WILMINGTON TRUST COLLECTIVE INVESTMENT

Wilmington Trust Collective Investment Trust IIFunds Sub-Advised by Galliard Capital Management, Inc.VOYA Stable Value FundStatement of Assets and LiabilitiesDecember 31, 2020AssetsInvestments in securities, at fair value (cost 186,127,386)Receivable for fund units soldTotal assetsLiabilities and Net AssetsPayable for investment securities purchasedPayable for fund units redeemedAccrued expensesTotal liabilitiesNet assets 403194,608,395Statement of OperationsFor the year ended December 31, 2020ExpensesTrustee, sub-advisor and service provider feesProfessional services and other operating expensesTotal expensesNet investment loss 750,64310,175760,818(760,818)Net realized gain on:Investments6,142,967Net change in unrealized appreciation on:InvestmentsNet realized and unrealized gain on investmentsNet increase in net assets resulting from operations(1,365,969)4,776,9984,016,180See Notes to the Financial Statements. 9

Wilmington Trust Collective Investment Trust IIFunds Sub-Advised by Galliard Capital Management, Inc.VOYA Stable Value FundStatement of Changes in Net AssetsFor the year ended December 31, 2020Increase in net assets resulting from operationsNet investment lossNet realized gain on investmentsNet change in unrealized appreciation on investmentsNet increase in net assets resulting from operations (760,818)6,142,967(1,365,969)4,016,180Fund unit transactionsProceeds from units issuedClass 20Class 35Class 50Class 75Class 100Class 115Class 130Total proceeds from units 79861,481817,898109,960,954Value of units redeemedClass 20Class 35Class 50Class 75Class 100Class 115Class 130Total value of units rease in net assets resulting from fund unit transactions(10,841,463)Decrease in net assets(6,825,283)Net assets, beginning of yearNet assets, end of yearSee Notes to the Financial Statements. 201,433,678194,608,39510

Wilmington Trust Collective Investment Trust IIFunds Sub-Advised by Galliard Capital Management, Inc.VOYA Stable Value FundFinancial HighlightsFor the year ended December 31, 2020Per Unit Operating PerformanceNet asset value, beginning of yearIncome from investment operations: Net investment loss (1)Net realized and unrealized gain on investmentsTotal income from investment operationsNet asset value, end of year(1) Total ReturnSupplemental DataRatio to average net assets:ExpensesNet investment lossFund Unit ActivityUnits, beginning of yearIssuedRedeemedUnits, end of yearPer Unit Operating PerformanceNet asset value, beginning of yearIncome from investment operations: Net investment loss (1)Net realized and unrealized gain on investmentsTotal income from investment operationsNet asset value, end of yearTotal ReturnSupplemental DataRatio to average net assets:ExpensesNet investment lossFund Unit ActivityUnits, beginning of yearIssuedRedeemedUnits, end of year(1)(1) Class 75Class 35Class 50Class 2010.67 10.68 12.63 12.27(0.02)(0.04)(0.06)(0.09)0.250.2310.90 0.250.2110.89 0.290.2312.86 079,561(73,015)23,646Class 130Class 100Class 11511.99 11.80 11.61(0.12)(0.14)(0.15)0.280.1612.15 0.270.1311.93 sed on average units outstanding.See Notes to the Financial Statements.11

