[GRAPHIC OMITTED]
WILINGTON
FUNDS
EQUITY PORTFOLIOS
O LARGE CAP GROWTH
O LARGE CAP CORE
O SMALL CAP CORE
O INTERNATIONAL MULTI-MANAGER
O LARGE CAP VALUE
ANNUAL
JUNE 30, 2000
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WILMINGTON FUNDS -- EQUITY PORTFOLIOS
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PRESIDENT'S MESSAGE
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DEAR SHAREHOLDER:
The last year has been a tumultuous one for the economy and the financial
markets. Since our last annual report the Federal Reserve (the "Fed") has raised
interest rates six times by a total of 175 basis points. The Central Bank's main
concerns were the rapid economic expansion and the build-up of inflationary
pressures. In the latter part of 1999 and early 2000, the economy was
registering a growth rate between 6% and 7%. This rate is well in excess of the
Fed's desired annual growth rate of no more than 3.5%. This targeted growth rate
is the result of careful economic analysis which found that sustained growth in
excess of 3.5% would result in an eventual increase in inflation, especially
combined with such a low unemployment rate.
Inflation has also been problematic as energy prices have risen
dramatically over the last year (Gasoline prices nationwide are up 85%).
Moreover, the "core" inflation rate has also risen even though it is still at a
fairly low rate. The trend, however, is clearly in the wrong direction.
For these reasons, the Fed has decided to further increase interest rates
to slow down the economy and thereby thwart the rise in inflation. At present,
evidence suggests that the Fed is beginning to succeed. Retail sales, housing
sales and overall industrial activity are clearly showing signs of weakness. The
one-two combination of higher interest rates and lower equity prices has had a
negative effect on consumer spending patterns. The remaining question is whether
this slowdown is for real and, if so, how severe is it. It is too early to
provide any definitive answer at this time, but we believe that economic growth
in the second half of 2000 will be slower than that of the first half.
While it took some time, the financial markets finally reacted to higher
interest rates this spring. Perhaps "reacted" is a bit of an understatement,
especially for the NASDAQ Index. From the all-time highs earlier this year, the
S&P 500 Index fell 18% while the NASDAQ composite fell by more than 37%. In many
regards, this was a reasonably normal correction. Not so normal were the speed
and the severity, especially for the NASDAQ. Many stocks in this index were
trading at enormous (even uncalculateable) price-earnings ratios. When it became
apparent that economic growth, and thereby profits, would also be slowing, these
heavily speculative issues suffered the consequences.
Fortunately for us as shareholders of the Wilmington Funds, our investment
advisers have many DECADES of investment experience and have witnessed these
types of markets in the past. Their experience is invaluable toward achieving
investment success. We are quite proud of the investment results described
herein and are confident that you will be as well.
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
LARGE CAP GROWTH PORTFOLIO
The Large Cap Growth Portfolio (the "Growth Portfolio") returned 33.27% for
the twelve-month period ended June 30, 2000. The S&P 500 Index, an unmanaged,
capitalization weighted index of 500 publicly traded stocks, achieved a gain of
7.25% for the same period. The Russell 1000 Growth Index returned 25.65% for the
same twelve-month period. The Russell 1000 Growth Index is formed by assigning a
style composite score to all of the companies in the Russell 1000 Index, a
passive index that includes the largest 1,000 stocks in the U.S. as measured by
market capitalization, to determine their growth or value characteristics.
Approximately 70% of the stocks are placed in either a growth or value index.
The remaining stocks are placed in both indices with a weight proportional to
their growth or value characteristics.
1
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PRESIDENT'S MESSAGE -- CONTINUED
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In a period dominated by growth stocks (and more specifically, technology
issues) the Growth Portfolio was well positioned. Throughout the period,
including the November 1999 transition of management responsibility to Roxbury
Capital Management, LLC ("Roxbury"), technology remained the portfolio's leading
sector component among holdings. Applying its philosophy of investing in high
quality companies positioned to achieve sustainable growth in a variety of
economic environments, Roxbury adeptly structured the portfolio to take
advantage of the ongoing convergence of the technology, telecommunication, and
media sectors of the economy. Within these sectors, specific focus was placed on
communications infrastucture and service providers, as well as on media content
-- areas that represent significant opportunity as the digital age progresses.
While these sectors have been volatile, the underlying fundamental trends in
communications services and technology dictate that this is where the growth
will remain for quite some time. As of June 30, 2000 the ten largest holdings in
the fund were:
<TABLE>
<CAPTION>
10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS
------------------- ----------------------- ------------------- -----------------------
<S> <C> <C> <C>
Viacom Inc. 5.87% Sun Microsystems 4.26%
AT&T Corp - Liberty Media 5.18% EMC Corp. 4.11%
Qwest Communications 4.93% Home Depot, Inc. 4.08%
Voicestream Wireless Corp. 4.40% Nortel Network Corp. 3.96%
Nokia Corp. 4.39% Texas Instruments 3.64%
</TABLE>
The following graph compares the Growth Portfolio, the Russell 1000 Growth
Index and the S&P 500 Index, for the past 10 years ended June 30, 2000.
2
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[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF PLOT POINTS USED IN PRINTED GRAPHIC
LARGE CAP GROWTH PORTFOLIO
COMPARISON OF CHANGE IN VALUE OF A HYPOTHETICAL $10,000 INVESTMENT*
Average Annual Total Return
---------------------------
1 Year 5 Year 10 Year
------- ------ -------
Growth Portfolio 33.27% 25.83% 18.60%
Russell 1000 Growth
Index 25.65% 27.20% 19.59%
S&P 500 Index 7.25% 23.82% 17.80%
Large Cap Growth Equity Portfolio S&P 500 Index Russell 1000 Growth Index
6/30/90 $10,000 $10,000 $10,000
6/30/91 $10,359 $10,739 $10,759
6/30/92 $11,459 $12,186 $12,345
6/30/93 $13,604 $13,841 $14,231
6/30/94 $14,382 $14,026 $14,328
6/30/95 $17,453 $17,677 $17,977
6/30/96 $21,701 $22,282 $22,698
6/30/97 $27,973 $30,005 $30,020
6/30/98 $34,454 $39,070 $39,071
6/30/99 $41,314 $47,962 $47,635
6/30/00 $55,059 $51,439 $59,853
----------------------
* Past performance is not necessarily indicative of future results. An
investment in the Portfolio is neither insured nor guaranteed by Wilmington
Trust Company ("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. Total returns would have
been lower had certain fees and expenses not been voluntarily waived and/or
reimbursed. The Russell 1000 Growth Index and the S&P500 Index are unmanaged
stock market indices without any associated expenses and the returns assume
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 16.
LARGE CAP CORE PORTFOLIO
The Large Cap Core Portfolio (the "Core Portfolio") returned 8.57% for the
twelve-month period ended June 30, 2000. The S&P 500 Index, an unmanaged,
capitalization weighted index of 500 publicly traded stocks, achieved a gain of
7.25% for the same period.
The Core Portfolio continued to carry out its mission of approximating the
characteristics of the S&P 500 Index while seeking to add incremental value
through opportunistic sector exposure and individual stock selection. During the
twelve-month period, the Core Portfolio added the most value in the volatile
technology sector, particularly during the significant advance that occurred in
late 1999. Within the tech sector, companies with strong fundamentals such as
Qlogic, SDL, and JDS Uniphase were strong performers. As of June 30, the
technology, communications services, and health care sectors were overweighted
relative to the S&P 500 Index, while basic materials, capital goods and consumer
cyclicals represented the most underweighted sectors. As of June 30, 2000 the
ten largest holdings in the fund were:
3
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<TABLE>
<CAPTION>
10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS
------------------- ----------------------- ------------------- -----------------------
<S> <C> <C> <C>
General Electric Co. 4.17% Exxon Mobil Corp. 2.30%
Intel Corp. 3.61% Wal-Mart Stores, Inc. 2.16%
Cisco Systems, Inc. 3.53% Oracle Group 1.93%
Microsoft Corp. 3.50% Citigroup Inc. 1.74%
Pfizer Inc. 2.57% International Business Machines 1.67%
</TABLE>
The following graph compares the Core Portfolio and the S&P 500 Index for
the periods ended June 30, 2000.
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF PLOT POINTS USED IN PRINTED GRAPHIC
LARGE CAP CORE PORTFOLIO
COMPARISON OF CHANGE IN VALUE OF A HYPOTHETICAL $10,000 INVESTMENT*
Average Annual Total Return
------------------------------------------------------
Since
Inception
1 Year 5 Year (1/5/95)
------ ------ --------
Core Portfolio 8.57% 20.95% 21.45%
S&P 500 Index 7.25% 23.82% 25.57%
Large Cap Core Portfolio S&P 500 Index
1/5/95 $10,000 $10,000
6/30/95 $11,232 $11,980
6/30/96 $13,393 $15,101
6/30/97 $16,831 $20,335
6/30/98 $21,727 $26,478
6/30/99 $26,779 $32,504
6/30/00 $29,074 $34,861
* Past performance is not necessarily indicative of future results. An
investment in the Portfolio is neither insured nor guaranteed by Wilmington
Trust Company 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. Total returns would have been lower
had certain fees and expenses not been voluntarily waived and/or reimbursed.
The S&P 500 Index is an unmanaged stock market index without any associated
expenses and the returns assume 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
17.
4
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PRESIDENT'S MESSAGE -- CONTINUED
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SMALL CAP CORE PORTFOLIO
The Small Cap Core Portfolio (the "Small Cap Portfolio") returned 36.93%
for the twelve-month period ended June 30, 2000. As a comparison, the Russell
2000 Index returned 14.32% for the same twelve-month period. This index is based
on a ranking of the top 3,000 U.S. companies by market capitalization. The first
1,000 companies comprise the Russell 1000 (large cap) Index and the bottom 2,000
companies make up the Russell 2000 (small cap) Index.
Throughout the period, the portfolio emphasized holdings in three key
long-term growth sectors: the continually emerging technology group, the
demographic-oriented health care sector, and the economically sensitive consumer
discretionary group. The strength of these sectors, particularly technology, and
individual stock selection were key factors behind the portfolio's strong
performance. Among individual selections, SDL (+1,017.1% for the year), Brocade
(+661.1), Protein Design Labs (+643.5), and Rambus, Inc. (+346.9) were leading
performers. The portfolio manager's investment discipline of focusing on quality
companies with significant competitive advantages and prospects for strong
growth at reasonable valuations remains in place. As of June 30, 2000 the ten
largest holdings in the fund were:
<TABLE>
<CAPTION>
10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS
------------------- ----------------------- ------------------- -----------------------
<S> <C> <C> <C>
SDL, Inc. 6.67% Rambus, Inc. 2.15%
Qlogic Corp. 3.39% Factset Research Systems, Inc. 2.13%
Protein Design Labs, Inc. 3.19% Linens n Things, Inc. 1.97%
Burr Brown Corp. 3.14% Zale Corp. 1.87%
Williams Sonoma, Inc. 2.64% Acxiom Corp. 1.70%
</TABLE>
The following graph compares the Small Cap Portfolio and the Russell 2000
Index for the periods ended June 30, 2000.
5
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[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF PLOT POINTS USED IN PRINTED GRAPHIC
SMALL CAP CORE PORTFOLIO
COMPARISON OF CHANGE IN VALUE OF A HYPOTHETICAL $10,000 INVESTMENT*
Average Annual Total Return
--------------------------------------
Since
1 Year 4/1/97
------ ------
Small Cap Portfolio/
Small Cap Fund 1 36.93% 20.68%
Russell 2000 Index 14.32% 14.91%
Small Cap Portfolio Russell 2000 Index
4/1/97 $10,000 $10,000
6/30/97 $12,059 $11,621
6/30/98 $14,244 $13,538
6/30/99 $13,464 $13,742
6/30/00 $18,436 $15,709
----------------------
1 The Small Cap Fund was a collective investment fund that was not registered
as a mutual fund under the Investment Company Act of 1940 ("1940 Act"). On
June 29, 1998, the Small Cap Portfolio acquired all the assets and assumed
all the liabilities of the Small Cap Fund.
* Past performance is not necessarily indicative of future results. An
investment in the Portfolio is neither insured nor guaranteed by Wilmington
Trust Company 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. Total returns would have been lower
had certain fees and expenses not been voluntarily waived and/or reimbursed.
Please bear in mind that investing in small companies' stocks can involve
higher risk and volatility than those of larger companies.The Russell 2000
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 18.
6
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PRESIDENT'S MESSAGE -- CONTINUED
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INTERNATIONAL MULTI-MANAGER PORTFOLIO
The International Multi-Manager Portfolio (the "International Portfolio")
returned 31.52% for the twelve-month period ended June 30, 2000. The Morgan
Stanley Capital International Europe, Australasia, and Far East Index ("the MSCI
EAFE Index") returned 17.14% for the same twelve-month period. The MSCI EAFE
Index is an unmanaged, capitalization weighted index of approximately 1,100
companies listed on major stock exchanges in Europe, Australasia and the Far
East.
The multi-manager structure of the International Portfolio served the
portfolio well during the period as each of the three subadvisors exceeded the
benchmark MSCI EAFE Index for the period, and each was the leading performer for
at least one quarter during the period. Key factors for performance in excess of
the benchmark were timely allocations to the Japanese market (the largest
country representation within the benchmark) and strong participation in the New
Economy-oriented "TMT" sectors of technology, media, and telecom. Regarding
Japan, exposure was at its highest at the end of 1999, a period when
anticipation of economic recovery boosted both stock prices and currency.
Regarding TMT issues, the portfolio maintained significant exposure throughout
the year and particularly benefited from a year-end rally in 1999 that extended
into the beginning of this year. As the portfolio's fiscal year ended, exposure
to both Japan and the TMT sectors were reduced in favor of European and more
defensive issues such as pharmaceuticals, banks, and insurance companies. These
changes represented caution regarding Japan's growth prospects, increased
optimism regarding the pace of Europe's restructuring efforts, and an
opportunity to deploy TMT profits into sectors with more attractive valuations.
As of June 30, 2000 the ten largest holdings in the fund were:
<TABLE>
<CAPTION>
10 LARGEST HOLDINGS - COUNTRY PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS - COUNTRY PERCENT OF TOTAL ASSETS
------------------- ----------------------- ---------------- -----------------------
<S> <C> <C> <C>
Total Fina Elf - France 2.33% Samsung Electronics Co. Ltd. - S. Korea 1.60%
Toshiba Corporation - Japan 2.32% VNU NV - Netherlands 1.50%
Vodaphone Airtouch PLC - United Kingdom 1.95% Alcatel - France 1.49%
BP Amoco PLC - United Kingdom 1.88% Nokia Oyj - Finland 1.48%
Fujitsu, Ltd. - Japan 1.69% Taiwan Semiconductor - Taiwan 1.38%
</TABLE>
The following graph compares the International Portfolio and the MSCI EAFE
Index for the past 10 years ended June 30, 2000.
7
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PRESIDENT'S MESSAGE -- CONTINUED
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[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF PLOT POINTS USED IN PRINTED GRAPHIC
INTERNATIONAL MULTI-MANAGER PORTFOLIO
COMPARISON OF CHANGE IN VALUE OF A HYPOTHETICAL $10,000 INVESTMENT*
Average Annual Total Return
------------------------------------------------
1 Year 5 Year 10 Year
------ ------ -------
International Portfolio/
International Fund 1 31.52% 13.16% 9.23%
MSCI EAFE Index 17.14% 11.58% 8.25%
International Multi-Mgr Portfolio MSCI EAFE Index
6/30/90 $10,000 $10,000
6/30/91 $8,495 $8,877
6/30/92 $9,588 $8,849
6/30/93 $10,485 $10,681
6/30/94 $13,102 $12,529
6/30/95 $13,030 $12,774
6/30/96 $15,073 $14,513
6/30/97 $17,151 $16,423
6/30/98 $18,102 $17,471
6/30/99 $18,382 $18,855
6/30/00 $24,176 $22,090
---------------------
1 The International Fund was a collective investment fund that was not
registered as a mutual fund under the Investment Company Act of 1940 ("1940
Act"). On June 29, 1998, the International Portfolio acquired all the assets
and assumed all the liabilities of the International Fund.
* Past performance is not necessarily indicative of future results. An
investment in the Portfolio is neither insured nor guaranteed by Wilmington
Trust Company 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. Total returns would have been lower
had certain fees and expenses not been voluntarily waived and/or reimbursed.
Please bear in mind that investing in foreign securities involves special
risks such as currency fluctuation, less extensive regulation of foreign
brokers and possible political instability. The MSCIEAFEIndex is an
unmanaged index representing the market value weighted price of 1,100 stocks
of the major stock exchanges in Europe, Australia and the Far East. You
cannot invest in an index. Please read the prospectus carefully before
investing. Distributed by Provident Distributors,Inc. See Financial
Highlights on page 19.
8
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PRESIDENT'S MESSAGE -- CONTINUED
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LARGE CAP VALUE PORTFOLIO
The Large Cap Value Portfolio (the "Value Portfolio") returned 6.61% for
the twelve-month period ended June 30, 2000. The S&P 500 Index, an unmanaged,
capitalization weighted index of 500 publicly traded stocks, achieved a gain of
7.25% for the same period. The Russell 1000 Value Index returned -8.91% for the
same twelve-month period. The Russell 1000 Value Index is formed by assigning a
style composite score to all of the companies in the Russell 1000 Index, a
passive index that includes the largest 1,000 stocks in the U.S. as measured by
market capitalization, to determine their growth or value characteristics.
Approximately 70% of the stocks are placed in either a growth or value index.
The remaining stocks are placed in both indices with a weight proportional to
their growth or value characteristics.
In a difficult environment for "Old Economy" stocks, the Value Portfolio
performed well relative to its style benchmark, the Russell 1000 Value Index.
Between the November 1999 transition of management responsibility to Cramer
Rosenthal McGlynn, LLC ("CRM") through June 30, the portfolio was repositioned
to emphasize the technology, financial and consumer staples sectors of the
economy. In employing an investment discipline that focuses on undervalued
companies with strong franchises that are exhibiting growth as a result of
fundamental change, CRM has balanced Old Economy issues such as Walt Disney
Company, News Corp. LTD, and Enron Corp with undervalued New Economy stalwarts
such as Intel. The market's extreme focus on highly valued technology issues for
most of the period has presented the adviser with bargains for the ignored
shares of strong franchises in non-tech sectors, a development that emphasizes
the strength and focus of the CRM investment discipline. As of June 30, 2000,
the ten largest holdings in the fund were:
<TABLE>
<CAPTION>
10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS
------------------- ----------------------- ------------------- --------------------
<S> <C> <C> <C>
Reliastar Financial Corp. 3.06% American International Group 2.21%
MediaOne Group, Inc. 2.90% General Electric Co. 2.20%
News Corp. Ltd. 2.83% The Walt Disney Co. 2.17%
Harcourt General, Inc. 2.67% Starwood Hotel & Resorts 2.05%
Hartford Financial Services Group, Inc. 2.39% Intel Corp. 2.00%
</TABLE>
The following graph compares the Value Portfolio, the Russell 1000 Value
Index and the S&P 500 Index, for the periods ended June 30, 2000.
