Edgar Filing: LAZARD GLOBAL TOTAL RETURN & INCOME FUND INC

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:	3/31/2011


Item 1.	Schedule of Investments.

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments

March 31, 2011 (unaudited)



Description	Shares		Value


Common Stocks — 91.2%

Australia — 2.2%
BHP Billiton, Ltd. Sponsored ADR		38,500	$	3,691,380


Finland — 1.1%
Sampo Oyj A Shares ADR		109,500		1,746,525


France — 6.5%
GDF Suez Sponsored ADR		75,981		3,115,221
Sanofi-Aventis SA ADR		105,200		3,705,144
Total SA Sponsored ADR		64,000		3,902,080

Total France				10,722,445


Germany — 2.2%
SAP AG Sponsored ADR		59,300		3,638,648


Ireland — 1.4%
CRH PLC Sponsored ADR		98,300		2,282,526


Italy — 1.1%
Eni SpA Sponsored ADR		36,350		1,785,876


Japan — 5.3%
Canon, Inc. Sponsored ADR		44,700		1,937,745
Hoya Corp. Sponsored ADR (c)		73,500		1,672,125
Mitsubishi UFJ Financial Group,
Inc. ADR		528,000		2,428,800
Nomura Holdings, Inc. ADR (c)		332,600		1,729,520
Sumitomo Mitsui Financial Group,
Inc. Sponsored ADR		160,600		1,003,750

Total Japan				8,771,940


Singapore — 3.2%
Singapore Telecommunications,
Ltd. ADR (c)		217,400		5,241,514


Spain — 1.6%
Banco Santander SA Sponsored
ADR		220,693		2,586,522


Switzerland — 7.4%
Novartis AG ADR		78,900		4,288,215
Roche Holding AG Sponsored
ADR		92,400		3,321,780
UBS AG (a)		107,587		1,941,945
Zurich Financial Services AG ADR		92,500		2,597,400

Total Switzerland				12,149,340


United Kingdom — 13.4%
BP PLC Sponsored ADR (c)		97,973		4,324,528
British American Tobacco PLC
Sponsored ADR		37,700		3,053,323
GlaxoSmithKline PLC Sponsored
ADR (c)		80,200		3,080,482
HSBC Holdings PLC Sponsored
ADR (c)		112,275		5,815,845
Unilever PLC Sponsored ADR		99,100		3,034,442
WM Morrison Supermarkets PLC
ADR		120,300		2,664,645

Total United Kingdom				21,973,265


United States — 45.8%
Cisco Systems, Inc. (c)		220,400		3,779,860
Comcast Corp., Class A		160,900		3,736,098
ConocoPhillips		32,900		2,627,394
Emerson Electric Co.		67,600		3,949,868
Halliburton Co.		89,900		4,480,616
Honeywell International, Inc. (c)		64,700		3,863,237
Intel Corp.		155,400		3,134,418
International Business Machines
Corp. (c)		38,800		6,327,116
Johnson & Johnson (c)		104,300		6,179,775
Merck & Co., Inc.		75,300		2,485,653

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)



Description	Shares		Value

Microsoft Corp. (c)		226,600	$	5,746,576
Oracle Corp.		184,300		6,150,091
PepsiCo, Inc.		41,100		2,647,251
Pfizer, Inc. (c)		87,566		1,778,466
The Bank of New York Mellon
Corp. (c)		103,600		3,094,532
The Home Depot, Inc. (c)		165,500		6,133,430
United Technologies Corp.		68,900		5,832,385
Wal-Mart Stores, Inc.		62,800		3,268,740

Total United States				75,215,506

Total Common Stocks
(Identified cost $151,669,026)				149,805,487


Description	Principal Amount (000) (d)		Value


Foreign Government Obligations — 13.4%

Brazil — 3.8%
Brazil NTN-F:
10.00%, 01/01/12		4,500	$	2,781,817
10.00%, 01/01/13		5,795		3,489,260

