wilmington trust collective investment trust funds …

WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

FUNDS SUB-ADVISED BY FRANKLIN ADVISERS, INC.

FINANCIAL STATEMENTS

DECEMBER 31, 2020

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust Funds Sub-Advised by Franklin Advisers, Inc.

CONTENTS

Independent Auditor's Report ..................................................................................................................................................................... 1 Fund Index ................................................................................................................................................................................................. 3 Wilmington Trust Franklin DynaTech CIT ................................................................................................................................................... 4 Wilmington Trust Franklin Growth CIT ..................................................................................................................................................... 15 Wilmington Trust Franklin Real Estate Securities CIT .............................................................................................................................. 23 Wilmington Trust Franklin Small Cap Value CIT ...................................................................................................................................... 28 Wilmington Trust Franklin Templeton Global Bond Plus Trust ................................................................................................................. 35 Wilmington Trust Franklin U.S. Aggregate Bond CIT ............................................................................................................................... 39 Notes to the Financial Statements............................................................................................................................................................ 49

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 funds sub-advised by Franklin Advisers, Inc. of Wilmington Trust Collective Investment Trust (the "Trust"), comprising the funds (the "Funds") included on the Fund Index on page 3, which comprise the statement of assets and liabilities, including the schedules of investments, as of December 31, 2020, the related statements of operations and changes in net assets, the financial highlights for the year then ended, or for the period then ended for inception dates in 2020, and the related notes to the financial statements. These financial statements and financial highlights are hereinafter 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 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 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, 2020, the results of its operations, changes in its net assets and its financial highlights for the year then ended, or for the period then ended for inception dates in 2020, in accordance with accounting principles generally accepted in the United States of America.

www.hogantaylor.com

2

Other Matter Our audit was conducted for the purpose of forming an opinion on the financial statements of each of the Funds as a whole. The supplementary information for the year ended December 31, 2020, or for the period then ended for inception dates in 2020, following the schedule of investments, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Tulsa, Oklahoma April 30, 2021

Franklin Advisers, Inc.


See Notes to the Financial Statements. 3

FUND INDEX

FUND NAME FUND OBJECTIVE Wilmington Trust Franklin DynaTech CIT The Fund seeks capital appreciation by investing primarily in companies that the

Sub-Advisor believes are leaders in innovation, take advantage of new tech-nologies, have superior management and benefit from new industry conditions in the dynamically changing global economy. Its benchmark is the Russell 1000 Growth Index.

Wilmington Trust Franklin Growth CIT The Fund seeks long-term capital appreciation by utilizing fundamental, bottom-

up research and investing in companies that are believed to produce sustainable earnings and cash flow growth.

Wilmington Trust Franklin Real Estate

Securities CIT The Fund seeks to maximize total investment return consisting of income and

capital appreciation by investing in equity securities of companies operating in the real estate industry predominately in the United States, including companies qualifying under federal tax law as real estate investment trusts (REITs).

Wilmington Trust Franklin Small Cap

Value CIT The Fund seeks long-term total return by investing at least 80% of its net assets

in equity securities of small-capitalization companies, which are those with market capitalizations not exceeding either the highest market capitalization of the Russell 2000 Index or the 12-month average of the highest market capitalization in the Russell 2000 Index, whichever is greater at the time of purchase. Its benchmark is the Russell 2000 Value Index.

Wilmington Trust Franklin Templeton

Global Bond Plus Trust The Fund invests solely in the Franklin Templeton Global Bond Plus Trust which

seeks to maximize total investment return consisting of a combination of interest income, capital appreciation and currency gains.

Wilmington Trust Franklin U.S. Aggregate

Bond CIT The Fund seeks to provide high current income consistent with preservation of

capital. Capital appreciation over the long term is a secondary goal.



Wilmington Trust Franklin DynaTech CIT

Schedule of Investments December 31, 2020

Principal

Amount or FairShares Cost Value

Common Stocks - 97.5%Communications - 27.4%

Adevinta ASA 1,337 18,779$ 22,486$ Airbnb, Inc. Class A 200 13,600 29,360 Alibaba Group Holding Limited ^ 1,406 353,692 327,218 Alphabet Inc. Class A 268 397,991 469,708 Alphabet Inc. Class C 84 123,514 147,158 Amazon.com, Inc. 645 1,721,374 2,100,730 Booking Holdings Inc. 46 83,280 102,454 Charter Communications, Inc. 174 99,785 115,110 Chewy, Inc. Class A 2,544 159,685 228,680 Delivery Hero AG 937 89,355 145,601 DoorDash, Inc. 100 10,200 14,275 Facebook, Inc. Class A 2,531 636,427 691,368 Farfetch Limited Class A 495 24,485 31,586 Fiverr International Ltd. 1,339 183,892 261,239 JD.com, Inc. ^ 262 22,439 23,030 Liberty Broadband Corporation 1,003 132,196 158,053 Match Group, Inc. 1,338 141,066 202,292 Meituan Class B 456 17,675 17,325 MercadoLibre, Inc. 401 406,424 671,763 Netflix, Inc. 240 103,606 129,775 Okta, Inc. 1,104 209,889 280,703 Ozon Holdings PLC ^ 200 6,000 8,282 Pinduoduo Inc. ^ 144 19,312 25,584 Pinterest, Inc. Class A 2,097 122,768 138,192 Q2 Holdings, Inc. 1,338 118,657 169,297 Shopify Inc. Class A 689 510,404 777,326 Snap Inc. 426 22,346 21,330 Spotify Technology S.A. 366 92,610 115,166 Tencent Holdings Limited 5,853 385,640 425,736 THG PLC 3,703 28,356 39,482 Uber Technologies Inc 393 20,374 20,043 Wix.com Ltd. 555 143,202 138,728 Zendesk, Inc. 669 63,630 95,747

Total Communications 6,482,653 8,144,827

Consumer, Cyclical - 3.1%Carvana Co. 435 89,821 104,200 JD Health International Inc. 300 2,759 5,804 Magazine Luiza S.A. 1,328 6,000 6,379




Schedule of Investments (continued) December 31, 2020

Principal


Common Stocks - 97.5% (continued)Consumer, Cyclical - 3.1% (continued)

NIKE, Inc. Class B 334 36,294$ 47,251$ Nintendo Co., Ltd. 147 83,024 93,729 Tesla, Inc. 802 320,063 565,947 Zalando SE 869 75,664 96,821

Total Consumer, Cyclical 613,625 920,131

Consumer, Non-cyclical - 25.9%10x Genomics, Inc. Class A 742 100,211 105,067 Abbott Laboratories 2,008 196,653 219,856 Accolade, Inc. 100 2,200 4,350 Adyen N.V. 268 400,236 624,671 American Well Corp Class A 112 2,066 2,837 Applied Molecular Transport Inc. 832 19,245 25,601 argenx SE 402 92,711 119,032 AstraZeneca PLC 1,690 177,293 169,195 Avalara, Inc. 1,004 130,659 165,550 Berkeley Lights, Inc. 450 30,964 40,235 Bio-Rad Laboratories, Inc. 41 24,429 23,901 Catalent, Inc. 1,473 127,095 153,295 Certara, Inc. 400 9,200 13,488 Chegg, Inc. 1,406 101,041 127,004 CoStar Group, Inc. 268 199,574 247,707 CRISPR Therapeutics AG 670 55,164 102,584 Danaher Corporation 1,674 327,249 371,862 DexCom, Inc. 302 108,492 111,655 Dun & Bradstreet Holdings, Inc. 1,338 33,177 33,316 Dyne Therapeutics, Inc. 1,337 25,981 28,077 Edwards Lifesciences Corporation 1,740 136,337 158,740 Evotec SE 668 17,518 24,749 Exact Sciences Corporation 77 9,665 10,202 Guardant Health, Inc. 733 78,224 94,469 IDEXX Laboratories, Inc. 750 288,454 374,903 Illumina, Inc. 469 145,747 173,530 Inari Medical, Inc. 803 51,798 70,094 Inspire Medical Systems, Inc. 1,004 109,858 188,842 Intuitive Surgical, Inc. 273 176,684 223,341 Invitae Corporation 1,396 64,972 58,367 Iovance Biotherapeutics, Inc. 2,677 93,377 124,213





Principal


Common Stocks - 97.5% (continued)Consumer, Non-cyclical - 25.9% (continued)

iRhythm Technologies, Inc. 613 121,231$ 145,410$ Legend Biotech Corporation ^ 176 4,356 4,956 Lonza Group AG 334 192,074 214,921 Maravai LifeSciences Holdings, Inc. 562 15,174 15,764 MarketAxess Holdings Inc. 14 7,291 7,988 Moody's Corporation 468 118,890 135,832 Natera, Inc. 1,132 87,209 112,657 NovoCure Limited 54 7,563 9,344 Nuvei Corporation 364 12,180 21,924 PayPal Holdings, Inc. 2,677 445,404 626,953 PLAID, Inc. 700 10,765 25,188 PTC Therapeutics, Inc. 400 21,867 24,412 Qiagen N.V. 104 5,219 5,496 Repare Therapeutics Inc. 534 12,303 18,316 Repligen Corporation 936 137,626 179,366 ResMed Inc. 736 127,825 156,444 Seer, Inc. 200 3,800 11,228 Shift4 Payments, Inc. Class A 467 19,337 35,212 Sotera Health Company 600 13,800 16,464 Square, Inc. 1,338 225,944 291,202 STERIS plc 669 112,463 126,802 StoneCo Ltd. 200 13,991 16,784 Stryker Corporation 669 142,922 163,932 Teladoc Health, Inc. 1,110 190,718 221,956 Thermo Fisher Scientific Inc. 669 277,095 311,607 UnitedHealth Group Incorporated 267 78,148 93,632 Verisk Analytics, Inc. 669 114,987 138,878 Wuxi Biologics (Cayman) Inc. 20,078 161,058 266,193 Zoetis Inc. 669 101,508 110,720

Total Consumer, Non-cyclical 6,119,022 7,700,314

Energy - 0.1%Array Technologies, Inc. 1,016 30,172 43,830

Financials - 3.7%Afterpay Limited 666 44,628 60,642 Mastercard Incorporated 1,338 401,337 477,586





Principal


Common Stocks - 97.5% (continued)Financials - 3.7% (continued)

Tradeweb Markets Inc. Class A 2,676 144,190$ 167,116$ Visa Inc. Class A 1,740 326,520 380,590