9
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PRESIDENT'S MESSAGE -- CONTINUED
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[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF PLOT POINTS USED IN PRINTED GRAPHIC
LARGE CAP VALUE PORTFOLIO
COMPARISON OF CHANGE IN VALUE OF A HYPOTHETICAL $10,000 INVESTMENT*
Average Annual Total Return
---------------------------------------------------
Since
Inception
1 Year 5 Year (12/1/91)
------ ------ ----------
Value Portfolio/
Value Stock Fund 3 6.61% 13.70% 14.03%
Russell 1000 Value Index (8.91)% 17.79% 17.05%
S&P 500 Index 7.25% 23.82% 19.69%
Large Cap Value Equity Portfolio Russell 1000 Value Index S&P 500 Index
12/1/91 $10,000 $10,000 $10,000
6/30/92 $11,470 $11,410 $11,072
6/30/93 $13,113 $13,914 $12,576
6/30/94 $13,430 $14,140 $12,745
6/30/95 $16,254 $17,027 $16,063
6/30/96 $20,347 $21,221 $20,247
6/30/97 $25,967 $28,264 $27,265
6/30/98 $29,052 $36,416 $35,502
6/30/99 $28,976 $42,377 $43,582
6/30/00 $30,891 $38,601 $46,742
---------------------
3 The Value Stock Fund was a collective investment fund that was not
registered as a mutual fund under the Investment Company Act of 1940 ("1940
Act"). On June 29, 1998, the Value Portfolio acquired all the assets and
assumed all the liabilities of the Value Stock Fund.
* Past performance is not necessarily indicative of future results. An
investment in the Portfolio is neither insured nor guaranteed by Wilmington
Trust Company 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. Total returns would have been lower
had certain fees and expenses not been voluntarily waived and/or reimbursed.
The Russell 1000 Value Index and the S&P 500 Index are unmanaged stock
market indices without any associated expenses and the returns assume
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 20.
We invite your comments and questions and thank you for your investment in
the Wilmington Equity Portfolios. 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 9, 2000 President
10
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WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
PORTFOLIO CORE PORTFOLIO CORE PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------- -------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment in Series, at value ............... $277,392,227 $127,841,886 $103,483,925 $84,083,784 $64,286,513
Receivable for Portfolio shares sold ......... 134,336 8,339 91,299 40,216 55,254
Receivable for investment in Series
withdrawn ................................. -- 38,217 -- -- --
Deferred organizational costs ................ -- -- 20,753 52,382 22,645
------------ ------------ ------------ ----------- -----------
Total assets ................................. 277,526,563 127,888,442 103,595,977 84,176,382 64,364,412
------------ ------------ ------------ ----------- -----------
LIABILITIES:
Payable for Portfolio shares redeemed ........ 134,336 38,217 -- -- --
Payable for investment in Series ............. -- 8,339 91,299 40,216 55,254
Other accrued expenses ....................... 102,566 29,826 48,788 58,290 37,163
------------ ------------ ------------ ----------- -----------
Total liabilities ............................ 236,902 76,382 140,087 98,506 92,417
------------ ------------ ------------ ----------- -----------
NET ASSETS ................................... $277,289,661 $127,812,060 $103,455,890 $84,077,876 $64,271,995
============ ============ ============ =========== ===========
NET ASSETS CONSIST OF:
Paid-in capital .............................. $150,914,263 $ 74,238,188 $ 66,466,475 $56,565,877 $58,590,326
Undistributed net investment income .......... -- 196,362 15,711 312,695 212,316
Accumulated net realized gain (loss) on
investments and foreign currencies ........ 79,332,954 3,958,810 2,936,029 12,653,836 (1,694,477)
Net unrealized appreciation (depreciation)
of investments ............................ 47,042,444 49,418,700 34,037,675 14,563,878 7,163,830
Net unrealized appreciation (depreciation)
on translations of assets and liabilities
in foreign currencies ..................... -- -- -- (18,410) --
------------ ------------ ------------ ----------- -----------
NET ASSETS ................................... $277,289,661 $127,812,060 $103,455,890 $84,077,876 $64,271,995
============ ============ ============ =========== ===========
Shares of beneficial interest outstanding .... 8,305,076 5,319,329 7,974,235 6,738,794 6,268,635
============ ============ ============ =========== ===========
NET ASSET VALUE, offering and redemption
price per share($0.01 par value,
unlimited authorized shares):
Institutional Shares ...................... $33.39 $24.03 $12.97 $12.48 $10.25
============ ============ ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
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FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Fiscal Year Ended June 30, 2000
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
PORTFOLIO+ CORE PORTFOLIO CORE PORTFOLIO+ PORTFOLIO+ PORTFOLIO+
------------ -------------- --------------- ----------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Investment income from Series ................ $ 363,500 $ 1,546,140 $ 439,432 $ 1,037,251 $ 614,617
Expenses from Series ......................... (1,220,847) (1,034,158) (437,070) (528,670) (281,672)
------------ ----------- ----------- ----------- ----------
Net investment income (loss)
from Series ............................ (857,347) 511,982 2,362 508,581 332,945
Dividends .................................... 348,295 -- 222,938 268,799 507,300
Interest ..................................... 44,779 -- 22,285 49,730 42,362
Foreign tax withheld ......................... -- -- -- (32,900) --
------------ ----------- ----------- ----------- ----------
Total investment income ................... (464,273) 511,982 247,585 794,210 882,607
------------ ----------- ----------- ----------- ----------
EXPENSES:
Advisory fees ................................ 397,459 -- 147,243 157,589 131,600
Administration and accounting fees ........... 108,265 44,822 60,540 60,244 59,927
Custody fees ................................. 14,537 801 4,054 63,393 3,172
Transfer agent fees .......................... 77,229 33,409 24,938 24,423 22,195
Trustees' fees ............................... 3,881 7,623 3,862 2,062 3,862
Amortization of organizational expenses ...... -- -- 10,649 18,942 11,233
Registration fees ............................ 31,973 27,508 35,131 21,241 48,894
Reports to shareholders ...................... 56,600 14,431 9,355 12,959 38,198
Professional fees ............................ 36,920 43,745 25,256 59,288 20,384
Other ........................................ 22,131 7,415 8,443 16,147 2,227
------------ ----------- ----------- ----------- ----------
Total expenses before fee waivers
and expense reimbursements ............. 748,995 179,754 329,471 436,288 341,692
Fees waived and expenses reimbursed ....... (56,620) (179,754) (96,214) (169,523) (139,897)
------------ ----------- ----------- ----------- ----------
Total expenses, net .................... 692,375 -- 233,257 266,765 201,795
------------ ----------- ----------- ----------- ----------
Net investment income (loss) ................. (1,156,648) 511,982 14,328 527,445 680,812
------------ ----------- ----------- ----------- ----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain on investments
and foreign currency transactions ......... 80,544,547 5,099,883 2,936,958 13,140,461 2,546,115
Net change in unrealized appreciation
(depreciation) on investments and
foreign currency transactions ............. (10,449,117) 4,100,004 23,149,885 7,326,857 (858,927)
------------ ----------- ----------- ----------- ----------
Net gain on investments and
foreign currency transactions ............. 70,095,430 9,199,887 26,086,843 20,467,318 1,687,188
------------ ----------- ----------- ----------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .................... $ 68,938,782 $ 9,711,869 $26,101,171 $20,994,763 $2,368,000
============ =========== =========== =========== ==========
<FN>
+ Reflects operating history of predecessor mutual fund (see note 5).
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Year Ended June 30, 2000
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
PORTFOLIO+ CORE PORTFOLIO CORE PORTFOLIO+ PORTFOLIO+ PORTFOLIO+
------------ -------------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss) ............... $ (1,156,648) $ 511,982 $ 14,328 $ 527,445 $ 680,812
Net realized gain (loss) on investments
and foreign currency transactions ....... 80,544,547 5,099,883 2,936,958 13,140,461 2,546,115
Net change in unrealized appreciation
(depreciation) on investments and
foreign currency transactions ........... (10,449,117) 4,100,004 23,149,885 7,326,857 (858,927)
------------ ------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations ............................ 68,938,782 9,711,869 26,101,171 20,994,763 2,368,000
------------ ------------ ------------ ------------ ------------
Distributions to shareholders:
From net investment income ................. -- (660,586) (145,753) (404,092) (1,266,874)
From net realized gain ..................... (7,428,799) (1,528,909) (176,058) (4,179,609) --
------------ ------------ ------------ ------------ ------------
Total distributions ........................... (7,428,799) (2,189,495) (321,811) (4,583,701) (1,266,874)
------------ ------------ ------------ ------------ ------------
Portfolio share transactions (a):
Proceeds from shares sold .................. 42,352,532 16,068,184 25,419,971 13,012,745 7,061,726
Cost of shares issued on reinvestment
of distributions ........................ 7,180,426 2,185,257 316,735 4,570,172 1,258,363
Cost of shares redeemed .................... (56,291,079) (37,191,426) (24,376,474) (19,317,317) (24,209,280)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
from Portfolio share transactions .......... (6,758,121) (18,937,985) 1,360,232 (1,734,400) (15,889,191)
------------ ------------ ------------ ------------ ------------
Total increase (decrease) in net assets ....... 54,751,862 (11,415,611) 27,139,592 14,676,662 (14,788,065)
NET ASSETS:
Beginning of year .......................... 222,537,799 139,227,671 76,316,298 69,401,214 79,060,060
------------ ------------ ------------ ------------ ------------
End of year ................................ $277,289,661 $127,812,060 $103,455,890 $ 84,077,876 $ 64,271,995
============ ============ ============ ============ ============
Undistributed net investment income ........ $ -- $ 196,362 $ 15,711 $ 312,695 $ 212,316
============ ============ ============ ============ ============
SHARES SHARES SHARES SHARES SHARES
------------ ------------ ------------ ------------ ------------
(A)TRANSACTIONS IN CAPITAL SHARES WERE:
Shares sold ................................ 1,259,768 687,034 2,106,826 1,072,347 737,005
Shares issued on reinvestment of
distributions ........................... 216,997 90,901 28,586 358,164 136,187
Shares redeemed ............................ (1,809,260) (1,645,352) (2,188,423) (1,612,570) (2,656,171)
------------ ------------ ------------ ------------ ------------
Net decrease in shares ..................... (332,495) (867,417) (53,011) (182,059) (1,782,979)
Shares outstanding -- Beginning
of year ................................. 8,637,571 6,186,746 8,027,246 6,920,853 8,051,614
------------ ------------ ------------ ------------ ------------
Shares outstanding-- End of year ........... 8,305,076 5,319,329 7,974,235 6,738,794 6,268,635
============ ============ ============ ============ ============
<FN>
+ Reflects operating history of predecessor mutual fund (see note 5).
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Year Ended June 30, 1999
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
PORTFOLIO 1+ CORE PORTFOLIO CORE PORTFOLIO 1+ PORTFOLIO 1+ PORTFOLIO 1+
------------ -------------- ----------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss) ............... $ (149,803) $ 757,316 $ 145,551 $ 658,294 $ 797,695
Net realized gain (loss) on investments
and foreign currency transactions ....... 7,373,854 732,927 508,263 3,249,125 (262,776)
Net realized gain on futures
contracts ............................... -- 49,291 -- -- --
Net change in unrealized appreciation
(depreciation) on investments and
foreign currency transactions ........... 12,232,542 23,739,895 (347,702) (1,687,865) 3,283,988
------------ ------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations ............................ 19,456,593 25,279,429 306,112 2,219,554 3,818,907
------------ ------------ ------------ ------------ ------------
Distributions to shareholders:
From net investment income ................. -- (829,875) -- -- --
From net realized gain ..................... -- (1,926,454) -- (780,343) --
------------ ------------ ------------ ------------ ------------
Total distributions ........................... -- (2,756,329) -- (780,343) --
------------ ------------ ------------ ------------ ------------
Portfolio share transactions (a):
Proceeds from shares sold .................. 10,293,120 16,475,144 8,933,004 2,207,700 4,123,795
Cost of shares issued on reinvestment
of distributions ........................ -- 2,752,233 -- 771,510 --
Cost of shares redeemed .................... (30,363,390) (12,574,545) (15,078,342) (8,801,653) (22,662,214)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
from Portfolio share transactions .......... (20,070,270) 6,652,832 (6,145,338) (5,822,443) (18,538,419)
------------ ------------ ------------ ------------ ------------
Total increase (decrease) in net assets ....... (613,677) 29,175,932 (5,839,226) (4,383,232) (14,719,512)
NET ASSETS:
Beginning of period ........................ 223,151,476 110,051,739 82,155,524 73,784,446 93,779,572
------------ ------------ ------------ ------------ ------------
End of period .............................. $222,537,799 $139,227,671 $ 76,316,298 $ 69,401,214 $ 79,060,060
============ ============ ============ ============ ============
Undistributed net investment income ........ $ -- $ 344,966 $ 147,136 $ 427,375 $ 798,378
============ ============ ============ ============ ============
SHARES SHARES SHARES SHARES SHARES
------------ ------------ ------------ ------------ ------------
(A)TRANSACTIONS IN CAPITAL SHARES WERE:
Shares sold ................................ 422,168 825,901 1,015,748 223,054 448,376
Shares issued on reinvestment of
distributions ........................... -- 145,237 -- 76,844 --
Shares redeemed ............................ (1,246,131) (661,816) (1,762,319) (894,964) (2,479,068)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in shares .......... (823,963) 309,322 (746,571) (595,066) (2,030,692)
Shares outstanding -- Beginning
of period ............................... 9,461,534 5,877,424 8,773,817 7,515,919 10,082,306
------------ ------------ ------------ ------------ ------------
Shares outstanding-- End of period ......... 8,637,571 6,186,746 8,027,246 6,920,853 8,051,614
============ ============ ============ ============ ============
<FN>
1 For the period January 1, 1999 through June 30, 1999
+ Reflects operating history of predecessor mutual fund (see note 5).
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Year Ended December 31, 1998
<TABLE>
<CAPTION>
LARGE CAP SMALLCAP INTERNATIONAL LARGE CAP
GROWTH CORE MULTI-MANAGER VALUE
PORTFOLIO+ PORTFOLIO 1+ PORTFOLIO 1+ PORTFOLIO 1+
------------ ------------ ------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss) ........................ $ (117,787) $ 174,927 $ 154,008 $ 962,978
Net realized gain (loss) on investments and
foreign currency transactions .................... 23,800,207 (188,829) 1,377,609 (2,789,214)
Net change in unrealized appreciation (depreciation)
on investments and foreign currency transactions . 7,975,088 (4,659,464) (1,453,309) (2,689,372)
------------ ----------- ----------- ------------
Net increase (decrease) in net assets resulting
from operations ..................................... 31,657,508 (4,673,366) 78,308 (4,515,608)
------------ ----------- ----------- ------------
Distributions to shareholders:
From net investment income .......................... -- (173,342) -- (962,296)
From net realized gains ............................. (23,800,865) -- (812,763) --
In excess of net realized gains ..................... -- (144,305) -- (1,188,602)
------------ ----------- ----------- ------------
Total distributions ........................... (23,800,865) (317,647) (812,763) (2,150,898)
------------ ----------- ----------- ------------
Portfolio share transactions (a):
Proceeds from shares sold ........................... 13,986,641 14,358,820 13,411,791 9,377,897
Cost of shares issued in exchange for
securities transferred in-kind (Note 6) .......... 113,362,975 79,041,552 63,534,185 94,708,383
Cost of shares issued on reinvestment
of distributions ................................. 22,740,589 306,962 803,274 2,124,787
Cost of shares redeemed ............................. (26,240,512) (6,560,797) (3,230,349) (5,764,989)
------------ ----------- ----------- ------------
Net increase in net assets from Portfolio share
transactions ........................................ 123,849,693 87,146,537 74,518,901 100,446,078
------------ ----------- ----------- ------------
Total increase in net assets ........................... 131,706,336 82,155,524 73,784,446 93,779,572
NET ASSETS:
Beginning of period ................................. 91,445,140 -- -- --
------------ ----------- ----------- ------------
End of period ....................................... $223,151,476 $82,155,524 $73,784,446 $ 93,779,572
============ =========== =========== ============
Undistributed net investment income .................... $ -- $ 1,585 $ -- $ 682
============ =========== =========== ============
SHARES SHARES SHARES SHARES
------------ ----------- ----------- ------------
(A)TRANSACTIONS IN CAPITAL SHARES WERE:
Shares sold ......................................... 601,227 1,594,097 1,425,587 998,364
Shares issued in exchange for securities
transferred in-kind .............................. 4,749,182 7,904,155 6,353,419 9,470,838
Shares issued on reinvestment of distributions ...... 972,651 33,474 82,135 231,206
Shares redeemed ..................................... (1,141,100) (757,909) (345,222) (618,102)
------------ ----------- ----------- ------------
Net increase in shares .............................. 5,181,960 8,773,817 7,515,919 10,082,306
Shares outstanding-- Beginning of period ............ 4,279,574 -- -- --
------------ ----------- ----------- ------------
Shares outstanding-- End of period .................. 9,461,534 8,773,817 7,515,919 10,082,306
============ =========== =========== ============
<FN>
1 Commenced operations on June 29, 1998.
+ Reflects operating history of predecessor mutual fund (see note 5).
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the financial
statements. They should be read in conjunction with the financial statements and
notes thereto.
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD
FISCAL YEAR JANUARY 1, 1999 FOR THE FISCAL YEARS ENDED DECEMBER 31,
LARGE CAP GROWTH PORTFOLIO -- ENDED THROUGH ---------------------------------------
INSTITUTIONAL SHARES JUNE 30, 2000 3,4+ JUNE 30, 1999+ 1998 1+ 1997+ 1996+ 1995+
------------------ -------------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD .................................... $ 25.76 $ 23.59 $ 21.37 $ 19.22 $ 17.41 $ 15.14
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Net investment loss ....................... (0.14)2 (0.02) (0.01) (0.19)2 (0.15)2 (0.10)
Net realized and unrealized gain
on investments ......................... 8.70 2.19 5.02 5.44 4.37 4.38
------- ------- ------- ------- ------- -------
Total from investment operations ....... 8.56 2.17 5.01 5.25 4.22 4.28
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
From net investment income ................ -- -- -- -- -- --
From net realized gain .................... (0.93) -- (2.79) (3.10) (2.41) (2.01)
------- ------- ------- ------- ------- -------
Total distributions .................... (0.93) -- (2.79) (3.10) (2.41) (2.01)
------- ------- ------- ------- ------- -------
NET ASSET VALUE-- END OF PERIOD .............. $ 33.39 $ 25.76 $ 23.59 $ 21.37 $ 19.22 $ 17.41
======= ======= ======= ======= ======= =======
TOTAL RETURN ................................. 33.27% 9.20%** 23.58% 27.50% 24.25% 28.43%
RATIOS (TO AVERAGE NET ASSETS)/
SUPPLEMENTAL DATA:
Expenses:
Including expense limitations .......... 0.75% 0.75%* 0.80% 1.38% 1.43% 1.43%
Excluding expense limitations .......... 0.77% 0.80%* 0.92% N/A N/A N/A
Net investment loss ....................... (0.45)% (0.14)%* (0.08)% (0.86)% (0.78)% (0.53)%
Portfolio turnover rate ...................... 111.49% 15.50% 51.64% 28.05% 34.84% 49.12%
Net assets at end of period
(000 omitted) ............................. $277,290 $222,538 $223,151 $91,445 $76,174 $66,311
<FN>
* Annualized.
