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: 3/31/2024
Item 1. Schedule of Investments.
Lazard Global Total Return and Income Fund, Inc.
Portfolio of Investments
March 31, 2024 (unaudited)
| Description | Shares | Fair Value | ||||||
| Common Stocks | 98.0% | ||||||||
| Australia | 0.8% | ||||||||
| Computershare Ltd. | 116,938 | $ | 1,990,011 | |||||
| Canada | 4.8% | ||||||||
| Dollarama, Inc. | 42,200 | 3,214,808 | ||||||
| National Bank of Canada | 59,309 | 4,994,119 | ||||||
| Toromont Industries Ltd. | 35,384 | 3,405,046 | ||||||
| 11,613,973 | ||||||||
| China | 2.4% | ||||||||
| NXP Semiconductors NV | 15,384 | 3,811,694 | ||||||
| Tencent Holdings Ltd. | 50,600 | 1,974,649 | ||||||
| 5,786,343 | ||||||||
| Denmark | 0.8% | ||||||||
| Carlsberg AS, Class B | 13,246 | 1,814,875 | ||||||
| Finland | 0.8% | ||||||||
| Kone OYJ, Class B | 39,930 | 1,857,315 | ||||||
| France | 4.3% | ||||||||
| Legrand SA | 18,958 | 2,005,718 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 3,903 | 3,530,018 | ||||||
| Pernod Ricard SA | 11,418 | 1,846,168 | ||||||
| Thales SA | 17,951 | 3,060,225 | ||||||
| 10,442,129 | ||||||||
| Germany | 0.8% | ||||||||
| Merck KGaA | 10,948 | 1,932,193 | ||||||
| Hong Kong | 0.7% | ||||||||
| AIA Group Ltd. | 232,400 | 1,559,634 | ||||||
| India | 1.1% | ||||||||
| HDFC Bank Ltd. ADR | 44,939 | 2,515,236 | ||||||
| Japan | 3.2% | ||||||||
| FANUC Corp. | 77,000 | 2,153,607 | ||||||
| Kadokawa Corp. | 84,300 | 1,479,123 | ||||||
| Nintendo Co. Ltd. | 51,000 | 2,791,376 | ||||||
| Shimano, Inc. | 9,100 | 1,358,847 | ||||||
| 7,782,953 | ||||||||
| Netherlands | 3.2% | ||||||||
| ASM International NV | 4,867 | 2,965,003 | ||||||
| Wolters Kluwer NV | 30,625 | 4,796,138 | ||||||
| 7,761,141 | ||||||||
| Spain | 1.3% | ||||||||
| Industria de Diseno Textil SA | 60,109 | 3,026,898 | ||||||
| Sweden | 2.8% | ||||||||
| Assa Abloy AB, Class B | 56,135 | 1,610,220 | ||||||
| Epiroc AB, Class A | 123,161 | 2,322,264 | ||||||
| Description | Shares | Fair Value | ||||||
| Hexagon AB, B Shares | 238,041 | $ | 2,817,706 | |||||
| 6,750,190 | ||||||||
| Switzerland | 3.1% | ||||||||
| ABB Ltd. | 93,758 | 4,351,561 | ||||||
| Partners Group Holding AG | 2,233 | 3,190,869 | ||||||
| 7,542,430 | ||||||||
| Taiwan | 2.3% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 40,713 | 5,539,004 | ||||||
| United Kingdom | 6.4% | ||||||||
| Coca-Cola Europacific Partners PLC | 44,299 | 3,098,715 | ||||||
| Diageo PLC | 70,610 | 2,607,671 | ||||||
| RELX PLC | 134,435 | 5,822,499 | ||||||
| Unilever PLC | 77,085 | 3,870,912 | ||||||
| 15,399,797 | ||||||||
| United States | 59.2% | ||||||||
| Accenture PLC, Class A | 17,510 | 6,069,141 | ||||||
| Alphabet, Inc., Class A (*) | 66,045 | 9,968,172 | ||||||
| Amazon.com, Inc. (*) | 51,330 | 9,258,905 | ||||||
| Amphenol Corp., Class A | 31,448 | 3,627,527 | ||||||
| Aon PLC, Class A | 14,420 | 4,812,242 | ||||||
| Avery Dennison Corp. | 9,643 | 2,152,800 | ||||||