Total Brazil				6,271,077


Colombia — 0.1%
Republic of Colombia,
12.00%, 10/22/15		305,000		207,886

Ghana — 0.6%
Ghana Government Bonds:
16.00%, 05/02/11		460		305,458
13.67%, 06/11/12		790		528,009
15.00%, 12/10/12		320		218,030

Total Ghana				1,051,497


Israel — 0.9%
Israel Consumer Price Index-
Linked Bond,
3.00%, 10/31/19		4,869		1,550,973

Mexico — 3.1%
Mexican Bonos:
9.00%, 12/20/12		9,530		847,123
8.00%, 12/17/15		20,500		1,797,862
7.75%, 12/14/17		7,000		607,460
Mexican Cetes,
0.00%, 04/07/11		67,900		570,375
Mexican Udibonos:
4.50%, 12/18/14		1,520		622,928
5.00%, 06/16/16		1,480		624,080

Total Mexico				5,069,828


Poland — 1.0%
Poland Government Bonds:
5.75%, 04/25/14		4,062		1,446,516
3.00%, 08/24/16		420		150,531

Total Poland				1,597,047


Romania — 1.2%
Romania Treasury Bills:
0.00%, 04/20/11		1,200		411,166
0.00%, 08/17/11		4,520		1,516,093

Total Romania				1,927,259


South Africa — 1.6%
Republic of South Africa:
13.50%, 09/15/15		4,417		789,536
8.25%, 09/15/17		7,817		1,143,499
8.00%, 12/21/18		2,462		350,612

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)



Description	Principal Amount (000) (d)		Value

7.25%, 01/15/20		2,290	$	309,161

Total South Africa				2,592,808


Turkey — 1.1%
Turkey Government Bonds:
0.00%, 08/08/12		1,497		862,386
0.00%, 11/07/12		1,515		854,896

Total Turkey				1,717,282


Total Foreign Government
Obligations
(Identified cost $20,227,508)				21,985,657


Description	Shares		Value


Short-Term Investment — 0.1%

State Street Institutional Treasury
Money Market Fund
(Identified cost $227,694)		227,694	$	227,694


Total Investments — 104.7%
(Identified cost $172,124,228) (b)			$	172,018,838

Liabilities in Excess of Cash and
Other Assets — (4.7)%				(7,762,427	)


Net Assets — 100.0%			$	164,256,411

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2011:


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

ARS	UBS	04/08/11	1,719,601	$	423,000	$	423,864	$	864	$	-
ARS	CIT	04/11/11	3,570,006		874,787		879,568		4,781		-
ARS	JPM	04/11/11	2,264,198		554,000		557,847		3,847		-
ARS	UBS	05/09/11	1,732,079		423,000		424,812		1,812		-
ARS	UBS	05/18/11	2,714,184		658,000		664,429		6,429		-
ARS	BNP	05/23/11	3,528,875		862,595		862,961		366		-
ARS	UBS	05/23/11	389,329		95,000		95,208		208		-
ARS	CIT	05/31/11	2,101,761		513,000		513,111		111		-
ARS	UBS	06/09/11	1,744,854		423,000		425,176		2,176		-
BRL	BRC	04/04/11	955,951		586,941		585,521		-		1,420
BRL	HSB	04/04/11	6,732,558		4,060,650		4,123,699		63,049		-
BRL	HSB	05/02/11	1,198,269		715,000		730,039		15,039		-
CLP	BRC	04/14/11	226,765,000		475,000		474,255		-		745
CLP	BNP	04/18/11	189,930,000		390,000		397,052		7,052		-
CLP	HSB	04/19/11	208,835,100		423,000		436,528		13,528		-
CLP	BNP	05/09/11	380,244,375		794,709		793,255		-		1,454
CLP	BNP	05/16/11	203,847,100		422,000		425,016		3,016		-
CLP	BNP	06/03/11	139,999,400		292,000		291,464		-		536
CLP	BNP	06/30/11	200,701,000		414,286		416,623		2,337		-
CLP	CSF	09/26/11	392,229,000		796,000		806,519		10,519		-
CNY	JPM	05/27/11	4,780,375		731,000		731,870		870		-
CNY	JPM	05/27/11	492,029		72,177		75,329		3,152		-
CNY	BRC	07/29/11	5,434,092		813,000		834,844		21,844		-
CNY	BRC	07/29/11	1,097,824		169,000		168,660		-		340
CNY	BRC	07/29/11	254,486		38,000		39,097		1,097		-
CNY	JPM	07/29/11	4,071,165		609,000		625,457		16,457		-
CNY	JPM	07/29/11	1,460,246		222,074		224,339		2,265		-
COP	HSB	04/25/11	727,350,000		390,000		389,520		-		480
COP	CIT	05/16/11	1,543,056,000		825,428		827,631		2,203		-
COP	HSB	05/24/11	726,570,000		390,000		389,852		-		148

