wilmington trust lazard...feng tay enterprise company limited 8,700 62,345 56,593 hermes...

WILMINGTON TRUST COLLECTIVE INVESTMENT TRUST

LAZARD/WILMINGTON ACW EX-US EQUITY ADVANTAGE FUND

FINANCIAL STATEMENTS

DECEMBER 31, 2019

WITH

INDEPENDENT AUDITOR'S REPORT

Wilmington Trust Collective Investment Trust

LAZARD/WILMINGTON ACW EX-US EQUITY ADVANTAGE FUND

CONTENTS

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

Schedule of Investments ............................................................................................................................................................................ 3

Statement of Assets and Liabilities .......................................................................................................................................................... 12

Statement of Operations .......................................................................................................................................................................... 12

Statement of Changes in Net Assets........................................................................................................................................................ 13

Financial Highlights .................................................................................................................................................................................. 14

Notes to the Financial Statements............................................................................................................................................................ 15

1

INDEPENDENT AUDITOR'S REPORT Wilmington Trust, N.A, Trustee for Wilmington Trust Collective Investment Trust Report on the Financial Statements We have audited the accompanying financial statements of Lazard/Wilmington ACW Ex-US Equity Advantage Fund (the "Fund") of Wilmington Trust Collective Investment Trust (the "Trust"), which comprise the statement of assets and liabilities, including the schedule of investments, as of December 31, 2019, and the related statements of operations and 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 an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on 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 the Fund as of December 31, 2019, 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.

www.hogantaylor.com

2

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

Tulsa, Oklahoma April 29, 2020

LAZARD ASSET MANAGEMENT LLC


See Notes to the Financial Statements. 3

Lazard/Wilmington ACW Ex-US Equity Advantage Fund

Schedule of Investments December 31, 2019

Principal

Amount or FairShares Cost Value

Common Stocks - 87.5%Basic Materials - 6.7%

Air Liquide S.A. 207 20,942$ 29,324$ Anglo American Platinum Limited 1,738 93,778 162,487 Anglo American PLC 1,294 28,036 37,250 BHP Group Ltd. 2,138 56,363 58,493 Evolution Mining Limited 5,873 18,120 15,688 Evraz PLC 7,670 57,383 41,050 Fortescue Metals Group Limited 13,496 70,498 101,416 Huaxin Cement Company Limited Class A 8,000 22,708 30,354 Kirkland Lake Gold Ltd 1,484 48,503 65,505 Rio Tinto PLC 836 41,608 49,870 Shin-Etsu Chemical Co., Ltd. 2,300 228,497 255,238 Showa Denko K.K. 1,000 28,409 26,676 Tangshan Jidong Cement Company Limited Class A 8,000 18,457 19,536 Teck Resources Limited Class B 1,790 31,051 31,086 Vale S.A. 8,055 101,676 106,727

Total Basic Materials 866,029 1,030,700

Communications - 3.6%AfreecaTV Company Limited 331 19,687 19,721 America Movil, S.A.B. de C.V. Class L 133,571 94,305 106,806 Cogeco Communications Inc. 491 43,818 42,862 Kakaku.com Inc 1,300 30,302 33,411 KDDI Corporation 1,100 29,470 32,927 Lagardere SCA 1,675 44,454 36,532 LG Uplus Corporation 5,110 67,332 62,745 SoftBank Group Corporation 900 40,845 39,387 Tencent Holdings Limited 2,100 72,078 101,230 Turk Telekomunikasyon AS 39,049 46,951 48,360 Vodafone Group PLC 18,267 37,147 35,515

Total Communications 526,389 559,496

Consumer, Cyclical - 15.4%adidas AG 170 51,711 55,301 Air Canada 1,974 66,332 73,845 Air France-KLM 9,342 89,715 104,067 Alimentation Couche-Tard Inc. Class B 1,109 34,454 35,243 BRP Inc 1,906 62,598 86,955 Canadian Tire Corp. Ltd. Class A 248 27,225 26,727




