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:	3/31/2012


Item 1.	Schedule of Investments.

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments

March 31, 2012 (unaudited)


Description	Shares		Value


Common Stocks — 92.6%

Australia — 1.7%
BHP Billiton, Ltd. Sponsored ADR	38,500	$	2,787,400


Finland — 1.0%
Sampo Oyj, A Shares ADR	109,500		1,571,325


France — 5.7%
GDF Suez Sponsored ADR	75,981		1,964,109
Sanofi SA ADR	105,200		4,076,500
Total SA Sponsored ADR	64,000		3,271,680


			9,312,289


Germany — 2.5%
SAP AG Sponsored ADR	59,300		4,140,326


Ireland — 1.2%
CRH PLC Sponsored ADR	98,300		2,016,133


Italy — 1.0%
Eni SpA Sponsored ADR	36,350		1,701,907


Japan — 8.0%
Canon, Inc. Sponsored ADR	44,700		2,130,402
Hoya Corp. Sponsored ADR	73,500		1,663,305
Mitsubishi UFJ Financial Group, Inc. ADR	1,050,900		5,233,482
Nomura Holdings, Inc. ADR	332,600		1,466,766
Sumitomo Mitsui Financial Group, Inc. Sponsored ADR	393,600		2,613,504


			13,107,459


Singapore — 3.3%
Singapore Telecommunications, Ltd. ADR	217,400		5,471,958


Spain — 1.1%
Banco Santander SA Sponsored ADR	225,196		1,727,253


Switzerland — 7.6%
Novartis AG ADR	78,900		4,371,849
Roche Holding AG Sponsored ADR	92,400		4,032,336
UBS AG (a)	107,587		1,508,370


Description	Shares		Value

Zurich Financial Services AG ADR		92,500	$	2,495,650


				12,408,205


United Kingdom — 14.2%
BP PLC Sponsored ADR (b)		100,855		4,538,475
British American Tobacco PLC Sponsored ADR		37,700		3,815,994
GlaxoSmithKline PLC Sponsored ADR (b)		80,200		3,601,782
HSBC Holdings PLC Sponsored ADR (b)		114,744		5,093,486
Unilever PLC Sponsored ADR		99,100		3,275,255
Wm Morrison Supermarkets PLC ADR		120,300		2,854,719


				23,179,711


United States — 45.3%
Cisco Systems, Inc. (b)		220,400		4,661,460
Comcast Corp., Class A		160,900		4,748,159
ConocoPhillips		32,900		2,500,729
Emerson Electric Co.		67,600		3,527,368
Halliburton Co.		89,900		2,983,781
Honeywell International, Inc. (b)		64,700		3,949,935
Intel Corp.		155,400		4,368,294
International Business Machines Corp. (b)		24,460		5,103,579
Johnson & Johnson (b)		88,840		5,859,886
Merck & Co., Inc.		75,300		2,891,520
Microsoft Corp. (b)		226,600		7,307,850
Oracle Corp.		147,340		4,296,434
PepsiCo, Inc.		41,100		2,726,985
Pfizer, Inc.		87,566		1,984,246
The Bank of New York Mellon Corp. (b)		103,600		2,499,868
The Home Depot, Inc. (b)		140,200		7,053,462
United Technologies Corp.		47,200		3,914,768
Wal-Mart Stores, Inc.		62,800		3,843,360


				74,221,684


Total Common Stocks (Identified cost $151,600,317)				151,645,650

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2012 (unaudited)


Description	Principal Amount (000)(c)		Value

Foreign Government Obligations — 13.5%

Brazil — 3.7%
Brazil NTN-B, 6.00%, 05/15/15		4,330	$	5,424,840
Brazil NTN-F, 10.00%, 01/01/13		1,195		674,849


