Federated Hermes High Yield Bond Collective Investment Fund

WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

FEDERATED HERMES HIGH YIELD BOND COLLECTIVE INVESTMENT FUND

FINANCIAL STATEMENTS

DECEMBER 31, 2020

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust

FEDERATED HERMES HIGH YIELD BOND COLLECTIVE INVESTMENT FUND

CONTENTS

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

Schedule of Investments ...... 3

Statement of Assets and Liabilities ...... 17

Statement of Operations ...... 17

Statement of Changes in Net Assets...... 18

Financial Highlights ...... 19

Notes to the Financial Statements...... 20

INDEPENDENT AUDITOR'S REPORT

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

Repo rt on the Financial Statements

W e have audited the accompanying financial statements of Federated Hermes High Yield Bond Collective Investment Fund (the "Fund") of Wilmington Trust Collective Investment Trust (the "Trust"), which comprise the s tatement of assets and liabilities, including the schedule of investments, as of December 31, 2020, the related s tatements of operations and changes in net assets, the financial highlights for the year then ended, and the related n otes to the financial statements. These financial statements and financial highlights are hereinafter collectively referr ed 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 fr ee from material misstatement, whether due to fraud or error.

Aud itor'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 th at 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 stateme nts. 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 ex pressing 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 si gnificant 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.

O pinion

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, 2020, the results of its operations, changes in its net assets and its financial highlights for the year then ended, in accordance with accounting principles generally accepted in the United States of America.

1 www.hogantaylor.com

Other Matter

Our 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, 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

Federated Investment Counseling

Wilmington Trust Collective Investment Trust

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Collective Fund - 1.3% Federated Prime Cash Collective Investment Fund 701,084 $ 701,084 $ 701,084

Common Stocks - 0.5% Basic Materials - 0.1% Hexion Holdings Corporation 2,381 26,191 29,167

Communications - 0.0% iHeartMedia, Inc. Class A 1,271 19,205 16,498

Consumer, Cyclical - 0.1% Party City Holdco Inc. 7,197 487 44,262

Energy - 0.3% Oasis Petroleum Inc. 2,189 159,168 81,124 Whiting Petroleum Corporation 2,354 37,664 58,850 Total Energy 196,832 139,974 Total Common Stocks 242,715 229,901

Corporate Bonds - 97.0% Basic Materials - 4.3% Atotech Alpha 3 BV / Alpha US Bidco Inc., 6.25%, 2/1/2025 225,000 228,608 230,063 Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 4.75%, 6/15/2027 150,000 150,000 159,750 Clearwater Paper Corporation, 4.75%, 8/15/2028 25,000 25,000 25,922 Clearwater Paper Corporation, 5.375%, 2/1/2025 175,000 171,624 190,203 Coeur Mining, Inc., 5.875%, 6/1/2024 125,000 125,145 126,393 Compass Minerals International Inc., 4.875%, 7/15/2024 150,000 148,236 156,172 Compass Minerals International Inc., 6.75%, 12/1/2027 75,000 75,000 81,436 Element Solutions Inc., 3.875%, 9/1/2028 75,000 75,000 77,297 Freeport-McMoRan Inc., 4.125%, 3/1/2028 50,000 50,000 52,531 Freeport-McMoRan Inc., 4.25%, 3/1/2030 25,000 25,000 26,961 Freeport-McMoRan Inc., 4.375%, 8/1/2028 50,000 50,000 53,219 Freeport-McMoRan Inc., 4.625%, 8/1/2030 125,000 125,000 137,409 Freeport-McMoRan Inc., 5%, 9/1/2027 50,000 50,909 53,176 Freeport-McMoRan Inc., 5.25%, 9/1/2029 50,000 50,811 55,710 H.B. Fuller Company, 4.25%, 10/15/2028 50,000 50,806 51,344 Hexion Inc., 7.875%, 7/15/2027 150,000 148,310 160,781 Hudbay Minerals Inc., 7.625%, 1/15/2025 125,000 125,984 130,078 Illuminate Buyer LLC / Illuminate Holdings IV Inc., 9%, 7/1/2028 75,000 77,465 82,594

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

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Basic Materials - 4.3% (continued) Nouryon Holding B.V., 8%, 10/1/2026 225,000 $ 232,499 $ 239,484 PQ Corporation, 5.75%, 12/15/2025 100,000 102,810 102,813 W. R. Grace & Co.-Conn., 4.875%, 6/15/2027 50,000 50,000 53,089 Total Basic Materials 2,138,207 2,246,425

Communications - 16.4% Altice France, 7.375%, 5/1/2026 325,000 339,345 342,469 AMC Networks Inc., 4.75%, 12/15/2022 25,000 24,262 25,087 AMC Networks Inc., 4.75%, 8/1/2025 50,000 49,327 51,710 AMC Networks Inc., 5%, 4/1/2024 125,000 125,468 127,188 Cars.com Inc., 6.375%, 11/1/2028 75,000 75,308 79,798 CCO Holdings, LLC/CCO Holdings Capital Corp., 4.25%, 2/1/2031 75,000 76,449 79,133 CCO Holdings, LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 125,000 125,000 132,813 CCO Holdings, LLC/CCO Holdings Capital Corp., 4.5%, 5/1/2032 50,000 51,848 53,449 CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/2030 325,000 328,496 351,081 CCO Holdings, LLC/CCO Holdings Capital Corp., 5%, 2/1/2028 100,000 103,905 105,850 CCO Holdings, LLC/CCO Holdings Capital Corp., 5.75%, 2/15/2026 50,000 51,572 51,655 CCO Holdings, LLC/CCO Holdings Capital Corp., 5.875%, 5/1/2027 425,000 440,374 441,894 CSC Holdings, LLC, 4.625%, 12/1/2030 275,000 277,393 287,412 CSC Holdings, LLC, 5.25%, 6/1/2024 170,000 179,495 184,327 CSC Holdings, LLC, 5.5%, 5/15/2026 225,000 232,630 234,281 CSC Holdings, LLC, 5.5%, 4/15/2027 200,000 209,075 212,200 CSC Holdings, LLC, 5.875%, 9/15/2022 105,000 109,916 111,366 Cumulus Media New Holdings Inc, 6.75%, 7/1/2026 69,000 69,660 70,665 Diamond Sports Group LLC, 5.375%, 8/15/2026 100,000 100,106 81,438 Diamond Sports Group LLC, 6.625%, 8/15/2027 175,000 168,777 106,094 DISH DBS Corporation, 5.875%, 11/15/2024 225,000 223,985 236,250 DISH DBS Corporation, 7.375%, 7/1/2028 25,000 25,000 26,656 DISH DBS Corporation, 7.75%, 7/1/2026 25,000 27,064 28,019 Entercom Media Corp., 6.5%, 5/1/2027 150,000 150,731 152,972 Entercom Media Corp., 7.25%, 11/1/2024 100,000 103,326 99,938 Go Daddy Operating Co. LLC, 5.25%, 12/1/2027 50,000 52,038 52,719 Gray Television, Inc., 4.75%, 10/15/2030 25,000 25,000 25,422 Gray Television, Inc., 5.875%, 7/15/2026 185,000 192,104 193,903 Gray Television, Inc., 7%, 5/15/2027 25,000 22,353 27,406 iHeartCommunications, Inc., 4.75%, 1/15/2028 25,000 25,000 25,792 iHeartCommunications, Inc., 5.25%, 8/15/2027 50,000 50,854 52,460 iHeartCommunications, Inc., 6.375%, 5/1/2026 32,190 31,455 34,504 iHeartCommunications, Inc., 8.375%, 5/1/2027 288,031 305,471 307,956

