WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

FUNDS SUB-ADVISED BY AMUNDI PIONEER INSTITUTIONAL ASSET MANAGEMENT, INC.

FINANCIAL STATEMENTS

DECEMBER 31, 2020

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

CONTENTS

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

Fund Index ...... 3

Pioneer Bond Fund Trust ...... 4

Pioneer Large Cap Growth Portfolio...... 8

Pioneer Large Cap Value Portfolio ...... 14

Pioneer Multi-Sector Fixed Income Portfolio ...... 22

Pioneer Select Mid Cap Growth Portfolio ...... 49

Notes to the Financial Statements...... 57

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust, N.A., Trustee for Wilmington Trust Collective Investment Trust

Report on the Financial Statements

We have audited the accompanying financial statements of funds sub-advised by Amundi Pioneer Institutional Asset Management, Inc. of Wilmington Trust Collective Investment Trust (the "Trust"), comprising the Funds (the "Funds")

included on the Fund Index on page 3, which comprise the statements of assets and liabilities, including the schedules 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 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, a nd 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 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, 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 express ing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. A n 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 each 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 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, 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 audits 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

Amundi Pioneer Institutional Asset Management, Inc.

Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

FUND INDEX

FUND NAME FUND OBJECTIVE

Pioneer Bond Fund Trust The Fund seeks current income and total return using a benchmark of Bloomberg Barclay's U.S. Aggregate Bond Index.

Pioneer Large Cap Growth Portfolio The Fund seeks long-term growth of capital through investment principally in publicly-traded equity securities. The benchmark is the Russell 1000 Growth Index measured over a full market cycle.

Pioneer Large Cap Value Portfolio The Fund seeks current income and long-term growth of capital through investment principally in publicly-traded equity securities. Performance is based on a benchmark of the Russell 1000 Value Index measured over a full market cycle.

Pioneer Multi-Sector Fixed Income The Fund seeks to provide a high level of current income from a diversified Portfolio portfolio of U.S. and international high yield and investment grade securities. using a benchmark of Bloomberg Barclay's U.S. Universal Index.

Pioneer Select Mid Cap Growth Portfolio The Fund seeks long-term growth of capital through investment principally in publicly-traded equity securities. Performance is based on a benchmark of the Russell Midcap Growth Index measured over a full market cycle.

3 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Bond Fund Trust

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bond - 0.1% MPT Operating Partnership LP / MPT Finance Corp, 4.625%, 8/1/2029 156,000 $ 155,311 $ 166,725

Mutual Fund - 99.5% Pioneer Bond Fund Class K 26,181,975 255,094,619 267,579,784

Money Market Fund - 0.3% State Street Institutional Treasury Plus Money Market Fund - Premier Class 796,633 796,633 796,633 Total Investments - 99.9% $ 256,046,563 268,543,142 Other Assets and Liabilities, Net - 0.1% 282,586 Net Assets - 100% $ 268,825,728

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):

Fair Value Measurements Level 1 Level 2 Level 3 Total

Corporate Bond $ - $ 166,725 $ - $ 166,725 Mutual Fund 267,579,784 - - 267,579,784 Money Market Fund 796,633 - - 796,633 Total $ 268,376,417 $ 166,725 $ - $ 268,543,142

Concentration of Ownership: As of December 31, 2020, the Fund had one unitholder holding 10% or more of the outstanding units of the Fund, and aggregated to 11.0% of the Fund's total units outstanding.

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

Purchases Sales Realized (1) (1) at Cost Proceeds Gain

Investments $ 148,871,654 $ 58,587,980 $ 2,094,209

(1) Purchase and sales may include amortization or accretion of income or paydowns on fixed income securities.

See Notes to the Financial Statements. 4 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Bond Fund Trust

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $256,046,563) $ 268,543,142 Receivable for fund units sold 244,249 Receivable for reimbursement 237,384 Dividends and interest receivable 3,017 Total assets 269,027,792 Liabilities and Net Assets Payable for fund units redeemed 38,021 Accrued expenses 164,043 Total liabilities 202,064 Net assets $ 268,825,728

Statement of Operations For the year ended December 31, 2020 Investment income Dividends $ 12,517,132 Interest 48,218 Total investment income 12,565,350 Expenses Trustee and sub-advisor fees 553,362 Professional services and other operating expenses 12,214 Expense reimbursement from sub-advisor (565,576) Total expenses - Net investment income 12,565,350 Net realized gain on: Investments 2,094,209 Net change in unrealized appreciation on: Investments 7,712,896 Net realized and unrealized gain on investments 9,807,105 Contribution from sub-advisor for acquired fund fees and expenses 264,288 Net increase in net assets resulting from operations $ 22,636,743

See Notes to the Financial Statements. 5 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Bond Fund Trust

Statement of Changes in Net Assets For the year ended December 31, 2020 Increase in net assets resulting from operations Net investment income $ 12,565,350 Net realized gain on investments 2,094,209 Net change in unrealized appreciation on investments 7,712,896 Contribution from sub-advisor for acquired fund fees and expenses 264,288 Net increase in net assets resulting from operations 22,636,743 Fund unit transactions Proceeds from units issued Class R 2,860,857 Class R1 173,088,402 Total proceeds from units issued 175,949,259 Value of units redeemed Class R (4,147,136) Class R1 (108,031,869) Total value of units redeemed (112,179,005) Increase in net assets resulting from fund unit transactions 63,770,254 Increase in net assets 86,406,997 Net assets, beginning of year 182,418,731 Net assets, end of year $ 268,825,728

See Notes to the Financial Statements. 6 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Bond Fund Trust

Financial Highlights For the year ended December 31, 2020 Per Unit Operating Performance Class R Class R1 Net asset value, beginning of year $ 10.91 $ 10.88 Income from investment operations: (1) Net investment income 0.59 0.58 (1) Net realized and unrealized gain on investments 0.40 0.42 Contribution from sub-advisor for acquired fund fees and expenses 0.03 0.01 Total income from investment operations 1.02 1.01 Net asset value, end of year $ 11.93 $ 11.89 Total Return 9.35% 9.28% Supplemental Data Ratio to average net assets: Gross expenses (excluding reimbursement) 0.08% 0.23% Net expenses 0.00% 0.00% Net investment income 5.30% 5.02% Fund Unit Activity Units, beginning of year 1,287,941 15,362,159 Issued 252,254 15,812,283 Redeemed (377,728) (9,726,412) Units, end of year 1,162,467 21,448,030

(1) Based on average units outstanding.

See Notes to the Financial Statements. 7 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Growth Portfolio

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 99.7% Basic Materials - 2.0% Ecolab Inc. 37,071 $ 6,774,081 $ 8,020,679

Communications - 19.0% Alphabet Inc. Class C 14,965 19,559,869 26,216,884 Amazon.com, Inc. 7,840 17,371,078 25,534,331 Booking Holdings Inc. 5,595 9,864,698 12,461,576 CDW Corporation 60,452 6,652,057 7,966,969 Motorola Solutions, Inc. 25,165 3,863,053 4,279,560 Total Communications 57,310,755 76,459,320

Consumer, Cyclical - 9.1% Copart, Inc. 37,358 3,665,347 4,753,806 Home Depot, Inc./The 39,539 8,441,572 10,502,349 O'Reilly Automotive, Inc. 14,361 5,564,625 6,499,358 Ross Stores, Inc. 80,919 7,776,465 9,937,662 TJX Companies, Inc./The 74,524 4,706,499 5,089,244 Total Consumer, Cyclical 30,154,508 36,782,419

Consumer, Non-cyclical - 22.9% Colgate-Palmolive Company 37,142 2,539,269 3,176,012 Cooper Companies, Inc./The 13,984 4,123,928 5,080,667 Edwards Lifesciences Corporation 59,066 3,858,740 5,388,591 Eli Lilly and Company 39,781 5,150,942 6,716,624 Humana Inc. 8,507 3,813,810 3,490,167 Johnson & Johnson 38,970 5,430,048 6,133,099 Medtronic Public Limited Company 53,512 5,277,462 6,268,396 PayPal Holdings, Inc. 80,569 9,198,342 18,869,260 PepsiCo, Inc. 65,984 8,584,492 9,785,427 Roche Holding AG 111,425 4,540,944 4,884,872 Thermo Fisher Scientific Inc. 30,386 9,290,978 14,153,191 Zimmer Biomet Holdings, Inc. 54,405 7,033,191 8,383,266 Total Consumer, Non-cyclical 68,842,146 92,329,572

Financials - 11.3% Charles Schwab Corporation/The 176,866 6,644,680 9,380,973 Intercontinental Exchange, Inc. 85,607 7,554,443 9,869,631 Marsh & McLennan Companies, Inc. 17,832 1,689,150 2,086,344

See Notes to the Financial Statements. 8 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Growth Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 99.7% (continued) Financials - 11.3% (continued) Mastercard Incorporated 51,274 $ 13,502,243 $ 18,301,742 Progressive Corporation/The 61,000 4,534,421 6,031,680 Total Financials 33,924,937 45,670,370

Industrials - 8.1% Amphenol Corporation Class A 62,740 5,849,887 8,204,510 Illinois Tool Works Inc. 31,750 5,425,206 6,473,190 Rockwell Automation, Inc. 17,670 3,152,531 4,431,813 Stanley Black & Decker, Inc. 75,335 10,160,121 13,451,818 Total Industrials 24,587,745 32,561,331

Technology - 27.3% Accenture PLC Class A 44,580 8,315,668 11,644,742 Adobe Inc. 25,391 8,113,354 12,698,547 Apple Inc. 149,524 11,190,072 19,840,340 Electronic Arts Inc. 43,248 4,570,286 6,210,413 Fidelity National Information Services, Inc. 37,641 5,189,700 5,324,696 Microsoft Corporation 121,893 19,082,387 27,111,441 Qualcomm Incorporated 117,055 12,296,310 17,832,159 salesforce.com, inc. 42,934 7,264,982 9,554,103 Total Technology 76,022,759 110,216,441 Total Investments - 99.7% $ 297,616,931 402,040,132 Other Assets and Liabilities, Net - 0.3% 1,309,680 Net Assets - 100% $ 403,349,812

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):

Fair Value Measurements Level 1 Level 2 Level 3 Total

Common Stocks $ 402,040,132 $ - $ - $ 402,040,132 Total $ 402,040,132 $ - $ - $ 402,040,132

Concentration of Ownership: As of December 31, 2020, the Fund had four unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 74.5% of the Fund's total units outstanding.

See Notes to the Financial Statements. 9 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Growth Portfolio

Schedule of Investments (continued) December 31, 2020

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

Purchases Sales Realized at Cost Proceeds Gain

Investments $ 197,030,931 $ 158,418,913 $ 31,278,881

See Notes to the Financial Statements. 10 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Growth Portfolio

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $297,616,931) $ 402,040,132 Receivable for investment securities sold 1,819,133 Dividends and interest receivable 221,029 Receivable for fund units sold 196,691 Total assets 404,276,985 Liabilities and Net Assets Payable for fund units redeemed 354,393 Payable to custodian 241,349 Accrued expenses 331,431 Total liabilities 927,173 Net assets $ 403,349,812

Statement of Operations For the year ended December 31, 2020 Investment income Dividends (net withholding taxes of $3,819) $ 3,115,410 Interest 15,085 Total investment income 3,130,495 Expenses Trustee and sub-advisor fees 1,012,917 Professional services and other operating expenses 15,497 Total expenses 1,028,414 Net investment income 2,102,081 Net realized gain on: Investments 31,278,881 Net change in unrealized appreciation on: Investments 60,516,990 Net realized and unrealized gain on investments 91,795,871 Net increase in net assets resulting from operations $ 93,897,952

See Notes to the Financial Statements. 11 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Growth Portfolio

Statement of Changes in Net Assets For the year ended December 31, 2020 Increase in net assets resulting from operations Net investment income $ 2,102,081 Net realized gain on investments 31,278,881 Net change in unrealized appreciation on investments 60,516,990 Net increase in net assets resulting from operations 93,897,952 Fund unit transactions Proceeds from units issued Class 0TS1 ^ 106,560 Class R 9,952,810 Class R1 159,439,150 Total proceeds from units issued 169,498,520 Value of units redeemed Class 0TS1 ^ (18,277,582) Class R (18,181,697) Class R1 (95,439,082) Total value of units redeemed (131,898,361) Increase in net assets resulting from fund unit transactions 37,600,159 Increase in net assets 131,498,111 Net assets, beginning of year 271,851,701 Net assets, end of year $ 403,349,812

^All Class 0TS1 units were redeemed on 5/1/2020. The fee class remains available for sale.

See Notes to the Financial Statements. 12 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Growth Portfolio

Financial Highlights For the year ended December 31, 2020 Per Unit Operating Performance Class 0TS1 Class R Class R1 Net asset value, beginning of year $ 17.38 $ 17.49 $ 17.33 Income (loss) from investment operations: (1) Net investment income 0.05 0.17 0.11 (1) Net realized and unrealized gain (loss) on investments (1.26) 4.68 4.63 Total income (loss) from investment operations (1.21) 4.85 4.74 Net asset value, end of year $ 16.17 $ 22.34 $ 22.07 Total Return (6.96%) ^ 27.73% 27.35% Supplemental Data Ratio to average net assets: Expenses 0.30% # 0.08% 0.38% Net investment income 0.92% # 0.94% 0.60% Fund Unit Activity Units, beginning of year 1,133,697 3,509,002 11,007,722 Issued 5,735 575,321 9,372,158 Redeemed (1,139,432) (979,726) (5,248,307) Units, end of year - 3,104,597 15,131,573

(1) Based on average units outstanding. ^Not annualized for periods less than one year. All Class 0TS1 redeemed on 5/1/2020. The fee class remains available for sale. The net asset value is as of the redemption date of 5/1/2020. #Annualized except audit expense.

See Notes to the Financial Statements. 13 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Value Portfolio

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 95.1% Basic Materials - 7.2% Celanese Corporation 6,164 $ 633,910 $ 800,950 Dow Inc. 4,541 210,164 252,026 DuPont de Nemours, Inc. 4,080 273,597 290,129 Ecolab Inc. 474 94,071 102,555 FMC Corporation 1,934 180,045 222,275 Kaiser Aluminum Corporation 6,350 546,738 628,015 Nucor Corporation 12,229 600,731 650,461 Reliance Steel & Aluminum Co. 7,592 698,433 909,142 Total Basic Materials 3,237,689 3,855,553

Communications - 5.6% AT&T Inc. 15,058 471,961 433,068 BCE Inc. 5,209 235,378 222,945 CDW Corporation 1,218 137,848 160,520 Cisco Systems, Inc. 8,216 406,736 367,666 Comcast Corporation Class A 8,091 333,591 423,968 Interpublic Group of Companies, Inc./The 7,971 184,637 187,478 Verizon Communications Inc. 20,209 1,149,232 1,187,317 Total Communications 2,919,383 2,982,962

Consumer, Cyclical - 10.9% BorgWarner Inc. 17,992 652,373 695,211 Carter's, Inc. 6,112 548,021 574,956 Fastenal Company 11,147 368,932 544,308 Ferguson plc* 38,751 281,288 469,271 Genuine Parts Company 4,125 375,318 414,274 Honda Motor Co., Ltd.* 9,947 278,924 281,003 PACCAR Inc. 9,955 683,552 858,917 Target Corporation 4,912 521,506 867,115 TJX Companies, Inc./The 4,581 264,047 312,836 V.F. Corporation 7,795 606,580 665,771 Walmart Inc. 1,054 130,419 151,934 Total Consumer, Cyclical 4,710,960 5,835,596

Consumer, Non-cyclical - 23.2% Abbott Laboratories 10,679 894,729 1,169,244 AmerisourceBergen Corporation 4,211 367,282 411,667 Anthem, Inc. 1,008 280,616 323,659 AstraZeneca PLC* 17,596 808,868 879,624 See Notes to the Financial Statements. 14 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Value Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 95.1% (continued) Consumer, Non-cyclical - 23.2% (continued) Automatic Data Processing, Inc. 1,279 $ 197,055 $ 225,360 Becton, Dickinson and Company 1,316 327,387 329,290 Calavo Growers, Inc. 840 73,882 58,321 Clorox Company/The 3,041 513,295 614,039 Corteva, Inc. 3,514 96,243 136,062 CVS Health Corporation 5,241 316,104 357,960 Eli Lilly and Company 6,878 843,268 1,161,282 General Mills, Inc. 8,383 457,135 492,920 Hershey Company/The 1,354 201,046 206,255 Humana Inc. 1,094 330,491 448,835 John B. Sanfilippo & Son, Inc. 2,472 208,733 194,942 Kellogg Company 8,623 525,628 536,609 Lamb Weston Holdings, Inc. 6,839 462,594 538,503 McCormick & Company, Incorporated 4,804 388,873 459,262 Merck & Co., Inc. 10,566 875,109 864,299 Mondelez International, Inc. 15,620 841,662 913,301 Nestle S.A.* 3,189 337,696 375,664 Novo Nordisk A/S* 10,667 586,953 745,090 Quest Diagnostics Incorporated 4,071 415,195 485,141 Smith & Nephew plc* 11,289 483,545 476,057 Total Consumer, Non-cyclical 10,833,389 12,403,386