** Not annualized.
1 Effective February 23, 1998, Wilmington Trust Company (WTC) assumed the
responsibility of Adviser to the Large Cap Growth Portfolio.
2 The net investment loss per share was calculated using average shares
outstanding method.
3 Effective November 1, 1999, the expense and net investment income ratios
include expenses allocated from the WT Investment Trust I - WT Large Cap
Growth Series (the "Series") and the portfolio turnover reflects the
investment activity of the Series.
4 Effective November 1, 1999, Roxbury Capital Management, LLC, assumed the
responsibility of Adviser to the WT Large Cap Growth Series.
+ Effective November 1, 1999, the Rodney Square Large Cap Growth Portfolio
("Rodney Square Portfolio") was merged into the Wilmington Large Cap Growth
Portfolio. The financial highlights for periods prior to November 1, 1999
reflect the performance history of the Rodney Square Portfolio.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FISCAL YEARS ENDED JUNE 30,
LARGE CAP CORE PORTFOLIO -- -------------------------------------------------
INSTITUTIONAL SHARES 2000 1 1999 1 1998 1 1997 1 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD ........................ $ 22.50 $ 18.72 $ 20.56 $ 16.58 $ 14.04
------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Net investment income ...................... 0.10 0.12 0.16 0.13 0.13
Net realized and unrealized gain on
investments ............................. 1.83 4.14 4.52 4.09 2.56
------- ------- ------- ------- -------
Total from investment operations ........ 1.93 4.26 4.68 4.22 2.69
------- ------- ------- ------- -------
DISTRIBUTIONS:
From net investment income ................. (0.12) (0.14) (0.16) (0.15) (0.15)
From net realized gain ..................... (0.28) (0.34) (6.36) (0.09) --
------- ------- ------- ------- -------
Total distributions ..................... (0.40) (0.48) (6.52) (0.24) (0.15)
------- ------- ------- ------- -------
NET ASSET VALUE-- END OF PERIOD ............... $ 24.03 $ 22.50 $ 18.72 $ 20.56 $ 16.58
======= ======= ======= ======= =======
TOTAL RETURN .................................. 8.57% 23.25% 29.09% 25.67% 19.24%
RATIOS (TO AVERAGE NET ASSETS)/
SUPPLEMENTAL DATA:
Expenses:
Including expense limitations ........... 0.80% 0.80% 0.80% 0.80% 0.80%
Excluding expense limitations ........... 0.94% 0.91% 0.93% 0.94% 1.05%
Net investment income ...................... 0.40% 0.65% 0.81% 0.80% 1.34%
Portfolio turnover rate ....................... 11.52% 5.19% 93.08% 26.33% 16.95%
Net assets at end of period (000 omitted) ..... $127,812 $139,228 $110,052 $88,763 $66,137
<FN>
1 The expense and net investment income ratios for the fiscal years ending
June 30, 2000, 1999, 1998 and 1997 include expenses allocated from the WT
Investment Trust I - Large Cap Core Series (the "Series") and the portfolio
turnover reflects the investment activity of the Series.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD FOR THE PERIOD
FISCAL YEAR JANUARY 1, 1999 JUNE 29, 1998 1
SMALL CAP CORE PORTFOLIO -- ENDED THROUGH THROUGH
INSTITUTIONAL SHARES JUNE 30, 2000 2+ JUNE 30, 1999+ DECEMBER 31, 1998+
---------------- --------------- ------------------
<S> <C> <C> <C>
NET ASSET VALUE-- BEGINNING OF PERIOD .......................... $ 9.51 $ 9.36 $ 10.00
-------- ------- -------
INVESTMENT OPERATIONS:
Net investment income ....................................... -- 0.02 0.02
Net realized and unrealized gain (loss) on
investments .............................................. 3.50 0.13 (0.62)
-------- ------- -------
Total from investment operations ............................ 3.50 0.15 (0.60)
-------- ------- -------
DISTRIBUTIONS:
From net investment income .................................. (0.02) -- (0.02)
From net realized gain ...................................... (0.02) -- --
In excess of net realized gain .............................. -- -- (0.02)
-------- ------- -------
Total distributions ...................................... (0.04) 0.00 (0.04)
-------- ------- -------
NET ASSET VALUE-- END OF PERIOD ................................ $ 12.97 $ 9.51 $ 9.36
======== ======= =======
TOTAL RETURN ................................................... 36.93% 1.60%** (6.03)%**
RATIOS (TO AVERAGE NET ASSETS)/SUPPLEMENTAL DATA:
Expenses:
Including expense limitations ............................ 0.80% 0.80%* 0.80%*
Excluding expense limitations ............................ 0.91% 0.90%* 0.95%*
Net investment income ....................................... 0.02% 0.39%* 0.45%*
Portfolio turnover rate ........................................ 46.80% 7.42% 9.81%
Net assets at end of period (000 omitted) ...................... $103,456 $76,316 $82,156
<FN>
* Annualized.
** Not annualized.
1 Commencement of operations.
2 Effective November 1, 1999, the expense and net investment income ratios
include expenses allocated from the WT Investment Trust I - Small Cap Core
Series (the "Series") and the portfolio turnover reflects the investment
activity of the Series.
+ Effective November 1, 1999, the Rodney Square Small Cap Equity Portfolio
("Rodney Square Portfolio") was merged into the Wilmington Small Cap Core
Portfolio. The financial highlights for periods prior to November 1, 1999
reflect the performance history of the Rodney Square Portfolio.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD FOR THE PERIOD
FISCAL YEAR JANUARY 1, 1999 JUNE 29, 19981
INTERNATIONAL MULTI-MANAGER PORTFOLIO -- ENDED THROUGH THROUGH
INSTITUTIONAL SHARES JUNE 30, 2000 3+ JUNE 30, 1999+ DECEMBER 31, 1998+
---------------- --------------- ------------------
<S> <C> <C> <C>
NET ASSET VALUE-- BEGINNING OF PERIOD .......................... $ 10.03 $ 9.82 $ 10.00
------- ------- -------
INVESTMENT OPERATIONS:
Net investment income2 ...................................... 0.08 0.06 0.02
Net realized and unrealized gain (loss) on
investments and foreign currency ......................... 3.09 0.26 (0.09)
------- ------- -------
Total from investment operations ......................... 3.17 0.32 (0.07)
------- ------- -------
DISTRIBUTIONS:
From net investment income .................................. (0.06) -- --
From net realized gain ...................................... (0.66) (0.11) (0.11)
------- ------- -------
Total distributions ...................................... (0.72) (0.11) (0.11)
------- ------- -------
NET ASSET VALUE-- END OF PERIOD ................................ $ 12.48 $ 10.03 $ 9.82
======= ======= =======
TOTAL RETURN ................................................... 31.52% 3.29%** (0.70)%**
RATIOS (TO AVERAGE NET ASSETS)/SUPPLEMENTAL DATA:
Expenses:
Including expense limitations ............................ 1.00% 1.00%* 1.00%*
Excluding expense limitations ............................ 1.21% 1.19%* 1.10%*
Net investment income ....................................... 0.66% 1.86%* 0.46%*
Portfolio turnover rate ........................................ 78.24% 33.02% 27.66%
Net assets at end of period (000 omitted) ...................... $84,078 $69,401 $73,784
<FN>
* Annualized.
** Not annualized.
1 Commencement of operations.
2 The net investment income per share was calculated using the average share
outstanding method.
3 Effective November 1, 1999, the expense and net investment income ratios
include expenses allocated from the WT Investment Trust I - International
Multi-Manager Series (the "Series") and the portfolio turnover reflects the
investment activity of the Series.
+ Effective November 1, 1999, the Rodney Square International Equity Portfolio
("Rodney Square Portfolio") was merged into the Wilmington International
Multi-Manager Portfolio. The financial highlights for periods prior to
November 1, 1999 reflect the performance history of the Rodney Square
Portfolio.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD FOR THE PERIOD
FISCAL YEAR JANUARY 1, 1999 JUNE 29, 19981
LARGE CAP VALUE PORTFOLIO -- ENDED THROUGH THROUGH
INSTITUTIONAL SHARES JUNE 30, 2000 2,3+ JUNE 30, 1999+ DECEMBER 31, 1998+
------------------ --------------- ------------------
<S> <C> <C> <C>
NET ASSET VALUE-- BEGINNING OF PERIOD ......................... $ 9.82 $ 9.30 $ 10.00
------- ------- -------
INVESTMENT OPERATIONS:
Net investment income ...................................... 0.13 0.10 0.10
Net realized and unrealized gain (loss) on
investments ............................................. 0.50 0.42 (0.58)
------- ------- -------
Total from investment operations ........................ 0.63 0.52 (0.48)
------- ------- -------
DISTRIBUTIONS:
From net investment income ................................. (0.20) -- (0.10)
In excess of net realized gain ............................. -- -- (0.12)
------- ------- -------
Total distributions ..................................... (0.20) -- (0.22)
------- ------- -------
NET ASSET VALUE-- END OF PERIOD ............................... $ 10.25 $ 9.82 $ 9.30
======= ======= =======
TOTAL RETURN .................................................. 6.61% 5.59%** (4.79)%**
RATIOS (TO AVERAGE NET ASSETS)/SUPPLEMENTAL DATA:
Expenses
Including expense limitations ........................... 0.75% 0.75%* 0.75%*
Excluding expense limitations ........................... 0.97% 0.84%* 0.88%*
Net investment income ...................................... 1.06% 1.92%* 2.07%*
Portfolio turnover rate ....................................... 136.45% 25.14% 36.78%
Net assets at end of period (000 omitted) ..................... $64,272 $79,060 $93,780
<FN>
* Annualized.
** Not annualized.
1 Commencement of operations.
2 Effective November 1, 1999, the expense and net investment income ratios
include expenses allocated from the WT Investment Trust I - Large Cap Value
Series (the "Series") and the portfolio turnover reflects the investment
activity of the Series.
3 Effective November 1, 1999, Cramer Rosenthal McGlynn, LLC, assumed the
responsibility of Adviser to the Large Cap Value Series.
+ Effective November 1, 1999, the Rodney Square Large Cap Value Portfolio
("Rodney Square Portfolio") was merged into the Wilmington Large Cap Value
Portfolio. The financial highlights for periods prior to November 1, 1999
reflect the performance history of the Rodney Square Portfolio.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE FUND. Wilmington Large Cap Growth Portfolio, Wilmington
Large Cap Core Portfolio (formerly WT Broad Market Equity Portfolio),
Wilmington Small Cap Core Portfolio, Wilmington International Multi-Manager
Portfolio, and Wilmington Large Cap Value Portfolio (each a "Portfolio" and
collectively the "Portfolios") are series of WT Mutual Fund (the "Fund"). The
Fund is registered under the Investment Company Act of 1940 as an open-end
management investment company and was 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. These
financial statements and related notes pertain only to the Portfolios.
Information regarding other series of the Fund are contained in separate
reports to their shareholders.
The Portfolios currently offer two classes of shares: Investor Shares and
Institutional Shares. As of June 30, 2000, the Investor Shares have not
commenced operations.
Unlike other investment companies which directly acquire and manage their own
portfolio of securities, each Portfolio (effective November 1, 1999 with
respect to the Wilmington Large Cap Growth, Wilmington Small Cap Core,
Wilmington International Multi-Manager and Wilmington Large Cap Value
Portfolios) seeks to achieve its investment objective by investing all of its
investable assets in a corresponding series of WT Investment Trust I (the
"Series") having the same investment objective, policies and limitations as
the Portfolio. The performance of each Portfolio is directly affected by the
performance of its corresponding Series. The financial statements of the
Series, including their Schedules of Investments, are included elsewhere in
this report and should be read in conjunction with the Portfolios' financial
statements.
Information presented for periods prior to November 1, 1999, for the
Wilmington Large Cap Growth, Wilmington Small Cap Core, Wilmington
International Multi-Manager and Wilmington Large Cap Value Portfolios
reflects the operating results of predecessor mutual funds (see Note 5).
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies of the Portfolios:
VALUATION OF INVESTMENT IN SERIES. Valuation of each Portfolio's investment
in the Series is based on the underlying securities held by the Series. Each
Portfolio is allocated its portion of the Series' securities market value
based on its ownership interest in the Series. Valuation of securities held
by the Series is discussed in the notes to the Series' financial statements.
FEDERAL INCOME TAXES. Each Portfolio is treated as a separate entity for
Federal income tax purposes and intends to continue qualifying as a
"regulated investment company" under Subchapter M of the Internal Revenue
Code of 1986, as amended, and to distribute all of its income to its
shareholders. Therefore, no Federal income tax provision is required. At June
30, 2000, the Wilmington Large Cap Value Portfolio had $1,647,747 next tax
basis capital loss carryforwards to offset future capital gains which will
expire June 30, 2007.
DISTRIBUTIONS TO SHAREHOLDERS. Each Portfolio records its 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 the Portfolios are declared and
paid to shareholders annually.
21
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
NOTES TO THE FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
DEFERRED ORGANIZATION COSTS. Organization costs incurred by certain
Portfolios 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 accounting principles generally
accepted in the United States requires management to make estimates and
assumptions that affect the reported amounts 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 AND TRANSACTIONS. During the period July 1, 1999
through October 31, 1999, purchases and sales of investment securities
(excluding short-term investments) were as follows:
<TABLE>
<CAPTION>
LARGE CAP GROWTH SMALL CAP CORE INTERNATIONAL MULTI-MANAGER LARGE CAP VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------------- -------------- --------------------------- ---------------
<S> <C> <C> <C> <C>
Purchases ................ $43,845,908 $10,796,847 $14,625,367 $26,130,117
Sales .................... 52,215,069 16,373,944 16,259,188 37,782,624
</TABLE>
For the fiscal year ended June 30, 2000, contributions to and withdrawals
from the Series were as follows:
<TABLE>
<CAPTION>
LARGE CAP GROWTH LARGE CAP CORE SMALL CAP CORE INTERNATIONAL MULTI-MANAGER LARGE CAP VALUE
PORTFOLIO 1 PORTFOLIO PORTFOLIO 1 PORTFOLIO 1 PORTFOLIO1
---------------- -------------- -------------- --------------------------- ---------------
<S> <C> <C> <C> <C> <C>
Contributions ........... $259,475,928 $14,440,897 $95,126,611 $84,593,238 $79,403,657
Withdrawals ............. 43,291,544 36,841,804 18,022,186 15,390,625 19,083,480
<FN>
1 For the period November 1, 1999 through June 30, 2000.
</FN>
</TABLE>
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES. The investment adviser to the
Large Cap Core, Small Cap Core and International Multi-Manager Series is
Wilmington Trust Company ("WTC"). The investment adviser to the Large Cap
Growth and Large Cap Value Series is Roxbury Capital Management, LLC and
Cramer Rosenthal McGlynn, LLC, respectively. Advisory fees charged to the
Series are discussed in the notes to the Series' financial statements. Prior
to November 1, 1999, WTC served as investment adviser to the Rodney Square
Funds (see Note 5) under substantially similar terms.
PFPC Inc. ("PFPC"), an indirect wholly owned subsidiary of PNC Bank Corp., a
multi-bank holding company, provides administrative and accounting services
to the Fund.
PFPC also serves as transfer agent and dividend disbursing agent of the Fund
pursuant to a separate Transfer Agency Agreement with the Fund on behalf of
the Portfolios.
The investment advisers have agreed to reimburse 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 0.80% of average daily net assets for Large Cap Core Portfolio and Small
Cap Core Portfolio; 1.00% of average daily net assets for the International
Multi-Manager Portfolio; and 0.75% of average daily net assets for Large Cap
Value Portfolio and Large Cap Growth Portfolio. These undertakings will
remain in place until the Board of Trustees approves its termination.
22
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
NOTES TO THE FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
5. FUND MERGER. Effective November 1, 1999, the Wilmington Large Cap Growth
Portfolio, Wilmington Small Cap Core Portfolio, Wilmington International
Multi-Manager Portfolio, and Wilmington Large Cap Value Portfolio (the
"Wilmington Portfolios") acquired all of the assets and assumed all of the
liabilities of the Rodney Square Large Cap Growth Equity Portfolio, Rodney
Square Small Cap Equity Portfolio, Rodney Square International Equity
Portfolio, and Rodney Square Large Cap Value Equity Portfolio (the "Rodney
Square Funds"), respectively, each an open-end management company, pursuant
to separate Plans of Reorganization (the "Reorganizations"). The shareholders
of the Rodney Square Funds received shares of the respective Wilmington
Portfolios equal to the number and aggregate net asset value of their shares
in the Rodney Square Funds.
The Reorganizations were treated as non-taxable events and accordingly the
Wilmington Portfolios' basis in the securities acquired reflected the
historical cost basis as of the date of transfer. The net assets and net
unrealized appreciation (depreciation) of the Rodney Square Funds as of
November 1, 1999 were as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
NET ASSETS APPRECIATION (DEPRECIATION)
---------------- ---------------------------
<S> <C> <C>
Rodney Square Large Cap Growth Equity Portfolio $221,462,222 $65,419,417
Rodney Square Small Cap Equity Portfolio 71,848,799 14,895,478
Rodney Square International Equity Portfolio 73,299,652 12,748,767
Rodney Square Large Cap Value Equity Portfolio 62,066,508 1,665,218
</TABLE>
The Rodney Square Funds' investment objectives, policies and limitations were
identical to those of the respective Wilmington Portfolios, which had no
operations prior to November 1, 1999. For financial reporting purposes the
Rodney Square Funds' operating histories prior to the acquisitions are
reflected in the respective financial statements and financial highlights of
the Wilmington Portfolios.
6. TRANSFERS IN-KIND AND COMMENCEMENT OF NEW PORTFOLIOS. Effective June 29,
1998, the Wilmington Trust Growth Stock Fund ("Growth Stock Fund"), the
Wilmington Trust Value Stock Fund ("Value Stock Fund"), the Wilmington Trust
Small Cap Fund ("Small Cap Fund") and the Wilmington Trust International Fund
("International Fund"), each a Wilmington Trust Collective Investment Fund
("WTCIF"), transferred all of their net assets, including their securities,
to the Growth Portfolio, the Value Portfolio, the Small Cap Portfolio and the
International Portfolio, respectively. The shareholders of each WTCIF
received shares of the respective Portfolios based on the net assets
transferred divided by the net asset value of the respective Portfolio.
The transfer was conducted on a taxable basis with respect to the Growth
Stock Fund, whereby any unrealized appreciation or depreciation on the
securities on the date of transfer was recognized by the Growth Stock Fund
and the Growth Portfolio's basis in the securities reflect their market value
as of the date of transfer.
