WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

QS INVESTORS INTERNATIONAL EQUITY DBI CIT

FINANCIAL STATEMENTS

DECEMBER 31, 2020

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust

QS INVESTORS INTERNATIONAL EQUITY DBI CIT

CONTENTS

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

Schedule of Investments ...... 3

Statement of Assets and Liabilities ...... 19

Statement of Operations ...... 19

Statement of Changes in Net Assets...... 20

Financial Highlights ...... 21

Notes to the Financial Statements...... 22

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust, N.A., Trustee for

Wilmington Trust Collective Investment Trust

Report on the Financial Statements

We have audited the accompanying financial statements of QS Investors International Equity DBI CIT (the "Fund") of Wilmington Trust Collective Investment Trust (the "Trust"), which comprise the statement of assets and liabilities, includ ing the schedule of investments, as of December 31, 2020, the related statements of operations and changes in net assets, the financial highlights for the year then ended, and the related notes to the financial statements. These financial statements and financial highlights are hereinafter collectively referred to as financial statements.

Managemen t's Responsibility for the Financial Statements

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

Auditor 's Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial sta tements. 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 statemen ts.

W e believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 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

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Wilmington Trust Collective Investment Trust

QS Investors International Equity DBI CIT

Schedule of Investments December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% Basic Materials - 5.8% Agnico Eagle Mines Limited 365 $ 14,260 $ 25,667 Air Liquide 818 93,127 134,366 Akzo Nobel N.V. 606 67,734 65,146 Anglo American PLC 2,289 56,911 75,861 ArcelorMittal SA 1,618 52,717 37,377 Arkema SA 134 17,913 15,330 Corporation 2,700 29,114 27,577 Barrick Gold Corporation 2,168 26,438 49,350 BASF SE 1,342 91,171 106,271 BHP Group Limited 4,486 112,351 146,877 BHP Group PLC 2,867 57,484 75,442 Chr. Hansen Holding A/S 1,121 97,071 115,426 Covestro AG 552 26,795 34,094 Fortescue Metals Group Limited 2,905 18,111 52,522 Franco-Nevada Corporation 295 20,133 36,956 Givaudan SA 14 31,805 59,076 Glencore PLC 17,254 79,839 54,954 Johnson Matthey PLC 611 30,010 20,254 Kirkland Lake Gold Ltd. 445 19,492 18,373 Koninklijke DSM N.V. 572 56,703 98,542 Mondi PLC 1,320 26,639 31,026 Newcrest Mining Limited 1,173 18,214 23,335 Corporation 1,700 27,177 21,866 Corporation 500 40,635 44,700 Norsk Hydro ASA 15,045 55,574 70,042 Novozymes A/S 2,350 102,700 135,009 Nutrien Ltd. 654 32,703 31,437 Oji Holdings Corporation 2,800 18,611 15,919 Rio Tinto Limited 549 31,781 48,222 Rio Tinto PLC 1,690 95,859 126,365 Shin-Etsu Chemical Co., Ltd. 500 56,731 87,365 Smurfit Kappa Group PLC 775 31,876 36,400 Solvay SA 692 61,335 82,028 South32 Limited 13,925 35,467 26,541 Stora Enso Oyj 3,093 34,089 59,208 Company, Limited 8,000 46,688 32,157 Symrise AG 164 16,053 21,752 Umicore SA 1,753 53,637 84,272

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

QS Investors International Equity DBI CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Basic Materials - 5.8% (continued) UPM-Kymmene Corporation 2,908 $ 73,370 $ 108,415 Wheaton Precious Metals Corp. 522 14,470 21,781 Yara International ASA 2,006 79,451 83,408 Total Basic Materials 1,952,239 2,440,709

Communications - 15.7% Adevinta ASA 6,154 104,673 103,502 Altice Europe N.V. 23,084 124,187 150,486 Auto Trader Group PLC 2,823 14,198 22,999 BCE Inc. 1,362 58,752 58,190 Bollore 6,666 21,748 27,584 BT Group PLC 19,028 57,190 34,399 CyberAgent, Inc. 300 14,506 20,660 Dentsu Group Inc. 900 26,242 26,718 Deutsche Telekom AG 23,216 382,207 424,811 Elisa Oyj 5,077 303,166 278,731 Iliad SA 104 19,569 21,391 Informa PLC 3,611 37,002 27,099 KDDI Corporation 3,500 90,860 103,937 Koninklijke KPN N.V. 126,156 391,108 383,889 M3, Inc. 900 31,583 84,931 NICE Ltd. 415 54,841 116,326 Nippon Telegraph and Telephone Corporation 2,700 63,309 69,184 Nokia Oyj 86,736 358,066 334,402 Orange SA 13,745 191,645 163,703 Pearson PLC 1,858 20,484 17,281 Publicis Groupe SA 1,356 76,372 67,626 Quebecor Inc. Class B 1,833 45,967 47,134 Rogers Communications Inc. 2,558 118,671 118,985 Schibsted ASA 2,639 71,324 98,570 Schibsted ASA Class A 1,727 68,866 73,885 Scout24 AG 846 64,461 69,405 SEEK Limited 3,910 36,283 86,079 SES S.A. * 3,589 58,172 33,883 Shaw Communications Inc. 3,948 80,210 69,229 Shopify Inc. Class A 182 55,730 205,331 Singapore Telecommunications Limited 185,300 399,110 323,870 SoftBank Corp. 5,700 70,848 71,385 SoftBank Group Corp. 3,400 170,686 265,361 Swisscom AG 923 446,270 498,177

