Wilmington Trust Callan

WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

COTA STREET MANAGED FUND SERIES

FINANCIAL STATEMENTS

DECEMBER 31, 2019

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust Cota Street Managed Fund Series

CONTENTS

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

Fund Index ................................................................................................................................................................................................. 3

Cota Street Managed Equity Accumulation Fund ....................................................................................................................................... 5

Cota Street Managed Blend Accumulation Fund ..................................................................................................................................... 10

Cota Street Managed Fixed Income Accumulation Fund ......................................................................................................................... 15

Cota Street Managed Equity Decumulation Fund .................................................................................................................................... 20

Cota Street Managed Blend Decumulation Fund ..................................................................................................................................... 25

Cota Street Managed Fixed Income Decumulation Fund ......................................................................................................................... 30

Notes to the Financial Statements............................................................................................................................................................ 35

1

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 the Cota Street Managed Fund Series of Wilmington Trust Collective Investment Trust (the "Trust"), comprising the Funds (the "Funds") on the Fund Index on pages 3 and 4, which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2019, and the related statements of operations and changes in net assets, and the financial highlights for the period from the inception dates, as shown for each Fund on the Fund Index, to December 31, 2019, and the related notes to the financial statements. These financial statements and financial highlights are hereinafter collectively referred to as financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2019, and the results of its operations, and changes in its net assets and its financial highlights for the period from the inception dates, as shown for each Fund on the Fund Index, to December 31, 2019, in accordance with accounting principles generally accepted in the United States of America.

www.hogantaylor.com

2

Other Matter Our audits were conducted for the purpose of forming an opinion on the financial statements of each Fund as a whole. The supplementary information on investments purchased and sold for the period from the inception dates, as shown for each Fund on the Fund Index, to December 31, 2019, following the schedule of investments, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Tulsa, Oklahoma April 29, 2020

Cota Street Managed Fund Series


3

FUND INDEX

FUND NAME INCEPTION DATES FUND OBJECTIVE Cota Street Managed Equity

Accumulation Fund October 3, 2019 The Fund seeks long-term capital appreciation by assigning a

90/10 equity to fixed income allocation. This capital appreciation is accomplished by investing in a diversified group of collective fund managers composed of U.S. stocks, international stocks, U.S. bonds, and other debt instruments. The Fund invests in a combination of both actively and passively managed collective funds. The Fund uses an asset allocation strategy designed for investors accumulating wealth for retirement.

Cota Street Managed Blend

Accumulation Fund October 2, 2019 The Fund seeks a more balanced approach by assigning a 50/50

equity to fixed income allocation. This balanced approach is accomplished by investing in a diversified group of collective fund managers composed of U.S. stocks, international stocks, U.S. bonds, and other debt instruments. The Fund invests in a combination of both actively and passively managed collective funds. The Fund uses an asset allocation strategy designed for investors accumulating wealth for retirement.

Cota Street Managed Fixed

Income Accumulation Fund October 2, 2019 The Fund seeks a preservation of capital approach by assigning

a 3/97 equity to fixed income allocation. This preservation of capital is accomplished by investing in a diversified group of collective fund managers composed of U.S. stocks, international stocks, U.S. bonds, and other debt instruments. The Fund invests in a combination of both actively and passively managed collective funds. The Fund uses an asset allocation strategy designed for investors accumulating wealth for retirement.

Cota Street Managed Equity

Decumulation Fund October 4, 2019 The Fund seeks long-term capital appreciation by assigning a

90/10 equity to fixed income allocation. This capital appreciation is accomplished by investing in a diversified group of collective fund managers composed of U.S. stocks, international stocks, U.S. bonds, and other debt instruments. The Fund invests in a combination of both actively and passively managed collective funds. The Fund uses an asset allocation strategy designed for investors in a decumulation of wealth stage of retirement by placing a greater emphasis on inflation-protecting investment securities.


4

FUND INDEX (continued)

FUND NAME INCEPTION DATES FUND OBJECTIVE Cota Street Managed Blend

Decumulation Fund October 3, 2019 The Fund seeks a more balanced approach by assigning a

50/50 equity to fixed income allocation. This balanced approach is accomplished by investing in a diversified group of collective fund managers composed of U.S. stocks, international stocks, U.S. bonds, and other debt instruments. The Fund invests in a combination of both actively and passively managed collective funds. The Fund uses an asset allocation strategy designed for investors in a decumulation of wealth stage of retirement by placing a greater emphasis on inflation-protecting investment securities.

