N-Q 1 c82878_nq.htm

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: 9/30/2015

 

Item 1. Schedule of Investments.

 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments

September 30, 2015 (unaudited)

 

Description  Shares   Value 
Common Stocks — 101.3%          
Australia — 0.8%          
BHP Billiton, Ltd. Sponsored ADR   38,500   $1,217,370 
Denmark — 3.9%          
Novo Nordisk A/S Sponsored ADR   105,000    5,695,200 
Finland — 1.8%          
Sampo Oyj, A Shares ADR   109,500    2,663,040 
France — 6.3%          
Engie Sponsored ADR   75,981    1,223,294 
Sanofi ADR   105,200    4,993,844 
Total SA Sponsored ADR   64,000    2,861,440 
         9,078,578 
Germany — 5.2%          
Bayerische Motoren Werke AG ADR   124,900    3,678,055 
SAP SE Sponsored ADR   59,300    3,842,047 
         7,520,102 
Italy — 1.6%          
Eni SpA Sponsored ADR   74,250    2,329,223 
Japan — 6.0%          
Canon, Inc. Sponsored ADR   44,700    1,294,959 
Mitsubishi UFJ Financial Group, Inc. Sponsored ADR   712,600    4,339,734 
Sumitomo Mitsui Financial Group, Inc. Sponsored ADR   393,600    3,003,168 
         8,637,861 
Singapore — 2.6%          
Singapore Telecommunications, Ltd. ADR   151,100    3,812,253 
Sweden — 3.5%          
Assa Abloy AB ADR   561,300    5,001,183 
Switzerland — 6.0%          
Novartis AG Sponsored ADR   38,700    3,557,304 
UBS AG   158,359    2,932,809 
Zurich Insurance Group AG ADR   92,500    2,264,455 
         8,754,568 
United Kingdom — 14.2%          
BP PLC Sponsored ADR   103,592    3,165,772 
British American Tobacco PLC Sponsored ADR   37,700    4,150,016 
GlaxoSmithKline PLC Sponsored ADR   80,200    3,083,690 
HSBC Holdings PLC Sponsored ADR   124,399    4,712,234 
Unilever PLC Sponsored ADR   99,100    4,041,298 
Wm Morrison Supermarkets PLC ADR   120,300    1,486,908 
         20,639,918 
United States — 49.4%          
American Express Co.   43,800    3,246,894 
Description   Shares    Value 
Apple, Inc.   50,200   $5,537,060 
Chevron Corp.   46,000    3,628,480 
Cisco Systems, Inc.   220,400    5,785,500 
Citigroup, Inc.   106,400    5,278,504 
ConocoPhillips   53,100    2,546,676 
Emerson Electric Co.   67,600    2,985,892 
Halliburton Co.   89,900    3,177,965 
Honeywell International, Inc.   37,200    3,522,468 
Intel Corp.   104,100    3,137,574 
International Business Machines Corp.   38,460    5,575,546 
Joy Global, Inc.   66,400    991,352 
Merck & Co., Inc.   75,300    3,719,067 
PepsiCo, Inc.   41,100    3,875,730 
Pfizer, Inc.   149,766    4,704,150 
Reynolds American, Inc.   110,000    4,869,700 
United Technologies Corp.   33,400    2,972,266 
Viacom, Inc., Class B   46,800    2,019,420 
Wal-Mart Stores, Inc.   62,800    4,071,952 
         71,646,196 
Total Common Stocks
(Identified cost $148,037,345)
        146,995,492 
Description  Principal Amount
(000) (a)
   Value 
Foreign Government Obligations — 10.3% 
Brazil — 0.6%          
Brazil NTN-B:          
6.00%, 08/15/16   503   $340,509 
6.00%, 08/15/18   850    558,441 
         898,950 
Colombia — 0.1%          
Republic of Colombia,
12.00%, 10/22/15
   305,000    99,072 
Hungary — 2.4%          
Hungary Government Bonds:          
4.00%, 04/25/18   375,200    1,423,859 
7.50%, 11/12/20   463,980    2,053,364 
         3,477,223 
Indonesia — 0.7%          
Indonesia Government Bond,
7.875%, 04/15/19
   16,553,000    1,081,877 
Mexico — 3.1%          
Mexican Bonos:          
4.75%, 06/14/18   13,200    783,722 
6.50%, 06/10/21   29,600    1,833,498 
Mexican Udibonos,
2.50%, 12/10/20
   31,274    1,875,198 
         4,492,418 


 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2015 (unaudited)

