UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
Mark R. Anderson, 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: 3/31/2022
Item 1. Schedule of Investments.
Lazard Global Total Return and Income Fund, Inc.
Portfolio of Investments
March 31, 2022 (unaudited)
| Description | | Shares | | | Fair
Value | |
| Common Stocks | 97.6% | | | | | | | | |
| Brazil | 0.9% | | | | | | | | |
| Banco Bradesco SA ADR | | | 502,037 | | | $ | 2,329,452 | |
| Canada | 6.7% | | | | | | | | |
| CAE, Inc. (*) | | | 83,176 | | | | 2,164,978 | |
| Canadian National Railway Co. | | | 22,244 | | | | 2,983,897 | |
| Dollarama, Inc. | | | 63,258 | | | | 3,587,563 | |
| National Bank of Canada | | | 52,667 | | | | 4,037,179 | |
| Toromont Industries, Ltd. | | | 40,044 | | | | 3,796,036 | |
| | | | | | | | 16,569,653 | |
| China | 3.2% | | | | | | | | |
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | | | 17,121 | | | | 1,862,765 | |
| NXP Semiconductors NV | | | 17,665 | | | | 3,269,438 | |
| Tencent Holdings, Ltd. | | | 57,500 | | | | 2,712,585 | |
| | | | | | | | 7,844,788 | |
| Denmark | 0.7% | | | | | | | | |
| Carlsberg AS, Class B | | | 15,076 | | | | 1,840,694 | |
| France | 4.3% | | | | | | | | |
| Legrand SA | | | 21,597 | | | | 2,053,161 | |
| LVMH Moet Hennessy Louis Vuitton SE | | | 4,411 | | | | 3,140,939 | |
| Pernod Ricard SA | | | 12,874 | | | | 2,823,552 | |
| Thales SA | | | 20,282 | | | | 2,561,107 | |
| | | | | | | | 10,578,759 | |
| Germany | 1.1% | | | | | | | | |
| Merck KGaA | | | 12,535 | | | | 2,625,191 | |
| Hong Kong | 1.1% | | | | | | | | |
| AIA Group, Ltd. | | | 263,600 | | | | 2,759,743 | |
| India | 1.3% | | | | | | | | |
| HDFC Bank, Ltd. ADR | | | 51,064 | | | | 3,131,755 | |
| Japan | 3.9% | | | | | | | | |
| BayCurrent Consulting, Inc. | | | 6,000 | | | | 2,175,363 | |
| Nintendo Co., Ltd. | | | 5,600 | | | | 2,825,552 | |
| Olympus Corp. | | | 125,300 | | | | 2,380,498 | |
| Shimano, Inc. | | | 10,100 | | | | 2,310,226 | |
| | | | | | | | 9,691,639 | |
| Netherlands | 2.5% | | | | | | | | |
| Wolters Kluwer NV | | | 59,237 | | | | 6,305,749 | |
| South Korea | 0.6% | | | | | | | | |
| LG Household & Health Care, Ltd. | | | 2,079 | | | | 1,460,379 | |
| Spain | 0.6% | | | | | | | | |
| Industria de Diseno Textil SA | | | 68,099 | | | | 1,481,755 | |
| Sweden | 2.2% | | | | | | | | |
| Assa Abloy AB, Class B | | | 64,034 | | | | 1,726,582 | |
| Description | | Shares | | | Fair
Value | |
| Hexagon AB, B Shares | | | 272,779 | | | $ | 3,827,004 | |
| | | | | | | | 5,553,586 | |
| Switzerland | 4.0% | | | | | | | | |
| ABB, Ltd. | | | 105,215 | | | | 3,404,079 | |
| Partners Group Holding AG | | | 2,545 | | | | 3,161,824 | |
| The Swatch Group AG | | | 11,475 | | | | 3,260,722 | |
| | | | | | | | 9,826,625 | |
| Taiwan | 2.0% | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | | | 46,494 | | | | 4,847,464 | |
| United Kingdom | 6.6% | | | | | | | | |
| Coca-Cola Europacific Partners PLC | | | 50,311 | | | | 2,445,618 | |
| Diageo PLC | | | 103,901 | | | | 5,251,488 | |
| RELX PLC | | | 153,331 | | | | 4,773,394 | |
| Unilever PLC | | | 87,709 | | | | 3,970,562 | |
| | | | | | | | 16,441,062 | |
| United States | 55.9% | | | | | | | | |
| Accenture PLC, Class A | | | 19,974 | | | | 6,735,832 | |
| Alphabet, Inc., Class A (*) | | | 3,759 | | | | 10,455,095 | |
| Amphenol Corp., Class A | | | 35,774 | | | | 2,695,571 | |
| Aon PLC, Class A | | | 16,290 | | | | 5,304,513 | |
| Avery Dennison Corp. | | | 10,993 | | | | 1,912,452 | |
