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:	3/31/2013

Item 1.

Schedule of Investments.

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments

March 31, 2013 (unaudited)

Description	Shares		Value
Common Stocks — 92.7%

Australia — 1.5%

BHP Billiton, Ltd. Sponsored ADR		38,500	$	2,634,555

Finland — 1.2%

Sampo Oyj, A Shares ADR		109,500		2,108,970

France — 5.6%

GDF Suez Sponsored ADR		75,981		1,463,394
Sanofi SA ADR		105,200		5,373,616
Total SA Sponsored ADR		64,000		3,070,720
				9,907,730

Germany — 2.7%

SAP AG Sponsored ADR		59,300		4,776,022

Ireland — 2.1%

CRH PLC Sponsored ADR		168,070		3,712,666

Israel — 1.0%

Israel Chemicals, Ltd. ADR		140,700		1,820,658

Italy — 1.9%

Eni SpA Sponsored ADR		74,250		3,333,082

Japan — 8.6%

Canon, Inc. Sponsored ADR		44,700		1,640,043
Hoya Corp. Sponsored ADR		73,500		1,384,005
Mitsubishi UFJ Financial Group, Inc. ADR		1,050,900		6,305,400
Nomura Holdings, Inc. ADR		413,045		2,548,488
Sumitomo Mitsui Financial Group, Inc. Sponsored ADR		393,600		3,211,776
				15,089,712

Singapore — 2.5%

Singapore Telecommunications, Ltd. ADR		151,100		4,377,367

Spain — 1.3%

Banco Santander SA Sponsored ADR		349,623		2,380,933

Switzerland — 9.1%

Novartis AG ADR		78,900		5,620,836
Roche Holding AG Sponsored ADR		92,400		5,414,640
UBS AG		154,572		2,378,863
Zurich Insurance Group AG ADR		92,500		2,580,759
				15,995,098

United Kingdom — 14.3%

BP PLC Sponsored ADR		102,155		4,326,264
British American Tobacco PLC Sponsored ADR		37,700		4,035,785
GlaxoSmithKline PLC Sponsored ADR		80,200		3,762,182
HSBC Holdings PLC Sponsored ADR		120,034		6,402,614
Unilever PLC Sponsored ADR		99,100		4,185,984

Description	Shares		Value
Wm Morrison Supermarkets PLC ADR		120,300	$	2,528,706
				25,241,535

United States — 40.9%

Cisco Systems, Inc.		220,400		4,608,564
Comcast Corp., Class A		106,120		4,204,475
ConocoPhillips		32,900		1,977,290
Emerson Electric Co.		67,600		3,776,812
Halliburton Co.		89,900		3,632,859
Honeywell International, Inc.		64,700		4,875,145
Intel Corp.		155,400		3,395,490
International Business Machines Corp.		24,460		5,217,318
Johnson & Johnson		72,040		5,873,421
Merck & Co., Inc.		75,300		3,330,519
Microsoft Corp.		187,525		5,365,090
Oracle Corp.		100,440		3,248,230
PepsiCo, Inc.		41,100		3,251,421
Pfizer, Inc.		87,566		2,527,155
The Bank of New York Mellon Corp.		103,600		2,899,764
The Home Depot, Inc.		69,735		4,866,108
United Technologies Corp.		47,200		4,409,896
Wal-Mart Stores, Inc.		62,800		4,699,324
				72,158,881

Total Common Stocks (Identified cost $150,526,342)				163,537,209

	Principal
	Amount
Description	(000) (a)		Value
Foreign Government Obligations — 10.5%

Brazil — 3.3%

Brazil NTN-B:
6.00%, 05/15/15		4,330	$	5,273,386
6.00%, 08/15/16		503		616,273
				5,889,659

Colombia — 0.1%

Republic of Colombia, 12.00%, 10/22/15		305,000		201,078

Hungary — 0.2%

Hungary Treasury Bill, 0.00%, 04/17/13		88,700		372,908

Mexico — 2.1%

Mexican Bonos:
7.00%, 06/19/14		19,360		1,620,845
9.50%, 12/18/14		16,100		1,418,336
Mexican Udibonos, 5.00%, 06/16/16		7,313		665,775
				3,704,956