The transfer of securities was conducted on a tax-free basis with respect to
the Value Stock Fund, the Small Cap Fund and the International Fund, whereby
any unrealized appreciation or depreciation on the securities on the date of
transfer was not treated as a taxable event by the Value Stock Fund, Small
Cap Fund and the International Fund. The Value Portfolio's, the Small Cap
Portfolio's and the International Portfolio's basis in the securities reflect
their historical cost basis as of the date of transfer.
23
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
NOTES TO THE FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
The following table summarized the aforementioned transactions:
THE WILMINGTON TRUST COLLECTIVE INVESTMENT FUNDS
NET ASSET UNREALIZED
SHARES AT VALUE AT APPRECIATION
FUND NAME 6/28/98 6/28/98 AT 6/28/98
------------ --------- ------------ -------------
Growth Stock Fund 1,696,889 $113,362,975 $30,345,500
Value Stock Fund 2,046,297 94,708,383 7,428,141
Small Cap Fund 2,559,982 79,041,552 15,894,957
International Fund 2,152,552 63,534,185 10,359,785
THE RODNEY SQUARE STRATEGIC EQUITY FUND
COMBINED
SHARES NET ASSETS NAV
ISSUED IN AFTER PER
PORTFOLIO NAME EXCHANGE EXCHANGE SHARE
--------------- --------- ------------ ------
Growth Portfolio 4,749,182 $209,657,472 $23.87
Value Portfolio 9,470,838 94,708,383 10.00
Small Cap Portfolio 7,904,155 79,041,552 10.00
International Portfolio 6,353,419 63,534,185 10.00
24
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
REPORT OF INDEPENDENT AUDITORS
--------------------------------------------------------------------------------
REPORT OF ERNST &YOUNG LLP, 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 (Large Cap Growth, Large Cap Core, Small Cap Core, International
Multi-Manager and Large Cap Value Portfolios) (the "Portfolios") as of June 30,
2000, and the related statements of operations for the year then ended, the
statements of changes in net assets for each of the periods indicated therein,
the financial highlights for each of the periods indicated therein with respect
to the Large Cap Growth, Small Cap Core, International Multi-Manager and Large
Cap Value Portfolios, and the financial highlights for each of the two years in
the period ended June 30, 2000 with respect to the Large Cap Core Portfolio.
These financial statements and financial highlights are the responsibility of
the Portfolios' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The financial
highlights of the Large Cap Core Portfolio for the years ended June 30, 1996
through June 30, 1998 were audited by other auditors whose report dated July 31,
1998 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. 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 audits provide 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 at June 30, 2000, the results of their operations
for the year then ended, the changes in their net assets for each of the periods
indicated therein, the financial highlights for each of the periods indicated
therein with respect to the Large Cap Growth, Small Cap Core, International
Multi-Manager and Large Cap Value Portfolios, and the financial highlights for
each of the two years in the period ended June 30, 2000 with respect to the
Large Cap Core Portfolio, in conformity with accounting principles generally
accepted in the United States.
/S/ERNST & YOUNG LLP
Philadelphia, Pennsylvania
August 4, 2000
25
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
NOTICE TO SHAREHOLDERS
--------------------------------------------------------------------------------
TAX INFORMATION - (UNAUDITED)
Pursuant to Section 852 of the Internal Revenue Code of 1986, as amended, the
following Portfolios of the Fund paid a 20% capital gain distribution (from
net long-term capital gains) during the fiscal year ended June 30, 2000. The
following table summarizes the capital gain distributions:
TOTAL 20%
CAPITAL GAIN CAPITAL GAIN
PER SHARE DISTRIBUTION
------------ --------------
Large Cap Growth Portfolio $0.9323 $7,428,799
International Multi-Manager Portfolio 0.5832 3,676,543
Large Cap Core Portfolio 0.2065 1,134,866
For corporate shareholders, 100% of the ordinary income distributions
(dividend income plus short-term gains, if any) for the Wilmington Large Cap
Value, Large Cap Core, Small Cap Core and International Multi-Manager qualify
for the dividends-received deduction.
In January 2001, shareholders of the Fund will receive Federal income tax
information on all distributions paid to their accounts in the calendar year
2000, including any distributions paid between June 30, 2000 and December 31,
2000.
The information set forth below is for Wilmington International Portfolio
fiscal year as required by federal laws. Shareholders, however, must report
distributions on a calendar year basis for income tax purposes, which may
include distributions for portion fiscal years of a porffolio. Accordingly,
the information needed by shareholders for income tax purposes will be sent
to them in early 2001. Please consult your tax advisor for proper treatment
of this information.
GROSS GROSS
DIVIDEND TAX DIVIDEND TAX
Australia $0.0078 $0.0002 Japan $0.0102 $0.0016
Austria 0.0007 0.0001 Netherlands 0.0121 0.0015
Canada 0.0021 0.0002 New Zealand 0.0037 0.0006
Denmark 0.0012 0.0002 Portugal 0.0017 0.0002
Greece 0.0006 0.0000 Singapore 0.0004 0.0000
Finland 0.0055 0.0008 Philippines 0.0001 0.0000
Korea 0.0041 0.0004 Spain 0.0006 0.0001
France 0.0216 0.0024 Sweden 0.0060 0.0012
Germany 0.0133 0.0013 Switzerland 0.0067 0.0010
Hong Kong 0.0038 0.0000 Taiwan 0.0317 0.0003
Ireland 0.0072 0.0000 Great Britain 0.0403 0.0041
Israel 0.0001 0.0000 ------- -------
Italy 0.0070 0.0005 Total $0.1885 $0.0167
======= =======
26
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
-------------------------------------
NOTICE TO SHAREHOLDERS
--------------------------------------------------------------------------------
SPECIAL MEETINGS OF SHAREHOLDERS
Special meetings of the shareholders of the WT Mutual Fund was held on October
22, 1999 to vote on the following proposals:
(I) To approve or disapprove new investment advisory agreements;
(II) To consider the election of five persons to the Fund's Board of
Trustees;
(III) To approve or disapprove certain changes to each Portfolio's
fundamental investment limitations; and
(IV) To ratify the selection of Ernst & Young LLP as the Fund's independent
auditors for the fiscal year ending June 30, 2000.
FOR AGAINST ABSTAINED
----------- ------------ ------------
WT Mutual Fund
Broad Market Equity Portfolio
(I) 6,143,222 0 1,842
(II) 6,142,672 0 2,392
(III) 6,145,064 0 0
(IV) 6,143,222 0 1,842
27
<PAGE>
WILMINGTON FUNDS -- EQUITY SERIES
---------------------------------
ANNUAL REPORT / JUNE 30, 2000
--------------------------------------------------------------------------------
(The following pages should be read in conjunction with the
Portfolios' Financial Statements.)
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / WT LARGE CAP GROWTH SERIES
-------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000
(Showing Percentage of Total Value of Net Assets)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
COMMON STOCK -- 98.9%
COMMUNICATION & BROADCASTING -- 31.7%
AT&T Corp. - Liberty Media Group,
Class A* ................................... 592,000 $ 14,356,000
EchoStar Communications
Corporation* ............................... 252,000 8,343,562
General Motors Corporation,
Class H* ................................... 83,000 7,283,250
McLeodUSA, Inc., Class A* .................... 246,000 5,089,125
Nextlink Communications,
Inc.* ..................................... 172,000 6,525,250
Qwest Communications
International, Inc.* ....................... 275,000 13,664,062
Sprint Corp. ................................. 93,000 4,743,000
Viacom, Inc. (B Shares)* ..................... 238,700 16,276,356
Vodafone Airtouch PLC ........................ 118,000 4,889,625
Worldcom, Inc.* .............................. 149,000 6,835,375
------------
TOTAL COMMUNICATION & BROADCASTING ........................ 88,005,605
------------
FINANCE & INSURANCE -- 4.2%
SECURITIES DEALERS -- 4.2%
Goldman Sachs Group, Inc. .................... 59,000 5,597,625
Morgan Stanley Dean
Witter & Co. ............................... 72,000 5,994,000
------------
TOTAL FINANCE & INSURANCE ................................. 11,591,625
------------
MANUFACTURING -- 31.7%
COMPUTERS & OFFICE EQUIPMENT -- 3.6%
Intel Corp. .................................. 75,000 10,026,562
------------
ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES -- 3.1%
General Electric Co. ......................... 167,000 8,517,000
------------
ELECTRONICS -- 5.3%
Analog Devices, Inc.* ........................ 62,000 4,712,000
Texas Instruments, Inc. ...................... 147,000 10,097,062
------------
14,809,062
------------
PHARMACEUTICAL PREPARATIONS -- 4.9%
Amgen, Inc.* ................................. 115,000 8,078,750
Pharmacia Corp. .............................. 105,000 5,427,188
------------
13,505,938
------------
PRECISION INSTRUMENTS & MEDICAL SUPPLIES -- 2.1%
Medtronic, Inc. .............................. 117,000 5,828,062
------------
VALUE
SHARES (NOTE 2)
---------- ------------
TELECOMMUNICATIONS EQUIPMENT -- 12.7%
Nokia Corp., ADR ............................... 243,600 $ 12,164,775
Nortel Networks Corp. .......................... 160,800 10,974,600
VoiceStream Wireless Corp.* .................... 105,000 12,211,172
------------
35,350,547
------------
TEXTILES & APPAREL -- 0.0%
Valutron ....................................... 34,700 0
Valutron Distribution .......................... 12,200 0
------------
0
------------
TOTAL MANUFACTURING ......................................... 88,037,171
------------
SERVICES -- 19.4%
BUSINESS SERVICES -- 2.4%
American Express Co. ........................... 126,000 6,567,750
------------
COMPUTER SERVICES -- 17.0%
America Online, Inc.* .......................... 103,000 5,433,250
Cisco Systems, Inc.* ........................... 135,000 8,580,938
EMC Corp.* ..................................... 148,000 11,386,750
Oracle Corp.* .................................. 86,600 7,279,813
Sun Microsystems, Inc.* ........................ 130,000 11,821,875
Yahoo! Inc.* ................................... 21,700 2,688,088
------------
47,190,714
------------
TOTAL SERVICES .............................................. 53,758,464
------------
WHOLESALE & RETAIL TRADE -- 11.9%
MISCELLANEOUS RETAIL STORES -- 2.1%
Wal-Mart Stores, Inc. .......................... 101,000 5,820,125
------------
RETAIL APPAREL & ACCESSORY STORES -- 2.1%
Gap, Inc. ...................................... 189,000 5,906,250
------------
RETAIL BUILDING MATERIAL -- 4.1%
Home Depot, Inc. ............................... 226,500 11,310,844
------------
WHOLESALE STORES -- 3.6%
Costco Wholesale Corp.* ........................ 300,000 9,900,000
------------
TOTAL WHOLESALE & RETAIL TRADE .............................. 32,937,219
------------
TOTAL COMMON STOCK
(COST $227,287,529) ............................ 274,330,084
------------
The accompanying notes are an integral part of the financial statements.
29
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / WT LARGE CAP GROWTH SERIES
-------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
SHORT-TERM INVESTMENTS -- 1.1%
Samson Street Fund - Money
Market Portfolio ........................... 3,036,713 $ 3,036,713
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $3,036,713) ....................................... 3,036,713
------------
TOTAL INVESTMENTS -- 100.0%
(COST $230,324,242)+ ............................. 277,366,797
OTHER ASSETS AND
LIABILITIES, NET-- 0.0% .......................... 26,716
------------
NET ASSETS-- 100.0% ................................. $277,393,513
============
* Non-income producing security.
+ The cost for Federal income tax purposes. At June 30, 2000, net unrealized
appreciation was $47,042,556. This consisted of aggregate gross unrealized
appreciation for all securities for which there was an excess of market value
over tax cost of $66,175,180, and aggregate gross unrealized depreciation for
all securities for which there was an excess of tax cost over market value of
$19,132,625.
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
--------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000
(Showing Percentage of Total Value of Net Assets)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
COMMON STOCK -- 99.6%
COMMUNICATION & BROADCASTING -- 9.5%
Alltel Corp. ................................. 3,400 $ 210,587
AT&T Corp. ................................... 33,000 1,043,625
Bell Atlantic Corp. .......................... 16,000 813,000
BellSouth Corp. .............................. 20,900 890,862
Clear Channel Communications,
Inc.* ...................................... 4,100 307,500
Comcast Corp. (A Shares)* .................... 8,900 360,450
EchoStar Communications
Corp.* ..................................... 600 19,866
Global Crossing, Ltd.* ....................... 8,900 234,181
GTE Corp. .................................... 10,900 678,525
Mediaone Group* .............................. 7,300 486,362
Nextel Communications, Inc.
(A Shares)* ................................ 6,600 403,837
Qwest Communications
International, Inc.* ....................... 3,200 159,000
SBC Communications, Inc. ..................... 32,602 1,410,036
Sprint Corp. - FON Group ..................... 11,000 561,000
Sprint Corp. - PCS Group* .................... 9,000 535,500
Time Warner, Inc. ............................ 14,200 1,079,200
US West, Inc. ................................ 6,010 515,357
Viacom, Inc. (B Shares)* ..................... 17,000 1,159,187
Worldcom, Inc.* .............................. 29,200 1,339,550
------------
TOTAL COMMUNICATION & BROADCASTING ........................ 12,207,625
------------
COMPUTER SERVICES -- 7.4%
Adobe Systems, Inc. .......................... 1,300 169,000
Ariba, Inc.* ................................. 900 88,242
BMC Software, Inc.* .......................... 3,000 109,453
Citrix Systems, Inc.* ........................ 1,800 34,087
Computer Associates International,
Inc ........................................ 6,600 337,837
Computer Sciences Corp.* ..................... 1,900 141,906
Digex, Inc.* ................................. 800 54,350
Electronic Data Systems Corp. ................ 5,800 239,250
i2 Technologies, Inc.* ....................... 500 52,133
IMS Health, Inc. ............................. 4,400 79,200
Microsoft Corp.* ............................. 56,000 4,480,000
Oracle Corp.* ................................ 29,400 2,471,437
Siebel Systems, Inc.* ........................ 1,500 245,344
Teradyne, Inc.* .............................. 2,000 147,000
TIBCO Software, Inc.* ........................ 800 85,787
Verisign, Inc.* .............................. 300 52,950
VERITAS Software Corp.* ...................... 4,000 452,062
Xilinx, Inc.* ................................ 2,000 165,125
------------
TOTAL COMPUTER SERVICES ................................... 9,405,163
------------
VALUE
SHARES (NOTE 2)
---------- ------------
ELECTRIC, GAS & WATER UTILITIES -- 2.1%
American Electric Power Co.,
Inc ........................................ 4,180 $ 123,832
Consolidated Edison, Inc. .................... 3,000 88,875
CP& L Energy, Inc. ........................... 1,900 60,681
Dominion Resources, Inc. ..................... 2,800 120,050
Duke Energy Corp. ............................ 4,400 248,050
Edison International ......................... 6,000 123,000
El Paso Energy Corp. ......................... 3,000 152,812
Enron Corp. .................................. 8,000 516,000
Entergy Corp. ................................ 3,100 84,281
First Energy Corp. ........................... 2,900 67,787
FPL Group, Inc. .............................. 2,400 118,800
PECO Energy Co. .............................. 2,200 88,687
PG & E Corp. ................................. 5,600 137,900
Public Service Enterprise
Group ...................................... 3,000 103,875
Southern Co. ................................. 8,200 191,162
TXU Corp. .................................... 5,000 147,500
Williams Cos., Inc. .......................... 7,000 291,812
------------
TOTAL ELECTRIC, GAS & WATER UTILITIES ..................... 2,665,104
------------
FINANCE & INSURANCE -- 13.0%
HOSPITAL & MEDICAL SERVICE PLANS -- 0.3%
AON Corp. .................................... 3,350 104,059
HCA - The Healthcare Corp. ................... 2,000 60,750
UnitedHealth Group, Inc. ..................... 2,500 214,375
------------
379,184
------------
INSURANCE CARRIERS -- 4.2%
AFLAC, Inc. .................................. 3,300 151,594
Allstate Corp. ............................... 5,000 111,250
American General Corp. ....................... 3,200 195,200
American International Group,
Inc ........................................ 17,110 2,010,425
Chubb Corp. .................................. 2,500 153,750
CIGNA Corp. .................................. 2,100 196,350
Citigroup, Inc. .............................. 37,000 2,229,250
Hartford Financial Services Group,
Inc ........................................ 3,000 167,812
Jefferson - Pilot Corp. ...................... 1,400 79,012
Lincoln National Corp. ....................... 2,500 90,312
Progressive Corp. ............................ 900 66,656
------------
5,451,611
------------
The accompanying notes are an integral part of the financial statements.
31
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
--------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 2.0%
American Express Co. ......................... 15,300 $ 797,512
AmSouth Bancorp .............................. 4,100 64,575
Associates First Capital Corp.
(A Shares) ................................. 8,466 188,898
Fannie Mae ................................... 10,800 563,625
Freddie Mac .................................. 7,200 291,600
Household International, Inc. ................ 5,700 236,906
Paychex, Inc. ................................ 3,900 163,800
Providian Financial Corp. .................... 1,500 135,000
SLM Holding Corp. ............................ 2,100 78,619
Washington Mutual, Inc. ...................... 3,400 98,175
------------
2,618,710
------------
SECURITY & COMMODITY BROKERS, DEALERS & SERVICES -- 1.9%
Charles Schwab Corp. ......................... 17,000 571,625
Goldman Sachs Group, Inc. .................... 400 37,950
Lehman Brothers
Holdings, Inc. ............................. 1,100 104,019
Marsh & McLennan Cos., Inc. .................. 3,250 339,422
Merrill Lynch & Co., Inc. .................... 3,000 345,000
Morgan Stanley Dean
Witter & Co. ............................... 11,300 940,725
T. Rowe Price Associates, Inc. ............... 1,500 63,750
------------
2,402,491
------------
STATE & NATIONAL BANKS -- 4.6%
Bank of America Corp. ........................ 18,000 774,000
Bank of New York Co., Inc. ................... 8,900 413,850
Bank One Corp. ............................... 10,000 265,625
BB&T Corp. ................................... 3,400 81,175
Chase Manhattan Corp. ........................ 15,000 690,937
Comerica, Inc. ............................... 2,000 89,750
Fifth Third Bancorp .......................... 2,800 177,100
First Union Corp. ............................ 9,000 223,312
Firstar Corp. ................................ 11,500 242,219
Fleet Boston Financial Corp. ................. 10,000 340,000
J.P. Morgan & Co., Inc. ...................... 2,000 220,250
KeyCorp ...................................... 5,700 100,462
MBNA Corp. ................................... 8,950 242,769
Mellon Financial Corp. ....................... 6,400 233,200
National City Corp. .......................... 5,600 95,550
Northern Trust Corp. ......................... 2,800 182,175
PNC Financial Services Group ................. 3,000 140,625
Regions Financial Corp. ...................... 2,300 45,712
State Street Corp. ........................... 2,000 212,125
Suntrust Banks, Inc. ......................... 3,000 137,062
U.S. Bancorp ................................. 7,000 134,750
VALUE
SHARES (NOTE 2)
---------- ------------
Wachovia Corp. ............................... 2,000 $ 108,500
Wells Fargo Co. .............................. 18,000 697,500
------------
5,848,648
------------
TOTAL FINANCE & INSURANCE ................................. 16,700,644
------------
MANUFACTURING -- 52.3%
AIRCRAFT & AEROSPACE -- 0.9%
B.F. Goodrich Co. ............................ 1,300 44,281
Boeing Co. ................................... 8,900 372,131
General Dynamics Corp. ....................... 2,600 135,850
Honeywell International, Inc. ................ 9,000 303,187
United Technologies Corp. .................... 5,400 317,925
------------
1,173,374
------------
BIOTECHNOLOGY -- 0.2%
Biogen, Inc.* ................................ 1,500 96,750
Genentech, Inc. .............................. 400 68,800
Immunex Corp.* ............................... 1,000 49,438
------------
214,988
------------
CHEMICAL & ALLIED PRODUCTS-- 1.6%
Amgen, Inc.* ................................. 13,800 969,450
Dow Chemical Co. ............................. 8,700 262,631
Dupont (E.I.) de
Nemours & Co. .............................. 12,000 525,000
PPG Industries, Inc. ......................... 2,400 106,350
Rohm & Haas Co. .............................. 2,300 79,350
Union Carbide Corp. .......................... 1,550 76,725
------------
2,019,506
------------
COMPUTERS & OFFICE EQUIPMENT -- 15.0%
Ancor Communications, Inc.* .................. 1,000 35,766
Apple Computer, Inc.* ........................ 3,400 178,075
Brocade Communications
Systems, Inc.* ............................. 500 91,742
Cisco Systems, Inc.* ......................... 71,000 4,512,937
Compaq Computer Corp. ........................ 17,800 455,012
Dell Computer Corp.* ......................... 26,250 1,294,453
EMC Corp.* ................................... 22,000 1,692,625
Foundry Networks, Inc.* ...................... 1,000 110,500
Gateway, Inc.* ............................... 3,400 192,950
Hewlett - Packard Co. ........................ 10,200 1,273,725
Intel Corp. .................................. 34,600 4,625,587
International Business Machines
Corp ....................................... 19,500 2,136,469
Juniper Networks, Inc.* ...................... 800 116,450
Lexmark International Group,
Inc. (A Shares)* ........................... 800 53,800
The accompanying notes are an integral part of the financial statements.
