Lazard/Wilmington Emerging Markets Portfolio Annual Report with Report of Independent Auditors December 31, 2019

Lazard/Wilmington Emerging Markets Portfolio Annual Report With Report of Independent Auditors December 31, 2019

Lazard/Wilmington Emerging Markets Portfolio

Table of Contents

December 31, 2019

Page

Report of Independent Auditors 1

Portfolio of Investments 2

Statement of Assets and Liabilities 4

Statement of Operations 5

Statement of Changes in Net Assets 6

Financial Highlights 7

Notes to Financial Statements 13

Report of Independent Auditors

To the Trustee of Lazard/Wilmington Emerging Markets Portfolio

We have audited the accompanying financial statements of Lazard/Wilmington Emerging Markets Portfolio (the “Fund”), which comprise the statement of assets and liabilities, including the portfolio of investments, as of December 31, 2019 and the related statements of operations and of changes in net assets for the year then ended and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are hereafter collectively referred to as "financial statements."

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Fund’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lazard/Wilmington Emerging Markets Portfolio as of December 31, 2019, and the results of its operations, changes in its net assets for the year then ended and the financial highlights for each of the periods indicated therein, in accordance with accounting principles generally accepted in the United States of America.

March 31, 2020

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210 T: (617) 530 5000, F:(617) 530 5001, www.pwc.com/us Lazard/Wilmington Emerging Markets Portfolio Portfolio of Investments December 31, 2019

Fair Fair Description Shares Value Description Shares Value Common Stocks | 94.3% PT Bank Mandiri (Persero) Tbk 42,068,788 $ 23,257,911 Brazil | 8.8% PT Semen Indonesia (Persero) Tbk 882,900 763,177 Ambev SA ADR 1,668,430 $ 7,774,884 PT Telekomunikasi Indonesia (Persero) Tbk Banco do Brasil SA 3,056,966 40,139,445 Sponsored ADR 657,474 ______18,738,009 BB Seguridade Participacoes SA 2,306,400 21,615,154 ______56,783,587 CCR SA 4,734,530 22,338,573 Luxembourg | 0.8% Cielo SA 4,574,480 9,518,084 Ternium SA Sponsored ADR 434,446 ______9,557,812 IRB Brasil Resseguros S/A 1,073,200 ______10,391,314 Malaysia | 0.3% 111,777,454 ______British American Tobacco Malaysia Berhad 1,033,200 ______3,808,986 China | 20.0% Mexico | 3.6% AAC Technologies Holdings, Inc. 1,693,970 14,782,537 America Movil SAB de CV, Class L Anhui Conch Cement Co., Ltd., Class H 2,866,903 