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:	9/30/2013

Item 1.

Schedule of Investments.

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments

September 30, 2013 (unaudited)

Description	Shares		Value
Common Stocks — 96.1%

Australia — 1.4%

BHP Billiton, Ltd. Sponsored ADR		38,500	$	2,560,250

Finland — 1.3%

Sampo Oyj, A Shares ADR		109,500		2,350,965

France — 6.0%

GDF Suez Sponsored ADR		75,981		1,913,202
Sanofi SA ADR		105,200		5,326,276
Total SA Sponsored ADR		64,000		3,706,880
				10,946,358

Germany — 2.4%

SAP AG Sponsored ADR		59,300		4,383,456

Ireland — 2.2%

CRH PLC Sponsored ADR		168,070		4,062,252

Israel — 0.7%

Israel Chemicals, Ltd. ADR		140,700		1,201,578

Italy — 1.9%

Eni SpA Sponsored ADR		74,250		3,417,728

Japan — 9.4%

Canon, Inc. Sponsored ADR		44,700		1,430,400
Hoya Corp. Sponsored ADR		73,500		1,747,095
Mitsubishi UFJ Financial Group, Inc. ADR		1,050,900		6,736,269
Nomura Holdings, Inc. ADR		413,045		3,225,881
Sumitomo Mitsui Financial Group, Inc. Sponsored ADR		393,600		3,829,728
				16,969,373

Singapore — 2.5%

Singapore Telecommunications, Ltd. ADR		151,100		4,526,956

Spain — 1.6%

Banco Santander SA Sponsored ADR		349,623		2,856,420

Switzerland — 9.8%

Novartis AG ADR		78,900		6,052,419
Roche Holding AG Sponsored ADR		92,400		6,239,772
UBS AG		154,572		3,171,817
Zurich Insurance Group AG ADR		92,500		2,382,449
				17,846,457

United Kingdom — 14.1%

BP PLC Sponsored ADR		102,155		4,293,575
British American Tobacco PLC Sponsored ADR		37,700		3,964,155
GlaxoSmithKline PLC Sponsored ADR		80,200		4,023,634
HSBC Holdings PLC Sponsored ADR		122,063		6,623,138
Unilever PLC Sponsored ADR		99,100		3,823,278

Description	Shares		Value
Wm Morrison Supermarkets PLC ADR		120,300	$	2,740,434
				25,468,214

United States — 42.8%

Cisco Systems, Inc.		220,400		5,161,768
Comcast Corp., Class A		106,120		4,602,424
ConocoPhillips		32,900		2,286,879
Emerson Electric Co.		67,600		4,373,720
Halliburton Co.		89,900		4,328,685
Honeywell International, Inc.		64,700		5,372,688
Intel Corp.		155,400		3,561,768
International Business Machines Corp.		24,460		4,529,503
Johnson & Johnson		72,040		6,245,147
Merck & Co., Inc.		75,300		3,585,033
Microsoft Corp.		187,525		6,246,458
Oracle Corp.		100,440		3,331,595
PepsiCo, Inc.		41,100		3,267,450
Pfizer, Inc.		87,566		2,514,020
The Bank of New York Mellon Corp.		103,600		3,127,684
The Home Depot, Inc.		69,735		5,289,400
United Technologies Corp.		47,200		5,089,104
Wal-Mart Stores, Inc.		62,800		4,644,688
				77,558,014

Total Common Stocks (Identified cost $150,634,296)				174,148,021

Description	Principal Amount (000) (a)		Value
Foreign Government Obligations — 9.7%

Brazil — 2.7%

Brazil NTN-B:
6.00%, 05/15/15		1,745	$	1,918,172
6.00%, 08/15/16		503		542,268
6.00%, 08/15/18		850		919,207
Brazil NTN-F, 10.00%, 01/01/23		3,733		1,574,078
				4,953,725

Colombia — 0.1%

Republic of Colombia, 12.00%, 10/22/15		305,000		182,716

Mexico — 1.6%

Mexican Bonos:
7.00%, 06/19/14		8,360		653,266
9.50%, 12/18/14		16,100		1,313,642
7.75%, 12/14/17		9,930		846,872
				2,813,780

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2013 (unaudited)

Description	Principal Amount (000) (a)		Value
Romania — 0.9%

Romania Government Bonds:
5.80%, 10/26/15		3,330	$	1,043,603
5.90%, 07/26/17		1,700		541,908
				1,585,511

Russia — 1.9%

Russia Government Bonds - OFZ:
6.90%, 08/03/16		13,107		409,676
7.50%, 02/27/19		11,500		366,013
7.60%, 04/14/21		27,300		869,094
7.60%, 07/20/22		16,972		538,208
7.00%, 01/25/23		21,200		646,112
8.15%, 02/03/27		19,900		643,035
				3,472,138

