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: 9/30/2025
Item 1. Schedule of Investments.
Lazard Global Total Return and Income Fund, Inc.
Portfolio of Investments
September 30, 2025 (unaudited)
| Description | Shares | Fair Value | ||||||
| Common Stocks — 97.5% | ||||||||
| Australia — 1.0% | ||||||||
| Computershare Ltd. | 102,532 | $ | 2,463,541 | |||||
| Canada — 2.9% | ||||||||
| Dollarama, Inc. | 25,663 | 3,384,484 | ||||||
| Toromont Industries Ltd. | 31,026 | 3,444,807 | ||||||
| 6,829,291 | ||||||||
| China — 1.6% | ||||||||
| Tencent Holdings Ltd. | 44,500 | 3,791,213 | ||||||
| Denmark — 1.1% | ||||||||
| Carlsberg AS, Class B | 11,612 | 1,349,971 | ||||||
| Zealand Pharma AS (*) | 16,247 | 1,182,850 | ||||||
| 2,532,821 | ||||||||
| Finland — 1.0% | ||||||||
| Kone OYJ, Class B | 35,012 | 2,388,779 | ||||||
| France — 3.4% | ||||||||
| EssilorLuxottica SA | 7,301 | 2,381,411 | ||||||
| Legrand SA | 16,624 | 2,773,072 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 3,425 | 2,095,703 | ||||||
| Pernod Ricard SA | 10,011 | 984,335 | ||||||
| 8,234,521 | ||||||||
| Hong Kong — 1.7% | ||||||||
| AIA Group Ltd. | 203,400 | 1,949,637 | ||||||
| Techtronic Industries Co. Ltd. | 165,500 | 2,123,250 | ||||||
| 4,072,887 | ||||||||
| India — 1.1% | ||||||||
| HDFC Bank Ltd. ADR | 78,804 | 2,691,945 | ||||||
| Ireland — 1.8% | ||||||||
| Accenture PLC, Class A | 17,546 | 4,326,844 | ||||||
| Japan — 5.4% | ||||||||
| FANUC Corp. | 67,600 | 1,926,259 | ||||||
| Mizuho Financial Group, Inc. | 134,500 | 4,501,707 | ||||||
| Nintendo Co. Ltd. | 15,700 | 1,344,962 | ||||||
| Resona Holdings, Inc. | 253,400 | 2,579,603 | ||||||
| Sanrio Co. Ltd. | 55,800 | 2,613,237 | ||||||
| 12,965,768 | ||||||||
| Netherlands — 6.1% | ||||||||
| Argenx SE ADR (*) | 2,965 | 2,186,865 | ||||||
| ASM International NV | 4,189 | 2,518,058 | ||||||
| ASML Holding NV | 6,246 | 6,089,615 | ||||||
| Wolters Kluwer NV | 26,854 | 3,665,777 | ||||||
| 14,460,315 | ||||||||
| Description | Shares | Fair Value | ||||||
| Spain — 1.2% | ||||||||
| Industria de Diseno Textil SA | 52,704 | $ | 2,911,695 | |||||
| Sweden — 1.8% | ||||||||
| Assa Abloy AB, Class B | 49,218 | 1,726,922 | ||||||
| Hexagon AB, B Shares | 208,717 | 2,503,668 | ||||||
| 4,230,590 | ||||||||
| Switzerland — 3.5% | ||||||||
| ABB Ltd. | 80,148 | 5,776,564 | ||||||
| Partners Group Holding AG | 1,936 | 2,529,408 | ||||||
| 8,305,972 | ||||||||
| Taiwan — 3.9% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 33,008 | 9,218,804 | ||||||
| United Kingdom — 7.5% | ||||||||
| AstraZeneca PLC | 23,010 | 3,514,853 | ||||||
| Coca-Cola Europacific Partners PLC | 38,842 | 3,511,705 | ||||||
| Diageo PLC | 96,572 | 2,298,975 | ||||||
| RELX PLC | 96,973 | 4,645,945 | ||||||
| Unilever PLC | 66,914 | 3,955,430 | ||||||
| 17,926,908 | ||||||||
| United States — 52.5% | ||||||||
| Adobe, Inc. (*) | 6,599 | 2,327,797 | ||||||
| Alphabet, Inc., Class A | 14,294 | 3,474,871 | ||||||
| Amazon.com, Inc. (*) | 32,813 | 7,204,750 | ||||||
| Amphenol Corp., Class A | 40,963 | 5,069,171 | ||||||
| Aon PLC, Class A | 12,518 | 4,463,669 | ||||||
| Apple, Inc. | 42,086 | 10,716,358 | ||||||
| Avery Dennison Corp. | 8,457 | 1,371,472 | ||||||
| Bank of America Corp. | 65,381 | 3,373,006 | ||||||
| Booz Allen Hamilton Holding Corp. | 27,987 | 2,797,301 | ||||||
| Charles Schwab Corp. | 62,032 | 5,922,195 | ||||||
| Coca-Cola Co. | 54,054 | 3,584,861 | ||||||
| Corpay, Inc. (*) | 4,744 | 1,366,557 | ||||||
| Danaher Corp. | 15,718 | 3,116,251 | ||||||
| Equifax, Inc. | 10,210 | 2,619,171 | ||||||
| HealthEquity, Inc. (*) | 20,480 | 1,940,890 | ||||||
| Intercontinental Exchange, Inc. | 27,393 | 4,615,173 | ||||||
| IQVIA Holdings, Inc. (*) | 17,644 | 3,351,301 | ||||||
| KLA Corp. | 3,999 | 4,313,321 | ||||||
| McDonald’s Corp. | 9,434 | 2,866,898 | ||||||
| Meta Platforms, Inc., Class A | 3,162 | 2,322,110 | ||||||
| Microsoft Corp. | 19,072 | 9,878,342 | ||||||
| Motorola Solutions, Inc. | 7,686 | 3,514,731 | ||||||
| NIKE, Inc., Class B | 33,991 | 2,370,193 | ||||||
| Procter & Gamble Co. | 20,141 | 3,094,665 | ||||||
Lazard Global Total Return and Income Fund, Inc.
