Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

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WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

FUNDS SUB-ADVISED BY BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC

FINANCIAL STATEMENTS

DECEMBER 31, 2020

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

CONTENTS

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

Fund Index ...... 3

BrandywineGLOBAL – Diversified US Large Cap Value CIT ...... 4

BrandywineGLOBAL – Dynamic US Large Cap Value CIT ...... 15

BrandywineGLOBAL – US Fixed Income CIT ...... 22

Notes to the Financial Statements...... 29

INDEPENDENT AUDITOR'S REPORT

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

Rep ort on the Financial Statements

We have audited the accompanying financial statements of funds sub-advised by Brandywine Global Investment Management, LLC of Wilmington Trust Collective Investment Trust (the "Trust"), comprising the funds (the "Funds") included on the Fund Index on page 3, which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2020, and the related statements of operations and changes in net assets, and the financial highlights for the year then ended, or for the period then ended for inception dates in 2020, and the related notes to the financial statements. These financial statements and financial highlights are hereinafter collectively referred to as financial statements.

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of

material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of 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 each of the Funds as of December 31, 2020, and the results of its operations, and changes in its net assets and its financial highlights for the year then ended, or for the period then ended for inception dates in 2020, in accordance with accounting principles generally accepted in the United States of America.

1 www.hogantaylor.com

Other Matter

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information for the year ended December 31, 2020, or for the period then ended for inception dates in 2020, following the schedule of investments, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Tulsa, Oklahoma April 30, 2021

Brandywine Global Investment Management, LLC

Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

FUND INDEX

FUND NAME FUND OBJECTIVE

BrandywineGLOBAL – Diversified US The Fund seeks long-term capital appreciation. There is no guarantee that the Large Cap Value CIT Fund will achieve its investment objective.

BrandywineGLOBAL – Dynamic US Large The Fund seeks long-term capital appreciation by quantitatively investing primarily Cap Value CIT in equity securities of large capitalization companies. There is no guarantee that the Fund will achieve its investment objective.

BrandywineGLOBAL – US Fixed Income The Fund seeks to capture interest income and additionally generate principal CIT growth through capital appreciation when market conditions permit. The Fund seeks to outperform the Bloomberg Barclays U.S. Aggregate Index at least two percentage points, gross of applicable fees and expenses, on an average annual basis over rolling five year periods. There is no guarantee that the Fund will achieve its investment objective.

3 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Schedule of Investments December 31, 2020

Principal Amounts or Fair Shares Cost Value

Common Stocks - 97.9% Basic Materials - 2.7% Albemarle Corporation 40 $ 3,248 $ 5,901 Celanese Corporation 50 5,403 6,497 Eastman Chemical Company 51 3,862 5,114 FMC Corporation 56 5,200 6,436 Huntsman Corporation 76 1,687 1,911 International Paper Company 171 7,389 8,502 LyondellBasell Industries N.V. Class A 145 11,819 13,291 Newmont Corporation 349 20,836 20,902 Nucor Corporation 131 6,750 6,968 Reliance Steel & Aluminum Co. 28 2,778 3,353 Steel Dynamics, Inc. 91 2,973 3,355 The Mosaic Company 165 3,308 3,797 Total Basic Materials 75,253 86,027

Communications - 9.5% CDW Corporation 62 7,628 8,171 Ciena Corporation 67 2,845 3,541 Cisco Systems, Inc. 1,569 66,442 70,213 Comcast Corporation Class A 1,737 74,261 91,019 Corning Incorporated 273 6,711 9,828 Discovery, Inc. 69 1,510 2,076 eBay Inc. 312 12,526 15,678 Fox Corporation Class A 123 3,465 3,582 Interpublic Group of Companies, Inc./The 130 2,752 3,058 Juniper Networks, Inc. 127 3,148 2,859 NortonLifeLock Inc. 219 4,009 4,551 Verizon Communications Inc. 1,585 91,717 93,119 Total Communications 277,014 307,695

Consumer, Cyclical - 10.0% Advance Auto Parts, Inc. 29 3,523 4,568 AutoZone, Inc. 10 10,433 11,854 Best Buy Co., Inc. 113 9,723 11,276 Brunswick Corporation 31 1,949 2,363 CarMax, Inc. 43 3,791 4,062 Cummins Inc. 64 11,518 14,534 D.R. Horton, Inc. 158 8,790 10,889 Deckers Outdoor Corporation 4 872 1,147

See Notes to the Financial Statements. 4 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

Principal Amounts or Fair Shares Cost Value

Common Stocks - 97.9% (continued) Consumer, Cyclical - 10.0% (continued) Dollar General Corporation 107 $ 22,720 $ 22,502 Dollar Tree, Inc. 101 9,868 10,912 Ford Motor Company 1,696 13,711 14,908 General Motors Company 620 22,411 25,817 Gentex Corporation 91 2,306 3,088 Genuine Parts Company 62 5,921 6,227 Hanesbrands Inc. 93 1,414 1,356 Hyatt Hotels Corporation Class A 17 1,217 1,262 Lear Corporation 23 2,306 3,658 Lennar Corporation 120 7,375 9,148 LKQ Corporation 132 3,883 4,652 Lowe's Companies, Inc. 318 49,707 51,042 Mohawk Industries, Inc. 31 4,169 4,369 Newell Brands Inc. 184 3,433 3,906 O'Reilly Automotive, Inc. 31 14,029 14,030 PACCAR Inc 150 11,399 12,942 Polaris Inc. 16 1,490 1,524 PulteGroup, Inc. 117 4,269 5,045 Skechers U.S.A., Inc. Class A 37 1,916 1,905 Target Corporation 217 37,553 38,307 Toll Brothers, Inc. 46 2,149 2,000 Tractor Supply Company 43 5,753 6,045 W.W. Grainger, Inc. 21 6,417 8,575 Whirlpool Corporation 27 4,073 4,873 Williams-Sonoma, Inc. 30 2,170 3,055 Total Consumer, Cyclical 292,258 321,841

Consumer, Non-cyclical - 26.6% Alexion Pharmaceuticals, Inc. 81 8,967 12,655 AMERCO 8 2,873 3,632 AmerisourceBergen Corporation 78 6,699 7,625 Amgen Inc. 227 47,624 52,192 Anthem, Inc. 97 27,316 31,146 Archer-Daniels-Midland Company 241 10,556 12,149 Avery Dennison Corporation 30 3,461 4,653 Bio-Rad Laboratories, Inc. 9 3,102 5,246 Bunge Limited 60 3,242 3,935 Cardinal Health, Inc. 112 5,546 5,999

See Notes to the Financial Statements. 5 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

