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:

3/31/2010

FORM N-Q

 

 

Item 1.

Schedule of Investments.

 
 

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments

March 31, 2010 (unaudited)

 

 

 

 

 

 

 

 

 

Description

 

Shares

 

Value

 
           

Common Stocks — 91.1%

 

 

 

 

 

 

 

Finland — 1.8%

 

 

 

 

 

 

 

Nokia Corp. Sponsored ADR

 

 

192,800

 

$

2,996,112

 

 

 

 

 

 

    

 

France — 6.8%

 

 

 

 

 

 

 

GDF Suez Sponsored ADR

 

 

75,981

 

 

2,944,264

 

Sanofi-Aventis ADR

 

 

105,200

 

 

3,930,272

 

Societe Generale Sponsored ADR

 

 

72,000

 

 

905,040

 

Total SA Sponsored ADR

 

 

64,000

 

 

3,713,280

 

 

 

 

 

 

    

 

Total France

 

 

 

 

 

11,492,856

 

 

 

 

 

 

    

 

Ireland — 1.5%

 

 

 

 

 

 

 

CRH PLC Sponsored ADR

 

 

98,300

 

 

2,446,687

 

 

 

 

 

 

    

 

Italy — 1.0%

 

 

 

 

 

 

 

Eni SpA Sponsored ADR

 

 

36,350

 

 

1,705,906

 

 

 

 

 

 

    

 

Japan — 6.1%

 

 

 

 

 

 

 

Canon, Inc. Sponsored ADR

 

 

44,700

 

 

2,065,587

 

Hoya Corp. Sponsored ADR (c)

 

 

73,500

 

 

2,019,780

 

Mitsubishi UFJ Financial Group,

 

 

 

 

 

 

 

Inc. ADR

 

 

528,000

 

 

2,761,440

 

Nomura Holdings, Inc. ADR

 

 

332,600

 

 

2,437,958

 

Sumitomo Mitsui Financial Group,

 

 

 

 

 

 

 

Inc. ADR

 

 

321,200

 

 

1,043,900

 

 

 

 

 

 

    

 

Total Japan

 

 

 

 

 

10,328,665

 

 

 

 

 

 

    

 

Netherlands — 3.4%

 

 

 

 

 

 

 

Heineken NV ADR

 

 

225,600

 

 

5,775,360

 

 

 

 

 

 

    

 

Singapore — 2.9%

 

 

 

 

 

 

 

Singapore Telecommunications,

 

 

 

 

 

 

 

Ltd. ADR (c)

 

 

217,400

 

 

4,902,370

 

 

 

 

 

 

    

 

Sweden — 0.8%

 

 

 

 

 

 

 

Telefonaktiebolaget LM Ericsson

 

 

 

 

 

 

 

Sponsored ADR

 

 

123,800

 

 

1,291,234

 

 

 

 

 

 

    

 

Switzerland — 12.0%

 

 

 

 

 

 

 

Credit Suisse Group AG

 

 

 

 

 

 

 

Sponsored ADR

 

 

73,400

 

 

3,771,292

 

Nestle SA Sponsored ADR (c)

 

 

86,000

 

 

4,403,200

 

Novartis AG ADR

 

 

78,900

 

 

4,268,490

 

Roche Holding AG Sponsored

 

 

 

 

 

 

 

ADR (c)

 

 

92,400

 

 

3,744,048

 

UBS AG (a)

 

 

107,587

 

 

1,751,516

 

Zurich Financial Services AG ADR

 

 

92,500

 

 

2,358,750

 

 

 

 

 

 

    

 

Total Switzerland

 

 

 

 

 

20,297,296

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

Description

 

Shares

 

Value

 
               

United Kingdom — 16.9%

 

 

 

 

 

 

 

BP PLC Sponsored ADR (c)

 

 

97,100

 

$

5,541,497

 

Diageo PLC Sponsored ADR (c)

 

 

101,100

 

 

6,819,195

 

GlaxoSmithKline PLC Sponsored

 

 

 

 

 

 

 

ADR

 

 

80,200

 

 

3,089,304

 

HSBC Holdings PLC Sponsored

 

 

 

 

 

 

 

ADR

 

 

109,413

 

 

5,546,145

 

Tesco PLC Sponsored ADR (c)

 

 

153,200

 

 

3,041,020

 

Vodafone Group PLC Sponsored

 

 

 

 

 

 

 

ADR

 

 

191,712

 

 

4,464,972

 

 

 

 

 

 

    

 

Total United Kingdom

 

 

 

 

 

28,502,133

 

 

 

 

 

 

    

 

United States — 37.9%

 

 

 

 

 

 

 

Bank of New York Mellon Corp. (c)

 

 

103,600

 

 

3,199,168

 

Bristol-Myers Squibb Co.

 

 

42,693

 

 

1,139,903

 

Cisco Systems, Inc. (a), (c)

 

 

220,400

 

 

5,737,012

 

ConocoPhillips

 

 

32,900

 

 

1,683,493

 

Exxon Mobil Corp. (c)

 

 

56,900

 

 

3,811,162

 

General Electric Co.

 

 

116,300

 

 

2,116,660

 

International Business Machines

 

 

 

 

 

 

 

Corp.

 

 

38,800

 

 

4,976,100

 

Johnson & Johnson (c)

 

 

104,300

 

 

6,800,360

 

JPMorgan Chase & Co. (c)

 

 

148,896

 

 

6,663,096

 

Mead Johnson Nutrition Co.

 

 

31,506

 

 

1,639,257

 

Microsoft Corp.

 

 

326,400

 

 

9,553,728

 

Oracle Corp.

 

 

184,300

 

 

4,734,667

 

Pfizer, Inc.

 

 

87,566

 

 

1,501,757

 

The Home Depot, Inc.

