WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST PACIFIC ...

WILMINGTON TRUST

COLLECTIVE INVESTMENT TRUST

PACIFIC INVESTMENT MANAGEMENT COMPANY LLC

SUB-ADVISED FUND

PIMCO RAE INTERNATIONAL CIT

FINANCIAL STATEMENTS

DECEMBER 31, 2020

WITH

REPORT OF INDEPENDENT AUDITORS

Schedule of Investments PIMCO RAE International CIT December 31, 2020

See Accompanying Notes

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)

SHARES

MARKETVALUE(000s)

INVESTMENTS IN SECURITIES 100.5%

COMMON STOCKS 99.7%

COMMUNICATION SERVICES 5.9%

BCE, Inc. 4,392 $ 188 Bezeq The Israeli Telecommunication Corp. Ltd. (a) 545,522 543 BT Group PLC 203,755 368 Corus Entertainment, Inc. 'B' 16,525 56 Dentsu, Inc. 5,700 169 Deutsche Telekom AG 70,833 1,294 GungHo Online Entertainment, Inc. 10,800 241 HKT Trust & HKT Ltd. 46,000 60 ITV PLC 63,317 92 KDDI Corp. 10,900 324 Koninklijke KPN NV 84,821 258 Lagardere S.C.A. 4,455 111 Millicom International Cellular S.A. 6,746 265 Nippon Telegraph & Telephone Corp. 71,700 1,837 Nippon Television Holdings, Inc. 3,654 40 Orange S.A. 85,651 1,019 PCCW Ltd. 95,120 57 Pearson PLC 24,020 223 ProSiebenSat.1 Media SE (a) 7,142 120 Proximus SADP 7,906 157 Publicis Groupe S.A. 2,419 120 RTL Group S.A. (a) 3,661 178 SES S.A. 9,040 85 Shaw Communications, Inc. 'B' 6,605 116 Singapore Telecommunications Ltd. 129,300 226 SoftBank Group Corp. 20,000 1,561 Spark New Zealand Ltd. 74,088 251 Square Enix Holdings Co. Ltd. 800 49 Swisscom AG 509 274 Telecom Italia SpA 1,682,007 775 Telefonica S.A. 302,046 1,198 Telenor ASA 34,787 592 Telia Co. AB 73,421 303 Telstra Corp. Ltd. 515,282 1,184 TELUS Corp. 3,749 74 VEON Ltd. ADR 305,942 462 Vivendi S.A. 9,864 318 Vodafone Group PLC 547,030 905 WPP PLC 65,255 714 Yahoo Japan Corp. 55,200 334 ............................................. 17,141 ______________________

CONSUMER DISCRETIONARY 15.0%

adidas AG (a) 523 190 Aisin Seiki Co. Ltd. 9,500 285 Asics Corp. 5,100 98 Autoliv, Inc. 1,352 125 Barratt Developments PLC 24,570 225 Bayerische Motoren Werke AG 18,661 1,647 Benesse Holdings, Inc. 3,100 60 Berkeley Group Holdings PLC 3,959 257 Bridgestone Corp. 22,400 734 Burberry Group PLC 7,012 172 Canadian Tire Corp. Ltd. 'A' 3,227 424 Carnival PLC 4,943 92 Casio Computer Co. Ltd. 8,400 153 Ceconomy AG 17,323 120 Cie Generale des Etablissements Michelin S.C.A. 3,178 407 Compass Group PLC 21,632 403 Continental AG 3,397 503 Crown Resorts Ltd. 38,553 286 Daimler AG 40,150 2,835 DCM Holdings Co. Ltd. 12,400 142 Denso Corp. 2,700 160 Dixons Carphone PLC 249,213 395 Dufry AG (a) 986 62 EDION Corp. 13,100 133 Electrolux AB 'B' 7,477 174 Fiat Chrysler Automobiles NV (a) 75,113 1,359 Garmin Ltd. 1,358 163

1

Schedule of Investments PIMCO RAE International CIT (Cont.) December 31, 2020


H2O Retailing Corp. 16,100 109 Haseko Corp. 4,900 56 Hella GmbH & Co. KGaA 2,254 146 Hennes & Mauritz AB 'B' (a) 15,149 317 Honda Motor Co. Ltd. 16,175 451 Inchcape PLC 29,570 260 Isetan Mitsukoshi Holdings Ltd. 30,800 182 Isuzu Motors Ltd. 83,964 797 J Front Retailing Co. Ltd. 6,200 49 K's Holdings Corp. 11,000 153 Kingfisher PLC 208,191 770 LVMH Moet Hennessy Louis Vuitton SE 356 222 Magna International, Inc. 61,623 4,362 Marks & Spencer Group PLC 575,636 1,073 Mazda Motor Corp. 56,200 377 Next PLC 587 57 NHK Spring Co. Ltd. 7,200 49 Nikon Corp. 20,500 129 Nissan Motor Co. Ltd. 217,700 1,181 NOK Corp. 8,400 90 Panasonic Corp. 547,400 6,311 Pandora A/S 1,213 136 Persimmon PLC 3,491 132 Peugeot S.A. (a) 12,181 333 Renault S.A. 17,384 759 Samsonite International S.A. 45,600 81 Sands China Ltd. 41,600 183 Sega Sammy Holdings, Inc. 4,000 63 Sekisui Chemical Co. Ltd. 11,900 225 Sekisui House Ltd. 42,300 860 Shimamura Co. Ltd. 3,400 357 SJM Holdings Ltd. 145,000 162 Skylark Co. Ltd. 5,900 91 Skyworth Group Ltd. 93,175 26 Sony Corp. 2,900 289 Star Entertainment Grp Ltd. 21,312 60 Subaru Corp. 25,600 511 Sumitomo Electric Industries Ltd. 40,300 533 Sumitomo Forestry Co. Ltd. 6,900 144 Sumitomo Rubber Industries Ltd. 13,900 119 Suzuki Motor Corp. 28,700 1,329 Swatch Group AG 7,112 1,940 Takashimaya Co. Ltd. 12,900 111 Taylor Wimpey PLC 54,797 124 Toyota Motor Corp. 7,200 555 TS Tech Co. Ltd. 4,600 142 TUI AG 7,310 46 Valeo S.A. 84,266 3,323 Wesfarmers Ltd. 17,523 681 William Hill PLC (a) 20,818 77 World Co. Ltd. 3,500 42 Wynn Macau Ltd. 39,600 67 Yamada Denki Co. Ltd. 60,100 319 Yamaha Motor Co. Ltd. 9,700 198 Yokohama Rubber Co. Ltd. 8,100 120 Yue Yuen Industrial Holdings Ltd. 143,000 298 ............................................. 43,181 ______________________

