WILMINGTON
FUNDS
MONEY MARKET
PORTFOLIOS
SEMI-ANNUAL
DECEMBER 31, 1999
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
PRESIDENT'S MESSAGE
================================================================================
DEAR SHAREHOLDER:
Over the last six months the U.S. economy has experienced a rapid increase
in energy prices and three interest rate increases yet has still managed to post
strong overall growth and modest inflation levels. At the wholesale level oil
prices have more than doubled since January 1999 and, as a result, consumer
prices for gasoline, fuel oil, etc., have risen dramatically. Twenty years ago,
this rate of increase was partially responsible for a recession. More recently,
gas price increases are mere irritants. This is because of the muted position of
the energy sector within overall economic activity in the United States. In 1980
the energy sector comprised 8.5% of total economic activity. Today that ratio is
3%. Certainly, the energy price advance will have a near term impact on
inflation. But, it is not likely to be severe and should dissipate as 2000
progresses.
In response to a rise in inflation, however modest, and an ongoing strong
economic growth rate, the Federal Reserve (the "Fed") has engineered three
interest rate increases since the end of June. Their stated concern is that the
strong economy will interact with a tight labor market and thereby cause an
increase in wages and ultimately consumer prices, i.e., inflation. As of yet
there is little evidence of this inflationary spike. Compensation increases for
the twelve months ended in September averaged 4.6% compared with 5.6% one year
earlier. Moreover worker productivity is growing at a 3% pace. As a result, unit
labor costs (the cost of labor associated with the production of goods and
services) are growing at a very modest pace, 1.5%. With this modest inflation
level it is easy to misunderstand the Fed's actions. The Fed is doing just what
it should be doing. It wants to be certain that inflation does not gain a
foothold in the U.S., which would cause much greater pain in the future.
Our expectations for next year are for more of the same for the U.S.
economy. Due to ongoing strength in consumer and business spending, and renewed
strength in our foreign sector, economic growth should average 3% to 3.5% next
year. Inflation rates could rise modestly early next year as a result of energy
prices but continued positive forces in worker productivity and worldwide
competition should keep inflation in the 2% to 2.5% range. Interest rates will
continue to be buffeted by both of these forces and will probably rise into
early 2000. But, as economic activity settles in at a more subdued 3% to 3.5%
pace, and as inflation remains under control, the Fed should move to the
sidelines. Thus, an early 2000 interest rate hike is likely but we believe that
none will be necessary thereafter in 2000. Long-term interest rates have largely
anticipated the next interest rate hike and should not rise further. It is our
expectation that long-term interest rates will end 2000 at lower levels than
currently.
We invite your comments and questions and thank you for your investments in
the Wilmington Money Market 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
February 23, 2000 President
1
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
FINANCIAL STATEMENTS
================================================================================
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------ ------------
<S> <C> <C> <C>
ASSETS:
Investment in Series, at value .................................... $1,961,902,278 $661,520,541 $476,433,648
Other assets ...................................................... -- 61,736 --
-------------- ------------ ------------
Total assets . .................................................... 1,961,902,278 661,582,277 476,433,648
-------------- ------------ ------------
LIABILITIES:
Dividend payable .................................................. 9,018,481 2,824,649 1,223,268
Other accrued expenses ............................................ 2,874 3,907 710
-------------- ------------ ------------
Total liabilities ................................................. 9,021,355 2,828,556 1,223,978
-------------- ------------ ------------
NET ASSETS. ....................................................... $1,952,880,923 $658,753,721 $475,209,670
============== ============ ============
NET ASSETS CONSIST OF:
Paid-in capital ................................................... $1,952,904,435 $658,751,116 $475,211,330
Accumulated net realized gain (loss) on investments ............... (23,512) 2,605 (1,660)
-------------- ------------ ------------
NET ASSETS. ....................................................... $1,952,880,923 $658,753,721 $475,209,670
============== ============ ============
Shares of beneficial interest outstanding ......................... 1,952,904,435 658,751,116 475,218,013
============== ============ ============
NET ASSET VALUE, offering and redemption price per share .......... $1.00 $1.00 $1.00
===== ===== =====
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF OPERATIONS
For the Six-Month Period Ended December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Investment income from Series .................................. $18,576,602 $ 6,073,080 $2,662,600
Expenses from Series ........................................... (1,491,872) (549,029) (351,383)
----------- ----------- ----------
Net investment income from Series ........................... 17,084,730 5,524,051 2,311,217
Interest income ................................................ 32,763,518 10,886,971 4,790,303
----------- ----------- ----------
Total investment income ..................................... 49,848,248 16,411,022 7,101,520
----------- ----------- ----------
EXPENSES:
Advisory fees .................................................. 2,717,284 984,555 676,934
Accounting fees ................................................ 134,139 51,978 38,887
Transfer agent fees ............................................ 3,946 1,347 865
Trustees' fees ................................................. 6,187 5,003 4,739
Distribution fees .............................................. 190,096 25,250 27,549
Registration fees .............................................. 17,066 3,930 4,353
Professional fees .............................................. 65,950 26,901 33,239
Other .......................................................... 53,190 22,613 13,379
----------- ----------- ----------
Total expenses .............................................. 3,187,858 1,121,577 799,945
----------- ----------- ----------
Net investment income .......................................... 46,660,390 15,289,445 6,301,575
----------- ----------- ----------
NET REALIZED GAIN ON INVESTMENTS .................................. 2,711 -- --
----------- ----------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .............. $46,663,101 $15,289,445 $6,301,575
=========== =========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
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WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
For the Six-Month Period Ended December 31,1999
(Unaudited)
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- -------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income .......................................... $ 46,660,390 $ 15,289,445 $ 6,301,575
Net realized gain on investments ............................... 2,711 -- --
--------------- --------------- -------------
Net increase in net assets resulting
from operations ............................................. 46,663,101 15,289,445 6,301,575
--------------- --------------- -------------
Distributions to shareholders from
net investment income .......................................... (46,660,390) (15,289,445) (6,301,575)
--------------- --------------- -------------
Portfolio share transactions (a):
Proceeds from shares sold ...................................... 2,031,410,570 1,134,690,268 672,643,937
Cost of shares issued on reinvestment of
distributions ............................................... 3,810,869 481,993 152,766
Cost of shares redeemed ........................................ (1,733,517,557) (1,024,251,905) (649,096,427)
--------------- --------------- -------------
Net increase in net assets from
share transactions ............................................. 301,703,882 110,920,356 23,700,276
--------------- --------------- -------------
Total increase in net assets ...................................... 301,706,593 110,920,356 23,700,276
NET ASSETS:
Beginning of period ............................................ 1,651,174,330 547,833,365 451,509,394
--------------- --------------- -------------
End of period .................................................. $ 1,952,880,923 $ 658,753,721 $ 475,209,670
=============== =============== =============
(A) TRANSACTIONS IN CAPITAL STOCK WERE:
Shares sold .................................................... 2,031,410,570 1,134,690,268 672,643,937
Shares issued on reinvestment
of distributions ............................................ 3,810,869 481,993 152,766
Shares redeemed ................................................ (1,733,517,557) (1,024,251,905) (649,096,427)
--------------- --------------- -------------
Net increase in shares ......................................... 301,703,882 110,920,356 23,700,276
Shares outstanding -- Beginning balance ........................ 1,651,200,553 547,830,760 451,517,737
--------------- --------------- -------------
Shares outstanding -- Ending balance ........................... 1,952,904,435 658,751,116 475,218,013
=============== =============== =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