 

 

165,500

 

 

5,353,925

 

United Technologies Corp.

 

 

68,900

 

 

5,071,729

 

 

 

 

 

 

    

 

Total United States

 

 

 

 

 

63,982,017

 

 

 

 

 

 

    

 

Total Common Stocks

 

 

 

 

 

 

 

(Identified cost $155,751,850)

 

 

 

 

 

153,720,636

 

 

 

 

 

 

    

 

 

Description

 

Principal
Amount
(000) (d)

 

Value

 
               

Foreign Government Obligations — 13.7%

 

 

 

 

 

 

 

Brazil — 3.3%

 

 

 

 

 

 

 

Brazil NTN-F:

 

 

 

 

 

 

 

10.00%, 01/01/12

 

 

4,500

 

 

2,527,151

 

10.00%, 01/01/13

 

 

5,795

 

 

3,109,037

 

 

 

 

 

 

    

 

Total Brazil

 

 

 

 

 

5,636,188

 

 

 

 

 

 

    

 

Egypt — 3.7%

 

 

 

 

 

 

 

Egypt Treasury Bills:

 

 

 

 

 

 

 

0.00%, 05/11/10

 

 

1,200

 

 

215,950

 

0.00%, 07/13/10

 

 

1,900

 

 

336,203

 

0.00%, 08/03/10

 

 

11,025

 

 

1,939,607

 

0.00%, 08/31/10

 

 

8,125

 

 

1,418,289

 



 
 

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2010 (unaudited)

 

 

 

 

 

 

 

 

 

Description

 

Principal
Amount
(000) (d)

 

Value

 
           

 

0.00%, 09/28/10

 

 

7,875

 

$

1,363,765

 

0.00%, 10/12/10

 

 

5,350

 

 

922,831

 

 

 

 

 

 

    

 

Total Egypt

 

 

 

 

 

6,196,645

 

 

 

 

 

 

    

 

Ghana — 1.1%

 

 

 

 

 

 

 

Ghana Government Bonds:

 

 

 

 

 

 

 

14.00%, 03/07/11

 

 

1,000

 

 

696,386

 

16.00%, 05/02/11

 

 

460

 

 

329,918

 

13.67%, 06/15/12

 

 

790

 

 

549,842

 

15.00%, 12/10/12

 

 

320

 

 

224,098

 

 

 

 

 

 

    

 

Total Ghana

 

 

 

 

 

1,800,244

 

 

 

 

 

 

    

 

Hungary — 1.7%

 

 

 

 

 

 

 

Hungary Government Bonds:

 

 

 

 

 

 

 

8.00%, 02/12/15

 

 

297,150

 

 

1,622,634

 

6.75%, 02/24/17

 

 

233,760

 

 

1,195,141

 

 

 

 

 

 

    

 

Total Hungary

 

 

 

 

 

2,817,775

 

 

 

 

 

 

    

 

Kenya — 0.1%

 

 

 

 

 

 

 

Kenya Treasury Bill,

 

 

 

 

 

 

 

0.00%, 04/05/10

 

 

17,300

 

 

223,570

 

 

 

 

 

 

    

 

Mexico — 1.0%

 

 

 

 

 

 

 

Mexican Bonos:

 

 

 

 

 

 

 

8.00%, 12/19/13

 

 

8,180

 

 

697,074

 

8.00%, 12/17/15

 

 

11,500

 

 

971,344

 

 

 

 

 

 

    

 

Total Mexico

 

 

 

 

 

1,668,418

 

 

 

 

 

 

    

 

Poland — 0.6%

 

 

 

 

 

 

 

Poland Government Bonds:

 

 

 

 

 

 

 

4.75%, 04/25/12

 

 

1,872

 

 

658,200

 

3.00%, 08/24/16

 

 

1,191

 

 

414,689

 

 

 

 

 

 

    

 

Total Poland

 

 

 

 

 

1,072,889

 

 

 

 

 

 

    

 

Romania — 0.4%

 

 

 

 

 

 

 

Romania Government Bond,

 

 

 

 

 

 

 

11.25%, 10/25/12

 

 

1,720

 

 

624,624

 

 

 

 

 

 

    

 

Turkey — 1.3%

 

 

 

 

 

 

 

Turkey Government Bond,

 

 

 

 

 

 

 

10.00%, 02/15/12

 

 

2,937

 

 

2,235,505

 

 

 

 

 

 

    

 

Uganda — 0.5%

 

 

 

 

 

 

 

Uganda Government Bonds:

 

 

 

 

 

 

 

10.00%, 04/01/10

 

 

676,000

 

 

325,010

 

10.00%, 07/21/11

 

 

432,000

 

 

216,544

 

 

 

 

 

 

 

 

 

Description

 

Principal
Amount
(000) (d)

 

 

Value

 
             

10.00%, 10/13/11

 

 

639,800

 

$

322,996

 

 

 

 

 

 

      

Total Uganda

 

 

 

 

 

864,550

 

 

 

 

 

 

      

Total Foreign Government Obligations

 

 

 

 

 

 

 

(Identified cost $21,527,038)

 

 

 

 

 

23,140,408

 

 

 

 

 

 

      

Description

 

Shares

 

Value

 
           

Short-Term Investment — 4.5%

 

 

 

 

 

 

 

State Street Institutional Treasury

 

 

 

 

 

 

 

Money Market Fund

 

 

 

 

 

 

 

(Identified cost $7,459,003)

 

 

7,459,003

 

 

7,459,003

 

 

 

 

 

 

      

Total Investments — 109.3%

 

 

 

 

 

 

 

(Identified cost $184,737,891) (b)

 

 

 

 

$

184,320,047

 

Liabilities in Excess of Cash and

 

 

 

 

 

 

 

Other Assets — (9.3)%

 

