WT MUTUAL FUND
MONEY MARKET PORTFOLIO
SHORT/INTERMEDIATE BOND PORTFOLIO
BROAD MARKET EQUITY PORTFOLIO
WT
MUTUAL FUND (LOGO)
[GRAPHIC OMITTED]
ANNUAL REPORT
JUNE 30, 1999
<PAGE>
WT
MUTUAL FUND (LOGO)
[GRAPHIC OMITTED]
DEAR SHAREHOLDER:
The last year has been an exciting one for our Fund and for the
investment markets. This past spring the trustees of the Fund recommended that
we take advantage of some cost saving opportunities by combining the Fund with
two other mutual fund families to form one larger fund. By doing this we can
enjoy overall lower costs and expand the number of investment products available
through the fund. The investment advisory responsibility will not change for any
of the WT Mutual Fund Portfolios, but under the proposal your Fund will soon be
part of a $4 billion mutual fund family. The reorganization is expected to occur
later this year, subject to such approval of shareholders of the fund and the
other two mutual fund families as may be required.
The investment markets also provided some excitement. Stocks continued
their march upward while fixed income markets continued to tread water, at best,
due to the anticipated rise in short term interest rates toward the end of June.
In the last 12 months the Standard & Poors 500 Index ("S&P 500") posted a 22.8%
total return while bonds, as measured by the Lehman Government/Corporate Index,
rose only 2.7%. The Broad Market Equity Portfolio, due to its focus on large
capitalization securities, slightly outpaced the return on the S&P 500 by
posting a 23.3% return. The average return for equity mutual funds over the same
time period was 13.7%. The Short-Intermediate Bond Portfolio and Money Market
Portfolio posted a 3.9% and 5.2% return, respectively, for the year ended June
30, 1999.
We believe that our Portfolios are well positioned to benefit from the
economic environment that is likely to develop over the next 12-18 months. Our
anticipated reorganization will not alter our investment strategy.
The investment results reported in the charts contained in this letter
are measured from December 6, 1994 (the date the Fund's registration statement
under the Securities Act of 1933 became effective), except for the Broad Market
Equity Portfolio which commenced operations on January 5, 1995. However, the
portions of the annual report following this letter show the financial
operation, condition and results of each Portfolio from inception through the
fiscal year ended June 30, 1999.*
ECONOMIC OUTLOOK
Economic growth has already slowed from the pace established in the
fourth quarter of 1998. It is likely to slow further in coming months, but not
because the Fed raised short-term interest rates. A much more important factor
has been the rise in long-term interest rates - meaning mortgages as well. This
rise should alter the buying decisions of consumers and businesses alike.
Furthermore, businesses have probably already spent what they need for Year 2000
("Y2K"). Consequently, consumer purchases for items that require financing
(i.e., cars and houses) should subside. We expect housing starts to fall to an
annualized rate of about 1.6 million units, compared with 1.77 million in the
first quarter. Overall, economic growth should be about 1% lower next year
versus this year, or about 3% next year versus 4% this year.
With growth slowing and worker and capital productivity improving,
there is little likelihood of inflation accelerating for a sustained time
period. Unit labor costs (worker compensation adjusted for productivity) in the
second quarter probably rose less than 1%. Commodity prices also are weak,
except for energy. Consequently, there is little "cost-push" inflation. It might
be argued that "demand-pull" inflation is set to accelerate as the U.S. economy
stays on a strong growth pace. However, economic growth abroad remains
lackluster and manufacturing facilities in those countries are running at low
capacity rates. Hence, while U.S. companies might desire to increase prices,
doing so would almost surely be seen as an opportunity for foreign competitors
to step in and increase market share as they would be more willing to keep
prices at the lower level. In summary, competitive and productivity factors are
likely to help keep inflation low. We expect consumer price inflation to be in
the 2% range at year end 1999, and average slightly higher than that next year,
about 2.2%.
- -------------------------------------
* The Money Market Portfolio commenced operations on July 28, 1994; the
Short/Intermediate Bond Portfolio commenced operations on July 25, 1994; and
the Broad Market Equity Portfolio commenced operations on January 5, 1995.
1
<PAGE>
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
THE SHORT/INTERMEDIATE BOND PORTFOILIO
The Short/Intermediate Portfolio is designed to give shareholders broad
exposure to the dynamics of the 1 to 10 year term bond market with a stable flow
of income and minimization of risk. These goals are accomplished by applying a
disciplined and systematic investment process to actively manage a core
portfolio of investment grade notes and bonds from a wide range of taxable
market sectors.
At the start of the international economic crisis last year, the
Portfolio was positioned to enhance returns through higher yielding corporate,
mortgage and asset-backed holdings. These sectors underperformed during the
crisis as investors sought the safety of U.S. Treasuries over credit sensitive
parts of the market. We felt that the markets would ultimately return to more
normal conditions and adopted a patient stance to hold onto our positions. This
proved to be the proper course as the crisis abated and the yield spreads on
credit sensitive sectors tightened.
We entered 1999 anticipating that the Fed would remain on hold, which
led us to reduce the interest rate sensitivity of the Portfolio. The corporate
bond market was very strong during the first part of the year which allowed our
over-weighted positions in this sector of the market to continue to perform very
well. Our defensive interest rate posture was continued during the second
quarter of 1999 allowing us to complete the first half of the year on a strong
relative basis to our indices.
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT**
WT Short/Intermediate Lehman Inter-Term
Bond Portfolio Gov./Corp. Index
Dec.-94 $10,000 $10,000
June-95 $10,863 $11,002
June-96 $11,350 $11,553
June-97 $12,203 $12,387
June-98 $13,263 $13,445
June-99 $13,774 $13,999
AVG. ANNUAL TOTAL RETURN
EFFECTIVE
1 YEAR DATE
-------- ---------
Portfolio 3.86% 7.26%
Lehman Inter.
Gov./Corp. Index 4.18% 7.62%
- -------------------------------------
** Past performance is not necessarily indicative of future results. An
investment in the Portfolio is neither insured nor guaranteed by WTC or any
other banking institution, the U.S. Government, the Federal Deposit Insurance
Corporation (FDIC), the Federal Reserve Board or any other agency. The values
shown reflect a hypothetical initial investment of $10,000 with dividends
reinvested. Returns are higher due to WTC's maintenance of the Portfolio's
expenses. The Lehman Inter-Term Gov./Corp. Index is an unmanaged bond market
index without any associated expenses. You cannot invest in an index. Please
read the prospectus carefully before investing. Distributed by Provident
Distributors, Inc. See Financial Highlights on page 8.
FIXED INCOME OUTLOOK
As we start the second half of the year, the Fed's recent rate decision
along with its return to a neutral bias leaves an eerie calm over the market.
The major positive for the market is the elimination of the sense of urgency
that seemed to accompany numerous speeches from Fed members prior to the June
Federal Open Market Committee (FOMC) meeting. The Fed will not meet again until
the end of the summer and two sets of monthly data will be collected before
then. This would seem to suit Fed members just fine since numerous economists
have interpreted the Fed's relatively soft action in June as evidence of their
own uncertainty over future policy moves. Evidence has been growing that the
recent rise in rates is having some negative impacts on the housing market. But
elsewhere, the economy continues to show solid growth. Perhaps the most
important consideration is that the passage of several months will lend a hand
in framing the outsized May CPI increase as either a fluke or a harbinger of
trouble to come. The second half of the year will be complicated by the final
Y2K preparations. A recent report by the Federal Deposit Insurance Company
(FDIC) indicates that the banking industry is in good shape in its preparations
with 97% of insured banks meeting or exceeding the regulator's preparation
yardsticks. The Y2K problem will make lots of headlines but the banking industry
will probably be well prepared.
2
<PAGE>
WT BROAD MARKET EQUITY PORTFOLIO
The WT Broad Market Equity Portfolio returned 23.25% for the year ended
June 30, 1999. The S&P 500 Index, an unmanaged, capitalization-weighted index of
five hundred publicly traded stocks returned 22.76% for the same period
The performance of the WT Broad Market Equity Portfolio was enhanced
due to significant appreciation in selected technology and communication stocks.
Also contributing to performance were retail stocks and under-weightings in the
utilities and basic materials sectors. The advisor, Wilmington Trust Company,
emphasizes the purchase of stocks that possess attractive valuation relative to
the company's long-term growth potential. As of the date of this report, the
Portfolio is well diversified among all sectors of the market with a slight
emphasis on the technology and communications sectors. As of June 30, 1999, the
ten largest holdings in the Portfolio were:
PERCENT OF 10 LARGEST PERCENT OF
10 LARGEST HOLDINGS TOTAL ASSETS HOLDINGS TOTAL ASSETS
---------------- ------------ ---------- ------------
Microsoft Corporation 4.00% Intel Corp. 1.77%
General Electric Company 3.16% Lucent Technologies 1.76%
International Business
Machines Corp 2.08% AT&T Corp. 1.65%
Wal-Mart Stores, Inc. 1.92% Exxon Corp. 1.62%
Cisco Systems, Inc. 1.83% Merck & Co. 1.55%
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT**
WT Broad Market Equity Portfolio S&P 500 Index
Jan-95 $10,000 $10,000
June-95 $11,232 $11,980
June-96 $13,393 $15,095
June-97 $16,831 $20,333
June-98 $21,726 $26,466
June-99 $26,776 $32,596
AVG. ANNUAL TOTAL RETURN
EFFECTIVE
1 YEAR DATE
-------- ---------
Portfolio 23.25% 24.54%
S&P 500 Index 22.76% 30.03%
- -------------------------------------
** Past performance is not necessarily indicative of future results. An
investment in the Portfolio is neither insured nor guaranteed by WTC or any
other banking institution, the U.S. Government, the Federal Deposit Insurance
Corporation (FDIC), the Federal Reserve Board or any other agency. The values
shown reflect a hypothetical initial investment of $10,000 with dividends
reinvested. Returns are higher due to WTC's maintenance of the Portfolio's
expenses. The S&P 500 Index is an unmanaged stock market index without any
associated expenses and the return assumes reinvestment of all dividends. You
cannot invest in an index. Please read the prospectus carefully before
investing. Distributed by Provident Distributors, Inc. See Financial
Highlights on page 9.
EQUITY OUTLOOK
Looking ahead, we expect corporate profits to continue to grow quite
nicely. Estimates for second quarter earnings should be in the 10-11% range, and
for the year we see operating profits up about 10%. We also believe that
conditions look very favorable for year 2000 earnings with a preliminary
estimate of 7% growth. We caution that these estimates are based on a relatively
stable interest rate environment. The modest increase in long-term interest
rates to the 6% level and a one-quarter boost in the Federal Reserve overnight
rate has had little effect on the market thus far. We are also encouraged that
the Fed has indicated it sees little need to increase rates again in the near
term. So the combination of good earnings, stable interest rates, low inflation
and greater productivity should keep the market moving forward. A stronger than
expected economy with creeping inflation and higher interest rates would appear
to be the greatest risk.
We invite your comments and questions and thank you for your
investments in the Fund. We look forward to reviewing our investment outlook and
strategy with you in our next report to shareholders.