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

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Communications - 16.4% (continued) Intelsat Jackson Holdings S.A., 5.5%, 8/1/2023 50,000 $ 41,761 $ 34,000 Intelsat Jackson Holdings S.A., 8.5%, 10/15/2024 50,000 42,718 35,870 Intelsat Jackson Holdings S.A., 9.75%, 7/15/2025 100,000 86,665 72,160 Lamar Media Corp., 4%, 2/15/2030 25,000 24,879 25,984 Lamar Media Corp., 4.875%, 1/15/2029 50,000 51,458 53,250 LogMeIn, Inc., 5.5%, 9/1/2027 100,000 100,000 104,875 Match Group Holdings II, LLC, 4.125%, 8/1/2030 150,000 150,000 155,883 Match Group Holdings II, LLC, 4.625%, 6/1/2028 50,000 50,000 52,500 Match Group Holdings II, LLC, 5%, 12/15/2027 100,000 102,500 106,640 Nexstar Broadcasting, Inc., 4.75%, 11/1/2028 125,000 126,083 131,016 Nexstar Broadcasting, Inc., 5.625%, 7/15/2027 200,000 209,562 214,563 Scripps Escrow II, Inc., 3.875%, 1/15/2029 25,000 25,000 26,109 Scripps Escrow II, Inc., 5.375%, 1/15/2031 25,000 25,000 26,337 Scripps Escrow Inc., 5.875%, 7/15/2027 100,000 101,988 104,595 Sinclair Television Group, Inc., 5.875%, 3/15/2026 300,000 309,260 309,522 Sirius XM Radio Inc., 3.875%, 8/1/2022 50,000 50,450 50,813 Sirius XM Radio Inc., 4.125%, 7/1/2030 125,000 125,000 133,203 Sirius XM Radio Inc., 5%, 8/1/2027 200,000 207,413 212,795 Sirius XM Radio Inc., 5.5%, 7/1/2029 25,000 26,416 27,555 Sprint Capital Corporation, 6.875%, 11/15/2028 50,000 52,261 66,018 Sprint Corporation, 7.125%, 6/15/2024 40,000 41,990 46,826 Sprint Corporation, 7.625%, 2/15/2025 225,000 238,994 269,485 Sprint Corporation, 7.625%, 3/1/2026 25,000 26,666 31,068 TEGNA Inc., 4.625%, 3/15/2028 50,000 50,000 51,219 TEGNA Inc., 5%, 9/15/2029 250,000 249,760 264,339 Telenet Finance Luxembourg Notes S.a r.l., 5.5%, 3/1/2028 200,000 210,239 213,950 Terrier Media Buyer, Inc., 8.875%, 12/15/2027 300,000 299,195 331,313 T-Mobile USA, Inc., 4.5%, 2/1/2026 100,000 102,284 102,421 T-Mobile USA, Inc., 6.5%, 1/15/2026 200,000 206,904 207,250 Townsquare Media, Inc., 6.875%, 2/1/2026 25,000 25,000 26,257 Virgin Media Secured Finance PLC, 5.5%, 5/15/2029 200,000 207,435 217,068 Vmed O2 UK Financing I PLC, 4.25%, 1/31/2031 200,000 200,000 204,828 Ziggo Bond Company B.V., 6%, 1/15/2027 275,000 284,930 291,127 Total Communications 8,424,598 8,594,746

Consumer, Cyclical - 14.9% 1011778 BC ULC / New Red Finance Inc., 3.5%, 2/15/2029 50,000 50,000 50,031 1011778 BC ULC / New Red Finance Inc., 4%, 10/15/2030 400,000 400,000 406,164 1011778 BC ULC / New Red Finance Inc., 4.25%, 5/15/2024 26,000 26,380 26,546 1011778 BC ULC / New Red Finance Inc., 4.375%, 1/15/2028 75,000 75,194 77,377 See Notes to the Financial Statements. 5 Wilmington Trust Collective Investment Trust

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Consumer, Cyclical - 14.9% (continued) Academy, Ltd., 6%, 11/15/2027 25,000 $ 25,000 $ 26,250 Adient Global Holdings Ltd., 4.875%, 8/15/2026 175,000 149,785 180,031 Adient US LLC, 7%, 5/15/2026 25,000 23,874 27,234 Adient US LLC, 9%, 4/15/2025 25,000 25,000 27,906 Affinity Gaming, 6.875%, 12/15/2027 50,000 50,000 52,438 American Axle & Manufacturing, Inc., 6.5%, 4/1/2027 100,000 99,117 105,375 American Builders & Contractors Supply Co., Inc., 4%, 1/15/2028 100,000 99,558 103,669 American Builders & Contractors Supply Co., Inc., 5.875%, 5/15/2026 175,000 180,756 181,672 Aramark Services, Inc., 4.75%, 6/1/2026 150,000 153,720 154,643 Aramark Services, Inc., 5%, 2/1/2028 75,000 74,418 79,125 Aramark Services, Inc., 6.375%, 5/1/2025 75,000 75,000 80,250 Bally's Corporation, 6.75%, 6/1/2027 75,000 75,015 80,578 Boyd Gaming Corporation, 6%, 8/15/2026 100,000 104,199 104,000 Boyd Gaming Corporation, 6.375%, 4/1/2026 150,000 148,043 156,030 Boyd Gaming Corporation, 8.625%, 6/1/2025 25,000 25,000 27,836 Caesars Entertainment, Inc., 6.25%, 7/1/2025 100,000 100,000 106,626 Caesars Entertainment, Inc., 8.125%, 7/1/2027 125,000 126,856 138,541 CCM Merger Inc., 6.375%, 5/1/2026 25,000 25,000 26,313 Clarios Global LP, 6.75%, 5/15/2025 25,000 25,000 26,977 Clarios US Finance Co., 6.25%, 5/15/2026 25,000 26,084 26,844 Clarios US Finance Co., 8.5%, 5/15/2027 325,000 329,784 353,619 Core & Main LP, 6.125%, 8/15/2025 225,000 228,224 233,016 CRC FInco Inc., 5.25%, 10/15/2025 75,000 72,734 75,893 CRC FInco Inc., 5.75%, 7/1/2025 50,000 50,804 53,041 Dana Financing Luxembourg S.a r.l., 6.5%, 6/1/2026 175,000 181,976 183,728 Dana Incorporated, 5.625%, 6/15/2028 25,000 25,000 26,959 Ford Motor Credit Company LLC, 3.096%, 5/4/2023 200,000 187,825 202,312 Ford Motor Credit Company LLC, 3.336%, 3/18/2021 200,000 198,313 200,750 Ford Motor Credit Company LLC, 3.375%, 11/13/2025 300,000 300,000 307,593 Ford Motor Credit Company LLC, 4.389%, 1/8/2026 200,000 203,648 210,218 Ford Motor Credit Company LLC, 5.113%, 5/3/2029 325,000 296,694 362,359 Ford Motor Credit Company LLC, 5.125%, 6/16/2025 200,000 200,000 217,710 H&E Equipment Services, Inc., 3.875%, 12/15/2028 125,000 125,000 126,098 Hilton Domestic Operating Company Inc., 3.75%, 5/1/2029 50,000 50,000 52,228 Hilton Domestic Operating Company Inc., 4.875%, 1/15/2030 50,000 52,321 54,719 Hilton Domestic Operating Company Inc., 5.125%, 5/1/2026 100,000 103,145 103,500 Hilton Domestic Operating Company Inc., 5.75%, 5/1/2028 25,000 25,175 27,234 IHO Verwaltungs GmbH, 6%, 5/15/2027 250,000 258,570 265,734 Interface, Inc., 5.5%, 12/1/2028 25,000 25,000 26,359

