LAZARD ASSET MANAGEMENT
Lazard Global Total
Return and Income
Fund, Inc.
First Quarter Report
M A R C H 3 1 , 2 0 1 2
|
|
|
Lazard Global Total Return and Income Fund, Inc. |
|
Investment Overview |
|
|
Dear Stockholders,
We are pleased to present this report for Lazard Global Total Return and Income Fund, Inc.
(“LGI” or the “Fund”), for the quarter
ended March 31, 2012. 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 first quarter of 2012, the Fund’s net asset value (“NAV”)
performance was ahead of its benchmark, the Morgan Stanley Capital International (MSCI®) World® Index (the “Index”). We are pleased
with LGI’s favorable NAV performance over the one- and five-year periods, as well as since inception. We believe 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 March 31, 2012)
For the first quarter of 2012, the Fund’s NAV rose 11.7%, outperforming the Index return of 11.6%. While the Fund’s NAV performance underperformed the Index for a three-year period, it outperformed the Index on the one- and five-year periods, as well as since inception. Shares of LGI ended the first quarter of 2012 with a market price of $14.94, representing a 12.4% discount to the Fund’s NAV of $17.05.
The Fund’s net assets were $163.8 million as of March 31, 2012, with total leveraged assets of $219.0 million, representing a 25.2% leverage rate. This leverage rate is higher than that at the end of the last quarter (20.2%), and below the maximum permitted leverage rate of 33⅓%.
Within the global equity portfolio, an overweight exposure to the information technology sector and stock selection within Japan contributed to performance. In contrast, stock selection in the health care and consumer staples sectors, as well as within France, detracted from performance.
Performance for the smaller, short duration1 emerging market currency and debt portion of the Fund was negative in March but has been robust for the year-to-date. It has been a positive contributor to performance for the Fund since inception.
As of March 31, 2012, 69.2% of the Fund’s total leveraged assets consisted of global equities, 30.3% consisted of emerging market currency and debt instruments, and 0.5% 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 (December 31, 2011). The current monthly distribution rate per share of $0.08068 represents a distribution yield of 6.5% based on the Fund’s $14.94 market price as of the close of trading on the NYSE on March 31, 2012. It is currently estimated that $0.14522 of the $0.24204 distributed per share year to date through March 31, 2012 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 and Income Fund, Inc. and look forward to continuing to serve your investment needs in the future.
|
|
|
Lazard Global Total Return and Income Fund, Inc. |
|
Investment Overview (continued) |
|
|
Message from the Portfolio Managers
Global Equity Portfolio
(69.2% of total leveraged assets)
The Fund’s global equity portfolio is invested primarily in equity securities of large, well-known global companies with, we believe, strong financial productivity at attractive valuations. Examples include GlaxoSmithKline, a global research-based pharmaceutical company based in the United Kingdom; The 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 multi-function 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 March 31, 2012, 49.0% of these stocks were based in North America, 21.7% were based in Continental Europe (not including the United Kingdom), 15.3% were from the United Kingdom, 8.6% were from Japan, and 5.4% were from the rest of Asia (not including Japan). The global equity portfolio is similarly well diversified across a number of industry sectors. The top two sectors, by weight, at March 31, 2012, were information technology (22.2%), which includes semiconductors & semiconductor equipment, software & services, and technology hardware & equipment, and health care (17.7%), which includes health care equipment & services and pharmaceuticals biotechnology & life sciences companies. Other sectors in the portfolio include consumer discretionary, consumer staples, energy, financials, industrials, materials, and telecom services. The average dividend yield on the securities held in the global equity portfolio was approximately 3.3% as of March 31, 2012.
Global
Equity Markets Review
The rally that began in early October continued through the
first quarter, with global stocks now greater than 20% above their early
October lows. Improving sentiment on the economic outlook drove the rally as
U.S. economic reports have been consistently above expectations in recent
months. Inflation in the emerging markets, the primary cloud hanging over these
economies, has also begun to moderate, which should enable governments to shift
their focus from restraining inflation to stimulating growth. In addition,
concerns about a catastrophic turn in the European sovereign crisis have abated
following the introduction of the European Central Bank’s (the “ECB”) Long Term
Refinancing Operation (the “LTRO”) program, which has alleviated funding
pressures for Eurozone financials and reduced the risk of a sharp recession in
Europe precipitated by a credit crunch. However, the composition of the rally
changed significantly during 2012 as larger-cap, less economically sensitive
stocks that dominated market performance in 2011 languished in early 2012, and
investors rotated into more cyclical companies amid the improving economic
outlook.