| Booz Allen Hamilton Holding Corp. | | | 43,495 | | | | 3,820,601 | |
| Boston Scientific Corp. (*) | | | 69,566 | | | | 3,081,078 | |
| BRP, Inc. | | | 26,076 | | | | 2,135,055 | |
| Deere & Co. | | | 6,841 | | | | 2,842,162 | |
| Dollar General Corp. | | | 19,316 | | | | 4,300,321 | |
| Honeywell International, Inc. | | | 10,020 | | | | 1,949,692 | |
| Intercontinental Exchange, Inc. | | | 40,621 | | | | 5,366,846 | |
| IQVIA Holdings, Inc. (*) | | | 28,131 | | | | 6,504,168 | |
| Johnson & Johnson | | | 30,653 | | | | 5,432,631 | |
| Lowe’s Cos., Inc. | | | 21,065 | | | | 4,259,132 | |
| McDonald’s Corp. | | | 16,118 | | | | 3,985,659 | |
| Microsoft Corp. | | | 32,405 | | | | 9,990,786 | |
| Motorola Solutions, Inc. | | | 22,027 | | | | 5,334,939 | |
| NIKE, Inc., Class B | | | 24,762 | | | | 3,331,975 | |
| PTC, Inc. (*) | | | 27,565 | | | | 2,969,302 | |
| Rockwell Automation, Inc. | | | 10,819 | | | | 3,029,645 | |
| S&P Global, Inc. | | | 10,740 | | | | 4,405,333 | |
| Texas Instruments, Inc. | | | 22,869 | | | | 4,196,004 | |
| The Charles Schwab Corp. | | | 53,274 | | | | 4,491,531 | |
| The Coca-Cola Co. | | | 89,690 | | | | 5,560,780 | |
| The Procter & Gamble Co. | | | 26,309 | | | | 4,020,015 | |
| Thermo Fisher Scientific, Inc. | | | 12,238 | | | | 7,228,375 | |
| TopBuild Corp. (*) | | | 7,965 | | | | 1,444,771 | |
| Visa, Inc., Class A | | | 21,457 | | | | 4,758,519 | |
Lazard Global Total Return and Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2022 (unaudited)
| Description | | Shares | | | Fair
Value | |
| Warner Music Group Corp., Class A | | | 42,466 | | | $ | 1,607,338 | |
| Zoetis, Inc. | | | 26,644 | | | | 5,024,792 | |
| | | | | | | | 138,174,913 | |
Total Common Stocks
(Cost $164,475,272) | | | | | | | 241,463,207 | |
| | | | | | | | | |
| Description | | | Principal
Amount
(000) («) | | | | Fair
Value | |
| Foreign Government Obligations | 9.3% | | | | | | | | |
| Brazil | 2.7% | | | | | | | | |
| Brazil NTN-F: | | | | | | | | |
| 10.00%, 01/01/27 | | | 7,396 | | | $ | 1,357,515 | |
| 10.00%, 01/01/29 | | | 26,360 | | | | 5,309,326 | |
| | | | | | | | 6,666,841 | |
| Dominican Republic | 1.5% | | | | | | | | |
| Dominican Republic: | | | | | | | | |
| 8.90%, 02/15/23 (#) | | | 130,000 | | | | 2,401,397 | |
| 10.50%, 04/07/23 (#) | | | 65,400 | | | | 1,206,379 | |
| | | | | | | | 3,607,776 | |
| Egypt | 0.6% | | | | | | | | |
Egypt Government Bonds,
14.40%, 09/10/29 | | | 27,500 | | | | 1,438,657 | |
| Indonesia | 1.5% | | | | | | | | |
Indonesia Treasury Bonds,
8.375%, 09/15/26 | | | 50,166,000 | | | | 3,866,581 | |
| Malaysia | 2.0% | | | | | | | | |
| Malaysia Government Bonds: | | | | | | | | |
| 3.502%, 05/31/27 | | | 10,260 | | | | 2,434,490 | |
| 3.733%, 06/15/28 | | | 10,500 | | | | 2,489,299 | |
| | | | | | | | 4,923,789 | |
| Mexico | 1.0% | | | | | | | | |
Mexican Bonos,
7.75%, 05/29/31 | | | 49,000 | | | | 2,381,168 | |
Total Foreign Government Obligations
(Cost $24,959,840) | | | | | | | 22,884,812 | |
| Description | | Shares | | | Fair
Value | |
| Short-Term Investments | 2.1% | | | | | | | | |
State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield)
(Cost $5,177,326) | | | 5,177,326 | | | $ | 5,177,326 | |
Total Investments | 109.0%
(Cost $194,612,438) (») | | | | | | $ | 269,525,345 | |
| Liabilities in Excess of Cash and Other Assets | (9.0)% | | | | | | | (22,168,719 | ) |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 247,356,626 | |
Lazard Global Total Return and Income Fund, Inc.
