Lazard Global Total Return & Income Fund Declares Year-End Distribution

Inclusive of today’s declared distribution, the cumulative distributions for the fiscal year 2007 total $1.6612 and represent a market yield of 7.3%, based on the share price of $22.87 at the close of New York Stock Exchange trading on October 31, 2007*. It is currently estimated that the cumulative distributions for 2007 will constitute $1.1462 of net investment income (69%), $0.0111 of net realized short-term capital gains (1%), and $0.5039 of net realized long-term capital gains (30%). The amounts and sources of distributions reported are only estimates and are not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s level distribution policy.

Portfolio data as of October 31, 2007 including performance, asset allocation, top 10 holdings, sector weightings, regional exposure, and other Fund characteristics have been posted on Lazard Asset Management’s website, .

The Fund’s objective is total return, consisting of capital appreciation and current income. The Fund seeks to achieve its objective by primarily investing in a portfolio of approximately 35 to 45 equity securities with a market capitalization of at least $5 billion at the time of purchase, that are domiciled in those countries that comprise the MSCI World Index. The Fund seeks enhanced income by investing in short duration (typically below one year) emerging market forward currency contracts and other emerging market debt instruments.

An indirect subsidiary of Lazard Ltd, Lazard Asset Management LLC (LAM), the Fund’s investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of September 30, 2007, LAM and affiliated asset management companies in the Lazard Group managed more than $142.1 billion worth of client assets. For more information about LAM, please go to .

* Price and yields will fluctuate with changes in market conditions. Market return does not represent the total return on an investment. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. If the Fund pays distributions in excess of its net taxable income, this excess would be a return of capital.