VIRTUS GLOBAL DIVIDEND & INCOME FUND
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file
number 811-05620
Virtus Global Dividend &
Income Fund Inc.
(Exact name of registrant as
specified in charter)
101 Munson Street
Greenfield, MA 01301-9683
(Address of principal executive offices) (Zip code)
William Renahan, Esq.
Vice
President, Chief Legal Officer and Secretary for Registrant
100 Pearl Street
Hartford, CT
06103-4506
(Name and address of
agent for service)
Registrant’s telephone number, including area code: (800) 272-2700
Date of fiscal year end: December 31
Date of reporting period: March 31, 2018
Form N-Q is to be used by management investment companies, other than small business investment
companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to
rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form
N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is
required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any
suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
The Schedule of Investments is attached herewith.
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| U.S. GOVERNMENT SECURITIES—0.7% |
|
| U.S. Treasury Bond
2.500%, 2/15/46 |
|
$ |
2,235 |
|
|
$ |
2,029 |
|
| TOTAL U.S. GOVERNMENT SECURITIES |
|
| (Identified Cost $2,126) |
|
|
|
2,029 |
|
| MUNICIPAL BONDS—2.0% |
|
| California—1.2% |
|
| State of California, Build America Bonds Taxable 7.600%, 11/1/40 |
|
|
2,000 |
|
|
|
3,094 |
|
|
|
|
|
|
|
|
|
|
| New York—0.6% |
|
| Port Authority of New York & New Jersey, Consolidated Bonds Revenue
5.000%, 4/15/57 |
|
|
1,515 |
|
|
|
1,712 |
|
|
|
|
|
|
|
|
|
|
| Virginia—0.2% |
|
| City of Bristol, General Obligation Taxable
4.210%, 1/1/42 |
|
|
565 |
|
|
|
574 |
|
| TOTAL MUNICIPAL BONDS |
|
| (Identified Cost $5,425) |
|
|
|
5,380 |
|
| FOREIGN GOVERNMENT SECURITIES—1.4% |
|
| Argentine Republic
5.875%, 1/11/28 |
|
|
250 |
|
|
|
235 |
|
| 7.625%, 4/22/46 |
|
|
380 |
|
|
|
378 |
|
| 6.875%, 1/11/48 |
|
|
245 |
|
|
|
224 |
|
| Dominican Republic 144A 5.950%,
1/25/27(2) |
|
|
455 |
|
|
|
475 |
|
| Kingdom of Abu Dhabi 144A
2.500%, 10/11/22(2) |
|
|
495 |
|
|
|
477 |
|
| Kingdom of
Bahrain
144A 7.000%, 10/12/28(2) |
|
|
490 |
|
|
|
472 |
|
| Republic of South Africa 4.665%, 1/17/24 |
|
|
410 |
|
|
|
412 |
|
| 4.300%, 10/12/28 |
|
|
430 |
|
|
|
402 |
|
| Republic of Turkey
7.375%, 2/5/25 |
|
|
261 |
|
|
|
289 |
|
| Sultanate of Oman
144A, 5.375%,
3/8/27(2) |
|
|
285 |
|
|
|
278 |
|
| 144A,
5.625%, 1/17/28(2) |
|
|
200 |
|
|
|
195 |
|
| TOTAL FOREIGN GOVERNMENT SECURITIES |
|
| (Identified Cost $3,984) |
|
|
|
3,837 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| MORTGAGE-BACKED SECURITIES—9.6% |
|
| Agency—2.7% |
|
| Federal National Mortgage Association Pool #AS6947, 3.500%, 4/1/46 |
|
$
|
3,219 |
|
|
$
|
3,227 |
|
| Pool #AS7244,
3.500%, 5/1/46 |
|
|
3,039 |
|
|
|
3,047 |
|
| Pool #AS8483,
3.000%, 12/1/46 |
|
|
799 |
|
|
|
779 |
|
| Pool #AS9393,
4.000%, 4/1/47 |
|
|
166 |
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,224 |
|
|
|
|
|
|
|
|
|
|
| Non-Agency—6.9% |
|
| American Homes 4 Rent Trust 2014-SFR2, C 144A 4.705%, 10/17/36(2) |
|
|
610 |
|
|
|
641 |
|
| Ameriquest Mortgage Securities, Inc. Pass-Through Certificates,
2003-AR3, M4, (5.850% minus 1 month LIBOR) 4.748%, 6/25/33(1) |
|
|
93 |
|
|
|
92 |
|
| AMSR Trust
2016-SFR1, C 144A, (1 month LIBOR + 2.250%)
4.058%, 11/17/33(1)(2) |
|
|
488 |
|
|
|
492 |
|
| 2016-SFR1, D 144A, (1 month LIBOR + 2.400%)
4.208%, 11/17/33(1)(2) |
|
|
100 |
|
|
|
100 |
|
| Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A 144A 3.218%, 4/14/33(2) |
|
|
385 |
|
|
|
379 |
|
| Bayview Opportunity Master Fund IIIb Trust 2017-RN2, A1
144A
3.475%, 4/28/32(1)(2) |
|
|
63 |
|
|
|
63 |
|
| Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A,
4.250%, 4/28/55(2) |
|
|
395 |
|
|
|
408 |
|
| 2017-SPL5, B1 144A, 4.000%, 6/28/57(1)(2) |
|
|
175 |
|
|
|
180 |
|
See Notes to Schedules of
Investments
1
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Non-Agency (continued) |
|
| 2017-SPL1, B1 144A, 4.250%, 10/28/64(1)(2) |
|
$
|
263 |
|
|
$
|
269 |
|
| Bayview Opportunity Master Fund IVb Trust 2017-SPL3, B1 144A
4.250%, 11/28/53(1)(2) |
|
|
345 |
|
|
|
360 |
|
| Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(2) |
|
|
270 |
|
|
|
275 |
|
| Citigroup Commercial Mortgage Trust 2016-SMPL, A
144A
2.228%, 9/10/31(2) |
|
|
685 |
|
|
|
664 |
|
| Colony Starwood Homes Trust 2016-2A, C 144A, (1 month LIBOR +
2.150%) 3.927%, 12/17/33(1)(2) |
|
|
490 |
|
|
|
490 |
|
| COLT Mortgage Loan Trust Funding LLC 2016-2, A1
144A,
2.750%, 9/25/46(1)(2) |
|
|
55 |
|
|
|
54 |
|
| 2017-1, A3 144A,
3.074%,
5/27/47(1)(2) |
|
|
138 |
|
|
|
139 |
|
| Credit Suisse First Boston Mortgage Securities Corp. 2003-AR30, 5A1
3.537%, 1/25/34(1) |
|
|
188 |
|
|
|
193 |
|
| Deephaven Residential Mortgage Trust 2017-1A, A2
144A
2.928%, 12/26/46(1)(2) |
|
|
235 |
|
|
|
233 |
|
| Galton Funding Mortgage Trust 2017-1, A21 144A 3.500%, 7/25/56(1)(2) |
|
|
238 |
|
|
|
238 |
|
| Hilton USA Trust 2016-SFP, B 144A
3.323%, 11/5/35(2) |
|
|
965 |
|
|
|
949 |
|
| Home Equity Mortgage Trust 2005-2, M7, (1 month LIBOR +
1.680%)
3.552%, 7/25/35(1) |
|
|
203 |
|
|
|
202 |
|
| JPMorgan Chase (Bear Stearns) Alternate Loan Trust 2004-5, 3A1
3.835%, 6/25/34(1) |
|
|
435 |
|
|
|
445 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Non-Agency (continued) |
|
| JPMorgan Chase Commercial Mortgage Securities Trust 2014-C22,
A4
3.801%, 9/15/47 |
|
$
|
1,320 |
|
|
$
|
1,352 |
|
| JPMorgan Chase Mortgage Trust
2014-5, B2 144A,
2.998%,
10/25/29(1)(2) |
|
|
162 |
|
|
|
154 |
|
| 2016-2, M2 144A,
3.750%,
12/25/45(1)(2) |
|
|
631 |
|
|
|
630 |
|
| 2017-3, 2A2 144A,
2.500%,
8/25/47(1)(2) |
|
|
234 |
|
|
|
227 |
|
| 2017-5, A1 144A,
3.184%,
10/26/48(1)(2) |
|
|
778 |
|
|
|
774 |
|
| MetLife Securitization Trust 2017-1A, M1 144A
3.640%,
4/25/55(1)(2) |
|
|
135 |
|
|
|
136 |
|
| New Residential Mortgage Loan Trust 2016-4A, B1A
144A,
4.500%, 11/25/56(1)(2) |
|
|
683 |
|
|
|
707 |
|
| 2017-2A, A3 144A, 4.000%,
3/25/57(1)(2) |
|
|
218 |
|
|
|
222 |
|
| 2018-1A, A1A 144A, 4.000%,