Schedule of Investments December 31, 2019

Principal


Common Stocks - 87.5% (continued)Consumer, Cyclical - 15.4% (continued)

Cie Generale des Etablissements Michelin SA 322 35,850$ 39,434$ Cineworld Group PLC 28,383 78,005 82,382 Compass Group PLC 8,955 201,180 224,213 Continental AG 696 82,786 90,048 CTS Eventim AG & Co KGaA 1,112 57,948 69,963 Daiwa House Industry Co., Ltd. 7,679 220,381 239,538 Deutsche Lufthansa AG 2,197 42,842 40,469 Dunelm Group PLC 3,981 44,437 60,966 Evolution Gaming Group 2,762 55,294 83,205 Feng TAY Enterprise Company Limited 8,700 62,345 56,593 Hermes International 124 87,204 92,728 Howden Joinery Group PLC 4,808 32,039 42,841 Jardine Matheson Holdings Limited 500 29,327 27,800 JB Hi-Fi Limited 2,382 47,677 63,076 Li Ning Company Limited 25,500 50,193 76,417 Magna International Inc. 2,647 144,200 145,338 Peugeot SA 8,766 217,841 209,588 Qantas Airways Limited 28,265 114,273 141,268 Rheinmetall AG 511 58,609 58,736 Sands China Ltd. 11,600 55,873 62,006 Super Retail Group Limited 4,886 29,576 34,758 United Arrows Limited 1,300 43,112 36,963

Total Consumer, Cyclical 2,123,027 2,360,468

Consumer, Non-cyclical - 9.5%Associated British Foods PLC 3,965 117,455 136,464 Axfood AB 1,883 35,282 41,920 Britvic PLC 2,469 29,268 29,584 CK Hutchison Holdings Limited 9,500 98,576 90,589 Dino Polska SA 1,349 44,781 51,291 Fujian Sunner Development Company Limited Class A 13,600 50,128 47,014 Gudang Garam Tbk PT 4,000 15,452 15,271 Hindustan Unilever Limited 2,039 58,886 54,856 ITC Limited 34,043 121,256 113,416 KT&G Corporation 1,135 94,664 92,060 Kweichow Moutai Company Limited Class A 300 38,925 50,950 Minerva SA 15,102 32,513 48,204




Schedule of Investments (continued) December 31, 2019

Principal


Common Stocks - 87.5% (continued)Consumer, Non-cyclical - 9.5% (continued)

Seven & i Holdings Co., Ltd. 3,400 117,895$ 125,238$ Tate & Lyle PLC 3,196 30,432 32,186 Unilever PLC 6,000 302,487 345,800 Wens Foodstuffs Group Company Limited Class A 5,400 25,586 26,048 WH Group Limited 119,500 129,897 123,460 Woolworths Group Limited 1,511 37,446 38,408

Total Consumer, Non-cyclical 1,380,929 1,462,759

Energy - 5.2%Beach Energy Limited 10,092 18,369 17,806 CNOOC Limited 104,000 168,023 172,982 Lundin Petroleum AB 822 24,323 27,950 PetroChina Company Limited Class H 50,000 29,323 25,090 PTT Exploration & Production PLC 19,500 77,470 81,050 Royal Dutch Shell PLC Class A 3,395 96,580 100,520 Santos Ltd. 9,716 49,840 55,868 TGS NOPEC Geophysical Company ASA 719 19,923 21,855 Total SA 4,738 255,018 261,665 Whitecap Resources Inc 8,169 23,468 34,963

Total Energy 762,337 799,749

Financials - 21.1%Allianz SE 652 149,676 159,840 Amundi SA 427 28,200 33,504 ASX Limited 991 57,192 54,622 Banca Generali SpA 2,765 79,789 89,883 Banco Bilbao Vizcaya Argentaria, S.A. 35,336 201,967 197,649 Banco Espirito Santo S.A. 25,753 32,881 - Bank of Montreal 312 23,697 24,214 Capitec Bank Holdings Limited 238 22,348 24,614 China Aoyuan Group Limited 63,000 81,345 102,685 China Merchants Bank Company Limited Class H 15,000 72,804 77,100 China Vanke Company Limited Class H 8,300 32,217 35,419 Country Garden Holdings Company Limited 15,000 21,603 24,025 Credit Suisse Group AG 3,467 40,732 46,920 Dai-ichi Life Holdings, Inc. 13,600 195,412 227,324 Daito Trust Construction Co., Ltd. 700 86,906 86,828