Amounts or Fair Shares Cost Value

Common Stocks - 97.9% (continued) Consumer, Non-cyclical - 26.6% (continued) Cigna Corporation 134 $ 25,672 $ 27,896 Conagra Brands, Inc. 212 7,146 7,687 Corteva, Inc. 158 4,636 6,118 Darling Ingredients Inc. 34 1,178 1,961 DaVita Inc. 52 3,693 6,105 Eli Lilly and Company 354 48,604 59,769 HCA Healthcare, Inc. 131 16,766 21,544 Henry Schein, Inc. 56 3,527 3,744 Hologic, Inc. 95 6,480 6,919 Humana Inc. 48 19,694 19,693 Ingredion Incorporated 26 2,259 2,045 J. M. Smucker Company/The 42 4,870 4,855 Jazz Pharmaceuticals Public Limited Company 22 2,955 3,631 Johnson & Johnson 812 118,024 127,793 Kraft Heinz Company/The 530 15,424 18,370 Laboratory Corporation of America Holdings 37 6,158 7,531 McKesson Corporation 69 9,479 12,000 Merck & Co., Inc. 976 78,625 79,837 Molina Healthcare, Inc. 22 3,433 4,679 Pfizer Inc. 1,994 66,452 73,399 Philip Morris International Inc. 596 48,242 49,343 Quanta Services, Inc. 60 2,696 4,321 Quest Diagnostics Incorporated 51 5,350 6,078 Regeneron Pharmaceuticals, Inc. 38 19,848 18,358 Robert Half International Inc. 49 2,777 3,062 Service Corporation International 75 3,725 3,683 Tyson Foods, Inc. Class A 128 8,946 8,248 United Rentals, Inc. 29 4,174 6,725 Unitedhealth Group Incorporated 348 110,546 122,037 Universal Health Services, Inc. 29 3,424 3,988 Total Consumer, Non-cyclical 774,189 860,651

Energy - 2.7% Cheniere Energy, Inc. 110 5,905 6,603 EOG Resources, Inc. 253 12,566 12,617 Exxon Mobil Corporation 849 35,356 34,996

See Notes to the Financial Statements. 6 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

Principal Amounts or Fair Shares Cost Value

Common Stocks - 97.9% (continued) Energy - 2.7% (continued) Phillips 66 189 $ 12,962 $ 13,219 Valero Energy Corporation 177 9,615 10,013 Williams Companies, Inc./The 526 10,571 10,546 Total Energy 86,975 87,994

Financials - 25.0% Aflac Incorporated 304 13,750 13,519 Allstate Corporation/The 132 13,242 14,511 Ally Financial Inc. 162 4,560 5,777 American Financial Group, Inc. 37 3,168 3,242 Ameriprise Financial, Inc. 51 7,615 9,911 Assurant, Inc. 26 3,172 3,542 Bank of America Corporation 3,768 107,713 114,208 Bank of New York Mellon Corporation/The 384 16,826 16,297 BlackRock, Inc. 59 30,716 42,571 Capital One Financial Corporation 198 17,242 19,572 CBRE Group, Inc. 146 7,642 9,157 Chubb Limited 196 27,245 30,168 Citizens Financial Group, Inc. 185 6,418 6,616 Comerica Incorporated 60 3,272 3,352 Commerce Bancshares, Inc. 44 2,504 2,891 Cullen/Frost Bankers, Inc. 23 1,972 2,006 Discover Financial Services 80 5,303 7,242 East West Bancorp, Inc. 61 2,237 3,093 Equitable Holdings, Inc. 193 4,112 4,939 Everest Re Group, Ltd. 14 3,125 3,277 Fifth Third Bancorp 308 6,757 8,492 First American Financial Corporation 42 2,087 2,168 Globe Life Inc. 91 7,893 8,641 Goldman Sachs Group, Inc./The 136 27,858 35,865 Hartford Financial Services Group, Inc./The 156 7,478 7,641 Huntington Bancshares Incorporated 376 4,815 4,749 Jefferies Financial Group Inc. 122 2,373 3,001 Jones Lang LaSalle Incorporated 22 3,263 3,264 JPMorgan Chase & Co. 1,194 133,790 151,721 KeyCorp 423 6,733 6,941 Lincoln National Corporation 83 4,025 4,176 Loews Corporation 114 5,197 5,132

See Notes to the Financial Statements. 7 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

Principal Amounts or Fair Shares Cost Value

Common Stocks - 97.9% (continued) Financials - 25.0% (continued) LPL Financial Holdings Inc. 34 $ 2,786 $ 3,543 Markel Corporation 5 5,356 5,167 MetLife, Inc. 390 16,988 18,311 Nasdaq, Inc. 71 9,048 9,425 Northern Trust Corporation 90 8,244 8,383 Old Republic International Corporation 85 1,756 1,675 PNC Financial Services Group, Inc./The 184 24,101 27,416 Primerica, Inc. 14 1,607 1,875 Principal Financial Group, Inc. 120 5,576 5,953 Progressive Corporation/The 254 21,468 25,116 Prudential Financial, Inc. 172 14,621 13,428 Raymond James Financial, Inc. 59 5,017 5,645 Regions Financial Corporation 416 5,922 6,706 SEI Investments Company 62 3,363 3,563 Signature Bank 24 3,171 3,247 State Street Corporation 153 10,598 11,135 SVB Financial Group 22 5,506 8,532 Synchrony Financial 253 7,336 8,782 T. Rowe Price Group, Inc. 98 11,894 14,836 Travelers Companies, Inc./The 193 24,949 27,091 U.S. Bancorp 569 26,321 26,510 Voya Financial, Inc. 57 2,966 3,352 W. R. Berkley Corporation 77 4,844 5,114 Western Union Company/The 152 3,158 3,335 Zions Bancorporation N.A. 71 2,936 3,084 Total Financials 723,635 808,906

Industrials - 8.6% 3M Company 250 39,406 43,698 AGCO Corporation 29 2,018 2,990 Allegion Public Limited Company 24 2,406 2,793 Amcor plc 680 7,621 8,004 Arrow Electronics, Inc. 33 2,636 3,211 Berry Global Group, Inc. 48 2,598 2,697 BWX Technologies, Inc. 27 1,481 1,628 Carlisle Companies Incorporated 22 3,189 3,436 Crown Holdings, Inc. 58 4,371 5,812 CSX Corporation 297 21,236 26,953

See Notes to the Financial Statements. 8 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