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2011 (continued):


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

CZK	CIT	04/15/11	15,503,616	$	867,291	$	895,406	$	28,115	$	-
CZK	CIT	04/15/11	5,552,998		317,166		320,711		3,545		-
CZK	BNP	04/26/11	22,053,150		1,227,292		1,273,558		46,266		-
EUR	BRC	04/04/11	505,051		671,407		715,758		44,351		-
EUR	BRC	04/04/11	432,841		569,400		613,422		44,022		-
EUR	BRC	04/04/11	94,807		127,000		134,361		7,361		-
EUR	CIT	04/04/11	246,642		347,827		349,541		1,714		-
EUR	BNP	04/26/11	600,000		827,371		849,972		22,601		-
EUR	BNP	04/29/11	628,000		884,978		889,588		4,610		-
EUR	CIT	04/29/11	306,000		431,537		433,462		1,925		-
EUR	JPM	06/14/11	248,708		343,230		351,986		8,756		-
EUR	BRC	07/05/11	613,138		869,046		867,338		-		1,708
GHS	CIT	04/08/11	122,000		79,660		80,573		913		-
GHS	SCB	04/11/11	411,650		271,949		271,607		-		342
GHS	CIT	04/14/11	122,000		79,417		80,419		1,002		-
GHS	CIT	04/26/11	1,155,000		756,385		758,420		2,035		-
GHS	SCB	04/29/11	437,000		285,621		286,677		1,056		-
GHS	JPM	05/10/11	291,653		185,000		190,749		5,749		-
GHS	SCB	05/16/11	1,000,000		646,538		652,970		6,432		-
GHS	CIT	06/21/11	117,000		74,808		75,619		811		-
GHS	BRC	07/05/11	246,480		158,000		158,644		644		-
GHS	JPM	07/05/11	269,004		174,000		173,142		-		858
GHS	BRC	10/11/11	237,330		109,369		148,438		39,069		-
IDR	BRC	04/18/11	7,496,940,000		814,000		859,041		45,041		-
ILS	BRC	04/04/11	2,690,879		774,131		773,186		-		945
ILS	BRC	04/04/11	428,434		118,000		123,104		5,104		-
INR	SCB	04/13/11	38,778,000		843,000		868,248		25,248		-
INR	SCB	04/15/11	18,207,540		403,000		407,517		4,517		-
INR	JPM	04/25/11	19,666,860		433,000		439,352		6,352		-
INR	BNP	05/31/11	42,264,610		902,608		937,926		35,318		-
INR	SCB	07/21/11	23,782,000		506,000		522,674		16,674		-

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2011 (continued):