CONSUMER STAPLES 6.2%

Aeon Co. Ltd. 37,500 1,229 Ajinomoto Co., Inc. 17,100 387 Anheuser-Busch InBev S.A. NV 7,219 503 Associated British Foods PLC 1,689 52 British American Tobacco PLC 25,108 930 Carlsberg A/S 'B' 1,376 220 Carrefour S.A. 65,209 1,118 Casino Guichard Perrachon S.A. 16,457 506 Coca-Cola Amatil Ltd. 20,675 206 Coles Group Ltd. 31,918 446 Danone S.A. 2,178 143 Diageo PLC 5,924 233 Etablissements Franz Colruyt NV 4,266 253 George Weston Ltd. 3,106 232 Golden Agri-Resources Ltd. 512,000 62 Heineken Holding NV 1,670 157 Imperial Brands PLC 37,202 781 J Sainsbury PLC 46,459 143 Japan Tobacco, Inc. 28,200 574 Kewpie Corp. 4,700 103 Kirin Holdings Co. Ltd. 18,219 430 Koninklijke Ahold Delhaize NV 27,951 789 Loblaw Cos. Ltd. 3,050 151 Matsumotokiyoshi Holdings Co. Ltd. 3,600 153 Megmilk Snow Brand Co. Ltd. 5,500 118 MEIJI Holdings Co. Ltd. 800 56

2



Metcash Ltd. 238,683 622 Metro AG 72,042 809 Morinaga Milk Industry Co. Ltd. 2,000 98 Nestle S.A. 26,710 3,146 NH Foods Ltd. 5,200 229 Orkla ASA 13,803 140 Pola Orbis Holdings, Inc. 5,800 118 Reckitt Benckiser Group PLC 1,011 91 Sapporo Holdings Ltd. 2,700 52 Seven & i Holdings Co. Ltd. 6,364 226 Suedzucker AG 3,388 48 Unilever PLC 15,470 931 United Super Markets Holdings, Inc. 16,300 178 WH Group Ltd. 34,500 29 Wilmar International Ltd. 15,800 56 Woolworths Group Ltd. 28,238 856 Yamazaki Baking Co. Ltd. 12,000 200 ............................................. 17,804 ______________________

ENERGY 3.4%

ARC Resources Ltd. 55,030 259 BP PLC 65,456 228 Cosmo Energy Holdings Co. Ltd. 4,200 75 Crescent Point Energy Corp. 195,717 457 Eni SpA 53,680 561 Equinor ASA 41,105 695 Inpex Corp. 9,400 51 Inter Pipeline Ltd. 4,451 41 Iwatani Corp. 8,400 517 Japan Petroleum Exploration Co. Ltd. 3,200 58 JXTG Holdings, Inc. 14,700 53 Peyto Exploration & Development Corp. 27,738 64 Repsol S.A. 25,455 257 Royal Dutch Shell PLC 'A' 227,989 4,070 Siemens Energy AG (a) 6,087 223 Subsea 7 S.A. 27,556 282 Suncor Energy, Inc. 28,707 481 TC Energy Corp. 2,909 118 Tenaris S.A. 51,043 413 Total S.A. 15,881 685 Woodside Petroleum Ltd. 9,863 173 ............................................. 9,761 ______________________

FINANCIALS 18.1%

Aegon NV 78,915 312 AEON Financial Service Co. Ltd. 6,500 78 Ageas 6,220 331 AMP Ltd. 400,283 481 ASR Nederland NV 4,663 187 Assicurazioni Generali SpA 61,580 1,073 Australia & New Zealand Banking Group Ltd. 104,059 1,821 Aviva PLC 203,654 906 AXA S.A. 13,411 320 Baloise Holding AG 731 130 Banca Monte dei Paschi di Siena SpA (a) 155,862 199 Banco Bilbao Vizcaya Argentaria S.A. 226,468 1,116 Banco BPM SpA (a) 91,348 202 Banco de Sabadell S.A. 493,902 214 Banco Santander S.A. 467,908 1,451 Bank Hapoalim BM 23,346 160 Bank Leumi Le-Israel BM 9,095 53 Bank of Ireland Group PLC (a) 50,472 203 Bank of Montreal 4,714 358 Bank of Nova Scotia 6,639 359 Bank of Queensland Ltd. 29,944 179 Bankia S.A. 147,426 261 Barclays PLC 212,766 427 Bendigo & Adelaide Bank Ltd. 23,089 166 BNP Paribas S.A. 14,995 790 Brookfield Asset Management, Inc. 'A' 1,292 53 Canadian Imperial Bank of Commerce 1,953 167 Chiba Bank Ltd. 24,700 136 CI Financial Corp. 19,385 240 CNP Assurances 5,575 90 Commerzbank AG (a) 45,518 293 Commonwealth Bank of Australia 29,707 1,881 Concordia Financial Group Ltd. 43,800 154 Credit Agricole S.A. 12,134 153 Credit Saison Co. Ltd. 9,000 103 Credit Suisse Group AG 17,563 226 Dai-ichi Life Holdings, Inc. 57,200 860 Daiwa Securities Group, Inc. 38,400 175 Danske Bank A/S 29,122 481 DBS Group Holdings Ltd. 5,100 97

