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Virtus Global Dividend & Income Fund Inc.
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Closed-End FundAsset Allocation

Virtus Global Dividend & Income Fund Inc.

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Market Price
(as of )
Managed Assets
(as of )
Net Assets
(as of )
Investment Overview

The Fund's investment objective is to seek total return, consisting of capital appreciation and income. The Fund is a diversified fund that has a current target allocation of investing its assets in 60% equity securities and 40% fixed income. The Fund also pursues an options overlay strategy that seeks to generate additional income.

The equity allocation invests exclusively in what the managers believe are 'high quality' companies within the high yielding global equity universe. Businesses and management teams that return the free cash flow generated by the business to shareholders via dividends are the focus.

The fixed income portion of the Fund is designed to generate high total return from both current income and capital appreciation by investing primarily in intermediate term debt securities across 14 fixed income sectors. The Fund employs active sector rotation, extensive credit research, and disciplined risk management that strives to capitalize on opportunities across undervalued areas of the fixed income markets. A team of investment professionals provides significant research depth across all bond market sectors.

The Fund's options overlay strategy is being implemented through the use of index based, out-of-the-money put and call spreads. This strategy is driven by implied volatility, as measured by the CBOE® Volatility Index (or 'VIX®' as it's also called), and seeks to exploit pricing inefficiencies in options on the S&P 500® Index.

Effective September 7, 2016, Virtus Investment Advisers became the Investment adviser to the Fund and two subadvisers were appointed to manage the Fund. Performance and characteristics prior to that date were attained by the previous Adviser using a different investment strategy.

Prior to September 27, 2016, the fund was named The Zweig Total Return Fund, Inc.

Management Team

Investment Partners

Kayne Anderson Rudnick Investment Management, LLC

Kayne Anderson Rudnick believes that superior risk-adjusted returns may be achieved through investment in high-quality companies with market dominance, excellent management, financial strength, and consistent growth, purchased at reasonable prices.

Learn more about Kayne Anderson Rudnick Investment Management, LLC

Newfleet Asset Management, LLC

Newfleet Asset Management leverages the knowledge and skill of a team of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction.

Learn more about Newfleet Asset Management, LLC

Rampart Investment Management Company, LLC

Rampart Investment Management, an investment management affiliate of Virtus Investment Partners, is one of the leading asset managers specializing in option strategies. A registered investment adviser since 1983, Rampart manages client positions and portfolios using domestic and international index and equity options.

Learn more about Rampart Investment Management Company, LLC
Investment Professionals
Richard Sherry
Richard Sherry, CFA

Portfolio Manager and Senior Research Analyst

Industry start date: 1991

Start date as fund Portfolio Manager: 2016

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David Albrycht, CFA
David L. Albrycht, CFA

President and Chief Investment Officer

Industry start date: 1985

Start date as fund Portfolio Manager: 2016

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Warun Kumar
Warun Kumar

Chief Investment Officer

Industry start date: 1993

Start date as fund Portfolio Manager: 2016

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Performance & Risk

As of
As of
YTD 3 Month 1 Year 3 Years 5 Years 10 Years Since Inception

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

Performance reflects the deduction of fund operating expenses. Performance does not reflect the incurrence of brokerage expenses, which typically apply to exchange traded products. Total return net of brokerage expenses would be lower than the total returns on market value shown in the table.


Net Asset Value vs. Market Price

Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price. The difference between the market price and the NAV (Premium/Discount) is expressed as a percentage of NAV. Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains.

Automatic Reinvestment Plan

This plan offers shareholders a convenient way to acquire additional shares of the fund. Registered holders will be automatically placed in the Plan. If shares are held at a brokerage firm, contact your broker about participation.

Fund Distributions and Managed Distribution Plan

Under the terms of the Fund’s managed distribution policy, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund.

The amounts and sources of distributions reported in Section 19(a) Notices are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Please note that the characterization of Fund distributions for federal income tax purposes is different from book accounting generally accepted account principles (“GAAP”). The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution History2
Ex-Date Distribution Reinvest Price Note
03/08/2019 $0.113000 10.270000
02/08/2019 $0.113000 10.190000
01/04/2019 $0.113000 9.389366
12/12/2018 $0.113000 8.577139
11/09/2018 $0.113000 9.786618
10/10/2018 $0.113000 10.320000
09/13/2018 $0.113000 11.150000
08/10/2018 $0.113000 11.314500
07/11/2018 $0.113000 11.110000
06/08/2018 $0.113000 11.030000
05/10/2018 $0.113000 11.060763
04/11/2018 $0.113000 10.834266

You should not necessarily draw any conclusions about the Fund’s investment performance from the amount of this distribution. Contact your financial representative for more information, or  or call Virtus Closed-End Funds for service at 1-866-270-7788.

