BlackRock Equity Index Fund - WBRERX Release Date: 09-30-2020

..........................................................................................................................................................................................................................................................................................................................................Benchmark Fee Class Overall Morningstar Rating™ Morningstar Return Morningstar RiskS&P 500 TR USD R QQQQ Above Average Average

Out of 1229 Large Blend investments. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.

Investment InformationInvestment Objective & Strategy

The fund seeks to achieve investment results that are similar to the price and yield performance, before fees and expenses, of the S&P 500 Index. BlackRock uses a replication indexing strategy to manage the underlying fund by investing in substantially all of the securities of the Index in approximately the same proportions as the Index.

Operations and Management

Inception Date 04-01-16Trustee Wilmington Trust, N.A.Website www.wilmingtontrust.comTelephone 1-866-427-6885CUSIP 97182P373

Portfolio Manager(s)

Management Team

Morningstar Category: Large Blend

Large-blend portfolios are fairly representative of the overallUS stock market in size, growth rates and price. Stocks in thetop 70% of the capitalization of the US equity market aredefined as large cap. The blend style is assigned to portfolioswhere neither growth nor value characteristics predominate.These portfolios tend to invest across the spectrum of USindustries, and owing to their broad exposure, the portfolios'returns are often similar to those of the S&P 500 Index.

Volatility Analysis3-Yr Risk Measures as of 09-30-20 Port Avg BenchmarkStandard Deviation 17.74 17.74Sharpe Ratio 0.65 0.65Information Ratio 0.77 .R-Squared 100.00 .Beta 1.00 .Alpha 0.02 .

Best 3 Month Return Worst 3 Month Return

25.84% -30.06%(Mar '09 - May '09) (Sep '08 - Nov '08)

NotesWilmington Trust, N.A. Collective Funds (WTNA Funds) arebank collective investment funds; they are not mutual funds. For Use by Institutional Investors Only – Not Intendedfor Distribution to Retail Investors

Performance

5

10

15

20

0

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YTD YTD YTD YTD YTD YTD

Total Return %as of 09-30-20

InvestmentBenchmark

Average annual, if greaterthan 1 year

QTD YTD 1 Year 3 Year 5 Year 10 Year8.93 5.61 15.18 12.30 14.17 13.55 Investment Return %8.93 5.57 15.15 12.28 14.15 13.74 Benchmark Return %8.06 2.30 10.70 9.55 11.77 11.96 Category Average %........................................................................................................................................................................................................... . . QQQQ WWWW WWWW Morningstar Rating™. . . 1229 1066 819 # of Funds in Category

Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s units, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. Performance returns prior to inception are shown in italics and are based upon theperformance of the BlackRock Equity Index Fund CL 6 from its inception date 07-31-2006. Please refer to theperformance section of the disclosure page for more information.

Portfolio Analysis

Composition as of 09-30-20 % AssetsU.S. Stocks 99.0Non-U.S. Stocks 1.0Bonds 0.0Cash 0.0Other 0.0

Morningstar Equity Style Box™ as of 09-30-20 % Mkt Cap

LargeM

idSm

all

Value Blend Growth

Giant 51.72........................................................Large 34.94Medium 13.11Small 0.23........................................................Micro 0.00

Top 10 Holdings as of 09-30-20 % Assets

Apple Inc 6.67Microsoft Corp 5.70Amazon.com Inc 4.80Facebook Inc A 2.26Alphabet Inc A 1.58..........................................................................................Alphabet Inc Class C 1.55Berkshire Hathaway Inc Class B 1.51Johnson & Johnson 1.40Procter & Gamble Co 1.24Visa Inc Class A 1.21.......................................................................................................Total Number of Stock Holdings 505Total Number of Bond Holdings 0Annual Turnover Ratio % 8Total Fund Assets ($mil) 1,767.91

Morningstar Equity Sectors as of 09-30-20 % Fund

h Cyclical 28.84.......................................................................................................r Basic Materials 2.20t Consumer Cyclical 10.59y Financial Services 13.21u Real Estate 2.84

j Sensitive 45.97.......................................................................................................i Communication Services 10.78o Energy 2.82p Industrials 8.39a Technology 23.98

k Defensive 25.20.......................................................................................................s Consumer Defensive 7.38d Healthcare 14.75f Utilities 3.07

Principal Risks: Please refer to the Additional Fund Information and Principal Risk Definitions document for more information.

Credit & Counterparty, Futures, Index Correlation/Tracking Error, Industry & Sector Investing, Issuer, Large Cap, Market/MarketVolatility, Passive Management, Replication Management, Securities Lending, Underlying Fund/Fund of Funds

©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstarand/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its contentproviders are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investmentwebsite at www.morningstar.com.

