WILMINGTON TRUST

COLLECTIVE INVESTMENT TRUST

PACIFIC INVESTMENT MANAGEMENT COMPANY LLC

SUB-ADVISED FUND

PIMCO COMMODITIESPLUS® TRUST II

FINANCIAL STATEMENTS

PERIOD FROM JANUARY 1, 2020 TO DECEMBER 29, 2020

(TERMINATION DATE)

WITH

REPORT OF INDEPENDENT AUDITORS

(Amounts in thousands)

December 29, 2020

Assets:Investments, at value Investments in securities* 2,200$ Cash 269,339 Receivable for investments sold 2,510 Reimbursement receivable from PIMCO 118 Total Assets 274,167

Liabilities:Deposits from counterparty 1,330 Payable for Fund shares redeemed 272,293 Accrued investment advisory fees 349 Accrued supervisory and administrative fees 44 Accrued custodian fees 115 Accrued audit fees 36 Total Liabilities 274,167

Net Assets 0$

Net Assets Consist of:Paid in capital 211,894$ Distributable earnings (accumulated loss) (211,894) Net Assets 0$

Cost of investments in securities 2,200$

* Includes repurchase agreements of: 2,200$

Statement of Assets and Liabilities in Liquidation PIMCO CommoditiesPLUS® Trust II

See Accompanying Notes 1

Period from

(Amounts in thousands) January 1, 2020 to

December 6, 2020

Investment Income:Interest 1,046$ Total Income 1,046

Expenses:Investment advisory fees 612 Supervisory and administrative fees 156 Custodian fees 215 Audit fees 50 Interest expense 14 Total Expenses 1,047 Waiver and/or Reimbursement by PIMCO (153) Net Expenses 894 Net Investment Income (Loss) 152

Net Realized Gain (Loss):Investments in securities 12 Exchange-traded or centrally cleared financial derivative instruments (20,436) Over the counter financial derivative instruments (46,707) Net Realized Gain (Loss) (67,131)

Net Change in Unrealized Appreciation (Depreciation):Investments in securities 23 Exchange-traded or centrally cleared financial derivative instruments 4,713 Over the counter financial derivative instruments 4,238 Net Change in Unrealized Appreciation (Depreciation) 8,974

Net Increase (Decrease) in Net Assets Resulting from Operations (58,005)$

Statement of OperationsPIMCO CommoditiesPLUS® Trust II

See Accompanying Notes 2

Period from

(Amounts in thousands) January 1, 2020 to

December 6, 2020

Increase (Decrease) in Net Assets from:

Operations:Net investment income (loss) 152$ Net realized gain (loss) (67,131) Net change in unrealized appreciation (depreciation) 8,974 Net Increase (Decrease) in Net Assets Resulting from Operations (58,005)

Fund Unit Transactions*:Net increase (decrease) resulting from Fund Unit transactions 56,365

Total Increase (Decrease) in Net Assets (1,640)

Net Assets:Beginning of period 265,665 End of period 264,025$

* See Note 8 in the Notes to Financial Statements.

Statement of Changes in Net Assets PIMCO CommoditiesPLUS® Trust II

See Accompanying Notes 3

Period from

(Amounts in thousands) December 7, 2020 to

December 29, 2020

Increase (Decrease) in Net Assets from:

Net Assets:

Net Assets in liquidation, beginning of period 264,025$

Operations:Net investment income (loss) (36) Net realized (loss) 19,801 Net change in unrealized appreciation (depreciation) (11,493) Net Increase (Decrease) in Net Assets Resulting from Operations 8,272

Fund Unit Transactions*:Net increase (decrease) resulting from Fund Unit transactions (272,297)

Total Increase (Decrease) in Net Assets (264,025)

Net Assets:Net Assets, end of period 0$

* See Note 8 in the Notes to Financial Statements.

Statement of Changes in Net Assets in Liquidation PIMCO CommoditiesPLUS® Trust II

See Accompanying Notes 4

Financial Highlights

PIMCO CommoditiesPLUS® Trust

II

Period from

January 1, 2020 to

December 6, 2020

Selected Per Unit Data for the Period Ended^:

Net asset value, beginning of period (a) $ 3.91

Net investment income (loss) (b) 0.00

Net realized/unrealized gain (loss) (1.01)

Total from investment operations (1.01)

Net asset value, end of period 2.90

Total return (25.85) %

Net assets, end of period (000s) $ 264,025

Ratio of expenses to average net assets 0.40 %*

Ratio of expenses to average net assets excluding waivers 0.47 %*

Ratio of expenses to average net assets excluding interest expense 0.39 %*

Ratio of expenses to average net assets excluding interest expense and waivers 0.46 %*

Ratio of net investment (loss) to average net assets 0.07 %*

^ A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.* Annualized.

