Edgar Filing: LAZARD GLOBAL TOTAL RETURN & INCOME FUND INC

LAZARD ASSET MANAGEMENT

(FRONT COVER)

Lazard Global Total
Return & Income
Fund, Inc.

Third Quarter Report

S E P T E M B E R 3 0, 2 0 1 0

Lazard Global Total Return & Income Fund, Inc.

Investment Overview

Dear Stockholders,

We are pleased to present this report for Lazard Global Total Return & Income Fund, Inc. (“LGI” or the “Fund”), for the quarter ended September 30, 2010. LGI is a diversified, closed-end management investment company that began trading on the New York Stock Exchange (“NYSE”) on April 28, 2004. Its ticker symbol is “LGI.”

For the third quarter of 2010, the Fund’s net asset value (“NAV”) performance lagged its benchmark, the Morgan Stanley Capital International (MSCI^®) World^®Index (the “Index”), in a period of global market strength. However, we are pleased with LGI’s favorable NAV performance since inception. We believe that LGI’s investment thesis remains sound and that the Fund has provided investors with an attractive yield and diversification, backed by the extensive experience, commitment, and professional management of Lazard Asset Management LLC (the “Investment Manager” or “Lazard”).

Portfolio Update (as of September 30, 2010)

For the third quarter of 2010, the Fund’s NAV increased 13.1%, underperforming the Index gain of 13.8%. Similarly, the year-to-date NAV loss of 1.9% lagged the Index gain of 2.6%. However, the Fund’s NAV performance has outperformed the Index for the three- and five-year periods and, since inception, has returned 4.6% (annualized) versus 3.7% (annualized) for the Index. Shares of LGI ended the third quarter of 2010 with a market price of $14.93, representing a 7.4% discount to the Fund’s NAV of $16.12.

The Fund’s net assets were $154.8 million as of September 30, 2010, with total leveraged assets of $200.4 million, representing a 22.7% leverage rate. This leverage rate was in line with that at the end of the second quarter.

Within the global equity portfolio, stock selection in the energy and information technology sectors helped performance during the third quarter. However, an overweight exposure to the information technology sector and an underweight exposure to the consumer discretionary sector each detracted from performance, as did stock selection within the consumer discretionary sector. The smaller, short-duration¹emerging market currency and debt portion of the Fund, which rebounded in September, has added value for the year-to-date, and remains a positive contributor to performance for the Fund since inception.

As of September 30, 2010, 67.7% of the Fund’s total leveraged assets consisted of global equities and 25.6% consisted of emerging market currency and debt instruments, while the remaining 6.7% consisted of cash and other net assets.

Declaration of Distributions

Pursuant to LGI’s Level Distribution Policy, the Fund declares, monthly, a distribution equal to 6.25% (on an annualized basis) of the Fund’s NAV on the last business day of the previous year. The current distribution rate per share of $0.08995 is based on the Fund’s NAV of $17.27 on December 31, 2009 and is equal to, on an annualized basis, 7.2% of the Fund’s $14.93 market price as of the close of trading on the NYSE on September 30, 2010. It was estimated that $0.4857 of the $0.8095 distributed per share as of September 30, 2010 may represent a return of capital.

Additional Information

Please note that, available on www.LazardNet.com, are frequent updates on the Fund’s performance, press releases, distribution information, and a monthly fact sheet that provides information about the Fund’s major holdings, sector weightings, regional exposures, and other characteristics, including the notices required by Section 19(a) of the Investment Company Act of 1940, as amended. You may also reach Lazard by phone at 1-800-823-6300.

On behalf of Lazard, we thank you for your investment in Lazard Global Total Return & Income Fund, Inc. and look forward to continuing to serve your investment needs in the future.

Lazard Global Total Return & Income Fund, Inc.

Investment Overview (continued)

Message from the Portfolio Managers

Global Equity Portfolio
(67.7% of total leveraged assets)

The Fund’s global equity portfolio is invested primarily in equity securities of large, well-known global companies with strong financial productivity at attractive valuations. Examples include GlaxoSmithKline, a global research-based pharmaceutical company based in the United Kingdom; Bank of New York Mellon, a U.S.-based company that provides financial products and services for institutions and individuals worldwide; Canon Inc., a Japanese manufacturer and distributor of network digital multifunction devices (MFDs), copying machines, printers and cameras; and Total SA, a French energy supplier that explores for, produces, refines, transports, and markets oil and natural gas.

Companies held in the global equity portfolio are all based in developed-market regions around the world. As of September 30, 2010, 48.5% of these stocks were based in North America, 23.3% were based in Continental Europe (not including the United Kingdom), 15.7% were from the United Kingdom, 6.5% were from Japan, and 6.0% were from the rest of Asia (not including Japan). The global equity portfolio is similarly diversified across a number of industry sectors. The top two sectors, by weight, at September 30, 2010, were information technology (20.2%), which includes computer software, technology hardware, semiconductors, and services companies, and health care (18.5%), which includes health care equipment & services and pharmaceuticals, biotechnology & life sciences companies. Other sectors in the portfolio include consumer discretionary, consumer staples, energy, industrials, materials, financials, and telecommunication services. The average dividend yield on the securities held in the global equity portfolio was approximately 2.8% as of September 30, 2010.

Global Equity Markets Review
Global stock markets rebounded strongly during the third quarter. The Index returned double digits on a U.S. dollar basis, which brought the year-to-date total return into positive territory. This was largely driven by a series of very strong quarterly earnings results. The Index performed particularly well in September, partly fueled by a calmer market environment, as fears of a sovereign default in Europe and a double-dip recession lessened. The market also benefited from cash-rich companies–many of which are in the information technology sector–engaging in merger activities, instituting and raising dividends, and share buybacks.

On a more cautious note, concerns about Ireland’s economy and its banking system increased as the country’s second quarter GDP declined by 1.2%. The U.S. economy remained fragile, as the unemployment rate continued to stagnate and home sales remained weak. The U.S. Federal Reserve announced, late in September, that they were prepared to provide additional support to the economy, if needed, and noted that inflation was somewhat below the desired level. This boosted speculation that it would buy more Treasuries later this year.