12/25/57(1)(2) |
|
|
238 |
|
|
|
243 |
|
| One Market Plaza Trust 2017-1MKT, A 144A 3.614%,
2/10/32(2) |
|
|
345 |
|
|
|
348 |
|
| Pretium Mortgage Credit Partners I LLC 2017-NPL5, A1 144A
3.327%, 12/30/32(1)(2) |
|
|
151 |
|
|
|
151 |
|
| Progress Residential Trust
2017-SFR1, B 144A, 3.017%, 8/17/34(2) |
|
|
335 |
|
|
|
328 |
|
| 2018-SFR1, B 144A, 3.484%, 3/17/35(2) |
|
|
300 |
|
|
|
300 |
|
| RCO Mortgage LLC 2017-1, A1 144A
3.375%, 8/25/22(1)(2) |
|
|
597 |
|
|
|
595 |
|
| Sequoia Mortgage Trust 2013-8, B1
3.533%, 6/25/43(1) |
|
|
358 |
|
|
|
351 |
|
See Notes to Schedules of
Investments
2
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Non-Agency (continued) |
|
| Structured Adjustable Rate Mortgage Loan Trust 2004-4,
3A2
3.813%, 4/25/34(1) |
|
$
|
176 |
|
|
$
|
178 |
|
| Towd Point Mortgage Trust
2015-1, A2 144A,
3.250%, 10/25/53(1)(2) |
|
|
610 |
|
|
|
608 |
|
| 2015-6, M1 144A,
3.750%, 4/25/55(1)(2) |
|
|
185 |
|
|
|
188 |
|
| 2017-1, M1 144A,
3.750%, 10/25/56(1)(2) |
|
|
200 |
|
|
|
202 |
|
| 2017-6, A2 144A,
3.000%, 10/25/57(1)(2) |
|
|
330 |
|
|
|
319 |
|
| 2015-2, 1M1 144A,
3.250%, 11/25/60(1)(2) |
|
|
945 |
|
|
|
932 |
|
| Tricon American Homes Trust
2016-SFR1, C 144A, 3.487%, 11/17/33(2) |
|
|
975 |
|
|
|
967 |
|
| 2017-SFR1, A 144A, 2.716%, 9/17/34(2) |
|
|
165 |
|
|
|
161 |
|
| Vericrest Opportunity Loan Trust LVI LLC 2017-NPL3, A1 144A 3.500%, 3/25/47(1)(2) |
|
|
294 |
|
|
|
294 |
|
| Vericrest Opportunity Loan Trust LX LLC 2017-NPL7, A1 144A 3.250%, 6/25/47(1)(2) |
|
|
196 |
|
|
|
195 |
|
| Vericrest Opportunity Loan Trust LXIII LLC 2017-NP10, A1 144A 3.000%, 10/25/47(1)(2) |
|
|
100 |
|
|
|
99 |
|
| Verus Securitization Trust 2017-2A, A1 144A,
2.485%, 7/25/47(1)(2) |
|
|
393 |
|
|
|
390 |
|
| 2018-1, A1 144A,
2.929%, 2/25/48(1)(2) |
|
|
295 |
|
|
|
295 |
|
| Wells Fargo Commercial Mortgage Trust 2015-LC20, B
3.719%, 4/15/50 |
|
|
675 |
|
|
|
669 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
18,881 |
|
| TOTAL MORTGAGE-BACKED SECURITIES |
|
| (Identified Cost $26,617) |
|
|
|
26,105 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| ASSET-BACKED SECURITIES—4.4% |
|
| Auto Floor Plan—0.3% |
|
| Navistar Financial Dealer Note Master Owner Trust II 2016-1, B
144A, (1 month LIBOR + 1.750%)
3.622%, 9/27/21(1)(2) |
|
$
|
780 |
|
|
$
|
783 |
|
|
|
|
|
|
|
|
|
|
| Automobiles—2.3% |
|
| American Credit Acceptance Receivables Trust 2017-2, C
144A
2.860%, 6/12/23(2) |
|
|
430 |
|
|
|
427 |
|
| Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(2) |
|
|
496 |
|
|
|
491 |
|
| Drive Auto Receivables Trust 2017-2,
C
2.750%, 9/15/23 |
|
|
505 |
|
|
|
502 |
|
| Exeter Automobile Receivables Trust 2015-2A, C 144A,
3.900%, 3/15/21(2) |
|
|
580 |
|
|
|
585 |
|
| 2016-3A, B 144A,
2.840%, 8/16/21(2) |
|
|
685 |
|
|
|
685 |
|
| First Investors Auto Owner Trust 2017-2A, B 144A
2.650%, 11/15/22(2) |
|
|
415 |
|
|
|
410 |
|
| Flagship Credit Auto Trust 2017-3, C 144A 2.910%, 9/15/23(2) |
|
|
505 |
|
|
|
499 |
|
| Foursight Capital Automobile Receivables Trust 2017-1, B
144A
3.050%, 12/15/22(2) |
|
|
400 |
|
|
|
393 |
|
| GLS Auto Receivables Trust 2017-1A, B 144A
2.980%, 12/15/21(2) |
|
|
525 |
|
|
|
522 |
|
| OneMain Direct Auto Receivables Trust 2017-2A, C 144A
2.820%, 7/15/24(2) |
|
|
415 |
|
|
|
408 |
|
| Prestige Auto Receivables Trust 2017-1A, C 144A
2.810%, 1/17/23(2) |
|
|
505 |
|
|
|
496 |
|
See Notes to Schedules of
Investments
3
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Automobiles (continued) |
|
| Santander Drive Auto Receivables Trust 2016-1, C
3.090%, 4/15/22 |
|
$
|
290 |
|
|
$
|
291 |
|
| Westlake Automobile Receivables Trust 2017-2A, C 144A
2.590%, 12/15/22(2) |
|
|
505 |
|
|
|
500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,209 |
|
|
|
|
|
|
|
|
|
|
| Other—1.7% |
|
| AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A
3.240%, 12/20/23(2) |
|
|
355 |
|
|
|
354 |
|
| DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(2) |
|
|
424 |
|
|
|
422 |
|
| Dell Equipment Finance Trust 2017-2, A3 144A
2.190%, 10/24/22(2) |
|
|
390 |
|
|
|
386 |
|
| Diamond Resorts Owner Trust 2017-1A, A 144A
3.270%, 10/22/29(2) |
|
|
332 |
|
|
|
325 |
|
| Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23(2) |
|
|
187 |
|
|
|
186 |
|
| Mariner Finance Issuance Trust 2017-AA, A 144A
3.620%, 2/20/29(2) |
|
|
425 |
|
|
|
427 |
|
| NextGear Floorplan Master Owner Trust 2018-1A, A2144A
3.220%, 2/15/23(2) |
|
|
355 |
|
|
|
355 |
|
| OneMain Financial Issuance Trust 2015-1A, A 144A
3.190%, 3/18/26(2) |
|
|
449 |
|
|
|
450 |
|
| Prosper Marketplace Issuance Trust 2017-2A, B 144A,
3.480%, 9/15/23(2) |
|
|
420 |
|
|
|
419 |
|
| 2018-1A, A 144A,
3.110%, 6/17/24(2) |
|
|
355 |
|
|
|
355 |
|
| SoFi Consumer Loan Program LLC
2016-3, A 144A,
3.050%, 12/26/25(2) |
|
|
242 |
|
|
|
242 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Other (continued) |
|
| 2017-1, A 144A,
3.280%, 1/26/26(2) |
|
$
|
280 |
|
|
$
|
281 |
|
| TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(2) |
|
|
419 |
|
|
|
421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,623 |
|
|
|
|
|
|
|
|
|
|
| Student Loans—0.2% |
|
| Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A
2.770%, 8/25/42(2) |
|
|
505 |
|
|
|
497 |
|
| TOTAL ASSET-BACKED SECURITIES |
|
| (Identified Cost $12,183) |
|
|
|
12,112 |
|
| CORPORATE BONDS AND NOTES—28.3% |
|
| Consumer Discretionary—2.3% |
|
| Altice France S.A. 144A
7.375%, 5/1/26(2) |
|
|
415 |
|
|
|
395 |
|
| Beazer Homes USA, Inc. 6.750%, 3/15/25 |
|
|
305 |
|
|
|
302 |
|
| Charter Communications Operating LLC 4.908%, 7/23/25 |
|
|
430 |
|
|
|
439 |
|
| CSC Holdings LLC 144A
5.375%, 2/1/28(2) |
|
|
300 |
|
|
|
283 |
|
| Discovery Communications LLC
3.950%, 3/20/28 |
|
|
405 |
|
|
|
389 |
|
| Dollar General Corp. 4.125%, 5/1/28 |
|
|
405 |
|
|
|
408 |
|
| Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(2) |
|
|
150 |
|
|
|
159 |
|
| Horton (D.R.), Inc.
4.750%, 2/15/23 |
|
|
510 |
|
|
|
535 |
|
| L Brands, Inc. 6.875%, 11/1/35 |
|
|
182 |
|
|
|
177 |
|
| Lear Corp.
3.800%, 9/15/27 |
|
|
505 |
|
|
|
485 |
|
| Lennar Corp.