Description  Principal
Amount
(000) (a)
   Value 
Romania — 0.6%          
Romania Government Bonds:          
5.85%, 04/26/23   2,180   $640,069 
5.80%, 07/26/27   600    176,054 
         816,123 
Serbia — 1.0%          
Serbia Treasury Bonds:          
10.00%, 03/20/21   59,620    615,547 
10.00%, 06/05/21   74,530    771,886 
         1,387,433 
South Africa — 0.8%          
Republic of South Africa:          
8.00%, 12/21/18   3,378    246,309 
7.25%, 01/15/20   14,100    993,143 
         1,239,452 
Uganda — 0.4%          
Uganda Government Bond,
12.875%, 05/19/16
   1,224,300    317,056 
Uganda Treasury Bill,
0.00%, 10/29/15
   915,700    245,728 
         562,784 
Uruguay — 0.3%          
Republica Orient Uruguay,
5.00%, 09/14/18
   12,076    404,549 
Zambia — 0.3%          
Zambia Government Bond,
11.00%, 05/26/20
   7,950    429,370 
Total Foreign Government Obligations
(Identified cost $17,086,954)
      14,889,251 
           
Description  Shares   Value 
Short-Term Investment — 0.2%          
State Street Institutional Treasury Money Market Fund
(Identified cost $349,508)
 349,508   $349,508 
           
Total Investments — 111.8%
(Identified cost $165,473,807) (b), (c)
       $162,234,251 
Liabilities in Excess of Cash and
Other Assets — (11.8)%
        (17,110,901)
Net Assets — 100.0%       $145,123,350 
 
 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2015 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2015:

Currency   Counterparty   Expiration
Date
  Foreign Currency Amount   US $ Cost
on Origination
Date
  US $
Current
Value
  Unrealized
Appreciation
  Unrealized
Depreciation
 
CLP   BNP   10/22/15   387,530,000 $ 572,000 $ 555,750 $ $ 16,250  
CLP   BNP   11/24/15   1,373,786,550   2,001,000   1,963,958     37,042  
CNH   HSB   04/14/16   8,417,013   1,311,000   1,298,065     12,935  
CNY   HSB   11/30/15   12,559,663   1,925,000   1,967,481   42,481    
DOP   CIT   10/07/15   37,388,340   801,809   823,674   21,865    
DOP   CIT   11/06/15   43,043,000   942,685   945,539   2,854    
DOP   CIT   11/12/15   13,880,430   302,604   304,588   1,984    
DOP   CIT   12/11/15   16,344,300   357,019   356,738     281  
DOP   CIT   06/30/16   20,493,000   426,759   429,137   2,378    
EGP   BNP   10/07/15   2,539,800   306,000   321,616   15,616    
EGP   BNP   10/08/15   2,689,200   324,000   339,959   15,959    
EGP   BNP   12/14/15   3,841,160   436,000   446,078   10,078    
EGP   BNP   03/08/16   3,900,100   430,000   421,871     8,129  
EUR   CIT   10/26/15   711,544   816,518   795,364     21,154  
EUR   CIT   01/13/16   724,348   798,630   810,920   12,290    
EUR   JPM   11/04/15   565,000   632,884   631,645     1,239  
EUR   JPM   11/04/15   897,000   1,011,951   1,002,807     9,144  
HUF   JPM   10/13/15   63,999,600   227,417   228,079   662    
HUF   JPM   10/13/15   221,783,652   788,073   790,380   2,307    
IDR   JPM   03/24/16   23,283,700,000   1,651,326   1,491,153     160,173  
INR   JPM   04/25/16   143,718,960   2,156,000   2,113,930     42,070  
INR   JPM   07/13/16   83,910,800   1,240,000   1,218,060     21,940  
INR   SCB   11/13/15   30,042,880   448,000   454,476   6,476    
JPY   CIT   10/01/15   91,054,601   759,150   759,010     140  
JPY   UBS   10/01/15   91,310,434   754,569   761,142   6,573    
KRW   CIT   10/15/15   2,243,551,020   1,882,000   1,891,922   9,922    
KZT   CIT   12/02/15   109,368,000   388,105   384,483     3,622  
KZT   CIT   06/06/16   124,544,000   448,000   402,420     45,580  
KZT   JPM   10/01/15   109,368,000   441,000   402,155     38,845  
KZT   JPM   03/03/16   111,454,000   419,000   375,295     43,705  
KZT   JPM   06/06/16   124,544,000   448,000   402,420     45,580  
MXN   BRC   10/23/15   2,096,913   124,086   123,829     257  
PHP   SCB   11/25/15   68,009,000   1,447,000   1,450,056   3,056    
PLN   JPM   11/04/15   5,525,037   1,464,226   1,452,428     11,798  
RUB   UBS   10/09/15   11,429,930   166,000   174,581   8,581    
RUB   UBS   10/09/15   97,718,320   1,654,000   1,492,555     161,445  
RUB   UBS   12/03/15   44,709,750   641,000   671,239   30,239    
TRY   JPM   10/08/15   2,359,514   854,865   778,196     76,669  
TRY   JPM   11/04/15   3,226,050   1,086,322   1,055,091     31,231  
TRY   JPM   11/04/15   4,405,897   1,483,617   1,440,964     42,653  
TRY   JPM   11/05/15   4,692,930   1,650,000   1,534,372     115,628  
TRY   JPM   12/03/15   2,175,263   710,000   705,205     4,795  
TRY   JPM   12/03/15   2,205,768   730,000   715,094     14,906  
TRY   JPM   12/03/15   2,306,125   757,000   747,629     9,371  
UGX   SCB   10/19/15   1,061,363,000   284,930   285,572   642    
UYU   HSB   10/05/15   40,029,660   1,380,000   1,374,960     5,040  
ZAR   JPM   11/04/15   10,023,368   738,000   719,187     18,813  
 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2015 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2015 (concluded):