Total Financials 916,675 1,085,934

Industrials - 1.6%Amphenol Corporation Class A 670 71,930 87,616 Axon Enterprise, Inc. 412 41,998 50,482 CryoPort, Inc. 270 12,375 11,848 Keyence Corporation 181 75,383 101,680 Keysight Technologies, Inc. 268 28,208 35,400 Roper Technologies, Inc. 401 152,316 172,867 TransDigm Group Incorporated 46 27,336 28,467

Total Industrials 409,546 488,360

Technology - 35.0%Activision Blizzard, Inc. 403 32,043 37,419 Adobe Inc. 804 327,465 402,096 Analog Devices, Inc. 670 78,577 98,979 ANSYS, Inc. 536 152,877 194,997 Apple Inc. 2,142 192,122 284,222 ASML Holding N.V. ^ 521 183,149 254,102 Aspen Technology, Inc. 402 48,678 52,361 Atlassian Corporation PLC Class A 1,339 236,551 313,152 Autodesk, Inc. 670 137,621 204,578 Bentley Systems, Incorporated Class B 218 6,459 8,831 Bill.com Holdings, Inc. 803 75,284 109,610 C3.Ai, Inc. 400 16,800 55,500 Cadence Design Systems, Inc. 1,339 126,103 182,680 Cerence Inc. 1,740 109,915 174,835 Coupa Software Incorporated 851 197,891 288,412 CrowdStrike Holdings, Inc. 680 88,928 144,038 Datadog, Inc. Class A 1,105 95,467 108,776 DocuSign, Inc. 1,553 275,476 345,232 Duck Creek Technologies, Inc. 112 3,176 4,850 Entegris, Inc. 665 53,341 63,907 EPAM Systems, Inc. 268 75,810 96,038 Globant S.A. 134 20,318 29,160 HubSpot, Inc. 804 206,494 318,738





Principal


Common Stocks - 97.5% (continued)Technology - 35.0% (continued)

Intel Corporation 1,004 51,599$ 50,019$ Intuit Inc. 670 204,368 254,500 Kingsoft Cloud Holdings Limited ^ 115 3,249 5,008 KLA Corporation 409 78,416 105,894 Lam Research Corporation 602 196,352 284,307 Lightspeed POS Inc. 126 6,579 8,885 Microsoft Corporation 4,016 744,521 893,239 MongoDB, Inc. 803 161,257 288,309 Monolithic Power Systems, Inc. 602 151,532 220,470 MSCI Inc. 742 233,192 331,325 nCino, Inc. 130 5,929 9,413 NVIDIA Corporation 935 394,501 488,257 Outset Medical, Inc. 154 5,528 8,753 RingCentral, Inc. Class A 602 144,948 228,140 Salesforce.com, Inc. 1,338 282,674 297,745 Sea Limited ^ 3,346 392,962 666,021 ServiceNow, Inc. 1,338 558,428 736,475 Snowflake Inc. Class A 269 54,240 75,697 Synopsys, Inc. 1,104 218,957 286,201 Taiwan Semiconductor Manufacturing Company Limited ^ 470 45,350 51,249 Teradyne, Inc. 598 55,067 71,694 Twilio Inc. 1,142 286,994 386,567 Tyler Technologies, Inc. 281 97,374 122,662 Unity Software Inc. 181 24,446 27,778 Veeva Systems Inc. Class A 1,338 308,711 364,271 Vertex, Inc. Class A 243 4,931 8,469 Workday, Inc. Class A 669 128,983 160,299 Xero Limited 267 21,412 30,249 ZoomInfo Technologies Inc. 1,873 77,489 90,335

Total Technology 7,680,534 10,324,744

Utilities - 0.7%NextEra Energy, Inc. 2,677 187,193 206,531

Total Common Stocks 22,439,420 28,914,671





Principal


Real Estate Investment Trusts - 2.0%Financials - 2.0%

American Tower Corporation 535 125,286$ 120,086$ Crown Castle International Corp. 670 102,671 106,657 Equinix, Inc. 268 185,401 191,400 SBA Communications Corporation 669 184,496 188,745

Total Real Estate Investment Trusts 597,854 606,888

Money Market Fund - 0.7%State Street Institutional Treasury Plus Money Market Fund - Premier Class 220,474 220,474 220,474

Total Investments - 100.2% 23,257,748$ 29,742,033 Other Assets and Liabilities, Net - (0.2%) (46,713) Net Assets - 100% 29,695,320$

^American Depositary Receipt





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

Percentage

Country of Issuer Fair Value of Net Assets

United States 23,370,203$ 78.7%China 1,095,898 3.7%Netherlands 1,003,301 3.4%Canada 826,451 2.8%Argentina 700,923 2.4%Singapore 666,021 2.2%Israel 399,967 1.3%Australia 373,794 1.3%Switzerland 317,505 1.1%Germany 267,171 0.9%United Kingdom 240,263 0.8%Japan 220,597 0.7%Sweden 115,166 0.4%Taiwan 51,249 0.2%New Zealand 30,249 0.1%Brazil 23,163 0.1%Norway 22,486 0.1%Jersey 9,344 0.0%Cyprus 8,282 0.0%Total 29,742,033$ 100.2%

The following is a summary of the fair value of the investments in the Fund based on the inputs used to value them as of December 31, 2020 (see Note 3 in Notes to the Financial Statements):

Level 1 Level 2 Level 3 Total

Common Stocks 28,914,671$ -$ -$ 28,914,671$ Real Estate Investment Trusts 606,888 - - 606,888 Money Market Fund 220,474 - - 220,474 Total 29,742,033$ -$ -$ 29,742,033$

Fair Value Measurements

Concentration of Ownership: As of December 31, 2020, the Fund had five unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 79.0% of the Fund's total units outstanding.





Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:

Purchases Sales Realizedat Cost Proceeds Gain

Investments 19,584,765$ 3,970,757$ 331,765$



AssetsInvestments in securities, at fair value (cost $23,257,748) 29,742,033$ Foreign currency, at fair value (cost $6) 6 Dividends receivable 3,757 Receivable for fund units sold 1,231 Total assets 29,747,027

Liabilities and Net AssetsPayable for fund units redeemed 29,343 Accrued expenses 22,364 Total liabilities 51,707 Net assets 29,695,320$

Investment incomeDividends (net of withholding taxes of $252) 40,770$

ExpensesTrustee and sub-advisor fees 45,828 Professional services and other operating expenses 2,952 Total expenses 48,780 Net investment loss (8,010)

Net realized gain on:Investments 331,765 Foreign currency transactions 3,860

Net change in unrealized appreciation on:Investments 5,904,709 Net realized and unrealized gain on investments and

foreign currency transactions 6,240,334 Net increase in net assets resulting from operations 6,232,324$


Statement of OperationsFor the year ended December 31, 2020

Statement of Assets and LiabilitiesDecember 31, 2020



Increase in net assets resulting from operationsNet investment loss (8,010)$ Net realized gain on investments and foreign currency transactions 335,625 Net change in unrealized appreciation on investments 5,904,709 Net increase in net assets resulting from operations 6,232,324

Fund unit transactionsProceeds from units issuedClass R 2,477,779 Class R1 ^ 17,118,440 Total proceeds from units issued 19,596,219

Value of units redeemedClass R (3,075,489) Class R1 ^ (811,100) Total value of units redeemed (3,886,589)

Increase in net assets resulting from fund unit transactions 15,709,630

Increase in net assets 21,941,954

Net assets, beginning of year 7,753,366 Net assets, end of year 29,695,320$

^Class R1 funded on 5/28/2020.

Statement of Changes in Net AssetsFor the year ended December 31, 2020




Per Unit Operating Performance Class R Class R1Net asset value, beginning of year or at inception 10.91$ 12.32$ Income from investment operations:

Net investment loss (1) (0.00) (0.02) Net realized and unrealized gain on investments and

foreign currency transactions (1) 6.34 4.97 Total income from investment operations 6.34 4.95 Net asset value, end of year 17.25$ 17.27$

Total Return 58.11% 40.18% ^

Supplemental DataRatio to average net assets:

Expenses 0.38% 0.40% #Net investment loss (0.02%) (0.20%) #

Fund Unit ActivityUnits, beginning of year 710,978 - Issued 188,580 1,111,250 Redeemed (241,325) (49,521) Units, end of year 658,233 1,061,729 (1) Based on average units outstanding.^Not annualized for periods less than one year. Class R1 funded on 5/28/2020.#Annualized except audit expense.

Financial HighlightsFor the year ended December 31, 2020




Wilmington Trust Franklin Growth CIT


Principal


Common Stocks - 98.7%Basic Materials - 2.2%

Air Products and Chemicals, Inc. 10,701 2,706,802$ 2,923,727$ Ecolab Inc. 13,458 2,553,856 2,911,773 Linde Public Limited Company 15,530 3,179,057 4,092,310

Total Basic Materials 8,439,715 9,927,810

Communications - 14.0%Airbnb, Inc. Class A 1,900 129,200 278,920 Alibaba Group Holding Limited ^ 10,930 2,245,299 2,543,739 Alphabet Inc. Class A 6,359 7,681,443 11,145,038 Alphabet Inc. Class C 835 1,265,209 1,462,820 Amazon.com, Inc. 7,437 16,865,407 24,221,837 Booking Holdings Inc. 560 1,024,345 1,247,271 Cable One, Inc. 1,881 2,686,160 4,190,341 Comcast Corporation Class A 16,722 693,950 876,233 Facebook, Inc. Class A 17,295 3,466,685 4,724,302 IAC/InterActiveCorp. 6,223 528,912 1,178,325 Match Group, Inc. 13,617 1,111,844 2,058,754 Okta, Inc. 2,390 492,619 607,681 Uber Technologies Inc 24,428 924,384 1,245,828 Walt Disney Company/The 37,358 4,647,858 6,768,522


Consumer, Cyclical - 2.6%Aptiv PLC 8,900 1,078,392 1,159,581 Fastenal Company 58,454 2,357,165 2,854,309 Las Vegas Sands Corp. 32,768 1,788,147 1,952,973 NIKE, Inc. Class B 40,167 3,876,732 5,682,425

Total Consumer, Cyclical 9,100,436 11,649,288

Consumer, Non-cyclical - 25.6%10x Genomics, Inc. Class A 5,759 629,102 815,474 Abbott Laboratories 28,400 2,492,996 3,109,516 AbbVie Inc. 9,604 782,726 1,029,069 Adyen N.V. 1,290 1,417,838 3,006,813 American Well Corp Class A 7,797 193,715 197,498 Amgen Inc. 17,959 3,646,978 4,129,133 AstraZeneca PLC ^ 47,433 2,100,029 2,371,176 Automatic Data Processing, Inc. 10,967 1,653,150 1,932,385 Avalara, Inc. 12,431 1,641,421 2,049,748