Principal Amounts or Fair Shares Cost Value

Common Stocks - 97.9% (continued) Industrials - 8.6% (continued) Dover Corporation 62 $ 6,371 $ 7,828 Emerson Electric Co. 226 14,091 18,164 Fortune Brands Home & Security, Inc. 52 3,268 4,457 General Dynamics Corporation 111 18,155 16,519 Hubbell Incorporated 23 3,128 3,606 ITT Inc. 37 2,421 2,850 Jabil Inc. 65 2,294 2,764 Johnson Controls International plc 314 10,134 14,629 Knight-Swift Transportation Holdings Inc. 65 2,341 2,718 Masco Corporation 114 5,087 6,262 Oshkosh Corporation 26 2,061 2,238 Owens Corning 47 2,763 3,561 Packaging Corporation of America 41 4,344 5,654 Parker-Hannifin Corporation 49 9,199 13,348 Pentair Public Limited Company 72 3,013 3,822 Sealed Air Corporation 67 2,212 3,068 Sensata Technologies Holding plc 61 2,757 3,217 Snap-on Incorporated 23 3,632 3,936 Sonoco Products Company 37 2,113 2,192 Textron Inc. 99 4,088 4,785 United Parcel Service, Inc. Class B 267 31,764 44,963 Westinghouse Air Brake Technologies Corporation 82 6,195 6,002 Total Industrials 228,393 277,805

Technology - 10.9% Applied Materials, Inc. 396 23,804 34,175 Broadcom Inc. 152 46,834 66,553 CDK Global, Inc. 45 2,210 2,332 Cognizant Technology Solutions Corporation 232 15,097 19,012 Genpact Limited 82 3,088 3,392 Hewlett Packard Enterprise Company 561 6,584 6,648 HP Inc. 559 9,175 13,746 International Business Machines Corporation 339 44,884 42,673 KLA Corporation 40 8,073 10,356 Lam Research Corporation 45 11,815 21,252 Leidos Holdings, Inc. 37 3,304 3,889 Micron Technology, Inc. 418 20,153 31,425

See Notes to the Financial Statements. 9 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

Principal Amounts or Fair Shares Cost Value

Common Stocks - 97.9% (continued) Technology - 10.9% (continued) NetApp, Inc. 96 $ 4,449 $ 6,359 Oracle Corporation 1,278 70,572 82,674 Qorvo, Inc. 42 3,980 6,983 Total Technology 274,022 351,469

Utilities - 1.9% AES Corporation/The 288 5,285 6,768 Exelon Corporation 423 16,564 17,859 NRG Energy, Inc. 106 3,824 3,980 OGE Energy Corp. 74 2,637 2,358 Pinnacle West Capital Corporation 64 5,267 5,117 Public Service Enterprise Group Incorporated 290 15,650 16,907 UGI Corporation 90 3,369 3,146 Vistra Corp. 184 4,135 3,617 Total Utilities 56,731 59,752 Total Common Stocks 2,788,470 3,162,140

Exchange-Traded Fund - 1.6% iShares Russell 1000® Value Index ETF 369 49,707 50,453

Money Market Fund - 0.4% State Street Institutional Treasury Plus Money Market Fund - Premier Class 13,189 13,189 13,189 Total Investments - 99.9% $ 2,851,366 3,225,782 Other Assets and Liabilities, Net - 0.1% 3,693 Net Assets - 100% $ 3,229,475

See Notes to the Financial Statements. 10 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

The following is a summary of the fair value of the investments in the Fund based on the inputs used to value them as of December 31, 2020 (see Note 3):

Fair Value Measurements Level 1 Level 2 Level 3 Total

Common Stocks $ 3,162,140 $ - $ - $ 3,162,140 Exchange-Traded Fund 50,453 - - 50,453 Money Market Fund 13,189 - - 13,189 Total $ 3,225,782 $ - $ - $ 3,225,782

Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 100% of the Fund's total units outstanding.

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

Purchases Sales Realized at Cost Proceeds Loss

Investments $ 5,624,075 $ 5,028,885 $ (202,581)

See Notes to the Financial Statements. 11 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $2,851,366) $ 3,225,782 Receivable for investment securities sold 3,665 Dividends receivable 3,098 Receivable for reimbursement 997 Total assets 3,233,542 Liabilities and Net Assets Accrued expenses 4,067 Net assets $ 3,229,475

Statement of Operations For the year ended December 31, 2020 Investment income Dividends $ 77,779 Interest 105 Total investment income 77,884 Expenses Trustee and sub-advisor fees 1,307 Professional services and other operating expenses 5,512 Expense reimbursement from sub-advisor (4,107) Total expenses 2,712 Net investment income 75,172 Net realized loss on: Investments (202,581) Net change in unrealized appreciation on: Investments 148,475 Net realized and unrealized loss on investments (54,106) Net increase in net assets resulting from operations $ 21,066

See Notes to the Financial Statements. 12 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Statement of Changes in Net Assets For the year ended December 31, 2020 Increase in net assets resulting from operations Net investment income $ 75,172 Net realized loss on investments (202,581) Net change in unrealized appreciation on investments 148,475 Net increase in net assets resulting from operations 21,066 Fund unit transactions Proceeds from units issued - R-LM 1,801,457 Value of units redeemed - R-LM (1,295,474) Increase in net assets resulting from fund unit transactions 505,983 Increase in net assets 527,049 Net assets, beginning of year 2,702,426 Net assets, end of year $ 3,229,475

See Notes to the Financial Statements. 13 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Diversified US Large Cap Value CIT

Financial Highlights For the year ended December 31, 2020 Per Unit Operating Performance R-LM Net asset value, beginning of year $ 11.46 Loss from investment operations: (1) Net investment income 0.28 (1) Net realized and unrealized loss on investments (0.38) Total loss from investment operations (0.10) Net asset value, end of year $ 11.36 Total Return (0.87%) Supplemental Data Ratio to average net assets: Gross expenses (excluding reimbursement) 0.25% Net expenses 0.10% Net investment income 2.77% Fund Unit Activity Units, beginning of year 235,810 Issued 182,100 Redeemed (133,537) Units, end of year 284,373

(1) Based on average units outstanding.