3



Deutsche Bank AG 306,402 3,350 Deutsche Pfandbriefbank AG 8,086 87 Direct Line Insurance Group PLC 58,557 255 DNB ASA (a) 12,208 239 Erste Group Bank AG (a) 2,339 71 Eurazeo S.A. 833 56 Gjensidige Forsikring ASA 2,495 56 Great-West Lifeco, Inc. (b) 2,517 60 Gunma Bank Ltd. 38,200 118 Hachijuni Bank Ltd. 14,100 47 Hang Seng Bank Ltd. 9,900 171 Hannover Rueck SE 739 118 Helvetia Holding AG 567 60 Hopson Development Holdings Ltd. 80,000 204 HSBC Holdings PLC 424,960 2,202 IGM Financial, Inc. 2,003 54 ING Groep NV 34,014 317 Intesa Sanpaolo SpA 651,569 1,522 Japan Post Bank Co. Ltd. 28,300 232 Japan Post Holdings Co. Ltd. 84,800 659 Japan Post Insurance Co. Ltd. 9,000 184 KBC Group NV 7,759 543 Legal & General Group PLC 14,697 53 Lloyds Banking Group PLC 448,029 223 Macquarie Group Ltd. 3,993 426 Manulife Financial Corp. 7,784 138 Mapfre S.A. 75,978 148 Mitsubishi UFJ Financial Group, Inc. 453,400 2,003 Mizuho Financial Group, Inc. 94,390 1,195 MS&AD Insurance Group Holdings, Inc. 12,300 374 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 4,541 1,347 National Australia Bank Ltd. 26,137 455 National Bank of Canada 3,190 180 Natixis S.A. 88,223 301 NN Group NV 5,951 258 Nomura Holdings, Inc. 54,600 288 Nordea Bank Abp (a) 206,195 1,685 Onex Corp. 2,170 125 ORIX Corp. 25,200 387 Oversea-Chinese Banking Corp. Ltd. 14,900 113 Poste Italiane SpA 16,567 168 Power Corp. of Canada 27,672 635 QBE Insurance Group Ltd. 19,226 126 Resona Holdings, Inc. 52,800 184 Royal Bank of Canada 4,329 356 Royal Bank of Scotland Group PLC 37,362 86 SCOR SE 2,782 90 Shinsei Bank Ltd. 4,100 50 Skandinaviska Enskilda Banken AB 'A' (a) 10,372 107 Societe Generale S.A. (a) 18,574 386 Sompo Holdings, Inc. 8,800 356 Standard Chartered PLC 115,231 734 Standard Life Aberdeen PLC 80,253 309 Sumitomo Mitsui Financial Group, Inc. 46,407 1,433 Sumitomo Mitsui Trust Holdings, Inc. 2,800 86 Sun Life Financial, Inc. 4,681 208 Suncorp Group Ltd. 63,820 479 Suruga Bank Ltd. 29,000 95 Svenska Handelsbanken AB 'A' (a) 5,205 52 Swedbank AB 'A' (a) 31,109 545 Swiss Life Holding AG 1,456 678 Swiss Re AG 9,898 932 T&D Holdings, Inc. 13,500 159 Talanx AG 5,302 206 Tokio Marine Holdings, Inc. 12,500 643 Toronto-Dominion Bank 7,694 435 UBS Group AG 79,074 1,114 UniCredit SpA 18,283 171 Unipol Gruppo Finanziario SpA (a) 54,396 260 UnipolSai Assicurazioni SpA 44,684 118 United Overseas Bank Ltd. 8,600 147 Virgin Money UK PLC 61,638 113 Westpac Banking Corp. 100,445 1,500 Yamaguchi Financial Group, Inc. 9,100 51 Zurich Insurance Group AG 4,556 1,922 ............................................. 52,124 ______________________

HEALTH CARE 6.0%

Astellas Pharma, Inc. 117,500 1,814 AstraZeneca PLC 10,393 1,041 Bausch Health Cos., Inc. (a) 30,221 629 Bayer AG 8,794 517 Daiichi Sankyo Co. Ltd. 3,500 120 Eisai Co. Ltd. 4,800 343 Fresenius Medical Care AG & Co. KGaA 3,440 287

4



Fresenius SE & Co. KGaA 6,986 323 GlaxoSmithKline PLC 19,415 356 Healius Ltd. 21,802 63 Koninklijke Philips NV 11,860 634 Medipal Holdings Corp. 2,800 52 Medtronic PLC 12,258 1,436 Miraca Holdings, Inc. 2,000 54 Novartis AG 20,677 1,954 Novo Nordisk A/S 'B' 2,030 142 Olympus Corp. 5,400 118 Otsuka Holdings Co. Ltd. 5,400 231 Roche Holding AG 7,069 2,467 Sanofi 13,368 1,285 Smith & Nephew PLC 6,161 127 Suzuken Co. Ltd. 1,500 54 Takeda Pharmaceutical Co. Ltd. 3,847 140 Teva Pharmaceutical Industries Ltd. SP - ADR (a) 262,156 2,530 Toho Holdings Co. Ltd. 3,200 56 UCB S.A. 4,784 494 ............................................. 17,267 ______________________