Sincerely,
/s/ ROBERT J. CHRISTIAN
Robert J. Christian
August 16, 1999 President
3
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WT MUTUAL FUND
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FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1999
<TABLE>
<CAPTION>
MONEY MARKET SHORT/INTERMEDIATE BROAD MARKET
PORTFOLIO BOND PORTFOLIO EQUITY PORTFOLIO
-------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investment in Series, at value ................................... $413,198,023 $65,194,156 $139,244,502
Receivable for Portfolio shares sold ............................. -- 6,973 --
Receivable for investment in Series withdrawn .................... -- -- 64,082
Unamortized organization costs ................................... 1,060 1,005 --
Other Assets ..................................................... 29 -- --
-----------------------------------------------------------
Total assets ..................................................... 413,199,112 65,202,134 139,308,584
-----------------------------------------------------------
LIABILITIES:
Dividends payable ................................................ 1,472,580 294,197 --
Payable for Portfolio shares redeemed ............................ -- -- 64,082
Payable for investment in Series ................................. -- 6,973 --
Accrued management fee ........................................... 6,135 1,063 2,191
Other accrued expenses ........................................... 19,601 12,548 14,640
-----------------------------------------------------------
Total liabilities ................................................ 1,498,316 314,781 80,913
-----------------------------------------------------------
NET ASSETS ....................................................... $411,700,796 $64,887,353 $139,227,671
===========================================================
NET ASSETS CONSIST OF:
Paid-in capital .................................................. $411,707,700 $65,512,555 $ 94,461,409
Undistributed net investment income .............................. -- -- 344,966
Accumulated net realized gain (loss) on investment ............... (6,904) 68,288 387,836
Net unrealized appreciation (depreciation) of investment ......... -- (693,490) 44,033,460
-----------------------------------------------------------
NET ASSETS ....................................................... $411,700,796 $64,887,353 $139,227,671
===========================================================
Shares of beneficial interest outstanding ........................ 411,707,700 6,587,413 6,186,746
-----------------------------------------------------------
NET ASSET VALUE, offering and redemption price per
share (Net assets/Outstanding shares of beneficial
interest, $0.01 par value) ................................... $ 1.00 $ 9.85 $ 22.50
===========================================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
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WT MUTUAL FUND
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FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Fiscal Year Ended June 30, 1999
<TABLE>
<CAPTION>
MONEY MARKET SHORT/INTERMEDIATE BROAD MARKET
PORTFOLIO BOND PORTFOLIO EQUITY PORTFOLIO
-------------------------------------------------------------
<S> <C> <C> <C>
INCOME:
Investment income from Series ............................... $19,376,235 $ 3,686,525 $ 1,690,778
Expenses from Series ........................................ (594,229) (259,171) (862,944)
----------------------------------------------------------
Net investment income from Series ........................... 18,782,006 3,427,354 827,834
----------------------------------------------------------
EXPENSES:
Administration fees ......................................... 74,490 12,722 23,354
Transfer agent fees ......................................... 28,040 17,355 21,266
Trustees fees ............................................... 7,596 7,201 7,279
Amortization of organizational expenses ..................... 6,815 6,815 --
Registration fees ........................................... 6,983 5,510 6,275
Professional fees ........................................... 12,469 6,678 7,634
Other ....................................................... 14,106 2,280 4,710
----------------------------------------------------------
Total expenses .............................................. 150,499 58,561 70,518
----------------------------------------------------------
Net investment income ....................................... 18,631,507 3,368,793 757,316
----------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net reaized gain (loss) on investment transactions .......... (2,739) 93,639 732,927
Net realized gain on futures contracts ...................... -- -- 49,291
Net change in unrealized appreciation (depreciation)
of investments ........................................... -- (1,123,391) 23,739,895
----------------------------------------------------------
Net gain (loss) on investments .............................. (2,739) (1,029,752) 24,522,113
----------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............. $18,628,768 $ 2,339,041 $25,279,429
==========================================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
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WT MUTUAL FUND
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FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Year Ended June 30, 1999
<TABLE>
<CAPTION>
MONEY MARKET SHORT/INTERMEDIATE BROAD MARKET
PORTFOLIO BOND PORTFOLIO EQUITY PORTFOLIO
-------------------------------------------------------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ...................................... $ 18,631,507 $ 3,368,793 $ 757,316
Net realized gain (loss) on investment transactions ........ (2,739) 93,639 732,927
Net realized gain on futures contracts ..................... -- -- 49,291
Net change in unrealized appreciation (depreciation)
of investments .......................................... -- (1,123,391) 23,739,895
-------------------------------------------------------------
Net increase in net assets resulting from operations ....... 18,628,768 2,339,041 25,279,429
-------------------------------------------------------------
Distributions to shareholders:
Net investment income ...................................... (18,631,507) (3,368,793) (829,875)
Net realized gain .......................................... -- (2,458,712) (1,926,454)
-------------------------------------------------------------
Total distributions ............................................. (18,631,507) (5,827,505) (2,756,329)
-------------------------------------------------------------
Portfolio share transactions (a):
Proceeds from shares sold .................................. 2,424,732,195 5,622,920 16,475,144
Cost of shares issued on reinvestment of distributions ..... 18,278,706 5,779,257 2,752,233
Cost of shares redeemed .................................... (2,271,666,343) (3,823,789) (12,574,545)
-------------------------------------------------------------
Net increase in net assets from Portfolio
share transactions ........................................... 171,344,558 7,578,388 6,652,832
-------------------------------------------------------------
Total increase in net assets .................................... 171,341,819 4,089,924 29,175,932
NET ASSETS:
Beginning of year .......................................... 240,358,977 60,797,429 110,051,739
-------------------------------------------------------------
End of year ................................................ $ 411,700,796 $64,887,353 $139,227,671
=============================================================
(a) TRANSACTIONS IN CAPITAL STOCK WERE:
Shares sold ................................................ 2,424,732,195 545,964 825,901
Shares issued on reinvestment of distributions ............. 18,278,706 563,040 145,237
Shares redeemed ............................................ (2,271,666,343) (369,218) (661,816)
------------------------------------------------------------
Net increase in shares ..................................... 171,344,558 739,786 309,322
Shares outstanding - Beginning balance ..................... 240,363,142 5,847,627 5,877,424
------------------------------------------------------------
Shares outstanding - Ending balance ........................ 411,707,700 6,587,413 6,186,746
=============================================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
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WT MUTUAL FUND
- --------------
FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Year Ended June 30, 1999
<TABLE>
<CAPTION>
MONEY MARKET SHORT/INTERMEDIATE BROAD MARKET
PORTFOLIO BOND PORTFOLIO EQUITY PORTFOLIO
-------------------------------------------------------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ...................................... $ 26,769,862 $ 8,125,015 $ 806,025
Net realized gain (loss) on investment transactions ........ (2,894) 3,219,708 13,803,874
Net realized loss on call options written .................. -- -- (184,913)
Net realized gain on futures contracts ..................... -- -- 325,474
Net change in unrealized appreciation
of investments .......................................... -- 279,498 10,913,269
-------------------------------------------------------------
Net increase in net assets resulting from operations ....... 26,766,968 11,624,221 25,663,729
-------------------------------------------------------------
Distributions to shareholders:
Net investment income ...................................... (26,769,862) (8,125,015) (697,911)
In excess of net investment income ......................... -- (10,992) --
Net realized gain .......................................... -- (600,992) (27,817,168)
-------------------------------------------------------------
Total distributions ............................................. (26,769,862) (8,736,999) (28,515,079)
-------------------------------------------------------------
Portfolio share transactions (a):
Proceeds from shares sold .................................. 2,802,359,254 144,376,638 14,765,563
Cost of shares issued on reinvestment of
distributions ........................................... 27,192,469 8,492,881 28,253,479
Cost of shares redeemed .................................... (3,004,474,838) (203,273,352) (18,878,694)
-------------------------------------------------------------
Net increase (decrease) in net assets from Portfolio
share transactions ........................................... (174,923,115) (50,403,833) 24,140,348
-------------------------------------------------------------
Total increase (decrease) in net assets ......................... (174,926,009) (47,516,611) 21,288,998
NET ASSETS:
Beginning of year .......................................... 415,284,986 108,314,040 88,762,741
-------------------------------------------------------------
End of year ................................................ $ 240,358,977 $ 60,797,429 $110,051,739
=============================================================
(a) TRANSACTIONS IN CAPITAL STOCK WERE:*
Shares sold ................................................ 2,802,359,254 13,964,556 799,581
Shares issued on reinvestment of distributions ............. 27,192,469 821,217 1,809,960
Shares redeemed ............................................ (3,004,474,838) (19,605,986) (1,050,386)
-------------------------------------------------------------
Net increase (decrease) in shares .......................... (174,923,115) (4,820,213) 1,559,155
Shares outstanding - Beginning balance ..................... 415,286,257 10,667,840 4,318,269
-------------------------------------------------------------
Shares outstanding - Ending balance ........................ 240,363,142 5,847,627 5,877,424
=============================================================
<FN>
* Transactions in capital stock for the Short/Intermediate Bond Portfolio were
restated to reflect a 1 for 5 reverse stock split which occurred on September
25, 1997.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
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WT MUTUAL FUND
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FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The following tables include selected data for a share outstanding throughout
each period and other performance information derived from the financial
statements.
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FISCAL FOR THE FISCAL FOR THE FISCAL FOR THE FISCAL JULY 28, 1994(DAGGER)
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED THROUGH
JUNE 30, 1999* JUNE 30, 1998 JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1995
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MONEY MARKET PORTFOLIO
NET ASSET VALUE - BEGINNING OF PERIOD .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------------------------
INVESTMENT OPERATIONS:
Net investment income .................. 0.05 0.05 0.05 0.05 0.05
----------------------------------------------------------------------------------------
DISTRIBUTIONS:
From net investment income ............. (0.05) (0.05) (0.05) (0.05) (0.05)
----------------------------------------------------------------------------------------
NET ASSET VALUE - END OF PERIOD ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========================================================================================
TOTAL RETURN ........................... 5.15% 5.61% 5.43% 5.61% 5.04%1
RATIOS (TO AVERAGE NET ASSETS)/
SUPPLEMENTAL DATA:
Expenses 2 ............................. 0.20% 0.20% 0.20% 0.20% 0.30%3
Net investment income 2 ................ 5.00% 5.46% 5.31% 5.47% 5.51%3
Net assets at end of period (000) ...... $411,701 $240,359 $415,285 $389,967 $380,708
</TABLE>
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FISCAL FOR THE FISCAL FOR THE FISCAL JULY 25, 1994(DAGGER)
FOR THE FISCAL YEAR ENDED YEAR ENDED YEAR ENDED THROUGH
YEAR ENDED JUNE 30, 1998 JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1995
JUNE 30, 1999* (DOUBLE DAGGER) (DOUBLE DAGGER) (DOUBLE DAGGER) (DOUBLE DAGGER)
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SHORT/INTERMEDIATE BOND PORTFOLIO
NET ASSET VALUE - BEGINNING OF PERIOD .. $ 10.40 $ 10.15 $ 10.05 $ 10.25 $ 10.00
----------------------------------------------------------------------------------------
INVESTMENT OPERATIONS:
Net investment income ............... 0.54 0.59 0.65 0.65 0.60
Net realized and unrealized gain
(loss) on investments ............. (0.14) 0.28 0.10 (0.20) 0.25
----------------------------------------------------------------------------------------
Total from investment operations .. 0.40 0.87 0.75 0.45 0.85
----------------------------------------------------------------------------------------
DISTRIBUTIONS:
From net investment income .......... (0.54) (0.59) (0.65) (0.65) (0.60)
From net realized gain .............. (0.41) (0.03) -- -- --
----------------------------------------------------------------------------------------
Total distributions ............... (0.95) (0.62) (0.65) (0.65) (0.60)
----------------------------------------------------------------------------------------
NET ASSET VALUE - END OF PERIOD ........ $ 9.85 $ 10.40 $ 10.15 $ 10.05 $ 10.25
========================================================================================
TOTAL RETURN ........................... 3.86% 8.68% 7.51% 4.48% 8.88%1
RATIOS (TO AVERAGE NET ASSETS)/
SUPPLEMENTAL DATA:
Expenses 2 .......................... 0.50% 0.50% 0.50% 0.50% 0.41%3
Net investment income 2 ............. 5.30% 5.63% 6.27% 6.37% 6.41%3
Portfolio turnover .................. N/A N/A N/A 86.06% 128.95%3
Net assets at end of period (000) ... $ 64,887 $60,797 $108,314 $122,952 $105,020
<FN>
(DAGGER) Commencement of Operations.
(DOUBLE DAGGER) The per share data has been restated to reflect a 1 for 5
reverse stock split which occurred on September 25, 1997.
* Effective October 20, 1998, Wilmington Trust Company ("WTC"), a
wholly owned subsidiary of Wilmington Trust Corporation, became
the investment manager to each Series of the Trust.
