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:	3/31/2014

FORM N-Q

Item 1.

Schedule of Investments.

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments

March 31, 2014 (unaudited)

Description	Shares		Value
Common Stocks — 100.6%

Australia — 1.4%

BHP Billiton, Ltd. Sponsored ADR		38,500	$	2,609,145

Denmark — 2.5%

Novo Nordisk A/S Sponsored ADR		105,000		4,793,250

Finland — 1.5%

Sampo Oyj, A Shares ADR		109,500		2,832,765

France — 6.3%

GDF Suez Sponsored ADR		75,981		2,077,320
Sanofi SA ADR		105,200		5,499,856
Total SA Sponsored ADR		64,000		4,198,400
				11,775,576

Germany — 5.4%

Bayerische Motoren Werke AG ADR		124,900		5,247,049
SAP AG Sponsored ADR		59,300		4,821,683
				10,068,732

Israel — 0.7%

Israel Chemicals, Ltd. ADR		140,700		1,236,753

Italy — 2.0%

Eni SpA Sponsored ADR		74,250		3,725,122

Japan — 5.6%

Canon, Inc. Sponsored ADR		44,700		1,388,382
Mitsubishi UFJ Financial Group, Inc. ADR		1,050,900		5,821,986
Sumitomo Mitsui Financial Group, Inc. Sponsored ADR		393,600		3,404,640
				10,615,008

Singapore — 2.3%

Singapore Telecommunications, Ltd. ADR		151,100		4,399,428

Sweden — 2.7%

Assa Abloy AB ADR		187,100		4,982,473

Switzerland — 6.8%

Novartis AG ADR		78,900		6,708,078
UBS AG		154,572		3,202,732
Zurich Insurance Group AG ADR		92,500		2,841,961
				12,752,771

United Kingdom — 13.8%

BP PLC Sponsored ADR		102,155		4,913,656
British American Tobacco PLC Sponsored ADR		37,700		4,200,911
GlaxoSmithKline PLC Sponsored ADR		80,200		4,285,086
HSBC Holdings PLC Sponsored ADR		122,063		6,204,462
Unilever PLC Sponsored ADR		99,100		4,239,498
Wm Morrison Supermarkets PLC ADR		120,300		2,150,964
				25,994,577

United States — 49.6%

American Express Co.		43,800		3,943,314

Description	Shares		Value
Apple, Inc.		10,100	$	5,421,074
Chevron Corp.		46,000		5,469,860
Cisco Systems, Inc.		220,400		4,939,164
Citigroup, Inc.		106,400		5,064,640
Comcast Corp., Class A		106,120		5,174,411
ConocoPhillips		53,100		3,735,585
Emerson Electric Co.		67,600		4,515,680
Halliburton Co.		89,900		5,294,211
Honeywell International, Inc.		64,700		6,001,572
Intel Corp.		157,500		4,065,075
International Business Machines Corp.		24,460		4,708,306
Joy Global, Inc.		66,400		3,851,200
Merck & Co., Inc.		75,300		4,274,781
Oracle Corp.		100,440		4,109,000
PepsiCo, Inc.		41,100		3,431,850
Pfizer, Inc.		149,766		4,810,484
United Technologies Corp.		47,200		5,514,848
Viacom, Inc., Class B		46,800		3,977,532
Wal-Mart Stores, Inc.		62,800		4,799,804
				93,102,391

Total Common Stocks (Identified cost $156,991,436)				188,887,991

Description	Principal Amount (000) (a)		Value
Foreign Government Obligations — 6.5%

Brazil — 2.0%

Brazil NTN-B:
6.00%, 08/15/16		503	$	537,033
6.00%, 08/15/18		850		898,109
Brazil NTN-F:
10.00%, 01/01/17		2,211		922,215
10.00%, 01/01/23		3,733		1,425,003
				3,782,360

Colombia — 0.1%

Republic of Colombia, 12.00%, 10/22/15		305,000		171,993

Mexico — 1.0%

Mexican Bonos:
7.00%, 06/19/14		8,360		644,952
9.50%, 12/18/14		16,100		1,283,490
				1,928,442