Asian markets, with the exception of Japan, performed strongly in the third quarter as investors became more optimistic of a global recovery. Japanese stocks were hurt by worries about the rising yen, which could endanger the recovery of its export-led economy. In response to the yen’s increase, the government intervened in the currency markets for the first time in six years, attempting to depreciate the currency.

Each sector in the Index rose during the third quarter. Telecom services performed well, as the market continued to invest in smartphone adoption and looked for dividend yield. More cyclical sectors, such as materials and energy, also performed well. Sectors that experienced the lowest returns included traditionally defensive sectors such as health care and utilities, while information technology also experienced lower returns due to concerns over the strength of IT spending going forward.

In currency markets, the U.S. dollar weakened against most other major currencies, including the euro and Japanese yen, as it was weighed down by the prospect

Lazard Global Total Return & Income Fund, Inc.

Investment Overview (continued)

of additional asset purchases by the U.S. Federal Reserve. In contrast, the euro strengthened against most other currencies this quarter, as parts of Northern Europe exhibited economic strength.

What Helped and What Hurt LGI
Stock selection in the energy and information technology sectors was a strong driver of performance. Halliburton contributed to positive stock selection within the energy sector having rallied after reporting stronger than expected earnings. Onshore natural gas activity continued to rebound, which enhanced revenues and margins.

In contrast, a high exposure to the information technology sector detracted from returns. As a sector, information technology lagged due to weakness in the consumer-exposed segments and due to volatility in the semiconductor space caused by temporary oversupply. A low exposure, and stock selection, in the consumer discretionary sector, which performed well on improved demand from consumers, also detracted from performance. Comcast underperformed the industry, as it was hit by concerns over regulation.

Emerging Market Currency and Debt Portfolio
(25.6% of total leveraged assets)

The Fund also seeks enhanced income through investing in primarily high-yielding, short-duration emerging market forward currency contracts and local currency debt instruments. As of September 30, 2010, this portfolio consisted of forward currency contracts (77.3%) and sovereign debt obligations (22.7%). The average duration of the emerging market currency and debt portfolio decreased from approximately 5 months to approximately 4 months during the third quarter, with an average yield of 5.2%²as of September 30, 2010.

Emerging Market Currency and Debt Market Review
Emerging markets’ economic trends continued to outperform during the third quarter, and the record pace of inflows prompted policymakers to take action. While the tightening cycle, interrupted by the risk aversion bout in the second quarter, resumed for countries like India, Chile, and others, emerging markets also had to deal increasingly with large capital inflows generated by their attractive yields and growth prospects. The flow of funds out of developed markets into emerging markets was further exacerbated by headlines of further quantitative easing by the Fed.

Global policy action appeared increasingly uncoordinated and fraught with tension, as the United States increased pressure on China to allow the renminbi to appreciate faster, and the Bank of Japan, after a six-year gap, unilaterally intervened (unsuccessfully) to weaken the yen. With intervention in the currency market proceeding at a frenetic pace, the Brazilian finance minister summed up the situation towards the end of the quarter by talking about a “currency war.”

What Helped and What Hurt LGI
Exposure to emerging markets countries characterized by strong, domestic demand-oriented growth, including Poland, Brazil, and Turkey, helped performance. Similarly, the Fund, through exposure to India and the Philippines, benefited from this theme. In the Philippines, resilient inflows from its overseas work-force continue to support a robust domestic consumption dynamic, impressive economic growth, and a favorable balance of payments outlook. The record emerging markets fund flows since the beginning of the year were directed toward emerging market countries with index representation and deep, liquid capital markets. The highest yielding ones were amongst the biggest beneficiaries of the rotation of global investment flows into emerging markets, most notably Brazil, South Africa, Turkey, and Indonesia. Reduced exposure to Malaysia and Indonesia and a lack of exposure to Taiwan also helped performance. Mexico’s inclusion in the Citibank World Government Bond Index (WGBI), coupled with its central bank’s less interventionist foreign currency exchange stance buoyed the peso, which aided performance. And in South Korea, the current account surplus, foreign inflows, improving economic data, as well as correlated appreciation with the Chinese renminbi’s increased flexibility, generated won “catch-up” gains.

Lazard Global Total Return & Income Fund, Inc.

Investment Overview (continued)


Finally, exposure to frontier and less liquid markets in Zambia, Ghana, and Romania were noteworthy contributors during the third quarter.

Russian non-deliverable currency forward exposure hurt performance during the third quarter, owing to ruble depreciation on the back of September’s rapid rise in U.S. dollar demand locally. We had previously reduced exposure to Russia into second quarter’s strength, but took the opportunity offered by the weakness in September to increase our position, given the hefty current account surplus, incipient privatizations, and impressive central bank reserve coverage. A lack of exposure to solid gains realized in Thailand, South Africa, Colombia, and Singapore resulted in missed upsides in those markets.



Notes to Investment Overview:

1	A measure of the average cash weighted term-to-maturity of the investment holdings. Duration is a measure of the price sensitivity of a bond to interest rate movements. Duration for a forward currency contract is equal to its term-to-maturity.

2	The quoted yield does not account for the implicit cost of borrowing on the forward currency contracts, which would reduce the yield shown.

All returns reflect reinvestment of all dividends and distributions. Past performance is not indicative, or a guarantee, of future results.

The performance data of the Index and other market data have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Index is unmanaged, has no fees or costs and is not available for investment.

The views of the Fund’s Investment Manager and the securities described in this report are as of September 30, 2010; these views and portfolio holdings may have changed subsequent to this date. Nothing herein should be construed as a recommendation to buy, sell, or hold a particular security. There is no assurance that the securities discussed herein will remain in the Fund at the time you receive this report, or that securities sold will not have been repurchased. The specific securities discussed may, in aggregate, represent only a small percentage of the Fund’s holdings. It should not be assumed that securities identified and discussed were, or will be, profitable, or that the investment decisions made in the future will be profitable, or equal the investment performance of the securities discussed herein.