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PerformancePerformance data given represents past performance andshould not be considered indicative of future results of theBlackRock Equity Index Fund - WBRERX (the “Fund”). TheFund is not a mutual fund and is not registered as aninvestment company under the Investment Company Act of1940. The Fund is not FDIC-insured, may lose value and is notguaranteed by a bank or other financial institution.

Performance data reflects a specific class of units. Other feeclasses may currently be available or may become availablein the future. Not all fee classes are available for investmentby all plans. Fees vary across fee classes, and the net returnsinvestors earn will be different from one fee class to another.

Management of the FundTrustee: Wilmington Trust, N.A. (the “Trustee”) serves as theTrustee of the Fund and maintains ultimate fiduciary authorityover the management of, and investments made in, the Fund.The Fund is part of the Wilmington Trust CollectiveInvestment Trust (the “Trust”) operated by the Trustee.

Wilmington Trust is a registered service mark. WilmingtonTrust Company, operating in Delaware only, Wilmington Trust,N.A., M&T Bank and certain other affiliates, provide variousfiduciary and non-fiduciary services, including trustee,custodial, agency, investment management and otherservices. Loans, retail and business deposits, and otherpersonal and business banking services and products areoffered by M&T Bank, member FDIC. Wilmington TrustInvestment Advisors, Inc. is a SEC-registered investmentadvisor providing investment management services toWilmington Trust and M&T affiliates and clients.

Investment Process:The Fund is expected to be invested solely in the BlackRockEquity Index Fund F (the “Underlying Fund”), an indexcollective fund managed by BlackRock Institutional TrustCompany, N.A. (“BlackRock”); BlackRock serves as trusteeand custodian of the Underlying Fund.

The Underlying Fund is an index fund that seeks investmentresults that correspond generally to the price and yieldperformance, before fees and expenses, of the S&P 500 Index(the “Index”). BlackRock uses a replication indexing strategyto manage the Underlying Fund, investing in substantially allof the securities of the Index in approximately the sameproportions as the Index. When deemed appropriate,BlackRock may also invest in futures contracts, forwardcontracts or other similar assets and engage in securitieslending.

Benchmark: S&P 500 TR USDThe index measures the performance of 500 widely heldstocks in US equity market. Standard and Poor's choosesmember companies for the index based on market size,liquidity and industry group representation. Included are thestocks of industrial, financial, utility, and transportationcompanies. Since mid 1989, this composition has been moreflexible and the number of issues in each sector has varied. Itis market capitalization-weighted.

Notes Regarding Return Information

Return figures represent the total change in net assets withcapital gains and income dividends reinvested. Performanceinformation is presented net of any applicable trustee fees,management fees for services provided by the Sub-Advisor,or other fees or expenses which are borne by the Fund. See"Fees and Expenses" for more information.

Morningstar Rating™The Morningstar Rating™ for funds, or "star rating", iscalculated for managed portfolios (including mutual funds,variable annuity and variable life subaccounts, exchange-traded funds, close-end funds, and separate accounts) withat least a three-year history. Exchange-traded funds andopen-ended mutual funds are considered a single populationfor comparative purposes. It is calculated based on aMorningstar Risk-Adjusted Return measure that accounts forvariation in a managed product's monthly excessperformance, placing more emphasis on downward variationsand rewarding consistent performance. The MorningstarRating does not include any adjustment for sales load. Thetop 10% of products in each product category receive 5 stars,the next 22.5% receive 4 stars, the next 35% receive 3 stars,the next 22.5% receive 2 stars, and the bottom 10% receive1 star. The Overall Morningstar Rating for a managed productis derived from a weighted average of the performancefigures associated with its three-, five-, and 10-year (ifapplicable) Morningstar Rating metrics.

For collective investment funds, the Morningstar Ratingpresented is hypothetical, because Morningstar does notindependently analyze CITs. Rather, the rating is assigned as ameans to compare these funds with the universe of mutualfunds that Morningstar rates. The evaluation of thisinvestment does not affect the retail mutual fund datapublished by Morningstar.

Morningstar ReturnThe Morningstar Return rates a fund’s performance relative toother managed products in its Morningstar Category. It is anassessment of a product's excess return over a risk-free rate(the return of the 90-day Treasury Bill) in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the top 10% of products earn a High MorningstarReturn (High), the next 22.5% Above Average (+Avg), themiddle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return ismeasured for up to three time periods (three, five, and 10years). These separate measures are then weighted andaveraged to produce an overall measure for the product.Products with less than three years of performance historyare not rated.

