Edgar Filing: Lazard World Dividend & Income Fund, Inc.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21751

Lazard World Dividend & Income Fund, Inc.

(Exact name of Registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

Nathan A. Paul, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 632-6000

Date of fiscal year end: 12/31

Date of reporting period: 3/31/2013

Item 1.

Schedule of Investments.

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments

March 31, 2013 (unaudited)

Description	Shares		Value
Common Stocks — 98.0%

Australia — 3.5%

DUET Group		534,100	$	1,278,980
Telstra Corp., Ltd.		108,254		508,316
Transurban Group		181,260		1,204,027
Westfield Group REIT		45,600		515,120
				3,506,443

Belgium — 1.0%

Belgacom SA		40,701		1,011,888

Brazil — 3.4%

Banco do Brasil SA		198,717		2,692,501
Direcional Engenharia SA		78,600		561,276
MRV Engenharia e Participacoes SA		36,900		153,388
				3,407,165

Cambodia — 0.7%

NagaCorp, Ltd.		886,000		748,744

China — 5.4%

Agricultural Bank of China, Ltd., Class H		4,640,000		2,223,599
China Construction Bank Corp., Class H		1,963,180		1,603,411
Industrial and Commercial Bank of China, Ltd., Class H		1,036,440		726,338
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		778,800		943,082
				5,496,430

Denmark — 0.6%

Pandora A/S		22,171		609,889

Egypt — 1.1%

Orascom Construction Industries (a)		31,840		1,123,261

Finland — 1.8%

Sampo Oyj, A Shares		48,813		1,877,129

France — 7.2%

AXA SA		85,960		1,477,620
Rexel SA		75,177		1,640,626
Sanofi SA		10,758		1,093,145
Total SA		27,541		1,318,761
Valeo SA		31,777		1,719,559
				7,249,711

Germany — 2.1%

Allianz SE		8,676		1,178,306
Bayerische Motoren Werke AG		11,382		982,054
				2,160,360

Indonesia — 0.2%

PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		1,889,000		250,765

Description	Shares		Value
Israel — 3.5%

Bezeq The Israeli Telecommunication Corp., Ltd.		1,137,912	$	1,576,675
Israel Chemicals, Ltd.		150,115		1,939,657
				3,516,332

Italy — 5.2%

Atlantia SpA		166,746		2,633,320
Eni SpA		118,342		2,659,245
				5,292,565

Japan — 1.9%

Mizuho Financial Group, Inc.		886,400		1,892,669

Macau — 1.4%

Sands China, Ltd.		272,000		1,410,361

Mexico — 0.5%

Fibra Uno Administracion SA de CV REIT		154,100		508,408

Norway — 1.5%

Orkla ASA		85,891		686,746
Seadrill, Ltd.		21,700		807,457
				1,494,203

Russia — 6.3%

Globaltrans Investment PLC Sponsored GDR		95,851		1,512,529
Mobile TeleSystems OJSC Sponsored ADR		120,680		2,502,903
Oriflame Cosmetics SA SDR		31,960		1,088,785
Sberbank of Russia GDR (a), (b), (c)		96,808		1,241,078
				6,345,295

South Africa — 4.0%

AVI, Ltd.		69,309		404,836
Kumba Iron Ore, Ltd.		13,647		730,146
Life Healthcare Group Holdings Pte, Ltd.		333,986		1,256,720
MTN Group, Ltd.		33,660		591,108
Vodacom Group, Ltd.		92,800		1,109,123
				4,091,933

Spain — 2.2%

Red Electrica Corporacion SA		44,184		2,223,014

Sweden — 1.7%

Electrolux AB, Series B		36,909		939,072
Swedbank AB, A Shares		34,245		778,803
				1,717,875

Switzerland — 2.8%

Swiss Re AG		13,847		1,126,081
Zurich Insurance Group AG		6,190		1,722,741
				2,848,822

Taiwan — 2.1%

Radiant Opto-Electronics Corp.		224,000		883,939

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Description	Shares		Value
Siliconware Precision Industries Co.		1,108,000	$	1,259,828
				2,143,767

Thailand — 1.0%

Krung Thai Bank Public Co., Ltd. (c)		759,100		642,844
Tisco Financial Group Public Co., Ltd. (c)		198,000		373,553
				1,016,397

Turkey — 1.9%

Tofas Turk Otomobil Fabrikasi AS		130,730		942,921
Tupras-Turkiye Petrol Rafinerileri AS		32,022		964,571
				1,907,492