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

QS Investors International Equity DBI CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Communications - 15.7% (continued) Tele2 AB 15,552 $ 204,567 $ 205,654 Telefonaktiebolaget LM Ericsson 7,523 50,828 89,442 Telefonica Deutschland Holding AG 7,405 22,033 20,431 Telefonica SA 66,161 444,260 262,687 Telenor ASA 19,373 350,558 330,126 Telia Company AB 77,455 317,331 320,287 Telstra Corporation Limited 52,104 122,263 119,814 TELUS Corporation 3,760 66,620 74,403 Thomson Reuters Corporation 564 40,334 46,121 TPG Telecom Limited 5,293 24,569 29,489 United Internet AG 1,134 43,116 47,772 Vivendi SE 5,803 156,116 187,305 Vodafone Group Public Limited Company 48,245 83,389 79,758 Wix.com Ltd. 370 52,665 92,485 Wolters Kluwer N.V. 1,155 76,143 97,596 WPP PLC 3,643 44,135 39,838 Z Holdings Corporation 7,000 33,520 42,334 Total Communications 6,260,753 6,584,685

Consumer, Cyclical - 8.1% adidas AG 117 27,821 42,646 AEON Co.,Ltd. 1,700 39,216 55,736 Aktiebolaget Volvo 2,135 40,282 50,382 Alimentation Couche-Tard Inc. 3,961 87,093 134,873 Aristocrat Leisure Limited 3,182 65,550 76,117 Bayerische Motoren Werke Aktiengesellschaft 359 37,649 31,727 Canadian Tire Corporation, Limited Class A 382 49,960 50,173 City Developments Limited 5,900 38,404 35,579 Compagnie Financiere Richemont SA 3,543 276,900 320,972 Compass Group PLC 2,843 60,409 52,969 COSMOS Pharmaceutical Corporation 100 16,623 16,156 Crown Resorts Limited 3,336 35,246 24,790 Daimler AG 557 46,830 39,385 Industry Co., Ltd. 2,000 77,764 59,354 Corporation 700 39,737 41,588 Dollarama Inc. 1,892 62,800 77,046 Electrolux Aktiebolaget 2,793 76,253 65,076 Evolution Gaming Group AB 1,287 80,506 130,823 Ferrari N V 468 48,600 108,025 Galaxy Entertainment Group Limited 21,000 168,536 163,177

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

QS Investors International Equity DBI CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Consumer, Cyclical - 8.1% (continued) Gildan Activewear Inc. 1,314 $ 37,498 $ 36,707 H & M Hennes & Mauritz AB 6,572 103,161 137,641 Industria de Diseno Textil, SA 7,821 234,035 249,187 Jardine Strategic Holdings Limited 1,100 42,900 27,368 Kering 29 13,333 21,091 LVMH Moet Hennessy-Louis Vuitton SE 122 37,179 76,264 Magna International Inc. 1,713 107,061 121,160 Melco Resorts & Entertainment Limited ^ 2,000 55,680 37,100 Moncler S.p.A. 807 25,661 49,508 Co., Ltd. 200 93,485 127,522 Qantas Airways Limited 4,619 12,847 17,287 Restaurant Brands International Inc. 1,809 91,425 110,514 Sands China Ltd. 22,400 118,480 98,367 Singapore Airlines Limited 30,200 109,960 97,799 SJM Holdings Limited 29,000 32,675 32,426 Corporation 600 30,808 59,770 Stellantis NV 3,894 61,155 69,848 2,800 47,228 37,032 Swatch Group AG/The 228 79,851 62,291 Tabcorp Holdings Limited 12,517 44,212 37,669 Motor Corporation 700 49,134 53,948 Tsuruha Holdings Inc. 100 14,908 14,219 Wesfarmers Limited 5,731 133,663 222,885 Wynn Macau Limited 21,200 78,672 35,598 Total Consumer, Cyclical 3,031,190 3,409,795

Consumer, Non-cyclical - 19.9% Adyen N.V. 14 20,051 32,632 Co., Inc. 1,500 26,136 33,960 Alcon Inc. 560 26,390 37,276 Amadeus IT Group Sociedad Anonima 4,117 291,802 300,025 Anheuser-Busch InBev SA/NV 3,849 269,288 268,485 argenx SE 410 91,935 121,401 Asahi Group Holdings, Ltd. 1,100 41,553 45,217 Inc. 3,100 45,375 47,861 AstraZeneca PLC 1,319 121,543 132,052 Atlantia SpA 3,418 109,490 61,540 Bausch Health Companies Inc. 5,232 113,807 108,459 Bayer Aktiengesellschaft 817 66,814 48,138 Beiersdorf AG 681 68,239 78,691