Currency   Counterparty   Expiration
Date
  Foreign Currency Amount     US $ Cost
on Origination
Date
  US $
Current
Value
    Unrealized
Appreciation
  Unrealized
Depreciation
 
ZAR   JPM   11/04/15   20,385,834   $ 1,533,000 $ 1,462,705   $ $ 70,295  
ZMW   BRC   02/23/16   3,200,176     302,474   249,180       53,294  
ZMW   BRC   02/23/16   3,822,680     454,000   297,651       156,349  
Total Forward Currency Purchase Contracts   $ 42,907,019 $ 41,820,609   $ 193,963 $ 1,280,373  

 

Forward Currency Sale Contracts open at September 30, 2015:

Currency   Counterparty   Expiration
Date
  Foreign Currency Amount     US $ Cost
on Origination
Date
  US $
Current
Value
    Unrealized
Appreciation
  Unrealized
Depreciation
 
BRL   CIT   02/18/16   1,371,159   $ 438,000 $ 330,356   $ 107,644 $  
BRL   CIT   09/21/16   2,678,832     624,000   609,689     14,311    
CLP   BNP   10/22/15   498,533,750     715,000   714,938     62    
CNH   SCB   04/14/16   8,417,013     1,271,644   1,298,065       26,421  
COP   SCB   10/23/15   216,864,000     72,072   70,069     2,003    
EGP   BNP   10/07/15   2,539,800     312,783   321,616       8,833  
EGP   CIT   10/08/15   2,689,200     331,179   339,959       8,780  
EUR   JPM   10/26/15   735,898     831,380   822,587     8,793    
EUR   JPM   10/26/15   4,359,890     4,824,591   4,873,484       48,893  
EUR   JPM   11/04/15   963,000     1,086,322   1,076,592     9,730    
EUR   JPM   11/04/15   1,307,000     1,483,617   1,461,169     22,448    
EUR   JPM   11/04/15   1,302,000     1,464,226   1,455,579     8,647    
HUF   JPM   10/13/15   403,355,008     1,432,725   1,437,455       4,730  
JPY   SCB   11/18/15   148,045,476     1,191,954   1,234,770       42,816  
JPY   UBS   10/01/15   182,365,035     1,477,274   1,520,152       42,878  
JPY   UBS   11/18/15   91,310,434     755,025   761,573       6,548  
KZT   CIT   10/01/15   109,368,000     401,350   402,154       804  
MXN   JPM   10/23/15   32,339,946     1,915,000   1,909,769     5,231    
RON   JPM   10/08/15   2,839,841     712,235   718,166       5,931  
RSD   CIT   01/13/16   51,925,520     485,966   477,445     8,521    
RSD   CIT   01/13/16   89,746,662     798,630   825,204       26,574  
TRY   JPM   10/08/15   2,359,514     841,061   778,196     62,865    
TRY   JPM   11/04/15   1,940,577     632,884   634,672       1,788  
TRY   JPM   11/04/15   3,109,540     1,011,950   1,016,986       5,036  
TRY   JPM   11/05/15   4,692,930     1,625,708   1,534,372     91,336    
UGX   SCB   10/19/15   580,289,000     156,412   156,133     279    
UYU   CIT   10/05/15   26,119,260     898,495   897,158     1,337    
UYU   JPM   10/05/15   13,910,400     480,000   477,802     2,198    
ZAR   CIT   11/04/15   4,222,087     310,736   302,939     7,797    
ZAR   CIT   11/04/15   13,997,807     1,051,663   1,004,357     47,306    
ZAR   JPM   11/04/15   19,676,288     1,388,000   1,411,794       23,794  
Total Forward Currency Sale Contracts   $ 31,021,882 $ 30,875,200     400,508   253,826  
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts   $ 594,471 $ 1,534,199  
 