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WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
For the Period October 1, 1998 through June 30, 1999
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- -------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ..................................... $ 59,725,206 $ 22,100,644 $ 8,736,428
Net realized gain on investment transactions .............. 3,764 96 --
--------------- --------------- -------------
Net increase in net assets resulting
from operations ........................................ 59,728,970 22,100,740 8,736,428
--------------- --------------- -------------
Distributions to shareholders from
net investment income ..................................... (59,725,206) (22,100,644) (8,736,428)
--------------- --------------- -------------
Portfolio share transactions (a):
Proceeds from shares sold ................................. 2,757,629,501 1,343,764,140 563,511,685
Cost of shares issued on reinvestment of
distributions .......................................... 5,092,645 328,356 205,820
Cost of shares redeemed ................................... (2,814,285,554) (1,598,412,063) (504,817,749)
--------------- --------------- -------------
Net increase (decrease) in net assets from
share transactions ........................................ (51,563,408) (254,319,567) 58,899,756
--------------- --------------- -------------
Total increase (decrease) in net assets ...................... (51,559,644) (254,319,471) 58,899,756
NET ASSETS:
Beginning of period ....................................... 1,702,733,974 802,152,836 392,609,638
--------------- --------------- -------------
End of period ............................................. $ 1,651,174,330 $ 547,833,365 $ 451,509,394
=============== =============== =============
(A) TRANSACTIONS IN CAPITAL STOCK WERE:
Shares sold ............................................... 2,757,629,501 1,343,764,140 563,511,685
Shares issued on reinvestment
of distributions ....................................... 5,092,645 328,356 205,820
Shares redeemed ........................................... (2,814,285,554) (1,598,412,063) (504,817,749)
--------------- --------------- -------------
Net increase (decrease) in shares ......................... (51,563,408) (254,319,567) 58,899,756
Shares outstanding -- Beginning balance ................... 1,702,763,961 802,150,327 392,617,981
--------------- --------------- -------------
Shares outstanding -- Ending balance ...................... 1,651,200,553 547,830,760 451,517,737
=============== =============== =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
FINANCIAL HIGHLIGHTS
================================================================================
The following tables include 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
SIX MONTHS FOR THE
ENDED PERIOD
DECEMBER 31, OCTOBER 1, 1998 FOR THE FISCAL YEARS ENDED SEPTEMBER 30,
1999 THROUGH ----------------------------------------------
(UNAUDITED)1 JUNE 30, 1999 1998 1997 1996 1995
------------- --------------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
PRIME MONEY MARKET PORTFOLIO
NET ASSET VALUE --
BEGINNING OF PERIOD ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
---------- ---------- ---------- ---------- -------- --------
INVESTMENT OPERATIONS:
Net investment income .......... 0.02 0.04 0.05 0.05 0.05 0.05
---------- ---------- ---------- ---------- -------- --------
DISTRIBUTIONS:
From net investment
income ...................... (0.02) (0.04) (0.05) (0.05) (0.05) (0.05)
---------- ---------- ---------- ---------- -------- --------
NET ASSET VALUE --
END OF PERIOD .................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
========== ========== ========== ========== ======== ========
TOTAL RETURN ...................... 2.50%** 3.51%** 5.26% 5.17% 5.17% 5.50%
RATIOS (TO AVERAGE NET
ASSETS)/SUPPLEMENTAL DATA:
Expenses ....................... 0.50%* 0.52%* 0.53% 0.54% 0.53% 0.54%
Net investment income .......... 4.94%* 4.61%* 5.13% 5.06% 5.03% 5.37%
Net assets at end
of period (000) ................ $1,952,881 $1,651,174 $1,702,734 $1,191,271 $980,856 $751,125
<FN>
* Annualized.
** Not annualized.
1 The expense and net investment income ratios include expenses allocated from
the Series. See Note 1 to the financial statements.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS FOR THE
ENDED PERIOD
DECEMBER 31, OCTOBER 1, 1998 FOR THE FISCAL YEARS ENDED SEPTEMBER 30,
1999 THROUGH ----------------------------------------------
(UNAUDITED)1 JUNE 30, 1999 1998 1997 1996 1995
------------- --------------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
U.S. GOVERNMENT PORTFOLIO
NET ASSET VALUE --
BEGINNING OF PERIOD ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------- -------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Net investment income .......... 0.02 0.03 0.05 0.05 0.05 0.05
--------- -------- -------- -------- -------- --------
DISTRIBUTIONS:
From net investment
income ...................... (0.02) (0.03) (0.05) (0.05) (0.05) (0.05)
--------- -------- -------- -------- -------- --------
NET ASSET VALUE --
END OF PERIOD .................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
========= ======== ======== ======== ======== ========
TOTAL RETURN ...................... 2.43%** 3.42%** 5.19% 5.07% 5.08% 5.37%
RATIOS (TO AVERAGE NET
ASSETS)/SUPPLEMENTAL DATA:
Expenses ....................... 0.52%* 0.54%* 0.54% 0.55% 0.55% 0.55%
Net investment income .......... 4.77%* 4.51%* 5.06% 4.96% 4.97% 5.25%
Net assets at end
of period (000) ................ $658,754 $547,833 $802,153 $378,475 $341,426 $306,096
<FN>
* Annualized.
** Not annualized.
1 The expense and net investment income ratios include expenses allocated from
the Series. See Note 1 to the financial statements.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS FOR THE
ENDED PERIOD
DECEMBER 31, OCTOBER 1, 1998 FOR THE FISCAL YEARS ENDED SEPTEMBER 30,
1999 THROUGH ----------------------------------------------
(UNAUDITED)1 JUNE 30, 1999 1998 1997 1996 1995
------------- --------------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
TAX-EXEMPT PORTFOLIO
NET ASSET VALUE --
BEGINNING OF PERIOD ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
--------- -------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Net investment income .......... 0.01 0.03 0.03 0.03 0.03 0.03
--------- -------- -------- -------- -------- --------
DISTRIBUTIONS:
From net investment
income ...................... (0.01) (0.03) (0.03) (0.03) (0.03) (0.03)
--------- -------- -------- -------- -------- --------
NET ASSET VALUE --
END OF PERIOD .................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
========= ======== ======== ======== ======== ========
TOTAL RETURN ...................... 1.49%** 1.96%** 3.11% 3.09% 3.11% 3.36%
RATIOS (TO AVERAGE NET
ASSETS)/SUPPLEMENTAL DATA:
Expenses ....................... 0.54%* 0.55%* 0.55% 0.57% 0.56% 0.54%
Net investment income .......... 2.94%* 2.58%* 3.05% 3.05% 3.08% 3.29%
Net assets at end
of period (000) ................ $475,210 $451,509 $392,610 $280,864 $237,185 $318,213
<FN>
* Annualized.
** Not annualized.
1 The expense and net investment income ratios include expenses allocated from
the Series. See Note 1 to the financial statements.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
================================================================================
1. DESCRIPTION OF THE FUND. Wilmington Prime Money Market Portfolio, Wilmington
U.S. Government Portfolio, and Wilmington Tax-Exempt 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
(the "1940 Act") 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.
Unlike other investment companies which directly acquire and manage their own
portfolio of securities, effective November 1, 1999, each Portfolio seeks to
achieve its investment objective by investing all of its investable assets in
the 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 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 taxable and tax-exempt
income to its shareholders. Therefore, no Federal income tax provision is
required. At June 30, 1999, Wilmington Prime Money Market Portfolio,
Wilmington U.S. Government Portfolio and Wilmington Tax-Exempt Portfolio had
a net tax basis capital loss carryforward available to offset future net
capital gains of approximately $37,000, $6,000 and $2,000, respectively,
which will expire as follows:
CAPITAL LOSS EXPIRATION
CARRYFORWARD DATE
---------------------------
Wilmington Prime Money Market Portfolio $21,000 06/30/2002
Wilmington Prime Money Market Portfolio 15,000 06/30/2005
Wilmington Prime Money Market Portfolio 1,000 06/30/2006
Wilmington U.S. Government Portfolio 6,000 06/30/2003
Wilmington Tax-Exempt Portfolio 2,000 06/30/2002
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
================================================================================
INVESTMENT INCOME AND DISTRIBUTIONS TO SHAREHOLDERS. The Portfolios record
their share of the respective Series' income, expenses and realized and
unrealized gains and losses daily. Additionally, each Portfolio records its
own expenses as incurred. Distributions to shareholders of the Portfolios are
declared daily from net investment income and paid to shareholders monthly.
For the Tax-Exempt Portfolio only, the tax-exempt portion of each dividend is
determined uniformly, based on the ratio of the Portfolio's tax-exempt and
taxable income, if any, for the entire fiscal year. Distributions from net
realized gains, if any, will be declared and paid annually.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect
the reported 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 TRANSACTIONS. During the six-month period ended December 31, 1999,
contributions to and withdrawals from the Series were as follows:
Prime U.S.