32
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
--------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
Micron Technology, Inc.* ..................... 2,800 $ 246,575
Network Appliance, Inc.* ..................... 3,700 297,850
Pitney Bowes, Inc. ........................... 2,000 80,000
QLogic Corp.* ................................ 2,000 132,125
Redback Networks, Inc.* ...................... 400 71,200
Sun Microsystems, Inc.* ...................... 16,500 1,500,469
Xerox Corp. .................................. 4,700 94,000
------------
19,192,310
------------
CONSUMER PRODUCTS -- 1.7%
Colgate - Palmolive Co. ...................... 7,000 419,125
Gillette Co. ................................. 13,000 454,187
Kimberly - Clark Corp. ....................... 7,000 401,625
Procter & Gamble Co. ......................... 13,000 744,250
Ralston Purina Group ......................... 4,900 97,694
------------
2,116,881
------------
ELECTRONICS -- 0.8%
Agilent Technologies, Inc.* .................. 3,890 286,887
General Motors Corp.
(H Shares)* ................................ 1,848 162,162
Johnson Controls, Inc. ....................... 900 46,181
Linear Technology Corp. ...................... 2,000 127,875
Maxim Integrated
Products, Inc. ............................. 1,000 67,937
PE Corp. - PE Biosystems
Group ...................................... 2,000 131,750
Solectron Corp.* ............................. 5,600 234,500
------------
1,057,292
------------
FOOD & BEVERAGE -- 3.5%
Anheuser - Busch Cos., Inc. .................. 4,900 365,969
Campbell Soup Co. ............................ 5,500 160,188
Coca-Cola Co. ................................ 27,900 1,602,506
General Mills, Inc. .......................... 4,000 153,000
Heinz (H.J.) Co. ............................. 4,500 196,875
Kellogg Co. .................................. 4,200 124,950
Nabisco Holdings Corp.
(A Shares) ................................. 1,000 52,500
PepsiCo, Inc. ................................ 14,900 662,119
Quaker Oats Co. .............................. 2,700 202,838
Sara Lee Corp. ............................... 11,400 220,163
Sysco Corp. .................................. 4,600 193,775
The Seagram Co., Ltd. ........................ 4,700 272,600
Unilever NV .................................. 6,685 287,455
------------
4,494,938
------------
VALUE
SHARES (NOTE 2)
---------- ------------
IRON & STEEL -- 0.1%
Allegheny Technologies, Inc. ................. 1,400 $ 25,200
Nucor Corp. .................................. 1,400 46,463
------------
71,663
------------
MISC. ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES -- 4.4%
Emerson Electric Co. ......................... 5,300 319,988
General Electric Co. ......................... 104,700 5,339,700
------------
5,659,688
------------
MISC. INDUSTRIAL MACHINERY & EQUIPMENT -- 0.5%
Baker Hughes, Inc. ........................... 2,200 70,400
Caterpillar, Inc. ............................ 3,500 118,563
Deere & Co. .................................. 3,200 118,400
Dover Corp. .................................. 3,000 121,688
Illinois Tool Works, Inc. .................... 3,000 171,000
Ingersoll Rand Co. ........................... 2,200 88,550
------------
688,601
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 1.1%
Black & Decker Corp. ......................... 1,600 62,900
Danaher Corp. ................................ 1,600 79,100
Minnesota Mining &
Manufacturing Co. .......................... 4,000 330,000
Tyco International, Ltd. ..................... 19,000 900,125
------------
1,372,125
------------
OIL FIELD MACHINERY & EQUIPMENT-- 0.5%
Schlumberger, Ltd. ........................... 6,400 477,600
Transocean Sedco Forex, Inc. ................. 2,239 119,647
------------
597,247
------------
PACKAGING & CONTAINERS -- 0.0%
Sealed Air Corp.* ............................ 1,300 68,088
------------
PAPER & PAPER PRODUCTS -- 0.3%
Fort James Corp. ............................. 2,500 57,813
Georgia - Pacific Corp. ...................... 1,900 49,875
International Paper Co. ...................... 5,000 149,063
Weyerhaeuser Co. ............................. 2,600 111,800
Willamette Industries, Inc. .................. 1,200 32,700
------------
401,251
------------
PHARMACEUTICAL PREPARATIONS-- 10.0%
Abbott Laboratories .......................... 16,900 753,106
American Home Products Corp. ................. 14,000 822,500
Bristol - Meyers Squibb Co. .................. 21,000 1,223,250
The accompanying notes are an integral part of the financial statements.
33
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
--------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
Cardinal Health, Inc. ........................ 3,000 $ 222,000
Eli Lilly & Co. .............................. 11,700 1,168,538
Johnson & Johnson Co. ........................ 15,700 1,599,438
MedImmune, Inc.* ............................. 1,500 111,000
Merck & Co., Inc. ............................ 25,500 1,953,938
Pfizer, Inc. ................................. 68,500 3,288,000
Pharmacia Corp. .............................. 14,759 762,856
Schering - Plough Corp. ...................... 16,700 843,350
------------
12,747,976
------------
PHOTOGRAPHIC EQUIPMENT & SUPPLIES -- 0.1%
Eastman Kodak Co. ............................ 1,900 113,050
------------
PRECISION INSTRUMENTS & MEDICAL SUPPLIES -- 0.8%
Baxter International, Inc. ................... 2,300 161,719
Guidant Corp.* ............................... 3,300 163,350
Medtronic, Inc. .............................. 14,000 697,375
------------
1,022,444
------------
PRINTING & PUBLISHING -- 0.4%
Gannett Co., Inc. ............................ 3,600 215,325
McGraw - Hill Cos., Inc. ..................... 2,500 135,000
New York Times Co. ........................... 2,500 98,750
Tribune Co. .................................. 3,100 108,500
------------
557,575
------------
SEMICONDUCTORS -- 2.6%
Analog Devices, Inc. ......................... 2,600 197,600
Applied Materials, Inc.* ..................... 7,400 670,625
Applied Micro Circuits Corp.* ................ 500 49,375
Broadcom Corp. Class A* ...................... 2,500 547,344
Conexant Systems, Inc.* ...................... 2,700 131,288
KLA - Tencor Corp.* .......................... 2,000 117,125
LSI Logic Corp.* ............................. 4,000 216,500
PMC - Sierra, Inc.* .......................... 200 35,538
Texas Instruments, Inc. ...................... 19,800 1,360,013
------------
3,325,408
------------
TELECOMMUNICATIONS EQUIPMENT -- 6.5%
ADC Telecommunications,
Inc. * ..................................... 4,000 335,500
Altera Corp.* ................................ 2,000 203,875
Avanex Corp.* ................................ 500 47,750
Comverse Technology, Inc.* ................... 1,500 139,500
Corning, Inc. ................................ 2,800 755,650
JDS Uniphase Corp.* .......................... 2,000 239,750
Lucent Technologies, Inc. .................... 35,850 2,124,113
Metromedia Fiber Network,
Inc. (A Shares)* ........................... 1,500 59,531
VALUE
SHARES (NOTE 2)
---------- ------------
Motorola, Inc. ............................... 27,750 $ 806,484
Nokia Corp. ADR .............................. 4,000 199,750
Nortel Networks Corp.
(Holding Co.) .............................. 30,000 2,047,500
Qualcomm, Inc.* .............................. 8,000 480,000
Scientific Atlanta, Inc. ..................... 2,200 163,900
SDL, Inc.* ................................... 200 57,038
Sycamore Networks, Inc.* ..................... 700 77,263
Tellabs, Inc.* ............................... 7,000 479,063
VoiceStream Wireless Corp.* .................. 500 58,148
------------
8,274,815
------------
TEXTILES & APPAREL -- 0.1%
Nike, Inc. ................................... 4,000 159,250
------------
TOBACCO -- 0.3%
Philip Morris Cos., Inc. ..................... 17,000 451,563
------------
TRANSPORTATION EQUIPMENT -- 0.9%
Delphi Automotive
Systems Corp.* ............................. 6,220 91,356
Ford Motor Co. ............................... 11,000 473,000
General Motors Corp. ......................... 5,264 305,641
Harley-Davidson, Inc. ........................ 3,300 127,050
Rockwell International Corp. ................. 2,000 63,000
Textron, Inc. ................................ 2,000 108,625
Visteon Corp.* ............................... 1,440 17,463
------------
1,186,135
------------
TOTAL MANUFACTURING ....................................... 66,966,168
------------
MINING -- 5.4%
ALUMINUM -- 0.3%
Alcan Aluminum, Ltd. ......................... 2,900 89,900
Alcoa, Inc. .................................. 11,000 319,000
------------
408,900
------------
CRUDE PETROLEUM & NATURAL GAS-- 1.8%
Anadarko Petroleum Corp. ..................... 2,000 98,625
Apache Corp. ................................. 1,600 94,100
Burlington Resources, Inc. ................... 3,000 114,750
Conoco, Inc. ................................. 7,100 156,200
Halliburton Co. .............................. 6,000 283,125
Phillips Petroleum Co. ....................... 2,800 141,925
Royal Dutch Petroleum Co. .................... 23,000 1,415,938
------------
2,304,663
------------
The accompanying notes are an integral part of the financial statements.
34
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
--------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
PETROLEUM REFINING -- 3.3%
Chevron Corp. ................................ 7,400 $ 627,613
Coastal Corp. ................................ 2,700 164,363
Exxon Mobil Corp. ............................ 37,400 2,938,238
Texaco, Inc. ................................. 6,800 362,100
USX - Marathon Group ......................... 3,700 92,731
------------
4,185,045
------------
TOTAL MINING .............................................. 6,898,608
------------
SERVICES -- 3.4%
AMUSEMENT & RECREATIONAL SERVICES -- 0.8%
Carnival Corp. ............................... 7,600 148,200
Walt Disney Co. .............................. 23,400 908,213
------------
1,056,413
------------
BUSINESS SERVICES -- 0.8%
Automatic Data Processing,
Inc ........................................ 7,000 374,938
First Data Corp. ............................. 5,700 282,863
Interpublic Group of Cos., Inc. .............. 3,100 133,300
MBIA, Inc. ................................... 1,100 53,006
Omnicom Group, Inc. .......................... 2,000 178,125
------------
1,022,232
------------
HOTELS, OTHER LODGING PLACES -- 0.1%
Marriott International, Inc.
(A Shares) ................................. 3,200 115,400
------------
INTERNET SERVICES -- 1.7%
America Online, Inc.* ........................ 25,060 1,321,915
Exodus Communications, Inc.* ................. 1,200 55,275
Inktomi Corp.* ............................... 500 59,125
Yahoo! Inc.* ................................. 5,400 668,925
------------
2,105,240
------------
SANITARY SERVICES -- 0.0%
Ecolab, Inc. ................................. 1,400 54,688
------------
TOTAL SERVICES ............................................ 4,353,973
------------
TRANSPORTATION -- 0.6%
Burlington Northern Santa Fe ................. 6,000 137,625
CSX Corp. .................................... 2,800 59,325
Delta Air Lines, Inc. ........................ 1,900 96,069
Fedex Corp.* ................................. 3,800 144,400
Norfolk Southern Corp. ....................... 4,800 71,400
Southwest Airlines ........................... 6,775 128,302
Union Pacific Corp. .......................... 3,200 119,000
------------
TOTAL TRANSPORTATION ...................................... 756,121
------------
VALUE
SHARES (NOTE 2)
---------- ------------
WHOLESALE & RETAIL TRADE -- 5.9%
MISCELLANEOUS RETAIL STORES-- 3.1%
Best Buy, Inc.* .............................. 2,200 $ 139,150
CVS Corp. .................................... 4,600 184,000
Dollar General Corp. ......................... 3,312 64,584
Family Dollar Stores, Inc. ................... 1,900 37,169
Linens `N Things, Inc.* ...................... 1,500 40,688
O'Reilly Automotive, Inc.* ................... 1,800 24,975
Staples, Inc.* ............................... 4,950 76,106
Target Corp. ................................. 5,600 324,800
Wal - Mart Stores, Inc. ...................... 48,000 2,766,000
Walgreen Co. ................................. 10,500 337,969
------------
3,995,441
------------
RETAIL APPAREL & ACCESSORY STORES -- 0.5%
Gap, Inc. .................................... 9,000 281,250
Kohls Corp. * ................................ 3,600 200,250
Limited, Inc. ................................ 5,000 108,125
TJX Cos., Inc. ............................... 3,800 71,250
------------
660,875
------------
RETAIL BUILDING MATERIAL-- 1.1%
Home Depot, Inc. ............................. 25,000 1,248,438
Lowe's Cos., Inc. ............................ 4,500 184,781
------------
1,433,219
------------
RETAIL EATING & DRINKING PLACES -- 0.5%
McDonald's Corp. ............................. 16,500 543,469
------------
RETAIL-FAMILY CLOTHING STORES -- 0.1%
Federated Department
Stores, Inc.* .............................. 2,700 91,125
May Department Stores Co. .................... 3,000 72,000
------------
163,125
------------
RETAIL-FOOD STORES -- 0.4%
Albertson's, Inc. ............................ 5,331 177,256
Kroger Co.* .................................. 7,800 172,088
Safeway, Inc. ................................ 3,000 135,375
------------
484,719
------------
WHOLESALE - MISCELLANEOUS-- 0.2%
Costco Wholesale Corp.* ...................... 4,500 148,500
Masco Corp. .................................. 4,400 79,475
------------
227,975
------------
TOTAL WHOLESALE & RETAIL TRADE ............................ 7,508,823
------------
TOTAL COMMON STOCK
(COST $78,003,519) ........................... 127,462,229
------------
The accompanying notes are an integral part of the financial statements.
35
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
--------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
SHORT-TERM INVESTMENTS -- 0.4%
Samson Street Fund - Money
Market ..................................... 540,964 $ 540,964
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $540,964) .............................. 540,964
------------
TOTAL INVESTMENTS -- 100.0%
(COST $78,544,483)+ .............................. 128,003,193
------------
OTHER ASSETS AND
LIABILITIES, NET-- (0.0%) ........................ (40,936)
------------
NET ASSETS-- 100.0% ................................. $127,962,257
============
* Non-income producing security.
+ The cost for Federal income tax purposes was $78,551,815. At June 30, 2000,
net unrealized appreciation was $49,451,378. This consisted of aggregate gross
unrealized appreciation for all securities for which there was an excess of
market value over tax cost of $54,375,226, and aggregate gross unrealized
depreciation for all securities for which there was an excess of tax cost over
market value of $4,923,848.
The accompanying notes are an integral part of the financial statements.
36
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / SMALL CAP CORE SERIES
--------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000
(Showing Percentage of Total Value of Net Assets)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
COMMON STOCK -- 89.9%
COMMUNICATION & BROADCASTING -- 3.5%
Citadel Communications
Corp.* ..................................... 18,000 $ 628,875
Emmis Communications
Corporation, Class A* ...................... 20,000 827,500
Primus Telecommunications
Group, Inc.* ............................... 20,000 497,500
Saga Communications, Inc.* ................... 37,500 825,000
True North Communications, Inc. .............. 10,000 425,625
Wink Communications, Inc.* ................... 10,000 305,000
------------
TOTAL COMMUNICATION & BROADCASTING ........................ 3,509,500
------------
COMPUTER SERVICES -- 12.2%
Akamai Technologies, Inc.* ................... 675 80,146
Aspen Technology, Inc.* ...................... 20,000 770,000
Brocade Communications
Systems, Inc.* ............................. 8,000 1,467,875
Clarus Corp.* ................................ 5,000 194,375
Cysive, Inc.* ................................ 10,400 248,300
Digital Island, Inc.* ........................ 25,000 1,215,625
Emulex Corp.* ................................ 6,400 420,400
Eprise Corp.* ................................ 20,000 328,750
Factset Research Systems, Inc. ............... 76,600 2,202,250
Fiserv, Inc. * ............................... 34,500 1,492,125
Gric Communications, Inc.* ................... 20,000 358,750
Homestore.com, Inc.* ......................... 45,300 1,322,194
Igate Capital Corp.* ......................... 26,200 360,250
ITXC Corp.* .................................. 10,000 354,062
Kana Communications, Inc.* ................... 8,300 513,562
Marchfirst, Inc.* ............................ 5,500 100,375
Proxicom, Inc.* .............................. 5,600 268,100
SunGard Data Systems, Inc.* .................. 20,000 620,000
Sycamore Networks, Inc.* ..................... 2,148 237,085
------------
TOTAL COMPUTER SERVICES ................................... 12,554,224
------------
ELECTRIC, GAS & WATER UTILITIES -- 0.5%
NSTAR ........................................ 10,815 440,035
------------
TOTAL ELECTRIC, GAS & WATER UTILITIES ..................... 440,035
------------
FINANCE & INSURANCE -- 3.4%
INSURANCE CARRIERS -- 1.3%
Delphi Financial Group, Inc.