South Africa — 0.7%

Republic of South Africa, 8.25%, 09/15/17		12,150		1,269,788

Turkey — 1.8%

Turkey Government Bonds:
4.50%, 02/11/15		2,567		1,316,317
4.00%, 04/29/15		3,864		1,972,014
				3,288,331

Uruguay — 0.0%

Uruguay Monetary Regulation Bill, 0.00%, 01/31/14		1,568		69,399

Total Foreign Government Obligations (Identified cost $18,281,899)				17,635,388

Description	Shares		Value
Short-Term Investment — 0.8%

State Street Institutional Treasury Money Market Fund (Identified cost $1,404,777)		1,404,777	$	1,404,777

Total Investments — 106.6% (Identified cost $170,320,972) (b), (c)			$	193,188,186

Liabilities in Excess of Cash and Other Assets — (6.6)%				(11,973,033	)

Net Assets — 100.0%			$	181,215,153

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2013 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2013:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
BRL	UBS	10/02/13		3,031,904	$	1,365,107	$	1,368,002	$	2,895	$	—
CLP	BNP	10/16/13		361,489,100		707,000		714,841		7,841		—
CLP	BNP	11/08/13		339,042,000		660,000		668,340		8,340		—
CLP	UBS	10/10/13		618,009,150		1,240,858		1,223,083		—		17,775
CNY	HSB	10/21/13		3,881,685		629,000		633,765		4,765		—
CNY	SCB	10/21/13		6,882,792		1,112,820		1,123,758		10,938		—
COP	BNP	12/02/13		750,750,000		390,355		391,773		1,418		—
COP	CIT	10/03/13		750,750,000		385,000		393,795		8,795		—
COP	CIT	10/16/13		2,765,260,100		1,433,000		1,448,923		15,923		—
COP	HSB	10/08/13		1,554,009,600		814,641		814,797		156		—
COP	UBS	11/05/13		1,900,142,700		972,736		993,986		21,250		—
CZK	BNP	10/07/13		18,302,816		940,939		963,972		23,033		—
CZK	BNP	11/22/13		26,645,647		1,387,775		1,403,688		15,913		—
CZK	JPM	10/07/13		16,805,556		853,624		885,114		31,490		—
EUR	BRC	10/01/13		679,982		916,955		919,914		2,959		—
EUR	BRC	11/25/13		1,066,555		1,445,334		1,443,095		—		2,239
EUR	CIT	11/06/13		1,292,175		1,700,638		1,748,272		47,634		—
EUR	JPM	11/06/13		151,190		202,500		204,556		2,056		—
GHS	CIT	11/25/13		1,321,000		591,316		590,019		—		1,297
GHS	SCB	11/19/13		2,477,000		1,157,477		1,109,628		—		47,849
HUF	BRC	10/01/13		203,749,920		905,692		926,812		21,120		—
HUF	BRC	10/31/13		194,594,400		875,723		883,311		7,588		—
HUF	JPM	10/10/13		206,476,500		897,090		938,671		41,581		—
HUF	JPM	10/10/13		312,116,000		1,393,497		1,418,923		25,426		—
HUF	JPM	10/15/13		303,480,060		1,363,290		1,379,164		15,874		—
IDR	BRC	10/03/13		7,526,397,500		660,500		649,833		—		10,667
IDR	BRC	10/17/13		10,131,384,500		879,461		872,592		—		6,869
IDR	JPM	10/03/13		2,604,987,000		231,000		224,916		—		6,084
INR	HSB	10/31/13		43,825,320		693,000		694,359		1,359		—
INR	JPM	02/10/14		84,675,200		1,504,000		1,308,814		—		195,186
INR	SCB	10/15/13		45,243,715		705,500		720,165		14,665		—
KRW	CIT	10/23/13		1,687,707,220		1,553,000		1,568,299		15,299		—
KRW	HSB	10/10/13		1,225,984,850		1,114,000		1,140,204		26,204		—
KZT	CIT	01/06/14		65,846,310		427,074		420,292		—		6,782
KZT	CIT	03/17/14		122,486,460		783,663		770,604		—		13,059
KZT	HSB	10/30/13		134,019,200		868,000		867,802		—		198
KZT	HSB	06/16/14		106,216,700		669,503		656,894		—		12,609
KZT	HSB	06/16/14		134,019,200		844,056		828,838		—		15,218
KZT	UBS	02/28/14		93,024,750		600,160		587,297		—		12,863
MXN	CIT	10/21/13		8,210,147		634,380		626,232		—		8,148
MXN	UBS	10/21/13		8,790,323		675,000		670,485		—		4,515
MYR	CIT	10/18/13		1,466,090		463,000		449,312		—		13,688
MYR	JPM	10/18/13		6,063,930		1,850,000		1,858,410		8,410		—
MYR	JPM	11/06/13		1,262,368		383,000		386,393		3,393		—
NGN	BRC	06/18/14		39,365,250		219,000		227,911		8,911		—
NGN	CIT	10/23/13		228,804,400		1,396,000		1,409,079		13,079		—
NGN	JPM	06/17/14		60,480,000		336,000		350,250		14,250		—

