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: 3/31/2015

 

 

Item 1. Schedule of Investments.

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments

March 31, 2015 (unaudited)

 

Description  Shares   Value 
Common Stocks — 95.8%          
Australia — 1.1%          
BHP Billiton, Ltd. Sponsored ADR   38,500   $1,789,095 
Denmark — 3.3%          
Novo Nordisk A/S Sponsored ADR   105,000    5,605,950 
Finland — 1.6%          
Sampo Oyj, A Shares ADR   109,500    2,763,780 
France — 5.7%          
GDF Suez Sponsored ADR   75,981    1,505,564 
Sanofi ADR   105,200    5,201,088 
Total SA Sponsored ADR   64,000    3,178,240 
         9,884,892 
Germany — 5.5%          
Bayerische Motoren Werke AG ADR   124,900    5,178,978 
SAP SE Sponsored ADR   59,300    4,279,681 
         9,458,659 
Italy — 1.5%          
Eni SpA Sponsored ADR   74,250    2,569,793 
Japan — 6.5%          
Canon, Inc. Sponsored ADR   44,700    1,581,039 
Mitsubishi UFJ Financial Group, Inc. Sponsored ADR   1,050,900    6,536,598 
Sumitomo Mitsui Financial Group, Inc. Sponsored ADR   393,600    3,046,464 
         11,164,101 
Singapore — 2.8%          
Singapore Telecommunications, Ltd. ADR   151,100    4,814,802 
Sweden — 3.2%          
Assa Abloy AB ADR   187,100    5,569,967 
Switzerland — 5.7%          
Novartis AG Sponsored ADR   38,700    3,816,207 
UBS AG   154,572    2,886,740 
Zurich Insurance Group AG ADR   92,500    3,136,028 
         9,838,975 
United Kingdom — 13.2%          
BP PLC Sponsored ADR   102,155    3,995,282 
British American Tobacco PLC Sponsored ADR   37,700    3,912,129 
GlaxoSmithKline PLC Sponsored ADR   80,200    3,701,230 
HSBC Holdings PLC Sponsored ADR   124,399    5,298,153 
Unilever PLC Sponsored ADR   99,100    4,133,461 
Wm Morrison Supermarkets PLC ADR   120,300    1,717,884 
         22,758,139 
United States — 45.7%          
American Express Co.   43,800    3,421,656 

 

Description  Shares   Value 
Apple, Inc.   50,200   $6,246,386 
Chevron Corp.   46,000    4,829,080 
Cisco Systems, Inc.   220,400    6,066,510 
Citigroup, Inc.   106,400    5,481,728 
ConocoPhillips   53,100    3,306,006 
Emerson Electric Co.   67,600    3,827,512 
Halliburton Co.   89,900    3,944,812 
Honeywell International, Inc.   37,200    3,880,332 
Intel Corp.   104,100    3,255,207 
International Business Machines Corp.   38,460    6,172,830 
Joy Global, Inc.   66,400    2,601,552 
Merck & Co., Inc.   75,300    4,328,244 
PepsiCo, Inc.   41,100    3,929,982 
Pfizer, Inc.   149,766    5,210,359 
United Technologies Corp.   33,400    3,914,480 
Viacom, Inc., Class B   46,800    3,196,440 
Wal-Mart Stores, Inc.   62,800    5,165,300 
         78,778,416 
Total Common Stocks
(Identified cost $148,349,159)		        164,996,569 

 

Description  Principal
Amount
(000) (a)		   Value 
Foreign Government Obligations  — 11.9%          
Brazil — 0.6%          
Brazil NTN-B:          
6.00%, 08/15/16   503   $407,861 
6.00%, 08/15/18   850    685,659 
         1,093,520 
Colombia — 0.1%          
Republic of Colombia,
12.00%, 10/22/15		   305,000    121,375 
Hungary — 1.8%          
Hungary Government Bond,
7.50%, 11/12/20		   695,980    3,097,184 
Indonesia — 0.7%          
Indonesia Government Bond,
7.875%, 04/15/19		   16,553,000    1,296,388 
Israel — 0.8%          
Israel Government Bond - Galil,
5.00%, 04/30/15		   4,320    1,432,085 
Mexico — 2.9%          
Mexican Bonos,
4.75%, 06/14/18		   44,300    2,905,764 
Mexican Udibonos,
2.50%, 12/10/20		   31,204    2,051,052 
         4,956,816 