20,897,564 Sponsored ADR 1,699,663 27,194,608 Baidu, Inc. Sponsored ADR 102,716 12,983,303 Grupo Mexico SAB de CV, Series B 3,853,772 10,570,229 China Construction Bank Corp., Class H 73,129,092 63,159,631 Kimberly-Clark de Mexico SAB de CV, China Merchants Bank Co., Ltd., Class H 2,390,000 12,283,857 Series A 4,148,740 ______8,228,362 China Mobile, Ltd. Sponsored ADR 851,542 35,994,680 ______45,993,199 China Shenhua Energy Co., Ltd., Class H 4,056,816 8,475,670 Pakistan | 0.7% CNOOC, Ltd. 8,540,000 14,203,560 Habib Bank, Ltd. 2,814,165 2,860,594 ENN Energy Holdings, Ltd. 781,000 8,534,342 Pakistan Petroleum, Ltd. 6,987,466 ______6,187,719 Hengan International Group Co., Ltd. 1,766,500 12,581,747 ______9,048,313 NetEase, Inc. ADR 65,430 20,063,455 Portugal | 0.8% Sinopharm Group Co., Ltd., Class H 612,800 2,237,357 Galp Energia SGPS SA 597,706 ______9,989,657 Weichai Power Co., Ltd., Class H 13,003,876 ______27,435,253 Russia | 9.0% ______253,632,956 ALROSA PAO (‡) 13,126,947 17,823,020 Egypt | 1.2% Gazprom PJSC Sponsored ADR 1,537,333 12,649,176 Commercial International Bank Egypt SAE GDR 2,952,002 15,055,210 LUKOIL PJSC Sponsored ADR 208,673 20,696,188 ______Magnit PJSC Sponsored GDR 761,721 9,182,547 Hong Kong | 1.3% Mobile TeleSystems PJSC Sponsored ADR 1,562,686 15,861,263 ASM Pacific Technology, Ltd. 1,191,000 16,522,349 ______Sberbank of Russia PJSC (‡) 9,369,465 ______38,458,337 Hungary | 2.2% ______114,670,531 OTP Bank Nyrt. 531,893 27,815,367 ______South Africa | 6.6% India | 10.2% Life Healthcare Group Holdings, Ltd. 5,537,647 9,746,037 Axis Bank, Ltd. 1,588,761 16,785,034 Mondi PLC 446,111 10,474,031 Bajaj Auto, Ltd. 237,689 10,606,039 Nedbank Group, Ltd. 592,343 9,063,195 Bharat Petroleum Corp., Ltd. 1,113,585 7,668,771 PPC, Ltd. 3,467,822 618,989 Bharti Infratel, Ltd. 1,989,028 7,036,181 Sanlam, Ltd. 1,879,336 10,613,700 Coal India, Ltd. 3,197,352 9,467,328 Shoprite Holdings, Ltd. 1,169,879 10,517,718 HCL Technologies, Ltd. 1,824,756 14,523,266 Standard Bank Group, Ltd. 902,027 10,840,296 Hero MotoCorp, Ltd. 359,576 12,307,158 The Bidvest Group, Ltd. 713,739 10,434,980 Infosys, Ltd. Sponsored ADR 1,104,100 11,394,312 Vodacom Group, Ltd. 1,428,607 ______11,760,559 Oil and Natural Gas Corp., Ltd. 4,791,512 8,646,158 ______84,069,505 Tata Consultancy Services, Ltd. 692,715 20,978,997 South Korea | 14.8% UPL, Ltd. 1,167,208 ______9,558,010 Hyundai Mobis Co., Ltd. 79,961 17,700,736 ______128,971,254 KB Financial Group, Inc. 478,819 19,729,107 Indonesia | 4.5% KT&G Corp. 123,904 10,049,890 PT Astra International Tbk 28,114,800 14,024,490

