Filing Details
- Accession Number:
- 0001048703-19-000044
- Form Type:
- 13D Filing
- Publication Date:
- 2019-02-20 08:38:40
- Filed By:
- Karpus Management, Inc.
- Company:
- Lazard World Dividend & Income Fund Inc. (NYSE:LOR)
- Filing Date:
- 2019-02-20
- SEC Url:
- 13D Filing
Ownership Summary
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Karpus Investment Management | 1,056,527 | 21,353 | 1,056,527 | 21,353 | 1,056,527 | 15.36% |
| George W. Karpus | 38,798 | 38,798 | 60,151 | Less than 1% |
Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
Lazard World Dividend & Income Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
521076109
(CUSIP Number)
Daniel Lippincott, Senior Tax-Sensitive Manager
Karpus Management, Inc.
d/b/a Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534
(585) 586-4680
Adam W. Finerman, Esq.
Olshan Frome Wolosky LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
Authorized to Receive Notices and Communications)
February 6, 2019
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box x.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP NO.
521076109
| 1 | NAME OF REPORTING PERSON
Karpus Investment Management
| ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) x (b) o | |
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS WC | ||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ¨ | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION NEW YORK | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER
1,056,527
| |
| 8 | SHARED VOTING POWER
-
| ||
| 9 | SOLE DISPOSITIVE POWER
1,056,527
| ||
| 10 | SHARED DISPOSITIVE POWER
-
| ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,056,527
| ||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.36%
| ||
| 14 | TYPE OF REPORTING PERSON IA | ||
CUSIP NO.
521076109
| 1 | NAME OF REPORTING PERSON
George W. Karpus
| ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) x (b) o | |
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS WC, PF | ||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ¨ | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION USA | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER
38,798*
| |
| 8 | SHARED VOTING POWER
21,353*
| ||
| 9 | SOLE DISPOSITIVE POWER
38,798*
| ||
| 10 | SHARED DISPOSITIVE POWER
21,353*
| ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
60,151*
| ||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
| ||
| 14 | TYPE OF REPORTING PERSON IN | ||
CUSIP NO.
521076109
| Item 1. | Security and Issuer. |
This statement relates to the
Common Stock
of
Lazard World Dividend & Income Fund, Inc.
(the "Shares"), a Maryland Corporation (the "Issuer"). The address of the principal executive offices of the Issuer is 30 Rockefeller Plaza, New York, New York 10112.
CUSIP NO.
521076109
| Item 2. | Identity and Background. |
a) This statement is filed by:
- (i) Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus"); and
(ii) George W. Karpus, the President and CEO of Karpus. Mr. Karpus owns Shares individually and may be deemed the beneficial owner of Shares held by the Karpus Investment Management Defined Benefit Plan, the Karpus Family Foundation, Inc. and Karpus Investment Management Profit Sharing Plan Fund C - Growth Common Stock Fund (collectively, the "Karpus Entities").
Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing Agreement as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
Set forth on Schedule A annexed hereto ("Schedule A") is the name and present principal business, occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted of the executive officers and directors of Karpus. To the best of the Reporting Persons' knowledge, except as otherwise set on Schedule A, none of the persons listed on Schedule A beneficially owns any securities of the Issuer or is a party to any contract, agreement or understanding required to be disclosed herein.
(b) The address of the principal office of each of the Reporting Persons is 183 Sully's Trail, Pittsford, New York 14534.
(c) The principal business of Karpus is serving as a registered investment adviser who provides investment management for individuals, pension plans, profit sharing plans, corporations, endowments, trusts, and others. The principal occupation of Mr. Karpus is serving as the President and CEO of Karpus.
(d) No Reporting Person nor any person listed on Schedule A has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) No Reporting Person nor any person listed on Schedule A has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f) Karpus is organized under the laws of the State of New York. Mr. Karpus is a citizen of the United States of America.
CUSIP NO.
521076109
| Item 3. | Source and Amount of Funds or Other Consideration. |
Karpus, an independent registered investment advisor, has accumulated
1,056,527
Shares on behalf of accounts that are managed by Karpus (the “Accounts”) under limited powers of attorney, which represents
15.36%
of the outstanding Shares. All funds that have been utilized in making such purchases for the Accounts (which are open market purchases unless otherwise noted) are from such Accounts.
The aggregate purchase price of the
1,056,527
Shares beneficially owned by Karpus is approximately
$10,389,752, excluding brokerage commissions. Such Shares were purchased with working capital (which may at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases except as otherwise noted.
The aggregate purchase price of the
60,151
Shares held by Mr. Karpus and the Karpus Entities
is approximately
$597,889, excluding brokerage commissions. Such Shares were purchased with personal funds and working capital (which may at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases except as otherwise noted.
CUSIP NO.
521076109
| Item 4. | Purpose of Transaction. |
Karpus, an indepependent registered investment advisor, with a specialty focus in closed-end funds, believes that the profile of the Issuer fit the investment guidelines for various Accouts. Shares have been acquired since
May 20, 2015.