1 The total return for the period has not been annualized.
2 The annualized expense ratios for the Money Market Portfolio,
had there been no fees waived by the Manager, would have been
0.31%, 0.31%, 0.27%, 0.27% and 0.34% for the fiscal years ended
June 30, 1999, 1998, 1997, 1996, and for the period ended June
30, 1995, respectively. The annualized net investment income
ratios for the Money Market Portfolio, had there been no fees
waived by the Manager, would have been 4.89%, 5.35%, 5.24%,
5.40% and 5.47% for the fiscal years ended June 30, 1999, 1998,
1997, 1996, and for the period ended June 30, 1995,
respectively. The annualized expense ratios for the
Short/Intermediate Bond Portfolio, had there been no fees
waived by the Manager, would have been 0.72%, 0.58%, 0.58%,
0.57% and 0.53% for the fiscal years ended June 30, 1999, 1998,
1997, 1996, and for the period ended June 30, 1995,
respectively. The annualized net investment income ratios for
the Short/Intermediate Bond Portfolio, had there been no fees
waived by the Manager, would have been 5.07%, 5.55%, 6.19%,
6.30% and 6.29% for the fiscal years ended June 30, 1999, 1998,
1997, 1996, and for the period ended June 30, 1995,
respectively. The expense and net investment income ratios for
the fiscal years ended June 30, 1999, 1998 and 1997 include
expenses allocated from the Series. See notes to the Financial
Statements for amounts.
3 Annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
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WT MUTUAL FUND
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FINANCIAL HIGHLIGHTS -- CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FISCAL FOR THE FISCAL FOR THE FISCAL FOR THE FISCAL JANUARY 5, 1995(DAGGER)
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED THROUGH
JUNE 30, 1999* JUNE 30, 1998 JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1995
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BROAD MARKET EQUITY PORTFOLIO
NET ASSET VALUE - BEGINNING OF PERIOD .. $ 18.72 $ 20.56 $ 16.58 $ 14.04 $ 12.50
----------------------------------------------------------------------------------------
INVESTMENT OPERATIONS:
Net investment income ............... 0.12 0.16 0.13 0.13 0.11
Net realized and unrealized
gain on investments ............... 4.14 4.52 4.09 2.56 1.43
----------------------------------------------------------------------------------------
Total from investment operations .. 4.26 4.68 4.22 2.69 1.54
----------------------------------------------------------------------------------------
DISTRIBUTIONS:
From net investment income .......... (0.14) (0.16) (0.15) (0.15) --
From net realized gain .............. (0.34) (6.36) (0.09) -- --
----------------------------------------------------------------------------------------
Total distributions ............... (0.48) (6.52) (0.24) (0.15) --
----------------------------------------------------------------------------------------
NET ASSET VALUE - END OF PERIOD ........ $ 22.50 $ 18.72 $ 20.56 $ 16.58 $ 14.04
========================================================================================
TOTAL RETURN ........................... 23.25% 29.09% 25.67% 19.24% 12.32%1
RATIOS (TO AVERAGE NET ASSETS)/
SUPPLEMENTAL DATA:
Expenses 3 .......................... 0.80% 0.80% 0.80% 0.80% 0.80%2
Net investment income 3 ............. 0.65% 0.81% 0.80% 1.34% 3.06%2
Portfolio turnover .................. N/A N/A N/A 16.95% 0.00%2
Net assets at end of period (000) ... $139,228 $110,052 $88,763 $66,137 $20,865
<FN>
(DAGGER) Commencement of Operations.
* Effective October 20, 1998, Wilmington Trust Company ("WTC"), a wholly
owned subsidiary of Wilmington Trust Corporation, became the investment
manager to each Series of the Trust.
1 The total return for the period has not been annualized.
2 Annualized.
3 The annualized expense ratios for the Broad Market Equity Portfolio,
had there been no fees waived by the Manager, would have been 0.91%,
0.93%, 0.94%, 1.05% and 2.56% for the fiscal years ended June 30, 1999,
1998, 1997, 1996, and for the period ended June 30, 1995, respectively.
The annualized net investment income ratios for the Broad Market Equity
Portfolio, had there been no fees waived by the Manager, would have
been 0.53%, 0.68%, 0.66%, 1.09% and 1.30% for the fiscal years ended
June 30, 1999, 1998, 1997, 1996, and for the period ended June 30,
1995, respectively. The expense and net investment income ratios for
the fiscal years ended June 30, 1999, 1998 and 1997 include expenses
allocated from the Series. See notes to the Financial Statements for
amounts.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
WT MUTUAL FUND
- --------------
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE FUND. The WT Mutual Fund (the "Fund"), formerly the Kiewit
Mutual Fund, is registered under the Investment Company Act of 1940 (the
"1940 Act") as an open-end management investment company organized as a
Delaware business trust on June 1, 1994. The Declaration of Trust permits the
Trustees to establish additional series, each of which is a separate class of
shares. The Fund currently has three series of shares in operation: the WT
Money Market Portfolio (formerly the "Kiewit Money Market Portfolio"), the WT
Short/Intermediate Bond Portfolio (formerly the "Kiewit Intermediate-Term
Bond Portfolio") and the WT Broad Market Equity Portfolio (formerly the
"Kiewit Equity Portfolio") (each, a "Portfolio" and collectively, the
"Portfolios"). Prior to December 6, 1994, the Fund was known as the Kiewit
Institutional Fund.
The investment objectives of the three Portfolios are as follows: the WT
Money Market Portfolio is to provide high current income while preserving
capital and liquidity; the WT Short/Intermediate Bond Portfolio is to provide
as high a level of current income consistent with reasonable risk; the WT
Broad Market Equity Portfolio is to achieve long-term capital appreciation.
Unlike other investment companies which directly acquire and manage their own
portfolio of securities, each Portfolio seeks to achieve its investment
objective by investing all of its investable assets in a corresponding series
of shares of WT Investment Trust I (the "Trust"), an open-end, management
investment company that issues series of shares (individually and
collectively, the "Series") having the same investment objective, policies
and limitations as each of the Portfolios. As of June 30, 1999, each
Portfolio owned approximately 100% of the ownership interest in its
corresponding Series. The performance of the Portfolios is directly affected
by the performance of the Series. The financial statements of the Trust,
including the Schedules of Investments, are included elsewhere in this report
and should be read in conjunction with the Fund's Financial Statements.
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies of the Fund:
SECURITY VALUATION. Valuation of each Portfolio is based on the underlying
securities held in the corresponding Series. Each Portfolio is allocated its
portion of the Series' securities market value based upon its ownership
interest in the Series. Securities held by the Series which are listed on a
securities exchange and for which market quotations are available are valued
at the last quoted sale price of the day or, if there is no such reported
sale, securities are valued at the mean between the most recent quoted bid
and asked prices. Price information for listed securities is taken from the
exchange where the security is primarily traded. Unlisted securities for
which market quotations are readily available are valued at the most recent
bid prices. Securities with a remaining maturity of 60 days or less are
valued at amortized cost, which approximates market value, unless the Trust's
Board of Trustees determines that this does not represent fair value. The WT
Money Market Series values securities utilizing the amortized cost valuation
method which is permitted under Rule 2a-7 under the 1940 Act. This method
involves valuing a portfolio security initially at its cost and thereafter
adjusting for amortization of premium or accretion of discount to maturity.
FEDERAL INCOME TAXES. Each Portfolio is treated as a separate entity for
Federal income tax purposes and each intends to continue to qualify as a
"regulated investment company" under Subchapter M of the Internal Revenue
Code of 1986, as amended (the "Internal Revenue Code"), and to distribute all
of its taxable income to its shareholders. Therefore, no Federal income tax
provision has been made. At June 30, 1999, the WT Money Market Portfolio had
a net tax basis capital loss carryforward available to offset future net
capital gains of approximately $6,900, which will expire as follows:
Capital Loss Expiration
Carryforward Date
-----------------------------
WT Money Market Portfolio ............... $1,300 06/30/2004
2,900 06/30/2007
INVESTMENT INCOME AND DISTRIBUTIONS TO SHAREHOLDERS. The Portfolios record
their share of the respective Series' income, expenses and realized and
unrealized gains and losses daily. Additionally, each Portfolio records its
own expenses as incurred. Distributions to shareholders of each Portfolio,
except WT Broad Market Equity Portfolio, are declared daily from net
investment income and paid to shareholders monthly. The Fund's policy is to
distribute substantially all net investment income from the WT Broad Market
Equity Portfolio annually. Distributions of net capital gains realized by
each Portfolio will be made annually.
10
<PAGE>
WT MUTUAL FUND
- --------------
NOTES TO THE FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
DEFERRED ORGANIZATION COSTS. Organization costs have been deferred and are
being amortized using the straight-line method over a five-year period
beginning on the date that each Portfolio commenced operations.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect
the reported amount of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
3. INVESTMENT TRANSACTIONS. During the fiscal year ended June 30, 1999, cash
contributed to (additions) and cash withdrawn from (reductions) the
respective Series were as follows:
MONEY SHORT/INTERMEDIATE BROAD MARKET
MARKET BOND EQUITY
----------------------------------------------------------
Additions ..... $2,424,732,195 $5,622,920 $16,475,144
Reductions .... (2,271,849,713) (3,901,709) (12,650,156)
4. MANAGEMENT AND ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH AFFILIATES.
Effective October 20, 1998, Wilmington Trust Company ("WTC"), a wholly owned
subsidiary of Wilmington Trust Corporation, serves as the investment manager
to each Series of the Trust. WTC provides the Trust with records concerning
WTC's activities which the Trust is required to maintain and renders regular
reports to the Trust's officers and the Board of Trustees. Under the
investment management agreement between WTC and the Trust on behalf of each
Series, WTC receives fees at the following annual rates (as a percentage of
average daily net assets): WT Money Market Series - 0.20%; WT
Short/Intermediate Bond Series - 0.40%; and WT Broad Market Equity Series -
0.70%. Although the Portfolios do not directly pay WTC for its services under
the investment management agreement, each Portfolio shares in its pro rata
portion allocated from its corresponding Series. WTC has agreed to waive all
or a portion of its management fee and assume certain Portfolio operating
expenses (excluding taxes, extraordinary expenses, brokerage commissions and
interest) in an amount that will limit annual operating expenses to not more
than the following percentage of the average daily net assets of each
Portfolio: WT Money Market Portfolio - 0.20%, WT Short/Intermediate Bond
Portfolio - 0.50%; and WT Broad Market Equity Portfolio - 0.80%. These
undertakings may be amended or rescinded at any time in the future. Prior to
October 20, 1998, Kiewit Investment Management Corp. ("KIMC"), provided the
management services under substantially similar terms.
Effective October 20, 1998, the Fund entered into an Administrative Services
Agreement with WTC. Pursuant to this agreement, WTC performs various
services, including: supervision of the services provided by the Fund's
custodian, transfer and dividend disbursing agent and others who provide
services to the Fund for the benefit of the Portfolios; providing
shareholders with information about the Portfolios and their investment as
they or the Fund may request; assisting the Portfolios in conducting meetings
of the shareholders; furnishing information as the Board of Trustees may
require regarding the corresponding Series; and any other administrative
services for the benefit of the Portfolio as the Board of Trustees may
reasonably request. For its services, each Portfolio pays WTC a monthly fee
equal to one-twelfth of 0.02% of the Portfolio's average daily net assets.
Prior to October 20, 1998, KIMC provided the administrative services under
substantially similar terms.
PFPC Inc. ("PFPC") serves as Administrator to the Fund and Trust pursuant to
separate Administration Agreements with the Fund and the Trust. As
Administrator, PFPC is responsible for services such as financial reporting,
compliance monitoring and corporate management. For the services provided,
PFPC receives an administration fee from the Trust, on behalf of each Series,
at an annual rate of 0.015% of the Trust's aggregate average daily net assets
in excess of $125 million, subject to prescribed minimums.
11
<PAGE>
WT MUTUAL FUND
- --------------
NOTES TO THE FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
PFPC Trust Company serves as custodian to the Fund and the Trust.
PFPC serves as transfer agent and dividend disbursing agent of the Fund
pursuant to a separate Transfer Agency Agreement with the Fund on behalf of
each Portfolio. For its services, the Fund pays PFPC a monthly fee of $5,000,
plus out of pocket expenses.
PFPC determines the net asset value per share of each Portfolio and provides
accounting services to the Fund and Trust pursuant to separate Accounting
Services Agreements with the Fund and the Trust. For its services, PFPC
receives from the Trust, on behalf of each Series, the Series' proportionate
share of a complex-wide annual fee of 0.015% of the Trust's aggregate average
daily net assets in excess of $100 million, subject to prescribed minimums.