INDUSTRIALS 14.9%

ABB Ltd. 43,193 1,206 ACS Actividades de Construccion Y Servicios S.A. 7,054 234 Adecco Group AG 18,921 1,264 AerCap Holdings NV (a) 5,865 267 Aggreko PLC 6,594 56 Air Canada (a) 18,586 332 Air France-KLM (a) 276,127 1,727 Air New Zealand Ltd. 142,813 185 Alstom S.A. 3,211 183 Amada Holdings Co. Ltd. 13,400 147 ANA Holdings, Inc. 13,100 289 AP Moller - Maersk A/S 'B' 272 607 Asahi Glass Co. Ltd. 9,000 314 Ashtead Group PLC 1,365 64 Atlantia SpA 2,858 51 Atlas Copco AB 'A' 7,863 402 Aurizon Holdings Ltd. 100,249 301 Babcock International Group PLC 27,211 104 BAE Systems PLC 35,808 239 Bouygues S.A. 4,646 191 bpost S.A. 8,185 85 Brambles Ltd. 15,071 123 Brenntag AG 2,379 184 Bureau Veritas S.A. (a) 2,067 55 Canadian Pacific Railway Ltd. 414 144 Cathay Pacific Airways Ltd. 152,000 141 Cie de Saint-Gobain (a) 23,442 1,074 CIMIC Group Ltd. 5,402 102 CK Hutchison Holdings Ltd. 53,294 372 CNH Industrial NV (a) 25,116 317 ComfortDelGro Corp. Ltd. 64,100 81 Dai Nippon Printing Co. Ltd. 13,200 237 Daikin Industries Ltd. 500 111 Deutsche Lufthansa AG 419,311 5,540 Deutsche Post AG 11,759 582 Downer EDI Ltd. 32,356 133 East Japan Railway Co. 5,300 353 easyJet PLC 12,256 139 Ebara Corp. 3,400 111 Eiffage S.A. (a) 2,992 289 Experian PLC 3,166 120 FANUC Corp. 600 147 Ferguson PLC 4,515 549 Ferrovial S.A. 7,243 200 Fuji Electric Co. Ltd. 5,300 191 Fujikura Ltd. 62,900 289 Furukawa Electric Co. Ltd. 16,600 447 GEA Group AG 16,373 586 Glory Ltd. 2,600 52 GS Yuasa Corp. 11,300 324 Hankyu Hanshin Holdings, Inc. 1,700 57 Hino Motors Ltd. 14,800 126 Hitachi Construction Machinery Co. Ltd. 1,900 54 IHI Corp. 7,800 155 ISS A/S (a) 32,549 563 ITOCHU Corp. 7,500 215 Japan Airlines Co. Ltd. 18,500 357 JTEKT Corp. 15,100 117 Kajima Corp. 9,900 133 Kawasaki Heavy Industries Ltd. 10,700 241 Kawasaki Kisen Kaisha Ltd. (a) 3,600 74 Keppel Corp. Ltd. 54,000 220 Komatsu Ltd. 2,200 60

5



Kone Oyj 'B' 3,278 266 Kubota Corp. 19,000 414 Kuehne + Nagel International AG 1,192 270 Leonardo SpA 18,447 133 LIXIL Group Corp. 20,700 448 Marubeni Corp. 19,000 126 Mitsubishi Corp. 11,700 288 Mitsubishi Electric Corp. 60,700 915 Mitsubishi Heavy Industries Ltd. 22,000 672 Mitsui & Co. Ltd. 13,600 249 Mitsui OSK Lines Ltd. 3,600 110 MTR Corp. Ltd. 11,000 62 Nippon Express Co. Ltd. 8,000 537 Nippon Yusen KK 18,600 433 Nisshinbo Holdings, Inc. 14,000 102 NSK Ltd. 30,300 263 NTN Corp. 88,000 226 Obayashi Corp. 11,400 98 OSRAM Licht AG 5,933 377 Qantas Airways Ltd. 46,041 172 Randstad NV 4,062 264 RELX PLC 2,433 60 Rexel S.A. 82,887 1,306 Royal Mail PLC 371,238 1,714 Schneider Electric SE 7,118 1,029 Secom Co. Ltd. 600 55 Sembcorp Industries Ltd. 52,000 67 Sembcorp Marine Ltd. (a) 255,372 28 Shimizu Corp. 5,800 42 Siemens AG 12,362 1,775 Signify NV (a) 57,881 2,442 Singapore Airlines Ltd. 60,800 197 Skanska AB 'B' 9,897 252 SKF AB 'B' 12,874 334 Smiths Group PLC 3,487 72 Sojitz Corp. 57,100 127 Sumitomo Corp. 26,800 354 Sumitomo Heavy Industries Ltd. 6,500 160 Taisei Corp. 1,700 59 Thomson Reuters Corp. 7,627 624 Toppan Printing Co. Ltd. 17,800 251 Toshiba Corp. 10,200 285 Toyota Tsusho Corp. 8,100 327 Travis Perkins PLC 9,584 177 Vestas Wind Systems A/S 846 200 Vinci S.A. 1,931 192 Volvo AB 'B' (a) 4,696 111 West Japan Railway Co. 5,400 282 Yamato Holdings Co. Ltd. 14,700 375 ............................................. 42,935 ______________________

INFORMATION TECHNOLOGY 7.4%

Alps Electric Co. Ltd. 4,200 55 Atos SE (a) 1,334 122 Brother Industries Ltd. 11,900 245 Canon Marketing Japan, Inc. 2,800 64 Canon, Inc. 46,900 898 Capgemini SE 792 123 Citizen Watch Co. Ltd. 41,500 118 FUJIFILM Holdings Corp. 11,300 595 Fujitsu Ltd. 20,100 2,901 GCL-Poly Energy Holdings Ltd. (a) 9,408,000 1,493 Hitachi Ltd. 140,456 5,530 Ibiden Co. Ltd. 8,000 373 Kingboard Holdings Ltd. 89,000 375 Kingboard Laminates Holdings Ltd. 87,000 142 Konica Minolta, Inc. 65,800 251 Kyocera Corp. 4,600 282 Mixi, Inc. 18,300 454 NEC Corp. 3,700 199 Nippon Electric Glass Co. Ltd. 8,100 177 Nokia Oyj 33,782 130 NTT Data Corp. 14,500 198 NXP Semiconductors NV 7,193 1,144 Omron Corp. 14,300 1,274 Renesas Electronics Corp. (a) 46,400 485 Ricoh Co. Ltd. 16,800 110 Rohm Co. Ltd. 2,400 232 SAP SE 2,164 283 SCREEN Holdings Co. Ltd. 1,500 110 Seiko Epson Corp. 20,600 305 STMicroelectronics NV 28,241 1,054 TDK Corp. 1,300 196 TE Connectivity Ltd. 2,879 349 Telefonaktiebolaget LM Ericsson 'B' 3,756 45

6



Tokyo Electron Ltd. 2,600 967 Toshiba TEC Corp. 1,400 51 VTech Holdings Ltd. 9,600 74 ............................................. 21,404 ______________________

