c53715_nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number      811-21511

Lazard Global Total Return and Income Fund, Inc.
(Exact name of Registrant as specified in charter)

30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)

Nathan A. Paul, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)

Registrant's telephone number, including area code:      (212) 632-6000

Date of fiscal year end:          12/31

Date of reporting period:      3/31/2008

FORM N-Q

Item 1.      Schedule of Investments.

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments
March 31, 2008 (unaudited)


Description   Shares     Value
Common Stocks—94.9%          
Finland—2.9%          
 Nokia Oyj Sponsored ADR (c)   192,800   $ 6,136,824
France—7.2%          
 Sanofi-Aventis ADR   105,200     3,949,208
 Societe Generale Sponsored          
   ADR   72,000     1,411,200
 Suez SA Sponsored ADR   79,600     5,221,760
 Total SA Sponsored ADR   64,000     4,736,640
 Total France         15,318,808
Ireland—1.8%          
 CRH PLC Sponsored ADR   98,300     3,769,805
Italy—1.1%          
 Eni SpA Sponsored ADR   36,350     2,475,799
Japan—7.3%          
 Canon, Inc. Sponsored ADR   44,700     2,072,739
 Hoya Corp. Sponsored ADR   73,500     1,701,525
 Mitsubishi UFJ Financial Group,          
   Inc. ADR   528,000     4,593,600
 Nomura Holdings, Inc. ADR   332,600     4,998,978
 Sumitomo Mitsui Financial Group,          
   Inc. ADR   321,200     2,119,920
 Total Japan         15,486,762
Netherlands—3.0%          
 Heineken NV ADR   225,600     6,508,560
Singapore—2.9%          
 Singapore Telecommunications,          
   Ltd. ADR   217,400     6,141,550
Sweden—0.6%          
 Telefonaktiebolaget LM Ericsson          
   Sponsored ADR   61,900     1,216,335
Switzerland—10.1%          
 Credit Suisse Group Sponsored          
   ADR   73,400     3,734,592
 Nestle SA Sponsored ADR (c)   34,400     4,300,000
 Novartis AG ADR   78,900     4,042,047
 Roche Holding AG Sponsored          
   ADR   46,200     4,358,970
 UBS AG (c)   75,900     2,185,920
 Zurich Financial Services AG          
   ADR   92,500   $ 2,904,500
 Total Switzerland         21,526,029
 
United Kingdom—18.1%          
 Barclays PLC Sponsored ADR   67,800     2,454,360
 BP PLC Sponsored ADR   69,600     4,221,240
 Cadbury Schweppes PLC          
   Sponsored ADR   112,700     4,983,594
 Diageo PLC Sponsored ADR (c)   101,100     8,221,452
 GlaxoSmithKline PLC Sponsored          
   ADR   80,200     3,402,886
 HSBC Holdings PLC Sponsored          
   ADR   76,300     6,279,490
 Tesco PLC Sponsored ADR   153,200     3,447,000
 Vodafone Group PLC Sponsored          
   ADR (c)   191,712     5,657,421
 Total United Kingdom         38,667,443
 
United States—39.9%          
 Bank of America Corp. (c)   138,200     5,239,162
 Bank of New York Mellon Corp.   103,600     4,323,228
 Bristol-Myers Squibb Co.   92,600     1,972,380
 Cisco Systems, Inc. (a), (c)   220,400     5,309,436
 ConocoPhillips   32,900     2,507,309
 Exxon Mobil Corp.   105,100     8,889,358
 General Electric Co. (c)   116,300     4,304,263
 International Business Machines          
   Corp.   80,700     9,291,798
 Johnson & Johnson (c)   104,300     6,765,941
 JPMorgan Chase & Co. (c)   148,896     6,395,083
 Microsoft Corp.   326,400     9,263,232
 Oracle Corp. (a), (c)   399,700     7,818,132
 The Home Depot, Inc.   165,500     4,629,035
 United Technologies Corp. (c)   68,900     4,741,698
 Wyeth   88,900     3,712,464
 Total United States         85,162,519
 
Total Common Stocks          
 (Identified cost $175,918,523)         202,410,434
    Principal      
    Amount      
Description   (000) (d)     Value
Foreign Government Obligations—13.9%      
 
Brazil—0.7%          
 Brazil NTN-F,          
   10.00%, 07/01/10   2,641     1,414,886

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2008 (unaudited)