Money Market Government Tax-Exempt
-------------- ------------- -------------
Contributions $2,457,652,524 $ 971,681,197 $ 640,027,389
Withdrawals (512,836,687) (315,683,707) (165,903,958)
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES. The investment advisor to the
Series is Rodney Square Management Corporation ("RSMC"). Advisery fees
charged to the Series are discussed in the notes to the Series financial
statements. Prior to November 1, 1999, RSMC 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.
5. FUND MERGER. Effective November 1, 1999, the Wilmington Prime Money Market
Portfolio, Wilmington U.S. Government Portfolio, and Wilmington Tax-Exempt
Portfolio (the "Wilmington Portfolios") acquired all of the assets and
assumed all of the liabilities of the Rodney Square Money Market Portfolio,
Rodney Square U.S. Government Portfolio, and Rodney Square Tax-Exempt Fund
(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 accompanying notes are an integral part of the financial statements.
10
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
================================================================================
The Reorganizations were treated as non-taxable events and accordingly the
Wilmington Portfolios' basis in the securities acquired reflects 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
APPRECIATION
NET ASSETS (DEPRECIATION)
-------------- --------------
<S> <C> <C>
Rodney Square Money Market Portfolio $1,771,567,668 $ --
Rodney Square U.S. Government Portfolio 609,384,967 --
Rodney Square Tax-Exempt Fund 429,291,044 --
</TABLE>
The Rodney Square Funds' investment objectives, policies and restrictions
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.
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
- -------------------------------------------
NOTICE TO SHAREHOLDERS (UNAUDITED)
================================================================================
SPECIAL MEETINGS OF SHAREHOLDERS
Special meetings of the shareholders of the Rodney Square Funds was held on
October 22, 1999 to vote on the following
proposal:
1. To approve an Agreement and Plan of Reorganization (the "Plan") for each
Rodney Square Fund providing for the transfer of each Rodney Square Fund's
assets to a newly-created Fund ("a Successor Fund") in exchange for shares of
equal value of the Successor Fund.
FOR AGAINST ABSTAINED
------------- ------- ---------
Rodney Square Fund
Money Market Portfolio 1,662,057,388 0 0
U.S. Government Portfolio 622,060,515 0 0
Rodney Square Tax-Exempt Fund 438,622,940 25,605 0
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
- --------------------------------------------
SEMI-ANNUAL REPORT / DECEMBER 31, 1999 (UNAUDITED)
================================================================================
(The following pages should be read in conjunction with the Portfolios'
Financial Statements.)
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / PRIME MONEY MARKET SERIES
- ------------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
----------- ----------- --------------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT -- 24.9%
FOREIGN BANKS, FOREIGN CENTERS -- 1.5%
Bayerische Hypotheken-Und Vereinsbank, 6.03%, 02/07/00 ....... P-1, A-1 $30,000,000 $ 30,000,303
--------------
FOREIGN BANKS, U.S. BRANCHES -- 19.8%
Bank of Montreal, 5.89%, 02/15/00 ............................ P-1, A-1+ 50,000,000 50,000,000
Bank of Nova Scotia, 6.04%, 01/14/00 ......................... P-1, A-1+ 35,000,000 35,000,000
Bank of Nova Scotia, 5.82%, 02/11/00 ......................... P-1, A-1+ 25,000,000 25,000,276
Bank of Nova Scotia, 6.00%, 03/01/00 ......................... P-1, A-1+ 20,000,000 20,000,000
Banque Nationale de Paris, 6.12%, 03/23/00 ................... P-1, A-1 40,000,000 40,000,449
Bayerische Landesbank Girozentrale, 5.82%, 08/03/00 .......... P-1, A-1+ 20,000,000 19,994,927
Deutsche Bank, 5.80%, 03/30/00 ............................... P-1, A-1+ 50,000,000 50,000,000
Deutsche Bank, 5.90%, 01/18/00 ............................... P-1, A-1+ 35,000,000 35,000,162
Dresdner Bank, 5.90%, 01/18/00 ............................... P-1, A-1+ 25,000,000 25,000,174
Royal Bank of Canada, 5.01%, 02/07/00 ........................ P-1, A-1+ 20,000,000 19,982,985
Royal Bank of Canada, 5.12%, 02/18/00 ........................ P-1, A-1+ 15,000,000 14,999,430
Toronto Dominion-New York, 5.06%, 02/10/00 ................... P-1, A-1+ 15,000,000 14,999,366
UBS AG, 6.24%, 12/06/00 ...................................... P-1, A-1+ 20,400,000 20,389,136
Westdeutsche Landesbank, 6.01%, 06/06/00 ..................... P-1, A-1+ 18,000,000 18,000,762
--------------
388,367,667
--------------
U.S. BANKS, U.S. BRANCHES -- 3.6%
First Union, 5.82%, 01/28/00 ................................. P-1, A-1 20,000,000 19,989,963
LaSalle National Bank, 5.62%, 02/01/00 ....................... P-1, A-1+ 25,000,000 24,997,567
Regions Bank, 5.87%, 01/12/00 ................................ P-1, A-1+ 25,000,000 25,000,000
--------------
69,987,530
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $488,355,500) ............................................................... 488,355,500
--------------
COMMERCIAL PAPER -- 50.3%
AUTOMOBILES -- 4.1%
BMW U.S. Capital Corp., 6.00%, 03/15/00 ...................... P-1, A-1 65,000,000 64,198,333
Daimler-Chrysler North America, 5.90%, 02/22/00 .............. P-1, A-1 16,000,000 15,863,644
--------------
80,061,977
--------------
BANKS -- 5.6%
Abbey National North America, 5.82%, 02/25/00 ................ P-1, A-1+ 60,000,000 59,466,500
Fifth Third Bancorp, 5.96%, 01/27/00 ......................... P-1, A-1+ 50,000,000 50,000,000
--------------
109,466,500
--------------
CHEMICALS -- 4.0%
Akzo Nobel America, 6.00%, 01/26/00 .......................... P-1, A-1 30,000,000 29,875,000
Akzo Nobel America, 5.90%, 02/22/00 .......................... P-1, A-1 34,000,000 33,710,244
Akzo Nobel America, 5.85%, 02/25/00 .......................... P-1, A-1 16,000,000 15,857,000
--------------
79,442,244
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / PRIME MONEY MARKET SERIES
- ------------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
----------- ----------- --------------
<S> <C> <C> <C>
COMMUNICATION & BROADCASTING -- 0.5%
E.W. Scripps Co., 5.90%, 03/07/00 ............................ P-1, A-1 $10,000,000 $ 9,891,833
--------------
FINANCIAL SERVICES -- 19.9%
Associates First Capital Corp., 5.90%, 03/06/00 .............. P-1, A-1+ 40,000,000 39,573,889
General Electric Capital Corp., 5.92%, 01/25/00 .............. P-1, A-1+ 30,000,000 29,881,600
General Electric Capital Corp., 5.96%, 02/23/00 .............. P-1, A-1+ 50,000,000 49,561,278
Morgan Stanley Dean Witter Co., 5.96%, 01/24/00 .............. P-1, A-1 43,000,000 42,836,266
Morgan Stanley Dean Witter Co., 5.88%, 04/13/00 .............. P-1, A-1 30,000,000 29,495,729
National Rural Utilities Corp., 5.80%, 02/25/00 .............. P-1, A-1+ 55,000,000 54,512,639
Transamerica Finance Corp., 5.90%, 02/18/00 .................. P-1, A-1 47,000,000 46,630,267
Transamerica Finance Corp., 5.83%, 02/22/00 .................. P-1, A-1 28,000,000 27,764,209
Ubs AG, 3.50%, 01/03/00 ...................................... P-1, A-1+ 70,000,000 69,986,389