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

KES	CIT	04/05/11	41,313,000	$	507,219	$	498,046	$	-	$	9,173
KES	CIT	04/11/11	23,579,900		282,056		284,265		2,209		-
KES	SCB	04/28/11	20,161,590		237,000		243,052		6,052		-
KES	CIT	05/05/11	41,313,000		495,479		498,035		2,556		-
KRW	SCB	04/15/11	1,090,034,400		966,000		993,048		27,048		-
KRW	SCB	04/18/11	854,941,500		747,000		778,735		31,735		-
KRW	BRC	04/22/11	593,971,000		530,000		540,898		10,898		-
KRW	HSB	04/28/11	954,700,500		849,000		869,087		20,087		-
KRW	JPM	04/28/11	480,336,300		426,000		437,262		11,262		-
KRW	BRC	05/23/11	504,828,000		444,000		458,822		14,822		-
KRW	BRC	05/31/11	433,570,000		388,504		393,852		5,348		-
KRW	SCB	08/11/11	486,080,000		434,000		439,630		5,630		-
KZT	BRC	04/01/11	56,874,000		385,979		390,605		4,626		-
KZT	BRC	05/03/11	66,555,000		452,294		457,397		5,103		-
KZT	BRC	05/03/11	35,520,000		241,468		244,109		2,641		-
KZT	HSB	05/03/11	54,115,000		372,180		371,903		-		277
KZT	CIT	05/10/11	41,044,475		279,024		282,155		3,131		-
KZT	HSB	05/10/11	40,996,000		278,600		281,822		3,222		-
KZT	HSB	05/10/11	32,597,000		221,673		224,084		2,411		-
KZT	BRC	05/20/11	33,277,500		225,901		228,860		2,959		-
KZT	BRC	05/20/11	30,763,200		208,706		211,569		2,863		-
KZT	CIT	06/09/11	17,612,000		119,728		121,219		1,491		-
KZT	HSB	06/15/11	17,612,000		119,687		121,236		1,549		-
KZT	BRC	06/20/11	30,763,200		208,734		211,789		3,055		-
KZT	HSB	06/28/11	34,752,000		235,927		239,293		3,366		-
KZT	BRC	06/30/11	17,760,000		120,554		122,296		1,742		-
KZT	CIT	07/18/11	49,299,000		335,025		339,594		4,569		-
KZT	BRC	08/02/11	66,555,000		452,447		458,587		6,140		-
KZT	BRC	08/10/11	26,490,000		180,155		182,552		2,397		-
MXN	CIT	04/13/11	4,400,172		360,000		369,623		9,623		-
MXN	JPM	04/13/11	6,773,399		557,000		568,978		11,978		-

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2011 (continued):


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

MXN	JPM	04/13/11	1,644,570	$	135,000	$	138,147	$	3,147	$	-
MYR	BRC	04/04/11	2,804,145		919,000		925,842		6,842		-
MYR	BRC	05/09/11	1,250,771		413,000		412,002		-		998
MYR	JPM	05/09/11	7,393,147		2,435,000		2,435,294		294		-
MYR	BRC	05/31/11	2,296,360		748,000		755,233		7,233		-
MYR	BRC	06/03/11	1,251,927		413,000		411,649		-		1,351
MYR	BRC	07/05/11	2,599,740		858,000		853,017		-		4,983
PHP	BRC	04/04/11	25,519,200		588,000		588,000		-		-
PHP	SCB	04/04/11	11,259,170		257,000		259,428		2,428		-
PHP	BRC	04/28/11	19,835,980		458,000		456,482		-		1,518
PHP	BRC	04/28/11	17,898,475		402,665		411,894		9,229		-
PHP	BRC	05/19/11	42,180,000		980,019		969,823		-		10,196
PHP	BRC	05/27/11	58,158,620		1,352,212		1,336,801		-		15,411
PLN	CIT	04/04/11	986,076		343,443		347,259		3,816		-
PLN	BRC	04/18/11	2,021,001		702,126		710,863		8,737		-
PLN	BNP	04/29/11	6,174,077		2,122,369		2,169,610		47,241		-
RON	BRC	04/26/11	1,828,887		584,094		627,263		43,169		-
RSD	BRC	04/14/11	21,890,000		293,806		298,465		4,659		-
RSD	BRC	04/21/11	26,469,000		345,233		360,108		14,875		-
RSD	CIT	04/21/11	18,593,400		243,130		252,961		9,831		-
RSD	CIT	04/26/11	24,427,470		319,941		331,814		11,873		-
RSD	BRC	05/23/11	25,757,000		335,946		346,696		10,750		-
RSD	CIT	05/23/11	20,273,000		276,727		272,880		-		3,847
RSD	CIT	06/06/11	21,420,000		293,344		204,000		-		89,344
RSD	CIT	06/24/11	18,593,400		256,461		247,324		-		9,137
RSD	BRC	07/05/11	21,624,000		296,138		204,000		-		92,138
RSD	BRC	08/10/11	55,737,450		729,678		730,951		1,273		-
RSD	CIT	08/10/11	19,880,000		262,235		260,710		-		1,525
RUB	CIT	04/04/11	21,190,825		739,000		745,316		6,316		-
RUB	JPM	04/11/11	18,953,242		644,000		666,237		22,237		-
RUB	UBS	04/11/11	16,636,284		588,000		584,792		-		3,208

