WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST. FUNDS SUB-ADVISED BY CAPFINANCIAL PARTNERS, LLC d/b/a CAPTRUST FINANCIAL ADVISORS FINANCIAL STATEMENTS

Transcription

1 WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST FUNDS SUB-ADVISED BY CAPFINANCIAL PARTNERS, LLC d/b/a CAPTRUST FINANCIAL ADVISORS FINANCIAL STATEMENTS DECEMBER 31, 2016 WITH INDEPENDENT AUDITOR'S REPORT

2 CONTENTS Independent Auditor's Report... 1 Fund Index... 3 Income Managed Account Portfolio... 4 Conservative Managed Account Portfolio... 8 Moderate Managed Account Portfolio Growth Managed Account Portfolio Aggressive Managed Account Portfolio Notes to the Financial Statements... 25

3 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 CapFinancial Partners, LLC, d/b/a CAPTRUST Financial Advisors, sub-advised funds of Wilmington Trust Collective Investment Trust (the "Trust"), comprising the Funds (the "Funds") included on the Fund Index on page 3, which comprise the Statements of Assets and Liabilities, including the Schedules of Investments, as of, and the related Statements of Operations, Changes in Net Assets, and 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 opinions 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 of 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 opinions. 1

4 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, and the results of its operations, and 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. Other Matter Our audits were conducted for the purpose of forming an opinion on the financial statements of each Fund as a whole. The supplementary information on investments purchased and sold for the year ended, 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 28,

5 CAPTRUST FINANCIAL ADVISORS

6 FUND INDEX FUND NAME Income Managed Account Portfolio Conservative Managed Account Portfolio Moderate Managed Account Portfolio Growth Managed Account Portfolio Aggressive Managed Account Portfolio FUND OBJECTIVE The Fund is designed to minimize risk to principal and provide a lower, more consistent return. This allocation may be appropriate for investors who cannot tolerate large swings in value and who want to retain some protection against inflation without assuming a large percentage of stocks in their portfolio. The Fund is designed to limit risk to principal while providing for some growth. This allocation may be appropriate for investors who prefer income-generating investments, but desire some long-term growth, strive for more protection against inflation and can tolerate some periodic declines in portfolio value. The Fund seeks to deliver steady long term growth. This allocation may be appropriate for investors who are growth-oriented and desire to reduce volatility through diversification, are willing to accept moderate levels of portfolio risk and recognize that increased allocations to stocks can lead to longer periods of portfolio declines. The Fund seeks to provide long term growth. This allocation may be appropriate for investors who primarily seek a stock-based portfolio yet desire some diversification through bonds and are able to tolerate potential negative periods in the short-term in an attempt to achieve greater long-term growth. The Fund focuses entirely on growth. It can be volatile and is generally suited for those with a high-risk tolerance and/or a long-time horizon. This allocation may be appropriate for investors who have high return expectations for their portfolios and are able to tolerate significant negative returns in portfolio value in an attempt to achieve maximum long-term growth. 3

7 Income Managed Account Portfolio Statement of Assets and Liabilities Assets Investments in securities, at fair value (cost $46,824,872) $ 47,782,383 Cash and cash equivalents 4,534 Receivable for fund units sold 28,874 Total assets 47,815,791 Liabilities and Net Assets Payable for investment securities purchased 30,943 Payable for fund units redeemed 2,465 Accrued expenses 9,474 Total liabilities 42,882 Net assets $ 47,772,909 Statement of Operations For the year ended Investment income Dividends $ 584,038 Expenses Trustee fees 30,096 Professional services and other operating expenses 1,190 Net investment income 552,752 Realized and unrealized gain (loss) on investments Net realized loss on investments (66,158) Net change in unrealized appreciation on investments 1,515,844 Net realized and unrealized gain on investments 1,449,686 Net increase in net assets resulting from operations $ 2,002,438 See Notes to the Financial Statements. 4

8 Income Managed Account Portfolio Statement of Changes in Net Assets For the year ended Increase (decrease) in net assets resulting from operations Net investment income $ 552,752 Net realized loss on investments (66,158) Net change in unrealized appreciation on investments 1,515,844 Net increase in net assets resulting from operations 2,002,438 Fund unit transactions Proceeds from units issued - Class 1 26,439,484 Value of units redeemed - Class 1 (16,699,108) Increase in net assets resulting from fund unit transactions 9,740,376 Increase in net assets 11,742,814 Net assets, beginning of year 36,030,095 Net assets, end of year $ 47,772,909 See Notes to the Financial Statements. 5

