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
01301-9668
(Address of principal executive offices) (Zip code)
William Renahan, Esq.
Vice
President, Chief Legal Officer and Secretary for Registrant
One Financial Plaza
Hartford, CT
06103
(Name and address of agent for service)
Registrant’s telephone number, including area code: (866) 270-7788
Date of fiscal year end: November 30
Date of reporting period: February 28, 2019
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, 100 F Street, NE, Washington, DC 20549. 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)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| U.S. GOVERNMENT SECURITIES—4.4% |
|
| U.S. Treasury Bond
3.000%, 8/15/48 |
|
$ |
5,905 |
|
|
$ |
5,803 |
|
| U.S. Treasury Note
2.875%, 8/15/28 |
|
|
5,230 |
|
|
|
5,298 |
|
| TOTAL U.S. GOVERNMENT SECURITIES |
|
| (Identified Cost $11,087) |
|
|
|
|
|
|
11,101 |
|
|
| MUNICIPAL BONDS—2.3% |
|
|
| California—0.7% |
|
| State of California, Build America Bonds Taxable
7.600%, 11/1/40 |
|
|
1,000 |
|
|
|
1,494 |
|
| University of California, Series B-A,
Taxable
4.428%, 5/15/48 |
|
|
290 |
|
|
|
298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,792 |
|
|
|
|
|
|
|
|
|
|
|
| Idaho—0.2% |
|
| Idaho Health Facilities Authority Saint Lukes Health System Revenue Taxable
5.020%, 3/1/48 |
|
|
355 |
|
|
|
364 |
|
|
|
|
|
|
|
|
|
|
|
| New York—1.2% |
|
| New York City Transitional Finance Authority Future Tax Secured Revenue
Series A-3
5.000%, 8/1/40 |
|
|
1,235 |
|
|
|
1,404 |
|
| Port Authority of New York & New Jersey, Consolidated Bonds Revenue
5.000%,
4/15/57 |
|
|
1,515 |
|
|
|
1,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,090 |
|
|
|
|
|
|
|
|
|
|
|
| Virginia—0.2% |
|
| City of Bristol, General Obligation Taxable
4.210%,
1/1/42 |
|
|
565 |
|
|
|
552 |
|
| TOTAL MUNICIPAL BONDS |
|
| (Identified Cost $5,878) |
|
|
|
5,798 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| FOREIGN GOVERNMENT SECURITIES—1.3% |
|
| Argentine Republic |
|
| Treasury Bill, 0.000%, 9/30/19 |
|
$
|
1,570 |
ARS |
|
$
|
50 |
|
| Treasury Bill, 0.000%, 4/30/20 |
|
|
2,405 |
ARS |
|
|
71 |
|
| 4.625%, 1/11/23 |
|
|
755 |
|
|
|
640 |
|
| Dominican Republic
144A 5.950%,
1/25/27(2) |
|
|
455 |
|
|
|
472 |
|
| Kingdom of Saudi Arabia
144A 4.375%,
4/16/29(2) |
|
|
310 |
|
|
|
316 |
|
| Republic of Indonesia
144A 8.500%,
10/12/35(2) |
|
|
440 |
|
|
|
613 |
|
| Republic of Turkey |
|
|
|
|
|
|
|
|
| 7.375%, 2/5/25 |
|
|
305 |
|
|
|
319 |
|
| 6.000%, 3/25/27 |
|
|
245 |
|
|
|
234 |
|
| Sultanate of Oman |
|
|
|
|
|
|
|
|
| 144A, 5.375%, 3/8/27(2) |
|
|
285 |
|
|
|
267 |
|
| 144A, 5.625%,
1/17/28(2) |
|
|
200 |
|
|
|
189 |
|
| TOTAL FOREIGN GOVERNMENT SECURITIES |
|
| (Identified Cost $3,187) |
|
|
|
3,171 |
|
|
| MORTGAGE-BACKED SECURITIES—8.9% |
|
|
| Non-Agency—8.9% |
|
| Ajax Mortgage Loan Trust 2018-C, A
144A
4.360%, 9/25/65(1)(2) |
|
|
416 |
|
|
|
419 |
|
| American Homes 4 Rent Trust 2014-SFR2, C
144A 4.705%, 10/17/36(2) |
|
|
610 |
|
|
|
630 |
|
| Angel Oak Mortgage Trust I LLC |
|
|
|
|
|
|
|
|
| 2018-2, A1
144A, 3.674%, 7/27/48(1)(2) |
|
|
122 |
|
|
|
122 |
|
| 2019-1, 1A
144A, 3.920%, 11/25/48(1)(2) |
|
|
480 |
|
|
|
482 |
|
| Arroyo Mortgage Trust 2019-1, A1
144A 3.805%, 1/25/49(1)(2) |
|
|
255 |
|
|
|
255 |
|
| Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 2015-200P, A
144A 3.218%,
4/14/33(2) |
|
|
1,085 |
|
|
|
1,080 |
|
| Bayview Opportunity Master Fund IVa Trust |
|
|
|
|
|
|
|
|
| 2016-SPL1, B1
144A, 4.250%, 4/28/55(2) |
|
|
395 |
|
|
|
402 |
|
See Notes to Financial
Statements
1
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Non-Agency (continued) |
|
| 2017-SPL5, B1
144A, 4.000%, 6/28/57(1)(2) |
|
$
|
175 |
|
|
$
|
176 |
|
| BX Trust 2018-MCSF, A
144A, (1 month LIBOR + 0.577%) 3.066%, 4/15/35(1)(2) |
|
|
315 |
|
|
|
310 |
|
| Caesars Palace Las Vegas Trust 2017-VICI, C
144A 4.138%, 10/15/34(2) |
|
|
470 |
|
|
|
478 |
|
| Citigroup Commercial Mortgage Trust 2019-SST2, A 144A,
(1 month LIBOR + 0.920%) 3.420%, 12/15/36(1)(2) |
|
|
385 |
|
|
|
385 |
|
| Colony Starwood Homes Trust 2016-2A, C
144A, (1 month LIBOR
+ 2.150%) 4.639%, 12/17/33(1)(2) |
|
|
306 |
|
|
|
306 |
|
| COLT Mortgage Loan Trust Funding LLC |
|
|
|
|
|
|
|
|
| 2016-2, A1
144A, 2.750%, 9/25/46(1)(2) |
|
|
30 |
|
|
|
29 |
|
| 2017-1, A3
144A, 3.074%, 5/27/47(1)(2) |
|
|
72 |
|
|
|
72 |
|
| 2019-1, A1
144A, 3.705%, 3/25/49(1)(2) |
|
|
124 |
|
|
|
124 |
|
| CoreVest American Finance Trust 2018-2, A
144A
4.026%, 11/15/52(2) |
|
|
314 |
|
|
|
318 |
|
| Credit Suisse First Boston Mortgage Securities Corp. 2003-AR30, 5A1
4.422%, 1/25/34(1) |
|
|
161 |
|
|
|
165 |
|
| Deephaven Residential Mortgage Trust
2017-1A, A2
144A
2.928%, 12/26/46(1)(2) |
|
|
116 |
|
|
|
115 |
|
| Ellington Financial Mortgage Trust
2018-1, A1FX
144A
4.140%, 10/25/58(1)(2) |
|
|
187 |
|
|
|
188 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Non-Agency (continued) |
|
| Galton Funding Mortgage Trust |
|
|
|
|
|
|
|
|
| 2017-1, A21
144A, 3.500%, 7/25/56(1)(2) |
|
$
|
193 |
|
|
$
|
191 |
|
| 2018-2, A41
144A, 4.500%, 10/25/58(1)(2) |
|
|
178 |
|
|
|
180 |
|
| Hilton USA Trust
2016-SFP, B 144A 3.323%, 11/5/35(2) |
|
|
965 |
|
|
|
948 |
|
| JPMorgan Chase (Bear Stearns) Alternate Loan Trust 2004-5, 3A1
4.482%, 6/25/34(1) |
|
|
365 |
|
|
|
371 |
|
| JPMorgan Chase Mortgage Trust |
|
|
|
|
|
|
|
|
| 2014-5, B2
144A, 2.985%, 10/25/29(1)(2) |
|
|
146 |
|
|
|
139 |
|
| 2016-2, M2
144A, 3.750%, 12/25/45(1)(2) |
|
|
579 |
|
|
|
580 |
|
| 2017-3, 2A2
144A, 2.500%, 8/25/47(1)(2) |
|
|
201 |
|
|
|
195 |
|
| MetLife Securitization Trust 2017-1A, M1
