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Wilmington Trust Collective Investment Trust Funds Sub-Advised by Clearbridge Investments, LLC

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Wilmington Trust Collective Investment Trust Funds Sub-Advised by Clearbridge Investments, LLC WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST FUNDS SUB-ADVISED BY CLEARBRIDGE INVESTMENTS, LLC FINANCIAL STATEMENTS DECEMBER 31, 2020 WITH INDEPENDENT AUDITOR'S REPORT Wilmington Trust Collective Investment Trust Funds Sub-Advised by ClearBridge Investments, LLC CONTENTS Independent Auditor's Report ..................................................................................................................................................................... 1 Fund Index ................................................................................................................................................................................................. 3 ClearBridge International Growth All Country ex-US CIT ........................................................................................................................... 4 ClearBridge International Growth CIT ...................................................................................................................................................... 12 ClearBridge Large Cap Growth CIT ......................................................................................................................................................... 20 ClearBridge Mid Cap CIT ......................................................................................................................................................................... 26 ClearBridge Small Cap Growth CIT.......................................................................................................................................................... 33 Notes to the Financial Statements............................................................................................................................................................ 40 INDEPENDENT AUDITOR'S REPORT Wilmington Trust, N.A., Trustee for W ilmington Trust Collective Investment Trust Report on the Financial Statements We have audited the accompanying financial statements of the funds sub-advised by ClearBridge Investments, LLC of Wilmington Trust Collective Investment Trust (the "Trust"), comprising the Funds (the "Funds") included on the Fund Index on page 3, 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 th e year then ended, or for the period then ended for inception dates in 2020, and the related notes to the financial statements. These financial statements and financial highlights are hereinafter collectively referred to as financial statements. Management's Responsibility for the Financial Statements Management 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 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 audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits 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 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 ex pressing 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 state ments. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Op inion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2020, the results of its operations, changes in its net assets and its financial highlights for the year then ended, or for the period then ended for inception dates in 2020, in accordance with accounting principles generally accepted in the United States of America. 1 www.hogantaylor.com Other Matter Our audits were conducted for the purpose of forming an opinion on the financial statements of each Fund as a whole. The supplementary information for the year ended December 31, 2020, or for the period then ended for inception dates in 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 2 Wilmington Trust Collective Investment Trust Funds Sub-Advised by ClearBridge Investments, LLC FUND INDEX FUND NAME FUND OBJECTIVE ClearBridge International Growth All The Fund is designed to seek long-term capital growth. Country ex-US CIT ClearBridge International Growth CIT The Fund is designed to seek long-term capital growth. ClearBridge Large Cap Growth CIT The Fund is designed to seek long-term capital growth. ClearBridge Mid Cap CIT The Fund is designed to seek long-term capital growth. ClearBridge Small Cap Growth CIT The Fund is designed to seek long-term capital growth. 3 Wilmington Trust Collective Investment Trust Funds Sub-Advised by ClearBridge Investments, LLC ClearBridge International Growth All Country ex-US CIT Schedule of Investments December 31, 2020 Principal Amount or Fair Shares Cost Value Common Stock - 98.1% Basic Materials - 2.8% Barrick Gold Corporation 3,060 $ 82,716 $ 69,655 Linde Public Limited Company 310 77,013 80,791 Total Basic Materials 159,729 150,446 Communications - 10.7% MercadoLibre, Inc. 61 74,926 102,188 MonotaRO Co., Ltd. 886 44,846 45,053 Shopify Inc. Class A 99 106,547 112,063 Spotify Technology S.A. 281 70,495 88,419 Tencent Holdings Limited ^ 1,960 135,870 140,904 Thomson Reuters Corporation 1,160 93,864 94,858 Total Communications 526,548 583,485 Consumer, Cyclical - 9.0% adidas AG 320 104,333 116,639 Burberry Group plc 2,460 50,216 60,175 Industria de Diseno Textil, S.A. 2,790 80,653 88,893 LVMH Moet Hennessy-Louis Vuitton SE 120 58,170 75,013 Nintendo Co., Ltd. 237 130,081 151,113 Total Consumer, Cyclical 423,453 491,833 Consumer, Non-cyclical - 29.9% Adyen N.V. 46 87,411 107,220 Alcon Inc. 1,070 64,292 71,224 Amadeus IT Group Sociedad Anonima 1,525 90,888 111,134 Ansell Limited 2,680 74,269 71,926 Brambles Limited 11,280 86,917 92,265 Burning Rock Biotech Limited ^ 180 4,635 4,158 Daiichi Sankyo Company, Limited 1,460 41,155 49,989 Diageo plc ^ 640 95,504 101,638 Hansa Biopharma AB 785 22,311 22,979 Just Eat Takeaway.com N.V. 830 93,954 93,836 Kao Corporation 950 69,753 73,335 L'Oreal 350 114,870 133,098 MorphoSys AG 360 41,889 41,326 Nestle S.A. ^ 1,320 154,788 155,496 Ocado Group plc 1,475 47,681 46,112 Rentokil Initial plc 10,720 73,322 74,675 See Notes to the Financial Statements. 4 Wilmington Trust Collective Investment Trust Funds Sub-Advised by ClearBridge Investments, LLC ClearBridge International Growth All Country ex-US CIT Schedule of Investments (continued) December 31, 2020 Principal Amount or Fair Shares Cost Value Common Stock - 98.1% (continued) Consumer, Non-cyclical - 29.9% (continued) Roche Holding AG 230 $ 78,646 $ 80,400 Shiseido Company, Limited 725 44,905 50,110 StoneCo Ltd. 1,380 79,713 115,810 Worldline SA 840 69,393 81,298 Zai Lab Limited ^ 400 35,907 54,136 Total Consumer, Non-cyclical 1,472,203 1,632,165 Energy - 3.1% SolarEdge Technologies, Inc. 191 55,947 60,952 Vestas Wind Systems A/S 451 79,798 106,717 Total Energy 135,745 167,669 Financials - 8.7% AIA Group Limited 11,540 119,992 141,388 London Stock Exchange Group Plc 1,300 146,544 160,075 Ping An Insurance (Group) Company of China, Ltd. 11,200 115,926 137,222 XP Inc. Class A 860 35,183 34,116 Total Financials 417,645 472,801 Industrials - 11.2% Airbus SE 830 69,132 91,176 Atlas Copco AB 1,270 65,941 65,119 Canadian Pacific Railway Limited 200
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