The views and opinions expressed are provided for general information only, and do not constitute specific tax, legal, or investment advice to, or recommendations for, any person. There can be no guarantee as to the accuracy of the outlooks for markets, sectors and securities as discussed herein.

Lazard Global Total Return & Income Fund, Inc.

Investment Overview (continued)

Comparison of Changes in Value of $10,000 Investment in
LGI and MSCI World Index* (unaudited)

(LINE GRAPH)


Average Annual Total Returns*
Periods Ended September 30, 2010
(unaudited)

		One Year		Five Years		Since Inception**

Market Price		13.16	%	3.65	%	3.52	%
Net Asset Value		3.59	%	2.35	%	4.60	%
MSCI World Index		6.76	%	1.30	%	3.65	%


*	All returns reflect reinvestment of all dividends and distributions. The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return, market price and net asset value of the Fund will fluctuate, so that an investor’s shares in the Fund, when sold, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a stockholder would pay on the Fund’s distributions or on the sale of Fund shares.

	The performance data of the Index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Index is unmanaged, has no fees or costs and is not available for investment.

**	The Fund’s inception date was April 28, 2004.

Lazard Global Total Return & Income Fund, Inc.

Investment Overview (concluded)


Ten Largest Equity Holdings
September 30, 2010 (unaudited)

Security	Value	Percentage of Net Assets

Johnson & Johnson	$6,462,428	4.2	%
HSBC Holdings PLC Sponsored ADR	5,637,547	3.6
Microsoft Corp.	5,549,434	3.6
The Home Depot, Inc.	5,243,040	3.4
International Business Machines Corp.	5,204,632	3.4
Singapore Telecommunications, Ltd. ADR	5,176,294	3.3
Oracle Corp.	4,948,455	3.2
United Technologies Corp.	4,907,747	3.2
Cisco Systems, Inc.	4,826,760	3.1
Novartis AG ADR	4,550,163	2.9

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments

September 30, 2010 (unaudited)


Description	Shares		Value

Common Stocks—87.7%
Australia—1.9%
BHP Billiton, Ltd. Sponsored ADR		38,500	$	2,938,320

France—6.1%
GDF Suez Sponsored ADR		75,981		2,727,718
Sanofi-Aventis ADR		105,200		3,497,900
Total SA Sponsored ADR		64,000		3,302,400

Total France				9,528,018

Germany—1.9%
SAP AG Sponsored ADR		59,300		2,924,083

Ireland—1.1%
CRH PLC Sponsored ADR		98,300		1,635,712

Italy—1.0%
Eni SpA Sponsored ADR		36,350		1,569,593

Japan—5.7%
Canon, Inc. Sponsored ADR		44,700		2,088,384
Hoya Corp. Sponsored ADR (c)		73,500		1,783,845
Mitsubishi UFJ Financial Group, Inc. ADR		528,000		2,444,640
Nomura Holdings, Inc. ADR		332,600		1,586,502
Sumitomo Mitsui Financial Group, Inc. ADR		321,200		915,420

Total Japan				8,818,791

Singapore—3.3%
Singapore Telecommunications, Ltd. ADR (c)		217,400		5,176,294

Spain—1.8%
Banco Santander SA Sponsored ADR		217,900		2,758,614

Switzerland—9.6%
Credit Suisse Group AG Sponsored ADR (c)		73,400		3,123,904
Novartis AG ADR		78,900		4,550,163
Roche Holding AG Sponsored ADR (c)		92,400		3,153,612
UBS AG (a), (c)		107,587		1,832,207
Zurich Financial Services AG ADR		92,500		2,159,875

Total Switzerland				14,819,761

United Kingdom—13.8%
BP PLC Sponsored ADR (c)		97,100		3,997,607
British American Tobacco PLC
Sponsored ADR		37,700		2,816,567
GlaxoSmithKline PLC Sponsored ADR (c)		80,200		3,169,504
HSBC Holdings PLC Sponsored ADR (c)		111,436		5,637,547
Unilever PLC Sponsored ADR		99,100		2,883,810
William Morrison Supermarkets PLC ADR		120,300		2,805,396

Total United Kingdom				21,310,431

United States—41.5%
Bank of New York Mellon Corp. (c)		103,600		2,707,068
Cisco Systems, Inc. (a), (c)		220,400		4,826,760
Comcast Corp., Class A		160,900		2,736,909
ConocoPhillips		32,900		1,889,447
Emerson Electric Co.		67,600		3,559,816
Halliburton Co.		89,900		2,972,993
Honeywell International, Inc. (c)		64,700		2,842,918
International Business Machines Corp. (c)		38,800		5,204,632
Johnson & Johnson (c)		104,300		6,462,428
Merck & Co., Inc.		75,300		2,771,793
Microsoft Corp. (c)		226,600		5,549,434
Oracle Corp.		184,300		4,948,455
PepsiCo, Inc.		41,100		2,730,684
Pfizer, Inc.		87,566		1,503,508
The Home Depot, Inc. (c)		165,500		5,243,040
United Technologies Corp.		68,900		4,907,747
Wal-Mart Stores, Inc.		62,800		3,361,056

Total United States				64,218,688

Total Common Stocks
(Identified cost $148,994,109)				135,698,305

See Notes to Portfolio of Investments.

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2010 (unaudited)


Description	Principal Amount (000) (d)		Value

Foreign Government
Obligations—10.5%
Brazil—3.9%
Brazil NTN-F:
10.00%, 01/01/12		4,500	$	2,678,867
10.00%, 01/01/13		5,795		3,301,559

Total Brazil				5,980,426

Egypt—3.4%
Egypt Treasury Bills:
0.00%, 10/12/10		5,350		937,881
0.00%, 11/09/10		775		134,899
0.00%, 11/16/10		875		152,031
0.00%, 11/30/10		675		116,859
0.00%, 12/21/10		6,725		1,157,933
0.00%, 01/11/11		1,975		338,182
0.00%, 02/01/11		4,675		795,933
0.00%, 02/08/11		1,275		216,654
0.00%, 03/29/11		8,125		1,361,583