9 Income Managed Account Portfolio Financial Highlights For the year ended Per Unit Operating Performance Class 1 Net asset value, beginning of year $ Income from investment operations: Net investment income (1) 0.14 Net realized and unrealized gain on investments (1) 0.38 Total income from investment operations 0.52 Net asset value, end of year $ Total Return 4.93% Supplemental Data Ratio to average net assets: Expenses 0.07% Net investment income 1.28% Fund Unit Activity Units, beginning of year 3,415,338 Issued 2,437,209 Redeemed (1,537,158) Units, end of year 4,315,389 (1) Based on average units outstanding. See Notes to the Financial Statements. 6

10 Income Managed Account Portfolio Schedule of Investments Principal Amount or Fair Shares Cost Value Collective Funds % BlackRock EAFE Equity Index Fund 24,818 $ 1,975,836 $ 2,013,492 BlackRock Equity Index Fund 24,473 6,089,155 6,761,337 BlackRock Mid Cap Equity Index Fund 10,547 1,422,546 1,603,041 BlackRock U.S. Debt Index Fund 106,416 16,215,086 16,397,629 New York Life Insurance Company Anchor Account IV 11,822,529 11,822,529 11,822,529 Total Collective Funds 37,525,152 38,598,028 Mutual Funds % Legg Mason BW Global Opportunities Bond Fund 178,796 1,886,638 1,796,902 PIMCO Income Fund Institutional 612,558 7,413,082 7,387,453 Total Mutual Funds 9,299,720 9,184,355 Total Investments % $ 46,824,872 47,782,383 Liabilities in Excess of Other Assets - (0.0%) (9,474) Net Assets - 100% $ 47,772,909 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 (see Note 3): Fair Value Measurements Level 1 Level 2 Level 3 Total Collective Funds measured at net asset value* $ - $ - $ - $ 38,598,028 Mutual Funds 9,184, ,184,355 Total $ 9,184,355 $ - $ - $ 47,782,383 *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. During the year ended, the Fund did not hold any Level 3 securities. The Fund recognizes transfers between the fair value hierarchy levels as of the beginning of the fiscal year. There were no transfers between any of the fair value hierarchy levels during the year. Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended, were: Purchases Sales Realized at Cost Proceeds Loss Investments $ 25,288,664 $ 14,996,430 $ (66,158) See Notes to the Financial Statements. 7

11 Conservative Managed Account Portfolio Statement of Assets and Liabilities Assets Investments in securities, at fair value (cost $133,861,747) $ 138,554,010 Receivable for fund units sold 69,503 Total assets 138,623,513 Liabilities and Net Assets Payable to custodian 20,839 Payable for investment securities purchased 47,057 Payable for fund units redeemed 1,607 Accrued expenses 26,279 Total liabilities 95,782 Net assets $ 138,527,731 Statement of Operations For the year ended Investment income Dividends $ 1,470,296 Expenses Trustee fees 86,100 Professional services and other operating expenses 2,865 Net investment income 1,381,331 Realized and unrealized gain (loss) on investments Net realized loss on investments (454,003) Net change in unrealized appreciation on investments 6,766,090 Net realized and unrealized gain on investments 6,312,087 Net increase in net assets resulting from operations $ 7,693,418 See Notes to the Financial Statements. 8

12 Conservative Managed Account Portfolio Statement of Changes in Net Assets For the year ended Increase (decrease) in net assets resulting from operations Net investment income $ 1,381,331 Net realized loss on investments (454,003) Net change in unrealized appreciation on investments 6,766,090 Net increase in net assets resulting from operations 7,693,418 Fund unit transactions Proceeds from units issued - Class 1 59,244,574 Value of units redeemed - Class 1 (36,950,288) Increase in net assets resulting from fund unit transactions 22,294,286 Increase in net assets 29,987,704 Net assets, beginning of year 108,540,027 Net assets, end of year $ 138,527,731 See Notes to the Financial Statements. 9