144A 3.707%,
4/25/55(1)(2) |
|
|
135 |
|
|
|
131 |
|
| Mill City Mortgage Loan Trust 2018-4, A1B
144A
3.500%, 4/25/66(1)(2) |
|
|
770 |
|
|
|
763 |
|
| New Residential Mortgage Loan Trust |
|
|
|
|
|
|
|
|
| 2018-4A, A1S
144A, (1 month LIBOR + 0.750%) 3.240%, 1/25/48(1)(2) |
|
|
117 |
|
|
|
116 |
|
| 2016-4A, B1A
144A, 4.500%, 11/25/56(1)(2) |
|
|
659 |
|
|
|
683 |
|
| 2017-2A, A3
144A, 4.000%, 3/25/57(1)(2) |
|
|
180 |
|
|
|
182 |
|
| 2018-1A, A1A
144A, 4.000%, 12/25/57(1)(2) |
|
|
504 |
|
|
|
511 |
|
| OBX Trust |
|
|
|
|
|
|
|
|
| 2018-EXP2, 1A1
144A, 4.000%, 11/25/48(1)(2) |
|
|
311 |
|
|
|
313 |
|
| 2019-INV1, A3
144A, 4.500%, 11/25/48(1)(2) |
|
|
372 |
|
|
|
377 |
|
See Notes to Financial
Statements
2
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Non-Agency (continued) |
|
| One Market Plaza Trust 2017-1MKT, A
144A 3.614%, 2/10/32(2) |
|
$
|
345 |
|
|
$
|
350 |
|
| Preston Ridge Partners Mortgage LLC
2019-1A, A1
144A
4.500%, 1/25/24(1)(2) |
|
|
518 |
|
|
|
520 |
|
| Pretium Mortgage Credit Partners I LLC
2019-NPL1, A1
144A 4.213%, 7/25/60(1)(2) |
|
|
315 |
|
|
|
315 |
|
| 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 |
|
|
|
298 |
|
| 2018-SFR2, B
144A, 3.841%, 8/17/35(2) |
|
|
185 |
|
|
|
186 |
|
| RCO Mortgage LLC
2017-1, A1
144A 3.375%, 8/25/22(2) |
|
|
224 |
|
|
|
224 |
|
| Residential Mortgage Loan Trust 2019-1,
A1
144A 3.936%, 10/25/58(1)(2) |
|
|
190 |
|
|
|
190 |
|
| Sequoia Mortgage Trust 2013-8, B1
3.529%, 6/25/43(1) |
|
|
343 |
|
|
|
340 |
|
| Structured Adjustable Rate Mortgage Loan Trust 2004-4,
3A2
4.480%, 4/25/34(1) |
|
|
131 |
|
|
|
134 |
|
| Towd Point Mortgage Trust |
|
|
|
|
|
|
|
|
| 2015-1, A2
144A, 3.250%, 10/25/53(1)(2) |
|
|
610 |
|
|
|
606 |
|
| 2015-6, M1
144A, 3.750%, 4/25/55(1)(2) |
|
|
185 |
|
|
|
184 |
|
| 2017-1, M1
144A, 3.750%, 10/25/56(1)(2) |
|
|
200 |
|
|
|
196 |
|
| 2017-6, A2
144A, 3.000%, 10/25/57(1)(2) |
|
|
330 |
|
|
|
308 |
|
| 2019-1, A1
144A, 3.750%, 3/25/58(1)(2) |
|
|
623 |
|
|
|
623 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Non-Agency (continued) |
|
| 2018-4, A1
144A, 3.000%, 6/25/58(1)(2) |
|
$
|
247 |
|
|
$
|
241 |
|
| 2018-SJ1, A1
144A, 4.000%, 10/25/58(1)(2) |
|
|
194 |
|
|
|
194 |
|
| 2015-2, 1M1
144A, 3.250%, 11/25/60(1)(2) |
|
|
350 |
|
|
|
340 |
|
| 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 |
|
|
|
162 |
|
| Vericrest Opportunity Loan Trust 2019-NPL2, A1
144A 3.967%, 2/25/49(1)(2) |
|
|
275 |
|
|
|
275 |
|
| Vericrest Opportunity Loan Trust LXIX LLC
2018-NPL5, A1A
144A 4.213%, 8/25/48(2) |
|
|
372 |
|
|
|
372 |
|
| Vericrest Opportunity Loan Trust LXXI LLC
2018-NPL7, A1A
144A 3.967%, 9/25/48(2) |
|
|
235 |
|
|
|
234 |
|
| Vericrest Opportunity Loan Trust LXXV LLC
2019-NPL1, A1A
144A 4.336%, 1/25/49(1)(2) |
|
|
372 |
|
|
|
373 |
|
| Verus Securitization Trust |
|
|
|
|
|
|
|
|
| 2017-2A, A1
144A, 2.485%, 7/25/47(1)(2) |
|
|
273 |
|
|
|
269 |
|
| 2018-1, A1
144A, 2.929%, 2/25/48(1)(2) |
|
|
182 |
|
|
|
181 |
|
| 2018-2, A1
144A, 3.677%, 6/1/58(1)(2) |
|
|
582 |
|
|
|
584 |
|
| 2018-3, A1
144A, 4.108%, 10/25/58(1)(2) |
|
|
308 |
|
|
|
310 |
|
| 2019-1, A1
144A, 3.836%, 2/25/59(1)(2) |
|
|
470 |
|
|
|
470 |
|
See Notes to Financial
Statements
3
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Non-Agency (continued) |
|
| Wells Fargo Commercial Mortgage Trust
2015-LC20, B
3.719%, 4/15/50 |
|
$
|
675 |
|
|
$
|
674 |
|
| TOTAL MORTGAGE-BACKED SECURITIES |
|
| (Identified Cost $22,307) |
|
|
|
|
|
|
22,184 |
|
|
| ASSET-BACKED SECURITIES—5.1% |
|
|
| Auto Floor Plan—0.2% |
|
| NextGear Floorplan Master Owner Trust 2018-1A, A2
144A
3.220%, 2/15/23(2) |
|
|
355 |
|
|
|
355 |
|
|
|
|
|
|
|
|
|
|
|
| Automobiles—3.4% |
|
| ACC Trust 2018-1, A |
|
|
|
|
|
|
|
|
| 144A, 3.700%, 12/21/20(2) |
|
|
159 |
|
|
|
159 |
|
| 2018-1, B
144A, 4.820%,
5/20/21(2) |
|
|
335 |
|
|
|
336 |
|
| 2019-1, A
144A, 3.750%,
5/20/22(2) |
|
|
385 |
|
|
|
385 |
|
| American Credit Acceptance Receivables Trust
2017-2, C |
|
|
|
|
|
|
|
|
| 144A, 2.860%, 6/12/23(2) |
|
|
388 |
|
|
|
388 |
|
| 2018-3, C
144A, 3.750%, 10/15/24(2) |
|
|
430 |
|
|
|
431 |
|
| 2018-4, C
144A, 3.970%,
1/13/25(2) |
|
|
400 |
|
|
|
404 |
|
| Centre Point Funding LLC 2012-2A, 1
144A 2.610%, 8/20/21(2) |
|
|
360 |
|
|
|
356 |
|
| DT Auto Owner Trust 2018-3A, C
144A 3.790%, 7/15/24(2) |
|
|
285 |
|
|
|
287 |
|
| Exeter Automobile Receivables Trust 2015-2A, C |
|
|
|
|
|
|
|
|
| 144A, 3.900%, 3/15/21(2) |
|
|
376 |
|
|
|
377 |
|
| 2016-3A, B
144A, 2.840%,
8/16/21(2) |
|
|
550 |
|
|
|
549 |
|
| First Investors Auto Owner Trust 2017-2A, B
144A 2.650%,
11/15/22(2) |
|
|
415 |
|
|
|
412 |
|
| Flagship Credit Auto Trust 2016-2, B |
|
|
|
|
|
|
|
|
| 144A, 3.840%, 9/15/22(2) |
|
|
285 |
|
|
|
286 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Automobiles (continued) |
|
| 2017-3, C
144A, 2.910%,
9/15/23(2) |
|
$
|
505 |
|
|
$
|
502 |
|
| Foursight Capital Automobile Receivables Trust 2017-1,
B
144A 3.050%, 12/15/22(2) |
|
|
400 |
|
|
|
398 |
|
| GLS Auto Receivables Trust 2017-1A, B |
|
|
|
|
|
|
|
|
| 144A, 2.980%, 12/15/21(2) |
|
|
525 |
|
|
|
524 |
|
| 2018-3A, C
144A, 4.180%,
7/15/24(2) |
|
|
515 |
|
|
|
521 |
|
| Hertz Vehicle Financing II LP 2019-1A, A
144A 3.710%,
3/25/23(2) |
|
|
310 |
|
|
|
312 |
|
| OneMain Direct Auto Receivables Trust 2017-2A, C
144A
2.820%, 7/15/24(2) |
|
|
415 |
|
|
|
412 |
|
| Prestige Auto Receivables Trust 2017-1A, C
144A 2.810%,
1/17/23(2) |
|
|
505 |
|
|
|
501 |
|
| Santander Drive Auto Receivables Trust
2016-1, C
3.090%,
4/15/22 |
|
|
205 |
|
|
|
205 |
|
| Tricolor Auto Securitization Trust 2018-2A, B