See Notes to the Financial Statements. 14 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Dynamic US Large Cap Value CIT

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.2% Basic Materials - 7.8% Celanese Corporation 612 $ 49,145 $ 79,523 CF Industries Holdings, Inc. 1,070 34,939 41,420 Eastman Chemical Company 734 53,505 73,606 LyondellBasell Industries N.V. Class A 1,679 103,084 153,897 Newmont Corporation 2,035 130,992 121,876 Steel Dynamics, Inc. 133 4,034 4,904 Total Basic Materials 375,699 475,226

Communications - 6.9% AT&T Inc. 1,205 35,835 34,656 Comcast Corporation Class A 717 30,586 37,571 eBay Inc. 3,807 174,278 191,302 Fox Corporation Class A 461 13,959 13,424 Juniper Networks, Inc. 728 15,289 16,387 Nexstar Media Group, Inc. Class A 95 9,383 10,373 Verizon Communications Inc. 1,144 64,206 67,210 Walt Disney Company/The 264 33,742 47,832 Total Communications 377,278 418,755

Consumer, Cyclical - 14.0% Advance Auto Parts, Inc. 105 16,422 16,539 AutoNation, Inc. 189 11,690 13,190 Brunswick Corporation 169 12,035 12,885 Cummins Inc. 826 149,928 187,585 D.R. Horton, Inc. 1,777 121,487 122,471 Foot Locker, Inc. 107 4,081 4,327 General Motors Company 1,341 59,468 55,839 Hanesbrands Inc. 1,966 29,103 28,664 Lennar Corporation 1,277 94,273 97,346 MGM Resorts International 2,630 45,530 82,871 Mohawk Industries, Inc. 343 28,287 48,346 Penske Automotive Group, Inc. 321 14,818 19,064 PulteGroup, Inc. 1,352 58,740 58,298 Qurate Retail, Inc. 534 5,578 5,858 Toll Brothers, Inc. 677 26,113 29,429 Walmart Inc. 353 45,669 50,885 Whirlpool Corporation 98 19,110 17,688 Total Consumer, Cyclical 742,332 851,285

See Notes to the Financial Statements. 15 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Dynamic US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.2% (continued) Consumer, Non-cyclical - 17.3% Amgen Inc. 212 $ 49,197 $ 48,743 Biogen Inc. 770 213,347 188,542 Darling Ingredients Inc. 868 25,442 50,066 DaVita Inc. 781 64,033 91,689 Johnson & Johnson 526 76,955 82,782 Kroger Co./The 264 9,296 8,385 ManpowerGroup Inc. 299 21,050 26,964 McKesson Corporation 216 38,999 37,567 Merck & Co., Inc. 292 22,969 23,886 Molina Healthcare, Inc. 277 52,444 58,912 Pfizer Inc. 1,345 47,885 49,509 Procter & Gamble Company/The 585 67,495 81,397 Quanta Services, Inc. 358 23,183 25,783 Regeneron Pharmaceuticals, Inc. 267 151,046 128,990 Service Corporation International 380 18,681 18,658 Sysco Corporation 573 31,826 42,551 United Rentals, Inc. 380 64,622 88,126 Total Consumer, Non-cyclical 978,470 1,052,550

Energy - 1.0% Cabot Oil & Gas Corporation 1,990 38,854 32,397 Continental Resources, Inc. 1,836 31,906 29,927 Total Energy 70,760 62,324

Financials - 35.3% Affiliated Managers Group, Inc. 39 3,455 3,966 Aflac Incorporated 621 28,064 27,616 Allstate Corporation/The 1,019 97,847 112,019 Ally Financial Inc. 1,346 29,112 47,998 Ameriprise Financial, Inc. 429 52,301 83,368 Bank of America Corporation 8,245 194,684 249,906 Capital One Financial Corporation 402 36,636 39,738 Citigroup Inc. 3,779 179,286 233,013 Citizens Financial Group, Inc. 1,597 40,425 57,109 Credit Acceptance Corporation 36 12,801 12,461 Discover Financial Services 1,096 56,846 99,221 East West Bancorp, Inc. 511 18,707 25,913 First Citizens BancShares, Inc. Class A 10 5,268 5,743

See Notes to the Financial Statements. 16 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Dynamic US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.2% (continued) Financials - 35.3% (continued) Goldman Sachs Group, Inc./The 859 $ 175,160 $ 226,527 Hanover Insurance Group, Inc./The 32 3,675 3,741 Invesco Ltd. 1,632 16,746 28,446 Jefferies Financial Group Inc. 961 16,350 23,641 Lincoln National Corporation 168 8,587 8,452 MGIC Investment Corporation 438 5,024 5,497 Morgan Stanley 3,347 166,242 229,370 OneMain Holdings, Inc. 489 13,982 23,550 PennyMac Financial Services, Inc. 122 6,755 8,006 Popular, Inc. 107 5,161 6,026 Primerica, Inc. 145 18,320 19,420 Progressive Corporation/The 344 31,509 34,015 Santander Consumer USA Holdings Inc. 1,141 20,364 25,125 Signature Bank 202 20,692 27,329 SLM Corporation 492 5,233 6,096 State Street Corporation 1,217 80,817 88,573 Synchrony Financial 2,031 48,150 70,496 T. Rowe Price Group, Inc. 964 131,027 145,940 TCF Financial Corporation 194 6,273 7,182 U.S. Bancorp 2,587 98,738 120,528 Voya Financial, Inc. 72 3,365 4,234 Western Alliance Bancorporation 88 4,685 5,276 Zions Bancorporation N.A. 600 19,814 26,064 Total Financials 1,662,101 2,141,605

Industrials - 5.6% Arrow Electronics, Inc. 463 34,885 45,050 Carlisle Companies Incorporated 71 10,433 11,089 Caterpillar Inc. 447 48,010 81,363 Howmet Aerospace Inc. 2,470 41,298 70,494 Johnson Controls International PLC 2,236 97,698 104,175 TopBuild Corp. 169 23,781 31,110 Total Industrials 256,105 343,281

Technology - 7.6% Citrix Systems, Inc. 165 20,793 21,467 Intel Corporation 5,456 299,249 271,815

See Notes to the Financial Statements. 17 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Dynamic US Large Cap Value CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 98.2% (continued) Technology - 7.6% (continued) J2 Global, Inc. 61 $ 5,509 $ 5,959 NetApp, Inc. 1,099 47,494 72,798 Oracle Corporation 1,383 72,102 89,466 Total Technology 445,147 461,505

Utilities - 2.7% American Electric Power Company, Inc. 199 16,401 16,571 Duke Energy Corporation 199 16,382 18,220 Exelon Corporation 488 17,795 20,603 NextEra Energy, Inc. 604 34,767 46,599 Southern Company/The 968 52,740 59,464 Total Utilities 138,085 161,457 Total Common Stocks 5,045,977 5,967,988

Money Market Fund - 1.9% State Street Institutional Treasury Plus Money Market Fund - Premier Class 116,580 116,580 116,580 Total Investments - 100.1% $ 5,162,557 6,084,568 Other Assets and Liabilities, Net - (0.1%) (4,064) Net Assets - 100% $ 6,080,504

The following is a summary of the fair value of the investments in the Fund based on the inputs used to value them as of December 31, 2020 (see Note 3):

Fair Value Measurements

Commons Stocks $ 5,967,988 $ - $ - $ 5,967,988 Money Market Fund 116,580 - - 116,580 Total $ 6,084,568 $ - $ - $ 6,084,568

Concentration of Ownership: As of December 31, 2020, the Fund had one unitholder holding 10% or more of the outstanding units of the Fund, and aggregated to 100% of the Fund's total units outstanding.