Energy - 4.3% Chevron Corporation 6,250 464,458 527,813 ConocoPhillips 6,940 390,452 277,531 Marathon Petroleum Corporation 12,972 416,689 536,522 Phillips 66 8,586 740,577 600,505 Valero Energy Corporation 6,828 515,728 386,260 Total Energy 2,527,904 2,328,631

Financials - 18.7% Bank of America Corporation 38,004 1,029,635 1,151,901 Bank of New York Mellon Corporation/The 10,942 453,862 464,378 Canadian Imperial Bank of Commerce 3,165 188,589 270,513 Charles Schwab Corporation/The 4,573 172,598 242,552 Chubb Limited 5,940 865,115 914,285 CME Group Inc. 990 168,597 180,230 First American Financial Corporation 4,833 258,057 249,528

See Notes to the Financial Statements. 15 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Value Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 95.1% (continued) Financials - 18.7% (continued) JPMorgan Chase & Co. 5,797 $ 630,165 $ 736,625 Lincoln National Corporation 10,102 524,386 508,232 Morgan Stanley 11,210 484,944 768,221 Northern Trust Corporation 5,632 489,908 524,564 PNC Financial Services Group, Inc./The 6,166 785,450 918,734 State Street Corporation 5,720 319,176 416,302 Sun Life Financial Inc. 21,706 850,146 965,049 T. Rowe Price Group, Inc. 6,746 739,029 1,021,277 Truist Financial Corporation 13,950 629,699 668,624 Total Financials 8,589,356 10,001,015

Industrials - 10.4% C.H. Robinson Worldwide, Inc. 3,365 282,623 315,873 Caterpillar Inc. 2,540 322,506 462,331 Emerson Electric Co. 12,068 732,163 969,905 Honeywell International Inc. 3,249 520,365 691,062 Komatsu Ltd.* 10,315 229,938 285,545 Materion Corporation 6,644 391,364 423,356 MSA Safety Incorporated 4,382 469,149 654,627 Oshkosh Corporation 2,703 226,352 232,647 TE Connectivity Ltd. 4,201 364,360 508,615 Timken Company/The 5,580 247,374 431,669 Xylem Inc. 5,682 435,069 578,371 Total Industrials 4,221,263 5,554,001

Technology - 8.0% Accenture PLC Class A 1,051 202,017 274,532 Analog Devices, Inc. 4,309 457,422 636,569 CMC Materials, Inc. 1,975 234,066 298,818 Fidelity National Information Services, Inc. 1,569 219,718 221,951 Intel Corporation 4,908 253,821 244,517 KLA Corporation 4,427 621,545 1,146,195 Leidos Holdings, Inc. 4,501 367,687 473,145 Paychex, Inc. 2,589 198,857 241,243 Texas Instruments Incorporated 4,702 547,267 771,739 Total Technology 3,102,400 4,308,709

See Notes to the Financial Statements. 16 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Value Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 95.1% (continued) Utilities - 6.8% Alliant Energy Corporation 17,084 $ 849,242 $ 880,339 Ameren Corporation 6,825 516,504 532,760 American Electric Power Company, Inc. 4,402 378,139 366,555 American Water Works Company, Inc. 1,292 156,870 198,283 CMS Energy Corporation 5,564 330,153 339,460 NextEra Energy, Inc. 3,356 220,747 258,915 PPL Corporation 6,803 195,917 191,845 WEC Energy Group Inc. 9,779 870,070 899,961 Total Utilities 3,517,642 3,668,118 Total Common Stocks 43,659,986 50,937,971

Real Estate Investment Trusts - 3.3% Financials - 3.3% Alexandria Real Estate Equities, Inc. 5,667 846,690 1,009,973 Camden Property Trust 3,777 381,381 377,398 Digital Realty Trust, Inc. 1,673 227,892 233,400 Prologis, Inc. 1,699 140,912 169,322 Total Real Estate Investment Trusts 1,596,875 1,790,093

Money Market Fund - 1.5% State Street Institutional Treasury Plus Money Market Fund - Premier Class 794,613 794,613 794,613 Total Investments - 99.9% $ 46,051,474 53,522,677 Other Assets and Liabilities, Net - 0.1% 59,878 Net Assets - 100% $ 53,582,555

* American Depositary Receipt

See Notes to the Financial Statements. 17 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Value Portfolio

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

United States $ 46,854,484 87.4% United Kingdom 1,824,952 3.4% Switzerland 1,798,564 3.4% Canada 1,458,507 2.7% Denmark 745,090 1.4% Japan 566,548 1.1% Ireland 274,532 0.5% Total $ 53,522,677 99.9%

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):

Fair Value Measurements Level 1 Level 2 Level 3 Total

Common Stocks $ 50,937,971 $ - $ - $ 50,937,971 Real Estate Investment Trusts 1,790,093 - - 1,790,093 Money Market Fund 794,613 - - 794,613 Total $ 53,522,677 $ - $ - $ 53,522,677

Concentration of Ownership: As of December 31, 2020, the Fund had three unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 79.3% 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 $ 16,283,495 $ 9,946,531 $ (2,051,521)

See Notes to the Financial Statements. 18 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Value Portfolio

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $46,051,474) $ 53,522,677 Cash and cash equivalents 9,352 Dividends and interest receivable 73,719 Receivable for fund units sold 12,550 Total assets 53,618,298 Liabilities and Net Assets Payable for fund units redeemed 2,748 Accrued expenses 32,995 Total liabilities 35,743 Net assets $ 53,582,555

Statement of Operations For the year ended December 31, 2020 Investment income Dividends (net of withholding taxes of $2,009) $ 1,222,447 Interest 1,931 Total investment income 1,224,378 Expenses Trustee and sub-advisor fees 106,222 Professional services and other operating expenses 2,180 Total expenses 108,402 Net investment income 1,115,976 Net realized loss on: Investments (2,051,521) Foreign currency transactions (13) Net change in unrealized appreciation on: Investments 2,956,137 Net realized and unrealized gain on investments and foreign currency transactions 904,603 Net increase in net assets resulting from operations $ 2,020,579

See Notes to the Financial Statements. 19 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Value Portfolio

Statement of Changes in Net Assets For the year ended December 31, 2020 Increase in net assets resulting from operations Net investment income $ 1,115,976 Net realized loss on investments and foreign currency transactions (2,051,534) Net change in unrealized appreciation on investments 2,956,137 Net increase in net assets resulting from operations 2,020,579 Fund unit transactions Proceeds from units issued Class R 3,057,752 Class R1 11,871,524 Total proceeds from units issued 14,929,276 Value of units redeemed Class R (4,164,007) Class R1 (5,743,863) Total value of units redeemed (9,907,870) Increase in net assets resulting from fund unit transactions 5,021,406 Increase in net assets 7,041,985 Net assets, beginning of year 46,540,570 Net assets, end of year $ 53,582,555

See Notes to the Financial Statements. 20 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Large Cap Value Portfolio

Financial Highlights For the year ended December 31, 2020 Per Unit Operating Performance Class R Class R1 Net asset value, beginning of year $ 11.79 $ 11.78 Income from investment operations: (1) Net investment income 0.28 0.26 Net realized and unrealized loss on investments (1) and foreign currency transactions (0.06) (0.07) Total income from investment operations 0.22 0.19 Net asset value, end of year $ 12.01 $ 11.97 Total Return 1.87% 1.61% Supplemental Data Ratio to average net assets: Expenses 0.08% 0.33% Net investment income 2.69% 2.42% Fund Unit Activity Units, beginning of year 1,601,075 2,349,542 Issued 302,683 1,156,443 Redeemed (397,626) (540,958) Units, end of year 1,506,132 2,965,027

(1) Based on average units outstanding.

See Notes to the Financial Statements. 21 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Asset-Backed Securities - 2.9% Other - 2.9% American Homes 4 Rent 2014-SFR2 Trust, 5.149%, 10/17/2036 200,000 $ 212,295 $ 218,360 Bayview Opportunity Master Fund IVa Trust 2017-SPL5, 3.5%, 6/28/2057 437,335 450,045 452,184 Benefit Street Partners CLO XIX Ltd., 4.041%, 1/15/2033 500,000 500,000 502,385 Carlyle Us Clo 2019-4 Ltd., 4.241%, 1/15/2033 250,000 250,000 251,634 Diamond Resorts Owner Trust 2019-1, 4.02%, 2/20/2032 121,547 121,519 120,845 Elm CLO Ltd., 3.074%, 4/20/2029 500,000 500,000 494,623 Finance of America Structured Securities Trust, 2%, 9/25/2069 1,132,153 1,144,834 1,196,311 First Eagle BSL CLO 2019-1 Ltd., 4.574%, 1/20/2033 250,000 247,325 251,506 First Eagle BSL CLO 2019-1 Ltd., 7.924%, 1/20/2033 250,000 232,375 248,996 First Eagle Commercial Loan Funding 2016-1 LLC, 5.218%, 1/25/2032 250,000 250,000 268,584 Goldentree Loan Management US Clo 6 Ltd., 4.074%, 1/20/2033 310,000 310,000 312,266 Hardee's Funding LLC, 4.959%, 6/20/2048 180,838 187,758 192,840 Home Partners of America 2017-1 Trust, 2.756%, 7/17/2034 100,000 100,150 100,124 Home Partners of America 2019-1 Trust, 4.101%, 9/17/2039 237,681 237,677 243,010 Mill City Mortgage Loan Trust 2018-2, 3.75%, 5/25/2058 549,172 551,245 600,339 Newark BSL CLO 1 Ltd., 3.213%, 12/21/2029 400,000 400,000 397,568 Newtek Small Business Loan Trust 2017-1, 3.13%, 2/25/2043 123,929 124,043 112,754 Progress Residential 2018-SFR2 Trust, 4.338%, 8/17/2035 170,000 173,708 172,386 Race Point VIII CLO Ltd., 3.682%, 2/20/2030 250,000 250,000 241,846 Republic FInance Issuance Trust 2019-A, 3.93%, 11/22/2027 200,000 199,996 200,859 Sound Point CLO XXV Ltd., 4.351%, 1/15/2033 500,000 495,000 500,250 Symphony CLO XXII Ltd., 3.373%, 4/18/2033 400,000 400,000 398,410 Towd Point Mortgage Trust 2018-3, 3.875%, 5/25/2058 475,000 458,375 511,551 Tricon American Homes 2019-SFR1 Trust, 3.745%, 3/17/2038 380,000 379,987 391,251 Westgate Resorts 2018-1 LLC, 4.1%, 12/20/2031 102,809 99,010 101,798 Total Asset-Backed Securities 8,275,342 8,482,680

Bank Loan Obligations - 1.1% Communications - 0.1% Gray Television, Inc., 2.488%, 2/7/2024 175,074 174,928 173,510 Sinclair Television Group, Inc., 2.488%, 1/3/2024 201,067 200,878 198,374 Total Communications 375,806 371,884

Consumer, Cyclical - 0.1% American Axle & Manufacturing, Inc., 3%, 4/6/2024 30,390 29,890 29,853 Fitness International, LLC, 3.473%, 4/18/2025 65,364 65,364 58,582

See Notes to the Financial Statements. 22 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Bank Loan Obligations - 1.1% (continued) Consumer, Cyclical - 0.1% (continued) Navistar, Inc., 3.691%, 11/6/2024 143,322 $ 143,250 $ 143,000 Scientific Games International, Inc., 2.857%, 8/14/2024 186,162 185,592 181,554 Total Consumer, Cyclical 424,096 412,989

Consumer, Non-cyclical - 0.4% Alliance HealthCare Services, Inc., 5.5%, 10/24/2023 35,382 35,559 31,763 Alphabet Holding Company, Inc., 3.74%, 9/28/2024 225,051 208,419 222,737 Endo International plc, 5%, 4/27/2024 96,500 95,294 94,811 Fly Funding II S.a r.l., 1.866%, 8/9/2025 224,231 224,231 211,804 GHX Ultimate Parent Corporation, 4.25%, 6/30/2024 78,638 77,458 77,130 JBS USA Lux S.A., 2.107%, 5/1/2026 50,565 50,438 50,122 KUEHG Corp., 4.75%, 2/21/2025 331,925 331,822 313,835 LifePoint Health, Inc., 3.866%, 11/16/2025 268,276 269,378 267,237 Total Consumer, Non-cyclical 1,292,599 1,269,439

Energy - 0.0% Stonepeak Lonestar Holdings LLC, 4.611%, 10/19/2026 88,910 87,576 88,954

Financials - 0.3% Alliant Holdings Intermediate, LLC, 3.359%, 5/10/2025 63,873 62,683 62,808 Asurion, LLC, 3.116%, 11/3/2024 169,319 169,719 167,796 Confie Seguros Holding II Co., 5.75%, 5/19/2022 424,928 406,260 417,692 USI, Inc., 3.175%, 5/16/2024 290,250 287,202 285,835 Total Financials 925,864 934,131

Industrials - 0.1% Energy Acquisition Company, Inc., 4.49%, 6/26/2025 87,141 74,505 83,873 NN, Inc., 6.5%, 10/19/2022 13,587 13,383 13,506 WireCo WorldGroup Inc., 6%, 9/30/2023 105,660 105,727 100,245 Total Industrials 193,615 197,624

Technology - 0.1% DTI Holdco, Inc., 5.75%, 9/30/2023 162,292 152,351 144,617

Other - 0.0% 24 Hour Fitness Worldwide Term Loan B1, 3.5%, 5/30/2025 274,059 208,904 1,028 Total Bank Loan Obligations 3,660,811 3,420,666

See Notes to the Financial Statements. 23 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 0.1% Energy - 0.1% Ascent Solar Technologies, Inc. Class A 269,156 $ 57,869 $ 8,075 Frontera Energy Corporation 21 186 54 FTS International, Inc. Class A 7,468 254,427 143,386 Total Energy 312,482 151,515

Industrials - 0.0% Desarrolladora Homex, S.A.B. de C.V. 25,771 169 53 Total Common Stocks 312,651 151,568

Corporate Bonds - 40.3% Basic Materials - 2.2% CF Industries, Inc., 5.375%, 3/15/2044 510,000 494,660 645,535 Clearwater Paper Corporation, 4.75%, 8/15/2028 245,000 252,963 253,575 Cleveland-Cliffs Inc., 6.75%, 3/15/2026 120,000 119,100 129,600 Cleveland-Cliffs Inc., 9.875%, 10/17/2025 75,000 70,875 88,219 First Quantum Minerals Ltd., 7.25%, 4/1/2023 421,000 391,530 433,914 Freeport-McMoRan Inc., 5.45%, 3/15/2043 1,089,000 1,016,063 1,355,805 IAMGOLD Corporation, 5.75%, 10/15/2028 293,000 300,325 297,395 INEOS Finance PLC, 2.875%, 5/1/2026 145,000 161,819 179,606 Ingevity Corporation, 3.875%, 11/1/2028 221,000 225,420 222,658 International Paper Company, 7.3%, 11/15/2039 430,000 602,420 689,052 Joseph T. Ryerson & Son, Inc., 8.5%, 8/1/2028 256,000 256,000 289,920 NOVA Chemicals Corporation, 5.25%, 6/1/2027 174,000 177,371 185,400 OCI N.V., 3.125%, 11/1/2024 150,000 165,540 188,580 OCI N.V., 5.25%, 11/1/2024 200,000 200,000 207,750 Rusal Capital Designated Activity Company, 4.85%, 2/1/2023 200,000 193,820 200,000 Rusal Capital Designated Activity Company, 5.125%, 2/2/2022 100,000 98,656 100,000 Steel Dynamics, Inc., 3.25%, 1/15/2031 130,000 128,648 145,372 Tronox Incorporated, 6.5%, 5/1/2025 250,000 250,000 267,500 Tronox Incorporated, 6.5%, 4/15/2026 330,000 292,740 343,613 Total Basic Materials 5,397,950 6,223,494

Communications - 2.6% Altice France, 7.375%, 5/1/2026 525,000 469,875 552,563 ANGI Group, LLC, 3.875%, 8/15/2028 221,000 222,370 224,868 CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/2030 375,000 373,050 404,625 CommScope Technologies LLC, 5%, 3/15/2027 280,000 236,600 275,800

See Notes to the Financial Statements. 24 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 40.3% (continued) Communications - 2.6% (continued) CSC Holdings, LLC, 5.5%, 5/15/2026 200,000 $ 209,000 $ 208,000 CSC Holdings, LLC, 5.5%, 4/15/2027 200,000 206,026 212,000 Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 8/15/2027 486,000 466,560 294,030 Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., 8%, 12/31/2026 89,907 51,247 75,185 Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., 8.75%, 5/25/2024 225,215 217,051 236,476 Expedia Group, Inc., 3.25%, 2/15/2030 1,481,000 1,445,881 1,541,337 Gray Television, Inc., 7%, 5/15/2027 483,000 470,975 528,885 Level 3 Financing, Inc., 4.625%, 9/15/2027 355,000 355,000 370,774 LogMeIn, Inc., 5.5%, 9/1/2027 250,000 259,125 261,875 Lumen Technologies, Inc., 4%, 2/15/2027 170,000 170,000 175,525 Millicom International Cellular S.A., 6.25%, 3/25/2029 71,000 73,485 79,875 MTN (Mauritius) Investments Limited, 6.5%, 10/13/2026 300,000 307,872 343,500 Netflix, Inc., 3.625%, 6/15/2030 405,000 450,805 562,574 Outfront Media Capital LLC / Outfront Media Capital Corp., 6.25%, 6/15/2025 360,000 360,000 379,800 Sprint Corporation, 7.25%, 9/15/2021 200,000 209,500 208,100 T-Mobile USA, Inc., 3.875%, 4/15/2030 270,000 268,051 312,714 T-Mobile USA, Inc., 4.5%, 4/15/2050 135,000 134,426 166,507 Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 8/15/2028 219,000 223,380 220,533 Total Communications 7,180,279 7,635,546

