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Tullius Taylor Sartain & Sartain WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST QS INVESTORS INTERNATIONAL EQUITY DBI CIT FINANCIAL STATEMENTS DECEMBER 31, 2019 WITH INDEPENDENT AUDITOR'S REPORT Wilmington Trust Collective Investment Trust QS INVESTORS INTERNATIONAL EQUITY DBI CIT CONTENTS Independent Auditor's Report ..................................................................................................................................................................... 1 Statement of Assets and Liabilities ............................................................................................................................................................ 3 Statement of Operations ............................................................................................................................................................................ 3 Statement of Changes in Net Assets.......................................................................................................................................................... 4 Financial Highlights .................................................................................................................................................................................... 5 Schedule of Investments ............................................................................................................................................................................ 6 Notes to the Financial Statements............................................................................................................................................................ 23 INDEPENDENT AUDITOR'S REPORT Wilm ington Trust, N.A, Trustee for Wilmin gton Trust Collective Investment Trust Report on the Financial Statements We have audited the accompanying financial statements of QS Investors International Equity DBI CIT (the "Fund") of Wilmington Trust Collective Investment Trust (the "Trust"), which comprise the statement of assets and liabilities, including the schedule of investments, as of December 31, 2019, and the related statements of operations and c hanges in net assets, and the financial highlights for the year then ended, and the related notes to the financial s tatements. These financial statements and financial highlights are hereinafter collectively referred to as financial statements. Managemen t's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accou nting 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. Auditor 's Responsibility Our responsibility is to express an opinion on these 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 statemen ts. The procedures selected depend on the auditor's 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, the auditor considers internal control relevant to the entity'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 entity'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 the Fund as of December 31, 2019, and the results of its operations, and changes in its net assets and its financial highlights for the year then ended, in accordance with accounting principles generally accepted in the United States of America. 1 www.hogantaylor.com Other Matter Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information on investments purchased and sold for the year ended December 31, 2019, following the schedule of investments, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Tulsa, Oklahoma April 29, 2020 2 Wilmington Trust Collective Investment Trust QS Investors International Equity DBI CIT Statement of Assets and Liabilities December 31, 2019 Assets Investments in securities, at fair value (cost $64,578,218) $ 65,484,635 Foreign currency, at fair value (cost $134,688) 136,203 Cash held at broker 80,418 Accrued interest, dividends and tax reclaim receivable (net of tax withholding liability of $11,742) 484,164 Receivable for fund units sold 1,063,188 Miscellaneous receivables 32,199 Total assets 67,280,807 Liabilities and Net Assets Variation margin payable 10,241 Accrued expenses 93,333 Total liabilities 103,574 Net assets $ 67,177,233 Statement of Operations For the year ended December 31, 2019 Investment income Dividends (net of withholding taxes of $150,215) $ 2,786,363 Interest 7,594 Total investment income 2,793,957 Expenses Trustee and sub-advisory fees 322,361 Professional services and other operating expenses 5,497 Total expenses 327,858 Net investment income 2,466,099 Realized and unrealized gain (loss) on investments and foreign currency transactions Net realized loss on investments (2,979,139) Net realized loss on foreign currency transactions (35,908) Net realized gain on futures contracts 826,829 Net change in unrealized appreciation on investments 12,591,973 Net change in unrealized appreciation on foreign currency translation 1,987 Net change in unrealized depreciation on futures contracts (210) Net realized and unrealized gain on investments and foreign currency transactions 10,405,532 Net increase in net assets resulting from operations $ 12,871,631 See Notes to the Financial Statements. 3 Wilmington Trust Collective Investment Trust QS Investors International Equity DBI CIT Statement of Changes in Net Assets For the year ended December 31, 2019 Increase (decrease) in net assets resulting from operations Net investment income $ 2,466,099 Net realized loss on investments and foreign currency transactions (2,188,218) Net change in unrealized appreciation on investments and foreign currency translation 12,593,750 Net increase in net assets resulting from operations 12,871,631 Fund unit transactions Proceeds from units issued Class R-INT ^ 15,381,593 Total proceeds from units issued 15,381,593 Value of units redeemed Class R1 (40,000,000) Class R-INT ^ (849,300) Total value of units redeemed (40,849,300) Decrease in net assets resulting from fund unit transactions (25,467,707) Decrease in net assets (12,596,076) Net assets, beginning of year 79,773,309 Net assets, end of year $ 67,177,233 ^Class R-INT funded on 2/28/2019. See Notes to the Financial Statements. 4 Wilmington Trust Collective Investment Trust QS Investors International Equity DBI CIT Financial Highlights For the year ended December 31, 2019 Per Unit Operating Performance Class R1 Class R-INT Net asset value, beginning of year or at inception $ 8.93 $ 9.73 Income from investment operations: Net investment income (1) 0.31 0.28 Net realized and unrealized gain on investments and foreign currency transactions (1) 1.30 0.56 Total income from investment operations 1.61 0.84 Net asset value, end of year $ 10.54 $ 10.57 Total Return 18.03% 8.63% ^ Supplemental Data Ratio to average net assets: Expenses 0.49% 0.05% # Net investment income 3.20% 3.38% # Fund Unit Activity Units, beginning of year 8,937,506 - Issued - 1,561,904 Redeemed (4,044,489) (84,591) Units, end of year 4,893,017 1,477,313 (1) Based on average units outstanding. ^Not annualized for periods less than one year. Class R-INT funded on 2/28/2019. #Annualized except audit expense. See Notes to the Financial Statements. 5 Wilmington Trust Collective Investment Trust QS Investors International Equity DBI CIT Schedule of Investments December
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