				6,099,689


Colombia — 0.1%
Republic of Colombia, 12.00%, 10/22/15		305,000		213,990


Ghana — 0.3%
Ghana Government Bond, 13.67%, 06/11/12		790		444,350


Israel — 0.1%
Israel Government Bond - Shahar, 10.00%, 05/31/12		413		122,001


Mexico — 4.2%
Mexican Bonos, 9.50%, 12/18/14		16,100		1,403,271
Mexican Cetes:
0.00%, 05/03/12		121,000		941,950
0.00%, 06/14/12		194,300		1,504,671
0.00%, 08/23/12		105,000		806,036
Mexican Udibonos:
4.50%, 12/18/14		3,890		1,554,261
5.00%, 06/16/16		1,480		621,797


				6,831,986


Romania — 1.5%
Romania Treasury Bills:
0.00%, 04/04/12		1,140		346,528
0.00%, 06/06/12		1,930		581,315
0.00%, 07/25/12		4,880		1,459,542


				2,387,385


South Africa — 1.1%
Republic of South Africa:
8.00%, 12/21/18		7,000		927,174
7.25%, 01/15/20		6,900		871,517


				1,798,691


Description	Principal Amount (000)(c)		Value


Turkey — 1.6%
Turkey Government Bonds:
4.00%, 04/29/15		1,571	$	909,785
3.00%, 07/21/21		1,893		1,024,946
3.00%, 02/23/22		1,326		715,015


				2,649,746


Uruguay — 0.9%
Uruguay Treasury Bills:
0.00%, 06/22/12		5,472		275,219
0.00%, 08/24/12		13,300		662,200
0.00%, 05/09/13		2,350		108,085
0.00%, 06/27/13		4,650		211,367
0.00%, 08/15/13		6,000		267,703


				1,524,574


Total Foreign Government Obligations (Identified cost $21,848,978)				22,072,412


Description	Shares		Value


Short-Term Investment — 3.9%
State Street Institutional Treasury Money Market Fund (Identified cost $6,339,239)		6,339,239	$	6,339,239


Total Investments — 110.0% (Identified cost $179,788,534) (d)			$	180,057,301

Liabilities in Excess of Cash and Other Assets — (10.0)%
				(16,299,398	)


Net Assets — 100.0%			$	163,757,903

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2012 (unaudited)


Forward Currency Purchase Contracts open at March 31, 2012:
Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