| Bank of America Corp. | 74,567 | 2,827,581 | ||||||
| Booz Allen Hamilton Holding Corp. | 38,500 | 5,714,940 | ||||||
| BRP, Inc. | 22,983 | 1,543,172 | ||||||
| Charles Schwab Corp. | 47,302 | 3,421,827 | ||||||
| Coca-Cola Co. | 62,283 | 3,810,474 | ||||||
| Danaher Corp. | 17,925 | 4,476,231 | ||||||
| Deere & Co. | 6,016 | 2,471,012 | ||||||
| Estee Lauder Cos., Inc., Class A | 14,208 | 2,190,163 | ||||||
| Intercontinental Exchange, Inc. | 35,599 | 4,892,371 | ||||||
| IQVIA Holdings, Inc. (*) | 20,309 | 5,135,943 | ||||||
| Johnson & Johnson | 26,983 | 4,268,441 | ||||||
| McDonald’s Corp. | 10,758 | 3,033,218 | ||||||
| Microsoft Corp. | 27,570 | 11,599,250 | ||||||
| Motorola Solutions, Inc. | 14,436 | 5,124,491 | ||||||
| NIKE, Inc., Class B | 21,765 | 2,045,475 | ||||||
| Procter & Gamble Co. | 23,206 | 3,765,173 | ||||||
| PTC, Inc. (*) | 20,011 | 3,780,878 | ||||||
| Rockwell Automation, Inc. | 9,468 | 2,758,312 | ||||||
| S&P Global, Inc. | 9,393 | 3,996,252 | ||||||
| Sysco Corp. | 22,587 | 1,833,613 | ||||||
| Texas Instruments, Inc. | 20,049 | 3,492,736 | ||||||
| Thermo Fisher Scientific, Inc. | 9,095 | 5,286,105 | ||||||
| TopBuild Corp. (*) | 7,089 | 3,124,335 | ||||||
| UnitedHealth Group, Inc. | 6,002 | 2,969,189 |
Lazard Global Total Return and Income Fund, Inc.
Portfolio of Investments (continued)
March 31, 2024 (unaudited)
| Description | Shares | Fair Value | ||||||
| Visa, Inc., A Shares | 18,888 | $ | 5,271,263 | |||||
| Warner Music Group Corp., Class A | 37,031 | 1,222,764 | ||||||
| Wells Fargo & Co. | 58,651 | 3,399,412 | ||||||
| Zoetis, Inc. | 17,055 | 2,885,877 | ||||||
| 142,229,285 | ||||||||
| Total Common Stocks (Cost $151,610,692) | 235,543,407 | |||||||
| Description | Principal Amount (000) («) | Fair Value | ||||||
| Foreign Government Obligations | 6.4% | ||||||||
| Brazil | 2.2% | ||||||||
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/29 | 26,360 | $ | 5,132,297 | |||||
| Indonesia | 0.6% | ||||||||
| Indonesia Treasury Bonds, 8.375%, 09/15/26 | 22,166,000 | 1,457,317 | ||||||
| Malaysia | 1.8% | ||||||||
| Malaysia Government Bonds: | ||||||||
| 3.502%, 05/31/27 | 10,260 | 2,166,349 | ||||||
| 3.733%, 06/15/28 | 10,500 | 2,228,006 | ||||||
| 4,394,355 | ||||||||
| Mexico | 1.1% | ||||||||
| Mexico Bonos, 7.75%, 05/29/31 | 49,000 | 2,714,424 | ||||||
| South Africa | 0.7% | ||||||||
| South Africa Government Bonds, 10.50%, 12/21/26 | 32,000 | 1,733,369 | ||||||
| Total Foreign Government Obligations (Cost $16,947,812) | 15,431,762 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 4.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $11,456,289) |
11,456,289 | $ | 11,456,289 | |||||
| Total Investments | 109.2% (Cost $180,014,793) (») | $ | 262,431,458 | ||||||
| Liabilities in Excess of Cash and Other Assets | (9.2)% | (22,125,722) | |||||||
| Net Assets | 100.0% | $ | 240,305,736 | ||||||
Lazard Global Total Return and Income Fund, Inc.
