WTR.L Regulatory News (WTR)

Lazard World Trust Fund

Final Results

March 31st, 2016

Financial Highlights

for the year ended March 31st, 2016

INVESTMENT OBJECTIVE

Lazard World Trust Fund (the 'Fund') seeks to achieve long-term capital appreciation by investing primarily in companies whose shares trade at a discount to their underlying Net Asset Value. The Fund measures its performance principally against the MSCI All Countries World Index, although Lazard Asset Management LLC (the 'Manager') seeks to achieve the highest possible risk-adjusted returns and the allocation of the Fund's assets will normally diverge substantially from the Index, in particular in relation to its weighting in the US markets which historically has been relatively low.

INVESTMENT POLICY

Asset Allocation

The Fund invests in closed-end funds, investment trusts, holding companies and other comparable companies whose shares are listed or traded on international exchanges and are generally at a discount to their underlying Net Asset Value. The Fund seeks actively to encourage boards and management teams to take steps to enhance shareholder value and seeks to take a constructive and active role to help reduce the discount at which the shares of their underlying companies trade.

Risk Diversification

The Fund seeks to provide broad exposure to equity markets through holding a diversified portfolio of closed-end investment companies, including investment trusts, holding companies and comparable quoted companies.

Gearing and Hedging

The Fund may use gearing (i.e. borrow), and the level of gearing may vary from time to time. The Board has authorised the Manager to use gearing up to 15% of the Fund's Net Asset Value. The Board has the power to increase the amount of gearing that the Manager is authorised to use up to 25% of the Fund's Net Asset Value. Shareholders should note that gearing increases the scale of any profits or losses.

The Fund is permitted to seek to hedge long positions by selling short stock indices, stocks, and shares of exchange-traded funds or closed-end funds up to 100% of the Fund's Net Asset Value. The Fund may also hedge its currency exposure against the US Dollar. Shareholders should note that the use of such techniques involves risks, including the risk of complete loss of value of any short position.

CHAIRMAN'S STATEMENT

I am pleased to present the annual report and accounts for the Lazard World Trust Fund (the 'Fund') for the year ended March 31st, 2016. The Fund's Net Asset Value per share at the year-end was US$ 4.17 representing a total return of minus 8.04% since the prior year end. The Fund's benchmark, the MSCI All Country World Index, declined 4.3% over the same period while the Fund's reference benchmark, the MSCI All Country World Index ex-U.S. declined 9.2%.

It is important to note that the Fund is not managed with the objective of correlating to any index. The Fund is invested in a concentrated portfolio of securities where the Manager has a high degree of conviction that each will provide a meaningful contribution to the Fund's performance.

Continuing the trend of the last few years, volatility was the dominant feature of most world markets. Ranked high among the factors creating this volatility were the effects of the decline in oil prices and the slow pace of the economic recovery in many countries, combined with continued government intervention in supporting lower interest rates. The Manager's review below provides details on how the Fund has been positioned to address these challenges.

The Board has dedicated a considerable amount of time to evaluating how to reduce the Fund's discount and increase both the visibility of the Fund and the market liquidity of its shares. In this undertaking, specific consideration was given to the size of the Fund, the current concentration of shareholders, transactional volume, new investors who might be attracted to the Fund, and historic performance. Taking into account these considerations, the Board made the following decisions:

1. The Board recommended, and the shareholders have approved at an Extraordinary General Meeting ('EGM') held on May 9th, 2016, a change in the Fund's name to Lazard World Trust Fund. Lazard Asset Management has been the Fund's Manager since its inception but it was unclear how far this was appreciated in the investment company marketplace. Incorporating "Lazard" into the Fund's name will assist us in communicating to shareholders and investors the breadth and depth of skills which our Manager is able to provide to the Fund, and also underscore Lazard's commitment to the Fund.

2. We have adopted a new dividend policy, effective for the year beginning April 1st, 2016, which provides that the Fund will make an annual distribution of an amount equal to 3.5% of the Net Asset Value at the start of each financial year. For the financial year to March 31st, 2017 this will amount to aggregate dividends of 10.2p per share (based on the Net Asset Value per share as at March 31st, 2016 of £2.90) which represents a yield of 4.1% on the Fund's share price as at March 31st, 2016, which stood at £2.46. Consistent with the practice of the last two years, under the new policy an interim and final dividend will be paid, which together will comprise the stated distribution. We anticipate that this policy will have no impact on the Fund's investment strategy or the selection or management of portfolio securities.