13 Conservative Managed Account Portfolio Financial Highlights For the year ended Per Unit Operating Performance Class 1 Net asset value, beginning of year $ Income from investment operations: Net investment income (1) 0.12 Net realized and unrealized gain on investments (1) 0.56 Total income from investment operations 0.68 Net asset value, end of year $ Total Return 6.40% Supplemental Data Ratio to average net assets: Expenses 0.07% Net investment income 1.12% Fund Unit Activity Units, beginning of year 10,209,331 Issued 5,398,316 Redeemed (3,354,078) Units, end of year 12,253,569 (1) Based on average units outstanding. See Notes to the Financial Statements. 10

14 Conservative Managed Account Portfolio Schedule of Investments Principal Amount or Fair Shares Cost Value Collective Funds % BlackRock EAFE Equity Index Fund 141,661 $ 11,410,996 $ 11,492,962 BlackRock Emerging Markets Equity Index Fund 44,498 4,059,589 4,194,818 BlackRock Equity Index Fund 138,637 34,274,139 38,302,514 BlackRock Mid Cap Equity Index Fund 29,798 4,021,432 4,528,947 BlackRock U.S. Debt Index Fund 210,723 31,974,930 32,470,346 New York Life Insurance Company Anchor Account IV 20,167,516 20,167,516 20,167,516 Total Collective Funds 105,908, ,157,103 Mutual Funds % Legg Mason BW Global Opportunities Bond Fund 638,677 6,793,934 6,418,699 PIMCO Income Fund Institutional 1,739,487 21,159,211 20,978,208 Total Mutual Funds 27,953,145 27,396,907 Total Investments % $ 133,861, ,554,010 Liabilities in Excess of Other Assets - (0.0%) (26,279) Net Assets - 100% $ 138,527,731 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 (see Note 3): Fair Value Measurements Level 1 Level 2 Level 3 Total Collective Funds measured at net asset value* $ - $ - $ - $ 111,157,103 Mutual Funds 27,396, ,396,907 Total $ 27,396,907 $ - $ - $ 138,554,010 *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. During the year ended, the Fund did not hold any Level 3 securities. The Fund recognizes transfers between the fair value hierarchy levels as of the beginning of the fiscal year. There were no transfers between any of the fair value hierarchy levels during the year. Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended, were: Purchases Sales Realized at Cost Proceeds Loss Investments $ 63,822,654 $ 40,143,930 $ (454,003) See Notes to the Financial Statements. 11

15 Moderate Managed Account Portfolio Statement of Assets and Liabilities Assets Investments in securities, at fair value (cost $368,548,063) $ 387,675,379 Cash and cash equivalents 25,405 Receivable for fund units sold 242,110 Total assets 387,942,894 Liabilities and Net Assets Payable for investment securities purchased 238,064 Payable for fund units redeemed 29,451 Accrued expenses 73,654 Total liabilities 341,169 Net assets $ 387,601,725 Statement of Operations For the year ended Investment income Dividends $ 3,723,343 Expenses Trustee fees 243,591 Professional services and other operating expenses 7,715 Net investment income 3,472,037 Realized and unrealized gain (loss) on investments Net realized loss on investments (3,101,848) Net change in unrealized appreciation on investments 25,660,718 Net realized and unrealized gain on investments 22,558,870 Net increase in net assets resulting from operations $ 26,030,907 See Notes to the Financial Statements. 12

16 Moderate Managed Account Portfolio Statement of Changes in Net Assets For the year ended Increase (decrease) in net assets resulting from operations Net investment income $ 3,472,037 Net realized loss on investments (3,101,848) Net change in unrealized appreciation on investments 25,660,718 Net increase in net assets resulting from operations 26,030,907 Fund unit transactions Proceeds from units issued - Class 1 130,984,245 Value of units redeemed - Class 1 (77,364,640) Increase in net assets resulting from fund unit transactions 53,619,605 Increase in net assets 79,650,512 Net assets, beginning of year 307,951,213 Net assets, end of year $ 387,601,725 See Notes to the Financial Statements. 13

17 Moderate Managed Account Portfolio Financial Highlights For the year ended Per Unit Operating Performance Class 1 Net asset value, beginning of year $ Income from investment operations: Net investment income (1) 0.11 Net realized and unrealized gain on investments (1) 0.71 Total income from investment operations 0.82 Net asset value, end of year $ Total Return 7.64% Supplemental Data Ratio to average net assets: Expenses 0.07% Net investment income 1.00% Fund Unit Activity Units, beginning of year 28,707,507 Issued 11,856,713 Redeemed (6,998,447) Units, end of year 33,565,773 (1) Based on average units outstanding. See Notes to the Financial Statements. 14