Total Egypt				5,211,955

Ghana—1.2%
Ghana Government Bonds:
14.00%, 03/07/11		1,000		707,228
16.00%, 05/02/11		460		328,811
13.67%, 06/15/12		790		561,723
15.00%, 12/10/12		320		234,936

Total Ghana				1,832,698

Mexico—0.6%
Mexican Bonos,
8.00%, 12/17/15		11,500		1,005,753

Poland—0.5%
Poland Government Bonds:
4.75%, 04/25/12		1,872		646,541
3.00%, 08/24/16		410		140,566

Total Poland				787,107

Turkey—0.9%
Turkey Government Bond,
10.00%, 02/15/12		1,795		1,389,124

Total Foreign Government
Obligations
(Identified cost $14,712,781)				16,207,063


Description	Shares		Value

Short-Term Investment—8.1%
State Street Institutional Treasury
Money Market Fund
(Identified cost $12,625,987)		12,625,987		12,625,987

Total Investments—106.3%
(Identified cost $176,332,877) (b)			$	164,531,355
Liabilities in Excess of Cash
and Other Assets—(6.3)%				(9,741,369	)

Net Assets—100.0%			$	154,789,986

See Notes to Portfolio of Investments.

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2010 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2010:


Forward Currency Purchase Contracts	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

ARS	10/14/10		1,522,425	$	383,000	$	383,464	$	464	$	—
ARS	10/15/10		1,510,500		380,000		380,372		372		—
ARS	11/15/10		1,522,744		379,500		380,737		1,237		—
ARS	11/22/10		1,568,301		391,000		391,506		506		—
ARS	12/10/10		1,437,996		357,000		357,424		424		—
ARS	12/16/10		1,595,010		395,000		395,754		754		—
BRL	10/04/10		3,266,235		1,916,242		1,930,399		14,157		—
CLP	10/18/10		194,224,500		392,849		401,375		8,526		—
CLP	11/16/10		194,224,500		392,571		400,907		8,336		—
CNY	03/17/11		14,581,257		2,193,000		2,187,101		—		5,899
CNY	05/27/11		492,029		72,177		73,950		1,773		—
CNY	07/29/11		4,071,165		609,000		613,149		4,149		—
CNY	07/29/11		5,434,092		813,000		818,416		5,416		—
CNY	07/29/11		254,486		38,000		38,328		328		—
EUR	10/01/10		1,173,929		1,447,649		1,600,359		152,710		—
EUR	10/01/10		180,000		226,678		245,385		18,707		—
EUR	10/01/10		102,000		128,672		139,052		10,380		—
EUR	10/04/10		155,259		211,602		211,656		54		—
EUR	10/19/10		333,976		418,556		455,243		36,687		—
EUR	12/09/10		3,282,000		4,872,458		4,471,919		—		400,539
EUR	01/03/11		650,581		884,000		886,287		2,287		—
GHC	10/12/10		183,000		123,900		127,933		4,033		—
GHC	10/18/10		415,000		288,094		289,570		1,476		—
GHC	10/29/10		574,000		400,000		399,125		—		875
GHC	11/03/10		475,000		326,124		329,806		3,682		—
GHC	10/11/11		237,330		109,369		148,480		39,111		—
HUF	12/09/10		243,376,246		1,238,316		1,190,656		—		47,660
HUF	12/09/10		673,778,654		2,980,361		3,296,289		315,928		—
IDR	11/08/10		6,640,500,000		699,000		739,703		40,703		—
IDR	11/08/10		3,234,934,000		351,623		360,348		8,725		—
ILS	10/01/10		10,504,000		2,749,019		2,883,813		134,794		—
ILS	10/07/10		2,155,674		568,000		591,792		23,792		—
ILS	10/07/10		4,082,925		1,108,000		1,120,876		12,876		—
ILS	10/27/10		2,224,034		596,000		610,316		14,316		—
INR	10/04/10		19,859,850		423,000		441,968		18,968		—
INR	10/06/10		28,620,050		607,000		636,689		29,689		—
INR	10/25/10		23,312,120		508,000		516,819		8,819		—
INR	10/26/10		38,519,910		803,000		853,815		50,815		—
INR	10/28/10		40,289,480		889,000		892,714		3,714		—

See Notes to Portfolio of Investments.

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2010 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2010 (continued):


Forward Currency Purchase Contracts	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

INR	11/04/10		21,752,000	$	479,859	$	481,359	$	1,500	$	—
INR	11/12/10		29,824,000		640,000		659,098		19,098		—
INR	11/24/10		13,714,100		290,000		302,465		12,465		—
INR	01/12/11		31,625,410		659,000		692,024		33,024		—
JPY	10/21/10		62,277,384		737,000		746,123		9,123		—
KES	10/12/10		38,332,500		481,262		474,706		—		6,556
KES	10/12/10		18,923,000		233,344		234,341		997		—
KES	10/21/10		40,626,000		503,420		503,108		—		312
KES	10/29/10		23,542,000		291,037		291,542		505		—
KRW	10/04/10		782,562,500		659,000		686,308		27,308		—
KRW	10/08/10		705,675,600		574,000		618,780		44,780		—
KRW	10/25/10		941,206,000		790,000		824,752		34,752		—
KRW	11/19/10		2,152,101,600		1,874,000		1,883,842		9,842		—
KRW	11/19/10		763,858,000		668,000		668,643		643		—
KRW	11/30/10		492,190,600		409,000		430,632		21,632		—
KZT	10/01/10		53,503,600		362,000		362,245		245		—
KZT	10/18/10		42,966,150		291,000		290,891		—		109
KZT	11/02/10		69,240,600		468,000		468,756		756		—
KZT	11/02/10		66,760,400		452,000		451,965		—		35
KZT	12/10/10		40,996,000		277,000		277,513		513		—
KZT	12/10/10		20,518,775		138,500		138,897		397		—
KZT	12/10/10		20,525,700		138,500		138,944		444		—
KZT	12/15/10		17,612,000		119,000		119,219		219		—
KZT	12/15/10		17,612,000		119,000		119,219		219		—
KZT	12/20/10		15,381,600		104,000		104,119		119		—
KZT	12/20/10		61,526,400		416,000		416,477		477		—
KZT	12/20/10		17,895,900		121,000		121,139		139		—
KZT	01/28/11		34,752,000		235,687		235,205		—		482
KZT	01/31/11		35,520,000		240,977		240,400		—		577
KZT	01/31/11		17,760,000		120,488		120,200		—		288
KZT	02/07/11		32,531,200		221,000		220,165		—		835
KZT	02/10/11		32,531,200		221,000		220,162		—		838
KZT	03/29/11		35,472,000		240,651		240,017		—		634
KZT	04/01/11		56,874,000		385,979		384,825		—		1,154
MXN	10/04/10		15,956,169		1,245,000		1,266,197		21,197		—
MXN	10/20/10		10,131,210		785,000		802,989		17,989		—
MXN	10/25/10		13,400,556		1,054,000		1,061,713		7,713		—
MXN	11/01/10		14,984,400		1,200,000		1,186,573		—		13,427

