WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

PGIM TOTAL RETURN BOND FUND

FINANCIAL STATEMENTS

DECEMBER 31, 2019

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust

PGIM TOTAL RETURN BOND FUND

CONTENTS

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

Statement of Assets and Liabilities ...... 3

Statement of Operations ...... 4

Statement of Changes in Net Assets...... 5

Financial Highlights ...... 6

Schedule of Investments ...... 7

Notes to the Financial Statements...... 24

INDEPENDENT AUDITOR'S REPORT

Wil mington Trust, N.A, Trustee for Wilm ington Trust Collective Investment Trust

Report on the Financial Statements

We have audited the accompanying financial statements of PGIM Total Return Bond Fund (the "Fund") of Wilmington Trust Collective Investment Trust (the "Trust"), which comprise the statement of assets and liabilities, including the s chedule of investments, as of December 31, 2019, and the related statements of operations and changes in net a ssets, and the financial highlights for the period from July 1, 2019 (date of inception) to December 31, 2019, and the related notes to the financial statements. These financial statements and financial highlights are hereinafter collectively referred to as financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our 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 July 1, 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 July 1, 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

Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Statement of Assets and Liabilities December 31, 2019 Assets Investments in securities, at fair value (cost $166,702,898) $ 167,345,641 Cash and cash equivalents 1,127,681 Cash held at broker 1,891,459 Foreign currency, at fair value (cost $68,468) 68,456 Receivable for fund units sold 3,246,103 Dividends and interest receivable 1,177,838 Unrealized appreciation on forward foreign currency contracts 155,959 Total assets 175,013,137 Liabilities and Net Assets Variation margin payable on centrally cleared swaps 32,821 Securities sold short, at value 8,293 Payable for investment securities purchased 6,039,141 Payable for fund units redeemed 2,730,008 Unrealized depreciation on forward foreign currency contracts 256,298 Variation margin payable on futures 485 Accrued expenses 105,687 Total liabilities 9,172,733 Net assets $ 165,840,404

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

PGIM Total Return Bond Fund

Statement of Operations For the period from July 1, 2019 (date of inception) to December 31, 2019 Investment income Interest $ 1,735,984 Expenses Trustee, sub-advisory and service provider fees 193,275 Professional fees and other operating expenses 2,984 Total expenses 196,259 Net investment income 1,539,725 Realized and unrealized gain (loss) on investments and other transactions Net realized gain on investments 391,852 Net realized gain on futures 426,147 Net realized gain on forward foreign currency contracts 86,321 Net realized gain on foreign currency transactions 122,378 Net realized gain on swaps 186,324 Net change in unrealized appreciation on investments 642,743 Net change in unrealized appreciation on futures 189,345 Net change in unrealized depreciation on forward foreign currency contracts (100,339) Net change in unrealized appreciation on foreign currency translation 2,393 Net change in unrealized appreciation on swaps 107,690 Net realized and unrealized gain on investments and other transactions 2,054,854 Net increase in net assets resulting from operations $ 3,594,579

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

PGIM Total Return Bond Fund

Statement of Changes in Net Assets For the period from July 1, 2019 (date of inception) to December 31, 2019 Increase in net assets resulting from operations Net investment income 1,539,725 Net realized gain on investments and other transactions 1,213,022 Net change in unrealized appreciation on investments and other transactions 841,832 Net increase in net assets resulting from operations 3,594,579 Fund unit transactions Proceeds from units issued Class 0TS ^ 52,211,972 Class R 78,090,641 Class R1 37,490,820 Total proceeds from units issued 167,793,433 Value of units redeemed Class 0TS ^ (1,827,967) Class R (3,393,062) Class R1 (326,579) Total value of units redeemed (5,547,608) Increase in net assets resulting from fund unit transactions 162,245,825 Increase in net assets 165,840,404 Net assets, beginning of period - Net assets, end of period $ 165,840,404 ^Class 0TS funded on 10/7/2019.

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

PGIM Total Return Bond Fund

Financial Highlights For the period from July 1, 2019 (date of inception) to December 31, 2019 Per Unit Operating Performance Class 0TS Class R Class R1 Net asset value, at inception $ 10.32 $ 10.00 $ 10.00 Income (loss) from investment operations: Net investment income (1) 0.04 0.13 0.13 Net realized and unrealized gain (loss) on investments and other transactions (1) (0.05) 0.18 0.19 Total income (loss) from investment operations (0.01) 0.31 0.32 Net asset value, end of period $ 10.31 $ 10.31 $ 10.32

Total Return (0.10%) ^ 3.10% ^ 3.20% ^ Supplemental Data Ratio to average net assets: Expenses 0.26% # 0.35% # 0.30% # Net investment income 1.89% # 2.54% # 2.59% # Fund Unit Activity Units, beginning of period - - - Issued 3,657,802 5,208,189 7,751,097 Redeemed (31,698) (178,432) (329,243) Units, end of period 3,626,104 5,029,757 7,421,854

(1) Based on average units outstanding. ^Not annualized for periods less than one year. Class 0TS, Class R and Class R1 funded on 10/7/2019, 7/1/2019 and 7/1/2019, respectively. #Annualized except audit expense.

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

PGIM Total Return Bond Fund

Schedule of Investments December 31, 2019

Principal Amount or Fair Shares Cost Value

Asset-Backed Securities - 17.2% Allegro CLO XI, Ltd. 2019-2A Class A1A, due 1/19/2033 ^ 1,500,000 $ 1,500,000 $ 1,500,000 Anchorage Capital CLO Ltd. 2019-11A Class A, 3.534%, due 7/22/2032 500,000 500,000 499,988 Anchorage Credit Funding CLO, Ltd. 2019-1A Class A1, due 1/20/2032 ^ 1,500,000 1,500,000 1,500,000 BlueMountain CLO Ltd. 2016-2A Class A1R, 3.209%, due 8/20/2032 1,500,000 1,495,527 1,489,968 CGMS 2017-1A Class A1B, 3.196%, due 4/20/2031 500,000 497,425 497,755 CGMS 2017-2A Class A1B, 3.186%, due 7/20/2031 500,000 497,177 498,756 CGMS 2019-4A Class A11, due 1/15/2033 ^ 1,500,000 1,500,000 1,500,000 Eaton Vance CDO 2013-1A, 3.161%, due 1/15/2028 1,000,000 1,000,000 999,383 Ford Credit Floorplan Master Owner Trust 2019-4 Class A, 2.44%, due 9/15/2026 1,400,000 1,412,351 1,403,650 HLM 10A-16 Class A1R, 3.106%, due 1/20/2028 1,000,000 1,000,000 999,994 HLM 15A-19 Class A1, 3.486%, due 7/22/2032 250,000 250,000 250,248 ICG U.S. CLO Ltd., 3.496%, due 10/26/2032 1,000,000 1,000,000 1,000,063 LCM Partners Ltd., 3.106%, due 7/19/2027 1,000,000 1,000,000 998,153 Madison Park Funding XVII, Ltd. 2016-21A Class A1AR, 3.29%, due 10/15/2032 1,500,000 1,500,000 1,500,521 MidOcean Credit CLO V LLC 2016-5A Class AR, 3.086%, due 7/19/2028 500,000 498,557 497,770 MidOcean Credit CLO V LLC 2019-10A Class A1, 3.296%, due 10/23/2032 1,250,000 1,250,000 1,249,963 MTN Nigeria Communications PLC, due 10/20/2032 ^ 1,000,000 1,000,000 999,953 Northwoods Capital Ltd. 2019-20A Class A1, 3.22%, due 1/25/2030 500,000 500,000 499,989 Oaktree CLO Ltd. 2015-1A Class A1R, 2.836%, due 10/20/2027 500,000 499,521 499,833 Ocean Trails CLO VI 2016-6A Class AR, 3.151%, due 7/15/2028 1,250,000 1,250,000 1,248,146 OCP Ltd. 2019-17A Class A1, 3.627%, due 7/20/2032 1,000,000 1,000,000 999,965 Onemain Financial Issuance Trust 2018-1A Class C, 3.77%, due 3/14/2029 250,000 253,289 253,244 Oportun Funding X LLC 2018-C Class A, 4.1%, due 10/8/2024 500,000 511,684 513,351 OZLM Ltd. 2019-24A Class A1A, 3.546%, due 7/20/2032 250,000 250,000 249,590 Sound Point CLO 2016-3A Class AR, 3.084%, due 1/23/2029 500,000 500,000 499,997 TCW Gem Ltd. 2019-2A Class A1A, 3.239%, due 10/20/2032 500,000 499,653 499,982 TIAA CLO I Ltd. 2016-1A Class AR, 3.166%, due 7/20/2031 300,000 296,880 298,165 Trinitas CLO 2017-6A Class AR, 3.11%, due 7/25/2029 1,000,000 1,000,000 999,994 Venture CDO Ltd. 2016-24A Class AR, 3.146%, due 10/20/2028 1,000,000 1,000,000 998,294 Wellfleet CLO Ltd. 2016-2A Class A1R, 3.106%, due 10/20/2028 1,500,000 1,496,590 1,500,000 Wellfleet CLO Ltd. 2019-1A A1, 3.527%, due 7/20/2032 1,000,000 1,000,000 999,510 York CLO Ltd. 2019-1A Class A1, 3.516%, due 7/22/2032 1,000,000 1,000,000 998,887 Total Asset-Backed Securities 28,458,654 28,445,112