What Helped
and What Hurt LGI
An overweight position in the information technology sector
contributed to performance. Shares of Microsoft rose as the company reported
results which exceeded expectations. Earnings upside was driven by cost
discipline and product diversity from Microsoft’s non-PC segments. Stock
selection within Japan also added value, with positive performance from
Mitsubishi UFJ, a Japanese financial institution that reported strong results.
The portfolio also benefited from an underweight position in utilities, as the
sector was one of the worst performers in the Index. Many investors have been
moving away from defensive sectors, seeking riskier assets.
In contrast, an overweight position and stock selection in the health care sector detracted from performance. Shares of GlaxoSmithKline declined as the company
2
|
|
|
Lazard Global Total Return and Income Fund, Inc. |
|
Investment Overview (continued) |
|
|
announced that one of its experimental respiratory drugs did not prove superior to an existing medicine in a late-stage study. Stock selection in the consumer staples sector also hurt returns. Shares of U.K. grocer Wm Morrison declined after a strong 2011 as investors were disappointed by holiday sales, which were weaker than expected.
Emerging Market Currency and Debt Portfolio
(30.3% 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 March 31, 2012, this portfolio consisted of forward currency contracts (67.5%) and sovereign debt obligations (32.5%). The average duration of the emerging market currency and debt portfolio decreased from approximately 11 months to approximately 9 months during the first quarter, with an average yield of 6.4%2 as of March 31, 2012.
Emerging
Market Currency and Debt Market Review
Anticipation of the second leg of liquidity provisions by
the ECB via its three-year lending facility (the LTRO) buoyed markets
throughout January and February. These LTRO provisions have eased banking
system stress, reduced equity and currency volatility indicators, and
facilitated a narrowing of most peripheral credit markets’ borrowing costs. The
demand for this tranche was slightly higher than in December, large enough to
address the imminent liquidity demands, but not so high as to instill fears of
imminent European insolvency. Data out of the United States, particularly
regarding employment, continued to surprise on the upside, while Chinese data
indicated a policy-engineered pace of slowing growth and rebalancing,
successful lowering of inflation and, most importantly, no evidence of a hard
landing. Portfolio capital flows into emerging market debt and equities
remained buoyant during this period, with Asia receiving the strongest flows.
By quarter end, flows had moderated, with some markets, such as Indonesia and
Turkey, seeing net outflows. This suggests that investors may be placing a
greater emphasis on fundamentals to differentiate between markets within the
emerging markets, as opposed to vacillation between a sentiment-driven risk
on/risk off trade, which has dominated markets for the past several months.
Following the strong returns of the first two months of 2012, most emerging
local markets gave back some gains in March. The U.S. Federal Reserve’s
guidance of lower rates for a longer time period reinforced the case for
continued outperformance of emerging market currencies against developed market
currencies. Nearly all fund exposures were positive during the quarter, with the
best performance coming from local currency markets which had suffered the
sharpest losses since August.
What Helped
and What Hurt LGI
The larger, deeper emerging markets that sold off most in
2011, notably Mexico, Turkey, Brazil, India, Poland, and South Africa, made a
strong recovery in the first quarter. The Fund participated in this strength
due to active reallocation of exposure from frontier positions, which had
provided uncorrelated returns and dampened overall portfolio volatility during
the second half of 2011, into the liquid markets prior to their rally.
Inflation-linked bonds in Brazil and Turkey helped performance, as the assets
outperformed relative to local money markets. Nearly half of our exposure to
these markets is in inflation-linked bonds, as we believe inflation is likely
to rise in these countries, where each focuses on maintaining growth,
potentially at the expense of allowing higher inflation. The continued strength
from frontier markets such as Uganda, Nigeria, and Uruguay also helped
performance during the first quarter.
Limited exposure to the Czech Republic, and no exposure to Hungary, hurt performance as both rallied during the period. We avoided Hungary in 2012 due to the government’s questionable commitment to meeting European Commission and International Monetary Fund conditionality, the country’s currency and debt vulnerabilities to European parent banks’ deleveraging, as well as its exceedingly weak domestic economy. Frontier markets have generally lagged the rally, and several markets (specifically Ghana, Serbia, and Zambia) have detracted from relative returns.
3
|
|
|
Lazard Global Total Return and Income Fund, Inc. |
|
Investment Overview (continued) |
|
|
|
|
|
|
|
|
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 March 31, 2012; 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.