 

 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2015 (unaudited)

Description  Principal
Amount
(000) (a)		   Value 
Romania — 1.3%          
Romania Government Bonds:          
5.85%, 04/26/23   7,150   $2,075,341 
5.80%, 07/26/27   600    180,499 
         2,255,840 
Serbia — 0.8%          
Serbia Treasury Bonds:          
10.00%, 02/06/19   31,200    280,535 
10.00%, 03/20/21   59,620    522,069 
10.00%, 06/05/21   74,530    642,060 
         1,444,664 
South Africa — 1.5%          
Republic of South Africa:          
10.50%, 12/21/26   12,100    1,203,497 
8.25%, 03/31/32   16,060    1,322,259 
         2,525,756 
Uganda — 0.9%          
Uganda Government Bond,
12.875%, 05/19/16		   1,224,300    395,379 
Uganda Treasury Bills:          
0.00%, 05/28/15   1,033,500    340,090 
0.00%, 09/03/15   1,004,000    320,177 
0.00%, 09/17/15   567,600    179,167 
0.00%, 10/29/15   915,700    285,378 
         1,520,191 
Uruguay — 0.3%          
Republica Orient Uruguay,
5.00%, 09/14/18		   11,538    458,447 
Zambia — 0.2%          
Zambia Treasury Bill,
0.00%, 06/15/15		   2,700    341,300 
Total Foreign Government Obligations
(Identified cost $22,806,677)		        20,543,566 

 