On November 23rd, 2015 the Board declared an interim dividend of 1.1p per share. I am pleased to announce that the Board has declared a full year dividend of 5.4p per share, which will be submitted to shareholders for their approval at the forthcoming Annual General Meeting. If approved, the dividend will be paid on September 16th, 2016 to those shareholders whose names appear in the register on August 19th, 2016. The dividend will have an ex-dividend date of August 18th, 2016. The total dividend for the year to March 31st, 2016 will therefore amount to 6.4p per share.

3. The Board also determined to convene an Extraordinary General Meeting to ask shareholders to approve a tender offer of up to 10% of the outstanding shares at a price equal to 98% of the Net Asset Value less expenses. A tender offer is often used by investment trusts to provide shareholders with a better sale opportunity for part of their investment than would a buy back program. Documentation in relation to the Extraordinary General Meeting is expected to be sent to shareholders shortly.

4. Finally the Board, at the suggestion of shareholders and after careful consideration, agreed to change the Fund's benchmark from the MSCI All Country World Index to the MSCI All Country World Index - ex US, the Fund's current reference benchmark. The change, which is subject to shareholder approval at the forthcoming Extraordinary General Meeting, will better reflect the composition of the Fund's portfolio as it has been managed over the last ten years. Importantly, the Manager will be allowed to make investments in US securities, but in general these holdings are not expected to exceed 20% of the portfolio's net assets. This is consistent with our view that the Fund's Manager should seek long-term returns and not be constrained by a requirement for short term outperformance of its benchmark. Upon approval of the benchmark change, the MSCI All Country World Index will become the Fund's reference benchmark.

In accordance with past practice, the Board will again seek shareholder approval at the Annual General Meeting to acquire up to 14.99% of the Fund's shares through market purchases. Such purchases will only be made if the Board considers that they will be in the interests of the shareholders generally. At the Annual General Meeting shareholders will also have the opportunity to consider the annual continuation vote.

It is with sadness that I announce that Mr Alex Zagoreos will step down as an Adviser to the Board at the conclusion of the Annual General Meeting in August. Alex was one of the founders of the Fund and its original portfolio manager. He was responsible for creating the original investment thesis which is still the major focus of the Fund's current strategies. Alex retired as a Director on August 19th, 2014 at which time he assumed his current role. On behalf of the Board, I would like to thank Alex for his leadership, creativity and thoughtful contributions to the Board's deliberations since the creation of the Fund in 1991.

The Board continues its strong support for the Fund's strategy and the Manager's execution of that strategy. As always I welcome any correspondence from shareholders.

Philip R. McLoughlin

Chairman

July 12th, 2016

MANAGER'S REVIEW

Market Overview

The Fund's fiscal year started with a sharp sell-off in Chinese equities after a dramatic rally over the previous three months. In the same period there were renewed uncertainties in Greece surrounding its political and debt predicament, which caused significant turmoil in equity markets throughout Europe. Volatility continued in the third quarter of 2015, as the US equity market dropped 11% in seven days, amidst a precipitous decline in oil prices, serious concerns about the Chinese economic slowdown and dramatic declines in emerging markets currencies. The market recovered in the fourth quarter of 2015, only to be followed by a broad-based sell-off in global equity markets in the first quarter of 2016. Investor concerns at the start of the New Year seemingly reflected the same concerns as the year before.

Performance (all figures in US Dollars)

For the twelve-month period ended March 31st, 2016, the Fund's Net Asset Value per share decreased 8.1%, compared with a 4.3% decline in the MSCI All Country World Index and a 9.2% drop in in the MSCI All Countries World Index excluding the United States. The Fund's share price, as traded on the London Stock Exchange, lost 11.7%.

Significant contributing factors to the Fund's returns include:

Discount Widening

The average discount of the Fund's underlying investments widened by nearly 4% to 25.2%. Discounts widened in portfolio holdings in most of the world's major markets.

Stock Selection

Global investment companies and companies investing in Europe small capitalization stocks and frontier markets performed relatively well.