MATERIALS 15.0%

Air Liquide S.A. 971 159 Akzo Nobel NV 1,360 146 Anglo American PLC 10,845 360 ArcelorMittal S.A. (a) 401,489 9,260 Asahi Kasei Corp. 18,600 190 Aurubis AG 14,141 1,100 BASF SE 15,373 1,215 BHP Group Ltd. 32,469 1,062 BHP Group PLC 20,771 547 BlueScope Steel Ltd. 4,931 66 Canfor Corp. (a) 12,307 222 Covestro AG 61,738 3,807 CRH PLC 4,778 199 Daicel Corp. 19,700 144 DIC Corp. 5,700 144 DS Smith PLC (a) 12,239 63 Evonik Industries AG 22,821 744 Evraz PLC 24,866 160 Fletcher Building Ltd. 72,642 308 Fortescue Metals Group Ltd. 82,188 1,485 Glencore PLC (a) 236,476 753 HeidelbergCement AG 1,840 138 ICL Group Ltd. 27,528 140 Incitec Pivot Ltd. 73,613 129 Israel Corp. Ltd. (a) 599 114 JFE Holdings, Inc. 37,500 359 JSR Corp. 7,000 195 K+S AG 19,357 184 Kaneka Corp. 4,500 157 Kinross Gold Corp. 16,801 123 Kobe Steel Ltd. (a) 70,000 374 Koninklijke DSM NV 864 149 LafargeHolcim Ltd. 5,133 282 Lanxess AG 1,444 111 Lundin Mining Corp. 7,447 66 Mitsubishi Chemical Holdings Corp. 102,400 619 Mitsubishi Gas Chemical Co., Inc. 5,300 122 Mitsubishi Materials Corp. 10,700 225 Mitsui Chemicals, Inc. 8,100 237 Mitsui Mining & Smelting Co. Ltd. 4,200 154 Mondi PLC 12,474 293 Nippon Light Metal Holdings Co. Ltd. 7,040 130 Nippon Steel Corp. 33,300 428 Nitto Denko Corp. 22,900 2,047 Norbord, Inc. 5,809 251 Norsk Hydro ASA 417,221 1,940 Oji Holdings Corp. 21,300 121 Orica Ltd. 8,304 97 Rio Tinto Ltd. 24,603 2,159 Rio Tinto PLC 67,433 5,044 Salzgitter AG (a) 12,872 341 Shin-Etsu Chemical Co. Ltd. 2,300 402 Smurfit Kappa Group PLC 4,490 209 Solvay S.A. 2,075 246 Stora Enso Oyj 'R' 4,136 79 Sumitomo Chemical Co. Ltd. 131,700 529 Taiheiyo Cement Corp. 6,200 155 Teck Resources Ltd. 'B' 20,863 379 Teijin Ltd. 6,800 128 thyssenkrupp AG 14,143 140 Tokuyama Corp. 1,600 36 Toray Industries, Inc. 21,500 127 Tosoh Corp. 13,779 215 Toyo Seikan Group Holdings Ltd. 4,400 48 Turquoise Hill Resources Ltd. (a) 21,480 267 Ube Industries Ltd. 8,700 158 UPM-Kymmene Oyj 5,249 195 voestalpine AG 21,229 760 Yamana Gold, Inc. 25,771 147 Yara International ASA 1,596 66 Zeon Corp. 8,600 123 ............................................. 43,272 ______________________

REAL ESTATE 1.1%

CK Asset Holdings Ltd. 16,344 84 Daito Trust Construction Co. Ltd. 2,900 271 Daiwa House Industry Co. Ltd. 7,600 225 Hang Lung Group Ltd. 50,000 124

7



Hang Lung Properties Ltd. 92,000 243 Henderson Land Development Co. Ltd. 12,000 47 Hongkong Land Holdings Ltd. 41,700 172 Hysan Development Co. Ltd. 17,000 62 Kerry Properties Ltd. 84,000 213 Lend Lease Group 10,655 108 New World Development Co. Ltd. 28,500 133 Nomura Real Estate Holdings, Inc. 6,700 148 Pacific Century Premium Developments Ltd. (a) 11,340 1 Shimao Property Holdings Ltd. 102,500 327 Sun Hung Kai Properties Ltd. 14,500 187 Swire Pacific Ltd. 'A' 101,678 564 Wharf Holdings Ltd. 132,000 355 ............................................. 3,264 ______________________

UTILITIES 6.7%

Acciona S.A. 3,070 438 AGL Energy Ltd. 25,900 239 Atco Ltd. 'I' 8,923 256 Canadian Utilities Ltd. 'A' 5,950 145 Centrica PLC 3,198,444 2,038 Chubu Electric Power Co., Inc. 48,000 578 Chugoku Electric Power Co., Inc. 6,200 72 Contact Energy Ltd. 37,043 237 E.ON SE 86,543 958 EDP - Energias de Portugal S.A. 180,156 1,135 Electricite de France S.A. 92,797 1,462 Endesa S.A. 23,868 652 Enel SpA 301,440 3,048 Engie S.A. 115,843 1,772 Hokkaido Electric Power Co., Inc. 33,400 121 Hokuriku Electric Power Co. 23,300 152 Hydro One Ltd. 9,275 209 Iberdrola S.A. 25,393 363 Kansai Electric Power Co., Inc. 8,900 84 Kyushu Electric Power Co., Inc. 44,900 386 Meridian Energy Ltd. 23,080 123 National Grid PLC 69,864 826 Naturgy Energy Group S.A. 19,473 451 RWE AG 14,758 623 Shikoku Electric Power Co., Inc. 19,200 125 SSE PLC 35,127 720 Suez S.A. 25,896 513 Tohoku Electric Power Co., Inc. 37,500 309 Tokyo Electric Power Co. Holdings, Inc. (a) 244,700 645 TransAlta Corp. 43,318 329 Veolia Environnement S.A. 16,756 410 ............................................. 19,419 ______________________ Total Common Stocks (Cost $225,455) 287,572 ______________________

RIGHTS 0.0%

ENERGY 0.0%

Repsol S.A. 24,467 9 ............................................. Total Rights (Cost $9) 9 ______________________

PREFERRED SECURITIES 0.4%

INDUSTRIALS 0.4%

Henkel AG & Co. KGaA 1,915 216 Schaeffler AG 42,134 352 Volkswagen AG 2,192 408 ............................................. Total Preferred Securities (Cost $784) 976 ______________________