See Notes to Portfolio of Investments.

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2010 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2010 (continued):


Forward Currency Purchase Contracts	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

MXN	03/09/11		6,364,080	$	480,000	$	497,542	$	17,542	$	—
MYR	10/06/10		2,198,000		676,245		711,922		35,677		—
MYR	10/06/10		3,279,783		1,063,656		1,062,307		—		1,349
MYR	10/25/10		1,341,609		428,000		433,985		5,985		—
MYR	11/03/10		1,904,126		602,000		615,576		13,576		—
PEN	11/24/10		1,425,179		511,000		511,246		246		—
PEN	12/24/10		1,424,770		511,000		511,111		111		—
PEN	03/24/11		1,426,201		511,000		511,239		239		—
PHP	10/04/10		32,168,890		701,000		733,027		32,027		—
PHP	10/04/10		16,885,440		369,000		384,766		15,766		—
PHP	10/20/10		33,100,350		745,000		752,999		7,999		—
PHP	10/27/10		24,397,280		556,000		554,610		—		1,390
PHP	10/28/10		32,412,630		699,000		736,742		37,742		—
PHP	11/04/10		25,725,400		586,000		584,316		—		1,684
PHP	11/30/10		26,094,420		573,000		591,241		18,241		—
PHP	12/06/10		25,740,000		585,000		582,880		—		2,120
PHP	01/28/11		35,796,950		769,000		805,941		36,941		—
PLN	10/07/10		2,615,088		827,559		899,431		71,872		—
PLN	10/18/10		3,627,385		1,187,574		1,246,589		59,015		—
PLN	10/18/10		3,016,611		987,612		1,036,690		49,078		—
PLN	10/27/10		2,528,805		857,425		868,475		11,050		—
RON	10/13/10		3,225,000		957,130		1,029,311		72,181		—
RON	10/19/10		1,429,085		497,367		455,760		—		41,607
RON	10/21/10		1,794,000		552,357		571,990		19,633		—
RSD	10/04/10		16,504,000		198,716		210,936		12,220		—
RSD	10/12/10		31,579,750		393,052		402,726		9,674		—
RSD	10/18/10		17,392,200		214,772		221,430		6,658		—
RSD	10/18/10		17,375,800		214,543		221,221		6,678		—
RSD	10/19/10		18,083,250		221,283		230,164		8,881		—
RSD	10/21/10		21,758,000		270,068		276,784		6,716		—
RSD	11/04/10		16,504,000		211,780		209,163		—		2,617
RSD	11/09/10		42,293,000		515,220		535,321		20,101		—
RSD	11/10/10		20,159,000		243,672		255,096		11,424		—
RSD	11/10/10		20,847,000		251,988		263,803		11,815		—
RSD	11/22/10		12,944,800		159,832		163,310		3,478		—
RUB	10/07/10		13,116,114		426,000		428,703		2,703		—
RUB	10/18/10		16,265,600		520,000		531,276		11,276		—
RUB	10/20/10		19,597,000		626,362		640,007		13,645		—

See Notes to Portfolio of Investments.

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2010 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2010 (continued):


Forward Currency Purchase Contracts	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

RUB	10/26/10		25,288,000	$	814,560	$	825,554	$	10,994	$	—
RUB	10/27/10		18,038,545		586,000		588,851		2,851		—
RUB	10/28/10		19,925,120		652,000		650,395		—		1,605
RUB	11/15/10		18,060,520		586,000		588,813		2,813		—
TRY	10/28/10		2,536,000		1,711,663		1,745,161		33,498		—
TWD	12/22/10		24,992,790		807,000		800,908		—		6,092
TWD	12/22/10		24,961,310		782,977		799,899		16,922		—
TWD	03/22/11		24,823,320		807,000		797,137		—		9,863
UAH	10/07/10		2,117,000		266,793		266,328		—		465
UAH	10/18/10		1,000,000		125,000		125,400		400		—
UAH	10/18/10		1,909,610		239,000		239,465		465		—
UAH	10/25/10		998,750		125,000		124,987		—		13
UAH	11/01/10		1,914,390		239,000		239,095		95		—
UAH	11/10/10		1,612,020		201,000		200,841		—		159
UGX	10/04/10		339,578,500		149,726		151,197		1,471		—
UGX	10/06/10		252,722,500		111,824		112,501		677		—
UGX	10/07/10		672,596,000		297,346		299,380		2,034		—
UGX	10/15/10		339,578,500		149,605		151,024		1,419		—
UGX	10/18/10		1,095,283,000		486,144		486,966		822		—
UGX	10/18/10		1,623,726,000		720,056		721,913		1,857		—
UGX	10/20/10		788,837,000		350,283		350,646		363		—
UGX	10/21/10		654,141,000		290,988		290,742		—		246
UGX	10/27/10		252,722,500		111,627		112,256		629		—
UGX	10/29/10		696,239,000		310,447		309,197		—		1,250
UGX	11/10/10		339,578,500		150,823		150,594		—		229
UGX	12/01/10		243,626,000		108,038		107,767		—		271
UYU	10/04/10		2,489,800		118,000		122,560		4,560		—
UYU	10/04/10		2,504,950		119,000		123,305		4,305		—
UYU	10/12/10		2,912,000		140,000		143,342		3,342		—
UYU	10/29/10		5,097,870		239,000		250,941		11,941		—
UYU	11/01/10		5,508,075		271,000		270,004		—		996
UYU	11/05/10		2,928,380		140,000		143,548		3,548		—
UYU	11/24/10		4,965,840		242,000		243,424		1,424		—
UYU	11/24/10		4,961,000		242,000		243,186		1,186		—
UYU	12/21/10		4,985,200		242,000		243,180		1,180		—
ZMK	10/04/10		235,783,500		48,080		48,649		569		—
ZMK	10/06/10		1,237,394,000		250,118		255,266		5,148		—
ZMK	10/13/10		3,047,118,000		621,227		628,226		6,999		—

See Notes to Portfolio of Investments.

