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SIGNATURE EUGENE S. STARK
TITLE TREASURER
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<OTHER-ITEMS-LIABILITIES> 3,818,721
<TOTAL-LIABILITIES> 4,396,802
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 221,495,055
<SHARES-COMMON-STOCK> 27,455,039
<SHARES-COMMON-PRIOR> 66,207,699
<ACCUMULATED-NII-CURRENT> 2,775,707
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,739,281)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,414,324
<NET-ASSETS> 229,945,805
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 24,721,726
<OTHER-INCOME> 0
<EXPENSES-NET> 3,964,905
<NET-INVESTMENT-INCOME> 20,756,821
<REALIZED-GAINS-CURRENT> 24,249,957
<APPREC-INCREASE-CURRENT> (12,340,523)
<NET-CHANGE-FROM-OPS> 32,666,255
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,756,821)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (14,755,248)
<NUMBER-OF-SHARES-SOLD> 279,766,233
<NUMBER-OF-SHARES-REDEEMED> (611,740,613)
<SHARES-REINVESTED> 5,694,812
<NET-CHANGE-IN-ASSETS> (329,125,382)
<ACCUMULATED-NII-PRIOR> 4,469,000
<ACCUMULATED-GAINS-PRIOR> (16,919,206)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,317,938
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,964,905
<AVERAGE-NET-ASSETS> 204,000
<PER-SHARE-NAV-BEGIN> 8.51
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.57)
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.27
<EXPENSE-RATIO> 1.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
For the annual period ended (a) 12/31/96
File number (c) 811-5510
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
A special Meeting of Shareholders was called
for October 30, 1996. At such meeting the
shareholders approved the following proposals:
a) Approval that Edward D. Beach, Delayne
Dedrick Gold, Robert F. Gunia, Donald D.
Lennox, Douglas H. McCorkindale, Mendel A.
Melzer, Thomas T. Mooney, Stephen P. Munn,
Richard A. Redeker, Robin B. Smith, Louis A.
Weil, III and Clay T. Whitehead are duly
elected to serve as Directors of the Fund
until the earlier to occur of (i) the next
meeting of Shareholders at which Directors
are elected and until his or her successor
shall have been duly elected and shall have
qualified or (ii) their terms expire in
accordance with the Fund's retirement policy.
Affirmative
Votes Cast
Votes Withheld
Edward D. Beach 15,061,760
454,429
Delayne Dedrick Gold 15,047,353
441,836
Robert F. Gunia 15,065,522
450,667
Donald D. Lennox 15,077,216
438,973
Douglas H. McCorkindale 15,076,777
439,412
Mendel A. Melzer 15,073,468
442,721
Thomas T. Mooney 15,092,151
424,038
Stephen P. Munn 15,077,950
438,239
Richard A. Redeker 15,079,448
436,741
Robin B. Smith 15,090,544
425,645
Louis A. Weil, III 15,089,752
426,437
Clay T. Whitehead 15,075,631
440,558
B) Approval of the selection of Deloitte
& Touche LLP as independent accountants for
the Fund conditioned upon the right by vote
of a majority of such Fund's outstanding
voting shares at any meeting called for the
purpose to terminate such employment
forthwith without penalties.
For Against
Abstain
14,942,885 210,180
363,124
C) In their discretion on any other
business which may properly come before the
meeting or any adjournment thereof.
For the period ended (a) 12/31/96
File number (c) 811-5510
SUB-ITEM 77 I
Terms of New or Amended Securities
On May 9, 1996, the Board of Directors
authorized the issuance of a fourth class of
shares designated Class Z for the Fund. Class Z
shares are not subject to either an initial or
contingent deferred sales charge nor are they
subject to any Rule 12b-1 fees. Class Z shares
will be offered to a limited group of eligible
investors as soon as practicable.
For the twelve months ended (a) 12/31/96
File # 811-4661
SUB - ITEM 77J
Reclassification of Capital Accounts
Reclassification of Capital Accounts: The Fund
accounts for and reports distributions to
shareholders in accordance with the American
Institute of Certified Public Accountants'
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 increase
undistributed net investment income by $13,070,032
and decrease accumulated net realized losses on
investments by $13,070,032 for foreign currency
gains realized or recognized during the year ended
December 31, 1996. Net investment income, net
realized gains and net assets were not affected by
this change.
THE GLOBAL TOTAL RETURN FUND, INC.
February 26, 1997
SEC Operations Center (OFCIS)
6432 General Green Way
Mail Stop 0-7
Alexandria, VA 22312
Attention: File Support Unit
Re: The Global Total Return
Fund, Inc.
File No. 811-4661
Ladies and Gentlemen:
Enclosed is one (1) copy of the of the Annual
Report on Form N-SAR for The Global Total Return
Fund, Inc. for the period ended December 31, 1996.
The Form N-SAR was filed using the Edgar system.
Very truly
yours,
/s/ Marguerite
E. H. Morrison
Marguerite E.H.
Morrison
Assistant
Secretary
MEHM/ln
Enc.
This report is signed on behalf of the Registrant
in the City of Newark and State of New Jersey on
the 26th day of February, 1997.
The Global Total Return Fund, Inc.
Witness:/s/ Marguerite E. H. Morrison By: /s/
Grace C. Torres Marguerite E.H. Morrison
Grace C. Torres
Assistant Secretary
Treasurer
PRINT ON COMPAQ
The Board of Directors of
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, 1996, 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,
1996.
This report is intended solely for the information
and use of the Board of Directors, management and
the Securities and Exchange Commission.
Deloitte & Touche LLP
New York, New York
February 14, 1997