Cota Street Managed Fixed

Income Decumulation Fund October 3, 2019 The Fund seeks a preservation of capital approach by

assigning a 3/97 equity to fixed income allocation. This preservation of capital is accomplished by investing in a diversified group of collective fund managers composed of U.S. stocks, international stocks, U.S. bonds, and other debt instruments. The Fund invests in a combination of both actively and passively managed collective funds. The Fund uses an asset allocation strategy designed for investors in a decumulation of wealth stage of retirement by placing a greater emphasis on inflation-protecting investment securities.


See Notes to the Financial Statements. 5

AssetsInvestments in securities, at fair value (cost $2,246,517) 2,292,566$ Receivable for investment securities sold 10,721 Receivable for fund units sold 4,588 Total assets 2,307,875 Liabilities and Net AssetsPayable for investment securities purchased 15,274 Payable for fund units redeemed 35 Accrued expenses 199 Total liabilities 15,508 Net assets 2,292,367$

Investment IncomeDividends 20,600$ ExpensesTrustee fees 198 Net investment income 20,402 Realized and unrealized gain on investmentsNet realized gain on investments 8,118 Net change in unrealized appreciation on investments 46,049 Net realized and unrealized gain on investments 54,167 Net increase in net assets resulting from operations 74,569$

December 31, 2019

Statement of OperationsFor the period from October 3, 2019 (date of inception) to December 31, 2019

Cota Street Managed Equity Accumulation Fund

Statement of Assets and Liabilities



Increase in net assets resulting from operationsNet investment income 20,402$ Net realized gain on investments 8,118 Net change in unrealized appreciation on investments 46,049 Net increase in net assets resulting from operations 74,569 Fund unit transactionsProceeds from units issued - Class I 2,267,596 Value of units redeemed - Class I (49,798) Increase in net assets resulting from fund unit transactions 2,217,798 Increase in net assets 2,292,367 Net assets, beginning of period - Net assets, end of period 2,292,367$

Statement of Changes in Net AssetsFor the period from October 3, 2019 (date of inception) to December 31, 2019




Per Unit Operating Performance Class INet asset value, at inception 10.00$ Income from investment operations:

Net investment income (1) 0.13

Net realized and unrealized gain on investments (1) 0.73 Total income from investment operations 0.86 Net asset value, end of period 10.86$

Total Return 8.60% ^Supplemental DataRatio to average net assets:

Expenses 0.08% #Net investment income 7.89% #

Fund Unit ActivityUnits, beginning of period - Issued 215,784 Redeemed (4,655) Units, end of period 211,129 (1) Based on average units outstanding.^Not annualized for periods less than one year.#Annualized except audit expense.

Financial HighlightsFor the period from October 3, 2019 (date of inception) to December 31, 2019





Schedule of Investments December 31, 2019

Principal

Amount or FairShares Cost Value

Collective Funds - 81.0%1-3 Year Government Bond Index Fund F 2,241 45,725$ 45,851$ 20+ Treasury Bond Fund F 456 23,530 22,926 AB Global Real Estate Investment CIT (W Series) Class N 13,368 137,172 137,554 AB US Large Cap Growth CIT (W Series) Class N 6,252 66,472 68,777 Commodity Index Daily Fund F 13,315 66,487 68,777 Developed Real Estate Index Fund F 7,742 182,930 183,405 EAFE Equity Index Fund F 5,557 243,868 252,182 Emerging Markets Index Fund F 14,642 172,372 183,405 Equity Index Fund F 5,470 331,822 343,885 International Growth Fund Class 0TS 2,385 88,018 91,703 Mid Capitalization Equity Index Fund F 1,846 180,206 183,405 Pioneer Select Mid Cap Growth Portfolio Class 0TS 7,431 89,720 91,703 Russell 2000® Index Fund F 1,764 88,554 91,703 Wells Fargo Special Mid Cap Value CIT 8,507 89,330 91,703

Total Collective Funds 1,806,206 1,856,979

Mutual Funds - 19.0%American Funds EuroPacific Growth Fund Class R6 2,064 113,193 114,628 American Funds Washington Mutual Investors Fund Class R-6 1,904 92,199 91,703 Franklin Small Cap Growth Fund Class R6 1,916 47,109 45,851 Franklin Small Cap Value Fund Class R6 1,333 70,588 68,777 Invesco Comstock Fund Class R6 2,749 69,910 68,777 PGIM Jennison Growth Fund - Class R6 1,012 47,312 45,851

Total Mutual Funds 440,311 435,587 Total Investments - 100.0% 2,246,517$ 2,292,566 Other Assets and Liabilities, Net - (0.0%) (199) Net Assets - 100% 2,292,367$