Corporate Bonds - 29.4% Basic Materials - 1.0% Barrick Gold Corporation, 5.25%, due 4/1/2042 140,000 167,793 167,082 Braskem Idesa, SAPI, 7.45%, due 11/15/2029 200,000 204,979 213,102 FMC Corporation, 4.5%, due 10/1/2049 15,000 14,992 16,368 LYB International Finance III LLC, 4.2%, due 10/15/2049 185,000 182,213 193,092

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

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 29.4% (continued) Basic Materials - 1.0% (continued) Newmont Corporation, 2.8%, due 10/1/2029 175,000 $ 173,594 $ 173,384 Nutrien, Ltd., 5.25%, due 1/15/2045 150,000 168,507 176,927 Sasol Financing USA LLC, 5.875%, due 3/27/2024 200,000 215,047 216,572 Teck Resources Limited, 5.2%, due 3/1/2042 110,000 109,936 113,054 The Chemours Co., 7%, due 5/15/2025 125,000 120,722 125,938 The Dow Chemical Co., 4.8%, due 5/15/2049 175,000 188,894 202,445 TPC Group Inc., 10.5%, due 8/1/2024 25,000 25,000 25,188 Total Basic Materials 1,571,677 1,623,152

Communications - 4.5% AT&T, Inc., 4.5%, due 3/9/2048 500,000 542,210 552,399 AT&T, Inc., 4.55%, due 3/9/2049 100,000 108,254 111,051 AT&T, Inc., 4.85%, due 3/1/2039 600,000 645,625 692,052 AT&T, Inc., 4.9%, due 8/15/2037 150,000 169,847 172,714 British Telecommunications PLC, 3.25%, due 11/8/2029 620,000 614,784 619,543 CCO Holdings LLC, 5.375%, due 6/1/2029 275,000 284,429 294,250 Charter Communications Operating LLC, 4.8%, due 3/1/2050 60,000 61,178 63,270 Charter Communications Operating LLC, 5.375%, due 5/1/2047 150,000 158,340 168,286 Charter Communications Operating LLC, 6.384%, due 10/23/2035 350,000 427,798 440,526 Clear Channel Worldwide Holdings, Inc., 9.25%, due 2/15/2024 150,000 163,984 166,125 Comcast Corporation, 4.25%, due 10/15/2030 200,000 223,108 228,772 Cox Communications, Inc., 3.35%, due 9/15/2026 200,000 201,841 206,424 Cox Communications, Inc., 4.6%, due 8/15/2047 125,000 128,529 138,811 Diamond Sports Group LLC, 5.375%, due 8/15/2026 25,000 25,000 25,289 Diamond Sports Group LLC, 6.625%, due 8/15/2027 20,000 20,000 19,450 Discovery Communications LLC, 5.3%, due 5/15/2049 100,000 107,829 118,543 DISH DBS Corporation, 7.75%, due 7/1/2026 225,000 221,010 238,363 Embarq Corp., 7.995%, due 6/1/2036 275,000 273,231 290,813 Intelsat Jackson Holdings SA, 5.5%, due 8/1/2023 235,000 204,496 201,874 Intelsat Jackson Holdings SA, 8%, due 2/15/2024 200,000 201,955 205,250 Motorola Solutions Inc., 4%, due 9/1/2024 250,000 259,703 265,299 Sprint Capital Corporation, 8.75%, due 3/15/2032 450,000 535,998 546,188 Sprint Communications Inc., 7%, due 3/1/2020 725,000 730,365 728,857 Verizon Communications, Inc., 4.522%, due 9/15/2048 225,000 253,483 269,988 Viacom Inc., 5.85%, due 9/1/2043 125,000 151,587 156,614 Viacom Inc., 6.875%, due 4/30/2036 350,000 459,679 468,664 Total Communications 7,174,263 7,389,415

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

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 29.4% (continued) Consumer, Cyclical - 2.5% AMC Entertainment Holdings, Inc., 5.875%, due 11/15/2026 225,000 $ 204,042 $ 202,781 American Axle & Manufacturing Inc., 6.5%, due 4/1/2027 225,000 226,335 233,438 Ashton Woods USA LLC, 9.875%, due 4/1/2027 175,000 185,432 196,875 Brookfield Residential U.S. Corp., 6.25%, due 9/15/2027 50,000 50,000 52,750 Delta Air Lines, Inc., 3.625%, due 3/15/2022 465,000 475,834 476,221 Dollar Tree, Inc., 4.2%, due 5/15/2028 600,000 647,422 643,646 Ford Motor Credit Company LLC, 3.35%, due 11/1/2022 340,000 339,845 343,459 Golden Entertainment, Inc., 7.625%, due 4/15/2026 100,000 105,413 106,000 KB Home, 6.875%, due 6/15/2027 150,000 160,459 173,625 L Brands, Inc., 6.875%, due 11/1/2035 175,000 157,529 156,625 Lennar Corporation, 5.25%, due 6/1/2026 250,000 274,796 273,750 Michaels Stores Inc., 8%, due 7/15/2027 100,000 97,655 95,500 Penn National Gaming, Inc., 5.625%, due 1/15/2027 175,000 175,207 184,941 PulteGroup, Inc., 5%, due 1/15/2027 150,000 162,161 163,350 Sally Holdings LLC, 5.625%, due 12/1/2025 225,000 221,056 235,604 Scientific Games International Inc., 7%, due 5/15/2028 25,000 25,000 26,813 Scientific Games International Inc., 7.25%, due 11/15/2029 50,000 50,000 54,250 Taylor Morrison Communities, Inc., 5.625%, due 3/1/2024 250,000 257,890 269,375 William Lyon Homes, Inc., 6.625%, due 7/15/2027 200,000 199,285 217,000 Total Consumer, Cyclical 4,015,361 4,106,003

Consumer, Non-cyclical - 2.2% Anheuser-Busch InBev Finance, Inc., 4.9%, due 2/1/2046 210,000 249,848 249,086 Anheuser-Busch InBev Worldwide Inc., 5.55%, due 1/23/2049 235,000 308,501 305,339 B.A.T Capital Corp., 2.789%, due 9/6/2024 490,000 490,000 492,398 Boston College, 3.129%, due 7/1/2052 84,000 84,000 82,732 DH Europe Finance II, 1.35%, due 9/18/2039 115,000 125,398 121,947 Dorm Authority of the State of New York, 3.737%, due 7/1/2049 305,000 305,000 304,098 JBS USA LLC SA, 5.875%, due 7/15/2024 175,000 179,359 180,075 Kraft Heinz Foods Company, 4.625%, due 10/1/2039 25,000 24,706 26,065 Kraft Heinz Foods Company, 4.875%, due 10/1/2049 510,000 516,959 538,303 PayPal Holdings, Inc., 2.85%, due 10/1/2029 240,000 239,210 242,229 President and Fellows of Harvard College, 3.3%, due 7/15/2056 115,000 113,458 118,994 Refinitiv US Holdings Inc., 8.25%, due11/15/2026 75,000 82,637 84,469 Shire Acquisitions Investments Ireland DAC, 3.2%, due 9/23/2026 375,000 378,412 386,473 Trustees of the University of Pennsylvania, 3.61%, due 2/15/2119 15,000 15,000 15,378 Tyson Foods, Inc., 5.1%, due 9/28/2048 150,000 169,398 188,874 United Rentals (North America), Inc., 5.5%, due 5/15/2027 275,000 283,168 295,983 Total Consumer, Non-cyclical 3,565,054 3,632,443

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

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 29.4% (continued) Energy - 3.7% Antero Resources Corp., 5.625%, due 6/1/2023 125,000 $ 90,565 $ 100,313 Ascent Resources Utica Holdings LLC, 10%, due 4/1/2022 100,000 96,798 99,463 BP Capital Markets America Inc., 3.79%, due 2/6/2024 250,000 263,726 266,072 Cenovus Energy, Inc., 4.25%, due 4/15/2027 350,000 364,661 370,814 Concho Resources Inc., 3.75%, due 10/1/2027 275,000 284,322 289,257 Continental Resources, Inc., 3.8%, due 6/1/2024 250,000 256,798 258,572 Continental Resources, Inc., 4.5%, due 4/15/2023 110,000 113,856 114,933 Diamondback Energy, Inc., 2.875%, due 12/1/2024 200,000 199,972 202,335 Energen Corp., 4.625%, due 9/1/2021 315,000 324,508 322,399 Energy Transfer Partners, LP, 5.3%, due 4/15/2047 150,000 157,273 160,130 Enterprise Products Operating LLC, 4.875%, due 8/16/2077 250,000 235,644 246,875 Husky Energy, Inc., 4.4%, due 4/15/2029 200,000 211,558 215,181 MEG Energy Corp., 7%, due 3/31/2024 100,000 93,031 100,625 Newfield Exploration Co., 5.375%, due 1/1/2026 310,000 337,823 336,230 ONEOK Inc., 4.95%, due 7/13/2047 200,000 213,275 220,568 Petrobras Global Finance BV, 6.625%, due 1/16/2034 100,000 142,191 159,055 Petrobras Global Finance BV, 6.9%, due 3/19/2049 120,000 141,109 140,760 Petroleos Mexicanos, 6.5%, due 1/23/2050 480,000 502,041 509,626 Petroleos Mexicanos, 6.75%, due 9/21/2047 320,000 284,532 320,602 Petroleos Mexicanos, 6.875%, due 9/21/2026 400,000 432,968 439,468 Petroleos Mexicanos, 7.69%, due 1/23/2050 30,000 29,970 32,740 Phillips 66 Partners LP, 3.605%, due 2/15/2025 455,000 474,204 476,987 Plains All American Pipeline, LP, 3.55%, due 12/15/2029 220,000 217,047 217,029 Range Resources Corporation, 5%, due 3/15/2023 200,000 190,334 183,964 Sunoco Logistics Partners Operations LP, 5.3%, due 4/1/2044 100,000 103,414 106,432 Total Capital International SA, 2.829%, due 1/10/2030 100,000 100,000 102,797 Transcontinental Gas Pipe Line Co. LLC, 4.6%, due 3/15/2048 150,000 159,887 164,493 Total Energy 6,021,507 6,157,720

