wilmington trust collective investment trust select …

WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

SELECT FUNDS

FINANCIAL STATEMENTS

DECEMBER 31, 2020

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust Select Funds

CONTENTS Independent Auditor's Report ..................................................................................................................................................................... 1 Fund Index ................................................................................................................................................................................................. 3 Select Blue Chip Growth CIT ..................................................................................................................................................................... 4 Select Fundamental Value CIT ................................................................................................................................................................ 12 Select Growth Opportunities CIT .............................................................................................................................................................. 21 Select Small Cap Growth Equity CIT ........................................................................................................................................................ 27 Notes to the Financial Statements............................................................................................................................................................ 37

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INDEPENDENT AUDITOR'S REPORT Wilmington Trust, N.A., Trustee for Wilmington Trust Collective Investment Trust Report on the Financial Statements We have audited the accompanying financial statements of the Select Funds of the Wilmington Trust Collective Investment Trust (the "Trust"), comprising the Funds (the "Funds") on the Fund Index on page 3, which comprise the statements 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, and the related notes to the financial statements. These financial statements and financial highlights are hereinafter collectively referred to as financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of its operations, changes in its net assets and its financial highlights for the year then ended, in accordance with accounting principles generally accepted in the United States of America.

www.hogantaylor.com

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

Tulsa, Oklahoma April 30, 2021

Select Funds


3

FUND INDEX

FUND NAME FUND OBJECTIVE Select Blue Chip Growth CIT The Fund seeks to generate a total return in excess of the Russell 1000 Growth

Index benchmark over a full market cycle. Select Fundamental Value CIT The Fund seeks to generate a total return in excess of the Russell 1000 Value Index

benchmark over a full market cycle. Select Growth Opportunities CIT The Fund seeks to generate a total return in excess of the Russell 1000 Growth

Index benchmark over a full market cycle. Select Small Cap Growth Equity CIT The Fund seeks to generate a total return in excess of the Russell 2000 Index

benchmark over a full market cycle.


See Notes to the Financial Statements. 4

Select Blue Chip Growth CIT

Schedule of Investments December 31, 2020

Principal

Amount or FairShares Cost Value

Collective Fund - 45.4%Loomis Sayles Large Cap Growth Trust 2,693,480 68,247,449$ 95,672,398$

Common Stocks - 54.6%Basic Materials - 0.3%

Linde Public Limited Company 1,512 313,007 398,427 PPG Industries, Inc. 601 81,810 86,676 Sherwin-Williams Company/The 164 99,678 120,525

Total Basic Materials 494,495 605,628

Communications - 20.4%Airbnb, Inc. Class A 512 34,816 75,162 Alibaba Group Holding Limited ^ 15,121 3,059,062 3,519,110 Alphabet Inc. Class A 777 976,746 1,361,801 Alphabet Inc. Class C 3,496 4,422,033 6,124,572 Amazon.com, Inc. 4,019 8,045,951 13,089,602 Booking Holdings Inc. 437 720,655 973,317 Charter Communications, Inc. 17 11,306 11,246 DoorDash, Inc. 416 42,432 59,384 Etsy, Inc. 1,442 148,157 256,546 Facebook, Inc. Class A 26,688 5,049,303 7,290,094 JD.com, Inc. ^ 1,171 96,280 102,931 Match Group, Inc. 7,928 690,013 1,198,634 Netflix, Inc. 4,965 1,977,040 2,684,724 Pinduoduo Inc. ^ 1,605 220,309 285,160 Roku, Inc. 144 46,334 47,811 Shopify Inc. Class A 388 391,387 439,197 Snap Inc. 20,762 737,987 1,039,553 Spotify Technology S.A. 2,270 413,855 714,278 Tencent Holdings Limited 40,800 1,987,742 2,967,713 T-Mobile US, Inc. 604 79,502 81,449 Walt Disney Company/The 945 167,437 171,215 Wix.com Ltd. 1,967 472,317 491,671

Total Communications 29,790,664 42,985,170

Consumer, Cyclical - 3.0%Aptiv PLC 736 83,667 95,893 Carvana Co. 1,448 314,092 346,854 Chipotle Mexican Grill, Inc. 529 542,960 733,570 Dollar General Corporation 6,299 961,524 1,324,680




Schedule of Investments (continued) December 31, 2020

Principal


Common Stocks - 54.6% (continued)Consumer, Cyclical - 3.0% (continued)

Dollar Tree, Inc. 198 21,382$ 21,392$ Domino's Pizza, Inc. 220 87,381 84,361 Hilton Worldwide Holdings Inc. 260 19,873 28,928 lululemon athletica inc. 2,335 565,893 812,650 Marriott International, Inc. Class A 646 81,308 85,220 McDonald's Corporation 14 2,530 3,004 NIKE, Inc. Class A 7,771 960,286 1,099,363 Ross Stores, Inc. 7,011 694,687 861,021 Starbucks Corporation 936 98,181 100,133 TJX Companies, Inc./The 3,209 186,966 219,143 United Airlines Holdings, Inc. 34 3,114 1,471 V.F. Corporation 1,386 120,212 118,378 YUM! Brands, Inc. 3,402 305,357 369,321

Total Consumer, Cyclical 5,049,413 6,305,382

Consumer, Non-cyclical - 10.0%AbbVie Inc. 176 14,943 18,858 Align Technology, Inc. 164 71,875 87,638 Anthem, Inc. 1,833 521,505 588,558 Becton, Dickinson and Company 50 13,691 12,511 Centene Corporation 7,422 490,325 445,543 Cigna Corporation 6,520 1,227,371 1,357,334 Cintas Corporation 1,177 313,218 416,022 CoStar Group, Inc. 763 510,055 705,226 Danaher Corporation 5,632 818,642 1,251,092 Equifax Inc. 529 97,782 102,012 Exact Sciences Corporation 226 19,130 29,943 Global Payments Inc. 11,429 1,818,936 2,462,035 HCA Healthcare, Inc. 3,254 454,199 535,153 Humana Inc. 653 246,470 267,906 Incyte Corporation 4,659 442,710 405,240 Intuitive Surgical, Inc. 2,170 1,204,382 1,775,277 PayPal Holdings, Inc. 13,555 1,701,934 3,174,581 PPD, Inc. 3,156 106,703 107,998 S&P Global Inc. 2,128 583,698 699,537 Seagen Inc. 85 16,868 14,887 Square, Inc. 472 97,478 102,726 Stryker Corporation 6,478 1,242,355 1,587,369





Principal


Common Stocks - 54.6% (continued)Consumer, Non-cyclical - 10.0% (continued)

Thermo Fisher Scientific Inc. 2,363 731,443$ 1,100,638$ Unitedhealth Group Incorporated 6,523 1,774,490 2,287,486 Vertex Pharmaceuticals Incorporated 5,126 1,222,319 1,211,479 Zoetis Inc. 2,624 356,222 434,272