(a) Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

(b) Per Unit amounts based on average number of units outstanding during the period.

See Accompanying Notes 5

Notes to Financial Statements

1. ORGANIZATION

The PIMCO CommoditiesPLUS® Trust II (the “Fund”) was a series of the Wilmington Trust Collective Investment Trust (the “Trust”). The Trust was 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 Revenue Ruling 81-100 as modified by Revenue Ruling 2004-67, and any successor ruling, regulation or similar pronouncement. The Trust was exempted from registration under the Investment Company Act of 1940, as amended. The beneficial ownership of the Fund was evidenced by units (“Units”), each of which represented undivided proportionate interests in all of the assets and liabilities of the Fund. Each Unit was entitled to the allocated proportional share of all income, profits, losses, and expenses of the Fund. No Unit had any priority or preference over any other Unit. The value of each Unit was determined at the close of business each business day by adding the value of all of the Fund’s assets, subtracting all accrued expenses and liabilities, and dividing by the number of Units outstanding. Unit values may vary to reflect the fees assessed and agreed to by the respective plan. The information contained in these financials pertains to the PIMCO CommoditiesPLUS® Trust II.

The Trust was designed to be used as an investment vehicle by qualified retirement plans and certain plans maintained by governmental employers. The Trust consisted of separate funds, each a series of the Trust, with differing investment objectives. Wilmington Trust, N.A. was the trustee (the “Trustee”) of the Trust. The Trustee, a wholly owned subsidiary of the M&T Bank Corporation, was responsible for maintaining and administering the Trust and its various funds. The Trustee had claimed an exclusion from the definition of commodity pool operator (“CPO”) under the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (“CFTC”) with respect to the Fund, and was therefore not subject to CFTC registration or regulation as a CPO with respect to the Fund.

Pacific Investment Management Company LLC (“PIMCO”), a Delaware limited liability company, served as the investment sub-advisor of the Fund. Although PIMCO was registered with the CFTC as a commodity trading advisor (“CTA”) it had notified the Fund that it would provide commodity interest trading advice to the Fund as if it were exempt from CTA registration, in reliance on a CFTC exemptive rule.

On December 7, 2020, the Trustee made the decision to liquidate the Fund, at which point liquidation became imminent (the “Imminent Date”). In conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the financial statements were prepared using the going concern basis of accounting for the period from January 1, 2020 through December 6, 2020 and using the liquidation basis of accounting for the subsequent period December 7, 2020 through December 29, 2020. The adoption of the liquidation basis did not have a material effect on the carrying value of the Fund’s assets and liabilities on the date of adoption. Assets and liabilities are carried at their net realizable value in the liquidation basis of accounting. The Fund ceased investment operations as of close of business on December 29, 2020 with a cash distribution of $272,293,518 in final redemption proceeds made on December 29, 2020. The termination date of the Trust was December 29, 2020 (the “Termination Date”).

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP. The Fund was treated as an investment company under the reporting requirements of U.S. GAAP. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Determination of Net Asset Value The Net Asset Value (“NAV”) of the Fund’s units was calculated as of the close of regular trading (normally 4:00 p.m., U.S. Eastern time) oneach day that the New York Stock Exchange (“NYSE”) was open (“Business Day”). Information that became known to the Fund or its agents after the NAV had been calculated on a particular day was not generally used to retroactively adjust the price of a security or the NAV determined earlier that day.

(b) Securities Transactions and Investment Income Securities transactions were recorded as of the trade date for financial reporting purposes. Realized gains (losses) from securities sold were recorded on the identified cost basis. Dividend income was recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which were recorded as soon as the Fund was informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, was recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature were not amortized. Estimated tax liabilities on certain foreign securities were recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statement ofOperations. Income or short-term capital gain distributions received from registered investment companies were recorded as dividend income. Long-term capital gain distributionsreceived from registered investment companies were recorded as realized gains.