144A 4.760%,
2/15/22(2) |
|
|
318 |
|
|
|
321 |
|
| Westlake Automobile Receivables Trust 2017-2A, C
144A
2.590%, 12/15/22(2) |
|
|
505 |
|
|
|
502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,568 |
|
|
|
|
|
|
|
|
|
|
|
| Other—1.3% |
|
| AXIS Equipment Finance Receivables IV LLC 2018-1A, A2
144A
3.240%, 12/20/23(2) |
|
|
348 |
|
|
|
349 |
|
| AXIS Equipment Finance Receivables VI LLC 2018-2A, A2
144A
3.890%, 7/20/22(2) |
|
|
392 |
|
|
|
395 |
|
| DB Master Finance LLC 2017-1A, A2I
144A 3.629%, 11/20/47(2) |
|
|
420 |
|
|
|
413 |
|
See Notes to Financial
Statements
4
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Other (continued) |
|
| Dell Equipment Finance Trust 2017-2, A3
144A 2.190%,
10/24/22(2) |
|
$
|
390 |
|
|
$
|
388 |
|
| Diamond Resorts Owner Trust 2017-1A, A
144A 3.270%,
10/22/29(2) |
|
|
207 |
|
|
|
207 |
|
| Drug Royalty II LP 2 2014-1, A2
144A 3.484%, 7/15/23(2) |
|
|
82 |
|
|
|
82 |
|
| OneMain Financial Issuance Trust 2015-1A, A
144A 3.190%,
3/18/26(2) |
|
|
57 |
|
|
|
58 |
|
| Prosper Marketplace Issuance Trust
2017-2A, B |
|
|
|
|
|
|
|
|
| 144A, 3.480%, 9/15/23(2) |
|
|
343 |
|
|
|
343 |
|
| 2018-1A, A
144A, 3.110%,
6/17/24(2) |
|
|
116 |
|
|
|
116 |
|
| SoFi Consumer Loan Program LLC 2016-3, A |
|
|
|
|
|
|
|
|
| 144A, 3.050%, 12/26/25(2) |
|
|
133 |
|
|
|
132 |
|
| 2017-1, A
144A, 3.280%,
1/26/26(2) |
|
|
166 |
|
|
|
166 |
|
| Stack Infrastructure Issuer LLC 2019-1A, A2
144A 4.540%,
2/25/44(2) |
|
|
370 |
|
|
|
374 |
|
| TGIF Funding LLC 2017-1A, A2
144A 6.202%, 4/30/47(2) |
|
|
328 |
|
|
|
317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,340 |
|
|
|
|
|
|
|
|
|
|
|
| Student Loans—0.2% |
|
| Laurel Road Prime Student Loan Trust 2017-B, A2FX
144A 2.770%, 8/25/42(2) |
|
|
460 |
|
|
|
454 |
|
| TOTAL ASSET-BACKED SECURITIES |
|
|
|
|
|
| (Identified Cost $12,741) |
|
|
|
|
|
|
12,717 |
|
|
| CORPORATE BONDS AND NOTES—23.3% |
|
|
| Communication Services—1.5% |
|
| AT&T, Inc.
4.100%, 2/15/28 |
|
|
640 |
|
|
|
631 |
|
| Charter Communications Operating LLC |
|
|
|
|
|
|
|
|
| 4.908%, 7/23/25 |
|
|
430 |
|
|
|
445 |
|
| 5.050%, 3/30/29 |
|
|
355 |
|
|
|
362 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Communication Services (continued) |
|
| Comcast Corp. |
|
|
|
|
|
|
|
|
| 3.950%, 10/15/25 |
|
$
|
189 |
|
|
$
|
195 |
|
| 4.150%, 10/15/28 |
|
|
91 |
|
|
|
94 |
|
| CSC Holdings LLC
144A 5.375%,
2/1/28(2) |
|
|
300 |
|
|
|
295 |
|
| Discovery Communications LLC
3.950%, 3/20/28 |
|
|
405 |
|
|
|
386 |
|
| DISH DBS Corp.
5.875%, 7/15/22 |
|
|
125 |
|
|
|
119 |
|
| Frontier Communications Corp.
144A 8.500%,
4/1/26(2) |
|
|
125 |
|
|
|
116 |
|
| Meredith Corp.
144A 6.875%, 2/1/26(2) |
|
|
185 |
|
|
|
191 |
|
| Sprint Spectrum Co., LLC |
|
|
|
|
|
|
|
|
| 144A, 3.360%, 9/20/21(2) |
|
|
138 |
|
|
|
137 |
|
| 144A, 4.738%, 3/20/25(2) |
|
|
265 |
|
|
|
265 |
|
| Telenet Finance Luxembourg Notes S.a.r.l.
144A 5.500%, 3/1/28(2) |
|
|
200 |
|
|
|
193 |
|
| Verizon Communications, Inc.
4.125%,
3/16/27(4) |
|
|
330 |
|
|
|
338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,767 |
|
|
|
|
|
|
|
|
|
|
|
| Consumer Discretionary—1.6% |
|
| Bunge Ltd. Finance Corp.
4.350%, 3/15/24 |
|
|
290 |
|
|
|
287 |
|
| Dollar Tree, Inc.
4.000%, 5/15/25 |
|
|
440 |
|
|
|
432 |
|
| Eldorado Resorts, Inc.
144A 6.000%,
9/15/26(2) |
|
|
90 |
|
|
|
92 |
|
| Frontdoor, Inc.
144A 6.750%,
8/15/26(2) |
|
|
175 |
|
|
|
178 |
|
| Gateway Casinos & Entertainment Ltd.
144A 8.250%, 3/1/24(2) |
|
|
135 |
|
|
|
140 |
|
| GLP Capital LP
5.750%, 6/1/28 |
|
|
395 |
|
|
|
410 |
|
| Horton (D.R.), Inc.
4.750%, 2/15/23 |
|
|
510 |
|
|
|
519 |
|
| Lear Corp.
3.800%, 9/15/27 |
|
|
505 |
|
|
|
470 |
|
| PulteGroup, Inc.
6.375%, 5/15/33 |
|
|
280 |
|
|
|
265 |
|
See Notes to Financial
Statements
5
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Consumer Discretionary (continued) |
|
| QVC, Inc.
4.375%, 3/15/23 |
|
$
|
665 |
|
|
$
|
670 |
|
| Tenneco, Inc.
5.000%, 7/15/26 |
|
|
165 |
|
|
|
141 |
|
| TRI Pointe Group, Inc.
5.875%, 6/15/24 |
|
|
210 |
|
|
|
206 |
|
| Wyndham Destinations, Inc.
5.750%, 4/1/27 |
|
|
280 |
|
|
|
278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,088 |
|
|
|
|
|
|
|
|
|
|
|
| Consumer Staples—0.9% |
|
| Bacardi Ltd.
144A 4.700%, 5/15/28(2) |
|
|
345 |
|
|
|
335 |
|
| Conagra Brands, Inc.
4.300%, 5/1/24 |
|
|
335 |
|
|
|
339 |
|
| CVS Health Corp. |
|
|
|
|
|
|
|
|
| 2.875%, 6/1/26 |
|
|
700 |
|
|
|
651 |
|
| 4.300%, 3/25/28 |
|
|
311 |
|
|
|
311 |
|
| Flowers Foods, Inc.
4.375%, 4/1/22(4) |
|
|
330 |
|
|
|
334 |
|
| Kraft Heinz Foods Co.
3.000%, 6/1/26 |
|
|
420 |
|
|
|
387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,357 |
|
|
|
|
|
|
|
|
|
|
|
| Energy—2.2% |
|
| Andeavor Logistics LP
4.250%,
12/1/27(4) |
|
|
420 |
|
|
|
413 |
|
| Cheniere Energy Partners LP
144A 5.625%,
10/1/26(2) |
|
|
140 |
|
|
|
143 |
|
| Energy Transfer Operating LP
4.200%, 4/15/27 |
|
|
430 |
|
|
|
419 |
|
| Helmerich & Payne, Inc. 144A
4.650%,
3/15/25(2) |
|
|
290 |
|
|
|
296 |
|
| HollyFrontier Corp.
5.875%, 4/1/26(4) |
|
|
480 |
|
|
|
506 |
|
| Kinder Morgan Energy Partners LP
7.500%, 11/15/40 |
|
|
615 |
|
|
|
763 |
|
| MPLX LP
4.875%, 12/1/24 |
|
|
695 |
|
|
|
725 |
|
| NuStar Logistics LP
5.625%, 4/28/27 |
|
|
320 |
|
|
|
321 |
|
| Petroleos Mexicanos
6.500%, 1/23/29 |
|
|
210 |
|
|
|
199 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Energy (continued) |
|
| Sabine Pass Liquefaction LLC
6.250%, 3/15/22 |
|
$
|
355 |
|
|
$
|
380 |
|
| State Oil Co. of the Azerbaijan Republic RegS
6.950%, 3/18/30(3) |
|
|
445 |
|
|
|
492 |
|
| Transocean Guardian Ltd.