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

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Consumer, Cyclical - 14.9% (continued) J.B. Poindexter & Co., Inc., 7.125%, 4/15/2026 175,000 $ 181,389 $ 185,500 KAR Auction Services, Inc., 5.125%, 6/1/2025 150,000 151,477 154,542 KFC Holding Co., 4.75%, 6/1/2027 150,000 154,748 158,837 MGM Resorts International, 4.625%, 9/1/2026 142,000 147,416 150,531 MGM Resorts International, 4.75%, 10/15/2028 50,000 50,000 53,687 MGM Resorts International, 5.5%, 4/15/2027 25,000 19,903 27,898 MGM Resorts International, 6.75%, 5/1/2025 50,000 50,000 54,199 Michaels Stores, Inc., 8%, 7/15/2027 100,000 94,634 107,669 Mohegan Gaming & Entertainment, 7.875%, 10/15/2024 150,000 146,503 156,938 Party City Holdings Inc., 5.75%, 7/15/2025 70,735 145,507 64,015 Six Flags Entertainment Corporation, 4.875%, 7/31/2024 100,000 83,991 100,452 Six Flags Theme Parks Inc., 7%, 7/1/2025 50,000 50,000 54,094 Stars Group Holdings BV, 7%, 7/15/2026 250,000 262,581 263,594 Station Casinos LLC, 4.5%, 2/15/2028 100,000 87,217 100,938 Station Casinos LLC, 5%, 10/1/2025 150,000 147,304 152,014 Suburban Energy Finance Corp., 5.875%, 3/1/2027 275,000 284,259 288,234 VOC Escrow Ltd., 5%, 2/15/2028 50,000 51,840 49,741 White Cap Buyer, LLC, 6.875%, 10/15/2028 125,000 127,213 133,516 William Carter Company/The, 5.5%, 5/15/2025 25,000 25,000 26,597 William Carter Company/The, 5.625%, 3/15/2027 25,000 26,161 26,359 Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 25,000 25,000 26,023 Wyndham Hotels & Resorts, Inc., 5.375%, 4/15/2026 50,000 51,639 51,844 YUM! Brands, Inc., 4.75%, 1/15/2030 75,000 76,959 82,350 YUM! Brands, Inc., 7.75%, 4/1/2025 25,000 25,000 27,719 Total Consumer, Cyclical 7,542,953 7,852,817

Consumer, Non-cyclical - 19.2% Acadia Healthcare Company, Inc., 5%, 4/15/2029 25,000 25,000 26,750 Acadia Healthcare Company, Inc., 5.5%, 7/1/2028 75,000 75,000 80,694 Acadia Healthcare Company, Inc., 6.5%, 3/1/2024 175,000 178,621 179,357 AdaptHealth, LLC, 4.625%, 8/1/2029 25,000 25,000 25,719 Albertsons Companies Inc., 3.25%, 3/15/2026 75,000 75,000 76,219 Albertsons Companies Inc., 3.5%, 2/15/2023 25,000 25,000 25,650 Albertsons Companies Inc., 3.5%, 3/15/2029 100,000 100,000 101,150 Albertsons Companies Inc., 4.875%, 2/15/2030 25,000 25,000 27,572 Albertsons Companies Inc., 5.75%, 3/15/2025 80,000 80,716 82,692 Albertsons Companies Inc., 5.875%, 2/15/2028 25,000 25,864 27,247 Albertsons Companies Inc., 7.5%, 3/15/2026 50,000 54,051 56,046