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2011 (continued):


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

RUB	BRC	04/15/11	22,520,005	$	787,000	$	791,356	$	4,356	$	-
RUB	HSB	04/27/11	15,149,000		516,502		531,819		15,317		-
RUB	BRC	05/03/11	19,833,564		696,000		695,934		-		66
RUB	CIT	05/04/11	23,160,338		813,000		812,601		-		399
THB	JPM	04/07/11	12,507,050		410,000		413,463		3,463		-
THB	SCB	04/25/11	11,787,750		390,000		389,337		-		663
THB	SCB	05/09/11	12,511,150		410,000		412,937		2,937		-
THB	HSB	06/06/11	24,660,440		812,000		812,736		736		-
THB	JPM	06/24/11	11,806,275		390,000		388,663		-		1,337
TRY	BRC	04/07/11	797,181		490,000		515,777		25,777		-
TRY	BRC	04/22/11	676,128		422,000		436,367		14,367		-
TRY	JPM	04/25/11	339,752		211,000		219,164		8,164		-
TRY	JPM	04/29/11	2,429,427		1,501,500		1,566,111		64,611		-
TRY	JPM	05/31/11	2,441,439		1,501,500		1,565,146		63,646		-
UAH	ING	04/28/11	2,488,000		311,000		310,282		-		718
UAH	CIT	07/01/11	2,143,000		265,223		264,385		-		838
UAH	CIT	07/18/11	1,173,050		142,968		144,250		1,282		-
UAH	HSB	07/25/11	1,799,600		220,000		221,001		1,001		-
UAH	BRC	08/10/11	1,798,500		218,000		220,193		2,193		-
UAH	BRC	08/10/11	1,443,000		169,765		176,669		6,904		-
UAH	ING	08/16/11	1,849,000		224,211		226,118		1,907		-
UAH	ING	08/16/11	1,148,000		139,135		140,391		1,256		-
UAH	BRC	08/17/11	1,137,120		138,000		139,034		1,034		-
UAH	ING	08/18/11	1,386,810		168,296		169,531		1,235		-
UAH	CIT	08/22/11	1,752,818		212,979		214,111		1,132		-
UAH	ING	08/22/11	3,200,107		394,000		390,901		-		3,099
UAH	ING	08/25/11	1,625,830		199,000		198,486		-		514
UAH	CSF	08/31/11	1,568,640		192,000		191,286		-		714
UAH	ING	09/02/11	1,138,900		140,000		138,829		-		1,171
UAH	HSB	09/06/11	1,680,960		206,000		204,750		-		1,250
UAH	ING	09/07/11	2,117,000		248,930		257,813		8,883		-

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2011 (concluded):