--------------
390,242,266
--------------
INSURANCE -- 3.8%
Allianz of America Finance, 5.83%, 02/24/00 .................. P-1, A-1+ 25,200,000 24,979,626
Allianz of America Finance, 5.93%, 03/10/00 .................. P-1, A-1+ 19,210,000 18,991,662
Allianz of America Finance, 5.94%, 03/10/00 .................. P-1, A-1+ 30,000,000 29,658,450
--------------
73,629,738
--------------
LEASING -- 7.6%
International Lease Finance Corp., 5.77%, 02/02/00 ........... P-1, A-1+ 40,000,000 39,794,844
International Lease Finance Corp., 5.85%, 02/07/00 ........... P-1, A-1+ 30,000,000 29,819,625
Vehicle Services Corporation of America, 6.06%, 02/10/00 ..... P-1, A-1+ 80,000,000 79,461,333
--------------
149,075,802
--------------
MEDICAL SERVICES -- 1.3%
Medical Building VII, 6.38%, 03/22/00 ........................ A-1 7,100,000 6,998,079
Medical Building VIII, 6.55%, 01/26/00 ....................... A-1+ 18,200,000 18,117,165
--------------
25,115,244
--------------
SECURITIES DEALERS -- 3.5%
Merrill Lynch & Co., 5.90%, 02/29/00 ......................... P-1, A-1+ 70,000,000 69,323,139
--------------
TOTAL COMMERCIAL PAPER
(Cost $986,248,743) ............................................................... 986,248,743
--------------
CORPORATE NOTES -- 5.6%
BANKS -- 5.6%
Abbey National Treasury Services, 5.26%, 03/01/00 ............ Aa2, AA 10,000,000 9,999,288
First Union National Bank, 5.28%, 01/03/00* .................. Aa3, A+ 50,000,000 50,000,000
Goldman Sachs Group LP, 6.51%, 12/22/00 ...................... P-1, A-1+ 50,000,000 50,004,638
--------------
110,003,926
--------------
TOTAL CORPORATE NOTES
(Cost $110,003,926) ............................................................... 110,003,926
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / PRIME MONEY MARKET SERIES
- ------------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
----------- ----------- --------------
<S> <C> <C> <C>
MUNICIPAL SECURITIES -- 3.7%
Inland Empire Solid Waste Fin. Auth. Rev. Bonds
(Landfill Imp. Ref. Proj.), LOC Bayerische Vereinsbank,
Ser. 1999-A, 6.48%, 01/05/00* ............................. VMIG-1, A-1 $30,120,000 $ 30,120,000
Oakland-Alameda City Coliseum, 6.07%, 01/13/00 ............... VMIG-1, A-1+ 20,400,000 20,400,000
Washoe County Water Facilities Revenue Bond
(Sierra Pacific Power Co. Project), LOC Union Bank of
Switzerland, 5.40%, 12/01/20* ............................. P-1, A-1+ 17,100,000 17,100,000
Waukesha, Wisconsin Health Systems, 6.45%, 01/06/00* ......... VMIG-1, A-1+ 4,300,000 4,300,000
--------------
TOTAL TAXABLE MUNICIPAL SECURITIES
(Cost $71,920,000) ................................................................ 71,920,000
--------------
REPURCHASE AGREEMENTS -- 3.3%
With First Boston, Inc.: at 3.35%, dated 12/31/99,
to be repurchased at $65,477,074 on 01/03/00,
collateralized by 68,082,722 of Federal National
Mortgage Association Security with various
coupons and maturities to 1/10/00
(Cost $65,458,800) ........................................ 65,458,800 65,458,800
--------------
TIME DEPOSITS -- 8.7%
Chase Bank Grand Cayman Time Deposit, 5.50%, 01/03/00 ........ 80,000,000 80,000,000
Rabobank Nederland Grand Cayman Time Deposit, 4.500%, 01/03/00 90,000,000 90,000,000
--------------
TOTAL TIME DEPOSITS
(Cost $170,000,000) ............................................................... 170,000,000
--------------
TOTAL INVESTMENTS (Cost $1,891,986,969)(DAGGER)-- 96.5% ....................................... 1,891,986,969
--------------
OTHER ASSETS AND LIABILITIES, NET -- 3.5% ..................................................... 69,916,317
--------------
NET ASSETS -- 100.0% .......................................................................... $1,961,903,286
==============
<FN>
* Denotes a variable or floating rate. Variable or floating rate notes
are instruments whose rates change periodically. The rates shown are
the interest rates as of December 31, 1999. The dates shown are the
next dates the interest rates on the instruments are scheduled to be
reset.
(DAGGER) Cost for federal income tax purposes.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / U.S. GOVERNMENT SERIES
- ---------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
----------- ------------
<S> <C> <C>
U.S. AGENCY OBLIGATIONS -- 86.1%
FEDERAL FARM CREDIT BANKS DISCOUNT NOTES -- 8.5%
Federal Farm Credit Banks Discount Notes, 4.25%, 01/10/00 .................... $25,000,000 $ 24,973,438
Federal Farm Credit Banks Discount Notes, 5.16%, 01/21/00 .................... 7,000,000 6,979,933
Federal Farm Credit Banks Discount Notes, 5.53%, 01/24/00 .................... 4,650,000 4,633,571
Federal Farm Credit Banks Discount Notes, 5.52%, 01/25/00 .................... 7,750,000 7,721,480
Federal Farm Credit Banks Discount Notes, 5.34%, 03/10/00 .................... 7,000,000 6,928,355
Federal Farm Credit Banks Discount Notes, 5.58%, 04/05/00 .................... 5,000,000 4,926,375
------------
56,163,152
------------
FEDERAL FARM CREDIT BANKS NOTES -- 17.5%
Federal Farm Credit Banks Notes, 5.20%, 01/14/00 ............................. 5,600,000 5,600,610
Federal Farm Credit Banks Notes, 6.28%, 01/18/00* ............................ 40,000,000 39,987,486
Federal Farm Credit Banks Notes, 6.31%, 01/26/00* ............................ 50,000,000 49,992,104
Federal Farm Credit Banks Notes, 5.60%, 03/01/00 ............................. 5,000,000 4,995,609
Federal Farm Credit Banks Notes, 5.73%, 06/01/00 ............................. 10,000,000 9,992,955
Federal Farm Credit Banks Notes, 5.85%, 12/01/00 ............................. 5,000,000 4,989,062
------------
115,557,826
------------
FEDERAL HOME LOAN BANKS DISCOUNT NOTES -- 26.5%
Federal Home Loan Banks Discount Notes, 1.35%, 01/03/00 ...................... 50,000,000 49,996,250
Federal Home Loan Banks Discount Notes, 5.14%, 01/12/00 ...................... 5,000,000 4,992,147
Federal Home Loan Banks Discount Notes, 5.17%, 01/12/00 ...................... 5,000,000 4,992,101
Federal Home Loan Banks Discount Notes, 5.55%, 01/14/00 ...................... 20,000,000 19,959,917
Federal Home Loan Banks Discount Notes, 5.49%, 02/04/00 ...................... 10,000,000 9,948,150
Federal Home Loan Banks Discount Notes, 5.72%, 02/04/00 ...................... 7,500,000 7,459,483
Federal Home Loan Banks Discount Notes, 5.54%, 02/11/00 ...................... 6,227,000 6,187,711
Federal Home Loan Banks Discount Notes, 5.75%, 02/16/00 ...................... 6,000,000 5,955,917
Federal Home Loan Banks Discount Notes, 5.50%, 02/25/00 ...................... 10,000,000 9,915,942
Federal Home Loan Banks Discount Notes, 5.73%, 03/01/00 ...................... 15,000,000 14,856,750
Federal Home Loan Banks Discount Notes, 5.53%, 03/15/00 ...................... 7,000,000 6,920,429
Federal Home Loan Banks Discount Notes, 5.83%, 03/22/00 ...................... 5,000,000 4,934,412
Federal Home Loan Banks Discount Notes, 5.59%, 04/07/00 ...................... 5,000,000 4,924,690
Federal Home Loan Banks Discount Notes, 5.57%, 04/26/00 ...................... 10,000,000 9,820,683
Federal Home Loan Banks Discount Notes, 5.57%, 04/28/00 ...................... 5,000,000 4,908,714