    Principal        
    Amount        
Description   (000) (d)     Value  
 
Egypt—3.8%            
 Egypt Treasury Bills:            
   0.00%, 04/15/08   2,825   $ 517,048  
   0.00%, 05/13/08   2,750     500,681  
   0.00%, 05/27/08   7,450     1,352,835  
   0.00%, 06/10/08   2,050     371,286  
   0.00%, 06/17/08   21,800     3,943,146  
   0.00%, 06/24/08   2,400     433,544  
   0.00%, 07/08/08   4,925     885,112  
 Total Egypt         8,003,652  
 
Ghana—0.3%            
 Ghanaian Government Bonds:            
   13.50%, 03/30/10   420     422,675  
   14.00%, 03/07/11   310     311,933  
 Total Ghana         734,608  
 
Hungary—1.5%            
 Hungarian Government Bonds:            
   6.25%, 08/24/10   407,100     2,283,790  
   6.00%, 10/12/11   162,900     880,673  
 Total Hungary         3,164,463  
 
Mexico—0.6%            
 Mexican Bonos,            
   9.00%, 12/20/12   13,145     1,314,284  
 
Peru—2.6%            
 Peruvian Certificates of Deposit:            
   0.00%, 04/11/08   2,100     763,541  
   0.00%, 05/02/08   5,800     2,103,885  
   0.00%, 06/06/08   3,700     1,336,793  
   0.00%, 07/03/08   3,600     1,296,615  
 Total Peru         5,500,834  
 
Turkey—4.4%            
 Turkish Government Bonds:            
   0.00%, 02/04/09   4,227     2,742,058  
   0.00%, 05/06/09   2,011     1,249,814  
   0.00%, 08/05/09   988     587,846  
   14.00%, 01/19/11   6,170     4,293,173  
   16.00%, 03/07/12   743   $ 525,663  
 Total Turkey         9,398,554  
 
Total Foreign Government            
 Obligations            
 (Identified cost $29,523,348)         29,531,281  
 
Structured Notes—3.7%            
 
Brazil—2.1%            
 Citigroup Funding, Inc. Brazil Inflation-            
   Indexed Currency and Credit Linked            
   Unsecured Notes NTN-B:            
   7.90%, 05/18/09 (e)   927     1,324,289  
   8.25%, 08/17/10 (e)   1,029     1,433,864  
   7.85%, 05/18/15:            
   Series LTCLN0335 (e)   989     1,356,850  
   Series LTCLN0948 (e)   365     425,146  
 Total Brazil         4,540,149  
 
Colombia—1.6%            
 Citigroup Funding, Inc. Colombia            
   TES Credit Linked Unsecured Note,            
   11.34%, 04/27/12 (e)   397     559,619  
 JPMorgan Chase & Co. Colombian Peso        
   Linked Notes:            
   11.48%, 11/14/10 (e)   1,200     1,245,840  
   12.48%, 03/05/15 (e)   1,638     1,605,568  
 Total Colombia         3,411,027  
 
Total Structured Notes            
 (Identified cost $6,528,192)         7,951,176  
 
Repurchase Agreement—0.4%            
 State Street Bank and Trust Co.,            
   0.80%, 04/01/08            
   (Dated 3/31/08, collateralized by            
   $855,000 United States Treasury            
   Note and Bond, 2.00%, 01/15/16-            
   01/15/26, with a value of $951,709)            
   Proceeds of $927,021            
   (Identified cost $927,000) (c) $ 927     927,000  
Total Investments—112.9%            
 (Identified cost $212,897,063) (b)       $ 240,819,891  
Liabilities in Excess of Cash and            
 Other Assets—(12.9)%         (27,555,187 )
Net Assets—100.0%       $ 213,264,704  