 

 

 

 

(15,616,887

)

 

 

 

 

 

      

Net Assets — 100.0%

 

 

 

 

$

168,703,160

 

 

 

 

 

 

      



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2010 (unaudited)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Currency Purchase Contracts open at March 31, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Currency
Purchase Contracts

 

Expiration
Date

 

Foreign
Currency

 

U.S. $ Cost
on Origination
Date

 

U.S. $
Current
Value

 

Unrealized
Appreciation

 

Unrealized
Depreciation

 
 

 

  

 

  

 

  

 

  

 

  

 

  

 

BRL

 

 

04/05/10

 

 

2,816,735

 

 

  $

1,569,212

 

 

  $

1,583,903

 

 

  $

14,691

 

 

  $

-

 

 

CLP

 

 

06/24/10

 

 

430,534,500

 

 

 

807,000

 

 

 

821,690

 

 

 

14,690

 

 

 

-

 

 

CNY

 

 

05/10/10

 

 

12,311,040

 

 

 

1,832,000

 

 

 

1,803,500

 

 

 

-

 

 

 

28,500

 

 

CNY

 

 

05/10/10

 

 

2,953,900

 

 

 

439,568

 

 

 

432,730

 

 

 

-

 

 

 

6,838

 

 

CNY

 

 

05/10/10

 

 

1,018,948

 

 

 

151,000

 

 

 

149,270

 

 

 

-

 

 

 

1,730

 

 

CNY

 

 

05/10/10

 

 

792,149

 

 

 

117,000

 

 

 

116,045

 

 

 

-

 

 

 

955

 

 

CNY

 

 

08/24/10

 

 

1,564,144

 

 

 

232,000

 

 

 

229,425

 

 

 

-

 

 

 

2,575

 

 

CNY

 

 

03/17/11

 

 

14,581,257

 

 

 

2,193,000

 

 

 

2,155,448

 

 

 

-

 

 

 

37,552

 

 

COP

 

 

04/05/10

 

 

1,646,287,500

 

 

 

852,115

 

 

 

856,304

 

 

 

4,189

 

 

 

-

 

 

COP

 

 

04/19/10

 

 

1,607,970,000

 

 

 

806,000

 

 

 

836,110

 

 

 

30,110

 

 

 

-

 

 

COP

 

 

05/19/10

 

 

1,614,990,000

 

 

 

807,091

 

 

 

838,795

 

 

 

31,704

 

 

 

-

 

 

CZK

 

 

04/06/10

 

 

15,687,650

 

 

 

822,780

 

 

 

834,520

 

 

 

11,740

 

 

 

-

 

 

CZK

 

 

04/16/10

 

 

22,457,000

 

 

 

1,210,271

 

 

 

1,194,382

 

 

 

-

 

 

 

15,889

 

 

CZK

 

 

05/26/10

 

 

30,279,312

 

 

 

1,605,695

 

 

 

1,609,308

 

 

 

3,613

 

 

 

-

 

 

CZK

 

 

06/28/10

 

 

30,299,525

 

 

 

1,606,767

 

 

 

1,609,535

 

 

 

2,768

 

 

 

-

 

 

EUR

 

 

12/09/10

 

 

3,282,000

 

 

 

4,872,458

 

 

 

4,432,291

 

 

 

-

 

 

 

440,167

 

 

EUR

 

 

04/01/10

 

 

2,880,345

 

 

 

3,861,975

 

 

 

3,890,339

 

 

 

28,364

 

 

 

-

 

 

EUR

 

 

05/28/10

 

 

353,000

 

 

 

471,196

 

 

 

476,799

 

 

 

5,603

 

 

 

-

 

 

EUR

 

 

07/01/10

 

 

945,000

 

 

 

1,271,731

 

 

 

1,276,421

 

 

 

4,690

 

 

 

-

 

 

GHC

 

 

05/24/10

 

 

562,000

 

 

 

392,047

 

 

 

386,221

 

 

 

-

 

 

 

5,826

 

 

GHC

 

 

07/07/10

 

 

420,000

 

 

 

286,689

 

 

 

288,363

 

 

 

1,674

 

 

 

-

 

 

GHC

 

 

10/11/11

 

 

237,330

 

 

 

109,369

 

 

 

143,319

 

 

 

33,950

 

 

 

-

 

 

HUF

 

 

04/16/10

 

 

328,107,000

 

 

 

1,683,511

 

 

 

1,667,942

 

 

 

-

 

 

 

15,569

 

 

HUF

 

 

07/01/10

 

 

251,012,706

 

 

 

1,275,718

 

 

 

1,264,168

 

 

 

-

 

 

 

11,550

 

 

HUF

 

 

12/09/10

 

 

243,376,246

 

 

 

1,238,316

 

 

 

1,206,005

 

 

 

-

 

 

 

32,311

 

 

IDR

 

 

04/15/10

 

 

7,762,050,000

 

 

 

846,000

 

 

 

851,444

 

 

 

5,444

 

 

 

-

 

 

IDR

 

 

04/30/10

 

 

7,771,356,000

 

 

 

846,000

 

 

 

850,111

 

 

 

4,111

 

 

 

-

 

 

IDR

 

 

05/17/10

 

 

1,567,400,000

 

 

 

170,000

 

 

 

170,930

 

 

 

930

 

 

 

-

 

 

IDR

 

 

05/17/10

 

 

8,198,260,000

 

 

 

868,000

 

 

 

894,048

 

 

 

26,048

 

 

 

-

 

 

IDR

 

 

06/28/10

 

 

4,344,840,000

 

 

 

447,000

 

 

 

470,001

 

 

 

23,001

 

 

 

-

 

 

ILS

 

 

04/02/10

 

 

1,574,303

 

 

 

415,000

 

 