 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2015 (unaudited)

 

Currency Abbreviations:            
BRL  — Brazilian Real  KRW  — South Korean Won  Counterparty Abbreviations:
CLP  — Chilean Peso  KZT  — Kazakhstan Tenge  BNP  — BNP Paribas SA
CNH  — Yuan Renminbi  MXN  — Mexican New Peso  BRC  — Barclays Bank PLC
CNY  — Chinese Renminbi  PHP  — Philippine Peso  CIT  — Citibank NA
COP  — Colombian Peso  PLN  — Polish Zloty  HSB  — HSBC Bank USA NA
DOP  — Dominican Republic Peso  RON  — New Romanian Leu  JPM  — JPMorgan Chase Bank NA
EGP  — Egyptian Pound  RSD  — Serbian Dinar  SCB  — Standard Chartered Bank
EUR  — Euro  RUB  — Russian Ruble  UBS  — UBS AG
HUF  — Hungarian Forint  TRY  — New Turkish Lira      
IDR  — Indonesian Rupiah  UGX  — Ugandan Shilling      
INR  — Indian Rupee  UYU  — Uruguayan Peso      
JPY  — Japanese Yen  ZAR  — South African Rand      
      ZMW  — Zambian Kwacha      
 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2015 (unaudited)

 

(a) Principal amount denominated in respective country’s currency.

(b) For federal income tax purposes, the aggregate cost was $165,473,807, aggregate gross unrealized appreciation was $23,583,940, aggregate gross unrealized depreciation was $26,823,496, and the net unrealized depreciation was $3,239,556.

(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   6.2%  
Automotive   2.5   
Banking   10.3   
Computer Software & Services   2.6   
Electric   0.8   
Energy Exploration & Production   1.8   
Energy Integrated   8.3   
Energy Services   2.2   
Financial Services   5.9   
Food & Beverages   2.7   
Household & Personal Products   2.8   
Insurance   3.4   
Leisure & Entertainment   1.4   
Manufacturing   10.7   
Metals & Mining   0.8   
Pharmaceutical & Biotechnology   17.7   
Retail   3.8   
Semiconductors & Components   3.1   
Technology Hardware   11.7   
Telecommunications   2.6   
Subtotal   101.3   
Foreign Government Obligations   10.3   
Short-Term Investment   0.2   
Total Investments   111.8%  

 

* Industry classifications may be different than those used for compliance monitoring purposes.

 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (concluded)

September 30, 2015 (unaudited)

 

Valuation of Investments:

 

Net asset value (“NAV”) per share for the Fund is determined on each day the New York Stock Exchange (the “NYSE”) is open for business, generally as of the close of regular session trading on the NYSE (normally 4:00 p.m. Eastern time, the “Regular Closing Time”). When trading on the NYSE is unexpectedly closed prior to the Regular Closing Time, or an earlier scheduled close (such as on certain days around holidays when the NYSE is scheduled to close before 4:00 p.m.), and remains closed through the time of the Regular Closing Time (or an earlier scheduled close), the NAV of the Fund may nonetheless be calculated as of the Regular Closing Time (or an earlier scheduled close) if, in the judgment of Lazard Asset Management LLC (the “Investment Manager”), there is sufficient trading in other markets between the unexpected close and the Regular Closing Time (or an earlier scheduled close) for securities for which the NYSE is usually considered the primary market. NAV per share is determined by dividing the value of the total assets of the Fund, less all liabilities, by the total number of Fund shares outstanding.

 

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 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 generally 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 on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities.

 

The Valuation Committee of 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 September 30, 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
September 30, 2015
 
Assets:                    
Common Stocks  $146,995,492   $   $   $146,995,492 
Foreign Government Obligations       14,889,251        14,889,251 
Short-Term Investment   349,508            349,508 
Other Financial Instruments*                    
Forward Currency Contracts       594,471        594,471 
Total  $147,345,000   $15,483,722   $   $162,828,722 
Liabilities:                    
Other Financial Instruments*                    
Forward Currency Contracts  $   $(1,534,199)  $   $(1,534,199)
*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 September 30, 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: November 27, 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: November 27, 2015

 

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

 

Date: November 27, 2015