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

UAH	BRC	09/12/11	1,761,570	$	207,000	$	214,325	$	7,325	$	-
UGX	CIT	04/11/11	268,772,000		112,316		111,647		-		669
UGX	BRC	04/18/11	729,744,000		300,677		302,547		1,870		-
UGX	CIT	04/26/11	1,137,140,000		474,401		470,411		-		3,990
UGX	CIT	04/28/11	149,890,000		64,056		61,973		-		2,083
UGX	CIT	06/22/11	1,199,696,000		485,707		491,082		5,375		-
UGX	SCB	06/24/11	450,660,000		185,000		184,407		-		593
UGX	SCB	09/30/11	1,000,176,000		402,000		400,289		-		1,711
UGX	CIT	10/04/11	279,675,000		113,000		113,000		-		-
UYU	CIT	04/11/11	5,839,400		301,000		302,873		1,873		-
UYU	JPM	04/11/11	4,403,800		227,000		228,413		1,413		-
UYU	CIT	04/19/11	4,740,750		245,000		245,890		890		-
UYU	CIT	04/25/11	4,678,470		241,781		242,659		878		-
UYU	JPM	05/09/11	5,875,520		301,000		303,174		2,174		-
UYU	CIT	05/18/11	4,934,660		251,000		254,626		3,626		-
ZAR	JPM	09/14/11	706,636		102,000		101,996		-		4
ZMK	SCB	04/01/11	866,745,000		182,473		184,015		1,542		-
ZMK	BRC	04/07/11	747,006,000		157,264		158,544		1,280		-
ZMK	CIT	04/07/11	2,939,700,000		615,000		623,921		8,921		-
ZMK	BRC	04/14/11	3,223,470,000		683,518		683,909		391		-
ZMK	SCB	04/18/11	650,940,000		136,968		138,079		1,111		-
ZMK	SCB	05/03/11	706,507,500		150,000		149,716		-		284
ZMK	SCB	05/24/11	1,746,525,000		364,315		369,057		4,742		-

Total Forward Currency Purchase Contracts				$	83,792,070	$	84,810,213	$	1,290,328	$	272,185

Forward Currency Sale Contracts open at March 31, 2011:

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

BRL	BRC	04/04/11	955,951	$	585,521	$	570,070	$	-	$	15,451
BRL	HSB	04/04/11	955,951		585,521		586,941		1,420		-
BRL	HSB	04/04/11	5,776,607		3,538,178		3,448,000		-		90,178

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)

Forward Currency Sale Contracts open at March 31, 2011 (continued):


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

BRL	HSB	05/02/11	6,732,558	$	4,101,775	$	4,038,000	$	-	$	63,775
CNY	JPM	07/29/11	12,317,813		1,892,396		1,875,000		-		17,396
COP	HSB	05/16/11	136,178,983		73,041		73,038		-		3
COP	JPM	05/16/11	271,120,385		145,418		145,529		111		-
CZK	BNP	04/26/11	14,581,950		842,100		827,370		-		14,730
EUR	BRC	04/04/11	165,538		234,601		221,000		-		13,601
EUR	BRC	04/04/11	254,023		360,001		354,150		-		5,851
EUR	BRC	04/04/11	613,138		868,939		870,656		1,717		-
EUR	CIT	04/04/11	252,000		357,134		343,443		-		13,691
EUR	BRC	04/14/11	209,835		297,323		293,806		-		3,517
EUR	CIT	04/15/11	229,000		324,472		317,166		-		7,306
EUR	CIT	04/15/11	640,000		906,822		867,291		-		39,531
EUR	BRC	04/18/11	497,000		704,165		702,127		-		2,038
EUR	CIT	04/18/11	240,917		341,339		333,000		-		8,339
EUR	CIT	04/18/11	314,007		444,895		419,000		-		25,895
EUR	BRC	04/21/11	251,606		356,464		345,233		-		11,231
EUR	CIT	04/21/11	176,368		249,869		243,130		-		6,739
EUR	BNP	04/26/11	900,000		1,274,958		1,227,292		-		47,666
EUR	BRC	04/26/11	428,000		606,313		584,094		-		22,219
EUR	CIT	04/26/11	232,594		329,497		319,941		-		9,556
EUR	CAL	04/28/11	2,987,686		4,232,258		4,082,000		-		150,258
EUR	BNP	04/29/11	1,547,000		2,191,389		2,122,369		-		69,020
EUR	HSB	05/16/11	1,399,339		1,981,578		1,931,087		-		50,491
EUR	BRC	05/23/11	242,762		343,724		335,946		-		7,778
EUR	CIT	05/23/11	193,796		274,394		276,727		2,333		-
EUR	HSB	05/23/11	1,525,895		2,160,501		2,156,089		-		4,412
EUR	CIT	06/06/11	204,000		288,764		293,344		4,580		-
EUR	HSB	06/07/11	1,577,586		2,233,038		2,196,000		-		37,038
EUR	CIT	06/24/11	174,832		247,377		256,461		9,084		-
EUR	BRC	07/05/11	204,000		288,576		296,138		7,562		-
EUR	BRC	08/10/11	513,000		725,004		729,678		4,674		-