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2010 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2010 (concluded):


Forward Currency Purchase Contracts	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

ZMK	10/13/10		1,141,528,000	$	232,727	$	235,350	$	2,623	$	—
ZMK	10/26/10		441,254,000		90,323		90,873		550		—
ZMK	10/26/10		3,874,170,000		797,154		797,860		706		—
ZMK	11/04/10		226,267,000		46,581		46,552		—		29
ZMK	11/08/10		3,436,964,000		699,313		706,750		7,437		—

Total Forward Currency Purchase Contracts				$	86,333,100	$	87,788,717	$	2,007,822	$	552,205

Forward Currency Sale Contracts open at September 30, 2010:


Forward Currency Sale Contracts	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

BRL	10/04/10		3,266,235	$	1,847,000	$	1,930,399	$	—	$	83,399
BRL	11/03/10		3,287,660		1,847,000		1,930,968		—		83,968
BRL	11/03/10		3,069,237		1,791,000		1,802,680		—		11,680
EUR	10/01/10		602,837		734,000		821,817		—		87,817
EUR	10/01/10		198,570		260,000		270,700		—		10,700
EUR	10/01/10		654,523		889,693		892,278		—		2,585
EUR	10/04/10		155,875		198,716		212,496		—		13,780
EUR	10/07/10		655,000		827,559		892,909		—		65,350
EUR	10/12/10		295,000		393,052		402,135		—		9,083
EUR	10/13/10		749,651		957,130		1,021,896		—		64,766
EUR	10/18/10		764,434		987,612		1,042,008		—		54,396
EUR	10/18/10		919,000		1,187,574		1,252,698		—		65,124
EUR	10/18/10		164,000		214,543		223,550		—		9,007
EUR	10/18/10		164,000		214,772		223,550		—		8,778
EUR	10/19/10		307,000		497,367		418,472		78,895		—
EUR	10/19/10		171,000		221,283		233,090		—		11,807
EUR	10/21/10		419,796		552,357		572,216		—		19,859
EUR	10/21/10		205,361		270,068		279,924		—		9,856
EUR	10/27/10		635,000		857,425		865,518		—		8,093
EUR	10/29/10		2,860,284		3,724,090		3,898,569		—		174,479
EUR	11/04/10		154,214		211,780		210,185		1,595		—
EUR	11/09/10		397,379		515,220		541,582		—		26,362
EUR	11/10/10		190,000		243,672		258,946		—		15,274
EUR	11/10/10		195,380		251,988		266,279		—		14,291
EUR	11/22/10		121,376		159,832		165,405		—		5,573
EUR	11/30/10		550,183		699,832		749,709		—		49,877
EUR	12/09/10		886,132		1,238,316		1,207,408		30,908		—
EUR	12/09/10		2,405,493		2,980,361		3,277,627		—		297,266

See Notes to Portfolio of Investments.

Lazard Global Total Return & Income Fund, Inc.

Portfolio of Investments (concluded)

September 30, 2010 (unaudited)

Forward Currency Sale Contracts open at September 30, 2010 (concluded):


Forward Currency Sale Contracts	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

EUR	12/14/10		1,352,937	$	1,719,584	$	1,843,387	$	—	$	123,803
EUR	12/15/10		455,404		586,000		620,487		—		34,487
EUR	12/24/10		2,207,173		2,960,923		3,007,062		—		46,139
HUF	12/09/10		917,154,900		4,872,458		4,486,944		385,514		—
ILS	10/01/10		1,930,734		520,000		530,072		—		10,072
ILS	10/01/10		8,573,266		2,327,004		2,353,741		—		26,737
INR	10/04/10		19,859,850		439,864		441,968		—		2,104
INR	10/06/10		37,168,920		828,000		826,869		1,131		—
JPY	10/21/10		137,236,432		1,585,000		1,644,181		—		59,181
JPY	11/10/10		9,197,388		108,000		110,211		—		2,211
JPY	11/24/10		103,324,000		1,214,048		1,238,293		—		24,245
JPY	12/24/10		140,461,126		1,647,590		1,684,075		—		36,485
KRW	10/04/10		782,562,500		685,737		686,308		—		571
KRW	11/19/10		640,750,000		550,000		560,881		—		10,881
KZT	10/01/10		53,503,600		362,736		362,245		491		—
MXN	10/04/10		15,956,169		1,280,078		1,266,197		13,881		—
MYR	10/06/10		1,138,059		355,000		368,612		—		13,612
MYR	10/06/10		2,297,471		741,000		744,140		—		3,140
MYR	11/03/10		500,903		161,000		161,935		—		935
PHP	10/04/10		49,054,330		1,119,195		1,117,793		1,402		—
RON	10/19/10		1,429,085		418,556		455,760		—		37,204
RSD	10/04/10		16,504,000		211,602		210,936		666		—
TWD	12/22/10		26,701,750		841,000		855,673		—		14,673
TWD	12/22/10		23,252,350		737,000		745,135		—		8,135
TWD	03/22/11		24,823,320		782,576		797,137		—		14,561
UGX	10/04/10		339,578,500		151,260		151,197		63		—
UGX	10/06/10		252,722,500		112,571		112,501		70		—
UYU	10/04/10		4,994,750		246,350		245,865		485		—
ZMK	10/04/10		235,783,500		48,615		48,649		—		34

Total Forward Currency Sale Contracts				$	52,385,989	$	53,543,268		515,101		1,672,380


Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	2,522,923	$	2,224,585

See Notes to Portfolio of Investments.