Corporate Action and Restructuring

A number of our holdings experienced corporate actions, which benefited the Fund.

Performance (*Annualised)

Top 5 Contributors and Detractors for the year ended March 31st, 2016

Tetragon Financial was a new position added to the portfolio toward the end of the financial year, which trades on a very deep discount to its NAV, as the price fell back following a US$ 60 million tender offer late in 2015. Morgan Stanley China A Share Fund was added amid the China A-share market sell-off during the summer of 2015, when the discount widened to over 36%. The Chinese market partly recovered later in the year and the company paid two significant distributions, totaling nearly 50% of NAV. JPMorgan European Smaller Companies Trust had a strong year as European small cap stocks performed well. Eurazeo was quite active in asset sales, with the successful public listings of Europcar and Elis, two of their largest investments. Naspers is a new investment in "New China", at a discount of over 20%. Its largest holding of Tencent is a dominant social media, e-commerce and game platform company.

Top 5 Detractors from Returns (NAV)

BB Biotech AG and International Biotech Trust detracted from results over the period after being key contributors in

prior years. The biotechnology sector remains attractive. First Pacific fell significantly over the first half of the period,

though the shares, rallied during the first quarter of 2016. The underlying businesses performed well, but the NAV

outperformed the shares resulting in a wider discount. Macau Property Opportunities Fund traded at a discount of

over 50%, over concerns about a slowdown and an anti-corruption crackdown in China. China Merchants China Direct

Investments saw its discount widening to 66%, making it one of our most deeply discounted investments.

Geographic Diversification

The following chart illustrates the geographic allocation of the underlying companies in our portfolio as of March 31st, 2016. The Fund's three largest exposures were to Asia ex Japan, North America and Europe ex-UK.

Regional, country, and security allocations are the result of a bottom-up selection process, which is focused on identifying companies that trade at compelling discounts and are undervalued.

Top 5 Country Weights as of March 31st, 2016

Corporate Action and Restructuring

The Fund holds investments trading at substantial discounts. The management team actively works with the boards and managements of portfolio companies to unlock value through corporate governance initiatives and restructuring measures. The following events occurred during the financial year:

• Significant distributions to shareholders: Morgan Stanley China A Share Fund (18.2% and 30%); Marwyn Value Investors (10%).

• Premium Listing: Both HarbourVest Global Private Equity and VinaCapital Vietnam Opportunity Fund moved to Premium London listings, for better liquidity and inclusion in the FTSE All Share Index.

Hedging and Gearing

During the period, the Fund partially hedged some of the exposure represented in our long holdings by shorting the iShare Nasdaq Biotechnology ETF and iShares China Large-Cap ETF. These short positions contributed 0.38% to the Fund's overall return, helping to offset some of the 3.67% losses from the corresponding long positions.

At the end of the fiscal year, the Fund did not have any hedging positions. Portfolio gearing was 1%.

Discounts

The Fund's discount to NAV widened by 2.5% to end the period at 15.1% and stood at 12.53% on July 5th, 2016, the latest practical time prior to printing. It traded at an average discount of 12.9%, ranging from a high of 17.6%, to a low of 7.2%.

The Fund's underlying investments reflected an average see-through discount of 25.2%, which, together with the 15.1% discount at which the Fund's shares are trading, represents effectively US$ 1.57 worth of assets for every dollar invested.

Outlook

We live in a world of increased uncertainties, geopolitical, political, and economic. We are nevertheless positive on the value of our discounted assets, particularly in emerging markets, Japan, Europe, and frontier markets. Positive shareholder returns should be achievable over the long term.

Kun Deng, CFA

Lazard Asset Management LLC

Manager

July 12th, 2016

General Information

· NAV stands for Net Asset Value and represents shareholders' funds expressed as an amount per individual share. Shareholders' funds are the total value of the Fund's assets at current market value less its liabilities.

· The Net Asset Value per Share is expressed in US Dollars ("US$") and, since October 30th, 2009 the Fund's Shares have been traded in Pounds Sterling ("£"). For information purposes only the Fund's Net Asset Value per Share since October 30th, 2009 is also reported in its Pounds Sterling equivalent.

· Unaudited half-yearly reports and audited annual reports are made available at the Registered Office of the Fund.