18 Moderate Managed Account Portfolio Schedule of Investments Principal Amount or Fair Shares Cost Value Collective Funds % BlackRock EAFE Equity Index Fund 437,845 $ 35,643,584 $ 35,522,345 BlackRock Emerging Markets Equity Index Fund 163,007 14,944,570 15,366,643 BlackRock Equity Index Fund 585, ,459, ,813,686 BlackRock Mid Cap Equity Index Fund 81,805 10,996,075 12,433,500 BlackRock U.S. Debt Index Fund 369,988 56,034,027 57,011,516 New York Life Insurance Company Anchor Account IV 14,759,130 14,759,130 14,759,130 Total Collective Funds 274,837, ,906,820 Mutual Funds % American EuroPacific Growth Fund R6 344,894 16,388,465 15,534,039 Legg Mason BW Global Opportunities Bond Fund 1,752,218 18,940,416 17,609,787 PIMCO Income Fund Institutional 4,778,170 58,382,123 57,624,733 Total Mutual Funds 93,711,004 90,768,559 Total Investments % $ 368,548, ,675,379 Liabilities in Excess of Other Assets - (0.0%) (73,654) Net Assets - 100% $ 387,601,725 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 (see Note 3): Fair Value Measurements Level 1 Level 2 Level 3 Total Collective Funds measured at net asset value* $ - $ - $ - $ 296,906,820 Mutual Funds 90,768, ,768,559 Total $ 90,768,559 $ - $ - $ 387,675,379 *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. During the year ended, the Fund did not hold any Level 3 securities. The Fund recognizes transfers between the fair value hierarchy levels as of the beginning of the fiscal year. There were no transfers between any of the fair value hierarchy levels during the year. Concentration of Ownership: As of, the Fund had one unaffiliated investor holding 10% or more of the outstanding units of the Fund, representing 11% of the total outstanding units. See Notes to the Financial Statements. 15

19 Moderate Managed Account Portfolio Schedule of Investments (continued) Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended, were: Purchases Sales Realized at Cost Proceeds Loss Investments $ 151,800,604 $ 94,693,287 $ (3,101,848) See Notes to the Financial Statements. 16

20 Growth Managed Account Portfolio Statement of Assets and Liabilities Assets Investments in securities, at fair value (cost $283,418,916) $ 303,909,793 Cash and cash equivalents 53,022 Receivable for fund units sold 203,668 Total assets 304,166,483 Liabilities and Net Assets Payable for investment securities purchased 204,823 Payable for fund units redeemed 51,867 Accrued expenses 58,584 Total liabilities 315,274 Net assets $ 303,851,209 Statement of Operations For the year ended Investment income Dividends $ 1,697,922 Expenses Trustee fees 200,897 Professional services and other operating expenses 6,270 Net investment income 1,490,755 Realized and unrealized gain (loss) on investments Net realized loss on investments (2,870,459) Net change in unrealized appreciation on investments 25,078,153 Net realized and unrealized gain on investments 22,207,694 Net increase in net assets resulting from operations $ 23,698,449 See Notes to the Financial Statements. 17

21 Growth Managed Account Portfolio Statement of Changes in Net Assets For the year ended Increase (decrease) in net assets resulting from operations Net investment income $ 1,490,755 Net realized loss on investments (2,870,459) Net change in unrealized appreciation on investments 25,078,153 Net increase in net assets resulting from operations 23,698,449 Fund unit transactions Proceeds from units issued - Class 1 76,825,363 Value of units redeemed - Class 1 (68,911,872) Increase in net assets resulting from fund unit transactions 7,913,491 Increase in net assets 31,611,940 Net assets, beginning of year 272,239,269 Net assets, end of year $ 303,851,209 See Notes to the Financial Statements. 18

22 Growth Managed Account Portfolio Financial Highlights For the year ended Per Unit Operating Performance Class 1 Net asset value, beginning of year $ Income from investment operations: Net investment income (1) 0.06 Net realized and unrealized gain on investments (1) 0.83 Total income from investment operations 0.89 Net asset value, end of year $ Total Return 8.25% Supplemental Data Ratio to average net assets: Expenses 0.07% Net investment income 0.52% Fund Unit Activity Units, beginning of year 25,230,444 Issued 6,951,002 Redeemed (6,177,364) Units, end of year 26,004,082 (1) Based on average units outstanding. See Notes to the Financial Statements. 19