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2008 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2008:                            
              U.S. $ Cost     U.S. $            
Forward Currency   Expiration   Foreign     on Origination     Current     Unrealized     Unrealized
Purchase Contracts   Date   Currency     Date     Value     Appreciation     Depreciation
AED   04/14/08   4,857,005   $ 1,326,000   $ 1,324,264   $ -   $ 1,736.00
AED   04/23/08   3,000,000     822,594     818,654     -     3,940
AED   05/27/08   8,170,000     2,240,812     2,237,079     -     3,733
AED   06/26/08   3,445,000     947,470     945,589     -     1,881
ARS   04/04/08   3,739,788     1,179,001     1,179,791     790     -
ARS   04/15/08   1,936,249     614,000     609,996     -     4,004
ARS   04/17/08   3,442,077     1,086,000     1,084,123     -     1,877
ARS   04/25/08   1,509,456     472,001     474,951     2,950     -
ARS   05/19/08   3,757,820     1,178,001     1,179,167     1,166     -
ARS   08/06/08   2,789,648     863,001     866,475     3,474     -
BRL   04/04/08   1,257,164     673,001     715,895     42,894     -
BRL   04/04/08   165,299     94,000     94,130     130     -
BRL   06/18/08   3,839,076     2,091,000     2,154,630     63,630     -
BRL   09/15/08   1,174,095     669,000     645,495     -     23,505
COP   04/11/08   1,012,475,000     500,000     551,773     51,773     -
COP   04/25/08   978,508,000     532,666     531,639     -     1,027
GHC   04/18/08   245,000     246,281     246,884     603     -
GHC   04/28/08   587,000     591,853     589,987     -     1,866
GHC   06/20/08   416,015     413,000     412,243     -                  757
GHC   07/11/08   234,320     232,000     230,908     -     1,092
GHC   07/21/08   702,563     718,000     690,503     -     27,497
GHC   09/29/08   538,000     520,813     519,113     -     1,700
HUF   04/14/08   267,489,435     1,473,000     1,616,812     143,812     -
IDR   04/11/08   7,939,935,000     873,000     861,795     -     11,205
IDR   04/11/08   7,883,902,000     859,000     855,713     -     3,287
IDR   04/24/08   6,420,015,000     687,000     696,088     9,088     -
ILS   06/11/08   4,726,500     1,150,000     1,339,333     189,333     -
ILS   07/07/08   5,290,992     1,267,000     1,498,068     231,068     -
INR   04/21/08   40,971,000     1,007,401     1,019,056     11,655     -
INR   04/22/08   12,028,770     299,000     299,157     157     -
INR   04/24/08   41,299,135     1,010,500     1,026,907     16,407     -
INR   04/25/08   41,299,135     1,010,500     1,026,804     16,304     -
INR   07/10/08   75,964,800     1,930,000     1,879,283     -     50,717
KRW   04/21/08   1,036,731,200     1,018,000     1,047,351     29,351     -
KRW   04/21/08   1,143,420,000     1,140,000     1,155,133     15,133     -
KWD   04/28/08   675,779     2,541,000     2,549,276     8,276     -
KWD   06/19/08   182,938     694,000     693,084     -                  916
MYR   04/07/08   1,585,950     485,000     495,804     10,804     -
MYR   04/09/08   1,755,494     538,000     548,795     10,795     -
MYR   04/14/08   2,860,000     880,000     894,032     14,032     -
MYR   04/28/08   3,142,000     979,121     982,035     2,914     -
MYR   04/30/08   1,676,000     523,750     523,824     74     -
MYR   05/20/08   3,250,280     979,000     1,015,497     36,497     -
NGN   04/07/08   52,480,800     444,000     447,654     3,654     -
NGN   05/12/08   128,454,000     1,084,000     1,088,019     4,019     -
NGN   07/07/08   52,791,600     444,000     438,920     -     5,080
NGN   07/08/08   128,007,000     1,070,507     1,064,276     -     6,231
NGN   07/14/08   161,963,000     1,353,300     1,346,593     -     6,707