Schedule of Investments (continued) December 31, 2019

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, 2019 (see Note 3):

Level 1 Level 2 Level 3 Total

Collective Funds measured atnet asset value* -$ -$ -$ 1,856,979$

Mutual Funds 435,587 - - 435,587 Total 435,587$ -$ -$ 2,292,566$

Fair Value Measurements

*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, 2019, the Fund had one unaffiliated plan holding 10% or more of the outstanding units of the Fund, representing 100% of the total outstanding units. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the period ended December 31, 2019, were:

Purchases Sales Realizedat Cost Proceeds Gain

Investments 2,544,174$ 305,775$ 8,118$



AssetsInvestments in securities, at fair value (cost $18,109,268) 18,178,285$ Receivable for investment securities sold 1,916,447 Receivable for fund units sold 24,275 Dividends receivable 9,713 Total assets 20,128,720 Liabilities and Net AssetsPayable for investment securities purchased 1,950,423 Payable for fund units redeemed 12 Accrued expenses 940 Total liabilities 1,951,375 Net assets 18,177,345$

Investment IncomeDividends 120,596$ ExpensesTrustee fees 863 Professional services and other operating expenses 78 Total expenses 941 Net investment income 119,655 Realized and unrealized gain on investmentsNet realized gain on investments 25,613 Net change in unrealized appreciation on investments 69,017 Net realized and unrealized gain on investments 94,630 Net increase in net assets resulting from operations 214,285$

December 31, 2019


Cota Street Managed Blend Accumulation Fund









Fund Unit ActivityUnits, beginning of period - Issued 1,749,414 Redeemed (20,649) Units, end of period 1,728,765 (1) Based on average units outstanding.^Not annualized for periods less than one year.#Annualized except audit expense.







Principal


Collective Funds - 75.0%1-3 Year Government Bond Index Fund F 88,804 1,812,019$ 1,816,685$ 20+ Treasury Bond Fund F 25,321 1,308,657 1,271,676 AB Global Real Estate Investment CIT (W Series) Class N 88,274 909,455 908,340 AB US Large Cap Growth CIT (W Series) Class N 33,031 354,898 363,336 Commodity Index Daily Fund F 70,342 363,336 365,587 Developed Real Estate Index Fund F 46,013 1,087,361 1,090,008 EAFE Equity Index Fund F 20,018 884,059 908,340 Emerging Markets Index Fund F 43,511 513,743 545,004 Equity Index Fund F 23,118 1,415,836 1,453,344 Goldman Sachs Stable Value Collective Trust 181,668 181,668 181,668 International Growth Fund Class 0TS 9,450 353,701 363,334 Lord Abbett Short Duration Credit Trust II Class 0TS 87,932 904,740 908,340 Mid Capitalization Equity Index Fund F 10,969 1,070,885 1,090,008 PGIM Total Return Bond Fund CIT Class R1 70,414 725,963 726,672 Pioneer Select Mid Cap Growth Portfolio Class 0TS 29,444 363,336 363,336 Russell 2000® Index Fund 6,989 355,064 363,336 Templeton Global Bond 59,956 726,672 726,672 Wells Fargo Special Mid Cap Value CIT 16,853 181,668 181,186


Mutual Funds - 24.0%American Century Inflation-Adjusted Bond Fund R6 Class 62,698 738,683 726,672 American Funds EuroPacific Growth Fund Class R-6 6,541 361,468 363,336 American Funds Washington Mutual Investors Fund Class R-6 11,314 552,533 545,004 Franklin Low Duration Total Return Fund Class R6 94,296 913,754 913,729 Franklin Small Cap Growth Fund Class R6 15,183 378,354 363,336 Franklin Small Cap Value Fund Class R6 3,521 188,127 181,668 Invesco Comstock Fund Class R6 14,522 372,419 363,336 PGIM High Yield Fund - Class R6 130,916 718,806 730,511 PGIM Jennison Growth Fund - Class R6 4,008 189,910 181,668

Total Mutual Funds 4,414,054 4,369,260

Money Market Fund - 1.0%Vanguard Treasury Money Market Fund 182,153 182,153 182,153

Total Investments - 100.0% 18,109,268$ 18,178,285 Other Assets and Liabilities, Net - (0.0%) (940) Net Assets - 100% 18,177,345$








Mutual Funds 4,369,260 - - 4,369,260 Money Market Fund 182,153 - - 182,153 Total 4,551,413$ -$ -$ 18,178,285$