· The Annual General Meeting of Shareholders is held in Luxembourg each year at 3 p.m. on the third Tuesday in August or, if any such day is not a business day for banks in Luxembourg, on the next following business day. Notices of General Meetings, including their agenda, time and place and containing details of attendance, quorum and majority requirements under Luxembourg law, will be sent to the registered address of Shareholders not less than 21 days before the date of the Meeting.

· The shares of the Fund are listed on the main market of the London Stock Exchange and the Luxembourg Stock Exchange.

· The Fund invests in securities of all jurisdictions. Its Shares trade in sterling but the Company's activities are reported in US Dollars.

· An interim dividend of 1.0 pence per share was paid on January 15th, 2016. A final dividend of 5.4 pence per share has been proposed in respect of the year ended March 31st, 2016 and following approval by shareholders at the Annual General Meeting will be payable on August 22nd, 2016 to Shareholders who appear on the register on August 19th, 2016.

Statement of Net Assets (in US$)

* Diluted NAV is calculated after taking into account any outstanding warrants, which are assumed to be exercised by the Shareholders.

Shareholders' Equity (in US$)

Statement of Operations (in US$)

* Result of Operations is the sum of Net Investment Income, Total Net Realised Gain/(Loss) and Total Change in Unrealised Gain/(Loss).

Statistical Information about the Fund (in US$)

Statement of Changes in Shares Outstanding

For the Year Ended March 31st, 2016

Statement of Investments and Other Net Assets

March 31st, 2016

Statement of Investments and Other Net Assets

March 31st, 2016

Notes to the Financial Statements

March 31st, 2016

Note 1 - General

Lazard World Trust Fund (the "Fund"), previously known as The World Trust Fund, is an investment company with limited liability organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and is governed by part II of the Luxembourg Law of December 17th, 2010 as amended on Undertakings for Collective Investment, the amended Law of August 10th,1915 on commercial companies and the Law of July 12th, 2013 on Alternative Investment Fund Managers ("AIFM").

At an Extraordinary General Meeting held on May 9th, 2016 the Fund changed its name to Lazard World Trust Fund. The Fund was incorporated in Luxembourg on June 20th, 1991 for an unlimited duration. The Fund's Articles of Incorporation (the "Articles") have been published in the 'Mémorial C, Recueil des Sociétés et Associations'.

The Fund's investment objective is to achieve long-term capital appreciation, by investing primarily in companies whose shares trade at a discount to their underlying Net Asset Value ("NAV"). The Fund measures its performance against the MSCI All Countries ("AC") World Index, although the Manager seeks to achieve the highest possible risk-adjusted returns and the allocation of the Fund's assets will normally diverge substantially from the Index, in particular in relation to its weighting in the U.S markets. The Fund invests in a diversified portfolio of investment companies, including closed-end funds, investment trusts, holding companies and similarly traded companies, thereby spreading investment risk and reducing stock specific risk.

The currency in which the Fund's Shares are traded was changed from US$ to £ on October 30th, 2009.

The equivalent NAV per share in £ represents the NAV per share in US$ converted with the exchange rate at March 31st, 2016 (Note 2).

The Fund has appointed Lazard Asset Management LLC (the "Manager") as its non-EU AIFM within the meaning of 1(48) of the AIFM Law dated July 12th, 2013. Pursuant to the Management Agreement, the Manager is responsible on a day to-day basis under the supervision of the Board of Directors of the Fund for providing investment management and risk management services in respect of the Fund in accordance with the investment objectives of the Fund.

Note 2 - Significant Accounting Policies

a) Presentation of Account

The financial statements are presented in accordance with generally accepted accounting principles and with the legal and regulatory requirements relating to the preparation of the financial statements as prescribed by the Luxembourg authorities for Luxembourg investment companies. The Fund keeps its books and records in US$.

b) Valuation

1) The NAV per share is calculated in accordance with Article 22 of the Articles on each Valuation Date (as defined in the Articles).

The NAV per share is determined by dividing the Net Assets of the Fund, being the value of its assets less liabilities, by the number of shares then in issue.