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

QS Investors International Equity DBI CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Consumer, Non-cyclical - 19.9% (continued) Brambles Limited 7,350 $ 57,701 $ 60,119 British American Tobacco P.L.C. 1,659 62,436 61,411 Budweiser Brewing Company APAC Limited 40,300 124,028 133,054 Canopy Growth Corporation 3,281 86,351 80,660 Carlsberg AS 1,614 197,556 258,728 Chugai Pharmaceutical Co., Ltd. 1,200 41,749 63,960 Coca-Cola Amatil Limited 1,726 10,070 17,221 Cochlear Limited 177 26,264 25,814 Coles Group Limited 6,182 53,002 86,534 Coloplast A/S 173 27,247 26,436 CSL Limited 1,012 153,400 221,138 Company, Limited 3,300 91,686 112,989 Danone 766 61,973 50,386 Diageo PLC 1,272 48,171 50,042 Co., Ltd. 500 33,289 35,701 Empire Company Limited 1,062 22,970 29,001 EssilorLuxottica 243 29,553 37,924 Essity Aktiebolag 3,962 107,904 127,603 Etablissementen Franz Colruyt NV 269 15,411 15,953 Eurofins Scientific SE 260 17,019 21,833 Experian PLC 571 20,012 21,675 Fisher & Paykel Healthcare Corporation Limited 9,494 177,188 225,372 Fresenius Medical Care AG & Co. KGaA 224 22,702 18,692 Fresenius SE & Co. KGaA 308 24,309 14,260 Galapagos NV 483 103,798 47,562 Genmab A/S 128 42,055 51,823 George Weston Limited 449 32,464 33,509 GlaxoSmithKline PLC 3,928 74,174 72,057 GN Store Nord A/S 322 25,646 25,788 Grifols, SA 8,725 269,336 254,930 Heineken N.V. 626 64,957 69,869 Henkel AG & Co. KGaA 712 83,469 68,692 Hong Kong Exchanges and Clearing Limited 1,900 70,169 104,142 ICA Gruppen AB 851 31,467 42,578 Ipsen SA 189 15,914 15,702 ITO EN, Ltd. 300 20,069 18,974 Tobacco Inc. 2,500 51,007 50,898 1,200 97,227 92,634 Kerry Group PLC 1,737 184,375 251,636 Kikkoman Corporation 500 25,018 34,723

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

QS Investors International Equity DBI CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Consumer, Non-cyclical - 19.9% (continued) Kirin Holdings Company, Limited 2,100 $ 45,556 $ 49,507 Kobayashi Pharmaceutical Co., Ltd. 200 18,874 24,427 Koninklijke Ahold Delhaize N.V. 2,871 73,947 81,181 Kyowa Kirin Co., Ltd. 1,200 32,171 32,707 Lion Corporation 700 16,721 16,936 Loblaw Companies Limited 997 50,499 49,154 Lonza Group AG 46 24,043 29,600 L'Oreal 313 76,379 119,027 Meiji Holdings Co.,Ltd. 500 38,039 35,159 Merck KGaA 108 17,557 18,546 Metro Inc. 1,489 49,949 66,386 Mowi ASA 7,567 164,561 168,805 Nestle S.A. 1,863 172,055 219,737 Nissin Foods Holdings Co., Ltd. 200 17,340 17,124 Novartis AG 787 61,984 74,475 Novo Nordisk A/S 2,328 121,814 163,268 Ocado Group PLC 711 17,315 22,227 Olympus Corporation 2,100 20,492 45,897 Co., Ltd. 1,000 29,274 30,103 Orkla ASA 12,566 103,649 127,686 Otsuka Holdings Co., Ltd. 900 45,312 38,512 PeptiDream Inc. 300 15,911 15,226 Pernod Ricard 498 74,840 95,543 Pigeon Corporation 400 15,881 16,485 Ramsay Health Care Limited 602 28,333 28,885 Randstad N.V. 866 61,713 56,413 Reckitt Benckiser Group plc 519 40,869 46,412 Recruit Holdings Co., Ltd. 600 14,188 25,111 RELX PLC 2,284 49,455 55,964 Roche Holding AG 318 89,063 111,162 Ryman Healthcare Limited 6,673 57,945 72,981 Sanofi 1,903 167,758 183,246 Santen Pharmaceutical Co., Ltd. 900 17,062 14,601 Saputo Inc. 1,437 47,160 40,189 Sartorius Stedim Biotech S.A. 73 17,802 26,010 Seven & i Holdings Co., Ltd. 1,800 62,423 63,792 & Co., Ltd. 600 31,147 32,747 Company, Limited 1,000 63,010 69,117 Smith & Nephew PLC 918 18,610 18,948 Sonic Healthcare Limited 1,436 26,842 35,625

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

QS Investors International Equity DBI CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Consumer, Non-cyclical - 19.9% (continued) Suntory Beverage & Food Limited 500 $ 20,436 $ 17,676 Swedish Match AB 1,193 69,826 92,650 Sysmex Corporation 400 34,432 48,041 Takeda Pharmaceutical Company Limited 2,900 109,142 105,472 Terumo Corporation 1,100 29,143 45,941 Tesco PLC 15,025 44,408 47,526 Teva Pharmaceutical Industries Limited 28,102 234,825 267,384 Toyo Suisan Kaisha, Ltd. 300 16,189 14,587 Transurban Group 12,864 99,583 135,596 Treasury Wine Estates Limited 3,857 42,015 27,977 UCB SA 1,146 93,749 118,457 Corporation 1,400 59,302 66,335 Unilever PLC 2,375 130,788 143,757 WH Group Limited 226,000 199,374 189,454 Woolworths Group Limited 5,737 119,267 174,024 Yakult Honsha Co., Ltd. 300 19,388 15,110 Total Consumer, Non-cyclical 7,414,969 8,296,668