Financials - 8.8% American International Group, Inc., 3.9%, due 4/1/2026 450,000 469,966 483,366 American International Group, Inc., 4.5%, due 7/16/2044 270,000 308,485 311,453 Bank of America Corporation, 5.125%, due 6/20/2024 150,000 150,642 158,670 Bank of America Corporation, 2.884%, due 10/22/2030 235,000 235,000 237,065 Bank of America Corporation, 3.194%, due 7/23/2030 130,000 130,000 134,496 Bank of America Corporation, 3.593%, due 7/21/2028 800,000 833,113 848,062 Bank of America Corporation, 4.45%, due 3/3/2026 650,000 698,451 713,901 Barclays PLC, 4.95%, due 1/10/2047 200,000 234,247 236,258 Barclays PLC, 5.088%, due 6/20/2030 200,000 209,286 223,008

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

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 29.4% (continued) Financials - 8.8% (continued) BNP Paribas SA, 3.8%, due 1/10/2024 200,000 $ 207,083 $ 210,161 Brandywine Operating Partnership LP, 3.79%, due 2/6/2024 150,000 157,979 163,240 Cantor Fitzgerald LP, 4.875%, due 5/1/2024 250,000 257,495 266,636 Citigroup, Inc., 2.976%, due 11/5/2030 90,000 90,000 91,400 Citigroup, Inc., 4.45%, due 9/29/2027 525,000 564,293 578,435 Citigroup, Inc., 5%, due 12/31/2049 175,000 175,000 183,313 Citigroup, Inc., 3.668%, due 7/24/2028 550,000 573,855 586,378 Credit Suisse Group AG, 2.593%, due 9/11/2025 475,000 475,000 476,359 Dana Financing Luxembourg SARL, 6.5%, due 6/1/2026 200,000 210,053 213,750 Danske Bank A/S, 3.244%, due 12/20/2025 280,000 280,000 283,387 Deutsche Bank AG/New York NY, 5%, due 2/14/2022 380,000 395,042 396,931 Healthpeak Properties Inc., 3%, due 1/15/2030 270,000 269,037 271,067 JPMorgan Chase & Co., 2.739%, due 10/15/2030 205,000 205,000 205,030 JPMorgan Chase & Co., 3.782%, due 2/1/2028 1,395,000 1,489,157 1,504,347 JPMorgan Chase & Co., 3.875%, due 9/10/2024 800,000 838,162 856,460 Level 3 Financing, Inc., 3.4%, due 3/1/2027 530,000 532,878 533,726 Liberty Mutual Group Inc., 4.569%, due 2/1/2029 350,000 383,593 391,144 Markel Corp., 4.15%, due 9/17/2050 150,000 149,942 154,619 Markel Corp., 5%, due 5/20/2049 150,000 163,876 176,771 Mitsubishi UFJ Financial Group Inc., 2.623%, due 7/18/2022 600,000 600,000 608,204 Morgan Stanley, 3.591%, due 7/22/2028 650,000 675,525 691,154 Morgan Stanley, 4.35%, due 9/8/2026 450,000 482,239 492,248 Nationstar Mortgage Holdings Inc., 9.125%, due 7/15/2026 275,000 282,504 304,563 Power Finance Corporation, 3.75%, due 6/18/2024 400,000 406,094 406,642 The Goldman Sachs Group, Inc., 3.75%, due 5/22/2025 750,000 782,543 796,165 Unum Group, 4%, due 6/15/2029 250,000 256,969 262,585 Welltower Inc., 3.625%, due 3/15/2024 450,000 466,239 472,826 Total Financials 14,638,748 14,923,820

Health Care - 2.6% AbbVie, Inc., 4.05%, due 11/21/2039 310,000 308,982 325,828 AbbVie, Inc., 4.25%, due 11/21/2049 375,000 374,019 398,182 AbbVie, Inc., 4.7%, due 5/14/2045 110,000 116,887 122,922 Advocate Aurora Health Corp., 3.387%, due 10/15/2049 100,000 100,000 100,203 Allergan Funding SCS, 4.55%, due 3/15/2035 175,000 179,432 191,313 Anthem, Inc., 3.7%, due 9/15/2049 190,000 188,846 189,707 Bausch Health Companies Inc., 5%, due 1/30/2028 50,000 50,000 51,320 Bausch Health Companies Inc., 5.25%, due 1/30/2030 50,000 50,000 51,850 Bausch Health Companies Inc., 6.125%, due 4/15/2025 200,000 204,166 206,646 Bristol Myers Squibb Company, 4.25%, due 10/26/2049 95,000 105,408 112,791 See Notes to the Financial Statements. 11 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 29.4% (continued) Health Care - 2.6% (continued) Bristol Myers Squibb Company, 5%, due 8/15/2045 60,000 $ 76,902 $ 76,967 Cigna Corporation, 4.5%, due 2/25/2026 325,000 355,212 356,649 Cigna Corporation, 4.8%, due 7/15/2046 20,000 23,179 23,215 Cigna Corporation, 4.9%, due 12/15/2048 105,000 114,734 125,422 CVS Health Corporation, 5.125%, due 7/20/2045 335,000 385,911 397,416 HCA Healthcare, Inc., 5.25%, due 6/15/2049 125,000 130,200 139,741 HCA Healthcare, Inc., 5.875%, due 2/1/2029 125,000 141,787 144,531 Kaiser Foundation Hospitals, Inc., 3.266%, due 11/1/2049 75,000 75,000 75,277 LifePoint Health, Inc., 9.75%, due 12/1/2026 125,000 130,502 141,250 Mylan Inc., 4.55%, due 4/15/2028 280,000 297,925 301,439 Quest Diagnostics Incorporated, 4.25%, due 4/1/2024 350,000 369,594 376,900 Tenet Healthcare Corporation, 7%, due 8/1/2025 225,000 224,213 237,656 Thermo Fisher Scientific, Inc, 1.5%, due 10/1/2039 100,000 109,690 106,014 Total Health Care 4,112,589 4,253,239

Industrial - 1.3% Bombardier Inc., 7.875%, due 4/15/2027 425,000 425,859 437,219 Johnson Controls International PLC, 6%, due 1/15/2036 150,000 176,926 184,143 Masonite International Corporation, 5.375%, due 2/1/2028 60,000 60,000 63,375 Owens-Corning Inc., 4.4%, due 1/30/2048 150,000 136,512 145,106 Pentair Finance SARL, 4.5%, due 7/1/2029 250,000 255,165 263,709 The Boeing Company, 3.75%, due 2/1/2050 145,000 143,784 154,210 The Boeing Company, 3.825%, due 3/1/2059 125,000 129,429 130,695 Trimble Inc., 4.75%, due 12/1/2024 350,000 372,353 378,115 Westinghouse Air Brake Technologies Corp., 4.375%, due 8/15/2023 250,000 257,888 262,874 Westinghouse Air Brake Technologies Corp., 4.95%, due 09/15/2028 150,000 160,633 165,009 Total Industrial 2,118,549 2,184,455

Technology - 0.3% Everi Payments Inc., 7.5%, due 12/15/2025 175,000 183,992 187,250 Microsoft Corporation, 3.95%, due 8/8/2056 250,000 278,516 296,290 Total Technology 462,508 483,540

Utilities - 2.5% AEP Transmission Company, LLC, 3.8%, due 6/15/2049 125,000 129,631 133,769 AmeriGas Partners Corp., 5.875%, due 8/20/2026 200,000 212,191 220,500 Baltimore Gas & Electric Co., 3.2%, due 9/15/2049 55,000 54,520 53,907 Calpine Corporation, 5.125%, due 3/15/2028 250,000 250,000 255,175 Calpine Corporation, 5.75%, due 1/15/2025 300,000 298,617 307,875