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2013 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2013 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
NGN	SCB	10/31/13		53,784,000	$	321,867	$	330,327	$	8,460	$	—
NGN	SCB	10/31/13		81,361,800		486,759		499,703		12,944		—
NGN	SCB	12/18/13		169,370,700		996,298		1,022,313		26,015		—
NGN	SCB	03/20/14		139,264,050		801,520		824,729		23,209		—
PEN	BNP	10/18/13		1,839,233		661,000		659,133		—		1,867
PEN	BNP	10/24/13		1,844,521		668,668		660,550		—		8,118
PEN	BNP	11/04/13		1,348,530		474,000		482,290		8,290		—
PEN	BNP	11/22/13		2,841,951		1,018,000		1,014,323		—		3,677
PEN	UBS	10/21/13		2,191,418		777,788		785,063		7,275		—
PHP	JPM	10/16/13		57,261,600		1,320,000		1,315,329		—		4,671
PHP	JPM	12/12/13		59,287,330		1,357,000		1,361,655		4,655		—
PHP	SCB	01/13/14		38,403,200		880,000		881,737		1,737		—
PLN	BNP	10/22/13		3,056,428		967,193		977,563		10,370		—
PLN	BRC	10/21/13		4,216,974		1,327,000		1,348,831		21,831		—
PLN	JPM	11/05/13		2,735,564		847,383		874,210		26,827		—
RON	JPM	10/04/13		4,773,977		1,420,869		1,449,615		28,746		—
RON	JPM	11/12/13		4,587,017		1,343,000		1,389,240		46,240		—
RSD	BRC	12/09/13		141,526,350		1,631,334		1,646,370		15,036		—
RSD	CIT	10/16/13		65,848,640		771,875		775,211		3,336		—
RUB	BNP	12/09/13		31,123,575		941,000		949,256		8,256		—
RUB	UBS	12/13/13		32,808,600		990,000		999,872		9,872		—
SGD	HSB	10/23/13		1,709,074		1,357,000		1,362,342		5,342		—
THB	BNP	10/18/13		17,170,270		538,000		548,390		10,390		—
THB	SCB	10/21/13		39,659,054		1,248,790		1,266,416		17,626		—
TRY	JPM	10/21/13		2,051,609		1,019,179		1,012,070		—		7,109
TWD	JPM	10/16/13		26,963,580		909,702		912,138		2,436		—
UGX	BRC	10/11/13		1,407,437,000		543,832		550,676		6,844		—
UGX	CIT	10/25/13		1,388,498,000		543,231		541,343		—		1,888
UYU	CIT	10/28/13		7,621,000		352,498		343,919		—		8,579
UYU	HSB	10/21/13		6,000,000		273,973		271,224		—		2,749
UYU	JPM	10/07/13		20,953,000		926,283		950,364		24,081		—
UYU	JPM	11/25/13		9,702,000		440,000		434,898		—		5,102
VND	CIT	10/16/13		2,544,750,000		117,000		120,299		3,299		—
ZAR	JPM	10/28/13		18,071,626		1,807,000		1,793,239		—		13,761
ZMW	BRC	11/07/13		4,910,000		877,569		913,578		36,009		—
ZMW	BRC	12/26/13		3,288,175		583,010		603,147		20,137		—
ZMW	JPM	04/08/14		1,500,000		253,207		266,409		13,202		—
ZMW	SCB	11/29/13		4,171,375		755,000		771,056		16,056		—
ZMW	SCB	12/19/13		1,290,812		224,294		237,241		12,947		—
Total Forward Currency Purchase Contracts					$	74,603,786	$	75,025,252	$	854,033	$	432,567

Forward Currency Sale Contracts open at September 30, 2013:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
BRL	UBS	10/02/13		3,031,904	$	1,276,000	$	1,368,002	$	—	$	92,002
BRL	UBS	11/04/13		3,179,274		1,421,000		1,423,322		—		2,322

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2013 (unaudited)