Portfolio of Investments (concluded)
March 31, 2022 (unaudited)
Forward Currency Contracts open at March 31, 2022:
Currency
Purchased | | Quantity | | Currency
Sold | | Quantity | | Counterparty | Settlement
Date | | | Unrealized
Appreciation | | Unrealized
Depreciation |
| CLP | | 1,994,129,000 | | USD | | 2,423,000 | | CIT | 06/16/22 | | $ | 80,515 | $ | — |
| CNY | | 24,654,745 | | USD | | 3,863,774 | | HSB | 08/25/22 | | | — | | 11,959 |
| COP | | 4,640,552,000 | | USD | | 1,211,000 | | CIT | 05/16/22 | | | 12,098 | | — |
| EGP | | 76,415,400 | | USD | | 4,622,552 | | CIT | 07/26/22 | | | — | | 525,769 |
| HUF | | 474,147,950 | | EUR | | 1,310,000 | | CIT | 04/25/22 | | | — | | 26,447 |
| HUF | | 1,365,707,107 | | USD | | 3,905,926 | | CIT | 12/21/22 | | | 62,185 | | — |
| IDR | | 73,902,495,000 | | USD | | 5,109,409 | | CIT | 07/05/22 | | | 26,453 | | — |
| INR | | 607,878,570 | | USD | | 7,908,907 | | CIT | 04/27/22 | | | 69,090 | | — |
| KRW | | 3,454,643,850 | | USD | | 2,886,567 | | HSB | 11/17/22 | | | — | | 38,076 |
| KZT | | 1,130,140,000 | | USD | | 2,420,000 | | SCB | 04/29/22 | | | — | | 50,604 |
| MXN | | 113,221,934 | | USD | | 5,450,175 | | HSB | 04/20/22 | | | 226,352 | | — |
| PEN | | 16,865,163 | | USD | | 4,393,114 | | CIT | 05/17/22 | | | 174,758 | | — |
| PHP | | 55,415,440 | | USD | | 1,043,900 | | JPM | 09/21/22 | | | 12,011 | | — |
| PLN | | 4,614,150 | | EUR | | 1,000,000 | | CIT | 07/25/22 | | | — | | 25,739 |
| PLN | | 16,134,477 | | USD | | 3,890,920 | | JPM | 05/18/22 | | | — | | 67,261 |
| RON | | 3,354,088 | | EUR | | 659,620 | | JPM | 08/16/22 | | | 3,377 | | — |
| RON | | 19,597,680 | | EUR | | 3,870,000 | | JPM | 08/16/22 | | | 2,042 | | — |
| RUB | | 494,407,914 | | USD | | 6,124,595 | | JPM | 05/23/22 | | | — | | 452,413 |
| SGD | | 8,922,143 | | USD | | 6,612,620 | | SCB | 05/05/22 | | | — | | 30,551 |
| THB | | 149,285,500 | | USD | | 4,550,000 | | SCB | 07/21/22 | | | — | | 50,215 |
| USD | | 1,786,646 | | AUD | | 2,486,563 | | BNP | 07/20/22 | | | — | | 77,693 |
| USD | | 4,336,355 | | BRL | | 24,530,762 | | HSB | 04/18/22 | | | — | | 795,300 |
| USD | | 8,000,000 | | EUR | | 7,014,744 | | BNP | 07/25/22 | | | 202,063 | | — |
| UYU | | 280,562,940 | | USD | | 6,145,284 | | JPM | 06/01/22 | | | 596,155 | | — |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | | | $ | 1,467,099 | $ | 2,152,027 |
| Currency Abbreviations: | USD | — United States Dollar |
| AUD | — Australian Dollar | UYU | — Uruguayan Peso |
| BRL | — Brazilian Real | | |
| CLP | — Chilean Peso | Counterparty Abbreviations: |
| CNY | — Chinese Renminbi | BNP | — BNP Paribas SA |
| COP | — Colombian Peso | CIT | — Citibank NA |
| EGP | — Egyptian Pound | HSB | — HSBC Bank USA NA |
| EUR | — Euro | JPM | — JPMorgan Chase Bank NA |