Diversified - 0.4% CK Hutchison Holdings Limited 14,548 135,298 101,504 Jardine Matheson Holdings Limited 1,300 77,042 72,800 Total Diversified 212,340 174,304

Energy - 11.4% Ampol Limited 2,294 57,042 50,308 APA Group 15,872 115,754 118,190 BP PLC 67,235 306,471 234,179 Canadian Natural Resources Limited 1,920 57,349 46,101 Enbridge Inc. 2,662 83,294 85,063 , Inc. 95,500 373,004 342,614 Eni SpA 57,506 737,991 601,450 Equinor ASA 35,104 559,749 594,295 Idemitsu Kosan Co.,Ltd. 5,176 163,912 113,802 Corporation 31,300 226,918 168,558 Neste Oyj 4,624 142,381 334,709 Oil Search Limited 13,966 68,329 39,982 Pembina Pipeline Corporation 963 19,281 22,752 Repsol, SA 50,546 589,499 510,226 Royal Dutch Shell PLC 12,079 219,831 207,944

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

QS Investors International Equity DBI CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Energy - 11.4% (continued) Royal Dutch Shell PLC 13,297 $ 251,803 $ 235,892 Santos Limited 12,876 48,601 62,297 Siemens Gamesa Renewable Energy, S.A. 969 24,855 39,232 Suncor Energy Inc. 2,278 73,712 38,175 TC Energy Corporation 1,294 55,389 52,562 Total SE 15,544 750,185 671,374 Vestas Wind Systems A/S 422 30,119 99,855 Woodside Petroleum Ltd. 6,852 103,714 120,234 Total Energy 5,059,183 4,789,794

Financials - 12.4% ABN AMRO Bank N.V. * 1,777 46,435 17,437 Aegon N.V. 7,265 50,429 28,756 Ageas SA/NV 998 44,274 53,216 AIA Group Limited 19,200 174,131 235,238 Allianz SE 415 96,421 101,910 Aroundtown SA 6,289 48,306 47,093 Assicurazioni Generali S.p.A. 1,840 35,591 32,104 Australia and New Zealand Banking Group Limited 2,017 44,212 35,331 Aviva PLC 5,170 37,567 22,982 AXA SA 2,741 69,704 65,438 Banco Bilbao Vizcaya Argentaria, SA 11,015 73,121 54,381 Banco Santander, SA 28,644 64,829 88,950 Bank Hapoalim Ltd 17,511 109,563 119,929 Bank of Montreal 489 36,927 37,147 Bank of Nova Scotia / The 800 43,764 43,203 Barclays PLC 10,067 29,064 20,185 BNP Paribas 1,413 88,662 74,523 BOC Hong Kong (Holdings) Limited 5,500 28,090 16,669 Brookfield Asset Management Inc. Class A 878 28,234 36,264 CaixaBank, SA 7,538 35,431 19,378 Canadian Imperial Bank of Commerce 176 15,564 15,019 CapitaLand Limited 20,800 58,344 51,620 CK Asset Holdings Limited 8,000 71,312 41,063 Commonwealth Bank of Australia 1,313 77,754 83,192 Credit Agricole SA 1,033 7,408 13,044 Credit Suisse Group AG 2,791 50,689 35,995 Dai-ichi Life Holdings, Inc. 1,200 22,860 18,039 Co., Ltd. 300 51,237 28,011 Danske Bank A/S 8,886 114,578 147,017 See Notes to the Financial Statements. 10 Wilmington Trust Collective Investment Trust

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Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Financials - 12.4% (continued) DBS Group Holdings Ltd 6,200 $ 115,960 $ 117,465 Deutsche Bank AG 2,063 32,468 22,589 Deutsche Boerse Aktiengesellschaft 243 32,798 41,402 Deutsche Wohnen SE 1,879 78,079 100,446 DNB ASA 8,526 111,116 167,295 Erste Group Bank AG 4,601 98,141 140,401 ESR Cayman Limited 6,400 19,931 22,946 EXOR N.V. 230 12,500 18,635 Finecobank Banca Fineco S.P.A. 1,241 13,043 20,347 Gjensidige Forsikring ASA 2,159 40,669 48,264 Groupe Bruxelles Lambert SA 483 37,875 48,767 Hang Lung Properties Limited 7,000 18,138 18,462 Hang Seng Bank, Limited 1,100 26,512 18,967 Hongkong Land Holdings Limited 4,100 28,536 16,933 HSBC Holdings PLC 10,488 102,276 54,314 ING Groep N.V. 11,840 66,995 110,694 Intesa Sanpaolo S.p.A. 25,790 95,896 60,353 Investor Aktiebolag 1,058 49,328 77,193 Isracard Ltd. 1 3 3 Israel Discount Bank Limited 17,888 56,036 68,860 Japan Exchange Group, Inc. 600 10,629 15,331 KBC Group NV 1,203 77,194 84,312 LEG Immobilien AG 336 45,191 52,236 Legal & General Group PLC 4,920 11,698 17,903 Leumi Bank, Inc. 22,333 122,138 131,461 Lloyds Banking Group PLC 55,048 51,286 27,420 Stock Exchange Group Plc 300 27,286 36,940 Macquarie Group Limited 325 26,880 34,729 Manulife Financial Corporation 858 16,194 15,254 Company, Limited 3,700 63,611 59,382 Mitsubishi UFJ Financial Group, Inc. 8,900 50,211 39,317 Co., Ltd. 3,100 73,156 64,810 Mizrahi Tefahot Bank Ltd. 2,142 41,117 49,534 , Inc. 1,880 28,913 23,808 MS&AD Insurance Group Holdings, Inc. 600 18,871 18,254 Muenchener Rueckversicherungs-Gesellschaft AG 156 35,932 46,344 National Australia Bank Limited 2,728 63,250 47,574 New World Development Company Limited 4,750 29,463 22,115 NN Group N.V. 1,078 28,126 46,864 , Inc. 3,800 22,822 20,059 See Notes to the Financial Statements. 11 Wilmington Trust Collective Investment Trust