Federal Home Loan Banks Discount Notes, 5.58%, 04/28/00 ...................... 5,000,000 4,908,550
Federal Home Loan Banks Discount Notes, 5.63%, 05/31/00 ...................... 5,000,000 4,881,926
------------
175,563,772
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / U.S. GOVERNMENT SERIES
- ---------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
----------- ------------
<S> <C> <C>
FEDERAL HOME LOAN BANK NOTES -- 21.6%
Federal Home Loan Bank Notes, 4.93%, 01/19/00 ................................ $ 5,000,000 $ 5,000,035
Federal Home Loan Bank Notes, 4.85%, 01/27/00 ................................ 6,000,000 5,999,931
Federal Home Loan Bank Notes, 5.52%, 02/02/00 ................................ 6,000,000 5,970,560
Federal Home Loan Bank Notes, 5.47%, 02/07/00 ................................ 10,000,000 9,943,781
Federal Home Loan Bank Notes, 4.98%, 02/16/00 ................................ 5,000,000 4,999,779
Federal Home Loan Bank Notes, 4.95%, 02/17/00 ................................ 2,500,000 2,496,099
Federal Home Loan Bank Notes, 5.80%, 02/23/00 ................................ 10,000,000 9,914,611
Federal Home Loan Bank Notes, 5.84%, 02/23/00 ................................ 10,000,000 9,914,022
Federal Home Loan Bank Notes, 5.00%, 02/24/00 ................................ 8,000,000 7,998,397
Federal Home Loan Bank Notes, 5.04%, 02/25/00 ................................ 5,000,000 4,999,815
Federal Home Loan Bank Notes, 5.05%, 02/25/00 ................................ 4,000,000 3,994,949
Federal Home Loan Bank Notes, 5.13%, 03/08/00 ................................ 4,000,000 3,996,723
Federal Home Loan Bank Notes, 5.16%, 03/08/00 ................................ 5,000,000 4,991,883
Federal Home Loan Bank Notes, 5.52%, 03/10/00 ................................ 10,000,000 9,894,296
Federal Home Loan Bank Notes, 5.22%, 03/17/00 ................................ 5,000,000 4,992,965
Federal Home Loan Bank Notes, 5.08%, 04/28/00 ................................ 10,000,000 9,986,979
Federal Home Loan Bank Notes, 5.13%, 05/19/00 ................................ 2,340,000 2,336,406
Federal Home Loan Bank Notes, 5.26%, 05/26/00 ................................ 8,100,000 8,081,397
Federal Home Loan Bank Notes, 6.23%, 07/07/00 ................................ 2,310,000 2,317,799
Federal Home Loan Bank Notes, 5.91%, 08/23/00 ................................ 5,000,000 4,994,373
Federal Home Loan Bank Notes, 5.20%, 09/08/00 ................................ 8,500,000 8,458,804
Federal Home Loan Bank Notes, 5.27%, 09/15/00 ................................ 5,400,000 5,379,117
Federal Home Loan Bank Notes, 5.92%, 10/13/00 ................................ 6,000,000 5,995,218
------------
142,657,939
------------
FEDERAL HOME LOAN MORTGAGE DISCOUNT NOTES -- 6.8%
Federal Home Loan Mortgage Discount Notes, 5.60%, 01/13/00 ................... 45,000,000 44,916,000
------------
STUDENT LOAN MARKETING ASSOCIATION NOTES -- 1.9%
Student Loan Marketing Association Notes, 4.93%, 02/08/00 .................... 5,000,000 4,996,281
Student Loan Marketing Association Notes, 7.50%, 03/08/00 .................... 3,000,000 3,009,308
Student Loan Marketing Association Notes, 5.57%, 03/17/00 .................... 4,630,000 4,634,387
------------
12,639,976
------------
TENNESSEE VALLEY AUTHORITY DISCOUNT NOTES -- 3.3%
Tennessee Valley Authority Discount Notes, 5.52%, 02/17/00 ................... 12,000,000 11,913,520
Tennessee Valley Authority Discount Notes, 5.53%, 02/24/00 ................... 10,000,000 9,917,125
------------
21,830,645
------------
TOTAL U.S. AGENCY OBLIGATIONS
(Cost $569,329,310) ............................................................ 569,329,310
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / U.S. GOVERNMENT SERIES
- ---------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
----------- ------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 13.6%
With First Boston, Inc.: at 3.35%, dated 12/31/99, to be
repurchased at $89,932,399 on 01/03/00, collateralized
by 93,974,076 of Government National Mortgage
Association Securities with various coupons and
maturities to 01/28/00
(Cost $89,907,300) ........................................................ $89,907,300 $ 89,907,300
------------
TOTAL INVESTMENTS (Cost $659,236,610)(DAGGER)-- 99.7% ............................................ 659,236,610
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.3% ........................................................ 2,284,786
------------
NET ASSETS -- 100.0% ............................................................................. $661,521,396
============
<FN>
* Denotes a Variable or Floating Rate Note. Variable or Floating Rate
Notes are instruments whose rates change periodically. The rates shown
are the interest rates as of December 31, 1999. The dates shown are the
next dates the interest rates on the instruments are scheduled to be
reset.
(DAGGER) Cost for federal income tax purposes.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
- ----------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
----------- ----------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS -- 99.5%
ALABAMA -- 0.9%
Alabama Housing Fin. Auth. Multi Family Housing
(Rime Village Hoover Proj.), FNMA Gtd.,
Ser. 1996-A, 5.50%, 01/07/00* ..................................... N/R, A-1+ $ 4,200,000 $ 4,200,000
------------
ALASKA -- 1.6%
Anchorage, AK Higher Educ. Rev. Bonds (Alaska Pacific Univ. Proj.),
LOC Bank of America, Ser. 1997, 5.50%, 01/07/00* .................. N/R, A-1+ 7,600,000 7,600,000
------------
COLORADO -- 0.3%
Pitkin County, CO Ind. Dev. Rev. Bonds (Aspen Skiing Co. Proj.),
LOC Bank One NA, 4.75%, 01/01/00 .................................. N/R, A-1+ 1,300,000 1,300,000
------------
DISTRICT OF COLUMBIA -- 2.6%
Dist. of Columbia (American Univ. Proj.), AMBAC Insured/SBPA
WestDeutsche Landesbank, Ser. 1985-A, 5.50%, 01/07/00* ............ VMIG-1, N/R 10,000,000 10,000,000
Dist. of Columbia (American Univ. Proj.), AMBAC Insured/SBPA
WestDeutsche Landesbank, Ser. 1986-A, 5.50%, 01/07/00* ............ VMIG-1, N/R 2,440,000 2,440,000
------------
12,440,000
------------
FLORIDA -- 2.7%
Jacksonville, FL Elec. Auth. Electric System TECP,
Ser. A, 3.80%, 02/01/00 ........................................... P-1, A-1+ 11,200,000 11,200,000
Orange County, FL Housing Fin. Auth. Rev. Bonds
(Post Fountains at Lee Vista Proj.), FNMA Gtd.,
5.50%, 01/07/00 ................................................... N/R, A-1+ 1,900,000 1,900,000
------------
13,100,000
------------
GEORGIA -- 10.0%
Atlanta, GA Downtown Dev. Auth. Rev. Bonds (CARE Proj.),
LOC SunTrust Bank, Ser. 1993, 5.55%, 01/07/00* .................... VMIG-1, N/R 2,200,000 2,200,000
Clayton County, GA Hosp. Auth. Rev. Bonds (Southern Regional
Medical Center Proj.), LOC SunTrust Bank, Ser. 1995,
5.55%, 01/07/00* .................................................. Aa1, N/R 3,875,000 3,875,000
Columbus, GA Housing Auth. Rev. Bonds (Columbus State Univ.
Foundation Inc. Proj.), LOC SunTrust Bank, Ser. 1997,
5.55%, 01/07/00* .................................................. Aa3, N/R 1,300,000 1,300,000
Columbus, GA Housing Auth. Rev. Bonds (St. Francis Hospital, Inc.