144A 5.875%,
1/15/24(2) |
|
|
104 |
|
|
|
106 |
|
| USA Compression Partners LP
6.875%, 4/1/26 |
|
|
290 |
|
|
|
295 |
|
| Valero Energy Partners LP
4.500%, 3/15/28 |
|
|
330 |
|
|
|
334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,392 |
|
|
|
|
|
|
|
|
|
|
|
| Financials—8.3% |
|
| AerCap Ireland Capital DAC
3.950%, 2/1/22 |
|
|
495 |
|
|
|
497 |
|
| Allstate Corp. (The) Series B
5.750%,
8/15/53(4)(6) |
|
|
485 |
|
|
|
490 |
|
| Apollo Management Holdings LP
144A 4.000%,
5/30/24(2)(4) |
|
|
475 |
|
|
|
470 |
|
| Ares Capital Corp. |
|
|
|
|
|
|
|
|
| 3.500%, 2/10/23 |
|
|
175 |
|
|
|
166 |
|
| 4.250%, 3/1/25(4) |
|
|
325 |
|
|
|
310 |
|
| Ares Finance Co., LLC
144A 4.000%,
10/8/24(2) |
|
|
675 |
|
|
|
643 |
|
| Athene Holding Ltd.
4.125%, 1/12/28 |
|
|
395 |
|
|
|
369 |
|
| Aviation Capital Group LLC
144A 3.500%,
11/1/27(2) |
|
|
410 |
|
|
|
381 |
|
| Banco Bilbao Vizcaya Argentaria Bancomer S.A.
144A 5.125%, 1/18/33(2) |
|
|
325 |
|
|
|
291 |
|
| Banco de Credito e Inversiones S.A.
144A 3.500%, 10/12/27(2) |
|
|
740 |
|
|
|
697 |
|
| Bank of America Corp. |
|
|
|
|
|
|
|
|
| 3.004%, 12/20/23 |
|
|
339 |
|
|
|
335 |
|
| 4.200%, 8/26/24 |
|
|
938 |
|
|
|
956 |
|
| Bank of Montreal
3.803%, 12/15/32 |
|
|
621 |
|
|
|
593 |
|
| Brighthouse Financial, Inc.
3.700%, 6/22/27 |
|
|
400 |
|
|
|
359 |
|
See Notes to Financial
Statements
6
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Financials (continued) |
|
| BrightSphere Investment Group plc
4.800%, 7/27/26 |
|
$
|
495 |
|
|
$
|
473 |
|
| Brookfield Finance LLC
4.000%, 4/1/24 |
|
|
598 |
|
|
|
599 |
|
| Capital One Financial Corp.
4.200%,
10/29/25(4) |
|
|
450 |
|
|
|
448 |
|
| 3.750%, 7/28/26(4) |
|
|
545 |
|
|
|
518 |
|
| Citigroup, Inc.
5.500%, 9/13/25 |
|
|
1,300 |
|
|
|
1,404 |
|
| Discover Bank
4.682%, 8/9/28 |
|
|
375 |
|
|
|
374 |
|
| Fairfax Financial Holdings Ltd.
4.850%, 4/17/28 |
|
|
430 |
|
|
|
423 |
|
| FS KKR Capital Corp. |
|
|
|
|
|
|
|
|
| 4.250%, 1/15/20 |
|
|
410 |
|
|
|
411 |
|
| 4.750%, 5/15/22 |
|
|
100 |
|
|
|
100 |
|
| Goldman Sachs Group, Inc. (The)
5.750%,
1/24/22(4) |
|
|
455 |
|
|
|
486 |
|
| Guanay Finance Ltd.
144A 6.000%,
12/15/20(2) |
|
|
353 |
|
|
|
355 |
|
| iStar, Inc.
5.250%, 9/15/22 |
|
|
140 |
|
|
|
137 |
|
| Jefferies Financial Group, Inc.
5.500%, 10/18/23 |
|
|
240 |
|
|
|
250 |
|
| Jefferies Group LLC |
|
|
|
|
|
|
|
|
| 6.875%, 4/15/21 |
|
|
59 |
|
|
|
62 |
|
| 5.125%, 1/20/23 |
|
|
95 |
|
|
|
98 |
|
| 4.850%, 1/15/27 |
|
|
250 |
|
|
|
242 |
|
| JPMorgan Chase & Co.
3.300%, 4/1/26 |
|
|
920 |
|
|
|
901 |
|
| Kazakhstan Temir Zholy Finance BV
144A 6.950%,
7/10/42(2) |
|
|
535 |
|
|
|
613 |
|
| Liberty Mutual Group, Inc. |
|
|
|
|
|
|
|
|
| 144A, 4.250%, 6/15/23(2) |
|
|
135 |
|
|
|
137 |
|
| 144A, 4.569%, 2/1/29(2) |
|
|
475 |
|
|
|
481 |
|
| Morgan Stanley
4.100%, 5/22/23 |
|
|
385 |
|
|
|
391 |
|
| Navient Corp.
6.750%, 6/25/25 |
|
|
295 |
|
|
|
289 |
|
| Prudential Financial, Inc. |
|
|
|
|
|
|
|
|
| 5.875%, 9/15/42 |
|
|
165 |
|
|
|
174 |
|
| 5.625%, 6/15/43(6) |
|
|
400 |
|
|
|
415 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Financials (continued) |
|
| Santander Holdings USA, Inc. |
|
|
|
|
|
|
|
|
| 4.450%, 12/3/21 |
|
$
|
214 |
|
|
$
|
218 |
|
| 3.700%, 3/28/22 |
|
|
343 |
|
|
|
343 |
|
| 4.400%, 7/13/27 |
|
|
185 |
|
|
|
181 |
|
| Societe Generale S.A. 144A
4.750%,
11/24/25(2) |
|
|
500 |
|
|
|
508 |
|
| Springleaf Finance Corp.
6.875%, 3/15/25 |
|
|
180 |
|
|
|
184 |
|
| Synchrony Financial
3.950%, 12/1/27 |
|
|
360 |
|
|
|
330 |
|
| Synovus Financial Corp.
5.900%, 2/7/29 |
|
|
173 |
|
|
|
174 |
|
| Trinity Acquisition plc
4.400%, 3/15/26 |
|
|
200 |
|
|
|
203 |
|
| UBS AG
7.625%, 8/17/22 |
|
|
1,235 |
|
|
|
1,360 |
|
| Wells Fargo & Co. |
|
|
|
|
|
|
|
|
| 3.550%, 9/29/25 |
|
|
285 |
|
|
|
285 |
|
| Series S, 5.900%(5) |
|
|
585 |
|
|
|
596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,720 |
|
|
|
|
|
|
|
|
|
|
|
| Health Care—2.3% |
|
| AbbVie, Inc. |
|
|
|
|
|
|
|
|
| 3.600%, 5/14/25 |
|
|
485 |
|
|
|
476 |
|
| 3.200%, 5/14/26 |
|
|
305 |
|
|
|
288 |
|
| Allergan Funding SCS
3.450%, 3/15/22 |
|
|
540 |
|
|
|
538 |
|
| Anthem, Inc.
4.101%, 3/1/28 |
|
|
365 |
|
|
|
370 |
|
| Bausch Health Cos., Inc. |
|
|
|
|
|
|
|
|
| 144A, 6.500%, 3/15/22(2) |
|
|
25 |
|
|
|
26 |
|
| 144A, 7.000%, 3/15/24(2) |
|
|
40 |
|
|
|
42 |
|
| 144A, 5.750%, 8/15/27(2) |
|
|
15 |
|
|
|
15 |
|
| Becton Dickinson & Co. |
|
|
|
|
|
|
|
|
| 3.363%, 6/6/24 |
|
|
89 |
|
|
|
88 |
|
| 3.700%, 6/6/27 |
|
|
370 |
|
|
|
358 |
|
| Cardinal Health, Inc. |
|
|
|
|
|
|
|
|
| 3.200%, 3/15/23 |
|
|
325 |
|
|
|
318 |
|
| 3.410%, 6/15/27 |
|
|
185 |
|
|
|
173 |
|
| Cigna Corp. |
|
|
|
|
|
|
|
|
| 144A, 4.125%, 11/15/25(2) |
|
|
15 |
|
|
|
15 |
|
| 144A, 4.375%, 10/15/28(2) |
|
|
682 |
|
|
|
691 |
|
| Elanco Animal Health, Inc.