23 Growth Managed Account Portfolio Schedule of Investments Principal Amount or Fair Shares Cost Value Collective Funds % BlackRock EAFE Equity Index Fund 582,974 $ 48,626,710 $ 47,296,709 BlackRock Emerging Markets Equity Index Fund 126,196 11,534,346 11,896,501 BlackRock Equity Index Fund 588, ,033, ,578,410 BlackRock Mid Cap Equity Index Fund 63,219 8,470,973 9,608,643 BlackRock U.S. Debt Index Fund 177,591 26,804,911 27,364,959 Total Collective Funds 236,470, ,745,222 Mutual Funds % American EuroPacific Growth Fund R6 233,565 11,144,575 10,519,784 Legg Mason BW Global Opportunities Bond Fund 943,518 10,236,202 9,482,355 PIMCO Income Fund Institutional 2,086,437 25,567,874 25,162,432 Total Mutual Funds 46,948,651 45,164,571 Total Investments % $ 283,418, ,909,793 Liabilities in Excess of Other Assets - (0.0%) (58,584) Net Assets - 100% $ 303,851,209 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 (see Note 3): Fair Value Measurements Level 1 Level 2 Level 3 Total Collective Funds measured at net asset value* $ - $ - $ - $ 258,745,222 Mutual Funds 45,164, ,164,571 Total $ 45,164,571 $ - $ - $ 303,909,793 *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. During the year ended, the Fund did not hold any Level 3 securities. The Fund recognizes transfers between the fair value hierarchy levels as of the beginning of the fiscal year. There were no transfers between any of the fair value hierarchy levels during the year. Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended, were: Purchases Sales Realized at Cost Proceeds Loss Investments $ 111,808,418 $ 102,398,398 $ (2,870,459) See Notes to the Financial Statements. 20

24 Aggressive Managed Account Portfolio Statement of Assets and Liabilities Assets Investments in securities, at fair value (cost $209,442,625) $ 225,834,458 Cash and cash equivalents 20,521 Receivable for fund units sold 695,041 Total assets 226,550,020 Liabilities and Net Assets Payable for investment securities purchased 699,297 Payable for fund units redeemed 16,265 Accrued expenses 42,761 Total liabilities 758,323 Net assets $ 225,791,697 Statement of Operations For the year ended Investment income Dividends $ 857,428 Expenses Trustee fees 149,079 Professional services and other operating expenses 4,547 Net investment income 703,802 Realized and unrealized gain (loss) on investments Net realized loss on investments (2,757,641) Net change in unrealized appreciation on investments 19,815,761 Net realized and unrealized gain on investments 17,058,120 Net increase in net assets resulting from operations $ 17,761,922 See Notes to the Financial Statements. 21

25 Aggressive Managed Account Portfolio Statement of Changes in Net Assets For the year ended Increase (decrease) in net assets resulting from operations Net investment income $ 703,802 Net realized loss on investments (2,757,641) Net change in unrealized appreciation on investments 19,815,761 Net increase in net assets resulting from operations 17,761,922 Fund unit transactions Proceeds from units issued - Class 1 55,890,092 Value of units redeemed - Class 1 (56,986,428) Decrease in net assets resulting from fund unit transactions (1,096,336) Increase in net assets 16,665,586 Net assets, beginning of year 209,126,111 Net assets, end of year $ 225,791,697 See Notes to the Financial Statements. 22

26 Aggressive Managed Account Portfolio Financial Highlights For the year ended Per Unit Operating Performance Class 1 Net asset value, beginning of year $ Income from investment operations: Net investment income (1) 0.04 Net realized and unrealized gain on investments (1) 0.87 Total income from investment operations 0.91 Net asset value, end of year $ Total Return 8.45% Supplemental Data Ratio to average net assets: Expenses 0.07% Net investment income 0.33% Fund Unit Activity Units, beginning of year 19,417,481 Issued 5,069,080 Redeemed (5,160,262) Units, end of year 19,326,299 (1) Based on average units outstanding. See Notes to the Financial Statements. 23