Proj.), LOC SunTrust Bank, Ser. 1997, 5.55%, 01/07/00* ............ Aa3, N/R 1,700,000 1,700,000
Dekalb County, GA Hosp. Auth. Rev. Ant. Cert. (Dekalb Medical
Center Proj.), LOC SunTrust Bank, Ser. 1993-B,
5.55%, 01/07/00* .................................................. VMIG-1, N/R 3,400,000 3,400,000
Floyd County, GA Dev. Auth. Environ. Imp. Rev. Bonds (Georgia
Kraft Co. Proj.), LOC Banque Nationale de Paris,
4.85%, 01/01/00* .................................................. P-1, N/R 4,775,000 4,775,000
Floyd County, GA Dev. Auth. Environ. Imp. Rev. Bonds (Georgia
Power Co. Plant Hammond Proj.), Ser. 1996, 5.05%, 01/01/00* ....... VMIG-1, A-1 450,000 450,000
Floyd County, GA Dev. Auth. Rev. Bonds (Berry College, Inc. Proj.),
LOC SunTrust Bank Ser. 1999, 5.55%, 01/07/00* ..................... Aa3, N/R 3,500,000 3,500,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
- ----------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
----------- ----------- ------------
<S> <C> <C> <C>
Fulton County, GA Dev. Auth. Rev. Bonds (Arthritis Foundation,
Inc. Proj.), LOC SunTrust Bank, Ser. 1996, 5.55%, 01/07/00* ....... Aa3, N/R $ 1,000,000 $ 1,000,000
Fulton County, GA Dev. Auth. Rev. Bonds (The Alfred and Adele
Davis Academy Income Proj.), LOC SunTrust Bank,
Ser. 1996, 5.55%, 01/07/00* ....................................... Aa3, N/R 2,000,000 2,000,000
Gwinnett County, GA Dev. Auth. Rev. Bonds (Wesleyan School,
Inc. Proj.), LOC SunTrust Bank, Ser. 1999, 5.55%, 01/07/00 ........ Aa3, N/R 5,000,000 5,000,000
Gwinnett County, GA Housing Auth. Multi-family Housing
(Post Corners Proj.), FNMA Gtd., Ser. 1996,
5.50%, 01/07/00* .................................................. N/R, A-1+ 5,560,000 5,560,000
Monroe County, GA Poll. Cntrl. Rev. Bonds
(Georgia Power Co. Proj.), Ser. 1997, 5.05%, 01/01/00* ............ VMIG-1, A-1 2,700,000 2,700,000
Rockdale County, GA Health Fac. Auth. Rev. Bonds
(Georgia Hosp. Proj.), LOC SunTrust Bank,
Ser. 1994, 5.55%, 01/07/00* ....................................... VMIG-1, N/R 5,765,000 5,765,000
Smyrna, GA Housing Auth. Multi-Family Housing
(F and M Villages Proj.), FNMA Gtd., Ser. 1997,
5.50%, 01/07/00 ................................................... N/R, A-1+ 4,300,000 4,300,000
------------
47,525,000
------------
IDAHO -- 0.5%
Idaho Health Facility Auth. Rev. Bonds (St. Luke's Regional
Medical Center Proj.), Ser. 1995, 4.70%, 01/01/00* ................ VMIG-1, N/R 2,350,000 2,350,000
------------
ILLINOIS -- 23.3%
Illinois Dev. Fin. Auth. Poll. Cntrl. Rev. Bonds (Illinois Power Co.
Proj.), LOC Canadian Imperial Bank, 3.65%, 02/22/00 ............... VMIG-1, A-1+ 10,000,000 10,000,000
Illinois Dev. Fin. Auth. Rev. Bonds (Chicago Symphony Proj.),
LOC Bank of America, Ser. 1996, 5.35%, 01/07/00* .................. VMIG-1, A-1+ 6,500,000 6,500,000
Illinois Dev. Fin. Auth. Rev. Bonds (Council For Jewish Elderly
Proj.), LOC LaSalle, Ser. 1995, 5.50%, 01/07/00* .................. N/R, A-1+ 4,895,000 4,895,000
Illinois Dev. Fin. Auth. Rev. Bonds (Goodman Theatre Proj.),
Ser. 1999, 5.35%, 01/07/00* ....................................... N/R, A-1+ 12,500,000 12,500,000
Illinois Educ. Fac. Auth. Rev. Bonds (ACI Cultural Pooled
Financing Proj.), LOC NBD Bank Corp., Ser. 1998,
5.35%, 01/07/00* .................................................. N/R, A-1+ 8,200,000 8,200,000
Illinois Educ. Fac. Auth. Rev. Bonds (Cultural Pooled Fin. Proj.),
LOC Bank One NA, Ser. 1985, 5.45%, 01/07/00* ...................... VMIG-1, N/R 8,955,000 8,955,000
Illinois Educ. Fac. Auth. Rev. Bonds (Depaul Univ. Proj.), LOC
Northern Trust Co., Ser. 1992, 5.35%, 01/07/00* ................... VMIG-1, A-1+ 10,000,000 10,000,000
Illinois Educ. Fac. Auth. Rev. Bonds (Northwestern University
Proj.), Ser. 1988, 5.40%, 01/07/00* ............................... VMIG-1, A-1+ 1,800,000 1,800,000
Illinois Educ. Fac. Auth. Rev. Bonds (Pooled Financing Prog.)
LOC Northern Trust TECP, 3.80%, 01/27/00 .......................... N/R, A-1+ 7,341,000 7,341,000
Illinois Educational Facilities Authority (Field Museum of Natural
History Proj.), LOC Northern Trust Co., 3.90%, 05/05/00 ........... VMIG-1, N/R 5,000,000 5,000,000
Illinois Health Fac. Auth. Rev. Bonds (Gottlieb Health
Resources Inc. Proj.), LOC Harris Trust & Savings Bank,
5.35%, 01/07/00* .................................................. VMIG-1, N/R 8,700,000 8,700,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
- ----------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
------------ ----------- ------------
<S> <C> <C> <C>
Illinois Health Fac. Auth. Rev. Bonds (Ingalls Memorial Hospital
Proj.) LOC LaSalle National Bank, Series 1985C,
5.50%, 01/07/00* .................................................. VMIG-1, N/R $ 300,000 $ 300,000
Illinois Health Fac. Auth. Rev. Bonds (Northwestern Memorial
Hospital Proj.) Ser. 1995, 4.75%, 01/01/00* ....................... VMIG-1, A-1+ 3,000,000 3,000,000
Illinois Health Fac. Auth. Rev. Bonds TECP (The Univ. of
Chicago Proj.), 3.75%, 03/30/00 ................................... VMIG-1, A-1+ 12,000,000 12,000,000
Oak Forest, IL Dev. Rev. Bonds (Homewood Pool-South Suburban
Mayors & Managers Assoc. Proj.), LOC Bank One NA,
5.35%, 01/05/00* .................................................. VMIG-1, N/R 11,900,000 11,900,000
------------
111,091,000
------------
INDIANA -- 7.1%
Indiana Hosp. Equip. Fin. Auth. Rev. Bonds, MBIA Insured &
SBPA NBD Bank, Ser. 1985-A, 5.50%, 01/07/00* ...................... VMIG-1, A-1+ 8,950,000 8,950,000
Indiana State Office Bldg. Commission Fac. Rev. Bonds (Miami
Correctional Facility - Phase 1 Proj.), Ser. 1999A,
4.50%, 07/01/00 ................................................... Aa2, AA- 2,765,000 2,776,020
Purdue University Trustees Student Fee Bonds, Ser. E,
5.40%, 01/07/00* .................................................. VMIG-1, A-1+ 1,800,000 1,800,000
South Bend, IN Redev. Auth. Rev. Bonds (College Football Hall
of Fame Proj.), LOC Landesbank Hessen-Thuringen
Girozentrale, Ser. 1994, 5.35%, 01/07/00* ......................... VMIG-1, A-1+ 10,000,000 10,000,000
Sullivan, IN Poll. Cntrl. Rev. Bonds (Hoosier Energy Rural
Electric Co-Op Proj.), National Rural Utilities GFC GTD
Ser. L-4, 3.85%, 02/11/00 ........................................ P-1, A-1+ 6,295,000 6,295,000
Sullivan, IN Poll. Cntrl. Rev. Bonds (Hoosier Energy Rural
Electric Co-Op Proj.), National Rural Utilities GFC GTD
Ser. L-4, 3.90%, 02/15/00 ......................................... P-1, A-1+ 1,000,000 1,000,000
Sullivan, IN Poll. Cntrl. Rev. Bonds (Hoosier Energy Rural
Electric Co-Op Proj.), National Rural Utilities GFC GTD
Ser. L-5, 3.85%, 02/14/00 ......................................... P-1, A-1+ 3,045,000 3,045,000
------------
33,866,020
------------
LOUISIANA -- 4.1%
Plaquemines Port, Harbor, and Terminal Dist. Marine Terminal Fac.