Principal


Common Stocks - 98.7% (continued)Consumer, Non-cyclical - 25.6% (continued)

Brown-Forman Corporation Class B 34,300 2,119,098$ 2,724,449$ Catalent, Inc. 72,683 4,381,599 7,564,120 Certara, Inc. 5,500 126,500 185,460 Constellation Brands, Inc. 11,964 2,255,222 2,620,714 CoStar Group, Inc. 1,561 1,202,503 1,442,801 Danaher Corporation 24,694 3,893,467 5,485,525 Deciphera Pharmaceuticals, Inc. 12,483 748,240 712,405 Edwards Lifesciences Corporation 24,936 1,681,111 2,274,911 Eli Lilly and Company 26,790 3,355,847 4,523,224 Equifax Inc. 11,433 1,540,567 2,204,740 Estee Lauder Companies Inc./The Class A 2,037 434,338 542,229 GW Pharmaceuticals PLC ^ 4,955 696,591 571,857 Haemonetics Corporation 20,949 2,220,244 2,487,694 IHS Markit Ltd. 45,002 3,236,479 4,042,530 Illumina, Inc. 12,753 4,137,297 4,718,610 Intuitive Surgical, Inc. 9,630 5,636,438 7,878,303 Iovance Biotherapeutics, Inc. 8,797 274,871 408,181 Johnson & Johnson 25,583 3,567,544 4,026,253 Laboratory Corporation of America Holdings 10,504 1,790,164 2,138,089 Lamb Weston Holdings, Inc. 10,942 737,643 861,573 Maravai LifeSciences Holdings, Inc. 11,000 297,000 308,550 MarketAxess Holdings Inc. 1,944 1,027,789 1,109,169 Merck & Co., Inc. 20,482 1,631,725 1,675,428 Mondelez International, Inc. 32,028 1,645,316 1,872,677 Monster Beverage Corporation 57,042 3,724,810 5,275,244 Neurocrine Biosciences, Inc. 10,228 902,128 980,354 PayPal Holdings, Inc. 15,678 2,431,116 3,671,788 PepsiCo, Inc. 13,508 1,738,980 2,003,236 PTC Therapeutics, Inc. 20,468 1,011,145 1,249,162 Quest Diagnostics Incorporated 10,375 1,160,023 1,236,389 Regeneron Pharmaceuticals, Inc. 1,739 950,008 840,128 S&P Global Inc. 2,314 828,479 760,681 Seer, Inc. 1,000 19,000 56,140 Stryker Corporation 8,883 1,733,882 2,176,690 Teleflex Incorporated 10,904 3,416,802 4,487,759 Unitedhealth Group Incorporated 3,207 1,016,806 1,124,631 Verisk Analytics, Inc. 32,416 4,896,751 6,729,237 Wuxi Biologics (Cayman) Inc. 200,745 1,475,178 2,661,463






Principal


Common Stocks - 98.7% (continued)Financials - 6.5%

BlackRock, Inc. 5,080 2,440,266$ 3,665,423$ Charles Schwab Corporation/The 65,426 2,645,197 3,470,195 Intercontinental Exchange, Inc. 30,242 2,655,783 3,486,600 Mastercard Incorporated 29,345 7,924,584 10,474,404 Tradeweb Markets Inc. Class A 20,049 1,184,651 1,252,060 Visa Inc. Class A 29,911 5,174,866 6,542,433

Total Financials 22,025,347 28,891,115

Industrials - 20.1%Agilent Technologies, Inc. 27,537 2,270,679 3,262,859 Allegion Public Limited Company 14,606 1,418,309 1,699,846 AMETEK, Inc. 15,364 1,336,289 1,858,122 Amphenol Corporation Class A 30,830 3,005,844 4,031,639 BWX Technologies, Inc. 29,665 1,516,587 1,788,206 Canadian National Railway Company 20,904 1,895,953 2,296,304 Canadian Pacific Railway Limited 10,459 2,672,697 3,626,031 Caterpillar Inc. 11,492 1,434,997 2,091,774 Cognex Corporation 9,991 507,077 802,127 Deere & Company 10,154 1,832,075 2,731,934 Fortive Corporation 24,265 1,376,108 1,718,447 Illinois Tool Works Inc. 20,495 3,320,511 4,178,521 Ingersoll Rand Inc. 21,322 661,689 971,430 J.B. Hunt Transport Services, Inc. 10,704 1,202,063 1,462,702 Kansas City Southern 15,881 2,175,962 3,241,789 Keysight Technologies, Inc. 15,383 1,266,195 2,031,940 Lockheed Martin Corporation 10,375 3,576,960 3,682,918 Martin Marietta Materials, Inc. 8,217 1,896,506 2,333,381 Mercury Systems, Inc. 17,373 1,356,191 1,529,866 Mettler-Toledo International Inc. 9,226 7,224,948 10,514,688 Northrop Grumman Corporation 20,357 6,298,241 6,203,185 Otis Worldwide Corporation 11,027 713,369 744,874 Raytheon Technologies Corporation 52,269 3,621,746 3,737,756 Republic Services, Inc. 14,166 1,198,849 1,364,186 Stanley Black & Decker, Inc. 17,301 2,524,747 3,089,267 TE Connectivity Ltd. 40,075 3,671,605 4,851,880 Trane Technologies Public Limited Company 22,960 2,300,957 3,332,874 Union Pacific Corporation 43,469 7,507,409 9,051,115





Principal


Common Stocks - 98.7% (continued)Industrials - 20.1% (continued)

Vontier Corporation 9,545 239,907$ 318,803$ Xylem Inc. 10,166 959,758 1,034,797

Total Industrials 70,984,228 89,583,261

Technology - 26.4%Adobe Inc. 4,079 1,457,647 2,039,989 Apple Inc. 188,900 13,858,541 25,065,141 ASML Holding N.V. ^ 10,405 3,360,690 5,074,727 Atlassian Corporation PLC Class A 3,711 606,739 867,892 Autodesk, Inc. 18,435 3,284,422 5,628,943 Bill.com Holdings, Inc. 23,043 1,743,308 3,145,370 Duck Creek Technologies, Inc. 1,935 64,861 83,786 Intuit Inc. 21,474 5,822,005 8,156,899 Microsoft Corporation 79,380 12,269,557 17,655,700 Monolithic Power Systems, Inc. 9,505 1,765,252 3,481,016 NVIDIA Corporation 11,021 3,168,698 5,755,166 NXP Semiconductors N.V. 14,194 1,691,794 2,256,988 Paycom Software, Inc. 3,640 1,198,632 1,646,190 PTC Inc. 25,884 2,154,855 3,095,985 Root, Inc. Class A 8,739 235,953 137,290 Salesforce.com, Inc. 12,407 2,235,472 2,760,930 ServiceNow, Inc. 21,827 6,758,807 12,014,236 Snowflake Inc. Class A 5,508 918,411 1,549,951 Synopsys, Inc. 9,620 1,556,530 2,493,889 Texas Instruments Incorporated 30,446 3,712,803 4,997,102 Twilio Inc. 9,940 1,728,770 3,364,690 Tyler Technologies, Inc. 4,524 1,183,822 1,974,816 Veeva Systems Inc. Class A 4,941 1,308,228 1,345,187 Workday, Inc. Class A 16,081 2,920,388 3,853,168


Utilities - 1.3%American Water Works Company, Inc. 15,023 1,815,822 2,305,580 NextEra Energy, Inc. 44,104 2,527,804 3,402,624

Total Utilities 4,343,626 5,708,204 Total Common Stocks 322,163,508 441,027,546





Principal



Crown Castle International Corp. 24,409 3,642,297$ 3,885,669$ Equinix, Inc. 2,380 1,715,722 1,699,748

Total Real Estate Investment Trusts 5,358,019 5,585,417



^American Depositary Receipt The following is a summary of the fair value of the investments in the Fund based on the inputs used to value them as of December 31, 2020 (see Note 3 in Notes to the Financial Statements):


Common Stocks 441,027,546$ -$ -$ 441,027,546$ Real Estate Investment Trusts 5,585,417 - - 5,585,417 Money Market Fund 84,026 - - 84,026 Total 446,696,989$ -$ -$ 446,696,989$


Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 49.6% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:


Investments 181,122,628$ 80,916,382$ 4,285,771$



AssetsInvestments in securities, at fair value (cost $327,605,553) 446,696,989$ Dividends and interest receivable 167,010 Receivable for fund units sold 140,733 Total assets 447,004,732

Liabilities and Net AssetsPayable for fund units redeemed 182,148 Accrued expenses 338,550 Total liabilities 520,698 Net assets 446,484,034$

Investment incomeDividends (net of withholding taxes of $61) 2,953,968$ Interest 18,723 Total investment income 2,972,691

ExpensesTrustee and sub-advisor fees 941,441 Professional services and other operating expenses 15,721 Total expenses 957,162 Net investment income 2,015,529

Net realized gain (loss) on:Investments 4,285,771 Foreign currency transactions (846)

Net change in unrealized appreciation on:Investments 79,347,318 Net realized and unrealized gain on investments

and foreign currency transactions 83,632,243 Net increase in net assets resulting from operations 85,647,772$






Increase in net assets resulting from operationsNet investment income 2,015,529$ Net realized gain on investments and foreign currency transactions 4,284,925 Net change in unrealized appreciation on investments 79,347,318 Net increase in net assets resulting from operations 85,647,772

Fund unit transactionsProceeds from units issuedClass 0TS 1,898,292 Class R 8,733,535 Class S 189,816,517 Total proceeds from units issued 200,448,344

Value of units redeemedClass 0TS (967,053) Class R (28,674,349) Class S (74,567,668) Total value of units redeemed (104,209,070)








Per Unit Operating Performance Class 0TS Class R Class SNet asset value, beginning of year 12.78$ 12.77$ 12.79$ Income from investment operations:

Net investment income (1) 0.10 0.09 0.09 Net realized and unrealized gain on investments

and foreign currency transactions (1) 3.86 3.85 3.86 Total income from investment operations 3.96 3.94 3.95 Net asset value, end of year 16.74$ 16.71$ 16.74$

Total Return 30.99% 30.85% 30.88%


Expenses 0.28% 0.33% 0.31%Net investment income 0.69% 0.67% 0.68%

Fund Unit ActivityUnits, beginning of year 125,017 4,020,390 16,554,870 Issued 149,477 659,372 12,782,333 Redeemed (69,846) (2,035,091) (5,507,757) Units, end of year 204,648 2,644,671 23,829,446 (1) Based on average units outstanding.