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

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Consumer, Non-cyclical - 19.2% (continued) Allied Universal Holdco LLC, 6.625%, 7/15/2026 100,000 $ 104,790 $ 106,755 Allied Universal Holdco LLC, 9.75%, 7/15/2027 350,000 363,729 382,109 Avantor Funding, Inc., 4.625%, 7/15/2028 150,000 150,000 158,813 Bausch Health Americas, Inc., 8.5%, 1/31/2027 200,000 218,767 222,717 Bausch Health Americas, Inc., 9.25%, 4/1/2026 100,000 105,045 111,630 Bausch Health Companies Inc., 5%, 1/30/2028 50,000 50,000 51,590 Bausch Health Companies Inc., 5%, 2/15/2029 50,000 50,000 51,504 Bausch Health Companies Inc., 5.25%, 2/15/2031 50,000 50,000 52,330 Bausch Health Companies Inc., 5.5%, 11/1/2025 75,000 76,892 77,797 Bausch Health Companies Inc., 5.75%, 8/15/2027 50,000 52,919 53,719 Bausch Health Companies Inc., 6.125%, 4/15/2025 400,000 409,647 412,664 Bausch Health Companies Inc., 6.25%, 2/15/2029 50,000 50,000 54,385 Bausch Health Companies Inc., 7.25%, 5/30/2029 100,000 108,463 112,580 Brink's Company/The, 5.5%, 7/15/2025 25,000 25,000 26,734 Centene Corporation, 3.375%, 2/15/2030 25,000 25,000 26,341 Centene Corporation, 4.25%, 12/15/2027 125,000 126,280 132,789 Centene Corporation, 4.625%, 12/15/2029 150,000 152,185 166,726 Centene Corporation, 4.75%, 1/15/2025 200,000 202,882 205,496 Centene Corporation, 4.75%, 1/15/2025 25,000 25,598 25,687 Centene Corporation, 5.375%, 6/1/2026 100,000 104,941 105,596 Centene Corporation, 5.375%, 8/15/2026 100,000 104,916 105,875 Charles River Laboratories International, Inc., 5.5%, 4/1/2026 75,000 76,692 78,696 CHS/Community Health Systems, Inc., 5.625%, 3/15/2027 50,000 50,000 53,825 CHS/Community Health Systems, Inc., 6%, 1/15/2029 25,000 25,000 27,038 CHS/Community Health Systems, Inc., 6.625%, 2/15/2025 50,000 50,000 52,718 CHS/Community Health Systems, Inc., 8%, 3/15/2026 50,000 49,590 53,925 CHS/Community Health Systems, Inc., 8.625%, 1/15/2024 50,000 51,228 52,219 Edgewell Personal Care Company, 5.5%, 6/1/2028 50,000 50,740 53,804 Endo Dac, 6%, 6/30/2028 157,000 92,827 133,607 Endo Dac, 9.5%, 7/31/2027 53,000 44,712 59,261 Garda World Security Corporation, 4.625%, 2/15/2027 50,000 50,000 50,625 Garda World Security Corporation, 9.5%, 11/1/2027 313,000 312,606 347,176 Gartner, Inc., 3.75%, 10/1/2030 25,000 25,000 26,281 Gartner, Inc., 4.5%, 7/1/2028 25,000 25,000 26,406 Global Medical Response, Inc., 6.5%, 10/1/2025 250,000 250,000 261,563 HCA Inc., 3.5%, 9/1/2030 100,000 99,439 106,286 HCA Inc., 5.375%, 2/1/2025 515,000 556,279 579,898 HCA Inc., 5.375%, 9/1/2026 50,000 55,233 57,564 HCA Inc., 5.875%, 2/15/2026 25,000 27,520 28,781

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

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Consumer, Non-cyclical - 19.2% (continued) IQVIA Inc., 5%, 5/15/2027 200,000 $ 206,623 $ 212,998 Jaguar Holding Co. II, 4.625%, 6/15/2025 75,000 75,000 79,218 Jaguar Holding Co. II, 5%, 6/15/2028 50,000 50,000 53,438 Kraft Heinz Foods Company, 4.25%, 3/1/2031 25,000 27,850 27,884 Kraft Heinz Foods Company, 4.375%, 6/1/2046 250,000 201,872 270,497 Kraft Heinz Foods Company, 5.2%, 7/15/2045 50,000 55,784 59,455 Lamb Weston Holdings, Inc., 4.875%, 11/1/2026 100,000 99,103 104,718 Lamb Weston Holdings, Inc., 4.875%, 5/15/2028 25,000 25,000 27,953 Legacy LifePoint Health, LLC, 4.375%, 2/15/2027 25,000 25,000 25,438 Legacy LifePoint Health, LLC, 6.75%, 4/15/2025 75,000 76,191 80,723 LifePoint Health Inc., 9.75%, 12/1/2026 200,000 214,573 220,875 Mallinckrodt International Finance S.A., 5.5%, 4/15/2025 175,000 52,101 61,250 Mallinckrodt International Finance S.A., 5.625%, 10/15/2023 250,000 82,040 87,500 MEDNAX, Inc., 6.25%, 1/15/2027 100,000 101,894 107,373 Molina Healthcare, Inc., 3.875%, 11/15/2030 50,000 50,000 53,750 MPH Acquisition Holdings LLC, 5.75%, 11/1/2028 225,000 224,320 220,219 Nielsen Company/The, (Luxembourg) S.a.r.l., 5%, 2/1/2025 25,000 25,452 25,703 Nielsen Finance Co., 5%, 4/15/2022 72,000 71,468 72,261 Nielsen Finance Co., 5.625%, 10/1/2028 75,000 75,000 81,632 Nielsen Finance Co., 5.875%, 10/1/2030 100,000 100,000 113,313 Post Holdings, Inc., 4.625%, 4/15/2030 50,000 50,000 52,661 Post Holdings, Inc., 5.625%, 1/15/2028 75,000 78,676 80,016 Post Holdings, Inc., 5.75%, 3/1/2027 300,000 313,936 318,188 Prestige Brands, Inc., 6.375%, 3/1/2024 350,000 356,506 358,313 Refinitiv US Holdings, Inc., 6.25%, 5/15/2026 25,000 26,398 26,734 Refinitiv US Holdings, Inc., 8.25%, 11/15/2026 275,000 295,639 300,438 Syneos Health, Inc., 3.625%, 1/15/2029 25,000 25,000 25,116 Team Health Holdings, Inc., 6.375%, 2/1/2025 150,000 96,474 129,750 Teleflex Incorporated, 4.625%, 11/15/2027 75,000 78,234 80,777 Tenet Healthcare Corporation, 4.625%, 7/15/2024 75,000 76,338 76,952 Tenet Healthcare Corporation, 4.625%, 6/15/2028 25,000 25,000 26,234 Tenet Healthcare Corporation, 4.875%, 1/1/2026 75,000 77,247 78,551 Tenet Healthcare Corporation, 5.125%, 5/1/2025 175,000 177,643 178,630 Tenet Healthcare Corporation, 5.125%, 11/1/2027 50,000 51,661 53,063 Tenet Healthcare Corporation, 6.75%, 6/15/2023 50,000 45,445 53,840 Tenet Healthcare Corporation, 7%, 8/1/2025 200,000 205,566 207,105 Tenet Healthcare Corporation, 7.5%, 4/1/2025 25,000 25,000 27,348 United Rentals (North America), Inc., 3.875%, 2/15/2031 25,000 25,000 26,273 United Rentals (North America), Inc., 5.25%, 1/15/2030 25,000 26,147 27,797 United Rentals (North America), Inc., 5.5%, 5/15/2027 225,000 235,328 241,453 See Notes to the Financial Statements. 9 Wilmington Trust Collective Investment Trust

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Consumer, Non-cyclical - 19.2% (continued) US Foods, Inc., 5.875%, 6/15/2024 50,000 $ 50,337 $ 50,781 Vizient, Inc., 6.25%, 5/15/2027 100,000 95,248 107,856 West Street Merger Sub, Inc., 6.375%, 9/1/2025 250,000 238,447 256,719 Total Consumer, Non-cyclical 9,652,713 10,173,399

Diversified - 0.4% Stena International S.A., 6.125%, 2/1/2025 200,000 200,000 198,000