Rev. Ref. Bonds (Electro Coal Transfer Proj.), Ser. 1985A,
3.90%, 01/24/00 ................................................... P-1, A-1+ 16,700,000 16,700,000
Plaquemines Port, Harbor, and Terminal Dist. Marine Terminal Fac.
Rev. Ref. Bonds (Electro-Coal Transfer Proj.) Ser. 1985A,
3.85%, 02/11/00 ................................................... P-1, A-1+ 3,000,000 3,000,000
------------
19,700,000
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
- ----------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
----------- ----------- ------------
<S> <C> <C> <C>
MARYLAND -- 5.6%
Baltimore County, MD Metropolitan Dist. TECP, Ser. 1995,
3.850%, 02/24/00 .................................................. P-1, A-1+ $ 9,700,000 $ 9,700,000
Maryland Health & Higher Educ. Fac. Rev. Bonds Pooled Loan
Program Ser. D, 5.35%, 01/07/00 ................................... N/R, A-1+ 4,215,000 4,215,000
Montgomery County, MD TECP, Ser. 1995, 3.90%, 02/09/00 ............... P-1, A-1+ 13,000,000 13,000,000
------------
26,915,000
------------
MASSACHUSETTS -- 0.8%
Commonwealth of Massachusetts Gen. Oblig., Ser. 1990A,
7.25%, 03/01/00 ................................................... AAA, AAA 3,700,000 3,791,552
------------
MICHIGAN -- 1.4%
Michigan Strategic Fund Poll. Cntrl. Rev. Bonds (Detroit
Edison Co. Proj.), LOC Barclay's Bank of New York,
Ser. 1995-CC, 4.75%, 01/01/00* .................................... P-1, A-1+ 3,200,000 3,200,000
Michigan Strategic Fund Rev. Bonds (Consumer Power Co. Proj.),
AMBAC Insured, Ser. 1993-A, 4.75%, 01/01/00* ...................... N/R, A-1+ 3,000,000 3,000,000
Monroe County, Econ. Poll. Cntrl. Rev. Bonds (Detroit Edison Co.
Proj.), LOC Barclay's Bank, Ser. 1992-CC, 4.75%, 01/01/00* ........ P-1, N/R 700,000 700,000
------------
6,900,000
------------
MINNESOTA -- 4.1%
Becker, MN Poll. Cntrl. Rev. Bonds TECP
(Northern States Power Proj.) Ser. 1993B, 3.90%, 02/15/00 ......... VMIG-1, A-1+ 5,000,000 5,000,000
Rochester, Mn Health Care Fac. Rev. Bonds (Mayo Foundation/
Mayo Medical Center Proj.), Ser. 1988E, 3.90%, 02/14/00 ........... N/R, A-1+ 4,410,000 4,410,000
Rochester, MN Health Care Fac. Rev. Bonds (Mayo
Foundation/Mayo Medical Center Proj.), Ser. 1992A,
3.80%, 03/09/00 ................................................... N/R, A-1+ 1,500,000 1,500,000
Rochester, MN Health Care Fac. Rev. Bonds (Mayo
Foundation/Mayo Medical Center Proj.), Ser. 1992C,
3.80%, 02/07/00 ................................................... N/R, A-1+ 2,600,000 2,600,000
University of Minnesota Regents Rev. Bonds, Ser. 1999-A,
5.500%, 01/07/00* ................................................. VMIG-1, A-1+ 6,000,000 6,000,000
------------
19,510,000
------------
NEW YORK -- 4.1%
Long Island, NY Power Authority Electrical System Subordinated
Rev. Bonds, LOC ABN - AMRO Bank Morgan Guaranteed Trust,
4.70%, 01/01/00* .................................................. VMIG-1, A-1+ 19,300,000 19,300,000
------------
NORTH CAROLINA -- 1.0%
Carteret County, NC Ind. Fac. & Poll. Cntrl. Fin. Auth. Rev.
Bonds (Texas Gulf Proj.), LOC Banque Nationale de Paris,
Ser. 1985, 5.13%, 01/07/00* ....................................... Aa3, N/R 5,000,000 5,000,000
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
- ----------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
------------ ----------- ------------
<S> <C> <C> <C>
PENNSYLVANIA -- 4.1%
Pennsylvania Higher Educ. Fac. Auth. Rev. Bonds (Univ. of
Pennsylvania Health Services Proj.), Ser. 1994-B,
5.50%, 01/07/00* .................................................. VMIG-1, A-1+ $12,555,000 $ 12,555,000
Pennsylvania Higher Educ. Fac. Auth. Rev. Bonds (Univ. of
Pennsylvania Health Services Proj.) Ser. 1998-B,
5.50%, 01/07/00* .................................................. VMIG-1, A-1+ 7,170,000 7,170,000
------------
19,725,000
------------
SOUTH CAROLINA -- 0.0%
Piedmont Muni. Power Agency South Carolina Rev. Bonds,
MBIA Insured/SBPA Credit Suisse First Boston,
Ser. 1997-B, 5.65%, 01/05/00* ..................................... VMIG-1, A-1+ 100,000 100,000
------------
TENNESSEE -- 3.8%
Clarksville, TN Public Bldg. Auth. Rev. Bonds (Pooled Financing
Murfreesboro Proj.), 5.40%, 01/07/00* ............................. VMIG-1, N/R 10,400,000 10,400,000
Clarksville, TN Public Bldg. Auth. Rev. Bonds (Tennessee
Municipal Bond Fund Proj.), LOC Bank of America,
Ser. 1984, 5.40%, 01/07/00* ....................................... N/R, A-1+ 3,890,000 3,890,000
Clarksville, TN Public Bldg. Auth. Rev. Bonds (Tennessee
Municipal Bond Fund Proj.), LOC Bank of America, Ser. 1995,
5.40%, 01/07/00* .................................................. N/R, A-1+ 1,765,000 1,765,000
Metropolitan Government Nashville and Davidson County Health
and Educ. Fac. Board Rev. Bonds (Vanderbilt University Proj,)
Ser. 1985-A, 3.10%, 01/15/00 ...................................... VMIG-1, A-1+ 2,150,000 2,150,000
------------
18,205,000
------------
TEXAS -- 16.3%
Angelina & Neches River Auth. Ind. Dev. Solid Waste Disposal
(TEEC, Inc., Temple-Inland Proj.), LOC Wells Fargo
Boston, Ser. 1984-B, 4.75%, 01/01/00* ............................. P-1, N/R 7,500,000 7,500,000
Angelina & Neches River Auth. Ind. Dev. Solid Waste Disposal
(TEEC, Inc., Temple-Inland Proj.), LOC Wells Fargo
Boston, Ser. D, 4.75%, 01/01/00* .................................. P-1, N/R 6,000,000 6,000,000
City of Austin, TX (Travis and Williamson Counties) Combined
Utility Sys. LOC Morgan Guaranteed Trust TECP,
Ser. A, 3.85%, 02/18/00 ........................................... P-1, A-1+ 15,000,000 15,000,000
Bexar County, TX Health Fac. Dev. Corp. Rev. Bonds (Air Force
Village II Proj.), LOC Rabobank Nederland, Ser. 1985-B,
5.00%, 01/07/00* .................................................. N/R, A-1+ 9,200,000 9,200,000
Brazos River, TX Harbor Navigation Dist. Poll. Cntrl. Rev. Ref.
Bonds (Dow Chemical Co. Proj.), Ser. 1987A, 3.90%, 02/23/00 ....... P-1, N/R 3,250,000 3,250,000
Brazos River, TX Harbor Navigation Dist. Poll. Cntrl. Rev. Ref.