Independent Trustees are each paid an annual fee of $5,000 from the Fund,
plus $250 per Portfolio per meeting attended and reimbursed travel expenses
in connection with meetings. Certain officers and trustees of the Trust are
also officers and/or directors of WTC and receive no compensation from the
fund.
As of June 30, 1999 Peter Kiewit Sons', Inc., is the direct or indirect
parent of shareholders of greater than 25% of the voting securities of the WT
Money Market Portfolio and the WT Short/Intermediate Bond Portfolio.
12
<PAGE>
WT MUTUAL FUND
- --------------
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
To the Shareholders and Trustees of WT Mutual Fund:
We have audited the accompanying statements of assets and liabilities of WT
Mutual Fund (comprised of the WT Money Market, WT Short/Intermediate Bond and WT
Broad Market Equity Portfolios) (the "Fund"), as of June 30, 1999, and the
related statements of operations, the statements of changes in net assets and
the financial highlights for the year then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit. The statements of changes in net assets
for he year ended June 30, 1998 and the financial highlights for the periods
ended June 30, 1995 through June 30, 1998 were audited by other auditors whose
report dated July 31, 1998 expressed an unqualified opinion on those financial
statements and financial highlights.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements and
financial highlights. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios constituting WT Mutual Fund at June 30, 1999, and
the results of their operations, the changes in their net assets, and their
financial highlights for the year then ended, in conformity with generally
accepted accounting principles.
/s/ ERNST & YOUNG LLP
Philadelphia, Pennsylvania
August 9, 1999
13
<PAGE>
WT MUTUAL FUND
- --------------
NOTICE TO SHAREHOLDERS (UNAUDITED)
- --------------------------------------------------------------------------------
TAX INFORMATION
For the fiscal year ended June 30, 1999, the Short/Intermediate Bond
Portfolio and Broad Market Equity Portfolio paid distributions of $0.2185 and
$0.1584 per share, respectively, from net long-term capital gains. Pursuant
to Section 852 of the Internal Revenue Code of 1986, as amended, for the
fiscal year ended June 30, 1999, the Intermediate-Term Bond Portfolio and
Equity Portfolio designate $1,309,675 and $906,567, respectively, as capital
gain distributions.
SPECIAL MEETINGS OF SHAREHOLDERS
A special meeting of the shareholders of the Fund was held on June 28, 1999
to vote on the following proposal:
1. Ratify the selection of Ernst & Young LLP as the Fund's Independent
Accountants for the fiscal year ending June 30, 1999.
For Against Abstained
----------- ------- ----------
324,315,794 -- 24,954,886
14
<PAGE>
WT INVESTMENT TRUST I
- ---------------------
ANNUAL REPORT / JUNE 30, 1999
- -------------------------------
(The following pages should be read in conjunction with WT Mutual Fund's
Annual Financial Statements.)
15
<PAGE>
WT INVESTMENT TRUST I / MONEY MARKET SERIES
- --------------------------------------------
INVESTMENTS / JUNE 30, 1999
(Showing Percentage of Total Value of Net Assets)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING* AMOUNT (NOTE 2)
----------- --------- --------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT -- 19.4%
FOREIGN BANKS, FOREIGN CENTERS -- 3.6%
Bayerische Hypotheken-Und Vereinsbank, 4.88%, 08/03/99 ................... P-1, A-1+ $10,000,000 $ 10,000,089
Westdeutsche Landesbank, 4.92%, 08/09/99 ................................. P-1, A-1+ 5,000,000 4,999,731
------------
14,999,820
------------
FOREIGN BANKS, U.S. BRANCHES -- 12.2%
Barclays Bank, PLC, 5.01%, 09/08/99 ...................................... P-1, A-1+ 10,000,000 10,000,189
Credit Commercial de France, 4.87%, 08/12/99 ............................. P-1, A-1+ 15,000,000 15,000,000
Deutsche Bank, 4.90%, 08/18/99 ........................................... P-1, A-1+ 10,000,000 9,999,868
Royal Bank of Canada, 5.65%, 07/12/99 .................................... P-1, A-1+ 5,500,000 5,500,888
Toronto Dominion, 5.06%, 02/10/00 ........................................ P-1, A-1+ 10,000,000 9,997,634
------------
50,498,579
------------
U.S. BANKS, U.S. BRANCHES -- 3.6%
First Tennessee National Bank , 5.11%, 09/21/99 .......................... P-1, A-1 15,000,000 15,000,337
------------
TOTAL CERTIFICATES OF DEPOSIT (COST $80,498,736) ...................................................... 80,498,736
============
COMMERCIAL PAPER -- 66.2%
AUTOMOBILES -- 10.3%
BMW U.S. Capital Corp., 5.70%, 07/01/99 .................................. P-1, A-1 17,937,000 17,937,000
Daimler-Chrysler North America Corp., 5.06%, 08/18/99 .................... P-1, A-1 10,000,000 9,932,533
Daimler-Chrysler North America Corp., 4.92%, 08/19/99 .................... P-1, A-1 4,900,000 4,867,186
Volkswagen of America Inc., 4.90%, 09/02/99 .............................. P-1, A-1 10,000,000 9,914,250
------------
42,650,969
------------
BANKS -- 9.6%
Abbey National North America, 4.97%, 09/08/99 ............................ P-1, A-1+ 10,000,000 9,904,742
CS First Boston International (Guernsey), Ltd., 4.76%, 07/09/99 .......... P-1, A-1+ 10,000,000 9,989,422
CS First Boston, Inc., 4.79%, 08/10/99 ................................... P-1, A-1+ 5,000,000 4,973,389
Societe Generale, 4.93%, 09/01/99 ........................................ P-1, A-1+ 15,000,000 14,872,642
------------
39,740,195
------------
CHEMICALS -- 2.6%
AKZO Nobel America, Inc., 4.81%, 08/03/99 ................................ P-1, A-1 10,700,000 10,652,822
------------
COMMUNICATION & BROADCASTING -- 2.4%
E.W. Scripps Co., 5.08%, 09/14/99 ........................................ P-1, A-1 10,000,000 9,894,167
------------
ENERGY -- 3.6%
Northern States Power Minnesota, 5.25%, 07/09/99 ......................... P-1, A-1+ 15,000,000 14,982,500
------------
FINANCE -- 13.9%
Ford Motor Credit Corp., 4.90%, 07/19/99 ................................. P-1, A-1 15,000,000 14,963,250
General Electric Capital Corp., 4.81%, 07/29/99 .......................... P-1, A-1+ 10,000,000 9,962,589
General Electric Capital Corp., 4.87%, 08/26/99 .......................... P-1, A-1+ 5,000,000 4,962,122
National Rural Utilities Co-op, 4.80%, 08/27/99 .......................... P-1, A-1+ 15,000,000 14,886,000
Transamerica Finance Corp., 4.91%, 08/05/99 .............................. P-1, A-1 12,800,000 12,738,898
------------
57,512,859
------------
FINANCIAL SERVICES -- 8.5%
First Data Corp., 4.83%, 07/13/99 ........................................ P-1, A-1 5,000,000 4,991,950
First Data Corp., 5.03%, 09/14/99 ........................................ P-1, A-1 10,000,000 9,895,208
Morgan Stanley Dean Witter & Co., 5.25%, 07/15/99 ........................ P-1, A-1 20,000,000 19,959,167
------------
34,846,325
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
WT INVESTMENT TRUST I / MONEY MARKET SERIES
- -------------------------------------------
INVESTMENTS / JUNE 30, 1999 -- CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING* AMOUNT (NOTE 2)
----------- --------- --------
<S> <C> <C> <C>
INSURANCE -- 3.4%
Allianz of America Finance Corp., 4.83%, 07/20/99 ........................ P-1, A-1+ $ 4,020,000 $ 4,009,752
Allianz of America Finance Corp., 4.87%, 08/16/99 ........................ P-1, A-1+ 10,000,000 9,937,772
------------
13,947,524
------------
LEASING -- 3.6%
Vehicle Services of America, LOC , 5.03%, 08/16/99 ....................... P-1, A-1+ 15,000,000 14,903,592
------------
PHARMACEUTICALS PREPARATIONS -- 2.4%
Zeneca Wilmington Inc., 4.80%, 07/21/99 .................................. P-1, A-1+ 10,000,000 9,973,333
------------
RETAIL MERCHANDISING -- 1.1%
HD Real Estate Funding, Inc., 4.85%, 07/06/99 ............................ P-1, A-1+ 4,597,000 4,593,903
------------
SECURITIES DEALERS -- 4.8%
Goldman Sachs, 4.83%, 10/04/99 ........................................... P-1, A-1+ 5,000,000 4,936,271
Merrill Lynch & Co., Inc., 4.90%, 08/24/99 ............................... P-1, A-1+ 15,000,000 14,889,750
------------
19,826,021
------------
TOTAL COMMERCIAL PAPER (COST $273,524,210) ............................................................ 273,524,210
------------
BANK NOTES -- 7.3%
First National Bank of Chicago, 4.85%, 08/03/99 .......................... P-1, A-1+ 15,000,000 14,999,702
First Union National Bank, 5.31%, 09/14/99 ............................... P-1, A-1 5,000,000 5,000,367
First Union National Bank, 4.90%, 09/20/99 ............................... P-1, A-1+ 10,000,000 10,000,000
------------
TOTAL BANK NOTES (COST $30,000,069) ................................................................... 30,000,069
------------
CORPORATE NOTES -- 1.2%
Abbey National Treasury Services, 5.26%, 03/01/00 (COST $4,998,553) ...... AA2, AA 5,000,000 4,998,553
------------
REPURCHASE AGREEMENTS -- 5.5%
With CS First Boston, Inc.: at 5.10% dated 06/30/99 to be
repurchased at $22,798,000 on 07/01/99, collateralized
by $23,715,971 Federal National Mortgage Association
Discount Notes maturing on 08/26/99.
(COST $22,795,200) .............................................................. 22,795,200 22,795,200
-----------
TOTAL INVESTMENTS (COST $411,816,768)(DAGGER)-- 99.6% .......................................................... 411,816,768
------------
ASSETS AND LIABILITIES, NET-- 0.4% ............................................................................. 1,489,993
------------
NET ASSETS-- 100.0% ............................................................................................ $413,306,761
============
<FN>
(DAGGER) Cost for Federal Income tax purposes.