United Kingdom — 6.3%

Direct Line Insurance Group PLC		229,779		711,543
Rexam PLC		84,204		674,903
Royal Dutch Shell PLC, A Shares		75,537		2,439,076
Vodafone Group PLC		894,816		2,537,066
				6,362,588

United States — 28.7%

Ameriprise Financial, Inc.		6,800		500,820
Apple, Inc.		1,779		787,439
Aviv REIT, Inc.		23,432		563,774
CenturyLink, Inc.		95,600		3,358,428
Cisco Systems, Inc.		48,100		1,005,771
ConocoPhillips		16,560		995,256
Darden Restaurants, Inc.		17,492		903,986
Duke Realty Corp. REIT		45,200		767,496
EPR Properties REIT		17,800		926,490
Harsco Corp.		20,730		513,482
Hasbro, Inc.		50,485		2,218,311
Intel Corp.		73,230		1,600,075
Johnson & Johnson		13,000		1,059,890
Las Vegas Sands Corp.		15,000		845,250
Lexington Realty Trust REIT		128,300		1,513,940
Mack-Cali Realty Corp. REIT		21,230		607,390
Medical Properties Trust, Inc. REIT		44,300		710,572
Microsoft Corp.		36,100		1,032,821
Nutrisystem, Inc.		61,300		519,824
People’s United Financial, Inc.		55,700		748,608
Pfizer, Inc.		48,500		1,399,710
Qualcomm, Inc.		7,800		522,210
Republic Services, Inc.		35,100		1,158,300
Southern Copper Corp.		55,180		2,073,113
Sysco Corp.		59,110		2,078,899

Description	Shares		Value
Wynn Resorts, Ltd.		5,400	$	675,864
				29,087,719
Total Common Stocks (Identified cost $92,124,679)				99,301,225

Preferred Stock — 0.9%

United States — 0.9%

Capital One Financial Corp., Series B (Identified cost $928,277)		37,205		942,775

Description	Principal Amount (000) (d)		Value
Foreign Government Obligations — 10.4%

Brazil — 3.1%

Brazil NTN-B:
6.00%, 05/15/15		2,330	$	2,837,642
6.00%, 08/15/16		273		334,479
				3,172,121
Colombia — 0.1%

Republic of Colombia, 12.00%, 10/22/15		188,000		123,943

Hungary — 0.2%

Hungary Treasury Bill, 0.00%, 04/17/13		50,500		212,309

Mexico — 2.3%

Mexican Bonos:
7.00%, 06/19/14		13,170		1,102,610
9.50%, 12/18/14		9,000		792,859
Mexican Udibonos, 5.00%, 06/16/16		4,299		391,367
				2,286,836

Romania — 1.4%

Romania Government Bonds:
5.85%, 07/28/14		2,600		757,737
5.80%, 10/26/15		1,000		292,180
5.90%, 07/26/17		1,100		322,759
				1,372,676

Russia — 0.7%

Russia Government Bonds – OFZ:
7.50%, 02/27/19		6,590		222,812
7.60%, 04/14/21		15,289		516,143
				738,955

South Africa — 0.3%

Republic of South Africa, 5.50%, 12/07/23		1,578		253,936

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Description	Principal Amount (000) (d)		Value
Turkey — 1.4%

Turkey Government Bonds:
8.00%, 10/09/13		465	$	259,550
10.00%, 12/04/13		310		175,620
3.00%, 07/21/21		1,609		1,010,283
				1,445,453

Uruguay — 0.9%

Uruguay Monetary Regulation Bills:
0.00%, 05/09/13		1,350		70,997
0.00%, 06/27/13		2,880		149,603
0.00%, 07/05/13		11,150		578,221
0.00%, 08/15/13		3,000		153,699
				952,520
Total Foreign Government Obligations (Identified cost $10,163,258)				10,558,749

Description	Shares		Value
Short-Term Investment — 0.4%

State Street Institutional Treasury Money Market Fund (Identified cost $355,200)		355,200	$	355,200

Total Investments — 109.7% (Identified cost $103,571,414) (e), (f)			$	111,157,949

Liabilities in Excess of Cash and Other Assets — (9.7)%				(9,830,124	)

Net Assets — 100.0%			$	101,327,825

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2013:

Currency		Counterparty		Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
	BRL		RBC	04/02/13		860,804	$	428,473	$	425,982	$	—	$	2,491
	BRL		RBC	05/03/13		865,830		434,000		426,977		—		7,023
	CLP		CIT	04/29/13		213,776,640		448,000		451,595		3,595		—
	CLP		RBC	04/08/13		225,268,500		474,000		477,347		3,347		—
	CLP		UBS	04/10/13		264,772,760		556,000		560,891		4,891		—
	CLP		UBS	04/15/13		139,682,500		295,000		295,683		683		—
	CNY		BRC	04/26/13		5,564,880		885,000		894,235		9,235		—
	CNY		HSB	06/19/13		4,169,787		663,999		668,094		4,095		—
	CNY		JPM	05/28/13		6,205,008		985,000		995,339		10,339		—
	COP		CIT	04/23/13		688,832,500		379,000		376,617		—		2,383
	COP		JPM	05/21/13		973,161,000		535,145		530,844		—		4,301
	COP		UBS	04/11/13		506,800,000		280,000		277,395		—		2,605
	COP		UBS	04/24/13		1,040,461,380		582,859		568,817		—		14,042
	CZK		BNP	04/05/13		680,176		33,867		33,826		—		41
	CZK		BNP	04/05/13		9,883,478		501,000		491,526		—		9,474
	CZK		BNP	07/08/13		9,650,295		489,138		480,244		—		8,894
	CZK		JPM	05/06/13		9,936,612		505,671		494,282		—		11,389
	CZK		JPM	06/06/13		9,848,448		499,841		490,004		—		9,837
	CZK		JPM	06/06/13		10,751,160		546,959		534,918		—		12,041
	DOP		CIT	04/15/13		4,078,800		101,211		99,386		—		1,825
	DOP		CIT	04/16/13		7,474,950		185,437		182,094		—		3,343
	EUR		BNP	04/30/13		311,000		404,269		398,726		—		5,543
	EUR		BNP	05/20/13		484		639		621		—		18
	EUR		BNP	05/20/13		155,500		202,290		199,392		—		2,898
	EUR		BRC	06/25/13		99,334		128,894		127,408		—		1,486
	EUR		CIT	04/11/13		115,000		149,408		147,420		—		1,988
	EUR		CIT	04/11/13		228,000		295,419		292,277		—		3,142
	EUR		CIT	05/20/13		884,633		1,185,604		1,134,335		—		51,269
	EUR		JPM	05/28/13		266,501		351,000		341,745		—		9,255
	GHS		SCB	04/17/13		194,000		97,243		99,456		2,213		—
	GHS		SCB	04/19/13		147,500		75,255		75,545		290		—
	GHS		SCB	04/22/13		1,491,000		760,326		762,544		2,218		—
	GHS		SCB	05/28/13		337,000		168,795		169,381		586		—
	HUF		BNP	04/30/13		112,789,926		497,000		473,462		—		23,538
	HUF		CIT	05/07/13		67,400,000		284,122		282,694		—		1,428
	HUF		JPM	06/26/13		192,397,220		807,849		802,782		—		5,067
	HUF		UBS	05/21/13		42,703,200		179,999		178,819		—		1,180
	IDR		JPM	04/29/13		3,960,412,000		404,000		406,125		2,125		—
	IDR		SCB	04/18/13		5,929,755,000		611,000		608,944		—		2,056
	INR		BRC	04/15/13		9,480,390		174,000		173,986		—		14
	INR		BRC	04/15/13		42,658,000		770,000		782,866		12,866		—
	INR		JPM	05/13/13		28,244,410		509,000		515,311		6,311		—
	INR		SCB	04/08/13		54,852,770		1,019,000		1,008,172		—		10,828
	INR		SCB	05/20/13		18,696,760		340,778		340,631		—		147
	KRW		JPM	04/29/13		266,674,400		248,000		239,318		—		8,682
	KRW		SCB	04/22/13		598,889,250		537,000		537,667		667		—

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2013 (continued):