144A 4.900%,
8/28/28(2) |
|
|
80 |
|
|
|
83 |
|
| HCA, Inc.
5.375%, 2/1/25 |
|
|
325 |
|
|
|
337 |
|
See Notes to Financial
Statements
7
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Health Care (continued) |
|
| Mylan NV
3.950%, 6/15/26 |
|
$
|
345 |
|
|
$
|
322 |
|
| Perrigo Finance Unlimited Co.
4.375%, 3/15/26 |
|
|
320 |
|
|
|
303 |
|
| Surgery Center Holdings, Inc.
144A 8.875%,
4/15/21(2) |
|
|
255 |
|
|
|
259 |
|
| Takeda Pharmaceutical Co. Ltd
144A 4.000%, 11/26/21(2) |
|
|
405 |
|
|
|
412 |
|
| Zimmer Biomet Holdings, Inc.
3.550%, 4/1/25 |
|
|
665 |
|
|
|
646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,760 |
|
|
|
|
|
|
|
|
|
|
|
| Industrials—0.9% |
|
| Ashtead Capital, Inc.
144A 4.375%,
8/15/27(2) |
|
|
345 |
|
|
|
332 |
|
| CNH Industrial N.V.
4.500%, 8/15/23 |
|
|
359 |
|
|
|
366 |
|
| Navistar International Corp.
144A 6.625%,
11/1/25(2) |
|
|
125 |
|
|
|
129 |
|
| Oshkosh Corp.
4.600%, 5/15/28 |
|
|
459 |
|
|
|
458 |
|
| Owens Corning
3.400%, 8/15/26 |
|
|
495 |
|
|
|
456 |
|
| TransDigm, Inc.
6.375%, 6/15/26 |
|
|
130 |
|
|
|
126 |
|
| United Airlines Pass-Through Trust 07-1, A
6.636%,
7/2/22 |
|
|
333 |
|
|
|
347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,214 |
|
|
|
|
|
|
|
|
|
|
|
| Information Technology—1.0% |
|
| Broadcom Corp. |
|
|
|
|
|
|
|
|
| 3.000%, 1/15/22 |
|
|
185 |
|
|
|
182 |
|
| 3.625%, 1/15/24 |
|
|
340 |
|
|
|
330 |
|
| Citrix Systems, Inc.
4.500%, 12/1/27 |
|
|
290 |
|
|
|
278 |
|
| CommScope Finance
LLC
144A 8.250%, 3/1/27(2) |
|
|
80 |
|
|
|
83 |
|
| Dell International LLC |
|
|
|
|
|
|
|
|
| 144A, 6.020%, 6/15/26(2) |
|
|
100 |
|
|
|
106 |
|
| 144A, 8.100%, 7/15/36(2) |
|
|
230 |
|
|
|
262 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Information Technology (continued) |
|
| Hewlett Packard Enterprise Co.
4.900%, 10/15/25 |
|
$
|
330 |
|
|
$
|
344 |
|
| Verisk Analytics, Inc.
4.000%, 6/15/25 |
|
|
470 |
|
|
|
476 |
|
| VMware, Inc. |
|
|
|
|
|
|
|
|
| 2.950%, 8/21/22 |
|
|
216 |
|
|
|
211 |
|
| 3.900%, 8/21/27 |
|
|
233 |
|
|
|
217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,489 |
|
|
|
|
|
|
|
|
|
|
|
| Materials—1.8% |
|
| Anglo American Capital plc
144A 4.000%,
9/11/27(2) |
|
|
300 |
|
|
|
283 |
|
| ArcelorMittal
6.125%, 6/1/25 |
|
|
450 |
|
|
|
492 |
|
| BHP Billiton Finance USA Ltd.
144A 6.750%, 10/19/75(2)(6) |
|
|
410 |
|
|
|
450 |
|
| CRH America Finance, Inc.
144A 3.400%, 5/9/27(2) |
|
|
425 |
|
|
|
394 |
|
| Glencore Funding LLC
144A 4.000%,
3/27/27(2) |
|
|
425 |
|
|
|
404 |
|
| Greif, Inc.
144A 6.500%, 3/1/27(2) |
|
|
165 |
|
|
|
168 |
|
| Inversiones CMPC S.A.
144A 4.375%,
5/15/23(2) |
|
|
935 |
|
|
|
947 |
|
| NOVA Chemicals Corp.
144A 4.875%,
6/1/24(2) |
|
|
130 |
|
|
|
126 |
|
| SABIC Capital II BV
144A 4.500%,
10/10/28(2) |
|
|
360 |
|
|
|
370 |
|
| Syngenta Finance N.V.
144A 4.441%,
4/24/23(2) |
|
|
430 |
|
|
|
430 |
|
| Vulcan Materials Co.
3.900%, 4/1/27 |
|
|
425 |
|
|
|
405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,469 |
|
|
|
|
|
|
|
|
|
|
|
| Real Estate—2.0% |
|
| Alexandria Real Estate Equities, Inc.
3.950%, 1/15/27 |
|
|
300 |
|
|
|
295 |
|
| Corporate Office Properties LP
3.600%, 5/15/23 |
|
|
660 |
|
|
|
645 |
|
| EPR Properties
4.750%, 12/15/26 |
|
|
620 |
|
|
|
624 |
|
See Notes to Financial
Statements
8
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Real Estate (continued) |
|
| Healthcare Trust of America Holdings LP
3.750%, 7/1/27 |
|
$
|
435 |
|
|
$
|
419 |
|
| Hospitality Properties Trust
4.950%, 2/15/27 |
|
|
510 |
|
|
|
495 |
|
| Kilroy Realty LP
4.375%, 10/1/25 |
|
|
475 |
|
|
|
482 |
|
| LifeStorage LP |
|
|
|
|
|
|
|
|
| 3.500%, 7/1/26 |
|
|
455 |
|
|
|
430 |
|
| 3.875%, 12/15/27 |
|
|
165 |
|
|
|
158 |
|
| MPT Operating Partnership LP
5.000%, 10/15/27 |
|
|
170 |
|
|
|
169 |
|
| Office Properties Income Trust
4.500%, 2/1/25 |
|
|
470 |
|
|
|
446 |
|
| Physicians Realty LP
3.950%, 1/15/28 |
|
|
435 |
|
|
|
411 |
|
| Welltower, Inc.
4.000%, 6/1/25 |
|
|
500 |
|
|
|
504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,078 |
|
|
|
|
|
|
|
|
|
|
|
| Utilities—0.8% |
|
| American Electric Power Co., Inc. Series I 3.650%, 12/1/21 |
|
|
158 |
|
|
|
160 |
|
| Duke Energy Corp.