Energy - 15.1% Antero Midstream Partners LP, 5.375%, 9/15/2024 225,000 196,821 219,938 Antero Midstream Partners LP, 5.75%, 3/1/2027 75,000 54,681 73,828 Antero Midstream Partners LP, 5.75%, 1/15/2028 125,000 99,128 120,325 Antero Midstream Partners LP, 7.875%, 5/15/2026 75,000 75,000 77,631 Antero Resources Corporation, 5.125%, 12/1/2022 75,000 65,606 74,918 Antero Resources Corporation, 5.625%, 6/1/2023 25,000 11,213 24,531 Antero Resources Corporation, 8.375%, 7/15/2026 50,000 50,250 51,160 Apache Corporation, 4.625%, 11/15/2025 25,000 25,000 26,281 Apache Corporation, 4.875%, 11/15/2027 50,000 49,450 53,075 Archrock Partners LP, 6.25%, 4/1/2028 75,000 77,423 78,260 Archrock Partners LP, 6.875%, 4/1/2027 200,000 191,332 215,750 ARU Finance Corp, 7%, 11/1/2026 125,000 99,770 119,875 ARU Finance Corp, 8.25%, 12/31/2028 25,000 25,000 25,000 Berry Petroleum Company, LLC, 7%, 2/15/2026 75,000 66,415 64,017 Buckeye Partners, L.P., 4.5%, 3/1/2028 75,000 75,000 77,391 Callon Petroleum Company, 6.25%, 4/15/2023 25,000 24,302 15,938 Callon Petroleum Company, 6.375%, 7/1/2026 125,000 117,117 65,000 Callon Petroleum Company, 8.25%, 7/15/2025 50,000 49,159 27,182 Centennial Resource Production, LLC, 6.875%, 4/1/2027 100,000 98,238 72,041 Cheniere Energy Partners, L.P., 4.5%, 10/1/2029 50,000 50,000 52,964 Cheniere Energy Partners, L.P., 5.25%, 10/1/2025 175,000 178,248 179,769 Cheniere Energy Partners, L.P., 5.625%, 10/1/2026 75,000 77,669 78,315 Cheniere Energy, Inc., 4.625%, 10/15/2028 50,000 50,000 52,563 Chesapeake Energy Corporation, 11.5%, 1/1/2025 157,000 119,128 27,711 CNX Midstream Partners LP, 6.5%, 3/15/2026 200,000 184,952 204,000 Continental Resources, Inc., 4.375%, 1/15/2028 75,000 55,460 76,634 Continental Resources, Inc., 5.75%, 1/15/2031 75,000 75,000 83,389 CrownRock LP, 5.625%, 10/15/2025 175,000 161,967 178,828 Double Eagle III Midco 1 LLC / Double Eagle Finance Corp, 7.75%, 12/15/2025 100,000 100,000 106,288

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

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Energy - 15.1% (continued) Endeavor Energy Resources LP / EER Finance Inc., 5.75%, 1/30/2028 50,000 $ 49,908 $ 54,010 Endeavor Energy Resources LP / EER Finance Inc., 6.625%, 7/15/2025 50,000 50,000 53,578 Enviva Partners Finance Corp., 6.5%, 1/15/2026 250,000 252,964 266,094 EQM Midstream Partners, LP, 4.75%, 7/15/2023 100,000 77,273 105,323 EQM Midstream Partners, LP, 5.5%, 7/15/2028 125,000 119,937 136,873 EQM Midstream Partners, LP, 6%, 7/1/2025 50,000 50,000 54,813 EQM Midstream Partners, LP, 6.5%, 7/1/2027 75,000 75,437 84,559 EQM Midstream Partners, LP, 6.5%, 7/15/2048 25,000 24,109 25,977 EQT Corporation, 5%, 1/15/2029 25,000 25,000 26,421 EQT Corporation, 7.625%, 2/1/2025 100,000 90,136 114,015 EQT Corporation, 8.5%, 2/1/2030 25,000 23,385 30,594 Gulfport Energy Corporation, 6.375%, 5/15/2025 25,000 17,579 16,563 Gulfport Energy Corporation, 6.375%, 1/15/2026 50,000 34,097 33,125 Gulfport Energy Corporation, 6.625%, 5/1/2023 25,000 20,786 16,547 Hess Midstream Operations LP, 5.125%, 6/15/2028 75,000 75,000 78,469 Holly Energy Partners LP, 5%, 2/1/2028 75,000 72,959 75,703 Jagged Peak Energy LLC, 5.875%, 5/1/2026 50,000 50,350 51,898 Nabors Industries Ltd., 7.25%, 1/15/2026 75,000 57,912 52,728 Nabors Industries Ltd., 7.5%, 1/15/2028 25,000 25,000 17,196 NuStar Logistics, L.P., 5.625%, 4/28/2027 200,000 205,445 213,463 NuStar Logistics, L.P., 5.75%, 10/1/2025 25,000 25,000 26,663 NuStar Logistics, L.P., 6%, 6/1/2026 25,000 26,478 27,081 NuStar Logistics, L.P., 6.375%, 10/1/2030 25,000 25,000 28,367 Occidental Petroleum Corporation, 2.9%, 8/15/2024 75,000 59,638 72,300 Occidental Petroleum Corporation, 3.2%, 8/15/2026 25,000 22,939 23,422 Occidental Petroleum Corporation, 3.4%, 4/15/2026 25,000 21,008 23,882 Occidental Petroleum Corporation, 3.5%, 6/15/2025 100,000 78,737 96,721 Occidental Petroleum Corporation, 4.1%, 2/15/2047 50,000 33,648 40,966 Occidental Petroleum Corporation, 4.3%, 8/15/2039 125,000 86,485 105,691 Occidental Petroleum Corporation, 4.4%, 8/15/2049 50,000 30,899 42,234 Occidental Petroleum Corporation, 5.875%, 9/1/2025 75,000 75,000 79,988 Occidental Petroleum Corporation, 6.45%, 9/15/2036 75,000 56,951 78,638 Occidental Petroleum Corporation, 6.625%, 9/1/2030 75,000 75,000 81,544 Occidental Petroleum Corporation, 8%, 7/15/2025 50,000 50,000 57,044 Occidental Petroleum Corporation, 8.875%, 7/15/2030 125,000 126,599 146,953 Parsley Energy LLC, 5.625%, 10/15/2027 50,000 51,425 54,800 PDC Energy, Inc., 6.125%, 9/15/2024 125,000 119,511 128,686 Precision Drilling Corporation, 7.75%, 12/15/2023 100,000 95,756 92,188 QEP Resources, Inc., 5.25%, 5/1/2023 50,000 48,062 52,700 QEP Resources, Inc., 5.625%, 3/1/2026 50,000 46,258 54,921 See Notes to the Financial Statements. 11 Wilmington Trust Collective Investment Trust