27 Aggressive Managed Account Portfolio Schedule of Investments Principal Amount or Fair Shares Cost Value Collective Funds % BlackRock EAFE Equity Index Fund 539,134 $ 45,177,246 $ 43,739,970 BlackRock Emerging Markets Equity Index Fund 92,774 8,476,482 8,745,763 BlackRock Equity Index Fund 482, ,458, ,242,180 BlackRock Mid Cap Equity Index Fund 46,415 6,228,314 7,054,624 BlackRock U.S. Debt Index Fund 39,166 5,912,855 6,035,127 Total Collective Funds 181,253, ,817,664 Mutual Funds % American EuroPacific Growth Fund R6 269,933 12,850,365 12,157,785 Legg Mason BW Global Opportunities Bond Fund 396,519 4,286,661 3,985,014 PIMCO Income Fund Institutional 901,658 11,052,234 10,873,995 Total Mutual Funds 28,189,260 27,016,794 Total Investments % $ 209,442, ,834,458 Liabilities in Excess of Other Assets - (0.0%) (42,761) Net Assets - 100% $ 225,791,697 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 (see Note 3): Fair Value Measurements Level 1 Level 2 Level 3 Total Collective Funds measured at net asset value* $ - $ - $ - $ 198,817,664 Mutual Funds 27,016, ,016,794 Total $ 27,016,794 $ - $ - $ 225,834,458 *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. During the year ended, the Fund did not hold any Level 3 securities. The Fund recognizes transfers between the fair value hierarchy levels as of the beginning of the fiscal year. There were no transfers between any of the fair value hierarchy levels during the year. Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended, were: Purchases Sales Realized at Cost Proceeds Loss Investments $ 91,713,321 $ 92,104,930 $ (2,757,641) See Notes to the Financial Statements. 24

28 d/b/a CapTrust Financial Advisors Notes to the Financial Statements 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, and a group trust within the meaning of Rev. Rul , as clarified and amended. The Trust is exempt from registration under the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended. Wilmington Trust, N.A. ("WTNA" or the "Trustee") serves as the Trustee of the Trust. The Trustee is responsible for maintaining and administering the Trust and its various Funds (the "Funds" see Fund Index) and also serves as the investment advisor (the "Investment Advisor") to the Funds. M&T Bank Corporation is the ultimate parent of the Trustee. State Street Bank and Trust Company provides custody and transfer agency services for the Trust and its Funds. WTNA has engaged CAPTRUST Financial Advisors ("CAPTRUST" or the "Sub-Advisor") to provide investment advice and recommendations with respect to investment of the Funds' assets. While the Trustee generally relies on CAPTRUST to manage the Funds' assets, the Trustee maintains ultimate fiduciary authority over the management of, and investments made, in each Fund. CAPTRUST is engaged pursuant to a sub-advisory agreement. The Trust consists of separate funds with differing investment objectives. 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 Internal Revenue Code, as amended (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 funds generally offer multiple fee classes. Not all fee classes are available for investment by all plans. Not all funds within the Trust are presented herein. Note 2 Significant Accounting Policies The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic No Net Asset Value ("NAV") Units 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. 25

29 d/b/a CapTrust Financial Advisors Notes to the Financial Statements (continued) 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 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. Investment Valuation Investments are valued at their current fair value determined as follows: 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. Investments in Collective Funds Some Funds may hold investments in units of other Funds within the Trust or similar funds for which other unrelated entities are trustee. The Trustee or unrelated trustee estimates the fair value of investments in collective funds that have calculated net asset value per unit in accordance with the specialized accounting guidance for investment companies. Accordingly, as a practical expedient, investments in other such funds are valued at their net asset value as reported by the investee funds. The Funds have the ability to redeem their investments in the collective funds at net asset value without restrictions. Where one Fund invests in another Fund within the Trust, the Trustee fee allocated to the investment by such investee Fund is waived. When the valuation method described above is not reflective of fair value, investments are valued at fair value following procedures and/or guidelines determined by or under the direction of the valuation committee established by the Trustee. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular investment is accurate. Cash and Cash Equivalents The Funds consider all highly liquid instruments with original maturities of three months or less at the acquisition date to be cash equivalents. Investment Transactions and Investment Income The Funds record security transactions on a trade date basis. Dividend income is recorded on the ex-dividend date. Net realized gains and losses on investments are determined by the first-in, first-out method. Interest income and expenses are recorded daily on the accrual basis. 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 26