Total Consumer, Non-cyclical 16,098,744 21,181,321

Financials - 4.4%Charles Schwab Corporation/The 10,753 466,743 570,339 Chubb Limited 1,494 226,990 229,956 Goldman Sachs Group, Inc./The 3,967 834,130 1,046,138 Intercontinental Exchange, Inc. 4,022 396,385 463,696 Marsh & McLennan Companies, Inc. 1,023 108,692 119,691 Mastercard Incorporated 7,640 2,018,230 2,727,022 Morgan Stanley 5,881 276,167 403,025 State Street Corporation 184 14,767 13,392 Visa Inc. Class A 16,514 2,798,517 3,612,107 Willis Towers Watson Public Limited Company 863 176,814 181,817

Total Financials 7,317,435 9,367,183

Industrials - 1.0%Agilent Technologies, Inc. 42 2,931 4,977 Canadian Pacific Railway Limited 48 11,199 16,641 Fortive Corporation 3,768 220,795 266,850 General Electric Company 19,149 196,157 206,809 Honeywell International Inc. 456 92,015 96,991 Kansas City Southern 62 8,897 12,656 Norfolk Southern Corporation 1,088 221,219 258,520 Parker-Hannifin Corporation 365 86,717 99,430 Roper Technologies, Inc. 1,399 497,222 603,095 TE Connectivity Ltd. 1,835 186,682 222,163 Union Pacific Corporation 1,334 221,210 277,765

Total Industrials 1,745,044 2,065,897

Technology - 15.5%Adobe Inc. 70 34,349 35,008 Advanced Micro Devices, Inc. 12,575 780,888 1,153,253 Apple Inc. 42,902 3,252,773 5,692,666 Applied Materials, Inc. 2,530 198,884 218,339





Principal


Common Stocks - 54.6% (continued)Technology - 15.5% (continued)

Atlassian Corporation Plc Class A 1,079 199,413$ 252,346$ Clarivate PLC 1,933 57,504 57,429 Coupa Software Incorporated 291 79,404 98,623 CrowdStrike Holdings, Inc. 479 95,791 101,462 DocuSign, Inc. 1,665 191,846 370,130 Fidelity National Information Services, Inc. 8,440 1,089,699 1,193,922 Fiserv, Inc. 11,006 1,088,526 1,253,143 Intuit Inc. 6,489 1,749,633 2,464,847 KLA Corporation 171 37,788 44,274 Lam Research Corporation 60 22,657 28,336 Marvell Technology Group Ltd. 19,139 528,618 909,868 Maxim Integrated Products, Inc. 4,207 269,244 372,951 Microsoft Corporation 26,735 3,811,561 5,946,399 MongoDB, Inc. 258 94,817 92,632 Monolithic Power Systems, Inc. 627 209,918 229,626 MSCI Inc. 45 16,627 20,094 NVIDIA Corporation 3,186 908,789 1,663,729 Paycom Software, Inc. 742 202,109 335,570 Qualcomm Incorporated 3,261 337,683 496,781 RingCentral, Inc. Class A 190 71,445 72,004 salesforce.com, inc. 10,174 1,771,073 2,264,020 Sea Limited ^ 7,797 841,554 1,551,993 ServiceNow, Inc. 5,223 1,617,034 2,874,896 Snowflake Inc. Class A 175 39,256 49,245 Splunk Inc. 3,862 599,907 656,115 Synopsys, Inc. 3,491 528,144 905,007 Texas Instruments Incorporated 1,772 234,223 290,838 Twilio Inc. 344 100,766 116,444 Veeva Systems Inc. Class A 1,139 244,774 310,093 Workday, Inc. Class A 1,930 314,568 462,447 Zoom Video Communications, Inc. 520 169,707 175,406

Total Technology 21,790,972 32,759,936 Total Common Stocks 82,286,767 115,270,517





Principal


Money Market Fund - 0.1%State Street Institutional Treasury Plus Money Market Fund - Premier Class 283,325 283,325$ 283,325$

Total Investments - 100.1% 150,817,541$ 211,226,240 Other Assets and Liabilities, Net - (0.1%) (220,350) Net Assets - 100% 211,005,890$

^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):

InvestmentsMeasured at

Level 1 Level 2 Level 3 Net Asset Value* Total

Collective Fund -$ -$ -$ 95,672,398$ 95,672,398$ Common Stocks 115,270,517 - - - 115,270,517 Money Market Fund 283,325 - - - 283,325 Total 115,553,842$ -$ -$ 95,672,398$ 211,226,240$

Fair Value Measurements

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders 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:

Purchases Sales Realizedat Cost Proceeds Gain

Investments 97,427,372$ 45,048,281$ 6,012,970$



AssetsInvestments in securities, at fair value (cost $150,817,541) 211,226,240$ Receivable for investment securities sold 404,684 Dividends and interest receivable 10,808 Total assets 211,641,732

Liabilities and Net AssetsPayable for fund units redeemed 252,337 Payable for investment securities purchased 115,902 Accrued expenses 267,603 Total liabilities 635,842 Net assets 211,005,890$

Investment incomeDividends (net of withholding taxes of $5) 367,667$ Interest 2,150 Total investment income 369,817

ExpensesTrustee, management and overlay advisor fees 818,933 Professional services and other operating expenses 7,899 Total expenses 826,832 Net investment loss (457,015)

Net realized gain (loss) on:Investments 6,012,970 Foreign currency transactions (562)

Net change in unrealized appreciation on:Investments 46,731,178 Net realized and unrealized gain on investments and

foreign currency transactions 52,743,586 Net increase in net assets resulting from operations 52,286,571$


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 (457,015)$ Net realized gain on investments and foreign currency transactions 6,012,408 Net change in unrealized appreciation on investments 46,731,178 Net increase in net assets resulting from operations 52,286,571

Fund unit transactionsProceeds from units issued - Class R 82,815,893 Value of units redeemed - Class R (30,145,150) Increase in net assets resulting from fund unit transactions 52,670,743

Increase in net assets 104,957,314

Net assets, beginning of year 106,048,576 Net assets, end of year 211,005,890$

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




Per Unit Operating Performance Class RNet asset value, beginning of year 11.43$ Income from investment operations:

Net investment loss (1) (0.04) Net realized and unrealized gain on investments and

foreign currency transactions (1) 3.85 Total income from investment operations 3.81 Net asset value, end of year 15.24$

Total Return 33.33%

Supplemental DataRatio to average net assets:

Expenses 0.51%Net investment loss (0.28%)

Fund Unit ActivityUnits, beginning of year 9,277,584 Issued 6,932,838 Redeemed (2,361,652) Units, end of year 13,848,770 (1) Based on average units outstanding.

