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Tullius Taylor Sartain & Sartain 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
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