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

	Principal
	Amount
Description	(000) (a)		Value
Romania — 1.4%

Romania Government Bonds:
5.85%, 07/28/14		4,500	$	1,311,468
5.80%, 10/26/15		2,000		584,361
5.90%, 07/26/17		1,700		498,809
				2,394,638

Russia — 0.7%

Russian Government Bonds - OFZ:
7.50%, 02/27/19		11,500		388,821
7.60%, 04/14/21		27,300		921,625
				1,310,446

South Africa — 0.3%

Republic of South Africa, 5.50%, 12/07/23		2,727		438,901

Turkey — 1.4%

Turkey Government Bonds:
8.00%, 10/09/13		800		446,537
10.00%, 12/04/13		540		305,919
3.00%, 07/21/21		2,769		1,738,743
				2,491,199

Uruguay — 1.0%

Uruguay Monetary Regulation Bills:
0.00%, 05/09/13		2,350		123,587
0.00%, 06/27/13		4,650		241,546
0.00%, 07/05/13		19,770		1,025,240
0.00%, 08/15/13		6,000		307,399
				1,697,772
Total Foreign Government Obligations (Identified cost $17,822,428)				18,501,557

Description	Shares		Value
Short-Term Investment — 3.1%

State Street Institutional Treasury Money Market Fund (Identified cost $5,451,477)		5,451,477	$	5,451,477

Total Investments — 106.3% (Identified cost $173,800,247) (b), (c)			$	187,490,243

Liabilities in Excess of Cash and Other Assets — (6.3)%				(11,185,167	)

Net Assets — 100.0%			$	176,305,076

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2013:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
BRL	RBC	04/02/13		2,371,684	$	1,180,530	$	1,173,666	$	—	$	6,864
BRL	RBC	05/03/13		1,617,945		811,000		797,876		—		13,124
CLP	CIT	04/29/13		394,627,860		827,000		833,637		6,637		—
CLP	RBC	04/08/13		395,883,250		833,000		838,881		5,881		—
CLP	UBS	04/10/13		425,731,740		894,000		901,864		7,864		—
CLP	UBS	04/15/13		238,644,000		504,000		505,167		1,167		—
CNY	BRC	04/26/13		9,369,120		1,490,000		1,505,549		15,549		—
CNY	HSB	06/19/13		7,667,636		1,221,000		1,228,529		7,529		—
CNY	JPM	05/28/13		10,457,170		1,660,000		1,677,424		17,424		—
COP	CIT	04/23/13		1,341,315,000		738,000		733,360		—		4,640
COP	JPM	05/21/13		1,601,586,000		880,718		873,639		—		7,079
COP	UBS	04/11/13		894,140,000		494,000		489,403		—		4,597
COP	UBS	04/24/13		1,759,660,740		985,749		962,001		—		23,748
CZK	BNP	04/05/13		804,675		40,066		40,018		—		48
CZK	BNP	04/05/13		16,788,103		851,000		834,907		—		16,093
CZK	BNP	07/08/13		16,945,611		858,910		843,292		—		15,618
CZK	JPM	05/06/13		16,869,132		858,465		839,131		—		19,334
CZK	JPM	06/06/13		17,029,608		864,309		847,299		—		17,010
CZK	JPM	06/06/13		18,737,736		953,271		932,286		—		20,985
DOP	CIT	04/15/13		7,088,400		175,891		172,719		—		3,172
DOP	CIT	04/16/13		13,565,650		336,533		330,466		—		6,067
EUR	BNP	04/30/13		499,000		648,650		639,756		—		8,894
EUR	BNP	05/20/13		249,500		324,575		319,926		—		4,649
EUR	BRC	06/25/13		279,776		363,031		358,846		—		4,185
EUR	CIT	04/11/13		161,000		209,172		206,389		—		2,783
EUR	CIT	04/11/13		374,000		484,592		479,438		—		5,154
EUR	CIT	05/20/13		2,192,557		2,938,509		2,811,440		—		127,069
EUR	JPM	05/28/13		443,408		584,000		568,602		—		15,398
GHS	SCB	04/17/13		250,000		125,313		128,165		2,852		—
GHS	SCB	04/19/13		240,500		122,704		123,176		472		—
GHS	SCB	04/22/13		2,012,000		1,026,007		1,029,000		2,993		—
GHS	SCB	05/28/13		1,321,000		661,658		663,955		2,297		—
HUF	BNP	04/30/13		187,226,738		825,000		785,928		—		39,072
HUF	CIT	05/07/13		119,000,000		501,640		499,119		—		2,521
HUF	JPM	06/26/13		312,116,000		1,310,530		1,302,311		—		8,219
HUF	UBS	05/21/13		84,457,440		356,000		353,665		—		2,335
IDR	JPM	04/29/13		6,068,057,000		619,000		622,256		3,256		—
IDR	SCB	04/18/13		10,986,060,000		1,132,000		1,128,191		—		3,809
INR	BRC	04/15/13		30,729,540		564,000		563,953		—		47
INR	BRC	04/15/13		69,083,800		1,247,000		1,267,837		20,837		—
INR	JPM	05/13/13		51,994,130		937,000		948,617		11,617		—
INR	SCB	04/08/13		82,359,900		1,530,000		1,513,743		—		16,257
INR	SCB	05/20/13		30,680,440		559,199		558,958		—		241
KRW	JPM	04/29/13		467,755,500		435,000		419,771		—		15,229
KRW	SCB	04/22/13		1,097,406,000		984,000		985,222		1,222		—
KRW	SCB	05/28/13		520,907,400		468,000		466,745		—		1,255

