Lazard/Wilmington Acw Ex-Us Equity Advantage Fund

WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

LAZARD/WILMINGTON ACW EX-US EQUITY ADVANTAGE FUND

FINANCIAL STATEMENTS

DECEMBER 31, 2020

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust

LAZARD/WILMINGTON ACW EX-US EQUITY ADVANTAGE FUND

CONTENTS

Independent Auditor's Report ...... 1

Schedule of Investments ...... 3

Statement of Assets and Liabilities ...... 12

Statement of Operations ...... 12

Statement of Changes in Net Assets...... 13

Financial Highlights ...... 14

Notes to the Financial Statements...... 15

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust, N.A, Trustee for

Wilmington Trust Collective Investment Trust

Repo rt on the Financial Statements

We have audited the accompanying financial statements of Lazard/Wilmington ACW Ex-US Equity Advantage Fund (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, 2020, the related statements of operations and changes in net assets, 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.

Management 's Responsibility for the Financial Statements

Ma nagement is responsible for the preparation and fair presentation of these 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 f ree from material misstatement, whether due to fraud or error.

Auditor 's Responsibility

Ou r 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 statem ents. 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, t he 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 si gnificant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

W e 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, 2020, the results of its operations, 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 of the Fund as a whole. The supplementary information for the year ended December 31, 2020, 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 30, 2021

LAZARD ASSET MANAGEMENT LLC

Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.1% Basic Materials - 7.6% African Rainbow Minerals Limited 3,666 $ 58,495 $ 65,367 Air Liquide 799 120,423 131,245 Anglo American Platinum Limited 222 11,529 21,811 BHP Group Limited 1,539 40,572 50,389 Centerra Gold Inc. 2,449 31,278 28,335 Fortescue Metals Group Limited 16,875 92,199 305,096 HBIS Resources Co., Ltd. 5,900 24,777 22,455 Huafon Chemical Co., Ltd. 18,300 25,875 28,234 Kumba Iron Ore Limited 881 24,743 37,355 LOTTE Fine Chemical Co., Ltd. 826 34,154 41,973 Mondi PLC 2,008 37,365 47,197 Nitto Denko Corporation 1,100 76,943 98,339 Northam Platinum Limited 1,732 16,347 24,706 PT Vale Indonesia Tbk 122,800 44,803 44,575 Regis Resources Limited 14,154 33,346 40,848 Shin-Etsu Chemical Co., Ltd. 1,300 129,151 227,149 Ternium S.A. ^ 1,245 25,369 36,205 Vale S.A. 6,155 77,693 103,626 Yara International ASA 1,514 62,584 62,951 Total Basic Materials 967,646 1,417,856

Communications - 8.5% Alibaba Group Holding Limited ^ 1,226 267,070 285,327 BT Group PLC 42,788 67,665 77,352 Hellenic Telecommunications Organization S.A. 1,038 15,967 16,739 ITV PLC 38,622 48,403 56,384 JD.com, Inc. ^ 901 37,709 79,198 KDDI Corporation 5,000 144,826 148,482 Kogan.com Ltd. 742 6,487 10,879 PT Telkom Indonesia (Persero) Tbk ^ 1,325 40,452 31,164 Quebecor Inc. 1,029 25,110 26,460 Reply S.p.A. 239 25,045 27,868 SKY Perfect JSAT Holdings Inc. 4,200 20,204 20,665 SoftBank Corp. 19,100 236,809 239,201 Spirent Communications PLC 6,756 18,862 24,381 Tencent Holdings Limited 2,700 113,301 196,393 Tencent Music Entertainment Group ^ 4,593 75,871 88,369 Trend Micro Incorporated 800 48,069 46,026 Turkcell Iletisim Hizmetleri A.S. 15,231 33,728 32,993

See Notes to the Financial Statements. 3 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.1% (continued) Communications - 8.5% (continued) Vipshop Holdings Limited ^ 1,324 $ 17,935 $ 37,218 Vodacom Group 3,164 27,203 26,794 Vodafone Group Public Limited Company 73,475 119,105 121,468 Total Communications 1,389,821 1,593,361