Investments 19,818,668$ 1,917,166$ 25,613$



AssetsInvestments in securities, at fair value (cost $1,469,552) 1,469,753$ Receivable for investment securities sold 210,093 Receivable for fund units sold 2,008 Dividends receivable 1,505 Total assets 1,683,359 Liabilities and Net AssetsPayable for investment securities purchased 213,606 Accrued expenses 76 Total liabilities 213,682 Net assets 1,469,677$

Investment IncomeDividends 4,090$ ExpensesTrustee fees 70 Professional services and other operating expenses 6 Total expenses 76 Net investment income 4,014 Realized and unrealized gain on investmentsNet realized gain on investments 959 Net change in unrealized appreciation on investments 201 Net realized and unrealized gain on investments 1,160 Net increase in net assets resulting from operations 5,174$

December 31, 2019


Cota Street Managed Fixed Income Accumulation Fund




Increase in net assets resulting from operationsNet investment income 4,014$ Net realized gain on investments 959 Net change in unrealized appreciation on investments 201 Net increase in net assets resulting from operations 5,174 Fund unit transactionsProceeds from units issued - Class I 1,531,301 Value of units redeemed - Class I (66,798) Increase in net assets resulting from fund unit transactions 1,464,503 Increase in net assets 1,469,677 Net assets, beginning of period - Net assets, end of period 1,469,677$







Principal


Collective Funds - 72.9%1-3 Year Government Bond Index Fund F 15,071 307,516$ 308,304$ 20+ Treasury Bond Fund F 2,046 105,829 102,767 AB Global Real Estate Investment CIT (W Series) Class N 5,707 58,818 58,724 AB US Large Cap Growth CIT (W Series) Class N 1,335 14,345 14,681 Commodity Index Daily Fund F 5,684 29,362 29,544 Developed Real Estate Index Fund F 2,479 58,574 58,724 EAFE Equity Index Fund F 647 28,577 29,362 Equity Index Fund F 467 28,606 29,362 Goldman Sachs Stable Value Collective Trust 58,724 58,724 58,724 Lord Abbett Short Duration Credit Trust II Class 0TS 14,212 146,250 146,811 Mid Capitalization Equity Index Fund F 148 14,418 14,681 PGIM Total Return Bond Fund CIT Class R1 9,958 102,664 102,767 Pioneer Select Mid Cap Growth Portfolio Class 0TS 1,190 14,681 14,681 Templeton Global Bond 7,268 88,086 88,086 Wells Fargo Special Mid Cap Value CIT 1,362 14,681 14,642


Mutual Funds - 24.1%American Century Inflation-Adjusted Bond Fund R6 Class 8,867 104,501 102,767 American Funds Washington Mutual Investors Fund Class R-6 305 14,884 14,681 Franklin Low Duration Total Return Fund Class R6 15,242 147,700 147,698 PGIM High Yield Fund - Class R6 15,872 87,153 88,564

Total Mutual Funds 354,238 353,710










Mutual Funds 353,710 - - 353,710 Money Market Fund 44,183 - - 44,183 Total 397,893$ -$ -$ 1,469,753$




Investments 1,638,467$ 214,057$ 959$



AssetsInvestments in securities, at fair value (cost $3,481,316) 3,531,321$ Receivable for investment securities sold 568,536 Receivable for fund units sold 6,084 Total assets 4,105,941 Liabilities and Net AssetsPayable for investment securities purchased 574,580 Payable for fund units redeemed 40 Accrued expenses 277 Total liabilities 574,897 Net assets 3,531,044$

Investment IncomeDividends 19,442$ ExpensesTrustee fees 262 Professional services and other operating expenses 16 Total expenses 278 Net investment income 19,164 Realized and unrealized gain on investmentsNet realized gain on investments 12,338 Net change in unrealized appreciation on investments 50,005 Net realized and unrealized gain on investments 62,343 Net increase in net assets resulting from operations 81,507$

December 31, 2019


Cota Street Managed Equity Decumulation Fund






Principal


Collective Funds - 91.0%1-3 Year Government Bond Index Fund F 5,179 105,666$ 105,940$ AB Global Real Estate Investment CIT (W Series) Class N 27,454 282,622 282,506 AB US Large Cap Growth CIT (W Series) Class N 9,631 103,246 105,940 Commodity Index Daily Fund F 20,510 105,933 105,940 Developed Real Estate Index Fund F 11,926 281,753 282,506 EAFE Equity Index Fund F 6,226 274,656 282,506 Emerging Markets Index Fund F 14,096 166,557 176,566 Equity Index Fund F 9,549 583,666 600,322 International Growth Fund Class 0TS 3,674 137,084 141,253 Lazard/Wilmington ACW Ex-US Equity Advantage Fund Class 0TS 3,601 102,236 105,940 Mid Capitalization Equity Index Fund F 3,198 312,304 317,819 Pioneer Select Mid Cap Growth Portfolio Class 0TS 11,447 141,254 141,253 Putnam Large Cap Value Trust 12,114 141,251 141,253 Russell 2000® Index Fund 2,038 103,246 105,940 Wells Fargo Special Mid Cap Value CIT 16,380 176,562 176,566 Wilmington Trust Franklin Growth CIT Class 0TS 11,053 138,099 141,253