(A Shares)* ................................ 5,202 176,543
Medical Assurance, Inc.* ..................... 11,550 129,937
Protective Life Corp. ........................ 19,200 511,200
RenaissanceRe Holdings Ltd. .................. 11,238 489,555
------------
1,307,235
------------
VALUE
SHARES (NOTE 2)
---------- ------------
SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 0.8%
Affiliated Managers
Group, Inc.* ............................... 19,000 $ 840,750
------------
SECURITY & COMMODITY BROKERS, DEALERS & SERVICES -- 0.3%
Waddell & Reed
Financial, Inc. ............................ 7,500 246,094
------------
STATE & NATIONAL BANKS -- 1.0%
Commonwealth Bancorp, Inc. ................... 46,900 556,937
North Fork Bancorp, Inc. ..................... 33,000 499,125
------------
1,056,062
------------
TOTAL FINANCE & INSURANCE ................................. 3,450,141
------------
MANUFACTURING -- 33.0%
AIRCRAFT & AEROSPACE -- 2.2%
The Titan Corporation* ....................... 25,000 1,118,750
Triumph Group, Inc.* ......................... 42,000 1,170,750
------------
2,289,500
------------
AUTOMOTIVE EQUIPMENT -- 0.7%
Borg-Warner Automotive, Inc. ................. 20,500 720,062
------------
CHEMICAL & ALLIED PRODUCTS -- 1.5%
Cambrex Corp. ................................ 35,000 1,575,000
------------
COMPUTERS & OFFICE EQUIPMENT-- 7.0%
Foundry Networks, Inc.* ...................... 736 81,328
Hyperion Solutions, Corp.* ................... 42,750 1,386,703
Qlogic Corp.* ................................ 53,000 3,501,312
Rambus, Inc.* ................................ 21,600 2,224,800
------------
7,194,143
------------
ELECTRONICS -- 4.6%
Astropower, Inc.* ............................ 10,000 271,250
Burr-Brown Corp.* ............................ 37,462 3,247,530
Lattice Semiconductor Corp.* ................. 18,000 1,244,250
------------
4,763,030
------------
LIGHTING FIXTURES -- 0.7%
Advanced Lighting
Technologies, Inc.* ........................ 40,300 745,550
------------
MANUFACTURED HOMES -- 0.6%
Centex Corp. ................................. 7,000 164,500
Pulte Corp. .................................. 9,000 194,625
Toll Brothers, Inc.* ......................... 10,000 205,000
------------
564,125
------------
MISC. ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES -- 1.4%
Teleflex, Inc. ............................... 40,000 1,482,500
------------
The accompanying notes are an integral part of the financial statements.
37
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--------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
MISC. INDUSTRIAL MACHINERY & EQUIPMENT -- 1.8%
Circor International, Inc. ..................... 9,300 $ 76,144
Cognex Corp. * ................................. 18,800 972,900
IDEX Corp. ..................................... 27,100 855,344
------------
1,904,388
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 1.0%
Harman International Industries ................ 16,910 1,031,510
------------
PRECISION INSTRUMENTS & MEDICAL SUPPLIES -- 2.9%
Aclara Biosciences, Inc.* ...................... 1,000 50,937
Closure Medical Corp.* ......................... 25,000 575,000
Cryolife, Inc.* ................................ 46,000 1,058,000
Mentor Corp. ................................... 28,000 761,250
Theragenics Corp.* ............................. 64,000 548,000
------------
2,993,187
------------
TELECOMMUNICATIONS EQUIPMENT-- 8.6%
Anadigics, Inc.* ............................... 22,650 771,516
Avanex Corp.* .................................. 400 38,200
Black Box Corp.* ............................... 8,700 688,795
Gilat Satellite Networks* ...................... 5,000 346,875
Harmonic, Inc.* ................................ 4,000 99,000
SDL, Inc.* ..................................... 24,200 6,901,537
------------
8,845,923
------------
TOTAL MANUFACTURING ......................................... 34,108,918
------------
OIL & GAS -- 3.5%
OIL & GAS EXPLORATION -- 3.5%
Core Laboratories NV* .......................... 20,000 580,000
Devon Energy Corp. ............................. 15,000 842,812
Nabors Industries, Inc.* ....................... 28,597 1,188,563
Tesoro Petroleum* .............................. 96,100 973,012
------------
TOTAL OIL & GAS ............................................. 3,584,387
------------
PHARMACEUTICAL PREPARATIONS -- 10.8%
Alkermes, Inc.* ................................ 20,000 942,500
Collagenex Pharmaceuticals* .................... 30,000 281,250
CV Therapeutics, Inc.* ......................... 10,000 693,125
Enzon, Inc.* ................................... 10,000 425,000
Guilford Pharmaceuticals, Inc.* ................ 30,000 451,875
Ilex Oncology, Inc.* ........................... 19,000 669,750
Invitrogen Corp.* .............................. 15,000 1,128,047
Progenics Pharmaceuticals, Inc.* ............... 20,000 285,000
Protein Design Lab, Inc.* ...................... 20,000 3,299,063
QLT , Inc.* .................................... 10,000 773,125
Shire Pharmaceuticals Group* ................... 20,000 1,037,500
Tanox, Inc.* ................................... 15,000 709,688
Tularik, Inc.* ................................. 15,000 442,500
------------
TOTAL PHARMACEUTICAL PREPARATIONS ........................... 11,138,423
------------
VALUE
SHARES (NOTE 2)
---------- ------------
REAL ESTATE INVESTMENT TRUSTS -- 1.6%
Developers Diversified
Realty Corp. ................................. 30,700 $ 458,581
Health Care Property
Investors, Inc. .............................. 15,834 431,477
Kilroy Realty Corp. ............................ 25,300 656,219
------------
TOTAL REAL ESTATE INVESTMENT TRUSTS ......................... 1,546,277
------------
SERVICES -- 10.8%
AMUSEMENT & RECREATIONAL SERVICES -- 1.5%
International Speedway Corp.
(A Shares) ................................... 21,500 889,563
Speedway Motorsports, Inc.* .................... 25,000 575,000
------------
1,464,563
------------
BUSINESS SERVICES -- 6.0%
Acxiom Corp.* .................................. 64,700 1,763,075
AppNet Systems, Inc.* .......................... 14,000 504,000
Diamond Technology
Partners, Inc.* .............................. 7,500 660,000
FairMarket, Inc.* .............................. 400 2,825
Quanta Services, Inc.* ......................... 30,000 1,650,000
The Profit Recovery Group
International, Inc.* ......................... 97,500 1,620,938
------------
6,200,838
------------
MEDICAL & HEALTH SERVICES -- 0.8%
Orthodontic Centers of
America, Inc.* ............................... 37,000 837,125
------------
PERSONAL SERVICES -- 2.5%
F.Y.I., Inc.* .................................. 10,200 343,613
ITT Educational
Services, Inc.* .............................. 25,000 439,063
Shurgard Storage Centers,
Inc .......................................... 18,200 409,500
Source Information
Management Co.* .............................. 90,000 1,372,500
------------
2,564,676
------------
TOTAL SERVICES .............................................. 11,067,202
------------
TRANSPORTATION -- 1.0%
Sea Containers, Ltd. ........................... 25,544 539,617
USFreightways Corp. ............................ 15,000 368,438
------------
TOTAL TRANSPORTATION ........................................ 908,055
------------
The accompanying notes are an integral part of the financial statements.
38
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INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
WHOLESALE & RETAIL TRADE -- 9.6%
MISCELLANEOUS RETAIL STORES-- 0.9%
O'Reilly Automotive, Inc.* ................... 76,800 $ 1,065,600
------------
RETAIL APPAREL & ACCESSORY STORES -- 3.7%
Linens `N Things, Inc.* ...................... 75,200 2,039,800
Zale Corp.* .................................. 53,000 1,934,500
------------
3,974,300
------------
RETAIL BUILDING MATERIAL-- 0.3%
Hughes Supply, Inc. .......................... 19,300 381,175
------------
RETAIL EATING & DRINKING PLACES -- 1.1%
Buca, Inc.* .................................. 80,000 1,250,000
Checkers Drive-In
Restaurants* ............................... 3,093 290
------------
1,250,290
------------
RETAIL FURNITURE & APPLIANCE STORES -- 2.5%
Williams Sonoma, Inc.* ....................... 84,000 2,724,750
------------
WHOLESALE - CHEMICALS & DRUGS -- 0.4%
AmeriSource Health Corp.
(A Shares)* ................................ 15,000 465,000
------------
VALUE
SHARES (NOTE 2)
---------- ------------
WHOLESALE - FOOD & BEVERAGE -- 0.7%
Beringer Wine Estates Holdings,
Inc., Class B* ............................. 25,000 $ 882,813
------------
TOTAL WHOLESALE & RETAIL TRADE ............................ 10,743,928
------------
TOTAL COMMON STOCK
(COST $59,013,085) ........................... 93,051,090
------------
SHORT-TERM INVESTMENTS -- 9.7%
Samson Street Fund - Money
Market Portfolio ........................... 5,141,267 5,141,267
Temp Cash Fund -
Dollar Series .............................. 4,863,169 4,863,169
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $10,004,436) ........................... 10,004,436
------------
TOTAL INVESTMENTS -- 99.6%
(COST $69,017,521)+ .............................. 103,055,526
OTHER ASSETS AND
LIABILITIES, NET-- 0.4% .......................... 429,773
------------
NET ASSETS-- 100.0% ................................. $103,485,299
============
* Non-income producing security.
+ The cost for Federal income tax purposes. At June 30, 2000, net unrealized
appreciation was $34,038,005. This consisted of aggregate gross unrealized
appreciation for all securities for which there was an excess of market value
over tax cost of $39,267,119, and aggregate gross unrealized depreciation for
all securities for which there was an excess of tax cost over market value of
$5,229,114.
The accompanying notes are an integral part of the financial statements.
39
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---------------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000
(Showing Percentage of Total Value of Net Assets)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
COMMON STOCK -- 93.0%
AUSTRALIA -- 1.9%
Broken Hill Proprietary Co., Ltd.
(Metals-Non-Ferrous) ....................... 42,922 $ 508,982
National Australia Bank, Ltd.
(Banking) .................................. 19,070 319,433
News Corp., Ltd., ADR
(Broadcasting & Publishing) ................ 8,400 457,800
Publishing & Broadcasting, Ltd.
(Broadcasting & Publishing) ................ 7,680 59,254
WMC, Ltd. (Metals-
Non-Ferrous) ............................... 31,000 139,095
Woodside Petroleum, Ltd.
(Energy Sources) ........................... 11,100 86,641
-----------
TOTAL AUSTRALIA ........................................... 1,571,205
-----------
AUSTRIA -- 0.2%
OMV AG (Energy Sources) ...................... 1,840 160,506
-----------
TOTAL AUSTRIA ............................................. 160,506
-----------
BRAZIL -- 0.2%
Companhia Vale do Rio Doce
(Metals-Non-Ferrous)* ...................... 3,200 0
Telesp - Telecommunications de Sao
Paulo SA, ADR
(Telecommunications) ....................... 11,200 207,200
-----------
TOTAL BRAZIL .............................................. 207,200
-----------
CANADA -- 2.2%
Canadian National Railway Co.
(Transportation-Road &
Rail) ...................................... 6,200 180,962
Nortel Networks Corp.
(Telecommunication
Equipment) ................................. 3,300 228,735
Nortel Networks Corp. ADR
(Telecommunication
Equipment) ................................. 14,000 955,500
Potash Corp. of Saskatchewan,
Inc. (Chemicals) ........................... 4,300 237,306
Royal Bank of Canada
(Banking) .................................. 5,140 262,781
-----------
TOTAL CANADA .............................................. 1,865,284
-----------
VALUE
SHARES (NOTE 2)
---------- ------------
FINLAND -- 3.6%
Helsingin Puhelin Oyj
(Telecommunications) ....................... 483 $ 47,504
HPY Holding - HTF Holding
Oyj (A Shares)
(Telecommunications) ....................... 1,700 78,221
Nokia Oyj (Telecommunication
Equipment) ................................. 24,224 1,241,155
Nokia Oyj, ADR
(Telecommunication
Equipment) ................................. 12,470 622,721
Nordic Baltic Holding AB, FDR
(Financial Services) ....................... 62,935 459,705
Stonesoft Oyj (Business &
Public Services)* .......................... 17,000 270,514
Stora Enso Oyj (R Shares) (Forest
Products & Paper) .......................... 37,300 341,464
-----------
TOTAL FINLAND ............................................. 3,061,284
-----------
FRANCE -- 15.0%
Alcatel (Telecommunications) ................. 18,960 1,248,612
Axa (Insurance) .............................. 6,231 985,540
Banque Nationale de Paris
(Banking) .................................. 8,087 781,413
Bouygues SA (Construction &
Housing) ................................... 301 201,975
Cap Gemini SA (Business &
Public Services) ........................... 974 172,261
Carrefour SA (Merchandising) ................. 9,600 658,896
Christian Dior SA (Recreation &
Other Consumer Goods) ...................... 1,000 227,665
Credit Lyonnais S.A. (Banking) ............... 5,197 248,093
Dassault Systemes SA (Business &
Public Services) ........................... 1,118 104,705
Eurotunnel SA (Construction &
Housing)* .................................. 171,535 156,210
Groupe Danone (Food &
Household Products) ........................ 6,100 812,788
Lafarge SA (Building Materials &
Components) ................................ 2,500 195,073
Lagardere SCA (Multi-
Industrial) ................................ 1,557 119,402
Pinault-Printemps Redoute SA
(Building Materials &
Components) ................................ 1,320 294,444
Rhodia SA (Miscellaneous) .................... 21,650 365,261
Rhone-Poulenc SA (Health &
Personal Care) ............................. 13,175 965,518
The accompanying notes are an integral part of the financial statements.
40
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---------------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
Schneider Electric SA (Electronic
Equipment) ................................. 1,975 $ 138,205
Societe BIC SA (Recreation & Other
Consumer Goods) ............................ 3,862 189,916
STM Microelectronics NV (Electronic
Components & Instruments) .................. 17,178 1,086,798
Suez Lyonnaise des Eaux (Business
& Public Services) ......................... 4,068 715,566
Total Fina Elf (Oil & Gas
Operations) ................................ 12,737 1,960,853
Vivendi (Utilities-Electrical
& Gas) ..................................... 11,190 991,675
-----------
TOTAL FRANCE .............................................. 12,620,869
-----------
GERMANY -- 6.2%
Allianz AG (Insurance) ....................... 832 296,926
Aventis SA (Health & Personal
Care) ...................................... 6,929 500,147
Bayer AG (Misc. Materials &
Commodities) ............................... 5,767 221,680
Celanese AG (Chemicals) ...................... 699 13,602
Commerzbank AG (Banking) ..................... 2,790 98,554
Deutsche Bank AG (Financial
Services) .................................. 3,100 260,166
Deutsche Telekom AG
(Telecommunications) ....................... 1,952 113,018
Dresdner Bank AG (Banking) ................... 3,434 139,572
Epcos AG (Electronic Components
& Instruments)* ............................ 2,687 273,542
Epcos AG, ADR (Electronic
Components & Instruments)* ................. 4,600 453,100
Ergo Versicherungs Gruppe AG
(Insurance) ................................ 1,044 118,391
HypoVereinsbank (Banking) .................... 4,129 271,124
Muenchener Rueckversicherungs
AG (Insurance) ............................. 908 285,491
Siemens AG (Electrical &
Electroncis) ............................... 6,590 990,521
Software AG (Business & Public
Services) .................................. 7,000 640,817
Veba AG (Utilities-Electrical
& Gas) ..................................... 11,689 565,850
-----------
TOTAL GERMANY ............................................. 5,242,501
-----------
GREECE -- 0.2%
Hellenic Telecommunication
Organization SA, ADR
(Telecommunications) ....................... 14,740 179,644
-----------
TOTAL GREECE .............................................. 179,644
-----------
VALUE
SHARES (NOTE 2)
---------- ------------
HONG KONG -- 1.0%
China Mobile, Ltd.
(Telecommunications)* ...................... 20,000 $ 176,394
Hutchinson Whampoa, Ltd.
(Multi-Industrial) ......................... 47,300 594,661
Legend Holdings, Ltd. (Electrical
& Electronics) ............................. 56,000 54,240
Li & Fung, Ltd. (Financial
Services) .................................. 6,000 30,019
-----------
TOTAL HONG KONG ........................................... 855,314
-----------
IRELAND -- 2.4%
Bank of Ireland -- (GBP)
(Banking) .................................. 57,358 361,512
Bank of Ireland -- (IEP)
(Banking) .................................. 102,634 649,336
Elan Corp. PLC, ADR
(Pharmaceutical Systems)* .................. 14,800 716,875
Irish Life & Permanent PLC
(Financial Services) ....................... 30,425 257,528
-----------
TOTAL IRELAND ............................................. 1,985,251
-----------
ISRAEL -- 0.3%
Orbotech, Ltd. (Electronic
Components & Instruments)* ................. 2,650 246,119
-----------
TOTAL ISRAEL .............................................. 246,119
-----------
ITALY -- 2.3%
Alleanza Assicurazioni
(Insurance) ................................ 7,800 104,304
Assicurazioni Generali
(Insurance) ................................ 8,800 302,837
Banco Intesa SPA (Banking) ................... 52,821 237,472
Holding Di Partecipazioni
Industriali SPA (Investment
Companies) ................................. 52,800 70,859
Istituto Banc San Paolo Torino
(Banking) .................................. 27,300 486,491
Mediobanca SPA (Financial
Services) .................................. 29,400 304,371
Riunione Adriatica di Sicurta
(RAS) SPA (Insurance) ...................... 10,350 114,096
Seat Pagine Gialle SPA
(Broadcasting & Publishing) ................ 78,300 271,708
-----------
TOTAL ITALY ............................................... 1,892,138
-----------
The accompanying notes are an integral part of the financial statements.
41
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---------------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
JAPAN -- 18.6%
ACOM Co. Ltd (Financial
Services) .................................. 800 $ 67,447
Advantest Corp. (Electronic
Components & Instruments) .................. 700 156,472
Benesse Corp. (Business & Public
Services) .................................. 800 55,576
Canon, Inc. (Data Processing &
Reproduction) .............................. 6,600 329,371
Chugai Pharmaceutical Co., Ltd.
(Health & Personal Care) ................... 13,000 246,358
Daiwa Securities Group, Ltd.
(Financial Services) ....................... 13,000 172,020
DDI Corp.
(Telecommunications) ....................... 31,000 298,862
East Japan Railway Co., Ltd.
(Transportation - Road
& Rail) .................................... 45 262,000
Fast Retailing Co., Ltd. (Textiles
& Apparel) ................................. 400 167,861
Fuji Bank, Ltd. (Banking) .................... 30,000 228,541
Fujisawa Pharmaceutical Co., Ltd.
(Health & Personal Care) ................... 2,000 81,095
Fujitsu, Ltd. (Data Processing &
Reproduction) .............................. 41,000 1,422,191
Kyocera Corp. (Energy Equipment
& Services) ................................ 2,000 340,071
Matsushita Electric Industrial Co.,
Ltd. (Appliances & Household
Durables) .................................. 11,000 285,913
Mitsubishi Estate Co., Ltd.