Consumer, Cyclical - 13.4% Aktiebolaget Volvo 1,854 29,892 43,751 Alimentation Couche-Tard Inc. 3,929 98,733 133,783 Compagnie Generale des Etablissements Michelin 891 114,057 114,415 Compass Group PLC 910 18,000 16,955 Daimler AG 1,911 103,488 135,125 DCM Holdings Co., Ltd. 3,300 44,119 37,684 Dollarama Inc. 4,159 153,250 169,363 EDION Corporation 2,800 27,093 28,422 Evolution Gaming Group AB 2,762 55,294 280,755 Feng Tay Enterprises Co., Ltd. 1,840 10,988 13,064 Games Workshop Group PLC 241 12,973 36,897 HORNBACH Holding AG & Co. KGaA 277 27,000 26,673 Industria de Diseno Textil, S.A. 6,636 184,308 211,431 JYP Entertainment Corporation 1,079 34,702 38,142 Leiballi & Cuzzuol - S.P.A. 25,753 32,881 - LG Electronics Inc. 1,160 91,592 144,159 Li Ning Company Limited 6,500 12,794 44,681 Linamar Corporation 910 47,402 48,157 Magna International Inc. 4,995 236,646 353,296 Marui Group Co., Ltd. 900 17,054 15,795 McDonald's Holdings Company (Japan), Ltd. 400 19,748 19,371 NEXT PLC 212 16,658 20,535 Nien Made Enterprise Co., Ltd. 4,000 48,606 46,409 Nintendo Co., Ltd. 400 193,277 255,044 Persimmon Public Limited Company 1,650 55,309 62,409 Peugeot SA 2,210 54,920 60,489 Sekisui House, Ltd. 2,100 39,866 42,714 Shenzhou International Group Holdings Limited 4,300 73,725 84,294 Sinotruk (Hong Kong) Limited 12,000 30,353 30,643 Total Consumer, Cyclical 1,884,728 2,514,456

See Notes to the Financial Statements. 4 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.1% (continued) Consumer, Non-cyclical - 17.4% Ambev S.A. 6,400 $ 17,343 $ 19,283 Arca Continental, S.A.B. de C.V. 7,100 33,625 33,908 AstraZeneca PLC 309 31,617 30,936 By-health Co., Ltd. 4,900 18,624 18,095 China Feihe Limited 46,000 106,183 107,735 Chugai Pharmaceutical Co., Ltd. 900 25,479 47,970 CSL Limited 405 71,987 88,499 CSPC Pharmaceutical Group Limited 49,920 55,067 51,054 Dai Nippon Printing Co., Ltd. 3,100 61,154 55,698 Fisher & Paykel Healthcare Corporation Limited 3,026 52,036 71,832 GlaxoSmithKline PLC 2,328 52,826 42,706 Guangzhou Wondfo Biotech Co., Ltd. 1,100 13,091 15,005 HelloFresh SE 202 8,474 15,620 Icon Public Limited Company 116 21,572 22,618 Intco Medical Technology Co., Ltd. 1,200 15,750 30,854 International Container Terminal Services, Inc. 6,190 15,316 15,919 Japan Tobacco Inc. 2,800 52,558 57,006 JiuGuiJiu Co., Ltd. 900 17,940 21,537 Kao Corporation 500 40,653 38,598 Koninklijke Ahold Delhaize N.V. 2,731 82,281 77,222 L'Oreal 207 59,579 78,718 Muyuan Foods Co., Ltd. 2,300 27,519 27,116 Novartis AG 3,340 248,484 316,071 Novo Nordisk A/S 6,037 350,634 423,389 Orkla ASA 10,715 105,975 108,878 Randstad N.V. 719 38,809 46,837 RELX PLC 5,921 131,084 145,080 Roche Holding AG 1,331 365,640 465,274 Sartorius Stedim Biotech S.A. 47 15,826 16,746 Seven & i Holdings Co., Ltd. 4,500 151,369 159,480 Shenzhen Mindray Bio-Medical Electronics Co., Ltd. 400 12,968 26,056 Sonova Holding AG 98 24,715 25,499 Swedish Match AB 1,937 114,589 150,431 Tate & Lyle Public Limited Company 11,829 102,622 109,048 Tiger Brands Limited 1,491 18,523 21,132 Top Glove Corporation Bhd 14,300 17,520 21,757 Unilever PLC 2,658 134,002 159,577 WH Group Limited 119,500 129,897 100,176 Total Consumer, Non-cyclical 2,843,331 3,263,360

See Notes to the Financial Statements. 5 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.1% (continued) Diversified - 0.1% CK Hutchison Holdings Limited 4,000 $ 41,506 $ 27,909

Energy - 4.4% China Petroleum & Chemical Corporation 280,000 130,176 125,305 China Shenhua Energy Company Limited 76,500 139,936 144,045 Neste Oyj 992 40,891 71,806 PetroChina Company Limited 208,000 72,015 64,381 Polskie Gornictwo Naftowe i Gazownictwo S.A. 48,983 65,654 72,857 PTT Exploration and Production Public Company Limited 13,500 53,633 44,272 Lukoil PJSC ^ 1,318 100,052 89,888 Royal Dutch Shell PLC 8,242 159,248 146,215 Santos Limited 13,401 62,307 64,837 Total Energy 823,912 823,606