The accompanying notes are an integral part of these financial statements.

2 Lazard/Wilmington Emerging Markets Portfolio Portfolio of Investments (concluded) December 31, 2019

Fair Description Shares Value Security Abbreviations: Samsung Electronics Co., Ltd. 1,263,975 $ 60,988,201 ADR — American Depositary Receipt Shinhan Financial Group Co., Ltd. 608,044 22,792,777 GDR — Global Depositary Receipt SK Hynix, Inc. 516,931 42,062,525 PJSC — Public Joint Stock Company Woongjin Coway Co., Ltd. 175,578 14,134,906 ______187,458,142 Portfolio holdings by industry as a percentage of net assets (unaudited): Taiwan | 4.5% Common Stocks Catcher Technology Co., Ltd. 1,036,000 7,845,081 Auto Components 1.4% Hon Hai Precision Industry Co., Ltd. 5,374,375 16,278,922 Automobiles 2.9 Taiwan Semiconductor Manufacturing Co., Banks 24.6 Ltd. 2,988,404 ______32,997,356 Beverages 0.6 ______57,121,359 Chemicals 0.8 Thailand | 1.4% Construction Materials 2.4 Kasikornbank Public Co. Ltd. (‡) 1,889,200 9,523,655 Diversified Telecommunication Services 2.0 The Siam Cement Public Co. Ltd. (‡) 638,200 ______8,352,023 Electronic Equipment, Instruments & Components 2.4 ______17,875,678 Entertainment 1.6 Turkey | 2.5% Food & Staples Retailing 1.6 KOC Holding AS 4,179,608 14,276,288 Tupras Turkiye Petrol Rafinerileri AS 817,847 ______17,432,005 Gas Utilities 0.7 Health Care Providers & Services 0.9 ______31,708,293 United Kingdom | 1.1% Household Durables 1.1 Household Products 0.7 Unilever NV 251,391 ______14,446,106 Total Common Stocks Industrial Conglomerates 1.9 (Cost $1,100,056,046) ______1,196,305,758 Insurance 3.4 Short-Term Investments | 5.9% Interactive Media & Services 1.0 State Street Institutional U.S. Government IT Services 4.4 Money Market Fund, Administration Class, 1.28% (7 day yield) Machinery 2.2 (Cost $74,898,025) 74,898,025 ______74,898,025 Metals & Mining 3.0 Oil, Gas & Consumable Fuels 9.1 Total Investments | 100.2% (Cost $1,174,954,071) $ 1,271,203,783 Paper & Forest Products 0.8 Liabilities in Excess of Cash and Personal Products 2.1 Other Assets | (0.2)% ______(3,012,035) Semiconductors & Semiconductor Equipment 7.2 Technology Hardware, Storage & Peripherals 5.4 Net Assets | 100.0% $ ______1,268,191,748 ______Tobacco 1.1 Transportation Infrastructure 1.8 Notes to Portfolio of Investments: Wireless Telecommunication Services 7.2 (‡) Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under Sub-total 94.3 accounting principles generally accepted in the United States Short-Term Investments 5.9 of America (“GAAP”) hierarchy – see Note 9 in the Notes to Total Investments 100.2% Financial Statements.

The accompanying notes are an integral part of these financial statements.

Lazard/Wilmington Emerging Markets Portfolio Statement of Assets and Liabilities December 31, 2019

Assets Investments in securities, at fair value (cost $1,174,954,071) $ 1,271,203,783 Foreign currency, at fair value (cost $113,285) 113,888 Receivables for: Dividends 1,036,645 Units sold 218,639 Investments sold 32,399 Total Assets 1,272,605,354

Liabilities Payables for: Investment advisory fees (Note 4) 2,251,444 Foreign capital gains taxes 1,080,990 Units redeemed 373,215 Trustee fees (Note 4) 254,665 Investments purchased 218,473 Custodian fees 179,597 Professional services 53,434 Unitholders' services fees 1,788 Total Liabilities 4,413,606 Net Assets $ 1,268,191,748

Class A Net Assets $ 55,356,883 Units Outstanding 2,899,266 Net Asset Value per Unit $ 19.09

Class B Net Assets $ 64,321,025 Units Outstanding 3,325,249 Net Asset Value per Unit $ 19.34

Class C Net Assets $ 975,461,295 Units Outstanding 49,776,600 Net Asset Value per Unit $ 19.60

Class D Net Assets $ 56,665,084 Units Outstanding 2,854,476 Net Asset Value per Unit $ 19.85

Class E Net Assets $ 105,833,762 Units Outstanding 5,400,096 Net Asset Value per Unit $ 19.60

Class LZ Net Assets $ 10,553,699 Units Outstanding 538,604 Net Asset Value per Unit $ 19.59

The accompanying notes are an integral part of these financial statements.

Lazard/Wilmington Emerging Markets Portfolio Statement of Operations For the Year Ended December 31, 2019*

Investment Income (Loss)

Income Dividends (net of foreign withholding taxes of $5,622,657) $ 42,241,798 Total investment income 42,241,798

Expenses Investment advisory fees (Note 4): Class A 1,078,669 Class B 1,054,713 Class C 6,386,978 Class D 354,828 Class E 538,713 Trustee fees 1,033,523 Custodian fees 585,416 Professional services 47,296 Unitholders' services fees 27,872 Total expenses 11,108,008 Net investment income (loss) 31,133,790

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Net realized gain (loss) on: Investments (net of foreign capital gains taxes of $1,898,349) 15,130,793 Foreign currency transactions (729,675) Total net realized gain (loss) on investments and foreign currency 14,401,118 Net change in unrealized appreciation (depreciation) on: Investments (includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of $2,443,199) 160,349,167 Foreign currency translation 13,205 Total net change in unrealized appreciation (depreciation) on investments and foreign currency 160,362,372 Net realized and unrealized gain (loss) on investments and foreign currency 174,763,490 Net increase (decrease) in net assets resulting from operations $ 205,897,280

* The inception date for Class LZ was October 28, 2019.