* Unaudited.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
WT INVESTMENT TRUST I / SHORT/INTERMEDIATE BOND SERIES
- ------------------------------------------------------
INVESTMENTS / JUNE 30, 1999
(Showing Percentage of Total Value of Net Assets)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING* AMOUNT (NOTE 2)
----------- --------- --------
<S> <C> <C> <C>
CORPORATE BONDS -- 40.7%
BANKS -- 4.4%
Bank of New York Co., Inc., 8.50%, 12/15/04 .............................. A2, A- $ 300,000 $ 322,500
BankAmerica Corp., 6.75%, 09/15/05 ....................................... Aa3, A 500,000 493,750
First Tennessee Bank, 5.75%, 12/01/08 .................................... A3, A- 300,000 272,625
NationsBank Corp., 6.50%, 08/15/03 ....................................... Aa3, A 1,000,000 995,000
Wachovia Corp., 6.70%, 06/21/04 .......................................... Aa3, AA- 750,000 754,688
------------
2,838,563
------------
FINANCIAL -- 13.2%
Bear Stearns Co., Inc., 6.50%, 08/01/02 .................................. A2, A 1,000,000 996,250
Ford Motor Credit Co., 7.00%, 09/25/01 ................................... A1, A 1,000,000 1,013,750
General Motors Acceptance Corp., 6.75%, 02/07/02 ......................... A2, A 1,000,000 1,007,500
Household Finance Corp., 7.25%, 07/15/03 ................................. A2, A 1,000,000 1,018,750
J. P. Morgan & Co., Inc., 6.00%, 01/15/09 ................................ A2, AA- 1,800,000 1,669,500
Lehman Brothers Holdings, Inc., 7.38%, 05/15/04 .......................... Baa1, A 500,000 504,375
Lehman Brothers Holdings, Inc., 6.63%, 02/05/06 .......................... Baa1, A 1,000,000 957,500
Merrill Lynch & Co., Inc., 6.00%, 02/17/09 ............................... Aa3, AA- 500,000 461,250
Morgan Stanley, Dean Witter & Co., 6.88%, 03/01/07 ....................... Aa3, A+ 1,000,000 996,250
------------
8,625,125
------------
INDUSTRIAL -- 15.2%
Bausch & Lomb, Inc., 6.38%, 08/01/03 ..................................... Baa2, BBB 450,000 437,625
Bausch & Lomb, Inc., 6.75%, 12/15/04 ..................................... Baa2, BBB 1,000,000 973,750
Dayton Hudson Corp., 6.40%, 02/15/03 ..................................... A3, A- 1,200,000 1,200,000
EG&G, Inc., 6.80%, 10/15/05 .............................................. Baa2, A- 1,000,000 1,006,250
Hanson PLC, 7.38%, 01/15/03 .............................................. A3, A- 1,000,000 1,021,250
IBM Corp., 5.10%, 11/10/03 ............................................... A1, A+ 500,000 475,000
Ingersoll-Rand, 6.02%, 02/15/01 .......................................... A3, A- 600,000 599,166
J Seagram & Sons, 6.25%, 12/15/01 ........................................ Baa3, BBB- 350,000 348,250
Nabisco, Inc., 6.00%, 02/15/01 ........................................... Baa2, BBB 500,000 496,250
Nabisco, Inc., 6.13%, 02/01/03 ........................................... Baa2, BBB 500,000 486,875
Penney ( J.C.) Co., 6.13%, 11/15/03 ...................................... A3, BBB+ 1,000,000 975,000
Praxair, Inc., 6.75%, 03/01/03 ........................................... A3, BBB+ 1,000,000 1,002,500
Walt Disney Co., 5.62%, 12/01/08 ......................................... A2, A 1,000,000 927,500
------------
9,949,416
------------
NATIONAL GOVERNMENT -- 1.3%
Export-Import Bank of Korea, 7.10%, 03/15/02 ............................. Baa3, BBB- 300,000 297,375
Republic of Korea, 8.75%, 04/15/03 ....................................... Baa3, BBB- 500,000 522,500
------------
819,875
------------
TELECOMMUNICATIONS -- 2.0%
Cable & Wireless Communications, 6.38%, 03/06/03 ......................... Baa1, A- 1,000,000 982,500
Cable & Wireless Communications, 6.63%, 03/06/05 ......................... Baa1, A- 350,000 341,250
------------
1,323,750
------------
TRANSPORTATION -- 0.7%
Norfolk Southern Corp., 7.35%, 05/15/07 .................................. Baa1, BBB+ 450,000 459,562
------------
UTILITIES -- 3.9%
Citizens Utilities Co., 7.60%, 06/01/06 .................................. A2, AA- 1,000,000 1,035,000
Oklahoma Gas & Electric, 6.50%, 07/15/04 ................................. Aa3, AA- 500,000 504,375
Southern California Edison, 5.88%, 01/15/01 .............................. A1, A+ 1,000,000 997,500
------------
2,536,875
------------
TOTAL CORPORATE BONDS (COST $27,008,207) .................................................................. 26,553,166
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
WT INVESTMENT TRUST I / SHORT/INTERMEDIATE BOND SERIES
- ------------------------------------------------------
INVESTMENTS / JUNE 30, 1999 -- CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING* AMOUNT (NOTE 2)
----------- --------- --------
<S> <C> <C> <C>
ASSET-BACKED SECURITIES -- 5.0%
Contimortgage Home Equity Loan Trust, Ser. 1998-2, Cl. A5, 6.28%, 09/15/16 Aaa, AAA $ 500,000 $ 495,155
Contimortgage Home Equity Loan Trust, Ser. 1999-2, Cl. A4, 6.48%, 07/25/23 Aaa, AAA 1,000,000 983,580
First Sierra Equipment Contract Trust, Ser. 1998-1, Cl. A4, 5.63%, 08/12/04 Aaa, AAA 800,000 782,048
Greenpoint Manufactured Housing, Ser. 1999-1, Cl. A2, 6.01%, 08/15/15 .... Aaa, AAA 1,000,000 986,349
-----------
TOTAL ASSET-BACKED SECURITIES (COST $3,302,262) ....................................................... 3,247,132
-----------
MORTGAGE-BACKED SECURITIES -- 2.5%
Federal Home Loan Mortgage Corp., CMO 2129, 5.75%, 09/15/11 .............. NR, NR 400,000 386,089
Federal National Mortgage Association Notes, Ser. 1993-50, Cl. D, 6.25%,
07/25/04 NR, NR 400,000 396,108
Federal National Mortgage Association Notes, 7 Yr Balloon, 6.00%, 02/01/06 NR, NR 392,869 382,066
Federal National Mortgage Association Notes, Ser. 1999-W5, Cl. A4, 6.12%,
02/25/29 ............................................................... NR, NR 500,000 485,680
-----------
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,696,371) .................................................... 1,649,943
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS**-- 12.7%
Federal National Mortgage Association Notes, 6.20%, 06/26/00 ................................ 5,250,000 5,288,029
Federal National Mortgage Association Notes, 5.42%, 01/23/01 ................................ 1,000,000 994,657
Federal National Mortgage Association Notes, 5.13%, 02/13/04 ................................ 558,000 536,355
Federal National Mortgage Association Notes, 5.75%, 06/15/05 ................................ 1,500,000 1,473,325
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $8,237,010) ............................................ 8,292,366
-----------
U.S. TREASURY OBLIGATIONS**-- 36.1%
U.S. Treasury Notes, 5.88%, 11/15/99 ........................................................ 1,600,000 1,604,661
U.S. Treasury Notes, 5.75%, 10/31/00 ........................................................ 2,400,000 2,411,060
U.S. Treasury Notes, 6.25%, 04/30/01 ........................................................ 2,350,000 2,380,091
U.S. Treasury Notes, 5.88%, 11/30/01 ........................................................ 3,750,000 3,768,588
U.S. Treasury Notes, 6.13%, 12/31/01 ........................................................ 1,000,000 1,010,687
U.S. Treasury Notes, 6.25%, 06/30/02 ........................................................ 2,350,000 2,384,503
U.S. Treasury Notes, 7.50%, 02/15/05 ........................................................ 1,500,000 1,610,887
U.S. Treasury Notes, 6.50%, 10/15/06 ........................................................ 3,600,000 3,715,200
U.S. Treasury Notes, 6.13%, 08/15/07 ........................................................ 350,000 353,651
U.S. Treasury Notes, 5.63%, 05/15/08 ........................................................ 900,000 881,242
U.S. Treasury Bonds, 10.38%, 11/15/12 ....................................................... 2,700,000 3,431,660
-----------
TOTAL U.S. TREASURY OBLIGATIONS (COST $23,745,491) .................................................... 23,552,230
-----------
COMMERCIAL PAPER -- 1.8%
Associates Corp. Commercial Paper, 5.71%, 07/01/99 (COST $1,195,970) ........................ 1,195,970 1,195,970
-----------
TOTAL INVESTMENTS (COST $65,185,311)(DAGGER)-- 98.8% ........................................................... 64,490,807
ASSETS AND LIABILITIES, NET-- 1.2% ............................................................................. 784,599
-----------
NET ASSETS-- 100.0% ............................................................................................ $65,275,406
===========
<FN>
* Unaudited.
** While no ratings are shown for U.S. Government Agency Obligations and
U.S. Treasury Obligations, they are considered to be of the highest
quality, comparable to Moody's AAA rating and S&P's Aaa rating.
(DAGGER) The cost for Federal income tax purposes is $65,192,028. At June 30,
1999, net unrealized depreciation was $701,221. This consisted of
aggregate gross unrealized appreciation for all securities for which
there was an excess of market value over tax cost of $172,554, and
aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over market value of $873,775.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
WT INVESTMENT TRUST I / BROAD MARKET EQUITY PORTFOLIO
- -----------------------------------------------------
INVESTMENTS / JUNE 30, 1999
(Showing Percentage of Total Value of Net Assets)
- --------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
------ --------
COMMON STOCK -- 95.5%
COMMUNICATION & BROADCASTING -- 10.9%
Alltel Corp ............................ 3,600 $ 257,400
Ameritech Corp. ........................ 13,100 962,850
AT&T Corp. ............................. 41,178 2,298,247
Bell Atlantic Corp. .................... 19,300 1,261,737
BellSouth Corp. ........................ 23,600 1,106,250
CBS Corp. .............................. 8,700 377,906
Clear Channel Communications,
Inc.* ................................ 2,600 179,237
Comcast Corp. (A Shares) ............... 9,400 361,312
GTE Corp. .............................. 11,500 871,125
MCI Worldcom, Inc.* .................... 23,246 2,004,967
Mediaone Group* ........................ 7,700 572,687
Nextel Communications, Inc.
(A Shares)* .......................... 3,500 175,656
SBC Communications, Inc. ............... 22,900 1,328,200
Sprint Corp. ........................... 11,800 623,187
Sprint Corp.-PCS Group ................. 2,950 168,519
Time Warner, Inc. ...................... 15,000 1,102,500
US West Inc. ........................... 6,310 370,712
Viacom, Inc. (B Shares)* ............... 9,000 396,000
Vodafone Airtouch PLC .................. 3,800 748,600
------------
TOTAL COMMUNICATION & BROADCASTING ................... 15,167,092
------------
ELECTRIC, GAS & WATER UTILITIES -- 2.1%
American Electric Power Co., Inc. ...... 2,600 97,662
Carolina Power & Light Co. ............. 2,000 85,625
Central & South West Corp. ............. 3,000 70,125
Consolidated Edison, Inc. .............. 3,200 144,800
Dominion Resources, Inc. ............... 2,600 112,612
Duke Energy Corp. ...................... 4,600 250,125
Edison International ................... 6,300 168,525
Enron Corp. ............................ 4,100 335,175
Entergy Corp. .......................... 3,300 103,125
First Energy Corp. ..................... 3,100 96,100
FPL Group, Inc. ........................ 2,500 136,562
Pacificorp ............................. 4,000 73,500
PG & E Corp. ........................... 5,900 191,750
Public Service Enterprise Group ........ 3,200 130,800
Reliant Energy, Inc. ................... 3,900 107,737
Southern Co. ........................... 8,700 230,550
Texas Utilities Co. .................... 3,300 136,125
Unicom Corp. ........................... 3,000 115,687
Williams Cos., Inc. .................... 7,700 327,731
------------
TOTAL ELECTRIC, GAS & WATER UTILITIES ................ 2,914,316
------------
FINANCE & INSURANCE -- 15.8%
HOSPITAL & MEDICAL SERVICE PLANS-- 0.5%
Aetna, Inc. ............................ 2,000 178,875
Aon Corp. .............................. 3,450 142,312
Columbia Healthcare Corp. .............. 8,200 187,062
LifePoint Hospitals, Inc.* ............. 431 5,792
Triad Hospitals, Inc.* ................. 431 5,818
United Healthcare Corp. ................ 2,600 162,825
------------
682,684
------------
VALUE
SHARES (NOTE 2)
------ --------
INSURANCE CARRIERS -- 4.8%
Allstate Corp .......................... 10,800 $ 387,450
American General Corp. ................. 3,400 256,275
American International Group, Inc. ..... 15,208 1,780,286
Berkshire Hathaway, Inc. ...............
(Class B)* ........................... 115 258,635
Chubb Corp. ............................ 1,900 132,050
CIGNA Corp. ............................ 3,000 267,000
Cincinnati Financial Corp. ............. 2,100 78,881
Citigroup, Inc. ........................ 40,350 1,916,625
Conseco, Inc. .......................... 2,600 79,137
Hartford Financial Services Group,
Inc. ................................. 3,200 186,600
Jefferson-Pilot Corp. .................. 1,500 99,281
Lincoln National Corp. ................. 2,600 136,012
Loews Corp. ............................ 1,500 118,687
Marsh & McLennan Cos., Inc. ............ 3,450 260,475
MGIC Investment Corp. .................. 1,500 72,937
Progressive Corp. ...................... 1,000 145,000
Safeco Corp. ........................... 1,700 75,012
St. Paul Cos., Inc. .................... 2,200 69,987
Torchmark Corp. ........................ 1,800 61,425
Transamerica Corp. ..................... 1,600 120,000
Travelers Property Casualty Corp.