(c) Cash and Foreign Currency The financial statements of the Fund were presented using the currency of the primary economic environment in which it operated (the ‘‘functionalcurrency’’). The functional and reporting currency for the Fund was the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies, if any, were translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of currency holdings and other assets and liabilities resulting from changes in exchange rates were recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses were translated on the respective dates of such transactions. The effects of changes in foreigncurrency exchange rates on investments in securities are not segregated on the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain (loss) on investment securities.

(d) Dividends and Distributions to Unitholders All net investment income and net realized gains of the Fund were reinvested in the Fund, no distributions will be declared.

(e) New Accounting Pronouncements and Regulatory Updates In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2018-13 Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the fair value measurement disclosure requirements of Topic 820. The Fund adopted ASU 2018-13, effective January 1, 2020.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The price of the Fund’s Units was based on the Fund’s NAV. The NAV of the Fund, or each of its classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to the Fund or Class, by the total number of Units outstanding of the Fund or Class.

For purposes of calculating the NAV, portfolio securities and other financial derivative instruments were valued on each Business Day using valuation methods as adopted by the Trustee. Where market quotes were readily available, fair market value was generally determined on the basis of official closing prices or the last reported sales prices, or

6

Notes to Financial Statements (Cont.)

if no sales were reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. If a market price was not readily available or if such price was deemed unreliable, it was 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 did apply. When the valuation methods described above were not reflective of fair value, investments were valued at fair value following procedures and/or guidelines determined by or under the direction of the Trustee, which were generally based upon recommendations provided by PIMCO. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular investment was accurate.

Market quotes were considered not readily available in circumstances where there was an absence of current or reliable market-based data (e.g., trade information, bid/ask information, or Broker Quotes), including where events occur after the close of the relevant market, but prior to the NYSE close, that materially affect the values of the Fund’s securities or financial derivative instruments. In addition, market quotes were considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which securities trade did not open for trading for the entire day and no other market prices were available. The Trustee delegated to PIMCO, the responsibility for monitoring significant events that may materially affect the values of the Fund’s securities or financial derivative instruments and for determining whether the value of the applicable securities or financial derivative instruments should have been re-evaluated in light of such significant events.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction betweenmarket participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

• Level 1—Quoted prices in active markets or exchanges for identical assets and liabilities.

• Level 2—Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3—Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may includeassumptions made by the Trustee or persons acting at their direction that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, there were no amounts of transfers into and out of Level 3.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums) and transfers into and out of the Level 3 category during the period. There were no Level 3 assets or transfers into and out of Level 3 during the period ended December 29, 2020, therefore, no such reconciliation was prepared.

(c) Valuation Techniques and the Fair Value HierarchyLevel 1 and Level 2 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Common stocks, exchange-traded funds (“ETFs”), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation.

Equity exchange-traded options and over-the-counter financial derivative instruments, such as foreign currency contracts and options contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services or other pricing sources (normally determined as of the NYSE close).

Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate (“OIS”), London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

7

Notes to Financial Statements (Cont.)

Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by the Trustee that uses significant unobservable inputs, investments will

be priced by a method that the Trustee or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

The validity of the fair value is reviewed by the Trustee on a periodic basis and may be amended in accordance with the Fund’s valuation procedures.

At December 6, 2020, the Fund’s only investment was a repurchase agreement valued based on Level 2 inputs, as detailed on the Statement of Assets and Liabilities under Investments, at value. The following presents the required disclosures for the repurchase agreement (amounts in thousands):

Counterparty Lending

Rate Settlement

Date Maturity

Date Principal Amount Collateralized By

Collateral (Received)

Repurchase Agreements,

at Value

Repurchase Agreement Proceeds

to be Received

.................................................................................................................................................................................................................................................................................................................... BOS 0.000% 12/29/2020 12/30/2020 $ 2,200 U.S. Treasury Bonds 3.000% due 05/15/2045 $ (2,244) $ 2,200 $ 2,200

4. FINANCIAL DERIVATIVE INSTRUMENTS

The following disclosures contain information on how and why the Fund used financial derivative instruments, and how financial derivative instruments affected the Fund’s financial position, results of operations and cash flows. The net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table below. There were no financial derivative instruments outstanding as of the Termination Date. The amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed on the Statement of Operations, serve as indicators of the volume of financial derivative activity for the Fund. For the period ended December 6, 2020, the average volume of monthly notional of derivative activities was $581,008.