The accompanying notes are an integral part of these financial statements.

Lazard/Wilmington Emerging Markets Portfolio Statement of Changes in Net Assets For the Year Ended December 31, 2019*

Increase (Decrease) in Net Assets

Operations: Net investment income (loss) $ 31,133,790 Net realized gain (loss) on investments and foreign currency 14,401,118 Net change in unrealized appreciation (depreciation) on investments and foreign currency 160,362,372 Net increase (decrease) in net assets resulting from operations 205,897,280

Unitholder Transactions (Note 6): Proceeds from units sold 301,487,651 Cost of units redeemed (469,392,080) Net increase (decrease) in net assets from unitholder transactions (167,904,429) Total increase (decrease) in net assets 37,992,851 Net assets at beginning of year 1,230,198,897 Net assets at end of year $ 1,268,191,748

Changes in Units (Note 6): Units outstanding at beginning of year 74,187,417 Units sold 16,868,430 Units redeemed (26,261,556) Net increase (decrease) in units (9,393,126) Units outstanding at end of year 64,794,291

* The inception date for Class LZ was October 28, 2019.

The accompanying notes are an integral part of these financial statements.

Lazard/Wilmington Emerging Markets Portfolio Financial Highlights – Class A Selected data per unit outstanding throughout the year ended December 31, 2019

Net asset value, beginning of year $ 16.25 Income (Loss) from investment operations: Net investment income (loss) (a) 0.43 Net realized and unrealized gain (loss) 2.41 Total from investment operations 2.84 Net asset value, end of year $ 19.09

Total Return (b) 17.48 %

Ratios and Supplemental Data: Net assets, end of year (in thousands) $ 55,357 Ratios to average net assets (c): Total expenses 1.09 % Net investment income (loss) 2.45 %

(a) Net investment income (loss) has been computed based on the average daily units outstanding. (b) Total return calculation is based on the value of a single unit of participation outstanding throughout the year. It represents the percentage change in the net asset value per unit between the beginning of the year and end of the year and assumes reinvestment of all distributions, if any. The calculation includes only those expenses charged directly to the Portfolio. Individual unitholders may incur administration or other fees related to the management or maintenance of their individual unitholder accounts, which would have the effect of reducing a unitholder's net return on their investments in the Portfolio. An individual unitholder's return may also vary based on the timing of capital transactions and fees. (c) Ratios to average net assets do not reflect expenses charged directly to the unitholders. An individual unitholder’s ratios to average net assets may vary based on the timing of unitholder transactions and fees.

The accompanying notes are an integral part of these financial statements.

Lazard/Wilmington Emerging Markets Portfolio Financial Highlights – Class B Selected data per unit outstanding throughout the year ended December 31, 2019

Net asset value, beginning of year $ 16.45 Income (Loss) from investment operations: Net investment income (loss) (a) 0.43 Net realized and unrealized gain (loss) 2.46 Total from investment operations 2.89 Net asset value, end of year $ 19.34

Total Return (b) 17.57 %

Ratios and Supplemental Data: Net assets, end of year (in thousands) $ 64,321 Ratios to average net assets (c): Total expenses 0.98 % Net investment income (loss) 2.41 %

The accompanying notes are an integral part of these financial statements.

Lazard/Wilmington Emerging Markets Portfolio Financial Highlights – Class C Selected data per unit outstanding throughout the year ended December 31, 2019

Net asset value, beginning of year $ 16.65 Income (Loss) from investment operations: Net investment income (loss) (a) 0.46 Net realized and unrealized gain (loss) 2.49 Total from investment operations 2.95 Net asset value, end of year $ 19.60

Total Return (b) 17.72 %

Ratios and Supplemental Data: Net assets, end of year (in thousands) $ 975,461 Ratios to average net assets (c): Total expenses 0.89 % Net investment income (loss) 2.57 %

The accompanying notes are an integral part of these financial statements.