2.650%, 9/1/26 |
|
|
505 |
|
|
|
470 |
|
| Exelon Corp. 3.497%, 6/1/22 |
|
|
605 |
|
|
|
601 |
|
| FirstEnergy Transmission LLC
144A 4.350%, 1/15/25(2) |
|
|
520 |
|
|
|
529 |
|
| PSEG Power LLC
3.850%, 6/1/23 |
|
|
118 |
|
|
|
119 |
|
| TerraForm Power Operating LLC
144A 5.000%, 1/31/28(2) |
|
|
215 |
|
|
|
204 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
2,083 |
|
| TOTAL CORPORATE BONDS AND NOTES |
|
| (Identified Cost $59,422) |
|
|
|
|
|
|
58,417 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| LEVERAGED LOANS(1)—3.1% |
|
|
| Aerospace—0.1% |
|
| Atlantic Aviation FBO, Inc., (1 month LIBOR + 3.750%)
6.270%, 12/6/25 |
|
$
|
45 |
|
|
$
|
45 |
|
| TransDigm, Inc. Tranche E, (1 month LIBOR + 2.500%)
4.993%, 5/30/25 |
|
|
124 |
|
|
|
122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
167 |
|
|
|
|
|
|
|
|
|
|
|
| Consumer Durables—0.1% |
|
| Global Appliance, Inc. Tranche B, (1 month LIBOR + 4.000%) 6.500%, 9/29/24 |
|
|
210 |
|
|
|
209 |
|
|
|
|
|
|
|
|
|
|
|
| Consumer Non-Durables—0.1% |
|
| Kronos Acquisition Intermediate, Inc., (1 month LIBOR + 4.000%)
6.493%, 5/15/23 |
|
|
280 |
|
|
|
261 |
|
|
|
|
|
|
|
|
|
|
|
| Financial—0.1% |
|
| Financial & Risk US Holdings, Inc., (1 month LIBOR + 3.750%)
6.243%, 10/1/25 |
|
|
275 |
|
|
|
271 |
|
|
|
|
|
|
|
|
|
|
|
| Food/Tobacco—0.2% |
|
| Aramark Intermediate HoldCo Corp. Tranche B-3, (1 month LIBOR
+ 1.750%)
4.243%, 3/11/25 |
|
|
154 |
|
|
|
153 |
|
| CHG PPC Parent LLC First Lien, (1 month LIBOR + 2.750%) 5.243%, 3/31/25 |
|
|
139 |
|
|
|
138 |
|
| H-Food Holdings, LLC |
|
| (1 month LIBOR + 3.688%) 6.181%, 5/23/25 |
|
|
35 |
|
|
|
34 |
|
| Tranche B-2, (1 month LIBOR + 4.000%) 6.493%, 5/23/25 |
|
|
175 |
|
|
|
174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
499 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial
Statements
9
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Gaming/Leisure—0.4% |
|
| Scientific Games International, Inc. Tranche B-5,
(1 month LIBOR + 2.750%) 5.312%, 8/14/24 |
|
$
|
208 |
|
|
$
|
206 |
|
| Seminole Tribe of Florida 2018 Replacement, Tranche B, (1 month LIBOR + 1.750%)
4.243%, 7/8/24 |
|
|
267 |
|
|
|
266 |
|
| Station Casinos LLC Tranche B, (1 month LIBOR + 2.500%) 5.000%, 6/8/23 |
|
|
239 |
|
|
|
238 |
|
| Wyndham Hotels & Resorts, Inc. Tranche B, (1 month LIBOR + 1.750%)
4.243%, 5/30/25 |
|
|
224 |
|
|
|
223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
933 |
|
|
|
|
|
|
|
|
|
|
|
| Healthcare—0.4% |
|
| Bausch Health Cos., Inc. |
|
| (1 month LIBOR + 3.000%) 5.512%, 6/2/25 |
|
|
43 |
|
|
|
43 |
|
| (1 month LIBOR + 2.750%) 5.262%, 11/27/25 |
|
|
72 |
|
|
|
72 |
|
| CHG Healthcare Services, Inc. First Lien, (3 month LIBOR + 3.000%) 5.654%, 6/7/23 |
|
|
297 |
|
|
|
296 |
|
| Iqvia, Inc. Tranche B-3, (1 month LIBOR + 1.750%)
4.243%, 6/11/25 |
|
|
274 |
|
|
|
272 |
|
| RegionalCare Hospital Partners Holdings, Inc. Tranche B, (1 month LIBOR + 4.500%)
6.981%, 11/16/25 |
|
|
285 |
|
|
|
284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
967 |
|
|
|
|
|
|
|
|
|
|
|
| Housing—0.5% |
|
| American Builders & Contractors Supply Co., Inc. Tranche
B-2, (1 month LIBOR + 2.000%) 4.493%, 10/31/23 |
|
|
347 |
|
|
|
345 |
|
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
| Housing (continued) |
|
| Capital Automotive LP Tranche B-2, (1 month LIBOR + 2.500%)
5.000%, 3/25/24 |
|
$
|
379 |
|
|
$
|
373 |
|
| CPG International LLC, (3 month LIBOR + 3.750%) 0.000%, 5/5/24(9) |
|
|
255 |
|
|
|
253 |
|
| Summit Materials, LLC, (1 month LIBOR + 2.000%) 4.493%, 11/21/24 |
|
|
279 |
|
|
|
277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,248 |
|
|
|
|
|
|
|
|
|
|
|
| Information Technology—0.1% |
|
| Boxer Parent Co., Inc., (3 month LIBOR + 4.250%) 7.053%, 10/2/25 |
|
|
285 |
|
|
|
283 |
|
|
|
|
|
|
|
|
|
|
|
| Manufacturing—0.2% |
|
| Accudyne Industries Borrower S.C.A., (1 month LIBOR + 3.000%) 5.493%, 8/18/24 |
|
|
288 |
|
|
|
288 |
|
| CommScope, Inc. Tranche B, (3 month LIBOR + 3.250%) 0.000%, 2/6/26(9) |
|
|
240 |
|
|
|
241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
529 |
|
|
|
|
|
|
|
|
|
|
|
| Media/Telecom - Cable/Wireless Video—0.0% |
|
| CSC Holdings, LLC, (1 month LIBOR + 2.250%) 4.739%, 1/15/26 |
|
|
115 |
|
|
|
113 |
|
|
|
|
|
|
|
|
|
|
|
| Media/Telecom - Diversified Media—0.1% |
|
| Crown Finance US, Inc., (1 month LIBOR + 2.500%) 4.993%, 2/28/25 |
|
|
279 |
|
|
|
277 |
|
|
|
|
|
|
|
|
|
|
|
| Media Telecom - Telecommunications—0.2% |
|
| CenturyLink, Inc. Tranche B, (1 month LIBOR + 2.750%) 5.243%, 1/31/25 |
|
|
495 |
|
|
|
487 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial
Statements
10
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
PAR VALUE |
|
|
VALUE |
|
|
Media/Telecom - Wireless
Communications—0.1% |
|
| SBA Senior Finance II LLC, (1 month LIBOR + 2.000%) 4.500%, 4/11/25 |
|
$
|
154 |
|
|
$
|
153 |
|
|
|
|
|
|
|
|
|
|
|
| Retail—0.0% |
|
| Bass Pro Group LLC, (1 month LIBOR + 5.000%) 7.493%, 9/25/24 |
|
|
70 |
|
|
|
70 |
|
|
|
|
|
|
|
|
|
|
|
| Service—0.3% |
|
| Dun & Bradstreet Corp. (The), (1 month LIBOR + 5.000%) 0.000%, 2/6/26(9) |
|
|
255 |
|
|
|
255 |
|
| Red Ventures LLC Tranche B-1, (1 month LIBOR +
3.000%) 5.493%, 11/8/24 |
|
|
259 |
|
|
|
259 |
|
| Sedgwick Claims Management Services, Inc., (1 month LIBOR + 3.250%)
5.743%, 12/31/25 |
|
|
10 |
|
|
|
10 |
|
| TKC Holdings, Inc. First Lien, (1 month LIBOR + 3.750%) 6.250%, 2/1/23 |
|
|
192 |
|
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
713 |
|
|
|
|
|
|
|
|
|
|
|
| Transportation - Automotive—0.1% |
|
| Navistar, Inc. Tranche B, (1 month LIBOR + 3.500%) 6.020%, 11/6/24 |
|
|
218 |
|
|
|
217 |
|
|
|
|
|
|
|
|
|
|
|
| Utility—0.1% |
|
| Brookfield WEC Holdings, Inc. First Lien, (1 month LIBOR + 3.750%) 6.243%, 8/1/25 |
|
|
220 |
|
|
|
220 |
|
| Vistra Operations Co., LLC, (1 month LIBOR + 2.000%)
4.484%, 12/31/25 |
|
|
159 |
|
|
|
159 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
379 |
|
| TOTAL LEVERAGED LOANS |
|
|
|
|
|
|
|
|
| (Identified Cost $7,831) |
|
|
|
|
|
|
7,776 |
|
|
|
|
|
|
|
|
|
|
| |
|
SHARES |
|
|
VALUE |
|
|
| PREFERRED STOCKS—1.1% |
|
|
| Financials—1.1% |
|
| Bank of New York Mellon Corp. (The)
Series E, 4.950% |
|
|
255 |
(7) |
|
$
|
259 |
|
| Huntington Bancshares, Inc.
Series E, 5.700% |
|
|
280 |
(7) |
|
|
269 |
|
| JPMorgan Chase & Co.
Series Z, 5.300% |
|
|
550 |
(7) |
|
|
560 |
|
| KeyCorp
Series D, 5.000%(8) |
|
|
270 |
(7) |
|
|
259 |
|
| M&T Bank Corp.
Series F,
5.125%(8) |
|
|
355 |
(7) |
|
|
352 |
|
| MetLife, Inc.