Morningstar RiskMorningstar Risk evaluates a fund’s downside volatilityrelative to that of other products in its Morningstar Category.It is an assessment of the variations in monthly returns, withan emphasis on downside variations, in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the 10% of products with the lowest measured riskare described as Low Risk (Low), the next 22.5% BelowAverage (-Avg), the middle 35% Average (Avg), the next22.5% Above Average (+Avg), and the top 10% High (High).Morningstar Risk is measured for up to three time periods

(three, five, and 10 years). These separate measures are thenweighted and averaged to produce an overall measure for theproduct. Products with less than three years of performancehistory are not rated.

Morningstar Style Box™For equity funds, the vertical axis shows the marketcapitalization of the long stocks owned and the horizontal axisshows investment style (value, blend, or growth).

For fixed-income funds, the vertical axis shows the creditquality of the long bonds owned, and the horizontal axisshows interest rate sensitivity as measured by a bond’seffective duration.

Morningstar seeks credit rating information from fundcompanies on a periodic basis (e.g., quarterly). In compilingcredit rating information, Morningstar accepts credit ratingsreported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations(NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/ocr/ratingagency.html. Additionally,Morningstar accepts foreign credit ratings from widelyrecognized or registered rating agencies. If two ratingorganizations/agencies have rated a security, fund companiesare to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to reportthe median rating, and in cases where there are more thantwo organization/agency ratings and a median rating does notexist, fund companies are to use the lower of the two middleratings. PLEASE NOTE: Morningstar, Inc. is not itself anNRSRO nor does it issue a credit rating on the fund. AnNRSRO or rating agency ratings can change from time-to-time.

For credit quality, Morningstar combines the credit ratinginformation provided by the fund companies with an averagedefault rate calculation to come up with a weighted-averagecredit quality. The weighted-average credit quality is currentlya letter that roughly corresponds to the scale used by aleading NRSRO. Bond funds are assigned a style boxplacement of "low", "medium", or "high" based on theiraverage credit quality. Funds with a low credit quality arethose whose weighted-average credit quality is determinedto be less than "BBB-"; medium are those less than "AA-", butgreater or equal to "BBB-"; and high are those with aweighted-average credit quality of "AA-" or higher. Whenclassifying a bond portfolio, Morningstar first maps theNRSRO credit ratings of the underlying holdings to theirrespective default rates (as determined by Morningstar’sanalysis of actual historical default rates). Morningstar thenaverages these default rates to determine the averagedefault rate for the entire bond fund. Finally, Morningstarmaps this average default rate to its corresponding creditrating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fundcompanies the average effective duration. Generally,Morningstar classifies a fixed-income fund's interest-ratesensitivity based on the effective duration of the MorningstarCore Bond Index (MCBI), which is currently three years. Theclassification of Limited will be assigned to those fundswhose average effective duration is between 25% to 75% of

Disclosure

©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. NeitherMorningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee offuture performance. Visit our investment website at www.morningstar.com.

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MCBI's average effective duration; funds whose averageeffective duration is between 75% to 125% of the MCBI willbe classified as Moderate; and those that are at 125% orgreater of the average effective duration of the MCBI will beclassified as Extensive. In addition, for non-US taxable andnon-US domiciled fixed income funds, static durationbreakpoints are used: (i) Limited: less than or equal to 3.5years; (ii) Moderate: greater than 3.5 and less than equal to 6years; (iii) Extensive: greater than 6 years.

Fees and ExpensesThe participant may incur management fees for servicesprovided by the Sub-Advisor, trustee fees, and otheroperating expenses related to the Fund. Other operatingexpenses may include, but are not limited to, audit expenses,custody service fees, tax form preparation expenses, legaland other fees. A portion of this fee may be paid by theTrustee to BlackRock for its management services to theUnderlying Fund.

All fees and expenses will be reimbursed from the Fund whenthey are incurred. Any expenses incurred in connection withthe investment and reinvestment of Fund assets including,without limitation, any transfer agency fees, brokeragecommissions and expenses, will be charged against the Fund.

Participants in the Fund may also incur expenses from theUnderlying Fund, which include audit fees and otherexpenses. The Underlying Fund Fees are expensed directly tothe Underlying Fund or the Funds in which it invests, asapplicable, and are not charged directly to the Fund.Underlying Fund Fees are not used to calculate the Fund's netasset value. They have no impact on the costs associatedwith Fund operations.