Lazard/Wilmington Emerging Markets Portfolio Financial Highlights – Class D Selected data per unit outstanding throughout the year ended December 31, 2019

Net asset value, beginning of year $ 16.85 Income (Loss) from investment operations: Net investment income (loss) (a) 0.49 Net realized and unrealized gain (loss) 2.51 Total from investment operations 3.00 Net asset value, end of year $ 19.85

Total Return (b) 17.80 %

Ratios and Supplemental Data: Net assets, end of year (in thousands) $ 56,665 Ratios to average net assets (c): Total expenses 0.79 % Net investment income (loss) 2.71 %

The accompanying notes are an integral part of these financial statements.

Lazard/Wilmington Emerging Markets Portfolio Financial Highlights – Class E Selected data per unit outstanding throughout the year ended December 31, 2019

Net asset value, beginning of year $ 16.64 Income (Loss) from investment operations: Net investment income (loss) (a) 0.46 Net realized and unrealized gain (loss) 2.50 Total from investment operations 2.96 Net asset value, end of year $ 19.60

Total Return (b) 17.79 %

Ratios and Supplemental Data: Net assets, end of year (in thousands) $ 105,834 Ratios to average net assets (c): Total expenses 0.84 % Net investment income (loss) 2.53 %

The accompanying notes are an integral part of these financial statements.

11 Lazard/Wilmington Emerging Markets Portfolio Financial Highlights – Class LZ Selected data per unit outstanding throughout the period October 28, 2019 (commencement of operations) through December 31, 2019

Net asset value, beginning of period $ 18.36 Income (Loss) from investment operations: Net investment income (loss) (a) 0.06 Net realized and unrealized gain (loss) 1.17 Total from investment operations 1.23 Net asset value, end of period $ 19.59

Total Return (b) 6.70 %

Ratios and Supplemental Data: Net assets, end of year (in thousands) $ 10,554 Ratios to average net assets (c): Total expenses 0.15 % Net investment income (loss) 1.75 %

(a) Net investment income (loss) has been computed based on the average daily units outstanding. (b) Total return calculation is based on the value of a single unit of participation outstanding throughout the period. It represents the percentage change in the net asset value per unit between the beginning of the period and end of the period and assumes reinvestment of all distributions, if any. The calculation includes only those expenses charged directly to the Portfolio. Individual unitholders may incur administration or other fees related to the management or maintenance of their individual unitholder accounts, which would have the effect of reducing a unitholder's net return on their investments in the Portfolio. An individual unitholder's return may also vary based on the timing of capital transactions and fees. Return for a period of less than one year is not annualized. (c) Ratios to average net assets do not reflect expenses charged directly to the unitholders. An individual unitholder’s ratios to average net assets may vary based on the timing of unitholder transactions and fees. Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

12 Lazard/Wilmington Emerging Markets Portfolio

Notes to Financial Statements December 31, 2019

(1) Organization

Lazard/Wilmington Collective Trust (the "Trust") is a trust formed pursuant to a Declaration of Trust dated August 2, 1999, as amended and/or restated from time to time and governed by the laws of the State of Delaware. The Lazard/Wilmington Emerging Markets Portfolio (the “Portfolio”) is a portfolio of the Trust. This report includes only the financial statements of the Portfolio. The financial statements of other portfolios within the Trust, if any, are presented separately. The Portfolio's investment objective is to achieve long-term capital appreciation by investing primarily in equity and equity-related securities of issuers that are located, or do significant business, in emerging market countries.

Wilmington Trust, National Association, a related party of the Trust, is the Trustee of the Trust and is responsible for maintaining and administering the Trust and the Portfolio. Lazard Asset Management LLC (the "Sub-Advisor"), a subsidiary of Lazard Frères & Co. LLC, provides sub-advisory services for the investment assets of the Portfolio. State Street Bank and Trust Company (the “Custodian”) is the Custodian of the Portfolio and is responsible for custody of the Portfolio's assets and providing transfer agent, recordkeeping and accounting functions. The custodian and unitholders' services fees are accrued daily and paid monthly.

