LAZARD ASSET MANAGEMENT
Lazard World
Dividend & Income
Fund, Inc.
First Quarter Report
M A R C H 3 1, 2 0 1 1
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Lazard World Dividend & Income Fund, Inc. |
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Investment Overview |
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Dear Stockholders,
We are pleased to present this report for Lazard World Dividend & Income Fund, Inc. (“LOR” or the “Fund”), for the quarter ended March 31, 2011. The Fund is a diversified, closed-end management investment company that began trading on the New York Stock Exchange (“NYSE”) on June 28, 2005. Its ticker symbol is “LOR.”
As of March 31, 2011, the Fund’s net asset value (“NAV”) performance for the first quarter of 2011 is ahead of its benchmark, the Morgan Stanley Capital International (MSCI®) All Country World Index (ACWI®) (the “Index”), and we believe that, since inception, LOR has provided investors with an attractive yield and diversification, backed by the extensive experience, commitment, and professional management of Lazard Asset Management LLC (the “Investment Manager” or “Lazard”).
Portfolio Update (as of March 31, 2011)
For the first quarter of 2011, the Fund’s NAV increased by 5.3%, outperforming the Index gain of 4.4%. Over the one-year period ended March 31, 2011, the Fund gained 14.2% slightly ahead of the Index return of 14.1%. The Fund’s since-inception annualized NAV return of 7.0% is well ahead of the Index return of 5.7% for the same period. Shares of LOR ended the first quarter of 2011 with a market price of $13.45, representing a 6.7% discount to the Fund’s NAV of $14.41.
The Fund’s net assets were $99.1 million as of March 31, 2011, with total leveraged assets of $130.0 million, representing a 23.7% leverage rate. This leverage rate was a slight decrease from the 24.5% level at the end of 2010.
During the first quarter, the Fund’s world equity portfolio benefited from stock selection within the financials and consumer discretionary sectors. Conversely, performance was hurt by stock selection in the telecom services and industrial sectors. The smaller, short-duration1 emerging market currency and debt portion of the Fund has experienced modest positive performance in the first quarter of 2011, and has been a positive contributor to performance since the Fund’s inception.
As of March 31, 2011, 74.0% of the Fund’s total leveraged assets consisted of world equities and 24.5% consisted of emerging market currency and debt instruments, while the remaining 1.5% consisted of cash and other net assets.
Declaration of Distributions
Pursuant to LOR’s Level Distribution Policy, the Fund declares, monthly, a distribution equal to 6.5% (on an annualized basis) of the Fund’s NAV on the last business day of the previous year (December 31, 2010). The current monthly distribution rate per share of $0.0753 represents a distribution yield of 6.7% based on the Fund’s $13.45 market price as of the close of trading on the NYSE on March 31, 2011. It is currently estimated that $0.03524 of the $0.2259 distributed per share year-to-date through March 31, 2011 may represent a return of capital.
Additional Information
Please note that, available on www.LazardNet.com, are frequent updates on the Fund’s performance, press releases, distribution information, and a monthly fact sheet that provides information about the Fund’s major holdings, sector weightings, regional exposures, and other characteristics, including notices required by Section 19(a) of the Investment Company Act of 1940, as amended. You may also reach Lazard by phone at 1-800-823-6300.
On behalf of Lazard, we thank you for your investment in Lazard World Dividend & Income Fund, Inc. and look forward to continuing to serve your investment needs in the future.
Message from the Portfolio Managers
World Equity Portfolio
(74.0% of total leveraged assets)
The Fund’s world equity portfolio is typically invested in 60 to 90 securities, consisting primarily of the high-
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Lazard World Dividend & Income Fund, Inc. |
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Investment Overview (continued) |
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est dividend-yielding stocks selected from the current holdings of other accounts managed by the Investment Manager. The portfolio is broadly diversified in both developed and emerging market countries and across the capitalization spectrum. Examples include Pfizer, a research-based, global pharmaceutical company that is based in the United States; Zurich Financial Services, a Swiss insurance-based financial services provider active in North America, Europe, Asia-Pacific, Latin America and other markets; and Kumba Iron Ore, an iron ore mining company based in South Africa.
As of March 31, 2011, 32.8% of the Fund’s world equity portfolio investments were based in North America, 25.6% were based in Continental Europe (not including the United Kingdom), 20.2% were based in Asia (not including Japan), 6.8% were based in Africa and the Middle East, 6.7% were based in Latin America, 5.5% were based in the United Kingdom, and 2.4% were based in Japan. The world equity portfolio is similarly well diversified across a number of industry sectors. The top two sectors, by weight, at March 31, 2011, were financials (26.4%), which includes banks, insurance companies, and financial services companies, and telecommunication services (16.9%) which includes companies specializing in communications or telecommunication equipment production. Other sectors in the portfolio include consumer staples, consumer discretionary, energy, health care, industrials, information technology, materials, and utilities. The average dividend yield on the securities held in the world equity portfolio was approximately 5.2% as of March 31, 2011.
World Equity Markets Review
The Index increased during the first quarter of 2011 despite global shocks.
During the quarter, the market was confronted with escalating political turmoil
in the Middle East and North Africa, the devastating earthquake and nuclear
crisis in Japan, and the ongoing sovereign debt problems of peripheral Europe,
with Portugal the most recent focus. Additionally, commodity prices, including
oil, rose as did inflation in a number of emerging markets. However, these
negative factors were more than offset by better-than-expected economic and
corporate earnings growth in many areas, which propelled the market higher.
Regionally, the United States and Europe were notably strong performers, a
result of solid corporate earnings. Japanese equities were volatile, and the
market posted a negative return following the tragic events in the country.
Emerging markets underperformed versus the Index on concerns over inflation,
interest rates, the Middle East and North Africa.
In currency markets, the euro and British pound appreciated relative to the U.S. dollar due to the perception that European central banks will tighten monetary policy before the U.S. Federal Reserve. The Japanese yen was volatile but depreciated overall versus the U.S. dollar.
The energy sector had the largest gain in the Index, as crude oil prices climbed 17% during the quarter. The industrials sector was the second best performer as booming prices in commodities helped drive returns. The consumer staples and utilities sectors, which are generally considered defensive, posted some of the lowest returns in the Index.
What Helped and What Hurt LOR
Within the consumer discretionary sector, one of the positions that contributed
the most to performance was OPAP, the Greek sports betting and lottery company.
The company’s shares rebounded since their decline amid sovereign debt concerns
in the spring of 2010. We find the business attractive, as sports betting and
lottery are, generally, very resilient to economic weakness and management is
launching new games to expand its customer base. The company is debt free, has
a large cash balance, and offers an attractive yield, which we believe is
sustainable. Within financials, a position in Sampo, the market leader in
property and casualty insurance in the Nordic region, also helped returns as
shares of the company rose on quarterly earnings, which saw solid operating
performance across all of its businesses. The company also increased its
dividend significantly year over year. In our view, rising interest rates and
disciplined pricing across Sampo’s key markets provide a strong backdrop for
the year ahead.
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Lazard World Dividend & Income Fund, Inc. |
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Investment Overview (continued) |
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In contrast, within the industrials sector, the portfolio’s position in Orascom Construction Industries, a leading construction contractor and fertilizer business in emerging markets, detracted from performance. The company, which is based in Egypt, declined largely due to the unrest in the region. However, it enjoys a healthy construction backlog and its fertilizer business has largely been unaffected by the region’s turmoil. In telecom services, shares of Philippine Long Distance Telephone also hurt returns as the company has been weak on inflation concerns and the issues in the Middle East and Japan (there are large numbers of Filipinos working in both areas). However, the company has dominant market share and plans to expand its footprint. At the end of the quarter, the company announced an offer to purchase rival Digital Telecommunication Philippines. If the deal closes, Philippine Long Distance Telephone will have approximately two-thirds of the Philippines’ mobile-phone revenue.
Emerging Market Currency and Debt Portfolio
(24.5%
of total leveraged assets)
The Fund also seeks enhanced income through investing in primarily high-yielding, short-duration emerging market forward currency contracts and local currency debt instruments. As of March 31, 2011, this portfolio consisted of forward currency contracts (72.3%) and sovereign debt obligations (27.7%). The average duration of the emerging market currency and debt portfolio increased from approximately 5 months to approximately 8 months during the quarter, with an average yield of 6.2%2 as of quarter end.
Emerging Market Currency and Debt Market Review
Emerging
Market (EM) central banks continue to normalize monetary conditions in response
to favorable economic growth and rising inflationary pressures. Accordingly,
results were supported by higher yields and modest EM currency gains. Emerging
market monetary tightening measures have come in many forms, limited not only
to hard measures taken with regard to interest rate policy, but also
quantitative tightening actions such as higher reserve requirement ratios and
more flexible currency policies. Indeed, the group of central banks that raised
interest rates during the month was diverse and included Israel, Vietnam,
India, Brazil, Peru, Chile, South Korea, Thailand, Serbia, Uruguay, Colombia,
Kenya, and the Philippines. Others countries such as China, Turkey, Russia,
Romania, Brazil, and Indonesia relied on reserve requirement ratio hikes or
they demonstrated tolerance for currency gains in an effort to mitigate
imported food and energy price pressures.
The U.S. Federal Reserve’s continued loose monetary stance, coupled with rising geopolitical tensions in the Middle East and North Africa, have propelled energy prices sharply higher, increasing inflation and fiscal (i.e., subsidy-related) pressures in the emerging world. Thus far, neither the EM monetary tightening measures nor an increase in the price of oil has negatively impacted global growth but we feel that this potential risk should be monitored closely. EM local markets proved to be resilient to the events in the Middle East and North Africa and the downturn in global equity, commodity, and risk markets, following the tsunami in Japan.
What Helped and What Hurt LOR
In
Emerging Europe, Romania and Serbia helped due to export-led growth recoveries,
rising foreign direct investment inflows, and sound policy implementation. The
Czech koruna recovered sharply from weakness early in the quarter into which we
had aggressively added to our position.
Mexico, the top-performing Latin local market and the Fund’s heaviest weighting, benefited from high energy prices, the cyclical U.S. rebound, and a relatively non-interventionist central bank. Brazil also contributed as its strong domestic economy and relentless pace of capital inflows fueled ongoing foreign exchange gains, which complemented high local yields.
South Korea, India, and Malaysia benefited from rate hikes, rising inflation, and ample inflows supported the won and rupee, while Malay local markets maintained low levels of volatile Asian revaluation exposure, supported by the country’s substantial (10-11%/GDP) current account surplus.