Series D, 5.875% |
|
|
156 |
(7) |
|
|
157 |
|
| PNC Financial Services Group, Inc. (The)
Series R, 4.850% |
|
|
535 |
(7) |
|
|
526 |
|
| Series S, 5.000%(4) |
|
|
485 |
(7) |
|
|
469 |
|
| TOTAL PREFERRED STOCKS |
|
| (Identified Cost $2,919) |
|
|
|
|
|
|
2,851 |
|
|
| COMMON STOCKS—80.7% |
|
|
| Communication Services—9.7% |
|
| AT&T, Inc. |
|
|
170,743 |
|
|
|
5,314 |
|
| BCE, Inc. |
|
|
209,710 |
|
|
|
9,332 |
|
| Spark New Zealand Ltd. |
|
|
3,747,644 |
|
|
|
9,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,165 |
|
|
|
|
|
|
|
|
| Consumer Discretionary—3.2% |
|
| Compass Group plc Sponsored ADR |
|
|
94,578 |
|
|
|
2,120 |
|
| Las Vegas Sands Corp. |
|
|
94,900 |
|
|
|
5,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,950 |
|
|
|
|
|
|
|
|
| Consumer Staples—5.5% |
|
| Clorox Co. (The) |
|
|
12,620 |
|
|
|
1,994 |
|
| Coca-Cola Co. (The) |
|
|
135,660 |
|
|
|
6,151 |
|
| Tate & Lyle plc |
|
|
613,953 |
|
|
|
5,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,805 |
|
|
|
|
|
|
|
|
| Energy—9.2% |
|
| ONEOK, Inc. |
|
|
87,700 |
|
|
|
5,635 |
|
| Royal Dutch Shell plc Class B Sponsored ADR |
|
|
139,880 |
|
|
|
8,898 |
|
| TOTAL S.A. Sponsored ADR |
|
|
63,850 |
|
|
|
3,634 |
|
| Vermilion Energy, Inc. |
|
|
190,388 |
|
|
|
4,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,037 |
|
|
|
|
|
|
|
See Notes to Financial
Statements
11
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
SHARES |
|
|
VALUE |
|
|
| Financials—17.4% |
|
| Bank of Hawaii Corp. |
|
|
30,420 |
|
|
$
|
2,502 |
|
| HSBC Holdings plc |
|
|
243,930 |
|
|
|
1,983 |
|
| HSBC Holdings plc Sponsored ADR |
|
|
133,455 |
|
|
|
5,449 |
|
| Royal Bank of Canada |
|
|
88,299 |
|
|
|
6,903 |
|
| Sabre Insurance Group plc |
|
|
1,641,620 |
|
|
|
5,857 |
|
| SCOR SE Sponsored ADR |
|
|
416,228 |
|
|
|
1,848 |
|
| Tokio Marine Holdings, Inc. |
|
|
72,370 |
|
|
|
3,523 |
|
| Tryg A/S |
|
|
173,457 |
|
|
|
4,728 |
|
| Zurich Insurance Group AG |
|
|
8,190 |
|
|
|
2,708 |
|
| Zurich Insurance Group AG ADR |
|
|
246,970 |
|
|
|
8,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,631 |
|
|
|
|
|
|
|
|
| Health Care—6.5% |
|
| AstraZeneca plc Sponsored ADR |
|
|
48,088 |
|
|
|
2,000 |
|
| GlaxoSmithKline plc |
|
|
94,260 |
|
|
|
1,872 |
|
| GlaxoSmithKline plc Sponsored ADR |
|
|
146,160 |
|
|
|
5,899 |
|
| Merck & Co., Inc. |
|
|
27,590 |
|
|
|
2,243 |
|
| Sonic Healthcare Ltd. |
|
|
95,000 |
|
|
|
1,625 |
|
| Sonic Healthcare Ltd. Sponsored ADR |
|
|
157,944 |
|
|
|
2,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,338 |
|
|
|
|
|
|
|
|
| Industrials—4.8% |
|
| ABB Ltd. Registered Shares |
|
|
192,840 |
|
|
|
3,819 |
|
| Port of Tauranga Ltd. |
|
|
558,800 |
|
|
|
2,032 |
|
| Waste Management, Inc. |
|
|
22,260 |
|
|
|
2,254 |
|
| Watsco, Inc. |
|
|
27,309 |
|
|
|
3,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,034 |
|
|
|
|
|
|
|
|
| Information Technology—5.8% |
|
| Analog Devices, Inc. |
|
|
27,350 |
|
|
|
2,925 |
|
| Cisco Systems, Inc. |
|
|
41,930 |
|
|
|
2,171 |
|
| Paychex, Inc. |
|
|
37,810 |
|
|
|
2,912 |
|
| Tieto OYJ |
|
|
221,552 |
|
|
|
6,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,560 |
|
|
|
|
|
|
|
|
| Materials—1.7% |
|
| Sonoco Products Co. |
|
|
72,717 |
|
|
|
4,209 |
|
|
|
|
|
|
|
|
|
|
|
| Real Estate—9.1% |
|
| Crown Castle International Corp. |
|
|
63,230 |
|
|
|
7,509 |
|
|
|
|
|
|
|
|
|
|
| |
|
SHARES |
|
|
VALUE |
|
|
| Real Estate (continued) |
|
| Lamar Advertising Co. Class A |
|
|
111,161 |
|
|
$
|
8,623 |
|
| Realty Income Corp. |
|
|
96,375 |
|
|
|
6,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,797 |
|
|
|
|
|
|
|
|
| Utilities—7.8% |
|
| Duke Energy Corp. |
|
|
82,820 |
|
|
|
7,426 |
|
| Fortis, Inc. |
|
|
168,640 |
|
|
|
6,079 |
|
| WEC Energy Group, Inc. |
|
|
78,220 |
|
|
|
5,967 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
19,472 |
|
TOTAL COMMON STOCKS
(Identified Cost $195,517) |
|
|
|
201,998 |
|
| TOTAL LONG-TERM INVESTMENTS—130.2% |
|
| (Identified Cost $320,889) |
|
|
|
|
|
|
326,013 |
(11) |
|
| SHORT-TERM INVESTMENTS—1.9% |
|
|
| Purchased Options—0.0% |
|
| (See the open purchased options table on page 17 for
the detailed information) |
|
|
|
|
|
|
|
|
| TOTAL PURCHASED OPTIONS—0.0% |
|
| (Premiums Paid $135) |
|
|
|
65 |
|
|
| Money Market Mutual Fund —1.9% |
|
| Dreyfus Government Cash Management Fund – Institutional
Shares (seven-day effective yield 2.301%)(10) |
|
|
4,732,459 |
|
|
|
4,732 |
(11) |
| TOTAL SHORT-TERM INVESTMENTS |
|
| (Identified Cost $4,867) |
|
|
|
|
|
|
4,797 |
|
| TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS—132.1% |
|
| (Identified Cost $325,756) |
|
|
|
330,810 |
|
See Notes to Financial
Statements
12
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
|
|
|
|
|
|
|
|
|
| |
|
SHARES |
|
|
VALUE |
|
|
| WRITTEN OPTIONS—(0.1)% |
|
| (See the open written options table on page 17 for
the detailed information) |
|
|
|
|
|
|
|
|
| TOTAL WRITTEN OPTIONS—(0.1)% (Premiums Received $257) |
|
|
$
|
(128 |
) |
| TOTAL INVESTMENTS NET OF WRITTEN OPTIONS—132.0% |
|
| (Identified Cost $325,499) |
|
|
|
330,682 |
|
|
|
|
| Other assets and liabilities,
net—(32.0)% |
|
|
|
|
|
|
(80,219 |
) |
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS—100.0% |
|
|
$250,463 |
|
|
|
|
|
|
|
|
|
|
Abbreviations
| ADR |
American Depositary Receipt |
| LIBOR |
London Interbank Offered Rate |
Footnote Legend:
| (1) |
Variable rate security. Rate disclosed is as of February 28, 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. |
| (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 February 28, 2019, these securities amounted to a value of $48,692 or 19.4% of net assets. |
| (3) |
Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from
registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| (4) |
All or a portion of the security is segregated as collateral for written options. |
| (5) |
No contractual maturity date. |
| (6) |
Interest payments may be deferred. |
| (7) |
Value shown as par value. |
| (8) |
Interest may be forfeited. |
| (9) |
This loan will settle after February 28, 2019, at which time the interest rate, based on the LIBOR and the
agreed upon spread on trade date, will be reflected. |
| (10) |
Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
|
| (11) |
All or a portion of the portfolio is segregated as collateral for borrowings. |
Foreign Currency:
|
|
|
|
|
|
| Country Weightings† |
|
| United States |
|
|
59 |
% |
| United Kingdom |
|
|
12 |
|
| Canada |
|
|
9 |
|
| Switzerland |
|
|
5 |
|
| New Zealand |
|
|
3 |
|
| Finland |
|
|
2 |
|
| France |
|
|
2 |
|
| Other |
|
|
8 |
|
| Total |
|
|
100 |
% |
| † |
% of total investments net of written options as of February 28, 2019. |
See Notes to Financial
Statements
13
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
Open Purchased Options contracts as of February 28,
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 |
|
|
111 |
|
|
$ |
32,468 |
|
|
$ |
2,925 |
|
|
|
3/1/19 |
|
|
$ |
— |
|
| S&P 500® Index |
|
|
93 |
|
|
|
27,435 |
|
|
|
2,950 |
|
|
|
3/4/19 |
|
|
|
— |
|
| S&P 500® Index |
|
|
102 |
|
|
|
30,090 |
|
|
|
2,950 |
|
|
|
3/6/19 |
|
|
|
— |
|
| S&P 500® Index |
|
|
112 |
|
|
|
33,152 |
|
|
|
2,960 |
|
|
|
3/8/19 |
|
|
|
— |
|
| S&P 500® Index |
|
|
102 |
|
|
|
30,345 |
|
|
|
2,975 |
|
|
|
3/11/19 |
|
|
|
— |
|
| S&P 500® Index |
|
|
102 |
|
|
|
30,192 |
|
|
|
2,960 |
|
|
|
3/13/19 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| S&P 500® Index |
|
|
111 |
|
|
|
28,805 |
|
|
|
2,595 |
|
|
|
3/1/19 |
|
|
|
— |
|
| S&P 500® Index |
|
|
93 |
|
|
|
24,227 |
|
|
|
2,605 |
|
|
|
3/4/19 |
|
|
|
2 |
|
| S&P 500® Index |
|
|
102 |
|
|
|
26,622 |
|
|
|
2,610 |
|
|
|
3/6/19 |
|
|
|
5 |
|
| S&P 500® Index |
|
|
112 |
|
|
|
29,400 |
|
|
|
2,625 |
|
|
|
3/8/19 |
|
|
|
14 |
|
| S&P 500® Index |
|
|
102 |
|
|
|
26,928 |
|
|
|
2,640 |
|
|
|
3/11/19 |
|
|
|
19 |
|
| S&P 500® Index |
|
|
102 |
|
|
|
26,724 |
|
|
|
2,620 |
|
|
|
3/13/19 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Purchased Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open Written Options contracts as of February 28, 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 |
|
|
111 |
|
|
$ |
31,913 |
|
|
$ |
2,875 |
|
|
|
3/1/19 |
|
|
$ |
— |
|
| S&P 500® Index |
|
|
93 |
|
|
|
26,877 |
|
|
|
2,890 |
|
|
|
3/4/19 |
|
|
|
— |
|
| S&P 500® Index |
|
|
102 |
|
|
|
29,529 |
|
|
|
2,895 |
|
|
|
3/6/19 |
|
|
|
— |
|
| S&P 500® Index |
|
|
112 |
|
|
|
32,592 |
|
|
|
2,910 |
|
|
|
3/8/19 |
|
|
|
(1 |
) |
| S&P 500® Index |
|
|
102 |
|
|
|
29,784 |
|
|
|
2,920 |
|
|
|
3/11/19 |
|
|
|
— |
(2) |
| S&P 500® Index |
|
|
102 |
|
|
|
29,631 |
|
|
|
2,905 |
|
|
|
3/13/19 |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| S&P 500® Index |
|
|
111 |
|
|