Consumer, Cyclical - 4.6% Air Canada, 4%, 7/1/2025 751,000 884,625 1,107,725 Air Canada 2013-1 Class B Pass Through Trust, 5.375%, 5/15/2021 184,889 189,104 185,318 Alaska Airlines 2020-1 Class A Pass Through Trust, 4.8%, 8/15/2027 853,000 936,751 939,432 Asbury Automotive Group, Inc., 4.5%, 3/1/2028 108,000 112,590 112,590 AutoNation, Inc., 4.75%, 6/1/2030 220,000 221,766 264,734 Beacon Roofing Supply, Inc., 4.875%, 11/1/2025 575,000 517,975 588,656 British Airways 2019-1 Class A Pass Through Trust, 3.35%, 6/15/2029 145,949 132,832 138,314 British Airways 2019-1 Class AA Pass Through Trust, 3.3%, 12/15/2032 342,550 338,532 341,731 Caesars Entertainment, Inc., 6.25%, 7/1/2025 245,000 245,000 260,925 CD&R Smokey Buyer, Inc., 6.75%, 7/15/2025 45,000 45,000 48,094 Delta Air Lines 2020-1 Class AA Pass Through Trust, 2%, 6/10/2028 68,877 68,361 68,731 Ford Motor Company, 5.291%, 12/8/2046 137,000 142,480 143,165 Ford Motor Credit Company LLC, 3.815%, 11/2/2027 735,000 704,055 755,213 Ford Motor Credit Company LLC, 5.584%, 3/18/2024 550,000 585,562 593,258 See Notes to the Financial Statements. 25 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 40.3% (continued) Consumer, Cyclical - 4.6% (continued) General Motors Company, 6.6%, 4/1/2036 985,000 $ 1,103,051 $ 1,333,584 General Motors Financial Company, Inc., 5.7%, 12/31/2099 ^ 130,000 139,750 143,325 Goodyear Tire & Rubber Company/The, 9.5%, 5/31/2025 145,000 162,490 163,894 Hilton Domestic Operating Company Inc., 5.75%, 5/1/2028 35,000 35,000 38,063 International Game Technology PLC, 6.5%, 2/15/2025 400,000 356,000 447,208 JetBlue 2019-1 Class AA Pass Through Trust, 2.75%, 5/15/2032 340,088 338,387 339,858 JetBlue 2020-1 Class A Pass Through Trust, 4%, 11/15/2032 133,000 141,658 143,554 KB Home, 6.875%, 6/15/2027 123,000 128,381 144,218 Lear Corporation, 3.5%, 5/30/2030 270,000 269,390 295,442 Marriott International, Inc., 3.5%, 10/15/2032 1,110,000 1,119,977 1,213,878 Marriott International, Inc., 4.625%, 6/15/2030 210,000 219,666 246,431 Marriott International, Inc., 5.75%, 5/1/2025 60,000 59,998 70,182 Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.5%, 6/20/2027 500,000 535,000 537,500 Penske Automotive Group, Inc., 3.5%, 9/1/2025 193,000 195,474 196,136 QVC, Inc., 4.375%, 9/1/2028 622,000 639,043 644,485 QVC, Inc., 4.75%, 2/15/2027 54,000 56,162 57,915 Royal Caribbean Cruises Ltd.., 11.5%, 6/1/2025 199,000 209,485 232,641 Sands China Ltd.., 4.375%, 6/18/2030 275,000 273,845 305,792 Scientific Games International, Inc., 7%, 5/15/2028 110,000 110,000 118,273 Scientific Games International, Inc., 7.25%, 11/15/2029 110,000 110,000 120,725 Scientific Games International, Inc., 8.25%, 3/15/2026 227,000 235,735 244,615 VOC Escrow Ltd., 5%, 2/15/2028 678,000 681,275 672,915 Total Consumer, Cyclical 12,244,400 13,258,520

Consumer, Non-cyclical - 4.3% AbbVie Inc., 4.05%, 11/21/2039 325,000 325,595 393,323 Albertsons LLC, 3.5%, 3/15/2029 283,000 283,314 286,359 Albertsons LLC, 4.875%, 2/15/2030 152,000 165,786 167,486 Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/2026 321,000 327,233 342,282 Anheuser-Busch InBev Worldwide Inc., 5.55%, 1/23/2049 338,000 408,396 480,593 Bacardi Limited, 5.3%, 5/15/2048 672,000 779,361 932,169 Bausch Health Companies Inc., 5%, 1/30/2028 140,000 140,000 144,276 Brink's Company/The, 5.5%, 7/15/2025 285,000 285,000 304,238 Cardinal Health, Inc., 4.9%, 9/15/2045 320,000 360,854 393,930 Centene Corporation, 4.25%, 12/15/2027 125,000 123,950 132,500 Centene Corporation, 4.625%, 12/15/2029 450,000 426,000 499,595 Central Garden & Pet Company, 4.125%, 10/15/2030 81,000 84,755 84,443 See Notes to the Financial Statements. 26 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 40.3% (continued) Consumer, Non-cyclical - 4.3% (continued) CVS Pass-Through Trust, 5.773%, 1/10/2033 174,223 $ 187,476 $ 204,686 CVS Pass-Through Trust, 6.036%, 12/10/2028 87,737 98,506 101,931 CVS Pass-Through Trust Series 2009, 8.353%, 7/10/2031 137,760 168,247 182,187 Edgewell Personal Care Company, 5.5%, 6/1/2028 340,000 341,353 365,398 Garda World Security Corporation, 4.625%, 2/15/2027 235,000 235,000 237,350 Garda World Security Corporation, 9.5%, 11/1/2027 252,000 252,000 279,090 HCA Inc., 3.5%, 9/1/2030 531,000 481,885 564,228 Insmed Incorporated, 1.75%, 1/15/2025 310,000 322,594 347,886 IQVIA Inc., 2.25%, 1/15/2028 103,000 114,737 127,034 JBS USA/Food/Finance, 5.5%, 1/15/2030 660,000 677,215 758,182 Legacy LifePoint Health, LLC, 6.75%, 4/15/2025 140,000 140,000 150,333 MEDNAX, Inc., 5.25%, 12/1/2023 450,000 457,875 455,535 Minerva Luxembourg S.A., 6.5%, 9/20/2026 425,000 420,006 446,254 Molina Healthcare, Inc., 4.375%, 6/15/2028 105,000 105,000 110,513 Mona Lisa Re Ltd., 8.028%, 1/9/2023 ^ 250,000 250,000 253,225 NYU Langone Hospitals, 4.428%, 7/1/2042 120,000 126,390 134,887 Par Pharmaceutical, Inc., 7.5%, 4/1/2027 61,000 63,275 66,185 Pilgrim's Pride Corporation, 5.875%, 9/30/2027 180,000 190,350 195,230 Prime Security Services Borrrower, LLC / Prime Finance Inc., 5.75%, 4/15/2026 230,000 234,600 251,850 Prime Security Services Borrrower, LLC / Prime Finance Inc., 6.25%, 1/15/2028 658,000 598,930 706,422 Red de Carreteras de Occidente, S.A.B. de C.V., 9%, 6/10/2028 1,820,000 91,672 96,547 RegionalCare Hospital Partners Holdings Inc, 9.75%, 12/1/2026 95,000 89,300 104,500 Smithfield Foods, Inc., 2.65%, 10/3/2021 100,000 96,929 100,884 Smithfield Foods, Inc., 5.2%, 4/1/2029 48,000 53,288 57,148 Sotheby's, 7.375%, 10/15/2027 140,000 140,000 149,975 Teva Pharmaceutical Finance Company, LLC, 0.25%, 2/1/2026 219,000 199,223 217,905 Teva Pharmaceutical Finance Netherlands III B.V., 3.15%, 10/1/2026 841,000 654,600 808,420 Teva Pharmaceutical Finance Netherlands III B.V., 6.75%, 3/1/2028 200,000 226,000 226,250 Tricida, Inc., 3.5%, 5/15/2027 470,000 392,821 235,657 Trustees of Amherst College, 3.794%, 11/1/2042 30,000 29,553 34,254 U.S. Renal Care, Inc., 10.625%, 7/15/2027 213,000 211,145 235,365 West Street Merger Sub, Inc., 6.375%, 9/1/2025 113,000 106,025 115,825 Total Consumer, Non-cyclical 11,466,239 12,482,330

See Notes to the Financial Statements. 27 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 40.3% (continued) Energy - 5.3% Cenovus Energy Inc., 6.75%, 11/15/2039 1,735,000 $ 2,023,305 $ 2,293,834 DCP Midstream Operating, LP, 4.75%, 9/30/2021 50,000 50,938 50,750 DCP Midstream Operating, LP, 4.95%, 4/1/2022 50,000 51,250 51,500 DCP Midstream Operating, LP, 5.6%, 4/1/2044 419,000 398,050 432,081 Enable Midstream Partners, LP, 4.4%, 3/15/2027 434,000 430,797 437,955 Enable Midstream Partners, LP, 4.95%, 5/15/2028 904,000 931,757 934,554 Energy Transfer Operating, LP, 5.875%, 1/15/2024 180,000 196,483 202,335 Energy Transfer Operating, LP, 6%, 6/15/2048 420,000 486,621 494,900 Energy Transfer Operating, LP, 6.125%, 12/15/2045 120,000 143,375 141,756 Energy Transfer Operating, LP, 6.5%, 2/1/2042 42,000 47,385 51,239 Energy Transfer Operating, LP, 6.625%, 12/31/2099 ^ 96,000 90,960 81,120 Energy Transfer Operating, LP, 7.125%, 12/31/2099 ^ 897,000 889,276 852,150 EnLink Midstream, LLC, 5.375%, 6/1/2029 35,000 35,133 34,038 EnLink Midstream Partners, LP, 5.05%, 4/1/2045 160,000 137,600 127,502 EnLink Midstream Partners, LP, 5.45%, 6/1/2047 885,000 773,623 712,664 EnLink Midstream Partners, LP, 5.6%, 4/1/2044 208,000 170,383 166,920 Hess Midstream Operations LP, 5.125%, 6/15/2028 163,000 167,483 170,386 MEG Energy Corp., 6.5%, 1/15/2025 42,000 42,210 43,262 MEG Energy Corp., 7%, 3/31/2024 172,000 174,343 173,720 MEG Energy Corp., 7.125%, 2/1/2027 285,000 275,738 294,263 Midwest Connector Capital Company LLC, 4.625%, 4/1/2029 210,000 217,812 220,134 Neptune Energy Bondco PLC, 6.625%, 5/15/2025 678,000 692,457 670,725 Occidental Petroleum Corporation, 4.4%, 4/15/2046 390,000 335,600 339,871 ONEOK, Inc., 6.875%, 9/30/2028 175,000 207,416 220,467 PBF Holding Co LLC / PBF Finance Corp., 9.25%, 5/15/2025 187,000 187,587 184,363 Petroleos Mexicanos, 5.35%, 2/12/2028 263,000 267,524 260,173 Petroleos Mexicanos, 6.875%, 10/16/2025 163,000 167,038 178,469 Phillips 66 Partners LP, 3.75%, 3/1/2028 925,000 928,662 1,003,530 Plains All American Pipeline, LP, 6.125%, 12/31/2099 ^ 270,000 191,080 219,375 Plains All American Pipeline LP / PAA Finance Corp., 4.9%, 2/15/2045 270,000 262,698 286,550 Precision Drilling Corporation, 7.125%, 1/15/2026 159,000 151,643 138,330 Sunoco Logistics Partners Operations LP, 5.4%, 10/1/2047 170,000 170,663 189,947 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/2042 107,000 114,951 123,810 Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/2023 290,000 289,645 291,450 TerraForm Power Operating, LLC, 4.75%, 1/15/2030 129,000 129,000 138,030 USA Compression Partners LP, 6.875%, 9/1/2027 102,000 107,355 108,893 Valero Energy Corporation, 6.625%, 6/15/2037 636,000 801,035 845,999

See Notes to the Financial Statements. 28 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 40.3% (continued) Energy - 5.3% (continued) Williams Companies, Inc./The, 5.75%, 6/24/2044 954,000 $ 1,091,819 $ 1,236,429 Williams Companies, Inc./The, 7.5%, 1/15/2031 300,000 378,191 407,821 Williams Companies, Inc./The, 7.75%, 6/15/2031 150,000 189,702 202,080 YPF Sociedad Anonima, 6.95%, 7/21/2027 220,000 181,428 158,400 YPF Sociedad Anonima, 16.5%, 5/9/2022 5,450,000 78,657 45,379 Total Energy 14,658,673 15,217,154

Financials - 15.6% AT Securities B.V., 5.25%, 12/31/2099 ^ 750,000 717,468 782,625 Avolon Holdings Funding Limited, 3.95%, 7/1/2024 66,000 55,770 69,707 AXA SA, 5.125%, 1/17/2047 ^ 200,000 205,000 231,000 AXA SA, 8.6%, 12/15/2030 550,000 779,508 856,983 Banco de Credito del Peru, 6.875%, 9/16/2026 ^ 182,000 195,423 189,737 Banco Internacional del Peru SAA Interbank, 3.375%, 1/18/2023 270,000 268,988 280,463 Banco Mercantil del Norte, S.A., 6.75%, 12/31/2099 ^ 400,000 399,000 433,000 Banco Mercantil del Norte, S.A., 8.375%, 12/31/2099 ^ 235,000 235,000 280,534 Banco Nacional de Comercio Exterior, Sociedad Nacional de Credito, 3.8%, 8/11/2026 ^ 200,000 196,500 200,502 Banco Santander Mexico, S.A., Institucion De Banca Multiple, Grupo Financiero, 5.375%, 4/17/2025 270,000 270,000 310,192 Bank of America Corporation, 7.25%, 12/31/2099 747 989,554 1,134,379 Banque Centrale de Tunisie International Bond, 6.375%, 7/15/2026 147,000 164,255 163,315 Barclays PLC, 7.75%, 12/31/2099 ^ 450,000 465,188 483,750 Barclays PLC, 8%, 12/31/2099 ^ 400,000 419,122 446,000 BNP Paribas, 4.5%, 12/31/2099 ^ 540,000 540,000 545,686 BNP Paribas, 6.625%, 12/31/2099 ^ 890,000 910,280 971,213 BPCE, 4.875%, 4/1/2026 810,000 849,874 952,554 Charles Schwab Corporation/The, 5.375%, 12/31/2099 ^ 298,000 298,000 331,898 Citigroup Inc., 4.7%, 12/31/2099 ^ 1,351,000 1,354,356 1,388,274 CNO Financial Group, Inc., 5.25%, 5/30/2029 826,000 937,503 997,185 Credit Suisse Group AG, 5.1%, 12/31/2099 ^ 947,000 961,146 984,880 Credit Suisse Group AG, 6.375%, 12/31/2099 ^ 200,000 217,460 222,750 Credit Suisse Group AG, 7.125%, 12/31/2099 ^ 925,000 971,229 977,031 Danske Bank A/S, 6.125%, 12/31/2099 ^ 1,299,000 1,325,745 1,372,069 Development Bank of Kazakhstan JSC, 10.75%, 2/12/2025 111,000,000 260,544 272,020 European Bank for Reconstruction and Development, 6.45%, 12/13/2022 15,179,100,000 991,001 1,121,633 Farmers Exchange Capital III, 5.454%, 10/15/2054 ^ 340,000 346,433 417,996 Farmers Insurance Exchange, 4.747%, 11/1/2057 ^ 930,000 859,265 994,768