Wilmington Trust Collective Investment Trust IIFunds Sub-Advised by Galliard Capital Management, Inc.Notes to the Financial StatementsDecember 31, 2020Note 1 – OrganizationWilmington Trust Collective Investment Trust II (the "Trust") is intended to constitute an exempt trust under Section501(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 of1940, 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 FundIndex) and also serves as the investment manager (the "Investment Manager") to the Funds. M&T Bank Corporationis the ultimate parent of the Trustee State Street Bank and Trust Company provides custody, transfer agency, andaccounting services for the Funds.The purpose of the Trust is to allow collective investments by plan sponsors of retirement plans which qualify forexemption from federal income taxation pursuant to Section 501(a) of the Code, by reason of qualifying underSection 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 forparticipation in the Trust. The Trust consists of separate funds with differing investment objectives, which areavailable for investment by participating plans. An eligible plan may join the Trust, subject to the Trustee'sacceptance, and become a participating plan by executing participation documents specified by the Trustee.WTNA has engaged Galliard Capital Management, Inc. (the "Sub-Advisor") to provide investment advice andrecommendations with respect to investment of the Funds' assets. While the Trustee generally relies on the SubAdvisor to manage the Funds' assets, the Trustee maintains ultimate fiduciary authority over the management of andinvestments made in each Fund. The Sub-Advisor is engaged pursuant to a sub-advisor agreement.Note 2 – Significant Accounting PoliciesThe financial statements have been prepared in conformity with accounting principles generally accepted in theUnited States of America ("U.S. GAAP"). The Funds are investment companies and follow the accounting andreporting 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 StockExchange ("NYSE") is open for trading in accordance with the valuation procedures established by the Trustee. TheNAV per unit is calculated as of the close of trading on the NYSE (generally, 4:00 p.m. U.S. Eastern time). The NAVper unit is computed by dividing the total fair value of the assets of a Fund, less its liabilities, by the total number ofunits outstanding at the time of such computation. Investment income earned is reinvested in the Fund and includedin the determination of unit values.Fund Unit Transactions – The Funds sell new units and repurchase outstanding units on a daily basis. Unitpurchases and redemptions are transacted at the NAV per fee class of the Funds determined as of the close ofbusiness each day. A summary of the Fund unit activity for each Fund is included with its Financial Highlights.12

Wilmington Trust Collective Investment Trust IIFunds Sub-Advised by Galliard Capital Management, Inc.Notes to the Financial Statements (continued)December 31, 2020The Funds require the plan sponsors to provide advance written notice of five business days for withdrawals whichwill exceed 1 million of the assets invested in each Fund. For plan sponsor withdrawals, the Trustee, in its solediscretion, reserves the right to require up to twelve months advance notice for plan sponsor initiated withdrawals.Investments – At December 31, 2020, the Galliard Retirement Income Fund invested all of its assets in the WellsFargo Synthetic Stable Value Fund. The VOYA Stable Value Fund invested all of its assets in the VOYA StableValue Fund (a pooled fund) which is invested in the Wells Fargo Stable Value Fund W and Wells Fargo SyntheticStable Value Fund. The value of the investment held by each Fund is based on the underlying unit value reported bythe respective stable value fund(s).Stable value funds invest in investment contracts and security-backed contracts. An investment contract is a contractissued by a financial institution to provide a stated rate of return to the buyer of the contract for a specified period oftime. A security-backed contract has similar characteristics as a traditional investment contract and is comprised oftwo parts: the first part is a fixed-income security or portfolio of fixed-income securities; the second part is a contractvalue guarantee ("wrapper") provided by a third party. Wrappers provide contract value payments for certainparticipant-initiated withdrawals and transfers, a floor crediting rate, and a return of fully accrued contract value atmaturity.Investments in stable value funds are carried at contract value provided by the contract issuer and are comprised offully benefit–responsive investment contracts. Purchases and redemptions of shares may only be effected with theinvestee fund at contract value. As a result, the Trustee considers contract value to be fair value.When the valuation methods described above are not reflective of fair value, investments are valued at fair valuefollowing procedures and/or guidelines determined by or under the direction of the valuation committee establishedby the Trustee. In light of the judgment involved in fair value decisions, there can be no assurance that a fair valueassigned to a particular investment is accurate.Cash and Cash Equivalents – The Funds consider all highly liquid instruments with original maturities of threemonths 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.Interest income on investments in stable value funds is accrued at the investment contracts' crediting rate. Thecrediting rate is generally based on the fair value, duration, and yield to maturity of the underlying portfolio. Thesecontracts typically allow for realized and unrealized gains and losses on the underlying assets to be amortized,usually over the duration of the underlying investments, through adjustments to the future interest crediting rate,rather than reflected immediately in the net assets of the Fund. The contract issuer guarantees that all qualifiedparticipant withdrawals will be at contract value.Fee Classes and Allocations – The Funds offer multiple fee classes. Not all fee classes are available for investmentby all plans. Income, expenses (other than expenses attributable to a specific class), and realized and unrealizedgains or losses on investments are allocated to each fee class based on the units outstanding for the fee class inproportion to the total outstanding units.13