According to the Offering Memorandum, the Portfolio is divided into three classes, which shall be identical except as to expenses to be borne by a particular class. Additional classes may be added by the Trustee in its discretion. As of December 31, 2019, the Portfolio had six funded classes, Class A, Class B, Class C, Class D, Class E and Class LZ (commenced operation from October 28, 2019).

(2) Significant Accounting Policies

The accompanying financial statements are presented in conformity with GAAP. The Portfolio is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of the financial statements:

(a) Valuation of Investments

Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, are valued at the last reported sales price (for domestic equity securities) or the closing price (for foreign equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the NASDAQ National Market System ("NASDAQ"), the NASDAQ Official Closing Price. If there is no available closing price for a foreign equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.

Calculation of the Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on non-US securities exchanges and in over-the-counter markets may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the "NYSE") is open). In addition, non-US securities trading generally, or in a particular country or countries, may not take place on all business days in New York and on which the NAV of the Portfolio is calculated.

The Sub-Advisor 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 Sub-Advisor’s portfolio managers/analysts also will be considered.

13 Lazard/Wilmington Emerging Markets Portfolio

Notes to Financial Statements (continued) December 31, 2019

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 Portfolio’s NAV 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 Sub-Advisor. Non-US securities may trade on days when the Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio unitholders may not be able to buy or sell Portfolio units.

(b) Portfolio Securities Transactions and Investment Income

Portfolio securities transactions are accounted for as of the trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income is recorded on the ex-dividend date except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Portfolio. Interest income, if any, is accrued daily. The Portfolio's income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class.

The Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). The Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

The accounting records of the Portfolio are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.

The Portfolio does not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments. Net realized gain (loss) on foreign currency transactions represent net foreign currency gain (loss) from disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolio's accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translation reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

(d) Tax Reclaims Receivable

Tax reclaims receivable, if any, are recorded on the ex-dividend date based upon the Trustee’s interpretation of country-specific taxation of dividend income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Trustee’s interpretation of country-specific taxation of dividend income and related amounts reclaimable.

14 Lazard/Wilmington Emerging Markets Portfolio

Notes to Financial Statements (continued) December 31, 2019

(e) Income Taxes

The Portfolio intends to continue to be exempt from taxation under section 501(a) of the Internal Revenue Code and qualify as a group trust under IRS Revenue Ruling 81-100 and any amendments thereto, and other applicable IRS rules and regulations. No provision for federal income taxes is made in the financial statements of the Portfolio.

Management has analyzed the Portfolio tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations.

(f) Distributions to Unitholders

Net investment income and net realized gains are retained by the Portfolio.

(g) Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

(h) Net Asset Value

NAV per unit for each class of the Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Portfolio will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its units as of 4:00 p.m., if the particular disruption directly affects only the NYSE. NAV per unit is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio units of such class outstanding.

(3) Short Term Investments

Cash is held by the Custodian which, as contracted on behalf of the Portfolio, sweeps on each business day into the State Street Institutional U.S. Government Money Market Fund, a registered open-end management investment company under the Investment Company Act of 1940, as amended, which is included in the Portfolio of Investments.

(4) Sub-Advisor and Trustee Fees

Pursuant to the Sub-Advisor Agreement, the Sub-Advisor regularly provides the Portfolio with investment research, advice and supervision and furnishes continuously an investment program consistent with its investment objectives and policies, including the purchase, retention and disposition of securities, and provides the Portfolio with administrative, operational and compliance assistance services. For its services provided to the Portfolio, the Sub-Advisor earns an investment advisory fee at an annual rate of 0.95%, 0.85%, 0.75%, 0.65% and 0.70% of the average daily net assets for Class A, Class B, Class C, Class D and Class E respectively. The Sub-Advisor does not charge an investment advisory fee on Class LZ net assets. The investment advisory fees are accrued daily and paid quarterly.