Russia — 2.0%

Russia Government Bonds - OFZ:
6.90%, 08/03/16		13,107		366,290
7.50%, 02/27/19		11,500		316,035
7.60%, 04/14/21		27,300		737,238
7.60%, 07/20/22		16,972		451,312
7.00%, 01/25/23		21,200		543,791

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2014 (unaudited)

Description	Principal Amount (000) (a)		Value
8.15%, 02/03/27		19,900	$	540,806
7.05%, 01/19/28		30,510		754,321
				3,709,793

South Africa — 0.6%

Republic of South Africa, 8.25%, 09/15/17		11,090		1,074,017

Turkey — 0.5%

Turkey Government Bonds:
4.00%, 04/29/15		1,347		633,977
8.80%, 11/14/18		550		244,193
				878,170

Uruguay — 0.2%

Republica Orient Uruguay, 5.00%, 09/14/18		10,730		495,888

Zambia — 0.1%

Zambia Treasury Bill, 0.00%, 10/13/14		1,500		222,977

Total Foreign Government Obligations (Identified cost $13,535,475)				12,263,640

Description	Shares		Value
Short-Term Investment — 0.9%

State Street Institutional Treasury Money Market Fund (Identified cost $1,757,381)		1,757,381	$	1,757,381

Total Investments — 108.0% (Identified cost $172,284,292) (b), (c)			$	202,909,012

Liabilities in Excess of Cash and Other Assets — (8.0)%				(15,028,885	)

Net Assets — 100.0%			$	187,880,127

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2014 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2014:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
AMD	JPM	10/28/14		189,302,400	$	432,000	$	438,558	$	6,558	$	—
BRL	BRC	04/02/14		2,175,053		930,026		958,595		28,569		—
BRL	BRC	04/02/14		2,383,376		1,025,990		1,050,408		24,418		—
CLP	BNP	05/16/14		625,468,000		1,084,000		1,135,321		51,321		—
CLP	CIT	04/28/14		359,265,000		645,000		653,317		8,317		—
CLP	UBS	04/21/14		433,586,250		783,000		789,062		6,062		—
CLP	UBS	04/25/14		357,518,400		633,000		650,350		17,350		—
CNY	BRC	05/19/14		5,489,474		892,162		882,038		—		10,124
CNY	HSB	04/22/14		11,088,746		1,807,000		1,782,575		—		24,425
COP	CIT	04/10/14		2,043,747,700		996,221		1,035,889		39,668		—
COP	UBS	04/16/14		3,418,622,800		1,766,000		1,732,097		—		33,903
COP	UBS	05/23/14		1,632,157,250		799,000		824,682		25,682		—
CZK	JPM	04/04/14		17,581,440		861,162		882,333		21,171		—
CZK	JPM	04/22/14		18,921,698		946,620		949,685		3,065		—
CZK	JPM	05/05/14		17,254,885		865,933		866,089		156		—
EUR	CIT	04/07/14		332,000		461,762		457,375		—		4,387
EUR	CIT	04/07/14		353,000		484,686		486,305		1,619		—
EUR	CIT	06/23/14		1,950,771		2,716,187		2,687,159		—		29,028
EUR	JPM	04/04/14		640,723		882,725		882,688		—		37
EUR	JPM	05/06/14		665,511		898,965		916,775		17,810		—
EUR	JPM	05/06/14		764,224		1,059,099		1,052,758		—		6,341
EUR	JPM	05/06/14		999,011		1,362,263		1,376,190		13,927		—
EUR	JPM	05/06/14		1,016,434		1,383,586		1,400,191		16,605		—
GHS	CIT	04/04/14		1,343,000		503,562		498,455		—		5,107
GHS	CIT	04/15/14		3,247,000		1,213,831		1,197,601		—		16,230
HUF	BNP	04/15/14		135,177,270		618,815		605,560		—		13,255
HUF	BNP	04/15/14		192,999,800		852,923		864,590		11,667		—
HUF	JPM	04/10/14		56,496,895		250,568		253,163		2,595		—
HUF	JPM	04/10/14		435,704,550		1,906,481		1,952,392		45,911		—
IDR	JPM	04/28/14		11,790,516,000		1,031,000		1,033,168		2,168		—
IDR	SCB	04/17/14		8,957,793,000		783,778		786,462		2,684		—
INR	BRC	04/21/14		89,034,000		1,412,117		1,484,016		71,899		—
INR	SCB	04/10/14		83,934,460		1,354,000		1,402,915		48,915		—
KRW	BRC	04/24/14		1,990,594,500		1,858,024		1,868,009		9,985		—
KRW	SCB	04/24/14		1,428,872,700		1,319,000		1,340,880		21,880		—
KZT	CIT	09/12/14		108,679,000		569,000		572,219		3,219		—
KZT	CIT	11/14/14		95,691,000		501,000		497,132		—		3,868
KZT	CIT	02/13/15		112,132,000		578,000		571,881		—		6,119
KZT	HSB	06/16/14		66,358,400		356,000		356,197		197		—
KZT	HSB	06/16/14		106,216,700		669,503		570,148		—		99,355
KZT	HSB	06/16/14		134,019,200		844,056		719,386		—		124,670
KZT	HSB	09/11/14		108,679,000		569,000		572,340		3,340		—
MXN	CIT	04/30/14		31,020,000		2,350,000		2,370,883		20,883		—
MYR	BRC	04/10/14		2,185,292		667,000		668,824		1,824		—
MYR	BRC	05/21/14		4,803,828		1,460,441		1,466,030		5,589		—
MYR	JPM	04/21/14		5,140,659		1,543,000		1,572,099		29,099		—
NGN	BRC	04/22/14		111,255,600		667,000		669,878		2,878		—