Financial HighlightsFor the year ended December 31, 2020




Select Fundamental Value CIT


Principal



DuPont de Nemours, Inc. 23,182 1,650,142$ 1,648,473$ Element Solutions Inc. 20,939 220,421 371,248 FMC Corporation 1,982 185,565 227,791 International Flavors & Fragrances Inc. 1,618 184,669 176,103 Kinross Gold Corporation 16,866 116,974 123,796 Linde Public Limited Company 1,390 253,799 366,279 Newmont Corporation 3,544 160,957 212,250 PPG Industries, Inc. 1,279 115,904 184,457 Steel Dynamics, Inc. 6,858 225,823 252,854 Yamana Gold Inc. 40,084 169,505 228,880

Total Basic Materials 3,283,759 3,792,131

Communications - 5.1%Alphabet Inc. Class A 406 532,091 711,572 Altice USA, Inc. 9,769 242,772 369,952 Cisco Systems, Inc. 20,329 886,934 909,723 Comcast Corporation Class A 16,710 703,459 875,604 T-Mobile US, Inc. 4,182 450,543 563,943 Verizon Communications Inc. 8,828 525,079 518,645


Consumer, Cyclical - 10.6%Advance Auto Parts, Inc. 1,753 293,815 276,115 Allison Transmission Holdings, Inc. 3,171 126,247 136,765 Aramark 9,720 287,762 374,026 AutoZone, Inc. 601 659,460 712,449 Best Buy Co., Inc. 3,586 246,426 357,847 Cummins Inc. 1,183 191,755 268,659 Harley-Davidson, Inc. 9,201 260,152 337,677 Las Vegas Sands Corp. 10,320 510,674 615,072 Lear Corporation 961 89,235 152,828 Lennar Corporation 9,999 550,572 762,224 LKQ Corporation 7,627 240,737 268,775 Lowe's Companies, Inc. 6,003 682,428 963,542 Marriott International, Inc. Class A 1,968 176,648 259,619 Marriott Vacations Worldwide Corporation 2,440 190,104 334,817 MGM Resorts International 11,424 275,042 359,970 Mohawk Industries, Inc. 2,890 387,657 407,346 Ralph Lauren Corporation 2,381 183,143 247,005





Principal


Common Stocks - 95.7% (continued)Consumer, Cyclical - 10.6% (continued)

SeaWorld Entertainment, Inc. 11,430 320,121$ 361,074$ Tapestry, Inc. 12,248 195,792 380,668 TJX Companies, Inc./The 4,190 198,115 286,135 Williams-Sonoma, Inc. 1,535 74,963 156,324 Wyndham Hotels & Resorts, Inc. 3,361 169,093 199,778


Consumer, Non-cyclical - 20.3%AbbVie Inc. 2,790 280,148 298,949 AmerisourceBergen Corporation 4,050 351,500 395,928 Amgen Inc. 831 189,047 191,064 Anthem, Inc. 2,355 656,060 756,167 Avantor, Inc. 11,593 201,594 326,343 Cigna Corporation 7,078 1,196,947 1,473,498 Coca-Cola European Partners plc 25,204 1,059,153 1,255,916 Corteva, Inc. 21,334 625,907 826,052 CVS Health Corporation 16,089 938,321 1,098,878 Envista Holdings Corporation 8,197 227,848 276,485 GlaxoSmithKline PLC ^ 6,927 321,529 254,914 Hologic, Inc. 2,285 75,560 166,417 Humana Inc. 502 185,243 205,956 Johnson & Johnson 11,871 1,653,240 1,868,258 Kroger Co./The 11,642 390,106 369,750 LivaNova PLC 3,629 197,155 240,276 McKesson Corporation 2,731 366,476 474,976 Medtronic Public Limited Company 12,507 1,129,967 1,465,070 Molson Coors Beverage Company 6,846 385,006 309,371 Novartis AG ^ 6,765 564,156 638,819 Pfizer Inc. 14,972 586,758 551,119 Quanta Services, Inc. 4,174 150,682 300,611 Robert Half International Inc. 2,016 126,811 125,960 United Rentals, Inc. 1,321 148,601 306,353 Unitedhealth Group Incorporated 3,812 895,676 1,336,792 Viatris Inc. 8,441 137,702 158,184


Energy - 5.2%Canadian Natural Resources Limited 8,594 154,265 206,686 Chevron Corporation 2,655 298,297 224,215





Principal


Common Stocks - 95.7% (continued)Energy - 5.2% (continued)

ConocoPhillips 16,906 798,053$ 676,071$ Hess Corporation 13,534 810,692 714,460 Marathon Petroleum Corporation 11,118 632,904 459,840 Parsley Energy, Inc. Class A 20,317 236,978 288,501 Petroleo Brasileiro S.A. ^ 20,236 177,715 227,250 Phillips 66 12,259 1,050,282 857,394 Schlumberger N.V. 9,151 173,677 199,766 Valero Energy Corporation 3,566 299,198 201,729

Total Energy 4,632,061 4,055,912

Financials - 24.1%AerCap Holdings N.V. 9,474 310,459 431,825 Aflac Incorporated 6,267 228,656 278,693 American Express Company 7,088 799,150 857,010 American International Group, Inc. 21,319 920,580 807,138 Aon Public Limited Company Class A 2,445 425,131 516,555 Assurant, Inc. 2,003 219,621 272,849 AXIS Capital Holdings Limited 3,706 183,076 186,745 Bank of America Corporation 34,445 1,049,773 1,044,028 Berkshire Hathaway Inc. Class B 5,606 1,179,967 1,299,863 Charles Schwab Corporation/The 7,727 269,904 409,840 Chubb Limited 9,992 1,411,189 1,537,968 Citigroup Inc. 15,563 928,582 959,614 Discover Financial Services 3,031 233,735 274,396 Everest Re Group, Ltd. 1,654 391,517 387,185 Fidelity National Financial, Inc. 7,597 284,115 296,967 Fifth Third Bancorp 8,720 163,980 240,410 Goldman Sachs Group, Inc./The 2,624 565,287 691,975 Howard Hughes Corporation/The 3,136 204,633 247,524 Huntington Bancshares Incorporated 28,642 293,225 361,748 JPMorgan Chase & Co. 17,344 1,836,950 2,203,911 Marsh & McLennan Companies, Inc. 1,413 136,043 165,321 Navient Corporation 10,026 109,059 98,455 New York Community Bancorp, Inc. 32,889 411,078 346,979 Northern Trust Corporation 6,142 565,865 572,066 PROG Holdings, Inc. 5,262 211,575 283,464 Progressive Corporation/The 5,819 456,288 575,383 RenaissanceRe Holdings Ltd. 904 163,790 149,901 SLM Corporation 20,777 214,703 257,427





Principal


Common Stocks - 95.7% (continued)Financials - 24.1% (continued)

Truist Financial Corporation 14,915 593,100$ 714,876$ U.S. Bancorp 19,681 928,116 916,938 Wells Fargo & Company 31,923 1,142,159 963,437 Willis Towers Watson Public Limited Company 1,648 299,724 347,201