4
|
|
|
Lazard Global Total Return and Income Fund, Inc. |
|
Investment Overview (continued) |
|
|
Comparison of Changes in Value of $10,000
Investment in
LGI and MSCI World Index* (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Annual Total Returns* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One |
|
Five |
|
Since |
|
||||
|
|
|
|
|
|
|||||||
|
Market Price |
|
4.29 |
% |
|
0.02 |
% |
|
4.24 |
% |
|
|
|
Net Asset Value |
|
6.11 |
% |
|
0.50 |
% |
|
5.71 |
% |
|
|
|
MSCI World Index |
|
0.56 |
% |
|
-0.70 |
% |
|
4.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
||||||||||
5
|
|
|
Lazard Global Total Return and Income Fund, Inc. |
|
Investment Overview (concluded) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ten
Largest Equity Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Security |
|
|
Value |
|
Percentage of |
|
||
|
|
|
|
|
|
|||||
|
|
Microsoft Corp. |
|
$ |
7,307,850 |
|
4.5 |
% |
|
|
|
|
The Home Depot, Inc. |
|
|
7,053,462 |
|
4.3 |
|
|
|
|
|
Johnson & Johnson |
|
|
5,859,886 |
|
3.6 |
|
|
|
|
|
Singapore Telecommunications, Ltd. ADR |
|
|
5,471,958 |
|
3.3 |
|
|
|
|
|
Mitsubishi UFJ Financial Group, Inc. ADR |
|
|
5,233,482 |
|
3.2 |
|
|
|
|
|
International Business Machines Corp. |
|
|
5,103,579 |
|
3.1 |
|
|
|
|
|
HSBC Holdings PLC Sponsored ADR |
|
|
5,093,486 |
|
3.1 |
|
|
|
|
|
Comcast Corp., Class A |
|
|
4,748,159 |
|
2.9 |
|
|
|
|
|
Cisco Systems, Inc. |
|
|
4,661,460 |
|
2.8 |
|
|
|
|
|
BP PLC Sponsored ADR |
|
|
4,538,475 |
|
2.8 |
|
|
|
6
|
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 |
|
|
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 |
|
|
|
|
|
|
|
|
||
See Notes to Portfolio of Investments.
7
|
Lazard Global Total Return and Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Principal |
|
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 |
|
|
|
|
|
|
|
|
||
|
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 |
|
|
|
|
|
|
|
|
||
See Notes to Portfolio of Investments.
8
|
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 |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
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 |
|
|
— |
|
See Notes to Portfolio of Investments.
9
|
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 |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
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 |
|
|
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 |
|
See Notes to Portfolio of Investments.
10
|
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 |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
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 |
|
|
— |
|
|
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 |
|
|||||||
|
|
|
|
|
|
|
|||||||||||||||
See Notes to Portfolio of Investments.
11
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
Counterparty |
|
Expiration |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
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 |
|
|
— |
|
|
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 |
|
See Notes to Portfolio of Investments.
12
|
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 |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
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 |
|
$ |
1,188,870 |
|
$ |
911,609 |
|
|||||||||||||
|
|
|
|
|
|||||||||||||||||
See Notes to Portfolio of Investments.
13
|
|
|
Lazard Global Total Return and Income Fund, Inc. |
|
Portfolio of Investments (concluded) |
|
March 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Currency Abbreviations: |
|||||
|
BRL |
— |
Brazilian Real |
MYR |
— |
Malaysian Ringgit |
|
CLP |
— |
Chilean Peso |
NGN |
— |
Nigerian Naira |
|
CNY |
— |
Chinese Renminbi |
PEN |
— |
Peruvian New Sol |
|
COP |
— |
Colombian Peso |
PHP |
— |
Philippine Peso |
|
CZK |
— |
Czech Koruna |
PLN |
— |
Polish Zloty |
|
DOP |
— |
Dominican Peso |
RON |
— |
New Romanian Leu |
|
EUR |
— |
Euro |
RSD |
— |
Serbian Dinar |
|
GHS |
— |
Ghanaian Cedi |
RUB |
— |
Russian Ruble |
|
IDR |
— |
Indonesian Rupiah |
SGD |
— |
Singapore Dollar |
|
ILS |
— |
Israeli Shekel |
THB |
— |
Thai Baht |
|
INR |
— |
Indian Rupee |
TRY |
— |
New Turkish Lira |
|
JPY |
— |
Japanese Yen |
UGX |
— |
Ugandan Shilling |
|
KRW |
— |
South Korean Won |
ZAR |
— |
South African Rand |
|
KZT |
— |
Kazakhstan Tenge |
ZMK |
— |
Zambian Kwacha |
|
MXN |
— |
Mexican New Peso |
|
|
|
|
|
|
|
|
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 |
See Notes to Portfolio of Investments.