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

Purchases Sales Realized at Cost Proceeds Gain

Investments $ 14,423,921 $ 9,847,859 $ 586,495

See Notes to the Financial Statements. 18 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Dynamic US Large Cap Value CIT

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $5,162,557) $ 6,084,568 Dividends receivable 4,018 Receivable for reimbursement 1,234 Total assets 6,089,820 Liabilities and Net Assets Accrued expenses 9,316 Net assets $ 6,080,504

Statement of Operations For the period from May 1, 2020 (date of inception) to December 31, 2020 Investment income Dividends (net of withholding taxes of $4) $ 86,212 Interest 88 Total investment income 86,300 Expenses Trustee and sub-advisor fees 13,916 Professional services and other operating expenses 3,629 Expense reimbursement from sub-advisor (3,243) Total expenses 14,302 Net investment income 71,998 Net realized gain on: Investments 586,495 Net change in unrealized appreciation on: Investments 922,011 Net realized and unrealized gain on investments 1,508,506 Net increase in net assets resulting from operations $ 1,580,504

See Notes to the Financial Statements. 19 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Dynamic US Large Cap Value CIT

Statement of Changes in Net Assets For the period from May 1, 2020 (date of inception) to December 31, 2020 Increase in net assets resulting from operations Net investment income $ 71,998 Net realized gain on investments 586,495 Net change in unrealized appreciation on investments 922,011 Net increase in net assets resulting from operations 1,580,504 Fund unit transactions Proceeds from units issued - Class R3 4,500,000 Increase in net assets resulting from fund unit transactions 4,500,000 Increase in net assets 6,080,504 Net assets, beginning of period - Net assets, end of period $ 6,080,504

See Notes to the Financial Statements. 20 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – Dynamic US Large Cap Value CIT

Financial Highlights For the period from May 1, 2020 (date of inception) to December 31, 2020 Per Unit Operating Performance Class R3 Net asset value, at inception $ 10.00 Income from investment operations: (1) Net investment income 0.16 (1) Net realized and unrealized gain on investments 3.35 Total income from investment operations 3.51 Net asset value, end of period $ 13.51 Total Return 35.10% ^ Supplemental Data Ratio to average net assets: Gross expenses (excluding reimbursement) 0.47% # Net expenses 0.37% # Net investment income 2.09% # Fund Unit Activity Units, beginning of period - Issued 450,000 Redeemed - Units, end of period 450,000

(1) Based on average units outstanding. ^Not annualized for periods less than one year. #Annualized except audit expense

See Notes to the Financial Statements. 21 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – US Fixed Income CIT

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Collateralized Mortgage Obligations - 1.2% Angel Oak Mortgage Trust 2019-2, 3.628%, 3/25/2049 332,286 $ 334,567 $ 339,847 Angel Oak Mortgage Trust 2019-6, 2.62%, 11/25/2059 619,029 614,392 627,766 Residential Mortgage Loan Trust 2019-3, 2.633%, 9/25/2059 847,879 826,706 862,161 Total Collateralized Mortagage Obligations 1,775,665 1,829,774

Corporate Bonds - 40.7% Basic Materials - 0.9% Steel Dynamics, Inc., 3.25%, 10/15/2050 1,240,000 1,221,847 1,295,086

Communications - 1.5% Tencent Holdings Limited, 3.24%, 6/3/2050 975,000 1,074,563 1,007,664 Walt Disney Company/The, 4.625%, 3/23/2040 305,000 323,278 407,302 Walt Disney Company/The, 4.7%, 3/23/2050 540,000 577,254 762,727 Total Communications 1,975,095 2,177,693

Consumer, Cyclical - 6.1% Delta Air Lines Inc / SkyMiles IP Ltd., 4.75%, 10/20/2028 1,310,000 1,315,752 1,429,881 General Motors Financial Company, Inc., 1.274%, 11/17/2023 1,990,000 1,990,000 1,993,977 Marriott International, Inc., 3.5%, 10/15/2032 2,625,000 2,672,041 2,870,658 Walgreens Boots Alliance, Inc., 4.65%, 6/1/2046 1,155,000 1,257,511 1,287,606 Walgreens Boots Alliance, Inc., 4.1%, 4/15/2050 1,315,000 1,346,723 1,391,903 Total Consumer, Cyclical 8,582,027 8,974,025

Energy - 8.4% Apache Corporation, 4.25%, 1/15/2044 1,410,000 1,197,052 1,391,148 Concho Resources Inc., 4.875%, 10/1/2047 1,010,000 1,190,342 1,365,756 Devon Energy Corporation, 5.6%, 7/15/2041 230,000 237,391 281,285 Devon Energy Corporation, 4.75%, 5/15/2042 90,000 91,169 101,598 Devon Energy Corporation, 5%, 6/15/2045 105,000 106,908 123,677 Exxon Mobil Corporation, 3.452%, 4/15/2051 575,000 584,770 657,161 Hess Corporation, 5.6%, 2/15/2041 1,545,000 1,706,719 1,885,452 Marathon Oil Corporation, 6.6%, 10/1/2037 1,615,000 1,752,228 1,996,267 Petroleos Mexicanos, 6.75%, 9/21/2047 235,000 226,384 220,313 Petroleos Mexicanos, 7.69%, 1/23/2050 2,760,000 2,520,619 2,782,770 Saudi Arabian Oil Co., 3.25%, 11/24/2050 730,000 727,481 740,269 Total Capital International, 3.127%, 5/29/2050 770,000 772,114 834,494 Total Energy 11,113,177 12,380,190

See Notes to the Financial Statements. 22 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – US Fixed Income CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 40.7% (continued) Financials - 11.1% American Express Company, 0.825%, 11/5/2021 835,000 $ 836,778 $ 838,424 Bank of America Corporation, 4.083%, 3/20/2051 1,195,000 1,340,534 1,509,128 Bank of Montreal, 0.75%, 3/10/2023 2,340,000 2,343,712 2,360,101 Bank of Nova Scotia/The, 0.619%, 9/15/2023 2,805,000 2,806,404 2,821,968 Canadian Imperial Bank of Commerce, 0.868%, 3/17/2023 2,010,000 2,014,714 2,028,993 Intercontinental Exchange, Inc., 3%, 6/15/2050 170,000 177,390 179,988 JPMorgan Chase & Co., 4.493%, 3/24/2031 2,920,000 3,053,184 3,591,974 Metropolitan Life Global Funding I, 0.631%, 1/13/2023 1,300,000 1,301,978 1,306,635 Teachers Insurance & Annuity Association of America, 3.3%, 5/15/2050 565,000 567,929 615,694 Wells Fargo & Company, 1.24%, 7/26/2021 1,025,000 1,029,216 1,030,519 Total Financials 15,471,839 16,283,424