Currency		Counterparty		Expiration Date	Foreign Currency Amount	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
	KRW		SCB	05/28/13	340,593,300	$	306,000	$	305,179	$	—	$	821
	KRW		UBS	04/15/13	802,118,700		729,000		720,408		—		8,592
	KRW		UBS	05/13/13	800,052,000		726,000		717,437		—		8,563
	KZT		CIT	04/08/13	43,187,880		284,000		286,048		2,048		—
	KZT		CIT	06/24/13	38,200,000		247,409		251,760		4,351		—
	KZT		CIT	09/26/13	51,424,800		336,000		336,207		207		—
	KZT		HSB	05/02/13	53,836,000		354,651		356,141		1,490		—
	KZT		HSB	07/09/13	20,776,050		135,419		136,763		1,344		—
	KZT		HSB	07/09/13	41,900,000		272,964		275,817		2,853		—
	KZT		HSB	10/30/13	79,207,200		513,000		516,098		3,098		—
	KZT		UBS	05/28/13	52,830,750		348,671		348,862		191		—
	MXN		JPM	04/22/13	5,806,812		467,756		469,238		1,482		—
	MYR		HSB	05/07/13	998,624		320,000		321,694		1,694		—
	MYR		JPM	04/08/13	5,404,668		1,733,209		1,744,651		11,442		—
	MYR		JPM	04/18/13	1,527,636		489,000		492,770		3,770		—
	NGN		CIT	04/15/13	38,695,800		242,000		242,990		990		—
	NGN		CIT	04/23/13	29,338,800		166,698		183,696		16,998		—
	NGN		CIT	06/10/13	44,543,640		276,000		274,246		—		1,754
	NGN		CIT	07/23/13	20,350,000		110,000		123,519		13,519		—
	NGN		CIT	09/19/13	21,846,000		132,000		130,210		—		1,790
	NGN		SCB	04/11/13	51,906,000		326,043		326,421		378		—
	NGN		SCB	05/02/13	23,572,000		133,553		147,107		13,554		—
	NGN		SCB	06/18/13	103,802,600		638,000		637,334		—		666
	NGN		SCB	06/20/13	56,398,400		346,854		346,041		—		813
	PEN		CIT	05/02/13	1,302,188		502,000		502,310		310		—
	RON		ING	04/18/13	1,769,573		543,856		512,566		—		31,290
	RON		JPM	04/22/13	2,015,928		612,000		583,621		—		28,379
	RSD		BRC	04/08/13	77,310,560		905,435		881,429		—		24,006
	RSD		CIT	04/11/13	22,900,920		270,889		260,837		—		10,052
	RSD		CIT	04/11/13	70,339,000		853,836		801,147		—		52,689
	RUB		BRC	09/27/13	24,745,896		777,000		772,940		—		4,060
	RUB		UBS	06/25/13	3,474,744		111,000		110,196		—		804
	RUB		UBS	06/25/13	13,005,200		363,375		412,440		49,065		—
	RUB		UBS	07/01/13	13,767,255		384,668		436,179		51,511		—
	SGD		HSB	04/22/13	1,254,498		1,004,000		1,011,455		7,455		—
	THB		SCB	04/18/13	6,661,883		227,000		227,255		255		—
	THB		SCB	04/18/13	8,098,272		273,000		276,254		3,254		—
	THB		SCB	05/20/13	29,369,165		988,628		999,913		11,285		—
	TRY		JPM	04/22/13	2,156,804		1,180,000		1,189,034		9,034		—
	TRY		JPM	05/07/13	914,575		500,000		503,279		3,279		—
	UGX		BRC	04/08/13	962,030,000		346,678		370,570		23,892		—
	UGX		BRC	05/07/13	962,029,000		342,969		367,246		24,277		—
	UGX		CIT	04/08/13	1,663,255,000		621,081		640,678		19,597		—
	UYU		CIT	04/08/13	1,571,500		82,020		82,737		717		—
	UYU		CIT	05/07/13	1,569,500		81,405		82,115		710		—
	UYU		HSB	04/04/13	7,185,360		364,000		378,615		14,615		—

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Forward Currency Purchase Contracts open at March 31, 2013 (concluded):

Currency		Counterparty		Expiration Date		Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
	ZAR		BRC		05/20/13		2,639,638	$	284,000	$	285,245	$	1,245	$	—
	ZAR		BRC		05/20/13		4,737,161		509,000		511,908		2,908		—
	ZAR		CIT		04/30/13		4,044,706		434,000		438,265		4,265		—
	ZAR		JPM		04/29/13		2,660,458		286,000		288,313		2,313		—
	ZMW		CIT		04/08/13		2,067,000		384,558		385,023		465		—
	ZMW		CIT		04/15/13		1,554,000		288,472		289,276		804		—
	ZMW		SCB		04/22/13		1,287,120		236,995		239,441		2,446		—
	ZMW		SCB		05/28/13		1,355,828		249,600		250,713		1,113		—
	ZMW		SCB		09/19/13		1,184,619		210,449		213,174		2,725		—
	ZMW		SCB		12/19/13		789,746		137,228		139,228		2,000		—
Total Forward Currency Purchase Contracts								$	43,999,859	$	43,989,762	$	382,410	$	392,507