Description  Shares   Value 
Short-Term Investment — 0.7%          
State Street Institutional Treasury Money Market Fund
(Identified cost $1,248,476)		   1,248,476   $1,248,476 
Total Investments — 108.4%
(Identified cost $172,404,312) (b), (c)		       $186,788,611 
Liabilities in Excess of Cash and Other Assets — (8.4)%        (14,446,209)
Net Assets — 100.0%       $172,342,402 
 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2015 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2015:
Currency  Counterparty  Expiration
Date		   Foreign Currency Amount    US $ Cost
on Origination
Date		    US $
Current
Value		    Unrealized
Appreciation		    Unrealized
Depreciation		 
BRL  SCB  04/24/15   2,844,390   $885,000   $886,382   $1,382   $— 
BRL  SCB  04/24/15   4,504,659    1,374,000    1,403,762    29,762    — 
CLP  HSB  04/27/15   817,767,500    1,310,000    1,306,860    —    3,140 
CLP  SCB  06/09/15   789,690,750    1,263,000    1,256,786    —    6,214 
CLP  UBS  04/17/15   863,303,700    1,362,000    1,380,734    18,734    — 
CNH  BRC  04/02/15   1,229,917    198,000    198,183    183    — 
CNH  BRC  05/04/15   1,229,917    197,450    197,436    —    14 
CNH  HSB  04/02/15   6,785,687    1,078,000    1,093,416    15,416    — 
CNH  HSB  04/17/15   10,940,710    1,738,000    1,759,852    21,852    — 
CNH  HSB  05/04/15   6,785,687    1,089,317    1,089,291    —    26 
CNY  HSB  09/10/15   16,553,753    2,623,000    2,628,542    5,542    — 
COP  HSB  04/09/15   2,183,446,000    862,000    839,420    —    22,580 
COP  SCB  04/24/15   4,210,493,000    1,582,000    1,615,612    33,612    — 
DOP  CIT  04/09/15   37,388,340    821,000    834,207    13,207    — 
EGP  BNP  04/06/15   1,871,100    244,269    244,867    598    — 
EGP  BNP  04/20/15   2,037,050    262,000    265,218    3,218    — 
EGP  BNP  06/10/15   1,708,030    218,000    218,370    370    — 
EGP  CIT  05/11/15   3,807,250    485,000    492,010    7,010    — 
EGP  CIT  05/18/15   2,838,080    362,000    365,908    3,908    — 
EGP  JPM  04/14/15   1,836,750    237,000    239,666    2,666    — 
EUR  JPM  06/10/15   484,000    555,801    520,905    —    34,896 
IDR  JPM  04/13/15   12,256,650,000    945,000    934,880    —    10,120 
IDR  JPM  05/11/15   20,118,560,000    1,562,000    1,525,040    —    36,960 
ILS  JPM  05/04/15   3,427,011    855,000    861,181    6,181    — 
INR  HSB  04/13/15   40,211,740    624,261    641,374    17,113    — 
INR  HSB  04/23/15   88,216,128    1,404,000    1,404,167    167    — 
INR  SCB  05/27/15   67,367,200    1,070,000    1,064,817    —    5,183 
INR  SCB  06/23/15   78,778,560    1,234,000    1,238,125    4,125    — 
KRW  CIT  04/13/15   1,567,909,440    1,424,000    1,412,719    —    11,281 
KRW  CIT  05/26/15   1,029,044,160    927,000    925,902    —    1,098 
KRW  SCB  04/13/15   993,462,800    902,000    895,131    —    6,869 
KWD  BNP  08/06/15   291,676    1,017,000    967,225    —    49,775 
KWD  CIT  08/18/15   241,629    842,000    801,074    —    40,926 
KZT  CIT  06/11/15   47,706,010    251,482    233,710    —    17,772 
KZT  CIT  06/12/15   108,679,000    572,899    531,598    —    41,301 
KZT  HSB  04/28/15   87,492,500    443,000    461,412    18,412    — 
KZT  JPM  05/18/15   59,251,000    307,000    302,695    —    4,305 
MYR  CIT  04/27/15   2,005,302    547,000    540,232    —    6,768 
MYR  SCB  06/05/15   6,088,440    1,626,403    1,634,930    8,527    — 
PHP  HSB  04/13/15   71,126,980    1,598,000    1,589,998    —    8,002 
PHP  HSB  04/30/15   73,435,228    1,633,999    1,640,039    6,040    — 
PLN  JPM  05/04/15   3,282,082    885,458    865,165    —    20,293 
PLN  JPM  05/04/15   6,518,390    1,754,319    1,718,265    —    36,054 
PLN  JPM  06/08/15   3,306,653    882,574    870,636    —    11,938 
RON  JPM  05/22/15   3,167,026    806,000    770,784    —    35,216 
RSD  CIT  08/27/15   21,533,580    202,956    184,570    —    18,386 
THB  BRC  05/22/15   27,357,160    829,256    838,949    9,693    — 
 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2015 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2015 (concluded):
Currency  Counterparty  Expiration
Date		  Foreign Currency
Amount		   US $ Cost
on Origination
Date		   US $
Current
Value		   Unrealized
Appreciation		   Unrealized
Depreciation		 
THB  SCB  04/23/15   29,166,795   $887,068   $895,526   $8,458   $— 
TRY  CIT  06/22/15   2,347,904    884,000    884,708    708    — 
TRY  JPM  04/24/15   1,147,742    433,000    438,919    5,919    — 
TRY  JPM  04/24/15   2,267,116    856,000    866,989    10,989    — 
TRY  JPM  04/24/15   2,304,328    968,000    881,220    —    86,780 
TRY  JPM  04/24/15   2,447,738    975,000    936,063    —    38,937 
TRY  JPM  05/12/15   4,532,787    1,784,000    1,725,339    —    58,661 
UGX  BRC  07/08/15   2,791,425,000    929,545    906,450    —    23,095 
UGX  CIT  05/29/15   1,370,355,000    465,000    451,650    —    13,350 
UGX  CIT  08/24/15   1,434,136,000    473,000    458,974    —    14,026 
UYU  CIT  04/20/15   15,117,440    598,000    580,621    —    17,379 
ZAR  JPM  04/07/15   9,885,619    858,000    814,368    —    43,632 
ZAR  JPM  04/07/15   10,852,134    879,000    893,989    14,989    — 
ZAR  JPM  04/07/15   15,372,342    1,266,000    1,266,360    360    — 
ZAR  JPM  05/18/15   11,715,887    981,000    958,707    —    22,293 
ZMW  BRC  02/23/16   3,822,680    454,000    430,092    —    23,908 
ZMW  CIT  09/08/15   7,426,575    975,000    904,428    —    70,572 
ZMW  SCB  04/13/15   225,540    29,669    29,384    —    285 
Total Forward Currency Purchase Contracts    $58,588,726   $58,015,832   $269,141   $842,035 