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Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Financials - 12.4% (continued) Nordea Bank ABP 5,338 $ 29,873 $ 43,692 Oversea-Chinese Banking Corporation Limited 14,600 132,450 111,131 Prudential PLC 1,805 41,953 33,235 Raiffeisen Bank International AG 2,874 46,747 58,655 REA Group Ltd 799 57,386 91,779 , Inc. 4,000 22,100 13,963 Royal Bank of Canada 881 68,514 72,326 Sampo Oyj 4,220 148,425 178,498 Singapore Exchange Limited 3,900 20,335 27,384 Skandinaviska Enskilda Banken AB 3,198 38,220 32,905 Societe Generale SA 789 12,051 16,433 Sumitomo Mitsui Financial Group, Inc. 900 33,087 27,790 Sumitomo Realty & Development Co., Ltd. 1,100 41,680 33,891 Sun Hung Kai Properties Limited 4,500 74,084 58,036 Svenska Handelsbanken AB 2,615 30,598 26,301 Swedbank AB 1,433 26,727 25,147 Swiss Life Holding Ltd. 73 25,422 34,058 Swiss Re AG 384 39,137 36,204 Toronto-Dominion Bank / The 1,170 59,597 66,049 Tryg A/S 1,799 49,284 56,807 UBS Group AG 4,255 53,614 60,026 UniCredit SpA 3,720 62,841 34,811 United Overseas Bank Limited 5,100 99,721 87,171 UOL Group Limited 6,000 28,099 35,002 Vonovia SE 2,486 132,295 181,775 Westpac Banking Corporation 2,546 59,051 38,055 Wharf Real Estate Investment Company Limited 7,000 41,649 36,427 Zurich Insurance Group Ltd. 176 58,114 74,366 Total Financials 5,067,823 5,203,034

Industrials - 7.4% A.P. Moeller - Maersk A/S 21 27,110 46,929 ABB Ltd. 1,556 37,625 43,497 ACS Actividades de Construccion y Servicios SA 1,290 52,433 42,853 Aena SME SA 324 68,041 56,372 Airbus SE 365 43,549 40,095 ASSA ABLOY AB 1,533 34,557 37,800 Aurizon Holdings Limited 9,093 34,048 27,365 CAE Inc. 742 15,067 20,542

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

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Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Industrials - 7.4% (continued) Canadian National Railway Company 1,428 $ 118,705 $ 156,856 Canadian Pacific Railway Limited 321 66,838 111,249 Cellnex Telecom, SA 4,202 200,568 252,543 Central Japan Railway Company 100 20,173 14,131 CK Infrastructure Holdings Limited 4,000 33,947 21,486 CNH Industrial N.V. 4,729 64,702 59,742 CRH Public Limited Company 3,400 110,740 142,124 Deutsche Post AG 966 43,738 47,869 DSV Panalpina A/S 385 30,058 64,552 Ferrovial, SA 2,506 53,105 69,296 Geberit AG 30 13,893 18,809 Halma Public Limited Company 2,789 69,931 93,366 Hexagon AB 748 45,055 68,292 , Ltd. 700 26,340 27,561 700 46,422 96,750 Husqvarna AB 3,559 37,513 46,153 James Hardie Industries plc 825 18,321 24,331 Keppel Corporation Limited 32,800 162,201 133,518 Corporation 100 29,753 56,177 Kingspan Group PLC 2,159 138,694 151,630 Komatsu Ltd. 1,000 33,772 27,289 KONE Oyj 1,506 76,297 122,464 Corporation 1,100 19,207 23,983 LafargeHolcim Ltd 447 25,013 24,586 Lendlease Corporation Limited 3,060 41,966 30,932 Corporation 2,400 40,085 36,194 MTR Corporation Limited 8,000 45,611 44,726 Prysmian S.p.A. 1,863 60,986 66,287 Safran 216 23,578 30,644 Sandvik AB 1,295 24,370 31,742 Schneider Electric SE 308 27,140 44,582 Siemens AG 616 80,600 88,576 Sika AG 234 31,394 64,010 Singapore Technologies Engineering Ltd 36,300 89,807 104,919 SMC Corporation 100 43,068 60,971 Sydney Airport Limited 5,872 18,728 29,045 Techtronic Industries Company Limited 7,500 54,528 106,979 Tenaris SA 9,915 111,473 80,359 VINCI SA 193 19,346 19,213

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

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Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Industrials - 7.4% (continued) Wartsila Corporation 3,054 $ 69,553 $ 30,454 WSP Global Inc. 332 21,433 31,425 Xinyi Glass Holdings Limited 8,000 19,745 22,337 Total Industrials 2,620,827 3,093,605