See Notes to the Financial Statements. 29 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 40.3% (continued) Financials - 15.6% (continued) Firstar Realty, L.L.C., 8.875%, 12/31/2049 150 $ 171,750 $ 159,000 Freedom Mortgage Corporation, 8.25%, 4/15/2025 205,000 181,938 214,225 Global Aircraft Leasing Co., Ltd., 6.5%, 9/15/2024 937,806 974,294 836,992 GLP Capital, L.P. / GLP Financing II, Inc., 4%, 1/15/2030 280,000 281,224 304,153 Highwoods Realty Limited Partnership, 4.125%, 3/15/2028 280,000 282,764 314,935 HSBC Bank PLC, 7.65%, 5/1/2025 285,000 338,906 354,425 ING Groep N.V., 6.5%, 12/31/2049 ^ 869,000 894,349 953,988 Inter-American Development Bank, 7.875%, 3/14/2023 5,650,000,000 399,604 431,531 Intesa Sanpaolo S.p.A., 4.7%, 9/23/2049 467,000 490,588 585,999 Intesa Sanpaolo S.p.A., 7.75%, 12/31/2049 ^ 465,000 583,252 680,607 Iron Mountain Incorporated, 4.5%, 2/15/2031 410,000 420,373 429,475 iStar Inc., 4.25%, 8/1/2025 820,000 830,681 809,750 iStar Inc., 4.75%, 10/1/2024 205,000 207,000 207,563 JPMorgan Chase & Co., 4.6%, 12/31/2099 ^ 1,338,000 1,343,680 1,381,485 JPMorgan Chase & Co., 5%, 12/31/2099 ^ 1,322,000 1,328,651 1,390,784 Liberty Mutual Group Inc., 3.625%, 5/23/2059 ^ 880,000 1,015,872 1,105,292 Liberty Mutual Insurance Company, 7.697%, 10/15/2097 625,000 823,294 1,004,842 Lloyds Banking Group plc, 4.65%, 3/24/2026 700,000 721,637 805,621 Matterhorn Re Ltd., 5.028%, 1/8/2024 ^ 250,000 250,000 247,875 Matterhorn Re Ltd., 6.278%, 12/7/2021 ^ 250,000 250,000 251,550 Matterhorn Re Ltd., 7.028%, 12/7/2021 ^ 250,000 250,000 255,300 Matterhorn Re Ltd., 7.528%, 12/7/2021 ^ 250,000 250,000 250,525 MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/2029 582,000 592,957 622,013 Nationstar Mortgage Holdings Inc., 6%, 1/15/2027 55,000 55,000 58,369 Nationwide Mutual Insurance Company, 4.35%, 4/30/2050 470,000 468,905 552,119 Natwest Group plc, 8.625%, 12/31/2049 ^ 865,000 926,865 897,792 Provident Funding Associates LP / PFG Finance Corp., 6.375%, 6/15/2025 124,000 115,940 127,100 QNB Finansbank Anonim Sirketi, 4.875%, 5/19/2022 200,000 203,500 203,970 Sanders RE II Ltd., 5.528%, 6/7/2023 ^ 250,000 250,000 253,875 Simon Property Group, L.P., 3.25%, 9/13/2049 260,000 255,565 266,283 Simon Property Group, L.P., 3.8%, 7/15/2050 345,000 342,613 384,887 Societe Generale SA, 7.375%, 12/31/2049 ^ 700,000 728,000 716,821 Stichting AK Rabobank Certificaten, 6.5%, 12/31/2049 1,816,400 2,676,063 2,939,198 Truist Financial Corporation, 5.1%, 12/31/2099 ^ 738,000 738,619 843,172 Turkiye Garanti Bankasi Anonim Sirketi, 6.125%, 5/24/2027 ^ 200,000 158,968 196,720 UBS Group AG, 7%, 12/31/2099 ^ 525,000 547,297 575,531 UBS Group AG, 7.125%, 12/31/2049 ^ 475,000 498,750 488,063 UniCredit SpA, 5.459%, 6/30/2035 ^ 500,000 515,006 550,169 See Notes to the Financial Statements. 30 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 40.3% (continued) Financials - 15.6% (continued) Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 7.875%, 2/15/2025 512,000 $ 474,600 $ 549,996 Ursa Re Ltd., 5.258%, 9/24/2021 ^ 250,000 245,775 250,000 VICI Properties LP / VICI Note Co Inc, 4.125%, 8/15/2030 55,000 53,213 58,060 Vita Capital Vi Limited, 3.084%, 1/8/2021 ^ 250,000 249,000 237,500 Wells Fargo & Company, 7.5%, 12/31/2049 2,654 3,710,696 4,028,507 Total Financials 42,280,801 45,188,206

Industrials - 2.9% Amsted Industries Incorporated, 5.625%, 7/1/2027 77,000 77,000 81,813 Ball Corporation, 2.875%, 8/15/2030 618,000 617,784 616,455 Belden Inc., 2.875%, 9/15/2025 195,000 223,686 240,382 Belden Inc., 3.375%, 7/15/2027 310,000 356,376 387,717 Boeing Company/The, 3.75%, 2/1/2050 1,466,000 1,545,521 1,541,631 Boeing Company/The, 5.805%, 5/1/2050 600,000 600,000 826,887 CEMEX, S.A.B. de C.V., 5.45%, 11/19/2029 376,000 377,692 413,604 Covanta Holding Corporation, 6%, 1/1/2027 361,000 316,899 379,175 Energizer Holdings, Inc., 4.75%, 6/15/2028 158,000 158,220 166,295 General Electric Company, 4.25%, 5/1/2040 360,000 358,985 425,594 General Electric Company, 4.35%, 5/1/2050 405,000 403,583 492,540 Greif, Inc., 6.5%, 3/1/2027 470,000 464,369 497,025 Howmet Aerospace Inc., 6.875%, 5/1/2025 325,000 325,000 380,250 KBR, Inc., 4.75%, 9/30/2028 246,000 255,225 256,455 PowerTeam Services, LLC, 9.033%, 12/4/2025 495,000 475,200 550,742 Sensata Technologies, Inc., 3.75%, 2/15/2031 112,000 112,381 116,097 Standard Industries, Inc., 4.375%, 7/15/2030 402,000 405,255 430,031 Standard Industries, Inc., 5%, 2/15/2027 60,000 59,700 62,700 Summit Materials Finance Corp, 5.25%, 1/15/2029 26,000 27,495 27,300 WESCO Distribution, Inc., 7.25%, 6/15/2028 105,000 104,206 119,415 Western Global Airlines LLC, 10.375%, 8/15/2025 356,000 396,050 396,940 Total Industrials 7,660,627 8,409,048

Technology - 0.5% Citrix Systems, Inc., 3.3%, 3/1/2030 1,350,000 1,341,225 1,491,473 NCR Corporation, 8.125%, 4/15/2025 30,000 30,000 33,409 Total Technology 1,371,225 1,524,882

See Notes to the Financial Statements. 31 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 40.3% (continued) Utilities - 2.3% Adani Electricity Mumbai Limited, 3.949%, 2/12/2030 200,000 $ 200,000 $ 211,800 Adani Renewable Energy RJ Ltd., 4.625%, 10/15/2039 407,469 410,443 421,526 Adani Transmission Limited, 4.25%, 5/21/2036 482,500 488,242 510,246 AES Corporation/The, 3.95%, 7/15/2030 140,000 139,436 158,257 Calpine Corporation, 4.625%, 2/1/2029 107,000 112,020 110,026 Calpine Corporation, 5%, 2/1/2031 103,000 111,013 107,635 Consolidated Edison Company of New York, Inc., 3.95%, 4/1/2050 235,000 233,444 286,318 Enel SpA, 8.75%, 9/24/2073 460,000 528,013 537,188 Iberdrola International, B.V., 6.75%, 7/15/2036 330,000 413,659 505,832 Nakilat Inc., 6.067%, 12/31/2033 125,000 142,188 159,063 NextEra Energy Operating Partners, LP, 4.5%, 9/15/2027 82,000 80,565 91,780 NRG Energy, Inc., 4.45%, 6/15/2029 1,350,000 1,421,811 1,565,526 Pattern Energy Operations Inc, 4.5%, 8/15/2028 55,000 55,000 58,025 Puget Energy, Inc., 4.1%, 6/15/2030 405,000 404,324 457,945 Vistra Operations Company LLC, 3.7%, 1/30/2027 950,000 945,530 1,047,552 Vistra Operations Company LLC, 4.3%, 7/15/2029 124,000 127,801 140,743 Vistra Operations Company LLC, 5.625%, 2/15/2027 329,000 337,636 349,938 Total Utilities 6,151,125 6,719,400 Total Corporate Bonds 108,411,319 116,658,580

Mortgage-Backed Securities - 29.3% Bellemeade Re 2019-1 Ltd., 2.83%, 3/25/2029 320,000 320,846 314,019 Bellemeade Re 2019-2 Ltd., 3.23%, 4/25/2029 250,000 250,287 250,227 Bellemeade Re 2020-3 Ltd., 4.98%, 10/25/2030 900,000 903,375 909,661 Benchmark 2018-B5 Mortgage Trust, 3.944%, 7/15/2051 200,000 211,362 234,097 Benchmark 2020-IG3 Mortgage Trust, 3.387%, 9/15/2048 200,000 192,804 217,371 BRAVO Residential Funding Trust 2020-RPL2, 2%, 5/25/2059 632,732 648,378 651,657 Cascade Funding Mortgage Trust 2018-RM2, 4%, 10/25/2068 272,093 257,391 264,600 CD 2018-CD7 Mortgage Trust, 4.013%, 8/15/2051 240,000 259,165 280,359 CFCRE Commercial Mortgage Trust 2016-C3, 3.597%, 1/10/2048 175,000 178,746 193,760 CFCRE Commercial Mortgage Trust 2018-TAN, 6.099%, 2/15/2033 100,000 103,542 96,884 Citigroup Commercial Mortgage Trust 2018-B2, 3.744%, 3/10/2051 1,000,000 1,085,722 1,146,929 Citigroup Commercial Mortgage Trust 2018-B2, 4.179%, 3/10/2051 300,000 341,438 342,816 Citigroup Mortgage Loan Trust 2018-RP2, 2.397%, 2/25/2058 490,776 498,431 518,028 Citigroup Mortgage Loan Trust Inc., 2.5%, 8/25/2050 520,735 533,916 538,025 CLNY Trust 2019-IKPR, 2.833%, 11/15/2038 490,000 484,994 428,641

See Notes to the Financial Statements. 32 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Mortgage-Backed Securities - 29.3% (continued) COMM 2012-CCRE4 Mortgage Trust, 3.251%, 10/15/2045 500,000 $ 495,256 $ 504,424 COMM 2015-DC1 Mortgage Trust, 4.035%, 2/10/2048 300,000 304,364 314,689 COMM 2019-GC44 Mortgage Trust, 2.5%, 8/15/2057 1,000,000 855,333 880,331 Connecticut Avenue Securities Trust 2020-SBT1, 3.78%, 2/25/2040 930,000 935,313 934,320 Credit Suisse Mortgage Capital Certificates 2019-ICE4, 2.262%, 5/15/2036 300,000 300,000 298,240 CSAIL 2015-C1 Commercial Mortgage Trust, 4.264%, 4/15/2050 750,000 787,897 684,101 CSAIL 2016-C6 Commercial Mortgage Trust, 4.953%, 1/15/2049 361,000 262,628 337,885 CSMC Trust 2013-6, 3.5%, 8/25/2043 249,075 248,112 253,944 Deephaven Residential Mortgage Trust 2020-2, 4.112%, 5/25/2065 300,000 300,000 312,845 EverBank Mortgage Loan Trust 2013-2, 3%, 6/25/2043 334,721 328,375 343,995 Fannie Mae Connecticut Avenue Securities, 2.13%, 3/25/2031 470,873 472,753 467,843 Fannie Mae Connecticut Avenue Securities, 2.33%, 8/25/2030 280,670 282,017 278,888 Fannie Mae Connecticut Avenue Securities, 3.68%, 7/25/2030 1,100,000 1,017,500 1,097,096 Fannie Mae Connecticut Avenue Securities, 3.88%, 10/25/2030 1,100,000 1,017,500 1,109,025 Fannie Mae Connecticut Avenue Securities, 5.88%, 7/25/2029 270,000 250,541 288,583 Fannie Mae TBA 30 YR 2.5 Single Family Mortgage, 2.5%, 2/12/2051 380,000 396,863 399,907 Fannie Mae TBA 30 YR 3 Single Family Mortgage, 3%, 1/14/2051 8,063,000 8,434,873 8,447,882 Fannie Mae TBA 30 YR 3.5 Single Family Mortgage, 3.5%, 1/14/2051 2,501,000 2,638,832 2,643,635 Fannie Mae TBA 30 YR 4 Single Family Mortgage, 4%, 1/14/2051 2,095,000 2,235,349 2,237,395 Fannie Mae TBA 30 YR 4.5 Single Family Mortgage, 4.5%, 1/14/2051 2,876,000 3,114,697 3,116,865 Fannie Mae Pool 735897,1.5%, 12/1/2035 ^ 26,606 29,117 31,145 Fannie Mae Pool 888983,1.5%, 12/1/2035 ^ 957 982 1,020 Fannie Mae Pool 995245,1.5%, 12/1/2035 ^ 103,690 111,092 120,441 Fannie Mae Pool AB1149,1.5%, 12/1/2035 41,620 44,766 48,373 Fannie Mae Pool AB1617,1.5%, 12/1/2035 238,302 248,839 269,411 Fannie Mae Pool AB2639,1.5%, 12/1/2035 110,657 117,300 123,622 Fannie Mae Pool AB3678,1.5%, 12/1/2035 31,330 31,929 34,615 Fannie Mae Pool AB4525,1.5%, 12/1/2035 1,174,505 1,215,629 1,283,473 Fannie Mae Pool AB5267,1.5%, 12/1/2035 100,172 103,680 109,112 Fannie Mae Pool AB9339,1.5%, 12/1/2035 - - - Fannie Mae Pool AD1593,1.5%, 12/1/2035 521,976 553,148 584,040 Fannie Mae Pool AD7136,1.5%, 12/1/2035 31,133 33,486 35,423 Fannie Mae Pool AD8269,1.5%, 12/1/2035 348,503 360,692 384,100 Fannie Mae Pool AE0625,1.5%, 12/1/2035 ^ 41,046 42,817 46,404 Fannie Mae Pool AE7731,1.5%, 12/1/2035 125,678 132,792 140,529 Fannie Mae Pool AH3865,1.5%, 12/1/2035 579,550 613,138 651,484 Fannie Mae Pool AJ4899,1.5%, 12/1/2035 82,251 85,132 90,669 Fannie Mae Pool AK0746,1.5%, 12/1/2035 75,244 77,879 82,557

See Notes to the Financial Statements. 33 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Mortgage-Backed Securities - 29.3% (continued) Fannie Mae Pool AK8257,1.5%, 12/1/2035 92,158 $ 95,385 $ 101,588 Fannie Mae Pool AL0092,1.5%, 12/1/2035 ^ 4,587 4,722 4,862 Fannie Mae Pool AL7382,1.5%, 12/1/2035 ^ 254,975 258,197 282,417 Fannie Mae Pool AS5567,1.5%, 12/1/2035 379,421 387,761 420,917 Fannie Mae Pool AS8491,1.5%, 12/1/2035 - - - Fannie Mae Pool AT5988,1.5%, 12/1/2035 314,463 312,390 333,651 Fannie Mae Pool AU3735,1.5%, 12/1/2035 123,069 122,256 131,165 Fannie Mae Pool AU3736,1.5%, 12/1/2035 68,858 68,403 73,387 Fannie Mae Pool AU4279,1.5%, 12/1/2035 245,866 244,242 264,528 Fannie Mae Pool AU8807,1.5%, 12/1/2035 95,210 98,896 104,943 Fannie Mae Pool AY5580,1.5%, 12/1/2035 209,425 212,451 227,148 Fannie Mae Pool BC1214,1.5%, 12/1/2035 220,604 227,540 240,033 Fannie Mae Pool BD2425,1.5%, 12/1/2035 377,950 383,330 409,724 Fannie Mae Pool BD9327,1.5%, 12/1/2035 17,721 17,932 19,222 Fannie Mae Pool BE2316,1.5%, 12/1/2035 168,624 170,531 179,914 Fannie Mae Pool BE2699,1.5%, 12/1/2035 44,913 46,524 49,016 Fannie Mae Pool BE9355,1.5%, 12/1/2035 103,835 102,763 109,147 Fannie Mae Pool BH1439,1.5%, 12/1/2035 113,318 117,314 123,669 Fannie Mae Pool BH3109,1.5%, 12/1/2035 16,967 17,581 18,563 Fannie Mae Pool BH3119,1.5%, 12/1/2035 72,097 74,350 77,587 Fannie Mae Pool BH3871,1.5%, 12/1/2035 75,450 77,809 81,240 Fannie Mae Pool BH3875,1.5%, 12/1/2035 64,499 66,515 69,260 Fannie Mae Pool BH6459,1.5%, 12/1/2035 66,359 68,759 71,891 Fannie Mae Pool BJ5114,1.5%, 12/1/2035 163,316 168,338 175,064 Fannie Mae Pool BJ5251,1.5%, 12/1/2035 211,848 214,000 225,148 Fannie Mae Pool BJ9520,1.5%, 12/1/2035 23,450 25,128 25,895 Fannie Mae Pool BK1181,1.5%, 12/1/2035 16,491 17,671 18,229 Fannie Mae Pool BM1057,1.5%, 12/1/2035 ^ 151,802 157,156 166,074 Fannie Mae Pool BN5999,1.5%, 12/1/2035 31,102 31,865 32,795 Fannie Mae Pool BN9610,1.5%, 12/1/2035 35,868 36,748 37,639 Fannie Mae Pool BQ9280,1.5%, 12/1/2035 402,476 412,931 414,272 Fannie Mae Pool CA4189,1.5%, 12/1/2035 50,571 55,889 57,215 Fannie Mae Pool CA4195,1.5%, 12/1/2035 233,203 263,702 272,461 Fannie Mae Pool FM1023,1.5%, 12/1/2035 ^ 253,575 267,086 278,251 Fannie Mae Pool FM1024,1.5%, 12/1/2035 ^ 370,590 391,494 410,791 Fannie Mae Pool FM1091,1.5%, 12/1/2035 ^ 411,523 428,627 456,708 Fannie Mae Pool FM1637,1.5%, 12/1/2035 ^ 1,089,950 1,191,111 1,202,318 Fannie Mae Pool FM3861,1.5%, 12/1/2035 ^ 80,863 88,747 89,179 Fannie Mae Pool FM3894,1.5%, 12/1/2035 ^ 723,453 791,051 798,282