3
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Lazard World Dividend & Income Fund, Inc. |
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Investment Overview (continued) |
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Russia and Kazakhstan benefited from a quickening pace of foreign currency exchange appreciation. Substantial terms of trade gains from rising energy prices, coupled with above-target domestic inflation led to more flexible currency policies in both countries. |
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Turkish exposure detracted from Fund performance due to lira depreciation. The central bank’s unorthodox monetary framework, investors’ inflation concerns, and rising oil prices (which further worsen the country’s trade imbalance) fueled weakness. However, a very aggressive reserve requirement hike aimed at cooling the rate of credit growth and reigning in economic imbalances prompted renewed investor inflows and the lira recouped some of its earlier losses during March. Longstanding Egyptian exposure also detracted as treasury bill positions were liquidated following the popular uprising, which resulted in Mubarak’s exodus, brought economic activity to an abrupt halt and weakened the money market during the quarter. Uganda and Kenya also hurt due to political tensions in the former, and rising inflation across the East African region. Both central banks have tightened liquidity since quarter-end, supporting currency performance and higher yields in the interim. |
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Notes to Investment Overview: |
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1 |
A measure of the average cash weighted term-to-maturity of the investment holdings. Duration is a measure of the price sensitivity of a bond to interest rate movements. Duration for a forward currency contract is equal to its term-to-maturity. |
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2 |
The quoted yield does not account for the implicit cost of borrowing on the forward currency contracts, which would reduce the yield shown. |
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All returns reflect reinvestment of all dividends and distributions. Past performance is not indicative, or a guarantee, of future results. |
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The performance data of the Index and other market data have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of global developed and emerging markets. The Index is unmanaged, has no fees or costs and is not available for investment. |
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The views of the Fund’s Investment Manager and the securities described in this report are as of March 31, 2011; these views and portfolio holdings may have changed subsequent to this date. Nothing herein should be construed as a recommendation to buy, sell, or hold a particular security. There is no assurance that the securities discussed herein will remain in the Fund at the time you receive this report, or that securities sold will not have been repurchased. The specific securities discussed may, in aggregate, represent only a small percentage of the Fund’s holdings. It should not be assumed that securities identified and discussed were, or will be, profitable, or that the investment decisions made in the future will be profitable, or equal the investment performance of the securities discussed herein. |
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The views and opinions expressed are provided for general information only, and do not constitute specific tax, legal, or investment advice to, or recommendations for, any person. There can be no guarantee as to the accuracy of the outlooks for markets, sectors and securities as discussed herein. |
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Lazard World Dividend & Income Fund, Inc. |
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Investment Overview (continued) |
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Comparison of Changes in Value of $10,000
Investment in
LOR and MSCI ACWI Index* (unaudited)
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Average Annual Total Returns* |
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Periods Ended March 31, 2011 |
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(unaudited) |
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One |
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Five |
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Since |
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Market Price |
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20.39 |
% |
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5.62 |
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5.74 |
% |
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Net Asset Value |
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14.21 |
% |
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4.41 |
% |
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6.97 |
% |
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MSCI ACWI Index |
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14.08 |
% |
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2.94 |
% |
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5.71 |
% |
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* |
All returns reflect reinvestment of all dividends and distributions. The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return, market price and net asset value of the Fund will fluctuate, so that an investor’s shares in the Fund, when sold, may be worth more or less than their original cost. The returns do not reflect the deduction of taxes that a stockholder would pay on the Fund’s distributions or on the sale of Fund shares. |
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The performance data of the Index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of global developed and emerging markets. The Index is unmanaged, has no fees or costs and is not available for investment. |
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** |
The Fund’s inception date was June 28, 2005. |
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5
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Lazard World Dividend & Income Fund, Inc. |
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Investment Overview (concluded) |
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Ten Largest Equity Holdings |
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March 31, 2011 (unaudited) |
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Security |
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Value |
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Percentage of |
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AT&T, Inc. |
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$3,933,630 |
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4.0 |
% |
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Philippine Long Distance Telephone Co. Sponsored ADR |
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3,231,400 |
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3.3 |
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Royal Dutch Shell PLC, A Shares |
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3,095,789 |
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3.1 |
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Pfizer, Inc. |
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3,091,182 |
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3.1 |
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Total SA |
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2,986,019 |
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3.0 |
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Zurich Financial Services AG |
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2,872,186 |
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2.9 |
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Sampo Oyj, A Shares |
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2,677,241 |
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2.7 |
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Vivendi SA |
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2,532,396 |
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2.6 |
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Atlantia SpA |
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2,385,590 |
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2.4 |
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Telstra Corp., Ltd. |
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2,365,809 |
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2.4 |
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6
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Lazard World Dividend & Income Fund, Inc. |
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Portfolio of Investments |
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March 31, 2011 (unaudited) |
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Description |
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Shares |
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Value |
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Common Stocks—96.4% |
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Argentina—0.4% |
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YPF Sociedad Anonima Sponsored ADR |
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8,200 |
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$ |
365,228 |
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Australia—4.8% |
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National Australia Bank, Ltd. |
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26,700 |
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713,903 |
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TABCORP Holdings, Ltd. |
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92,048 |
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713,122 |
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Telstra Corp., Ltd. |
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811,079 |
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2,365,809 |
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Transurban Group |
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181,260 |
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1,006,801 |
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Total Australia |
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4,799,635 |
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Brazil—6.1% |
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Banco do Brasil SA |
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76,217 |
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1,379,483 |
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Cielo SA (b) |
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169,200 |
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1,434,311 |
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Companhia Siderurgica Nacional SA |
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57,300 |
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954,618 |
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Redecard SA (b) |
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156,100 |
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2,299,455 |
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Total Brazil |
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6,067,867 |
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Canada—0.9% |
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Cenovus Energy, Inc. |
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22,500 |
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886,050 |
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China—2.0% |
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China Construction Bank Corp., |
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1,149,180 |
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1,077,003 |
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Industrial and Commercial Bank of |
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1,036,440 |
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860,752 |
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Total China |
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1,937,755 |
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Cyprus—0.6% |
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Bank of Cyprus Public Co., Ltd. |
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158,285 |
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574,263 |
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Egypt—1.7% |
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Orascom Construction Industries |
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42,440 |
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1,730,501 |
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Finland—3.2% |
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Fortum Oyj |
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15,200 |
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516,133 |
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Sampo Oyj, A Shares |
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83,923 |
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2,677,241 |
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Total Finland |
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3,193,374 |
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France—7.2% |
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AXA SA |
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51,630 |
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1,078,892 |
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Total SA |
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49,051 |
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2,986,019 |
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Valeo SA |
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8,590 |
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501,010 |
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Vivendi SA |
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88,680 |
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2,532,396 |
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Total France |
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7,098,317 |
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Germany—1.5% |
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Allianz SE |
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7,315 |
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1,026,626 |
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RWE AG |
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7,540 |
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480,268 |
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Total Germany |
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1,506,894 |
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Greece—1.1% |
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OPAP SA |
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52,942 |
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1,133,694 |
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Hong Kong—1.0% |
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Pacific Basin Shipping, Ltd. |
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1,579,000 |
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998,731 |
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Indonesia—1.0% |
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PT Perusahaan Gas Negara |
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2,114,500 |
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947,063 |
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Israel—3.3% |
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Cellcom Israel, Ltd. |
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40,300 |
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1,334,736 |
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Israel Chemicals, Ltd. |
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118,680 |
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1,953,987 |
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Total Israel |
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3,288,723 |
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Italy—4.3% |
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Atlantia SpA |
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104,101 |
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2,385,590 |
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Eni SpA |
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78,142 |
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1,919,173 |
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Total Italy |
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4,304,763 |
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Japan—2.3% |
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Daito Trust Construction Co., Ltd. |
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8,900 |
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613,092 |
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JX Holdings, Inc. |
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72,800 |
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490,118 |
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Mizuho Financial Group, Inc. |
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715,200 |
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1,186,554 |
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Total Japan |
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2,289,764 |
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New Zealand—1.9% |
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|
|
Telecom Corp. of New Zealand, Ltd. |
|
|
1,221,623 |
|
|
1,873,518 |
|
|
|
|
|
|
|
|
||
See Notes to Portfolio of Investments.
7
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
Value |
|
||
|
|
|||||||
|
Norway—1.8% |
|
|
|
|
|
|
|
|
Gjensidige Forsikring ASA |
|
|
64,200 |
|
$ |
774,312 |
|
|
Orkla ASA |
|
|
106,360 |
|
|
1,030,857 |
|
|
|
|
|
|
|
|
||
|
Total Norway |
|
|
|
|
|
1,805,169 |
|
|
|
|
|
|
|
|
||
|
Philippines—3.3% |
|
|
|
|
|
|
|
|
Philippine Long Distance Telephone |
|
|
|
|
|
|
|
|
Co. Sponsored ADR (b) |
|
|
60,400 |
|
|
3,231,400 |
|
|
|
|
|
|
|
|
||
|
Russia—1.4% |
|
|
|
|
|
|
|
|
Mobile TeleSystems OJSC Sponsored |
|
|
|
|
|
|
|
|
ADR (b) |
|
|
63,100 |
|
|
1,339,613 |
|
|
|
|
|
|
|
|
||
|
South Africa—1.0% |
|
|
|
|
|
|
|
|
Kumba Iron Ore, Ltd. (b) |
|
|
13,755 |
|
|
971,898 |
|
|
|
|
|
|
|
|
||
|
South Korea—0.8% |
|
|
|
|
|
|
|
|
KT&G Corp. |
|
|
15,250 |
|
|
793,815 |
|
|
|
|
|
|
|
|
||
|
Spain—1.4% |
|
|
|
|
|
|
|
|
Abertis Infraestructuras SA |
|
|
34,610 |
|
|
751,925 |
|
|
Bolsas y Mercados Espanoles SA |
|
|
21,330 |
|
|
649,014 |
|
|
|
|
|
|
|
|
||
|
Total Spain |
|
|
|
|
|
1,400,939 |
|
|
|
|
|
|
|
|
||
|
Switzerland—2.9% |
|
|
|
|
|
|
|
|
Zurich Financial Services AG (b) |
|
|
10,261 |
|
|
2,872,186 |
|
|
|
|
|
|
|
|
||
|
Taiwan—5.0% |
|
|
|
|
|
|
|
|
MediaTek, Inc. |
|
|
84,000 |
|
|
965,501 |
|
|
Siliconware Precision Industries Co. |
|
|
696,000 |
|
|
870,991 |
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. (b) |
|
|
931,490 |
|
|
2,236,349 |
|
|
Wistron Corp. |
|
|
524,000 |
|
|
830,374 |
|
|
|
|
|
|
|
|
||
|
Total Taiwan |
|
|
|
|
|
4,903,215 |
|
|
|
|
|
|
|
|
||
|
United Kingdom—5.3% |
|
|
|
|
|
|
|
|
Aviva PLC |
|
|
90,060 |
|
|
625,284 |
|
|
Man Group PLC |
|
|
186,200 |
|
|
734,508 |
|
|
Royal Dutch Shell PLC, A Shares (b) |
|
|
85,180 |
|
|
3,095,789 |
|
|
Vodafone Group PLC |
|
|
281,850 |
|
|
798,033 |
|
|
|
|
|
|
|
|
||
|
Total United Kingdom |
|
|
|
|
|
5,253,614 |
|
|
|
|
|
|
|
|
||
|
United States—30.2% |
|
|
|
|
|
|
|
|
Altria Group, Inc. (b) |
|
|
80,390 |
|
|
2,092,552 |
|
|
American Eagle Outfitters, Inc. |
|
|
30,400 |
|
|
483,056 |
|
|
American Electric Power Co., Inc. |
|
|
28,000 |
|
|
983,920 |
|
|
AT&T, Inc. (b) |
|
|
128,550 |
|
|
3,933,630 |
|
|
Bank of America Corp. |
|
|
32,800 |
|
|
437,224 |
|
|
BB&T Corp. |
|
|
52,980 |
|
|
1,454,301 |
|
|
ConocoPhillips (b) |
|
|
8,500 |
|
|
678,810 |
|
|
Darden Restaurants, Inc. (b) |
|
|
34,100 |
|
|
1,675,333 |
|
|
Emerson Electric Co. |
|
|
12,000 |
|
|
701,160 |
|
|
Illinois Tool Works, Inc. |
|
|
12,300 |
|
|
660,756 |
|
|
Intel Corp. (b) |
|
|
88,730 |
|
|
1,789,684 |
|
|
Kilroy Realty Corp. REIT |
|
|
12,600 |
|
|
489,258 |
|
|
Mattel, Inc. (b) |
|
|
82,750 |
|
|
2,062,957 |
|
|
Nucor Corp. |
|
|
44,700 |
|
|
2,057,094 |
|
|
NYSE Euronext (b) |
|
|
30,100 |
|
|
1,058,617 |
|
|
Pfizer, Inc. (b) |
|
|
152,200 |
|
|
3,091,182 |
|
|
Regency Centers Corp. REIT |
|
|
33,900 |
|
|
1,473,972 |
|
|
Southern Copper Corp. |
|
|
15,860 |
|
|
638,682 |
|
|
The Macerich Co. REIT (b) |
|
|
30,900 |
|
|
1,530,477 |
|
|
United Parcel Service, Inc., Class B |
|
|
9,300 |
|
|
691,176 |
|
|
Verizon Communications, Inc. |
|
|
35,100 |
|
|
1,352,754 |
|
|
Wal-Mart Stores, Inc. |
|
|
10,900 |
|
|
567,345 |
|
|
|
|
|
|
|
|
||
|
Total United States |
|
|
|
|
|
29,903,940 |
|
|
|
|
|
|
|
|
||
|
Total Common Stocks |
|
|
|
|
|
|
|
|
(Identified cost $87,071,761) |
|
|
|
|
|
95,471,929 |
|
|
|
|
|
|
|
|
||
|
Preferred Stock—0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States—0.7% |
|
|
|
|
|
|
|
|
Bank of America Corp. |
|
|
|
|
|
|
|
|
(Identified cost $625,521) |
|
|
695 |
|
|
702,638 |
|
|
|
|
|
|
|
|
||
See Notes to Portfolio of Investments.