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2014 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2014 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
NGN	BRC	06/18/14		39,365,250	$	219,000	$	232,079	$	13,079	$	—
NGN	CIT	04/04/14		38,728,000		234,403		234,498		95		—
NGN	CIT	04/11/14		38,728,000		233,583		233,985		402		—
NGN	CIT	04/29/14		55,891,450		337,000		335,795		—		1,205
NGN	JPM	06/17/14		60,480,000		336,000		356,709		20,709		—
PEN	CIT	04/10/14		2,832,691		1,007,000		1,006,501		—		499
PEN	CIT	05/14/14		3,219,298		1,137,762		1,138,728		966		—
PEN	JPM	04/28/14		1,616,147		573,000		572,827		—		173
PHP	HSB	04/14/14		79,954,875		1,775,000		1,782,366		7,366		—
PHP	JPM	05/13/14		43,164,105		969,000		961,567		—		7,433
PLN	BNP	04/14/14		4,312,796		1,401,000		1,425,183		24,183		—
PLN	BRC	04/14/14		4,289,451		1,407,000		1,417,468		10,468		—
PLN	JPM	04/28/14		3,819,800		1,254,862		1,261,134		6,272		—
RON	JPM	04/07/14		1,494,075		455,358		461,214		5,856		—
RON	JPM	04/07/14		1,849,299		570,525		570,870		345		—
RON	JPM	04/07/14		5,614,196		1,708,000		1,733,074		25,074		—
RSD	CIT	04/07/14		234,751,650		2,797,493		2,797,356		—		137
SGD	HSB	04/14/14		1,908,713		1,506,513		1,517,391		10,878		—
THB	BNP	04/10/14		7,112,880		219,798		219,185		—		613
THB	SCB	04/24/14		28,852,560		895,958		888,549		—		7,409
TRY	CIT	05/12/14		1,354,500		600,000		625,320		25,320		—
TRY	JPM	04/21/14		308,451		139,274		143,284		4,010		—
TRY	JPM	04/21/14		1,006,465		459,000		467,532		8,532		—
TRY	JPM	04/21/14		1,045,083		503,000		485,471		—		17,529
TWD	HSB	04/14/14		27,537,840		912,000		904,615		—		7,385
TWD	SCB	06/18/14		26,927,810		889,000		886,286		—		2,714
UGX	CIT	04/11/14		968,123,000		382,128		379,145		—		2,983
UGX	CIT	05/02/14		596,095,500		231,000		232,084		1,084		—
UGX	CIT	05/02/14		650,210,000		253,000		253,153		153		—
UGX	CIT	05/02/14		1,123,527,000		437,000		437,434		434		—
UGX	CIT	05/02/14		1,168,549,000		457,000		454,963		—		2,037
UGX	CIT	05/20/14		192,900,000		75,000		74,759		—		241
UYU	HSB	04/30/14		7,522,000		326,476		330,492		4,016		—
UYU	JPM	04/07/14		6,456,240		285,390		285,590		200		—
UYU	JPM	04/14/14		17,437,000		775,926		769,732		—		6,194
UYU	JPM	04/24/14		25,036,435		1,090,437		1,101,956		11,519		—
ZAR	CIT	04/24/14		3,741,235		340,757		354,164		13,407		—
ZAR	JPM	04/24/14		4,518,141		418,000		427,710		9,710		—
ZMW	CIT	04/11/14		1,907,676		313,144		309,009		—		4,135
ZMW	JPM	04/08/14		1,500,000		253,207		243,282		—		9,925
ZMW	SCB	04/08/14		5,658,000		878,844		917,660		38,816		—