30 d/b/a CapTrust Financial Advisors Notes to the Financial Statements (continued) 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 (the "IRS") that the Trust is exempt from federal income taxation under Section 501(a) of the Internal Revenue Code. ASC , Accounting for Uncertainty in Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense. The Trustee has evaluated uncertain tax positions in the United States and all major foreign jurisdictions for all open tax years for the Funds since the Funds' inception and has determined that the Funds' tax positions are deemed to be "more-likely-than-not" as of. In the event that the Funds incur any tax liabilities in the future, the tax liabilities and the corresponding tax expense will be recorded on the Statement of Assets and Liabilities and Statement of Operations, respectively. The Trust's federal fiduciary tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service. The Funds did not accrue any interest or penalties related to uncertain tax liabilities as of. The Trustee is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Subsequent Events The Trustee has evaluated the effects of subsequent events on the Funds' financial statements through April 28, 2017, which is the date the financial statements were available to be issued, and has determined that there are no material subsequent events that would require disclosure or adjustment in the Funds' financial statements through this date. 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 each Funds' investments. The Trustee has performed an analysis of the significance and character of these inputs to the fair value determination. These inputs are summarized in the three broad levels listed below: Level 1 Quoted prices in active markets for identical investments. Level 2 Other significant observable inputs (including quoted prices for similar investments, published net asset values, 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. A summary of the inputs used as of, in valuing the Funds' assets carried at fair value is included in Note 2. 27

31 d/b/a CapTrust Financial Advisors Notes to the Financial Statements (continued) The Financial Accounting Standards Board ("FASB") issued ASU , Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share as a practical expedient. ASU also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share as a practical expedient. Investments that calculate NAV per share (or its equivalent), but for which the practical expedient is not applied will continue to be included in the fair value hierarchy along with the related required disclosures. The Funds elected to early adopt ASU , effective. The aggregate fair value of the investments in each Fund, by input level used as of, is included following each Fund's Schedule of Investments. Note 4 Fees and Expenses Trustee Fees The Trustee receives an annual fee of seven basis points 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. Such Trustee fees for the year ended, are included in the Statement of Operations for each respective Fund. These Funds do not pay sub-advisory or service provider fees. 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 the Fund. When assets of a Fund are invested in other investment vehicles, such as other collective funds or open-end 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. 28

32 d/b/a CapTrust Financial Advisors Notes to the Financial Statements (continued) 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. Emerging Markets. Investments in emerging- and frontier-markets securities may be subject to greater market, credit, currency, liquidity, legal, political, and other risks compared with assets invested in developed foreign countries. 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 can the value of U.S. securities. Foreign securities are subject to increased issuer risk because foreign issuers may not experience the same degree of regulation as U.S. issuers do and are held to different reporting, accounting, and auditing standards. 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 lessdeveloped 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. Large Cap. Concentrating assets in large-capitalization stocks may subject the Funds 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. 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 Funds to underperform their 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 Funds' securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the Funds. Mid-Cap. Concentrating assets in mid-capitalization stocks may subject the Funds 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. 29

33 d/b/a CapTrust Financial Advisors Notes to the Financial Statements (continued) Regulation/Government Intervention. The business of the issuer of an underlying security may be adversely impacted by new regulation or government intervention, impacting the price of the security. Direct government ownership of distressed assets in times of economic instability may subject the Fund's holdings to increased price volatility and liquidity risk. Small Cap. Concentrating assets in small-capitalization stocks may subject the Funds 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 and may experience greater price volatility than do those securities because of limited product lines, management experience, market share, or financial resources, among other factors. Stable Value/Stability. There is no guarantee the Funds will achieve their objective and be able to maintain a stable income without principal volatility. This classic definition of investment risk is greatly mitigated in stable value investing from the use of book value investment contracts. The volatility of the underlying fixed income securities has little impact on contract crediting rates, assuming the overall duration of the portfolio is managed consistently. Underlying Fund/Fund of Funds. The Funds' risks are closely associated with the risks of the securities and other investments held by the underlying or subsidiary funds, and the ability of the Funds to meet their investment objective likewise depends on the ability of the underlying funds to meet their objectives. Investment in other funds may subject the Funds to higher costs than owning the underlying securities directly because of their management fees and administrative costs. 30