Forward Currency Sale Contracts open at March 31, 2015:

Currency  Counterparty  Expiration
Date		  Foreign Currency
Amount		   US $ Cost
on Origination
Date		   US $
Current
Value		   Unrealized
Appreciation		   Unrealized
Depreciation		 
BRL  CIT  04/24/15   2,902,437   $909,000   $904,471   $4,529   $— 
BRL  CIT  04/24/15   4,301,392    1,328,000    1,340,419    —    12,419 
BRL  CIT  02/18/16   1,371,159    438,000    391,596    46,404    — 
CNH  BRC  04/02/15   1,229,917    198,182    198,184    —    2 
CNH  HSB  04/02/15   6,785,687    1,093,407    1,093,416    —    9 
COP  HSB  04/09/15   3,463,012,000    1,348,000    1,331,346    16,654    — 
EUR  CIT  08/27/15   168,811    202,956    181,916    21,040    — 
EUR  JPM  05/04/15   789,000    885,458    848,728    36,730    — 
EUR  JPM  05/22/15   1,584,039    1,730,000    1,704,364    25,636    — 
EUR  JPM  05/22/15   2,489,000    2,659,297    2,678,066    —    18,769 
EUR  JPM  06/08/15   794,000    882,574    854,517    28,057    — 
EUR  JPM  06/23/15   775,000    842,569    834,259    8,310    — 
EUR  JPM  06/23/15   2,489,000    2,660,467    2,679,317    —    18,850 
HUF  JPM  04/27/15   847,205,045    3,066,195    3,030,150    36,045    — 
IDR  SCB  04/13/15   10,271,940,000    777,000    783,496    —    6,496 
ILS  CIT  05/04/15   3,038,855    862,087    763,641    98,446    — 
ILS  JPM  05/04/15   817,674    203,000    205,475    —    2,475 
ILS  JPM  05/04/15   2,436,992    600,000    612,397    —    12,397 
ILS  JPM  05/04/15   3,356,800    832,382    843,538    —    11,156 
JPY  CIT  06/11/15   267,241,584    2,226,000    2,230,364    —    4,364 
JPY  HSB  05/18/15   93,334,010    770,000    778,688    —    8,688 
JPY  SCB  04/23/15   147,934,620    1,250,504    1,233,814    16,690    — 
KWD  CIT  08/06/15   291,676    996,500    967,225    29,275    — 
KWD  CIT  08/18/15   1,158    3,958    3,839    119    — 
 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2015 (unaudited)

Forward Currency Sale Contracts open at March 31, 2015 (concluded):

Currency  Counterparty  Expiration
Date		  Foreign Currency
Amount		   US $ Cost
on Origination
Date		   US $
Current
Value		   Unrealized
Appreciation		   Unrealized
Depreciation		 
KWD  CIT  08/18/15   240,471   $821,000   $797,235   $23,765   $— 
KZT  JPM  04/28/15   87,492,500    403,191    461,412    —    58,221 
MXN  BRC  06/19/15   7,678,152    492,000    500,888    —    8,888 
RON  JPM  05/22/15   4,402,832    1,124,864    1,071,552    53,312    — 
RON  JPM  06/10/15   2,138,748    555,802    520,359    35,443    — 
RON  JPM  06/10/15   6,936,248    1,908,001    1,687,594    220,407    — 
TRY  JPM  04/24/15   4,807,968    1,856,000    1,838,661    17,339    — 
UGX  BRC  07/08/15   850,176,000    288,000    276,075    11,925    — 
UGX  BRC  07/08/15   1,941,249,000    659,840    630,375    29,465    — 
UGX  CIT  04/23/15   918,117,000    307,062    305,488    1,574    — 
UGX  JPM  04/20/15   494,680,000    166,000    164,766    1,234    — 
ZAR  BNP  04/07/15   9,787,903    806,000    806,319    —    319 
ZAR  JPM  04/07/15   4,673,252    389,000    384,978    4,022    — 
ZAR  JPM  04/07/15   12,174,693    1,028,710    1,002,940    25,770    — 
ZAR  JPM  04/07/15   15,340,811    1,242,000    1,263,762    —    21,762 
ZAR  JPM  04/07/15   16,713,825    1,406,000    1,376,870    29,130    — 
Total Forward Currency Sale Contracts    $40,219,006   $39,582,500    821,321    184,815 
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts   $1,090,462   $1,026,850 
 