Forward Currency Sale Contracts open at March 31, 2013:

Currency		Counterparty		Expiration Date		Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
	BRL		RBC		04/02/13		860,804	$	433,000	$	425,982	$	7,018	$	—
	BRL		RBC		05/03/13		848,652		421,000		418,505		2,495		—
	CZK		BNP		04/05/13		10,563,654		529,000		525,352		3,648		—
	CZK		BNP		07/08/13		680,176		33,887		33,849		38		—
	EUR		BNP		05/20/13		368,000		482,006		471,873		10,133		—
	EUR		BNP		07/08/13		377,000		489,138		483,600		5,538		—
	EUR		BRC		04/08/13		688,000		905,435		881,942		23,493		—
	EUR		CIT		04/11/13		203,926		270,889		261,417		9,472		—
	EUR		CIT		04/11/13		622,910		853,836		798,519		55,317		—
	EUR		CIT		05/20/13		816,128		1,057,000		1,046,493		10,507		—
	EUR		ING		04/18/13		403,000		543,856		516,636		27,220		—
	EUR		ING		04/22/13		815,399		1,090,078		1,045,349		44,729		—
	EUR		JPM		05/06/13		387,000		505,671		496,184		9,487		—
	EUR		JPM		05/28/13		193,001		250,000		247,493		2,507		—
	EUR		JPM		05/28/13		2,202,680		2,911,326		2,824,590		86,736		—
	EUR		JPM		06/06/13		384,000		499,841		492,453		7,388		—
	EUR		JPM		06/06/13		420,000		546,959		538,621		8,338		—
	EUR		UBS		04/30/13		55,597		72,695		71,280		1,415		—
	HUF		BNP		04/30/13		94,994,950		404,269		398,764		5,505		—
	HUF		CIT		05/07/13		14,218,100		65,000		59,635		5,365		—
	JPY		HSB		06/21/13		61,373,685		645,000		652,340		—		7,340
	JPY		SCB		04/26/13		83,535,872		896,000		887,543		8,457		—
	MXN		JPM		04/22/13		2,316,769		186,194		187,214		—		1,020
	RON		BNP		04/29/13		380,227		111,000		109,978		1,022		—
	RSD		CIT		04/11/13		12,946,700		149,408		147,460		1,948		—
	RSD		CIT		04/11/13		25,631,076		295,419		291,932		3,487		—
	TRY		BRC		07/10/13		78,512		40,381		42,837		—		2,456
	TRY		CIT		07/10/13		613,301		315,322		334,624		—		19,302
	UGX		CIT		04/08/13		452,808,000		171,000		174,420		—		3,420

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Forward Currency Sale Contracts open at March 31, 2013 (concluded):

Currency		Counterparty		Expiration Date		Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
	UGX		CIT		05/07/13		482,274,500	$	181,000	$	184,104	$	—	$	3,104
Total Forward Currency Sale Contracts								$	15,355,610	$	15,050,989		341,263		36,642
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts												$	723,673	$	429,149

Currency Abbreviations:

BRL — Brazilian Real

CLP — Chilean Peso

CNY — Chinese Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Republic Peso

EUR — Euro

GHS — Ghanaian Cedi

HUF — Hungarian Forint

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

KZT — Kazakhstan Tenge

MXN — Mexican New Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PEN — Peruvian New Sol

RON — New Romanian Leu

RSD — Serbian Dinar

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Baht

TRY — New Turkish Lira

UGX — Ugandan Shilling

UYU — Uruguayan Peso

ZAR — South African Rand

ZMW — Zambian Kwacha

Counterparty Abbreviations:

BNP — BNP Paribas SA

BRC — Barclays Bank PLC

CIT — Citibank NA

HSB — HSBC Bank USA

ING — ING Bank NV

JPM — JPMorgan Chase Bank

RBC — Royal Bank of Canada

SCB — Standard Chartered Bank

UBS — UBS AG

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

(a)	Non-income producing security.
(b)	Pursuant to Rule 144A under the Securities Act of 1933, the security may only be traded among “qualified institutional buyers.” At March 31, 2013, this security amounted to 1.2% of net assets of Lazard World Dividend & Income Fund, Inc. (the “Fund”), and is considered to be liquid.
(c)	Security valued using Level 2 inputs, based on reference to a similar security from the same issuer which was trading on an active market, under accounting principles generally accepted in the United States of America (“GAAP”) hierarchy.
(d)	Principal amount denominated in respective country’s currency.
(e)	The Fund, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(f)	For federal income tax purposes, the aggregate cost was $103,571,414, aggregate gross unrealized appreciation was $10,305,246, aggregate gross unrealized depreciation was $2,718,711, and the net unrealized appreciation was $7,586,535.