14
|
Lazard Global Total Return and Income Fund, Inc. |
|
Notes to Portfolio of Investments |
|
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 |
% |
|
|
|
15
|
Lazard Global Total Return and Income Fund, Inc. |
|
Notes to 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 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 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 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.
16
|
Lazard Global Total Return and Income Fund, Inc. |
|
Notes to 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 |
|
Significant |
|
Significant |
|
Balance as of |
|
||||
|
|
|
|
|
|
|
|||||||||
|
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 |
) |
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
||
|
* |
Please refer to Portfolio of Investments (pages 7 through 8) and Notes to Portfolio of Investments (page 15) for portfolio holdings by country and industry. |
|
|
|
|
|
|
** |
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.
17
|
Lazard Global Total Return and 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.
18
|
|
|
Lazard Global Total Return and Income Fund, Inc. |
|
Board of Directors and Officers Information |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Name (Age) |
|
Position(s) |
|
Principal Occupation(s) and Other Public
Company |
|
Board of Directors: |
|
|
|
|
|
|
|
|
|
|
|
Class I — Directors with Term Expiring in 2015 |
||||
|
Independent Directors: |
|
|
|
|
|
|
|
|
|
|
|
Leon M. Pollack (71) |
|
Director |
|
Private Investor |
|
|
|
|
|
|
|
Robert M. Solmson (64) |
|
Director |
|
Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interested Director: |
|
|
|
|
|
|
|
|
|
|
|
Charles L. Carroll (51) |
|
Chief Executive Officer, |
|
Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present) |
|
|
|
|
|
|
|
Class II — Directors with Term Expiring in 2013 |
||||
|
Independent Directors: |
|
|
|
|
|
|
|
|
|
|
|
Kenneth S. Davidson (67)(2) |
|
Director |
|
Davidson Capital Management Corporation, an investment
manager, President (1978 – present) |
|
|
|
|
|
|
|
Nancy A. Eckl (49) |
|
Director |
|
American Beacon Advisors, Inc. (“American Beacon”) and
certain funds advised by American Beacon, Vice President (1990 – 2006) |
|
|
|
|
|
|
|
Lester Z. Lieberman (81) |
|
Director |
|
Private Investor |
|
|
|
|
|
|
|
Class III — Directors with Term Expiring in 2014 |
||||
|
Independent Director: |
|
|
|
|
|
|
|
|
|
|
|
Richard Reiss, Jr. (68) |
|
Director |
|
Georgica Advisors LLC, an investment manager, Chairman
(1997 – present) |
|
|
|
|
|
|
|
Interested Director: |
|
|
|
|
|
|
|
|
|
|
|
Ashish Bhutani (52) |
|
Director |
|
Investment Manager, Chief Executive Officer (2004 –
present) |
|
|
|
|
(1) |
Each Director also serves as a Director for each 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. and Lazard Alternative Strategies 1099 Fund, closed-end registered management investment companies 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 Investment Company Act of 1940, as amended (the “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 indentified as an “interested person” (as defined in the 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 Act) of the Fund. |
19
|
|
|
Lazard Global Total Return and Income Fund, Inc. |
|
Board of Directors and Officers Information (concluded) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Name (Age) |
|
Position(s) |
|
Principal Occupation(s) During the Past Five Years |
|
Officers(2): |
|
|
|
|
|
|
|
|
|
|
|
Nathan A. Paul (39) |
|
Vice President and Secretary |
|
Managing Director and General Counsel of the Investment Manager |
|
|
|
|
|
|
|
Stephen St. Clair (53) |
|
Treasurer |
|
Vice President of the Investment Manager |
|
|
|
|
|
|
|
Brian D. Simon (50) |
|
Chief Compliance Officer and Assistant Secretary |
|
Managing Director (since February 2011, previously Director) of the Investment Manager and Chief Compliance Officer (since January 2009) of the Investment Manager and the Fund |
|
|
|
|
|
|
|
Tamar Goldstein (37) |
|
Assistant Secretary |
|
Senior Vice President (since February 2012, previously Vice President and Counsel) of the Investment Manager |
|
|
|
|
|
|
|
Cesar A. Trelles (37) |
|
Assistant Treasurer |
|
Vice President (since February 2011, previously 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. |
20
|
|
|
Lazard Global Total Return and 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 Asset Management LLC
30 Rockefeller Plaza
New York, NY 10112-6300
www.LazardNet.com
This report is intended only for the information of stockholders of Lazard Global Total Return and Income Fund, Inc.