8
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Principal |
|
Value |
|
||
|
|
|||||||
|
Foreign Government |
|
|
|
|
|
|
|
|
Obligations—12.4% |
|
|
|
|
|
|
|
|
Brazil—3.5% |
|
|
|
|
|
|
|
|
Brazil NTN-F: |
|
|
|
|
|
|
|
|
10.00%, 01/01/12 |
|
|
3,900 |
|
$ |
2,410,908 |
|
|
10.00%, 01/01/13 |
|
|
1,648 |
|
|
992,286 |
|
|
|
|
|
|
|
|
||
|
Total Brazil |
|
|
|
|
|
3,403,194 |
|
|
|
|
|
|
|
|
||
|
Colombia—0.1% |
|
|
|
|
|
|
|
|
Republic of Colombia, |
|
|
|
|
|
|
|
|
12.00%, 10/22/15 |
|
|
188,000 |
|
|
128,139 |
|
|
|
|
|
|
|
|
||
|
Ghana—0.5% |
|
|
|
|
|
|
|
|
Ghana Government Bonds: |
|
|
|
|
|
|
|
|
16.00%, 05/02/11 |
|
|
390 |
|
|
258,975 |
|
|
13.67%, 06/11/12 |
|
|
190 |
|
|
126,990 |
|
|
15.00%, 12/10/12 |
|
|
170 |
|
|
115,828 |
|
|
|
|
|
|
|
|
||
|
Total Ghana |
|
|
|
|
|
501,793 |
|
|
|
|
|
|
|
|
||
|
Israel—0.9% |
|
|
|
|
|
|
|
|
Israel Consumer Price |
|
|
|
|
|
|
|
|
Index-Linked Bond, |
|
|
|
|
|
|
|
|
3.00%, 10/31/19 |
|
|
2,792 |
|
|
889,365 |
|
|
|
|
|
|
|
|
||
|
Mexico—3.0% |
|
|
|
|
|
|
|
|
Mexican Bonos: |
|
|
|
|
|
|
|
|
9.00%, 12/20/12 |
|
|
6,730 |
|
|
598,231 |
|
|
8.00%, 12/17/15 |
|
|
10,500 |
|
|
920,856 |
|
|
7.75%, 12/14/17 |
|
|
3,000 |
|
|
260,340 |
|
|
Mexican Cetes, |
|
|
|
|
|
|
|
|
0.00%, 04/07/11 |
|
|
50,800 |
|
|
426,731 |
|
|
Mexican Udibonos: |
|
|
|
|
|
|
|
|
4.50%, 12/18/14 |
|
|
890 |
|
|
364,741 |
|
|
5.00%, 06/16/16 |
|
|
870 |
|
|
366,858 |
|
|
|
|
|
|
|
|
||
|
Total Mexico |
|
|
|
|
|
2,937,757 |
|
|
|
|
|
|
|
|
||
|
Poland—0.9% |
|
|
|
|
|
|
|
|
Poland Government Bonds: |
|
|
|
|
|
|
|
|
5.75%, 04/25/14 |
|
|
2,228 |
|
|
793,411 |
|
|
3.00%, 08/24/16 |
|
|
266 |
|
|
95,480 |
|
|
|
|
|
|
|
|
||
|
Total Poland |
|
|
|
|
|
888,891 |
|
|
|
|
|
|
|
|
||
|
Romania—1.0% |
|
|
|
|
|
|
|
|
Romania Treasury Bills: |
|
|
|
|
|
|
|
|
0.00%, 04/20/11 |
|
|
740 |
|
|
253,552 |
|
|
0.00%, 08/17/11 |
|
|
2,270 |
|
|
761,401 |
|
|
|
|
|
|
|
|
||
|
Total Romania |
|
|
|
|
|
1,014,953 |
|
|
|
|
|
|
|
|
||
|
South Africa—1.5% |
|
|
|
|
|
|
|
|
Republic of South Africa: |
|
|
|
|
|
|
|
|
13.50%, 09/15/15 |
|
|
2,601 |
|
|
464,927 |
|
|
8.25%, 09/15/17 |
|
|
4,578 |
|
|
669,687 |
|
|
8.00%, 12/21/18 |
|
|
1,429 |
|
|
203,503 |
|
|
7.25%, 01/15/20 |
|
|
1,350 |
|
|
182,256 |
|
|
|
|
|
|
|
|
||
|
Total South Africa |
|
|
|
|
|
1,520,373 |
|
|
|
|
|
|
|
|
||
|
Turkey—1.0% |
|
|
|
|
|
|
|
|
Turkey Government Bonds: |
|
|
|
|
|
|
|
|
0.00%, 08/08/12 |
|
|
875 |
|
|
504,067 |
|
|
0.00%, 11/07/12 |
|
|
886 |
|
|
499,959 |
|
|
|
|
|
|
|
|
||
|
Total Turkey |
|
|
|
|
|
1,004,026 |
|
|
|
|
|
|
|
|
||
|
Total Foreign Government |
|
|
|
|
|
|
|
|
Obligations |
|
|
|
|
|
|
|
|
(Identified cost $11,260,839) |
|
|
|
|
|
12,288,491 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
Value |
|
||
|
|
|||||||
|
Short-Term Investment—1.3% |
|
|
|
|
|
|
|
|
State Street Institutional |
|
|
|
|
|
|
|
|
Treasury Money Market Fund |
|
|
|
|
|
|
|
|
(Identified cost $1,279,520) |
|
|
1,279,520 |
|
|
1,279,520 |
|
|
|
|
|
|
|
|
||
|
Total Investments—110.8% |
|
|
|
|
|
|
|
|
(Identified cost $100,237,641) (a) |
|
|
|
|
$ |
109,742,578 |
|
|
Liabilities in Excess of Cash |
|
|
|
|
|
|
|
|
and Other Assets—(10.8)% |
|
|
|
|
|
(10,674,996 |
) |
|
|
|
|
|
|
|
||
|
Net Assets—100.0% |
|
|
|
|
$ |
99,067,582 |
|
|
|
|
|
|
|
|
||
See Notes to Portfolio of Investments.