Currency Abbreviations:    
BRL — Brazilian Real KWD — Kuwaiti Dinar
CLP — Chilean Peso KZT — Kazakhstan Tenge
CNH — Yuan Renminbi MXN — Mexican New Peso
CNY — Chinese Renminbi MYR — Malaysian Ringgit
COP — Colombian Peso PHP — Philippine Peso
DOP — Dominican Republic Peso PLN — Polish Zloty
EGP — Egyptian Pound RON — New Romanian Leu
EUR — Euro RSD — Serbian Dinar
HUF — Hungarian Forint THB — Thai Baht
IDR — Indonesian Rupiah TRY — New Turkish Lira
ILS — Israeli Shekel UGX — Ugandan Shilling
INR — Indian Rupee UYU — Uruguayan Peso
JPY — Japanese Yen ZAR — South African Rand
KRW — South Korean Won ZMW — Zambian Kwacha
     

 

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

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2015 (unaudited)

 

(a) Principal amount denominated in respective country’s currency.
(b) For federal income tax purposes, the aggregate cost was $172,404,312, aggregate gross unrealized appreciation was $33,758,288, aggregate gross unrealized depreciation was $19,373,989, and the net unrealized appreciation was $14,384,299.
(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

 

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

Alcohol & Tobacco   2.3%
Automotive   3.0 
Banking   8.6 
Computer Software   2.5 
Energy Exploration & Production   1.9 
Energy Integrated   8.5 
Energy Services   2.3 
Financial Services   6.8 
Food & Beverages   2.3 
Gas Utilities   0.9 
Household & Personal Products   2.4 
Insurance   3.4 
Leisure & Entertainment   1.9 
Manufacturing   11.5 
Metals & Mining   1.0 
Pharmaceutical & Biotechnology   16.2 
Retail   4.0 
Semiconductors & Components   2.8 
Technology Hardware   10.7 
Telecommunications   2.8 
Subtotal   95.8 
Foreign Government Obligations   11.9 
Short-Term Investment   0.7 
Total Investments   108.4%
      
* Industry classifications may be different than those used for compliance monitoring purposes.
 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (concluded)

March 31, 2015 (unaudited)

 

Valuation of Investments:

 

Net asset value (“NAV”) per share is determined 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 NAV.

 

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.

 

The Valuation Committee of Lazard Asset Management LLC (the “Investment Manager”), which meets periodically and acts pursuant to delegated authority from the Board of Directors (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 NAV 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. Non-US securities may trade on days when the Fund is not open for business, thus affecting the value of the Fund’s assets on days when Fund stockholders may not be able to buy or sell Fund shares.

 

The effect of using fair value pricing is that the NAV 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’ NAVs.

 

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)

 

Changes in valuation technique may result in transfer into or out of the current assigned level within the hierarchy.

 

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, 2015:

 

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, 2015		 
Assets:                    
Common Stocks  $164,996,569   $—   $—   $164,996,569 
Foreign Government Obligations   —    20,543,566    —    20,543,566 
Short-Term Investment   1,248,476    —    —    1,248,476 
Other Financial Instruments*                    
Forward Currency Contracts   —    1,090,462    —    1,090,462 
Total  $166,245,045   $21,634,028   $—   $187,879,073 
Liabilities:                    
Other Financial Instruments*                    
Forward Currency Contracts  $—   $(1,026,850)  $—   $(1,026,850)
* Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

 

The Fund recognizes all transfers between levels as though they were transferred at the beginning of the reporting period. There were no transfers into or out of Levels 1, 2 or 3 during the period ended March 31, 2015.

 

 

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 28, 2015

 

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 28, 2015

 

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

 

Date: May 28, 2015