Wilmington Trust Franklin Real Estate Securities CIT


Principal


Common Stocks - 2.8%Financials - 2.8%

Broadstone Net Lease, Inc. 3,000 51,000$ 58,740$ CBRE Group, Inc. 2,520 127,550 158,054

Total Common Stocks 178,550 216,794


Alexandria Real Estate Equities, Inc. 1,876 281,051 334,341 American Campus Communities, Inc. 1,603 54,611 68,560 American Homes 4 Rent 7,788 197,435 233,640 American Tower Corporation 2,190 431,137 491,567 Americold Realty Trust 3,165 106,279 118,149 AvalonBay Communities, Inc. 1,472 310,622 236,153 Boston Properties, Inc. 984 112,173 93,018 Camden Property Trust 1,994 203,319 199,240 Cousins Properties Incorporated 4,658 180,584 156,043 Crown Castle International Corp. 2,635 387,653 419,466 Equinix, Inc. 848 466,889 605,625 Equity LifeStyle Properties, Inc. 3,713 214,433 235,256 Extra Space Storage Inc. 2,513 280,784 291,156 Healthcare Realty Trust Incorporated 3,500 101,083 103,600 Healthpeak Properties, Inc. 8,692 268,269 262,759 Host Hotels & Resorts, Inc. 7,382 128,851 107,999 Kilroy Realty Corporation 2,325 186,532 133,455 Life Storage, Inc. 675 66,011 80,588 MGM Growth Properties LLC 4,043 129,760 126,546 Prologis, Inc. 5,563 406,620 554,409 QTS Realty Trust, Inc. Class A 2,499 143,064 154,638 Realty Income Corporation 3,710 275,519 230,651 Regency Centers Corporation 2,746 180,403 125,190 Retail Properties of America, Inc. 5,682 69,246 48,638 Rexford Industrial Realty, Inc. 3,886 142,348 190,841 Ryman Hospitality Properties, Inc. 634 40,003 42,960 SBA Communications Corporation 1,296 265,049 365,640 Simon Property Group, Inc. 1,275 227,781 108,732 Spirit Realty Capital, Inc. 3,754 162,337 150,798 Summit Hotel Properties, Inc. 7,000 38,160 63,070 Terreno Realty Corporation 1,953 100,862 114,270 UDR, Inc. 5,021 233,369 192,957





Principal


Real Estate Investment Trusts - 94.5% (continued)VEREIT, Inc. 4,045 168,961$ 152,861$ Weingarten Realty Investors 2,665 52,669 57,751 Welltower Inc. 2,645 207,380 170,920 Weyerhaeuser Company 7,904 181,239 265,021

Total Real Estate Investment Trusts 7,002,486 7,286,508


Total Investments - 99.6% 7,358,502$ 7,680,768 Other Assets and Liabilities, Net - 0.4% 30,383 Net Assets - 100% 7,711,151$



Common Stocks 216,794$ -$ -$ 216,794$ Real Estate Investment Trusts 7,286,508 - - 7,286,508 Money Market Fund 177,466 - - 177,466 Total 7,680,768$ -$ -$ 7,680,768$


Concentration of Ownership: As of December 31, 2020, the Fund had one unitholder holding 10% or more of the outstanding units of the Fund, and aggregated to 100% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:


Investments 3,738,442$ 13,111,346$ 841,957$



AssetsInvestments in securities, at fair value (cost $7,358,502) 7,680,768$ Dividends and interest receivable 28,431 Receivable for investment securities sold 1,952 Net assets 7,711,151$

Investment incomeDividends 260,593$ Interest 1,834 Net investment income 262,427

Net realized gain on:Investments 841,957

Net change in unrealized appreciation on:Investments (1,040,870) Net realized and unrealized loss on investments (198,913) Net increase in net assets resulting from operations 63,514$






Increase in net assets resulting from operationsNet investment income 262,427$ Net realized gain on investments 841,957 Net change in unrealized appreciation on investments (1,040,870) Net increase in net assets resulting from operations 63,514

Fund unit transactionsProceeds from units issued - Class 0 646,046 Value of units redeemed - Class 0 (10,376,428) Decrease in net assets resulting from fund unit transactions (9,730,382)

Decrease in net assets (9,666,868)






Per Unit Operating Performance Class 0Net asset value, beginning of year 11.12$ Income (loss) from investment operations:

Net investment income (1) 0.28 Net realized and unrealized loss on investments (1) (0.53)

Total income (loss) from investment operations (0.25) Net asset value, end of year 10.87$

Total Return (2.25%)


Expenses 0.00%Net investment income 2.76%

Fund Unit ActivityUnits, beginning of year 1,563,367 Issued 56,374 Redeemed (910,078) Units, end of year 709,663 (1) Based on average units outstanding.





Wilmington Trust Franklin Small Cap Value CIT


Principal


Common Stocks - 93.0%Basic Materials - 7.0%

Cabot Corporation 18,359 714,943$ 823,952$ Elementis PLC 90,620 140,104 142,454 Glatfelter Corporation 20,636 311,522 338,018 Kaiser Aluminum Corporation 1,165 104,476 115,219 Minerals Technologies Inc. 15,004 817,976 932,048 Reliance Steel & Aluminum Co. 4,664 480,985 558,514


Consumer, Cyclical - 20.0%Avient Corporation 32,285 942,494 1,300,439 BJ's Wholesale Club Holdings, Inc. 2,265 90,055 84,439 Boot Barn Holdings, Inc. 11,539 344,784 500,331 BRP Inc. 1,846 79,081 121,845 Brunswick Corporation 11,712 796,891 892,923 Carter's, Inc. 5,527 474,809 519,925 Dalata Hotel Group PLC 44,308 168,498 205,196 Denny's Corporation 40,050 477,504 587,934 Dufry AG 5,165 305,044 324,759 Group 1 Automotive, Inc. 6,938 707,913 909,849 Jack in the Box Inc. 7,566 584,490 702,125 LCI Industries 621 63,788 80,531 M/I Homes, Inc. 3,574 104,409 158,292 Meritor, Inc. 12,678 321,158 353,843 REV Group, Inc. 18,946 170,140 166,914 Thor Industries, Inc. 7,179 697,685 667,575 Wabash National Corporation 26,310 380,590 453,321 Wolverine World Wide, Inc. 9,632 256,803 301,000 Wyndham Hotels & Resorts, Inc. 631 34,226 37,507


Consumer, Non-cyclical - 6.8%Envista Holdings Corporation 22,411 562,287 755,923 Glanbia PLC 60,620 706,635 769,901 Huron Consulting Group Inc. 1,392 61,384 82,058 Integer Holdings Corporation 10,065 718,996 817,177 Kforce Inc. 9,197 336,707 387,102 Maple Leaf Foods Inc. 1,451 29,809 32,141






Principal


Common Stocks - 93.0% (continued)Energy - 1.6%

Crescent Point Energy Corp. 224,318 370,854$ 522,939$ Hunting PLC 41,698 105,576 127,108

Total Energy 476,430 650,047

Financials - 27.2%Atlantic Union Bankshares Corporation 11,735 295,875 386,551 Bryn Mawr Bank Corporation 13,073 368,394 399,968 CNO Financial Group, Inc. 45,596 768,134 1,013,599 Columbia Banking System, Inc. 19,513 554,158 700,517 First Horizon Corporation 98,766 1,033,166 1,260,254 First of Long Island Corporation/The 16,175 255,273 288,724 German American Bancorp, Inc. 5,181 156,754 171,439 Glacier Bancorp, Inc. 3,092 117,582 142,263 Hanover Insurance Group, Inc./The 10,453 1,071,697 1,222,165 Horace Mann Educators Corporation 27,602 1,023,072 1,160,388 Houlihan Lokey, Inc. 2,281 143,243 153,352 Lakeland Financial Corporation 8,863 406,174 474,880 McGrath RentCorp 7,384 419,364 495,466 Old Republic International Corporation 62,458 1,042,116 1,231,047 Peoples Bancorp Inc. 7,358 170,339 199,328 Selective Insurance Group, Inc. 8,619 481,708 577,301 South State Corporation 11,156 664,409 806,579 TriCo Bancshares 6,041 183,311 213,126 TrustCo Bank Corp NY 20,996 129,105 140,043 Washington Trust Bancorp, Inc. 7,414 264,698 332,147


Industrials - 24.1%Apogee Enterprises, Inc. 7,720 204,293 244,570 Argan, Inc. 4,755 214,646 211,550 Astec Industries, Inc. 5,630 269,648 325,864 Benchmark Electronics, Inc. 13,541 304,875 365,742 Coherent, Inc. 4,445 601,403 666,839 Columbus McKinnon Corporation 11,681 397,175 449,018 Eagle Materials Inc. 881 79,008 89,289 Great Lakes Dredge & Dock Corporation 1,250 16,252 16,463 Greenbrier Companies, Inc./The 23,839 672,003 867,263 Heartland Express, Inc. 6,011 116,730 108,799 Hillenbrand, Inc. 26,057 837,823 1,037,069





Principal


Common Stocks - 93.0% (continued)Industrials - 24.1% (continued)

Insteel Industries, Inc. 11,629 228,148$ 258,978$ Louisiana-Pacific Corporation 1,569 48,223 58,320 Masonite International Corporation 1,809 142,580 177,897 Meggitt PLC 57,454 288,432 366,374 Mueller Industries, Inc. 7,160 216,156 251,388 Mueller Water Products, Inc. 60,145 619,905 744,595 Oshkosh Corporation 9,538 711,453 820,936 Regal Beloit Corporation 1,954 177,183 239,971 Rexnord Corporation 16,783 543,127 662,761 SPX FLOW, Inc. 4,761 209,625 275,948 Timken Company/The 11,442 750,147 885,153 UFP Industries, Inc. 7,484 360,373 415,736 Willscot Mobile Mini Holdings Corp. 22,501 462,143 521,348


Technology - 3.2%ACI Worldwide, Inc. 13,674 444,667 525,492 NetScout Systems, Inc. 30,266 776,767 829,894


Utilities - 3.1%Black Hills Corporation 11,752 693,850 722,160 IDACORP, Inc. 5,527 495,014 530,758 Spire Inc. 967 65,030 61,927