Forward Currency Sale Contracts open at September 30, 2013 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
CLP	UBS	10/10/13		409,235,300	$	817,000	$	809,905	$	7,095	$	—
COP	BNP	10/03/13		750,750,000		392,446		393,795		—		1,349
CZK	BNP	11/22/13		19,827,245		1,026,000		1,044,495		—		18,495
EUR	BNP	10/07/13		707,000		940,939		956,477		—		15,538
EUR	BNP	10/25/13		1,402,000		1,849,301		1,896,804		—		47,503
EUR	BNP	10/25/13		1,705,000		2,270,011		2,306,740		—		36,729
EUR	BRC	10/01/13		677,000		905,692		915,880		—		10,188
EUR	BRC	10/31/13		648,000		875,723		876,709		—		986
EUR	BRC	12/09/13		1,209,110		1,631,334		1,636,039		—		4,705
EUR	CIT	10/16/13		569,034		771,875		769,845		2,030		—
EUR	HSB	12/23/13		962,023		1,303,542		1,301,751		1,791		—
EUR	JPM	10/07/13		648,000		853,624		876,658		—		23,034
EUR	JPM	10/15/13		1,014,000		1,363,290		1,371,834		—		8,544
EUR	JPM	11/05/13		641,000		847,383		867,250		—		19,867
EUR	JPM	11/06/13		3,592,770		4,769,133		4,860,904		—		91,771
EUR	UBS	11/29/13		351,000		468,567		474,923		—		6,356
EUR	UBS	11/29/13		1,090,214		1,446,251		1,475,124		—		28,873
HUF	BRC	10/01/13		203,749,920		916,956		926,812		—		9,856
HUF	UBS	10/21/13		15,022,070		67,000		68,238		—		1,238
IDR	BRC	10/03/13		10,131,384,500		886,385		874,749		11,636		—
JPY	CIT	12/18/13		85,502,655		865,000		870,290		—		5,290
JPY	HSB	11/25/13		158,367,652		1,624,951		1,611,633		13,318		—
JPY	SCB	10/28/13		155,378,708		1,555,810		1,580,968		—		25,158
JPY	UBS	10/28/13		39,868,022		401,000		405,655		—		4,655
KZT	CIT	10/10/13		84,766,000		550,000		550,444		—		444
KZT	HSB	10/30/13		134,019,200		868,844		867,802		1,042		—
NGN	CIT	10/23/13		26,235,900		162,000		161,572		428		—
RUB	BRC	10/28/13		38,431,899		1,193,000		1,181,306		11,694		—
TRY	BRC	02/12/14		93,005		46,523		44,940		1,583		—
TRY	HSB	10/21/13		2,051,609		1,016,000		1,012,070		3,930		—
TRY	JPM	12/04/13		868,296		426,933		425,038		1,895		—
TRY	JPM	12/04/13		955,755		484,000		467,850		16,150		—
TRY	JPM	04/21/14		2,051,609		985,072		978,588		6,484		—
ZAR	CIT	10/28/13		17,482,379		1,744,000		1,734,769		9,231		—
Total Forward Currency Sale Contracts					$	39,022,585	$	39,389,181		88,307		454,903
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	942,340	$	887,470

Currency Abbreviations:

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

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2013 (unaudited)

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

VND — Vietnamese Dong

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)

September 30, 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 $170,320,972, aggregate gross unrealized appreciation was $39,248,410, aggregate gross unrealized depreciation was $16,381,196, and the net unrealized appreciation was $22,867,214.

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
Banking	11.1
Cable Television	2.5
Computer Software	7.7
Energy Integrated	7.6
Energy Services	2.4
Financial Services	5.3
Food & Beverages	1.8
Gas Utilities	1.1
Household & Personal Products	2.1
Housing	2.2
Insurance	2.6
Manufacturing	8.2
Metals & Mining	1.4
Pharmaceutical & Biotechnology	18.7
Retail	7.0
Semiconductors & Components	3.7
Technology Hardware	5.3
Telecommunications	2.5
Subtotal	96.1
Foreign Government Obligations	9.7
Short-Term Investment	0.8
Total Investments	106.6	%

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2013 (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 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.

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (concluded)

September 30, 2013 (unaudited)

The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of September 30, 2013:

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 September 30, 2013
Assets:
Common Stocks	$	174,148,021	$	—		$	—	$	174,148,021
Foreign Government Obligations		—		17,635,388			—		17,635,388
Short-Term Investment		—		1,404,777			—		1,404,777
Other Financial Instruments*
Forward Currency Contracts		—		942,340			—		942,340
Total	$	174,148,021	$	19,982,505		$	—	$	194,130,526

Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(887,470	)	$	—	$	(887,470	)

* 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 money market 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 September 30, 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:	November 29, 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:	November 29, 2013

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

Date:	November 29, 2013