPMorgan Chase & Co. Series Z, 5.300%		550	⁽⁹⁾		558
KeyCorp Series D, 5.000%⁽¹⁰⁾		270	⁽⁹⁾		276
M&T Bank Corp. Series F, 5.125%⁽¹⁰⁾		229	⁽⁹⁾		240
MetLife, Inc. Series D, 5.875%		156	⁽⁹⁾		167
PNC Financial Services Group, Inc. (The) Series S, 5.000%⁽⁴⁾		485	⁽⁹⁾		498

					1,999
TOTAL PREFERRED STOCKS (Identified Cost $1,965)					1,999
COMMON STOCKS—82.1%
Communication Services—11.6%
AT&T, Inc.		248,803			8,773
BCE, Inc.		237,630			11,245
Spark New Zealand Ltd.		3,394,644			9,454

					29,472

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Shares		Value
Consumer Discretionary—2.5%
Compass Group plc Sponsored ADR		41,448	$	1,049
Las Vegas Sands Corp.		94,900		5,264

				6,313

Consumer Staples—6.3%
Coca-Cola Co. (The)		135,660		7,467
Kimberly-Clark Corp.		22,050		3,112
Tate & Lyle plc		613,953		5,374

				15,953


Energy—8.7%
ONEOK, Inc.		132,970		9,478
Royal Dutch Shell plc Sponsored Class B ADR		131,860		7,353
TOTAL S.A. Sponsored ADR		63,850		3,187
Z Energy Ltd.		535,000		2,137

				22,155


Financials—15.7%
Bank of Hawaii Corp.		30,420		2,515
Royal Bank of Canada		110,519		8,262
Sabre Insurance Group plc		1,641,620		5,194
SCOR SE Sponsored ADR		416,228		1,633
St James’s Place plc		157,000		1,753
Tokio Marine Holdings, Inc.		72,370		3,728
Tryg A/S		173,457		5,185
Zurich Insurance Group AG		8,190		2,914
Zurich Insurance Group AG ADR		245,570		8,730

				39,914


Health Care—5.7%
AstraZeneca plc Sponsored ADR		48,088		2,166
GlaxoSmithKline plc		94,260		1,963


	Shares		Value
Health Care—continued
GlaxoSmithKline plc Sponsored ADR		146,160	$	6,077
Merck & Co., Inc.		27,590		2,386
Sonic Healthcare Ltd.		95,000		1,884

				14,476


Industrials—5.4%
Port of Tauranga Ltd.		260,800		1,051
Waste Management, Inc.		22,260		2,657
Watsco, Inc.		60,989		9,975

				13,683


Information Technology—5.3%
Analog Devices, Inc.		27,350		3,004
Cisco Systems, Inc.		41,930		1,963
Paychex, Inc.		37,810		3,089
Tieto Oyj		221,552		5,449

				13,505


Materials—2.4%
DS Smith plc		494,000		2,044
Kemira Oyj		150,000		2,110
Sonoco Products Co.		33,717		1,928

				6,082


Real Estate—10.4%
Crown Castle International Corp.		62,830		9,121
Lamar Advertising Co. Class A		134,961		10,345
Realty Income Corp.		96,375		7,113

				26,579


Utilities—8.1%
Fortis, Inc.		201,640		8,322
NextEra Energy, Inc.		22,000		4,820

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


	Shares		Value
Utilities—continued
WEC Energy Group, Inc.		78,220		$ 7,491

				20,633
TOTAL COMMON STOCKS (Identified Cost $191,744)				208,765
TOTAL LONG-TERM INVESTMENTS—136.1% (Identified Cost $323,050)				346,242	⁽¹¹⁾
SHORT-TERM INVESTMENTS—0.5%
PURCHASED OPTIONS—0.0%
(See open purchased options schedule)
Total Purchased Options (Premiums paid $149)				58
Money Market Mutual Fund—0.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.995%)⁽¹²⁾		1,195,286		1,195	⁽¹¹⁾
Total Money Market Mutual Fund (Identified Cost $1,195)				1,195
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,344)				1,253
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—136.6% (Identified Cost $324,394)				$347,495
WRITTEN OPTIONS—(0.0)%
(See open written options schedule)
Total Written Options (Premiums received $306)				(119	)