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2008 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2008 (continued):                        
              U.S. $ Cost     U.S. $            
Forward Currency   Expiration   Foreign     on Origination     Current     Unrealized     Unrealized
Purchase Contracts   Date   Currency     Date     Value     Appreciation     Depreciation
NGN   09/08/08   58,177,000   $ 486,347   $ 483,695   $ -   $ 2,652
PEN   04/02/08   1,493,952     502,000     544,006     42,006     -
PEN   04/02/08   516,701     184,899     188,151     3,252     -
PEN   04/03/08   1,543,640     518,000     562,180     44,180     -
PEN   04/03/08   5,279,165     1,889,600     1,922,626     33,026     -
PEN   05/19/08   3,450,840     1,158,000     1,265,203     107,203     -
PEN   05/23/08   3,440,865     1,146,000     1,262,286     116,286     -
PEN   05/30/08   3,445,943     1,155,000     1,265,448     110,448     -
PEN   03/03/09   2,749,120     968,000     1,024,334     56,334     -
PHP   04/14/08   6,908,000     167,062     165,173     -     1,889
PHP   04/22/08   11,220,300     274,000     268,089     -     5,911
PHP   05/27/08   67,466,660     1,654,000     1,606,610     -     47,390
PHP   06/19/08   46,306,000     1,096,000     1,100,441     4,441     -
PLN   06/25/08   6,107,158     2,686,000     2,723,745     37,745     -
RUB   04/11/08   54,341,483     2,187,000     2,310,614     123,614     -
RUB   04/28/08   77,601,780     3,144,000     3,294,916     150,916     -
RUB   05/23/08   58,377,000     2,277,238     2,473,164     195,926     -
RUB   09/19/08   21,264,250     725,000     891,484     166,484     -
RUB   03/16/09   11,377,905     462,000     466,642     4,642     -
SGD   06/26/08   1,480,294     1,074,000     1,079,023     5,023     -
SKK   04/22/08   23,245,931     1,005,319     1,128,595     123,276     -
SKK   04/28/08   13,072,400     617,244     634,546     17,302     -
SKK   05/27/08   27,407,613     1,294,115     1,328,822     34,707     -
SKK   05/27/08   25,354,400     1,145,651     1,229,275     83,624     -
SKK   06/25/08   20,407,725     975,000     988,546     13,546     -
TRY   10/10/08   367,808     284,000     256,823     -     27,177
TRY   10/10/08   812,827     621,000     567,558     -     53,442
TRY   10/10/08   3,946,020     2,835,599     2,755,315     -     80,284
TZS   04/16/08   722,085,000     529,000     588,560     59,560     -
TZS   04/16/08   182,286,000     156,000     148,578     -     7,422
TZS   04/21/08   554,182,000     401,000     451,490     50,490     -
TZS   04/30/08   745,327,886     547,230     606,698     59,468     -
TZS   04/30/08   127,074,000     104,847     103,438     -     1,409
TZS   05/27/08   277,669,000     231,700     224,952     -     6,748
TZS   06/11/08   440,778,720     323,000     356,214     33,214     -
UAH   04/14/08   3,838,000     760,000     764,989     4,989     -
UAH   04/29/08   3,363,000     660,059     667,167     7,108     -
UAH   05/19/08   4,496,450     886,000     888,343     2,343     -
UAH   06/05/08   482,125     95,000     94,902     -                    98
UAH   06/24/08   2,780,000     553,234     544,604     -     8,630
UAH   08/19/08   7,293,970     1,433,000     1,408,296     -     24,704
UAH   08/26/08   3,106,880     608,000     598,783     -     9,217
UAH   08/27/08   3,766,070     737,000     725,640     -     11,360
UAH   08/28/08   2,865,000     561,215     551,881     -     9,334
UAH   09/05/08   1,206,000     235,088     231,832     -     3,256
UAH   09/22/08   2,108,000     412,121     403,459     -     8,662
UAH   10/01/08   2,161,210     425,000     412,699     -     12,301
UGX   05/16/08   448,920,000     261,000     262,230     1,230     -

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2008 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2008 (concluded):                        
              U.S. $ Cost     U.S. $            
Forward Currency   Expiration   Foreign     on Origination     Current     Unrealized     Unrealized
Purchase Contracts   Date   Currency     Date     Value     Appreciation     Depreciation
UGX   05/30/08   410,025,000   $ 231,000   $ 238,664   $ 7,664   $ -
UGX   07/10/08   427,692,960     244,000     246,566     2,566     -
UGX   07/17/08   460,202,600     260,000     264,667     4,667     -
UGX   08/28/08   249,570,000     141,000     141,480                480     -
UGX   09/02/08   811,053,000     459,000     459,000     -     -
UGX   09/03/08   880,300,000     500,170     498,020     -     2,150
VND   05/02/08   6,166,400,000     376,000     381,005     5,005     -
VND   06/02/08   6,147,600,000     376,000     378,050     2,050     -
VND   07/01/08   6,185,200,000     376,000     378,360     2,360     -
VND   07/01/08   16,249,740,000     1,004,000     994,026     -     9,974
ZMK   04/03/08   737,940,000     196,000     201,491     5,491     -
ZMK   06/03/08   775,950,000     210,000     210,000     -     -
ZMK   01/12/09   1,332,204,570     321,000     335,185     14,185     -
Total Forward Currency Purchase Contracts       $ 90,896,311   $ 93,061,177   $ 2,657,634   $ 492,768
 