144A, 5.250%, 6/1/26(2) |
|
|
350 |
|
|
|
346 |
|
| 144A, 4.750%, 11/29/27(2) |
|
|
335 |
|
|
|
321 |
|
| Live Nation Entertainment, Inc. 144A
5.625%, 3/15/26(2) |
|
|
230 |
|
|
|
233 |
|
See Notes to Schedules of
Investments
4
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Consumer Discretionary (continued) |
|
| Meredith Corp. 144A 6.875%, 2/1/26(2) |
|
$
|
115 |
|
|
$
|
118 |
|
| QVC, Inc. 4.375%, 3/15/23(4) |
|
|
665 |
|
|
|
665 |
|
| TRI Pointe Group, Inc. 5.875%, 6/15/24 |
|
|
245 |
|
|
|
249 |
|
| Wyndham Worldwide
Corp.
5.100%, 10/1/25(4) |
|
|
615 |
|
|
|
636 |
|
| 4.500%, 4/1/27 |
|
|
130 |
|
|
|
129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,269 |
|
|
|
|
|
|
|
|
|
|
| Consumer Staples—0.7% |
|
| CVS Health Corp. 2.875%, 6/1/26(4) |
|
|
700 |
|
|
|
645 |
|
| 4.300%, 3/25/28 |
|
|
311 |
|
|
|
313 |
|
| Flowers Foods, Inc.
4.375%, 4/1/22(4) |
|
|
330 |
|
|
|
341 |
|
| Kraft Heinz Foods Co. (The)
3.000%, 6/1/26 |
|
|
420 |
|
|
|
387 |
|
| Safeway, Inc. 7.250%, 2/1/31 |
|
|
285 |
|
|
|
231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,917 |
|
|
|
|
|
|
|
|
|
|
| Energy—3.3% |
|
| Anadarko Petroleum Corp.
6.600%, 3/15/46 |
|
|
215 |
|
|
|
270 |
|
| Andeavor Logistics LP
4.250%, 12/1/27(4) |
|
|
420 |
|
|
|
409 |
|
| Bristow Group, Inc. 144A
8.750%, 3/1/23(2) |
|
|
50 |
|
|
|
51 |
|
| Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25 |
|
|
280 |
|
|
|
293 |
|
| Crestwood Midstream Partners LP 5.750%, 4/1/25 |
|
|
290 |
|
|
|
288 |
|
| Enbridge Energy Partners LP
5.875%, 10/15/25 |
|
|
430 |
|
|
|
471 |
|
| Energy Transfer Partners LP
4.200%, 4/15/27 |
|
|
430 |
|
|
|
415 |
|
| EP Energy LLC 144A
8.000%, 11/29/24(2) |
|
|
165 |
|
|
|
166 |
|
| Gazprom OAO 144A
4.950%, 2/6/28(2)(5) |
|
|
470 |
|
|
|
466 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Energy (continued) |
|
| Helmerich & Payne International Drilling Co. 4.650%, 3/15/25 |
|
$
|
290 |
|
|
$
|
301 |
|
| HollyFrontier Corp.
5.875%, 4/1/26(4) |
|
|
480 |
|
|
|
516 |
|
| Kinder Morgan Energy Partners LP
7.500%, 11/15/40(4) |
|
|
615 |
|
|
|
767 |
|
| MPLX LP 4.875%, 12/1/24(4) |
|
|
695 |
|
|
|
728 |
|
| NuStar Logistics LP 5.625%, 4/28/27 |
|
|
395 |
|
|
|
383 |
|
| Parsley Energy LLC 144A
5.625%, 10/15/27(2) |
|
|
380 |
|
|
|
380 |
|
| Petrobras Global Finance BV
7.375%, 1/17/27 |
|
|
460 |
|
|
|
498 |
|
| Petroleos Mexicanos 6.500%, 3/13/27 |
|
|
480 |
|
|
|
513 |
|
| Range Resources Corp. 4.875%, 5/15/25 |
|
|
335 |
|
|
|
311 |
|
| Sabine Pass Liquefaction LLC
6.250%, 3/15/22 |
|
|
355 |
|
|
|
385 |
|
| SM Energy Co. 5.625%, 6/1/25 |
|
|
100 |
|
|
|
95 |
|
| State Oil Co. of the Azerbaijan Republic RegS
6.950%, 3/18/30(3) |
|
|
445 |
|
|
|
482 |
|
| Sunoco LP 144A 5.500%, 2/15/26(2) |
|
|
160 |
|
|
|
154 |
|
| TransMontaigne Partners LP
6.125%, 2/15/26 |
|
|
130 |
|
|
|
130 |
|
| USA Compression Partners LP
144A
6.875%, 4/1/26(2) |
|
|
210 |
|
|
|
213 |
|
| Valero Energy Partners LP
4.500%, 3/15/28 |
|
|
330 |
|
|
|
332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,017 |
|
|
|
|
|
|
|
|
|
|
| Financials—9.5% |
|
| AerCap Ireland Capital Ltd.
3.950%, 2/1/22 |
|
|
495 |
|
|
|
497 |
|
| Allstate Corp. (The) Series B
5.750%, 8/15/53(4)(7) |
|
|
485 |
|
|
|
508 |
|
See Notes to Schedules of
Investments
5
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Financials (continued) |
|
| Apollo Management Holdings LP 144A
4.000%, 5/30/24(2)(4) |
|
$
|
475 |
|
|
$
|
477 |
|
| Ares Capital Corp. 3.500%, 2/10/23 |
|
|
175 |
|
|
|
170 |
|
| 4.250%, 3/1/25(4) |
|
|
325 |
|
|
|
316 |
|
| Ares Finance Co., LLC 144A
4.000%, 10/8/24(2)(4) |
|
|
675 |
|
|
|
655 |
|
| Athene Holding Ltd. 4.125%, 1/12/28 |
|
|
395 |
|
|
|
379 |
|
| Aviation Capital Group LLC 144A
3.500%, 11/1/27(2) |
|
|
410 |
|
|
|
384 |
|
| Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A
5.125%, 1/18/33(2) |
|
|
325 |
|
|
|
312 |
|
| Banco de Credito e Inversiones 144A
3.500%, 10/12/27(2) |
|
|
740 |
|
|
|
692 |
|
| Bank of America Corp. 144A,
3.004%, 12/20/23(2) |
|
|
339 |
|
|
|
332 |
|
| 4.200%, 8/26/24 |
|
|
938 |
|
|
|
951 |
|
| Bank of Montreal 3.803%, 12/15/32 |
|
|
121 |
|
|
|
115 |
|
| BrightSphere Investment Group plc
4.800%, 7/27/26 |
|
|
495 |
|
|
|
497 |
|
| Brookfield Finance LLC 4.000%, 4/1/24 |
|
|
598 |
|
|
|
602 |
|
| Capital One Financial Corp.
4.200%, 10/29/25(4) |
|
|
450 |
|
|
|
446 |
|
| 3.750%, 7/28/26(4) |
|
|
545 |
|
|
|
519 |
|
| Citigroup, Inc.
5.500%, 9/13/25 |
|
|
2,200 |
|
|
|
2,384 |
|
| Compass Bank 3.875%, 4/10/25(4) |
|
|
625 |
|
|
|
611 |
|
| Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22(2) |
|
|
720 |
|
|
|
718 |
|
| Discover Financial Services 3.950%, 11/6/24 |
|
|
475 |
|
|
|
470 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Financials (continued) |
|
| Ford Motor Credit Co., LLC
2.343%, 11/2/20 |
|
$
|
740 |
|
|
$
|
720 |
|
| FS Investment Corp. 4.250%, 1/15/20 |
|
|
410 |
|
|
|
414 |
|
| 4.750%, 5/15/22 |
|
|
100 |
|
|
|
101 |
|
| Goldman Sachs Group, Inc.
(The)
5.750%, 1/24/22(4) |
|
|
455 |
|
|
|
492 |
|
| Guanay Finance Ltd. 144A
6.000%, 12/15/20(2) |
|
|
475 |
|
|
|
485 |
|
| ICAHN Enterprises LP 6.375%, 12/15/25 |
|
|
330 |
|
|
|
332 |
|
| Jefferies Group LLC 5.125%, 1/20/23 |
|
|
235 |
|
|
|
249 |
|
| 4.850%, 1/15/27 |
|
|
250 |
|
|
|
255 |
|
| JPMorgan Chase & Co.
3.300%, 4/1/26(4) |
|
|
920 |
|
|
|
889 |
|
| Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(2) |
|
|
535 |
|
|
|
598 |
|
| Leucadia National Corp. 5.500%, 10/18/23 |
|
|
375 |
|
|
|
385 |
|
| Liberty Mutual Group, Inc.
144A
4.250%, 6/15/23(2)(4) |
|
|
610 |
|
|
|
622 |
|
| Lincoln National Corp.
4.200%, 3/15/22(4) |
|
|
340 |
|
|
|
350 |
|
| Macquarie Group Ltd. 144A
6.250%, 1/14/21(2)(4) |
|
|
520 |
|
|
|
559 |
|
| Manulife Financial Corp.
4.150%, 3/4/26(4) |
|
|
540 |
|
|
|
548 |
|
| Morgan Stanley 4.100%, 5/22/23 |
|
|
385 |
|
|
|
390 |
|
| 3.125%, 7/27/26 |
|
|
955 |
|
|
|
903 |
|
| Navient Corp.