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

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 29.4% (continued) Utilities - 2.5% (continued) CenterPoint Energy, Inc., 3.95%, due 3/1/2048 100,000 $ 108,115 $ 112,341 Cleco Corporate Holdings LLC, 3.37%, due 9/15/2029 45,000 44,974 45,194 Dominion Energy, Inc., 2%, due 8/15/2024 300,000 302,097 309,050 DTE Energy Company, 3.4%, due 6/15/2029 300,000 305,593 309,320 Duke Energy Corporation, 3.4%, due 6/15/2029 350,000 358,437 365,857 Emera US Finance LP, 3.55%, due 6/15/2026 325,000 331,670 337,632 Enel Finance International NV, 3.5%, due 4/6/2028 200,000 197,926 204,746 Entergy Texas Inc., 4.5%, due 3/30/2039 205,000 230,013 235,570 Eskom Holdings SOC, Ltd., 5.75%, due 1/26/2021 400,000 403,489 400,500 FirstEnergy Transmission LLC, 4.55%, due 4/1/2049 100,000 110,250 114,643 Perusahaan Listrik Negara PT, 1.875%, due 11/5/2031 200,000 221,700 222,816 Southern Company Gas Capital Corp., 4.4%, due 5/30/2047 125,000 134,635 138,367 Vistra Operations Company LLC, 3.7%, due 1/30/2027 285,000 284,408 283,195 Vistra Operations Company LLC, 5%, due 7/31/2027 75,000 77,474 78,374 Total Utilities 4,055,740 4,128,831 Total Corporate Bonds 47,735,996 48,882,618

Mortgage-Backed Securities - 19.8% BBCCRE Trust 2015-GTP Class A, 3.966%, due 8/10/2033 1,000,000 1,063,899 1,065,553 BBCMS Mortgage Trust 2019-C4 Class A4, 2.661%, due 8/15/2052 525,000 524,918 526,085 Benchmark Mortgage Trust 2018-B8 Class A5, 4.2317%, due 1/15/2052 650,000 726,539 730,357 Benchmark Mortgage Trust 2019-B14 Class A3, 3.0902%, due 12/15/2061 250,000 257,488 257,680 Benchmark Mortgage Trust 2019-B14 Class A4, 2.7946%, due 12/15/2061 400,000 403,992 404,766 CFCRE Commercial Mortgage Trust 2017-C8, 2.647%, due 11/18/2052 1,100,000 1,110,953 1,102,356 CFCRE Mortgage Trust 2016-C3 Class A3, 3.865%, due 1/10/2048 1,000,000 1,076,117 1,070,898 CFCRE Mortgage Trust 2016-C4 Class A4, 3.283%, due 5/10/2058 150,000 157,222 155,943 CFCRE Mortgage Trust 2016-C7 Class A2, 3.5853%, due 12/10/2054 481,000 506,840 510,176 CFCRE Mortgage Trust 2017-C8 Class A4, 3.5719%, due 6/15/2050 1,000,000 1,055,722 1,060,191 Citigroup Commercial Mortgage Trust 2015-GC31 Class A4, 3.762%, due 6/10/2048 1,045,000 1,113,708 1,114,039 Citigroup Commercial Mortgage Trust 2018-C6 Class A4, 4.412%, due 11/10/2051 1,000,000 1,145,476 1,133,133 COMM Mortgage Trust 2014-UBS6 Class A5, 3.644%, due 12/10/2047 1,000,000 1,052,681 1,054,155 COMM Mortgage Trust 2019-GC44 Class A4, 2.698%, due 8/15/2057 1,000,000 1,009,945 1,002,731 CSAIL Commercial Mortgage Trust 2016-C5 Class A5, 3.7567%, due 11/15/2025 702,000 742,874 746,865 CSAIL Commercial Mortgage Trust, 2019-C18 Class A3, 2.906, due 12/15/2052 550,000 555,491 549,578 CSMC Mortgage Trust 2019-11R Class 1A1, 1.848%, due 9/25/2045 380,000 380,000 379,913 FHLMC Multiclass Mortgage 4927BG, 3%, due 11/25/2049 1,062,124 1,096,519 1,086,058 FNMA 30 YR Single Family Mortgage, 3.5%, due 1/14/2049 1,500,000 1,539,141 1,543,066 Fannie Mae MA3870, 2.5%, due 12/1/2049 498,696 491,399 493,202 Fannie Mae REMIC Trust 2016-M3 Class A1, 2.256%, due 2/25/2026 2,338,167 2,338,167 2,348,539

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

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Principal Amount or Fair Shares Cost Value

Mortgage-Backed Securities - 19.8% (continued) Fannie Mae REMIC Trust 2016-M30 Class 5A1, 1.754%, due 11/25/2033 3,100,000 $ 3,062,232 $ 3,063,106 Fannie Mae REMIC Trust 2019-M30 Class 1A1, 1.848%, due 11/25/2028 3,000,000 2,970,017 2,965,210 Freddie Mac K067 X1, 0.577%, due 7/25/2027 5,387,089 208,990 209,936 Freddie Mac K095 X1, 0.949%, due 6/25/2029 3,620,813 273,630 267,519 Freddie Mac K096 XAM, 1.522%, due 7/25/2029 2,000,000 236,099 235,166 Freddie Mac K097 X1, 1.09%, due 7/25/2029 999,874 89,438 89,095 Freddie Mac K098 X1, 1.271%, due 8/25/2029 2,199,125 206,917 203,979 Freddie Mac K100 X1, 0.651%, due 9/25/2029 3,124,684 171,406 170,464 Freddie Mac K101, 0.837%, due 10/25/2029 5,499,251 394,443 380,785 Freddie Mac K730 AM, 3.59%, due 1/25/2025 1,500,000 1,588,366 1,598,156 GS Mortgage Securities Trust 2016-GS4 Class A4, 3.442%, due 11/10/2049 540,000 567,024 569,952 GS Mortgage Securities Trust 2019-GC42 Class XB, 0.216%, due 9/1/2052 9,600,000 200,083 199,552 GS Mortgage Securities Trust 2019-GSA1 Class A2, 2.6126%, due 11/10/2052 225,000 224,999 222,910 GS Mortgage Securities Trust 2019-GSA1 Class A3, 2.794%, due 11/10/2052 600,000 605,984 604,875 JPMDB Commercial Mortgage Securities Trust 2019-COR6 Class A3, 2.7946%, due 11/13/2052 450,000 454,489 454,694 JPMDB Commercial Mortgage Securities Trust 2019-COR6 Class XB, 0.11%, due 11/13/2052 72,011,000 653,205 650,072 Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 Class A5, 2.86%, due 9/15/2049 1,500,000 1,526,672 1,528,480 Morgan Stanley Capital I Trust 2019-H7 Class A3, 3.005%, due 7/15/2052 1,050,000 1,060,389 1,074,266 Total Mortgage-Backed Securities 32,843,474 32,823,501

Municipals - 1.4% Grand Parkway Transportation Corporation Texas System Toll Revenue, 5.184%, due 10/1/2042 150,000 186,967 192,116 Illinois State Taxable-Pension, 5.1%, due 6/1/2033 450,000 486,741 485,114 Michigan Finance Authority, 3.084%, due 12/1/2034 460,000 460,000 458,261 New Jersey St Turnpike Authority Turnpike Revenue Taxable Series F, 7.414%, due 1/1/2040 192,000 294,739 301,183 Ohio St University General Receipts Taxable Multiyear Debt, 4.048%, due 12/1/2056 165,000 183,874 190,473 Port Authority New York And New Jersey, 4.96%, due 8/1/2046 175,000 219,144 226,041 Puerto Rico Sales Tax Financing Corporation, 4.75%, due 7/1/2053 123,000 119,484 128,414 Puerto Rico Sales Tax Financing Corporation, 5%, due 7/1/2058 80,000 83,551 84,882 San Antonio Texas Electric And Gas Revenue Taxable System Series C, 5.985%, due 2/1/2039 150,000 200,567 206,453 Total Municipals 2,235,067 2,272,937

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

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Principal Amount or Fair Shares Cost Value

Sovereign Bonds - 5.2% Arab Republic of Egypt, 4.75%, due 4/16/2026 200,000 $ 230,964 $ 236,006 Arab Republic of Egypt, 6.375%, due 4/11/2031 100,000 116,147 120,084 Hellenic Republic of Greece, 3%, due 2/24/2023 81,000 98,862 100,126 Hellenic Republic of Greece, 3%, due 2/24/2024 74,000 91,781 93,458 Hellenic Republic of Greece, 3%, due 2/24/2025 68,000 84,946 88,092 Hellenic Republic of Greece, 3%, due 2/24/2026 678,000 849,379 885,344 Hellenic Republic of Greece, 3%, due 2/24/2027 104,000 129,901 137,539 Hellenic Republic of Greece, 3%, due 2/24/2028 67,000 83,561 88,927 Hellenic Republic of Greece, 3%, due 2/24/2029 185,000 231,039 247,379 Hellenic Republic of Greece, 3%, due 2/24/2030 126,000 157,604 170,358 Hellenic Republic of Greece, 3%, due 2/24/2031 35,000 43,757 47,521 Hellenic Republic of Greece, 3%, due 2/24/2032 53,000 66,131 72,230 Hellenic Republic of Greece, 3%, due 2/24/2033 117,000 145,610 160,144 Hellenic Republic of Greece, 3%, due 2/24/2034 128,000 159,074 174,633 Italy Government International Bond, 2.375%, due 10/17/2024 450,000 440,004 440,657 Italy Government International Bond, 5.375%, due 6/15/2033 300,000 362,250 349,429 Italy Government International Bond, 6%, due 8/4/2028 410,000 654,428 677,590 Mexico City Airport Trust, 5.5%, due 7/31/2047 200,000 199,405 206,252 Ministry of Finance of Ukraine, 7.75%, due 9/1/2020 100,000 102,124 102,788 Ministry of Finance of Ukraine, 7.75%, due 9/1/2022 450,000 476,252 484,313 Petrobras Global Finance BV, 6.25%, due 12/14/2026 800,000 1,218,699 1,256,394 Petroleos Mexicanos, 4.75%, due 2/26/2029 200,000 219,557 238,108 Provincia de Buenos Aires, 6.5%, due 2/15/2023 200,000 176,826 83,000 Republic of Argentina, 5.625%, due 1/26/2022 300,000 260,363 155,250 Republic of Argentina, 7.82%, due 12/31/2033 206,416 194,333 128,075 Republic of Colombia, 5%, due 6/15/2045 200,000 227,999 232,300 Republic of Indonesia, 1.75%, due 4/24/2025 450,000 530,327 530,867 Republic of Serbia, 7.25%, due 9/28/2021 200,000 215,965 217,920 Republic of South Africa, 4.665%, due 1/17/2024 200,000 207,921 208,750 Republic of Turkey, 7.25%, due 12/23/2023 200,000 206,488 216,393 Romania, 3.5%, due 4/3/2034 200,000 251,419 252,378 State of Qatar, 5.103%, due 4/23/2048 200,000 238,592 256,819 Total Sovereign Bonds 8,671,708 8,659,124