Financials - 18.9% Agricultural Bank of China Limited 67,000 21,300 24,540 Allianz SE 1,170 262,842 287,313 Banco BPM S.p.A. 21,627 45,954 47,843 Bank of Beijing Co., Ltd. 104,100 77,959 77,043 Bank of China Limited 211,000 71,553 72,113 Bank of Communications Co., Ltd. 191,000 97,340 100,995 Barclays PLC 117,583 175,180 235,759 BNP Paribas 1,447 54,931 76,316 China Minsheng Banking Corp., Ltd. 214,500 157,540 122,273 Credit Saison Co.,Ltd. 1,600 17,136 18,380 Credit Suisse Group AG 9,517 105,043 122,737 CSC Financial Co., Ltd. 14,000 17,855 18,597 Dai-ichi Life Holdings, Inc. 12,300 181,898 184,896 Daito Trust Construction Co., Ltd. 1,200 130,950 112,044 DBS Group Holdings Ltd 1,720 27,726 32,587 Deutsche Bank AG 12,422 117,967 136,015 DNB ASA 3,673 43,557 72,071 DWS Group GmbH & Co. KGaA 829 26,497 35,298 Hana Financial Group Inc. 2,625 59,796 83,368 IGM Financial Inc. 527 11,934 14,275 Industrial Bank Co.,Ltd. 14,400 45,126 45,954 Intesa Sanpaolo S.p.A. 8,175 15,882 19,131 Investor Aktiebolag 252 16,290 18,386 JAFCO Group Co., Ltd. 600 20,879 29,929

See Notes to the Financial Statements. 6 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.1% (continued) Financials - 18.9% (continued) Japan Post Bank Co., Ltd. 5,600 $ 45,567 $ 45,941 KB Financial Group Inc. 1,759 52,386 70,276 Kinnevik AB 1,257 58,424 63,596 Mizuho Financial Group, Inc. 4,200 55,652 53,189 MS&AD Insurance Group Holdings, Inc. 700 18,903 21,296 Muenchener Rueckversicherungs AG 528 138,057 156,857 Muthoot Finance Limited 1,841 16,371 30,411 Natwest Group PLC 38,165 91,096 87,462 Netwealth Group Limited 2,571 16,937 31,624 Nishi-Nippon Financial Holdings, Inc. 2,500 14,918 15,957 NN Group N.V. 2,606 106,176 113,290 North Pacific Bank,Ltd. 8,100 17,639 17,103 Oversea-Chinese Banking Corporation Limited 2,200 15,555 16,746 PagSeguro Digital Ltd. 1,021 37,806 58,074 Ping An Insurance (Group) Company of China, Ltd. 11,000 114,966 134,772 Plus500 Ltd. 1,435 19,468 28,443 Qualitas Controladora, S.A.B. de C.V. 7,000 28,330 37,551 Sberbank of Russia PJSC ^ 5,896 68,026 85,610 Seazen Holdings Co., Ltd. 3,200 16,257 17,043 S-Enjoy Service Group Co., Limited 6,000 14,457 13,743 Societe Generale SA 1,122 16,425 23,368 Standard Chartered PLC 15,545 86,653 99,000 Standard Life Aberdeen plc 9,509 32,340 36,564 State Bank of India 12,342 45,668 46,350 Sumitomo Mitsui Trust Holdings, Inc. 1,400 48,634 43,080 Sumitomo Realty & Development Co., Ltd. 1,100 34,549 33,891 Sun Hung Kai Properties Limited 2,000 26,689 25,794 T&D Holdings, Inc. 4,800 44,762 56,580 The 77 Bank, Ltd. 1,100 15,179 14,959 UBS Group AG 1,688 19,866 23,813 UOL Group Limited 7,100 40,939 41,419 Total Financials 3,161,830 3,531,665

Industrials - 15.7% AEM Holdings Ltd. 10,400 22,473 27,148 Amada Co., Ltd. 10,300 103,060 113,031 ASSA ABLOY AB 2,437 58,556 60,090 Bharat Electronics Limited 48,813 70,022 80,534 Canadian Pacific Railway Limited 539 139,541 186,801