BRL	BRC	05/03/12		1,463,691	$	797,000	$	796,350	$	—	$	650
BRL	HSB	04/03/12		4,068,521		2,232,875		2,228,777		—		4,098
BRL	RBC	04/03/12		348,922		192,000		191,143		—		857
BRL	RBC	04/03/12		3,719,599		2,043,174		2,037,634		—		5,540
CLP	BNP	05/14/12		442,183,000		905,000		900,410		—		4,590
CLP	HSB	04/13/12		344,071,250		673,000		703,306		30,306		—
CNY	BRC	08/13/12		3,377,088		528,000		535,442		7,442		—
CNY	HSB	06/13/12		1,880,330		295,000		298,230		3,230		—
CNY	JPM	06/13/12		10,364,580		1,622,000		1,643,875		21,875		—
CNY	JPM	09/24/12		9,237,380		1,457,000		1,464,446		7,446		—
COP	CIT	05/22/12		1,391,995,500		777,000		774,069		—		2,931
COP	HSB	09/24/12		1,473,106,200		822,000		809,745		—		12,255
CZK	BNP	04/13/12		14,935,189		796,000		803,555		7,555		—
CZK	CIT	04/27/12		15,119,525		805,009		813,422		8,413		—
CZK	CIT	05/29/12		15,122,413		805,163		813,493		8,330		—
CZK	JPM	04/16/12		11,518,205		603,000		619,704		16,704		—
CZK	JPM	05/14/12		15,392,108		821,000		828,038		7,038		—
DOP	CIT	05/18/12		7,088,400		179,000		181,843		2,843		—
EUR	BNP	04/02/12		132,525		175,001		176,748		1,747		—
EUR	BNP	04/30/12		132,525		176,501		176,769		268		—
EUR	CIT	04/02/12		754,082		1,004,437		1,005,719		1,282		—
EUR	CIT	04/13/12		2,221,688		2,956,000		2,963,190		7,190		—
EUR	HSB	04/02/12		2,853,828		3,803,239		3,806,149		2,910		—
EUR	JPM	04/02/12		361,409		481,433		482,011		578		—
EUR	JPM	04/13/12		267,822		353,000		357,209		4,209		—
EUR	JPM	04/16/12		464,744		613,648		619,863		6,215		—
GHS	CIT	04/23/12		758,000		429,462		423,716		—		5,746
GHS	CIT	05/02/12		324,000		188,044		180,594		—		7,450
GHS	JPM	08/09/12		673,483		379,000		363,494		—		15,506
GHS	SCB	04/10/12		287,000		166,377		161,100		—		5,277
GHS	SCB	04/13/12		391,000		227,590		219,266		—		8,324
GHS	SCB	05/21/12		1,584,000		904,626		877,612		—		27,014
GHS	SCB	06/22/12		152,000		84,164		83,355		—		809
IDR	BRC	05/14/12		7,325,145,000		801,000		797,825		—		3,175
IDR	SCB	04/26/12		3,974,685,000		429,000		433,691		4,691		—
ILS	BNP	05/02/12		1,944,000		520,085		523,328		3,243		—
ILS	BNP	06/04/12		1,944,000		519,293		522,597		3,304		—
ILS	BRC	04/27/12		4,700,625		1,250,000		1,265,737		15,737		—
ILS	CIT	04/12/12		1,370,188		362,000		369,233		7,233		—
INR	BNP	05/21/12		18,207,540		379,838		353,671		—		26,167
INR	BRC	05/21/12		7,767,440		151,000		150,878		—		122
INR	BRC	05/21/12		14,297,580		261,000		277,722		16,722		—
INR	BRC	05/21/12		42,264,610		884,567		820,965		—		63,602
INR	BRC	11/15/12		25,131,060		486,000		474,283		—		11,717
INR	JPM	05/25/12		18,698,400		392,000		362,917		—		29,083
INR	UBS	05/25/12		42,064,980		878,000		816,438		—		61,562
KRW	JPM	04/13/12		1,825,069,400		1,628,000		1,609,503		—		18,497

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2012 (unaudited)


Forward Currency Purchase Contracts open at March 31, 2012 (continued):
Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