Technology - 2.2% ASML Holding N.V. 338 82,395 164,411 AVEVA Group PLC 323 16,059 14,138 Canon Inc. 900 33,492 17,242 Capgemini SE 220 28,596 34,132 CGI Inc. 596 35,001 47,245 Check Point Software Technologies Ltd. 800 89,200 106,328 Constellation Software Inc. 47 42,298 60,979 CyberArk Software Ltd. 200 26,062 32,318 Dassault Systemes 224 30,772 45,538 FUJIFILM Holdings Corporation 300 12,510 15,801 Limited 200 12,256 28,873 NEXON Co., Ltd. 1,100 25,000 33,881 Open Text Corporation 839 34,834 38,091 Sage Group PLC/The 7,615 56,704 60,582 SAP SE 766 82,956 100,491 STMicroelectronics N.V. 1,170 27,798 43,347 Topicus.com Inc. 87 - 328 Ubisoft Entertainment 667 53,390 64,342 Total Technology 689,323 908,067

Utilities - 10.3% AGL Energy Limited 8,461 143,279 78,021 Algonquin Power & Utilities Corp. 3,032 42,350 49,859 AltaGas Ltd. 2,339 38,854 34,369 AusNet Services Ltd 26,405 33,634 35,759 Canadian Utilities Limited 1,013 26,347 24,721 Company, Incorpoated 9,600 128,757 115,578 Chugoku Electric Power Co., Inc./The 5,000 62,762 58,550 CLP Holdings Limited 12,000 121,901 110,964 E.ON SE 13,113 146,995 145,427 EDP - Energias de Portugal, SA 66,110 281,794 417,063 Electricite de France SA 4,356 60,277 68,728 Emera Incorporated 1,309 46,918 55,586 Enagas, SA 664 17,548 14,595 See Notes to the Financial Statements. 14 Wilmington Trust Collective Investment Trust

QS Investors International Equity DBI CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Common Stocks - 93.6% (continued) Utilities - 10.3% (continued) Endesa SA 1,081 $ 23,387 $ 29,561 Enel SpA 29,665 178,504 300,391 ENGIE 13,704 198,163 209,929 Fortis Inc. 2,622 95,981 107,020 Fortum Oyj 15,012 319,179 361,848 HK Electric Investments and HK Electric Investments Limited 25,500 26,100 25,093 Hong Kong and China Gas Company Limited/The 71,599 128,414 106,930 Hydro One Limited 1,606 26,730 36,116 Iberdrola, S.A. 21,199 162,336 303,475 Kansai Electric Power Company, Incorporated/The 10,800 120,825 101,854 Kyushu Electric Power Company, Incorporated 7,000 68,862 60,206 National Grid plc 17,659 195,933 208,802 Northland Power Inc. 1,112 38,109 39,863 Origin Energy Limited 13,502 91,373 49,594 Co., Ltd. 6,500 128,594 132,965 Power Assets Holdings Limited 9,500 66,244 51,458 Red Electrica Corporacion, S.A. 1,394 27,909 28,612 RWE Aktiengesellschaft 3,920 119,473 165,809 Severn Trent PLC 931 28,930 29,131 Snam S.p.A. 6,199 27,183 34,898 SSE PLC 4,322 70,229 88,619 SUEZ 2,643 34,408 52,453 Terna S.p.A. 6,840 42,072 52,307 TOHO GAS Co., Ltd. 1,300 52,987 85,999 Tohoku Electric Power Company, Incorporated 7,200 81,734 59,276 Electric Power Company Holdings, Incorporated 19,500 103,148 51,373 Co., Ltd. 6,400 149,891 147,781 Uniper SE 1,150 36,627 39,736 United Utilities Group PLC 2,819 31,132 34,488 Veolia Environnement 4,179 92,654 102,315 Total Utilities 3,918,527 4,307,122 Total Common Stocks 36,227,174 39,207,783

Preferred Stocks - 0.4% Henkel AG & Co. KGaA 1,181 141,585 133,375 Sartorius AG 48 20,967 20,180 Total Preferred Stocks 162,552 153,555

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

QS Investors International Equity DBI CIT

Schedule of Investments (continued) December 31, 2020

Principal Amount or Fair Shares Cost Value

Real Estate Investment Trusts - 2.7% Financials - 2.7% Ascendas Real Estate Investment Trust 31,200 $ 64,547 $ 70,348 British Land Company Public Limited Company/The 4,807 42,733 32,132 CapitaLand Integrated Commercial Trust 50,432 76,092 82,422 Covivio 335 23,592 30,885 Daiwa House REIT Investment Corporation 8 19,814 19,774 Dexus 3,780 21,370 27,418 Gecina SA 342 46,139 52,851 GLP J-Reit 13 20,134 20,474 Goodman Group 6,961 49,580 101,574 GPT Group/The 9,198 33,423 31,939 Japan Real Estate Investment Corporation 5 25,928 28,863 Klepierre SA 1,293 56,521 29,094 Land Securities Group PLC 3,919 40,971 36,096 Link Real Estate Investment Trust 7,000 61,416 63,736 Mapletree Commercial Trust 27,600 47,357 44,481 Mapletree Logistics Trust 20,000 27,821 30,417 Mirvac Group 18,661 31,644 38,015 Nippon Building Fund Inc. 5 27,295 28,960 Nippon Prologis REIT, Inc. 6 17,115 18,713 Nomura Real Estate Master Fund. Inc. 11 13,426 15,726 JREIT Inc. 12 16,709 19,817 Scentre Group Limited 23,035 24,312 49,414 Segro Public Limited Company 6,994 61,104 90,595 Stockland 9,472 30,348 30,552 Suntec Real Estate Investment Trust 17,700 24,003 19,955 Unibail-Rodamco-Westfield 979 104,899 77,358 Vicinity Centres 19,966 38,528 24,728 Total Real Estate Investment Trusts 1,046,821 1,116,337