The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. In addition, Karpus may contact the Issuer with regards to concerns that they have with respect to the Issuer.
On February 15, 2019, Karpus entered into an ageement with the Issuer, attached hereto as Exhibit 99.1.
CUSIP NO.
521076109
| Item 5. | Interest in Securities of the Issuer. |
The aggregate percentage of Shares reported owned by each Reporting Person is based on 6,880,183 Shares outstanding, which is the total number of Shares outstanding as of June 30, 2018, as reported in the Issuer's Semi-Annual Report to Shareholders, filed with the U.S. Securities and Exchange Commission on September 5, 2018.
|
B. |
George W. Karpus
|
| | (a) | As of February 6, 2019,
George W. Karpus beneficially owned 38,798 Shares. In addition, George W. Karpus may be deemed to beneficially own the 21,353 Shares held in the Karpus Entities. |
Percentage:
Less than 1%
| | (b) | 1. Sole power to vote or direct vote:
38,798
|
| | 2. Shared power to vote or direct vote:
21,353
|
| | 3. Sole power to dispose or direct the disposition:
38,798
|
| | 4. Shared power to dispose or direct the disposition:
21,353
|
| | (c) | Neither Mr. Karpus nor the Karpus Entities have had any transactions in the Shares for the past 60 days. |
The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
| |
CUSIP NO.
521076109
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
On February 15, 2019, Karpus entered into an Agreement with the Issuer, referenced in Item 4, above, and attached as Exhibit 99.1 hereto.
On February 15, 2019, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
CUSIP NO.
521076109
| Item 7. | Material to be Filed as Exhibits. |
| | 99.1 | Agreement, dated February 15, 2019. |
| | 99.2 | Joint Filing Agreement By and Between Karpus Management, Inc. and George W. Karpus, dated February 15, 2019. |
CUSIP NO.
521076109
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated:
February 20, 2019
| KARPUS MANAGEMENT, INC. | |||
| By: | /s/ Daniel Lippincott | ||
| Name: | Daniel Lippincott, CFA | ||
| Title: | Director of Investment Personnel and Senior Tax-Sensitive Manager | ||
| /s/ George W. Karpus | |
| GEORGE W. KARPUS |
CUSIP NO.
521076109
SCHEDULE A
Executive Officers & Directors of Karpus Management, Inc., d/b/a Karpus Investment Management
| Name | Position & Present Principal Occupation | Business Address | Shares Owned |
| George W. Karpus | President, CEO, and Chairman of the Board | 183 Sully’s Trail, Pittsford, New York 14534 | See Above |
| Kathleen Finnerty Crane | Chief Financial Officer | 183 Sully’s Trail, Pittsford, New York 14534 |
25
Shares |
| Dana R. Consler | Executive Vice President | 183 Sully’s Trail, Pittsford, New York 14534 |
440
Shares |
| Thomas M. Duffy | Vice President | 183 Sully’s Trail, Pittsford, New York 14534 |
0
Shares |
| Sharon L. Thornton | Chief Compliance Officer | 183 Sully’s Trail, Pittsford, New York 14534 |
0
Shares |
| Daniel L. Lippincott, CFA | Director of Investment Personnel and Sr. Tax-Sensitive Manager | 183 Sully’s Trail, Pittsford, New York 14534 |
0
Shares |
CUSIP NO.
521076109
SCHEDULE B
Transactions in the Shares over the last 60 days.
| Nature of the Transaction | Securities Purchased/(Sold) | Price Per Share($) | Date of Purchase / Sale |
KARPUS MANAGEMENT, INC., D/B/A/ KARPUS INVESTMENT MANAGEMENT
(THROUGH THE ACCOUNTS)
(THROUGH THE ACCOUNTS)
|
Sale of Common Stock
|
(234)
|
$8.13
|
12/24/2018
|
|
Sale of Common Stock
|
(15,335)
|
$8.27
|
12/26/2018
|
|
Sale of Common Stock
|
(5,176)
|
$8.16
|
12/27/2018
|
|
Sale of Common Stock
|
(1,560)
|
$9.09
|
1/9/2019
|
|
Sale of Common Stock
|
(1,060)
|
$9.04
|
1/10/2019
|
|
Sale of Common Stock
|
(1,085)
|
$9.36
|
1/18/2019
|
|
Sale of Common Stock
|
(120)
|
$9.31
|
1/24/2019
|
|
Sale of Common Stock
|
(200)
|
$9.17
|
1/28/2019
|
|
Sale of Common Stock
|
(775)
|
$9.32
|
1/29/2019
|
| | |||
| |
CUSIP NO.
521076109
EXHIBIT 99.2
Joint Filing Agreement
| KARPUS MANAGEMENT, INC. | |||
| By: | /s/ Daniel Lippincott | ||
| Name: | Daniel Lippincott, CFA | ||
| Title: | Director of Investment Personnel and Sr. Tax-Sensitive Portfolio Manager | ||
| /s/ George W. Karpus | |
| GEORGE W. KARPUS |