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2014 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2014 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
ZMW	SCB	04/09/14		5,658,000	$	878,435	$	917,271	$	38,836	$	—
Total Forward Currency Purchase Contracts					$	77,530,759	$	77,932,059	$	848,761	$	447,461

Forward Currency Sale Contracts open at March 31, 2014:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
BRL	BRC	04/02/14		2,440,411	$	1,033,000	$	1,075,545	$	—	$	42,545
BRL	BRC	05/05/14		2,549,512		1,089,000		1,114,023		—		25,023
BRL	UBS	04/02/14		2,118,018		895,000		933,459		—		38,459
CNY	HSB	04/22/14		372,741		61,000		59,920		1,080		—
CZK	JPM	04/04/14		17,581,440		882,725		882,333		392		—
EUR	BNP	04/15/14		450,065		618,814		620,014		—		1,200
EUR	BNP	04/15/14		620,000		852,924		854,119		—		1,195
EUR	BNP	04/24/14		3,240,064		4,395,276		4,463,459		—		68,183
EUR	CIT	04/07/14		2,009,000		2,797,493		2,767,668		29,825		—
EUR	HSB	04/22/14		962,023		1,340,021		1,325,273		14,748		—
EUR	JPM	04/04/14		640,000		861,162		881,692		—		20,530
EUR	JPM	04/07/14		330,000		455,358		454,619		739		—
EUR	JPM	04/07/14		410,681		570,525		565,769		4,756		—
EUR	JPM	04/10/14		182,000		250,567		250,728		—		161
EUR	JPM	04/10/14		1,405,000		1,906,480		1,935,564		—		29,084
EUR	JPM	04/22/14		691,254		946,619		952,264		—		5,645
EUR	JPM	04/28/14		909,000		1,254,862		1,252,213		2,649		—
EUR	JPM	05/05/14		629,000		865,933		866,481		—		548
EUR	JPM	05/06/14		5,030		6,940		6,929		11		—
EUR	JPM	05/06/14		1,206,410		1,628,749		1,661,892		—		33,143
EUR	JPM	05/06/14		1,203,000		1,652,320		1,657,195		—		4,875
EUR	UBS	06/23/14		1,328,168		1,828,595		1,829,532		—		937
JPY	CIT	06/16/14		149,614,522		1,457,000		1,450,115		6,885		—
JPY	SCB	04/25/14		134,391,001		1,313,958		1,302,213		11,745		—
JPY	SCB	04/25/14		135,043,177		1,319,000		1,308,533		10,467		—
KZT	BRC	06/16/14		35,558,500		190,000		190,870		—		870
NGN	BRC	06/18/14		39,365,250		235,087		232,079		3,008		—
RSD	CIT	04/07/14		38,697,920		461,763		461,134		629		—
RSD	CIT	04/07/14		41,318,650		484,686		492,362		—		7,676
RUB	CIT	04/30/14		33,924,852		949,000		960,590		—		11,590
SGD	HSB	04/14/14		1,908,713		1,493,867		1,517,391		—		23,524
TRY	CIT	05/12/14		527,873		233,756		243,699		—		9,943
TRY	JPM	04/21/14		2,051,609		985,071		953,031		32,040		—
ZAR	CIT	04/24/14		10,285,224		941,000		973,651		—		32,651
ZAR	JPM	04/24/14		9,190,880		850,000		870,055		—		20,055
Total Forward Currency Sale Contracts					$	37,107,551	$	37,366,414		118,974		377,837
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	967,735	$	825,298