Principal


Common Stocks - 87.5% (continued)Financials - 21.1% (continued)

DBS Group Holdings Ltd. 4,220 64,114$ 81,221$ Emirates NBD Bank PJSC 14,900 48,676 52,734 Erste Group Bank AG 2,340 75,144 88,150 EXOR NV 1,220 80,613 94,602 Fukuoka Financial Group Inc 4,800 106,754 92,974 Home Capital Group Inc. 935 17,929 23,765 HSBC Holdings PLC 5,442 41,491 42,672 IRB Brasil Resseguros S/A 8,592 71,653 83,192 Israel Discount Bank Class A 3,888 16,668 18,022 Japan Post Holdings Company Limited 8,100 74,975 76,472 Magellan Financial Group Limited 789 27,745 31,586 Melrose Industries PLC 13,684 34,027 43,525 Mitsubishi UFJ Financial Group Inc. 14,200 74,831 77,510 National Bank of Canada 2,500 99,163 138,963 North Pacific Bank Limited 8,100 17,639 18,261 Ping An Insurance (Group) Company of China, Ltd. Class H 25,000 261,287 295,503 Reinet Investments SCA 801 14,979 15,896 RHB Bank Bhd 23,600 33,802 33,348 Royal Bank of Scotland Group 40,774 118,206 129,799 Shanghai Pudong Development Bank Company Limited Class A 34,900 58,166 61,977 Skandinaviska Enskilda Banken AB Class A 9,555 82,166 89,905 Sumitomo Mitsui Financial Group, Inc. 4,500 169,343 167,205 Sumitomo Mitsui Trust Holdings, Inc. 2,900 100,743 115,733 The Gunma Bank Limited 13,400 45,360 47,595 The Hachijuni Bank Limited 7,200 29,624 31,669 The Toronto-Dominion Bank 1,282 73,882 72,002 Turkiye Garanti Bankasi AS 5,446 7,735 10,195

Total Financials 2,973,484 3,219,103

Health Care - 10.5%Chugai Pharmaceutical Co., Ltd. 600 50,958 55,652 Cochlear Limited 237 32,102 37,440 Coloplast A/S Class B 983 116,374 122,030 CSL Limited 421 74,831 81,609 CSPC Pharmaceutical Group Limited 16,000 31,681 38,153 HOYA Corporation 700 52,387 67,311 Novartis AG 4,780 355,615 453,640 Novo Nordisk A/S Class B 2,519 129,905 146,308





Principal


Common Stocks - 87.5% (continued)Health Care - 10.5%

Roche Holding AG 1,391 372,252$ 451,050$ Shionogi & Co., Ltd. 1,500 84,277 93,402 Siemens Healthineers AG 1,242 52,514 59,697

Total Health Care 1,352,896 1,606,292

Industrials - 9.1%East Japan Railway Company 800 73,203 72,569 FUJIFILM Holdings Corporation 1,700 82,173 81,813 Gaztransport Et Technigaz SA 527 49,151 50,519 Geberit AG 68 30,918 38,145 International Container Terminal Services Inc 13,420 33,204 34,077 Mitsubishi Heavy Industries, Ltd. 3,900 157,965 152,447 MTU Aero Engines AG 793 185,878 226,630 Poste Italiane SpA 7,175 74,476 81,506 Sany Heavy Industry Company Limited Class A 10,400 18,650 25,456 Schneider Electric SE 2,131 177,493 218,872 Seino Holdings Company Limited 1,500 20,862 20,386 Signify NV 1,195 33,792 37,371 Sinotruk Hong Kong Limited 17,000 37,268 36,261 Techtronic Industries Company Limited 5,500 33,077 44,858 Toromont Industries Limited 544 27,666 29,613 Weichai Power Company Limited Class H 66,000 111,958 139,254 Wolters Kluwer N.V. 1,481 69,262 108,091