Money Market Fund - 1.6% State Street Institutional Treasury Plus Money Market Fund - Premier Class 661,275 661,275 661,275 Total Investments - 98.3% $ 38,097,822 41,138,950 Other Assets and Liabilities, Net - 1.7% 714,233 Net Assets - 100% $ 41,853,183

^American Depositary Receipt *Global Depositary Receipt

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

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Schedule of Investments (continued) December 31, 2020

Futures Number of Value as of Unrealized Contracts Expiration December 31, Appreciation Long Date 2020 (Depreciation) Futures in gain position Euro Stoxx 50 Future 12 3/19/21 $ 521,232 $ 7,635 SFE SPI 200 Index Future 1 3/18/21 126,107 3,475 647,339 11,110 Futures in loss position Nikkei 225 (CME) Future 1 3/11/21 137,675 (1,254) $ 785,014 $ 9,856

The following table summarizes how the Fund's investments are broken down by country of issuance as a percentage of net assets of the Fund:

Percentage Country of Issuer Fair Value of Net Assets

Japan $ 5,149,348 12.5% Australia 3,076,029 7.3% France 2,985,461 7.1% Canada 2,976,493 7.1% United Kingdom 2,650,886 6.3% Spain 2,576,303 6.2% Germany 2,373,478 5.7% Switzerland 1,902,618 4.5% Hong Kong 1,901,590 4.5% Norway 1,865,878 4.5% Finland 1,852,421 4.4% Netherlands 1,779,844 4.3% Sweden 1,607,669 3.8% Italy 1,422,021 3.4% Singapore 1,373,081 3.3% Denmark 1,191,638 2.8% Israel 984,628 2.4% Belgium 803,052 1.9% United States 769,734 1.8% Ireland 627,796 1.5% Portugal 417,063 1.0% New Zealand 298,353 0.7% Luxembourg 220,545 0.5% Austria 199,056 0.5% Macao 133,965 0.3% Total $ 41,138,950 98.3%

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

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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 in Notes to the Financial Statements):

Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Common Stocks $ 39,207,783 $ - $ - $ 39,207,783 Futures 11,110 - - 11,110 * Preferred Stocks 153,555 - - 153,555 Real Estate Investment Trusts 1,116,337 - - 1,116,337 Money Market Fund 661,275 - - 661,275 Total Assets $ 41,150,060 $ - $ - $ 41,150,060

Liabilities: Futures $ (1,254) $ - $ - $ (1,254) * Total Liabilities $ (1,254) $ - $ - $ (1,254)

*Futures are valued at the unrealized appreciation (depreciation) as shown in 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 81.5% 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 $ 14,932,115 $ 35,187,815 $ (5,644,673)

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

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Statement of Assets and Liabilities December 31, 2020 Assets Investments in securities, at fair value (cost $38,097,822) $ 41,138,950 Foreign currency, at fair value (cost $92,520) 93,276 Cash held at broker 79,867 Dividends, interest and tax reclaim receivable 456,836 Receivable for fund units sold 82,800 Miscellaneous receivable 32,199 Variation margin receivable on futures 30,245 Receivable for investment securities sold 15,544 Total assets 41,929,717 Liabilities and Net Assets Accrued expenses 76,534 Total liabilities 76,534 Net assets $ 41,853,183

Statement of Operations For the year ended December 31, 2020 Investment income Dividends $ 1,228,521 Interest 122,631 Miscellaneous income 1,533 Total investment income 1,352,685 Expenses Trustee and sub-advisor fees 172,166 Professional services and other operating expenses 5,512 Total expenses 177,678 Net investment income 1,175,007 Net realized loss on: Investments (5,644,673) Futures (451,593) Foreign currency transactions (84,044) Net change in unrealized appreciation (depreciation) on: Investments 2,134,711 Futures 21,411 Foreign currency translation (759) Net realized and unrealized loss on investments and foreign currency transactions and translation (4,024,947) Net decrease in net assets resulting from operations $ (2,849,940)

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

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Statement of Changes in Net Assets For the year ended December 31, 2020 Decrease in net assets resulting from operations Net investment income $ 1,175,007 Net realized loss on investments and foreign currency transactions (6,180,310) Net change in unrealized appreciation on investments and foreign currency translation 2,155,363 Net decrease in net assets resulting from operations (2,849,940) Fund unit transactions Proceeds from units issued Class R-INT 3,860,183 Total proceeds from units issued 3,860,183 Value of units redeemed Class R1 (15,000,000) Class R-INT (11,334,293) Total value of units redeemed (26,334,293) Decrease in net assets resulting from fund unit transactions (22,474,110) Decrease in net assets (25,324,050) Net assets, beginning of year 67,177,233 Net assets, end of year $ 41,853,183

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

QS Investors International Equity DBI CIT

Financial Highlights For the year ended December 31, 2020 Per Unit Operating Performance Class R1 Class R-INT Net asset value, beginning of year $ 10.54 $ 10.57 Income from investment operations: (1) Net investment income 0.25 0.25 Net realized and unrealized gain on investments and foreign (1) currency transactions and translation 0.06 0.11 Total income from investment operations 0.31 0.36 Net asset value, end of year $ 10.85 $ 10.93 Total Return 2.94% 3.41% Supplemental Data Ratio to average net assets: Expenses 0.49% 0.05% Net investment income 2.71% 2.74% Fund Unit Activity Units, beginning of year 4,893,017 1,477,313 Issued - 400,933 Redeemed (1,750,292) (1,168,926) Units, end of year 3,142,725 709,320

(1) Based on average units outstanding.