Industrials - 4.5% Boeing Company/The, 5.705%, 5/1/2040 280,000 280,000 363,362 Boeing Company/The, 5.805%, 5/1/2050 890,000 1,007,820 1,226,549 Boeing Company/The, 3.95%, 8/1/2059 435,000 403,303 465,562 Boeing Company/The, 5.93%, 5/1/2060 430,000 452,269 609,995 General Electric Company, 4.35%, 5/1/2050 2,265,000 2,366,018 2,754,576 Valmont Industries, Inc., 5%, 10/1/2044 955,000 1,077,359 1,105,875 Total Industrials 5,586,769 6,525,919

Technology - 6.9% Dell International LLC / EMC Corp, 5.3%, 10/1/2029 2,320,000 2,505,389 2,844,204 Hewlett Packard Enterprise Company, 6.2%, 10/15/2035 60,000 69,774 77,420 Hewlett Packard Enterprise Company, 6.35%, 10/15/2045 885,000 1,101,656 1,166,499 International Business Machines Corporation, 4.25%, 5/15/2049 2,805,000 3,173,649 3,683,339 Oracle Corporation, 3.6%, 4/1/2050 1,185,000 1,222,008 1,380,624 Oracle Corporation, 3.85%, 4/1/2060 800,000 848,504 983,772 Total Technology 8,920,980 10,135,858

Utilities - 1.3% AES Corporation/The, 3.95%, 7/15/2030 995,000 991,185 1,124,758 Consolidated Edison Company of New York, Inc., 3.35%, 4/1/2030 655,000 653,603 750,581 Total Utilities 1,644,788 1,875,339 Total Corporate Bonds 54,516,522 59,647,534

See Notes to the Financial Statements. 23 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – US Fixed Income CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Mortgage-Backed Securities - 2.8% Credit Suisse Mortgage Trust, 1.106%, 5/15/2036 590,000 $ 565,500 $ 590,790 FREMF 2012-K23 Mortgage Trust, 3.656%, 10/25/2045 3,325,000 3,431,113 3,461,513 Total Mortgage-Backed Securities 3,996,613 4,052,303

Other Asset-Backed Securities - 0.2% Towd Point Mortgage Trust 2018-3, 3.875%, 5/25/2058 280,000 270,629 307,732

U.S. Treasury Notes - 49.7% U.S Treasury Note, 0.38%, 10/31/2021 ^ 4,180,000 4,184,454 4,188,549 U.S Treasury Note, 0.38%, 10/31/2021 ^ 3,500,000 3,500,881 3,507,158 U.S Treasury Note, 0.194%, 4/30/2022 ^ 20,950,000 20,960,989 20,966,562 U.S Treasury Note, 0.135%, 7/31/2022 ^ 28,855,000 28,858,573 28,850,643 U.S Treasury Note, 0.135%, 10/31/2022 ^ 15,420,000 15,421,039 15,417,121 Total U.S. Treasury Notes 72,925,936 72,930,033

Money Market Fund - 4.2% State Street Institutional Treasury Plus Money Market Fund - Premier Class 6,150,580 6,150,580 6,150,580 Total Investments - 98.8% $ 139,635,945 144,917,956 Other Assets and Liabilities, Net - 1.2% 1,708,143 Net Assets - 100% $ 146,626,099

^Floating rate

Futures

Number of Value as of Unrealized Contracts Expiration December 31, Appreciation Description Long (Short) Date 2020 (Depreciation) U.S. Ultra Bond (CBT) (110) 3/22/2021 $ (23,491,875) $ 158,493 $ (23,491,875) $ 158,493

See Notes to the Financial Statements. 24 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – US Fixed Income CIT

Schedule of Investments (continued) December 31, 2020

The following is a summary of the fair value of the investments in the Fund based on the inputs used to value them as of December 31, 2020 (see Note 3):

Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Collateralized Mortgage Obligations $ - $ 1,829,774 $ - $ 1,829,774 Corporate Bonds - 59,647,534 - 59,647,534 Futures 158,493 - - 158,493 * Mortgage-Backed Securities - 4,052,303 - 4,052,303 Other Asset-Backed Securities - 307,732 - 307,732 U.S. Treasury Notes - 72,930,033 - 72,930,033 Money Market Fund 6,150,580 - - 6,150,580 Total Assets $ 6,309,073 $ 138,767,376 $ - $ 145,076,449

*Futures are valued at the unrealized appreciation (depreciation) as shown on the Schedule of Investments.

Concentration of Ownership: As of December 31, 2020, the Fund had one unitholder holding 10% or more of the outstanding units of the Fund, and aggregated to 92.2% of the Fund's total units outstanding.

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

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

Investments $ 164,698,262 $ 120,655,645 $ 7,550,237

(1) Purchases and sales balances may include amortization or accretion of premiums or discounts or paydowns on fixed income securities.

See Notes to the Financial Statements. 25 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – US Fixed Income CIT

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $139,635,945) $ 144,917,956 Cash held at broker 1,037,414 Interest receivable 546,435 Receivable for fund units sold 153,993 Receivable for investment securities sold 57,101 Variation margin receivable on futures 3,216 Total assets 146,716,115 Liabilities and Net Assets Payable for fund units redeemed 13,377 Accrued expenses 76,639 Total liabilities 90,016 Net assets $ 146,626,099

Statement of Operations For the year ended December 31, 2020 Investment income Interest $ 2,276,088 Expenses Trustee and sub-advisor fees 231,676 Professional services and other operating expenses 5,512 Total expenses 237,188 Net investment income 2,038,900 Net realized gain on: Investments 7,550,237 Futures 630,137 Net change in unrealized appreciation on: Investments 4,165,149 Futures 158,493 Net realized and unrealized gain on investments and futures 12,504,016 Net increase in net assets resulting from operations $ 14,542,916

See Notes to the Financial Statements. 26 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – US Fixed Income CIT

Statement of Changes in Net Assets For the year ended December 31, 2020 Increase in net assets resulting from operations Net investment income $ 2,038,900 Net realized gain on investments 8,180,374 Net change in unrealized appreciation on investments and futures 4,323,642 Net increase in net assets resulting from operations 14,542,916 Fund unit transactions Proceeds from units issued Class R-INT ^ 13,397,587 Class V1 81,151,639 Total proceeds from units issued 94,549,226 Value of units redeemed Class R-INT ^ (3,207,252) Class V1 (44,009,267) Total value of units redeemed (47,216,519) Increase in net assets resulting from fund unit transactions 47,332,707 Increase in net assets 61,875,623 Net assets, beginning of year 84,750,476 Net assets, end of year $ 146,626,099

^Class R-INT funded on 3/2/2020.