9
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
Forward Currency Purchase Contracts open at March 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency |
|
Counterparty |
|
Expiration |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
ARS |
|
UBS |
|
04/08/11 |
|
|
967,530 |
|
$ |
238,000 |
|
$ |
238,486 |
|
$ |
486 |
|
$ |
— |
|
|
ARS |
|
CIT |
|
04/11/11 |
|
|
2,051,473 |
|
|
502,689 |
|
|
505,436 |
|
|
2,747 |
|
|
— |
|
|
ARS |
|
JPM |
|
04/11/11 |
|
|
1,168,882 |
|
|
286,000 |
|
|
287,986 |
|
|
1,986 |
|
|
— |
|
|
ARS |
|
UBS |
|
05/09/11 |
|
|
974,551 |
|
|
238,000 |
|
|
239,020 |
|
|
1,020 |
|
|
— |
|
|
ARS |
|
UBS |
|
05/18/11 |
|
|
1,711,834 |
|
|
415,000 |
|
|
419,055 |
|
|
4,055 |
|
|
— |
|
|
ARS |
|
BNP |
|
05/23/11 |
|
|
2,197,985 |
|
|
537,273 |
|
|
537,501 |
|
|
228 |
|
|
— |
|
|
ARS |
|
UBS |
|
05/23/11 |
|
|
323,758 |
|
|
79,000 |
|
|
79,173 |
|
|
173 |
|
|
— |
|
|
ARS |
|
CIT |
|
05/31/11 |
|
|
1,397,077 |
|
|
341,000 |
|
|
341,074 |
|
|
74 |
|
|
— |
|
|
ARS |
|
UBS |
|
06/09/11 |
|
|
981,738 |
|
|
238,000 |
|
|
239,224 |
|
|
1,224 |
|
|
— |
|
|
BRL |
|
BRC |
|
04/04/11 |
|
|
593,928 |
|
|
364,664 |
|
|
363,782 |
|
|
— |
|
|
882 |
|
|
BRL |
|
HSB |
|
04/04/11 |
|
|
3,497,310 |
|
|
2,109,354 |
|
|
2,142,106 |
|
|
32,752 |
|
|
— |
|
|
BRL |
|
HSB |
|
05/02/11 |
|
|
732,368 |
|
|
437,000 |
|
|
446,191 |
|
|
9,191 |
|
|
— |
|
|
CLP |
|
BRC |
|
04/14/11 |
|
|
132,239,800 |
|
|
277,000 |
|
|
276,566 |
|
|
— |
|
|
434 |
|
|
CLP |
|
BNP |
|
04/18/11 |
|
|
116,880,000 |
|
|
240,000 |
|
|
244,340 |
|
|
4,340 |
|
|
— |
|
|
CLP |
|
HSB |
|
04/19/11 |
|
|
130,830,500 |
|
|
265,000 |
|
|
273,475 |
|
|
8,475 |
|
|
— |
|
|
CLP |
|
BNP |
|
05/09/11 |
|
|
222,416,250 |
|
|
464,849 |
|
|
463,999 |
|
|
— |
|
|
850 |
|
|
CLP |
|
BNP |
|
05/16/11 |
|
|
120,762,500 |
|
|
250,000 |
|
|
251,786 |
|
|
1,786 |
|
|
— |
|
|
CLP |
|
BNP |
|
06/03/11 |
|
|
82,465,400 |
|
|
172,000 |
|
|
171,684 |
|
|
— |
|
|
316 |
|
|
CLP |
|
BNP |
|
06/30/11 |
|
|
115,439,000 |
|
|
238,289 |
|
|
239,633 |
|
|
1,344 |
|
|
— |
|
|
CLP |
|
CSF |
|
09/26/11 |
|
|
237,998,250 |
|
|
483,000 |
|
|
489,383 |
|
|
6,383 |
|
|
— |
|
|
CNY |
|
JPM |
|
05/27/11 |
|
|
2,681,195 |
|
|
410,000 |
|
|
410,488 |
|
|
488 |
|
|
— |
|
|
CNY |
|
JPM |
|
05/27/11 |
|
|
434,165 |
|
|
63,689 |
|
|
66,471 |
|
|
2,782 |
|
|
— |
|
|
CNY |
|
BRC |
|
07/29/11 |
|
|
3,368,736 |
|
|
504,000 |
|
|
517,542 |
|
|
13,542 |
|
|
— |
|
|
CNY |
|
BRC |
|
07/29/11 |
|
|
1,201,760 |
|
|
185,000 |
|
|
184,627 |
|
|
— |
|
|
373 |
|
|
CNY |
|
BRC |
|
07/29/11 |
|
|
274,577 |
|
|
41,000 |
|
|
42,184 |
|
|
1,184 |
|
|
— |
|
|
CNY |
|
JPM |
|
07/29/11 |
|
|
2,526,930 |
|
|
378,000 |
|
|
388,214 |
|
|
10,214 |
|
|
— |
|
|
COP |
|
HSB |
|
04/25/11 |
|
|
436,410,000 |
|
|
234,000 |
|
|
233,712 |
|
|
— |
|
|
288 |
|
|
COP |
|
CIT |
|
05/16/11 |
|
|
905,789,000 |
|
|
484,535 |
|
|
485,828 |
|
|
1,293 |
|
|
— |
|
|
COP |
|
HSB |
|
05/24/11 |
|
|
435,942,000 |
|
|
234,000 |
|
|
233,911 |
|
|
— |
|
|
89 |
|
|
CZK |
|
CIT |
|
04/15/11 |
|
|
8,793,457 |
|
|
491,917 |
|
|
507,864 |
|
|
15,947 |
|
|
— |
|
|
CZK |
|
CIT |
|
04/15/11 |
|
|
3,540,339 |
|
|
202,211 |
|
|
204,471 |
|
|
2,260 |
|
|
— |
|
|
CZK |
|
BNP |
|
04/26/11 |
|
|
12,986,855 |
|
|
722,739 |
|
|
749,985 |
|
|
27,246 |
|
|
— |
|
|
EUR |
|
BRC |
|
04/04/11 |
|
|
256,329 |
|
|
337,200 |
|
|
363,270 |
|
|
26,070 |
|
|
— |
|
|
EUR |
|
BRC |
|
04/04/11 |
|
|
159,465 |
|
|
211,991 |
|
|
225,994 |
|
|
14,003 |
|
|
— |
|
|
EUR |
|
BRC |
|
04/04/11 |
|
|
52,256 |
|
|
70,000 |
|
|
74,057 |
|
|
4,057 |
|
|
— |
|
|
EUR |
|
CIT |
|
04/04/11 |
|
|
119,406 |
|
|
168,393 |
|
|
169,223 |
|
|
830 |
|
|
— |
|
See Notes to Portfolio of Investments.
10
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
Forward Currency Purchase Contracts open at March 31, 2011 (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency |
|
Counterparty |
|
Expiration |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
EUR |
|
BNP |
|
04/26/11 |
|
|
344,000 |
|
$ |
474,359 |
|
$ |
487,317 |
|
$ |
12,958 |
|
$ |
— |
|
|
EUR |
|
BNP |
|
04/29/11 |
|
|
368,000 |
|
|
518,586 |
|
|
521,287 |
|
|
2,701 |
|
|
— |
|
|
EUR |
|
CIT |
|
04/29/11 |
|
|
206,000 |
|
|
290,512 |
|
|
291,808 |
|
|
1,296 |
|
|
— |
|
|
EUR |
|
BRC |
|
07/05/11 |
|
|
218,210 |
|
|
309,286 |
|
|
308,678 |
|
|
— |
|
|
608 |
|
|
GHS |
|
CIT |
|
04/08/11 |
|
|
128,000 |
|
|
83,578 |
|
|
84,536 |
|
|
958 |
|
|
— |
|
|
GHS |
|
SCB |
|
04/11/11 |
|
|
253,215 |
|
|
167,282 |
|
|
167,072 |
|
|
— |
|
|
210 |
|
|
GHS |
|
CIT |
|
04/14/11 |
|
|
128,000 |
|
|
83,322 |
|
|
84,373 |
|
|
1,051 |
|
|
— |
|
|
GHS |
|
SCB |
|
04/14/11 |
|
|
207,000 |
|
|
134,154 |
|
|
136,448 |
|
|
2,294 |
|
|
— |
|
|
GHS |
|
CIT |
|
04/26/11 |
|
|
524,000 |
|
|
343,157 |
|
|
344,080 |
|
|
923 |
|
|
— |
|
|
GHS |
|
SCB |
|
04/29/11 |
|
|
234,000 |
|
|
152,941 |
|
|
153,507 |
|
|
566 |
|
|
— |
|
|
GHS |
|
JPM |
|
05/10/11 |
|
|
163,956 |
|
|
104,000 |
|
|
107,232 |
|
|
3,232 |
|
|
— |
|
|
GHS |
|
SCB |
|
05/16/11 |
|
|
560,000 |
|
|
362,061 |
|
|
365,663 |
|
|
3,602 |
|
|
— |
|
|
GHS |
|
CIT |
|
06/21/11 |
|
|
123,000 |
|
|
78,645 |
|
|
79,498 |
|
|
853 |
|
|
— |
|
|
GHS |
|
BRC |
|
07/05/11 |
|
|
196,560 |
|
|
126,000 |
|
|
126,514 |
|
|
514 |
|
|
— |
|
|
GHS |
|
JPM |
|
07/05/11 |
|
|
177,790 |
|
|
115,000 |
|
|
114,433 |
|
|
— |
|
|
567 |
|
|
GHS |
|
BRC |
|
10/11/11 |
|
|
159,796 |
|
|
73,639 |
|
|
99,945 |
|
|
26,306 |
|
|
— |
|
|
IDR |
|
BRC |
|
04/18/11 |
|
|
4,420,800,000 |
|
|
480,000 |
|
|
506,560 |
|
|
26,560 |
|
|
— |
|
|
ILS |
|
BRC |
|
04/04/11 |
|
|
1,490,901 |
|
|
428,913 |
|
|
428,389 |
|
|
— |
|
|
524 |
|
|
ILS |
|
BRC |
|
04/04/11 |
|
|
319,510 |
|
|
88,000 |
|
|
91,807 |
|
|
3,807 |
|
|
— |
|
|
INR |
|
SCB |
|
04/13/11 |
|
|
19,642,000 |
|
|
427,000 |
|
|
439,789 |
|
|
12,789 |
|
|
— |
|
|
INR |
|
SCB |
|
04/15/11 |
|
|
13,328,100 |
|
|
295,000 |
|
|
298,307 |
|
|
3,307 |
|
|
— |
|
|
INR |
|
JPM |
|
04/25/11 |
|
|
12,263,400 |
|
|
270,000 |
|
|
273,961 |
|
|
3,961 |
|
|
— |
|
|
INR |
|
BNP |
|
05/31/11 |
|
|
26,465,590 |
|
|
565,202 |
|
|
587,318 |
|
|
22,116 |
|
|
— |
|
|
INR |
|
SCB |
|
07/21/11 |
|
|
14,288,000 |
|
|
304,000 |
|
|
314,018 |
|
|
10,018 |
|
|
— |
|
|
KES |
|
CIT |
|
04/05/11 |
|
|
24,085,000 |
|
|
295,703 |
|
|
290,356 |
|
|
— |
|
|
5,347 |
|
|
KES |
|
CIT |
|
04/11/11 |
|
|
13,660,080 |
|
|
163,398 |
|
|
164,677 |
|
|
1,279 |
|
|
— |
|
|
KES |
|
SCB |
|
04/28/11 |
|
|
13,015,710 |
|
|
153,000 |
|
|
156,907 |
|
|
3,907 |
|
|
— |
|
|
KES |
|
CIT |
|
05/05/11 |
|
|
24,085,000 |
|
|
288,858 |
|
|
290,348 |
|
|
1,490 |
|
|
— |
|
|
KRW |
|
SCB |
|
04/15/11 |
|
|
646,573,200 |
|
|
573,000 |
|
|
589,044 |
|
|
16,044 |
|
|
— |
|
|
KRW |
|
SCB |
|
04/18/11 |
|
|
518,458,500 |
|
|
453,000 |
|
|
472,245 |
|
|
19,245 |
|
|
— |
|
|
KRW |
|
BRC |
|
04/22/11 |
|
|
353,020,500 |
|
|
315,000 |
|
|
321,477 |
|
|
6,477 |
|
|
— |
|
|
KRW |
|
HSB |
|
04/28/11 |
|
|
554,378,500 |
|
|
493,000 |
|
|
504,664 |
|
|
11,664 |
|
|
— |
|
|
KRW |
|
JPM |
|
04/28/11 |
|
|
321,351,750 |
|
|
285,000 |
|
|
292,534 |
|
|
7,534 |
|
|
— |
|
|
KRW |
|
BRC |
|
05/23/11 |
|
|
286,524,000 |
|
|
252,000 |
|
|
260,413 |
|
|
8,413 |
|
|
— |
|
|
KRW |
|
BRC |
|
05/31/11 |
|
|
264,455,000 |
|
|
236,967 |
|
|
240,229 |
|
|
3,262 |
|
|
— |
|
|
KRW |
|
SCB |
|
08/11/11 |
|
|
275,520,000 |
|
|
246,000 |
|
|
249,191 |
|
|
3,191 |
|
|
— |
|
See Notes to Portfolio of Investments.