7.250%, 9/25/23 |
|
|
100 |
|
|
|
104 |
|
| 6.750%, 6/25/25 |
|
|
250 |
|
|
|
253 |
|
| Powszechna Kasa Oszczednosci Bank Polski S.A. 144A 4.630%, 9/26/22(2)(5) |
|
|
440 |
|
|
|
458 |
|
| Prudential Financial, Inc. 5.875%, 9/15/42 |
|
|
165 |
|
|
|
174 |
|
| 5.625%(7) |
|
|
400 |
|
|
|
419 |
|
See Notes to Schedules of
Investments
6
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Financials (continued) |
|
| Santander Holdings USA, Inc.
3.700%, 3/28/22 |
|
$
|
425 |
|
|
$
|
426 |
|
| 4.400%, 7/13/27 |
|
|
185 |
|
|
|
184 |
|
| Societe Generale S.A. 144A
4.750%, 11/24/25(2)(4) |
|
|
500 |
|
|
|
506 |
|
| Springleaf Finance Corp. 6.875%, 3/15/25 |
|
|
140 |
|
|
|
140 |
|
| Trinity Acquisition plc 4.400%, 3/15/26 |
|
|
200 |
|
|
|
203 |
|
| Turkiye Vakiflar Bankasi TAO 144A
5.625%, 5/30/22(2) |
|
|
430 |
|
|
|
422 |
|
| UBS AG 7.625%, 8/17/22(4) |
|
|
1,235 |
|
|
|
1,386 |
|
| Wells Fargo & Co.
3.550%, 9/29/25 |
|
|
285 |
|
|
|
280 |
|
| Series S, 5.900%, 8/15/27(4) |
|
|
585 |
|
|
|
603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,885 |
|
|
|
|
|
|
|
|
|
|
| Health Care—2.6% |
|
|
|
|
|
|
| Abbott Laboratories 3.750%, 11/30/26 |
|
|
605 |
|
|
|
601 |
|
| AbbVie, Inc. 3.600%, 5/14/25 |
|
|
485 |
|
|
|
478 |
|
| 3.200%, 5/14/26 |
|
|
305 |
|
|
|
290 |
|
| Allergan Sales LLC 144A
4.875%, 2/15/21(2) |
|
|
184 |
|
|
|
190 |
|
| AmerisourceBergen Corp. 3.450%, 12/15/27 |
|
|
335 |
|
|
|
319 |
|
| Anthem, Inc. 3.650%, 12/1/27 |
|
|
126 |
|
|
|
122 |
|
| 4.101%, 3/1/28 |
|
|
365 |
|
|
|
366 |
|
| Becton Dickinson & Co. 3.363%, 6/6/24 |
|
|
89 |
|
|
|
86 |
|
| 3.700%, 6/6/27 |
|
|
585 |
|
|
|
564 |
|
| Cardinal Health, Inc. 3.200%, 3/15/23 |
|
|
325 |
|
|
|
320 |
|
| 3.079%, 6/15/24 |
|
|
25 |
|
|
|
24 |
|
| 3.410%, 6/15/27 |
|
|
185 |
|
|
|
174 |
|
| Community Health Systems, Inc. 6.250%, 3/31/23 |
|
|
210 |
|
|
|
193 |
|
| Endo Dac 144A 6.000%, 7/15/23(2) |
|
|
275 |
|
|
|
208 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Health Care (continued) |
|
| Envision Healthcare Corp.
144A
6.250%, 12/1/24(2) |
|
$
|
85 |
|
|
$
|
88 |
|
| HCA, Inc.
5.375%, 2/1/25 |
|
|
200 |
|
|
|
200 |
|
| Mylan, Inc. 4.200%, 11/29/23(4) |
|
|
500 |
|
|
|
506 |
|
| Shire Acquisitions Investments Ireland DAC
2.400%, 9/23/21 |
|
|
200 |
|
|
|
193 |
|
| Surgery Center Holdings, Inc. 144A
8.875%, 4/15/21(2) |
|
|
305 |
|
|
|
318 |
|
| Tenet Healthcare Corp. 4.500%, 4/1/21 |
|
|
215 |
|
|
|
213 |
|
| 144A, 4.625%, 7/15/24(2) |
|
|
170 |
|
|
|
163 |
|
| Teva Pharmaceutical Finance Netherlands III BV
3.150%, 10/1/26 |
|
|
165 |
|
|
|
132 |
|
| Valeant Pharmaceuticals International, Inc. 144A, 6.500%, 3/15/22(2) |
|
|
25 |
|
|
|
26 |
|
| 144A, 7.000%, 3/15/24(2) |
|
|
40 |
|
|
|
42 |
|
| 144A, 5.500%, 11/1/25(2) |
|
|
250 |
|
|
|
243 |
|
| Zimmer Biomet Holdings, Inc. (3 month LIBOR + 0.750%) 2.928%, 3/19/21(1) |
|
|
430 |
|
|
|
431 |
|
| 3.550%, 4/1/25 |
|
|
665 |
|
|
|
645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,135 |
|
|
|
|
|
|
|
|
|
|
| Industrials—1.1% |
|
| Ashtead Capital, Inc.
144A
4.375%, 8/15/27(2) |
|
|
345 |
|
|
|
328 |
|
| Bombardier, Inc. 144A
6.125%, 1/15/23(2) |
|
|
260 |
|
|
|
259 |
|
| CNH Industrial N.V. 4.500%, 8/15/23 |
|
|
359 |
|
|
|
365 |
|
| 3.850%, 11/15/27 |
|
|
222 |
|
|
|
215 |
|
| Masco Corp. 5.950%, 3/15/22 |
|
|
213 |
|
|
|
231 |
|
| 4.450%, 4/1/25 |
|
|
140 |
|
|
|
143 |
|
See Notes to Schedules of
Investments
7
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Industrials (continued) |
|
| Owens Corning 3.400%, 8/15/26(4) |
|
$
|
495 |
|
|
$
|
477 |
|
| Pitney Bowes, Inc. 4.125%, 5/15/22 |
|
|
410 |
|
|
|
388 |
|
| Standard Industries, Inc.
144A
6.000%, 10/15/25(2) |
|
|
410 |
|
|
|
420 |
|
| TransDigm, Inc. 6.500%, 5/15/25 |
|
|
115 |
|
|
|
116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,942 |
|
|
|
|
|
|
|
|
|
|
| Information Technology—1.6% |
|
| Analog Devices, Inc. 2.950%, 1/12/21 |
|
|
425 |
|
|
|
424 |
|
| Arrow Electronics, Inc. 3.875%, 1/12/28 |
|
|
420 |
|
|
|
406 |
|
| Broadcom Corp. 3.000%, 1/15/22 |
|
|
185 |
|
|
|
182 |
|
| 3.625%, 1/15/24 |
|
|
340 |
|
|
|
334 |
|
| Citrix Systems, Inc. 4.500%, 12/1/27 |
|
|
380 |
|
|
|
376 |
|
| Dell International LLC |
|
|
|
|
|
|
|
|
| 144A, 6.020%, 6/15/26(2) |
|
|
100 |
|
|
|
108 |
|
| 144A, 8.100%, 7/15/36(2) |
|
|
230 |
|
|
|
279 |
|
| Hewlett Packard Enterprise Co.
4.900%, 10/15/25 |
|
|
330 |
|
|
|
342 |
|
| Jabil, Inc.
3.950%, 1/12/28 |
|
|
325 |
|
|
|
315 |
|
| VeriSign, Inc. 4.750%, 7/15/27 |
|
|
300 |
|
|
|
287 |
|
| Verisk Analytics, Inc. 4.000%, 6/15/25 |
|
|
470 |
|
|
|
473 |
|
| VMware, Inc. 2.950%, 8/21/22 |
|
|
216 |
|
|
|
207 |
|
| 3.900%, 8/21/27 |
|
|
233 |
|
|
|
220 |
|
| Western Digital Corp. 4.750%, 2/15/26 |
|
|
370 |
|
|
|
369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,322 |
|
|
|
|
|
|
|
|
|
|
| Materials—2.2% |
|
| Anglo American Capital plc
144A
4.000%, 9/11/27(2) |
|
|
525 |
|
|
|
503 |
|
| BHP Billiton Finance USA Ltd. 144A
6.750%(2)(6)(7) |
|
|
410 |
|
|
|
460 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Materials (continued) |
|
| CRH America Finance, Inc.
144A
3.400%, 5/9/27(2) |
|
$
|
425 |
|
|
$
|
407 |
|
| FMG Resources August 2006 Pty Ltd. 144A 5.125%, 3/15/23(2) |
|
|
185 |
|
|
|
184 |
|
| Glencore Funding LLC 144A
4.000%, 3/27/27(2) |
|
|
425 |
|
|
|
410 |
|
| GTL Trade Finance, Inc. 144A 5.893%,
4/29/24(2) |
|
|
295 |
|
|
|
314 |
|
| INEOS Group Holdings S.A.