See Notes to the Financial Statements. 7 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.1% (continued) Industrials - 15.7% (continued) China Resources Cement Holdings Limited 24,000 $ 34,293 $ 26,805 Compagnie de Saint-Gobain SA 3,326 129,481 152,607 Daikin Industries, Ltd. 700 128,231 155,397 Delta Electronics (Thailand) Public Company Limited # 5,800 16,647 94,085 Delta Electronics, Inc. 22,000 150,639 205,922 Deutsche Post AG 3,679 163,980 182,308 East Japan Railway Company 2,100 172,269 140,041 Hana Microelectronics Public Company Limited # 23,400 22,296 31,046 Hankuk Carbon Co., Ltd. 1,572 19,088 19,464 Hartalega Holdings Berhad 21,400 79,982 64,586 Huaxin Cement Co., Ltd. 8,000 22,708 25,236 Husqvarna AB 12,769 134,221 165,588 IMI PLC 2,473 28,031 39,382 Kingspan Group PLC 521 48,329 36,591 Luxshare Precision Industry Co., Ltd. 3,249 13,569 27,881 Micro-Star International Company Limited 5,000 21,454 23,578 Murata Manufacturing Co., Ltd. 1,500 94,615 135,406 SANY Heavy Industry Co.,Ltd 10,400 18,650 55,627 Schneider Electric SE 3,046 261,941 440,896 SITC International Holdings Company Limited 12,000 14,551 25,907 SKF Aktiebolaget 2,800 52,334 72,757 Taiheiyo Cement Corporation 1,100 27,131 27,477 Techtronic Industries Company Limited 5,000 30,070 71,319 TFI International Inc. 443 19,520 22,786 Valmet Oyj 5,050 126,060 144,340 Xinyi Glass Holdings Limited 24,000 43,677 67,012 Zhen Ding Technology Holding Limited 3,000 11,372 12,172 Total Industrials 2,278,791 2,933,820

Technology - 10.8% ASM International N.V. 755 75,840 166,234 ASML Holding N.V. 225 64,188 109,445 CGI Inc. 998 70,136 79,111 Constellation Software Inc. 72 70,804 93,415 Fortnox Aktiebolag 339 7,810 19,091 Infosys Limited^ 10,542 120,290 178,687 International Games System Co., Ltd. 1,000 16,071 26,977 Samsung Electronics Co., Ltd. * 257 260,998 469,025 Taiwan Semiconductor Manufacturing Company Limited ^ 5,382 207,226 586,856

See Notes to the Financial Statements. 8 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.1% (continued) Technology - 10.8% (continued) Tata Consultancy Services Limited 6,693 $ 190,684 $ 262,430 Topicus.com Inc. 133 - 502 TOTVS S.A. 6,200 33,570 34,281 Total Technology 1,117,617 2,026,054

Utilities - 1.3% Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP 1,566 14,989 13,398 Companhia de Saneamento de Minas Gerais COPASA MG 7,500 40,373 23,680 Electric Power Development Co., Ltd. 1,700 39,551 23,398 ENGIE Brasil Energia S.A. 2,800 21,740 23,686 Hokkaido Electric Power Co., Inc. 9,500 39,522 34,505 Iberdrola, S.A. 1,189 14,970 17,021 National Grid PLC 2,146 24,924 25,375 Osaka Gas Co., Ltd. 2,000 40,241 40,912 Public Joint-Stock Company Inter RAO UES 515,871 35,823 37,052 The Okinawa Electric Power Company, Incorporated 1,000 15,621 13,424 Total Utilities 287,754 252,451 Total Common Stocks 14,796,936 18,384,538

Preferred Stock - 0.1% Energy - 0.1% Transneft PJSC 7 13,979 13,283

Real Estate Investment Trusts - 1.0% Financials - 1.0% Charter Hall Group 3,523 34,776 39,989 Goodman Group 8,688 115,579 126,774 Ingenia Communities Group 5,111 15,865 19,404 Total Real Estate Investment Trusts 166,220 186,167

Money Market Fund - 0.5% State Street Institutional Treasury Plus Money Market Fund - Premier Class 99,684 99,684 99,684 Total Investments - 99.7% $ 15,076,819 18,683,672 Other Assets and Liabilities, Net - 0.3% 47,560 Net Assets - 100% $ 18,731,232

^American Depositary Receipt *Global Depositary Receipt #Non-Voting Depositary Receipt

See Notes to the Financial Statements. 9 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments (continued) December 31, 2020

The following table summarizes how the Fund's investments are broken down by country of issuance as a percentage of net assets of the Fund:

Percentage Country of Issuer Fair Value of Net Assets

Japan $ 2,868,483 15.2% China 2,263,812 11.9% United Kingdom 1,474,467 7.9% Canada 1,156,284 6.2% France 1,094,800 5.8% Germany 975,209 5.2% Switzerland 953,394 5.1% Taiwan 914,975 4.9% Sweden 874,445 4.7% Korea 866,407 4.6% Australia 778,339 4.2% Netherlands 659,243 3.5% India 598,412 3.2% Denmark 423,389 2.3% Hong Kong 344,922 1.8% Brazil 276,028 1.5% Norway 243,900 1.3% Spain 228,452 1.2% Russia 225,833 1.2% Finland 216,146 1.2% South Africa 197,165 1.1% Thailand 169,403 0.9% Singapore 117,900 0.6% United States 99,684 0.5% Italy 94,842 0.5% Malaysia 86,343 0.5% Indonesia 75,739 0.4% Poland 72,857 0.4% New Zealand 71,832 0.4% Mexico 71,459 0.4% Ireland 59,209 0.3% Luxembourg 36,205 0.2% Turkey 32,993 0.2% Israel 28,443 0.2% Greece 16,739 0.1% Philippines 15,919 0.1% Total $ 18,683,672 99.7%