 

425,977

 

 

 

10,977

 

 

 

-

 

 

ILS

 

 

04/12/10

 

 

13,507,351

 

 

 

3,585,848

 

 

 

3,654,636

 

 

 

68,788

 

 

 

-

 

 

ILS

 

 

05/03/10

 

 

1,335,000

 

 

 

360,003

 

 

 

361,138

 

 

 

1,135

 

 

 

-

 

 

ILS

 

 

05/11/10

 

 

4,729,528

 

 

 

1,212,326

 

 

 

1,279,307

 

 

 

66,981

 

 

 

-

 

 

INR

 

 

04/13/10

 

 

43,476,300

 

 

 

951,133

 

 

 

967,815

 

 

 

16,682

 

 

 

-

 

 

INR

 

 

04/29/10

 

 

47,700,360

 

 

 

1,044,000

 

 

 

1,060,382

 

 

 

16,382

 

 

 

-

 

 

INR

 

 

05/04/10

 

 

17,777,000

 

 

 

391,176

 

 

 

395,014

 

 

 

3,838

 

 

 

-

 

 

INR

 

 

05/04/10

 

 

18,358,560

 

 

 

396,000

 

 

 

407,936

 

 

 

11,936

 

 

 

-

 

 

INR

 

 

05/24/10

 

 

37,769,600

 

 

 

814,000

 

 

 

837,688

 

 

 

23,688

 

 

 

-

 

 

KES

 

 

04/06/10

 

 

58,304,140

 

 

 

757,000

 

 

 

754,063

 

 

 

-

 

 

 

2,937

 

 

KES

 

 

04/08/10

 

 

33,611,240

 

 

 

436,000

 

 

 

434,702

 

 

 

-

 

 

 

1,298

 

 

KES

 

 

04/16/10

 

 

57,884,250

 

 

 

753,211

 

 

 

748,627

 

 

 

-

 

 

 

4,584

 

 

KES

 

 

04/26/10

 

 

35,048,800

 

 

 

454,000

 

 

 

453,289

 

 

 

-

 

 

 

711

 

 

KES

 

 

04/26/10

 

 

47,474,480

 

 

 

614,000

 

 

 

613,991

 

 

 

-

 

 

 

9

 

 

KES

 

 

06/07/10

 

 

89,665,500

 

 

 

1,155,483

 

 

 

1,159,600

 

 

 

4,117

 

 

 

-

 

 

KRW

 

 

04/02/10

 

 

474,208,000

 

 

 

406,000

 

 

 

419,115

 

 

 

13,115

 

 

 

-

 

 

KRW

 

 

04/08/10

 

 

766,350,000

 

 

 

655,000

 

 

 

677,239

 

 

 

22,239

 

 

 

-

 

 

KRW

 

 

04/20/10

 

 

1,060,741,350

 

 

 

939,000

 

 

 

936,965

 

 

 

-

 

 

 

2,035

 

 

KRW

 

 

04/29/10

 

 

734,045,200

 

 

 

634,000

 

 

 

648,166

 

 

 

14,166

 

 

 

-

 

 

KRW

 

 

04/30/10

 

 

517,540,000

 

 

 

452,000

 

 

 

456,973

 

 

 

4,973

 

 

 

-

 

 

KRW

 

 

05/10/10

 

 

360,328,800

 

 

 

312,000

 

 

 

318,040

 

 

 

6,040

 

 

 

-

 

 

KRW

 

 

05/20/10

 

 

1,061,727,300

 

 

 

939,000

 

 

 

936,771

 

 

 

-

 

 

 

2,229

 

 

KRW

 

 

07/02/10

 

 

436,898,000

 

 

 

385,000

 

 

 

384,870

 

 

 

-

 

 

 

130

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2010 (unaudited)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Currency Purchase Contracts open at March 31, 2010 (concluded):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Currency
Purchase Contracts

 

Expiration
Date

 

Foreign
Currency

 

U.S. $ Cost
on Origination
Date

 

U.S. $
Current
Value

 

Unrealized
Appreciation

 

Unrealized
Depreciation

 

 

 

 

 

 

 

 
 

 

  

 

  

 

  

 

  

 

  

 

  

KRW

 

 

08/03/10

 

 

1,034,662,650

 

 

  $

889,000

 

 

  $

910,354

 

 

  $

21,354

 

 

  $

-

 

 

MXN

 

 

04/16/10

 

 

5,706,940

 

 

 

433,000

 

 

 

461,131

 

 

 

28,131

 

 

 

-

 

 

MXN

 

 

05/03/10

 

 

8,602,814

 

 

 

652,000

 

 

 

693,958

 

 

 

41,958

 

 

 

-

 

 

MXN

 

 

05/05/10

 

 

2,714,608

 

 

 

208,000

 

 

 

218,935

 

 

 

10,935

 

 

 

-

 

 

MXN

 

 

05/05/10

 

 

11,463,998

 

 

 

842,000

 

 

 

924,577

 

 

 

82,577

 

 

 

-

 

 

MXN

 

 

05/10/10

 

 

13,151,936

 

 

 

1,036,132

 

 

 

1,060,152

 

 

 

24,020

 

 

 

-

 

 

MXN

 

 

05/10/10

 

 

5,227,200

 

 

 

396,000

 

 

 

421,354

 

 

 

25,354

 

 

 

-

 

 

MYR

 

 

04/05/10

 

 

2,621,630

 

 

 

773,000

 

 

 

803,688

 

 

 

30,688

 

 

 

-

 

 

MYR

 

 

04/22/10

 

 

1,712,191

 

 

 

516,000

 

 

 

524,403

 

 

 

8,403

 

 

 

-

 

 

MYR

 

 

05/04/10

 

 

2,757,720

 

 

 

804,000

 

 

 