144A
5.625%, 8/1/24(2) |
|
|
495 |
|
|
|
501 |
|
| Inversiones CMPC S.A. 144A
4.375%, 5/15/23(2) |
|
|
935 |
|
|
|
954 |
|
| NOVA Chemicals Corp. 144A,
4.875%, 6/1/24(2) |
|
|
175 |
|
|
|
168 |
|
| 144A, 5.000%, 5/1/25(2) |
|
|
240 |
|
|
|
230 |
|
| OCP SA 144A 5.625%, 4/25/24(2) |
|
|
500 |
|
|
|
527 |
|
| Rusal Capital DAC 144A
5.125%, 2/2/22(2) |
|
|
430 |
|
|
|
424 |
|
| Teck Resources Ltd.
144A
8.500%, 6/1/24(2) |
|
|
80 |
|
|
|
89 |
|
| United States Steel Corp. 6.250%, 3/15/26 |
|
|
285 |
|
|
|
284 |
|
| Vulcan Materials Co. 3.900%, 4/1/27 |
|
|
425 |
|
|
|
418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,873 |
|
|
|
|
|
|
|
|
|
|
| Real Estate—2.2% |
|
| Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27 |
|
|
300 |
|
|
|
293 |
|
| Corporate Office Properties
LP
3.600%, 5/15/23(4) |
|
|
660 |
|
|
|
646 |
|
| EPR Properties 4.750%, 12/15/26 |
|
|
620 |
|
|
|
620 |
|
| Healthcare Trust of America Holdings LP 3.750%, 7/1/27 |
|
|
435 |
|
|
|
420 |
|
| Hospitality Properties Trust
4.950%, 2/15/27 |
|
|
510 |
|
|
|
518 |
|
| Kilroy Realty LP 4.375%, 10/1/25 |
|
|
475 |
|
|
|
481 |
|
See Notes to Schedules of
Investments
8
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Real Estate (continued) |
|
| LifeStorage LP 3.500%, 7/1/26 |
|
$
|
455 |
|
|
$
|
434 |
|
| 3.875%, 12/15/27 |
|
|
165 |
|
|
|
159 |
|
| MPT Operating Partnership LP
6.375%, 3/1/24 |
|
|
50 |
|
|
|
53 |
|
| 5.500%, 5/1/24 |
|
|
225 |
|
|
|
230 |
|
| 5.000%, 10/15/27 |
|
|
195 |
|
|
|
191 |
|
| National Retail Properties, Inc.
4.000%, 11/15/25 |
|
|
150 |
|
|
|
149 |
|
| Physicians Realty LP 3.950%, 1/15/28 |
|
|
435 |
|
|
|
417 |
|
| Select Income REIT 4.500%, 2/1/25 |
|
|
470 |
|
|
|
464 |
|
| Welltower, Inc. 4.000%, 6/1/25(4) |
|
|
500 |
|
|
|
499 |
|
| WP Carey, Inc. 4.600%, 4/1/24(4) |
|
|
400 |
|
|
|
410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,984 |
|
|
|
|
|
|
|
|
|
|
| Telecommunication Services—1.6% |
|
| AT&T, Inc. 144A
6.375%, 6/1/28(2) |
|
|
2,000 |
|
|
|
2,224 |
|
| Consolidated Communications, Inc. 6.500%, 10/1/22 |
|
|
204 |
|
|
|
182 |
|
| Frontier Communications Corp.
7.125%, 1/15/23 |
|
|
370 |
|
|
|
249 |
|
| 144A, 8.500%, 4/1/26(2) |
|
|
135 |
|
|
|
131 |
|
| Level 3 Financing, Inc. 5.375%, 1/15/24 |
|
|
325 |
|
|
|
317 |
|
| Sprint Spectrum Co., LLC
144A
3.360%, 9/20/21(2) |
|
|
175 |
|
|
|
174 |
|
| Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28(2) |
|
|
400 |
|
|
|
382 |
|
| Verizon Communications, Inc.
4.125%, 3/16/27 |
|
|
715 |
|
|
|
724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,383 |
|
|
|
|
|
|
|
|
|
|
| Utilities—1.3% |
|
| American Electric Power Co., Inc.
3.200%, 11/13/27 |
|
|
390 |
|
|
|
371 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Utilities (continued) |
|
| Duke Energy Corp. 2.650%, 9/1/26 |
|
$
|
505 |
|
|
$
|
461 |
|
| Eskom Holdings SOC Ltd.
144A
7.125%, 2/11/25(2) |
|
|
410 |
|
|
|
418 |
|
| Exelon Corp.
3.497%, 6/1/22 |
|
|
605 |
|
|
|
599 |
|
| FirstEnergy Transmission LLC 144A
4.350%, 1/15/25(2) |
|
|
520 |
|
|
|
535 |
|
| PNM Resources, Inc. 3.250%, 3/9/21 |
|
|
315 |
|
|
|
315 |
|
| State Grid Overseas Investment 2014 Ltd. 144A 4.125%, 5/7/24(2) |
|
|
500 |
|
|
|
509 |
|
| TerraForm Power Operating LLC 144A
5.000%, 1/31/28(2) |
|
|
290 |
|
|
|
275 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,483 |
|
| TOTAL CORPORATE BONDS AND NOTES |
|
| (Identified Cost $79,044) |
|
|
|
77,210 |
|
| LEVERAGED LOANS(1)—2.9% |
|
| Chemicals—0.0% |
|
| Tronox Blocked Borrower LLC First Lien, (3 month LIBOR + 3.000%)
5.302%, 9/23/24 |
|
|
20 |
|
|
|
20 |
|
| Tronox Finance LLC First Lien, (3 month LIBOR + 3.000%)
5.302%, 9/23/24 |
|
|
45 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65 |
|
|
|
|
|
|
|
|
|
|
| Consumer Durables—0.1% |
|
| Global Appliance, Inc. Tranche B, (1 month LIBOR + 4.000%) 5.880%, 9/29/24 |
|
|
144 |
|
|
|
146 |
|
|
|
|
|
|
|
|
|
|
| Consumer Non-Durables—0.0% |
|
| HLF Financing S.a.r.l. Senior Lien, (1 month LIBOR + 5.500%) 7.377%, 2/15/23 |
|
|
79 |
|
|
|
79 |
|
|
|
|
|
|
|
|
|
|
See Notes to Schedules of
Investments
9
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Energy—0.1% |
|
| Ultra Resources, Inc., (1 month LIBOR + 3.000%)
4.765%, 4/12/24 |
|
$
|
280 |
|
|
$
|
277 |
|
|
|
|
|
|
|
|
|
|
| Financial—0.0% |
|
| Genworth Holdings, Inc., (1 month LIBOR + 4.500%)
6.202%, 3/7/23 |
|
|
10 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
| Food / Tobacco—0.2% |
|
| Aramark Intermediate HoldCo Corp.