15 Lazard/Wilmington Emerging Markets Portfolio

Notes to Financial Statements (continued) December 31, 2019

The Sub-Advisor has voluntarily agreed to waive its fees and, if necessary, reimburse the Portfolio if the aggregate direct expenses of the Portfolio, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, exceed 1.15%, 1.05%, 0.95% , 0.83%, 0.90% and 0.20% of the average daily net assets for Class A, Class B, Class C, Class D, Class E and Class LZ respectively. For the year ended December 31, 2019, the Sub-Advisor did not waive or reimburse the Portfolio for any operating expenses. For purposes of this item, an “Acquired Fund” means any company in which the Portfolio invests or has invested during the relevant fiscal period that (A) is an investment company or (B) would be an investment company under section 3(a) of the Investment Company Act (15 U.S.C. 80a-3(a)) but for the exceptions to that definition provided for in sections 3(c)(1) and 3(c)(7) of the Investment Company Act (15 U.S.C. 80a-3(c)(1) and 80a-3(c)(7)).

The Trustee is responsible for certain administrative and financial reporting functions. For these services, the Portfolio pays the Trustee a per annum fee of 0.10% on the first $500 million of net assets, 0.08% on the next $500 million of net assets and 0.06% on net assets in excess of $1 billion. The trustee fees are accrued daily and paid quarterly.

(5) Investment Transactions

The Portfolio may be subject to capital gains taxes levied by foreign governments on net realized gains on sales of securities. For the year ended December 31, 2019, realized gain (loss) on sales of securities was reported net of $1,898,349 of such capital gains taxes. At December 31, 2019, unrealized appreciation (depreciation) on investments includes a deferred tax liability of $1,080,990 based on unrealized appreciation on applicable investments in securities held at year end. The net change in unrealized appreciation (depreciation) on investments for 2019 includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of $2,443,199.

(6) Unitholders' Transactions

The Portfolio offers units for sale and redemption of its units at the NAV of each class as of the close of each business day.

For the year ended December 31, 2019, the units transactions were as follows:

Class Units Dollar Amounts

Class A Units sold 1,727,352 $ 29,600,000 Units redeemed (6,574,290) (117,046,984) Net increase (decrease) in units (4,846,938) $ (87,446,984)

Class B Units sold 874,881 $ 15,612,572 Units redeemed (9,796,555) (173,966,674) Net increase (decrease) in units (8,921,674) $ (158,354,102)

Class C Units sold 11,600,136 $ 207,128,957 Units redeemed (8,151,927) (146,286,360) Net increase (decrease) in units 3,448,209 $ 60,842,597

16 Lazard/Wilmington Emerging Markets Portfolio

Notes to Financial Statements (continued) December 31, 2019

Class D Units sold 496,147 $ 9,059,075 Units redeemed (653,529) (11,892,357) Net increase (decrease) in units (157,382) $ (2,833,282)

Class E Units sold 1,620,746 $ 30,000,000 Units redeemed (1,074,691) (20,000,000) Net increase (decrease) in units 546,055 $ 10,000,000

Class LZ* Units sold 549,168 $ 10,087,047 Units redeemed (10,564) (199,705) Net increase (decrease) in units 538,604 $ 9,887,342

Total increase (decrease) in units (9,393,126) $ (167,904,429)

*The inception date for Class LZ was October 28, 2019.

(7) Investment Risks

(a) Non-US Securities Risk

The Portfolio's performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity.

(b) Emerging Market Risk

Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the US. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

17 Lazard/Wilmington Emerging Markets Portfolio

Notes to Financial Statements (continued) December 31, 2019

Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Sub-Advisor does not intend to actively hedge the Portfolio’s foreign currency exposure.

(d) Unitholder Concentration Risk

As of December 31, 2019, the number of unitholders that held units in excess of 10% of the respective Class’ units, and the aggregated percentages of the total units that those unitholders held of each Class, were as follows:

Class Number of Unitholders Aggregated Percentages

Class A 2 100.00% Class B 3 100.00% Class C 3 76.17% Class D 1 100.00% Class E 1 100.00% Class LZ 1 100.00%

(e) Counterparty Default Risk

Certain investment techniques the Portfolio may employ involve risk that the counterparty to such instruments will become insolvent or otherwise default on its obligation to perform as agreed. In the event of such default, the Portfolio may have limited recourse against the counterparty and may experience delays in the recovery (or loss) of collateral.