2) In calculating the NAV per share, income and expenditure are treated as accruing from day to day and the Articles provide, inter alia, that:

(i) securities which are quoted or dealt in on any stock exchange or other regulated market are valued at the settlement or closing price on the last full business day on which such exchange or market is open for trading preceding the applicable Valuation Date; 

(ii) if securities are quoted, listed, traded or dealt on more than one stock exchange or regulated market, the Board of Directors of the Fund (the "Board") may select for the purposes of valuation the stock exchange or regulated market which they consider provides the fairest criterion of value for the relevant securities; and

(iii) if securities are not quoted or dealt on any stock exchange or regulated market or if, with respect to securities quoted or dealt on any stock exchange or dealt on any regulated market, the price as determined pursuant to paragraph (i) above is not representative of the fair market value of the relevant securities, the value of such securities will be determined by reference to their reasonably foreseeable sales price determined prudently and in good faith by the Board.

3) Investments in securities are recorded at cost on trade date basis. Realised gains or losses on securities sold are computed on an average cost basis.

4) The value of cash in hand or on deposit, bills and notes payable on presentation, accounts due, prepaid expenses and dividends and interest declared and fallen due but not yet received generally consists of the nominal value of such assets. However, in the event that it seems improbable that such value can be realised, the value is determined by deducting a sum which the Board considers appropriate to reflect the realisable value of such asset.

5) Foreign currencies: monetary assets and liabilities denominated in foreign currencies in the Statement of Net Assets are translated into US$ at the rates of exchange ruling at the end of the financial year. Transactions in foreign currencies are recorded in US$ based on the exchange rates applicable at the date of the transactions.

The following significant exchange rates have been applied for the conversion of monetary assets and liabilities denominated in foreign currencies into US$ as of March 31st, 2016:

c) Income Recognition

Dividend income is recorded on an accrual basis and interest income is accrued on a daily basis, net of any withholding taxes in the relevant country.

d) Forward Foreign Exchange Contracts

The Fund may, for the purpose of hedging currency risks, enter into forward exchange contracts.

In a forward foreign exchange contract, the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Purchases and sales of forward foreign currency contracts having the same notional value, settlement date and counterparty and right to settle net are generally offset (which result in a net foreign currency position of zero with the counterparty) and any realised gains or losses are recognised on trade date plus one.

The market value of forward foreign exchange contracts is based on the price at which a new forward foreign exchange contract of the same notional value, currency and maturity could be affected at the close of business in the principal currency markets in which these currencies are traded. That change in unrealised gains and losses are included in the statement of operations.

e) Transaction Fees

For the year ended March 31st, 2016, the Fund incurred transaction fees related to purchase and sale of transferable securities of US$ 97,065.

The transaction costs include broker fees, settlement fees, taxes and other charges. That amount is included in the custodian fees caption.

Note 3 - Management and Performance Related Fees

The Manager is entitled to receive, under the terms of the Management Agreement, a fee at the rate of 0.75% per annum calculated each quarter by reference to the average weekly NAV during the relevant quarter. The fee will accrue daily and will be paid quarterly in arrears.

The Manager is also entitled to a performance related fee payable yearly from the second anniversary of the Fund onwards which will be calculated as follows:

(i) 5% of the amount by which the NAV has exceeded by 5% or more, but by less than 10% per annum the compound growth rate of the MSCI AC World Index during the two preceding years; and

(ii) 10% of the amount by which the NAV has exceeded by 10% or more, but by less than 15% per annum the compound growth rate of the MSCI AC World Index during the two preceding years; and

(iii) 15% of the amount by which the NAV has exceeded by 15% or more, but by less than 20% per annum the compound growth rate of the MSCI AC World Index during the two preceding years; and

(iv) 20% of the amount by which the NAV has exceeded by 20% or more, per annum the compound growth rate of the MSCI AC World Index during the two preceding years,

subject to the growth in the MSCI AC World Index during the two year period being positive.

For the year ended March 31st, 2016, there was no performance fee payable by the Fund.

Out of its fees, the Manager will pay its own expenses and those of any investment advisers retained by it. The Manager's contract can be terminated by providing 3 months' notice.

Note 4 - Taxes

As a Luxembourg investment company, under present laws the Fund is not subject to income taxes in Luxembourg. Irrecoverable taxes may be withheld at the source on dividends and interest received on investment securities.

According to the Law of December 17th, 2010 as amended, the Fund is subject to Luxembourg subscription duty ("taxe d'abonnement") at the rate of 0.05% per annum of its Net Assets, such tax being payable quarterly on the basis of the Total Net Assets of the Fund at the end of the relevant quarter.

