<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE GRACE C. TORRES
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SHARES-COMMON-STOCK> 20,590,054
<SHARES-COMMON-PRIOR> 22,195,033
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (600,027)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 672,866
<NET-ASSETS> 165,267,274
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,687,048
<OTHER-INCOME> 0
<EXPENSES-NET> 2,365,746
<NET-INVESTMENT-INCOME> 11,321,302
<REALIZED-GAINS-CURRENT> 1,570,888
<APPREC-INCREASE-CURRENT> 1,857,462
<NET-CHANGE-FROM-OPS> 14,749,652
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,645,773)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (3,762,676)
<NUMBER-OF-SHARES-SOLD> 8,184,792
<NUMBER-OF-SHARES-REDEEMED> (35,442,667)
<SHARES-REINVESTED> 2,953,974
<NET-CHANGE-IN-ASSETS> (20,962,698)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 769,137
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,323,490
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,365,746
<AVERAGE-NET-ASSETS> 3,048,000
<PER-SHARE-NAV-BEGIN> 7.89
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> 0.16
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (0.18)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.03
<EXPENSE-RATIO> 1.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICL6
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<NAMETHE GLOBAL TOTAL RETURN FUND
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<NUMB003
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<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 158,686,199
<INVESTMENTS-AT-VALUE> 159,091,736
<RECEIVABLES> 7,136,176
<ASSETS-OTHER> 5,231
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166,233,143
<PAYABLE-FOR-SECURITIES> 404,297
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 561,572
<TOTAL-LIABILITIES> 965,869
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,194,435
<SHARES-COMMON-STOCK> 20,590,054
<SHARES-COMMON-PRIOR> 22,195,033
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (600,027)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 672,866
<NET-ASSETS> 165,267,274
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,687,048
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<NET-INVESTMENT-INCOME> 11,321,302
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<APPREC-INCREASE-CURRENT> 1,857,462
<NET-CHANGE-FROM-OPS> 14,749,652
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 8,184,792
<NUMBER-OF-SHARES-REDEEMED> (35,442,667)
<SHARES-REINVESTED> 2,953,974
<NET-CHANGE-IN-ASSETS> (20,962,698)
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<ACCUMULATED-GAINS-PRIOR> 769,137
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,323,490
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,365,746
<AVERAGE-NET-ASSETS> 220,000
<PER-SHARE-NAV-BEGIN> 7.89
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> 0.16
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (0.18)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.03
<EXPENSE-RATIO> 1.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICL6
<CIK>
<NAMETHE GLOBAL TOTAL RETURN FUND
<SERIES>
<NUMB004
<NAMTHE GLOBAL TOTAL RETURN FUND (CLASS Z)
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 158,686,199
<INVESTMENTS-AT-VALUE> 159,091,736
<RECEIVABLES> 7,136,176
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<TOTAL-LIABILITIES> 965,869
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,194,435
<SHARES-COMMON-STOCK> 20,590,054
<SHARES-COMMON-PRIOR> 22,195,033
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (600,027)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 672,866
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<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 11,321,302
<REALIZED-GAINS-CURRENT> 1,570,888
<APPREC-INCREASE-CURRENT> 1,857,462
<NET-CHANGE-FROM-OPS> 14,749,652
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (3,762,676)
<NUMBER-OF-SHARES-SOLD> 8,184,792
<NUMBER-OF-SHARES-REDEEMED> (35,442,667)
<SHARES-REINVESTED> 2,953,974
<NET-CHANGE-IN-ASSETS> (20,962,698)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 769,137
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,365,746
<AVERAGE-NET-ASSETS> 1,771,000
<PER-SHARE-NAV-BEGIN> 8
<PER-SHARE-NII> 1
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0)
<PER-SHARE-DISTRIBUTIONS> (0)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For the fiscal year ended 12/31/98
File number: 811-4661
SUB-ITEM 77 D
Policies with Respect to Securities Investments
On August 26, 1998 the Directors approved revised
troubled investment procedures for the Fund in the form
presented at the meeting of the Board of Directors.
n-sar/eqf/8-97/77d
For period ending (a) December 31, 1998
File Number (c) 811-4661
SUB-ITEM 77J
Reclassification of Capital Accounts: The Fund
accounts for and reports distributions to shareholders
in accordance with the American Institute of Certifies
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 decrease
undistributed net investment income by $4,015,166,
decrease accumulated net realized loss on investments
by $4,460,978, and decrease paid in capital in excess
of par by $445,812 for foreign currency losses realized
and recognized during the year ended December 31, 1998.
Net investment income, net realized gains and net
assets were not affected by this change.
To the Shareholders and Board of Directors of
The Global Total Return Fund, Inc.
(2)
Report of Independent Accountants
To the Shareholders and 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. (the
"Fund") for the year ended December 31, 1998, we considered
its internal control, including control activities 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 internal control.
The management of the Fund is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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
internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use
of management, the Board of Directors of the Fund and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
February 16, 1999