See Notes to the Financial Statements. 27 Wilmington Trust Collective Investment Trust Funds Sub-Advised by Brandywine Global Investment Management, LLC

BrandywineGLOBAL – US Fixed Income CIT

Financial Highlights For the year or period ended December 31, 2020 Per Unit Operating Performance Class R-INT Class V1 Net asset value, beginning of year or at inception $ 10.60 $ 10.46 Income from investment operations: (1) Net investment income 0.20 0.22 (1) Net realized and unrealized gain on investments and futures 1.26 1.36 Total income from investment operations 1.46 1.58 Net asset value, end of year $ 12.06 $ 12.04 Total Return 13.77% ^ 15.11% Supplemental Data Ratio to average net assets: Expenses 0.01% # 0.25% Net investment income 2.13% # 1.91% Fund Unit Activity Units, beginning of year - 8,100,442 Issued 1,242,331 7,052,387 Redeemed (292,079) (3,927,000) Units, end of year 950,252 11,225,829

(1) Based on average units outstanding. ^Not annualized for periods less than one year. Class R-INT funded on 3/2/2020. #Annualized except audit expense.

See Notes to the Financial Statements. 28 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Brandywine Global Investment Management, LLC

Notes to the Financial Statements

December 31, 2020

Note 1 – Organization

Wilmington Trust Collective Investment Trust (the "Trust") is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and a group trust within the meaning of Rev. Rul. 81-100, as clarified and amended. The Trust is exempt from registration under the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended. Wilmington Trust, N.A. ("WTNA" or the "Trustee") serves as the Trustee of the Trust.

The Trustee is responsible for maintaining and administering the Trust and its various funds (the "Funds" – see Fund Index) and also serves as the investment manager (the "Investment Manager") to the Funds. M&T Bank Corporation is the ultimate parent of the Trustee. State Street Bank and Trust Company provides custody, transfer agency, and accounting services for the Funds.

The purpose of the Trust is to allow collective investments by plan sponsors of retirement plans which qualify for exemption from federal income taxation pursuant to Section 501(a) of the Code, by reason of qualifying under Section 401(a) of the Code; tax-exempt governmental plans under Section 414(d) or Section 818(a)(6) of the Code; eligible deferred compensation plans under Section 457(b) of the Code established by a government employer; group trusts or separate accounts consisting solely of assets of the foregoing; and other investors eligible for participation in the Trust. The Trust consists of separate funds with differing investment objectives, which are available for investment by participating plans. An eligible plan may join the Trust, subject to the Trustee's acceptance, and become a participating plan by executing participation documents specified by the Trustee. Not all funds within the Trust are presented herein. The Trustee has claimed an exclusion from the definition of commodity pool operator ("CPO") under the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission ("CFTC") with respect to the Funds, and is therefore not subject to CFTC registration or regulation as a CPO with respect to the Funds.

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

Note 2 – Significant Accounting Policies

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

Net Asset Value ("NAV") – Units of each fee class of each Fund are valued each day on which the New York Stock Exchange ("NYSE") is open for trading in accordance with the valuation procedures established by the Trustee. The NAV per unit is calculated as of the close of trading on the NYSE (generally, 4:00 p.m. U.S. Eastern time). The NAV per unit is computed by dividing the total fair value of the assets of a Fund, less its liabilities, by the total number of units outstanding at the time of such computation. Investment income earned is reinvested in the Fund and included in the determination of unit values.

29 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Brandywine Global Investment Management, LLC

Notes to the Financial Statements (continued)

December 31, 2020

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

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

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 listed on a national securities exchange (other than securities listed on the NASDAQ OMX Group, Inc. ("NASDAQ")) are valued at the last sale price at the close of the exchange. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price. Securities traded in the over-the-counter market ("OTC") are valued at the mean of the current bid and asked prices as reported by the National Quotation Bureau or other comparable sources. Investments in short-term investment funds are valued at the daily closing net asset value of the respective fund, which approximates fair value.

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

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

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

Collateralized Mortgage Obligations – The Funds may invest in collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs"). A CMO is a bond that is collateralized by a pool of

30 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Brandywine Global Investment Management, LLC

Notes to the Financial Statements (continued)

December 31, 2020

MBS, and a REMIC is similar in form to a CMO. These MBS pools are divided into classes or tranches with each class having its own characteristics. The different classes are retired in sequence as the underlying mortgages are repaid. For instance, a planned amortization class ("PAC") is a specific class of mortgages, which over its life will generally have the most stable cash flows and the lowest prepayment risk. A graduated payment mortgage ("GPM") is a negative amortization mortgage where the payment amount gradually increases over the life of the mortgage. The early payment amounts are not sufficient to cover the interest due, and, therefore, the unpaid interest is added to the principal, thus increasing the borrower's mortgage balance. Prepayment may shorten the stated maturity of the CMO and can result in a loss of premium if any has been paid.

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

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

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.

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

Investment Transactions and Investment Income – The Funds record security transactions on a trade date basis. Dividend income is recorded on the ex-dividend date. Net realized gains and losses on investments are determined by the first-in, first-out method. Interest income and expenses are recorded daily on the accrual basis.

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.

31 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Brandywine Global Investment Management, LLC

Notes to the Financial Statements (continued)

December 31, 2020

Guarantees and Indemnifications – Under the Funds' organizational documents, each trustee, officer, employee and agent of the Trust is indemnified, to the extent permitted by law, against certain liabilities that may arise in the performance of their duties to the Funds.

Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, none of the Funds has had prior claims or losses pursuant to these contracts and the Trustee believes the risk of loss to be remote.

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

Subsequent Events – The Trustee has evaluated the effect of subsequent events on the Funds' financial statements through April 30, 2021, which is the date the financial statements were available to be issued, and has determined that there are no material subsequent events, except as noted below, that would require disclosure or adjustment in the Funds' financial statements through this date.

Effective February 22, 2021, the Trustee has engaged The Northern Trust Company as the Custodian of the Funds. The Northern Trust Company will also provide transfer agent, recordkeeping and accounting services.

Note 3 – Fair Value Measurements

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

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

• Level 1 – Quoted prices in active markets for identical investments. • Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, and others). • Level 3 – Significant unobservable inputs (including the Trustee's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used as of December 31, 2020, in valuing the Funds' assets carried at fair value is included in Note 2.

The aggregate fair value of the investments in each Fund, by input level used as of December 31, 2020, is included following each Fund's Schedule of Investments.

32 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Brandywine Global Investment Management, LLC

Notes to the Financial Statements (continued)

December 31, 2020

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, 2020, and the effect of derivative instruments on the Statement of Operations for the year ended December 31, 2020:

Statement of Assets and Liabilities Statement of Operations Net Realized Net Change in Variation Loss on Unrealized Risk Margin Futures Appreciation (Depreciation) Exposure Receivable* Contracts on Futures Contracts

BrandywineGLOBAL – US Fixed Income CIT Interest rate risk $ 158,493 $ 630,137 $ 158,493 $ 158,493 $ 630,137 $ 158,493

*Includes cumulative appreciation (depreciation) for futures contracts as reported on the Schedule of Investments. Only current day's variation margin is reported on the Statement of Asset and Liabilities.