Industrials - 13.1%AECOM 5,869 214,804 292,159 Boeing Company/The 2,086 416,271 446,529 BWX Technologies, Inc. 3,786 188,946 228,220 Caterpillar Inc. 2,892 353,631 526,402 CRH Public Limited Company ^ 5,243 175,245 223,247 Deere & Company 5,397 872,267 1,452,063 Dover Corporation 2,274 221,489 287,093 Eaton Corporation Public Limited Company 4,566 363,874 548,559 Emerson Electric Co. 3,342 184,843 268,597 General Dynamics Corporation 6,823 1,051,686 1,015,398 Howmet Aerospace Inc. 12,523 231,040 357,406 Huntington Ingalls Industries, Inc. 812 180,339 138,430 J.B. Hunt Transport Services, Inc. 1,796 171,745 245,423 Jacobs Engineering Group Inc. 1,828 146,397 199,179 Northrop Grumman Corporation 579 172,398 176,433 Otis Worldwide Corporation 2,864 195,132 193,463 Owens Corning 9,674 501,671 732,902 Raytheon Technologies Corporation 11,657 831,319 833,592 Stanley Black & Decker, Inc. 4,202 583,891 750,310 Union Pacific Corporation 1,423 240,824 296,297 Westinghouse Air Brake Technologies Corporation 10,441 742,427 764,281 WestRock Company 3,942 146,954 171,595


Technology - 8.2%Applied Materials, Inc. 6,696 324,419 577,865 Broadcom Inc. 850 267,018 372,173 Cognizant Technology Solutions Corporation 7,998 469,233 655,436 KLA Corporation 1,370 190,206 354,707 Lam Research Corporation 1,506 369,059 711,239 Microchip Technology Incorporated 2,357 224,688 325,525 Micron Technology, Inc. 7,441 379,665 559,414





Principal


Common Stocks - 95.7% (continued)Technology - 8.2% (continued)

NXP Semiconductors N.V. 3,168 304,038$ 503,744$ ON Semiconductor Corporation 2,318 30,292 75,868 Oracle Corporation 17,634 971,281 1,140,744 Qorvo, Inc. 1,777 160,741 295,462 Qualcomm Incorporated 1,776 105,333 270,556 SS&C Technologies Holdings, Inc. 4,625 241,258 336,469 Texas Instruments Incorporated 823 94,839 135,079

Total Technology 4,132,070 6,314,281

Utilities - 4.2%CenterPoint Energy, Inc. 44,251 858,743 957,591 Edison International 10,971 749,647 689,198 Entergy Corporation 4,696 447,759 468,849 Exelon Corporation 18,887 917,959 797,409 Vistra Corp. 16,447 348,060 323,348

Total Utilities 3,322,168 3,236,395 Total Common Stocks 63,380,293 74,084,249

Real Estate Investment Trusts - 2.7%Financials - 2.7%

American Campus Communities, Inc. 7,667 274,089 327,918 Corporate Office Properties Trust 18,829 477,722 491,060 Healthpeak Properties, Inc. 14,411 435,177 435,645 MGM Growth Properties LLC 16,909 492,908 529,252 VICI Properties Inc. 10,737 236,166 273,794

Total Real Estate Investment Trusts 1,916,062 2,057,669

Money Market Fund - 1.8%State Street Institutional Treasury Plus Money Market Fund - Premier Class 1,365,223 1,365,223 1,365,223


^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:

PercentageCountry of Issuer Fair Value of Net Assets

United States 68,731,439$ 88.9%United Kingdom 2,464,586 3.2%Switzerland 2,176,787 2.8%Ireland 2,120,142 2.7%Bermuda 723,831 0.9%Canada 559,362 0.7%Netherlands 503,744 0.7%Brazil 227,250 0.3%Total 77,507,141$ 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):

Level 1 Level 2 Level 3 Total

Common Stocks 74,084,249$ -$ -$ 74,084,249$ Real Estate Investment Trusts 2,057,669 - - 2,057,669 Money Market Fund 1,365,223 - - 1,365,223 Total 77,507,141$ -$ -$ 77,507,141$


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 loss for the year ended December 31, 2020, were:

Purchases Sales Realizedat Cost Proceeds Loss

Investments 39,676,526$ 40,812,550$ (4,605,382)$



AssetsInvestments in securities, at fair value (cost $66,661,578) 77,507,141$ Dividends, interest, and tax reclaim receivable 90,354 Total assets 77,597,495

Liabilities and Net AssetsPayable for fund units redeemed 90,959 Payable for investment securities purchased 30,895 Accrued expenses 86,193 Total liabilities 208,047 Net assets 77,389,448$

Investment incomeDividends (net of withholding taxes of $2,469) 1,735,985$ Interest 7,672 Miscellaneous income 22 Total investment income 1,743,679

ExpensesTrustee, management and overlay advisor fees 317,078 Professional services and other operating expenses 3,358 Total expenses 320,436 Net investment income 1,423,243

Net realized loss on:Investments (4,605,382)

Net change in unrealized appreciation on:Investments 4,050,159 Net realized and unrealized loss on investments (555,223) Net increase in net assets resulting from operations 868,020$






Increase in net assets resulting from operationsNet investment income 1,423,243$ Net realized loss on investments (4,605,382) Net change in unrealized appreciation on investments 4,050,159 Net increase in net assets resulting from operations 868,020

Fund unit transactionsProceeds from units issued - Class R 5,873,475 Value of units redeemed - Class R (8,926,509) Decrease in net assets resulting from fund unit transactions (3,053,034)

Decrease in net assets (2,185,014)







Net investment income (1) 0.20 Net realized and unrealized gain on investments (1) 0.06

Total income from investment operations 0.26 Net asset value, end of year 11.24$

Total Return 2.35%


Expenses 0.47%Net investment income 2.08%

Fund Unit ActivityUnits, beginning of year 7,244,280 Issued 613,136 Redeemed (971,179) Units, end of year 6,886,237 (1) Based on average units outstanding.





Select Growth Opportunities CIT


Principal


Common Stocks - 98.1%Communications - 31.9%

Airbnb, Inc. Class A 16,184 1,651,850$ 2,375,811$ Alphabet Inc. Class A 1,524 2,063,914 2,671,023 Amazon.com, Inc. 3,316 7,058,576 10,799,978 Charter Communications, Inc. 10,072 4,750,790 6,663,132 DoorDash, Inc. 7,329 987,835 1,046,215 Facebook, Inc. Class A 13,499 2,859,095 3,687,387 Fiverr International Ltd. 7,354 1,292,063 1,434,765 Match Group, Inc. 57,832 4,806,751 8,743,620 Netflix, Inc. 17,733 6,893,602 9,588,765 Uber Technologies Inc 188,707 7,019,142 9,624,057 Wix.com Ltd. 8,129 2,253,609 2,031,925 Zillow Group, Inc. 19,472 1,070,270 2,527,466


Consumer, Cyclical - 5.3%Floor & Decor Holdings, Inc. 25,665 1,093,685 2,382,995 NIKE, Inc. Class B 22,814 2,024,357 3,227,497 Starbucks Corporation 21,291 1,617,711 2,277,711 Warner Music Group Corp. Class A 62,739 1,686,974 2,383,455