11
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
Forward Currency Purchase Contracts open at March 31, 2011 (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency |
|
Counterparty |
|
Expiration |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
KZT |
|
BRC |
|
04/01/11 |
|
|
30,704,000 |
|
$ |
208,375 |
|
$ |
210,872 |
|
$ |
2,497 |
|
$ |
— |
|
|
KZT |
|
BRC |
|
05/03/11 |
|
|
38,493,000 |
|
|
261,590 |
|
|
264,541 |
|
|
2,951 |
|
|
— |
|
|
KZT |
|
BRC |
|
05/03/11 |
|
|
22,792,000 |
|
|
154,942 |
|
|
156,637 |
|
|
1,695 |
|
|
— |
|
|
KZT |
|
HSB |
|
05/03/11 |
|
|
30,396,000 |
|
|
209,051 |
|
|
208,895 |
|
|
— |
|
|
156 |
|
|
KZT |
|
CIT |
|
05/10/11 |
|
|
22,818,950 |
|
|
155,125 |
|
|
156,866 |
|
|
1,741 |
|
|
— |
|
|
KZT |
|
HSB |
|
05/10/11 |
|
|
23,143,000 |
|
|
157,382 |
|
|
159,094 |
|
|
1,712 |
|
|
— |
|
|
KZT |
|
HSB |
|
05/10/11 |
|
|
22,792,000 |
|
|
154,890 |
|
|
156,681 |
|
|
1,791 |
|
|
— |
|
|
KZT |
|
BRC |
|
05/20/11 |
|
|
18,191,700 |
|
|
123,493 |
|
|
125,110 |
|
|
1,617 |
|
|
— |
|
|
KZT |
|
BRC |
|
05/20/11 |
|
|
16,934,550 |
|
|
114,888 |
|
|
116,464 |
|
|
1,576 |
|
|
— |
|
|
KZT |
|
CIT |
|
06/09/11 |
|
|
9,768,000 |
|
|
66,404 |
|
|
67,231 |
|
|
827 |
|
|
— |
|
|
KZT |
|
HSB |
|
06/15/11 |
|
|
9,768,000 |
|
|
66,381 |
|
|
67,240 |
|
|
859 |
|
|
— |
|
|
KZT |
|
BRC |
|
06/20/11 |
|
|
16,934,550 |
|
|
114,904 |
|
|
116,586 |
|
|
1,682 |
|
|
— |
|
|
KZT |
|
HSB |
|
06/28/11 |
|
|
25,284,000 |
|
|
171,650 |
|
|
174,099 |
|
|
2,449 |
|
|
— |
|
|
KZT |
|
BRC |
|
06/30/11 |
|
|
10,064,000 |
|
|
68,314 |
|
|
69,301 |
|
|
987 |
|
|
— |
|
|
KZT |
|
CIT |
|
07/18/11 |
|
|
33,347,000 |
|
|
226,619 |
|
|
229,709 |
|
|
3,090 |
|
|
— |
|
|
KZT |
|
BRC |
|
08/02/11 |
|
|
38,493,000 |
|
|
261,679 |
|
|
265,230 |
|
|
3,551 |
|
|
— |
|
|
KZT |
|
BRC |
|
08/10/11 |
|
|
15,622,000 |
|
|
106,243 |
|
|
107,657 |
|
|
1,414 |
|
|
— |
|
|
MXN |
|
CIT |
|
04/13/11 |
|
|
2,701,217 |
|
|
221,000 |
|
|
226,907 |
|
|
5,907 |
|
|
— |
|
|
MXN |
|
JPM |
|
04/13/11 |
|
|
4,000,805 |
|
|
329,000 |
|
|
336,075 |
|
|
7,075 |
|
|
— |
|
|
MXN |
|
JPM |
|
04/13/11 |
|
|
1,425,294 |
|
|
117,000 |
|
|
119,727 |
|
|
2,727 |
|
|
— |
|
|
MYR |
|
BRC |
|
04/04/11 |
|
|
1,547,009 |
|
|
507,000 |
|
|
510,775 |
|
|
3,775 |
|
|
— |
|
|
MYR |
|
BRC |
|
05/09/11 |
|
|
729,869 |
|
|
241,000 |
|
|
240,418 |
|
|
— |
|
|
582 |
|
|
MYR |
|
JPM |
|
05/09/11 |
|
|
4,490,540 |
|
|
1,479,000 |
|
|
1,479,179 |
|
|
179 |
|
|
— |
|
|
MYR |
|
BRC |
|
05/31/11 |
|
|
1,347,730 |
|
|
439,000 |
|
|
443,245 |
|
|
4,245 |
|
|
— |
|
|
MYR |
|
BRC |
|
06/03/11 |
|
|
730,543 |
|
|
241,000 |
|
|
240,212 |
|
|
— |
|
|
788 |
|
|
MYR |
|
BRC |
|
07/05/11 |
|
|
1,596,810 |
|
|
527,000 |
|
|
523,939 |
|
|
— |
|
|
3,061 |
|
|
PHP |
|
BRC |
|
04/04/11 |
|
|
11,414,200 |
|
|
263,000 |
|
|
263,000 |
|
|
— |
|
|
— |
|
|
PHP |
|
SCB |
|
04/04/11 |
|
|
7,754,370 |
|
|
177,000 |
|
|
178,672 |
|
|
1,672 |
|
|
— |
|
|
PHP |
|
BRC |
|
04/28/11 |
|
|
10,310,825 |
|
|
231,965 |
|
|
237,282 |
|
|
5,317 |
|
|
— |
|
|
PHP |
|
BRC |
|
04/28/11 |
|
|
9,614,820 |
|
|
222,000 |
|
|
221,264 |
|
|
— |
|
|
736 |
|
|
PHP |
|
BRC |
|
05/19/11 |
|
|
30,935,570 |
|
|
718,763 |
|
|
711,285 |
|
|
— |
|
|
7,478 |
|
|
PHP |
|
BRC |
|
05/27/11 |
|
|
31,559,500 |
|
|
733,771 |
|
|
725,408 |
|
|
— |
|
|
8,363 |
|
|
PLN |
|
CIT |
|
04/04/11 |
|
|
477,386 |
|
|
166,270 |
|
|
168,117 |
|
|
1,847 |
|
|
— |
|
|
PLN |
|
BRC |
|
04/18/11 |
|
|
1,252,451 |
|
|
435,121 |
|
|
440,536 |
|
|
5,415 |
|
|
— |
|
|
PLN |
|
BNP |
|
04/29/11 |
|
|
3,899,207 |
|
|
1,340,371 |
|
|
1,370,206 |
|
|
29,835 |
|
|
— |
|
|
RON |
|
BRC |
|
04/26/11 |
|
|
1,457,127 |
|
|
465,365 |
|
|
499,759 |
|
|
34,394 |
|
|
— |
|
See Notes to Portfolio of Investments.
12
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
Forward Currency Purchase Contracts open at March 31, 2011 (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency |
|
Counterparty |
|
Expiration |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
RSD |
|
BRC |
|
04/14/11 |
|
13,037,000 |
|
$ |
174,982 |
|
$ |
177,757 |
|
$ |
2,775 |
|
$ |
— |
|
|
RSD |
|
BRC |
|
04/21/11 |
|
14,656,000 |
|
|
191,157 |
|
|
199,393 |
|
|
8,236 |
|
|
— |
|
|
RSD |
|
CIT |
|
04/21/11 |
|
11,737,550 |
|
|
153,482 |
|
|
159,688 |
|
|
6,206 |
|
|
— |
|
|
RSD |
|
CIT |
|
04/26/11 |
|
13,774,080 |
|
|
180,407 |
|
|
187,102 |
|
|
6,695 |
|
|
— |
|
|
RSD |
|
BRC |
|
05/23/11 |
|
14,262,000 |
|
|
186,018 |
|
|
191,971 |
|
|
5,953 |
|
|
— |
|
|
RSD |
|
CIT |
|
05/23/11 |
|
12,804,000 |
|
|
174,775 |
|
|
172,346 |
|
|
— |
|
|
2,429 |
|
|
RSD |
|
CIT |
|
06/06/11 |
|
13,807,500 |
|
|
189,092 |
|
|
131,500 |
|
|
— |
|
|
57,592 |
|
|
RSD |
|
CIT |
|
06/24/11 |
|
11,737,550 |
|
|
161,897 |
|
|
156,129 |
|
|
— |
|
|
5,768 |
|
|
RSD |
|
BRC |
|
07/05/11 |
|
13,939,000 |
|
|
190,893 |
|
|
131,500 |
|
|
— |
|
|
59,393 |
|
|
RSD |
|
BRC |
|
08/10/11 |
|
33,464,200 |
|
|
438,091 |
|
|
438,856 |
|
|
765 |
|
|
— |
|
|
RSD |
|
CIT |
|
08/10/11 |
|
11,923,000 |
|
|
157,275 |
|
|
156,361 |
|
|
— |
|
|
914 |
|
|
RUB |
|
CIT |
|
04/04/11 |
|
12,358,925 |
|
|
431,000 |
|
|
434,684 |
|
|
3,684 |
|
|
— |
|
|
RUB |
|
JPM |
|
04/11/11 |
|
11,271,882 |
|
|
383,000 |
|
|
396,225 |
|
|
13,225 |
|
|
— |
|
|
RUB |
|
UBS |
|
04/11/11 |
|
10,100,601 |
|
|
357,000 |
|
|
355,052 |
|
|
— |
|
|
1,948 |
|
|
RUB |
|
BRC |
|
04/15/11 |
|
13,649,355 |
|
|
477,000 |
|
|
479,640 |
|
|
2,640 |
|
|
— |
|
|
RUB |
|
HSB |
|
04/27/11 |
|
9,461,000 |
|
|
322,571 |
|
|
332,137 |
|
|
9,566 |
|
|
— |
|
|
RUB |
|
BRC |
|
05/03/11 |
|
11,227,621 |
|
|
394,000 |
|
|
393,963 |
|
|
— |
|
|
37 |
|
|
RUB |
|
CIT |
|
05/04/11 |
|
14,186,775 |
|
|
498,000 |
|
|
497,755 |
|
|
— |
|
|
245 |
|
|
THB |
|
JPM |
|
04/07/11 |
|
7,351,705 |
|
|
241,000 |
|
|
243,036 |
|
|
2,036 |
|
|
— |
|
|
THB |
|
SCB |
|
04/25/11 |
|
7,072,650 |
|
|
234,000 |
|
|
233,602 |
|
|
— |
|
|
398 |
|
|
THB |
|
SCB |
|
05/09/11 |
|
7,354,115 |
|
|
241,000 |
|
|
242,726 |
|
|
1,726 |
|
|
— |
|
|
THB |
|
HSB |
|
06/06/11 |
|
15,002,780 |
|
|
494,000 |
|
|
494,448 |
|
|
448 |
|
|
— |
|
|
THB |
|
JPM |
|
06/24/11 |
|
7,083,765 |
|
|
234,000 |
|
|
233,198 |
|
|
— |
|
|
802 |
|
|
TRY |
|
BRC |
|
04/07/11 |
|
406,725 |
|
|
250,000 |
|
|
263,152 |
|
|
13,152 |
|
|
— |
|
|
TRY |
|
BRC |
|
04/22/11 |
|
387,732 |
|
|
242,000 |
|
|
250,239 |
|
|
8,239 |
|
|
— |
|
|
TRY |
|
JPM |
|
04/25/11 |
|
227,038 |
|
|
141,000 |
|
|
146,455 |
|
|
5,455 |
|
|
— |
|
|
TRY |
|
JPM |
|
04/29/11 |
|
1,443,256 |
|
|
892,000 |
|
|
930,383 |
|
|
38,383 |
|
|
— |
|
|
TRY |
|
JPM |
|
05/31/11 |
|
1,450,392 |
|
|
892,000 |
|
|
929,811 |
|
|
37,811 |
|
|
— |
|
|
UAH |
|
ING |
|
04/28/11 |
|
1,512,000 |
|
|
189,000 |
|
|
188,564 |
|
|
— |
|
|
436 |
|
|
UAH |
|
CIT |
|
07/01/11 |
|
1,156,000 |
|
|
143,069 |
|
|
142,617 |
|
|
— |
|
|
452 |
|
|
UAH |
|
CIT |
|
07/18/11 |
|
720,010 |
|
|
87,753 |
|
|
88,540 |
|
|
787 |
|
|
— |
|
|
UAH |
|
HSB |
|
07/25/11 |
|
1,047,040 |
|
|
128,000 |
|
|
128,582 |
|
|
582 |
|
|
— |
|
|
UAH |
|
BRC |
|
08/10/11 |
|
998,250 |
|
|
121,000 |
|
|
122,217 |
|
|
1,217 |
|
|
— |
|
|
UAH |
|
BRC |
|
08/10/11 |
|
845,000 |
|
|
99,412 |
|
|
103,455 |
|
|
4,043 |
|
|
— |
|
|
UAH |
|
ING |
|
08/16/11 |
|
1,072,000 |
|
|
129,991 |
|
|
131,096 |
|
|
1,105 |
|
|
— |
|
|
UAH |
|
ING |
|
08/16/11 |
|
757,000 |
|
|
91,746 |
|
|
92,574 |
|
|
828 |
|
|
— |
|
See Notes to Portfolio of Investments.