Mutual Funds - 9.0%American Century Inflation-Adjusted Bond Fund R6 ClassAmerican Funds Washington Mutual Investors Fund Class R-6 3,665 178,953 176,566 Franklin Small Cap Growth Fund Class R6 2,951 73,273 70,626 Franklin Small Cap Value Fund Class R6 1,369 72,955 70,626

Total Mutual Funds 325,181 317,818 Total Investments - 100.0% 3,481,316$ 3,531,321 Other Assets and Liabilities, Net - (0.0%) (277) Net Assets - 100% 3,531,044$








Mutual Funds 317,818 - - 317,818 Total 317,818$ -$ -$ 3,531,321$




Investments 4,108,496$ 639,518$ 12,338$



AssetsInvestments in securities, at fair value (cost $72,572,006) 72,856,167$ Receivable for investment securities sold 10,577,259 Receivable for fund units sold 129,384 Dividend receivable 32,836 Total assets 83,595,646 Liabilities and Net AssetsPayable for investment securities purchased 10,739,455 Payable for fund units redeemed 24 Accrued expenses 5,337 Total liabilities 10,744,816 Net assets 72,850,830$

Investment IncomeDividends 417,954$ ExpensesTrustee fees 5,029 Professional services and other operating expenses 308 Total expenses 5,337 Net investment income 412,617 Realized and unrealized gain on investmentsNet realized gain on investments 86,130 Net change in unrealized appreciation on investments 284,161 Net realized and unrealized gain on investments 370,291 Net increase in net assets resulting from operations 782,908$

December 31, 2019


Cota Street Managed Blend Decumulation Fund




Increase in net assets resulting from operationsNet investment income 412,617$ Net realized gain on investments 86,130 Net change in unrealized appreciation on investments 284,161 Net increase in net assets resulting from operations 782,908 Fund unit transactionsProceeds from units issued - Class I 73,414,163 Value of units redeemed - Class I (1,346,241) Increase in net assets resulting from fund unit transactions 72,067,922 Increase in net assets 72,850,830 Net assets, beginning of period - Net assets, end of period 72,850,830$







Principal


Collective Funds - 76.0%1-3 Year Government Bond Index Fund F 320,381 6,537,432$ 6,554,097$ 20+ Treasury Bond Fund F 72,500 3,749,428 3,641,167 AB Global Real Estate Investment CIT (W Series) Class N 424,626 4,376,701 4,369,400 AB US Large Cap Growth CIT (W Series) Class N 132,406 1,423,462 1,456,467 Commodity Index Daily Fund F 422,957 2,184,700 2,184,700 Developed Real Estate Index Fund F 215,188 5,085,350 5,097,633 EAFE Equity Index Fund F 64,194 2,835,265 2,912,933 Emerging Markets Index Fund F 116,278 1,372,841 1,456,467 Equity Index Fund F 104,254 6,386,708 6,554,097 Goldman Sachs Stable Value Collective Trust 1,456,467 1,456,467 1,456,467 International Growth Fund Class 0TS 37,879 1,418,706 1,456,467 Lazard/Wilmington ACW Ex-US Equity Advantage Fund Class 0TS 49,506 1,406,141 1,456,467 Lord Abbett Short Duration Credit Trust II Class 0TS 352,485 3,627,104 3,641,167 Mid Capitalization Equity Index Fund F 36,643 3,577,209 3,641,167 PGIM Total Return Bond Fund CIT Class R1 141,130 1,455,050 1,456,467 Pioneer Select Mid Cap Growth Portfolio Class 0TS 118,028 1,456,467 1,456,467 Putnam Large Cap Value Trust 124,911 1,456,467 1,456,467 Templeton Global Bond 120,171 1,456,467 1,456,467 Wells Fargo Special Mid Cap Value CIT 202,672 2,184,700 2,184,700 Wilmington Trust Franklin Growth CIT Class 0TS 113,965 1,428,051 1,456,467