Portfolio of Investments (continued)
September 30, 2025 (unaudited)
| Description | Shares | Fair Value | ||||||
| PTC, Inc. (*) | 17,219 | $ | 3,495,801 | |||||
| S&P Global, Inc. | 8,162 | 3,972,527 | ||||||
| Salesforce, Inc. | 17,022 | 4,034,214 | ||||||
| Texas Instruments, Inc. | 17,400 | 3,196,902 | ||||||
| Thermo Fisher Scientific, Inc. | 7,912 | 3,837,478 | ||||||
| United Rentals, Inc. | 3,196 | 3,051,093 | ||||||
| Visa, Inc., A Shares | 16,409 | 5,601,704 | ||||||
| Zoetis, Inc. | 14,955 | 2,188,216 | ||||||
| 125,052,989 | ||||||||
| Total Common Stocks (Cost $155,248,284) | 232,404,883 | |||||||
| Description | Principal Amount (000) («) | Fair Value | ||||||
| Foreign Government Obligations — 9.3% | ||||||||
| Brazil — 2.4% | ||||||||
| Brazil Notas do Tesouro Nacional, 10.000%, 01/01/29 | 33,360 | $ | 5,760,139 | |||||
| Indonesia — 0.6% | ||||||||
| Indonesia Treasury Bonds, 8.375%, 09/15/26 | 22,166,000 | 1,371,665 | ||||||
| Malaysia — 2.1% | ||||||||
| Malaysia Government Bonds: | ||||||||
| 3.502%, 05/31/27 | 10,260 | 2,455,817 | ||||||
| 3.733%, 06/15/28 | 10,500 | 2,533,997 | ||||||
| 4,989,814 | ||||||||
| Mexico — 1.1% | ||||||||
| Mexico Bonos, 7.750%, 05/29/31 | 49,000 | 2,605,500 | ||||||
| Romania — 0.7% | ||||||||
| Romania Government Bonds, 8.000%, 04/29/30 | 7,200 | 1,700,895 | ||||||
| Serbia — 0.4% | ||||||||
| Serbia Treasury Bonds, 4.500%, 08/20/32 | 101,000 | 988,187 | ||||||
| South Africa — 2.0% | ||||||||
| South Africa Government Bonds: | ||||||||
| 10.000%, 03/31/33 | 44,000 | 2,725,273 | ||||||
| 10.500%, 12/21/26 | 32,000 | 1,916,480 | ||||||
| 4,641,753 | ||||||||
| Total Foreign Government Obligations (Cost $23,263,687) | 22,057,953 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 3.0% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) (Cost $7,036,510) | 7,036,510 | $ | 7,036,510 | |||||
| Total Investments | 109.8% (Cost $185,548,481) (») | $ | 261,499,346 | ||||||
| Liabilities in Excess of Cash and Other Assets | (9.8)% | (23,280,397 | ) | ||||||
| Net Assets | 100.0% | $ | 238,218,949 | ||||||
Lazard Global Total Return and Income Fund, Inc.