(f) Sector Risk

Implementation of the Portfolio's investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio's assets in a particular market sector, such as information technology companies or companies in the financials sector, and the Portfolio would be expected to be affected by developments in that sector. Information technology companies generally operate in intensely competitive markets on a worldwide basis. This level of competition can put pressure on the prices of their products and services which could adversely affect their profitability. Also, because technological development in many areas increases at a rapid rate, these companies often produce products with very short life cycles and face the risk of product obsolescence. Other risks include changes in consumer preferences, competition for qualified personnel, the effects of economic slowdowns, dependence on intellectual property rights and the impact of government regulation.

Companies in the financials sector can be significantly affected by, among other things: government regulation; changes in interest rates and/or monetary policy and general economic conditions; the availability and cost of capital; capital requirements; decreased liquidity in credit markets; and the rate of defaults on corporate, consumer and government debt. Deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including the US and international credit and interbank markets generally, which could affect a wide range of financial institutions and markets. In addition, companies in the financials sector are often more highly leveraged than other companies, making them inherently riskier.

18 Lazard/Wilmington Emerging Markets Portfolio

Notes to Financial Statements (continued) December 31, 2019

(8) Contractual Obligations

The Portfolio enters into contracts in the normal course of business that contain a variety of indemnification provisions. The Portfolio’s maximum exposure under these arrangements is unknown. Management has reviewed the Portfolio’s existing contracts and expects the risk of loss to be remote.

(9) Fair Value Measurements

Fair value is defined as the price that the Portfolio 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 Portfolio. Unobservable inputs reflect the Portfolio’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. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Portfolio 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 assets and liabilities • Level 2 – other significant observable inputs (including unadjusted quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.) • Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of assets and liabilities)

Changes in valuation technique may result in transfers into or out of the current assigned level within the hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

19 Lazard/Wilmington Emerging Markets Portfolio

Notes to Financial Statements (concluded) December 31, 2019

The following table summarizes the valuation of the Portfolio's assets and liabilities by each fair value hierarchy level as of December 31, 2019:

Unadjusted Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs Balance as of Description (Level 1) (Level 2) (Level 3) December 31, 2019 Common Stocks* Brazil $ 111,777,454 $ — $ — $ 111,777,454 China 253,632,956 — — 253,632,956 Egypt 15,055,210 — — 15,055,210 Hong Kong 16,522,349 — — 16,522,349 Hungary 27,815,367 — — 27,815,367 India 128,971,254 — — 128,971,254 Indonesia 56,783,587 — — 56,783,587 Luxembourg 9,557,812 — — 9,557,812 Malaysia 3,808,986 — — 3,808,986 Mexico 45,993,199 — — 45,993,199 Pakistan 9,048,313 — — 9,048,313 Portugal 9,989,657 — — 9,989,657 Russia 58,389,174 56,281,357 — 114,670,531 South Africa 84,069,505 — — 84,069,505 South Korea 187,458,142 — — 187,458,142 Taiwan 57,121,359 — — 57,121,359 Thailand — 17,875,678 — 17,875,678 Turkey 31,708,293 — — 31,708,293 United Kingdom 14,446,106 — — 14,446,106 Short-Term Investments 74,898,025 — — 74,898,025 Total $ 1,197,046,748 $ 74,157,035 $ — $ 1,271,203,783

* Please refer to Portfolio of Investments for portfolio holdings by industry.

(10) Subsequent Events

Management has evaluated subsequent events affecting the Portfolio through March 31, 2020, the date that these financial statements were available to be issued, and has determined that there were no subsequent events that required adjustment or disclosure.

The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. The effect of the impact of COVID-19 has not been reflected in these financial statements. It is not known how long such impacts, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact the Portfolio’s future financial performance and its investments.