Consumer, Non-cyclical - 18.5%Align Technology, Inc. 6,152 1,524,286 3,287,506 CoStar Group, Inc. 3,114 1,743,930 2,878,208 DexCom, Inc. 2,924 968,509 1,081,061 Edwards Lifesciences Corporation 54,212 4,101,121 4,945,761 Grocery Outlet Holding Corp. 35,629 1,297,372 1,398,438 Illumina, Inc. 11,703 3,799,922 4,330,110 Intuitive Surgical, Inc. 3,552 1,824,235 2,905,891 Mirati Therapeutics, Inc. 1,738 189,839 381,734 PayPal Holdings, Inc. 17,501 2,130,145 4,098,734 Sarepta Therapeutics, Inc. 4,230 574,135 721,173 Square, Inc. 31,054 2,967,387 6,758,593 Zoetis Inc. 17,545 2,173,727 2,903,698






Principal


Common Stocks - 98.1%Financials - 9.3%

KKR & Co. Inc. 59,263 1,470,160$ 2,399,559$ Mastercard Incorporated 10,865 2,816,226 3,878,153 Visa Inc. Class A 53,180 9,486,528 11,632,062


Industrials - 2.5%Ball Corporation 23,818 1,602,289 2,219,361 Waste Management, Inc. 22,310 2,224,145 2,631,018


Technology - 30.6%Adobe Inc. 11,635 3,736,160 5,818,896 Atlassian Corporation Plc Class A 7,601 1,068,365 1,777,646 Autodesk, Inc. 7,955 1,433,310 2,428,980 Coupa Software Incorporated 11,184 1,890,688 3,790,369 Datadog, Inc. Class A 17,427 1,484,827 1,715,514 Intuit Inc. 8,057 2,199,827 3,060,451 Microsoft Corporation 31,538 4,582,472 7,014,682 Paycom Software, Inc. 7,396 2,121,401 3,344,841 Sea Limited ^ 42,987 2,594,210 8,556,562 ServiceNow, Inc. 17,741 5,425,616 9,765,178 Snowflake Inc. Class A 3,447 431,472 969,986 Twilio Inc. 25,405 3,805,860 8,599,593 Veeva Systems Inc. Class A 7,390 1,976,893 2,011,928

Total Technology 32,751,101 58,854,626 Total Common Stocks 122,775,281 188,771,488

Money Market Fund - 2.1%State Street Institutional Treasury Plus Money Market Fund - Premier Class 3,993,763 3,993,763 3,993,763


^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):


Common Stocks 188,771,488$ -$ -$ 188,771,488$ Money Market Fund 3,993,763 - - 3,993,763 Total 192,765,251$ -$ -$ 192,765,251$


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 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 104,855,710$ 60,241,647$ 9,623,466$



AssetsInvestments in securities, at fair value (cost $126,769,044) 192,765,251$ Dividends and interest receivable 72 Total assets 192,765,323

Liabilities and Net AssetsPayable for fund units redeemed 48,338 Accrued expenses 246,326 Total liabilities 294,664 Net assets 192,470,659$

Investment incomeDividends 410,312$ Interest 10,788 Total investment income 421,100

ExpensesTrustee, management and overlay advisor fees 754,912 Professional services and other operating expenses 6,453 Total expenses 761,365 Net investment loss (340,265)

Net realized gain on:Investments 9,623,466

Net change in unrealized appreciation on:Investments 56,103,006 Net realized and unrealized gain on investments 65,726,472 Net increase in net assets resulting from operations 65,386,207$






Increase in net assets resulting from operationsNet investment loss (340,265)$ Net realized gain on investments 9,623,466 Net change in unrealized appreciation on investments 56,103,006 Net increase in net assets resulting from operations 65,386,207

Fund unit transactionsProceeds from units issued - Class R 64,366,538 Value of units redeemed - Class R (18,171,970) Increase in net assets resulting from fund unit transactions 46,194,568








Net investment loss (1) (0.04) Net realized and unrealized gain on investments (1) 6.45

Total income from investment operations 6.41 Net asset value, end of year 17.64$

Total Return 57.08%


Expenses 0.57%Net investment loss (0.25%)

Fund Unit ActivityUnits, beginning of year 7,200,139 Issued 5,079,282 Redeemed (1,371,473) Units, end of year 10,907,948 (1) Based on average units outstanding.





Select Small Cap Growth Equity CIT


Principal



Ingevity Corporation 5,565 318,790$ 421,437$ Methanex Corporation 7,563 295,008 348,503

Total Basic Materials 613,798 769,940

Communications - 3.7%Ciena Corporation 5,739 218,564 303,306 Mimecast Limited 12,880 605,648 732,099 New York Times Company/The 6,225 209,068 322,268 Perficient, Inc. 13,753 500,912 655,330 Q2 Holdings, Inc. 3,502 274,943 443,108 Shutterstock, Inc. 4,978 261,345 356,923


Consumer, Cyclical - 15.3%Acushnet Holdings Corp. 8,529 223,943 345,766 Albany International Corp. Class A 4,198 213,358 308,217 BMC Stock Holdings, Inc. 15,749 362,934 845,407 Carter's, Inc. 3,474 301,487 326,799 Cavco Industries, Inc. 2,218 404,829 389,148 Century Communities, Inc. 5,837 216,299 255,544 Cinemark Holdings, Inc. 19,669 462,699 342,437 Deckers Outdoor Corporation 864 125,413 247,778 Denny's Corporation 24,411 257,039 358,353 FirstCash, Inc. 4,391 354,192 307,546 Five Below, Inc. 3,397 275,700 594,407 Floor & Decor Holdings, Inc. 6,653 320,775 617,731 Fox Factory Holding Corp. 3,556 217,592 375,905 GAN Limited 7,135 116,173 144,698 La-Z-Boy Incorporated 9,563 314,552 380,990 Nu Skin Enterprises, Inc. 7,111 353,178 388,474 Ollie's Bargain Outlet Holdings, Inc. 8,930 668,065 730,206 Penn National Gaming, Inc. 7,613 339,784 657,535 Planet Fitness, Inc. Class A 5,704 402,576 442,802 Polaris Inc. 3,281 328,332 312,614 Rush Enterprises, Inc. Class A 19,746 563,580 817,879 Skechers U.S.A., Inc. Class A 9,362 271,213 336,470 Skyline Champion Corporation 23,032 490,773 712,610





Principal


Common Stocks - 92.8%Consumer, Cyclical - 15.3% (continued)

Thor Industries, Inc. 4,040 334,625$ 375,680$ Wolverine World Wide, Inc. 26,029 631,900 813,406 YETI Holdings, Inc. 4,410 131,661 301,953