U.S. Treasury Bonds, Notes and Strips - 22.5% U.S. Treasury Bond, 2.25%, due 8/15/2049 9,480,000 9,185,031 9,222,263 U.S. Treasury Bond, 2.875%, due 5/15/2049 4,195,000 4,708,713 4,579,924 U.S. Treasury Bond, 3%, due 5/15/2045 2,925,000 3,380,496 3,272,915 U.S. Treasury Bond, 3.125%, due 2/15/2043 555,000 640,046 630,727 U.S. Treasury Note, 1.75%, due 11/15/2029 11,675,000 11,562,112 11,508,130

See Notes to the Financial Statements. 15 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Principal Amount or Fair Shares Cost Value

U.S. Treasury Bonds, Notes and Strips - 22.5% (continued) U.S. Treasury Note, 1.75%, due 12/31/2026 1,175,000 $ 1,169,127 $ 1,169,446 U.S. Treasury Note, 3%, due 9/30/2025 175,000 187,499 186,936 U.S. Treasury Strip, due 11/15/2043 282,000 159,794 156,089 U.S. Treasury Strip, due 2/15/2043 1,535,000 896,393 866,096 U.S. Treasury Strip, due 5/15/2039 640,000 422,406 402,402 U.S. Treasury Strip, due 5/15/2043 9,440,000 5,464,958 5,285,997 Total U.S. Treasury Bonds, Notes and Strips 37,776,575 37,280,925

Money Market Fund - 5.4% Dreyfus Government Cash Management Fund 8,981,424 8,981,424 8,981,424 Total Investments - 100.9% $ 166,702,898 167,345,641 Other Assets and Liabilities, Net - (0.9%) (1,505,237) Net Assets - 100% $ 165,840,404

^ Floating rate

See Notes to the Financial Statements. 16 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Centrally Cleared Interest Rate Swaps

Pay/ Receive Premiums Unrealized Floating Floating Fixed Payment Maturity Notional Market Received Appreciation/ Rate Rate Index Rate Frequency Date Value Value (Paid) (Depreciation)

Receive Federal Funds Effective Rate 2.29% Annually Mar-26 14,860,000 $ (685,795) $ (632,794) $ (53,001) Pay SONIA 0.85% Annually May-21 60,000 (320) (479) 159 Pay SONIA 0.95% Annually May-24 105,000 (1,971) (3,454) 1,483 Receive SONIA 1.10% Annually May-29 375,000 (16,249) (19,431) 3,182 Receive SONIA 1.10% Annually May-30 420,000 (17,373) (20,029) 2,656 Pay EONIA 1.10% Annually May-39 90,000 14,113 19,113 (5,000) Pay Chinese Yuan Offshore 2.94% Quarterly Sep-24 4,400,000 428 - 428 Pay BR4CDI 6.67% Annually Jan-25 2,279,380 13,232 - 13,232 Receive 3 Month LIBOR 1.88% Quarterly/ Semi-Annually Apr-26 15,565,000 (98,120) (37,353) (60,767) Pay BR4CDI 5.90% Annually Jan-25 2,830,689 (12,396) - (12,396) Pay SONIA 0.68% Annually Oct-28 244,000 2,004 - 2,004 Receive 3 Month LIBOR 1.48% Semi-Annually/ Quarterly Sep-21 4,075,000 (14,249) - (14,249) Pay 3 Month LIBOR 1.60% Semi-Annually/ Quarterly Sep-21 1,290,000 (1,841) 6,036 (7,877) Pay 3 Month LIBOR 1.38% Semi-Annually/ Quarterly Sep-21 2,579,000 (13,239) (1,071) (12,168) Receive 3 Month LIBOR 1.52% Semi-Annually/ Quarterly Feb-24 585,000 (4,223) - (4,223) Receive 3 Month LIBOR 1.72% Quarterly/ Semi-Annually Aug-29 1,128,000 15,639 - 15,639 Receive Federal Funds Quarterly/ Effective Rate 1.61% Annually Aug-29 5,776,000 22,783 1,840 20,943 Receive 3 Month LIBOR 1.55% Semi-Annually/ Quarterly Dec-21 6,016,000 (8,831) - (8,831) $ (806,408) $ (687,622) $ (118,786)

Centrally Cleared Credit Default Swaps

Fixed Upfront Rate Premiums Unrealized (Pay) Payment Maturity Notional Market Paid Appreciation Description Counterparty Receive Frequency Date Amount Value (Received) (Depreciation) Sale Contract CDX-NA.IG Series 33 Citigroup 1.00% Quarterly 12/20/2024 14,000,000 $ 363,053 $ 279,445 $ 83,608 CDX-NA.HY Series 33 Citigroup 5.00% Quarterly 12/20/2024 4,950,000 476,993 334,125 142,868 $ 840,046 $ 613,570 $ 226,476

See Notes to the Financial Statements. 17 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Futures Number of Value as of Unrealized Contracts Expiration December 31, Appreciation Description Long (Short) Date 2019 (Depreciation) Futures in gain position Euro-Schatz Future (1) 3/31/2020 $ (125,613) $ 44 Euro-BOBL Futures (8) 3/31/2020 (1,199,997) 6,808 Euro-Bund Futures (16) 3/31/2020 (3,061,999) 37,432 U.S. 2 Year Treasury Note (CBT) Futures (237) 3/31/2020 (51,073,500) 17,016 U.S. 10 Year Treasury Note Futures 101 3/20/2020 12,970,610 965 U.S. Ultra T-Bond (52) 3/31/2020 (9,446,125) 253,836 (51,936,624) 316,101 Futures in loss position U.S. 5 Year Treasury Note Futures 388 3/31/2020 46,020,439 (90,013) U.S. 10 Year Ultra Futures 52 3/31/2020 7,316,563 (12,077) U.S. Long Bond Futures 7 3/31/2020 1,091,344 (24,666) 54,428,346 (126,756) $ 2,491,722 $ 189,345

Forward Foreign Currency Contracts Unrealized Settlement Currency Currency Appreciation Counterparty Date Purchased Sold (Depreciation) Bank of America, N.A. 2/14/2020 CNY 1,274,536 USD 179,664 $ 3,051 Bank of America, N.A. 3/18/2020 KRW 56,384,701 USD 48,583 269 Bank of America, N.A. 1/17/2020 NOK 1,830,121 USD 200,986 7,299 Bank of America, N.A. 1/17/2020 USD 55,677 CZK 1,300,858 (1,782) Bank of America, N.A. 1/17/2020 USD 62,000 GBP 47,061 (375) Barclays Bank PLC 1/22/2020 AUD 30,879 USD 21,100 618 Barclays Bank PLC 1/22/2020 AUD 41,289 USD 28,200 840 Barclays Bank PLC 1/22/2020 AUD 134,201 USD 92,000 2,390 Barclays Bank PLC 1/22/2020 CAD 59,526 USD 44,731 1,179 Barclays Bank PLC 1/22/2020 CAD 129,155 USD 98,000 1,611 Barclays Bank PLC 3/18/2020 CLP 44,408,000 USD 56,000 3,107 Barclays Bank PLC 3/18/2020 CLP 38,347,400 USD 49,000 2,041 Barclays Bank PLC 3/18/2020 COP 154,800,000 USD 45,000 1,981 Barclays Bank PLC 1/17/2020 CZK 1,511,590 USD 65,000 1,767 Barclays Bank PLC 1/17/2020 EUR 77,301 USD 86,000 865 Barclays Bank PLC 1/17/2020 EUR 92,607 USD 104,000 66 Barclays Bank PLC 1/17/2020 GBP 56,914 USD 73,587 1,849 Barclays Bank PLC 1/17/2020 GBP 66,054 USD 85,000 2,547 Barclays Bank PLC 3/18/2020 INR 3,489,343 USD 48,725 (237) Barclays Bank PLC 3/18/2020 INR 7,221,601 USD 101,000 (648) Barclays Bank PLC 1/17/2020 JPY 4,312,512 USD 40,000 (279) Barclays Bank PLC 1/17/2020 JPY 8,464,903 USD 78,000 (32) Barclays Bank PLC 3/18/2020 KRW 113,528,085 USD 97,449 912 Barclays Bank PLC 3/18/2020 MXN 943,033 USD 48,394 966 Barclays Bank PLC 1/17/2020 NOK 957,316 USD 103,978 4,974 Barclays Bank PLC 1/17/2020 NOK 769,615 EUR 85,100 2,490