| HUF | — Hungarian Forint | SCB | — Standard Chartered Bank |
| IDR | — Indonesian Rupiah | | |
| INR | — Indian Rupee | | |
| KRW | — South Korean Won | | |
| KZT | — Kazakhstan Tenge | | |
| MXN | — Mexican New Peso | | |
| PEN | — Peruvian New Sol | | |
| PHP | — Philippine Peso | | |
| PLN | — Polish Zloty | | |
| RON | — New Romanian Leu | | |
| RUB | — Russian Ruble | | |
| SGD | — Singapore Dollar | | |
| THB | — Thai Baht | | |
Lazard Global Total Return and Income Fund, Inc.
Notes to Portfolio of Investments
March 31, 2022 (unaudited)
| (*) | Non-income producing security. |
| («) | Principal amount denominated in respective country’s currency. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among“qualified institutional buyers.” At March 31, 2022 these securities amounted to 1.5% of net assets. |
| (») | 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-F | - Brazil Sovereign “Nota do Tesouro Nacional” Series F |
Portfolio holdings by industry† (as a percentage of net assets):
| Common Stocks | | | |
| Aerospace & Defense | | 1.9 | % |
| Banks | | 3.8 | |
| Beverages | | 7.2 | |
| Building Products | | 0.7 | |
| Capital Markets | | 7.0 | |
| Communications Equipment | | 2.2 | |
| Containers & Packaging | | 0.8 | |
| Electrical Equipment | | 3.4 | |
| Electronic Equipment, Instruments & Components | | 2.6 | |
| Entertainment | | 1.8 | |
| Health Care Equipment & Supplies | | 2.2 | |
| Hotels, Restaurants & Leisure | | 1.6 | |
| Household Durables | | 0.6 | |
| Household Products | | 1.6 | |
| Industrial Conglomerates | | 0.8 | |
| Insurance | | 3.3 | |
| Interactive Media & Services | | 5.3 | |
| Internet & Direct Marketing Retail | | 0.8 | |
| IT Services | | 4.7 | |
| Leisure Products | | 1.8 | |
| Life Sciences Tools & Services | | 5.6 | |
| Machinery | | 1.2 | |
| Multiline Retail | | 3.2 | |
| Personal Products | | 2.2 | |
| Pharmaceuticals | | 5.3 | |
| Professional Services | | 6.9 | |
| Road & Rail | | 1.2 | |
| Semiconductors & Semiconductor Equipment | | 5.0 | |
| Software | | 5.2 | |
| Specialty Retail | | 2.3 | |
| Textiles, Apparel & Luxury Goods | | 3.9 | |
| Trading Companies & Distributors | | 1.5 | |
| Subtotal | | 97.6 | |
| Foreign Government Obligations | | 9.3 | |
| Short-Term Investments | | 2.1 | |
| Total Investments | | 109.0 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.
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.
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/ Nathan A. Paul |
| | Nathan A. Paul |
| | Chief Executive Officer |
Date: May 23, 2022
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/ Nathan A. Paul |
| | Nathan A. Paul |
| | Chief Executive Officer |
Date: May 23, 2022
| By: | /s/ Christopher Snively |
| | Christopher Snively |
| | Chief Financial Officer |
Date: May 23, 2022