See Notes to the Financial Statements. 10 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments (continued) December 31, 2020

The following is a summary of the fair value of the investments in the Fund based on the inputs used to value them as of December 31, 2020 (see Note 3 in Notes to the Financial Statements):

Fair Value Measurements Level 1 Level 2 Level 3 Total

Common Stocks $ 18,384,036 $ - $ 502 $ 18,384,538 Preferred Stock 13,283 - - 13,283 Real Estate Investment Trusts 186,167 - - 186,167 Money Market Fund 99,684 - - 99,684 Total $ 18,683,170 $ - $ 502 $ 18,683,672

Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 97.3% of the Fund's total units outstanding.

Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended December 31, 2020, were:

Purchases Sales Realized at Cost Proceeds Loss

Investments $ 17,483,843 $ 15,378,610 $ (632,202)

See Notes to the Financial Statements. 11 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $15,076,819) $ 18,683,672 Foreign currency, at fair value (cost $1,698) 1,700 Dividends, interest, and tax reclaim receivable 200,701 Receivable for fund units sold 977 Total assets 18,887,050 Liabilities and Net Assets Payable for fund units redeemed 137,084 Accrued expenses 18,734 Total liabilities 155,818 Net assets $ 18,731,232

Statement of Operations For the year ended December 31, 2020 Investment income Dividends (net of withholding taxes of $5,004) $ 443,114 Interest 1,945 Miscellaneous income 969 Total investment income 446,028 Expenses Trustee, sub-advisor and service provider fees 22,390 Professional services and other operating expenses 3,166 Total expenses 25,556 Net investment income 420,472 Net realized loss on: Investments (632,202) Foreign currency transactions (4,548) Net change in unrealized appreciation (depreciation) on: Investments 1,986,771 Foreign currency translation (15) Net realized and unrealized gain on investments and foreign currency transactions and translation 1,350,006 Net increase in net assets resulting from operations $ 1,770,478

See Notes to the Financial Statements. 12 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Statement of Changes in Net Assets For the year ended December 31, 2020 Increase in net assets resulting from operations Net investment income $ 420,472 Net realized loss on investments and foreign currency transactions (636,750) Net change in unrealized appreciation on investments and foreign currency translation 1,986,756 Net increase in net assets resulting from operations 1,770,478 Fund unit transactions Proceeds from units issued Class 0IM 2,636,735 Class 0TS 1,883,042 Class 45 717,818 Class 60 3,154 Total proceeds from units issued 5,240,749 Value of units redeemed Class 0IM (2,229,527) Class 0TS (673,321) Class 45 (15,253) Class 60 (6,425) Class R ^ (710,037) Total value of units redeemed (3,634,563) Increase in net assets resulting from fund unit transactions 1,606,186 Increase in net assets 3,376,664 Net assets, beginning of year 15,354,568 Net assets, end of year $ 18,731,232

^All Class R units were fully redeemed on 4/15/2020.

See Notes to the Financial Statements. 13 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Financial Highlights For the year ended December 31, 2020 Per Unit Operating Performance Class 0IM Class 0TS Class 45 Class 60 Class R Net asset value, beginning of year $ 29.46 $ 29.42 $ 27.30 $ 27.03 $ 29.40 Income (loss) from investment operations: (1) Net investment income 0.76 0.59 0.33 0.47 0.29 Net realized and unrealized gain (loss) on investments (1) and foreign currency transactions 1.64 1.67 1.60 (0.72) (6.47) Total income (loss) from investment operations 2.40 2.26 1.93 (0.25) (6.18) Net asset value, end of year $ 31.86 $ 31.68 $ 29.23 $ 26.78 $ 23.22 ^ Total Return 8.14% 7.69% 7.06% (0.92%) (21.02%) ^ Supplemental Data Ratio to average net assets: Expenses 0.05% 0.46% 1.04% 1.19% 0.61% # Net investment income 2.80% 2.25% 1.58% 1.79% 3.77% # Fund Unit Activity Units, beginning of year 435,089 53,107 2,644 104 30,583 Issued 101,135 74,819 33,279 125 - Redeemed (83,738) (24,289) (598) (228) (30,583) Units, end of year 452,486 103,637 35,325 1 -

(1) Based on average units outstanding. ^Not annualized for periods less than one year. All Class R units were fully redeemed on 4/15/2020. The fee class remains available for sale. The net asset value is as of the redemption date of 4/15/2020. #Annualized except audit expense.