Portfolio of Investments (concluded)
September 30, 2025 (unaudited)
Forward Currency Contracts open at September 30, 2025:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized | Unrealized | |||||||||||
| BRL | 6,175,950 | USD | 1,115,799 | CIT | 03/23/26 | $ | — | $ | 2,192 | |||||||||
| CLP | 2,972,011,000 | USD | 3,123,731 | SCB | 10/28/25 | — | 32,093 | |||||||||||
| COP | 19,441,650,000 | USD | 4,877,178 | CIT | 03/24/26 | — | 36,827 | |||||||||||
| EGP | 99,704,100 | USD | 1,770,000 | SCB | 12/24/25 | 233,856 | — | |||||||||||
| EUR | 2,916,936 | USD | 3,380,000 | HSB | 11/21/25 | 54,689 | — | |||||||||||
| HUF | 2,454,082,031 | USD | 7,234,912 | CIT | 11/24/25 | 128,378 | — | |||||||||||
| IDR | 90,233,000,000 | USD | 5,500,000 | CIT | 12/03/25 | — | 100,581 | |||||||||||
| ILS | 15,904,165 | USD | 4,721,260 | CIT | 11/03/25 | 80,450 | — | |||||||||||
| INR | 504,795,330 | USD | 5,850,000 | CIT | 12/02/25 | — | 187,993 | |||||||||||
| KRW | 10,225,908,000 | USD | 7,429,459 | HSB | 03/03/26 | — | 94,152 | |||||||||||
| KZT | 2,826,090,000 | USD | 4,965,894 | SCB | 02/20/26 | — | 52,869 | |||||||||||
| MXN | 49,300,203 | USD | 2,595,635 | HSB | 10/20/25 | 91,261 | — | |||||||||||
| NGN | 5,309,100,000 | USD | 3,245,171 | SCB | 02/27/26 | 215,457 | — | |||||||||||
| PHP | 210,987,012 | USD | 3,661,443 | JPM | 03/02/26 | — | 59,099 | |||||||||||
| PLN | 14,199,879 | USD | 3,881,466 | CIT | 12/02/25 | 21,851 | — | |||||||||||
| SGD | 2,865,051 | USD | 2,170,000 | SCB | 10/14/25 | 53,232 | — | |||||||||||
| TRY | 160,305,020 | USD | 3,119,382 | HSB | 06/02/26 | 63,746 | — | |||||||||||
| TRY | 103,399,700 | USD | 2,206,096 | JPM | 10/31/25 | 222,506 | — | |||||||||||
| USD | 6,204,528 | EUR | 5,446,629 | HSB | 11/21/25 | — | 208,871 | |||||||||||
| USD | 1,671,887 | RON | 7,433,209 | JPM | 12/15/25 | — | 37,818 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 1,165,426 | $ | 812,495 | ||||||||||||||
| Currency Abbreviations: | ||
| BRL | — Brazilian Real | |
| CLP | — Chilean Peso | |
| COP | — Colombian Peso | |
| EGP | — Egyptian Pound | |
| 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 | |
| NGN | — Nigeria Naira | |
| PHP | — Philippine Peso | |
| PLN | — Polish Zloty | |
| RON | — New Romanian Leu | |
| SGD | — Singapore Dollar | |
| TRY | — New Turkey Lira | |
| USD | — United States Dollar | |
| 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
September 30, 2025
| (*) | 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 | ||||
| Banks | 5.5 | % | ||
| Beverages | 5.0 | |||
| Biotechnology | 1.4 | |||
| Broadline Retail | 4.4 | |||
| Building Products | 0.7 | |||
| Capital Markets | 7.2 | |||
| Communications Equipment | 1.5 | |||
| Containers & Packaging | 0.6 | |||
| Electrical Equipment | 3.5 | |||
| Electronic Equipment, Instruments & Components | 3.2 | |||
| Entertainment | 0.5 | |||
| Financial Services | 2.9 | |||
| Health Care Equipment & Supplies | 1.0 | |||
| Health Care Providers & Services | 0.8 | |||
| Hotels, Restaurants & Leisure | 1.2 | |||
| Household Products | 1.3 | |||
| Insurance | 2.7 | |||
| Interactive Media & Services | 4.1 | |||
| IT Services | 1.8 | |||
| Life Sciences Tools & Services | 4.3 | |||
| Machinery | 2.7 | |||
| Personal Care Products | 1.6 | |||
| Pharmaceuticals | 2.4 | |||
| Professional Services | 6.7 | |||
| Semiconductors & Semiconductor Equipment. | 10.7 | |||
| Software | 8.3 | |||
| Specialty Retail | 2.3 | |||
| Technology Hardware, Storage & Peripherals | 4.5 | |||
| Textiles, Apparel & Luxury Goods | 1.9 | |||
| Trading Companies & Distributors | 2.8 | |||
| Subtotal | 97.5 | |||
| Foreign Government Obligations | 9.3 | |||
| Short-Term Investments | 3.0 | |||
| Total Investments | 109.8 | % |
| † | 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: November 24, 2025
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: November 24, 2025
| By: | /s/ Christina Kennedy |
| Christina Kennedy | |
| Chief Financial Officer |
Date: November 24, 2025