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SIGNATURE EUGENE S. STARK
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> *
<NAME> THE GLOBAL TOTAL RETURN FUND, INC.
<S> <C>
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Board of Directors
The Global Total Return Fund, Inc.:
In planning and performing our audit of the financial statements of The Global
Total Return Fund, Inc. ("Fund") for the year ended December 31, 1994, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
February 9, 1995
For the year ended (a) December 31, 1994
File number (c) 811-4661
SUB-ITEM 77J
REVALUATION OF ASSETS OR RESTATEMENT OF CAPITAL SHARE ACCOUNT
The Global Total Return Fund, Inc. (the Fund) accounts and reports for
distributions to shareholders in accordance with Statement of Position 93-2:
Determination, Disclosure, and Financial Statement Presentation of Income,
Capital Gain, and Return of Capital Distributions by Investment Companies.
The effect of applying this statement was to decrease paid-in capital in
excess of par by $19,717,909; decrease accumulated net investment income by
$3,460,899, and decrease accumulated net realized losses on investments by
$23, 178,808 for realized foreign currency losses incurred in the fiscal year
ended December 31, 1994. Net investment income, net realized gains and net
assets were not effected by this change.
/item77J.95
For a period ending (a) December 31, 1995
File number (c) 811-4661
Sub Item 77D
Policies with Respect to Security Investments
At a meeting held on August 17, 1994, the Board of Directors approved a
modification to the Registrant's investment policies to permit it to cross
hedge its currency exposure under circumstances where the investment adviser
believes that the currency in which a security is denominated may deteriorate
against the dollar and that the possible loss in value can be hedged, return
can be enhanced and risks can be managed by entering into forward contracts
to sell the deteriorating currency and buy a currency that is expected to
appreciate in relation to the dollar.