Consumer, Non-cyclical - 29.9%2U, Inc. 10,615 342,866 424,706 Acadia Healthcare Company, Inc. 7,138 227,786 358,756 Acceleron Pharma Inc. 1,843 91,067 235,793 Addus HomeCare Corporation 2,649 301,503 310,171 Akero Therapeutics, Inc. 4,114 136,940 106,141 Allakos Inc. 2,684 175,568 375,760 ALX Oncology Holdings Inc. 5,794 219,806 499,443 Amedisys, Inc. 956 133,471 280,423 Amicus Therapeutics, Inc. 28,028 394,587 647,166 Apellis Pharmaceuticals, Inc. 7,253 207,356 414,872 Arena Pharmaceuticals, Inc. 5,114 284,902 392,908 Ascendis Pharma A/S ^ 1,858 252,790 309,877 Avanos Medical, Inc. 7,101 285,214 325,794 Bellring Brands, Inc. Class A 14,144 277,128 343,841 Biohaven Pharmaceutical Holding Company Ltd. 1,174 52,645 100,624 Blueprint Medicines Corporation 2,331 167,145 261,422 Boston Beer Company, Inc./The 335 166,708 333,087 Cardtronics plc 11,166 305,618 394,160 Chegg, Inc. 9,499 500,655 858,045 ChemoCentryx, Inc. 3,340 193,277 206,813 Constellation Pharmaceuticals, Inc. 9,955 333,607 286,704 Dicerna Pharmaceuticals, Inc. 7,738 148,992 170,468 Five Prime Therapeutics, Inc. 8,029 167,876 136,573 Freeline Therapeutics Holdings PLC ^ 9,313 157,125 170,055 Glaukos Corporation 3,023 143,838 227,511 Global Blood Therapeutics, Inc. 3,564 229,454 154,357 Globus Medical, Inc. 14,014 699,150 913,993 Green Dot Corporation Class A 4,725 235,860 263,655 Haemonetics Corporation 3,045 274,361 361,594 Herc Holdings Inc. 5,664 181,392 376,146 Heron Therapeutics, Inc. 15,689 306,407 332,058 Hill-Rom Holdings, Inc. 3,785 366,754 370,816





Principal


Common Stocks - 92.8%Consumer, Non-cyclical - 29.9% (continued)

HMS Holdings Corp. 9,122 292,962$ 335,234$ ImmunoGen, Inc. 31,502 139,674 203,188 Insulet Corporation 1,468 254,224 375,265 Integra LifeSciences Holdings Corporation 3,700 221,418 240,204 Iovance Biotherapeutics, Inc. 5,671 132,965 263,134 Kodiak Sciences Inc. 5,266 281,641 773,628 Kura Oncology, Inc. 3,966 152,629 129,530 LHC Group, Inc. 3,875 529,541 826,615 LiveRamp Holdings, Inc. 7,300 361,895 534,287 Medpace Holdings, Inc. 2,035 214,969 283,272 Mersana Therapeutics, Inc. 14,606 326,383 388,666 Mirati Therapeutics, Inc. 2,109 201,727 463,221 MultiPlan Corporation 48,699 433,245 389,105 NanoString Technologies, Inc. 4,767 158,064 318,817 NeoGenomics, Inc. 6,400 295,324 344,576 Omnicell, Inc. 5,321 420,228 638,627 Paylocity Holding Corporation 1,979 239,644 407,496 Performance Food Group Company 7,088 263,802 337,460 PTC Therapeutics, Inc. 5,302 258,573 323,581 RAPT Therapeutics, Inc. 3,346 93,570 66,084 Reata Pharmaceuticals, Inc. 873 80,889 107,920 Revance Therapeutics, Inc. 4,046 65,888 114,664 Rocket Pharmaceuticals, Inc. 3,486 199,901 191,172 Sage Therapeutics, Inc. 2,313 184,063 200,098 Sanderson Farms, Inc. 2,148 259,544 283,966 Tandem Diabetes Care, Inc. 3,882 275,854 371,430 TCR2 Therapeutics Inc. 5,539 157,188 171,321 TG Therapeutics, Inc. 13,200 419,397 686,664 Theravance Biopharma, Inc. 7,375 173,733 131,054 TriNet Group, Inc. 8,976 540,947 723,465 Turning Point Therapeutics, Inc. 4,607 353,225 561,363 UroGen Pharma Ltd. 9,413 252,273 169,622 Veracyte, Inc. 3,385 102,244 165,662 Y-mAbs Therapeutics, Inc. 8,645 279,410 428,014






Principal


Common Stocks - 92.8%Energy - 2.7%

Atlantica Sustainable Infrastructure PLC 9,314 254,094$ 353,746$ Delek US Holdings, Inc. 9,079 313,042 145,900 First Solar, Inc. 7,422 368,874 734,185 Maxeon Solar Technologies, Ltd. 3,164 54,926 89,763 Plug Power Inc. 5,528 158,646 187,454 SunPower Corporation 17,880 237,263 458,443 Viper Energy Partners LP 7,481 248,784 86,929

Total Energy 1,635,629 2,056,420

Financials - 10.7%Air Lease Corporation 7,480 257,497 332,262 Ameris Bancorp 11,646 390,461 443,363 Ares Management Corporation 6,917 232,532 325,445 Assured Guaranty Ltd. 9,907 346,692 311,971 Atlantic Union Bankshares Corporation 11,790 349,433 388,363 BowX Acquisition Corp. 23,038 230,382 246,507 First Interstate BancSystem, Inc. 8,566 338,108 349,236 Hamilton Lane Incorporated Class A 1,994 111,276 155,632 James River Group Holdings, Ltd. 11,514 495,615 565,913 Kemper Corporation 3,777 305,537 290,187 McGrath RentCorp 5,146 307,220 345,297 MGIC Investment Corporation 27,993 254,054 351,312 National Bank Holdings Corporation Class A 11,391 383,413 373,169 OceanFirst Financial Corp. 9,262 159,264 172,551 PRA Group, Inc. 17,555 585,319 696,231 Redfin Corporation 762 14,164 52,296 Seacoast Banking Corporation of Florida 14,603 387,296 430,058 Selective Insurance Group, Inc. 4,913 234,181 329,073 Sterling Bancorp 44,615 748,970 802,178 Third Point Reinsurance Ltd. 30,057 286,919 286,143 Western Alliance Bancorporation 15,756 534,083 944,572


Industrials - 14.1%Advanced Drainage Systems, Inc. 3,573 115,870 298,631 Aerojet Rocketdyne Holdings, Inc. 8,364 314,483 442,037 Applied Industrial Technologies, Inc. 3,000 231,886 233,970 Argan, Inc. 11,179 508,442 497,354





Principal


Common Stocks - 92.8%Industrials - 14.1% (continued)