Pursuant to the Law of December 17th, 2010 as amended, the net assets invested in other investment companies already subject to Luxembourg subscription duty are exempt from this tax.

Note 5 - Capital

At an Extraordinary General Meeting held on May 9th, 2016 shareholders approved an amendment of article 5.1 of the Articles to reflect the successive capital reductions resulting from the tender offers and capital increases resulting from the exercise of their subscription rights by warrantholders with respect to the subscription dates arisen on March 30th, 2012, September 28th, 2012, March 28th, 2013, September 30th, 2013 and March 30th, 2014 so that article 5.1 of the Articles shall now read as follows:

" The Corporation has an issued capital of ten million one hundred thirty-five thousand six hundred seventy-four United States Dollars and forty cents (US$ 10,135,674.40) consisting of fifty million six hundred seventy-eight thousand three hundred and seventy-two (50,678,372) shares of a nominal value of twenty United States cents (US$ 0.20) each".

On March 24th, 2016, 41,000 Ordinary shares were bought back for Treasury at a price of 241 pence per share (equivalent to an aggregate cost of £98,928.57, equivalent US$ 140,331.17).

The Fund's issued share capital as at March 31st, 2016 was 50,678,372 Ordinary shares, of which 40,426,095 Ordinary shares have voting rights and 10,252,277 Ordinary shares were held in Treasury without voting rights.

Note 6 - Legal Reserve

In accordance with Luxembourg requirements, at least 5% of the annual net profit must be transferred to a legal reserve.

This requirement is satisfied when the reserve is equal to 10% of issued share capital.

The legal reserve is not available for distribution.

Note 7 - Professional Fees

For year ended March 31st, 2016, the professional fees of US$ 281,547 were incurred principally due to the following:

• legal fees paid to Stephenson Harwood LLP, and Elvinger Hoss and Prussen;

• investor advisory paid to Edison Investment Research; and

• retainer fees paid to Stockdale Securities Limited; and

• audit fees paid to Deloitte.

Note 8 - Custodian Fees

The Custodian Bank (State Street Bank Luxembourg S.C.A.) receives, under the terms of the Custodian Agreement, fees for its services at rates to be agreed from time to time between the Fund and the Custodian Bank in accordance with Luxembourg practice.

Note 9 - Directors' Fees and Expenses

Each of the Directors is paid a fee for their services at such a rate as the Board had determined provided that the aggregate of such fees shall not exceed US$ 500,000 per annum (pursuant to the resolution of the Annual General Meeting held on August 18th, 2015) or such higher amount as may from time to time be determined by the Shareholders in General Meeting.

The Directors may also be paid all reasonable travelling, hotel and other expenses properly incurred by them in the course of their duties relating to the Fund and relate primarily to the Board meetings held in Europe and United States.

The fees paid after tax to each Director for the year ended March 31st, 2016 were as follows:

The aggregate fees (including Administration des Contributions) paid to Directors of the Fund amounted to US$ 217,604. The aggregate expense reimbursed to Directors of the Fund amounted to US$ 57,117. These fees relate to fees incurred as a result of the Board's attendance at each of the Fund's Board meetings. The exchange rate that has been applied for the conversion was the prevailing spot exchange at the time when the fees or expenses were paid to Directors.

Note 10 - Depositary Interest and Company Secretarial Fees and Expenses

For the year ended March 31st, 2016, the Company Secretarial fees and expenses of US$ 150,594 include charges related to the maintenance of the Fund's website, printing fees and the administration of the Fund's Custody Share Register.

Note 11 - Commitments

As of the financial year end, the Fund was not engaged in any forward foreign exchange contracts or currency options.

Note 12 - Securities Lending

As of the financial year end, the Fund had no securities lending facility in place.

Note 13 - Short Positions

As of the date of this report, the Fund had no open short positions.