Mutual Funds - 22.0%American Century Inflation-Adjusted Bond Fund R6 Class 565,496 6,663,500 6,554,100 American Funds Washington Mutual Investors Fund Class R-6 45,354 2,214,725 2,184,700 Franklin Low Duration Total Return Fund Class R6 302,401 2,930,291 2,930,267 Franklin Small Cap Growth Fund Class R6 30,432 758,965 728,233 Franklin Small Cap Value Fund Class R6 28,232 1,508,282 1,456,467 PGIM High Yield Fund - Class R6 393,600 2,161,144 2,196,286


Money Market Fund - 2.0%Vanguard Treasury Money Market Fund 1,460,383 1,460,383 1,460,383

Total Investments - 100.0% 72,572,006$ 72,856,167 Other Assets and Liabilities, Net - (0.0%) (5,337) Net Assets - 100% 72,850,830$








Mutual Funds 16,050,053 - - 16,050,053 Money Market Fund 1,460,383 - - 1,460,383 Total 17,510,436$ -$ -$ 72,856,167$




Investments 81,207,599$ 10,182,106$ 86,130$



AssetsInvestments in securities, at fair value (cost $11,898,112) 11,877,319$ Receivable for investment securities sold 1,992,713 Receivable for fund units sold 8,967 Dividend receivable 11,098 Total assets 13,890,097 Liabilities and Net AssetsPayable for investment securities purchased 1,963,222 Payable for fund units redeemed 49,555 Accrued expenses 892 Total liabilities 2,013,669 Net assets 11,876,428$

Investment IncomeDividends 57,032$ ExpensesTrustee fees 839 Professional services and other operating expenses 51 Total expenses 890 Net investment income 56,142 Realized and unrealized gain (loss) on investmentsNet realized gain on investments 5,633 Net change in unrealized depreciation on investments (20,793) Net realized and unrealized loss on investments (15,160) Net increase in net assets resulting from operations 40,982$

December 31, 2019


Cota Street Managed Fixed Income Decumulation Fund




Increase (decrease) in net assets resulting from operationsNet investment income 56,142$ Net realized gain on investments 5,633 Net change in unrealized depreciation on investments (20,793) Net increase in net assets resulting from operations 40,982 Fund unit transactionsProceeds from units issued - Class I 12,494,405 Value of units redeemed - Class I (658,959) Increase in net assets resulting from fund unit transactions 11,835,446 Increase in net assets 11,876,428 Net assets, beginning of period - Net assets, end of period 11,876,428$





Cota Street Managed Fixed Income Decumulation


Principal


Collective Funds - 62.0%1-3 Year Government Bond Index Fund F 86,994 1,775,101$ 1,779,650$ 20+ Treasury Bond Fund F 11,812 610,893 593,217 AB Global Real Estate Investment CIT (W Series) Class N 57,650 594,220 593,217 AB US Large Cap Growth CIT (W Series) Class N 10,786 115,927 118,643 Commodity Index Daily Fund F 68,908 355,930 358,135 Developed Real Estate Index Fund F 25,042 591,740 593,217 EAFE Equity Index Fund F 2,615 115,464 118,643 Equity Index Fund F 3,774 231,170 237,287 Goldman Sachs Stable Value Collective Trust 830,503 830,503 830,503 Lord Abbett Short Duration Credit Trust II Class 0TS 91,883 945,504 949,146 PGIM Total Return Bond Fund CIT Class R1 45,986 474,094 474,573 Pioneer Select Mid Cap Growth Portfolio Class 0TS 9,615 118,643 118,643 Templeton Global Bond 39,156 474,573 474,573 Wells Fargo Special Mid Cap Value CIT 11,006 118,643 118,329


Mutual Funds - 32.0%American Century Inflation-Adjusted Bond Fund R6 Class 184,261 2,171,527 2,135,579 American Funds Washington Mutual Investors Fund Class R-6 2,463 120,296 118,643 Franklin Low Duration Total Return Fund Class R6 86,229 835,565 835,564 PGIM High Yield Fund - Class R6 128,273 704,327 715,765






Cota Street Managed Fixed Income Decumulation





Mutual Funds 3,805,551 - - 3,805,551 Money Market Fund 713,992 - - 713,992 Total 4,519,543$ -$ -$ 11,877,319$