KRW	SCB	04/26/12		943,830,650	$	833,000	$	831,509	$	—	$	1,491
KZT	CIT	11/08/12		68,778,500		456,999		463,476		6,477		—
KZT	CIT	01/25/13		21,256,200		140,000		142,869		2,869		—
KZT	HSB	12/24/12		48,615,450		321,000		327,218		6,218		—
KZT	HSB	01/25/13		48,711,750		320,999		327,405		6,406		—
KZT	ING	08/07/12		34,131,600		228,000		230,335		2,335		—
MXN	UBS	04/03/12		11,451,414		895,411		895,075		—		336
MYR	SCB	04/30/12		9,979,738		3,252,000		3,251,274		—		726
NGN	CIT	04/23/12		50,545,650		317,000		320,643		3,643		—
NGN	CIT	04/27/12		78,436,300		493,000		497,571		4,571		—
NGN	CIT	05/14/12		35,600,000		217,737		223,104		5,367		—
NGN	CIT	06/27/12		40,221,000		247,179		248,186		1,007		—
NGN	JPM	04/10/12		50,093,000		307,319		317,771		10,452		—
NGN	SCB	04/10/12		36,769,600		226,135		233,252		7,117		—
NGN	SCB	04/10/12		85,410,000		520,000		541,809		21,809		—
NGN	SCB	05/02/12		53,784,000		324,000		337,063		13,063		—
NGN	SCB	05/29/12		107,201,700		665,229		661,495		—		3,734
PEN	HSB	04/09/12		2,111,591		790,000		791,733		1,733		—
PHP	BRC	04/26/12		35,514,200		820,000		825,761		5,761		—
PLN	BRC	04/30/12		888,886		271,060		285,104		14,044		—
PLN	BRC	04/30/12		4,788,436		1,474,000		1,535,853		61,853		—
PLN	CIT	04/30/12		5,508,476		1,712,941		1,766,800		53,859		—
PLN	JPM	04/02/12		1,505,087		483,819		484,161		342		—
PLN	JPM	05/31/12		1,525,779		490,683		487,756		—		2,927
RON	BRC	04/18/12		551,884		165,788		167,490		1,702		—
RON	BRC	04/18/12		1,047,782		318,722		317,989		—		733
RON	ING	04/18/12		2,280,000		692,178		691,952		—		226
RSD	BRC	04/10/12		23,036,400		274,733		275,182		449		—
RSD	BRC	04/10/12		25,591,500		303,865		305,704		1,839		—
RSD	BRC	04/27/12		29,746,000		369,424		354,133		—		15,291
RSD	BRC	04/27/12		36,565,000		428,789		435,315		6,526		—
RSD	CIT	04/02/12		22,757,000		270,209		272,278		2,069		—
RSD	CIT	04/02/12		61,096,920		736,329		730,999		—		5,330
RSD	CIT	05/03/12		83,853,920		1,003,518		996,995		—		6,523
RUB	UBS	04/06/12		25,689,500		764,000		875,611		111,611		—
SGD	BRC	04/17/12		977,822		773,000		777,879		4,879		—
SGD	HSB	05/14/12		1,174,072		936,000		934,032		—		1,968
SGD	SCB	05/22/12		947,519		753,000		753,810		810		—
THB	HSB	04/05/12		48,247,152		1,592,000		1,563,716		—		28,284
THB	SCB	05/29/12		27,516,328		889,000		888,676		—		324
TRY	BRC	04/17/12		1,448,093		795,000		809,676		14,676		—
TRY	BRC	09/28/12		193,235		104,871		104,443		—		428
TRY	BRC	09/28/12		1,508,513		751,551		815,343		63,792		—
TRY	JPM	04/10/12		3,130,308		1,738,963		1,753,086		14,123		—
TRY	JPM	09/28/12		792,152		395,088		428,153		33,065		—
TRY	JPM	09/28/12		1,496,429		795,000		808,811		13,811		—
UGX	CIT	04/16/12		268,772,000		84,387		105,838		21,451		—

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2012 (unaudited)


Forward Currency Purchase Contracts open at March 31, 2012 (concluded):
Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

UGX	CIT	04/17/12		343,711,000	$	139,154	$	135,268	$	—	$	3,886
UGX	CIT	04/19/12		2,950,532,000		1,174,575		1,159,818		—		14,757
UGX	CIT	05/07/12		981,454,000		393,369		381,838		—		11,531
UGX	SCB	06/25/12		294,000,000		107,182		112,085		4,903		—
ZAR	BRC	04/30/12		6,576,715		862,000		853,976		—		8,024
ZAR	CIT	10/29/12		5,822,409		703,189		736,255		33,066		—
ZAR	CIT	10/29/12		7,115,403		860,648		899,757		39,109		—
ZAR	CIT	11/08/12		2,602,696		313,635		328,633		14,998		—
ZAR	JPM	05/21/12		9,434,451		1,222,000		1,221,384		—		616
ZAR	JPM	06/29/12		5,804,269		705,987		747,221		41,234		—
ZAR	JPM	10/29/12		4,462,490		540,253		564,291		24,038		—
ZMK	BRC	04/10/12		2,204,800,000		416,000		417,086		1,086		—
ZMK	BRC	04/13/12		878,804,000		166,000		166,161		161		—
ZMK	BRC	05/08/12		804,916,000		152,000		151,555		—		445
ZMK	BRC	05/08/12		862,488,000		162,000		162,395		395		—
ZMK	CIT	04/16/12		670,814,000		127,000		126,771		—		229
ZMK	CIT	05/02/12		1,296,050,000		245,000		244,275		—		725
ZMK	JPM	04/05/12		708,564,000		133,970		134,153		183		—
ZMK	SCB	04/23/12		2,542,847,250		480,689		479,988		—		701

Total Forward Currency Purchase Contracts					$	76,885,103	$	77,336,309	$	875,413	$	424,207