See Notes to the Financial Statements. 14 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Notes to the Financial Statements

December 31, 2020

Note 1 – Organization

Wilmington Trust Collective Investment Trust (the "Trust") is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and a group trust within the meaning of Re. Rul. 81-100, as clarified and amended. The Trust is exempt from registration under the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended. Wilmington Trust, N.A. ("WTNA" or the "Trustee") serves as the Trustee of the Trust.

The Trustee is responsible for maintaining and administering the Trust and Lazard/Wilmington ACW Ex-US Equity Advantage Fund (the "Fund") and also serves as the investment manager (the "Investment Manager") to the Fund. M&T Bank Corporation is the ultimate parent of the Trustee. State Street Bank and Trust Company provides custody, transfer agency, and accounting services for the Fund.

The purpose of the Trust is to allow collective investments by plan sponsors of retirement plans which qualify for exemption from federal income taxation pursuant to Section 501(a) of the Code, by reason of qualifying under Section 401(a) of the Code; tax-exempt governmental plans under Section 414(d) or Section 818(a)(6) of the Code; eligible deferred compensation plans under Section 457(b) of the Code established by a government employer; group trusts or separate accounts consisting solely of assets of the foregoing; and other investors eligible for participation in the Trust. The Trust consists of separate funds with differing investment objectives, which are available for investment by participating plans. An eligible plan may join the Trust, subject to the Trustee's acceptance, and become a participating plan by executing participation documents specified by the Trustee. Not all funds within the Trust are presented herein.

The investment objective of the Fund is to seek long-term capital appreciation and to generate a total return in excess of its benchmark, the MSCI All Country World ex-U.S. Index, over a full market cycle. WTNA has engaged Lazard Asset Management LLC (the "Sub-Advisor") to provide investment advice in connection with the investment of the Fund's assets. While the Trustee generally relies on the Sub-Advisor to manage the Fund's assets, the Trustee maintains ultimate fiduciary authority over the management of and investments made in the Fund. The Sub-Advisor is engaged pursuant to a sub-advisor agreement.

Note 2 – Significant Accounting Policies

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic No. 946.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

Net Asset Value ("NAV") – Units of the Fund are valued each day on which the New York Stock Exchange ("NYSE") is open for trading in accordance with the valuation procedures established by the Trustee. The NAV per unit is calculated as of the close of trading on the NYSE (generally, 4:00 p.m. U.S. Eastern time). The NAV per unit is

15 Wilmington Trust Collective Investment Trust

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Notes to the Financial Statements (continued)

December 31, 2020

computed by dividing the total fair value of the assets of a Fund, less its liabilities, by the total number of units outstanding at the time of such computation. Investment income earned is reinvested in the Fund and included in the determination of unit values.

Fund Unit Transactions – The Fund sells new units and repurchases outstanding units on a daily basis. Unit purchases and redemptions are transacted at the NAV of the Fund determined as of the close of business each day. A summary of the Fund unit activity for the Fund is included with its Financial Highlights.

Investment Valuation – Investments are valued at their current fair value determined as follows:

Money Market Funds – Investments in money market funds are valued at the daily closing net asset value of the respective fund.

Securities – Securities, other than bonds, listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the closing price on the primary exchange or market on which they are traded on the day of valuation or, if there is no such reported sale on the valuation date, at the most recent bid quotation on the principal exchange. If a market price is not readily available or if such price is deemed unreliable, it will be valued at fair value in accordance with valuation procedures established by the Trustee. The Trustee's determination of fair value involves consideration of a number of subjective factors, and therefore, no single standard for determining fair value will apply.

When the valuation methods described above are not reflective of fair value, investments are valued at fair value following procedures and/or guidelines determined by or under the direction of the valuation committee established by the Trustee. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular investment is accurate.

Cash and Cash Equivalents – The Fund considers all highly liquid instruments with original maturities of three months or less at the acquisition date to be cash equivalents.

Investment Transactions and Investment Income – The Fund records security transactions on a trade date basis. Dividend income is recorded on the ex-dividend date. Net realized gains and losses on investments are determined by the first-in, first-out method. Interest income, if any, and expenses are recorded daily on the accrual basis.

Fee Classes and Allocations – The Fund offers multiple fee classes. Not all fee classes are available for investment by all plans. Each class is allocated expenses on the basis of expense loads assigned to that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each fee class based on the units outstanding for the fee class in proportion to the total outstanding units.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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Notes to the Financial Statements (continued)

December 31, 2020

Guarantees and Indemnifications – Under the Fund's organizational documents, each trustee, officer, employee and agent of the Trust is indemnified, to the extent permitted by law, against certain liabilities that may arise in the performance of their duties to the Fund.

Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and the Trustee believes the risk of loss to be remote.

Income Tax Status – The Trust has received a determination from the Internal Revenue Service that the Trust is exempt from federal income taxation under Section 501(a) of the Code. Accordingly, no federal income tax provision is required.