(A Shares) ........................... 1,500 58,687
UNUM Corp. ............................. 1,800 98,550
------------
6,658,992
------------
SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 2.6%
American Express Co. ................... 5,900 767,737
Associates First Capital Corp.
(A shares) ........................... 8,966 397,306
Capital One Financial Corp. ............ 2,400 133,650
Federal Home Loan Mortgage
Corp. ................................ 8,800 510,400
Federal National Mortgage
Association .......................... 12,400 847,850
Household International, Inc. .......... 6,346 300,642
Paychex, Inc. .......................... 2,700 86,062
Providian Financial Corp. .............. 1,800 168,300
SLM Holding Corp. ...................... 2,200 100,787
Washington Mutual, Inc. ................ 7,284 257,671
------------
3,570,405
------------
SECURITY & COMMODITY BROKERS, DEALERS & SERVICES -- 1.3%
Charles Schwab Corp. ................... 5,400 593,325
Lehman Brothers Holdings, Inc. ......... 1,200 74,700
Merrill Lynch & Co., Inc. .............. 4,200 335,737
Morgan Stanley Dean Witter & Co. ....... 7,500 768,750
------------
1,772,512
------------
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
WT INVESTMENT TRUST I / BROAD MARKET EQUITY PORTFOLIO
- -----------------------------------------------------
INVESTMENTS / JUNE 30, 1999 -- CONTINUED
- --------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
------ --------
STATE & NATIONAL BANKS -- 6.6%
Bank of America Corp. .................. 20,565 $ 1,507,672
Bank of New York Co., Inc. ............. 9,400 344,862
Bank One Corp. ......................... 15,194 904,993
BankBoston Corp. ....................... 3,800 194,275
BB&T Corp. ............................. 3,600 132,075
Chase Manhattan Corp. .................. 11,200 970,200
Comerica, Inc. ......................... 2,100 124,819
Fifth Third Bancorp .................... 3,000 199,687
First Union Corp. ...................... 12,100 568,700
Fleet Financial Group, Inc. ............ 6,800 301,750
Huntington Bancshares, Inc. ............ 2,860 100,100
J.P. Morgan & Co., Inc. ................ 2,200 309,100
Keycorp. ............................... 6,000 192,750
MBNA Corp. ............................. 9,450 289,406
Mellon Bank Corp. ...................... 6,800 247,350
Mercantile Bancorp, Inc. ............... 1,800 102,825
National City Corp. .................... 2,900 189,950
Northern Trust Corp. ................... 1,500 145,500
PNC Bank Corp. ......................... 3,900 224,737
Regions Financial Corp. ................ 2,400 92,250
Republic New York Corp. ................ 1,400 95,462
State Street Corp. ..................... 2,100 179,287
Summit Bancorp ......................... 2,400 100,350
Suntrust Banks, Inc. ................... 2,900 201,369
Synovus Financial Corp. ................ 3,450 68,569
U.S. Bancorp ........................... 9,900 336,600
Wachovia Corp. ......................... 2,600 222,462
Wells Fargo Co. ........................ 21,600 923,400
------------
9,270,500
------------
TOTAL FINANCE & INSURANCE 21,955,093
------------
MANUFACTURING -- 46.8%
AIRCRAFT & AEROSPACE -- 1.4%
Allied-Signal, Inc. .................... 7,200 453,600
Boeing Co. ............................. 11,600 512,575
Lockheed Martin Corp. .................. 4,800 178,800
Northrop Grumman Corp. ................. 900 59,681
Raytheon Co. (B Shares) ................ 4,300 302,612
United Technologies Corp. .............. 6,400 458,800
------------
1,966,068
------------
CHEMICAL & ALLIED PRODUCTS -- 2.1%
Air Products & Chemicals, Inc. ......... 3,800 152,950
Amgen, Inc.* ........................... 8,400 511,350
Dow Chemical Co. ....................... 3,100 393,312
Dupont (E.I.) de Nemours & Co. ......... 13,500 922,219
Hercules, Inc. ......................... 2,000 78,625
Monsanto Co. ........................... 7,500 295,781
PPG Industries, Inc. ................... 2,500 147,656
Praxair, Inc. .......................... 2,100 102,769
Rohm & Haas Co. ........................ 2,400 102,900
Sigma Aldrich Corp. .................... 1,200 41,325
Union Carbide Corp. .................... 1,650 80,437
WR Grace & Company* .................... 2,000 36,750
------------
2,866,074
------------
VALUE
SHARES (NOTE 2)
------ --------
COMPUTERS & OFFICE EQUIPMENT-- 12.3%
3Com Corp.* ............................ 4,700 $ 125,431
Cisco Systems, Inc.* ................... 39,600 2,554,200
Compaq Computer Corp. .................. 21,300 504,544
EMC Corp.* ............................. 14,400 792,000
Hewlett-Packard Co. .................... 12,400 1,246,200
Intel Corp. ............................ 41,400 2,463,300
International Business Machines
Corp. ................................ 22,400 2,895,200
Micron Technology, Inc.* ............... 2,900 116,906
Microsoft Corp.* ....................... 61,800 5,573,587
Pitney Bowes, Inc. ..................... 3,800 244,150
QLogic Corp.* .......................... 600 79,200
Seagate Technology, Inc.* .............. 3,300 84,562
Xerox Corp. ............................ 8,200 484,312
------------
17,163,592
------------
CONSUMER PRODUCTS -- 2.6%
Avon Products, Inc. .................... 3,400 188,700
Clorox Co. ............................. 1,400 149,538
Colgate-Palmolive Co. .................. 3,700 365,375
Gillette Co. ........................... 13,400 549,400
Kimberly-Clark Corp. ................... 7,100 404,700
Maytag Corp. ........................... 2,000 139,375
Newell Rubbermaid, Inc. ................ 2,100 97,650
Procter & Gamble Co. ................... 16,000 1,428,000
Ralston Purina Group ................... 5,200 158,275
Wm. Wrigley, Jr. Co. ................... 1,500 135,000
------------
3,616,013
------------
FOOD & BEVERAGE -- 4.2%
Anheuser-Busch Cos., Inc. .............. 6,200 439,813
Archer Daniels Midland Co. ............. 7,980 123,191
Bestfoods, Inc. ........................ 3,800 188,100
Campbell Soup Co. ...................... 5,800 268,975
Coca-Cola Co. .......................... 29,400 1,837,500
Coca-Cola Enterprises, Inc. ............ 4,700 144,525
Conagra, Inc. .......................... 6,400 170,400
General Mills, Inc. .................... 2,100 168,788
Heinz (H.J.) Co. ....................... 4,700 235,588
Hershey Foods Corp. .................... 1,900 112,813
Kellogg Co. ............................ 5,200 171,600
PepsiCo, Inc. .......................... 17,800 688,638
Quaker Oats Co. ........................ 1,800 119,475
Sara Lee Corp. ......................... 12,000 272,250
Sysco Corp. ............................ 4,800 143,100
The Seagram Co. Ltd. ................... 5,000 251,875
Unilever NV ............................ 6,785 473,254
Vlasic Foods International* ............ 580 4,241
------------
5,814,126
------------
GAMES & TOYS -- 0.1%
Mattel, Inc. ........................... 3,900 103,106
------------
IRON & STEEL -- 0.1%
Bethlehem Steel Corp. .................. 3,400 26,138
Nucor Corp. ............................ 1,500 71,156
------------
97,294
------------
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
WT INVESTMENT TRUST I / BROAD MARKET EQUITY PORTFOLIO
- -----------------------------------------------------
INVESTMENTS / JUNE 30, 1999 -- CONTINUED
- --------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
------ --------
MISC. ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES -- 4.6%
Applied Materials, Inc.* ............... 5,000 $ 369,375
Conexant Systems, Inc.* ................ 1,450 84,191
Emerson Electric Co. ................... 5,600 352,100
General Electric Co. ................... 39,000 4,407,000
Honeywell, Inc. ........................ 1,700 196,988
KLA-Tencor Corp.* ...................... 1,100 71,363
Solectron Corp.* ....................... 3,000 200,063
Texas Instruments, Inc. ................ 5,500 797,500
------------
6,478,580
------------
MISC. INDUSTRIAL MACHINERY & EQUIPMENT-- 0.9%
Baker Hughes, Inc. ..................... 2,300 77,050
Caterpillar, Inc. ...................... 3,700 222,000
Cooper Industries, Inc. ................ 600 31,200
Deere & Co. ............................ 3,400 134,725
Dover Corp. ............................ 4,000 140,000
Eaton Corp. ............................ 1,000 92,000
Illinois Tool Works, Inc. .............. 3,400 278,800
Ingersoll Rand Co. ..................... 2,300 148,638
McDermott International, Inc. .......... 1,000 28,250
Thermo Electron Corp.* ................. 2,000 40,125
------------
1,192,788
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 1.5%
Allegheny Teledyne, Inc. ............... 3,000 67,875
Corning, Inc. .......................... 4,100 287,513
Crown Cork & Seal Co., Inc. ............ 1,700 48,450
Minnesota Mining &
Manufacturing Co. .................... 5,200 452,075
Owens-Illinois, Inc. ................... 2,000 65,375
Pioneer Hi Bred International .......... 3,300 128,494
Sealed Air Corp.* ...................... 956 62,021
Tyco International Ltd. ................ 10,152 961,902
UST, Inc. .............................. 2,500 73,125
------------
2,146,830
------------
OIL FIELD MACHINERY & EQUIPMENT -- 0.3%
Schlumberger Ltd. ...................... 6,700 426,706
------------
PAPER & PAPER PRODUCTS -- 0.4%
Fort James Corp. ....................... 2,600 98,475
International Paper Co. ................ 4,100 207,050
Weyerhaeuser Co. ....................... 2,700 185,625
Willamette Industries, Inc. ............ 1,300 59,881
------------
551,031
------------
PHARMACEUTICAL PREPARATIONS-- 8.8%
Abbott Laboratories .................... 19,000 864,500
American Home Products Corp. ........... 15,700 902,750
Bristol-Meyers Squibb Co. .............. 24,400 1,718,675
Eli Lilly & Co. ........................ 13,200 945,450
Johnson & Johnson Co. .................. 16,600 1,626,800
Merck & Co., Inc. ...................... 29,200 2,160,800
Pfizer, Inc. ........................... 16,000 1,756,000
Pharmacia & Upjohn, Inc. ............... 6,400 363,600
Protein Design Labs, Inc.* ............. 5,700 126,469
Schering-Plough Corp. .................. 18,400 975,200
Warner-Lambert Co. ..................... 11,100 770,063
------------
12,210,307
------------
VALUE
SHARES (NOTE 2)
------ --------
PHOTOGRAPHIC EQUIPMENT & SUPPLIES -- 0.2%
Eastman Kodak Co. ...................... 4,100 $ 277,775
------------
PRECISION INSTRUMENTS & MEDICAL SUPPLIES -- 0.9%