Forward Currency Sale Contracts open at March 31, 2012:
Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

BRL	HSB	04/03/12		4,068,521	$	2,369,000	$	2,228,777	$	140,223	$	—
BRL	RBC	04/03/12		4,068,521		2,232,874		2,228,776		4,098		—
BRL	RBC	05/03/12		3,594,776		1,962,000		1,955,809		6,191		—
CNY	JPM	06/13/12		524,975		83,000		83,264		—		264
CNY	JPM	06/13/12		1,072,008		168,000		170,026		—		2,026
COP	BNP	04/16/12		347,339,000		181,000		194,004		—		13,004
CZK	JPM	04/16/12		11,518,205		613,648		619,704		—		6,056
EUR	BNP	04/02/12		132,525		176,483		176,748		—		265
EUR	BRC	04/10/12		206,827		274,733		275,853		—		1,120
EUR	BRC	04/10/12		229,706		303,865		306,367		—		2,502
EUR	BRC	04/18/12		125,791		165,788		167,778		—		1,990
EUR	BRC	04/18/12		239,542		318,722		319,498		—		776
EUR	BRC	04/27/12		278,000		369,424		370,807		—		1,383
EUR	BRC	04/27/12		327,409		428,789		436,709		—		7,920
EUR	BRC	04/30/12		90,081		120,018		120,154		—		136
EUR	CIT	04/02/12		204,612		270,209		272,892		—		2,683
EUR	CIT	04/02/12		553,164		736,329		737,754		—		1,425
EUR	CIT	04/27/12		611,500		805,010		815,641		—		10,631
EUR	CIT	05/03/12		750,035		1,003,517		1,000,449		3,068		—
EUR	CIT	05/29/12		611,500		805,164		815,781		—		10,617
EUR	HSB	04/02/12		2,853,828		3,837,000		3,806,149		30,851		—

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2012 (unaudited)


Forward Currency Sale Contracts open at March 31, 2012 (concluded):
Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation

EUR	HSB	06/04/12		2,853,828	$	3,804,152	$	3,807,319	$	—	$	3,167
EUR	ING	04/18/12		521,399		692,178		695,434		—		3,256
EUR	ING	04/30/12		831,736		1,099,681		1,109,414		—		9,733
EUR	JPM	04/02/12		362,000		483,818		482,799		1,019		—
EUR	JPM	04/13/12		584,067		779,177		779,003		174		—
EUR	JPM	05/31/12		364,000		490,683		485,605		5,078		—
JPY	HSB	07/02/12		44,597,144		535,123		539,253		—		4,130
JPY	SCB	04/25/12		134,474,301		1,746,000		1,624,968		121,032		—
MXN	HSB	06/12/12		15,355,165		1,190,000		1,192,330		—		2,330
MXN	UBS	04/03/12		11,451,414		881,000		895,075		—		14,075
MXN	UBS	07/03/12		11,273,289		874,000		873,709		291		—
PLN	BRC	04/30/12		2,583,371		803,000		828,596		—		25,596
PLN	JPM	04/02/12		1,505,087		481,433		484,161		—		2,728
RSD	CIT	04/02/12		83,853,920		1,004,437		1,003,277		1,160		—
RUB	UBS	04/06/12		2,666,700		90,000		90,893		—		893
TRY	BRC	04/17/12		193,235		108,316		108,044		272		—
TRY	BRC	04/17/12		1,254,858		660,000		701,632		—		41,632
TRY	BRC	09/28/12		1,893,754		939,828		1,023,563		—		83,735
TRY	CIT	09/28/12		1,100,468		568,189		594,797		—		26,608
TRY	JPM	04/10/12		1,249,604		691,000		699,824		—		8,824
TRY	JPM	04/10/12		1,326,823		725,000		743,069		—		18,069
TRY	JPM	09/28/12		924,392		476,172		499,629		—		23,457
TRY	JPM	09/28/12		1,011,809		521,309		546,877		—		25,568
ZAR	CIT	06/29/12		4,005,924		512,247		515,708		—		3,461
ZAR	CIT	06/29/12		5,726,570		707,263		737,218		—		29,955
ZAR	CIT	06/29/12		7,237,584		922,959		931,741		—		8,782
ZAR	CIT	10/29/12		5,835,215		710,269		737,875		—		27,606
ZAR	CIT	10/29/12		5,994,569		714,277		758,025		—		43,748
ZAR	CIT	11/08/12		2,602,696		314,354		328,632		—		14,278
ZAR	JPM	05/21/12		2,722,642		349,500		352,473		—		2,973