Subsequent Events – The Trustee has evaluated the effect of subsequent events on the Fund's financial statements through April 30, 2021, which is the date the financial statements were available to be issued, and has determined that there are no material subsequent events, except as noted below, that would require disclosure or adjustment in the Fund's financial statements through this date.

Effective March 22, 2021, the Trustee has engaged The Northern Trust Company as the Custodian of the Fund. The Northern Trust Company will also provide transfer agent, recordkeeping and accounting services.

Note 3 – Fair Value Measurements

Fair value is defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

Various inputs are used in determining the fair value of the Fund's investments. The Trustee has performed an analysis of the significance and character of these inputs to the fair value determination. These inputs are summarized in the three broad levels listed below:

• Level 1 – Quoted prices in active markets for identical assets and liabilities. • Level 2 – Other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, credit risk, and others). • Level 3 – Significant unobservable inputs (including the Trustee's own assumptions in determining the fair value of assets and liabilities).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The aggregate fair value of the investments in the Fund, by input level used as of December 31, 2020, is included following the Fund's Schedule of Investments.

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Notes to the Financial Statements (continued)

December 31, 2020

Note 4 – Fees and Expenses

Trustee, Sub-Advisor and Service Provider Fees

All asset-based fees are based upon the net assets as determined at the end of each preceding business day as set forth in the table below (in basis points). Except as otherwise noted, all asset-based fees are paid from the assets of the Fund.

Fee Class Trustee Fee Sub-Advisor Fee Service Provider Fee

Class 0IM 3 0 0

Class 0TS 0 45 0

Class 45 13 45 45

Class 60 13 45 60

Class R 13 45 0

Trustee Fee – The Trustee receives an annual fee for supervising the overall investment management of the Fund and for the trustee, administrative and management services provided to the Fund. Trustee fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in the Fund.

Plans invested in Class 0IM have agreed to pay external fees that are paid either by redemption of Fund units or paid directly by the plan sponsor. Portions of external fees are paid to the Sub-Advisor for investment advisory services provided to the Fund. External fees are based on the fair value as of the last business day of the previous month end and paid monthly in advance.

Sub-Advisor Fee – The Sub-Advisor is compensated for its investment advisory services provided to the Fund. These fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in the Fund.

Plans in Class 0IM (or their plan sponsors) pay a sub-advisory fee of 45 basis points based on the month end values of the class. These fees are not reflected in the Fund's expense ratio. For Class 0IM, the actual expense ratio including sub-advisor fees incurred would be 50 basis points.

Service Provider Fees – Service provider fees, if any, are used to compensate other service providers to the Fund, including brokers and financial intermediaries and other parties providing services to retirement plans participating in the Fund. Service provider fees may also be paid to plan service providers, such as third-party administrators and recordkeepers that provide sub-transfer agency, recordkeeping and other administrative services to participating plans invested in the Fund.

Operating Expenses – In addition to the fees described above, the Fund bears expenses related to its operation, including, but not limited to, audit, custody, tax and legal services. Expenses incurred in connection with the

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Notes to the Financial Statements (continued)

December 31, 2020

investment and reinvestment of Fund assets, including, without limitation, transfer agency fees, brokerage commission and other expenses, are also charged against the Fund.

When assets of a Fund are invested in other investment vehicles, such as other collective funds or exchange-traded funds, those investment vehicles will incur fees and expenses, which will be reflected in the operating results and value of the Fund's investment in such investment vehicle, and are separate and distinct from the fees and expenses of the Fund described above.

Note 5 – Related Party Transactions

The Trustee is a national bank that provides trust and custodial services for tax-advantaged retirement plans as well as trust and investment services to business pension and retirement plans. The Trustee is responsible for managing the Trust's investment and business affairs.

Note 6 – Risks Associated with Investing in the Fund

In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the fair value of the investments. The principal risks associated with investing in the Fund are:

• Currency. Investments in securities traded in foreign currencies or more directly in foreign currencies are subject to the risk that the foreign currency will decline in value relative to the U.S. dollar, which may reduce the value of the Fund. Investments in currency hedging positions are subject to the risk that the value of the U.S. dollar will decline relative to the currency being hedged, which may result in a loss of money on the investment as well as the position designed to act as a hedge. Cross-currency hedging strategies and active currency positions may increase currency risk because actual currency exposure may be substantially different from that suggested by the Fund's holdings.

• Derivatives. Investments in derivatives may be subject to the risk that the sub-advisor does not correctly predict the movement of the underlying security, interest rate, market index, or other financial asset, or that the value of the derivative does not correlate perfectly with either the overall market or the underlying asset from which the derivative's value is derived. Because derivatives usually involve a small investment relative to the magnitude of liquidity and other risks assumed, the resulting gain or loss from the transaction will be disproportionately magnified. These investments may result in a loss if the counterparty to the transaction does not perform as promised.