Total Utilities 1,253,894 1,314,845 Total Common Stocks 32,957,867 38,874,541


Healthcare Realty Trust Incorporated 4,709 136,923 139,386 Highwoods Properties, Inc. 3,873 148,761 153,487 Sunstone Hotel Investors, Inc. 20,313 216,787 230,146

Total Real Estate Investment Trusts 502,471 523,019





Principal


Money Market Fund - 2.3%State Street Institutional Treasury Plus Money Market Fund - Premier Class 951,941 951,941$ 951,941$

Total Investments - 96.5% 34,412,279$ 40,349,501 Other Assets and Liabilities, Net - 3.5% 1,470,029 Net Assets - 100.0% 41,819,530$



Common Stocks 38,874,541$ -$ -$ 38,874,541$ Real Estate Investment Trusts 523,019 - - 523,019 Money Market Fund 951,941 - - 951,941 Total 40,349,501$ -$ -$ 40,349,501$


Concentration of Ownership: As of December 31, 2020, the Fund had three unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 74.4% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the period ended December 31, 2020, were:


Investments 40,426,427$ 8,687,863$ 1,721,774$



AssetsInvestments in securities, at fair value (cost $34,412,279) 40,349,501$ Receivable for fund units sold 1,689,503 Dividends and interest receivable 43,742 Receivable for investment securities sold 37,751 Unrealized appreciation on spot contracts 25 Total assets 42,120,522

Liabilities and Net AssetsPayable for investment securities purchased 158,356 Payable for fund units redeemed 113,580 Payable to custodian 4,235 Accrued expenses 24,821 Total liabilities 300,992 Net assets 41,819,530$

Investment incomeDividends 311,646$ Interest 339 Total investment income 311,985

ExpensesTrustee and sub-advisor fees 39,225 Professional services and other operating expenses 664 Total expenses 39,889 Net investment income 272,096

Net realized gain (loss) on:Investments 1,721,774 Foreign currency transactions (2,694)

Net change in unrealized appreciation on:Investments 5,937,222 Spot contracts 25 Net realized and unrealized gain on investments and

foreign currency translation 7,656,327 Net increase in net assets resulting from operations 7,928,423$


Statement of OperationsFor the period from May 1, 2020 (date of inception) to December 31, 2020




Increase in net assets resulting from operationsNet investment income 272,096$ Net realized gain on investments and foreign currency transactions 1,719,080 Net change in unrealized appreciation on investments and

foreign currency translation 5,937,247 Net increase in net assets resulting from operations 7,928,423

Fund unit transactionsProceeds from units issuedClass 0 8,633,484 Class R 28,570,022 Total proceeds from units issued 37,203,506

Value of units redeemedClass 0 (1,342,474) Class R (1,969,925) Total value of units redeemed (3,312,399)



Net assets, beginning of period - Net assets, end of period 41,819,530$

Statement of Changes in Net AssetsFor the period from May 1, 2020 (date of inception) to December 31, 2020




Per Unit Operating Performance Class 0 Class RNet asset value, at inception 10.00$ 10.00$ Income from investment operations:

Net investment income (1) 0.18 0.14 Net realized and unrealized gain on investments and

foreign currency transactions (1) 4.50 4.49 Total income from investment operations 4.68 4.63 Net asset value, end of period 14.68$ 14.63$

Total Return 46.80% ^ 46.30% ^


Expenses 0.00% # 0.53% #Net investment income 2.23% # 1.81% #

Fund Unit ActivityUnits, beginning of period - - Issued 852,157 2,274,717 Redeemed (111,481) (159,843) Units, end of period 740,676 2,114,874 (1) Based on average units outstanding.^Not annualized for periods less than one year. #Annualized except audit expense.

Financial HighlightsFor the period from May 1, 2020 (date of inception) to December 31, 2020




Wilmington Trust Franklin Templeton Global Bond Plus Trust


Principal


Collective Fund - 100.1%Franklin Templeton Global Bond Plus Trust 2,794,885 33,522,126$ 32,085,276$



InvestmentsMeasured at

Level 1 Level 2 Level 3 Net Asset Value* Total

Collective Fund -$ -$ -$ 32,085,276$ 32,085,276$ Total -$ -$ -$ 32,085,276$ 32,085,276$


*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 98.6% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended December 31, 2020, were:

Purchases Sales Realizedat Cost Proceeds Loss

Investments 31,638,041$ 5,435,208$ (318,186)$



AssetsInvestments in securities, at fair value (cost $33,522,126) 32,085,276$ Receivable for fund units sold 68,108 Receivable for reimbursement 5,746 Total assets 32,159,130

Liabilities and Net AssetsPayable for investment securities purchased 68,107 Accrued expenses 45,211 Total liabilities 113,318 Net assets 32,045,812$

ExpensesTrustee and sub-advisor fees 160,241$ Professional services and other operating expenses 1,438 Expense reimbursement from sub-advisor (20,837) Total expenses 140,842 Net investment loss (140,842)

Net realized loss on:Investments (318,186)

Net change in unrealized depreciation on:Investments (1,427,044) Net realized and unrealized loss on investments (1,745,230) Net decrease in net assets resulting from operations (1,886,072)$






Decrease in net assets resulting from operationsNet investment loss (140,842)$ Net realized loss on investments (318,186) Net change in unrealized depreciation on investments (1,427,044) Net decrease in net assets resulting from operations (1,886,072)

Fund unit transactionsProceeds from units issued - Class R6 32,240,761 Value of units redeemed - Class R6 (5,927,605) Increase in net assets resulting from fund unit transactions 26,313,156







Per Unit Operating Performance Class R6Net asset value, beginning of year 9.95$ Loss from investment operations:

Net investment loss (1) (0.05) Net realized and unrealized loss on investments (1) (0.53)

Total loss from investment operations (0.58) Net asset value, end of year 9.37$

Total Return (5.83%)


Gross expenses (excluding reimbursement) 0.55%Net expenses 0.48%Net investment loss (0.48%)

Fund Unit ActivityUnits, beginning of year 765,952 Issued 3,283,113 Redeemed (630,347) Units, end of year 3,418,718 (1) Based on average units outstanding.





Wilmington Trust Franklin U.S. Aggregate Bond CIT


Principal


Corporate Bonds - 31.2%Basic Materials - 0.9%

EI du Pont de Nemours and Co., 2.3%, 7/15/2030 500,000 498,287$ 531,854$ Sherwin-Williams Co./The, 2.95%, 8/15/2029 600,000 623,081 660,202


Communications - 2.2%Alibaba Group Holding Ltd., 3.4%, 12/6/2027 600,000 671,507 671,701 Comcast Corp., 4.95%, 10/15/2058 400,000 437,243 607,305 Tencent Holdings Ltd., 3.595%, 1/19/2028 600,000 590,764 662,359 T-Mobile USA Inc., 3.3%, 2/15/2051 200,000 199,588 205,766 T-Mobile USA Inc., 3.875%, 4/15/2030 400,000 434,672 463,280 Walt Disney Co./The, 2.2%, 1/13/2028 200,000 199,400 214,073


Consumer, Cyclical - 2.1%Dollar Tree Inc., 4.2%, 5/15/2028 700,000 736,190 833,119 Las Vegas Sands Corp., 3.9%, 8/8/2029 400,000 424,658 430,177 Marriott International Inc./MD, 5.75%, 5/1/2025 400,000 465,914 467,881 Mohawk Industries Inc., 3.625%, 5/15/2030 500,000 499,446 559,080 Walmart Inc., 2.95%, 9/24/2049 350,000 392,817 403,545


Consumer, Non-cyclical - 5.4%AbbVie Inc., 2.95%, 11/21/2026 800,000 823,232 884,679 AbbVie Inc., 4.85%, 6/15/2044 100,000 115,579 132,354 Altria Group Inc., 3.4%, 5/6/2030 600,000 608,254 673,198 Anthem Inc., 5.1%, 1/15/2044 400,000 508,799 554,713 Ashtead Capital Inc., 4.125%, 8/15/2025 300,000 298,289 308,100 BAT International Finance PLC, 3.95%, 6/15/2025 500,000 517,319 562,266 Bristol-Myers Squibb Co., 5%, 8/15/2045 200,000 253,591 289,277 Cigna Corp., 4.9%, 12/15/2048 400,000 407,784 550,055 CVS Health Corp., 5.3%, 12/5/2043 550,000 567,483 744,991 GlaxoSmithKline Capital Inc., 6.375%, 5/15/2038 300,000 465,065 473,670 Imperial Brands Finance PLC, 3.5%, 7/26/2026 200,000 216,401 221,372 Imperial Brands Finance PLC, 4.25%, 7/21/2025 500,000 508,405 563,110 Nestle Holdings Inc., 3.625%, 9/24/2028 600,000 696,344 703,867 Quest Diagnostics Inc., 2.8%, 6/30/2031 100,000 99,861 109,648 Regeneron Pharmaceuticals Inc., 1.75%, 9/15/2030 50,000 49,951 49,237





Principal


Corporate Bonds - 31.2% (continued)Consumer, Non-cyclical - 5.4% (continued)

Royalty Pharma PLC, 1.75%, 9/2/2027 100,000 98,360$ 102,897$ Takeda Pharmaceutical Co. Ltd., 2.05%, 3/31/2030 200,000 199,626 204,718


Energy - 3.5%Anadarko Petroleum Corp., 6.2%, 3/15/2040 1 320 - Canadian Natural Resources Ltd., 3.9%, 2/1/2025 650,000 658,942 719,016 Ecopetrol SA, 4.125%, 1/16/2025 550,000 570,273 598,131 Enterprise Products Operating LLC, 4.25%, 2/15/2048 100,000 106,537 117,248 Enterprise Products Operating LLC, 6.125%, 10/15/2039 300,000 355,744 417,562 MPLX LP, 5.5%, 2/15/2049 100,000 105,904 131,681 Schlumberger Holdings Corp., 3.75%, 5/1/2024 900,000 912,616 980,968 Shell International Finance BV, 6.375%, 12/15/2038 300,000 449,256 466,635 Total Capital International SA, 3.455%, 2/19/2029 400,000 457,946 463,114 Valero Energy Corp., 4.35%, 6/1/2028 500,000 514,240 569,103 Williams Cos Inc./The, 3.5%, 11/15/2030 100,000 99,521 113,259