See Notes to the Financial Statements. 18 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Forward Foreign Currency Contracts (continued) Unrealized Settlement Currency Currency Appreciation Counterparty Date Purchased Sold (Depreciation) Barclays Bank PLC 1/22/2020 NZD 133,277 USD 85,000 $ 4,945 Barclays Bank PLC 3/18/2020 SGD 131,587 USD 97,207 728 Barclays Bank PLC 3/18/2020 TRY 96,691 USD 16,000 (69) Barclays Bank PLC 1/17/2020 USD 88,000 GBP 68,272 (2,490) Barclays Bank PLC 1/17/2020 USD 54,000 GBP 41,733 (1,314) Barclays Bank PLC 1/17/2020 USD 176,864 EUR 158,151 (856) Barclays Bank PLC 1/17/2020 USD 80,012 CHF 78,799 (1,462) Barclays Bank PLC 1/22/2020 USD 42,481 AUD 61,520 (789) Barclays Bank PLC 1/22/2020 USD 42,366 AUD 61,639 (987) Barclays Bank PLC 1/17/2020 USD 102,000 EUR 92,326 (1,750) Barclays Bank PLC 3/18/2020 USD 191,114 COP 663,011,797 (10,779) Barclays Bank PLC 3/18/2020 USD 40,005 CLP 31,763,701 (2,273) Barclays Bank PLC 2/4/2020 USD 42,655 BRL 182,371 (2,626) Barclays Bank PLC 3/18/2020 USD 99,000 THB 2,996,235 (1,214) Barclays Bank PLC 1/22/2020 USD 44,731 NZD 68,609 (1,571) Barclays Bank PLC 3/18/2020 USD 79,000 KRW 93,915,200 (2,368) Barclays Bank PLC 3/18/2020 USD 92,000 ILS 318,485 (604) Barclays Bank PLC 3/18/2020 USD 132,000 TWD 3,940,860 39 Barclays Bank PLC 3/18/2020 USD 69,000 TRY 418,791 (1) BNP Paribas SA 1/22/2020 AUD 71,107 USD 49,690 323 BNP Paribas SA 1/17/2020 CHF 116,234 USD 118,000 2,180 BNP Paribas SA 3/18/2020 CLP 34,874,400 USD 44,000 2,418 BNP Paribas SA 3/18/2020 COP 172,935,700 USD 49,000 3,485 BNP Paribas SA 1/17/2020 EUR 109,783 USD 122,000 1,367 BNP Paribas SA 1/17/2020 EUR 96,565 USD 107,000 1,513 BNP Paribas SA 1/17/2020 GBP 57,812 USD 75,000 1,626 BNP Paribas SA 3/18/2020 ILS 576,791 USD 167,399 310 BNP Paribas SA 1/17/2020 JPY 7,795,934 USD 72,000 (194) BNP Paribas SA 1/17/2020 USD 100,000 EUR 89,169 (203) BNP Paribas SA 1/17/2020 USD 87,000 GBP 67,193 (2,059) BNP Paribas SA 1/22/2020 USD 91,000 CAD 120,845 (2,202) BNP Paribas SA 1/17/2020 USD 118,000 GBP 89,902 (1,158) BNP Paribas SA 3/18/2020 USD 152,032 SGD 205,715 (1,073) BNP Paribas SA 3/18/2020 USD 49,583 CLP 36,852,466 532 Citigroup 1/22/2020 AUD 70,489 USD 48,568 1,010 Citigroup 2/4/2020 BRL 398,469 USD 95,800 3,136 Citigroup 3/18/2020 CLP 57,730,824 USD 72,000 4,840 Citigroup 2/14/2020 CNY 729,436 USD 103,950 620 Citigroup 1/17/2020 CZK 1,535,181 USD 67,000 809 Citigroup 1/17/2020 EUR 95,373 USD 106,571 604 Citigroup 1/17/2020 EUR 177,578 USD 198,860 690 Citigroup 1/17/2020 GBP 63,811 USD 85,289 (712) Citigroup 3/18/2020 KRW 161,501,124 USD 137,553 2,372 Citigroup 3/18/2020 SGD 177,368 USD 131,000 1,008

See Notes to the Financial Statements. 19 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Forward Foreign Currency Contracts (continued) Unrealized Settlement Currency Currency Appreciation Counterparty Date Purchased Sold (Depreciation) Citigroup 1/17/2020 USD 503,165 GBP 399,398 $ (26,207) Citigroup 2/4/2020 USD 270,126 BRL 1,138,499 (12,552) Citigroup 3/18/2020 USD 112,000 PEN 381,107 (2,787) Citigroup 3/18/2020 USD 91,000 MXN 1,807,489 (3,607) Citigroup 3/18/2020 USD 95,800 CLP 73,758,336 (2,373) Credit Suisse 3/18/2020 TWD 4,479,960 USD 148,000 2,013 Credit Suisse 3/18/2020 USD 117,000 TWD 3,502,395 (279) Deutsche Bank AG 1/17/2020 USD 506,329 GBP 399,398 (23,044) Goldman Sachs 3/18/2020 PEN 414,080 USD 123,000 1,718 Goldman Sachs 3/18/2020 PHP 2,036,261 USD 39,920 182 Goldman Sachs 3/18/2020 RUB 9,774,056 USD 150,602 5,281 Goldman Sachs 3/18/2020 RUB 10,588,561 USD 163,129 5,743 Goldman Sachs 3/18/2020 RUB 6,184,800 USD 96,000 2,639 Goldman Sachs 1/17/2020 SEK 782,289 USD 82,000 1,640 Goldman Sachs 3/18/2020 USD 80,180 PEN 271,651 (1,639) Goldman Sachs 2/14/2020 USD 163,000 CNY 1,150,433 (1,923) Goldman Sachs 3/18/2020 USD 176,808 IDR 2,522,512,219 (3,582) HSBC Bank USA, N.A. 1/22/2020 CAD 139,231 USD 106,000 1,382 HSBC Bank USA, N.A. 1/17/2020 CHF 95,016 USD 97,000 1,242 HSBC Bank USA, N.A. 2/14/2020 CNY 831,304 USD 118,000 1,174 HSBC Bank USA, N.A. 2/14/2020 CNY 1,283,577 USD 182,950 1,061 HSBC Bank USA, N.A. 2/14/2020 CNY 340,833 USD 48,603 258 HSBC Bank USA, N.A. 1/17/2020 HUF 18,871,936 USD 64,000 111 HSBC Bank USA, N.A. 3/18/2020 KRW 114,478,083 USD 97,395 1,789 HSBC Bank USA, N.A. 3/18/2020 PHP 5,199,297 USD 102,000 393 HSBC Bank USA, N.A. 1/17/2020 PLN 234,388 USD 61,000 891 HSBC Bank USA, N.A. 3/18/2020 RUB 6,185,468 USD 96,200 2,450 HSBC Bank USA, N.A. 1/17/2020 SEK 673,155 USD 71,000 972 HSBC Bank USA, N.A. 3/18/2020 SGD 647,546 USD 475,122 6,819 HSBC Bank USA, N.A. 3/18/2020 SGD 35,492 USD 26,195 221 HSBC Bank USA, N.A. 3/18/2020 SGD 96,449 USD 71,183 600 HSBC Bank USA, N.A. 3/18/2020 THB 2,728,297 USD 90,386 867 HSBC Bank USA, N.A. 3/18/2020 TWD 6,719,274 USD 222,000 2,997 HSBC Bank USA, N.A. 1/17/2020 USD 1,405,107 EUR 1,265,737 (17,247) HSBC Bank USA, N.A. 1/22/2020 USD 34,485 CAD 45,273 (432) HSBC Bank USA, N.A. 1/22/2020 USD 105,000 CAD 138,777 (2,032) HSBC Bank USA, N.A. 1/17/2020 USD 86,000 CHF 84,728 (1,604) HSBC Bank USA, N.A. 3/18/2020 USD 122,000 PHP 6,235,420 (798) HSBC Bank USA, N.A. 3/18/2020 USD 42,500 INR 3,067,586 (127) HSBC Bank USA, N.A. 3/18/2020 USD 133,000 INR 9,623,215 (725) HSBC Bank USA, N.A. 3/18/2020 USD 96,200 CLP 74,028,786 (2,333) HSBC Bank USA, N.A. 3/18/2020 USD 179,000 TWD 5,332,893 426 HSBC Bank USA, N.A. 3/18/2020 USD 86,000 IDR 1,212,720,400 (724) JP Morgan Chase Bank, N.A. 2/14/2020 CNY 297,743 USD 42,327 357 JP Morgan Chase Bank, N.A. 1/17/2020 EUR 275,919 USD 309,376 684