(Real Estate) .............................. 14,000 165,139
Mitsui Fudosan (Real Estate) ................. 16,000 173,911
Murata Manufacturing Co.,
Ltd. (Electronic Components
& Instruments) ............................. 3,000 431,563
NEC Corp.
(Telecommunications) ....................... 30,000 944,221
Nikko Securities Co., Ltd. (Financial
Services) .................................. 38,000 377,121
Nintendo Co., Ltd. (Recreation &
Other Consumer Goods) ...................... 1,300 227,558
Nippon Telegraph & Telephone Corp.
(Telecommunications) ....................... 26,000 346,498
Nissan Motor Co., Ltd.
(Automobiles)* ............................. 27,000 159,497
Nomura Securities Co., Ltd. (Security
& Commodity Brokers, Dealers
& Services) ................................ 33,000 809,393
VALUE
SHARES (NOTE 2)
---------- ------------
NTT DoComo, Inc.
(Telecommunications) ....................... 38,000 $ 1,030,798
Ricoh Corp., Ltd. (Data Processing
& Reproduction) ............................ 8,000 169,752
Sakura Bank, Ltd. (Banking) .................. 37,000 256,338
Sankyo Co., Ltd. (Health &
Personal Care) ............................. 10,000 226,367
Sanwa Bank, Ltd. (Banking) ................... 27,000 215,895
Sanyo Electric Co. Ltd (Electrical
& Electronics) ............................. 16,000 144,270
Softbank Corp. (Wholesale &
International Trade) ....................... 4,300 585,247
Sony Corp. (Appliances &
Household Durables) ........................ 5,100 477,214
Sony Corp., ADR (Appliances &
Household Durables) ........................ 600 56,587
Sumitomo Electric Industries, Ltd.
(Electronic Components &
Instruments) ............................... 11,000 189,014
Taisho Pharmaceutical Co., Ltd.
(Health & Personal Care) ................... 4,000 143,665
Takeda Chemical Industries, Ltd.
(Health & Personal Care) ................... 13,000 855,186
TDK Corp. (Electronic Components
& Instruments) ............................. 4,000 576,173
Tokyo Electron, Ltd. (Electronic
Components & Instruments) .................. 1,000 137,238
Toshiba Corp. (Electrical &
Electronics) ............................... 172,000 1,945,946
Trend Micro, Inc. (Business &
Public Services) ........................... 1,900 314,268
Yamada Denki Co., Ltd. (Electrical
& Electronics) ............................. 3,000 269,656
Yamanouchi Pharmaceutical Co.,
Ltd. (Health & Personal
Care) ...................................... 5,000 273,626
-----------
TOTAL JAPAN ............................................... 15,615,919
-----------
NETHERLANDS -- 7.2%
ABN AMRO Holding NV
(Banking) .................................. 11,460 281,886
Aegon NV (Insurance) ......................... 16,172 577,771
Akzo Nobel NV (Chemicals) .................... 2,630 112,188
Asm Lithography Holding NV
(Machinery &
Engineering)* .............................. 4,260 183,843
Buhrmann NV (Data Processing &
Reproduction) .............................. 12,160 349,110
The accompanying notes are an integral part of the financial statements.
42
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---------------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
Getronics NV (Computer
Services) .................................. 28,890 $ 447,252
Gucci Group NV, ADR (Textiles
& Apparel) ................................. 2,400 227,400
ING Groep NV (Financial
Services) .................................. 10,640 722,117
Koninklijke KPN NV
(Telecommunications) ....................... 15,660 703,289
Koninklijke Numico NV (Food &
Household Products) ........................ 3,205 152,692
Koninklijke (Royal) Philips
Electronics NV (Appliances &
Household Durables) ........................ 17,494 828,416
Laurus NV (Energy Sources) ................... 5,080 61,114
Unilever NV (Food & Household
Products) .................................. 2,400 110,544
VNU NV (Broadcasting &
Publishing) ................................ 24,260 1,258,115
-----------
TOTAL NETHERLANDS ......................................... 6,015,737
-----------
NEW ZEALAND -- 0.4%
Telecom Corp. of New Zealand,
Ltd. (Telecommunications) .................. 105,760 370,913
-----------
TOTAL NEW ZEALAND ......................................... 370,913
-----------
NORWAY -- 0.2%
Petroleum Geo Services ASA
(Energy Sources)* .......................... 12,200 209,103
-----------
TOTAL NORWAY .............................................. 209,103
-----------
PORTUGAL -- 0.4%
Brisa Auto Estradas de Portugal SA
(Transportation - Road & Rail) ............. 37,350 322,946
-----------
TOTAL PORTUGAL ............................................ 322,946
-----------
SINGAPORE -- 0.1%
Chartered Semiconductor
Manufacturing Ltd., ADR
(Electronic Components &
Instruments)* .............................. 1,200 108,000
-----------
TOTAL SINGAPORE ........................................... 108,000
-----------
SOUTH KOREA -- 4.3%
Korea Telecom Corp., ADR
(Telecommunications) ....................... 3,500 169,313
Pohang Iron & Steel Co., Ltd.,
ADR (Metals-Steel) ......................... 15,400 369,600
VALUE
SHARES (NOTE 2)
---------- ------------
Samsung Electronics Co., Ltd.
(Electrical & Electronics) ................. 4,066 $ 1,345,623
Samsung Electronics Co., Ltd.,
GDR (Electrical &
Electronics) ............................... 2,380 466,480
SK Telecom Co., Ltd.
(Telecommunications) ....................... 1,400 458,301
SK Telecom Co., Ltd., ADR
(Telecommunications) ....................... 22,240 807,590
-----------
TOTAL SOUTH KOREA ......................................... 3,616,907
-----------
SPAIN -- 0.4%
Jazztel PLC, ADR
(Telecommunications)* ...................... 249 6,536
Telefonica SA
(Telecommunications)* ...................... 15,230 328,484
-----------
TOTAL SPAIN ............................................... 335,020
-----------
SWEDEN -- 2.6%
AstraZeneca Group PLC
(Chemicals) ................................ 4,952 231,488
Ericsson LM (B Shares)
(Telecommunication
Equipment) ................................. 56,860 1,131,272
Investor AB (B Shares) (Financial
Services) .................................. 32,110 441,156
Nordbanken Holding AB (Financial
Services) .................................. 15,000 112,155
Swedish Match AB (Beverages &
Tobacco) ................................... 74,676 231,587
-----------
TOTAL SWEDEN .............................................. 2,147,658
-----------
SWITZERLAND -- 4.3%
ABB Ltd. (Industrial
Machinery) ................................. 6,500 780,486
Nestle SA (Food & Household
Products) .................................. 166 333,313
Novartis AG (Reg. Shares) (Health
& Personal Care) ........................... 557 885,133
Roche Holding AG (Health &
Personal Care) ............................. 16 156,254
Swiss RE (Insurance) ......................... 66 134,957
United Bank of Switzerland (UBS)
AG (Banking) ............................... 4,013 589,831
Zurich Allied AG (Insurance) ................. 1,400 693,943
-----------
TOTAL SWITZERLAND ......................................... 3,573,917
-----------
The accompanying notes are an integral part of the financial statements.
43
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---------------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
TAIWAN -- 1.4%
Gigamedia, Ltd. (Electronic
Components &
Instruments)* .............................. 2,200 $ 26,675
Taiwan Semiconductor Manufacturing
Co., Ltd. (Electronic Components
& Instruments)* ............................ 30,024 1,163,430
-----------
TOTAL TAIWAN .............................................. 1,190,105
-----------
UNITED KINGDOM -- 17.6%
Aegis Group PLC (Busines &
Public Services) ........................... 97,520 280,506
Amvescap PLC (Financial
Services) .................................. 28,920 464,086
Arm Holdings PLC (Electronic
Components &
Instruments)* .............................. 7,325 78,512
BG Group PLC (Energy
Sources) ................................... 23,630 152,752
Billiton PLC (Metals-Steel) .................. 20,725 84,400
BOC Group PLC (Chemicals) .................... 11,882 170,886
BP Amoco PLC (Energy
Sources) ................................... 164,341 1,577,355
British Aerospace PLC
(Transportation-Airlines) .................. 104,261 650,299
British Airways PLC
(Transportation-Airlines) .................. 22,839 131,388
British Telecom PLC
(Telecommunications) ....................... 64,700 836,482
Cable & Wireless PLC
(Telecommunications) ....................... 36,704 621,781
Carlton Communications PLC
(Leisure & Tourism) ........................ 17,950 230,982
Cookson Group PLC
(Multi-Industrial) ......................... 16,150 53,911
Diageo PLC (Data Processing &
Reproduction) .............................. 129,102 1,158,996
Glaxo Wellcome PLC (Health &
Personal Care) ............................. 29,962 874,071
Lloyds TSB Group PLC
(Banking) .................................. 50,000 472,334
Prudential PLC (Insurance) ................... 14,977 219,480
Reckitt Benckiser PLC (Recreation
& Other Consumer Goods) .................... 22,520 252,287
Reed International PLC
(Broadcasting & Publishing) ................ 36,442 317,223
Rentokil Initial PLC (Business &
Public Services) ........................... 32,915 74,745
VALUE
SHARES (NOTE 2)
---------- ------------
Reuters Group PLC (Business &
Public Services) ........................... 50,292 $ 858,059
Rio Tinto PLC
(Metals-Non-Ferrous) ....................... 21,947 358,834
RMC Group PLC (Building Materials
& Components) .............................. 13,900 179,287
Rolls-Royce PLC (Aerospace &
Military Technology) ....................... 56,800 201,644
Royal & Sun Alliance Insurance
Group PLC (Insurance) ...................... 64,700 420,200
Sema Group PLC (Business &
Public Services) ........................... 29,000 412,686
Shell Transport & Trading Co. PLC
(Energy Sources) ........................... 46,450 387,816
SmithKline Beecham PLC (Health
& Personal Care) ........................... 44,517 582,957
Spirent PLC (Electronic Components
& Instruments) ............................. 24,300 159,106
Standard Chartered PLC
(Banking) .................................. 14,137 176,137
Unilever PLC (Food & Household
Products) .................................. 26,700 161,683
United News & Media PLC
(Broadcasting & Publishing) ................ 25,010 359,693
Vodafone AirTouch PLC
(Telecommunications) ....................... 405,483 1,638,997
WPP Group PLC (Business &
Public Services) ........................... 14,200 207,448
-----------
TOTAL UNITED KINGDOM ...................................... 14,807,023
-----------
TOTAL COMMON STOCK
(COST $63,658,918) ........................... 78,200,563
-----------
PREFERRED STOCK -- 0.3%
FRANCE -- 0.2%
Casino Guichard Perrach SA
(Merchandising) ............................ 2,565 158,223
-----------
TOTAL FRANCE .............................................. 158,223
-----------
GERMANY -- 0.1%
SAP AG (Business & Public
Services) .................................. 669 125,566
-----------
TOTAL GERMANY ............................................. 125,566
-----------
TOTAL PREFERRED STOCK
(COST $264,313) .............................. 283,789
-----------
The accompanying notes are an integral part of the financial statements.
44
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / INTERNATIONAL MULTI-MANAGER SERIES
---------------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
PRINCIPAL (NOTE 2)
---------- ------------
CORPORATE BONDS -- 0.0%
UNITED KINGDOM -- 0.0%
British Aerospace Loan Note
(Transportation-Airlines)
7.450%, 11/30/03 ........................... GBP 3,082 $ 4,596
-----------
TOTAL UNITED KINGDOM ...................................... 4,596
-----------
TOTAL CORPORATE BONDS
(COST $1,727) ........................................... 4,596
-----------
TOTAL INVESTMENTS -- 93.3%
(COST $63,924,958)+ .............................. 78,488,948
-----------
OTHER ASSETS AND
LIABILITIES, NET-- 6.7% .......................... 5,596,044
-----------
NET ASSETS-- 100.0% ................................. $84,084,992
===========
* Non-income producing security.
+ The cost for Federal income tax purposes was $64,200,248. At June 30, 2000,
net unrealized appreciation was $14,288,700. This consisted of aggregate gross
unrealized appreciation for all securities for which there was an excess of
market value over tax cost of $17,845,361, and aggregate gross unrealized
depreciation for all securities for which there was an excess of tax cost over
market value of $3,556,661.
GBP British Pounds
The accompanying notes are an integral part of the financial statements.
45
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP VALUE SERIES
---------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000
(Showing Percentage of Total Value of Net Assets)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
COMMON STOCK -- 94.4%
COMMUNICATION & BROADCASTING -- 7.9%
Cablevision Systems Corp.
Class A* ................................... 16,400 $ 1,113,150
MediaOne Group, Inc.* ........................ 31,400 2,092,025
News Corp. Ltd. .............................. 43,000 2,042,500
Viacom, Inc. (B Shares)* ..................... 6,835 466,062
-----------
TOTAL COMMUNICATION & BROADCASTING ........................ 5,713,737
-----------
COMPUTER SERVICES -- 4.7%
BMC Software, Inc.* .......................... 28,200 1,028,859
Ceridian Corp.* .............................. 33,000 794,062
IMS Health, Inc.* ............................ 41,600 748,800
Oracle Corp.* ................................ 9,300 781,781
-----------
TOTAL COMPUTER SERVICES ................................... 3,353,502
-----------
ELECTRIC, GAS & WATER UTILITIES -- 3.1%
Duke Energy Corp. ............................ 14,900 839,987
PECO Energy Co. .............................. 34,000 1,370,625
-----------
TOTAL ELECTRIC, GAS & WATER UTILITIES ..................... 2,210,612
-----------
FINANCE & INSURANCE -- 18.7%
FINANCIAL SERVICES -- 4.6%
Associates First Capital Corp.
(A shares) ................................. 47,200 1,053,150
First Data Corp. ............................. 14,100 699,712
Marsh & McLennan Cos., Inc. .................. 8,500 887,719
Washington Mutual, Inc. ...................... 24,400 704,550
-----------
3,345,131
-----------
INSURANCE CARRIERS -- 9.6%
Ace Ltd. ..................................... 27,400 767,200
American International
Group, Inc. ................................ 13,600 1,598,000
Hartford Financial Services
Group, Inc. ................................ 30,800 1,722,875
Jefferson-Pilot Corp. ........................ 11,100 626,456
Reliastar Financial Corp. .................... 42,100 2,207,619
-----------
6,922,150
-----------
SECURITY & COMMODITY BROKERS, DEALERS & SERVICES -- 4.5%
Bear Stearns Companies, Inc. ................. 24,255 1,009,614
Citigroup, Inc. .............................. 23,850 1,436,962
Merrill Lynch & Co., Inc. .................... 6,800 782,000
-----------
3,228,576
-----------
TOTAL FINANCE & INSURANCE ................................. 13,495,857
-----------
VALUE
SHARES (NOTE 2)
---------- ------------
MANUFACTURING -- 39.1%
AIRCRAFT & AEROSPACE -- 2.2%
Boeing Co. ................................... 27,200 $ 1,137,300
Northrop Grumman Corp. ....................... 6,400 424,000
-----------
1,561,300
-----------
COMPUTERS & OFFICE EQUIPMENT -- 9.5%
Cisco Systems, Inc.* ......................... 18,900 1,201,331
Compaq Computer Corp. ........................ 23,400 598,162
Hewlett-Packard Co. .......................... 6,100 761,737
Intel Corp. .................................. 10,800 1,443,825
International Business Machines
Corp ....................................... 9,600 1,051,800
Microsoft Corp.* ............................. 14,400 1,152,000
Xerox Corp. .................................. 33,700 674,000
-----------
6,882,855
-----------
CONSUMER PRODUCTS -- 4.6%
American Home Products
Corp ....................................... 18,800 1,104,500
Fortune Brands, Inc. ......................... 28,800 664,200
General Electric Co. ......................... 31,200 1,591,200
-----------
3,359,900
-----------
ELECTRONICS -- 4.0%
Agilent Technologies, Inc.* .................. 3,585 264,394
General Motors Corp.,
Class H* ................................... 7,800 684,450
Koninklijke (Royal) Philips
Electronics ................................ 22,500 1,068,750
L-3 Communications
Holdings, Inc.* ............................ 15,400 878,762
-----------
2,896,356
-----------
FOOD AND BEVERAGE -- 1.2%
PepsiCo, Inc. ................................ 19,200 853,200
-----------
MISC. INDUSTRIAL MACHINERY & EQUIPMENT -- 0.9%
Deere & Co. .................................. 17,100 632,700
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 4.2%
Alcoa, Inc. .................................. 19,600 568,400
International Flavors &
Fragrances, Inc. ........................... 20,200 609,788
Minnesota Mining &
Manufacturing Co. .......................... 16,300 1,344,750
PPG Industries, Inc. ......................... 11,200 496,300
-----------
3,019,238
-----------
The accompanying notes are an integral part of the financial statements.
46
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP VALUE SERIES
---------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 2)
---------- ------------
PHARMACEUTICAL PREPARATIONS-- 3.1%
Abbott Laboratories .......................... 18,000 $ 802,125
Bristol-Meyers Squibb Co. .................... 6,600 384,450
Merck & Co., Inc. ............................ 13,800 1,057,425
-----------
2,244,000
-----------
PLUMBING FIXTURES & HEATING EQUIPMENT -- 1.3%
Masco Corp. .................................. 53,000 957,313
-----------
PRECISION INSTRUMENTS & MEDICAL SUPPLIES -- 1.1%
C.R. Bard, Inc. .............................. 16,100 774,813
-----------
TELECOMMUNICATIONS EQUIPMENT-- 5.7%
GTE Corp. .................................... 22,000 1,369,500
Lucent Technologies, Inc. .................... 10,800 639,900
Motorola, Inc. ............................... 24,200 703,313
Worldcom, Inc.* .............................. 30,505 1,399,417
-----------
4,112,130
-----------
TOBACCO -- 1.3%
Philip Morris Cos., Inc. ..................... 34,300 911,094
-----------
TOTAL MANUFACTURING ....................................... 28,204,899
-----------
MINING -- 0.6%
MINING -- 0.6%
Newmont Mining Corp. ......................... 21,400 462,775
-----------
TOTAL MINING .............................................. 462,775
-----------
OIL & GAS -- 5.5%
Enron Corp. .................................. 18,200 1,173,900
Exxon Mobil Corp. ............................ 17,686 1,389,456
Halliburton Co. .............................. 16,600 783,313
Schlumberger Ltd. ............................ 8,600 641,775
-----------
TOTAL OIL & GAS ........................................... 3,988,444
-----------
PAPER & PAPER PRODUCTS -- 0.8%
Georgia-Pacific Corp. ........................ 23,000 603,750
-----------
TOTAL PAPER & PAPER PRODUCTS .............................. 603,750
-----------
SERVICES -- 10.5%
AMUSEMENT & RECREATIONAL SERVICES -- 2.2%
The Walt Disney Co. .......................... 40,300 1,564,144
-----------
VALUE
SHARES (NOTE 2)
---------- ------------
BUSINESS SERVICES -- 6.3%
Cendant Corp.* ............................... 56,300 $ 788,200
H & R Block, Inc. ............................ 15,400 498,575
Harcourt General, Inc. ....................... 35,500 1,930,313
McGraw-Hill Cos., Inc. ....................... 24,700 1,333,800
-----------
4,550,888
-----------
HOTELS, OTHER LODGING PLACES -- 2.0%
Starwood Hotels & Resorts
Worldwide, Inc. ............................ 45,700 1,476,681
-----------
TOTAL SERVICES ............................................ 7,591,713
-----------
WHOLESALE & RETAIL TRADE -- 3.5%
MISCELLANEOUS RETAIL STORES -- 1.4%
Wal-Mart Stores, Inc. ........................ 18,000 1,037,250
-----------
RETAIL BUILDING MATERIAL-- 0.9%
Home Depot, Inc. ............................. 13,200 659,175
-----------
RETAIL FOOD STORES -- 1.2%
Safeway, Inc.* ............................... 19,100 861,888
-----------
TOTAL WHOLESALE & RETAIL TRADE ............................ 2,558,313
-----------
TOTAL COMMON STOCK
(COST $60,087,548) ........................... 68,183,602
-----------
SHORT-TERM INVESTMENTS -- 3.1%
Samson Street Fund - Money
Market Porfolio ............................ 2,227,993 2,227,993
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $2,227,993) ............................ 2,227,993
-----------
PAR
---
U.S. TREASURY BILLS -- 2.2%
U.S. Treasury Bills
5.350%, 07/13/00 ............................ $1,000,000 998,217
5.320%, 07/20/00 ............................ 600,000 598,315
-----------
TOTAL U.S. TREASURY BILLS
(COST $1,596,532) ............................ 1,596,532
-----------
TOTAL INVESTMENTS -- 99.7%
(COST $63,912,073)+ .............................. 72,008,127
-----------
OTHER ASSETS AND
LIABILITIES, NET-- 0.3% .......................... 220,801
-----------
NET ASSETS-- 100.0% ................................. $72,228,928
===========
* Non-income producing security.