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Energy - 15.1% (continued) Range Resources Corporation, 4.875%, 5/15/2025 125,000 $ 105,959 $ 118,308 Range Resources Corporation, 9.25%, 2/1/2026 50,000 51,545 52,325 Rattler Midstream LP, 5.625%, 7/15/2025 50,000 50,000 52,906 SESI, L.L.C., 7.125%, 12/15/2021 75,000 64,828 24,375 SESI, L.L.C., 7.75%, 9/15/2024 150,000 93,605 48,750 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/2025 100,000 86,940 46,375 SM Energy Company, 5.625%, 6/1/2025 125,000 114,589 101,706 SM Energy Company, 6.625%, 1/15/2027 25,000 22,851 20,063 Summit Midstream Holdings LLC, 5.75%, 4/15/2025 300,000 237,936 193,094 Targa Resources Partners LP, 4.875%, 2/1/2031 100,000 100,000 108,650 Targa Resources Partners LP, 5%, 1/15/2028 50,000 48,914 52,872 Targa Resources Partners LP, 5.125%, 2/1/2025 50,000 50,747 51,406 Targa Resources Partners LP, 5.375%, 2/1/2027 75,000 76,068 78,951 Targa Resources Partners LP, 5.5%, 3/1/2030 200,000 200,206 217,328 Targa Resources Partners LP, 5.875%, 4/15/2026 50,000 51,830 53,105 Targa Resources Partners LP, 6.5%, 7/15/2027 50,000 52,776 54,375 TerraForm Power Operating, LLC, 4.75%, 1/15/2030 75,000 75,729 80,416 TerraForm Power Operating, LLC, 5%, 1/31/2028 200,000 205,262 225,105 TransMontaigne Partners LP / TLP Finance Corp., 6.125%, 2/15/2026 100,000 96,590 100,856 Ultra Resources, Inc., 7.125%, 4/15/2025 75,000 - - USA Compression Finance Corp., 6.875%, 4/1/2026 175,000 170,689 183,203 USA Compression Finance Corp., 6.875%, 9/1/2027 125,000 127,050 133,659 Western Midstream Operating, LP, 4.5%, 3/1/2028 100,000 77,791 104,000 Western Midstream Operating, LP, 4.65%, 7/1/2026 25,000 23,222 26,297 Western Midstream Operating, LP, 5.3%, 2/1/2030 50,000 33,525 55,692 Western Midstream Operating, LP, 5.3%, 3/1/2048 225,000 164,751 224,091 Western Midstream Operating, LP, 5.45%, 4/1/2044 50,000 40,097 50,657 Western Midstream Operating, LP, 5.5%, 8/15/2048 25,000 17,923 24,665 WPX Energy, Inc., 4.5%, 1/15/2030 50,000 50,000 53,075 WPX Energy, Inc., 5.25%, 10/15/2027 25,000 24,951 26,533 WPX Energy, Inc., 5.75%, 6/1/2026 50,000 50,893 52,638 Total Energy 7,622,267 7,960,816

Financials - 6.8% Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 275,000 281,689 294,715 AmWINS Group, Inc., 7.75%, 7/1/2026 275,000 290,134 296,302 AssuredPartners, Inc., 7%, 8/15/2025 175,000 174,267 181,924 AssuredPartners, Inc., 5.625%, 1/15/2029 25,000 25,000 26,125 Cushman & Wakefield U.S. Borrower, LLC., 6.75%, 5/15/2028 25,000 25,000 27,641

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

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Financials - 6.8% (continued) GTCR (AP) Finance Inc., 8%, 5/15/2027 125,000 $ 130,172 $ 136,056 HUB International Limited, 7%, 5/1/2026 600,000 613,310 628,032 MGM Growth Properties Operating Partnership LP, 4.625%, 6/15/2025 25,000 25,000 26,800 MGM Growth Properties Operating Partnership LP, 5.625%, 5/1/2024 125,000 133,667 136,003 Navient Corporation, 5%, 3/15/2027 25,000 25,000 25,253 Navient Corporation, 5.875%, 10/25/2024 265,000 274,315 282,225 Navient Corporation, 6.75%, 6/25/2025 50,000 51,914 54,438 Navient Corporation, 6.75%, 6/15/2026 25,000 25,885 27,297 NFP Corp., 6.875%, 8/15/2028 350,000 354,212 374,126 NFP Corp., 7%, 5/15/2025 25,000 25,000 26,984 Quicken Loans, LLC, 5.25%, 1/15/2028 150,000 154,447 160,406 Quicken Loans LLC / Quicken Loans Co-Issuer Inc, 3.625%, 3/1/2029 50,000 50,000 51,094 Quicken Loans LLC / Quicken Loans Co-Issuer Inc, 3.875%, 3/1/2031 75,000 75,000 78,000 United Wholesale Mortgage, LLC, 5.5%, 11/15/2025 225,000 225,000 237,656 USI, Inc., 6.875%, 5/1/2025 275,000 275,681 282,732 VICI Properties LP / VICI Note Co. Inc., 3.75%, 2/15/2027 25,000 25,000 25,606 VICI Properties LP / VICI Note Co. Inc., 4.25%, 12/1/2026 75,000 72,361 77,904 VICI Properties LP / VICI Note Co. Inc., 4.625%, 12/1/2029 100,000 102,834 107,169 Total Financials 3,434,888 3,564,488

Industrials - 11.8% ARD Finance S.A., 6.5%, 6/30/2027 425,000 423,122 454,219 Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 5.25%, 8/15/2027 200,000 192,996 210,162 Ball Corporation, 2.875%, 8/15/2030 125,000 125,000 124,844 Berry Global, Inc., 4.875%, 7/15/2026 150,000 155,737 161,285 Berry Global, Inc., 5.125%, 7/15/2023 20,000 20,101 20,275 Berry Global, Inc., 5.625%, 7/15/2027 75,000 78,201 80,789 Colfax Corporation, 6.375%, 2/15/2026 25,000 26,386 26,727 Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 50,000 50,897 53,219 Cornerstone Building Brands, Inc., 8%, 4/15/2026 175,000 178,299 184,406 CP Atlas Buyer, Inc., 7%, 12/1/2028 50,000 51,059 51,969 Crown Americas LLC, 4.75%, 2/1/2026 50,000 51,811 52,053 Energizer Holdings, Inc., 4.375%, 3/31/2029 125,000 125,046 129,628 Energizer Holdings, Inc., 4.75%, 6/15/2028 50,000 50,000 52,690 Flex Acquisition Company, Inc., 6.875%, 1/15/2025 275,000 262,943 279,813 Flex Acquisition Company, Inc., 7.875%, 7/15/2026 275,000 266,660 289,663 Gates Global LLC, 6.25%, 1/15/2026 275,000 273,928 289,209 Graphic Packaging International, LLC, 3.5%, 3/1/2029 75,000 75,000 76,828 Graphic Packaging International, LLC, 4.75%, 7/15/2027 25,000 26,284 27,777 Koppers Inc., 6%, 2/15/2025 250,000 252,661 257,969 See Notes to the Financial Statements. 13 Wilmington Trust Collective Investment Trust