Tranche B-1, (1 month
LIBOR + 2.000%)
3.877%, 3/11/25 |
|
|
165 |
|
|
|
166 |
|
| CHG PPC Parent LLC First Lien, (3 month LIBOR + 2.750%)
0.000%, 3/23/25(9) |
|
|
15 |
|
|
|
15 |
|
| JBS USA Lux S.A., (3 month LIBOR + 2.500%)
4.678%, 10/30/22 |
|
|
252 |
|
|
|
251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
432 |
|
|
|
|
|
|
|
|
|
|
| Food and Drug—0.1% |
|
| Albertson’s LLC 2017-1, Tranche B-4, (1 month LIBOR + 2.750%)
4.627%, 8/25/21 |
|
|
256 |
|
|
|
253 |
|
|
|
|
|
|
|
|
|
|
| Gaming / Leisure—0.5% |
|
| Gateway Casinos & Entertainment Ltd., (1 month LIBOR +
3.000%)
4.750%, 3/13/25 |
|
|
65 |
|
|
|
65 |
|
| GVC Holdings plc, (3 month LIBOR + 2.500%)
0.000%, 3/15/24(9) |
|
|
185 |
|
|
|
185 |
|
| Playa Resorts Holding B.V., (3 month LIBOR + 3.250%)
5.000%, 4/29/24 |
|
|
214 |
|
|
|
215 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Gaming / Leisure (continued) |
|
| Scientific Games International, Inc. Tranche B-5, (2 month
LIBOR + 2.750%)
4.686%, 8/14/24 |
|
$
|
5 |
|
|
$
|
5 |
|
| Seminole Tribe of Florida Tranche B, (1 month LIBOR + 2.000%)
3.877%, 7/8/24 |
|
|
269 |
|
|
|
270 |
|
| Station Casinos LLC Tranche B, (1 month LIBOR + 2.500%)
4.380%, 6/8/23 |
|
|
241 |
|
|
|
242 |
|
| UFC Holdings LLC First Lien, (1 month LIBOR + 3.250%)
5.130%, 8/18/23 |
|
|
245 |
|
|
|
246 |
|
| Wyndham Hotels & Resorts, Inc. Tranche B, (3 month LIBOR + 1.750%)
0.000%, 3/29/25(9) |
|
|
55 |
|
|
|
55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,283 |
|
|
|
|
|
|
|
|
|
|
| Healthcare—0.3% |
|
| CHG Healthcare Services, Inc. 2017, First Lien, (3 month LIBOR +
3.000%)
4.772%, 6/7/23 |
|
|
290 |
|
|
|
292 |
|
| Concentra, Inc. Tranche B-1, First Lien, (3 month
LIBOR + 2.750%)
4.530%, 6/1/22 |
|
|
25 |
|
|
|
25 |
|
| Endo Luxembourg Finance Co. S.a.r.l., (1 month LIBOR + 4.250%)
6.188%, 4/29/24 |
|
|
124 |
|
|
|
124 |
|
| Envision Healthcare Corp., (1 month LIBOR + 3.000%)
4.880%, 12/1/23 |
|
|
203 |
|
|
|
204 |
|
| Parexel International Corp., (1 month LIBOR + 2.750%)
4.627%, 9/27/24 |
|
|
50 |
|
|
|
50 |
|
See Notes to Schedules of
Investments
10
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Healthcare (continued) |
|
| Quorum Health Corp., (1 month LIBOR + 6.750%)
8.627%, 4/29/22 |
|
$
|
217 |
|
|
$
|
221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
916 |
|
|
|
|
|
|
|
|
|
|
| Housing—0.2% |
|
| Beacon Roofing Supply, Inc., (1 month LIBOR + 2.250%)
3.936%, 1/2/25 |
|
|
290 |
|
|
|
291 |
|
| Capital Automotive LP Tranche B-2, First Lien, (1 month
LIBOR + 2.500%)
4.380%, 3/25/24 |
|
|
381 |
|
|
|
383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
674 |
|
|
|
|
|
|
|
|
|
|
| Information Technology—0.1% |
|
| Rackspace Hosting, Inc. Tranche B, First Lien, (1 month LIBOR + 2.500%)
4.380%,
3/25/24 |
|
|
389 |
|
|
|
388 |
|
|
|
|
|
|
|
|
|
|
| Manufacturing—0.3% |
|
| Accudyne Industries LLC, (1 month LIBOR + 3.250%)
5.127%, 8/18/24 |
|
|
184 |
|
|
|
185 |
|
| CPI Acquisition, Inc. First Lien, (3 month LIBOR + 4.500%)
6.358%, 8/17/22 |
|
|
375 |
|
|
|
256 |
|
| Zodiac Pool Solutions LLC |
|
|
|
|
|
|
|
|
| Tranche B-1, First Lien, (3 month LIBOR +
4.000%)
6.302%, 12/20/23 |
|
|
272 |
|
|
|
272 |
|
| Tranche B, (3 month LIBOR + 2.250%) 0.000%, 3/7/25(9) |
|
|
70 |
|
|
|
70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Media Telecom - Telecommunications—0.2% |
|
| CenturyLink, Inc. Tranche B, (1 month LIBOR + 2.750%)
4.627%, 1/31/25 |
|
$
|
259 |
|
|
$
|
255 |
|
| Level 3 Financing, Inc. 2024, Tranche B, (1 month LIBOR +
2.250%)
4.111%, 2/22/24 |
|
|
335 |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
590 |
|
|
|
|
|
|
|
|
|
|
Media/Telecom - Wireless
Communications—0.0% |
|
| Digicel International Finance Ltd. Tranche B, First Lien, (3 month LIBOR +
3.250%)
5.020%, 5/27/24 |
|
|
25 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
| Media/Telecom - Broadcasting—0.1% |
|
| Sinclair Television Group, Inc. Tranche B, (3 month LIBOR + 2.500%) 0.000%, 12/12/24(9) |
|
|
220 |
|
|
|
221 |
|
|
|
|
|
|
|
|
|
|
| Media/Telecom - Cable/Wireless Video—0.0% |
|
| Telenet Financing USD LLC, (3 month LIBOR + 2.500%)
0.000%, 3/1/26(9) |
|
|
10 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
| Media/Telecom - Diversified Media—0.1% |
|
| Crown Finance US, Inc., (1 month LIBOR + 2.500%) 4.377%, 2/28/25 |
|
|
155 |
|
|
|
155 |
|
| Meredith Corp., (1 month LIBOR + 3.000%) 4.877%, 1/31/25 |
|
|
210 |
|
|
|
211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
366 |
|
|
|
|
|
|
|
|
|
|
| Service—0.3% |
|
| Delek U.S. Holdings, Inc., (3 month LIBOR + 2.500%) 0.000%, 3/14/25(9) |
|
|
55 |
|
|
|
55 |
|
See Notes to Schedules of
Investments
11
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
| Service (continued) |
|
| Red Ventures LLC First Lien, (1 month LIBOR + 4.000%) 5.877%, 11/8/24 |
|
$
|
169 |
|
|
$
|
170 |
|
| Sedgwick Claims Management Services, Inc. Second Lien, (3 month LIBOR + 5.750%)
7.734%, 2/28/22 |
|
|
300 |
|
|
|
301 |
|
| TKC Holdings, Inc. First Lien, (3 month LIBOR + 4.250%)
6.030%, 2/1/23 |
|
|
193 |
|
|
|
195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
721 |
|
|
|
|
|
|
|
|
|
|
| Transportation - Automotive—0.1% |
|
| Navistar, Inc. Tranche B, (1 month LIBOR + 3.500%) 5.210%, 11/6/24 |
|
|
220 |
|
|
|
221 |
|
|
|
|
|
|
|
|
|
|
| Utility—0.2% |
|
| NRG Energy, Inc., (3 month LIBOR + 1.750%) 4.052%, 6/30/23 |
|
|
244 |
|
|
|
244 |
|
| Vistra Operations Co., LLC
(1 month LIBOR + 2.500%) 4.377%, 8/4/23 |
|
|
161 |
|
|
|
162 |
|
| Tranche C, (1 month LIBOR + 2.500%) 4.377%, 8/4/23 |
|
|
29 |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
435 |
|
| TOTAL LEVERAGED LOANS |
|
| (Identified Cost $7,974) |
|
|
|
7,895 |
|
|
|
|
| |
|
SHARES |
|
|
|
|
| PREFERRED STOCKS—1.3% |
|
| Financials—1.3% |
|
| Citigroup, Inc. Series J, 7.125%
|
|
|
20,000 |
|
|
|
571 |
|
| Huntington Bancshares, Inc. Series E, 5.700% |
|
|
365 |
(8) |
|
|
367 |
|
| JPMorgan Chase & Co. Series Z,
5.300%(4) |
|
|
550 |
(8) |
|
|
565 |
|
| KeyCorp Series D, 5.000% |
|
|
415 |
(8) |
|
|
409 |
|
| M&T Bank Corp. Series F, 5.125%
|
|
|
355 |
(8) |
|
|
354 |
|
|
|
|
|
|
|
|
|
|
| |
|
SHARES |
|
|
VALUE |
|
| Financials (continued) |
|
| MetLife, Inc.