Lazard Global Total Return & Income Fund, Inc.

Notes to Portfolio of Investments

September 30, 2010 (unaudited)


(a)	Non-income producing security.

(b)	For federal income tax purposes, the aggregate cost was $176,332,877, aggregate gross unrealized appreciation was $13,366,691, aggregate gross unrealized depreciation was $25,168,213, and the net unrealized depreciation was $11,801,522.

(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:
ARS	—	Argentine Peso	MXN	—	Mexican New Peso
BRL	—	Brazilian Real	MYR	—	Malaysian Ringgit
CLP	—	Chilean Peso	PEN	—	Peruvian New Sol
CNY	—	Chinese Renminbi	PHP	—	Philippine Peso
EUR	—	Euro	PLN	—	Polish Zloty
GHC	—	Ghanaian Cedi	RON	—	New Romanian Leu
HUF	—	Hungarian Forint	RSD	—	Serbian Dinar
IDR	—	Indonesian Rupiah	RUB	—	Russian Ruble
ILS	—	Israeli Shekel	TRY	—	New Turkish Lira
INR	—	Indian Rupee	TWD	—	New Taiwan Dollar
JPY	—	Japanese Yen	UAH	—	Ukrainian Hryvnia
KES	—	Kenyan Shilling	UGX	—	Ugandan Shilling
KRW	—	South Korean Won	UYU	—	Uruguayan Peso
KZT	—	Kazakhstani Tenge	ZMK	—	Zambian Kwacha


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


Alcohol & Tobacco	1.8	%
Banking	9.6
Cable Television	1.8
Computer Software	8.7
Energy Integrated	7.0
Energy Services	1.9
Financial Services	4.0
Food & Beverages	3.6
Gas Utilities	1.8
Housing	1.0
Insurance	1.4
Manufacturing	7.3
Metal & Mining	1.9
Pharmaceutical & Biotechnology	16.2
Retail	7.4
Semiconductors & Components	2.5
Technology Hardware	6.5
Telecommunications	3.3

Subtotal	87.7
Foreign Government Obligations	10.5
Short-Term Investment	8.1

Total Investments	106.3	%

Lazard Global Total Return & Income Fund, Inc.

Notes to Portfolio of Investments (continued)

September 30, 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 NYSE (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 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 valued at their fair values as determined by, or in accordance with procedures approved by, the Board of Directors (the “Board”). The Valuation Committee of 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.

Notes to Portfolio of Investments (concluded)

September 30, 2010 (unaudited)

The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of September 30, 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 September 30, 2010

Assets:
Common Stocks*	$	135,698,305	$	—		$	—	$	135,698,305
Foreign Government Obligations		—		15,264,899			942,164		16,207,063
Short-Term Investment		—		12,625,987			—		12,625,987
Other Financial Instruments**
Forward Currency Contracts		—		2,522,923			—		2,522,923

Total	$	135,698,305	$	30,413,809		$	942,164	$	167,054,278

Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(2,224,585	)	$	—	$	(2,224,585	)



*	Please refer to the Notes to Portfolio of Investments, on page 15, for portfolio holdings 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 September 30, 2010:


Description	Balance as of December 31, 2009		Accrued Discounts		Realized Loss			Change in Unrealized Appreciation		Purchases		Sales			Net Transfers into Level 3		Net Transfers out of Level 3		Balance as of September 30, 2010		Net Change in Unrealized Appreciation from Investments Still Held at September 30, 2010


Foreign Government Obligations	$	1,490,542	$	36,327	$	(230,827	)	$	265,859	$	204,574	$	(824,311	)	$	—	$	—	$	942,164	$	49,862
Supranationals		664,021		1,509		(180,270	)		177,396		—		(662,656	)		—		—		—		—

Total	$	2,154,563	$	37,836	$	(411,097	)	$	443,255	$	204,574	$	(1,486,967	)	$	—	$	—	$	942,164	$	49,862

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. Additionally, the ASU amends disclosures about providing purchases, sales, issuances, and settlements on a gross basis relating to Level 3 measurements. The ASU guidance is effective for fiscal years beginning after December 15, 2009, and for interim periods within those fiscal years, except for the requirement to provide the Level 3 activity of purchases, sales, issuances, and settlements on a gross basis, which will be effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. There were no significant transfers into and out of Levels 1, 2, and 3 during the period ended September 30, 2010.

Lazard Global Total Return & Income Fund, Inc.

Dividend Reinvestment Plan

(unaudited)

Unless you elect to receive distributions in cash (i.e., opt-out), all dividends, including any capital gain distributions, on your common stock will be automatically reinvested by Computershare, Inc., as dividend disbursing agent (the “Plan Agent”), in additional common stock under the Fund’s Dividend Reinvestment Plan (the “Plan”). You may elect not to participate in the Plan by contacting the Plan Agent. If you do not participate, you will receive all distributions in cash, paid by check mailed directly to you by the Plan Agent.

Under the Plan, the number of shares of common stock you will receive will be determined on the dividend or distribution payment date, as follows:


(1)	If the common stock is trading at or above net asset value at the time of valuation, the Fund will issue new shares at a price equal to the greater of (i) net asset value per common share on that date or (ii) 95% of the common stock’s market price on that date.

(2)	If the common stock is trading below net asset value at the time of valuation, the Plan Agent will receive the dividend or distribution in cash and will purchase common stock in the open market, on the NYSE or elsewhere, for the participants’ accounts. It is possible that the market price for the common stock may increase before the Plan Agent has completed its purchases. Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price at the time of valuation, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in common stock issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase common stock in the open market within 30 days of the valuation date. Interest will not be paid on any uninvested cash payments.

You may withdraw from the Plan at any time by giving written notice to the Plan Agent. If you withdraw or the Plan is terminated, you will receive whole shares in your account under the Plan and you will receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus an initial $15 service fee plus $0.12 per share being liquidated (for processing and brokerage expenses).