13
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
Forward Currency Purchase Contracts open at March 31, 2011 (concluded):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency |
|
Counterparty |
|
Expiration |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
UAH |
|
BRC |
|
08/17/11 |
|
683,920 |
|
$ |
83,000 |
|
$ |
83,622 |
|
$ |
622 |
|
$ |
— |
|
|
UAH |
|
ING |
|
08/18/11 |
|
729,900 |
|
|
88,577 |
|
|
89,227 |
|
|
650 |
|
|
— |
|
|
UAH |
|
CIT |
|
08/22/11 |
|
1,033,920 |
|
|
125,628 |
|
|
126,296 |
|
|
668 |
|
|
— |
|
|
UAH |
|
ING |
|
08/22/11 |
|
1,933,060 |
|
|
238,000 |
|
|
236,128 |
|
|
— |
|
|
1,872 |
|
|
UAH |
|
ING |
|
08/25/11 |
|
955,890 |
|
|
117,000 |
|
|
116,698 |
|
|
— |
|
|
302 |
|
|
UAH |
|
CSF |
|
08/31/11 |
|
939,550 |
|
|
115,000 |
|
|
114,572 |
|
|
— |
|
|
428 |
|
|
UAH |
|
ING |
|
09/02/11 |
|
821,635 |
|
|
101,000 |
|
|
100,155 |
|
|
— |
|
|
845 |
|
|
UAH |
|
HSB |
|
09/06/11 |
|
1,060,800 |
|
|
130,000 |
|
|
129,211 |
|
|
— |
|
|
789 |
|
|
UAH |
|
ING |
|
09/07/11 |
|
1,247,000 |
|
|
146,630 |
|
|
151,862 |
|
|
5,232 |
|
|
— |
|
|
UAH |
|
BRC |
|
09/12/11 |
|
1,080,770 |
|
|
127,000 |
|
|
131,494 |
|
|
4,494 |
|
|
— |
|
|
UGX |
|
CIT |
|
04/11/11 |
|
553,763,000 |
|
|
231,410 |
|
|
230,032 |
|
|
— |
|
|
1,378 |
|
|
UGX |
|
BRC |
|
04/18/11 |
|
669,304,000 |
|
|
275,774 |
|
|
277,489 |
|
|
1,715 |
|
|
— |
|
|
UGX |
|
CIT |
|
04/26/11 |
|
466,812,000 |
|
|
194,748 |
|
|
193,110 |
|
|
— |
|
|
1,638 |
|
|
UGX |
|
CIT |
|
06/22/11 |
|
492,493,000 |
|
|
199,390 |
|
|
201,596 |
|
|
2,206 |
|
|
— |
|
|
UGX |
|
SCB |
|
06/24/11 |
|
277,704,000 |
|
|
114,000 |
|
|
113,635 |
|
|
— |
|
|
365 |
|
|
UGX |
|
SCB |
|
09/30/11 |
|
472,720,000 |
|
|
190,000 |
|
|
189,191 |
|
|
— |
|
|
809 |
|
|
UYU |
|
CIT |
|
04/11/11 |
|
3,433,800 |
|
|
177,000 |
|
|
178,102 |
|
|
1,102 |
|
|
— |
|
|
UYU |
|
JPM |
|
04/11/11 |
|
2,541,400 |
|
|
131,000 |
|
|
131,815 |
|
|
815 |
|
|
— |
|
|
UYU |
|
CIT |
|
04/19/11 |
|
2,979,900 |
|
|
154,000 |
|
|
154,559 |
|
|
559 |
|
|
— |
|
|
UYU |
|
CIT |
|
04/25/11 |
|
2,758,050 |
|
|
142,535 |
|
|
143,053 |
|
|
518 |
|
|
— |
|
|
UYU |
|
JPM |
|
05/09/11 |
|
3,455,040 |
|
|
177,000 |
|
|
178,279 |
|
|
1,279 |
|
|
— |
|
|
UYU |
|
CIT |
|
05/18/11 |
|
2,850,700 |
|
|
145,000 |
|
|
147,095 |
|
|
2,095 |
|
|
— |
|
|
ZAR |
|
JPM |
|
09/14/11 |
|
415,668 |
|
|
60,000 |
|
|
59,998 |
|
|
— |
|
|
2 |
|
|
ZMK |
|
SCB |
|
04/01/11 |
|
611,577,500 |
|
|
128,753 |
|
|
129,837 |
|
|
1,084 |
|
|
— |
|
|
ZMK |
|
BRC |
|
04/07/11 |
|
342,159,000 |
|
|
72,033 |
|
|
72,619 |
|
|
586 |
|
|
— |
|
|
ZMK |
|
CIT |
|
04/07/11 |
|
1,486,580,000 |
|
|
311,000 |
|
|
315,511 |
|
|
4,511 |
|
|
— |
|
|
ZMK |
|
BRC |
|
04/14/11 |
|
1,453,510,000 |
|
|
308,208 |
|
|
308,384 |
|
|
176 |
|
|
— |
|
|
ZMK |
|
SCB |
|
04/18/11 |
|
809,179,000 |
|
|
170,264 |
|
|
171,646 |
|
|
1,382 |
|
|
— |
|
|
ZMK |
|
SCB |
|
05/03/11 |
|
560,495,950 |
|
|
119,000 |
|
|
118,774 |
|
|
— |
|
|
226 |
|
|
ZMK |
|
SCB |
|
05/24/11 |
|
1,315,875,000 |
|
|
274,484 |
|
|
278,056 |
|
|
3,572 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total Forward Currency Purchase Contracts |
|
$ |
49,179,957 |
|
$ |
49,769,385 |
|
$ |
760,148 |
|
$ |
170,720 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||
See Notes to Portfolio of Investments.
14
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
Forward Currency Sale Contracts open at March 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency |
|
Counterparty |
|
Expiration |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
BRL |
|
BRC |
|
04/04/11 |
|
593,928 |
|
$ |
363,782 |
|
$ |
354,183 |
|
$ |
— |
|
$ |
9,599 |
|
|
BRL |
|
HSB |
|
04/04/11 |
|
593,928 |
|
|
363,782 |
|
|
364,664 |
|
|
882 |
|
|
— |
|
|
BRL |
|
HSB |
|
04/04/11 |
|
2,903,382 |
|
|
1,778,325 |
|
|
1,733,000 |
|
|
— |
|
|
45,325 |
|
|
BRL |
|
HSB |
|
05/02/11 |
|
3,497,310 |
|
|
2,130,717 |
|
|
2,097,588 |
|
|
— |
|
|
33,129 |
|
|
CNY |
|
JPM |
|
07/29/11 |
|
7,372,003 |
|
|
1,132,567 |
|
|
1,122,156 |
|
|
— |
|
|
10,411 |
|
|
COP |
|
HSB |
|
05/16/11 |
|
84,110,548 |
|
|
45,113 |
|
|
45,111 |
|
|
— |
|
|
2 |
|
|
COP |
|
JPM |
|
05/16/11 |
|
166,946,050 |
|
|
89,543 |
|
|
89,611 |
|
|
68 |
|
|
— |
|
|
CZK |
|
BNP |
|
04/26/11 |
|
8,360,318 |
|
|
482,804 |
|
|
474,359 |
|
|
— |
|
|
8,445 |
|
|
EUR |
|
BRC |
|
04/04/11 |
|
95,877 |
|
|
135,877 |
|
|
128,000 |
|
|
— |
|
|
7,877 |
|
|
EUR |
|
BRC |
|
04/04/11 |
|
153,963 |
|
|
218,197 |
|
|
214,650 |
|
|
— |
|
|
3,547 |
|
|
EUR |
|
BRC |
|
04/04/11 |
|
218,210 |
|
|
309,247 |
|
|
309,858 |
|
|
611 |
|
|
— |
|
|
EUR |
|
CIT |
|
04/04/11 |
|
122,000 |
|
|
172,898 |
|
|
166,270 |
|
|
— |
|
|
6,628 |
|
|
EUR |
|
BRC |
|
04/14/11 |
|
124,971 |
|
|
177,076 |
|
|
174,981 |
|
|
— |
|
|
2,095 |
|
|
EUR |
|
CIT |
|
04/15/11 |
|
146,000 |
|
|
206,869 |
|
|
202,211 |
|
|
— |
|
|
4,658 |
|
|
EUR |
|
CIT |
|
04/15/11 |
|
363,000 |
|
|
514,338 |
|
|
491,917 |
|
|
— |
|
|
22,421 |
|
|
EUR |
|
BRC |
|
04/18/11 |
|
308,000 |
|
|
436,384 |
|
|
435,121 |
|
|
— |
|
|
1,263 |
|
|
EUR |
|
CIT |
|
04/18/11 |
|
140,354 |
|
|
198,858 |
|
|
194,000 |
|
|
— |
|
|
4,858 |
|
|
EUR |
|
CIT |
|
04/18/11 |
|
187,730 |
|
|
265,981 |
|
|
250,500 |
|
|
— |
|
|
15,481 |
|
|
EUR |
|
BRC |
|
04/21/11 |
|
139,316 |
|
|
197,376 |
|
|
191,157 |
|
|
— |
|
|
6,219 |
|
|
EUR |
|
CIT |
|
04/21/11 |
|
111,337 |
|
|
157,736 |
|
|
153,482 |
|
|
— |
|
|
4,254 |
|
|
EUR |
|
BNP |
|
04/26/11 |
|
530,000 |
|
|
750,809 |
|
|
722,739 |
|
|
— |
|
|
28,070 |
|
|
EUR |
|
BRC |
|
04/26/11 |
|
341,000 |
|
|
483,067 |
|
|
465,364 |
|
|
— |
|
|
17,703 |
|
|
EUR |
|
CIT |
|
04/26/11 |
|
131,154 |
|
|
185,796 |
|
|
180,407 |
|
|
— |
|
|
5,389 |
|
|
EUR |
|
CAL |
|
04/28/11 |
|
1,184,974 |
|
|
1,678,595 |
|
|
1,619,000 |
|
|
— |
|
|
59,595 |
|
|
EUR |
|
BNP |
|
04/29/11 |
|
977,000 |
|
|
1,383,961 |
|
|
1,340,372 |
|
|
— |
|
|
43,589 |
|
|
EUR |
|
HSB |
|
05/16/11 |
|
782,720 |
|
|
1,108,395 |
|
|
1,080,153 |
|
|
— |
|
|
28,242 |
|
|
EUR |
|
BRC |
|
05/23/11 |
|
134,420 |
|
|
190,325 |
|
|
186,018 |
|
|
— |
|
|
4,307 |
|
|
EUR |
|
CIT |
|
05/23/11 |
|
122,397 |
|
|
173,302 |
|
|
174,775 |
|
|
1,473 |
|
|
— |
|
|
EUR |
|
HSB |
|
05/23/11 |
|
741,450 |
|
|
1,049,813 |
|
|
1,047,669 |
|
|
— |
|
|
2,144 |
|
|
EUR |
|
CIT |
|
06/06/11 |
|
131,500 |
|
|
186,139 |
|
|
189,092 |
|
|
2,953 |
|
|
— |
|
|
EUR |
|
HSB |
|
06/07/11 |
|
770,115 |
|
|
1,090,081 |
|
|
1,072,000 |
|
|
— |
|
|
18,081 |
|
|
EUR |
|
JPM |
|
06/14/11 |
|
516,145 |
|
|
730,477 |
|
|
712,306 |
|
|
— |
|
|
18,171 |
|
|
EUR |
|
CIT |
|
06/24/11 |
|
110,367 |
|
|
156,163 |
|
|
161,898 |
|
|
5,735 |
|
|
— |
|
|
EUR |
|
BRC |
|
07/05/11 |
|
131,500 |
|
|
186,019 |
|
|
190,893 |
|
|
4,874 |
|
|
— |
|
|
EUR |
|
BRC |
|
08/10/11 |
|
308,000 |
|
|
435,285 |
|
|
438,091 |
|
|
2,806 |
|
|
— |
|
|
EUR |
|
CIT |
|
08/10/11 |
|
109,889 |
|
|
155,303 |
|
|
157,275 |
|
|
1,972 |
|
|
— |
|
See Notes to Portfolio of Investments.
