The Board of Directors of Lazard World Dividend & Income Fund (NYSE:LOR)
has authorized the Fund to declare today a monthly distribution of
$0.0467 per share on the company’s outstanding common stock. The
distribution is payable on April 23, 2009 to shareholders of record on
April 13, 2009. The ex-dividend date is April 8, 2009.
The distribution payable is a reduction from the Fund’s prior monthly
dividend distributions of $0.1167 per share of the Fund’s outstanding
common stock, or $1.40 per share on an annualized basis. The prior
annualized dividend distribution amount, which has not changed since it
was originally established in September 2005, equaled 7.00% of the
Fund’s initial offering price of $20.00 per share. The new annualized
dividend distribution amount represents a 60% reduction. The reduction
is the result of extraordinary market conditions and volatility that
produced lower asset values, which in turn resulted in lower net assets
of the Fund, reduced net investment income and a reduction in the amount
of leverage used by the Fund.
Although the Fund has historically paid the same monthly distribution,
it has not adopted a level or managed distribution policy. Instead, the
Fund intends to distribute its net investment income monthly and
realized net capital gains, if any, at least annually. The Fund will
adjust the level of distributions as appropriate to seek to avoid making
distributions that constitute return of capital. The Fund is not
required to maintain a stable level of distributions, or distributions
at any particular rate. The amount of each monthly distribution will
depend on a number of factors, including the net assets of the Fund, the
asset values of the Fund’s holdings, and the stability of net investment
income and the cost and anticipated benefits of leverage used by the
Fund. As portfolio and market conditions change, future distributions
may also change.
Distributions, including the distribution payable April 23, 2009, may
include net investment income, net realized short-term capital gains and
return of capital. In addition, certain distributions may include net
realized long-term capital gains as permitted by the Investment Company
Act of 1940. There is no guarantee that the Fund will realize capital
gains in any given year. Distributions are subject to
re-characterization for tax purposes after the end of the fiscal year.
Portfolio data as of February 28, 2009, including performance, asset
allocation, top 10 holdings, sector weightings, regional exposure, and
other Fund characteristics have been posted on Lazard Asset Management’s
website, www.Lazardnet.com.
The Fund’s objective is total return, through a combination of
dividends, income, and capital appreciation. The Fund’s net assets are
invested in a portfolio of approximately 60 to 90 world equity
securities, consisting primarily of the highest dividend-yielding stocks
selected from the current holdings of other accounts managed by Lazard
Asset Management. The equity portfolio is broadly diversified in both
developed and emerging market countries and across the capitalization
spectrum. The Fund seeks enhanced income by investing in short duration
(typically below one year) emerging market forward currency contracts
and other emerging market debt instruments.
An indirect subsidiary of Lazard Ltd (NYSE: LAZ), Lazard Asset
Management LLC (LAM), the Fund’s investment manager, offers a range of
equity, fixed-income, and alternative investment products worldwide. As
of December 31, 2008, LAM and affiliated asset management companies in
the Lazard Group managed more than $91 billion worth of client assets.
For more information about LAM, please go to www.Lazardnet.com.
Lazard World Dividend & Income Fund
Media:
Judi Mackey, +1
212-632-1428
judi.mackey@lazard.com
or
Investors:
Ben
Wulfsohn, +1 800-823-6300
ben.wulfsohn@lazard.com