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

Futures Futures Long Short Position (1) Position (1)

BrandywineGLOBAL – US Fixed Income CIT $ - $ 20,501,223 (2)

(1) Average original value at trade date (2) Positions were open for five months during the year.

33 Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Brandywine Global Investment Management, LLC

Notes to the Financial Statements (continued)

December 31, 2020

Note 5 – Fees and Expenses

Trustee and Sub-Advisor Fees

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

Fee Class Trustee Fee (1) Sub-Advisor Fee

BrandywineGLOBAL – Diversified US Large Cap Value CIT Class R-LM 5 0 (all assets) (2)

BrandywineGLOBAL – Dynamic US Large Cap Value CIT Class R3 5 35 (all assets) (3)

BrandywineGLOBAL – US Fixed Income CIT Class R-INT <1 (4) 0 (5) Class V1 5 19 (all assets) (5)

(1) The Trustee fee will decrease as the total value of assets of all Trustee collective investment funds sub-advised by managers that are affiliates of Legg Mason & Co., LLC reaches certain threshold amounts. (2) The Sub-Advisor has agreed to waive fees and/or reimburse expenses so that the annual total fees and expenses do not exceed 10 basis points for Class R-LM. These waivers and/or reimbursements may be reduced or terminated at any time. (3) The Sub-Advisor has agreed to waive fees and/or reimburse expenses so that the annual total fees and expenses do not exceed 41 basis points for Class R3. These waivers and/or reimbursements may be reduced or terminated at any time. (4) For custody services only. (5) The Sub-Advisor has agreed to waive fees so that the annual total fees and expenses do not exceed 10 and 25 basis points for Class R-INT and Class V1, respectively. These waivers and/or reimbursements may be reduced or terminated at any time.

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

Sub-Advisor Fees – The Sub-Advisor is compensated for its investment advisory services provided to each Fund. This fee is based upon the average daily value of the Fund and is accrued daily, paid quarterly in arrears and charged against the assets invested in each Fund.

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

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Notes to the Financial Statements (continued)

December 31, 2020

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

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

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

• Capitalization Exposure. 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.

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

• Derivatives. Investments in derivatives may be subject to the risk that the sub-advisor does not correctly predict the movement of the underlying security, interest rate, market index, or other financial asset, or that the value of the derivative does not correlate perfectly with either the overall market or the underlying asset from which the derivative's value is derived. Because derivatives usually involve a small investment relative

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Notes to the Financial Statements (continued)

December 31, 2020

to the magnitude of liquidity and other risks assumed, the resulting gain or loss from the transaction will be disproportionately magnified. These investments may result in a loss if the counterparty to the transaction does not perform as promised.

• Equity Securities. The value of equity securities, which include common, preferred, and convertible preferred stocks, will fluctuate based on changes in their issuers' financial conditions, as well as overall market and economic conditions, and can decline in the event of deteriorating issuer, market, or economic conditions.

• ETF. Investments in exchange-traded funds generally reflect the risks of owning the underlying securities they are designed to track, although they may be subject to greater liquidity risk and higher costs than owning the underlying securities directly because of their management fees, and may not pass through voting and other shareholder rights on the underlying securities. Shares of ETFs are subject to market trading risk, potentially trading at a premium or discount to net asset value.

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

• Foreign Securities. Investments in foreign securities may be subject to increased volatility as the value of these securities can change more rapidly and extremely than the value of U.S. securities. Factors that increase the risk of investing in foreign securities include but are not limited to the following: less public information about issuers of non-U.S. securities; less governmental regulation and supervision over the issuance and trading of securities, the unavailability of financial information regarding the non-U.S. issuer or the difficulty of interpreting financial information prepared under non-U.S. accounting standards, less liquidity, the imposition of withholding and other taxes, and adverse political, social or diplomatic developments. In addition, foreign securities are subject to increased costs because there are generally higher commission rates on transactions, transfer taxes, higher custodial costs, and the potential for foreign tax charges on dividend and interest payments. Many foreign markets are relatively small, and securities issued in less-developed countries face the risks of nationalization, expropriation or confiscatory taxation, and adverse changes in investment or exchange control regulations, including suspension of the ability to transfer currency from a country. Economic, political, social, or diplomatic developments can also negatively impact performance.

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

• 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 Portfolio Turnover. Active trading may create high portfolio turnover, or a turnover of 100% or more, resulting in increased transaction costs. These higher costs may have an adverse impact on performance.

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Notes to the Financial Statements (continued)

December 31, 2020

• Income. The investment's income payments may decline depending on fluctuations in interest rates and the dividend payments of its underlying securities. In this event, some investments may attempt to pay the same dividend amount by returning capital.

• 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.

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

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

• 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.

• 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.

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

• Mortgage-Backed and Asset-Backed Securities. Investments in mortgage-backed ("MBS") and asset- backed securities ("ABS") may be subject to increased price volatility because of changes in interest rates, issuer information availability, credit quality of the underlying assets, market perception of the issuer, availability of credit enhancement, and prepayment of principal. The value of MBS and ABS may be adversely affected if the underlying borrower fails to pay the loan included in the security.

• 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.

• Portfolio Diversification. Investments that concentrate their assets in a relatively small number of issuers, or in the securities of issuers in a particular market, industry, sector, country, or asset class, may be subject to greater risk of loss than is a more widely diversified investment.

• Prepayment (Call). The issuer of a debt security may be able to repay principal prior to the security's maturity because of an improvement in its credit quality or falling interest rates. In this event, this principal

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Notes to the Financial Statements (continued)

December 31, 2020

may have to be reinvested in securities with lower interest rates than the original securities, reducing the potential for income.

• Quantitative Investing. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time.

• Real Estate/REIT Sector. Concentrating assets in the real estate sector or Real Estate Investment Trusts ("REITs") may disproportionately subject the Fund to the risks of that industry, including loss of value because of changes in real estate values, interest rates, and taxes, as well as changes in zoning, building, environmental, and other laws, among other factors. Investments in REITs may be subject to increased price volatility and liquidity risk, and investors indirectly bear their proportionate share of expenses because of their management fees.

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

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

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

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

• Value Investing. Value securities may be subject to the risk that these securities cannot overcome the adverse factors the sub-advisor believes are responsible for their low price or that the market may not recognize their fundamental value as the sub-advisor predicted. Value securities are not expected to experience significant earnings growth and may underperform growth stocks in certain markets.