844,070

 

 

 

40,070

 

 

 

-

 

 

MYR

 

 

05/24/10

 

 

2,911,409

 

 

 

875,612

 

 

 

890,214

 

 

 

14,602

 

 

 

-

 

 

MYR

 

 

06/07/10

 

 

2,470,285

 

 

 

755,000

 

 

 

754,804

 

 

 

-

 

 

 

196

 

 

MYR

 

 

06/25/10

 

 

3,377,953

 

 

 

1,011,000

 

 

 

1,031,021

 

 

 

20,021

 

 

 

-

 

 

PHP

 

 

04/05/10

 

 

42,263,360

 

 

 

932,451

 

 

 

935,237

 

 

 

2,786

 

 

 

-

 

 

PHP

 

 

04/05/10

 

 

30,475,405

 

 

 

661,000

 

 

 

674,384

 

 

 

13,384

 

 

 

-

 

 

PHP

 

 

04/05/10

 

 

42,263,360

 

 

 

914,000

 

 

 

935,237

 

 

 

21,237

 

 

 

-

 

 

PHP

 

 

04/16/10

 

 

36,313,200

 

 

 

792,000

 

 

 

802,679

 

 

 

10,679

 

 

 

-

 

 

PHP

 

 

04/30/10

 

 

35,925,120

 

 

 

792,000

 

 

 

792,874

 

 

 

874

 

 

 

-

 

 

PHP

 

 

05/19/10

 

 

20,148,000

 

 

 

438,000

 

 

 

443,720

 

 

 

5,720

 

 

 

-

 

 

PHP

 

 

05/27/10

 

 

36,012,240

 

 

 

792,000

 

 

 

792,379

 

 

 

379

 

 

 

-

 

 

PLN

 

 

04/16/10

 

 

9,095,000

 

 

 

3,186,867

 

 

 

3,181,108

 

 

 

-

 

 

 

5,759

 

 

PLN

 

 

04/16/10

 

 

1,372,635

 

 

 

468,556

 

 

 

480,099

 

 

 

11,543

 

 

 

-

 

 

RON

 

 

04/13/10

 

 

2,530,808

 

 

 

890,565

 

 

 

834,447

 

 

 

-

 

 

 

56,118

 

 

RON

 

 

04/21/10

 

 

1,108,413

 

 

 

385,951

 

 

 

365,190

 

 

 

-

 

 

 

20,761

 

 

RON

 

 

06/16/10

 

 

2,589,800

 

 

 

865,112

 

 

 

848,435

 

 

 

-

 

 

 

16,677

 

 

RON

 

 

10/19/10

 

 

1,429,085

 

 

 

497,367

 

 

 

461,764

 

 

 

-

 

 

 

35,603

 

 

RSD

 

 

04/06/10

 

 

17,617,000

 

 

 

240,276

 

 

 

238,091

 

 

 

-

 

 

 

2,185

 

 

RSD

 

 

04/08/10

 

 

17,395,000

 

 

 

245,831

 

 

 

234,940

 

 

 

-

 

 

 

10,891

 

 

RSD

 

 

04/08/10

 

 

14,121,150

 

 

 

192,820

 

 

 

190,723

 

 

 

-

 

 

 

2,097

 

 

RSD

 

 

04/16/10

 

 

8,397,990

 

 

 

114,978

 

 

 

113,134

 

 

 

-

 

 

 

1,844

 

 

RSD

 

 

05/10/10

 

 

15,669,000

 

 

 

215,983

 

 

 

209,520

 

 

 

-

 

 

 

6,463

 

 

RUB

 

 

04/26/10

 

 

33,992,492

 

 

 

1,147,000

 

 

 

1,151,857

 

 

 

4,857

 

 

 

-

 

 

RUB

 

 

05/25/10

 

 

13,872,440

 

 

 

464,000

 

 

 

468,941

 

 

 

4,941

 

 

 

-

 

 

TRY

 

 

04/09/10

 

 

4,154,275

 

 

 

2,675,000

 

 

 

2,733,548

 

 

 

58,548

 

 

 

-

 

 

TWD

 

 

12/22/10

 

 

24,992,790

 

 

 

807,000

 

 

 

806,073

 

 

 

-

 

 

 

927

 

 

TWD

 

 

03/22/11

 

 

24,823,320

 

 

 

807,000

 

 

 

806,113

 

 

 

-

 

 

 

887

 

 

UGX

 

 

04/06/10

 

 

749,567,000

 

 

 

364,000

 

 

 

359,919

 

 

 

-

 

 

 

4,081

 

 

UGX

 

 

04/07/10

 

 

328,559,000

 

 

 

156,323

 

 

 

157,731

 

 

 

1,408

 

 

 

-

 

 

UGX

 

 

04/09/10

 

 

578,683,000

 

 

 

282,147

 

 

 

277,692

 

 

 

-

 

 

 

4,455

 

 

UGX

 

 

04/09/10

 

 

392,078,000

 

 

 

190,932

 

 

 

188,146

 

 

 

-

 

 

 

2,786

 

 

UGX

 

 

04/15/10

 

 

390,027,000

 

 

 

187,693

 

 

 

186,929

 

 

 

-

 

 

 

764

 

 

UGX

 

 

04/20/10

 

 

792,366,000

 

 

 

403,651

 

 

 

379,365

 

 

 

-

 

 

 

24,286

 

 

UGX

 

 

04/30/10

 

 

760,035,000

 

 

 

364,089

 

 

 

363,132

 

 

 

-

 

 

 

957

 

 

UGX

 

 

05/17/10

 

 

457,386,000

 

 

 

218,114

 

 

 

218,118

 

 

 

4

 

 

 

-

 

 

VND

 

 

04/19/10

 

 

5,102,550,000

 

 

 

261,000

 