Please view the Fund’s Section 19-a notices, which set forth information regarding the composition of the distributions, including any portion that may constitute a return of capital.

Form 8937 Organization Actions

Section 16 SEC Filings (Forms 3, 4 & 5)


There can be no assurance that the fund will achieve its investment objectives.

This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the Fund.

Contact your financial representative for more information, or or call for service at 1-866-270-7788.

Risk Considerations
Fundamental Risk of Investing: There can be no assurance that the fund will achieve its investment objectives. An investment in the shares of the fund is subject to the risk of loss of principal; shares may decrease in value.
Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.
Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
High Yield-High Risk Fixed Income Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the repayment of underlying collateral.
Foreign & Emerging Markets: Investing internationally, especially in emerging markets, involves additional risks such as currency, political, accounting, economic, and market risk.
Leverage: When a fund leverages its portfolio, the value of its shares may be more volatile and all other risks may be compounded.
Call/Put Spreads: Buying and selling call and put option spreads on the SPX Index risks the loss of the premium when buying, can limit upside participation, and increase downside losses.
Market Price/NAV: At the time of purchase and/or sale, an investor's shares may have a market price that is above or below the fund's NAV, which may increase the investor's risk of loss.
Options Overlay: The options overlay strategy may not be successful in achieving its objective of increasing distributable income while limiting the risk of loss and, in periods of significant moves in the S&P 500 Index, has resulted and, in the future, may result in losses for investors.

Documents & Resources

Fact Sheet
Virtus Global Dividend & Income Fund Fact Sheet
Automatic Reinvestment
Virtus Global Dividend & Income Fund Inc. - Automatic Reinvestment and Cash Purchase Plan
April 3, 2019
March 6, 2019
February 27, 2019
February 4, 2019
January 3, 2019
December 7, 2018
November 14, 2018
November 7, 2018
October 3, 2018
September 19, 2018
September 5, 2018
August 2, 2018
July 9, 2018
June 7, 2018
May 23, 2018
May 2, 2018
Section 19a Notices
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
News Releases/Communications
April 16, 2019 - Proxy Statement
October 15, 2018 - Rampart Investment Management Added as Subadviser on Three Virtus Closed-End Funds
May 25, 2018 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders
April 17, 2018 - Proxy Statement
June 29, 2017 - Virtus Global Dividend & Income Fund Inc Announces Results of Tender Offer
June 26, 2017 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer
May 26, 2017 - Virtus Global Dividend & Income Fund Inc Offer to Purchase
May 26, 2017 - Virtus Global Dividend & Income Fund Inc and Virtus Total Return Fund Inc Commence Tender Offers
March 20, 2017 - Virtus Global Dividend & Income Fund Inc Announces Conditions Met For Third Tender Offer
January 3, 2017 - Virtus Global Dividend & Income Fund Inc Announces Final Results of Tender Offer
December 27, 2016 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer
November 25, 2016 - Virtus Global Dividend & Income Fund Inc and Zweig Fund Commence Tender Offers
November 25, 2016 - Virtus Global Dividend & Income Fund Inc Tender Offer To Purchase
November 21, 2016 - Results of Special Meetings of Shareholders
November 1, 2016 - Special Meeting Proxy Reminder Letter
October 17, 2016 - Special Meeting Proxy Statement
September 23, 2016 - Zweig Total Return Fund Changes Name to Virtus Global Dividend & Income Fund
September 7, 2016 - Virtus and Zweig Closed-End Funds Announce Actions
August 22, 2016 - Zweig Fund and Zweig Total Return Fund Announce Conditions Met for Second Tender Offers
August 2, 2016 - Five Closed-End Funds Announce Changes to Board Membership
June 3, 2016 - Zweig Total Return Fund Announces Final Results of Tender Offer
May 27, 2016 - Zweig Total Return Fund Announces Preliminary Results of Tender Offer
April 29, 2016 - Zweig Total Return Fund Inc Tender Offer to Purchase
April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers
April 5, 2016 - Zweig Fund and Zweig Total Return Fund Announce Tender Offer Programs
April 1, 2016 - Zweig Fund and Zweig Total Return Fund Announce Increases to Distribution Rates
Procedure for Complaints Regarding Accounting, Internal
Nominating Committee Charter
Financial Materials
ZTR Quarterly Report
ZTR Annual Report
ZTR Semiannual Report
2018 ZTR Tax Information