See Notes to the Financial Statements. 20 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Forward Foreign Currency Contracts (continued) Unrealized Settlement Currency Currency Appreciation Counterparty Date Purchased Sold (Depreciation) JP Morgan Chase Bank, N.A. 1/17/2020 EUR 58,535 USD 65,450 $ 328 JP Morgan Chase Bank, N.A. 1/17/2020 EUR 54,201 USD 60,748 160 JP Morgan Chase Bank, N.A. 3/18/2020 INR 4,528,377 USD 62,209 718 JP Morgan Chase Bank, N.A. 3/18/2020 INR 3,566,753 USD 49,583 (19) JP Morgan Chase Bank, N.A. 1/17/2020 JPY 2,901,532 USD 26,951 (225) JP Morgan Chase Bank, N.A. 3/18/2020 KRW 84,920,900 USD 73,000 576 JP Morgan Chase Bank, N.A. 1/17/2020 NOK 1,739,454 USD 191,372 6,595 JP Morgan Chase Bank, N.A. 1/17/2020 PLN 246,659 USD 64,000 1,131 JP Morgan Chase Bank, N.A. 3/18/2020 RUB 2,898,554 USD 44,600 1,628 JP Morgan Chase Bank, N.A. 3/18/2020 RUB 3,066,120 USD 48,603 297 JP Morgan Chase Bank, N.A. 1/17/2020 USD 1,508,173 EUR 1,357,693 (17,515) JP Morgan Chase Bank, N.A. 1/17/2020 USD 69,000 CZK 1,592,891 (1,358) JP Morgan Chase Bank, N.A. 1/17/2020 USD 42,480 EUR 38,440 (716) JP Morgan Chase Bank, N.A. 3/18/2020 USD 104,587 CLP 82,934,894 (5,800) JP Morgan Chase Bank, N.A. 3/18/2020 USD 44,600 INR 3,235,507 (361) JP Morgan Chase Bank, N.A. 3/18/2020 USD 48,603 CLP 36,498,957 23 Morgan Stanley 1/22/2020 AUD 112,258 USD 77,000 1,956 Morgan Stanley 1/17/2020 CHF 10,833 USD 11,000 201 Morgan Stanley 1/17/2020 GBP 48,938 USD 63,000 1,864 Morgan Stanley 1/17/2020 GBP 72,180 USD 93,774 1,895 Morgan Stanley 3/18/2020 INR 5,860,958 USD 82,000 (556) Morgan Stanley 3/18/2020 INR 5,691,222 USD 79,711 (626) Morgan Stanley 3/18/2020 INR 1,229,068 USD 17,214 (135) Morgan Stanley 1/17/2020 JPY 4,592,142 USD 42,400 (103) Morgan Stanley 3/18/2020 RUB 10,868,391 USD 167,748 5,588 Morgan Stanley 1/17/2020 USD 61,821 SEK 602,216 (2,566) Morgan Stanley 1/22/2020 USD 219,020 AUD 319,989 (6,043) Morgan Stanley 1/22/2020 USD 151,223 NZD 238,300 (9,599) Morgan Stanley 1/17/2020 USD 57,000 GBP 44,077 (1,421) Morgan Stanley 1/17/2020 USD 70,000 NOK 638,024 (2,613) Morgan Stanley 1/17/2020 USD 159,974 GBP 124,535 (5,088) Morgan Stanley 3/18/2020 USD 89,024 CLP 70,081,516 (4,255) Morgan Stanley 1/17/2020 USD 35,475 JPY 3,863,035 (106) Morgan Stanley 1/17/2020 USD 87,000 CZK 2,001,397 (1,402) Morgan Stanley 1/17/2020 USD 824,033 GBP 624,078 (3,136) Morgan Stanley 3/18/2020 USD 115,000 KRW 136,923,600 (3,631) Morgan Stanley 1/17/2020 USD 217,863 EUR 196,354 (2,787) Toronto-Dominion Bank 3/18/2020 MXN 5,165,376 USD 260,574 9,789 Toronto-Dominion Bank 1/17/2020 USD 186,677 HUF 55,718,548 (2,607) UBS Securities LLC 1/22/2020 AUD 116,293 USD 80,000 1,794 UBS Securities LLC 2/14/2020 CNY 730,234 USD 103,950 735 UBS Securities LLC 2/14/2020 CNY 682,279 USD 97,449 361

See Notes to the Financial Statements. 21 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

Forward Foreign Currency Contracts (continued) Unrealized Settlement Currency Currency Appreciation Counterparty Date Purchased Sold (Depreciation) UBS Securities LLC 1/17/2020 CZK 1,449,699 USD 63,000 $ 1,033 UBS Securities LLC 1/17/2020 USD 315,144 CHF 312,418 (7,881) UBS Securities LLC 1/17/2020 USD 1,633,733 EUR 1,474,648 (23,382) UBS Securities LLC 1/17/2020 USD 79,000 GBP 61,092 (1,973) UBS Securities LLC 3/18/2020 USD 80,497 ZAR 1,197,673 (4,272) $ (100,339)

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 $ 131,875,430 79.3% Cayman Islands 16,289,439 9.8% Greece 2,265,750 1.4% Mexico 1,959,897 1.2% Canada 1,943,468 1.2% Netherlands 1,760,954 1.1% Italy 1,467,676 0.9% Luxembourg 1,197,843 0.7% United Kingdom 1,078,809 0.7% Nigeria 999,953 0.6% Indonesia 753,683 0.5% South Africa 609,250 0.4% Japan 608,204 0.4% Ukraine 587,100 0.4% Ireland 570,615 0.3% Switzerland 476,359 0.3% India 406,642 0.2% Egypt 356,089 0.2% France 312,958 0.2% Denmark 283,387 0.2% Argentina 366,325 0.2% Qatar 256,819 0.2% Romania 252,378 0.2% Colombia 232,300 0.1% Republic of Serbia 217,920 0.1% Turkey 216,393 0.1% Total $ 167,345,641 100.9%

See Notes to the Financial Statements. 22 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Schedule of Investments (continued) December 31, 2019

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, 2019 (see Note 3):

Fair Value Measurements Level 1 Level 2 Level 3 Total

Assets: Asset-Backed Securities $ - $ 28,445,112 $ - $ 28,445,112 Centrally Cleared Credit Default Swaps - 840,046 - 840,046 * Centrally Cleared Interest Rate Swaps - 68,199 - 68,199 * Corporate Bonds - 48,882,618 - 48,882,618 Forward Foreign Currency Contracts - 155,959 - 155,959 Futures 316,101 - - 316,101 * Mortgage-Backed Securities - 32,823,501 - 32,823,501 Municipals - 2,272,937 - 2,272,937 Sovereign Bonds - 8,659,124 - 8,659,124 U.S. Treasury Bonds and Notes - 37,280,925 - 37,280,925 Money Market Fund 8,981,424 - - 8,981,424 $ 9,297,525 $ 159,428,421 $ - $ 168,725,946

Liabilities: Centrally Cleared Interest Rate Swaps $ - $ (874,607) $ - $ (874,607) * Forward Foreign Currency Contracts - (256,298) - (256,298) Futures (126,756) - - (126,756) * $ (126,756) $ (1,130,905) $ - $ (1,257,661)

*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.

Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the period ended December 31, 2019, were:

Purchases Sales Realized at Cost Proceeds Gain

Investments $ 530,534,731 $ 364,223,685 $ 391,852

See Notes to the Financial Statements. 23 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements

December 31, 2019

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 the PGIM Total Return Bond Fund (the "Fund") and also serves as the investment adviser (the "Investment Adviser") to the Fund. M&T Bank Corporation is the ultimate parent of the Trustee. State Street Bank and Trust Company provides custody and transfer agency services for the Trust and the Fund.

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

The investment objective of the Fund is to seek to add + 150 basis points of annualized gross excess return over a broad market U.S. fixed income index over a full market cycle (three to five years). The strategy seeks diversified, sustainable sources of excess return with manageable downside risks, emphasizing relative-value based sector allocation, research-based subsector and security selection, as well as duration, yield curve, and currency management. WTNA has engaged PGIM, Inc. (the "Sub-Advisor") to provide investment advice and recommendations with respect to investment of the Fund's assets. While the Trustee generally relies on the Sub- Advisor to manage the Fund's assets, the Trustee maintains ultimate fiduciary authority over the management of and investments made in the Fund. The Sub-Advisor is engaged pursuant to a sub-advisory 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 Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic No. 946.

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

24 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

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

The Fund requires the plan sponsor to provide advance written notice of five business days for withdrawals which will exceed $1 million or 10% of the assets invested in the 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 Fund 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 Fund 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 Fund 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

25 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

class having its own characteristics. The different classes are retired in sequence as the underlying mortgages 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 – The Fund may purchase futures contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. The Fund utilizes futures contracts for tactical hedging purposes as well as to enhance the Fund's returns. Upon entering into such a contract, the Fund is 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 Fund records 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 Fund 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 Fund may invest in swap agreements. Swap agreements are bilaterally negotiated agreements between a fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin 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.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into

26 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Fund are included as part of the realized gain (loss) on the Statement of Operations.

Entering into swap agreements involves, to varying degrees, elements of interest, 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 Fund's 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 may be mitigated by having a master netting agreement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

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 Fund 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 Fund enters into a forward contract to sell an amount of foreign currency, the Fund's custodian will place assets in a segregated account of the Fund in an amount not less than the value of the Fund's 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 Fund's commitments with respect to such contracts. The unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. 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 Fund. Realized gains and losses include net gains and losses recognized by the Fund on contracts which have been sold or matured.