Axon Enterprise, Inc. 2,318 155,444$ 284,025$ Chart Industries, Inc. 3,221 226,878 379,402 Clean Harbors, Inc. 4,407 293,976 335,373 Comfort Systems USA, Inc. 4,617 188,629 243,131 Curtiss-Wright Corporation 5,592 600,930 650,629 Enerpac Tool Group Corp. 15,129 328,314 342,067 EnerSys 4,453 320,455 369,866 GATX Corporation 3,103 231,322 258,108 Gibraltar Industries, Inc. 5,231 277,460 376,318 Graphic Packaging Holding Company 22,899 282,802 387,909 II-VI Incorporated 10,629 540,831 807,379 ITT Inc. 5,948 413,084 458,115 John Bean Technologies Corporation 2,614 230,168 297,656 Kennametal Inc. 23,007 646,606 833,773 Kirby Corporation 3,895 269,088 201,878 Kornit Digital Ltd. 5,007 291,464 446,274 Louisiana-Pacific Corporation 8,497 201,349 315,833 Novanta Inc. 3,847 370,567 454,792 Rexnord Corporation 21,061 593,943 831,699 Saia, Inc. 1,860 162,467 336,288 SPX FLOW, Inc. 8,335 291,896 483,097 Tetra Tech, Inc. 2,400 197,623 277,872


Technology - 15.1%1Life Healthcare, Inc. 8,643 275,028 377,267 ACM Research, Inc. Class A 3,030 186,956 246,188 Bandwidth Inc. Class A 3,018 237,690 463,776 Cardlytics, Inc. 5,976 358,644 853,193 Cloudera, Inc. 26,212 329,246 364,609 Digital Turbine, Inc. 10,990 349,613 621,594 Entegris, Inc. 2,936 158,456 282,150 Five9, Inc. 3,296 192,502 574,823 FormFactor, Inc. 7,621 188,728 327,855 Health Catalyst, Inc. 9,009 244,383 392,162 HubSpot, Inc. 722 129,521 286,230 J2 Global, Inc. 4,472 400,109 436,870 Lattice Semiconductor Corporation 6,627 93,347 303,649





Principal


Common Stocks - 92.8%Technology - 15.1% (continued)

Lumentum Holdings Inc. 3,120 248,939$ 295,776$ Manhattan Associates, Inc. 3,871 254,509 407,152 MKS Instruments, Inc. 5,283 494,017 794,827 New Relic, Inc. 600 39,329 39,240 PagerDuty, Inc. 7,941 206,482 331,140 PAR Technology Corporation 4,126 277,691 259,072 Porch Group, Inc. 23,431 234,310 334,360 Power Integrations, Inc. 2,006 96,692 164,211 Rapid7, Inc. 12,711 635,581 1,146,018 Skillz Inc. 18,030 180,300 360,600 Sprout Social, Inc. Class A 5,204 158,848 236,314 SVMK Inc. 13,559 227,147 346,432 Tower Semiconductor Ltd. 39,670 717,925 1,024,280 Verra Mobility Corporation 21,179 265,730 284,222

Total Technology 7,181,723 11,554,010

Utilities - 0.3%Portland General Electric Company 6,399 305,155 273,685

Total Common Stocks 52,306,732 71,124,816

Exchange-Traded Fund - 0.6%iShares Russell 2000 ETF 2,295 369,921 449,958

Real Estate Investment Trusts - 4.1%Financials - 4.1%

Essential Properties Realty Trust, Inc. 31,775 598,300 673,630 Hannon Armstrong Sustainable Infrastructure Capital, Inc. 12,309 319,678 780,760 JBG SMITH Properties 8,581 250,635 268,328 Life Storage, Inc. 2,767 270,624 330,352 PotlatchDeltic Corporation 6,234 223,181 311,825 PS Business Parks, Inc. 2,392 335,014 317,825 Xenia Hotels & Resorts, Inc. 33,307 506,001 506,266

Total Real Estate Investment Trusts 2,503,433 3,188,986

Right - 0.4%Special Purpose Acquisition Company - 0.4%

TPG Pace Beneficial Finance Corp. 21,800 - 289,569





Principal


Money Market Fund - 2.3%State Street Institutional Treasury Plus Money Market Fund - Premier Class 1,764,514 1,764,514$ 1,764,514$


^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):


Common Stocks 71,124,816$ -$ -$ 71,124,816$ Exchange-Traded Fund 449,958 - - 449,958 Real Estate Investment Trusts 3,188,986 - - 3,188,986 Right - - 289,569 289,569 Money Market Fund 1,764,514 - - 1,764,514 Total 76,528,274$ -$ 289,569$ 76,817,843$


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 51,331,683$ 59,165,879$ 5,737,246$



AssetsInvestments in securities, at fair value (cost $56,944,600) 76,817,843$ Receivable for investment securities sold 336,351 Dividends and interest receivable 26,699 Total assets 77,180,893

Liabilities and Net AssetsPayable for investment securities purchased 257,049 Payable to custodian 140,594 Payable for fund units redeemed 16,892 Accrued expenses 121,160 Total liabilities 535,695 Net assets 76,645,198$

Investment incomeDividends (net of withholding taxes of $332) 500,284$ Interest 3,857 Total investment income 504,141

ExpensesTrustee, management and overlay advisor fees 412,467 Professional services and other operating expenses 2,886 Total expenses 415,353 Net investment income 88,788

Net realized gain on:Investments 5,737,246 Foreign currency transactions 482

Net change in unrealized appreciation on:Investments 14,395,431 Net realized and unrealized gain on investments and

foreign currency transactions 20,133,159 Net increase in net assets resulting from operations 20,221,947$






Increase in net assets resulting from operationsNet investment income 88,788$ Net realized gain on investments and foreign currency transactions 5,737,728 Net change in unrealized appreciation on investments 14,395,431 Net increase in net assets resulting from operations 20,221,947

Fund unit transactionsProceeds from units issued - Class N 4,250,353 Value of units redeemed - Class N (11,202,915) Decrease in net assets resulting from fund unit transactions (6,952,562)







Per Unit Operating Performance Class NNet asset value, beginning of year 11.04$ Income from investment operations:

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

foreign currency transactions (1) 4.02 Total income from investment operations 4.04 Net asset value, end of year 15.08$

Total Return 36.59%


Expenses 0.70%Net investment income 0.16%

Fund Unit ActivityUnits, beginning of year 5,742,369 Issued 403,507 Redeemed (1,064,379) Units, end of year 5,081,497 (1) Based on average units outstanding.