Series D, 5.875% |
|
|
156 |
(8) |
|
$
|
159 |
|
| PNC Financial Services Group, Inc. (The) Series R, 4.850% |
|
|
535 |
(8) |
|
|
536 |
|
| Series S, 5.000% |
|
|
485 |
(8) |
|
|
483 |
|
| TOTAL PREFERRED STOCKS |
|
| (Identified Cost $3,468) |
|
|
|
3,444 |
|
| COMMON STOCKS—85.2% |
|
| Consumer Discretionary—3.9% |
|
| Compass Group plc Sponsored ADR |
|
|
117,288 |
|
|
|
2,444 |
|
| Las Vegas Sands Corp. |
|
|
115,620 |
|
|
|
8,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,757 |
|
|
|
|
|
|
|
|
|
|
| Consumer Staples—7.7% |
|
| Altria Group, Inc. |
|
|
71,637 |
|
|
|
4,464 |
|
| British American Tobacco plc Sponsored ADR
|
|
|
49,499 |
|
|
|
2,855 |
|
| Clorox Co. (The) |
|
|
18,840 |
|
|
|
2,508 |
|
| Coca-Cola Co. (The) |
|
|
107,730 |
|
|
|
4,679 |
|
| Imperial Brands plc |
|
|
57,340 |
|
|
|
1,952 |
|
| Imperial Brands plc Sponsored ADR |
|
|
129,977 |
|
|
|
4,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,962 |
|
|
|
|
|
|
|
|
|
|
| Energy—9.0% |
|
| Royal Dutch Shell plc Class B Sponsored ADR
|
|
|
162,510 |
|
|
|
10,649 |
|
| TOTAL S.A. Sponsored ADR |
|
|
116,280 |
|
|
|
6,708 |
|
| Vermilion Energy, Inc. |
|
|
222,198 |
|
|
|
7,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,530 |
|
|
|
|
|
|
|
|
|
|
| Financials—17.5% |
|
| Bank of Hawaii Corp. |
|
|
38,390 |
|
|
|
3,190 |
|
| CI Financial Corp. |
|
|
168,650 |
|
|
|
3,602 |
|
| HSBC Holdings plc |
|
|
243,930 |
|
|
|
2,277 |
|
| HSBC Holdings plc Sponsored ADR |
|
|
170,000 |
|
|
|
8,104 |
|
| Royal Bank of Canada |
|
|
103,319 |
|
|
|
7,986 |
|
| SCOR SE Sponsored ADR |
|
|
1,967,977 |
|
|
|
8,049 |
|
| Tokio Marine Holdings, Inc. |
|
|
88,350 |
|
|
|
3,932 |
|
See Notes to Schedules of
Investments
12
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
SHARES |
|
|
VALUE |
|
| Financials (continued) |
|
| Zurich Insurance Group AG ADR |
|
|
320,370 |
|
|
$
|
10,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,643 |
|
|
|
|
|
|
|
|
|
|
| Health Care—7.6% |
|
| AstraZeneca plc Sponsored ADR |
|
|
224,030 |
|
|
|
7,834 |
|
| GlaxoSmithKline plc |
|
|
94,260 |
|
|
|
1,844 |
|
| GlaxoSmithKline plc Sponsored ADR |
|
|
188,060 |
|
|
|
7,347 |
|
| Sonic Healthcare Ltd. Sponsored ADR |
|
|
206,534 |
|
|
|
3,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,650 |
|
|
|
|
|
|
|
|
|
|
| Industrials—8.8% |
|
| ABB Ltd. Registered Shares |
|
|
156,200 |
|
|
|
3,712 |
|
| Air New Zealand Ltd. |
|
|
1,988,670 |
|
|
|
4,660 |
|
| BAE Systems plc Sponsored ADR |
|
|
193,080 |
|
|
|
6,422 |
|
| Deutsche Post AG Registered Shares |
|
|
53,765 |
|
|
|
2,350 |
|
| Port of Tauranga Ltd. |
|
|
558,800 |
|
|
|
1,938 |
|
| Waste Management, Inc. |
|
|
27,590 |
|
|
|
2,321 |
|
| Watsco, Inc. |
|
|
13,950 |
|
|
|
2,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,927 |
|
|
|
|
|
|
|
|
|
|
| Information Technology—4.7% |
|
| Analog Devices, Inc. |
|
|
35,930 |
|
|
|
3,274 |
|
| Cisco Systems, Inc. |
|
|
53,100 |
|
|
|
2,278 |
|
| Paychex, Inc. |
|
|
45,110 |
|
|
|
2,778 |
|
| Tieto OYJ |
|
|
134,770 |
|
|
|
4,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,821 |
|
|
|
|
|
|
|
|
|
|
| Materials—1.5% |
|
| BASF SE Sponsored ADR |
|
|
163,640 |
|
|
|
4,155 |
|
|
|
|
|
|
|
|
|
|
| Real Estate—6.9% |
|
| Crown Castle International Corp. |
|
|
54,870 |
|
|
|
6,014 |
|
| Lamar Advertising Co. Class A |
|
|
106,432 |
|
|
|
6,776 |
|
| Realty Income Corp. |
|
|
115,695 |
|
|
|
5,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,775 |
|
|
|
|
|
|
|
|
|
|
| Telecommunication Services—10.2% |
|
| AT&T, Inc. |
|
|
209,303 |
|
|
|
7,461 |
|
| BCE, Inc. |
|
|
244,240 |
|
|
|
10,512 |
|
|
|
|
|
|
|
|
|
|
| |
|
SHARES |
|
|
VALUE |
|
| Telecommunication Services (continued) |
|
| Spark New Zealand Ltd. |
|
|
3,997,540 |
|
|
$
|
9,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,673 |
|
|
|
|
|
|
|
|
|
|
| Utilities—7.4% |
|
| Duke Energy Corp. |
|
|
98,220 |
|
|
|
7,609 |
|
| Fortis, Inc. |
|
|
199,390 |
|
|
|
6,733 |
|
| WEC Energy Group, Inc. |
|
|
94,640 |
|
|
|
5,934 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
20,276 |
|
| TOTAL COMMON STOCKS |
|
| (Identified Cost $228,811) |
|
|
|
232,169 |
|
| TOTAL LONG TERM INVESTMENTS—135.8% |
|
| (Identified Cost $369,632) |
|
|
|
370,181 |
|
| SHORT-TERM INVESTMENTS—2.3% |
|
| Purchased Options—0.1% |
|
| (see open purchased options schedule) |
|
|
|
|
|
|
|
|
| TOTAL PURCHASED OPTIONS—0.1% |
|
| (Premiums Paid $795) |
|
|
|
228 |
|
| Money Market Mutual Fund—2.2% |
|
| Dreyfus Government Cash Management Fund –Institutional
Shares (seven-day effective yield 1.540%)(10) |
|
|
6,061,146 |
|
|
|
6,061 |
|
| TOTAL SHORT-TERM INVESTMENTS |
|
| (Identified Cost $6,856) |
|
|
|
6,289 |
|
| TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS—138.0% |
|
| (Identified Cost $376,894) |
|
|
|
376,470 |
(11) |
| WRITTEN OPTIONS—(0.3)% |
|
| (see open written options schedule) |
|
|
|
|
|
|
|
|
| TOTAL WRITTEN OPTIONS —(0.3)% |
|
| (Premiums Received $1,390) |
|
|
|
(772 |
) |
| TOTAL INVESTMENTS NET OF WRITTEN OPTIONS—137.7% |
|
| (Identified Cost $375,504) |
|
|
|
375,698 |
|
| Other assets and liabilities,
net—(37.7)% |
|
|
|
(103,049 |
) |
|
|
|
|
|
|
|
|
|
| NET ASSETS—100.0% |
|
|
$272,649 |
|
|
|
|
|
|
|
|
|
|
See Notes to Schedules of
Investments
13
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands except
for strike price)
Abbreviations
| ADR |
American Depositary Receipt |
| ICE |
Intercontinental Exchange |
| LIBOR |
London Interbank Offered Rate |
| REIT |
Real Estate Investment Trust |
Footnote Legend:
| (1) |
Variable rate security. Rate disclosed is as of March 31, 2018. For Leveraged loans, the rate shown may represent a weighted average interest rate. Information
in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions,
or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| (2) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $51,611 or 18.9% of net assets. |
| (3) |
Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of
the Securities Act of 1933. |
| (4) |
All or a portion of the security is segregated as collateral for written options.
|
| (5) |
This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the
borrower, the name represented here is that of the borrower. |
| (6) |
No contractual maturity date. |
| (7) |
Interest payments may be deferred. |
| (8) |
Value shown as par value. |
| (9) |
This loan will settle after March 31, 2018, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
|
| (10) |
Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| (11) |
All or a portion of the portfolio is segregated as collateral for borrowings. |
|
|
|
|
|
| Country Weightings† |
|
| United States |
|
|
52 |
% |
| United Kingdom |
|
|
15 |
|
| Canada |
|
|
10 |
|
| New Zealand |
|
|
4 |
|
| France |
|
|
4 |
|
| Switzerland |
|
|
4 |
|
| Germany |
|
|
2 |
|
| Other |
|
|
9 |
|
| Total |
|
|
100 |
% |
| † |
% of total investments net of written options as of March 31, 2018. |
See Notes to Schedules of
Investments
14
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
Open Purchased Options contracts as of March 31, 2018, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description of Options |
|
Number of
Contracts |
|
|
Contract Notional
Amount |
|
|
Strike
Price(1) |
|
|
Expiration
Date |
|
|
Value |
|
| Call Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| S&P 500® Index |
|
|
435 |
|
|
$ |
126,150 |
|
|
$ |
2,900 |
|
|
|
4/2/2018 |
|
|
$ |
2 |
|
| S&P 500® Index |
|
|
541 |
|
|
|
157,431 |
|
|
|
2,910 |
|
|
|
4/4/2018 |
|
|
|
3 |
|
| S&P 500® Index |
|
|
147 |
|
|
|
41,675 |
|
|
|
2,835 |
|
|
|
4/6/2018 |
|
|
|
2 |
|
| S&P 500® Index |
|
|
430 |
|
|
|
123,840 |
|
|
|
2,880 |
|
|
|
4/9/2018 |
|
|
|
— |
(2) |
| S&P 500® Index |
|
|
500 |
|
|
|
143,500 |
|
|
|
2,870 |
|
|
|
4/11/2018 |
|
|
|
2 |
|
| Put Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| S&P 500® Index |
|
|
435 |
|
|
|
108,315 |
|
|
|
2,490 |
|
|
|
4/2/2018 |
|
|
|
11 |
|
| S&P 500® Index |
|
|
541 |
|
|
|
135,521 |
|
|
|
2,505 |
|
|
|
4/4/2018 |
|
|
|
58 |
|
| S&P 500® Index |
|
|
147 |
|
|
|
34,545 |
|
|
|
2,350 |
|
|
|
4/6/2018 |
|
|
|
9 |
|
| S&P 500® Index |
|
|
430 |
|
|
|
104,705 |
|
|
|
2,435 |
|
|
|
4/9/2018 |
|
|
|
65 |
|
| S&P 500® Index |
|
|
500 |
|
|
|
119,500 |
|
|
|
2,390 |
|
|
|
4/11/2018 |
|
|
|
76 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Purchased Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open Written Options contracts as of March 31, 2018, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description of Options |
|
Number of
Contracts |
|
|
Contract Notional
Amount |
|
|
Strike
Price(1) |
|
|
Expiration
Date |
|
|
Value |
|
| Call Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| S&P 500® Index |
|
|
435 |
|
|
$ |
123,105 |
|
|
$ |
2,830 |
|
|
|
4/2/2018 |
|
|
$ |
(2 |
) |
| S&P 500® Index |
|
|
541 |
|
|
|
153,644 |
|
|
|
2,840 |
|
|
|
4/4/2018 |
|
|
|
(3 |
) |
| S&P 500® Index |
|
|
147 |
|
|
|
40,940 |
|
|
|
2,785 |
|
|
|
4/6/2018 |
|
|
|
(8 |
) |
| S&P 500® Index |
|
|
430 |
|
|
|
120,830 |
|
|
|
2,810 |
|
|
|
4/9/2018 |
|
|
|
(13 |
) |
| S&P 500® Index |
|
|
500 |
|
|
|
139,750 |
|
|
|
2,795 |
|
|
|
4/11/2018 |
|
|
|
(49 |
) |
| Put Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| S&P 500® Index |
|
|
435 |
|
|
|
111,360 |
|
|
|
2,560 |
|
|
|
4/2/2018 |
|
|
|
(19 |
) |
| S&P 500® Index |
|
|
541 |
|
|
|
139,308 |
|
|
|
2,575 |
|
|
|
4/4/2018 |
|
|
|
(297 |
) |
| S&P 500® Index |
|
|
147 |
|
|
|
35,280 |
|
|
|
2,400 |
|
|
|
4/6/2018 |
|
|
|
(10 |
) |
| S&P 500® Index |
|
|
430 |
|
|
|
107,715 |
|
|
|
2,505 |
|
|
|
4/9/2018 |
|
|
|
(175 |
) |
| S&P 500® Index |
|
|
500 |
|
|
|
123,250 |
|
|
|
2,465 |
|
|
|
4/11/2018 |
|
|
|
(196 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Written Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(772 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnote Legend:
| (1) |
Strike price not reported in thousands. |
| (2) |
Amount is less than $500. |
See Notes to Schedules of Investments
15
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2018
($ reported in thousands)
The following table provides a summary of inputs used to value the Fund’s investments
as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total Value at
March 31, 2018 |
|
|
Level 1
Quoted Prices |
|
|
Level 2
Significant
Observable
Inputs |
|