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

27 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

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

Foreign Currency Translation – The accounting records of the 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 Fund records security transactions on a trade date basis. Dividend income is recorded on the ex-dividend date. Net realized gains and losses on investments are determined by the first-in, first-out method. Interest income and expenses are recorded daily on the accrual basis.

Fee Classes and Allocations – The Fund offers multiple fee classes. Not all fee classes are available for investment by all plans. Each class is allocated expenses on the basis of expense loads assigned to that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each unit 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 Fund's organizational documents, each trustee, officer, employee and agent of the Trust is indemnified, to the extent permitted by law, against certain liabilities that may arise in the performance of their duties to the Fund.

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

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

28 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

Subsequent Events – The Trustee has evaluated the effect of subsequent events on the Fund's financial statements through April 29, 2020, which is the date the financial statements were available to be issued, and has determined that there are no material subsequent events, except as noted below, that would require disclosure or adjustment in the Fund's financial statements through this date.

During the first quarter of 2020, there were worldwide outbreaks of the coronavirus. The impact of these outbreaks, as well as other epidemics and pandemics that may arise in the future, could negatively affect the domestic and international economies, individual companies and the market in general in significant and unforeseen ways. Any such impact could adversely affect the performance of the securities in which the Fund is invested and the investment performance of the Fund.

Note 3 – Fair Value Measurements

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

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

• Level 1 – Quoted prices in active markets for identical 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. A summary of the inputs used as of December 31, 2019, in valuing the Fund's assets carried at fair value is included in Note 2.

The aggregate fair value of the investments in the Fund, by input level used as of December 31, 2019, is included following the Fund's Schedule of Investments.

The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements in Topic 820. The Fund elected to early adopt ASU 2018-13, effective December 31, 2019.

29 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

Note 4 – Derivative Transactions

The following is a summary of the fair valuations of the Fund's derivative instruments on the Statement of Assets and Liabilities as of December 31, 2019, and the effect of derivative instruments on the Statement of Operations for the period ended December 31, 2019:

Interest Foreign Rate Exchange Credit Assets Contracts Contracts Contracts Total Centrally cleared credit default swaps $ - $ - $ 840,046 $ 840,046 * Centrally cleared interest rate swaps 68,199 - - 68,199 * Forward foreign currency contracts - 155,959 - 155,959 Futures 316,101 - - 316,101 * $ 384,300 $ 155,959 $ 840,046 $ 1,380,305

Interest Foreign Rate Exchange Credit Liabilities Contracts Contracts Contracts Total Centrally cleared interest rate swaps $ 874,607 $ - $ - $ 874,607 * Forward foreign currency contracts - 256,298 - 256,298 Futures 126,756 - - 126,756 * $ 1,001,363 $ 256,298 $ - $ 1,257,661

Interest Foreign Rate Exchange Credit Realized Gain (Loss) on: Contracts Contracts Contracts Total Forward foreign currency contracts $ - $ 86,321 $ - $ 86,321 Futures 426,147 - - 426,147 Swaps 514 - 179,942 180,456 $ 426,661 $ 86,321 $ 179,942 $ 692,924

Interest Foreign Net Change in Unrealized Rate Exchange Credit Appreciation (Depreciation) on: Contracts Contracts Contracts Total Foreign forward currency contracts $ - $ (100,339) $ - $ (100,339) Futures 195,213 - - 195,213 Swaps (118,786) - 226,476 107,690 $ 76,427 $ (100,339) $ 226,476 $ 202,564

*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.

30 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

Information about derivatives reflected as of the date of this report is generally indicative of the year or period's activity ended December 31, 2019. For the period ended December 31, 2019, the Fund's average volume of derivative activities is as follows:

Futures: Average original value of buy contacts $ 1,468,135 Average original value of sell contacts $ 726,909 Centrally Cleared Credit Default Swaps: Average notional value of buy contacts $ 100,000 Average notional value of sell contacts $ 10,585,000 Centrally Cleared Interest Rate Swaps: Average notional value $ 2,348,079 Forward Foreign Currency Contracts: Average notional value of buy contacts $ 76,871,791 Average notional value of sell contacts $ 130,292

For financial reporting purposes, the Funds do 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 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.

31 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

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, 2019.

Financial Derivative Financial Derivative Assets Liabilities Collateral Forward Foreign Forward Foreign Net Value of (Received)/ Net Counterparty Currency Contracts Currency Contracts Derivatives Pledged* Amount^ Bank of America, N.A. $ 10,619 $ (2,157) $ 8,462 $ - $ 8,462 Barclays Bank PLC 35,915 (32,349) 3,566 - 3,566 BNP Paribas SA 13,754 (6,889) 6,865 - 6,865 Citigroup 15,089 (48,238) (33,149) - (33,149) Credit Suisse 2,013 (279) 1,734 - 1,734 Deutsche Bank AG - (23,044) (23,044) - (23,044) Goldman Sachs 17,203 (7,144) 10,059 - 10,059 HSBC Bank USA 23,653 (26,022) (2,369) - (2,369) JPMorgan Chase Bank, N.A. 12,497 (25,994) (13,497) - (13,497) Morgan Stanley 11,504 (44,067) (32,563) - (32,563) Toronto-Dominion Bank 9,789 (2,607) 7,182 - 7,182 USB Securities LLC 3,923 (37,508) (33,585) - (33,585) $ 155,959 $ (256,298) $ (100,339) $ - $ (100,339)

*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.

Note 5 – Fees and Expenses

Trustee, Sub-Advisory and Service Provider Fees

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

Fee Class Trustee Fee Sub-Advisory Fee* Service Provider Fee

Class 0TS 0 28 0

Class R 8 28 0

Class R1 0 28 3

*This fee will decrease when the assets of the respective class exceed $100 million.

32 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

Trustee Fee – The Trustee receives an annual fee for trustee and administrative services provided to the Fund. Trustee fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in the Fund. Such Trustee fees for the year ended December 31, 2019, are included in the Statement of Operations for the Fund.

Sub-Advisory 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.

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

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

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

Note 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 Fund

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

• 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.

33 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

• 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.

• Cash Drag. The Fund may fail to meet its investment objective because of positions in cash and equivalents.

• Convertible Securities. Investments in convertible securities may be subject to increased interest rate risks, rising in value as interest rates decline and falling in value when interest rates rise, in addition to their market value depending on the performance of the common stock of the issuer. Convertible securities which are typically unrated or rated lower than other debt obligations, are secondary to debt obligations in order of priority during a liquidation in the event the issuer defaults.

• 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.

• 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.

• 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.

• Financial Sectors. Concentrating assets in the financial sector may disproportionately subject the portfolio to the risks of that industry, including loss of value because of economic recession, availability of credit, volatile interest rates, government regulation, and other factors.

• 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.

34 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

• 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.

• Hedging Strategies. The use of hedging strategies to reduce risk may limit the opportunity for gains compared with unhedged investments, and there is no guarantee that hedges will actually reduce risk.

• 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.

• Increase in Expenses. The actual cost of investing may be higher than the expenses listed in the expense table for a variety of reasons, including termination of a voluntary fee waiver or losing fee breakpoints if average net assets decrease. The risk of expenses increasing because of a decrease in average net assets is heightened when markets are volatile.

• Index Correlation/Tracking Error. A portfolio that tracks an index is subject to the risk that certain factors may cause the Fund to track its target index less closely, including if the sub-advisor or manager selects securities that are not fully representative of the index. The Fund will generally reflect the performance of its target index even if the index does not perform well, and it may underperform the index after factoring in fees, expenses, transaction costs, and the size and timing of unitholder purchases and redemptions.

• 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.

35 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

• Inflation-Protected Securities. Unlike other fixed income securities, the values of inflation-protected securities are not significantly impacted by inflation expectations because their interest rates are adjusted for inflation. Generally, the value of inflation-protected securities will fall when real interest rates rise and rise when real interest rates fall.

• 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.

• 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.

• Not FDIC Insured. 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.

• OTC. Investments traded and privately negotiated in the over-the-counter ("OTC") market, including securities and derivatives, may be subject to greater price volatility and liquidity risk than transactions made on organized exchanges. Because the OTC market is less regulated, OTC transactions may be subject to increased credit and counterparty risk. The investment's performance may be impacted by its concentration in a certain type of security, adherence to a particular investing strategy, or a unique aspect of its structure and costs.

36 Wilmington Trust Collective Investment Trust

PGIM Total Return Bond Fund

Notes to the Financial Statements (continued)

December 31, 2019

• Preferred Stocks. Investments in preferred stocks may be subject to the risks of deferred distribution payments, involuntary redemptions, subordination to debt instruments, a lack of liquidity compared with common stocks, limited voting rights, and sensitivity to interest rate changes.

• 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.

• Unrated Securities. Investments in unrated securities may be subject to increased interest, credit and liquidity risks if the sub-advisor does not accurately assess the quality of those securities.

• Variable-Rate Securities. Investments in variable-rate securities, which periodically adjust the interest rate paid on the securities, may be subject to greater liquidity risk than are other fixed income securities. Because variable-rate securities are subject to less interest rate risk than other fixed income securities, their opportunity to provide capital appreciation is comparatively reduced.

37