Security Abbreviations:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

NTN-B — Brazil Sovereign “Nota do Tesouro Nacional” Series B

REIT — Real Estate Investment Trust

SDR— Swedish Depositary Receipt

Portfolio holdings by industry (as a percentage of net assets):
Agriculture	1.9	%
Automotive	3.6
Banking	10.4
Commercial Services	2.8
Computer Software	1.0
Construction & Engineering	1.1
Consumer Products	3.7
Electric	3.5
Energy Integrated	8.3
Energy Services	0.8
Financial Services	4.0
Food & Beverages	2.0
Forest & Paper Products	0.7
Health Services	1.2
Household and Personal Products	1.1
Housing	0.7
Insurance	8.0
Leisure & Entertainment	5.0
Manufacturing	2.5
Metals & Mining	2.8
Pharmaceutical & Biotechnology	3.5
Real Estate	6.0
Semiconductors & Components	3.7
Technology Hardware	2.3
Telecommunications	13.0
Transportation	5.3
Subtotal	98.9
Foreign Government Obligations	10.4
Short-Term Investment	0.4
Total Investments	109.7	%

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2013 (unaudited)

Valuation of Investments:

Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other U.S. or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Forward currency contracts are valued using quotations from an independent pricing service. 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 independent pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations or a matrix system which considers such factors as other security prices, yields and maturities. Debt securities maturing in 60 days or less are valued at amortized cost, except where to do so would not accurately reflect their fair value, in which case such securities are valued at fair value as determined by, or in accordance with procedures approved by, the Board of Directors (the “Board”).

The Valuation Committee of Lazard Asset Management LLC (the “Investment Manager”), which meets periodically under the direction of the Board, 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 also will be considered.

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 be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. The fair value of foreign securities may be determined with the assistance of an independent pricing service, using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts.

The effect of using fair value pricing is that the net asset value of the Fund will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ net asset values.

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 GAAP 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.)

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (concluded)

March 31, 2013 (unaudited)

·	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.

The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of March 31, 2013:

	Unadjusted Quoted Prices in Active Markets for Identical Investments		Significant Other Observable Inputs			Significant Unobservable Inputs		Balance as of
Description	(Level 1)		(Level 2)			(Level 3)		March 31, 2013
Assets:
Common Stocks
Russia	$	5,104,217	$	1,241,078		$	—	$	6,345,295
Thailand		—		1,016,397			—		1,016,397
Other		91,939,533		—			—		91,939,533
Preferred Stock		942,775		—			—		942,775
Foreign Government Obligations		—		10,558,749			—		10,558,749
Short-Term Investment		—		355,200			—		355,200
Other Financial Instruments*
Forward Currency Contracts		—		723,673			—		723,673
Total	$	97,986,525	$	13,895,097		$	—	$	111,881,622

Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(429,149	)	$	—	$	(429,149	)

* Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

Certain common stocks (see footnote (c)) included in Level 2 were valued based on reference to similar securities from the same issuers which were trading on active markets. The foreign government obligations included in Level 2 were valued on the basis of prices provided by independent pricing services. The forward currency contracts included in Level 2 were valued using quotations provided by an independent pricing service. The short-term investment included in Level 2 (a pooled investment fund) was valued at the fund’s net asset value.

In connection with the periodic implementation of fair value pricing procedures with respect to foreign securities, certain equity securities (other than those securities described in footnote (c)) were transferred from Level 1 to Level 2 as a result of fair value pricing procedure triggers being met and would revert to Level 1 when the fair value pricing procedure triggers are no longer met. There were no other transfers into or out of Levels 1, 2 or 3 during the period ended March 31, 2013.

Item 2.

Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3.

Exhibits.

Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Lazard World Dividend & Income Fund, Inc.

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer

Date:	May 30, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer

Date:	May 30, 2013

By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer

Date:	May 30, 2013