Wilmington Trust Collective Investment Trust

Select Funds

Notes to the Financial Statements

December 31, 2020

37

Note 1 – Organization Wilmington Trust Collective Investment Trust (the "Trust") is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and a group trust within the meaning of Rev. Rul. 81-100, as clarified and amended. The Trust is exempt from registration under the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended. Wilmington Trust, N.A. ("WTNA" or the "Trustee") serves as the Trustee of the Trust. The Trustee is responsible for maintaining and administering the Trust and its various funds (the "Funds" – see Fund Index) and also serves as the investment 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. On June 1, 2020, the Fund names changed from MassMutual to Select Funds. The Funds consist of multiple sleeves (the "sleeves"), each of which maintain its own separate investment guidelines and restrictions. The passive sleeve of Select Blue Chip Growth CIT, managed by Loomis Sayles Trust Company (the "Underlying Fund Manager"), invests in the Loomis Sayles Large Cap Growth Trust which is a collective investment fund. WTNA has engaged MML Investment Advisers, LLC (the "Overlay Advisor") to provide investment advice and recommendations with respect to investment of the Funds' assets. WTNA has engaged the following model portfolio providers for the active sleeves (the "Sub-Advisors") to provide investment advice and recommendations with respect to investment of the Funds' assets: Select Blue Chip Growth CIT T. Rowe Price Associates, Inc. Select Fundamental Value CIT Barrow, Hanley, Mewhinney & Strauss, LLC Boston Partners Global Investors, Inc. Select Growth Opportunities CIT Jackson Square Partners, LLC Sands Capital Management, LLC Select Small Cap Growth Equity CIT Wellington Management Company LLP While the Trustee generally relies on the Overlay Advisor or Sub-Advisors to manage the Funds' assets, the Trustee maintains ultimate fiduciary authority over the management of and investments made in each Fund. The Overlay Advisor and Sub-Advisors are engaged pursuant to advisor agreements.


Select Funds

Notes to the Financial Statements (continued)

December 31, 2020

38

Note 2 – Significant Accounting Policies The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic No. 946. Net Asset Value ("NAV") – Units of each fee class of each Fund are valued each day on which the New York Stock Exchange ("NYSE") is open for trading in accordance with the valuation procedures established by the Trustee. The NAV per unit is calculated as of the close of trading on the NYSE (generally, 4:00 p.m. U.S. Eastern time). The NAV per unit is computed by dividing the total fair value of the assets of a Fund, less its liabilities, by the total number of units outstanding at the time of such computation. Investment income earned is reinvested in the Fund and included in the determination of unit values. 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. 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. Securities – Securities, other than bonds, listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the closing price on the primary exchange or market on which they are traded on the day of valuation or, if there is no such reported sale on the valuation date, at the most recent bid quotation on the principal exchange. If a market price is not readily available or if such price is deemed unreliable, it will be valued at fair value in accordance with valuation procedures established by the Trustee. The Trustee's determination of fair value involves consideration of a number of subjective factors, and therefore, no single standard for determining fair value will apply.

When the valuation methods described above are not reflective of fair value, investments are valued at fair value following procedures and/or guidelines determined by or under the direction of the valuation committee established by the Trustee. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular investment is accurate. Cash and Cash Equivalents – The Funds consider all highly liquid instruments with original maturities of three months or less at the acquisition date to be cash equivalents.


Select Funds


December 31, 2020

39

Investment Transactions and Investment Income – The Funds record security transactions on a trade date basis. Dividend income is recorded on the ex-dividend date. Net realized gains and losses on investments are determined by the first-in, first-out method. Interest income and expenses are recorded daily on the accrual basis. Fee Classes and Allocations – Most of the Funds offer multiple fee classes. Not all fee classes are available for investment by all plans. Each class is allocated expenses on the basis of expense loads assigned to that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses 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. During 2021, the Trustee is expected to engage The Northern Trust Company as the Custodian of the Funds. The Northern Trust Company will also provide transfer agent, recordkeeping and accounting services. Note 3 – Fair Value Measurements Fair value is defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Various inputs are used in determining the fair value of the Funds' investments. The Trustee has performed an analysis of the significance and character of these inputs to the fair value determination. These inputs are summarized in the three broad levels listed below:

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


Select Funds


December 31, 2020

40

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

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

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. 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. Note 4 – Fees and Expenses Trustee, Estimated Blended Sub-Advisor and Underlying Fund Management, and Overlay 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 Estimated Blended Sub-Advisor and Underlying Fund Management Fees

Overlay Advisor Fee

Select Blue Chip Growth CIT Class R 6 30 14 Select Fundamental Value CIT Class R 6 26 14 Select Growth Opportunities CIT Class R 6 40 14 Select Small Cap Growth Equity CIT Class N 6 50 14

Trustee Fee – The Trustee receives an annual fee for trustee and administrative services provided to each Fund. Trustee fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in the Fund. Sub-Advisor, Underlying Fund Management and Overlay Advisor Fees – The Sub-Advisors, Underlying Fund manager and Overlay Advisor are compensated for their 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 each Fund. Operating Expenses – In addition to the fees described above, each Fund bears expenses related to its operation, including, but not limited to, audit, custody, tax and legal services. Expenses incurred in connection with the investment and reinvestment of Fund assets, including, without limitation, transfer agency fees, brokerage commission and other expenses, are also charged against each Fund.


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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 the Fund described above. Note 5 – Related Party Transactions The Trustee is a national bank that provides trust and custodial services for tax-advantaged retirement plans as well as trust and investment services to business pension and retirement plans. The Trustee is responsible for managing the Trust's investment and business affairs. Note 6 – Risks Associated with Investing in the 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:

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

• Convertible Securities. Investments in convertible securities may be subject to increased interest rate risks, rising in value as interest rates decline and falling in value when interest rates rise, in addition to their market value depending on the performance of the common stock of the issuer. Convertible securities which are typically unrated or rated lower than other debt obligations, are secondary to debt obligations in order of priority during a liquidation in the event the issuer defaults.

• Emerging Markets. Investments in emerging markets securities may be subject to greater market, credit, currency, liquidity, legal, political, and other risks compared with assets invested in developed foreign countries (see Foreign Securities below). Emerging markets countries may have restrictive national policies that limit investment opportunities, limited information about issuers, a general lack of uniform accounting, auditing and financial reporting standards as compared to the standards of developed countries, less liquidity and more volatility, limitations on the movement of funds, difficulties in enforcing contractual obligations and the possibility of expropriation or nationalization.

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

• Foreign Securities. Investments in foreign securities may be subject to increased volatility as the value of

these securities can change more rapidly and extremely than the value of U.S. securities. Factors that increase the risk of investing in foreign securities include but are not limited to the following: less public information about issuers of non-U.S. securities; less governmental regulation and supervision over the issuance and trading of securities, the unavailability of financial information regarding the non-U.S. issuer or the difficulty of interpreting financial information prepared under non-U.S. accounting standards, less


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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.

• 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.

• 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.

• 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.

• 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-advisor's 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-advisor does 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.

• 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.

• Not FDIC Insured. The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency.


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• Preferred Stocks. Investments in preferred stocks may be subject to the risks of deferred distribution payments, involuntary redemptions, subordination to debt instruments, a lack of liquidity compared with common stocks, limited voting rights, and sensitivity to interest rate changes.

• Pricing. Some investments may not have a market observed price; therefore, values for these assets may be determined through a subjective valuation methodology. Fair values determined by a subjective methodology may differ from the actual value realized upon sale. Valuation methodologies may also be used to calculate a daily net asset value.

• 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.

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