 

 

266,141

 

 

 

5,141

 

 

 

-

 

 

ZMK

 

 

04/06/10

 

 

941,597,000

 

 

 

200,267

 

 

 

201,072

 

 

 

805

 

 

 

-

 

 

ZMK

 

 

04/12/10

 

 

999,966,000

 

 

 

214,908

 

 

 

213,405

 

 

 

-

 

 

 

1,503

 

 

ZMK

 

 

04/16/10

 

 

2,626,296,000

 

 

 

563,232

 

 

 

560,254

 

 

 

-

 

 

 

2,978

 

 

ZMK

 

 

04/26/10

 

 

3,525,840,000

 

 

 

747,000

 

 

 

751,378

 

 

 

4,378

 

 

 

-

 

 

ZMK

 

 

05/06/10

 

 

748,129,000

 

 

 

159,703

 

 

 

159,703

 

 

 

-

 

 

 

-

 

 

ZMK

 

 

05/10/10

 

 

668,716,000

 

 

 

142,888

 

 

 

142,289

 

 

 

-

 

 

 

599

 

 

ZMK

 

 

05/10/10

 

 

923,407,000

 

 

 

196,190

 

 

 

196,482

 

 

 

292

 

 

 

-

 

 

ZMK

 

 

05/11/10

 

 

3,294,433,000

 

 

 

703,939

 

 

 

700,908

 

 

 

-

 

 

 

3,031

 

 

ZMK

 

 

05/12/10

 

 

2,313,427,000

 

 

 

494,798

 

 

 

492,138

 

 

 

-

 

 

 

2,660

 

 

 

 

 

 

 

 

 

 

 

      

 

      

 

      

 

        

Total Forward Currency Purchase Contracts

 

 

 

 

  $

85,320,064

 

 

  $

85,525,627

 

 

  $

1,027,466

 

 

  $

821,903

 

 

 

 

 

 

 

      

 

      

 

      

 

        


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Lazard Global Total Return & Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2010 (unaudited)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Currency Sale Contracts open at March 31, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Currency
Sale Contracts

 

Expiration
Date

 

Foreign
Currency

 

U.S. $ Cost
on Origination
Date

 

U.S. $
Current
Value

 

Unrealized
Appreciation

 

Unrealized
Depreciation

 
 

 

  

 

  

 

  

 

  

 

  

 

  

BRL

 

 

04/05/10

 

 

2,816,735

 

 

  $

1,546,000

 

 

  $

1,583,903

 

 

  $

-

 

 

  $

37,903

 

 

BRL

 

 

05/04/10

 

 

2,876,958

 

 

 

1,593,000

 

 

 

1,608,109

 

 

 

-

 

 

 

15,109

 

 

CNY

 

 

05/10/10

 

 

7,678,296

 

 

 

1,128,000

 

 

 

1,124,828

 

 

 

3,172

 

 

 

-

 

 

CNY

 

 

05/10/10

 

 

9,397,741

 

 

 

1,382,631

 

 

 

1,376,718

 

 

 

5,913

 

 

 

-

 

 

COP

 

 

04/05/10

 

 

1,646,287,500

 

 

 

858,000

 

 

 

856,304

 

 

 

1,696

 

 

 

-

 

 

COP

 

 

05/05/10

 

 

1,650,981,500

 

 

 

853,000

 

 

 

858,142

 

 

 

-

 

 

 

5,142

 

 

EUR

 

 

04/06/10

 

 

605,000

 

 

 

822,780

 

 

 

817,144

 

 

 

5,636

 

 

 

-

 

 

EUR

 

 

04/16/10

 

 

880,045

 

 

 

1,210,271

 

 

 

1,188,646

 

 

 

21,625

 

 

 

-

 

 

EUR

 

 

05/26/10

 

 

1,189,000

 

 

 

1,605,695

 

 

 

1,605,986

 

 

 

-

 

 

 

291

 

 

EUR

 

 

06/28/10

 

 

1,189,000

 

 

 

1,606,767

 

 

 

1,605,995

 

 

 

772

 

 

 

-

 

 

EUR

 

 

04/16/10

 

 

1,222,000

 

 

 

1,683,511

 

 

 

1,650,511

 

 

 

33,000

 

 

 

-

 

 

EUR

 

 

07/01/10

 

 

934,766

 

 

 

1,275,718

 

 

 

1,262,598

 

 

 

13,120

 

 

 

-

 

 

EUR

 

 

12/09/10

 

 

886,132

 

 

 

1,238,316

 

 

 

1,196,708

 

 

 

41,608

 

 

 

-

 

 

EUR

 

 

04/16/10

 

 

353,017

 

 

 

468,556

 

 

 

476,807

 

 

 

-

 

 

 

8,251

 

 

EUR

 

 

04/16/10

 

 

2,321,515

 

 

 

3,186,867

 

 

 

3,135,587

 

 

 

51,280

 

 

 

-

 

 

EUR

 

 

04/13/10

 

 

602,000

 

 

 

890,565

 

 

 

813,097

 

 

 

77,468

 

 

 

-

 

 

EUR

 

 

04/21/10

 

 

247,000

 

 

 

385,951

 

 

 

333,616

 

 

 

52,335

 

 

 

-

 

 

EUR

 

 

06/16/10

 

 

625,103

 

 

 

865,112

 

 

 

844,333

 

 

 

20,779

 

 

 

-

 

 

EUR

 

 

10/19/10

 

 

307,000

 

 

 

497,367

 

 

 

414,612

 

 

 

82,755

 

 

 

-

 

 

EUR

 

 

04/06/10

 

 

174,599

 

 

 

240,276

 

 

 

235,822

 

 

 

4,454

 

 

 

-

 

 

EUR

 

 

04/08/10

 

 

141,000

 