REAL ESTATE INVESTMENT TRUSTS 0.4%

REAL ESTATE 0.4%

British Land Co. PLC 17,999 120 Cominar Real Estate Investment Trust 20,007 127 H&R Real Estate Investment Trust 13,090 137 Link REIT 5,300 48 Mirvac Group 34,979 71 RioCan Real Estate Investment Trust 7,897 104 Stockland 79,805 257 Unibail-Rodamco-Westfield 3,615 286

8



............................................. Total Real Estate Investment Trusts (Cost $825) 1,150 ______________________ Total Investments in Securities (Cost $227,073) 289,707 ______________________ Total Investments 100.5% (Cost $227,073) $ 289,707

Other Assets and Liabilities, net (0.5)% (1,351) ............................................. Net Assets 100.0% $ 288,356 ______________________

9



NOTES TO SCHEDULE OF INVESTMENTS: * A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security did not produce income within the last twelve months.

(b) RESTRICTED SECURITIES:

Issuer Description Acquisition

Date CostMarketValue

Market Valueas Percentageof Net Assets ......................................................................................................................................................................................................................................................................................................................................................

Great-West Lifeco, Inc. 03/31/2020-09/02/2020 $ 45 $ 60 0.02% ____________________________________________________________

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund's assets and liabilities:

Category and Subcategory Level 1 Level 2 Level 3 Fair Value

at 12/31/2020 ...................................................................................................................................................................................................................................................................................................................... Investments in Securities, at Value Common Stocks Communication Services $ 17,079 $ 62 $ 0 $ 17,141 Consumer Discretionary 43,181 0 0 43,181 Consumer Staples 17,804 0 0 17,804 Energy 9,761 0 0 9,761 Financials 52,124 0 0 52,124 Health Care 17,267 0 0 17,267 Industrials 42,935 0 0 42,935 Information Technology 21,404 0 0 21,404 Materials 43,272 0 0 43,272 Real Estate 3,264 0 0 3,264 Utilities 19,419 0 0 19,419 Rights Energy 9 0 0 9 Preferred Securities Industrials 976 0 0 976 Real Estate Investment Trusts Real Estate 1,150 0 0 1,150 ................................................................................................................................................................................. Total Investments $ 289,645 $ 62 $ 0 $ 289,707 __________________________________________________________________________________________ There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

10

Statement of Assets and Liabilities PIMCO RAE International CIT December 31, 2020


(Amounts in thousands, except per share amounts)

Assets:

Investments, at value

Investments in securities $ 289,707

Cash 1,337

Foreign currency, at value 292

Receivable for Fund shares sold 2,545

Interest and/or dividends receivable 658

Total Assets 294,539

Liabilities:

Payable for investments purchased 2,677

Payable for Fund shares redeemed 3,121

Accrued investment advisory fees 283

Accrued custodian fees 56

Accrued audit fees 46

Total Liabilities 6,183

Net Assets $ 288,356

Net Assets Consist of: Paid in capital $ 211,563

Distributable earnings (accumulated loss) 76,793

Net Assets $ 288,356

Net Assets:

Class 0TS $ 288,356

Units Issued and Outstanding:

Class 0TS 20,388

Net Asset Value and Redemption Price Per Unit (Net Asset per Unit Outstanding)(a):

Class 0TS $ 14.14

Cost of investments in securities $ 227,073

Cost of foreign currency held $ 291

(a) Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

11

Statement of Operations PIMCO RAE International CIT


Inception date through December 31, 2020(a) (Amounts in thousands)

Investment Income:

Dividends, net of foreign taxes* $ 5,212

Total Income 5,212

Expenses:

Investment advisory fees 393

Custodian fees 343

Audit fees 46

Interest expense 7

Total Expenses 789

Net Investment Income (Loss) 4,423

Net Realized Gain (Loss):

Investments in securities 9,726

Foreign currency (22)

Net Realized Gain (Loss) 9,704

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities 62,634

Foreign currency assets and liabilities 32

Net Change in Unrealized Appreciation (Depreciation) 62,666

Net Increase (Decrease) in Net Assets Resulting from Operations $ 76,793

* Foreign tax withholdings - Dividends $ 111

(a) Inception date of the Fund was March 27, 2020.

12

Statement of Changes in Net Assets PIMCO RAE International CIT


(Amounts in thousands) Inception date through December 31, 2020(a)

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss) $ 4,423

Net realized gain (loss) 9,704

Net change in unrealized appreciation (depreciation) 62,666

Net Increase (Decrease) in Net Assets Resulting from Operations 76,793

Fund Unit Transactions*:

Net increase (decrease) resulting from Fund Unit transactions 211,563

Total Increase (Decrease) in Net Assets 288,356

Net Assets:

Beginning of period 0

End of period $ 288,356

* See Note 11 in the Notes to Financial Statements. (a) Inception date of the Fund was March 27, 2020.

13

Financial Highlights PIMCO RAE International CIT


Selected Per Unit Data for the Period Ended:

Class 0TS December 31, 2020(a)

Net asset value, beginning of period(b) $ 10.00

Net investment income (c) 0.24

Net realized/unrealized gain (loss) 3.90

Total from investment operations 4.14

Net asset value, end of period(b) $ 14.14

Total Return(b) 41.40 %

Net assets, end of period (000s) $ 288,356

Ratio of expenses to average net assets 0.48 %*

Ratio of expenses to average net assets excluding waivers 0.48 %*

Ratio of expenses to average net assets excluding interest expense 0.48 %*

Ratio of expenses to average net assets excluding interest expense and waivers 0.48 %*

Ratio of net investment income (loss) to average net assets 2.68 %*

* Annualized. (a) Inception date of the Fund was March 27, 2020. (b) Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Per Unit Amounts based on average number of units outstanding during the period.