Total Industrials 1,216,996 1,397,868

Technology - 3.5%Appen Limited 1,331 23,711 21,014 Avary Holding Shenzhen Company Limited Class A 2,500 17,371 16,115 Avast PLC 4,589 19,755 27,527 Constellation Software Inc. 118 116,040 114,761 Dialog Semiconductor PLC 333 16,817 16,862 RELX PLC 8,455 184,578 213,431 Seojin System Company Limited 1,687 37,767 42,013 SimCorpA/S 673 65,618 76,581 Zhen Ding Technology Holding Limited 3,000 11,372 14,311

Total Technology 493,029 542,615





Principal


Common Stocks - 87.5% (continued)Utilities - 2.9%

CIA Saeamento Basico De SP 1,566 14,989$ 23,575$ Enel SpA 31,411 201,803 249,350 ENN Energy Holdings Limited 3,900 41,042 42,620 Iberdrola, S.A. 12,765 119,617 131,538

Total Utilities 377,451 447,083 Total Common Stocks 12,072,567 13,426,133

Depositary Receipts - 10.5%Basic Materials - 0.2%

Harmony Gold Mining Company Limited 7,277 22,321 26,416

Communications - 2.0%Alibaba Group Holding Limited 397 74,489 84,204 NTT DOCOMO Inc. 5,893 133,059 163,766 PT Telekomunikasi Indonesia 1,325 40,452 37,763 Tencent Music Entertainment Group 1,345 19,255 15,790

Total Communications 267,255 301,523

Energy - 1.4%Ecopetrol S.A. 1,434 23,992 28,623 LUKOIL PJSC 1,045 86,620 103,643 PTG Energy PCL 50,100 33,393 26,929 Tatneft PJSC 680 44,505 50,225

Total Energy 188,510 209,420

Financials - 0.5%Banco Macro SA 622 43,390 22,548 Qudian Inc. 3,242 22,033 15,270 Sberbank PJSC 1,304 18,940 21,438 VTB Bank PJSC 7,805 9,278 11,419

Total Financials 93,641 70,675

Technology - 6.4%Infosys Limited 16,954 182,409 174,965 Samsung Electronics Company, Ltd. 279 267,661 332,847 Taiwan Semiconductor Manufacturing Company Limited 8,646 332,912 502,329

Total Technology 782,982 1,010,141 Total Depositary Receipts 1,354,709 1,618,175





Principal


Preferred Stock - 0.4%Volkswagen AG 294 55,195$ 58,162$

Real Estate Investment Trust - 0.1%MCUBS MidCity Investment Corporation 20 21,633 21,716

Money Market Fund - 1.0%State Street Institutional U.S. Government Money Market Fund 156,836 156,836 156,836

Total Investments - 99.5% 13,660,940$ 15,281,022 Other Assets and Liabilities, Net - 0.5% 73,546 Net Assets - 100% 15,354,568$





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

Japan 2,460,010$ 16.2%China 1,559,452 10.3%United Kingdom 1,550,886 10.2%France 1,076,233 7.0%Switzerland 989,754 6.4%Canada 945,843 6.2%Germany 818,847 5.3%Australia 753,053 4.9%Taiwan 573,237 3.7%Korea 549,386 3.6%Italy 420,740 2.7%Denmark 344,918 2.2%India 343,237 2.2%Netherlands 340,583 2.2%Spain 329,186 2.1%Hong Kong 286,707 1.9%Brazil 261,699 1.7%Sweden 242,980 1.6%Russia 227,774 1.5%South Africa 213,517 1.4%United States 156,836 1.0%Thailand 107,978 0.7%Mexico 106,806 0.7%Austria 88,150 0.6%Singapore 81,221 0.5%Macao 62,006 0.4%Turkey 58,555 0.4%Indonesia 53,034 0.3%United Arab Emirates 52,734 0.3%Poland 51,291 0.3%Philippines 34,077 0.2%Malaysia 33,348 0.2%Colombia 28,623 0.2%Argentina 22,548 0.1%Norway 21,855 0.1%Israel 18,022 0.1%Luxembourg 15,896 0.1%Total 15,281,022$ 99.5%