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Industrials - 11.8% (continued) Mauser Packaging Solutions Holding Company, 5.5%, 4/15/2024 50,000 $ 50,770 $ 51,060 Mauser Packaging Solutions Holding Company, 7.25%, 4/15/2025 225,000 212,842 227,531 Owens-Brockway Glass Container Inc., 5.875%, 8/15/2023 175,000 181,910 187,797 Owens-Brockway Glass Container Inc., 6.375%, 8/15/2025 75,000 78,346 83,297 Owens-Brockway Glass Container Inc., 6.625%, 5/13/2027 25,000 25,000 27,109 Reynolds Group Issuer LLC, 4%, 10/15/2027 200,000 200,000 205,250 Sealed Air Corporation, 5.5%, 9/15/2025 125,000 133,049 140,234 Sensata Technologies, Inc., 3.75%, 2/15/2031 25,000 25,000 25,946 Sensata Technologies, Inc., 4.375%, 2/15/2030 75,000 74,658 80,859 Standard Industries, Inc., 3.375%, 1/15/2031 100,000 100,000 100,625 Standard Industries, Inc., 4.75%, 1/15/2028 25,000 25,703 26,344 Standard Industries, Inc., 5%, 2/15/2027 225,000 231,176 235,547 Stevens Holding Company Inc., 6.125%, 10/1/2026 25,000 26,563 27,089 TransDigm Inc., 5.5%, 11/15/2027 50,000 49,770 52,640 TransDigm Inc., 6.25%, 3/15/2026 125,000 131,570 133,282 TransDigm Inc., 6.375%, 6/15/2026 425,000 440,216 440,672 TransDigm Inc., 6.5%, 7/15/2024 75,000 73,304 76,470 Trident TPI Holdings, Inc., 6.625%, 11/1/2025 150,000 136,916 152,797 Trident TPI Holdings, Inc., 9.25%, 8/1/2024 75,000 72,583 80,063 Trivium Packaging Finance B.V., 8.5%, 8/15/2027 200,000 212,339 219,355 TTM Technologies, Inc., 5.625%, 10/1/2025 100,000 101,549 102,740 Vertical U.S. Newco Inc., 5.25%, 7/15/2027 200,000 200,000 212,375 Watco Cos LLC / Watco Finance Corp., 6.5%, 6/15/2027 100,000 101,363 108,438 WESCO Distribution, Inc., 5.375%, 12/15/2021 125,000 125,000 125,138 WESCO Distribution, Inc., 5.375%, 6/15/2024 125,000 127,450 128,438 WESCO Distribution, Inc., 7.125%, 6/15/2025 25,000 25,000 27,529 WESCO Distribution, Inc., 7.25%, 6/15/2028 75,000 74,463 85,402 Total Industrial 5,922,671 6,187,552

Technology - 5.8% ams AG, 7%, 7/31/2025 200,000 198,162 217,625 Banff Merger Sub Inc., 9.75%, 9/1/2026 50,000 46,807 54,061 Black Knight InfoServ, LLC, 3.625%, 9/1/2028 50,000 50,000 51,250 Booz Allen Hamilton Inc., 3.875%, 9/1/2028 25,000 25,000 25,797 BY Crown Parent, LLC, 7.375%, 10/15/2024 200,000 202,914 204,229 BY Crown Parent LLC / BY Bond Finance Inc., 4.25%, 1/31/2026 50,000 50,000 51,313 CDW Finance Corp., 3.25%, 2/15/2029 75,000 75,000 76,571 CDW Finance Corp., 4.25%, 4/1/2028 50,000 51,258 52,872

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

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Technology - 5.8% (continued) Dell International LLC / EMC Corp., 7.125%, 6/15/2024 320,000 $ 327,433 $ 332,200 Diebold Nixdorf, Incorporated, 9.375%, 7/15/2025 25,000 27,354 28,047 Dun & Bradstreet Corporation/The, 6.875%, 8/15/2026 30,000 31,871 32,306 Dun & Bradstreet Corporation/The, 10.25%, 2/15/2027 150,000 162,111 169,472 Entegris, Inc., 4.625%, 2/10/2026 50,000 51,338 51,938 NCR Corporation, 5%, 10/1/2028 100,000 100,030 105,688 NCR Corporation, 5.25%, 10/1/2030 100,000 100,487 107,438 NCR Corporation, 5.75%, 9/1/2027 50,000 51,171 53,219 NCR Corporation, 8.125%, 4/15/2025 25,000 25,000 27,872 ON Semiconductor Corporation, 3.875%, 9/1/2028 25,000 25,000 25,844 Open Text Holdings Inc., 4.125%, 2/15/2030 50,000 50,000 53,282 PTC Inc., 3.625%, 2/15/2025 50,000 51,251 51,495 Qorvo, Inc., 3.375%, 4/1/2031 25,000 25,000 25,844 Qorvo, Inc., 4.375%, 10/15/2029 100,000 100,545 110,194 Rackspace Technology Global, Inc., 5.375%, 12/1/2028 100,000 102,660 104,958 Science Applications International Corporation, 4.875%, 4/1/2028 25,000 25,000 26,543 Seagate HDD Cayman, 3.125%, 7/15/2029 100,000 100,000 100,199 Seagate HDD Cayman, 3.375%, 7/15/2031 75,000 75,000 75,546 SS&C Technologies, Inc., 5.5%, 9/30/2027 225,000 236,910 240,586 Tempo Acquisition LLC, 6.75%, 6/1/2025 375,000 382,143 388,050 Veritas US Inc / Veritas Bermuda Ltd., 7.5%, 9/1/2025 175,000 178,027 179,813 Total Technology 2,927,472 3,024,252

Utilities - 2.3% Amerigas Partners Corp., 5.5%, 5/20/2025 25,000 24,012 27,750 Amerigas Partners Corp., 5.875%, 8/20/2026 225,000 243,138 253,646 Calpine Corporation, 3.75%, 3/1/2031 50,000 50,000 49,610 Calpine Corporation, 4.5%, 2/15/2028 100,000 100,000 104,150 Calpine Corporation, 5%, 2/1/2031 25,000 25,000 26,163 Calpine Corporation, 5.125%, 3/15/2028 50,000 50,000 52,669 Calpine Corporation, 5.25%, 6/1/2026 51,000 52,557 52,836 NRG Energy, Inc., 3.375%, 2/15/2029 25,000 25,000 25,642 NRG Energy, Inc., 3.625%, 2/15/2031 25,000 25,000 25,767 NRG Energy, Inc., 7.25%, 5/15/2026 290,000 304,685 306,385 Pattern Energy Operations LP / Pattern Energy Operations Inc., 4.5%, 8/15/2028 25,000 25,000 26,422