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2013 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
KRW	UBS	04/15/13		1,406,183,400	$	1,278,000	$	1,262,937	$	—	$	15,063
KRW	UBS	05/13/13		1,400,642,000		1,271,000		1,256,009		—		14,991
KZT	CIT	04/08/13		65,846,310		433,000		436,123		3,123		—
KZT	CIT	06/24/13		62,450,000		404,469		411,582		7,113		—
KZT	CIT	09/26/13		106,216,700		694,000		694,428		428		—
KZT	HSB	05/02/13		101,350,000		667,654		670,459		2,805		—
KZT	HSB	07/09/13		35,031,150		228,335		230,601		2,266		—
KZT	HSB	07/09/13		67,800,000		441,694		446,310		4,616		—
KZT	HSB	10/30/13		134,019,200		868,000		873,242		5,242		—
KZT	UBS	05/28/13		93,024,750		613,943		614,279		336		—
MXN	JPM	04/22/13		3,220,564		258,830		260,248		1,418		—
MXN	JPM	04/22/13		5,470,123		440,635		442,031		1,396		—
MYR	HSB	05/07/13		1,819,368		583,000		586,086		3,086		—
MYR	JPM	04/08/13		9,264,711		2,971,077		2,990,690		19,613		—
MYR	JPM	04/18/13		2,592,920		830,000		836,399		6,399		—
NGN	CIT	04/15/13		67,477,800		422,000		423,727		1,727		—
NGN	CIT	04/23/13		50,545,650		287,191		316,476		29,285		—
NGN	CIT	06/10/13		88,925,890		551,000		547,498		—		3,502
NGN	CIT	07/23/13		37,185,000		201,000		225,703		24,703		—
NGN	CIT	09/19/13		37,403,000		226,000		222,936		—		3,064
NGN	SCB	04/11/13		80,074,500		502,981		503,565		584		—
NGN	SCB	05/02/13		53,784,000		304,725		335,652		30,927		—
NGN	SCB	06/18/13		169,370,700		1,041,000		1,039,914		—		1,086
NGN	SCB	06/20/13		88,718,400		545,624		544,346		—		1,278
PEN	CIT	05/02/13		2,256,780		870,000		870,537		537		—
RON	ING	04/18/13		2,731,202		839,401		791,107		—		48,294
RON	JPM	04/22/13		4,002,210		1,215,000		1,158,659		—		56,341
RSD	BRC	04/08/13		136,192,440		1,595,039		1,552,750		—		42,289
RSD	CIT	04/11/13		38,781,960		458,741		441,719		—		17,022
RSD	CIT	04/11/13		112,882,750		1,370,269		1,285,712		—		84,557
RUB	BRC	09/27/13		40,319,568		1,266,000		1,259,385		—		6,615
RUB	UBS	06/25/13		7,106,008		227,000		225,357		—		1,643
RUB	UBS	06/25/13		23,060,440		644,327		731,328		87,001		—
RUB	UBS	07/01/13		23,785,680		664,590		753,586		88,996		—
SGD	HSB	04/22/13		2,182,877		1,747,000		1,759,973		12,973		—
THB	SCB	04/18/13		13,998,758		477,000		477,535		535		—
THB	SCB	04/18/13		15,988,896		539,000		545,424		6,424		—
THB	SCB	05/20/13		46,865,053		1,577,576		1,595,584		18,008		—
TRY	JPM	04/22/13		3,810,963		2,085,000		2,100,962		15,962		—
TRY	JPM	05/07/13		1,596,848		873,000		878,725		5,725		—
UGX	BRC	04/08/13		1,624,280,000		585,326		625,665		40,339		—
UGX	BRC	05/07/13		1,624,281,000		579,067		620,055		40,988		—
UGX	CIT	04/08/13		2,877,327,000		1,074,431		1,108,333		33,902		—
UYU	CIT	04/08/13		2,706,000		141,232		142,466		1,234		—
UYU	CIT	05/07/13		2,704,000		140,249		141,472		1,223		—
UYU	HSB	04/04/13		11,212,320		568,000		590,806		22,806		—