|
29,360 |
|
|
|
2,645 |
|
|
|
3/1/19 |
|
|
|
(1 |
) |
| S&P 500® Index |
|
|
93 |
|
|
|
24,785 |
|
|
|
2,665 |
|
|
|
3/4/19 |
|
|
|
(2 |
) |
| S&P 500® Index |
|
|
102 |
|
|
|
27,183 |
|
|
|
2,665 |
|
|
|
3/6/19 |
|
|
|
(9 |
) |
| S&P 500® Index |
|
|
112 |
|
|
|
29,960 |
|
|
|
2,675 |
|
|
|
3/8/19 |
|
|
|
(26 |
) |
| S&P 500® Index |
|
|
102 |
|
|
|
27,489 |
|
|
|
2,695 |
|
|
|
3/11/19 |
|
|
|
(43 |
) |
| S&P 500® Index |
|
|
102 |
|
|
|
27,285 |
|
|
|
2,675 |
|
|
|
3/13/19 |
|
|
|
(44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(125 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Written Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnote Legend:
| (1) |
Strike price not reported in thousands. |
| (2) |
Amount is less than $500. |
See Notes to Schedules of Investments
14
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
The following table provides a summary of inputs used to value the Fund’s investments
as of February 28, 2019 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total Value at
February 28, 2019 |
|
|
Level 1
Quoted Prices |
|
|
Level 2
Significant
Observable
Inputs |
|
| Debt Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset-Backed Securities |
|
$ |
12,717 |
|
|
$ |
— |
|
|
$ |
12,717 |
|
| Corporate Bonds and Notes |
|
|
58,417 |
|
|
|
— |
|
|
|
58,417 |
|
| Foreign Government Securities |
|
|
3,171 |
|
|
|
— |
|
|
|
3,171 |
|
| Leveraged Loans |
|
|
7,776 |
|
|
|
— |
|
|
|
7,776 |
|
| Mortgage-Backed Securities |
|
|
22,184 |
|
|
|
— |
|
|
|
22,184 |
|
| Municipal Bonds |
|
|
5,798 |
|
|
|
— |
|
|
|
5,798 |
|
| U.S. Government Securities |
|
|
11,101 |
|
|
|
— |
|
|
|
11,101 |
|
| Equity Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
|
201,998 |
|
|
|
201,998 |
|
|
|
— |
|
| Preferred Stocks |
|
|
2,851 |
|
|
|
— |
|
|
|
2,851 |
|
| Money Market Mutual Fund |
|
|
4,732 |
|
|
|
4,732 |
|
|
|
— |
|
| Purchased Options |
|
|
65 |
|
|
|
65 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments, before Written Options |
|
$ |
330,810 |
|
|
$ |
206,795 |
|
|
$ |
124,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Written Options |
|
$ |
(128 |
) |
|
$ |
(126 |
) |
|
$ |
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments, net of Written Options |
|
$ |
330,682 |
|
|
$ |
206,669 |
|
|
$ |
124,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no securities valued using significant unobservable inputs (Level 3) at February 28, 2019.
There were no transfers between Level 1, Level 2 or Level 3 related to securities held at February 28, 2019.
See Notes to Schedules of Investments
15
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
FEBRUARY 28, 2019
Note 1. Significant Accounting Policies
Virtus
Global Dividend & Income Fund Inc. is a closed-end, diversified management investment company registered under the Investment Company Act of 1940 (the “Act”). The Fund follows the accounting and reporting guidance of of Accounting
Standards Codification Topic 946 applicable to Investment Companies.
The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its Schedule of Investments and, for derivatives, included in Note 2 below. The preparation of the Schedule of Investments in conformity with U.S. generally accepted accounting principles
(“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the Schedule of Investments. Actual results
could differ from those estimates and those differences could be significant.
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 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
16
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may
occur on a frequent basis.
Debt securities, including restricted securities, are valued based on evaluated quotations received from
independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality,
coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and
asset-backed securities, may also incorporate collateral analysis and utilize cash flow models for valuation, and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore
indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee,
are generally categorized as Level 3 in the hierarchy.
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.
17
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
The Fund may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or
lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in
the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan
agreement. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of
principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of
the leveraged loans with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When the Fund purchases assignments from lenders it acquires direct rights against
the borrower on the loan.
The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different
associated risks. Leveraged loans may involve foreign borrowers, and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the
debt may be unable, or unwilling, to pay the principal and interest when due.
The leveraged loans have floating rate loan interests which
generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate.
When a leveraged loan is purchased the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are
received upon the prepayment of a Leveraged loans by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.
Note 2. Derivative Financial Instruments
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives,
how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used
by the Fund.
18
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
($ reported in thousands)
An
options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed-upon price. The Fund pursues an option income strategy whereby it purchases and sells
out-of-the-money puts and calls, creating an options spread designed to generate a consistent level of option cash flow which should result in additional yield. The Fund is subject to equity price risk in the normal course of pursuing its investment
objectives.
When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund
writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option.
Holdings of the Fund designated as collateral for outstanding written options are noted in the Schedule of Investments.
If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the
premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also
treated as a realized gain or loss.
The risk in writing covered call options is that the Fund gives up the opportunity for profit if the
market price of the security increases and the option is exercised. The risk in writing covered put options is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying options is
that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are normally subject to
unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value. However, the Fund may limit
its risk of loss when writing an option by purchasing an option by purchasing an option similar to the one that is sold except for the fact it is further “out of the money”.
For the period ended February 28, 2019, the average daily premiums paid by the Fund for purchased options were $270, and the average daily premiums
received by the Fund for written options were $521.
Note 3. Regulatory Matters And Litigation
From time to time, Virtus Investment Advisers, LLC (“VIA”), the Fund’s Adviser, Kayne Anderson Rudnick Investment Management Co.
(“KAR”) Newfleet Asset Management LLC (“Newfleet”) and Rampart Investment Management Company LLC (“Rampart”) 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.
19
VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
FEBRUARY 28, 2019
Note 4. Recent Accounting Pronouncement
In August
2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. This ASU, in addition to other
modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level
3 fair value measurements. For public companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management has evaluated the
implications of certain provisions of ASU No. 2018-13 and has determined to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately.
Note 5. Subsequent Events
Management has
evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that the following subsequent event requires recognition or disclosure in these financial statements.
20
Item 2. Controls and Procedures.
| |
(a) |
The Registrant’s President (principal executive officer) and Treasurer (principal financial officer)
have evaluated the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report and have concluded that these controls and procedures are effective. |
| |
(b) |
There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule
30a-3(d) under the 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.