Total Energy 4,231,299 4,576,717

Financials - 8.5%Aflac Inc., 4.75%, 1/15/2049 200,000 218,231 279,098 Aon Corp., 2.8%, 5/15/2030 200,000 217,448 218,194 Arch Capital Group Ltd., 3.635%, 6/30/2050 400,000 400,000 465,509 Athene Holding Ltd., 3.5%, 1/15/2031 400,000 400,241 422,723 AvalonBay Communities Inc., 2.45%, 1/15/2031 200,000 199,155 215,099 Banco Santander SA, 2.749%, 12/3/2030 200,000 200,000 206,145 Bancolombia SA, 3%, 1/29/2025 800,000 795,325 832,008 Bank of America Corp., 2.592%, 4/29/2031 200,000 200,000 214,352 Bank of America Corp., 3.593%, 7/21/2028 500,000 501,712 568,010 BNP Paribas SA, 3.5%, 11/16/2027 200,000 205,955 224,161 BPCE SA, 4.875%, 4/1/2026 500,000 539,398 587,996 Capital One Financial Corp., 3.3%, 10/30/2024 450,000 446,451 494,341 Capital One Financial Corp., 3.65%, 5/11/2027 300,000 299,579 343,939 Capital One Financial Corp., 3.75%, 3/9/2027 600,000 631,731 684,732 Citigroup Inc., 2.666%, 1/29/2031 600,000 623,200 643,679 Goldman Sachs Group Inc./The, 3.5%, 1/23/2025 200,000 199,486 220,732 HSBC Holdings PLC, 2.013%, 9/22/2028 400,000 400,000 409,491 HSBC Holdings PLC, 2.357%, 8/18/2031 200,000 200,000 206,564 Industrial & Commercial Bank of China Ltd./New York NY, 3.538%, 11/8/2027 250,000 260,715 274,863





Principal


Corporate Bonds - 31.2% (continued)Financials - 8.5% (continued)

JPMorgan Chase & Co., 3.54%, 5/1/2028 500,000 511,571$ 570,541$ JPMorgan Chase & Co., 4.493%, 3/24/2031 400,000 400,000 492,051 Metropolitan Life Global Funding I, 2.95%, 4/9/2030 600,000 671,766 675,593 Prudential PLC, 3.125%, 4/14/2030 600,000 664,915 680,241 Simon Property Group LP, 3.375%, 12/1/2027 500,000 487,631 558,760 Wells Fargo & Co., 2.879%, 10/30/2030 600,000 595,697 654,594


Industrials - 2.8%Bemis Co. Inc., 2.63%, 6/19/2030 100,000 100,000 108,294 Burlington Northern Santa Fe LLC, 4.15%, 4/1/2045 200,000 225,994 261,217 Carrier Global Corp., 3.577%, 4/5/2050 500,000 499,981 559,511 CSX Corp., 4.25%, 11/1/2066 450,000 417,435 602,330 FedEx Corp., 4.05%, 2/15/2048 100,000 97,724 120,875 FedEx Corp., 5.1%, 1/15/2044 200,000 208,348 269,739 Flex Ltd., 4.875%, 5/12/2030 400,000 457,452 480,940 FLIR Systems Inc., 2.5%, 8/1/2030 600,000 613,912 629,768 Lockheed Martin Corp., 3.55%, 1/15/2026 500,000 511,628 567,952 Lockheed Martin Corp., 4.09%, 9/15/2052 100,000 115,449 132,368


Technology - 0.5%Fiserv Inc., 2.65%, 6/1/2030 600,000 630,781 649,151

Utilities - 5.3%Berkshire Hathaway Energy Co., 3.7%, 7/15/2030 600,000 697,595 709,713 Colbun SA, 3.95%, 10/11/2027 500,000 519,961 562,505 Commonwealth Edison Co., 4%, 3/1/2048 700,000 871,266 886,562 Dominion Energy Inc., 4.25%, 6/1/2028 800,000 828,534 959,532 Duke Energy Corp., 3.75%, 9/1/2046 100,000 115,205 116,255 Duke Energy Corp., 4.8%, 12/15/2045 500,000 536,055 659,135 EDP Finance BV, 1.71%, 1/24/2028 300,000 299,884 299,784 Electricite de France SA, 4.5%, 9/21/2028 1,000,000 1,026,764 1,192,831 Enel Finance International NV, 4.25%, 9/14/2023 900,000 914,807 983,912 Georgia Power Co., 4.75%, 9/1/2040 400,000 412,089 525,391

Total Utilities 6,222,160 6,895,620 Total Corporate Bonds 37,210,280 40,836,392





Principal


Mortgage-Backed Securities - 24.6%BX Commercial Mortgage Trust 2020-BXLP, 0.912%, 12/15/2036 539,506 539,506$ 539,674$ Fannie Mae Pool, 1.5%, 11/1/2035 749,057 764,470 770,741 Fannie Mae Pool, 2%, 10/1/2035 1,363,148 1,417,132 1,425,172 Fannie Mae Pool, 2%, 12/1/2035 381,913 396,560 399,471 Fannie Mae Pool, 2%, 10/1/2050 535,681 552,255 556,511 Fannie Mae Pool, 2.5%, 10/1/2035 660,026 694,292 690,939 Fannie Mae Pool, 2.5%, 9/1/2050 2,176,984 2,318,136 2,334,768 Fannie Mae Pool, 2.5%, 10/1/2050 1,917,142 2,018,653 2,027,846 Fannie Mae Pool, 3%, 8/1/2050 5,461,074 5,757,693 5,726,233 Fannie Mae Pool, 3%, 10/1/2050 779,454 824,348 819,560 Fannie Mae Pool, 3.5%, 11/1/2048 4,747,778 5,181,012 5,178,860 Fannie Mae Pool, 3.5%, 8/1/2049 1,530,362 1,595,402 1,652,995 Fannie Mae Pool, 4%, 10/1/2048 23,686 24,340 25,329 Fannie Mae Pool, 4.5%, 5/1/2048 425,339 459,898 472,204 Freddie Mac Pool, 2.5%, 10/1/2050 1,027,891 1,087,081 1,090,838 Freddie Mac Pool, 4%, 3/1/2049 417,683 438,763 453,749 Freddie Mac Pool, 4%, 5/1/2050 3,007,271 3,261,949 3,280,479 Freddie Mac Pool, 4.5%, 10/1/2048 1,780,967 1,980,491 1,982,278 Ginnie Mae II Pool, 2%, 10/20/2050 447,370 464,342 467,927 Ginnie Mae II Pool, 2%, 11/20/2050 349,072 362,859 365,294 Ginnie Mae II Pool, 2.5%, 10/20/2050 1,441,732 1,511,523 1,527,500 Ginnie Mae II Pool, 2.5%, 11/20/2050 418,921 439,263 443,859

Total Mortgage-Backed Securities 32,089,968 32,232,227

Municipal Bonds - 4.1%Grand Parkway Transportation Corp., 3.236%, 10/1/2052 750,000 765,247 784,358 Los Angeles Community College District/CA, 2.106%, 8/1/2032 300,000 300,000 312,645 Metropolitan Transportation Authority, 4%, 11/15/2045 95,000 94,588 105,280 New York City Transitional Finance Authority Future Tax Secured Revenue,

3.55%, 11/1/2033 1,250,000 1,250,079 1,393,963 New York City Water & Sewer System, 4%, 6/15/2036 1,000,000 1,089,613 1,209,740 Reno County Unified School District No. 308 Hutchinson, 5%, 9/1/2027 1,000,000 1,179,963 1,279,630 State of Illinois, 5.1%, 6/1/2033 130,000 129,180 139,907 State of New Jersey, 3%, 6/1/2032 130,000 139,766 147,100

Total Municipal Bonds 4,948,436 5,372,623





Principal


Other Asset-Backed Securities - 1.2%American Express Credit Account Master Trust, 0.557%, 9/16/2024 450,000 451,754$ 451,956$ American Express Credit Account Master Trust, 2.87%, 10/15/2024 450,000 458,505 464,310 CF Hippolyta LLC, 1.69%, 7/15/2060 171,788 171,765 174,986 Citibank Credit Card Issuance Trust, 0.494%, 8/8/2024 500,000 501,116 502,192

Total Other Asset-Backed Securities 1,583,140 1,593,444

Sovereign Bonds - 2.6%Colombia Government International Bond, 5%, 6/15/2045 375,000 388,056 457,500 Indonesia Government International Bond, 4.125%, 1/15/2025 200,000 210,803 223,588 Indonesia Government International Bond, 4.35%, 1/8/2027 375,000 386,973 436,119 Mexico Government International Bond, 4.15%, 3/28/2027 600,000 624,448 692,256 Panama Notas del Tesoro, 3.75%, 4/17/2026 550,000 572,757 601,370 Peruvian Government International Bond, 2.783%, 1/23/2031 200,000 214,276 219,302 Peruvian Government International Bond, 6.55%, 3/14/2037 200,000 279,117 303,502 Uruguay Government International Bond, 4.375%, 1/23/2031 425,000 468,564 521,161

Total Sovereign Bonds 3,144,994 3,454,798

U.S. Treasury Bonds and Notes - 31.2%United States Treasury Bond, 0.625%, 5/15/2030 50,000 48,742 48,883 United States Treasury Bond, 1.125%, 8/15/2040 173,000 164,842 163,782 United States Treasury Bond, 1.25%, 5/15/2050 456,000 416,734 413,678 United States Treasury Bond, 2.25%, 8/15/2049 310,000 348,300 354,768 United States Treasury Bond, 2.5%, 5/15/2046 1,235,000 1,503,618 1,475,391 United States Treasury Bond, 2.75%, 11/15/2042 120,000 147,718 148,673 United States Treasury Bond, 3%, 11/15/2044 985,000 1,264,125 1,274,805 United States Treasury Bond, 3%, 2/15/2049 2,325,000 2,481,768 3,066,820 United States Treasury Bond, 3.5%, 2/15/2039 2,730,000 3,585,988 3,707,148 United States Treasury Note, 0.125%, 11/30/2022 1,550,000 1,548,784 1,550,182 United States Treasury Note, 0.25%, 9/30/2025 860,000 857,549 856,741 United States Treasury Note, 0.375%, 11/30/2025 850,000 847,944 851,195 United States Treasury Note, 0.5%, 3/31/2025 1,400,000 1,410,123 1,412,906 United States Treasury Note, 1.25%, 10/31/2021 800,000 798,998 807,438 United States Treasury Note, 1.5%, 10/31/2024 2,150,000 2,255,050 2,253,385 United States Treasury Note, 1.875%, 9/30/2022 4,100,000 4,220,533 4,224,441 United States Treasury Note, 2.125%, 2/29/2024 10,900,000 11,093,404 11,568,476 United States Treasury Note, 2.125%, 3/31/2024 6,360,000 6,586,762 6,757,252