Total Forward Currency Sale Contracts					$	41,099,938	$	41,273,883		313,457		487,402



Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	1,188,870	$	911,609

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2012 (unaudited)


Currency Abbreviations:
BRL	— Brazilian Real
CLP	— Chilean Peso
CNY	— Chinese Renminbi
COP	— Colombian Peso
CZK	— Czech Koruna
DOP	— Dominican Peso
EUR	— Euro
GHS	— Ghanaian Cedi
IDR	— Indonesian Rupiah
ILS	— Israeli Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
KZT	— Kazakhstan Tenge
MXN	— Mexican New Peso
MYR	— Malaysian Ringgit
NGN	— Nigerian Naira
PEN	— Peruvian New Sol
PHP	— Philippine Peso
PLN	— Polish Zloty
RON	— New Romanian Leu
RSD	— Serbian Dinar
RUB	— Russian Ruble
SGD	— Singapore Dollar
THB	— Thai Baht
TRY	— New Turkish Lira
UGX	— Ugandan Shilling
ZAR	— South African Rand
ZMK	— Zambian Kwacha

Counterparty Abbreviations:
BNP	— BNP Paribas SA
BRC	— Barclays Bank PLC
CIT	— Citibank NA
HSB	— HSBC Bank USA
ING	— ING Bank NV
JPM	— JPMorgan Chase Bank
RBC	— Royal Bank of Canada
SCB	— Standard Chartered Bank
UBS	— UBS AG

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2012 (unaudited)


(a)	Non-income producing security.
(b)	Segregated security for forward currency contracts.
(c)	Principal amount denominated in respective country’s currency.
(d)	For federal income tax purposes, the aggregate cost was $179,788,534, aggregate gross unrealized appreciation was $24,349,656, aggregate gross unrealized depreciation was $24,080,889, and the net unrealized appreciation was $268,767.


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


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

Alcohol & Tobacco	2.3	%
Banking	9.0
Cable Television	2.9
Computer Software	9.6
Energy Integrated	7.3
Energy Services	1.8
Financial Services	3.3
Food & Beverages	3.7
Gas Utilities	1.2
Housing	1.2
Insurance	2.5
Manufacturing	7.0
Metals & Mining	1.7
Pharmaceutical & Biotechnology	16.4
Retail	8.4
Semiconductors & Components	5.0
Technology Hardware	6.0
Telecommunications	3.3

Subtotal	92.6
Foreign Government Obligations	13.5
Short-Term Investment	3.9

Total Investments	110.0	%

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2012 (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. 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 Lazard Global Total Return and Income Fund, Inc. (the “Fund”)’s net asset value is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain 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 “Board”). 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 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 also will 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, 2012 (unaudited)

The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of March 31, 2012:


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, 2012
Assets:
Common Stocks	$	151,645,650	$	—		$	—	$	151,645,650
Foreign Government Obligations		—		22,072,412			—		22,072,412
Short-Term Investment		—		6,339,239			—		6,339,239
Other Financial Instruments*
Forward Currency Contracts		—		1,188,870			—		1,188,870

Total	$	151,645,650	$	29,600,521		$	—	$	181,246,171


Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(911,609	)	$	—	$	(911,609	)

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

There were no significant transfers into or out of Levels 1, 2 or 3 during the period ended March 31, 2012.


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 30, 2012

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 30, 2012

By:	/s/ Stephen St. Clair

	Stephen St. Clair
	Chief Financial Officer

Date:	May 30, 2012