See Notes to the Financial Statements. 34 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Mortgage-Backed Securities - 29.3% (continued) Fannie Mae Pool MA0841,1.5%, 12/1/2035 88,928 $ 93,772 $ 100,898 Fannie Mae Pool MA4206,1.5%, 12/1/2035 1,404,327 1,465,382 1,468,888 Fannie Mae Pool MA4237,1.5%, 12/1/2035 6,330,000 6,559,861 6,576,137 Freddie Mac Gold Pool A89784,1.5%, 12/1/2035 74,365 77,043 80,471 Freddie Mac Gold Pool A95090,1.5%, 12/1/2035 202,717 210,017 219,646 Freddie Mac Gold Pool G04832,1.5%, 12/1/2035 69,525 72,028 75,892 Freddie Mac Gold Pool G08563,1.5%, 12/1/2035 1,000,000 1,019,435 1,025,690 Freddie Mac Gold Pool G60045,1.5%, 12/1/2035 21,345 21,979 23,224 Freddie Mac Gold Pool Q37291,1.5%, 12/1/2035 324,795 47,765 42,801 Freddie Mac Gold Pool Q40519,1.5%, 12/1/2035 4,242 4,358 4,529 Freddie Mac Gold Pool Q42460,1.5%, 12/1/2035 46,783 48,194 50,667 Freddie Mac Gold Pool Q44193,1.5%, 12/1/2035 73,157 72,392 77,026 Freddie Mac Gold Pool Q45370,1.5%, 12/1/2035 467,449 56,970 82,219 Freddie Mac Gold Pool Q46050,1.5%, 12/1/2035 318,777 44,828 45,481 Freddie Mac Gold Pool Q46616,1.5%, 12/1/2035 335,161 42,105 42,588 Freddie Mac Gold Pool Q47050,1.5%, 12/1/2035 236,465 234,029 248,839 Freddie Mac Gold Pool Q47341,1.5%, 12/1/2035 37,759 37,352 39,709 Freddie Mac Gold Pool Q47419,1.5%, 12/1/2035 396,387 402,439 429,433 Freddie Mac Gold Pool Q53571,1.5%, 12/1/2035 334,456 42,539 49,387 Freddie Mac Pool QA3894,1.5%, 12/1/2035 208,720 222,906 224,418 Freddie Mac Pool RA1087,1.5%, 12/1/2035 1 1 1 Freddie Mac Pool RA1188,1.5%, 12/1/2035 1 1 1 Freddie Mac Pool SB8079,1.5%, 12/1/2035 484,608 515,392 542,390 Freddie Mac Pool SB8083,1.5%, 12/1/2035 18,666 19,175 20,131 Freddie Mac Pool SD8028,1.5%, 12/1/2035 181,923 194,288 195,700 Freddie Mac Pool SD8042,1.5%, 12/1/2035 33,335 35,600 35,791 Freddie Mac Pool SD8120,1.5%, 12/1/2035 96,742 99,674 104,585 Freddie Mac Pool ZM3043,1.5%, 12/1/2035 629,000 645,339 647,436 Freddie Mac Pool ZM3146,1.5%, 12/1/2035 2,130,000 2,144,793 2,152,761 Freddie Mac Pool ZM3235,1.5%, 12/1/2035 140,355 149,895 150,271 Freddie Mac Pool ZM3417,1.5%, 12/1/2035 1,222,511 1,275,662 1,278,472 Freddie Mac Pool ZM4353,1.5%, 12/1/2035 6,705 7,203 7,794 Freddie Mac Pool ZS4740,1.5%, 12/1/2035 47,948 51,604 55,773 Freddie Mac Pool ZS4748,1.5%, 12/1/2035 41,146 45,159 48,354 Ginnie Mae I Pool 546091,1.5%, 12/1/2035 43,953 44,993 46,855 Ginnie Mae I Pool 721759,1.5%, 12/1/2035 350,000 341,961 365,163 Ginnie Mae I Pool 723600,1.5%, 12/1/2035 250,000 264,629 276,011 Ginnie Mae I Pool 733913,1.5%, 12/1/2035 19,575 20,303 21,185 Ginnie Mae I Pool 734042,1.5%, 12/1/2035 456,352 483,573 494,868

See Notes to the Financial Statements. 35 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Mortgage-Backed Securities - 29.3% (continued) Ginnie Mae I Pool 737802,1.5%, 12/1/2035 312,270 $ 334,958 $ 345,104 Ginnie Mae I Pool 737996,1.5%, 12/1/2035 27,565 29,546 30,460 Ginnie Mae I Pool 770470,1.5%, 12/1/2035 8,455 8,769 9,190 Ginnie Mae I Pool 779245,1.5%, 12/1/2035 340,000 340,000 342,338 Ginnie Mae I Pool 784078,1.5%, 12/1/2035 310,000 311,382 306,864 Ginnie Mae I Pool 796211,1.5%, 12/1/2035 423,739 89,378 91,163 Ginnie Mae I Pool 796299,1.5%, 12/1/2035 426,422 451,591 462,482 Ginnie Mae I Pool AA8385,1.5%, 12/1/2035 138,063 148,331 152,433 Ginnie Mae I Pool AG9406,1.5%, 12/1/2035 493,583 529,310 545,218 Ginnie Mae I Pool AH3672,1.5%, 12/1/2035 778,515 134,051 154,251 Ginnie Mae I Pool AJ7092,1.5%, 12/1/2035 500,000 529,438 548,836 Ginnie Mae I Pool AN6704,1.5%, 12/1/2035 115,827 117,790 115,532 Ginnie Mae I Pool AO3856,1.5%, 12/1/2035 500,000 536,113 552,122 Ginnie Mae II Pool 004396,1.5%, 12/1/2035 31,399 32,449 34,195 Ginnie Mae II Pool 005175,1.5%, 12/1/2035 49,007 51,610 54,780 Ginnie Mae II Pool 784449,1.5%, 12/1/2035 880,173 909,604 933,895 Ginnie Mae II Pool 784800,1.5%, 12/1/2035 41,405 43,276 46,632 Ginnie Mae II Pool AL9912,1.5%, 12/1/2035 13,580 14,005 14,403 Ginnie Mae II Pool AM2831,1.5%, 12/1/2035 5,602 5,808 6,054 Ginnie Mae II Pool AM6677,1.5%, 12/1/2035 3,560 3,690 3,791 Ginnie Mae II Pool AR0817,1.5%, 12/1/2035 53,562 55,225 57,885 Ginnie Mae II Pool BB5176,1.5%, 12/1/2035 134,582 140,509 148,375 Ginnie Mae II Pool BG7415,1.5%, 12/1/2035 110,647 114,083 117,289 Ginnie Mae II Pool BH6398,1.5%, 12/1/2035 82,426 85,179 87,363 Ginnie Mae II Pool MA2304,1.5%, 12/1/2035 127,596 131,558 138,043 Ginnie Mae II Pool MA2305,1.5%, 12/1/2035 90,156 95,280 102,070 Ginnie Mae II Pool MA2373,1.5%, 12/1/2035 397,498 418,418 447,077 Ginnie Mae II Pool MA2446,1.5%, 12/1/2035 27,527 28,390 30,349 Ginnie Mae II Pool MA5138,1.5%, 12/1/2035 75,720 79,698 84,749 Ginnie Mae II Pool BH6398, 3%, 7/20/2042 734,379 758,017 777,087 Ginnie Mae II Pool AL9912, 3.5%, 4/20/2045 34,301 34,904 37,946 Ginnie Mae II Pool AM2831, 3.5%, 4/20/2045 24,993 25,434 27,279 Ginnie Mae II Pool AM667, 3.5%, 4/20/2045 55,549 56,536 61,344 Ginnie Mae II Pool AR0817, 3.5%, 3/20/2046 57,840 58,973 65,033 Ginnie Mae II Pool 004396, 4%, 10/20/2044 75,911 78,457 83,758 Ginnie Mae II Pool BB5176, 4%, 3/20/2039 113,781 120,053 124,887 Ginnie Mae II Pool BG7415, 4%, 4/20/2048 76,436 79,144 84,866 Ginnie Mae II Pool MA2304, 4%, 12/20/2044 140,073 145,328 154,531 Ginnie Mae II Pool MA2446, 4%, 2/20/2048 64,092 66,365 71,129

See Notes to the Financial Statements. 36 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Mortgage-Backed Securities - 29.3% (continued) Ginnie Mae II Pool 005175, 4.5%, 9/20/2041 84,201 $ 88,533 $ 93,807 Ginnie Mae II Pool 784449, 4.5%, 9/20/2044 107,231 110,756 113,665 Ginnie Mae II Pool BG7415, 4.5%, 10/20/2044 50,050 52,603 55,761 Ginnie Mae II Pool MA2373, 4.5%, 11/20/2044 105,273 110,619 117,525 Ginnie Mae II Pool MA5138, 4.5%, 4/20/2048 291,920 304,343 315,897 Ginnie Mae, 2%, 1/21/2051 780,000 811,779 815,679 Ginnie Mae, 2.5%, 1/21/2051 2,000,000 2,098,427 2,117,165 Government National Mortgage Association 2012-130, 3%, 4/20/2041 11,401 11,410 11,646 Government National Mortgage Association 2019-90, 3.189%, 7/20/2049 925,797 71,749 83,243 Government National Mortgage Association 2019-110, 3.5%, 9/20/2049 2,164,571 256,705 158,390 Government National Mortgage Association 2019-117, 3.309%, 9/20/2049 2,239,759 196,679 180,127 Government National Mortgage Association 2019-121, 3.239%, 10/20/2049 2,245,965 191,609 199,896 Government National Mortgage Association 2019-128, 3.5%, 10/20/2049 8,697,263 1,186,813 749,646 Government National Mortgage Association 2019-159, 3.5%, 12/20/2049 1,344,674 184,893 146,721 Government National Mortgage Association 2020-9, 3.239%, 1/20/2050 1,597,645 143,538 137,082 J.P. Morgan Chase Commercial Mortgage Securities Trust 2015-JP1, 4.73%, 1/15/2049 500,000 518,351 554,286 J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT, 4.549%, 7/5/2033 250,000 262,904 260,305 J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP, 1.772%, 7/15/2036 350,000 332,938 335,957 J.P. Morgan Mortgage Trust 2018-LTV1, 4.5%, 4/25/2049 282,158 289,490 287,178 J.P. Morgan Mortgage Trust 2019-2, 4%, 8/25/2049 13,291 13,456 13,691 J.P. Morgan Mortgage Trust 2019-LTV1, 4%, 6/25/2049 390,395 396,066 400,887 JPMDB Commercial Mortgage Securities Trust 2018-C8, 4.421%, 6/15/2051 250,000 267,318 295,098 Key Commercial Mortgage Securities Trust 2019-S2, 3.469%, 6/15/2052 500,000 541,641 541,880 La Hipotecaria Mortgage Trust 2019-2, 4.75%, 9/29/2046 110,911 108,138 114,515 Mill City Mortgage Loan Trust 2019-GS1, 3%, 7/25/2059 500,000 500,937 533,021 Mill City Mortgage Loan Trust 2019-GS2, 3.25%, 8/25/2059 700,000 725,375 727,725 Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20, 4.462%, 2/15/2048 400,000 411,033 418,776 Morgan Stanley Capital I Trust 2012-C4, 5.213%, 3/15/2045 500,000 523,934 504,274 Morgan Stanley Capital I Trust 2014-150E, 4.012%, 9/9/2032 750,000 781,950 793,384 Morgan Stanley Capital I Trust 2016-UBS9, 3%, 3/15/2049 130,000 114,394 105,562 Morgan Stanley Capital I Trust 2018-MP, 4.276%, 7/11/2040 400,000 429,475 435,611 Multifamily Connecticut Avenue Securities Trust 2019-01, 3.38%, 10/15/2049 500,000 500,000 465,816 New Residential Mortgage Loan Trust 2018-4, 1.18%, 1/25/2048 ^ 533,371 519,370 518,047

See Notes to the Financial Statements. 37 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Mortgage-Backed Securities - 29.3% (continued) New Residential Mortgage Loan Trust 2019-RPL2, 3.25%, 2/25/2059 531,410 $ 538,536 $ 563,126 Oaktown Re III Ltd, 3.63%, 7/25/2029 ^ 570,000 570,000 567,915 Palisades Center Trust 2016-PLSD, 2.713%, 4/13/2033 300,000 231,750 253,500 PMT Loan Trust 2013-J1, 3.5%, 9/25/2043 281,610 282,676 287,297 Radnor RE 2019-1 Ltd, 3.33%, 2/25/2029 ^ 370,000 372,772 363,971 Ready Capital Mortgage Trust 2019-5, 5.054%, 2/25/2052 450,000 460,502 441,019 ReadyCap Commercial Mortgage Trust 2019-6, 4.127%, 10/25/2052 150,000 150,000 159,236 Sequoia Mortgage Trust 2013-5, 3%, 5/25/2043 165,012 167,303 167,635 Sequoia Mortgage Trust 2013-6, 2.5%, 5/25/2043 369,168 357,415 378,312 Sequoia Mortgage Trust 2018-CH3, 4.5%, 8/25/2048 152,689 157,141 157,957 Sutherland Commercial Mortgage Loans 2018-SBC7, 4.72%, 5/25/2039 146,160 146,891 147,634 Total Mortgage-Backed Securities 83,267,714 84,321,731

Municipal Bonds - 0.2% City of Houston TX Combined Utility System Revenue, 4%, 11/15/2037 250,000 261,026 266,067 Commonwealth of Puerto Rico, 8%, 7/1/2035 525,000 262,500 359,625 Total Municipal Bonds 523,526 625,692

Mutual Fund - 1.5% Pioneer ILS Interval Fund 515,967 4,437,081 4,380,557

Purchased Options - 0.0% Calls EUR/USD Expiration: March 2021; Contracts: 1,855,900; Exercise Price: USD 1.11; Counterparty: Morgan Stanley 1,855,900 33,167 166 EUR/USD Expiration: June 2021; Contracts: 1,161,000; Exercise Price: USD 1.11; Counterparty: JPMorgan Chase Bank, N.A. 1,161,000 19,098 751 EUR/USD Expiration: May 2021; Contracts: 2,350,000; Exercise Price: USD 1.15 Counterparty: JPMorgan Chase Bank, N.A. 2,350,000 15,270 5,595

See Notes to the Financial Statements. 38 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Purchased Options - 0.0% (continued) Put USD/JPY Expiration: February 2021; Contracts: 2,270,000; Exercise Price: USD 101.1; Counterparty: JPMorgan Chase Bank, N.A. 2,720,000 $ 28,457 $ 4,882 Total Purchased Options 95,992 11,394

Rights and Warrants - 0.0% Alpha Metallurgical Resources, Inc. Warrant, 7/26/2023 8 160 2 ANR, Inc. Right 50,538 606 303 Windstream Holdings II, LLC Warrant 8725909B2 837 7,941 10,184 Total Rights and Warrants 8,707 10,489

Sovereign Bonds - 5.1% Africa Finance Corporation, 4.375%, 4/17/2026 779,000 794,168 851,438 African Export-Import Bank/The, 3.994%, 9/21/2029 300,000 300,000 321,000 Argentine Republic Government International Bond, 0.125%, 7/9/2035 ^ 339,500 158,716 123,918 Argentine Republic Government International Bond, 1%, 7/9/2029 18,314 10,096 7,944 Bahrain Government International Bond, 5.625%, 9/30/2031 440,000 440,000 465,192 Bahrain Government International Bond, 7%, 10/12/2028 250,000 270,000 289,202 Banque Ouest Africaine de Developpement, 4.7%, 10/22/2031 520,000 520,000 561,517 Banque Ouest Africaine de Developpement, 5%, 7/27/2027 400,000 407,756 444,744 Banque Ouest Africaine de Developpement, 5.5%, 5/6/2021 219,000 225,492 222,236 Ciudad Autonoma De Buenos Aires, 7.5%, 6/1/2027 300,000 240,750 248,253 Colombia Government International Bond, 3.125%, 4/15/2031 300,000 298,911 318,375 Dominican Republic International Bond, 4.875%, 9/23/2032 695,000 687,468 769,719 Egypt Government Bond, 15.7%, 11/7/2027 8,938,000 531,792 604,722 Egypt Government International Bond, 4.75%, 4/11/2025 250,000 279,260 318,251 Egypt Government International Bond, 7.053%, 1/15/2032 345,000 345,000 374,929 Egypt Government International Bond, 8.875%, 5/29/2050 437,000 437,000 512,068 Ghana Government International Bond, 7.875%, 2/11/2035 270,000 267,192 277,425 Indonesia Treasury Bond, 6.125%, 5/15/2028 10,964,000,000 718,053 790,735 International Bank for Reconstruction & Development, 3.64%, 3/13/2024 250,000 250,000 250,075 Ivory Coast Government International Bond, 5.875%, 10/17/2031 210,000 229,005 283,697 Ivory Coast Government International Bond, 6.125%, 6/15/2033 200,000 182,080 225,085 Mexican Bonos, 8.5%, 5/31/2029 34,470,000 2,093,689 2,108,629 Mexico Government International Bond, 3.9%, 4/27/2025 200,000 197,986 224,224 Mexico Government International Bond, 5%, 4/27/2051 275,000 254,650 342,375 Panama Government International Bond, 2.252%, 9/29/2032 200,000 201,200 206,000 Peruvian Government International Bond, 2.783%, 1/23/2031 135,000 135,003 148,029 See Notes to the Financial Statements. 39 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Sovereign Bonds - 5.1% (continued) Philippine Government International Bond, 0.7%, 2/3/2029 120,000 $ 137,443 $ 147,161 Philippine Government International Bond, 2.95%, 5/5/2045 300,000 314,250 315,948 Philippine Government International Bond, 5%, 1/13/2037 210,000 273,263 276,990 Republic of Ghana Government Bonds, 20.75%, 1/16/2023 4,225,000 743,770 741,247 Trinidad & Tobago Government International Bond, 4.5%, 6/26/2030 275,000 275,000 296,313 Ukraine Government International Bond, 4.375%, 1/27/2030 255,000 282,425 297,965 Ukraine Government International Bond, 7.375%, 9/25/2032 593,000 552,231 651,559 Uruguay Government International Bond, 9.875%, 6/20/2022 30,983,000 885,282 758,801 Total Sovereign Bonds 13,938,931 14,775,766