Below is a breakdown of the fees on the Fund:

BlackRock Equity Index Fund - WBRERX Fee Class R

Management Fee % 0.010Trustee Fee % 0.020Service Provider Fee % 0.000Other Expenses % 0.000Underlying Funds Fees % 0.000Gross Ratio % 0.030Net Expense Ratio % 0.030

Fees and expenses are only one of several factors thatparticipants and beneficiaries should consider when makinginvestment decisions.

The cumulative effect of fees and expenses can substantiallyreduce the growth of a participant’s or beneficiary’sretirement account. Participants and beneficiaries can visitthe Employee Benefit Security Administration’s website for anexample demonstrating the long-term effect of fees andexpenses.

The example in the following table is intended to explain theongoing costs of investing in the Fund and to compare thesecosts with the ongoing costs of investing in other collectivefunds. The table provides information about actual accountvalues and actual expenses. This example is based on an

investment of $1,000 invested for one year:

BlackRock Equity Index Fund - WBRERX Fee Class R

Balance 09-30-2019 $1,000.00Balance 09-30-2020 $1,151.81

Expenses (1 year) $0.32

The next table is also intended to explain the ongoing costs ofinvesting in the Fund and to compare these costs with theongoing costs of investing in other collective funds. The tableprovides information about hypothetical account values andhypothetical expenses based on the Fund’s actual expenseratio and an assumed rate of return of 0.00% per year, whichis not the Fund’s actual return. The hypothetical accountvalues and expenses may not be used to estimate the actualaccount balance or expenses you paid for the period. Thisexample is based on an investment of $1,000 invested forone year:

BlackRock Equity Index Fund - WBRERX Fee Class R

Balance 09-30-2019 $1,000.00Hypothetical Balance 09-30-2020 $999.70

Hypothetical Expenses (1 year) $0.30

Risk ConsiderationsThe decision to invest in the Fund and the risks involved indoing so should be carefully considered. The Fund should beconsidered a long-term investment.

The Principal Risks that are listed on the first page aredescribed in the Additional Fund Information and RiskDefinition booklet and should be read in connection with thisprofile.

The value of your investment in the Fund will increase anddecrease over time in accordance with changes in the valueof the securities held in the Fund. When assets of the Fundare invested in other investment vehicles (such as collectivetrusts or mutual funds), the Trustee does not have controlover the trading policies or strategies of such entities.

The Trustee of the Fund may change the investment objectiveof the Fund at any time without prior notice or approval.

Investments in the Fund are not insured or guaranteed by anybank, the FDIC, or any other governmental entity.

Basic Terms and ConditionsThis profile is only a summary of some of the key features ofthe Fund and should be carefully read in connection with theAdditional Fund Information and Principal Risk Definitions.Participation in the Fund is governed by the Trust Agreementand the terms of the participation materials, which must bereviewed and signed by the plan sponsor or plan fiduciary. Inthe event of a conflict between the provisions of this profileand the Trust Agreement or participation materials, the TrustAgreement or participation materials control. Please carefullyreview the Trust Agreement and participation materialsbefore investing in the Fund.

Investments in the WTNA Portfolios are not deposits orobligations of a guaranteed by Wilmington Trust, and are notinsured by the FDIC, the Federal Reserve, or any othergovernmental agency. The Portfolios are commingledinvestment vehicles, and as such, the values of theunderlying investments will rise and fall according to marketactivity; it is possible to lose money by investing in thePortfolios. Investors should consider the investmentobjectives, risks, charges and expenses of any pooledinvestment company carefully before investing.

The Fund is maintained by the Trustee as part of theWilmington Trust Collective Investment Trust, which wasestablished on October 6, 2005 and most recently amendedon June 20, 2016. It is a “group trust” within the meaning ofInternal Revenue Service Revenue Ruling 81-100, asamended, and is exempt from registration under theInvestment Company Act of 1940, as amended (the “1940Act”).

For More Information:Please carefully review the Trust Agreement and participationmaterials prior to investing in the Fund. The Trust Agreementand participation materials provide limitations on liability andindemnifications in favor of the Trustee. To learn more orobtain additional materials governing the Fund, pleasecontact your plan sponsor or plan trustee. You may alsoobtain a copy of the Trust Agreement and participationmaterials, without charge, by contacting:

Wilmington Trust, N.A.c/o Collective Fund Client Services1100 N. Market StreetWilmington, DE 19890Tel. 1-866-427-6885Email: FundAccountingClientSvcs@WilmingtonTrust.com

Disclosure

©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. NeitherMorningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee offuture performance. Visit our investment website at www.morningstar.com.

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