Note 14 - Beneficial Interests of the Directors and Related Parties in the Share Capital

As of the date of the report, the beneficial interests of the Directors and related parties in the Share capital of the Fund are the following:

Note 15 - Substantial Shareholdings

As of the date of the report, the Board had been informed of the following interests in the Shares of the Fund:

1 Percentage based on voting rights of 40,426,095.

2 Percentage based on total shares in issue of 50,678,372 (including 10,252,277 Shares held in Treasury).

All issued shares of the Fund are on deposit with a registered clearing house and, accordingly, with the exception of those Shareholdings of which the Board has been notified, the Board is not in a position to state the exact size of any shareholdings in the Fund.

In light of the shareholder notifications referred to above the Board believes that the number of shares in public hands is currently lower than the 25% requirement set out in the Financial Conduct Authority's Listing Rules. The Fund has notified the Financial Conduct Authority of this position and is working with the Fund's advisers to redress the shares in public hands percentage to above 25%.

Note 16 - Changes in the Investment Portfolio

The changes in the investment portfolio during the period of the report are available at the registered office of the Fund without any charge.

Note 17 - Ongoing Charges

For the year ended March 31st, 2016 the Ongoing Charges were calculated using the following formula:

Annualised Ongoing Charges / Average net assets undiluted x 100 = Ongoing Charges % where;

• the annualised ongoing charges contain the management fees, professional fees, directors' fees and expenses, depositary fees, Company Secretarial fees and expenses, central administration costs and other expenses (printing, postage, annual fees); and

• the average net assets undiluted represent the arithmetic mean of the total net assets over the year; and

• taxe d'abonnement and interest paid are not included in the ongoing charges.

Ongoing Charges 1.39%

Note 18 - Line of Credit Advanced

The Fund has an unsecured US$ 25 million Line of Credit Agreement (the "Agreement") with Citibank, N.A. Interest on borrowings is payable at the Federal Funds rate plus 1.25%, on an annualised basis. Under the Agreement, the Fund has also agreed to pay a 0.10% per annum commitment fee.

As of March 31st, 2016 the Fund's total borrowing was US$ 1.2 million. This amount was used to take advantage of investment opportunities, and was repaid in full following the financial year end. 

Note 19 - Other Expenses

Other expenses include; printing fees, association fees, exchange fees, Directors' and Officers' insurance, website costs and other miscellaneous expenses.

Note 20 - Dividends on Ordinary Shares

Dividends declared and paid during the year:

Dividends payable in respect of the year:

As reported in the Chairman's Statement above, the Board has revised the Dividend Policy. An interim dividend was paid during the year ended March 31st, 2016 and the proposed final dividend, payable on August 22nd, 2016 to shareholders on the register on August 19th, 2016, is subject to approval by shareholders at the Annual General Meeting.

Note 21 - Significant Event Post-Closing

Following the year end an Extraordinary General Meeting was held on May 9th, 2016 at which shareholders approved changes to the Fund's Articles of Association as detailed below:

(i) Amendment of article 1 of the articles of incorporation of the Company (the "Articles") so as to change the Company's name from "The World Trust Fund" to "Lazard World Trust Fund".

(ii) Amendment of article 5.1 of the Articles to reflect the successive capital reductions resulting from the tender offers and capital increases resulting from the exercise of their subscription rights by warrant-holders with respect to the subscription dates arisen on March 30th, 2012, September 28th, 2012, March 28th, 2013, September 30th, 2013 and March 30th, 2014 so that article 5.1 of the Articles shall now read as follows:

" The Corporation has an issued capital of ten million one hundred thirty-five thousand six hundred seventy-four United States Dollars and forty cents (US$ 10,135,674.40) consisting of fifty million six hundred seventy-eight thousand three hundred and seventy-two (50,678,372) shares of a nominal value of twenty United States cents (US$ 0.20) each".

(iii) Amendment of article 8.2 (ii) to include a definition of the term "Specified U.S. Person" as defined by the Foreign Account Tax Compliance Act of 2010, as may be amended (FATCA) and of article 8.2 (iii) to allow the board of directors of the Company to restrict or prevent the ownership of shares in the Company if, in the reasonable opinion of the board of directors of the Company, such ownership would prejudice the tax status of the Company and might result in the Company incurring any liability to taxation including inter alia any liability that might derive from FATCA or the Common Reporting Standard or any other similar provisions.

PRINCIPAL RISKS AND UNCERTAINTIES

Investment & Strategy

The Fund may underperform its benchmark as a result of poor stock selection or as a result of the Fund or portfolio investments being geared in a falling market.