U.S. Treasury Bill, Bonds, and Notes - 14.5% United States Treasury Bill, 0%, 1/7/2021 20,000,000 19,999,765 19,999,950 United States Treasury Inflation Indexed Bonds, 0.25%, 2/15/2050 1,783,422 2,097,980 2,124,525 United States Treasury Inflation Indexed Bonds, 1%, 2/15/2048 1,771,817 1,787,691 2,465,479 United States Treasury Inflation Indexed Bonds, 1%, 2/15/2049 4,217,102 4,746,503 5,935,351 United States Treasury Note, 0.125%, 10/31/2022 8,050,000 8,046,227 8,051,258 United States Treasury Note, 1.375%, 1/31/2025 3,125,000 3,119,751 3,265,625 Total U.S. Treasury Bill, Bonds, and Notes 39,797,917 41,842,188

Money Market Fund - 7.9% State Street Institutional Treasury Plus Money Market Fund - Premier Class 22,709,141 22,709,141 22,709,141 Total Investments - 102.9% $ 285,439,132 297,390,452 Other Assets and Liabilities, Net - (2.9%) (8,348,802) Net Assets - 100% $ 289,041,650

^Variable rate security

See Notes to the Financial Statements. 40 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Futures Number of Value as of Unrealized Contracts Expiration December 31, Appreciation Description Long (Short) Date 2020 (Depreciation) Futures in gain position US 10-Year Ultra Future (32) 3/22/2021 $ (5,003,500) $ 18,705 US Long Bond Future (16) 3/22/2021 (2,771,000) 26,880 (7,774,500) 45,585 Futures in loss position Euro-BOBL Future (74) 3/8/2021 (12,239,561) (16,298) Euro-Bund Future (108) 3/8/2021 (23,473,952) (79,274) US 10-Year Treasury Note Future (65) 3/22/2021 (8,975,078) (8,695) US Ultra Bond (CBT) Future 72 3/22/2021 15,376,500 (187,145) (29,312,091) (291,412) $ (37,086,591) $ (245,827)

Forward Foreign Currency Contracts Unrealized Settlement Currency Currency Appreciation Counterparty Date Purchased Sold (Depreciation) JPMorgan Chase Bank, N.A. 2/27/2021 AUD 3,883,302 USD 2,997,900 $ 166,137 JPMorgan Chase Bank, N.A. 1/27/2021 CZK 14,939,000 USD 696,075 47,983 JPMorgan Chase Bank, N.A. 3/2/2021 EGP 9,499,600 USD 595,616 1,983 JPMorgan Chase Bank, N.A. 1/7/2021 EUR 1,153,179 USD 1,411,041 (53,499) JPMorgan Chase Bank, N.A. 1/26/2021 EUR 260,000 USD 318,281 9,427 JPMorgan Chase Bank, N.A. 1/26/2021 EUR 420,000 USD 492,111 16,444 JPMorgan Chase Bank, N.A. 1/26/2021 EUR 2,132,000 USD 2,609,902 81,838 JPMorgan Chase Bank, N.A. 1/26/2021 USD 281,556 EUR 230,000 (9,128) JPMorgan Chase Bank, N.A. 1/26/2021 USD 275,435 EUR 225,000 (2,408) JPMorgan Chase Bank, N.A. 2/23/2021 EUR 606,977 USD 743,448 (25,021) JPMorgan Chase Bank, N.A. 2/25/2021 USD 306,221 EUR 250,000 (2,751) JPMorgan Chase Bank, N.A. 2/25/2021 USD 306,221 EUR 250,000 (2,705) JPMorgan Chase Bank, N.A. 3/3/2021 EUR 1,378,062 USD 1,688,147 (39,551) JPMorgan Chase Bank, N.A. 3/26/2021 EUR 790,000 USD 968,264 4,483 JPMorgan Chase Bank, N.A. 3/26/2021 EUR 235,000 USD 288,028 1,235 JPMorgan Chase Bank, N.A. 1/29/2021 INR 104,560,000 USD 1,428,810 20,234 JPMorgan Chase Bank, N.A. 2/26/2021 IDR 5,000,000 USD 358,174 9,377 JPMorgan Chase Bank, N.A. 1/27/2021 USD 1,130,392 MXN 22,579,022 (61,833) JPMorgan Chase Bank, N.A. 1/7/2021 NOK 12,624,259 USD 1,474,478 116,936 JPMorgan Chase Bank, N.A. 2/2/2021 NOK 21,553,025 USD 2,517,391 209,501 JPMorgan Chase Bank, N.A. 2/23/2021 PLN 2,720,000 USD 730,260 11,833 JPMorgan Chase Bank, N.A. 2/26/2021 RUB 40,425,000 USD 543,822 17,393 JPMorgan Chase Bank, N.A. 2/26/2021 USD 543,822 RUB 40,425,000 (9,917) JPMorgan Chase Bank, N.A. 3/4/2021 SGD 1,914,000 USD 1,448,308 10,839 JPMorgan Chase Bank, N.A. 2/26/2021 PEN 2,600,000 USD 719,046 (9,551) JPMorgan Chase Bank, N.A. 2/26/2021 PEN 2,495,000 USD 690,008 (2,029)

See Notes to the Financial Statements. 41 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Schedule of Investments (continued) December 31, 2020

Forward Foreign Currency Contracts Unrealized Settlement Currency Currency Appreciation Counterparty Date Purchased Sold (Depreciation) JPMorgan Chase Bank, N.A. 3/4/2021 KRW 1,664,530,000 USD 1,531,159 $ 28,835 JPMorgan Chase Bank, N.A. 1/27/2021 SEK 30,130,617 USD 3,670,249 208,703 JPMorgan Chase Bank, N.A. 3/3/2021 SEK 14,095,083 USD 1,717,470 68,874 Morgan Stanley 3/26/2021 EUR 590,000 USD 723,134 2,131 Morgan Stanley 3/26/2021 USD 2,880,278 EUR 2,350,000 11,825 Morgan Stanley 3/26/2021 USD 36,770 EUR 30,000 145 $ 827,763

Written Options No. of Notional Exercise Expiration Premiums Description Counterparty Contracts Amount Price Date Received Fair Value Call: USD vs JPY JPMorgan Chase Bank, N.A. 2,720,000 (2,720,000) 107.94 Feb. 2021 $ (28,457) $ (449) Put: EUR vs USD Morgan Stanley 1,732,500 (1,732,500) 1.19 March 2021 (33,167) (64,263) EUR vs USD JPMorgan Chase Bank, N.A. 1,161,000 (1,161,000) 1.17 June 2021 (19,098) (67,294) EUR vs USD JPMorgan Chase Bank, N.A. 2,350,000 (2,350,000) 1.24 May 2021 (15,270) (31,761) $ (95,992) $ (163,767)

Credit Default Swap

Fixed Upfront Rate Premiums Unrealized (Pay) Payment Maturity Notional Market Paid Appreciation Description Counterparty Receive Frequency Date Amount Value (Received) (Depreciation) Buy Contract JPMorgan Chase CDX.NA.HY.35 Bank, N.A. 1.00% Quarterly 12/20/2025 1,350,000 $ (123,638) $ (84,105) $ (39,533)

Centrally Cleared Credit Default Swap

Fixed Upfront Rate Premiums Unrealized (Pay) Payment Maturity Notional Market Paid Appreciation Description Receive Frequency Date Amount Value (Received) (Depreciation) Sale Contract CDX.NA.HY.35 5.00% Quarterly 12/20/2025 19,550,000 $ 1,820,333 $ (2,715) $ 1,823,048

See Notes to the Financial Statements. 42 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

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

United States $ 237,975,026 82.1% Netherlands 6,612,643 2.3% Canada 5,669,655 2.0% United Kingdom 5,439,597 1.9% Cayman Islands 5,093,389 1.8% France 4,826,820 1.7% Mexico 3,934,266 1.4% Bermuda 3,622,736 1.3% Switzerland 3,248,255 1.1% Italy 2,353,963 0.8% Egypt 2,130,970 0.7% Denmark 1,372,069 0.5% Togo 1,228,497 0.4% India 1,143,572 0.4% Ghana 1,018,672 0.4% Ukraine 949,524 0.3% Luxembourg 882,866 0.3% Nigeria 851,438 0.3% Indonesia 790,735 0.3% Dominican Republic 769,719 0.3% Uruguay 758,801 0.3% Bahrain 754,394 0.3% Philippines 740,099 0.3% Argentina 583,894 0.2% Cote D Ivoire 508,782 0.2% Peru 428,492 0.1% Turkey 400,690 0.1% Panama 395,737 0.1% Ireland 369,707 0.1% Puerto Rico 359,625 0.1% Mauritius 343,500 0.1% Colombia 318,375 0.1% Jamaica 311,661 0.1% Macao 305,792 0.1% Trinidad And Tobago 296,313 0.1% Kazakhstan 272,020 0.1% Tunisia 163,315 0.1% Qatar 159,063 0.1% Germany 5,780 0.0% Total $ 297,390,452 102.9%

See Notes to the Financial Statements. 43 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

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):

Fair Value Measurements Level 1 Level 2 Level 3 Total

Assets: Asset-Backed Securities $ - $ 8,482,680 $ - $ 8,482,680 Bank Loan Obligations - 3,420,666 - 3,420,666 Centrally Cleared Credit Default Swap - 1,820,333 - 1,820,333 * Common Stocks 143,493 - 8,075 151,568 Corporate Bonds - 115,821,588 836,992 116,658,580 Forward Foreign Currency Contracts - 1,046,156 - 1,046,156 Futures 45,585 - - 45,585 * Mortgage-Backed Securities - 84,207,216 114,515 84,321,731 Municipal Bonds - 625,692 - 625,692 Mutual Fund 4,380,557 - - 4,380,557 Purchased Options 11,394 - - 11,394 Rights and Warrants 305 - 10,184 10,489 Sovereign Bonds - 14,775,766 - 14,775,766 U.S. Treasury Bill, Bonds and Notes - 41,842,188 - 41,842,188 Money Market Fund 22,709,141 - - 22,709,141 Total Assets $ 27,290,475 $ 272,042,285 $ 969,766 $ 300,302,526

Liabilities: Credit Default Swap $ - $ (123,638) $ - $ (123,638) Forward Foreign Currency Contracts - (218,393) - (218,393) Futures (291,412) - - (291,412) * Written Options (163,767) - - (163,767) Total Liabilities $ (455,179) $ (342,031) $ - $ (797,210)

*Centrally cleared swaps and Futures are valued at the unrealized appreciation (depreciation) as shown in the Schedule of Investments. Centrally cleared swaps with upfront premiums are presented here at market value.

Concentration of Ownership: As of December 31, 2020, the Fund had three unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 59.2% of the Fund's total units outstanding.

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

Purchases Sales Realized at Cost Proceeds Gain

Investments $ 1,195,737,594 $ 1,194,463,093 $ 4,997,167

See Notes to the Financial Statements. 44 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $285,439,132) $ 297,390,452 Cash and cash equivalents 987,091 Cash held at broker 3,004,007 Receivable for investment securities sold 10,298,937 Dividends, interest, and tax reclaim receivable, (net of tax withholding liability of $5,631) 2,092,284 Unrealized appreciation on forward foreign currency contracts 1,046,156 Variation margin receivable on centrally cleared swaps 1,015,738 Variation margin receivable on futures 175,136 Receivable for fund units sold 93,287 Receivable for reimbursement 19,095 Total assets 316,122,183 Liabilities and Net Assets Payable for investment securities purchased 26,289,115 Unrealized depreciation on forward foreign currency contracts 218,393 Written options outstanding, at fair value (net of premiums received of $95,992) 163,767 Credit default swaps, at market value (net of premiums received of $84,105) 123,638 Payable for fund units redeemed 72,770 Unrealized depreciation on spot contracts 66,881 Payable to custodian 12,872 Accrued expenses 133,097 Total liabilities 27,080,533 Net assets $ 289,041,650

See Notes to the Financial Statements. 45 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Statement of Operations For the year ended December 31, 2020 Investment income Dividends (net of withholding taxes of $38,059) $ 371,133 Interest 11,256,337 Total investment income 11,627,470 Expenses Trustee and sub-advisor fees 355,086 Professional services and other operating expenses 13,166 Expense reimbursement from sub-advisor (73,664) Total expenses 294,588 Net investment income 11,332,882 Net realized gain (loss) on: Investments 4,997,167 Spot contracts 802,633 Written options 60,927 Forward foreign currency contracts (40,017) Foreign currency transactions (52,152) Swaps (367,835) Futures (1,823,134) Net change in unrealized appreciation on: Investments 6,313,671 Swaps 1,783,515 Forward foreign currency contracts 448,415 Foreign currency translation 3,059 Spot contracts (66,881) Written options (67,775) Futures (395,170) Net realized and unrealized gain on investments and foreign currency transactions and translation 11,596,423 Net increase in net assets resulting from operations $ 22,929,305

See Notes to the Financial Statements. 46 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Statement of Changes in Net Assets For the year ended December 31, 2020 Increase in net assets resulting from operations Net investment income $ 11,332,882 Net realized and unrealized gain on investments and foreign currency transactions 3,577,589 Net change in unrealized appreciation on investments and foreign currency translation 8,018,834 Net increase in net assets resulting from operations 22,929,305 Fund unit transactions Proceeds from units issued Class R 6,182,341 Class R1 13,819,442 Total proceeds from units issued 20,001,783 Value of units redeemed Class R (7,515,324) Class R1 (15,251,897) Total value of units redeemed (22,767,221) Decrease in net assets resulting from fund unit transactions (2,765,438) Increase in net assets 20,163,867 Net assets, beginning of year 268,877,783 Net assets, end of year $ 289,041,650

See Notes to the Financial Statements. 47 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Multi-Sector Fixed Income Portfolio

Financial Highlights For the year ended December 31, 2020 Per Unit Operating Performance Class R Class R1 Net asset value, beginning of year $ 15.33 $ 15.16 Income from investment operations: (1) Net investment income 0.66 0.60 Net realized and unrealized gain on investments and (1) foreign currency transactions and translation 0.71 0.69 Total income from investment operations 1.37 1.29 Net asset value, end of year $ 16.70 $ 16.45 Total Return 8.94% 8.51% Supplemental Data Ratio to average net assets: Gross expenses (excluding reimbursement) 0.08% 0.43% Net expenses 0.05% 0.40% Net investment income 4.28% 3.93% Fund Unit Activity Units, beginning of year 14,926,266 2,642,624 Issued 391,273 905,581 Redeemed (509,476) (1,006,427) Units, end of year 14,808,063 2,541,778

(1) Based on average units outstanding.

