<SEC-DOCUMENT>0001571049-16-018833.txt : 20170208
<SEC-HEADER>0001571049-16-018833.hdr.sgml : 20170208
<ACCEPTANCE-DATETIME>20161017135834
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001571049-16-018833
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIRTUS GLOBAL DIVIDEND & INCOME FUND INC.
		CENTRAL INDEX KEY:			0000836412
		IRS NUMBER:				133474242
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		101 MUNSON STREET
		CITY:			GREENFIELD
		STATE:			MA
		ZIP:			01301
		BUSINESS PHONE:		800-272-2700

	MAIL ADDRESS:	
		STREET 1:		101 MUNSON STREET
		CITY:			GREENFIELD
		STATE:			MA
		ZIP:			01301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIRTUS GLOBAL DIVIDEND & INCOME FUND
		DATE OF NAME CHANGE:	20160929

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZWEIG TOTAL RETURN FUND INC
		DATE OF NAME CHANGE:	19920703
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><FONT STYLE="text-transform: uppercase"><B>VIRTUS
GLOBAL DIVIDEND &amp; INCOME Fund Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><B>101 Munson Street, Greenfield</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><B>Massachusetts 01301-9683</B></P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 17, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Judiciary Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anu
Dubey, Division of Investment Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Virtus Global Dividend &amp; Income Fund Inc.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">File No. 811-05620 / CIK 0000836412</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Preliminary Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Dubey:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for your telephonic comments given on October 4, 2016
regarding the above-referenced preliminary proxy statement on Schedule 14A for Virtus Global Dividend &amp; Income Fund Inc. (&ldquo;Fund&rdquo;),
filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on September 29, 2016. Below, we describe the
changes made to the preliminary statement in response to the Staff&rsquo;s comments and provide any responses to or any supplemental
explanations of such comments, as requested. These changes will be reflected in a definitive proxy statement to be filed with the
Commission on Schedule 14A on October 17, 2016. Page numbers below all refer to the preliminary proxy statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Please explain to the Staff in your response letter why the proposals relating to shareholder approval of the investment
advisory contracts and the election of a director are being considered at separate special shareholder meetings instead of one
special shareholder meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 1.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reason for holding separate shareholder meetings to consider these proposals is due to the manner in which broker non-votes affect
the ability to meet the voting threshold required for the respective proposals. Brokers have discretionary voting power in instances
of uncontested elections of directors and do not have such discretionary voting power in approving investment advisory contracts.
Thus, if the proposals were considered at one meeting, both the fund&rsquo;s and the solicitor&rsquo;s past experience indicates
that there would be a large number of broker non-votes (i.e., a broker holding shares for a beneficial holder has those shares
present at the meeting due to being able to vote for the director, but does not vote on another particular matter because they
lack the power to vote on such matter) with regard to the investment advisory contract related proposals. Because these broker
non-votes have the unintended effect of a vote against the approval of the investment advisory contracts, pursuant to having to
achieve the threshold of &ldquo;the affirmative vote of 67% or more of the Fund&rsquo;s voting securities <I>present</I> at the
meeting&rdquo; (italics added), the Fund separates the proposals into two separate special shareholder meetings to minimize the
number of broker non-votes that will occur.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 2, supplement the first full &ldquo;Answer&rdquo; that appears on this page such that,
in addition to describing the investment strategies now being employed, indicate how the investment strategies being employed changed
from those employed by the &nbsp;previous investment adviser when compared to the strategies that are now being employed by the
current investment advisers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 2.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have added the requested disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 2, Regarding the description of securities in the last paragraph of the first full &ldquo;answer&rdquo;
appearing on that page, please advise supplementally whether the Fund will invest more that 35% of its assets in non-agency mortgage-backed
and other non-agency asset-backed securities. Also, will the Fund invest more that 15% of its assets in non-agency mortgage-backed
and other non-agency asset-backed securities, the issuers of which rely on sections 3(c)(1) or 3(c)(7) of the Investment Company
Act of 1940, as amended (&ldquo;1940 Act&rdquo;) to be exempted from having to register as an investment company under the 1940
Act?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 3.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has no current intention of investing more than either 35% of its assets in non-agency mortgage-backed and other non-agency
asset-backed securities or 15% of its assets in non-agency mortgage-backed and other non-agency asset-backed securities, the issuers
of which rely on sections 3(c)(1) or 3(c)(7) of the 1940 Act to be exempted from having to register as an investment company under
the 1940 Act.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 3, Please revise the first &ldquo;answer&rdquo; appearing on the page to begin with an indication
that the answer to the question posed is &ldquo;yes&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 4.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have revised the referenced disclosure as requested.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 3, Regarding the description of the estimated cost appearing in the second to last &ldquo;answer&rdquo;
beginning on that page, please complete the Dollar amount of the estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 5.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have revised the referenced disclosure as requested.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 4, in the first &ldquo;answer&rdquo; appearing on the page, please explain what is meant
by a &ldquo;plurality vote&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 6.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have added the requested disclosure.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 2 of the proxy statement, please add disclosure that provides the aggregate amount of the
investment adviser's fee and the amount and purpose of any other material payments by the Fund to the investment adviser, or any
affiliated person of the investment adviser, during the last fiscal year of the Fund. Also, state the name, address and principal
occupation of the principal executive officer and each director or general partner of the investment adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 7.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have added the requested disclosure.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 3 of the proxy statement, fourth full paragraph under &ldquo;The Interim Agreements&rdquo;
heading. Please supplement the disclosure to clarify that the portfolio turnover referenced therein is pursuant to the interim
advisory agreements and the resulting implementation of different investment strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 8.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have revised the disclosure as requested.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 3 of the proxy statement, fourth full paragraph under &ldquo;The Interim Agreements&rdquo;
heading. Please add an estimate of the amount of the referenced capital gains to be recognized. Please also add this disclosure
to the &ldquo;Question &amp; Answer&rdquo; section of the proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 9.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have added the requested disclosure.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 3 of the proxy statement, under &ldquo;The Interim Agreements&rdquo; heading. Please add a brief
description of the investment strategies utilized by the previous investment adviser and how they differ from the investment strategies
being employed by the Fund&rsquo;s current investment advisers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 10.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have added the requested disclosure.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 8, fourth paragraph, if the investment adviser acts as such with respect to any other Fund having
a similar investment objective, identify and state the size of such other Fund and the rate of the investment adviser's compensation.
Also indicate for any Fund identified in response to the previous question whether the investment adviser has waived, reduced,
or otherwise agreed to reduce its compensation under any applicable contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 11.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have added disclosure under the heading &ldquo;Information about VIA&rdquo; to confirm that there is no other such fund.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comment
12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Page 21, under the &ldquo;Further Information About Voting and the Special Meetings&rdquo; heading.
Please explain the treatment and effect of abstentions and broker non-votes, under applicable state law as well as the fund&rsquo;s
charter and by-law provisions, on the calculation of each meeting&rsquo;s final vote count.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response 12.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have added the requested disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you would like to discuss any of these responses in further
detail or if you have any questions, please feel free to contact the undersigned at (860) 263-4799. Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Best regards,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ William J. Renahan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William J. Renahan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Stuart H. Coleman, Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">David C. Mahaffey, Esq.</FONT></TD></TR>
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