 

 

192,820

 

 

 

190,442

 

 

 

2,378

 

 

 

-

 

 

EUR

 

 

04/08/10

 

 

175,000

 

 

 

245,831

 

 

 

236,364

 

 

 

9,467

 

 

 

-

 

 

EUR

 

 

04/16/10

 

 

83,591

 

 

 

114,978

 

 

 

112,904

 

 

 

2,074

 

 

 

-

 

 

EUR

 

 

05/10/10

 

 

155,725

 

 

 

215,983

 

 

 

210,336

 

 

 

5,647

 

 

 

-

 

 

EUR

 

 

04/01/10

 

 

92,104

 

 

 

124,500

 

 

 

124,401

 

 

 

99

 

 

 

-

 

 

EUR

 

 

04/01/10

 

 

2,788,241

 

 

 

3,776,672

 

 

 

3,765,939

 

 

 

10,733

 

 

 

-

 

 

EUR

 

 

04/30/10

 

 

2,880,345

 

 

 

3,861,967

 

 

 

3,890,431

 

 

 

-

 

 

 

28,464

 

 

EUR

 

 

05/28/10

 

 

1,665,000

 

 

 

2,230,392

 

 

 

2,248,923

 

 

 

-

 

 

 

18,531

 

 

EUR

 

 

06/24/10

 

 

1,717,216

 

 

 

2,314,000

 

 

 

2,319,462

 

 

 

-

 

 

 

5,462

 

 

HUF

 

 

12/09/10

 

 

917,154,900

 

 

 

4,872,458

 

 

 

4,544,789

 

 

 

327,669

 

 

 

-

 

 

ILS

 

 

04/02/10

 

 

1,574,303

 

 

 

424,626

 

 

 

425,976

 

 

 

-

 

 

 

1,350

 

 

ILS

 

 

05/11/10

 

 

4,729,528

 

 

 

1,138,000

 

 

 

1,279,307

 

 

 

-

 

 

 

141,307

 

 

INR

 

 

04/13/10

 

 

17,357,520

 

 

 

372,000

 

 

 

386,391

 

 

 

-

 

 

 

14,391

 

 

JPY

 

 

04/30/10

 

 

35,097,434

 

 

 

393,000

 

 

 

375,464

 

 

 

17,536

 

 

 

-

 

 

JPY

 

 

04/30/10

 

 

40,250,419

 

 

 

452,000

 

 

 

430,590

 

 

 

21,410

 

 

 

-

 

 

JPY

 

 

05/10/10

 

 

7,732,776

 

 

 

85,445

 

 

 

82,728

 

 

 

2,717

 

 

 

-

 

 

JPY

 

 

05/10/10

 

 

33,118,862

 

 

 

372,000

 

 

 

354,316

 

 

 

17,684

 

 

 

-

 

 

JPY

 

 

06/21/10

 

 

117,593,608

 

 

 

1,298,000

 

 

 

1,258,353

 

 

 

39,647

 

 

 

-

 

 

JPY

 

 

09/24/10

 

 

131,279,049

 

 

 

1,456,035

 

 

 

1,405,980

 

 

 

50,055

 

 

 

-

 

 

KES

 

 

04/06/10

 

 

58,304,140

 

 

 

755,235

 

 

 

754,063

 

 

 

1,172

 

 

 

-

 

 

KES

 

 

04/08/10

 

 

33,611,240

 

 

 

435,379

 

 

 

434,702

 

 

 

677

 

 

 

-

 

 

KRW

 

 

04/02/10

 

 

474,208,000

 

 

 

419,282

 

 

 

419,115

 

 

 

167

 

 

 

-

 

 

MXN

 

 

05/05/10

 

 

14,139,000

 

 

 

1,106,251

 

 

 

1,140,318

 

 

 

-

 

 

 

34,067

 

 

MXN

 

 

05/10/10

 

 

8,521,479

 

 

 

687,000

 

 

 

686,900

 

 

 

100

 

 

 

-

 

 

MYR

 

 

04/05/10

 

 

2,621,630

 

 

 

802,949

 

 

 

803,688

 

 

 

-

 

 

 

739

 

 

PHP

 

 

04/05/10

 

 

42,263,360

 

 

 

932,451

 

 

 

935,237

 

 

 

-

 

 

 

2,786

 

 

PHP

 

 

04/05/10

 

 

72,738,765

 

 

 

1,607,487

 

 

 

1,609,621

 

 

 

-

 

 

 

2,134

 

 

UGX

 

 

04/06/10

 

 

749,567,000

 

 

 

360,369

 

 

 

359,919

 

 

 

450

 

 

 

-

 

 

ZMK

 

 

04/06/10

 

 

941,597,000

 

 

 

201,196

 

 

 

201,072

 

 

 

124

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

      

 

      

 

      

 

        

Total Forward Currency Sale Contracts

 

 

 

  $

54,586,689

 

 

  $

53,977,197

 

 

 

925,419

 

 

 

315,927

 

 

 

 

 

 

      

 

      

 

      

 

        

Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts

  $

1,952,885

 

 

  $

1,137,830

 

 

 

      

 

        


 
 

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2010 (unaudited)

 

 

 

(a)

Non-income producing security.

(b)

For federal income tax purposes, the aggregate cost was $184,737,891, aggregate gross unrealized appreciation was $23,848,720, aggregate gross unrealized depreciation was $24,266,564, and the net unrealized depreciation was $417,844.

(c)

Segregated security for forward currency contracts.

(d)

Principal amount denominated in respective country’s currency.