14

Notes to Financial Statements December 31, 2020

1. ORGANIZATION

The PIMCO RAE International CIT (the “Fund”) is a fund of the Wilmington Trust Collective Investment Trust (the “Trust”). The Trust is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code of 1986, as amended, and a “group trust” within the meaning of Revenue Ruling 81-100 as modified by Revenue Ruling 2004-67, and any successor ruling, regulation or similar pronouncement. The Trust is exempt from registration under the Investment Company Act of 1940, as amended. The beneficial ownership of the Fund is evidenced by units (“Units”) and may offer one or more classes (each a “Class”), each of which represents undivided proportionate interests in all of the assets and liabilities of the Fund. Each Unit is entitled to the allocated proportional share of all income, profits, losses, and expenses of the Fund. No Unit shall have any priority or preference over any other Unit. The value of each Unit is determined at the close of business each business day by adding the value of all of the Fund’s assets, subtracting all accrued expenses and liabilities, and dividing by the number of Units outstanding. Unit values may vary to reflect the fees assessed and agreed to by the respective plan. The information contained in these financials pertains to the PIMCO RAE International CIT. As of December 31, 2020, the Fund currently offers one class of Units: Class 0TS. The Trust is designed to be used as an investment vehicle by qualified retirement plans and certain plans maintained by governmental employers. The Trust consists of separate funds, each a fund of the Trust, with differing investment objectives. Wilmington Trust, N.A. is the trustee (the “Trustee”) of the Trust. The Trustee, a wholly owned subsidiary of the M&T Bank Corporation, is responsible for maintaining and administering the Trust and its various funds. 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 long-term capital appreciation by investing in international developed market stocks using the Research Affiliates Equity (RAE) strategy, a value approach designed to outperform the MSCI EAFE Value Index over a full market cycle. Pacific Investment Management Company LLC (“PIMCO”), a Delaware limited liability company, serves as the investment sub-advisor of the Fund. Although PIMCO is registered with the CFTC as a commodity trading advisor (“CTA”) it has notified the Fund that it will provide commodity interest trading advice to the Fund as if it were exempt from CTA registration, in reliance on a CFTC exemptive rule.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies are recorded as dividend income. Long-term capital gain distributions received from registered investment companies are recorded as realized gains. (b) Cash and Foreign Currency The functional and reporting currency for the Fund is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies, if any, are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of currency holdings and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The effects of changes in foreign currency exchange rates on investments in securities are not segregated on the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain (loss) on investment securities. (c) Multi-Class Operations Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each Class of the Fund. Class specific expenses, where applicable, currently include trustee fees and sub-advisor fees. Under certain circumstances, the per unit net asset value (“NAV”) of a Class of the Fund’s Unit may be different from the per unit NAV of another class of unit as a result of the different daily expense accruals applicable to each class of Units.

(d) Dividends and Distributions to Unitholders All net investment income and net realized gains of the Fund will be reinvested in the Fund, no distributions will be declared.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The price of the Fund’s Units is based on the Fund’s NAV. The NAV of the Fund, or each of its classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to the Fund or Class, by the total number of Units outstanding of the Fund or Class. For purposes of calculating the NAV, portfolio securities and other financial derivative instruments are valued on each Business Day using valuation methods as adopted by the Trustee. Where market quotes are readily available, fair market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. If a market price is not readily available or if such price is

15

Notes to Financial Statements (Cont.) December 31, 2020

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 Trustee, which are generally based upon recommendations provided by PIMCO. 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 Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, or Broker Quotes), including where events occur after the close of the relevant market, but prior to the New York Stock Exchange ("NYSE") close, that materially affect the values of the Fund’s securities or financial derivative instruments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which securities trade do not open for trading for the entire day and no other market prices are available. The Trustee has delegated to PIMCO, the responsibility for monitoring significant events that may materially affect the values of the Fund’s securities or financial derivative instruments and for determining whether the value of the applicable securities or financial derivative instruments should be re-evaluated in light of such significant events. (b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows: • Level 1—Quoted prices in active markets or exchanges for identical assets and liabilities. • Level 2—Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. • Level 3—Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Trustee or persons acting at their direction that are used in determining the fair value of investments. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund. For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums) and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund. (c) Valuation Techniques and the Fair Value Hierarchy Level 1 and Level 2 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows: Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy. Common stocks, exchange-traded funds (“ETFs”), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy. Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Equity exchange-traded options and over-the-counter financial derivative instruments, such as foreign currency contracts and options contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services or other pricing sources (normally determined as of the NYSE close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate (“OIS”), London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

16


Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by the Trustee that uses significant unobservable inputs, investments will be priced by a method that the Trustee or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Investments in Securities

Real Estate Investment Trusts ("REITs") The Fund may invest in REITs, which are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs' operations.

Restricted Securities The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted securities outstanding at December 31, 2020 are disclosed in the Schedule of Investments.

Warrants The Fund may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. PRINCIPAL AND OTHER RISKS

In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. Market Risks The Fund’s investments in financial derivative instruments and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign (non-U.S.) currency, equity and commodity risks. Interest rate risk is the risk that fixed income securities and other instruments held by the Fund will decline in value because of an increase in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund may lose money if these changes are not anticipated by the Fund's management. The Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates that incorporates a security’s yield, coupon, final maturity and call features, among other characteristics. Convexity is an additional measure of interest rate sensitivity that measures the rate of change of duration in response to changes in interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). At present, the U.S. and many parts of the world, including certain European countries, are at or near historically low interest rates. The Fund may be subject to heightened interest rate risk because the Federal Reserve (the “Fed”) has ended its quantitative easing program and has begun, and may continue, to raise interest rates. To the extent that the Fed continues to raise interest rates, there is a risk that rates across the financial system may rise. Further, while bond markets have steadily grown over the past three decades, dealer “market making” ability has not kept pace and in some cases has decreased. Given the importance of intermediary “market making” in creating a robust and active market, fixed income securities are currently facing increased volatility and liquidity risks. All of these factors, collectively and/or individually, could cause the Fund to lose value. If the Fund lost enough value, the Fund could face increased unitholder redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, thereby adversely affecting the Fund. Also, the Fund may be adversely affected when a large unitholder purchases or redeems large amounts of units, which can occur at any time and may impact the Fund in the same manner as a high volume of redemption requests. Large unitholder transactions may impact the Fund’s liquidity and net asset value. Such transactions may also increase the Fund’s transaction costs or otherwise cause the Fund to perform differently than intended. Moreover, the Fund is subject to the risk that other unitholders may make investment decisions based on the choices of a large unitholder. If the Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in financial derivative instruments that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns. The market values of equities, such as common stocks and preferred securities or equity related investments such as futures and options, have historically risen and fallen in periodic cycles and may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions,