Total U.S. Treasury Bonds and Notes 39,580,982 40,935,964





Principal


Money Market Fund - 4.5%State Street Institutional Treasury Plus Money Market Fund - Premier Class 5,841,025 5,841,025$ 5,841,025$

Total Investments - 99.4% 124,398,825$ 130,266,473 Other Assets and Liabilities, Net - 0.6% 751,289 Net Assets - 100% 131,017,762$

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

PercentageCountry of Issuer Fair Value of Net AssetsUnited States 114,605,383$ 87.5%United Kingdom 2,643,044 2.0%France 2,468,102 1.9%Colombia 1,887,639 1.4%Netherlands (The) 1,750,331 1.3%China 1,334,060 1.0%Bermuda 888,232 0.7%Canada 719,016 0.5%Mexico 692,256 0.5%Indonesia 659,707 0.5%Panama 601,370 0.5%Chile 562,505 0.4%Peru 522,804 0.4%Uruguay 521,161 0.4%Spain 206,145 0.2%Japan 204,718 0.2%Total 130,266,473$ 99.4%





Futures

Number of Value as of UnrealizedContracts Expiration December 31, Appreciation

Description Long (Short) Date 2020 (Depreciation)Futures in gain position

United States 5 Year Treasury Note Future 13 3/31/2021 1,640,133$ 1,926$ United States 10 Year Ultra Future (31) 3/31/2021 (4,847,141) 6,330

(3,207,008) 8,256 Futures in loss position

United States Long Bond Future 8 3/31/2021 1,385,500 (6,750) United States Ultra Bond Future 6 3/31/2021 1,281,375 (6,000)

2,666,875 (12,750) (540,133)$ (4,494)$


Level 1 Level 2 Level 3 TotalAssets:

Corporate Bonds -$ 40,836,392$ -$ 40,836,392$ Futures 8,256 - - 8,256 *Mortgage-Backed Securities - 32,232,227 - 32,232,227 Municipal Bonds - 5,372,623 - 5,372,623 Other Asset-Backed Securities - 1,593,444 - 1,593,444 Sovereign Bonds - 3,454,798 - 3,454,798 U.S. Treasury Bonds and Notes - 40,935,964 - 40,935,964 Money Market Fund 5,841,025 - - 5,841,025

Total Assets 5,849,281$ 124,425,448$ -$ 130,274,729$

Liabilities:Futures (12,750)$ -$ -$ (12,750)$ *

Total Liabilities (12,750)$ -$ -$ (12,750)$


*Futures are valued at the unrealized appreciation (depreciation) as shown in the Schedule of Investments. Concentration of Ownership: As of December 31, 2020, the Fund had one unitholder holding 10% or more of the outstanding units of the Fund, and aggregated to 91.4% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:


Investments 159,131,957$ 199,096,558$ 5,674,193$



AssetsInvestments in securities, at fair value (cost $124,398,825) 130,266,473$ Cash held at broker 47,076 Dividends and interest receivable 703,168 Variation margin receivable on futures 1,045 Net assets 131,017,762$

Investment incomeInterest 3,517,105$ Miscellaneous income 1,136 Net investment income 3,518,241

Net realized gain (loss) on:Investments 5,674,193 Futures 475,813 Swaps (333,950)

Net change in unrealized appreciation on:Investments 2,102,747 Futures 70,694 Swaps 12,203 Net realized and unrealized gain on investments 8,001,700 Net increase in net assets resulting from operations 11,519,941$






Increase in net assets resulting from operationsNet investment income 3,518,241$ Net realized gain on investments 5,816,056 Net change in unrealized appreciation on investments 2,185,644 Net increase in net assets resulting from operations 11,519,941

Fund unit transactionsProceeds from units issued - Class 0 15,399,123 Value of units redeemed - Class 0 (57,261,429) Decrease in net assets resulting from fund unit transactions (41,862,306)

Decrease in net assets (30,342,365)






Per Unit Operating Performance Class 0Net asset value, beginning of year 10.57$ Income from investment operations:

Net investment income (1) 0.28 Net realized and unrealized gain on investments (1) 0.64

Total income from investment operations 0.92 Net asset value, end of year 11.49$

Total Return 8.70%


Expenses 0.00%Net investment income 2.48%

Fund Unit ActivityUnits, beginning of year 15,260,163 Issued 1,360,638 Redeemed (5,218,045) Units, end of year 11,402,756 (1) Based on average units outstanding.



Wilmington Trust Collective Investment Trust

Funds Sub-Advised by Franklin Advisers, Inc.

Notes to the Financial Statements

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49

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 Revenue Ruling 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 manager (the "Investment Manager") to the Funds. M&T Bank Corporation is the ultimate parent of the Trustee. State Street Bank and Trust Company provides custody, transfer agency, and accounting services for the 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. 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 Funds, and is therefore not subject to CFTC registration or regulation as a CPO with respect to the Funds. WTNA has engaged Franklin Advisers, Inc., Franklin Templeton Institutional, LLC and Franklin Mutual Advisors, LLC (the "Sub-Advisors") to provide investment advice in connection with the investment of the Funds' assets. While the Trustee generally relies on the Sub-Advisors to manage the Funds' assets, the Trustee maintains ultimate fiduciary authority over the management of and investments made in each Fund. The Sub-Advisors are engaged pursuant to sub-advisor agreements. 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 ("FASB") Accounting Standards Codification 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



Notes to the Financial Statements (continued)

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per unit is computed by dividing the total fair value of the assets of a Fund, less its liabilities, by the total number of units outstanding at the time of such computation. Investment income earned is reinvested in the Fund and included in the determination of unit values. Fund Unit Transactions – The 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 plan sponsor directed withdrawals which will exceed $1 million of the assets invested in each Fund. 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 an unrelated trustee estimates the fair value of investments in collective funds that have calculated net asset value per unit in accordance with the specialized accounting guidance for investment companies. Accordingly, as a practical expedient, investments in other such funds are valued at their net asset value as reported by the investee funds. The 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 Funds – 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. Corporate Bonds – The fair value of corporate bonds is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable), and other industry recognized techniques. Although most corporate bonds are categorized in level 2 of the fair value hierarchy, in instances when lower relative weight is placed on transaction prices, quotations, or other similar observable inputs, they are categorized in level 3. Mortgage-Backed Securities and Other Asset-Backed Securities – The Funds may invest in mortgage-backed securities ("MBS"), representing interests in pools of mortgage loans. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid. Most of the securities are guaranteed by federally sponsored agencies, but are not issued or guaranteed by the U.S. Treasury – Government National Mortgage Association ("GNMA"), Federal National Mortgage Association ("FNMA"), or Federal Home Loan Mortgage Corporation ("FHLMC"). However, some securities may




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be issued by private, non-government corporations. MBS issued by private entities are not government securities and are not directly guaranteed by any government agency but are secured by the underlying collateral of the private issuer. Yields on privately issued MBS tend to be higher than those of government-backed issues; however, risk of loss due to default and sensitivity to interest rate fluctuations is also higher. The Funds may also invest in asset-backed securities, representing interests in pools of certain types of underlying installment loans or leases or revolving lines of credit. They often include credit enhancements that help limit investors' exposure to the underlying credit. These securities are valued on the basis of the timing and certainty of the cash flows compared to investments with similar durations. Futures Contracts – The Funds may purchase futures contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. The Funds utilize futures contracts for tactical hedging purposes as well as to enhance the Funds' returns. Upon entering into such a contract, the Funds are required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is held. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. Net realized and unrealized gains or losses occurring during the holding period of futures are found on the Statement of Operations as a component of net realized gain (loss) on futures contracts and as a component of net change in unrealized appreciation (depreciation) on futures contracts. Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Funds could lose more than the original margin deposit required to initiate a futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities.

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. Foreign Currency Translation – The accounting records of each Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars using foreign currency exchange rates determined as of the close of regular trading on the NYSE. Purchases and sales of Fund securities, commitments under forward foreign currency contracts and income receipts are translated at the prevailing exchange rate as of the date of each transaction. Realized and unrealized gain or loss on the translation of foreign currency denominated investments is included as a component of net realized and unrealized gain or loss on investments in the Statements of Operations. Realized gain or loss on foreign currency transactions may include gains and losses from sales and maturities of foreign currency exchange contracts, gains and losses realized between the trade and settlement dates of foreign security transactions or the difference between the




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amount of net investment income accrued on foreign securities and the U.S. dollar amount actually received. Unrealized gain or loss on foreign currency transactions include gains and losses due to changes in the value of assets and liabilities, other than Fund securities, resulting from changes in exchange rates. Certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in or are a reduction of ordinary income in accordance with U.S. federal income tax regulations. Investment Transactions and Investment Income – The 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, if any, and expenses are recorded daily on the accrual basis. Fee Classes and Allocations – 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 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 prior claims or losses pursuant to these contracts and the Trustee believes the risk of loss to be remote. Income Tax Status – The Trust has received a determination from the Internal Revenue Service that the Trust is exempt from federal income taxation under Section 501(a) of the Code. Accordingly, no federal income tax provision is required. Subsequent Events – The Trustee has evaluated the effect of subsequent events on the Funds' financial statements through April 30, 2021, which is the date the financial statements were available to be issued, and has determined that there are no material subsequent events, except as noted below, that would require disclosure or adjustment in the Funds' financial statements through this date. Effective February 22, 2021, the Trustee has engaged The Northern Trust Company as the Custodian of the Funds. The Northern Trust Company will also provide transfer agent, recordkeeping and accounting services.




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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 assets and liabilities.