(a) The effect of Financial Derivative Instruments on the Statement of Operations for the period January 1, 2020 to December 6, 2020 (amounts in thousands):

Derivatives not accounted for as hedging instruments __________________________________________________________________________________________________________________________________________

Commodity Contracts

Credit Contracts

Equity Contracts

Foreign Exchange Contracts

Interest Rate

Contracts Total

Net Realized Gain (Loss) on Financial Derivative Instruments Exchange-traded or centrally cleared

Purchased Options $ (87) $ 0 $ 0 $ 0 $ 0 $ (87) Written Options 384 0 0 0 0 384 Futures (514) 0 0 0 0 (514) Swap Agreements (20,219) 0 0 0 0 (20,219) .....................................................................................................................................................................................................................................................................................

$ (20,436) $ 0 $ 0 $ 0 $ 0 $ (20,436) __________________________________________________________________________________________________________________________________________ Over the counter

Written Options $ (2) $ 0 $ 0 $ 0 $ 0 $ (2) Swap Agreements (46,706) 5 0 0 0 (46,706) .....................................................................................................................................................................................................................................................................................

$ (46,708) $ 5 $ 0 $ 0 $ 0 $ (46,708) __________________________________________________________________________________________________________________________________________ $ (66,144) $ 5 $ 0 $ 0 $ 0 $ (66,144) __________________________________________________________________________________________________________________________________________

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments Exchange-traded or centrally cleared

Purchased Options $ 141 $ 0 $ 0 $ 0 $ 0 $ 141 Written Options (76) 0 0 0 0 (76) Futures 678 0 0 0 0 678 Swap Agreements 3,970 0 0 0 0 3,970 .....................................................................................................................................................................................................................................................................................

$ 4,713 $ 0 $ 0 $ 0 $ 0 $ 4,713 __________________________________________________________________________________________________________________________________________ Over the counter

Written Options $ (7) $ 0 $ 0 $ 0 $ 0 $ (7) Swap Agreements 4,245 0 0 0 0 4,245 .....................................................................................................................................................................................................................................................................................

$ 4,238 $ 0 $ 0 $ 0 $ 0 $ 4,238 __________________________________________________________________________________________________________________________________________ $ 8,951 $ 0 $ 0 $ 0 $ 0 $ 8,951 __________________________________________________________________________________________________________________________________________

(b) Futures Contracts The Fund entered into futures contracts. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering intoa futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“Futures Variation Margin”). Gains (losses) are recognized but not considered realized until the contracts expire or are close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts The Fund wrote or purchased options to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options onsecurities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency

8

Notes to Financial Statements (Cont.)

transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

The Fund also purchased put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

(d) Commodity Options The Fund wrote or purchased options on commodity futures contracts (“Commodity Option”). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, the Fund will normally offset its position rather than exercise the option to retain any remaining time value.

(e) Swap Agreements The Fund invested in swap agreements. Swap agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying the Fund’s investment policies and restrictions, swap agreements are generally valued by the Fund at market value. In the case of a credit default swap, in applying certain of the Fund’s investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund’s other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund’s credit quality guidelines (if any) because such value reflects the Fund’s actual economic exposure during the term of the credit default swap agreement. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

(f) Commodity Forward Swap Agreements The Fund invested in commodity forward swap agreements (“Commodity Forwards”) to gain or mitigate exposure to the underlying referenced commodity. Commodity Forwards involve commitments between two parties where cash flows are exchanged at a future date based on the difference between a fixed and variable price with respect to the number of units of the commodity. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the fixed and variable price of the underlying commodity multiplied by the number of units. To the extent the difference between the fixed and variable price of the underlying referenced commodity exceeds or falls short of the offsetting payment obligation, the Fund will receive a payment from or make a payment to the counterparty.

5. FEES AND EXPENSES

(a) Trustee Fee The Fund paid the Trustee a quarterly asset-based fee calculated and payable in arrears as of the NYSE close on the last Business Day of each calendar quarter in an amount equal to 0.07% per annum depending upon the average daily value of the Fund.

(b) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America L.P. and served as Investment sub-advisor to the Fund. For its sub-advisory services to the Fund, PIMCO was paid a quarterly asset-based fee calculated and payable in arrears as of the NYSE close on the last Business Day of each calendar quarter in an amount equal to 0.275% per annum calculated daily using the average daily value of the Fund.