Baxter International, Inc. ............. 3,500 212,188
Becton, Dickinson & Co. ................ 3,200 96,000
Boston Scientific Corp.* ............... 5,400 237,263
Guidant Corp. .......................... 4,000 205,750
Medtronic, Inc. ........................ 7,000 545,125
------------
1,296,326
------------
PRINTING & PUBLISHING -- 0.5%
Gannett Co., Inc. ...................... 3,800 271,225
McGraw-Hill Cos., Inc. ................. 2,600 140,238
New York Times Co. ..................... 2,600 95,713
R.R. Donnelley & Sons Co. .............. 2,000 74,125
Tribune Co. ............................ 1,600 139,400
------------
720,701
------------
RUBBER & PLASTICS -- 0.0%
Goodyear Tire & Rubber Co. ............. 1,100 64,694
------------
TELECOMMUNICATIONS EQUIPMENT-- 3.3%
General Instrument Corp.* .............. 2,100 89,250
LSI Logic Corp.* ....................... 2,100 96,863
Lucent Technologies, Inc. .............. 36,350 2,451,353
Motorola, Inc. ......................... 7,500 710,625
Nortel Networks Corp. .................. 8,220 713,599
Scientific Atlanta, Inc. ............... 2,000 72,000
Tellabs, Inc.* ......................... 5,000 337,813
Uniphase Corp. ......................... 1,000 166,000
------------
4,637,503
------------
TEXTILES & APPAREL -- 0.2%
Nike, Inc. ............................. 3,900 246,919
VF Corp. ............................... 1,600 68,400
------------
315,319
------------
TOBACCO -- 0.9%
Philip Morris Cos., Inc. ............... 29,900 1,201,606
------------
TRANSPORTATION EQUIPMENT-- 1.5%
Dana Corp. ............................. 2,300 105,944
Delphi Automotive Systems Corp.* ....... 6,220 115,459
Ford Motor Co. ......................... 14,500 818,344
General Motors Corp. ................... 8,900 587,400
Rockwell International Corp. ........... 2,900 176,175
Tenneco, Inc. .......................... 2,300 54,913
Textron, Inc. .......................... 2,300 189,319
TRW, Inc. .............................. 1,600 87,800
------------
2,135,354
------------
TOTAL MANUFACTURING ................................. 65,281,793
------------
MINING -- 5.7%
ALUMINUM -- 0.3%
Alcan Aluminum Ltd. .................... 3,100 99,006
Alcoa, Inc. ............................ 5,800 358,875
------------
457,881
------------
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
WT INVESTMENT TRUST I / BROAD MARKET EQUITY PORTFOLIO
- -----------------------------------------------------
INVESTMENTS / JUNE 30, 1999 -- CONTINUED
- --------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
------ --------
CRUDE PETROLEUM & NATURAL GAS-- 1.7%
Anadarko Petroleum Corp. ............... 1,300 $ 47,856
Burlington Resources, Inc. ............. 3,200 138,400
Enron Oil & Gas Co. .................... 2,200 44,550
Halliburton Co. ........................ 6,300 285,075
Phillips Petroleum Co. ................. 3,600 181,125
Royal Dutch Petroleum Co. .............. 25,600 1,542,400
Unocal Corp. ........................... 3,400 134,725
------------
2,374,131
------------
MISCELLANEOUS METAL ORES-- 0.1%
Barrick Gold Corp. ..................... 5,000 96,875
------------
PETROLEUM REFINING -- 3.6%
Atlantic Richfield Co. ................. 4,300 359,319
Chevron Corp. .......................... 7,800 742,463
Coastal Corp. .......................... 2,800 112,000
Exxon Corp. ............................ 29,200 2,252,050
Mobil Corp. ............................ 9,300 920,700
Texaco, Inc. ........................... 7,200 450,000
USX - Marathon Group ................... 3,900 126,994
------------
4,963,526
------------
TOTAL MINING ........................................ 7,892,413
------------
SERVICES -- 6.2%
AMUSEMENT & RECREATIONAL SERVICES -- 0.8%
Carnival Corp. ......................... 7,000 339,500
Walt Disney Co. ........................ 24,600 757,988
------------
1,097,488
------------
BUSINESS SERVICES -- 1.9%
America Online, Inc. ................... 12,280 1,356,940
American Management Systems,
Inc.* ................................ 1,000 32,063
Automatic Data Processing, Inc. ........ 7,400 325,600
Cendant Corp.* ......................... 10,000 205,000
First Data Corp. ....................... 6,000 293,625
Interpublic Group of Cos., Inc. ........ 1,600 138,600
MBIA, Inc. ............................. 1,200 77,700
Omnicom Group, Inc. .................... 2,100 168,000
------------
2,597,528
------------
COMPUTER SERVICES -- 2.8%
Acxiom Corp.* .......................... 2,000 49,875
BMC Software, Inc. ..................... 3,200 172,800
Computer Associates International,
Inc .................................. 7,900 434,500
Computer Sciences Corp. ................ 2,000 138,375
Dell Computer Corp.* ................... 30,000 1,110,000
Electronic Data Systems Corp. .......... 6,100 345,031
Gateway, Inc.* ......................... 2,500 147,500
IMS Health, Inc. ....................... 4,600 143,750
Oracle Corp.* .......................... 18,600 690,525
Parametric Technology Corp.* ........... 3,400 47,175
Peoplesoft, Inc. ....................... 2,750 47,438
Sun Microsystems, Inc.* ................ 9,400 647,425
------------
3,974,394
------------
VALUE
SHARES (NOTE 2)
------ --------
HOTELS, OTHER LODGING PLACES-- 0.2%
Hilton Hotels Corp. .................... 3,400 $ 48,238
Marriott International, Inc.
(A Shares) ........................... 3,400 127,075
Mirage Resorts, Inc.* .................. 2,500 41,875
Park Place Entertainment Corp.* ........ 3,400 32,938
------------
250,126
------------
MEDICAL & HEALTH SERVICES-- 0.1%
Healthsouth Corp.* ..................... 5,400 80,663
McKesson HBOC, Inc. .................... 2,146 68,940
Tenet Healthcare Corp.* ................ 2,000 37,125
------------
186,728
------------
SANITARY SERVICES -- 0.4%
Browning-Ferris Industries, Inc. ....... 2,900 124,700
Ecolab, Inc. ........................... 1,500 65,438
Waste Management, Inc. ................. 6,422 345,183
------------
535,321
------------
TOTAL SERVICES ....................................... 8,641,585
------------
TRANSPORTATION -- 1.0%
AMR Corp.* ............................. 2,400 163,800
Burlington Northern Santa Fe ........... 6,300 195,300
CSX Corp. .............................. 3,000 135,938
Delta Air Lines, Inc. .................. 2,000 115,250
FDX Corp.* ............................. 4,000 217,000
Norfolk Southern Corp. ................. 5,100 153,638
Southwest Airlines ..................... 4,650 144,731
Union Pacific Corp. .................... 3,400 198,263
US Airways Group, Inc.* ................ 1,300 56,631
------------
TOTAL TRANSPORTATION ................................. 1,380,551
------------
WHOLESALE & RETAIL TRADE -- 7.0%
MISCELLANEOUS RETAIL STORES-- 1.2%
Borders Group, Inc.* ................... 2,400 37,950
Costco Companies, Inc.* ................ 2,900 232,181
CVS Corp. .............................. 4,800 245,400
Dayton Hudson Corp. .................... 6,400 416,000
Dollar General Corp. ................... 2,750 79,750
Johnson Controls, Inc. ................. 1,000 69,313
Linens 'N Things, Inc.* ................ 1,100 48,125
Rite Aid Corp. ......................... 3,200 78,800
Staples, Inc. * ........................ 5,250 162,422
Walgreen Co. ........................... 10,400 305,500
------------
1,675,441
------------
RETAIL APPAREL & ACCESSORY STORES -- 0.8%
Abercrombie & Fitch Co.* ............... 1,100 52,800
Gap, Inc. .............................. 11,475 578,053
Kohls Corp. ............................ 1,900 146,656
Limited, Inc. .......................... 3,700 167,888
TJX Companies, Inc. .................... 4,000 133,250
------------
1,078,647
------------
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
WT INVESTMENT TRUST I / BROAD MARKET EQUITY PORTFOLIO
- -----------------------------------------------------
INVESTMENTS / JUNE 30, 1999 -- CONTINUED
- --------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
------ --------
RETAIL BUILDING MATERIAL-- 1.1%
Home Depot, Inc. ....................... 19,500 $ 1,256,531
Lowe's Cos., Inc ....................... 4,800 272,100
------------
1,528,631
------------
RETAIL EATING & DRINKING PLACES -- 0.5%
McDonald's Corp. ....................... 17,400 718,838
------------
RETAIL FOOD STORES -- 0.6%
Albertson's, Inc. ...................... 5,631 290,348
Kroger Co.* ............................ 8,200 229,088
Safeway, Inc.* ......................... 5,500 272,250
Winn Dixie Stores, Inc. ................ 2,100 77,569
------------
869,255
------------
RETAIL - FAMILY CLOTHING STORES -- 2.5%
Federated Department Stores, Inc.* 2,900 153,519
J.C. Penney Co., Inc. .................. 3,400 165,113
K Mart Corp.* .......................... 6,600 108,488
May Department Stores Co. .............. 4,800 196,200
Sears Roebuck & Co. .................... 4,900 218,356
Wal-Mart Stores, Inc. .................. 55,400 2,673,050
------------
3,514,726
------------
WHOLESALE - CHEMICALS & DRUGS -- 0.1%
Cardinal Health, Inc. .................. 2,100 134,663
------------
WHOLESALE MISCELLANEOUS -- 0.2%
Fortune Brands, Inc. ................... 2,400 99,300
Genuine Parts Co. ...................... 2,500 87,500
Masco Corp. ............................ 4,600 132,825
------------
319,625
------------
TOTAL WHOLESALE & RETAIL TRADE ...................... 9,839,826
------------
TOTAL COMMON STOCK
(COST $89,005,576) ................................ 133,072,669
VALUE
SHARES (NOTE 2)
------ --------
SHORT-TERM
INVESTMENTS -- 4.5%
Samson Street Fund -
Money Market ......................... 3,151,342 $ 3,151,342
Temp Cash Fund - Dollar Series ......... 3,151,342 3,151,342
------------
TOTAL SHORT TERM INVESTMENTS
(COST $6,302,684) ................................... 6,302,684
------------
TOTAL INVESTMENTS -- 100.0%
(COST $95,308,260)(DAGGER) ............................ 139,375,353
LIABILITIES IN EXCESS OF ASSETS-- 0.0% ................... (19,973)
------------
NET ASSETS-- 100.0% ...................................... $139,355,380
============
* Non-income producing security
(DAGGER) The cost for Federal income tax purposes is $93,984,068. At June 30,
1999, net unrealized appreciation was $45,391,285. This consisted of
aggregate gross unrealized appreciation for all securities for which
there was an excess of market value over tax cost of $47,807,840, and
aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over market value of $2,416,555.