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)

Forward Currency Sale Contracts open at March 31, 2011 (concluded):


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

EUR	CIT	08/10/11	183,226	$	258,946	$	262,234	$	3,288	$	-
ILS	BRC	04/04/11	3,119,314		896,290		877,000		-		19,290
ILS	BRC	05/04/11	2,565,350		736,207		737,000		793		-
JPY	BRC	04/21/11	76,150,854		915,577		939,130		23,553		-
JPY	SCB	04/21/11	74,265,205		892,905		905,001		12,096		-
JPY	CAL	05/10/11	11,904,354		143,143		144,998		1,855		-
JPY	JPM	05/31/11	5,352,965		64,375		67,000		2,625		-
JPY	JPM	05/31/11	39,707,415		477,526		486,000		8,474		-
KES	CIT	04/05/11	41,313,000		498,047		496,551		-		1,496
KRW	SCB	04/15/11	891,332,400		812,026		812,000		-		26
KZT	HSB	04/01/11	56,874,000		390,605		390,618		13		-
KZT	BRC	05/20/11	64,040,700		440,428		437,436		-		2,992
MXN	JPM	04/13/11	8,494,605		713,563		707,000		-		6,563
MXN	JPM	04/13/11	9,825,000		825,318		800,277		-		25,041
MYR	BRC	04/04/11	2,804,145		925,842		926,837		995		-
PHP	BRC	04/04/11	17,868,920		411,726		412,296		570		-
PHP	BRC	04/04/11	18,909,450		435,702		435,000		-		702
PHP	BRC	05/27/11	32,150,860		739,001		742,000		2,999		-
PLN	CIT	04/04/11	986,076		347,259		347,828		569		-
PLN	BNP	04/29/11	2,515,266		883,880		884,978		1,098		-
PLN	CIT	04/29/11	1,225,346		430,595		431,537		942		-
RUB	CIT	04/04/11	21,190,825		745,316		745,500		184		-
TRY	BRC	04/07/11	1,508,626		976,083		946,500		-		29,583
TRY	JPM	04/25/11	1,513,170		976,100		946,500		-		29,600
ZAR	CIT	06/07/11	7,385,784		1,081,715		1,059,000		-		22,715
ZAR	JPM	09/14/11	11,065,383		1,597,186		1,552,056		-		45,130
ZMK	SCB	04/01/11	866,745,000		184,013		184,414		401		-

Total Forward Currency Sale Contracts				$	52,186,719	$	51,357,807		91,936		920,848

Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	1,382,264	$	1,193,033

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)

Currency Abbreviations:

ARS — Argentine Peso

BRL — Brazilian Real

CLP — Chilean Peso

CNY — Chinese Renminbi

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

GHS — Ghanaian Cedi

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KES — Kenyan Shilling

KRW — South Korean Won

KZT — Kazakhstani Tenge

MXN — Mexican New Peso

MYR — Malaysian Ringgit

PHP — Philippine Peso

PLN — Polish Zloty

RON — New Romanian Leu

RSD — Serbian Dinar

RUB — Russian Ruble

THB — Thai Baht

TRY — New Turkish Lira

UAH — Ukranian Hryvnia

UGX — Ugandan Shilling

UYU — Uruguayan Peso

ZAR — South African Rand

ZMK — Zambian Kwacha

Counterparty Abbreviations:

BNP — BNP Paribas SA

BRC — Barclays Bank PLC

CAL — Calyon Bank

CIT — Citibank NA

CSF — Credit Suisse First Boston

HSB — HSBC Bank USA

ING — ING Bank NV

JPM — JPMorgan Chase Bank

SCB — Standard Chartered Bank

UBS — UBS AG

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (unaudited)


(a)	Non-income producing security.
(b)	For federal income tax purposes, the aggregate cost was $172,124,228, aggregate gross unrealized appreciation was $22,124,594, aggregate gross unrealized depreciation was $22,229,984, and the net unrealized depreciation was $105,390.
(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


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

Alcohol & Tobacco	1.9	%
Banking	7.2
Cable Television	2.3
Computer Software	9.5
Energy Integrated	7.7
Energy Services	2.7
Financial Services	4.1
Food & Beverages	3.5
Gas Utilities	1.9
Housing	1.4
Insurance	2.6
Manufacturing	8.3
Metals & Mining	2.2
Pharmaceutical & Biotechnology	15.1
Retail	7.3
Semiconductor & Components	4.1
Technology Hardware	6.2
Telecommunications	3.2
Subtotal	91.2
Foreign Government Obligations	13.4
Short-Term Investment	0.1
Total Investments	104.7	%

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2011 (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. Investments in money market funds are valued at the fund’s net asset value.

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 (including restricted or other illiquid securities such as derivative instruments), 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 the Investment Manager may evaluate a variety of factors to determine the fair value of securities for which 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. The Fair Value Measurements and Disclosures provisions of accounting principles generally accepted in the United States of America 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 and Income Fund, Inc.

Portfolio of Investments (concluded)

March 31, 2011 (unaudited)

The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of March 31, 2011:


	Unadjusted
	Quoted Prices in		Significant
	Active Markets		Other			Significant
	for Identical		Observable			Unobservable
	Investments		Inputs			Inputs		Balance as of
Description	(Level 1)		(Level 2)			(Level 3)		March 31, 2011

Assets:
Common Stocks	$	149,805,487	$	—		$	—	$	149,805,487
Foreign Government Obligations		—		21,985,657			—		21,985,657
Short-Term Investment		—		227,694			—		227,694
Other Financial Instruments*
Forward Currency Contracts		—		1,382,264			—		1,382,264

Total	$	149,805,487	$	23,595,615		$	—	$	173,401,102

Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(1,193,033	)	$	—	$	(1,193,033	)

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

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, 2011:


																						Net Change in
																						Unrealized
															Net		Net					Appreciation
	Balance as of							Change in							Transfers		Transfers					from Investments
	December 31,		Accrued		Realized			Unrealized							Into		Out of			Balance as of		Still Held at
Description	2010		Discounts		Loss			Appreciation		Purchases		Sales			Level 3		Level 3			March 31, 2011		March 31, 2011

Foreign
Government
Obligations	$	899,155	$	7,591	$	(137,180	)	$	112,111	$	-	$	(657,354	)	$	-	$	(224,323	)	$	-	$	-

There were no significant transfers into or out of Levels 1, 2 and 3 during the period ended March 31, 2011.

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 31, 2011

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 31, 2011

By:	/s/ Stephen St. Clair

	Stephen St. Clair
	Chief Financial Officer

Date:	May 31, 2011