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2014 (unaudited)

Currency Abbreviations:

AMD — Armenian Dram

BRL — Brazilian Real

CLP — Chilean Peso

CNY — Chinese Renminbi

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

GHS — Ghanaian Cedi

HUF — Hungarian Forint

IDR — Indonesian Rupiah

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

TWD — New Taiwan Dollar

UGX — Ugandan Shilling

UYU — Uruguayan Peso

ZAR — South African Rand

ZMW — Zambian Kwacha

Counterparty Abbreviations:

BNP — BNP Paribas SA

BRC — Barclays Bank PLC

CIT — Citibank NA

HSB — HSBC Bank USA

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, 2014 (unaudited)

(a)	Principal amount denominated in respective country’s currency.
(b)	For federal income tax purposes, the aggregate cost was $172,284,292, aggregate gross unrealized appreciation was $43,206,281, aggregate gross unrealized depreciation was $12,581,561, and the net unrealized appreciation was $30,624,720.
(c)	Lazard Global Total Return and Income Fund, Inc. (the “Fund”), at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

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 a percentage of net assets):
Agriculture	0.7	%
Alcohol & Tobacco	2.2
Automotive	2.8
Banking	8.2
Cable Television	2.8
Computer Software	4.8
Energy Exploration & Production	2.0
Energy Integrated	9.8
Energy Services	2.8
Financial Services	6.5
Food & Beverages	1.8
Gas Utilities	1.1
Household & Personal Products	2.3
Insurance	3.0
Leisure & Entertainment	2.1
Manufacturing	13.2
Metals & Mining	1.4
Pharmaceutical & Biotechnology	16.2
Retail	3.7
Semiconductors & Components	2.9
Technology Hardware	8.0
Telecommunications	2.3
Subtotal	100.6
Foreign Government Obligations	6.5
Short-Term Investment	0.9
Total Investments	108.0	%

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2014 (unaudited)

Valuation of Investments:

Net asset value per share is determined by State Street Bank and Trust Company for the Fund on each day the New York Stock Exchange (“NYSE”) is open for business. Market values for securities listed on the NYSE, NASDAQ national market or other US or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Forward currency contracts are valued using quotations from an independent pricing service. 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 independent pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations or a matrix system which considers such factors as other security prices, yields and maturities. Debt securities maturing in 60 days or less are valued at amortized cost, except where to do so would not accurately reflect their fair value, in which case such securities are valued at fair value 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”), which meets periodically under the direction of the Board, 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 portfolio managers/analysts also will be considered.

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 value as determined by, or in accordance with procedures approved by, the Board.

The effect of using fair value pricing is that the net asset value of the Fund will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ net asset values.

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.

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (concluded)

March 31, 2014 (unaudited)

·	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.

The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of March 31, 2014:

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, 2014
Assets:
Common Stocks	$	188,887,991	$	—		$	—	$	188,887,991
Foreign Government Obligations		—		12,263,640			—		12,263,640
Short-Term Investment		1,757,381		—			—		1,757,381
Other Financial Instruments*
Forward Currency Contracts		—		967,735			—		967,735
Total	$	190,645,372	$	13,231,375		$	—	$	203,876,747

Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(825,298	)	$	—	$	(825,298)

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

The foreign government obligations included in Level 2 were valued on the basis of prices provided by independent pricing services. The forward currency contracts included in Level 2 were valued using quotations provided by an independent pricing service.

There were no transfers into or out of Levels 1, 2, or 3 during the period ended March 31, 2014.

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, 2014

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, 2014

By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer

Date:	May 30, 2014