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Tullius Taylor Sartain & Sartain WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST SLC MANAGEMENT U.S. LONG CREDIT FUND FINANCIAL STATEMENTS DECEMBER 31, 2019 WITH INDEPENDENT AUDITOR'S REPORT Wilmington Trust Collective Investment Trust SLC MANAGEMENT U.S. LONG CREDIT FUND CONTENTS Independent Auditor's Report ..................................................................................................................................................................... 1 Statement of Assets and Liabilities ............................................................................................................................................................ 3 Statement of Operations ............................................................................................................................................................................ 3 Statement of Changes in Net Assets.......................................................................................................................................................... 4 Financial Highlights .................................................................................................................................................................................... 5 Schedule of Investments ............................................................................................................................................................................ 6 Notes to the Financial Statements............................................................................................................................................................ 12 INDEPENDENT AUDITOR'S REPORT Wilmington Trust, N.A, Trustee for Wilmington Trust Collective Investment Trust Rep ort on the Financial Statements We have audited the accompanying financial statements of SLC Management U.S. Long Credit Fund (the "Fund") of Wilmington Trust Collective Investment Trust (the "Trust"), which comprise the statement of assets and liabilities, includ ing the schedule of investments, as of December 31, 2019, and the related statements of operations and c hanges in net assets, and the financial highlights for the period from December 16, 2019 (date of inception) to December 31, 2019, and the related notes to the financial statements. These financial statements and financial h ighlights are hereinafter collectively referred to as financial statements. Management 's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations, and changes in its net assets and its financial highlights for the period from December 16, 2019 (date of inception) to December 31, 2019, in accordance with accounting principles generally accepted in the United States of America. 1 www.hogantaylor.com Other Matter Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information on investments purchased and sold for the period from December 16, 2019 (date of inception) to December 31, 2019, following the schedule of investments, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Tulsa, Oklahoma April 29, 2020 2 SLC Management U.S. Long Credit Fund Wilmington Trust Collective Investment Trust SLC Management U.S. Long Credit Fund Statement of Assets and Liabilities December 31, 2019 Assets Investments in securities, at fair value (cost $42,482,885) $ 42,244,849 Accrued interest and dividends 422,790 Total assets 42,667,639 Liabilities and Net Assets Accrued expenses 1,502 Net assets $ 42,666,137 Statement of Operations For the period from December 16, 2019 (date of inception) to December 31, 2019 Investment income Interest $ 66,062 Expenses Trustee fee 1,407 Professional fees and other operating expenses 86 Total expenses 1,493 Net investment income 64,569 Realized and unrealized loss on investments Net realized loss on investments (412) Net change in unrealized depreciation on investments (238,036) Net realized and unrealized loss on investments (238,448) Net decrease in net assets resulting from operations $ (173,879) See Notes to the Financial Statements. 3 Wilmington Trust Collective Investment Trust SLC Management U.S. Long Credit Fund Statement of Changes in Net Assets For the period from December 16, 2019 (date of inception) to December 31, 2019 Increase (decrease) in net assets resulting from operations Net investment income $ 64,569 Net realized loss on investments (412) Net change in unrealized depreciation on investments (238,036) Net decrease in net assets resulting from operations (173,879) Fund unit transactions Proceeds from units issued - Class 0IM 42,840,016 Increase in net assets resulting from fund unit transactions 42,840,016 Increase in net assets 42,666,137 Net assets, beginning of period - Net assets, end of period $ 42,666,137 See Notes to the Financial Statements. 4 Wilmington Trust Collective Investment Trust SLC Management U.S. Long Credit Fund Financial Highlights For the period from December 16, 2019 (date of inception) to December 31, 2019 Per Unit Operating Performance Class 0IM Net asset value, at inception $ 10.00 Income (loss) from investment operations: Net investment income (1) 0.02 Net realized and unrealized loss on investments (1) (0.06) Total loss from investment operations (0.04) Net asset value, end of period $ 9.96 Total Return (0.40%) ^ Supplemental Data Ratio to average net assets: Expenses 0.08% # Net investment income 3.44% # Fund Unit Activity Units, beginning of period - Issued 4,284,002 Redeemed - Units, end of period 4,284,002 (1) Based on average units outstanding. ^Not annualized for periods less than one year. #Annualized except audit expense. See Notes to the Financial Statements. 5 Wilmington Trust Collective Investment Trust SLC Management U.S. Long Credit Fund Schedule of Investments December 31, 2019 Principal Amount or Fair Shares Cost Value Corporate Bonds - 85.7% Basic Materials - 3.9% BHP Billiton Finance USA Ltd., 5%, due 9/30/2043 135,000 $ 176,603 $ 172,895 Corporación Nacional del Cobre de Chile, 4.375%, due 2/5/2049 320,000 345,974 343,935 Glencore Funding LLC, 4.875%, due 3/12/2029 325,000 353,920 353,132 International Paper Company, 4.35%, due 8/15/2048 145,000 156,563 154,388 Nucor Corporation, 4.4%, due 5/1/2048 285,000 329,287 323,362 The Dow Chemical Company, 4.8%, due 5/15/2049 280,000 328,129 323,911 Total Basic Materials 1,690,476 1,671,623 Communications - 12.5% America Movil SAB de CV, 4.375%, due 4/22/2049 245,000 277,557 281,348 AT&T, Inc., 4.35%, due 6/15/2045 210,000 227,363 226,719 AT&T, Inc., 4.65%, due 6/1/2044 735,000 804,918 803,438 CBS Corporation, 4.85%, due 7/1/2042 204,000 227,895 228,302 Charter Communications Operating LLC, 4.8%, due 3/1/2050 200,000 209,349
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