	Value
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—136.6% (Identified Cost $324,088)		$347,376
Other assets and liabilities, net—(36.6)%		(93,024	)

NET ASSETS—100.0%		$254,352

Abbreviations:

ADR	American Depositary Receipt

LIBOR

London Interbank Offered Rate

LLC	Limited Liability Company

LP	Limited Partnership

Footnote Legend:

⁽¹⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, these securities amounted to a value of $64,376 or 25.3% of net assets.

⁽²⁾

Variable rate security. Rate disclosed is as of August 31, 2019. 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.

⁽³⁾	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

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

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)

⁽⁵⁾	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.

⁽⁶⁾	Interest payments may be deferred.

⁽⁷⁾	No contractual maturity date.

⁽⁸⁾	This loan will settle after August 31, 2019, 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.

⁽⁹⁾	Value shown as par value.

⁽¹⁰⁾	Interest may be forfeited.

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

⁽¹²⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.


Country Weightings^†
United States	64	%
United Kingdom	10
Canada	9
New Zealand	4
Switzerland	4
Finland	2
France	2
Other	5
Total	100	%
^† % of total investments net of written options as of August 31, 2019.

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)


Open Purchased Options Contracts as of August 31, 2019 were as follows:
Description of Options	Number of Contracts	Contract Notional Amount		Strike Price⁽¹⁾		Expiration Date		Value
Call Options
S&P 500^®Index	82		$25,625		$3,125		9/3/19		$—⁽²⁾
S&P 500^®Index	96		29,856		3,110		9/4/19		—
S&P 500^®Index	97		29,924		3,085		9/6/19		—
S&P 500^®Index	96		29,664		3,090		9/9/19		1
S&P 500^®Index	89		27,679		3,110		9/11/19		—⁽²⁾
S&P 500^®Index	97		30,264		3,120		9/13/19		1

									2

Put Options
S&P 500^®Index	82		22,140		2,700		9/3/19		1
S&P 500^®Index	96		26,112		2,720		9/4/19		5
S&P 500^®Index	97		25,220		2,600		9/6/19		4
S&P 500^®Index	96		25,200		2,625		9/9/19		8
S&P 500^®Index	89		23,452		2,635		9/11/19		12
S&P 500^®Index	97		25,899		2,670		9/13/19		26

									56
Total Purchased Options									$58

Open Written Options Contracts as of August 31, 2019 were as follows:
Description of Options	Number of Contracts	Contract Notional Amount		Strike Price⁽¹⁾		Expiration Date		Value
Call Options
S&P 500^®Index	82		$25,051		$3,055		9/3/19	$	—
S&P 500^®Index	96		29,280		3,050		9/4/19		(1	)
S&P 500^®Index	97		29,342		3,025		9/6/19		(2	)
S&P 500^®Index	96		29,088		3,030		9/9/19		(4	)
S&P 500^®Index	89		27,101		3,045		9/11/19		(5	)
S&P 500^®Index	97		29,682		3,060		9/13/19		(5	)

									(17	)

Put Options
S&P 500^®Index	82		22,714		2,770		9/3/19		(3	)
S&P 500^®Index	96		26,688		2,780		9/4/19		(12	)
S&P 500^®Index	97		25,802		2,660		9/6/19		(5	)
S&P 500^®Index	96		25,776		2,685		9/9/19		(12	)
S&P 500^®Index	89		24,030		2,700		9/11/19		(22	)
S&P 500^®Index	97		26,481		2,730		9/13/19		(48	)

									(102	)
Total Written Options								$	(119	)

Footnote Legend:

⁽¹⁾ Strike price not reported in thousands.

⁽²⁾ Amount is less than $500.