The following is a summary of the fair value of the investments in the Fund based on the inputs used to value them as of December 31, 2019 (see Note 3 in Notes to the Financial Statements):

Level 1 Level 2 Level 3 Total

Common Stocks 13,426,133$ -$ -$ 13,426,133$ Depositary Receipts 1,618,175 - - 1,618,175 Preferred Stock 58,162 - - 58,162 Real Estate Investment Trust 21,716 - - 21,716 Money Market Fund 156,836 - - 156,836 Total 15,281,022$ -$ -$ 15,281,022$

Fair Value Measurements

Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2019, were:

Purchases Sales Realizedat Cost Proceeds Gain

Investments 18,057,000$ 23,176,197$ 1,239,145$



AssetsInvestments in securities, at fair value (cost $13,660,940) 15,281,022$ Foreign currency, at fair value (cost $1,129) 1,146 Receivable for fund units sold 4,373 Interest, dividends, and tax reclaim receivables (net of tax withholding liability of $1,929) 210,364 Total assets 15,496,905 Liabilities and Net AssetsPayable for fund units redeemed 116,257 Accrued expenses 26,080 Total liabilities 142,337 Net assets 15,354,568$

Investment incomeDividends (net of withholding taxes of $45,541) 538,386$ Interest 8,125 Miscellaneous income 11 Total investment income 546,522 ExpensesTrustee, sub-advisory and service provider fees 11,405 Professional services and other operating expenses 28,968 Total expenses 40,373 Net investment income 506,149 Realized and unrealized gain on investments and foreign

currency transactionsNet realized gain on investments 1,239,145 Net change in unrealized appreciation on investments 2,023,908 Net change in unrealized appreciation on foreign currency transactions 45 Net realized and unrealized gain on investments and foreign

currency transactions 3,263,098 Net increase in net assets resulting from operations 3,769,247$

December 31, 2019

Statement of OperationsFor the year ended December 31, 2019

Statement of Assets and Liabilities




Increase in net assets resulting from operationsNet investment income 506,149$ Net realized gain on investments 1,239,145 Net change in unrealized appreciation on investments

and foreign currency transactions 2,023,953 Net increase in net assets resulting from operations 3,769,247 Fund unit transactionsProceeds from units issuedClass 0IM 1,899,316 Class 0TS ^ 1,872,522 Class 45 3,180 Class 60 1,020 Class R * 837,242 Total proceeds from units issued 4,613,280 Value of units redeemedClass 0IM (7,991,379) Class 0TS ^ (2,699,184) Class 45 (2,929) Class 60 (162) Class R * (15,910) Total value of units redeemed (10,709,564) Decrease in net assets resulting from fund unit transactions (6,096,284) Decrease in net assets (2,327,037) Net assets, beginning of year 17,681,605 Net assets, end of year 15,354,568$ ^All Class 0TS units were redeemed on 5/6/2019 and subsequently funded on 10/4/2019.*Class R funded on 9/9/2019.

Statement of Changes in Net AssetsFor the year ended December 31, 2019




Per Unit Operating Performance Class 0IM Class 0TS Class 45 Class 60 Class RNet asset value, beginning of year or at inception 23.64$ 23.49$ 22.12$ 21.93$ 26.86$ Income from investment operations:

Net investment income (1) 0.81 0.42 0.47 0.41 0.08 Net realized and unrealized gain on investmentsand foreign currency transactions (1) 5.01 5.51 4.71 4.69 2.46

Total income from investment operations 5.82 5.93 5.18 5.10 2.54 Net asset value, end of year 29.46$ 29.42$ 27.30$ 27.03$ 29.40$

Total Return 24.62% 25.25% ^ 23.43% 23.24% 9.45% *Supplemental DataRatio to average net assets:

Expenses 0.20% 0.53% # 1.21% 1.35% 0.81% #Net investment income 3.06% 3.25% # 1.88% 1.63% 0.88% #

Fund Unit ActivityUnits, beginning of year 659,179 86,952 2,633 69 - Issued 72,081 67,491 128 41 31,171 Redeemed (296,171) (101,336) (117) (6) (588) Units, end of year 435,089 53,107 2,644 104 30,583 (1) Based on average units outstanding.^Not annualized for periods less than one year. All Class 0TS units were redeemed on 5/6/2019 and subsequently funded on 10/4/2019.*Not annualized for periods less than one year. Class R funded on 9/9/2019.#Annualized except audit expense.


Financial HighlightsFor the year ended December 31, 2019



Notes to the Financial Statements

December 31, 2019

15

Note 1 – Organization Wilmington Trust Collective Investment Trust (the "Trust") is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and a group trust within the meaning of Revenue Ruling 81-100, as clarified and amended. The Trust is exempt from registration under the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended. Wilmington Trust, N.A. ("WTNA" or the "Trustee") serves as the Trustee of the Trust. The Trustee is responsible for maintaining and administering the Trust and Lazard/Wilmington ACW Ex-US Equity Advantage Fund (the "Fund") and also serves as the investment advisor (the "Investment Advisor") to the Fund. M&T Bank Corporation is the ultimate parent of the Trustee. State Street Bank and Trust Company provides custody and transfer agency services for the Trust and the Fund. The purpose of the Trust is to allow collective investments by plan sponsors of retirement plans which qualify for exemption from federal income taxation pursuant to Section 501(a) of the Code, by reason of qualifying under Section 401(a) of the Code; tax-exempt governmental plans under Section 414(d) or Section 818(a)(6) of the Code; eligible deferred compensation plans under Section 457(b) of the Code established by a government employer; group trusts or separate accounts consisting solely of assets of the foregoing; and other investors eligible for participation in the Trust. The Trust consists of separate funds with differing investment objectives, which are available for investment by participating plans. An eligible plan may join the Trust, subject to the Trustee's acceptance, and become a participating plan by executing participation documents specified by the Trustee. Not all funds within the Trust are presented herein. The investment objective of the Fund is to seek long-term capital appreciation and to generate a total return in excess of its benchmark, the MSCI All Country World ex-U.S. Index, over a full market cycle. WTNA has engaged Lazard Asset Management LLC (the "Sub-Advisor") to provide investment advice in connection with the investment of the Fund's assets. While the Trustee generally relies on the Sub-Advisor to manage the Fund's assets, the Trustee maintains ultimate fiduciary authority over the management of and investments made in the Fund. The Sub-Advisor is engaged pursuant to a sub-advisory agreement. Effective April 30, 2019, the International Value Fund was renamed the Lazard/Wilmington ACW Ex-US Equity Advantage Fund. Note 2 – Significant Accounting Policies The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic No. 946.



Notes to the Financial Statements (continued)

December 31, 2019

16

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements: Net Asset Value ("NAV") – Units of the 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 Fund sells new units and repurchases outstanding units on a daily basis. Unit purchases and redemptions are transacted at the NAV of the Fund determined as of the close of business each day. A summary of the Fund unit activity for the Fund is included with its Financial Highlights. Investment Valuation – Investments are valued at their current fair value determined as follows:

Money Market Funds – Investments in money market funds are valued at the daily closing net asset value of the respective fund. Securities – Securities, other than bonds, listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the closing price on the primary exchange or market on which they are traded on the day of valuation or, if there is no such reported sale on the valuation date, at the most recent bid quotation on the principal exchange. If a market price is not readily available or if such price is deemed unreliable, it will be valued at fair value in accordance with valuation procedures established by the Trustee. The Trustee's determination of fair value involves consideration of a number of subjective factors, and therefore, no single standard for determining fair value will apply.

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 Fund considers 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 Fund records security transactions on a trade date basis. Dividend income is recorded on the ex-dividend date. Net realized gains and losses on investments are determined by the first-in, first-out method. Interest income, if any, and expenses are recorded daily on the accrual basis. Fee Classes and Allocations – The Fund offers 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.