Wilmington Trust Collective Investment Trust IIFunds Sub-Advised by Galliard Capital Management, Inc.Notes to the Financial Statements (continued)December 31, 2020Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management tomake estimates and assumptions that affect the amounts reported in the financial statements and accompanyingnotes. Actual results could differ from those estimates.Guarantees and Indemnifications – Under the Funds' organizational documents, each trustee, officer, employeeand agent of the Trust is indemnified, to the extent permitted by law, against certain liabilities that may arise in theperformance of their duties to the Funds.Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnificationclauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claimsthat may be made against the Funds that have not yet occurred. However, neither of the Funds has had prior claimsor 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 isexempt from federal income taxation under Section 501(a) of the Code. Accordingly, no federal income tax provisionis required.Subsequent Events – The Trustee has evaluated the effect of subsequent events on the Funds' financialstatements through April 30, 2021, which is the date the financial statements were available to be issued, and hasdetermined that there are no material subsequent events, except as noted below, that would require disclosure oradjustment in the Funds' financial statements through this date.Effective March 22, 2021, the Trustee has engaged The Northern Trust Company as the Custodian of the Funds.The Northern Trust Company will also provide transfer agent, recordkeeping and accounting services.Note 3 – Fair Value MeasurementsFair value is defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderlytransaction between market participants at the measurement date.Various inputs are used in determining the fair value of the Funds' investments. The Trustee has performed ananalysis of the significance and character of these inputs to the fair value determination. These inputs aresummarized 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, interestrates, credit risk, and others). Level 3 – Significant unobservable inputs (including the Trustee's own assumptions in determining the fairvalue of investments).The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated withinvesting in those investments. The aggregate fair value of the investments in each Fund, by input level used as ofDecember 31, 2020, is included following each Fund's Schedule of Investments.14

Wilmington Trust Collective Investment Trust IIFunds Sub-Advised by Galliard Capital Management, Inc.Notes to the Financial Statements (continued)December 31, 2020Note 4 – Fees and ExpensesTrustee, Sub-Advisor and Service Provider FeesAll asset-based fees are based upon the net assets as determined at the end of each preceding business day as setforth in the table below (in basis points). Except as otherwise noted, all asset-based fees are paid from the assets ofthe Fund.FundGalliard Retirement IncomeFundVOYA Stable Value FundTrustee FeeSub-Advisor FeeService Provider Fee1020*0, 10, 20, 25 or 508 of Fund assets whentotal Fund assets areless than 200M12 of Fund assets whentotal Fund assets are lessthan 200M0, 15, 30, 55, 80, 95 or1106 of Fund assets whentotal Fund assetsexceed 200M14 of Fund assets whentotal Fund assets exceed 200M* The Sub-Advisor fee was 25 basis points from January 1, 2020 to June 30, 2020.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 andcharged against the assets invested in the Fund. The Funds have a minimum annual trustee fee requirement of 10,000 for the Sub-Advisor and 25,000 for VOYA. If the basis points applied to each Fund's net assets are lessthan the minimum fee, the Sub-Advisor may pay the deficiency.Sub-Advisor Fee – The Sub-Advisor is compensated for its investment advisory services provided to each Fund.These fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears andcharged against the assets invested in the Fund.Service Provider Fee – Service provider fees, if any, are used to compensate other service providers to each Fund,including brokers and financial intermediaries and other parties providing services to retirement plans participating inthe Fund. Service provider fees may also be paid to plan service providers, such as third-party administrators andrecordkeepers that provide sub-transfer agency, recordkeeping and other administrative services to participatingplans invested in the Fund.Operating Expenses – In addition to the fees described above, each Fund bears expenses related to its operation,including, but not limited to, audit, custody, tax, and legal services. Expenses incurred in connection with theinvestment and reinvestment of Fund assets, including, without limitation, transfer agency fees, brokeragecommission and other expenses, are also charged against the Fund. The Sub-Advisor can elect to bear certainexpenses of the Funds or to reduce the fee it receives for sub-advisory services to the Funds. The Sub-Advisor maydiscontinue this practice at any time.15

Wilmington Trust Collective Investment Trust IIFunds Sub-Advi

Galliard Retirement Income Fund. Wilmington Trust Collective Investment Trust II Funds Sub-Advised by Galliard Capital Management, Inc. See Notes to the Financial Statements. 7 Per Unit Operating Performance Class 35 Class 45 Class 55 Class 60 Class 85 Net asset value, beginning of year 23.74 23.46 23.32 23.04 22.44 .