See Notes to the Financial Statements. 48 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Select Mid Cap Growth Portfolio

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 99.6% Basic Materials - 1.6% Albemarle Corporation 3,130 $ 242,203 $ 461,738 Element Solutions Inc. 30,529 465,517 541,279 Freeport-McMoRan Inc. 11,805 302,480 307,166 Total Basic Materials 1,010,200 1,310,183

Communications - 13.4% CDW Corporation 4,010 473,145 528,478 Etsy, Inc. 2,771 317,687 492,989 IAC/InterActiveCorp. 5,463 417,081 1,034,419 Match Group, Inc. 3,877 300,362 586,164 Nexstar Media Group, Inc. Class A 3,151 295,641 344,058 Okta, Inc. 2,847 464,214 723,878 Palo Alto Networks, Inc. 2,657 710,030 944,271 Pinterest, Inc. Class A 8,510 208,779 560,809 Roku, Inc. 3,093 428,726 1,026,938 Shopify Inc. Class A 200 197,073 225,639 Spotify Technology S.A. 2,740 727,352 862,168 Stamps.com Inc. 1,110 308,330 217,771 Thomson Reuters Corporation 3,039 238,430 248,864 Trade Desk, Inc./The Class A 1,084 283,318 868,284 Twitter, Inc. 12,678 460,448 686,514 Wayfair Inc. Class A 1,403 373,012 316,811 Zendesk, Inc. 8,364 733,005 1,197,056 Total Communications 6,936,633 10,865,111

Consumer, Cyclical - 12.8% AutoZone, Inc. 487 490,712 577,309 BJ's Wholesale Club Holdings, Inc. 4,620 191,595 172,234 Brinker International, Inc. 25,737 830,996 1,455,942 Burlington Stores, Inc. 2,573 521,326 672,968 Casey's General Stores, Inc. 2,178 378,179 389,034 Chipotle Mexican Grill, Inc. 558 417,874 773,784 Copart, Inc. 5,929 507,228 754,465 D.R. Horton, Inc. 3,760 199,753 259,139 Dollar General Corporation 3,659 582,607 769,488 DraftKings Inc. Class A 8,710 374,679 405,538 Floor & Decor Holdings, Inc. 5,481 196,536 508,911 lululemon athletica inc. 2,313 514,324 804,993 Peloton Interactive, Inc. 8,628 403,357 1,309,040 See Notes to the Financial Statements. 49 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Select Mid Cap Growth Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 99.6% (continued) Consumer, Cyclical - 12.8% (continued) Penn National Gaming, Inc. 4,524 $ 87,462 $ 390,738 Pool Corporation 1,165 242,324 433,963 Wendy's Company/The 9,390 177,503 205,829 Wingstop Inc. 1,868 154,010 247,603 Wynn Resorts, Limited 2,448 233,701 276,208 Total Consumer, Cyclical 6,504,166 10,407,186

Consumer, Non-cyclical - 27.4% 10x Genomics, Inc. Class A 4,388 416,145 621,341 Align Technology, Inc. 1,413 432,778 755,079 Alnylam Pharmaceuticals, Inc. 4,452 539,587 578,626 Amedisys, Inc. 2,862 477,742 839,510 Avalara, Inc. 2,859 268,513 471,421 Booz Allen Hamilton Holding Corporation 5,578 426,590 486,290 Charles River Laboratories International, Inc. 2,543 539,307 635,394 Clorox Company/The 1,796 321,991 362,648 Conagra Brands, Inc. 6,949 210,704 251,971 CoStar Group, Inc. 918 626,187 848,489 DexCom, Inc. 1,076 266,645 397,819 Esperion Therapeutics, Inc. 10,585 434,724 275,210 Exact Sciences Corporation 3,464 377,955 458,945 Fate Therapeutics, Inc. 11,870 515,319 1,079,339 FibroGen, Inc. 10,870 484,599 403,168 Global Payments Inc. 3,276 562,266 705,716 Grocery Outlet Holding Corp. 4,330 178,371 169,953 IDEXX Laboratories, Inc. 1,072 389,831 535,861 Insulet Corporation 2,957 736,909 755,898 Mirati Therapeutics, Inc. 3,550 419,542 779,722 Moderna, Inc. 4,110 341,330 429,372 Molina Healthcare, Inc. 4,237 782,522 901,125 Natera, Inc. 9,500 544,059 945,440 Nomad Foods Limited 26,760 557,852 680,239 Pacific Biosciences of California, Inc. 19,359 436,233 502,172 Penumbra, Inc. 2,325 386,039 406,875 Quest Diagnostics Incorporated 1,815 221,162 216,294 Reata Pharmaceuticals, Inc. 3,287 415,140 406,339 Replimune Group, Inc. 6,196 284,213 236,377 ResMed Inc. 5,499 935,947 1,168,867 Sage Therapeutics, Inc. 5,668 529,159 490,339 See Notes to the Financial Statements. 50 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Select Mid Cap Growth Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 99.6% (continued) Consumer, Non-cyclical - 27.4% (continued) Square, Inc. 2,375 $ 207,591 $ 516,895 Teladoc Health, Inc. 3,834 464,659 766,647 Teleflex Incorporated 2,040 710,426 839,603 Terminix Global Holdings, Inc. 6,392 294,938 326,056 TransUnion 6,101 458,446 605,341 Verisk Analytics, Inc. 4,185 651,366 868,764 WEX Inc. 2,751 445,147 559,911 Total Consumer, Non-cyclical 17,291,934 22,279,056

Diversified - 0.4% Insu Acquisition Corp. II Class A 23,242 311,912 361,413

Energy - 1.2% Array Technologies, Inc. 8,412 260,840 362,894 Renewable Energy Group, Inc. 3,618 213,331 256,227 SolarEdge Technologies, Inc. 1,134 154,250 361,882 Total Energy 628,421 981,003

Financials - 1.4% CBRE Group, Inc. 8,141 457,163 510,604 Tradeweb Markets Inc. Class A 9,485 449,748 592,338 Total Financials 906,911 1,102,942

Industrials - 11.8% Agilent Technologies, Inc. 4,483 410,481 531,191 Amphenol Corporation Class A 9,797 979,771 1,281,154 Crown Holdings, Inc. 10,411 771,416 1,043,182 EnerSys 2,193 181,981 182,151 Flex Ltd. 32,248 473,327 579,819 Generac Holdings Inc. 6,419 563,484 1,459,745 HEICO Corporation 3,626 340,055 480,082 II-VI Incorporated 7,810 380,329 593,248 Kansas City Southern 772 135,097 157,588 Middleby Corporation/The 5,359 530,629 690,882 Rockwell Automation, Inc. 1,454 275,129 364,678 Spirit AeroSystems Holdings, Inc. Class A 12,711 489,490 496,873 TopBuild Corp. 2,610 282,072 480,449

See Notes to the Financial Statements. 51 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Select Mid Cap Growth Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 99.6% (continued) Industrials - 11.8% (continued) Trex Company, Inc. 6,790 $ 303,089 $ 568,459 Vertiv Holdings Co. 35,510 584,723 662,972 Total Industrials 6,701,073 9,572,473

Technology - 29.6% Akamai Technologies, Inc. 4,529 396,719 475,500 ANSYS, Inc. 2,858 815,319 1,039,740 Atlassian Corporation Plc Class A 3,206 445,158 749,787 Clarivate PLC 48,981 887,395 1,455,226 Cohu, Inc. 9,900 360,525 377,982 CrowdStrike Holdings, Inc. 3,108 311,291 658,337 DocuSign, Inc. 4,627 397,177 1,028,582 EPAM Systems, Inc. 2,849 525,202 1,020,939 Genpact Limited 16,909 641,959 699,356 Guidewire Software, Inc. 3,915 425,796 503,978 Lam Research Corporation 3,268 950,062 1,543,378 Marvell Technology Group Ltd. 8,849 363,146 420,681 Micron Technology, Inc. 20,663 1,028,553 1,553,441 MKS Instruments, Inc. 4,919 449,393 740,064 MSCI Inc. 3,366 771,123 1,503,020 NXP Semiconductors N.V. 3,810 425,359 605,828 Paycom Software, Inc. 1,159 257,237 524,158 Qorvo, Inc. 3,236 356,790 538,050 RealPage, Inc. 8,831 535,416 770,416 RingCentral, Inc. Class A 2,304 587,302 873,147 ServiceNow, Inc. 1,331 381,931 732,622 Splunk Inc. 4,896 713,417 831,781 SS&C Technologies Holdings, Inc. 6,195 319,807 450,686 Synopsys, Inc. 5,937 777,006 1,539,108 Twilio Inc. 3,887 873,669 1,315,750 Veeva Systems Inc. Class A 4,951 873,419 1,347,910 Xilinx, Inc. 4,828 571,781 684,466 Total Technology 15,441,952 23,983,933 Total Common Stocks 55,733,202 80,863,300

Real Estate Investment Trust - 0.4% SBA Communications Corporation 1,245 347,386 351,252

See Notes to the Financial Statements. 52 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Select Mid Cap Growth Portfolio

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Money Market Fund - 0.4% State Street Institutional Treasury Plus Money Market Fund - Premier Class 300,124 $ 300,124 $ 300,124 Total Investments - 100.4% $ 56,380,712 81,514,676 Other Assets and Liabilities, Net - (0.4%) (295,925) Net Assets - 100% $ 81,218,751

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):

Fair Value Measurements Level 1 Level 2 Level 3 Total

Common Stocks $ 80,863,300 $ - $ - $ 80,863,300 Real Estate Investment Trust 351,252 - - 351,252 Money Market Fund 300,124 - - 300,124 Total $ 81,514,676 $ - $ - $ 81,514,676

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 60.9% of the Fund's total units outstanding.

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

Purchases Sales Realized at Cost Proceeds Gain

Investments $ 60,315,016 $ 55,167,885 $ 3,259,723

See Notes to the Financial Statements. 53 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Select Mid Cap Growth Portfolio

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $56,380,712) $ 81,514,676 Receivable for investment securities sold 286,709 Receivable for fund units sold 3,053 Dividends and interest receivable 11,328 Total assets 81,815,766 Liabilities and Net Assets Payable for investment securities purchased 292,078 Payable for fund units redeemed 255,184 Accrued expenses 49,753 Total liabilities 597,015 Net assets $ 81,218,751

Statement of Operations For the year ended December 31, 2020 Investment income Dividends (net of withholding taxes of $21) $ 243,421 Interest 2,249 Total investment income 245,670 Expenses Trustee and sub-advisor fees 154,609 Professional services and other operating expenses 3,016 Total expenses 157,625 Net investment income 88,045 Net realized gain (loss) on: Investments 3,259,723 Foreign currency transactions (1,012) Net change in unrealized appreciation on: Investments 20,010,674 Net realized and unrealized gain on investments and foreign currency transactions 23,269,385 Net increase in net assets resulting from operations $ 23,357,430

See Notes to the Financial Statements. 54 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Select Mid Cap Growth Portfolio

Statement of Changes in Net Assets For the year ended December 31, 2020 Increase in net assets resulting from operations Net investment income $ 88,045 Net realized gain on investments and foreign currency transactions 3,258,711 Net change in unrealized appreciation on investments 20,010,674 Net increase in net assets resulting from operations 23,357,430 Fund unit transactions Proceeds from units issued Class 0TS1 3,361,994 Class R1 8,552,170 Total proceeds from units issued 11,914,164 Value of units redeemed Class 0TS1 (1,996,324) Class R1 (7,375,490) Total value of units redeemed (9,371,814) Increase in net assets resulting from fund unit transactions 2,542,350 Increase in net assets 25,899,780 Net assets, beginning of year 55,318,971 Net assets, end of year $ 81,218,751

See Notes to the Financial Statements. 55 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Pioneer Select Mid Cap Growth Portfolio

Financial Highlights For the year ended December 31, 2020 Per Unit Operating Performance Class 0TS1 Class R Class R1 Net asset value, beginning of year $ 12.34 $ 12.34 $ 12.33 Income from investment operations: (1) Net investment income 0.01 0.04 0.00 Net realized and unrealized gain on investments (1) and foreign currency transactions 4.85 4.87 4.85 Total income from investment operations 4.86 4.91 4.85 Net asset value, end of year $ 17.20 $ 17.25 $ 17.18 Total Return 39.38% 39.79% 39.33% Supplemental Data Ratio to average net assets: Expenses 0.32% 0.08% 0.40% Net investment income 0.06% 0.32% 0.00% Fund Unit Activity Units, beginning of year 177,155 2,090,929 2,215,725 Issued 283,315 - 675,428 Redeemed (145,807) - (578,230) Units, end of year 314,663 2,090,929 2,312,923

(1) Based on average units outstanding.

See Notes to the Financial Statements. 56 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

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 Rev. 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 its funds (the "Funds" – see Fund Index) and also serves as the investment manager (the "Investment Manager") to the Funds. 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 Funds.

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 Trustee has claimed an exclusion from the definition of commodity pool operator ("CPO") under the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission ("CFTC") with respect to the Funds, and is therefore not subject to CFTC registration or regulation as a CPO with respect to the Funds.

WTNA has engaged Amundi Pioneer Institutional Asset Management, Inc. (the "Sub-Advisor") to provide investment advice and recommendations with respect to investment of the Funds' assets. While the Trustee generally relies on the Sub-Advisor to manage the Funds' assets, the Trustee maintains ultimate fiduciary authority over the management of and investments made in each Fund. The Sub-Advisor is engaged pursuant to a sub-advisor agreement.

Note 2 – Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Funds are investment companies and follow the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic No. 946.

Net Asset Value ("NAV") – Units of each fee class of each 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 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.

57 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Notes to the Financial Statements (continued)

December 31, 2020

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

The Funds require the plan sponsors to provide advance written notice of five business days for plan sponsor directed withdrawals which will exceed $1 million of the assets invested in each Fund.

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

Money Market Fund – 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.

Corporate Bonds – The fair value of corporate bonds is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable), and other industry recognized techniques. Although most corporate bonds are categorized in level 2 of the fair value hierarchy, in instances when lower relative weight is placed on transaction prices, quotations, or other similar observable inputs, they are categorized in level 3.

Mortgage-Backed Securities and Other Asset-Backed Securities – The Funds may invest in mortgage- backed securities ("MBS"), representing interests in pools of mortgage loans. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid. Most of the securities are guaranteed by federally sponsored agencies, but are not issued or guaranteed by the U.S. Treasury – Government National Mortgage Association ("GNMA"), Federal National Mortgage Association ("FNMA"), or Federal Home Loan Mortgage Corporation ("FHLMC"). However, some securities may be issued by private, non-government corporations. MBS issued by private entities are not government securities and are not directly guaranteed by any government agency but are secured by the underlying collateral of the private issuer. Yields on privately issued MBS tend to be higher than those of government- backed issues; however, risk of loss due to default and sensitivity to interest rate fluctuations is also higher.

The Funds may also invest in asset-backed securities, representing interests in pools of certain types of underlying installment loans or leases or revolving lines of credit. They often include credit enhancements that help limit investors' exposure to the underlying credit. These securities are valued on the basis of the timing and certainty of the cash flows compared to investments with similar durations.

Collateralized Mortgage Obligations – The Funds may invest in collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs"). A CMO is a bond that is collateralized by a pool of MBS, and a REMIC is similar in form to a CMO. These MBS pools are divided into classes or tranches with each class having its own characteristics. The different classes are retired in sequence as the underlying mortgages

58 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Notes to the Financial Statements (continued)

December 31, 2020

are repaid. For instance, a planned amortization class ("PAC") is a specific class of mortgages, which over its life will generally have the most stable cash flows and the lowest prepayment risk. A graduated payment mortgage ("GPM") is a negative amortization mortgage where the payment amount gradually increases over the life of the mortgage. The early payment amounts are not sufficient to cover the interest due, and, therefore, the unpaid interest is added to the principal, thus increasing the borrower's mortgage balance. Prepayment may shorten the stated maturity of the CMO and can result in a loss of premium if any has been paid.

Futures Contracts – The Funds may purchase futures contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. The Funds utilize futures contracts for tactical hedging purposes as well as to enhance the Funds' returns. Upon entering into such a contract, the Funds are required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is held. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. Net realized and unrealized gains or losses occurring during the holding period of futures are found on the Statement of Operations as a component of net realized gain on futures and as a component of net change in unrealized appreciation on futures.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Funds could lose more than the original margin deposit required to initiate a futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities.

Swap Agreements – The Funds may invest in swap agreements. Swap agreements are privately negotiated agreements between the Funds and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. The Funds may enter into credit default and other forms of swap agreements to manage their exposure to credit, currency, interest rate and commodity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Payments received or made at the beginning of the measurement period are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. Net periodic payments received or paid by the Funds are included as part of realized gains or losses on the Statement of Operations.

Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

The Funds' maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk is

59 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Notes to the Financial Statements (continued)

December 31, 2020

mitigated by having a master netting arrangement between each Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

Options – The Funds may write call and put options on indices, futures, swaps (swaptions), securities commodities or currencies. Writing put options tends to increase a fund's exposure to the underlying instrument. Writing call options tends to decrease a fund's exposure to the underlying instrument. When a fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to- market to reflect the current value of the option written. Certain options may be written with premiums to be determined on a future date. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A fund as a writer of an option has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a fund may not be able to enter into a closing transaction because of an illiquid market.

The Funds may also purchase put and call options. Purchasing call options tends to increase a fund's exposure to the underlying instrument. Purchasing put options tends to decrease a fund's exposure to the underlying instrument. A Fund will pay a premium which is included on the Fund's Statement of Assets and Liabilities and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the unrealized gain or loss.

The net realized gain or loss from options is reflected in the Statement of Operations and the net unrealized gains or losses are included as a component of the net change in unrealized appreciation or depreciation on derivative contracts in the Statement of Operations. The premium received for options sold is reflected in the Statement of Assets and Liabilities.

Forward Foreign Currency Contracts – A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risk associated with such contracts includes movement in the value of the foreign currency relative to the U.S. dollar and the potential inability of the counterparty to meet the terms of the contract. The Funds may purchase or sell currencies and/or engage in forward foreign currency transactions in order to expedite settlement of portfolio transactions and to manage currency risk.

The Funds may enter into forward contracts to sell, for a fixed amount of U.S. dollars or other appropriate currency, an amount of foreign currency, to the extent that the value of the short forward contract is covered by the underlying value of securities denominated in the currency being sold. Alternatively, when the Funds enter into a forward contract to sell an amount of foreign currency, the Funds' custodian will place assets in a segregated account of the Funds in an amount not less than the value of the Funds' total assets. If the assets placed in the account decline, additional cash or securities will be placed in the account on a daily basis so that the value of the account will equal the amount of the Funds' commitments with respect to such contracts. The unrealized gain, if any, represents the credit risk to the Funds on a forward foreign currency contract.

60 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Amundi Pioneer Institutional Asset Management, Inc.

Notes to the Financial Statements (continued)

December 31, 2020

Fluctuations in the value of the open forward foreign currency contracts are recorded daily for book purposes as unrealized appreciation or depreciation on foreign forward currency contracts by the Funds. Realized gains and losses include net gains and losses recognized by the Funds on contracts which have been sold or matured.

When the valuation method described above is 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 Funds consider all highly liquid instruments with original maturities of three months or less at the acquisition date to be cash equivalents.