• Emerging Markets. Investments in emerging markets securities may be subject to greater market, credit, currency, liquidity, legal, political, and other risks compared with assets invested in developed foreign countries (see Foreign Securities below). Emerging markets countries may have restrictive national policies that limit investment opportunities, limited information about issuers, a general lack of uniform accounting, auditing and financial reporting standards as compared to the standards of developed countries, less liquidity and more volatility, limitations on the movement of funds, difficulties in enforcing contractual obligations and the possibility of expropriation or nationalization.

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Notes to the Financial Statements (continued)

December 31, 2020

• Equity Securities. The value of equity securities, which include common, preferred, and convertible preferred stocks, will fluctuate based on changes in their issuers' financial conditions, as well as overall market and economic conditions, and can decline in the event of deteriorating issuer, market, or economic conditions.

• Foreign Securities. Investments in foreign securities may be subject to increased volatility as the value of these securities can change more rapidly and extremely than the value of U.S. securities. Factors that increase the risk of investing in foreign securities include but are not limited to the following: less public information about issuers of non-U.S. securities; less governmental regulation and supervision over the issuance and trading of securities, the unavailability of financial information regarding the non-U.S. issuer or the difficulty of interpreting financial information prepared under non-U.S. accounting standards, less liquidity, the imposition of withholding and other taxes, and adverse political, social or diplomatic developments. In addition, foreign securities are subject to increased costs because there are generally higher commission rates on transactions, transfer taxes, higher custodial costs, and the potential for foreign tax charges on dividend and interest payments. Many foreign markets are relatively small, and securities issued in less-developed countries face the risks of nationalization, expropriation or confiscatory taxation, and adverse changes in investment or exchange control regulations, including suspension of the ability to transfer currency from a country. Economic, political, social, or diplomatic developments can also negatively impact performance.

• Industry and Sector Investing. Concentrating assets in a particular industry, sector of the economy, or markets may increase volatility because the investment will be more susceptible to the impact of market, economic, regulatory, and other factors affecting that industry or sector compared with a more broadly diversified asset allocation.

• Issuer. A stake in any individual security is subject to the risk that the issuer of that security performs poorly, resulting in a decline in the security's value. Issuer-related declines may be caused by poor management decisions, competitive pressures, technological breakthroughs, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors. Additionally, certain issuers may be more sensitive to adverse issuer, political, regulatory, market, or economic developments.

• Management. Performance is subject to the risk that the sub-advisor's asset allocation and investment strategies do not perform as expected, which may cause the Fund to underperform its benchmark, other investments with similar objectives, or the market in general. The investment is subject to the risk of loss of income and capital invested, and the sub-advisor does not guarantee its value, performance, or any particular rate of return.

• Market/Market Volatility. The market value of the Fund's securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the Fund.

• Other Risk. On November 12, 2020, the President of the United States issued an Executive Order (the "Order") to prohibit, beginning January 11, 2021, US persons (which includes the Fund) from transacting in certain securities and derivatives of publicly traded securities of any company designated as a "Communist Chinese military company" (collectively with securities of certain subsidiaries of such companies and related depositary receipts that may be covered by the Order, "CCMC Securities") by the US Department of

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Notes to the Financial Statements (continued)

December 31, 2020

Defense or the US Department of the Treasury's Office of Foreign Assets Control ("OFAC"), unless such transactions are for purposes of divestment and occur through November 11, 2021. In addition, US persons also are prohibited from transacting in CCMC Securities designated as such 60 days after such designation.

OFAC subsequently published, on several occasions, guidance regarding compliance with the Order, including several "Frequently Asked Questions" (FAQs)-style publications addressing the scope of, and interpretive matters regarding, compliance with the Order, as well as the Order's application to US funds that hold CCMC Securities (i.e., including mutual funds that hold CCMC Securities regardless of the size of the position relative to a fund's total assets). Certain interpretive issues related to compliance with the Order remain open, including to what extent a US person could be held liable for failing to identify an unlisted entity whose name "closely matches the name" of an entity designated as a Communist Chinese military company.

A Portfolio's holdings in CCMC Securities may adversely impact the Portfolio's performance. The extent of any impact will depend on future developments, including the Portfolio's ability to sell the CCMC Securities, valuation of the CCMC Securities, modifications to the Order, the issuance of additional or different interpretive guidance regarding compliance with the Order, and the duration of the Order, all of which are highly uncertain. Fund management will continue to monitor developments relating to the Order.

• Value Investing. Value securities may be subject to the risk that these securities cannot overcome the adverse factors the sub-advisor believes are responsible for their low price or that the market may not recognize their fundamental value as the sub-advisor predicted. Value securities are not expected to experience significant earnings growth and may underperform growth stocks in certain markets.