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

Currency Abbreviations:

 

 

BRL — Brazilian Real

KRW — South Korean Won

CLP — Chilean Peso

MXN — Mexican New Peso

CNY — Chinese Renminbi

MYR — Malaysian Ringgit

COP — Colombian Peso

PHP — Philippine Peso

CZK – Czech Koruna

PLN — Polish Zloty

EUR — Euro

RON — New Romanian Leu

GHC — Ghanaian Cedi

RUB — Russian Ruble

HUF — Hungarian Forint

RSD — Serbian Dinar

IDR — Indonesian Rupiah

TRY — New Turkish Lira

ILS — Israeli Shekel

TWD — New Taiwan Dollar

INR — Indian Rupee

UGX — Ugandan Shilling

JPY — Japanese Yen

VND — Vietnamese Dong

KES — Kenyan Shilling

ZMK — Zambian Kwacha

Portfolio holdings by industry (as percentage of net assets):

 

 

 

 

 

Alcohol & Tobacco

 

 

7.4

%

Banking

 

 

12.3

 

Computer Software

 

 

8.5

 

Energy Integrated

 

 

9.7

 

Financial Services

 

 

4.4

 

Food & Beverages

 

 

3.6

 

Gas Utilities

 

 

1.7

 

Housing

 

 

1.4

 

Insurance

 

 

1.4

 

Manufacturing

 

 

4.3

 

Pharmaceutical & Biotechnology

 

 

14.5

 

Retail

 

 

5.0

 

Semiconductors & Components

 

 

2.4

 

Technology Hardware

 

 

8.9

 

Telecommunications

 

 

5.6

 

 

 

    

 

Subtotal

 

 

91.1

 

Foreign Government Obligations

 

 

13.7

 

Short-Term Investment

 

 

4.5

 

 

 

    

 

Total Investments

 

 

109.3

%

 

 

    

 


 
 

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2010 (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. 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. Forward currency contracts are valued at the current cost of offsetting the contracts.

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 Lazard Global Total Return & Income Fund, Inc.’s (the “Fund”) net asset value is calculated, or when current market quotations otherwise are determined not to readily available or reliable, such securities will be valued 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 “Investment Manager”) 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 Value Measurements:

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. Fair Value Measurements and Disclosures provisions of accounting principles generally accepted in the United States of America (“GAAP”) also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is 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’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below.

 

 

•

Level 1 — unadjusted quoted prices in active markets for identical investments

•

Level 2 — other significant observable inputs (including unadjusted 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 inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.




 
 

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (concluded)

March 31, 2010 (unaudited)
 

The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of March 31, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Unadjusted
Quoted Prices in
Active Markets
for Identical
Investments
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Balance as of
March 31, 2010

 
 

 

  

 

  

 

  

 

  

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks*

 

 

$ 153,720,636

 

 

$              —

 

 

$              —

 

 

$ 153,720,636

 

Foreign Government Obligations

 

 

—

 

 

21,894,914

 

 

1,245,494

 

 

23,140,408

 

Short-Term Investment

 

 

—

 

 

7,459,003

 

 

—

 

 

7,459,003

 

Other Financial Instruments**

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Currency Contracts

 

 

—

 

 

1,952,885

 

 

—

 

 

1,952,885

 

 

 

    

 

    

 

    

 

    

 

Total

 

 

$ 153,720,636

 

 

$ 31,306,802

 

 

$ 1,245,494

 

 

$ 186,272,932

 

 

 

    

 

    

 

    

 

    

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments**

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Currency Contracts

 

 

$                 —

 

 

$ (1,137,830

)

 

$              —

 

 

$  (1,137,830

)

 

 

    

 

    

 

    

 

    

 

 

 

*

Please refer to the Notes to Portfolio of Investments for valuation of investments by industry.

**

Other financial instruments are derivative instruments which are valued at the unrealized appreciation/depreciation on the instruments.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended March 31, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Balance as of
December 31,
2009

 

Accrued
Discounts
(Premiums)

 

Realized
Loss

 

Change in
Unrealized
Appreciation

 

Purchases

 

Sales

 

Net Transfers
into
Level 3

 

Net Transfers
out of
Level 3

 

Balance as of
March 31, 2010

 

Net Change in
Unrealized
Appreciation
from Investments
Still Held at
March 31, 2010

 
 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Foreign Government Obligations

 

 

$1,490,542

 

 

$13,394

 

 

($159,563

)

 

$195,858

 

 

$204,574

 

 

($499,311

)

$

—

 

$

—

 

 

$1,245,494

 

 

$17,033

 

Supranationals

 

 

664,021

 

 

1,509

 

 

(180,270

)

 

177,396

 

 

—

 

 

(662,656

)

 

—

 

 

—

 

 

—

 

 

—

 

 

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

Total

 

 

$2,154,563

 

 

$14,903

 

 

($339,833

)

 

$373,254

 

 

$204,574

 

 

($1,161,967

)

$

—

 

$

—

 

 

$1,245,494

 

 

$17,033

 

 

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

Effective March 31, 2010, the Fund adopted Financial Accounting Standards Board Accounting Standards Update (ASU) 2010-06, Fair Value Measurements and Disclosures (Topic 820). The ASU amends GAAP to add new requirements for disclosures about transfers into and out of Levels 1 and 2 of the fair value hierarchy. It also clarifies existing fair value disclosure about the level of disaggregation and about inputs and valuation techniques used to measure fair value for investments that fall in either Levels 2 or 3 fair value hierarchy.


 

 

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 of the period covered by this report 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 L. Carroll

 

 

Charles L. Carroll

 

 

Chief Executive Officer

 

 

 

Date:

May 28, 2010

 

 

 

 

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 L. Carroll

 

 

Charles L. Carroll

 

 

Chief Executive Officer

 

 

 

Date:

May 28, 2010

 

 

 

 

By:

/s/ Stephen St. Clair

 

 

Stephen St. Clair

 

 

Chief Financial Officer

 

 

 

Date:

May 28, 2010