| Debt Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset-Backed Securities |
|
$ |
12,112 |
|
|
$ |
— |
|
|
$ |
12,112 |
|
| Corporate Bonds And Notes |
|
|
77,210 |
|
|
|
— |
|
|
|
77,210 |
|
| Foreign Government Securities |
|
|
3,837 |
|
|
|
— |
|
|
|
3,837 |
|
| Leveraged Loans |
|
|
7,895 |
|
|
|
— |
|
|
|
7,895 |
|
| Mortgage-Backed Securities |
|
|
26,105 |
|
|
|
— |
|
|
|
26,105 |
|
| Municipal Bonds |
|
|
5,380 |
|
|
|
— |
|
|
|
5,380 |
|
| U.S. Government Securities |
|
|
2,029 |
|
|
|
— |
|
|
|
2,029 |
|
| Equity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
|
232,169 |
|
|
|
215,871 |
|
|
|
16,298 |
|
| Preferred Stocks |
|
|
3,444 |
|
|
|
571 |
|
|
|
2,873 |
|
| Money Market Mutual Fund |
|
|
6,061 |
|
|
|
6,061 |
|
|
|
— |
|
| Purchased Options |
|
|
228 |
|
|
|
86 |
|
|
|
143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments before Written Options |
|
$ |
376,470 |
|
|
$ |
222,588 |
|
|
$ |
153,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written Options |
|
$ |
(772 |
) |
|
$ |
(527 |
) |
|
$ |
(245 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments Net of Written Options |
|
$ |
375,698 |
|
|
$ |
222,061 |
|
|
$ |
153,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2018.
There were no transfers between Level 1, Level 2 or Level 3 related to securities held at March 31, 2018.
See Notes to Schedules of Investments
16
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS
MARCH 31, 2018 (Unaudited)
Note 1. Significant Accounting Policies
The Fund
is a closed-end, diversified management investment company registered under the Investment Company Act of 1940 (the “Act”).
The
significant accounting policies consistently followed by the Fund in the preparation of its Schedule of Investments are summarized below and, for derivatives, included in Note 2 below. The preparation of the Schedule of Investments in conformity
with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the
date of the Schedule of Investments. Actual results could differ from those estimates and those differences could be significant.
Security valuation procedures for the Fund, which include nightly price
variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Directors (the “Board”, or the “Directors”). All internally fair valued
securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio
management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to
the model. Fair valuations are reviewed quarterly by the Board.
The Fund utilizes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers between levels at the end of the reporting period.
| |
• Level 1 – |
quoted prices in active markets for identical securities (security types generally include listed equities). |
| |
• Level 2 – |
prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| |
• Level 3 – |
prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a
recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the
securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, are illiquid, or are
internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be
fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market or other
17
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2018 (Unaudited)
regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time
that a Fund calculates its net asset value (“NAV”) (at the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets.
In such cases the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading
patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, exchange-traded funds and certain indexes, as well as prices for similar securities. Such fair valuations are categorized
as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from
dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows,
type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities, may also
incorporate collateral analysis and utilize cash flow models for valuation, and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized
which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, or are internally fair valued by the Valuation Committee, are generally
categorized as Level 3 in the hierarchy.
Listed derivatives that are actively traded are valued based on quoted prices from the exchange and
are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted
markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end
funds are valued as of the close of regular trading on the NYSE each business day. Both are categorized as Level 1 in the hierarchy.
A summary
of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the
risk associated with investing in those securities.
18
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2018 (Unaudited)
Note 2. Derivative Financial Instruments
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives,
how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used
by the Fund.
($ reported in thousands)
An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument
at an agreed-upon price. The Fund pursues an option income strategy whereby it purchases and sells out-of-the-money puts and calls, creating an options spread designed to generate a consistent level of option cash flow which should result in
additional yield. The Fund is subject to equity price risk in the normal course of pursuing its investment objectives.
When the Fund purchases
an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily
to reflect the current market value of the option.
Holdings of the Fund designated to cover outstanding written options are noted in the
Schedule of Investments. Purchased options are reported as an asset within “Investment in securities at value” in the Statement of Assets and Liabilities. Options written are reported as a liability within “Written options outstanding
at value”. Changes in value of the purchased option is included in “Net change in unrealized appreciation (depreciation) on investments” in the Statement of Operations. Changes in value of written options is included in “Net
change in unrealized appreciation (depreciation) on written options”.
If an option expires unexercised, the Fund realizes a gain or loss
to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount
received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in “Net realized gain (loss) on investments” in the Statement of Operations.
Gain or loss on written options is presented separately as “Net realized gain (loss) on written options” in the Statement of Operations.
The risk in writing covered call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the
option is exercised. The risk in writing covered put options is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the
option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are normally subject to unlimited risk of loss, as the seller will be obligated
to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value. However, the Fund may limit its risk of loss when writing an option by purchasing an
option by purchasing an option similar to the one that is sold except for the fact it is further “out of the money”.
19
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2018 (Unaudited)
For the period ended March 31, 2018, the average daily premiums paid by the Fund for purchased options were $634, and the average daily premiums
received by the Fund for written options were $1,219.
Note 3. Illiquid and Restricted Securities
($ reported in thousands)
Investments are generally considered illiquid if they cannot be disposed of within seven days in the ordinary course of business at the approximate
amount at which such securities have been valued by the Fund. Additionally, the following information is also considered in determining liquidity: the frequency of trades and quotes for the investment, whether the investment is listed for trading on
a recognized domestic exchange and/or whether two or more brokers are willing to purchase or sell the security at a comparable price, the extent of market making activity in the investment and the nature of the market for investment. Restricted
securities are illiquid securities, as defined above, not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category, except where defined as illiquid. The Fund will
bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.
At March
31, 2018, the Fund did not hold any securities that were both illiquid and restricted.
Note 4. Regulatory Matters And Litigation
From time to time, Virtus Investment Advisers, LLC (“VIA”), the Fund’s Adviser, Kayne Anderson Rudnick Investment Management Co.
(“KAR”) and Newfleet Asset Management LLC (“Newfleet”) the Fund’s subadvisers and/or their respective affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory
bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At
this time, the Fund’s Adviser believes that the outcomes of such matters are not likely, either individually or in the aggregate, to be material to these financial statements.
Note 5. Recent Accounting Pronouncement
In March
2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the
“ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a
discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these
changes on the financial statements.
Note 6. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined
that there are no subsequent events that require recognition or disclosure in these financial statements.
20
Item 2. Controls and Procedures.
| |
(a) |
The registrant’s principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or
15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| |
(b) |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting. |
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley
Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
| (Registrant) |
|
Virtus
Global Dividend & Income Fund Inc. |
|
|
|
| By (Signature and Title)* |
|
/s/ George R. Aylward |
|
|
George R. Aylward, President |
|
|
(principal executive officer) |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
| By (Signature and Title)* |
|
/s/ George R. Aylward |
|
|
George R. Aylward, President |
|
|
(principal executive officer) |
|
|
|
| By (Signature and Title)* |
|
/s/ W. Patrick Bradley |
|
|
W. Patrick Bradley, Executive Vice President,
Chief Financial Officer, and Treasurer |
|
|
(principal financial
officer) |
* Print the name and title of each signing officer under
his or her signature.