(c) Fund Expenses The Fund was responsible for the following expenses (i) third party custody and third party accounting expenses; (ii) annual audit expenses; (iii) governmental fees; (iv) brokerage fees and commissions and other portfolio transaction expenses; (v) the costs of borrowing money, including interest expenses and bank overdraft charges; and (vi) extraordinary expenses, including extraordinary legal expenses, costs of litigation and indemnification expense.

9

Notes to Financial Statements (Cont.)

(d) Expense Limitation To reduce total annual Fund operating expenses, PIMCO had contractually agreed to reimburse, on a quarterly basis, the Fund for any expenses exceeding 0.05% of the daily value of the Fund, that related directly to the operation of the Fund, including portfolio transaction, daily pricing, routine audit, custody service, tax formpreparation, routine legal and other similar expenses. Expenses were paid directly by the Fund.

The Fund continued to pay expenses through the Termination Date. Such expenses were accrued as of the Imminent Date. These accruals are estimates based on historical precedent and are subject to change

6. GUARANTEES AND INDEMNIFICATIONS

Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund (including the Fund’s investment sub-advisor) is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund entered into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as such exposure includes the potential for claims that have not yet been made against the Fund, but which may be made in the future. However, the Fund has not had prior claims or losses pursuant to these contracts.

7. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term investments) for the year ended December 29, 2020, were as follows (amounts in thousands†):

U.S. Government/Agency All Other

Purchases Sales Purchases Sales

$ 0 $ 0 $ 0 $ 1,763

† A zero balance may reflect actual amounts rounding to less than one thousand.

8. UNITS OF BENEFICIAL INTEREST

Changes in Units of beneficial interest were as follows (units and amounts in thousands):

Period from 01/01/2020

to 12/06/2020

Units Amount

Receipts for Units sold 29,325 $ 73,714

Cost of Units redeemed (6,238) (17,349)

Net increase (decrease) resulting from Fund Units transactions 23,087 $ 56,365

Period from 12/07/2020

to 12/29/2020

Units Amount

Cost of Units redeemed (90,975) $ (272,297)

Net increase (decrease) resulting from Fund Units transactions (90,975) $ (272,297)

9. FEDERAL INCOME TAX MATTERS

The Fund intended to qualify for U.S. Federal income tax exemption under Section 501(a) of the Internal Revenue Code of 1986, as amended (or under any comparable provisions of any future legislation that amends or supersedes said provisions of the Code). Unless and until advised to the contrary the Trustee and persons dealing with the Trustee shall be entitled to assume that the Fund is so qualified and tax exempt.

In accordance with U.S. GAAP, the Trustee has reviewed the Fund’s tax positions for all open tax years. As of December 29, 2020, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

10. SUBSEQUENT EVENTS

The Trustee has evaluated the effect of subsequent events on the Fund’s financial statements through March 15, 2021, which is the date the financial statements were available to be issued. The Trustee has determined that there are no material events that would require adjustment or disclosure in the Fund’s financial statements through this date.

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PricewaterhouseCoopers LLP, 1100 Walnut, Suite 1300, Kansas City, MO 64106 T: (816) 472 7921, F: (816) 218 1890, www.pwc.com/us

Report of Independent Auditors

To the Trustee of PIMCO CommoditiesPLUS® Trust II

We have audited the accompanying financial statements of PIMCO CommoditiesPLUS® Trust II (the “Fund”), which comprise the statement of asset and liabilities in liquidation as of December 29, 2020, the related statement of changes in net assets in liquidation for the period from December 7, 2020 to December 29, 2020, and the statements of operations and of changes in net assets and the financial highlights for the period from January 1, 2020 to December 6, 2020.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the 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.

Auditors’ Responsibility

Our responsibility is to express an opinion on the 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 our 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, we consider internal control relevant to the Fund’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 Fund’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 net assets in liquidation of PIMCO CommoditiesPLUS® Trust II as of December 29, 2020, the changes in its net assets in liquidation for the period from December 7, 2020 to December 29, 2020, and the results of its operations and of changes in net assets and the financial highlights for the period from January 1, 2020 to December 6, 2020, in accordance with accounting principles generally accepted in the United States of America applied on the bases described in Note 1.

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Basis of Accounting

As discussed in Note 1 to the financial statements, the Trustee of PIMCO CommoditiesPLUS Trust® II approved a plan of liquidation on December 7, 2020, and the Fund determined liquidation is imminent. As a result, the Fund changed its basis of accounting on December 7, 2020 from the going concern basis to a liquidation basis. Our opinion is not modified with respect to this matter.

March 15, 2021

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