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2013 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
ZAR	BRC	05/20/13		5,381,516	$	579,000	$	581,539	$	2,539	$	—
ZAR	BRC	05/20/13		8,162,064		877,000		882,011		5,011		—
ZAR	CIT	04/30/13		6,290,730		675,000		681,633		6,633		—
ZAR	JPM	04/29/13		4,734,871		509,000		513,117		4,117		—
ZMW	CIT	04/08/13		3,428,300		637,823		638,594		771		—
ZMW	CIT	04/15/13		2,943,000		546,315		547,838		1,523		—
ZMW	SCB	04/22/13		2,172,015		399,929		404,056		4,127		—
ZMW	SCB	05/28/13		2,331,139		429,149		431,062		1,913		—
ZMW	SCB	09/19/13		1,936,218		343,972		348,426		4,454		—
ZMW	SCB	12/19/13		1,290,812		224,294		227,563		3,269		—
Total Forward Currency Purchase Contracts					$	77,237,910	$	77,190,343	$	663,674	$	711,241

Forward Currency Sale Contracts open at March 31, 2013:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
BRL	RBC	04/02/13		2,371,684	$	1,193,000	$	1,173,665	$	19,335	$	—
BRL	RBC	05/03/13		2,368,565		1,175,000		1,168,038		6,962		—
CZK	BNP	04/05/13		17,592,777		881,000		874,925		6,075		—
CZK	BNP	07/08/13		804,675		40,089		40,044		45		—
EUR	BNP	05/20/13		2,441		3,223		3,130		93		—
EUR	BNP	05/20/13		635,000		831,723		814,238		17,485		—
EUR	BNP	07/08/13		662,000		858,910		849,185		9,725		—
EUR	BRC	04/08/13		1,212,000		1,595,039		1,553,653		41,386		—
EUR	CIT	04/11/13		345,342		458,741		442,701		16,040		—
EUR	CIT	04/11/13		999,670		1,370,269		1,281,495		88,774		—
EUR	CIT	05/20/13		1,420,696		1,840,000		1,821,709		18,291		—
EUR	ING	04/18/13		622,000		839,401		797,389		42,012		—
EUR	ING	04/22/13		1,382,543		1,848,274		1,772,433		75,841		—
EUR	JPM	05/06/13		657,000		858,465		842,360		16,105		—
EUR	JPM	05/28/13		337,366		437,000		432,619		4,381		—
EUR	JPM	05/28/13		4,157,750		5,495,382		5,331,661		163,721		—
EUR	JPM	06/06/13		664,000		864,309		851,534		12,775		—
EUR	JPM	06/06/13		732,000		953,271		938,739		14,532		—
EUR	UBS	04/30/13		370,246		484,107		474,683		9,424		—
HUF	BNP	04/30/13		152,419,550		648,650		639,817		8,833		—
HUF	CIT	05/07/13		19,030,380		87,000		79,819		7,181		—
JPY	HSB	06/21/13		109,425,950		1,150,000		1,163,086		—		13,086
JPY	SCB	04/26/13		142,085,568		1,524,000		1,509,616		14,384		—
RON	BNP	04/29/13		397,354		116,000		114,932		1,068		—
RSD	CIT	04/11/13		18,125,380		209,171		206,444		2,727		—
RSD	CIT	04/11/13		42,043,958		484,591		478,872		5,719		—
TRY	BRC	07/10/13		93,005		47,835		50,745		—		2,910
TRY	CIT	07/10/13		1,100,468		565,793		600,428		—		34,635
UGX	CIT	04/08/13		667,296,000		252,000		257,039		—		5,039

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Forward Currency Sale Contracts open at March 31, 2013 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
UGX	CIT	05/07/13		839,317,500	$	315,000	$	320,402	$	—	$	5,402
Total Forward Currency Sale Contracts					$	27,427,243	$	26,885,401		602,914		61,072
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	1,266,588	$	772,313

Currency Abbreviations:

BRL — Brazilian Real

CLP — Chilean Peso

CNY — Chinese Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Republic Peso

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

RON — New Romanian Leu

RSD — Serbian Dinar

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Baht

TRY — New Turkish Lira

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

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, 2013 (unaudited)

(a)	Principal amount denominated in respective country’s currency.
(b)	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.
(c)	For federal income tax purposes, the aggregate cost was $173,800,247, aggregate gross unrealized appreciation was $33,607,064, aggregate gross unrealized depreciation was $19,917,068, and the net unrealized appreciation was $13,689,996.

Security Abbreviations:

ADR — American Depositary Receipt

NTN-B — Brazil Sovereign “Nota do Tesouro Nacional” Series B

Portfolio holdings by industry (as a percentage of net assets):
Agriculture	1.0	%
Alcohol & Tobacco	2.3
Banking	10.4
Cable Television	2.4
Computer Software	7.6
Energy Integrated	7.2
Energy Services	2.0
Financial Services	4.4
Food & Beverages	1.8
Gas Utilities	0.8
Household and Personal Products	2.4
Housing	2.1
Insurance	2.7
Manufacturing	7.4
Metals & Mining	1.5
Pharmaceutical & Biotechnology	18.1
Retail	6.9
Semiconductors & Components	3.6
Technology Hardware	5.6
Telecommunications	2.5
Subtotal	92.7
Foreign Government Obligations	10.5
Short-Term Investment	3.1
Total Investments	106.3	%

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Valuation of Investments:

Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other U.S. 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 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.

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.

The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of March 31, 2013:

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (concluded)

March 31, 2013 (unaudited)

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, 2013
Assets:
Common Stocks	$	163,537,209	$	—		$	—	$	163,537,209
Foreign Government Obligations		—		18,501,557			—		18,501,557
Short-Term Investment		—		5,451,477			—		5,451,477
Other Financial Instruments*
Forward Currency Contracts		—		1,266,588			—		1,266,588
Total	$	163,537,209	$	25,219,622		$	—	$	188,756,831

Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(772,313	)	$	—	$	(772,313	)

* 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. The short-term investment included in Level 2 (a pooled investment fund) was valued at the fund’s net asset value.

There were no transfers into or out of Levels 1, 2 or 3 during the period ended March 31, 2013.

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, 2013

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, 2013

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

Date:	May 30, 2013