Investments 12,873,539$ 1,695,052$ 5,633$

Wilmington Trust Collective Investment Trust


Notes to the Financial Statements

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Note 1 – Organization Wilmington Trust Collective Investment Trust (the "Trust") is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and a group trust within the meaning of Rev. Rul. 81-100, as clarified and amended. The Trust is exempt from registration under the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended. Wilmington Trust, N.A. ("WTNA" or the "Trustee") serves as the Trustee of the Trust. The Trustee is responsible for maintaining and administering the Trust and its various funds (the "Funds" – see Fund Index) and also serves as the investment advisor (the "Investment Advisor") to the Funds. M&T Bank Corporation is the ultimate parent of the Trustee. State Street Bank and Trust Company provides custody and transfer agency services for the Trust and the Funds. The purpose of the Trust is to allow collective investments by plan sponsors of retirement plans which qualify for exemption from federal income taxation pursuant to Section 501(a) of the Code, by reason of qualifying under Section 401(a) of the Code; tax-exempt governmental plans under Section 414(d) or Section 818(a)(6) of the Code; eligible deferred compensation plans under Section 457(b) of the Code established by a government employer; group trusts or separate accounts consisting solely of assets of the foregoing; and other investors eligible for participation in the Trust. The Trust consists of separate funds with differing investment objectives, which are available for investment by participating plans. An eligible plan may join the Trust, subject to the Trustee's acceptance, and become a participating plan by executing participation documents specified by the Trustee. Not all funds within the Trust are presented herein. WTNA has engaged Pensionmark Financial Group, LLC, doing business as Cota Street Investment Management, (the "Sub-Advisor") to provide investment advice and recommendations with respect to investment of the Funds' assets. While the Trustee generally relies on the Sub-Advisor to manage the Funds' assets, the Trustee maintains ultimate fiduciary authority over the management of and investments made in each Fund. The Sub-Advisor is engaged pursuant to an advisory agreement. Note 2 – Significant Accounting Policies The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic No. 946. Net Asset Value ("NAV") – Units of each fee class of each Fund are valued each day on which the New York Stock Exchange ("NYSE") is open for trading in accordance with the valuation procedures established by the Trustee. The NAV per unit is calculated as of the close of trading on the NYSE (generally, 4:00 p.m. U.S. Eastern time). The NAV per unit is computed by dividing the total fair value of the assets of a Fund, less its liabilities, by the total number of units outstanding at the time of such computation. Investment income earned is reinvested in the Fund and included in the determination of unit values.



Notes to the Financial Statements (continued)

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Fund Unit Transactions – The Funds sell new units and repurchase outstanding units on a daily basis. Unit purchases and redemptions are transacted at the NAV per fee class of the Funds determined as of the close of business each day. A summary of the Fund unit activity for each Fund is included with its Financial Highlights. The Funds require the plan sponsors to provide advance written notice of five business days for withdrawals which will exceed $1 million. Investment Valuation – Investments are valued at their current fair value determined as follows:

Investments in Collective Funds – The Funds may hold investments in units of other funds within the Trust or similar funds for which other unrelated entities are trustee. The Trustee or 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 Funds have the ability to redeem their 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. 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.

When the valuation methods described above are not reflective of fair value, investments are valued at fair value following procedures and/or guidelines determined by or under the direction of the valuation committee established by the Trustee. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular investment is accurate. Cash and Cash Equivalents – The Funds consider all highly liquid instruments with original maturities of three months or less at the acquisition date to be cash equivalents. Investment Transactions and Investment Income – The Funds record security transactions on a trade date basis. Dividend income is recorded on the ex-dividend date. Net realized gains and losses on investments are determined by the first-in, first-out method. Interest income and expenses are recorded daily on the accrual basis. Fee Classes and Allocations – Most of the Funds offer 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




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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 Funds' organizational documents, each trustee, officer, employee and agent of the Trust is indemnified, to the extent permitted by law, against certain liabilities that may arise in the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, none of the Funds has had claims or losses pursuant to these contracts and the Trustee believes the risk of loss to be remote. Income Tax Status – The Trust has received a determination from the Internal Revenue Service that the Trust is exempt from federal income taxation under Section 501(a) of the Code. Accordingly, no federal income tax provision is required. Subsequent Events – The Trustee has evaluated the effect of subsequent events on the Funds' financial statements through April 29, 2020, which is the date the financial statements were available to be issued, and has determined that there are no material subsequent events, except as noted below, that would require disclosure or adjustment in the Funds' financial statements through this date. During the first quarter of 2020, there were worldwide outbreaks of the coronavirus. The impact of these outbreaks, as well as other epidemics and pandemics that may arise in the future, could negatively affect the domestic and international economies, individual companies and the market in general in significant and unforeseen ways. Any such impact could adversely affect the performance of the securities in which each Fund is invested and the investment performance of each Fund. Note 3 – Fair Value Measurements Fair value is defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Various inputs are used in determining the fair value of the Funds' investments. The Trustee has performed an analysis of the significance and character of these inputs to the fair value determination. These inputs are summarized in the three broad levels listed below:

• Level 1 – Quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, and others).