All Board meetings are attended by the Manager, where reports on portfolio performance and strategy are provided. The Fund invests in a diversified portfolio of closed-end investment companies, including investment trusts and holding companies, thereby spreading investment risk and reducing stock specific risk. The Board reviews the performance of the Manager on a regular basis.

Manager

Lazard Asset Management LLC has been the Manager of the Fund since its launch in 1991. Should the current Manager not be in a position to continue its management of the Fund, performance, liquidity and shareholder confidence may be impacted.

Lazard Asset Management LLC is a diversified, global investment platform with over 300 investment personnel worldwide and total funds under management as at December 31st, 2015 of US$ 167.8 billion, of which US$ 4.5 billion is in Discounted Asset Strategies. The Board is kept informed of succession planning by the Manager and is made aware of any changes in key personnel.

Gearing

The use of gearing increases the possibilities for profit and the risk of loss. In addition, the level of interest rates in effect at the times of such borrowings will affect the operating results of the Fund.

The Board monitors and discusses the appropriate level of gearing at each meeting. The Fund's policy on gearing is disclosed above.

Discount volatility

Discounts can fluctuate significantly both in absolute terms and relative to companies in the Fund's peer group.

The Board actively monitors the discount.

The Board will review the average discount on a regular basis and where, in the opinion of the Board and taking into account factors such as market conditions and the discounts of comparable funds, the Company's discount is higher than desired, the Board will consider what action to take. Such action may include share buy backs and/or tender offers. Any proposals for tender offers are at the discretion of the Board and in exercising such discretion the Board will take into account factors such as the level of discount at which the Fund has traded, the performance of the Fund, opportunities for new investments and the views of shareholders.

Reputational

Failure to keep current and potential investors informed of the Fund's performance and development could result in fewer shares being traded in the Fund on a daily basis, a reduction in share price and also lower investor confidence.

The Manager and Stockdale Securities Limited (the 'Broker') have been instructed by the Board to maintain frequent communication with current shareholders and potential investors. The Fund makes announcements through a Regulatory Information Service in accordance with the requirements of the UK Listing Authority Rules and copies of all announcements are uploaded on to the Fund's website, www.theworldtrustfund.com.

RELATED PARTY TRANSACTIONS

Related party transactions and Directors' interests in contracts and agreements are disclosed in Notes 14 and 15 to the financial statements detailed above.

DIRECTORS; RESPONSIBILITY STATEMENT

The Directors are responsible for preparing this Report and the Financial Statements in accordance with applicable law and regulations.

Directors are required to prepare financial statements for each financial year. The financial statements are required by law to give a true and fair view of the state of affairs of the Fund and the financial performance and cash flows of the Fund for that year.

In preparing those financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• state whether applicable regulations have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in business.

The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Fund and to enable them to ensure that the financial statements comply with the applicable law.

The Directors are also responsible for ensuring that the Directors' Report and other information in the annual report is prepared in accordance with applicable law and regulations. They also have responsibility for safeguarding the assets of the Fund and for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities. The Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Fund.

The Directors confirm that, to the best of their knowledge:

• the financial statements, which have been prepared in accordance with the applicable set of accounting standards (being the legal and regulatory requirements in Luxembourg relating to investment funds) give a true and fair view of the assets, liabilities, financial position and profit or loss of the Fund as at March 31st, 2016 and for the financial year then ended; and

• the annual report includes a fair review of the development and performance of the business and the position of the Fund, together with a description of the principal risks and uncertainties that it faces.

The Directors confirm that, so far as they are each aware, there is no relevant audit information of which the Fund's Auditor is unaware; and each Director has taken all the steps that ought to have been taken as a Director to make himself aware of any relevant audit information and to establish that the Fund's Auditor is aware of that information.

The Directors consider the annual report and audited financial statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the company's performance, business model and strategy.

On behalf of the Board

Philip R. McLoughlin

Chairman

July 12th, 2016

Annual General Meeting

The Company's Annual General Meeting will be held on August 16th, 2016 at 3.00p.m. at the registered office of the Company at 49, avenue J.F. Kennedy, L-1855 Luxembourg.

National Storage Mechanism

A copy of the Annual Report and Financial Statements will be submitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at: www.hemscott.com/nsm.do.

ENDS

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.