+ The cost for Federal income tax purposes was $63,928,459. At June 30, 2000,
net unrealized appreciation was $8,079,668. This consisted of aggregate gross
unrealized appreciation for all securities for which there was an excess of
market value over tax cost of $11,370,699, and aggregate gross unrealized
depreciation for all securities for which there was an excess of tax cost over
market value of $3,291,031.
The accompanying notes are an integral part of the financial statements.
47
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
--------------------------------------
FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000
<TABLE>
<CAPTION>
WT LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
SERIES CORE SERIES CORE SERIES SERIES SERIES
------------- ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment in securities, at value* .... $277,366,798 $128,003,193 $103,055,526 $78,488,948 $ 72,008,127
Cash ................................... -- -- -- 7,109,530 --
Receivable for contributions ........... 137,168 8,339 418,965 65,216 251,389
Receivable for investments sold ........ -- -- -- 964,957 55,254
Dividends and interest receivable ...... 55,608 92,068 76,521 363,901 95,423
------------ ------------ ------------ ------------ ------------
Total assets ........................... 277,559,574 128,103,600 103,551,012 86,992,552 72,410,193
------------ ------------ ------------ ------------ ------------
LIABILITIES:
Payable for withdrawals ................ -- 38,217 -- -- --
Payable for investments purchased ...... -- -- -- 2,845,713 133,812
Unrealized depreciation on forward
foreign currency exchange
contracts ........................... -- -- -- 532 --
Accrued advisory fee ................... 127,206 74,057 47,890 44,618 32,731
Other accrued expenses ................. 38,855 29,069 17,823 16,697 14,722
------------ ------------ ------------ ------------ ------------
Total liabilities ...................... 166,061 141,343 65,713 2,907,560 181,265
------------ ------------ ------------ ------------ ------------
NET ASSETS ............................. $277,393,513 $127,962,257 $103,485,299 $84,084,992 $72,228,928
============ ============ ============ =========== ===========
*Investments at cost ................... $230,324,242 $ 78,544,483 $ 69,017,521 $63,924,958 $63,912,073
</TABLE>
The accompanying notes are an integral part of the financial statements.
48
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
--------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
WT LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
SERIES 2 CORE SERIES 1 CORE SERIES 2 SERIES 2 SERIES 2
------------ ------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends ........................... $ 272,799 $ 1,445,281 $ 297,594 $ 979,244 $ 609,550
Interest ............................ 101,975 104,786 141,845 106,848 88,870
Foreign tax withheld ................ (11,272) (2,562) -- (46,813) --
----------- ----------- ----------- ----------- -----------
Total investment income ............. 363,502 1,547,505 439,439 1,039,279 698,420
----------- ----------- ----------- ----------- -----------
EXPENSES:
Advisory fees ....................... 1,005,944 905,961 355,572 359,716 252,921
Administration and accounting fees .. 193,515 139,012 66,098 85,927 54,793
Custodian fees ...................... 14,433 22,863 8,446 76,073 8,070
Trustees' fees ...................... 3,960 7,884 3,960 3,960 3,960
Professional fees ................... -- 6,821 -- -- --
Other ............................... 3,000 2,820 3,000 3,000 --
----------- ----------- ----------- ----------- -----------
Total expenses before fee waivers
and expense reimbursements .... 1,220,852 1,085,361 437,076 528,676 319,744
Fees waived and expenses reimbursed -- (50,276) -- -- --
----------- ----------- ----------- ----------- -----------
Total expenses, net ........... 1,220,852 1,035,085 437,076 528,676 319,744
----------- ----------- ----------- ----------- -----------
Net investment income (loss) ........ (857,350) 512,420 2,363 510,603 378,676
----------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments
and foreign currency related
transactions ..................... 80,443,340 5,103,747 7,235,984 12,549,593 5,143,515
Change in unrealized appreciation
(depreciation) on investments and
foreign currency transactions .... (18,376,861) 5,391,617 19,142,527 1,822,183 6,386,560
----------- ----------- ----------- ----------- -----------
Net gain on investments and
foreign currency transactions .... 62,066,479 10,495,364 26,378,511 14,371,776 11,530,075
----------- ----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ..................... $61,209,129 $11,007,784 $26,380,874 $14,882,379 $11,908,751
=========== =========== =========== =========== ===========
<FN>
1 For the fiscal year ended June 30, 2000.
2 For the period November 1, 1999 (commencement of operations) through June 30,
2000.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
49
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
--------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE FISCAL YEAR ENDED
-----------------------------
JUNE 30, 2000 JUNE 30, 1999
------------- -------------
<S> <C> <C>
LARGE CAP CORE SERIES:
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ....................................................... $ 512,420 $ 828,517
Net realized gain on investments ............................................ 5,103,747 733,273
Net realized gain on futures contracts ...................................... -- 49,285
Net change in unrealized appreciation (depreciation) of investments ......... 5,391,617 23,759,834
------------ ------------
Net increase in net assets resulting from operations .......................... 11,007,784 25,370,909
------------ ------------
Transactions in beneficial interest:
Contributions ............................................................... 14,440,897 16,475,144
Withdrawals ................................................................. (36,841,804) (12,650,156)
------------ ------------
Net increase (decrease) in net assets from transactions
in beneficial interest ...................................................... (22,400,907) 3,824,988
------------ ------------
Total increase (decrease) in net assets ........................................ (11,393,123) 29,195,897
NET ASSETS:
Beginning of year ........................................................... 139,355,380 110,159,483
------------ ------------
Ending of year .............................................................. $127,962,257 $139,355,380
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
50
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
--------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
WT LARGE CAP INTERNATIONAL LARGE CAP
GROWTH SMALL CAP MULTI-MANAGER VALUE
SERIES 1 CORE SERIES 1 SERIES 1 SERIES 1
------------ ------------- ----------- -----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss) ..................... $ (857,350) $ 2,363 $ 510,603 $ 378,676
Net realized gain (loss) on
investments and foreign currency
transactions .................................. 80,443,340 7,235,984 12,549,593 5,143,515
Net change in unrealized appreciation
(depreciation) on investments and
foreign currency transactions ................. (18,376,861) 19,142,527 1,822,183 6,386,560
------------ ------------ ----------- -----------
Net increase in net assets resulting
from operations .................................. 61,209,129 26,380,874 14,882,379 11,908,751
------------ ------------ ----------- -----------
Transactions in beneficial interest:
Contributions .................................... 259,475,928 95,126,611 84,593,238 79,403,657
Withdrawals ...................................... (43,291,544) (18,022,186) (15,390,625) (19,083,480)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets from
transactions in beneficial interest .............. 216,184,384 77,104,425 69,202,613 60,320,177
------------ ------------ ----------- -----------
Total increase in net assets ........................ 277,393,513 103,485,299 84,084,992 72,228,928
NET ASSETS:
Beginning of period .............................. -- -- -- --
------------ ------------ ----------- -----------
End of period .................................... $277,393,513 $103,485,299 $84,084,992 $72,228,928
============ ============ =========== ===========
<FN>
1 For the period November 1, 1999 (Commencement of Operations) through June 30,
2000.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
51
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
--------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE TRUST. WT Large Cap Growth Series, Large Cap Core Series
(formerly WT Broad Market Equity Series), Small Cap Core Series,
International Multi-Manager Series, and Large Cap Value Series (the "Series")
are series of WT Investment Trust I (the "Trust"). The Trust is registered
under the Investment Company Act of 1940 (the "1940 Act") as an open-end
management investment company and was 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.
These financial statements and related notes pertain only to the Series.
Information regarding other series of the Trust are contained in separate
reports to their investors.
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies of the Series:
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, securities are valued at the mean between the most recent quoted bid
and ask 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.
FOREIGN CURRENCY TRANSLATIONS. The books and records of the International
Multi-Manager Series are maintained in U.S. dollars. Foreign currency amounts
are translated into U.S. dollars on the following basis:
(i) market value of investment securities, assets and liabilities at the
daily rates of exchanges, and
(ii) purchases and sales of equity investment securities, dividend and
interest income and certain expenses at the rates of exchange prevailing on
the respective dates of such transactions.
The International Multi-Manager Series does not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency
gains or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the International Multi-Manager Series'
books, and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in
the value of assets and liabilities, other than investments in securities at
the end of the fiscal period, resulting from changes in exchange rates.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. In connection with portfolio
purchases and sales of securities denominated in a foreign currency, the
International Multi-Manager Series may enter into forward foreign currency
exchange contracts. Additionally, from time to time the International
Multi-Manager Series may enter into these contracts to hedge certain foreign
currency assets. Foreign currency exchange contracts are recorded at market
value. Certain risks may arise upon entering into these contracts from the
potential inability of counterparties to meet the terms of their contracts.
Realized gains or losses arising from such transactions are included in net
realized gain (loss) from foreign currency transactions.
52
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
--------------------------------------
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
FEDERAL INCOME TAXES. Each Series is treated as a partnership entity for
Federal income tax purposes. Any interest, dividends and gains or losses of
the Series will be deemed to have been "passed through" to each partner.
Accordingly, no tax provision is recorded for the Series.
INVESTMENT INCOME. All of the net investment income (loss) and realized and
unrealized gains and losses from security transactions are allocated pro rata
among the investors in the Series on a daily basis.
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 on a pro
rata basis among the series based on relative net assets.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates and
assumptions that affect the reported amounts 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. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES. Effective November 1,
1999, Wilmington Trust Company ("WTC"), a wholly owned subsidiary of
Wilmington Trust Corporation, serves as investment adviser to the Large Cap
Core Series, Small Cap Core Series, and International Multi-Manager Series.
Cramer Rosenthal McGlynn, LLC ("CRM") serves as investment adviser to the
Large Cap Value Series. Roxbury Capital Management, LLC ("Roxbury") serves as
investment adviser to the WT Large Cap Growth Series. For its services, each
adviser receives a fee as follows:
<TABLE>
<CAPTION>
% of Average Daily Net Assets
--------------------------------------------------------------------------------
<S> <C>
WT Large Cap Growth Series .55% up to $1 billion; .50% of next $1 billion; and .45% in excess of $2 billion
Large Cap Core Series .70% up to $1 billion; .65% of next $1 billion; and .60% in excess of $2 billion
Small Cap Core Series .60% up to $1 billion; .55% of next $1 billion; and .50% in excess of $2 billion
International Multi-Manager Series .65%
Large Cap Value Series .55% up to $1 billion; .50% of next $1 billion; and .45% in excess of $2 billion
</TABLE>
WTC, CRM and Roxbury have agreed to waive their fees or reimburse certain
operating expenses of the Series (excluding taxes, extraordinary expenses,
brokerage commissions and interest) in an amount that will limit annual
operating expenses to not more than 0.75% of average daily net assets for the
WT Large Cap Growth and Large Cap Value Series, 0.80% of average daily net
assets for the Large Cap Core and Small Cap Core Series, and 1.00% of average
daily net assets for the International Multi-Manager Series. These
undertakings will remain in place until the Board of Trustees approves its
termination.
53
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
--------------------------------------
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
PFPC Inc. ("PFPC"), an indirect wholly owned subsidiary of PNC Bank Corp., a
multi-bank holding company, provides administrative and accounting services
to the Trust.
WTC serves as custodian and PFPC Trust Company serves as sub-custodian to the
WT Large Cap Growth, Large Cap Core, Small Cap Core and Large Cap Value
Series. Bankers Trust Company serves as custodian to the International
Multi-Manager Series.
4. INVESTMENT SECURITIES. During the period ended June 30, 2000, purchases and
sales of investment securities (excluding short-term investments) are
aggregated as follows:
<TABLE>
<CAPTION>
WT LARGE CAP LARGE CAP SMALL CAP INTERNATIONAL LARGE CAP
GROWTH CORE CORE MULTI-MANAGER VALUE
SERIES 1 SERIES 2 SERIES 1 SERIES 1 SERIES 1
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Purchases .. $236,495,925 $14,624,143 $27,864,234 $45,362,306 $73,276,160
Sales ...... 242,599,339 29,353,347 30,778,907 53,507,987 84,261,572
</TABLE>
5. FINANCIAL HIGHLIGHTS.
<TABLE>
<CAPTION>
WT LARGE CAP SMALL CAP INTERNATIONAL LARGE CAP
GROWTH CORE MULTI-MANAGER VALUE
SERIES 1 SERIES 1 SERIES 1 SERIES 1
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Total Return ......................... 28.40% 37.30% 20.70% 18.70%
Ratios to average net assets:
Expenses .......................... 0.67% 0.49% 0.95% 0.69%
Net Investment Income ............. (0.47)% 0.00% 0.92% 0.82%
Portfolio Turnover Rate .............. 87.72% 32.73% 57.13% 109.80%
</TABLE>
<TABLE>
<CAPTION>
LARGE CAP CORE SERIES 2
2000 1999 1998 19973
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Total Return ......................... 8.53% N/A N/A N/A
Ratios to average net assets:
Expenses
Including expense limitations .. 0.80% 0.74% 0.74% 0.86%
Excluding expense limitations .. 0.84% 0.85% 0.87% 1.02%
Net Investment Income ............. 0.40% 0.70% 0.87% 0.91%
Portfolio Turnover Rate .............. 11.52% 5.19% 93.08% 26.33%
<FN>
1 For the period November 1, 1999 (commencement of operations) through June 30,
2000.
2 For the fiscal years ended June 30.
3 For the period March 1, 1997 (commencement of operations) through June 30,
1997.
N/A Not available.
</FN>
</TABLE>
54
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
--------------------------------------
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
6. COMMITMENTS. As of June 30, 2000, the International Multi-Manager Series had
entered into forward foreign currency exchange contracts which contractually
obligate the Portfolio to deliver or receive currencies at specified future
dates. The open contracts were as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
SETTLEMENT CONTRACT VALUE AT APPRECIATION
DATE CURRENCY PURCHASED AMOUNT 6/30/00 (DEPRECIATION)
----------- --------------------- ---------- --------- ---------------
<S> <C> <C> <C> <C>
7/3/2000 117,719 British Pound $177,833 $178,214 $ 381
7/3/2000 66,790 Euro 63,595 64,025 430
7/5/2000 194,465 Euro 185,403 186,412 1,009
7/31/2000 32,951 Euro 31,200 31,587 387
</TABLE>
<TABLE>
<CAPTION>
NET UNREALIZED
SETTLEMENT CONTRACT VALUE AT APPRECIATION
DATE CURRENCY SOLD AMOUNT 6/30/00 (DEPRECIATION)
----------- --------------------- ---------- --------- ---------------
<S> <C> <C> <C> <C>
7/3/2000 1,496 Euro $ 1,417 $ 1,434 $ (17)
7/3/2000 94,450 British Pound 141,456 142,986 (1,530)
7/5/2000 12,893 British Pound 19,510 19,518 (8)
7/31/2000 89,236 Euro 84,358 85,541 (1,183)
</TABLE>
55
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
--------------------------------------
REPORT OF INDEPENDENT AUDITORS
--------------------------------------------------------------------------------
REPORT OF ERNST &YOUNG LLP, INDEPENDENT AUDITORS
To the Beneficial Interest Holders and Trustees 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 (Large Cap Growth, Large
Cap Core, Small Cap Core, International Multi-Manager and Large Cap Value
Series) (the "Series") as of June 30, 2000, and the related statements of
operations and statements of changes in net assets for each of the periods
indicated therein. These financial statements are the responsibility of the
Series' management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. 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, 2000, by
correspondence with the Series' custodians 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 audits provide 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
at June 30, 2000, and the results of their operations and the changes in their
net assets for each of the periods indicated therein, in conformity with
accounting principles generally accepted in the United States.
/S/ERNST & YOUNG LLP
Philadelphia, Pennsylvania
August 4, 2000
56
<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
TRUSTEES
Robert H. Arnold
Eric Brucker
Robert J. Christian
Nicholas A. Giordano
Louis Klein Jr.
Clement C. Moore, II
John J. Quindlen
William P. Richards
-------------------
OFFICERS
Robert J. Christian, PRESIDENT
Eric Cheung, VICE PRESIDENT
Joseph M. Fahey, Jr., VICE PRESIDENT
John R. Giles, VICE PRESIDENT
Eugene A. Trainer, III, VICE PRESIDENT
Gary M. Gardner, SECRETARY
Pat Colletti, TREASURER
-----------------------
INVESTMENT ADVISER
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Cramer Rosenthal McGlynn, LLC
707 Westchester Avenue
White Plains, NY 10640
Roxbury Capital Management, LLC
100 Wilshire Blvd., Suite 600
Santa Monica, CA 90401
----------------------
DISTRIBUTOR
Provident Distributors, Inc.
3200 Horizon Drive
King of Prussia, PA 19406
-------------------------
ADMINISTRATOR,
TRANSFER AGENT AND
ACCOUNTING AGENT
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
--------------------
CUSTODIAN
Wilmington Trust Company
Bankers Trust
-------------
THIS ANNUAL REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS AND TO
OTHERS WHO HAVE RECEIVED A CURRENT PROSPECTUS OF THE WILMINGTON EQUITY
PORTFOLIOS.
WEP-Ann-6/00