December 31, 2019

17

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 Fund's 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 Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Fund has not 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 Fund's financial statements through April 29, 2020 which is the date the financial statements were available to be issued, and has determined that there are no material subsequent events, except as noted below, that would require disclosure or adjustment in the Fund's financial statements through this date. During the first quarter of 2020, there were worldwide outbreaks of the coronavirus. The impact of these outbreaks, as well as other epidemics and pandemics that may arise in the future, could negatively affect the domestic and international economies, individual companies and the market in general in significant and unforeseen ways. Any such impact could adversely affect the performance of the securities in which the Fund is invested and the investment performance of the Fund. Note 3 – Fair Value Measurements Fair value is defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Various inputs are used in determining the fair value of the Fund's investments. The Trustee has performed an analysis of the significance and character of these inputs to the fair value determination. These inputs are summarized in the three broad levels listed below:

• Level 1 – Quoted prices in active markets for identical assets and liabilities.

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

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




December 31, 2019

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The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used as of December 31, 2019, in valuing the Fund's assets carried at fair value is included in Note 2. The aggregate fair value of the investments in the Fund, by input level used as of December 31, 2019, is included following the Fund's Schedule of Investments. The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements in Topic 820. The Fund elected to early adopt ASU 2018-13, effective December 31, 2019. Note 4 – Fees and Expenses Trustee, Sub-Advisory and Service Provider Fees All asset-based fees are based upon the net assets as determined at the end of each preceding business day as set forth in the table below (in basis points). Except as otherwise noted, all asset-based fees are paid from the assets of the Fund.

Fee Class Trustee Fee Sub-Advisory Fee Service Provider Fee

Class 0IM 3 0 0 Class 0TS 0 45 0 Class 45 13 45 45 Class 60 13 45 60 Class R 13 45 0

Trustee Fee – The Trustee receives an annual fee for supervising the overall investment management of the Fund and for the trustee, administrative and management services provided to the 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 December 31, 2019, are included in the Statement of Operations for the Fund. Plans invested in Class 0IM have agreed to pay external fees that are paid either by redemption of Fund units or paid directly by the plan sponsors. Portions of external fees are paid to the Sub-Advisor for investment advisory services provided to the Fund. External fees are based on the fair value as of the last business day of the previous month-end and paid monthly in advance. Sub-Advisory Fee – The Sub-Advisor is compensated for its investment advisory services provided to the Fund. These fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in the Fund.




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Plans in Class 0IM (or their plan sponsors) pay a sub-advisory fee of 45 basis points based on the month-end values of the class. These fees are not reflected in the Fund's expense ratio. For Class 0IM, the actual expense ratio including sub-advisory fees incurred would be 62 basis points. Service Provider Fees – Service provider fees, if any, are used to compensate other service providers to the Fund, including brokers and financial intermediaries and other parties providing services to retirement plans participating in the Fund. Service provider fees may also be paid to plan service providers, such as third-party administrators and recordkeepers that provide sub-transfer agency, recordkeeping and other administrative services to participating plans invested in the Fund. Operating Expenses – In addition to the fees described above, the 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 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 Fund In the normal course of business, the Fund trades financial instruments and enters 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 the Fund are:

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

• Currency. Investments in securities traded in foreign currencies or more directly in foreign currencies are subject to the risk that the foreign currency will decline in value relative to the U.S. dollar, which may reduce the value of the Fund. Investments in currency hedging positions are subject to the risk that the value of the U.S. dollar will decline relative to the currency being hedged, which may result in a loss of money on the investment as well as the position designed to act as a hedge. Cross-currency hedging strategies and active




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currency positions may increase currency risk because actual currency exposure may be substantially different from that suggested by the Fund's holdings.

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

• 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 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.

• 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.




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

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

• 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.

• Other. The Fund's performance may be impacted by its concentration in a certain type of security,

adherence to a particular investing strategy, or a unique aspect of its structure and costs.

• 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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