 
Forward Currency Sale Contracts open at March 31, 2008:                            
              U.S. $ Cost     U.S. $            
Forward Currency   Expiration   Foreign     on Origination     Current     Unrealized     Unrealized
Sale Contracts   Date   Currency     Date     Value     Appreciation     Depreciation
ARS   04/04/08   3,739,788   $ 1,180,861   $ 1,179,791   $ 1,070.00   $ -
BRL   06/18/08   2,559,866     1,491,503     1,436,690     54,813     -
BRL   06/18/08   4,611,415     2,651,000     2,588,094     62,906     -
COP   06/09/08   2,403,766,000     1,292,000     1,292,792     -     792
COP   02/27/09   3,293,053,000     1,649,000     1,668,402     -     19,402
EUR   04/22/08   691,000     1,005,319     1,090,094     -     84,775
EUR   04/28/08   727,000     1,121,398     1,146,651     -     25,253
EUR   04/28/08   400,000     617,244     630,895     -     13,651
EUR   05/27/08   839,000     1,294,115     1,321,377     -     27,262
EUR   05/27/08   773,000     1,145,651     1,217,430     -     71,779
EUR   05/27/08   1,960,458     3,067,920     3,087,608     -     19,688
HUF   04/14/08   80,540,192     464,000     486,817     -     22,817
HUF   04/14/08   25,787,250     157,000     155,868     1,132     -
HUF   04/14/08   186,949,243     1,138,199     1,129,995     8,204     -
ILS   06/11/08   4,726,500     1,300,740     1,339,333     -     38,593
ILS   07/07/08   5,290,992     1,454,129     1,498,068     -     43,939
MXN   04/03/08   14,159,107     1,316,000     1,329,866     -     13,866
PEN   04/02/08   2,010,653     688,344     732,156     -     43,812
PEN   04/03/08   3,681,250     1,259,839     1,340,679     -     80,840
PEN   04/03/08   3,141,555     1,095,000     1,144,127     -     49,127
PEN   05/19/08   3,315,358     1,139,298     1,215,530     -     76,232
PEN   05/19/08   9,858,900     3,540,000     3,614,629     -     74,629
PEN   05/23/08   3,053,424     1,049,287     1,120,153     -     70,866
PEN   05/30/08   3,053,424     1,049,287     1,121,304     -     72,017
RUB   04/11/08   37,960,158     1,574,000     1,614,076     -     40,076
RUB   04/11/08   16,381,325     687,136     696,538     -     9,402
RUB   05/23/08   40,012,433     1,577,000     1,695,142     -     118,142
SKK   05/27/08   19,852,800     960,000     962,537     -     2,537
TRY   10/10/08   3,938,000     3,008,403     2,749,715     258,688     -
TRY   10/10/08   1,188,656     929,000     829,981     99,019     -
TRY   10/10/08   3,217,379     2,312,000     2,246,540     65,460     -
TZS   04/14/08   534,131,250     452,654     435,445     17,209     -
TZS   04/21/08   382,091,000     326,295     311,288     15,007     -
TZS   06/11/08   440,778,720     333,936     356,214     -     22,278
UAH   08/28/08   629,760     123,000     121,310     1,690     -
ZMK   04/03/08   737,940,000     202,175     201,491                684     -
Total Forward Currency Sale Contracts       $ 44,652,733   $ 45,108,626     585,882     1,041,775
Gross unrealized appreciation/depreciation on Forward Currency Contracts               $ 3,243,516   $ 1,534,543

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2008 (unaudited)

(a) Non-income producing security.
(b) For federal income tax purposes, the aggregate cost was $212,897,063, aggregate gross unrealized appreciation was $40,079,286, aggregate gross unrealized depreciation was $12,156,458, and the net unrealized appreciation was $27,922,828.
(c) Segregated security for forward currency contracts.
(d) Principal amount denominated in respective country’s currency unless otherwise specified.
(e) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2008, these securities amounted to 3.7% of net assets and are not considered to be liquid. Principal amount denominated in U.S. dollars. Interest rate shown reflects current yield as of March 31, 2008.