Portfolio of Investments (concluded)
March 31, 2024 (unaudited)
Forward Currency Contracts open at March 31, 2024:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| CLP | 3,998,516,250 | USD | 4,101,337 | CIT | 05/15/24 | $ | — | $ | 25,395 | |||||||||
| CLP | 1,665,846,000 | USD | 1,755,000 | SCB | 06/18/24 | — | 58,109 | |||||||||||
| CNY | 44,166,745 | USD | 6,230,145 | HSB | 04/01/24 | — | 119,173 | |||||||||||
| CNY | 44,166,745 | USD | 6,222,421 | HSB | 05/21/24 | — | 24,341 | |||||||||||
| COP | 20,222,599,430 | USD | 5,108,755 | CIT | 05/14/24 | 86,366 | — | |||||||||||
| EGP | 85,346,100 | USD | 1,767,000 | HSB | 05/21/24 | 13,136 | — | |||||||||||
| HUF | 1,749,757,107 | USD | 4,812,407 | CIT | 04/15/24 | — | 22,971 | |||||||||||
| IDR | 73,902,495,000 | USD | 4,733,092 | CIT | 09/17/24 | — | 98,879 | |||||||||||
| ILS | 16,421,616 | USD | 4,355,000 | CIT | 06/18/24 | 125,837 | — | |||||||||||
| INR | 542,269,070 | USD | 6,529,335 | CIT | 06/14/24 | — | 40,379 | |||||||||||
| KRW | 4,314,804,000 | USD | 3,240,072 | HSB | 04/25/24 | — | 39,339 | |||||||||||
| KZT | 2,686,204,800 | USD | 5,752,045 | SCB | 09/13/24 | 27,518 | — | |||||||||||
| MXN | 84,776,286 | USD | 4,846,990 | HSB | 05/15/24 | 218,194 | — | |||||||||||
| PEN | 8,907,597 | USD | 2,283,824 | CIT | 04/30/24 | 109,377 | — | |||||||||||
| PHP | 181,115,290 | USD | 3,219,484 | JPM | 05/08/24 | 2,671 | — | |||||||||||
| PLN | 14,199,879 | USD | 3,607,000 | CIT | 05/20/24 | — | 53,477 | |||||||||||
| RON | 22,951,768 | EUR | 4,570,927 | JPM | 04/29/24 | 43,156 | — | |||||||||||
| RON | 4,752,300 | USD | 1,004,598 | JPM | 07/30/24 | 25,519 | — | |||||||||||
| SGD | 4,320,380 | USD | 3,248,406 | SCB | 07/25/24 | — | 32,183 | |||||||||||
| THB | 155,609,530 | USD | 4,397,302 | CIT | 08/23/24 | — | 81,110 | |||||||||||
| USD | 6,218,917 | CNY | 44,166,745 | HSB | 04/01/24 | 107,944 | — | |||||||||||
| UYU | 214,972,580 | USD | 5,527,140 | JPM | 06/21/24 | 138,133 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 897,851 | $ | 595,356 | ||||||||||||||
Currency Abbreviations:
| CLP | — | Chilean Peso |
| CNY | — | Chinese Renminbi |
| COP | — | Colombian Peso |
| EGP | — | Egyptian Dollar |
| EUR | — | Euro |
| HUF | — | Hungarian Forint |
| IDR | — | Indonesian Rupiah |
| ILS | — | Israeli Shekel |
| 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 |
| SGD | — | Singapore Dollar |
| THB | — | Thai Baht |
| USD | — | United States Dollar |
| UYU | — | Uruguayan Peso |
Counterparty Abbreviations:
| CIT | — | Citibank N.A. |
| HSB | — | HSBC Bank USA N.A. |
| JPM | — | JPMorgan Chase Bank N.A. |
| SCB | — | Standard Chartered Bank |
Lazard Global Total Return and Income Fund, Inc.
Notes to Portfolio of Investments
March 31, 2024 (unaudited)
| (*) | Non-income producing security. |
| («) | Principal amount denominated in respective country’s currency. |
| (») | 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 |
Portfolio holdings by industry† (as a percentage of net assets):
| Common Stocks: | |||
| Aerospace & Defense | 1.2 | % | |
| Banks | 5.7 | ||
| Beverages | 5.4 | ||
| Broadline Retail | 5.2 | ||
| Building Products | 0.6 | ||
| Capital Markets | 6.5 | ||
| Communications Equipment | 2.1 | ||
| Consumer Staples Distribution & Retail | 0.8 | ||
| Containers & Packaging | 0.9 | ||
| Electrical Equipment | 3.8 | ||
| Electronic Equipment, Instruments & Components | 2.7 | ||
| Entertainment | 1.7 | ||
| Financial Services | 2.2 | ||
| Health Care Providers & Services | 1.2 | ||
| Hotels, Restaurants & Leisure | 1.3 | ||
| Household Durables | 1.3 | ||
| Household Products | 1.6 | ||
| Insurance | 2.7 | ||
| Interactive Media & Services | 5.0 | ||
| IT Services | 2.5 | ||
| Leisure Products | 1.2 | ||
| Life Sciences Tools & Services | 6.2 | ||
| Machinery | 3.7 | ||
| Media | 0.6 | ||
| Personal Care Products | 2.5 | ||
| Pharmaceuticals | 3.8 | ||
| Professional Services | 7.6 | ||
| Semiconductors & Semiconductor Equipment | 6.6 | ||
| Software | 6.4 | ||
| Specialty Retail | 1.3 | ||
| Textiles, Apparel & Luxury Goods | 2.3 | ||
| Trading Companies & Distributors | 1.4 | ||
| Subtotal | 98.0 | ||
| Foreign Government Obligations | 6.4 | ||
| Short-Term Investments | 4.8 | ||
| Total Investments | 109.2 | % |
| † | 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, 2024
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, 2024
| By: | /s/ Christina Kennedy |
| Christina Kennedy | |
| Chief Financial Officer |
Date: May 23, 2024