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

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

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The aggregate fair value of the investments in each Fund, by input level used as of December 31, 2020, is included following each Fund's Schedule of Investments. In March 2017, FASB issued Accounting Standards Update ("ASU") 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities, to amend the amortization period for certain purchased callable debt securities held at a premium. The amortization period for the premium is shortened to the earliest call date. ASU 2017-08 does not require an accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2019. The Funds have adopted ASU 2017-08, which did not have a material impact on the Funds' financial position or the results of its operations, and had no impact on the Funds' net assets. Note 4 – Derivative Transactions The following is a summary of the fair valuations of each Fund's derivative instruments on the Statement of Assets and Liabilities as of December 31, 2020, and the effect of derivative instruments on the Statement of Operations for the year ended December 31, 2020: Wilmington Trust Franklin U.S. Aggregate Bond CIT

InterestRate Credit

Assets Contracts Contracts TotalFutures 8,256$ -$ 8,256$ *




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54

InterestRate Credit

Liabilities Contracts Contracts TotalFutures 12,750$ -$ 12,750$ *

Interest

Rate CreditRealized Gain (Loss) on: Contracts Contracts TotalFutures 475,813$ -$ 475,813$ Swaps - (333,950) (333,950)

475,813$ (333,950)$ 141,863$

InterestNet Change in Unrealized Rate CreditAppreciation (Depreciation) on: Contracts Contracts TotalFutures 70,694$ -$ 70,694$ Swaps - 12,203 12,203

70,694$ 12,203$ 82,897$

*Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedule of Investments. Only current day's variation margin is reported on the Statement of Assets and Liabilities. Information about derivatives reflected as of the date of this report is generally indicative of the year or period's activity ended December 31, 2020. For the year ended December 31, 2020, the Funds' average volume of derivative activities is as follows: Wilmington Trust Franklin U.S. Aggregate Bond CIT

Futures:Average original value of buy contracts 4,611,083$ Average original value of sale contracts 3,681,843$ (a)

Credit Default Swaps:Average notional value of sale contracts 1,410,000$ (b)

Centrally Cleared Credit Default Swaps:Average notional value of sale contracts 4,600,000$ (c)

(a) Positions were open for ten months during the year. (b) Positions were open for five months during the year. (c) Positions were open for one month during the year.




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Note 5 – Fees and Expenses Trustee and Sub-Advisor Fees All asset-based fees are based upon the net assets as determined at the end of each preceding business day as set forth in the table below (in basis points). Except as otherwise noted, all asset-based fees are paid from the assets of the Fund.

Fee Class Trustee Fee Sub-Advisor Fee Wilmington Trust Franklin DynaTech CIT Class R 7.6 30 Class R1 7.6 32 Wilmington Trust Franklin Growth CIT Class 0TS 1.6* 26 Class R 7 26 Class S 5 26 Wilmington Trust Franklin Real Estate Securities CIT Class 0 0 0 Wilmington Trust Franklin Small Cap Value CIT Class 0 0 0 Class R 7.6 45 Wilmington Trust Franklin Templeton Global Bond Plus Trust Class R6 7.6 less 7.1 reimbursement ** 47 Wilmington Trust Franklin U.S. Aggregate Bond CIT Class 0 0 0 *Custody fee only. **The Fund is reimbursed for the fee the Trustee receives from each Underlying Fund for administrative services to that Underlying Fund. Trustee Fee – The Trustee receives an annual fee for the trustee and administrative services provided to each Fund. The Trustee fee also covers transfer agent and custody fees. Trustee fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in the Fund. Sub-Advisor Fee – The Sub-Advisors are compensated for its investment advisory services provided to each Fund. These fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in the Fund. Operating Expenses – In addition to the fees described above, each Fund bears expenses related to its operation, including, but not limited to, audit, tax and legal services. Expenses incurred in connection with the investment and reinvestment of Fund assets, including, without limitation, brokerage commission and other expenses, are also charged against the Fund. The Trustee has agreed to reimburse Wilmington Trust Franklin Growth CIT for audit and related expenses in excess of 1 basis point.




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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 each Fund described above. Note 6 – Related Party Transactions The Trustee is a national bank that provides trust and custodial services for tax-advantaged retirement plans as well as trust and investment services to business pension and retirement plans. The Trustee is responsible for managing the Trust's investment and business affairs. Note 7 – 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-advisors' 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.

• Capitalization Exposure. Concentrating assets in stocks of one or more capitalizations (small, mid, or large)

may be subject to both the specific risks of those capitalizations as well as increased volatility because stocks of specific capitalizations tend to go through cycles of beating or lagging the market as a whole.

• Cash Drag. The Fund may fail to meet its investment objective because of positions in cash and

equivalents.

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

• Credit and Counterparty. The issuer or guarantor of a fixed income security, counterparty to an OTC derivatives contract, or other borrower may not be able to make timely principal, interest, or settlement payments on an obligation. In this event, the issuer of a fixed income security may have its credit rating downgraded or defaulted, which may reduce the potential for income and value of the Fund.

• Currency. Investments in securities traded in foreign currencies or more directly in foreign currencies are subject to the risk that the foreign currency will decline in value relative to the U.S. dollar, which may reduce the value of the Fund. Investments in currency hedging positions are subject to the risk that the value of the U.S. dollar will decline relative to the currency being hedged, which may result in a loss of money on the




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57

investment as well as the position designed to act as a hedge. Cross-currency hedging strategies and active currency positions may increase currency risk because actual currency exposure may be substantially different from that suggested by the Fund's holdings.

• Derivatives. Investments in derivatives may be subject to the risk that the sub-advisors does not correctly predict the movement of the underlying security, interest rate, market index, or other financial asset, or that the value of the derivative does not correlate perfectly with either the overall market or the underlying asset from which the derivative's value is derived. Because derivatives usually involve a small investment relative to the magnitude of liquidity and other risks assumed, the resulting gain or loss from the transaction will be disproportionately magnified. These investments may result in a loss if the counterparty to the transaction does not perform as promised.

• Equity Securities. The value of equity securities, which include common, preferred, and convertible preferred stocks, will fluctuate based on changes in their issuers' financial conditions, as well as overall market and economic conditions, and can decline in the event of deteriorating issuer, market, or economic conditions.

• 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.

• Forwards. Investments in forwards may increase volatility and be subject to additional market, active

management, currency, and counterparty risks as well as liquidity risk if the contract cannot be closed when desired. Forwards purchased on a when-issued or delayed-delivery basis may be subject to risk of loss if they decline in value prior to delivery, or if the counterparty defaults on its obligation.

• Futures. Investments in futures contracts and options on futures contracts may increase volatility and be subject to additional market, active management, interest, currency, and other risks if the contract cannot be closed when desired.




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• 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 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.

• Income. The investment's income payments may decline depending on fluctuations in interest rates and the dividend payments of its underlying securities. In this event, some investments may attempt to pay the same dividend amount by returning capital.

• Industry and Sector Investing. Concentrating assets in a particular industry, sector of the economy, or

markets may increase volatility because the investment will be more susceptible to the impact of market, economic, regulatory, and other factors affecting that industry or sector compared with a more broadly diversified asset allocation.

• Inflation/Deflation. A change of asset value may occur because of inflation or deflation, causing the Fund to underperform. Inflation may cause the present value of future payments to decrease, causing a decline in the future value of assets or income. Deflation causes prices to decline throughout the economy over time, impacting issuers' creditworthiness and increasing their risk for default, which may reduce the value of the Fund.

• 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.

• Issuer. A stake in any individual security is subject to the risk that the issuer of that security performs poorly, resulting in a decline in the security's value. Issuer-related declines may be caused by poor management decisions, competitive pressures, technological breakthroughs, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors. Additionally, certain issuers may be more sensitive to adverse issuer, political, regulatory, market, or economic developments.

• 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.

• Long-Term Outlook and Projections. The investment is intended to be held for a substantial period of time,

and investors should tolerate fluctuations in their investment's value.




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

• Management. Performance is subject to the risk that the sub-advisors' asset allocation and investment

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

• 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.

• Maturity/Duration. Securities with longer maturities or durations typically have higher yields but may be subject to increased interest rate risk and price volatility compared with securities with shorter maturities, which have lower yields but greater price stability.

• 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.

• Mortgage-Backed and Asset-Backed Securities. Investments in mortgage-backed ("MBS") and asset-backed securities ("ABS") may be subject to increased price volatility because of changes in interest rates, issuer information availability, credit quality of the underlying assets, market perception of the issuer, availability of credit enhancement, and prepayment of principal. The value of MBS and ABS may be adversely affected if the underlying borrower fails to pay the loan included in the security.

• Municipal Project-Specific. Investments in municipal bonds that finance similar types of projects, including those related to education, health care, housing, transportation, utilities, and industry, may be subject to a greater extent than general obligation municipal bonds to the risks of adverse economic, business, or political developments.

• Non-diversification. A non-diversified fund may have an increased potential for loss because it includes a relatively small number of investments. Movements in the prices of the individual investments may have a magnified effect on a non-diversified portfolio. Any sale of the Fund's large positions could adversely affect stock prices if those positions represent a significant part of a company's outstanding stock.

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

• Prepayment (Call). The issuer of a debt security may be able to repay principal prior to the security's maturity because of an improvement in its credit quality or falling interest rates. In this event, this principal




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may have to be reinvested in securities with lower interest rates than the original securities, reducing the potential for income.

• 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 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.

• Reinvestment. Payments from debt securities may have to be reinvested in securities with lower interest rates than the original securities.

• Restricted/Illiquid Securities. Restricted and illiquid securities may fall in price because of an inability to sell the securities when desired. Investing in restricted securities may subject the Fund to higher costs and liquidity risk.

• 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.

• Sovereign Debt. Investments in debt securities issued or guaranteed by governments or governmental entities are subject to the risk that an entity may delay or refuse to pay interest or principal on its sovereign debt because of cash flow problems, insufficient foreign reserves, or political or other considerations. In this event, there may be no legal process for collecting sovereign debts that a governmental entity has not repaid.

• Swaps. Investments in swaps, such as interest rate swaps, currency swaps and total return swaps, may increase volatility and be subject to increased liquidity, credit, and counterparty risks. Depending on their structure, swaps may increase or decrease the Fund's exposure to long- or short-term interest rates, foreign currency values, corporate borrowing rates, security prices, index values, inflation rates, credit, or other factors.

• U.S. Government Obligations. Investments in U.S. government obligations are subject to varying levels of government support. In the event of default, some U.S. government securities, including U.S. Treasury obligations and Ginnie Mae securities, are issued and guaranteed as to principal and interest by the full faith and credit of the U.S. government. Other securities are obligations of U.S. government-sponsored entities but are neither issued nor guaranteed by the U.S. government. U.S. State or Territory-Specific Investments in the municipal securities of a particular state or territory may be subject to the risk that changes in the economic conditions of that state or territory will negatively impact performance.

• Value Investing. Value securities may be subject to the risk that these securities cannot overcome the adverse factors the sub-advisors believe are responsible for their low price or that the market may not




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recognize their fundamental value as the sub-advisor predicted. Value securities are not expected to experience significant earnings growth and may underperform growth stocks in certain markets.

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