The Plan Agent maintains all stockholders’ accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. Shares of common stock in your account will be held by the Plan Agent in non-certificated form. Any proxy you receive will include all common stock you have received under the Plan.

There is no brokerage charge for reinvestment of your dividends or distributions in newly-issued shares of common stock. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases.

Automatically reinvesting dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions.

If you hold your common stock with a brokerage firm that does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above. Consult your financial advisor for more information.

The Fund reserves the right to amend or terminate the Plan if, in the judgment of the Board, the change is warranted. There is no direct service charge to participants in the Plan (other than the service charge when you direct the Plan Agent to sell your common stock held in a dividend reinvestment account); however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained from the Plan Agent at P.O. Box 43010, Providence, Rhode Island 02940-3010.

Lazard Global Total Return & Income Fund, Inc.

Board of Directors and Officers Information

(unaudited)


Name (Age)	Position(s) with the Fund⁽¹⁾	Principal Occupation(s) During Past 5 Years and Other Directorships Held

Board of Directors:

Class I — Directors with Term Expiring in 2012
Independent Directors:

Leon M. Pollack (69)	Director	Former Managing Director, Donaldson, Lufkin & Jenrette; Trustee, Adelphi University

Robert M. Solmson (63)	Director	President, Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments; Director, Colonial Williamsburg Co.; Former Chief Executive Officer and Chairman, RFS Hotel Investors, Inc.; Former Director, Morgan Keegan & Co., Inc.; Former Director, Independent Bank, Memphis

Interested Director:

Charles L. Carroll (50)	Chief Executive Officer, President and Director	Deputy Chairman and Head of Global Marketing of the Investment Manager

Class II — Directors with Term Expiring in 2013
Independent Directors:

Kenneth S. Davidson (65)⁽²⁾	Director	President, Davidson Capital Management Corporation; Partner, Aquiline Holdings LLC; Trustee, The Juilliard School; Chairman of the Board, Bridgehampton Chamber Music Festival; Trustee, American Friends of the National Gallery, London

Nancy A. Eckl (48)	Director	Former Vice President, Trust Investments, American Beacon Advisors, Inc. (“American Beacon”) and Vice President of certain funds advised by American Beacon; Trustee, College Retirement Equities Fund (eight accounts); Trustee, TIAA-CREF Funds (49 funds) and TIAA-CREF Life Funds (10 funds), and Member of the Management Committee of TIAA Separate Account VA-1

Lester Z. Lieberman (80)	Director	Private Investor; Chairman, Healthcare Foundation of New Jersey; Director, Cives Steel Co.; Director, Northside Power Transmission Co.; Advisory Trustee, New Jersey Medical School; Director, Public Health Research Institute; Trustee Emeritus, Clarkson University; Council of Trustees, New Jersey Performing Arts Center

Class III — Directors with Term Expiring in 2011
Independent Director:

Richard Reiss, Jr. (66)	Director	Chairman, Georgica Advisors LLC, an investment manager; Director, O’Charley’s, Inc., a restaurant chain

Interested Director:

Ashish Bhutani (50)	Director	Chief Executive Officer of the Investment Manager; Vice Chairman of Lazard Ltd (since January 2010)


⁽¹⁾	Each Director also serves as a Director of The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard World Dividend & Income Fund, Inc. (collectively, with the Fund, the “Lazard Funds”). All of the Independent Directors, except Mr. Lieberman, are also board members of Lazard Alternative Strategies Fund, L.L.C., a privately-offered fund registered under the Investment Company Act of 1940 and advised by an affiliate of the Investment Manager.

⁽²⁾	It is possible that Mr. Davidson could be deemed to be an affiliate of a company that has an indirect ownership interest in a broker-dealer that the Investment Manager may use to execute portfolio transactions for clients other than the Fund, and thus an “interested person” (as defined in the 1940 Act) of the Fund. However, due to the structure of Mr. Davidson’s relationship with the company and the remote nature of any deemed affiliation with the broker-dealer, Mr. Davidson is not identified as an “interested person” (as defined in the 1940 Act) of the Fund. Mr. Davidson participates in Fund Board meetings as if his status were that of an “interested person” (as defined in the 1940 Act).

Lazard Global Total Return & Income Fund, Inc.

Board of Directors and Officers Information (concluded)

(unaudited)


Name (Age)	Position(s) with the Fund⁽¹⁾	Principal Occupation(s) During Past 5 Years

Officers⁽²⁾:

Nathan A. Paul (37)	Vice President and Secretary	Managing Director and General Counsel of the Investment Manager

Stephen St. Clair (52)	Treasurer	Vice President of the Investment Manager

Brian D. Simon (48)	Chief Compliance Officer and Assistant Secretary	Director (since January 2006) and Chief Compliance Officer (since January 2009); and previously Senior Vice President (2002 to 2005) of the Investment Manager

Tamar Goldstein (35)	Assistant Secretary	Vice President (since March 2009) and previously Counsel (October 2006 to February 2009) of the Investment Manager; Associate at Schulte Roth & Zabel LLP, a law firm, from May 2004 to October 2006

Cesar A. Trelles (35)	Assistant Treasurer	Fund Administration Manager of the Investment Manager


⁽¹⁾	Each officer also serves as an officer for each of the Lazard Funds.

⁽²⁾	In addition to Charles L. Carroll, President, whose information is included in the Class I Interested Director section.

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Lazard Global Total Return & Income Fund, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

http://www.LazardNet.com

Investment Manager

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Transfer Agent and Registrar

Computershare Trust Company, N.A.

P.O. Box 43010

Providence, Rhode Island 02940-3010

Dividend Disbursing Agent

Computershare, Inc.

P.O. Box 43010

Providence, Rhode Island 02940-3010

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Two World Financial Center

New York, New York 10281-1414

Legal Counsel

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, New York 10038-4982

http://www.stroock.com

(LAZARD LOGO)

Lazard Asset Management LLC
30 Rockefeller Plaza
New York, NY 10112-6300
www.LazardNet.com

(BACK COVER)

This report is intended only for the information of stockholders of Lazard Global Total Return & Income Fund, Inc.