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of August 31, 2019 based on the inputs used to value them (See Security Valuation Note 1A in the Notes to Financial Statements):


	Total Value at August 31, 2019			Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities		$ 14,685			$ —			$14,292			$393
Corporate Bonds and Notes		61,892			—			61,892			—
Foreign Government Securities		1,758			—			1,758			—
Leveraged Loans		7,160			—			7,160			—
Mortgage-Backed Securities		35,252			—			34,977			275
Municipal Bonds		3,908			—			3,908			—
U.S. Government Securities		10,823			—			10,823			—
Equity Securities:
Common Stocks		208,765			208,765			—			—
Preferred Stocks		1,999			—			1,999			—
Money Market Mutual Fund		1,195			1,195			—			—
Purchased Options		58			46			12			—

Total Investments, before Written Options		347,495			210,006			136,821			668

Liabilities:
Written Options		(119	)		(115	)		(4	)		—

Total Investments, Net of Written Options		$347,376			$209,891			$136,817			$668

There were no transfers into or out of Level 3 related to securities held at August 31, 2019.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended August 31, 2019.

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

FINANCIAL HIGHLIGHTS (Unaudited)

AUGUST 31, 2019

(Reported in thousands except for the per share amounts)


	Total Net Assets						Net Asset Value per share
Beginning of period: November 30, 2018				$	259,013					$	10.54
Net investment income*	$	5,149					$	0.21
Net realized and unrealized gain on investments		14,052						0.58
Dividends from net investment income and distributions from net long-term and short-term capital gains**		(25,024	)					(1.02	)
Capital share transactions:
Issuance of common stock related to reinvestment of distributions		1,162						—

Net increase (decrease) in net assets/net asset value					(4,661	)					(0.23	)

End of period: August 31, 2019				$	254,352					$	10.31

*	Calculated 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 August 31, 2019, we estimate that 20.6% of distributions will represent net investment income, and 79.4% will represent return of capital. Also refer to inside front cover for information on the Managed Distribution Plan.

See Notes to Schedule of Investments.

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

AUGUST 31, 2019

Note 1. Significant Accounting Policies

A. Security Valuation

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 into or out of Level 3 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 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 the 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 value 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 (“ETFs”), 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

VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

AUGUST 31, 2019

which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy.

Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.

CERTIFICATION

The Fund’s Chief Executive Officer (“CEO”) will file the required annual CEO certification regarding compliance with the NYSE’s listing standards no more than 30 days after the Fund’s annual shareholder meeting. The Fund has included the certifications of the Fund’s CEO and Principal Financial Officer required by Section 302 of the Sarbanes-Oxley Act in the Fund’s Form N-CSR filed with the SEC for the period of this report.

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

The Automatic Reinvestment and Cash Purchase Plan (the “Plan”) offers shareholders a convenient way to acquire additional shares of the Fund. Registered holders will be automatically placed in the Plan. If shares are held at a brokerage firm, contact your broker about participation in the Plan.

REPURCHASE OF SECURITIES

Notice is hereby given in accordance with Section 23(c) of the 1940 Act 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 and subadvisers vote proxies relating to portfolio securities in accordance with procedures that have been approved by the Fund’s Board. 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 SEC’s website at https://www.sec.gov.

PORTFOLIO HOLDINGS INFORMATION

For periods prior to the quarter ending August 31, 2019, the Fund has filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at https://www.sec.gov.

Effective August 31, 2019, the Fund will file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Form N-PORT will be available on the SEC’s website at https://www.sec.gov.

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

Francis G. Waltman, Executive Vice President

W. Patrick Bradley, Executive Vice President,

Chief Financial Officer, and Treasurer

Nancy J. Engberg, Senior Vice President and

Chief Compliance Officer

Julia R. Short, Senior Vice President

Peter Batchelar, Senior Vice President

William Renahan, Vice President, Chief Legal

Officer, and Secretary

Investment Adviser

Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

Administrator

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103

Custodian

The Bank of New York Mellon

240 Greenwich 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, DC 20006


How to Contact Us
Shareholder Services		1-866-270-7788
Website		www.Virtus.com

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.