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• Level 3 – Significant unobservable inputs (including the Trustee's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used as of December 31, 2019, in valuing the Funds' assets carried at fair value is included in Note 2. The aggregate fair value of the investments in each Fund, by input level used as of December 31, 2019, is included following each Fund's Schedule of Investments. The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements in Topic 820. The Funds elected to early adopt ASU 2018-13, effective December 31, 2019. Note 4 – Fees and Expenses 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. Trustee Fee – The Trustee receives an annual fee of 8 bps for Class I for trustee and administrative services provided to each Fund. Trustee fees are based upon the average daily value of each Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in each Fund. Such Trustee fees for the period from the inception dates to December 31, 2019, are included in the Statement of Operations for each respective Fund. Operating Expenses – In addition to the fees described above, each Fund bears expenses related to its operation, including, but not limited to, audit, custody, tax and legal services. Expenses incurred in connection with the investment and reinvestment of Fund assets, including, without limitation, transfer agency fees, brokerage commission and other expenses, are also charged against each Fund. When assets of a Fund are invested in other investment vehicles, such as other collective funds or Exchange-Traded Funds, those investment vehicles will incur fees and expenses, which will be reflected in the operating results and value of the Fund's investment in such investment vehicle, and are separate and distinct from the fees and expenses of 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.




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Note 6 – Risks Associated with Investing in the Funds In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the fair value of the investments. The principal risks associated with investing in each Fund are:

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

• Commodity. Investments in commodity-related instruments are subject to the risk that the performance of the overall commodities market declines and that weather, disease, political, tax, and other regulatory developments adversely impact the value of commodities, which may result in a loss of principal and interest. Commodity-linked investments face increased price volatility and liquidity, credit, and issuer risks compared with their underlying measures.

• 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.

• Guaranteed Investment Contract. Guaranteed investment contracts, commonly referred to as GICs, are issued by insurance companies and other financial institutions. The “guarantee” refers to the guarantee by the issuers of specific rates of return for stated periods of time and is based on the claims-paying ability (solvency) of the issuer. The Fund may also use synthetic GICs, which are wrapped by third-party banks, insurance companies and other financial institutions; the Fund relies on the credit of the wrap issuer. Funds holding GICs may impose plan-level redemption restrictions and conditions. (See also Investment Contract.)

• Growth Investing. Growth securities may be subject to increased volatility as the value of these securities is highly sensitive to market fluctuations and future earnings expectations. These securities typically trade at




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higher multiples of current earnings than do other securities and may lose value if it appears their earnings expectations may not be met.

• 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.

• Inflation-Protected Securities. Unlike other fixed income securities, the values of inflation-protected securities are not significantly impacted by inflation expectations because their interest rates are adjusted for inflation. Generally, the value of inflation-protected securities will fall when real interest rates rise and rise when real interest rates fall.

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

• Investment-Grade Securities. Investments in investment-grade debt securities that are not rated in the highest rating categories may lack the capacity to pay principal and interest compared with higher-rated securities and may be subject to increased credit risk.

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

• Market/Market Volatility. The market value of the Fund's securities may fall rapidly or unpredictably because

of changing economic, political, or market conditions, which may reduce the value of the Fund.

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

• Multi-Manager. Multi-Manager Funds consist of multiple specialized “sleeves,” each holding investments recommended by different sub-advisors. The sleeves’ individual investing styles may not complement each other. This can result in both higher portfolio turnover and enhanced or reduced concentration in a particular region, country, industry, or investing style compared with an investment in a single sub-advised 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.

• Real Estate/REIT Sector. Concentrating assets in the real estate sector or Real Estate Investment Trusts ("REITs") may disproportionately subject the Fund to the risks of that industry, including loss of value




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because of changes in real estate values, interest rates, and taxes, as well as changes in zoning, building, environmental, and other laws, among other factors. Investments in REITs may be subject to increased price volatility and liquidity risk, and investors indirectly bear their proportionate share of expenses because of their management fees.

• Stable Value/Stability. There is no guarantee the Fund will achieve its objective and be able to maintain a stable income without principal volatility. This classic definition of investment risk is greatly mitigated in stable value investing from the use of book value investment contracts. The volatility of the underlying fixed income securities has little impact on contract crediting rates, assuming the overall duration of the portfolio is managed consistently.

• Small Cap. Concentrating assets in small-capitalization stocks may subject the Fund to the risk that those

stocks underperform other capitalizations or the market as a whole. Smaller, less-seasoned companies may be subject to increased liquidity risk compared with mid- and large-cap companies.

Wilmington Trust Callan

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