Foreign Currency Translation – The accounting records of each Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars using foreign currency exchange rates determined as of the close of regular trading on the NYSE. Purchases and sales of Fund securities, commitments under forward foreign currency contracts and income receipts are translated at the prevailing exchange rate as of the date of each transaction. Realized and unrealized gain or loss on the translation of foreign currency denominated investments is included as a component of net realized and unrealized gain or loss on investments in the Statements of Operations. Realized gain or loss on foreign currency transactions may include gains and losses from sales and maturities of foreign currency exchange contracts, gains and losses realized between the trade and settlement dates of foreign security transactions or the difference between the amount of net investment income accrued on foreign securities and the U.S. dollar amount actually received. Unrealized gain or loss on foreign currency transactions include gains and losses due to changes in the value of assets and liabilities, other than Fund securities, resulting from changes in exchange rates. Certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in or are a reduction of ordinary income in accordance with U.S. federal income tax regulations.

Investment Transactions and Investment Income – The Funds record 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 and expenses are recorded daily on the accrual basis.

Fee Classes and Allocations – The Funds offer 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.

Guarantees and Indemnifications – Under the Funds' 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 Funds.

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December 31, 2020

Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' 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 Funds 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 Funds' 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 Funds' financial statements through this date.

Effective March 22, 2021, the Trustee has engaged The Northern Trust Company as the Custodian of the Funds. 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 Funds' 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 investments. • Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, and others). • Level 3 – Significant unobservable inputs (including the Trustee's own assumptions in determining the fair value of investments).

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 Funds, by input level used as of December 31, 2020, is included following each Fund's Schedule of Investments.

In March 2017, FASB issued Accounting Standards Update ("ASU") 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities, to amend the amortization period for certain purchased callable debt securities held at a premium. The amortization period for the premium is shortened to the earliest call date. ASU 2017-08 does not require an accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2019. The Fund has adopted ASU 2017-08, which did not have a material impact on the Fund's financial position or the results of its operations, and had no impact on the Fund's net assets.

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Notes to the Financial Statements (continued)

December 31, 2020

Note 4 – Derivative Transactions

The following is a summary of the fair valuations of the Pioneer Multi Sector-Fixed Income Portfolio's derivative instruments on the Statement of Assets and Liabilities as of December 31, 2020, and the effect of derivative instruments on the Statement of Operations for the year ended December 31, 2020:

Interest Foreign Rate Exchange Credit Assets Contracts Contracts Contracts Total Centrally cleared credit default swap $ - $ - $ 1,820,333 $ 1,820,333 * Forward foreign currency contracts - 1,046,156 - 1,046,156 * Futures 45,585 - - 45,585 * Investments - 11,394 - 11,394 $ 45,585 $ 1,057,550 $ 1,820,333 $ 2,923,468

Interest Foreign Rate Exchange Credit Liabilities Contracts Contracts Contracts Total Credit default swap $ - $ - $ (123,638) $ (123,638) Forward foreign currency contracts - (218,393) - (218,393) Futures (291,412) - - (291,412) * Written options - (163,767) - (163,767) $ (291,412) $ (382,160) $ (123,638) $ (797,210)

Interest Foreign Rate Exchange Credit Realized Gain (Loss) on: Contracts Contracts Contracts Total Forward foreign currency contracts $ - $ (40,017) $ - $ (40,017) Futures (1,823,134) - - (1,823,134) Investments - 63,763 - 63,763 Swaps - - (367,835) (367,835) Written options - 60,927 - 60,927 $ (1,823,134) $ 84,673 $ (367,835) $ (2,106,296)

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Notes to the Financial Statements (continued)

December 31, 2020

Interest Foreign Net Change in Unrealized Rate Exchange Credit Appreciation (Depreciation) on: Contracts Contracts Contracts Total Forward foreign currency contracts $ - $ 448,415 $ - $ 448,415 Futures (395,170) - - (395,170) Investments - (92,538) - (92,538) Swaps - - 1,783,515 1,783,515 Written options - (67,775) - (67,775) $ (395,170) $ 288,102 $ 1,783,515 $ 1,676,447

*Centrally cleared swaps and Futures are valued at the unrealized appreciation (depreciation) as shown in the Schedule of Investments. Centrally cleared swaps with upfront premiums are presented here at market value.

Information about derivatives reflected as of the date of this report is generally indicative of the year activity ended December 31, 2020. For the year ended December 31, 2020, the Fund's average volume of derivative activities is as follows:

Futures: Average original value of buy contracts $ 11,326,687 Average original value of sale contracts $ 61,501,563 Forward Foreign Currency Contracts: Average principal amount of buy contracts $ 20,700,079 Average principal amount of sale contracts $ 14,552,916 Purchased Options: Average notional amount $ 6,117,346 (a) Written Options: Average notional amount $ 6,166,141 (a) Credit Default Swaps: Average notional amount of buy contracts $ 1,350,000 (b) Centrally Cleared Credit Default Swaps: Average notional amount of sale contracts $ 16,758,930 (c)

(a) Positions were open for eleven months during the year. (b) Positions were open for two months during the year. (c) Positions were open for ten months during the year.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. In order to define its contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement" or "ISDA'') with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts ("FX Letters"). An ISDA Master Agreement Is a bilateral agreement between a fund and a counterparty that governs over the counter ("OTC") traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a fund

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Notes to the Financial Statements (continued)

December 31, 2020

may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An FX Letter is also a bilateral agreement between a fund and a counterparty and is limited to cover only foreign exchange contracts. FX Letters typically contain netting provisions covering events of default and do not require collateral to be posted. ISDAs and FX Letters containing netting provisions may be referred to as Master Netting Agreements ("MNA").

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker for OTC traded derivatives or by the clearing house for exchange traded derivatives. Brokers can ask for margining in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts and options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to a fund from its counterparties are not fully collateralized, contractually or otherwise, the fund bears the risk of loss from counterparty non-performance. The fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

The following table presents the Fund's derivative assets and liabilities net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Fund as of December 31, 2020.

Financial Derivative Assets Financial Derivative Liabilities Forward Forward Foreign Foreign Credit Collateral Currency Purchased Currency Default Written Net Value of (Received)/ Net Counterparty Contracts Options Contracts Swaps Options Derivatives Pledged* Amount^ JPMorgan Chase Bank, N.A. $ 1,032,055 $ 11,228 $ (218,393) $ (123,638) $ (99,504) $ 601,748 $ - $ 601,748 Morgan Stanley 14,101 166 - - (64,263) (49,996) - (49,996) $ 1,046,156 $ 11,394 $ (218,393) $ (123,638) $ (163,767) $ 551,752 $ - $ 551,752

*The actual amount of collateral received/pledged may be more than the amount reported due to over-collateralization. ^Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreements with the same counterparty.

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Notes to the Financial Statements (continued)

December 31, 2020

Note 5 – Fees and Expenses

Trustee and Sub-Advisor 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 Funds.

Fund Trustee Fee Sub-Advisor Fee

Pioneer Bond Fund Trust Class R 8 0 Class R1 8 15

Pioneer Large Cap Growth Portfolio Class 0TS1 0 30 Class R 8 0 Class R1 8 30

Pioneer Large Cap Value Portfolio Class R 8 0 Class R1 8 25

Pioneer Multi-Sector Fixed Income Portfolio Class R 8 0 Class R1 8 35

Pioneer Select Mid Cap Growth Portfolio Class 0TS1 0 32 Class R 8 0 Class R1 8 32

Trustee Fee – The Trustee receives an annual fee for trustee and administrative services provided to the Funds. 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.

Sub-Advisor Fee – The Sub-Advisor is compensated for its investment advisory services provided to each 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.

Operating Expenses – In addition to the fees described above, each Fund bears expenses related to its operation, including, but not limited to, audit, custody, tax and legal services. Expenses incurred in connection with the investment and reinvestment of Fund assets, including, without limitation, transfer agency fees, brokerage commission and other expenses, are also charged against each 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

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December 31, 2020

of the Fund described above. For the Pioneer Bond Fund Trust, the Sub-Advisor has agreed to reimburse the total expenses of the Pioneer Bond Fund Class K, the underlying fund. This reimbursement is accrued daily and received quarterly in arrears. Such reimbursement for the year ended December 31, 2020, is included in the Statement of Operations as contributions from Sub-Advisor for acquired fund fees and expenses.

Note 6 – 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 7 – Risks Associated with Investing in the Funds

In the normal course of business, the Funds trade 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 each Fund are:

• Active Management. The Fund is actively managed and subject to the risk that the sub-advisor's usage of investment techniques and risk analyses to make investment decisions fails to perform as expected, which may cause the Fund to lose value or underperform investments with similar objectives and strategies or the market in general.

• Bank Loans. Investments in bank loans, also known as senior loans or floating-rate loans, are rated below investment grade and may be subject to a greater risk of default than are investment-grade loans, reducing the potential for income and potentially leading to impairment of the collateral provided by the borrower. Bank loans pay interest at rates that are periodically reset based on changes in interest rates and may be subject to increased prepayment and liquidity risks. Concentrating assets in stocks of one or more capitalizations (small, mid, or large) may be subject to both the specific risks of those capitalizations as well as increased volatility because stocks of specific capitalizations tend to go through cycles of beating or lagging the market as a whole.

• Capitalization. Concentrating assets in stocks of one or more capitalizations (small, mid, or large) may be subject to both the specific risks of those capitalizations as well as increased volatility because stocks of specific capitalizations tend to go through cycles of beating or lagging the market as a whole.

• Country or Region. Investments in securities from a particular country or region may be subject to the risk of adverse social, political, regulatory, or economic events occurring in that country or region. Country or region-specific risks also include the risk that adverse securities markets or exchange rates may impact the value of securities from those areas.

• Credit and Counterparty. The issuer or guarantor of a fixed income security, counterparty to an OTC derivatives contract, or other borrower may not be able to make timely principal, interest, or settlement payments on an obligation. In this event, the issuer of a fixed income security may have its credit rating downgraded or defaulted, which may reduce the potential for income and value of the Fund.

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Notes to the Financial Statements (continued)

December 31, 2020

• 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.

• Depositary Receipts. Investments in depositary receipts generally reflect the risks of the securities they represent, although they may be subject to increased liquidity risk and higher expenses and may not pass through voting and other shareholder rights. Depositary receipts cannot be directly exchanged for the securities they represent and may trade at either a discount or premium to those securities.

• 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.

• Distressed Investments. Investments in distressed or defaulted investments, which may include loans, loan participations, bonds, notes and issuers undergoing bankruptcy organization, are often not publicly traded and face increased price volatility and liquidity risk. These securities are subject to the risk that the sub- advisor does not correctly estimate their future value, which may result in a loss or part or all of the investment.

• Dollar Rolls. Dollar roll transactions in the mortgage pass-through securities market may be subject to the risk that the market value of securities sold to the counterparty declines below the repurchase price, the counterparty defaults on its obligations, or the portfolio turnover rate increases because of these transactions. In addition, any investments purchased with the proceeds of a security sold in a dollar roll transaction may lose value.

• 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.

• 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.

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Notes to the Financial Statements (continued)

December 31, 2020

• Fixed Income Securities. The value of fixed income or debt securities may be susceptible to general movements in the bond market and are subject to interest rate and credit risk.

• 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.

• Forwards. Investments in forwards may increase volatility and be subject to additional market, active management, currency, and counterparty risks as well as liquidity risk if the contract cannot be closed when desired. Forwards purchased on a when-issued or delayed-delivery basis may be subject to risk of loss if they decline in value prior to delivery, or if the counterparty defaults on its obligation.

• Futures. Investments in futures contracts and options on futures contracts may increase volatility and be subject to additional market, active management, interest, currency, and other risks if the contract cannot be closed when desired.

• Growth Investing. Growth securities may be subject to increased volatility as the value of these securities is highly sensitive to market fluctuations and future earnings expectations. These securities typically trade at higher multiples of current earnings than do other securities and may lose value if it appears their earnings expectations may not be met.

• High-Yield Securities. Investments in below investment-grade debt securities and unrated securities of similar credit quality, commonly known as "junk bonds" or "high-yield securities," may be subject to increased interest rate, credit, and liquidity risks.

• 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.

• Inflation/Deflation. A change of asset value may occur because of inflation or deflation, causing the Fund to underperform. Inflation may cause the present value of future payments to decrease, causing a decline in the future value of assets or income. Deflation causes prices to decline throughout the economy over time, impacting issuers' creditworthiness and increasing their risk for default, which may reduce the value of the Fund.

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Notes to the Financial Statements (continued)

December 31, 2020

• Interest Rate. Securities are subject to the risk that changes in interest rates will reduce their market value.

• Investment-Grade Securities. Investments in investment-grade debt securities that are not rated in the highest rating categories may lack the capacity to pay principal and interest compared with higher-rated securities and may be subject to increased credit risk.

• 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.

• Large Cap. Concentrating assets in large-capitalization stocks may subject the Fund to the risk that those stocks underperform other capitalizations or the market as a whole. Large-cap companies may be unable to respond as quickly as small- and mid-cap companies can to new competitive pressures and may lack the growth potential of those securities. Historically, large-cap companies do not recover as quickly as smaller companies do from market declines.

• Lending. Investing in loans creates risk for the borrower, lender, and any other participants. A borrower may fail to make payments of principal, interest, and other amounts in connection with loans of cash or securities or fail to return a borrowed security in a timely manner, which may lead to impairment of the collateral provided by the borrower. Investments in loan participations may be subject to increased credit, pricing, and liquidity risks, with these risks intensified for below investment-grade loans.

• Long-Term Outlook and Projections. The investment is intended to be held for a substantial period of time, and investors should tolerate fluctuations in their investment's value.

• Loss of Money. An investment's market value may fluctuate up and down, an investor may lose money, including part of the principal, when he or she buys or sells the investment.

• 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.

• Maturity/Duration. Securities with longer maturities or durations typically have higher yields but may be subject to increased interest rate risk and price volatility compared with securities with shorter maturities, which have lower yields but greater price stability.

• Mid-Cap. Concentrating assets in mid-capitalization stocks may subject the Fund to the risk that those stocks underperform other capitalizations or the market as a whole. Mid-cap companies may be subject to increased liquidity risk compared with large-cap companies and may experience greater price volatility than do those securities because of more limited product lines or financial resources, among other factors.

• Mortgage-Backed and Asset-Backed Securities. Investments in mortgage-backed ("MBS") and asset- backed securities ("ABS") may be subject to increased price volatility because of changes in interest rates, issuer information availability, credit quality of the underlying assets, market perception of the issuer,

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December 31, 2020

availability of credit enhancement, and prepayment of principal. The value of MBS and ABS may be adversely affected if the underlying borrower fails to pay the loan included in the security.

• Options. Investments in options may be subject to the risk that the sub-advisor does not correctly predict the movement of an option's underlying stock. Option purchases may result in the loss of part or all of the amount paid for the option plus commission costs. Option sales may result in a forced sale or purchase of a security at a price higher or lower than its current market price.

• Pricing. Some investments may not have a market observed price; therefore, values for these assets may be determined through a subjective valuation methodology. Fair values determined by a subjective methodology may differ from the actual value realized upon sale. Valuation methodologies may also be used to calculate a daily net asset value.

• Regulation/Government Intervention. The business of the issuer of an underlying security may be adversely impacted by new regulation or government intervention, impacting the price of the security. Direct government ownership of distressed assets in times of economic instability may subject the Fund's holdings to increased price volatility and liquidity risk.

• Restricted/Illiquid Securities. Restricted and illiquid securities may fall in price because of an inability to sell the securities when desired. Investing in restricted securities may subject the Fund to higher costs and liquidity risk.

• Small Cap. Concentrating assets in small-capitalization stocks may subject the Fund to the risk that those stocks underperform other capitalizations or the market as a whole. Smaller, less-seasoned companies may be subject to increased liquidity risk compared with mid- and large-cap companies.

• Sovereign Debt. Investments in debt securities issued or guaranteed by governments or governmental entities are subject to the risk that an entity may delay or refuse to pay interest or principal on its sovereign debt because of cash flow problems, insufficient foreign reserves, or political or other considerations. In this event, there may be no legal process for collecting sovereign debts that a governmental entity has not repaid.

• Swaps. Investments in swaps, such as interest rate swaps, currency swaps and total return swaps, may increase volatility and be subject to increased liquidity, credit, and counterparty risks. Depending on their structure, swaps may increase or decrease the Fund's exposure to long- or short-term interest rates, foreign currency values, corporate borrowing rates, security prices, index values, inflation rates, credit, or other factors.

• Suitability. The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency.

• Unitholder. Frequent purchases or redemptions by one or multiple investors may harm other unitholders by interfering with the efficient management of the Fund, increasing brokerage and trading costs and potentially diluting the value of units.

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Notes to the Financial Statements (continued)

December 31, 2020

• U.S. Government Obligations. Investments in U.S. government obligations are subject to varying levels of government support. In the event of default, some U.S. government securities, including U.S. Treasury obligations and Ginnie Mae securities, are issued and guaranteed as to principal and interest by the full faith and credit of the U.S. government. Other securities are obligations of U.S. government-sponsored entities but are neither issued nor guaranteed by the U.S. government. U.S. State or Territory-Specific Investments in the municipal securities of a particular state or territory may be subject to the risk that changes in the economic conditions of that state or territory will negatively impact performance.

• 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.

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