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
WT INVESTMENT TRUST I
- ---------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1999
MONEY MARKET SHORT/INTERMEDIATE BROAD MARKET
SERIES BOND SERIES EQUITY SERIES
-------------------------------------------------
ASSETS:
Investment in securities,
at value* ................. $411,816,768 $64,490,807 $139,375,353
Cash ........................ 36 -- --
Receivable for beneficial
interest sold ............. -- 6,973 --
Dividends and interest
recievable ................ 1,545,943 808,894 131,649
------------------------------------------------
Total assets ................ 413,362,747 65,306,674 139,507,002
------------------------------------------------
LIABILITIES:
Payable for beneficial
interest repurchased ...... -- -- 64,082
Accrued management fee ...... 22,629 7,257 59,991
Other accrued expenses ...... 33,357 24,011 27,549
------------------------------------------------
Total liabilities ........... 55,986 31,268 151,622
------------------------------------------------
NET ASSETS .................. $413,306,761 $65,275,406 $139,355,380
================================================
* Investments at cost ....... $411,816,768 $65,185,311 $ 95,308,260
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
WT INVESTMENT TRUST I
- ---------------------
FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Fiscal Year Ended June 30, 1999
MONEY MARKET SHORT/INTERMEDIATE BROAD MARKET
SERIES BOND SERIES EQUITY SERIES
------------------------------------------------
INCOME:
Dividends ................ $ -- $ -- $ 1,564,973
Interest ................. 19,381,728 3,691,203 127,196
----------------------------------------------
Total income ............. 19,381,728 3,691,203 1,692,169
----------------------------------------------
EXPENSES:
Management fee ........... 746,782 255,438 818,226
Administration fee ....... 93,550 57,415 63,588
Accounting fee ........... 86,041 47,847 54,376
Custodian fee ............ 33,996 11,862 15,001
Trustee's fees ........... 7,477 7,127 7,230
Professional fees ........ 19,844 16,146 17,027
Other .................... 12,363 5,484 19,830
----------------------------------------------
Total expenses
before fee waivers ... 1,000,053 401,319 995,278
Management fee waived .. (405,656) (141,820) (131,626)
----------------------------------------------
Total expenses, net ... 594,397 259,499 863,652
----------------------------------------------
Net investment income .... 18,787,331 3,431,704 828,517
----------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain
(loss) on investment
transactions ........... (2,740) 93,666 733,273
Net realized gain on
futures contracts ...... -- -- 49,285
Net change in unrealized
appreciation
(depreciation)
of investments ......... -- (1,124,663) 23,759,834
----------------------------------------------
Net gain (loss) on
investments ............ (2,740) (1,030,997) 25,542,392
----------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ... $18,784,591 $2,400,707 $25,370,909
==============================================
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
WT INVESTMENT TRUST I
- ---------------------
FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Year Ended June 30, 1999
MONEY MARKET SHORT/INTERMEDIATE BROAD MARKET
SERIES BOND SERIES EQUITY SERIES
------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ... $ 18,787,331 $ 3,431,704 $ 828,517
Net realized gain
(loss) on investment
transactions .......... (2,740) 93,666 733,273
Net realized gain on
futures contracts ..... -- -- 49,285
Net change in unrealized
appreciation
(depreciation)
of investments ........ -- (1,124,663) 23,759,834
------------------------------------------------
Net increase in net assets
resulting from operations .. 18,784,591 2,400,707 25,370,909
------------------------------------------------
Transactions in beneficial
interests:
Contributions ........... 2,424,732,195 5,622,920 16,475,144
Withdrawals .............(2,271,849,713) (3,901,709) (12,650,156)
------------------------------------------------
Net increase in net assets
from transactions
in beneficial interests .... 152,882,482 1,721,211 3,824,988
------------------------------------------------
Total increase in net assets . 171,667,073 4,121,918 29,195,897
NET ASSETS:
Beginning of year ....... 241,639,688 61,153,488 110,159,483
------------------------------------------------
End of year ............. $ 413,306,761 $65,275,406 $139,355,380
================================================
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
WT INVESTMENT TRUST I
- ---------------------
FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Year Ended June 30, 1998
MONEY MARKET SHORT/INTERMEDIATE BROAD MARKET
SERIES BOND SERIES EQUITY SERIES
------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ... $ 26,961,014 $ 8,206,531 $ 863,395
Net realized gain
(loss) on investment
transactions .......... (2,895) 3,220,001 13,804,461
Net realized loss on
call options written .. -- -- (184,915)
Net realized gain on
futures contracts ..... -- -- 325,669
Net change in unrealized
appreciation
(depreciation)
on investments ........ -- 279,752 10,926,841
------------------------------------------------
Net increase in net assets
resulting from operations . 26,958,119 11,706,284 25,735,451
------------------------------------------------
Transactions in beneficial
interests:
Contributions ........... 2,802,458,254 144,450,638 14,839,563
Withdrawals .............(3,004,989,325) (203,882,068) (19,204,547)
------------------------------------------------
Net decrease in net assets
from transactions
in beneficial interests .... (202,531,071) (59,431,430) (4,364,984)
------------------------------------------------
Total increase (decrease)
in net assets .............. (175,572,952) (47,725,146) 21,370,467
NET ASSETS:
Beginning of year ....... 417,212,640 108,878,634 88,789,016
------------------------------------------------
End of year ............. $ 241,639,688 $ 61,153,488 $110,159,483
================================================
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
WT INVESTMENT TRUST I
- ---------------------
NOTES TO THE FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE TRUST. The WT Investment Trust I (the "Trust"), formerly
the Kiewit Investment Trust, is registered under the Investment Company Act
of 1940 (the "1940 Act") as an open-end management investment company
organized as a Delaware business trust on January 23, 1997. The Declaration
of Trust permits the Trustees to establish additional series, each of which
is a separate class of shares. The Trust currently has three series of shares
in operation: WT Money Market Series (formerly the "Kiewit Money Market
Series"), WT Short/Intermediate Bond Series (formerly the "Kiewit
Intermediate-Term Bond Series") and WT Broad Market Equity Series (formerly
the "Kiewit Equity Series") (individually and collectively referred to as
"Series").
The investment objectives of the three Series are as follows: the WT Money
Market Series is to provide high current income while preserving capital and
liquidity, the WT Short/Intermediate Bond Series is to provide as high a
level of current income as is consistent with reasonable risk; and the WT
Broad Market Equity Series is to achieve long-term capital appreciation.
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies of the Trust.
SECURITY VALUATION. Securities held by the Series which are listed on a
securities exchange and for which market quotations are available are valued
at the last quoted sale price of the day, or, if there is no such reported
sale, are valued at the mean between the most recent quoted bid and asked
prices. Price information for listed securities is taken from the exchange
where the security is primarily traded. Unlisted securities for which market
quotations are readily available are valued at the most recent bid prices.
Securities with a remaining maturity of 60 days or less are valued at
amortized cost, which approximates market value, unless the Trust's Board of
Trustees determines that this does not represent fair value. The WT Money
Market Series values securities utilizing the amortized cost valuation method
which is permitted under Rule 2a-7 under the 1940 Act. This method involves
valuing a portfolio security initially at its cost and thereafter adjusting
for amortization of premium or accretion of discount to maturity.
FEDERAL INCOME TAXES. Each Series is treated as a partnership entity for
Federal income tax purposes. Any interest, dividends and gains or losses of a
Series will be deemed to have been "passed through" to each partner.
Accordingly, no tax provision is recorded for the Trust Series.
INVESTMENT INCOME. All of the net investment income and realized and
unrealized gains and losses from the security transactions are allocated pro
rata among the investors in the Series on a daily basis.
REPURCHASE AGREEMENTS. Each Series, through the Trust's custodian, receives
delivery of the underlying securities used to collateralize the repurchase
agreements, the market value of which is required to be in an amount at least
equal to 102% of the resale price. Wilmington Trust Company ("WTC"), the
Investment Manager, is responsible for determining that the market value of
these underlying securities. In the event of default of the obligation to
repurchase, the Trust has the right to liquidate the collateral and apply the
proceeds in satisfaction of the obligation. Provisions of each agreement
require that the market value of the collateral is sufficient in the event of
default; however, in the event of default or bankruptcy by the other party to
the agreement, realization and/or retention of the collateral may be subject
to legal proceedings.
CALL AND PUT OPTIONS. The WT Short/Intermediate Bond Series and the WT Broad
Market Equity Series each may write and/or purchase exchange-traded call
options and purchase exchange-traded put options on securities in the Series.
When a Series writes a call option, an amount equal to the premium received
is reflected as a liability. The amount of the liability is subsequently
"marked to market" to reflect the current market value of the option written.
If an option which a Series has written expires on its stipulated expiration
date, or if a series enters into a closing purchase transaction, the Series
realizes a gain (or loss if the cost of the closing transaction exceeds the
premium received when the option is sold), and the liability related to such
option is extinguished. If a call option which a Series has written is
exercised, the Series realizes a gain or loss from the sale of the underlying
security, and the proceeds from which are increased by the premium originally
received. There were no call or put options written for the year ended June
30, 1999.
FUTURES TRANSACTIONS. Certain Series may enter into futures contracts subject
to certain limitations. Upon entering into a futures contract, the Series is
required to deposit cash or pledge U.S. Government securities as margin.
Subsequent payments, which are dependent on the daily fluctuations in the
value of the underlying security or securities, are made or received by the
Series each day (daily variation margin) and are recorded as unrealized gains
or losses until the contracts are closed. When the contracts are closed, the
29
<PAGE>
WT INVESTMENT TRUST I
- ---------------------
NOTES TO THE FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
Series records a realized gain or loss equal to the difference between the
proceeds from (or cost of) the closing transaction and the Series' basis in
the contracts. Risks of entering into futures contracts include the
possibility that there will not be a perfect price correlation between the
futures contracts and the underlying securities, and that a lack of liquidity
for futures contracts could exist in the secondary market, resulting in an
inability to close a futures position prior to its maturity date. The
purchase of a futures contract involves the risk that a Series could lose
more than the original margin deposit required to initiate a futures
transaction up to the amount of the contract. There were no futures contracts
outstanding as of June 30, 1999.
OTHER. Investment security transactions are accounted for on a trade date
basis. Each Series uses the specific identification method for determining
realized gain and loss on investments for both financial and Federal income
tax reporting purposes. Common expenses of the Trust are allocated to each
Series on a pro rata basis based on net assets of the Series.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect
the reported amount of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
3. INVESTMENT SECURITIES. During the fiscal year ended June 30, 1999, purchases
and sales of investment securities (excluding short-term investments)
aggregated as follows:
Short/Intermediate Broad Market
Bond Equity
----------------------------------
Purchases ........................... $26,988,775 $8,517,867
Sales ............................... 21,954,483 5,923,889
Portfolio Turnover Rate:
Fiscal Year 1999 .................. 34.40% 5.19%
Fiscal Year 1998 .................. 236.36% 93.08%
Fiscal Year 1997 .................. 51.57% 26.33%
4. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES. Effective October 20,
1998, the Trust, on behalf of each Series, employs Wilmington Trust Company
("WTC"), a wholly owned subsidiary of Wilmington Trust Corporation, to
furnish investment advisory and other services to the Trust. Pursuant to an
investment management agreement with the Trust with respect to each Series,
WTC manages the investment of their assets, provides the Trust with records
concerning WTC's activities which the Trust is required to maintain, and
renders regular reports to the Trust officers and the Board of Trustees. For
its services under the investment management agreement, WTC receives fees at
the following annual rates (as a percentage of average daily net assets): WT
Money Market Series - 0.20%; WT Short/Intermediate Bond Series - 0.40%; and
WT Broad Market Equity Series - 0.70%. Prior to October 20, 1998, Kiewit
Investment Management Corporation provided management services under
substantially similar terms.
WTC has agreed to waive all or a portion of its management fee and assume
certain fund expenses in an amount that will limit annual operating expenses
(excluding taxes, extraordinary expenses, brokerage commissions and interest)
to not more than the following percentage of the average daily net assets of
each WT Mutual Fund Portfolio: WT Money Market Portfolio - 0.20%, WT
Short/Intermediate Bond Portfolio - 0.50%; and WT Broad Market Equity
Portfolio - 0.80%. These undertakings may be amended or rescinded at any time
in the future.
PFPC Inc. ("PFPC"), an indirect wholly-owned subsidiary of PNC Bank Corp., a
multi-bank holding company, serves as Administrator to the Trust pursuant to
an Administration Agreement with the Trust. As Administrator, PFPC is
responsible for service such as financial reporting, compliance monitoring
and corporate management. For the services provided, PFPC receives an
administration fee from the Trust, on behalf of each Series at an annual rate
of 0.015% of the Trust's aggregate average daily net assets in excess of $125
million, subject to prescribed minimums.
30
<PAGE>
WT INVESTMENT TRUST I
- ---------------------
NOTES TO THE FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
PFPC provides accounting services to the Trust pursuant an Accounting
Services Agreement with the Trust on behalf of each Series. For its services,
PFPC receives from the Trust, on behalf of each Series, an annual fee of
0.015% of the Trust's aggregate average daily net assets in excess of $100
million, subject to prescribed minimums.
PFPC Trust Company serves as custodian to the Trust.
Independent Trustees are each paid an annual fee of $5,000 from the Trust,
plus $250 per Series per meeting attended and reimbursed travel expenses in
connection with meetings. Certain officers and trustees of the Trust are also
officers and/or directors of WTC and receive no compensation from the trust.
31
<PAGE>
WT INVESTMENT TRUST I
- ---------------------
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
To the Trustees and Beneficial Interest Holders of WT Investment Trust I:
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of WT Investment Trust I (comprised of the WT
Money Market, WT Short/Intermediate Bond and WT Broad Market Equity Series) (the
"Trust"), as of June 30, 1999, and the related statements of operations and the
statements of changes in net assets for the year then ended. These financial
statements are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements based on our audit. The
statements of changes in net assets for the year ended June 30, 1998 were
audited by other auditors whose report dated July 31, 1998 expressed an
unqualified opinion on those financial statements.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of June 30, 1999, by correspondence with the
Trust's custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of each of the respective series
constituting WT Investment Trust I at June 30, 1999, and the results of their
operations and the changes in their net assets for the year then ended, in
conformity with generally accepted accounting principles.
/s/ ERNST & YOUNG LLP
Philadelphia, Pennsylvania
August 9, 1999
32