15
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
Forward Currency Sale Contracts open at March 31, 2011 (concluded):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency |
|
Counterparty |
|
Expiration |
|
Foreign |
|
U.S. $ Cost |
|
U.S. $ |
|
Unrealized |
|
Unrealized |
|
||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
ILS |
|
BRC |
|
04/04/11 |
|
1,810,411 |
|
$ |
520,196 |
|
$ |
509,000 |
|
$ |
— |
|
$ |
11,196 |
|
|
ILS |
|
BRC |
|
05/04/11 |
|
1,392,320 |
|
|
399,570 |
|
|
400,000 |
|
|
430 |
|
|
— |
|
|
JPY |
|
BRC |
|
04/21/11 |
|
39,538,259 |
|
|
475,376 |
|
|
487,605 |
|
|
12,229 |
|
|
— |
|
|
JPY |
|
SCB |
|
04/21/11 |
|
52,929,345 |
|
|
636,380 |
|
|
645,000 |
|
|
8,620 |
|
|
— |
|
|
JPY |
|
CAL |
|
05/10/11 |
|
12,147,300 |
|
|
146,065 |
|
|
147,958 |
|
|
1,893 |
|
|
— |
|
|
JPY |
|
JPM |
|
05/31/11 |
|
3,994,750 |
|
|
48,041 |
|
|
50,000 |
|
|
1,959 |
|
|
— |
|
|
JPY |
|
JPM |
|
05/31/11 |
|
14,052,830 |
|
|
169,001 |
|
|
172,000 |
|
|
2,999 |
|
|
— |
|
|
KES |
|
CIT |
|
04/05/11 |
|
24,085,000 |
|
|
290,355 |
|
|
289,483 |
|
|
— |
|
|
872 |
|
|
KRW |
|
SCB |
|
04/15/11 |
|
510,430,500 |
|
|
465,015 |
|
|
465,000 |
|
|
— |
|
|
15 |
|
|
KZT |
|
HSB |
|
04/01/11 |
|
30,704,000 |
|
|
210,872 |
|
|
210,879 |
|
|
7 |
|
|
— |
|
|
KZT |
|
BRC |
|
05/20/11 |
|
35,126,250 |
|
|
241,574 |
|
|
239,933 |
|
|
— |
|
|
1,641 |
|
|
MXN |
|
JPM |
|
04/13/11 |
|
4,781,970 |
|
|
401,694 |
|
|
398,000 |
|
|
— |
|
|
3,694 |
|
|
MXN |
|
JPM |
|
04/13/11 |
|
5,695,000 |
|
|
478,391 |
|
|
463,876 |
|
|
— |
|
|
14,515 |
|
|
MYR |
|
BRC |
|
04/04/11 |
|
1,547,009 |
|
|
510,775 |
|
|
511,324 |
|
|
549 |
|
|
— |
|
|
PHP |
|
BRC |
|
04/04/11 |
|
7,953,310 |
|
|
183,256 |
|
|
183,510 |
|
|
254 |
|
|
— |
|
|
PHP |
|
BRC |
|
04/04/11 |
|
11,215,260 |
|
|
258,416 |
|
|
258,000 |
|
|
— |
|
|
416 |
|
|
PHP |
|
BRC |
|
05/27/11 |
|
18,718,560 |
|
|
430,254 |
|
|
432,000 |
|
|
1,746 |
|
|
— |
|
|
PLN |
|
CIT |
|
04/04/11 |
|
477,386 |
|
|
168,117 |
|
|
168,392 |
|
|
275 |
|
|
— |
|
|
PLN |
|
BNP |
|
04/29/11 |
|
1,473,914 |
|
|
517,943 |
|
|
518,586 |
|
|
643 |
|
|
— |
|
|
PLN |
|
CIT |
|
04/29/11 |
|
824,906 |
|
|
289,877 |
|
|
290,511 |
|
|
634 |
|
|
— |
|
|
RUB |
|
CIT |
|
04/04/11 |
|
12,358,925 |
|
|
434,684 |
|
|
434,791 |
|
|
107 |
|
|
— |
|
|
TRY |
|
BRC |
|
04/07/11 |
|
855,924 |
|
|
553,784 |
|
|
537,000 |
|
|
— |
|
|
16,784 |
|
|
TRY |
|
JPM |
|
04/25/11 |
|
858,502 |
|
|
553,793 |
|
|
537,000 |
|
|
— |
|
|
16,793 |
|
|
ZAR |
|
CIT |
|
06/07/11 |
|
4,324,066 |
|
|
633,298 |
|
|
620,000 |
|
|
— |
|
|
13,298 |
|
|
ZAR |
|
JPM |
|
09/14/11 |
|
6,490,911 |
|
|
936,903 |
|
|
910,430 |
|
|
— |
|
|
26,473 |
|
|
ZMK |
|
SCB |
|
04/01/11 |
|
611,577,500 |
|
|
129,840 |
|
|
130,125 |
|
|
285 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total Forward Currency Sale Contracts |
|
$ |
29,404,470 |
|
$ |
28,941,274 |
|
|
54,004 |
|
|
517,200 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts |
|
|
|
|
|
|
|
$ |
814,152 |
|
$ |
687,920 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
See Notes to Portfolio of Investments.
16
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Portfolio of Investments (concluded) |
|
March 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Currency Abbreviations: |
|
|
|
||
|
ARS |
— |
Argentine Peso |
MXN |
— |
Mexican New Peso |
|
BRL |
— |
Brazilian Real |
MYR |
— |
Malaysian Ringgit |
|
CLP |
— |
Chilean Peso |
PHP |
— |
Philippine Peso |
|
CNY |
— |
Chinese Renminbi |
PLN |
— |
Polish Zloty |
|
COP |
— |
Colombian Peso |
RON |
— |
New Romanian Leu |
|
CZK |
— |
Czech Koruna |
RSD |
— |
Serbian Dinar |
|
EUR |
— |
Euro |
RUB |
— |
Russian Ruble |
|
GHS |
— |
Ghanaian Cedi |
THB |
— |
Thai Baht |
|
IDR |
— |
Indonesian Rupiah |
TRY |
— |
New Turkish Lira |
|
ILS |
— |
Israeli Shekel |
UAH |
— |
Ukranian Hryvnia |
|
INR |
— |
Indian Rupee |
UGX |
— |
Ugandan Shilling |
|
JPY |
— |
Japanese Yen |
UYU |
— |
Uruguayan Peso |
|
KES |
— |
Kenyan Shilling |
ZAR |
— |
South African Rand |
|
KRW |
— |
South Korean Won |
ZMK |
— |
Zambian Kwacha |
|
KZT |
— |
Kazakhstani Tenge |
|
|
|
|
|
|
|
|
Counterparty Abbreviations: |
||
|
BNP |
— |
BNP Paribas SA |
|
BRC |
— |
Barclays Bank PLC |
|
CAL |
— |
Calyon Bank |
|
CIT |
— |
Citibank NA |
|
CSF |
— |
Credit Suisse First Boston |
|
HSB |
— |
HSBC Bank USA |
|
ING |
— |
ING Bank NV |
|
JPM |
— |
JPMorgan Chase Bank |
|
SCB |
— |
Standard Chartered Bank |
|
UBS |
— |
UBS AG |
See Notes to Portfolio of Investments.
17
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Notes to Portfolio of Investments |
|
March 31, 2011 (unaudited) |
|
|
|
|
|
|
(a) |
For federal income tax purposes, the aggregate cost was $100,237,641, aggregate gross unrealized appreciation was $12,234,992, aggregate gross unrealized depreciation was $2,730,055, and the net unrealized appreciation was $9,504,937. |
|
|
|
|
(b) |
Segregated security for forward currency contracts. |
|
|
|
|
(c) |
Principal amount denominated in respective country’s currency. |
|
|
|
Security Abbreviations: |
|
ADR — American Depositary Receipt |
|
NTN-F — Brazil Sovereign “Nota do Tesouro Nacional” Series F |
|
REIT — Real Estate Investment Trust |
|
|
|
|
|
|
Portfolio holdings by industry (as percentage of net assets): |
|
|
|
|
|
|||
|
Agriculture |
|
2.0 |
% |
|
Alcohol & Tobacco |
|
2.9 |
|
|
Automotive |
|
0.5 |
|
|
Banking |
|
7.3 |
|
|
Commercial Services |
|
1.5 |
|
|
Construction & Engineering |
|
1.7 |
|
|
Consumer Products |
|
2.1 |
|
|
Electric |
|
2.0 |
|
|
Energy Exploration & Production |
|
0.9 |
|
|
Energy Integrated |
|
9.6 |
|
|
Financial Services |
|
6.0 |
|
|
Gas Utilities |
|
1.0 |
|
|
Housing |
|
0.6 |
|
|
Insurance |
|
9.1 |
|
|
Leisure & Entertainment |
|
6.1 |
|
|
Manufacturing |
|
2.4 |
|
|
Metals & Mining |
|
4.7 |
|
|
Pharmaceutical & Biotechnology |
|
3.1 |
|
|
Real Estate |
|
3.5 |
|
|
Retail |
|
1.1 |
|
|
Semiconductor & Components |
|
5.9 |
|
|
Technology Hardware |
|
0.8 |
|
|
Telecommunications |
|
16.4 |
|
|
Transportation |
|
5.9 |
|
|
|
|
||
|
Subtotal |
|
97.1 |
|
|
Foreign Government Obligations |
|
12.4 |
|
|
Short-Term Investment |
|
1.3 |
|
|
|
|
||
|
Total Investments |
|
110.8 |
% |
|
|
|
||
18
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Notes to Portfolio of Investments (continued) |
|
March 31, 2011 (unaudited) |
|
|
Valuation of Investments:
Market values for securities are generally based on the last reported sales price on the principal exchange or market on which the security is traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date. Any securities not listed, for which current over-the-counter market quotations or bids are readily available, are valued at the last quoted bid price or, if available, the mean of two such prices. Securities listed on foreign exchanges are valued at the last reported sales price except as described below; securities listed on foreign exchanges that are not traded on the valuation date are valued at the last quoted bid price. Forward currency contracts are valued at the current cost of offsetting the contracts. Options on stock and stock indices traded on national securities exchanges are valued as of the close of options trading on such exchanges (which is normally 4:10 p.m. Eastern time). Investments in money market funds are valued at the fund’s net asset value.
Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations.
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 net asset value is calculated, or when current market quotations otherwise are determined not to readily available or reliable (including restricted or other illiquid securities such as derivative instruments), such securities will be valued at their fair values as determined by, or in accordance with procedures approved by, the Board of Directors. The Valuation Committee of the Investment Manager 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 analysts will also be considered.
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) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.
19
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Notes to Portfolio of Investments (concluded) |
|
March 31, 2011 (unaudited) |
|
|
The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of March 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Unadjusted |
|
Significant |
|
Significant |
|
Balance as of |
|
||||
|
|
|
|
|
|
|
|||||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks* |
|
$ |
95,471,929 |
|
$ |
— |
|
$ |
— |
|
$ |
95,471,929 |
|
|
|
Preferred Stock* |
|
|
702,638 |
|
|
— |
|
|
— |
|
|
702,638 |
|
|
|
Foreign Government Obligations* |
|
|
— |
|
|
12,288,491 |
|
|
— |
|
|
12,288,491 |
|
|
|
Short-Term Investment |
|
|
— |
|
|
1,279,520 |
|
|
— |
|
|
1,279,520 |
|
|
|
Other Financial Instruments** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency Contracts |
|
|
— |
|
|
814,152 |
|
|
— |
|
|
814,152 |
|
|
|
|
|
|
|
|
|
|||||||||
|
Total |
|
$ |
96,174,567 |
|
$ |
14,382,163 |
|
$ |
— |
|
$ |
110,556,730 |
|
|
|
|
|
|
|
|
|
|||||||||
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Currency Contracts |
|
$ |
— |
|
$ |
(687,920 |
) |
$ |
— |
|
$ |
(687,920 |
) |
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
* |
Please refer to Portfolio of Investments and Notes to Portfolio of Investments, on pages 7 to 9 and 18, for portfolio holdings by country and industry. |
|
|
|
|
|
|
** |
Other financial instruments are derivative instruments which are valued at the unrealized appreciation/depreciation. |
|
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended March 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Balance |
|
Accrued |
|
Realized |
|
Change in |
|
Purchases |
|
Sales |
|
Net |
|
Net |
|
Balance |
|
Net Change in |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Government Obligations |
|
$ |
497,077 |
|
$ |
4,061 |
|
$ |
(82,471 |
) |
$ |
68,623 |
|
$ |
— |
|
$ |
(368,118 |
) |
$ |
— |
|
$ |
(119,172 |
) |
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
There were no significant transfers into or out of Levels 1, 2 and 3 during the period ended March 31, 2011.
20
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Dividend Reinvestment Plan |
|
(unaudited) |
|
|
Unless you elect to receive distributions in cash (i.e., opt-out), all dividends, including any capital gain distributions, on your common stock will be automatically reinvested by Computershare, Inc., as dividend disbursing agent (the “Plan Agent”), in additional common stock under the Fund’s Dividend Reinvestment Plan (the “Plan”). You may elect not to participate in the Plan by contacting the Plan Agent. If you do not participate, you will receive all distributions in cash, paid by check mailed directly to you by the Plan Agent.
Under the Plan, the number of shares of common stock you will receive will be determined on the dividend or distribution payment date, as follows:
|
|
|
|
(1) |
If the common stock is trading at or above net asset value at the time of valuation, the Fund will issue new shares at a price equal to the greater of (i) net asset value per common share on that date or (ii) 95% of the common stock’s market price on that date. |
|
|
|
|
(2) |
If the common stock is trading below net asset value at the time of valuation, the Plan Agent will receive the dividend or distribution in cash and will purchase common stock in the open market, on the NYSE or elsewhere, for the participants’ accounts. It is possible that the market price for the common stock may increase before the Plan Agent has completed its purchases. Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price at the time of valuation, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in common stock issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase common stock in the open market within 30 days of the valuation date. Interest will not be paid on any uninvested cash payments. |
You may withdraw from the Plan at any time by giving written notice to the Plan Agent. If you withdraw or the Plan is terminated, you will receive whole shares in your account under the Plan and you will receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus an initial $15 service fee plus $0.12 per share being liquidated (for processing and brokerage expenses).
The Plan Agent maintains all stockholders’ accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. Shares of common stock in your account will be held by the Plan Agent in non-certificated form. Any proxy you receive will include all common stock you have received under the Plan.
There is no brokerage charge for reinvestment of your dividends or distributions in newly-issued shares of common stock. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases.
Automatically reinvesting dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions.
If you hold your common stock with a brokerage firm that does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above. Consult your financial advisor for more information.
The Fund reserves the right to amend or terminate the Plan if, in the judgment of the Board of Directors, the change is warranted. There is no direct service charge to participants in the Plan (other than the service charge when you direct the Plan Agent to sell your common stock held in a dividend reinvestment account); however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained from the Plan Agent at P.O. Box 43010, Providence, Rhode Island 02940-3010.
21
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Board of Directors and Officers Information |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Name (Age) |
|
Position(s) |
|
Principal Occupation(s) and Other
Public Company |
|
Board of Directors: |
|
|
|
|
|
|
|
|
|
|
|
Class I — Directors with Term Expiring in 2013 |
|
|
||
|
Independent Directors: |
|
|
|
|
|
|
|
|
|
|
|
Leon M. Pollack (70) |
|
Director |
|
Private Investor |
|
|
|
|
|
|
|
Robert M. Solmson (63) |
|
Director |
|
Fairwood Capital, LLC, a private investment
corporation engaged primarily in real estate and hotel investments, President
(2008 – present) |
|
|
|
|
|
|
|
Interested Director: |
|
|
|
|
|
|
|
|
|
|
|
Charles L. Carroll (50) |
|
Chief Executive Officer, |
|
Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present) |
|
|
|
|
|
|
|
Class II — Directors with Term Expiring in 2014 |
|
|
||
|
Independent Directors: |
|
|
|
|
|
|
|
|
|
|
|
Kenneth S. Davidson (66)(2) |
|
Director |
|
Davidson Capital Management Corporation, an
investment manager, President (1978 – present) |
|
|
|
|
|
|
|
Nancy A. Eckl (48) |
|
Director |
|
American Beacon Advisors, Inc. (“American Beacon”)
and certain funds advised by American Beacon, Vice President (1990 – 2006) |
|
|
|
|
|
|
|
Lester Z. Lieberman (80) |
|
Director |
|
Private Investor |
|
|
|
|
|
|
|
Class III — Directors with Term Expiring in 2012 |
|
|
||
|
Independent Director: |
|
|
|
|
|
|
|
|
|
|
|
Richard Reiss, Jr. (67) |
|
Director |
|
Georgica Advisors LLC, an investment manager,
Chairman (1997 – present) |
|
|
|
|
|
|
|
Interested Director: |
|
|
|
|
|
|
|
|
|
|
|
Ashish Bhutani (51) |
|
Director |
|
Investment Manager, Chief Executive Officer (2004 –
present) |
|
|
|
|
(1) |
Each Director also serves as a Director of The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc. (collectively with the Fund, the “Lazard Funds”). All of the Independent Directors, except Mr. Lieberman, are also board members of Lazard Alternative Strategies Fund, L.L.C., a privately-offered fund registered under the Investment Company Act of 1940, as amended (the “Act”) and advised by an affiliate of the Investment Manager. |
|
|
|
|
(2) |
It is possible that Mr. Davidson could be deemed to be an affiliate of a company that has an indirect ownership interest in a broker-dealer that the Investment Manager may use to execute portfolio transactions for clients other than the Fund, and thus an “interested person” (as defined in the Act) of the Fund. However, due to the structure of Mr. Davidson’s relationship with the company and the remote nature of any deemed affiliation with the broker-dealer, Mr. Davidson is not indentified as an “interested person” (as defined in the Act) of the Fund. Mr. Davidson participates in Fund Board meetings as if his status were that of an “interested person” (as defined in the Act). |
22
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
Board of Directors and Officers Information (concluded) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Name (Age) |
|
Position(s) |
|
Principal Occupation(s) During Past Five Years |
|
Officers(2): |
|
|
|
|
|
|
|
|
|
|
|
Nathan A. Paul (38) |
|
Vice President |
|
Managing Director and General Counsel of the Investment Manager |
|
|
|
|
|
|
|
Stephen St. Clair (52) |
|
Treasurer |
|
Vice President of the Investment Manager |
|
|
|
|
|
|
|
Brian D. Simon (49) |
|
Chief Compliance Officer |
|
Managing Director (since February 2011, previously Director) of the Investment Manager and Chief Compliance Officer (since January 2009) of the Investment Manager and the Fund |
|
|
|
|
|
|
|
Tamar Goldstein (36) |
|
Assistant Secretary |
|
Vice President (since March 2009) and previously Counsel (November 2006 to February 2009) of the Investment Manager; Associate at Schulte Roth & Zabel LLP, a law firm, from May 2004 to October 2006 |
|
|
|
|
|
|
|
Cesar A. Trelles (36) |
|
Assistant Treasurer |
|
Vice President (since February 2011, previously Fund Administration Manager) of the Investment Manager |
|
|
|
|
(1) |
Each officer also serves as an officer for each of the Lazard Funds. |
|
|
|
|
(2) |
In addition to Charles L. Carroll, President, whose information is included in the Class I Interested Director section. |
23
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[This Page Intentionally Left Blank]
[This Page Intentionally Left Blank]
|
|
|
Lazard World Dividend & Income Fund, Inc. |
|
30 Rockefeller Plaza |
|
New York, New York 10112-6300 |
|
Telephone: 800-823-6300 |
|
http://www.LazardNet.com |
|
|
|
Investment Manager |
|
Lazard Asset Management LLC |
|
30 Rockefeller Plaza |
|
New York, New York 10112-6300 |
|
Telephone: 800-823-6300 |
|
|
|
Custodian |
|
State Street Bank and Trust Company |
|
One Lincoln Street |
|
Boston, Massachusetts 02111 |
|
|
|
Transfer Agent and Registrar |
|
Computershare Trust Company, N.A. |
|
P.O. Box 43010 |
|
Providence, Rhode Island 02940-3010 |
|
|
|
Dividend Disbursing Agent |
|
Computershare, Inc. |
|
P.O. Box 43010 |
|
Providence, Rhode Island 02940-3010 |
|
|
|
Independent Registered Public Accounting Firm |
|
Deloitte & Touche LLP |
|
Two World Financial Center |
|
New York, New York 10281-1414 |
|
|
|
Legal Counsel |
|
Stroock & Stroock & Lavan LLP |
|
180 Maiden Lane |
|
New York, New York 10038-4982 |
|
http://www.stroock.com |
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, NY 10112-6300
www.LazardNet.com
This report is intended only for the information of stockholders of Lazard World Dividend & Income Fund, Inc.