WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST FUNDS INVESTING IN BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A. COLLECTIVE FUNDS FINANCIAL STATEMENTS DECEMBER 31, 2020 WITH INDEPENDENT AUDITOR'S REPORT Wilmington Trust Collective Investment Trust Funds Investing in BlackRock Institutional Trust Company, N.A. Collective Funds CONTENTS Independent Auditor's Report ..................................................................................................................................................................... 1 Fund Index ................................................................................................................................................................................................. 3 BlackRock 1-3 Year Government Bond Index Fund ................................................................................................................................... 6 BlackRock 20+ Treasury Bond Index Fund .............................................................................................................................................. 10 BlackRock Developed Real Estate Index Fund ........................................................................................................................................ 14 BlackRock EAFE Equity Index Fund ........................................................................................................................................................ 18 BlackRock Emerging Markets Equity Index Fund .................................................................................................................................... 22 BlackRock Equity Index Fund .................................................................................................................................................................. 26 BlackRock Mid Cap Equity Index Fund .................................................................................................................................................... 31 BlackRock MSCI ACWI ex-U.S. Index Fund ............................................................................................................................................ 35 BlackRock Russell 1000® Growth Index Fund.......................................................................................................................................... 39 BlackRock Russell 1000® Index Fund ...................................................................................................................................................... 43 BlackRock Russell 1000® Value Index Fund ............................................................................................................................................ 47 BlackRock Russell 2000® Growth Index Fund.......................................................................................................................................... 51 BlackRock Russell 2000® Index Fund ...................................................................................................................................................... 55 BlackRock Russell 2000® Value Index Fund ............................................................................................................................................ 59 BlackRock Russell 2500TM Index Fund .................................................................................................................................................... 63 BlackRock Total Return Bond Fund ......................................................................................................................................................... 67 BlackRock U.S. Debt Index Fund ............................................................................................................................................................. 71 BlackRock U.S. TIPS Index Fund............................................................................................................................................................. 76 BlackRock Equity Index S&P 500 Non-Lendable Fund ............................................................................................................................ 80 BlackRock MSCI ACWI ex-U.S. Index Non-Lendable Fund ..................................................................................................................... 84 BlackRock Russell 2500™ Index Non-Lendable Fund ............................................................................................................................. 88 BlackRock U.S. Debt Index Non-Lendable Fund ..................................................................................................................................... 92 Wilmington Trust Collective Investment Trust Funds Investing in BlackRock Institutional Trust Company, N.A. Collective Funds CONTENTS (continued) BlackRock LifePath® Index Retirement Fund ........................................................................................................................................... 96 BlackRock LifePath® Index 2025 Fund ................................................................................................................................................... 100 BlackRock LifePath® Index 2030 Fund ................................................................................................................................................... 104 BlackRock LifePath® Index 2035 Fund ................................................................................................................................................... 108 BlackRock LifePath® Index 2040 Fund ................................................................................................................................................... 112 BlackRock LifePath® Index 2045 Fund ................................................................................................................................................... 116 BlackRock LifePath® Index 2050 Fund ................................................................................................................................................... 120 BlackRock LifePath® Index 2055 Fund ................................................................................................................................................... 124 BlackRock LifePath® Index 2060 Fund ................................................................................................................................................... 128 BlackRock LifePath® Index 2065 Fund ................................................................................................................................................... 132 BlackRock LifePath® Index Retirement Non-Lendable Fund .................................................................................................................. 136 BlackRock LifePath® Index 2025 Non-Lendable Fund ........................................................................................................................... 140 BlackRock LifePath® Index 2030 Non-Lendable Fund ........................................................................................................................... 144 BlackRock LifePath® Index 2035 Non-Lendable Fund ........................................................................................................................... 148 BlackRock LifePath® Index 2040 Non-Lendable Fund ........................................................................................................................... 152 BlackRock LifePath® Index 2045 Non-Lendable Fund ........................................................................................................................... 156 BlackRock LifePath® Index 2050 Non-Lendable Fund ........................................................................................................................... 160 BlackRock LifePath® Index 2055 Non-Lendable Fund ........................................................................................................................... 164 BlackRock LifePath® Index 2060 Non-Lendable Fund ........................................................................................................................... 168 Notes to the Financial Statements.......................................................................................................................................................... 172 INDEPENDENT AUDITOR'S REPORT Wilmington Trust, N.A., Trustee for Wi lmington Trust Collective Investment Trust Rep ort on the Financial Statements We have audited the accompanying financial statements of funds investing in BlackRock Institutional Trust Company, N.A. collective funds of Wilmington Trust Collective Investment Trust (the "Trust"), comprising the Funds (the "Funds") included on the Fund Index on pages 3-5, which comprise the statements of assets and liabilities, including t he schedules of investments, as of December 31, 2020, the related statements of operations and changes in net a ssets, the financial highlights for the year then ended, or for the period then ended for inception dates in 2020, and the related notes to the financial statements. These financial statements and financial highlights are hereinafter col lectively referred to as financial statements. Management's Responsibility for the Financial Statements M anagement is responsible for the preparation