Security Abbreviations:
ADR – American Depositary Receipt
NTN-B – Brazil Sovereign “Nota do Tesouro Nacional” Series B
NTN-F – Brazil Sovereign “Nota do Tesouro Nacional” Series F
TES – Titulos de Tesoreria

Currency Abbreviations:    
AED — United Arab Emirates Dirham   NGN — Nigerian Naira
ARS — Argentine Peso   PEN — Peruvian New Sol
BRL — Brazilian Real   PHP — Philippine Peso
COP — Colombian Peso   PLN — Polish Zloty
EUR — Euro   RUB — Russian Ruble
GHC — Ghanaian Cedi   SGD — Singapore Dollar
HUF — Hungarian Forint   SKK — Slovenska Koruna
IDR — Indonesian Rupiah   TRY — New Turkish Lira
ILS — Israeli Shekel   TZS — Tanzanian Shilling
INR — Indian Rupee   UAH — Ukranian Hryvnia
KRW — South Korean Won   UGX — Ugandan Shilling
KWD — Kuwaiti Dinar   VND — Vietnamese Dong
MXN — Mexican Peso   ZMK — Zambian Kwacha
MYR — Malaysian Ringgit    

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2008 (unaudited)

Portfolio holdings by industry (as percentage of net assets):    
Industry    
Alcohol & Tobacco 6.9 %
Banking 14.1  
Computer Software 8.0  
Drugs 10.1  
Electric 2.4  
Energy Integrated 10.6  
Financial Services 6.4  
Food & Beverages 4.4  
Housing 1.8  
Insurance 1.4  
Manufacturing 4.2  
Medical Products 3.2  
Retail 3.8  
Semiconductors & Components 1.8  
Technology 4.4  
Technology Hardware 5.9  
Telecommunications 5.5  
   Subtotal 94.9  
Foreign Government Obligations 13.9  
Structured Notes 3.7  
Repurchase Agreement 0.4  
     Total Investments 112.9 %

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2008 (unaudited)

Valuation of Investments—Market values for securities are generally based on the last reported sales price on the principal exchange or market on which the security is traded, generally as of the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern time) on each valuation date. Any securities not listed, for which current over-the-counter market quotations or bids are readily available, are valued at the last quoted bid price or, if available, the mean of two such prices. Forward currency contracts are valued at the current cost of offsetting the contracts. Securities listed on foreign exchanges are valued at the last reported sales price except as described below; securities listed on foreign exchanges that are not traded on the valuation date are valued at the last quoted bid price.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations.

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when the Fund’s net asset value is calculated, or when current market quotations otherwise are determined not to readily available or reliable, such securities will be value at their fair values as determined by, or in accordance with procedures approved by, the Board of Directors. The Valuation Committee of Lazard Asset Management LLC, the Fund’s Investment Manager (“the Investment Manager”) and a wholly-owned subsidiary of Lazard Frères & Co. LLC, may evaluate a variety of factors to determine the fair value of securities for which current market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s analysts will also be considered. Fair valuing of foreign securities may be determined with the assistance of a pricing service, using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. The effect of using fair value pricing is that the net asset value of the Fund will reflect the affected securities’ values as determined in the judgment of the Board of Directors, or its designee, instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ net asset values.


Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2008 (unaudited)

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurement that based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’ s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

  • Level 1 – quoted prices in active markets for identical investments

  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  • Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of March 31, 2008:

    Lazard Global Total Return & Income Fund, Inc.
            Other
      Investments     Financial
Level       in Securities     Instruments*
Level 1   $ 202,410,434   $ -
Level 2     29,723,673     1,708,973
Level 3     8,685,784     -
Total   $ 240,819,891   $ 1,708,973

*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (concluded)
March 31, 2008 (unaudited)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

    Lazard Global Total Return & Income Fund, Inc.
            Other
      Investments     Financial
      in Securities     Instruments
Balance as of 12/31/07   $ 6,486,430   $ -
Accrued discounts/premiums     1,481     -
Realized gain (loss)*     -     -
Change in unrealized appreciation/depreciation     239,814     -
Net purchases (sales)     1,958,059     -
Net transfers in and/or out of Level 3     -     -
Balance as of 3/31/08   $ 8,685,784     -
Net change in unrealized appreciation/depreciation from Investments still held as of 3/31/08   $ 239,814   $ -

*The realized gain (loss) recognized during the period ended 3/31/08 for other financial instruments was $0.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is also available on the Fund’s website at www.LazardNet.com as well as on the Securities and Exchange Commission’s website at www.sec.gov.

Item 2.    Controls and Procedures.

(a)    The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)    There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant’s most recent 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 of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.

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.

Lazard Global Total Return and Income Fund, Inc.

By: /s/ Charles Carroll
  Charles Carroll
  Chief Executive Officer
 
Date: May 30, 2008

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: /s/ Charles Carroll
  Charles Carroll
  Chief Executive Officer
 
Date: May 30, 2008
 
By: /s/ Stephen St. Clair
  Stephen St. Clair
  Chief Financial Officer
 
Date: May 30, 2008