17


changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Different types of equity securities may react differently to these developments. Equity securities and equity related investments generally have greater market price volatility than fixed income securities. The Fund's investments in commodity-linked financial derivative instruments may subject the Fund to greater market price volatility than investments in traditional securities. The value of commodity-linked financial derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Credit and Counterparty Risks The Fund will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. The Fund minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges, where applicable. Over the counter (“OTC”) derivative transactions are subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally cleared derivative transactions might not be available for OTC derivative transactions. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the creditworthiness of the Fund’s clearing broker, or the clearinghouse itself, rather than to a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value or performance of derivatives and the Fund. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivative instruments contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities and financial derivative instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. PIMCO, as the Sub-Adviser, minimizes counterparty risks to the Fund through a number of ways. Prior to entering into transactions with a new counterparty, the PIMCO Counterparty Risk Committee conducts an extensive credit review of such counterparty and must approve the use of such counterparty. Furthermore, pursuant to the terms of the underlying contract, to the extent that unpaid amounts owed to the Fund exceed a predetermined threshold, such counterparty shall advance collateral to the Fund in the form of cash or securities equal in value to the unpaid amount owed to the Fund. The Fund may invest such collateral in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to the Fund subsequently decreases, the Fund would be required to return to the counterparty all or a portion of the collateral previously advanced. PIMCO’s attempts to minimize counterparty risk may, however, be unsuccessful. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once the Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

6. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of AAA rated paper or sovereign securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement. Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments. Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as To-Be-Announced securities, delayed-delivery or sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments. Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the CFTC. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Fund. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end is disclosed in the Notes to Schedule of Investments. International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions

18


under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

7. FEES AND EXPENSES (a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America L.P. and serves as Investment sub-advisor to the Fund. For its sub-advisory services to the Fund, PIMCO is paid a quarterly asset-based fee calculated and payable in arrears as of the NYSE close on the last Business Day of each calendar quarter in an amount equal to 0.24% per annum for each Class, calculated daily using the average daily value of the Fund. (b) Fund Expenses The Fund is responsible for the following expenses: (i) third party custody and third party accounting expenses; (ii) annual audit expenses; (iii) governmental fees; (iv) brokerage fees and commissions and other portfolio transaction expenses; (v) the costs of borrowing money, including interest expenses and bank overdraft charges; and (vi) extraordinary expenses, including extraordinary legal expenses, costs of litigation and indemnification expense. 8. GUARANTEES AND INDEMNIFICATIONS

Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund (including the Fund’s investment sub-advisor) is indemnified against certain liabilities that may arise out of 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.

9. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term investments) for the year ended December 31, 2020, were as follows (amounts in thousands† ):

U.S. Government/Agency All Other

Purchases Sales Purchases Sales $ 0 $ 0 $ 283,460 $ 196,316

† A zero balance may reflect actual amounts rounding to less than one thousand.

10. UNITS OF BENEFICIAL INTEREST

The Fund may issue an unlimited number of Units of beneficial interest with a $0.001 par value. The Fund may have a significant concentration of risk as certain unitholders own more than ten percent of the net assets. Such concentration of unitholders’ interests could have a material effect on the Fund in the event these unitholders request to withdraw substantial amounts of capital at the same time. Changes in Units of beneficial interest were as follows (units and amounts in thousands†):

Inception date through

December 31, 2020(a)

Shares

Amount

Receipts for Units sold Class 0TS 23,825 $ 252,101

Cost of Units redeemed Class 0TS (3,437) (40,538)

Net increase (decrease) resulting from Fund Units transactions 20,388 $ 211,563

(a)Inception date of the Fund was March 27, 2020

As of December 31, 2020, the Fund had two unaffiliated plans representing 68% of the total outstanding units.

11. FEDERAL INCOME TAX MATTERS

The Fund is intended to qualify for U.S. Federal income tax exemption under Section 501(a) of the Internal Revenue Code of 1986, as amended (or under any comparable provisions of any future legislation that amends or supersedes said provisions of the Code). Unless and until advised to the contrary the Trustee and persons dealing with the Trustee shall be entitled to assume that the Fund is so qualified and tax exempt. In accordance with U.S. GAAP, the Trustee has reviewed the Fund’s tax positions for all open tax years. As of December 31, 2020, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

12. SUBSEQUENT EVENTS

The Trustee has evaluated the possibility of subsequent events existing in Fund’s financial statements through March 15, 2021, the date that the financial statements were issued. The Trustee has determined that there are no material events that would require adjustment or disclosure in the Fund’s financial statements through this date.

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

Currency Abbreviations:

USD (or $) United States Dollar

Other Abbreviations:

ADR American Depositary Receipt REIT Real Estate Investment Trust SP - ADR Sponsored American Depositary Receipt

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PricewaterhouseCoopers LLP, 1100 Walnut, Suite 1300, Kansas City, MO 64106 T: (816) 472 7921, F: (816) 218 1890, www.pwc.com/us

Report of Independent Auditors To the Trustee of PIMCO RAE International CIT We have audited the accompanying financial statements of PIMCO RAE International CIT (the “Fund”), which comprise the statement of assets and liabilities, including the schedule of investments, as of December 31, 2020 and the related statements of operations and of changes in net assets and the financial highlights for the period March 27, 2020 (commencement of operations) through December 31, 2020. These financial statements and financial highlights are hereafter collectively referred to as "financial statements". Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the 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. Auditors’ Responsibility Our responsibility is to express an opinion on the 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 statements. The procedures selected depend on our 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, we consider internal control relevant to the Fund’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 Fund’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 PIMCO RAE International CIT as of December 31, 2020, and the results of its operations, changes in its net assets and the financial highlights for the period then ended, in accordance with accounting principles generally accepted in the United States of America. March 15, 2021

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WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST PACIFIC ...

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