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

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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 QS Investors International Equity DBI CIT (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. State Street Bank and Trust Company 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. 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 Fund, and is therefore not subject to CFTC registration or regulation as a CPO with respect to the Fund.

The investment objective of the Fund is to seek broadly diversified equity exposure using efficient portfolio construction in order to achieve absolute risk-adjusted returns above the benchmark, MSCI EAFE Net Dividend Total Return Index USD, principally from investing in a globally diversified portfolio of approved securities and approved derivatives. WTNA has engaged QS Investors, LLC (the "Sub-Advisor") to provide investment advice in connection with the investment of the Fund's assets. On October 1, 2020, Franklin Resources combined Franklin Templeton Multi-Asset Solutions with QS Investors to form Franklin Templeton Investment Solutions. There are no immediate changes to the legal entity, branding, strategies, or products offered by QS Investors as a result of this combination. 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.

Note 2 – Significant Accounting Policies

The accompanying 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 Accounting Standards Codification Topic No. 946.

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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 sponsors to provide advance written notice of five business days for plan sponsor directed contributions and 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, 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.

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

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the 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.

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Notes to the Financial Statements (continued)

December 31, 2020

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

Foreign Currency Translation – The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars using foreign currency exchange rates determined as of the close of regular trading on the NYSE. Purchases and sales of Fund securities, commitments under forward foreign currency contracts and income receipts are translated at the prevailing exchange rate as of the date of each transaction. Realized and unrealized gain or loss on the translation of foreign currency denominated investments is included as a component of net realized and unrealized gain or loss on investments in the Statements of Operations. Realized gain or loss on foreign currency transactions may include gains and losses from sales and maturities of foreign currency exchange contracts, gains and losses realized between the trade and settlement dates of foreign security transactions or the difference between the amount of net investment income accrued on foreign securities and the U.S. dollar amount actually received. Unrealized gain or loss on foreign currency transactions include gains and losses due to changes in the value of assets and liabilities, other than Fund securities, resulting from changes in exchange rates. Certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in or are a reduction of ordinary income in accordance with U.S. federal income tax regulations.

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

Fee Classes and Allocations – The Fund offers multiple fee classes. Not all fee classes are available for investment by all plans. Each class is allocated expenses on the basis of expense loads assigned to that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each fee class based on the units outstanding for the fee class in proportion to the total outstanding units.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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

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

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Notes to the Financial Statements (continued)

December 31, 2020

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 February 22, 2021, the Trustee has engaged The Northern Trust Company as the Custodian of the Fund. 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 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 assets and liabilities. • Level 2 – Other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, credit risk, and others). • Level 3 – Significant unobservable inputs (including the Trustee's own assumptions in determining the fair value of assets and liabilities).

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.

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 (1) Sub-Advisor Fee (2)

Class R1 8 on the first $4 billion 40 (all assets) 7 on assets over $4 billion

25 Wilmington Trust Collective Investment Trust

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Notes to the Financial Statements (continued)

December 31, 2020

Fee Class Trustee Fee (1) Sub-Advisor Fee (2)

Class R-INT 5 (3) 0

(1) The Trustee fee, with respect to Class R1, 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 its Sub-Advisor fee and/or reimburse expenses so that annual total fees and expenses do not exceed 49 and 15 basis points for Class R1 and Class R-INT, respectively. These waivers and/or reimbursements may be reduced or terminated at any time. (3) For custody services only.

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. Sub- advisor fees for each class 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.

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.

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Notes to the Financial Statements (continued)

December 31, 2020

• Country or Region. Investments in securities from a particular country or region may be subject to the risk of adverse social, political, regulatory, or economic events occurring in that country or region. Country or region-specific risks also include the risk that adverse securities markets or exchange rates may impact the value of securities from those areas.

• Currency. Investments in securities traded in foreign currencies or more directly in foreign currencies are subject to the risk that the foreign currency will decline in value relative to the U.S. dollar, which may reduce the value of the Fund. Investments in currency hedging positions are subject to the risk that the value of the U.S. dollar will decline relative to the currency being hedged, which may result in a loss of money on the investment as well as the position designed to act as a hedge. Cross-currency hedging strategies and active currency positions may increase currency risk because actual currency exposure may be substantially different from that suggested by the Fund's holdings.

• 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.

• 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.

• 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.

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Notes to the Financial Statements (continued)

December 31, 2020

• Loss of Money. An investment's market value may fluctuate up and down, an investor may lose money, including part of the principal, when he or she buys or sells the investment.

• Market/Market Volatility. The market value of the Fund's securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the Fund.

• 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.

• 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.

• 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.

28