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

Federated Hermes High Yield Bond Collective Investment Fund

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Corporate Bonds - 97.0% (continued) Utilities - 2.3% (continued) Vistra Operations Company LLC, 5%, 7/31/2027 50,000 $ 51,514 $ 53,050 Vistra Operations Company LLC, 5.5%, 9/1/2026 75,000 77,638 78,259 Vistra Operations Company LLC, 5.625%, 2/15/2027 100,000 103,959 106,510 Total Utilities 1,157,503 1,188,859 Total Corporate Bonds 49,023,272 50,991,354 Total Investments - 98.8% $ 49,967,071 51,922,339 Other Assets and Liabilities, Net - 1.2% 641,057 Net Assets - 100% $ 52,563,396

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 Investments Measured at Level 1 Level 2 Level 3 Net Asset Value* Total

Collective Fund $ - $ - $ - $ 701,084 $ 701,084 Common Stocks 229,901 - - - 229,901 Corporate Bonds - 50,991,354 - - 50,991,354 Total $ 229,901 $ 50,991,354 $ - $ 701,084 $ 51,922,339

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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 99.8% 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 $ 35,241,901 $ 32,520,538 $ 34,154

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

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

Federated Hermes High Yield Bond Collective Investment Fund

Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $49,967,071) $ 51,922,339 Cash and cash equivalents 20,442 Dividends and interest receivable 804,092 Total assets 52,746,873 Liabilities and Net Assets Payable for investment securities purchased 100,250 Accrued expenses 83,227 Total liabilities 183,477 Net assets $ 52,563,396

Statement of Operations For the year ended December 31, 2020 Investment income Interest $ 2,742,664 Dividends 12,956 Total investment income 2,755,620 Expenses Trustee and sub-advisor fees 218,777 Professional services and other operating expenses 2,334 Total expenses 221,111 Net investment income 2,534,509 Net realized gain on: Investments 34,154 Net change in unrealized appreciation on: Investments 757,371 Net realized and unrealized gain on investments 791,525 Net increase in net assets resulting from operations $ 3,326,034

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

Federated Hermes High Yield Bond Collective Investment Fund

Statement of Changes in Net Assets For the year ended December 31, 2020 Increase in net assets resulting from operations Net investment income $ 2,534,509 Net realized gain on investments 34,154 Net change in unrealized appreciation on investments 757,371 Net increase in net assets resulting from operations 3,326,034 Fund unit transactions Proceeds from units issued - Class M 91,612 Increase in net assets resulting from fund unit transactions 91,612 Increase in net assests 3,417,646 Net assets, beginning of year 49,145,750 Net assets, end of year $ 52,563,396

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

Federated Hermes High Yield Bond Collective Investment Fund

Financial Highlights For the year ended December 31, 2020 Per Unit Operating Performance Class M Net asset value, beginning of year $ 10.31 Income from investment operations: (1) Net investment income 0.53 (1) Net realized and unrealized gain on investments 0.17 Total income from investment operations 0.70 Net asset value, end of year $ 11.01 Total Return 6.79% Supplemental Data Ratio to average net assets: Expenses 0.45% Net investment income 5.22% Fund Unit Activity Units, beginning of year 4,767,561 Issued 8,923 Redeemed - Units, end of year 4,776,484

(1) Based on average units outstanding.

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

Federated Hermes High Yield Bond Collective Investment Fund

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 Federated Hermes High Yield Bond Collective Investment Fund (the "Fund") and also serves as the investment manager (the "Investment Manager") to the Fund. M&T Bank Corporation is the ultimate parent of the Trustee. Bank of New York Mellon provides custody, transfer agency, and accounting services for 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.

WTNA has engaged Federated Investment Counseling (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-advisor agreement.

Effective June 26, 2020, the Fund name changed from Federated High Yield Bond Collective Investment Fund to Federated Hermes High Yield Bond Collective Investment Fund.

The investment objective of the Fund is to seek high current income by investing primarily in a diversified portfolio of high yield corporate bonds (also known as "junk bonds"), which include securities issued by U.S. or foreign businesses (including emerging market debt securities).

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 Topic No. 946.

20 Wilmington Trust Collective Investment Trust

Federated Hermes High Yield Bond Collective Investment Fund

Notes to the Financial Statements (continued)

December 31, 2020

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.

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 plan sponsor directed withdrawals which will exceed $1 million of the assets invested in the Fund.

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

Investments in Collective Funds – The Fund may hold investments in units of other funds within the Trust or similar funds for which other unrelated entities are trustee. The Trustee or an unrelated trustee estimates the fair value of investments in collective funds that have calculated net asset value per unit in accordance with the specialized accounting guidance for investment companies. Accordingly, as a practical expedient, investments in other such funds are valued at their net asset value as reported by the investee funds. The Fund has the ability to redeem its investments in the collective funds at net asset value without restrictions. Where one fund invests in another fund within the Trust, the Trustee fee allocated to the investment by such investee fund is waived.

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.

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

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

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Notes to the Financial Statements (continued)

December 31, 2020

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.

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.

Subsequent Events – The Trustee has evaluated the effect of subsequent events on the Fund's 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 Fund's financial statements through this date.

Effective January 25, 2021, the Trustee has engaged State Street Bank and Trust Company as the Custodian of the Fund. State Street 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 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).

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Notes to the Financial Statements (continued)

December 31, 2020

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The aggregate fair value of the investments in the Fund, by input level used as of December 31, 2020, is included following the Fund's Schedule of Investments.

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

Note 4 – 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 Sub-Advisor Fee

Class M 8 * 37

*Prior to June 26, 2020, the Trustee fee was 3 basis points.

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.

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

Operating Expenses – In addition to the fees described above, 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.

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Notes to the Financial Statements (continued)

December 31, 2020

Note 5 – 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 6 – 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.

• Conflict of Interest. A conflict of interest may arise if the sub-advisor makes an investment in certain underlying funds based on the fact that those funds are also managed by the sub-advisor or an affiliate or because certain underlying funds may pay higher fees to the sub-advisor than do others. In addition, a sub- advisor's participation in the primary or secondary market for loans may be deemed a conflict of interest and limit the ability of the investment to acquire those assets.

• 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 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.

• 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

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Notes to the Financial Statements (continued)

December 31, 2020

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.

• 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.

• 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.

• 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.

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

• Leverage. Leverage transactions may increase volatility and result in a significant loss of value if a transaction fails. Because leverage usually involves investment exposure that exceeds the initial investment, the resulting gain or loss from a relatively small change in an underlying indicator will be disproportionately magnified.

• 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.

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Notes to the Financial Statements (continued)

December 31, 2020

• Management. Performance is subject to the risk that the sub-advisor's asset allocation and investment strategies do not perform as expected, which may cause the Fund to underperform its benchmark, other investments with similar objectives, or the market in general. The investment is subject to the risk of loss of income and capital invested, and the sub-advisor does not guarantee its value, performance, or any particular rate of return.

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

• 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.

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