Bonds (Dow Chemical Co. Proj.), Ser. 1987A, 3.90%, 02/23/00 ....... P-1, A-1 2,800,000 2,800,000
Harris County, TX Gen. Oblig. TECP Notes, Ser. B,
3.90%, 02/15/00 ................................................... P-1, A-1+ 1,205,000 1,205,000
Harris County, TX Gen. Oblig. TECP Notes, Ser. D,
3.90%, 02/11/00 ................................................... P-1, A-1+ 3,000,000 3,000,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
- ----------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
------------ ----------- ------------
<S> <C> <C> <C>
Harris County, TX Health Fac. Dev. Corp. Hosp. Rev. Bond
(Methodist Hosp. Proj.), Ser. 1994, 4.80%, 01/01/00* .............. N/R, A-1+ $ 9,500,000 $ 9,500,000
State of Texas, Gen. Oblig. Tax Rev. Ant. Notes, Ser. A
4.50%, 08/31/00 ................................................... MIG-1, SP-1+ 20,000,000 20,102,659
------------
77,557,659
------------
VIRGINIA -- 0.6%
City of Hampton, VA Ind. Dev. Auth. Hosp. Fac. Rev. Bonds
(Sentara Health System Oblig. Group Proj.), Ser. 1997B,
3.85%, 02/11/00 ................................................... VMIG-1, A-1+ 2,900,000 2,900,000
------------
WISCONSIN -- 1.0%
Milwaukee Metropolitan Sewer Dist., WI Gen. Oblig. Rev. Bonds,
Ser. A, 6.70%, 10/01/00 ........................................... Aa1, N/R 2,000,000 2,035,487
State of Wisconsin Gen. Oblig. TECP Notes, Ser. 1998,
3.90%, 02/14/00 ................................................... P-1, A-1+ 2,689,000 2,689,000
------------
4,724,487
------------
WYOMING -- 3.5%
Lincoln County, WY Poll. Cntrl. Rev. Bonds (Exxon Proj.),
Ser. 1985, 4.85%, 01/01/00* ....................................... P-1, A-1+ 7,900,000 7,900,000
Lincoln County, WY Poll. Cntrl. Rev. Ref. Bonds (Pacificorp Proj.),
Ser. 1991, 3.90%, 01/19/00 ........................................ P-1, A-1+ 6,650,000 6,650,000
Sweetwater County, WY Poll. Cntrl. Rev. Bonds (Pacificorp Proj.),
Ser. 1984, 4.75%, 01/01/00* ....................................... P-1, A-1+ 1,900,000 1,900,000
------------
16,450,000
------------
TOTAL MUNICIPAL BONDS
(Cost $474,250,718) ....................................................................... 474,250,718
------------
TOTAL INVESTMENTS (Cost $474,250,718)(DAGGER) -- 99.5% ................................................ 474,250,718
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.5% ............................................................. 2,183,936
------------
NET ASSETS -- 100.0% .................................................................................. $476,434,654
============
<FN>
* Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes are
instruments whose rates change periodically. The rates shown are the interest
rates as of December 31, 1999. The dates shown are the next dates the interest
rates on the instruments are scheduled to be reset.
(DAGGER) Cost for federal income tax purposes.
LOC -- Letter of Credit.
SBPA -- Stand-by Bond Purchase
Agreement.
TECP -- Tax-Exempt Commercial Paper and multi-modal bonds in
commercial paper mode.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
- --------------------------------------------
FINANCIAL STATEMENTS
================================================================================
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
SERIES SERIES SERIES
-------------- ------------ ------------
<S> <C> <C> <C>
ASSETS:
Investments in securities, at value* ................... $1,891,986,969 $659,236,610 $474,250,718
Cash ................................................... 10,060 6 17,586
Interest receivable .................................... 9,647,389 2,567,182 2,348,878
Receivables for investment securities sold ............. 61,033,156 -- --
-------------- ------------ ------------
Total assets . ......................................... 1,962,677,574 661,803,798 476,617,182
-------------- ------------ ------------
LIABILITIES:
Accrued advisory fee ................................... 729,759 264,716 169,397
Other accrued expenses ................................. 44,529 17,686 13,130
-------------- ------------ ------------
Total liabilities ...................................... 774,288 282,402 182,528
-------------- ------------ ------------
NET ASSETS. ............................................ $1,961,903,286 $661,521,396 $476,434,654
============== ============ ============
*Investment at cost. ................................... $1,891,986,969 $689,236,610 $474,250,718
</TABLE>
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
- --------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF OPERATIONS
For the Period November 1, 1999 1 through December 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
SERIES SERIES SERIES
------------ ---------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME .......................................... $18,576,611 $6,072,936 $2,662,606
----------- ---------- ----------
EXPENSES:
Advisory fees ........................................... 1,413,978 518,103 329,002
Administration and accounting fees ...................... 69,589 27,047 19,000
Custodian fees .......................................... 1,186 996 663
Trustees' fees .......................................... 6,667 2,292 1,604
Other fees .............................................. 453 592 1,114
----------- ---------- ----------
Total expenses ....................................... 1,491,873 549,030 351,383
----------- ---------- ----------
Net investment income ................................... 17,084,738 5,523,906 2,311,223
----------- ---------- ----------
NET REALIZED GAIN ON INVESTMENTS ........................... 2,711 -- --
----------- ---------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ....... $17,087,449 $5,523,906 $2,311,223
=========== ========== ==========
</TABLE>
1 Commencement of Operations
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
- --------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
For the Period November 1, 1999 1 through December 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
SERIES SERIES SERIES
-------------- ------------- -------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ................................... $ 17,084,738 $ 5,523,906 $ 2,311,223
Net realized gain on investments 2,711 -- --
-------------- ------------- -------------
Net increase in net assets resulting
from operations ...................................... 17,087,449 5,523,906 2,311,223
-------------- ------------- -------------
Transactions in beneficial interest:
Contributions ........................................... 2,457,652,524 971,681,197 640,027,389
Withdrawals ............................................. (512,836,687) (315,683,707) (165,903,958)
-------------- ------------- -------------
Net increase in net assets from transactions
in beneficial interest .................................. 1,944,815,837 655,997,490 474,123,431
-------------- ------------- -------------
Total increase in net assets ............................... 1,961,903,286 661,521,396 476,434,654
NET ASSETS:
Beginning of period ..................................... -- -- --
-------------- ------------- -------------
End of period ........................................... $1,961,903,286 $ 661,521,396 $ 476,434,654
============== ============= =============
</TABLE>
1 Commencement of Operations
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
- --------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
================================================================================
1. DESCRIPTION OF THE TRUST. Prime Money Market Series, U.S. Government Series,
and Tax-Exempt 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. Each Series values securities utilizing the amortized
cost valuation method which is permitted under Rule 2a-7 under the 1940 Act.
This method involves valuing a portfolio security initially at its cost and
thereafter adjusting for amortization of premium or accretion of discount to
maturity.
FEDERAL INCOME TAXES. Each Series is treated as a partnership entity for
Federal income tax purposes. Any interest, dividends and gains or losses of
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 and realized and
unrealized gains and losses from security transactions are allocated pro rata
among the investors in the Series on a daily basis.
REPURCHASE AGREEMENTS. Each Series, through the Trust's custodian, receives
delivery of the underlying securities used to collateralize the repurchase
agreements, the market value which is required to be in an amount at least
equal to 101% of the resale price. Rodney Square Management Corporation
("RSMC"), the Series' investment adviser, is responsible for determining that
the market value of these underlying securities is maintained at all times at
a level at least equal to 101% of the resale price. In the event of default
of the obligation to repurchase, each Series has the right to liquidate the
collateral and apply the proceeds in satisfaction of the obligation.
Provisions of each agreement require that the market value of the collateral
is sufficient in the event of default; however, in the event of default or
bankruptcy by the other party to the agreement, realization and/or retention
of the collateral may be subject to legal proceedings.
OTHER. Investment security transactions are accounted for on a trade date
basis. The Series use 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.
Obligations of agencies and instrumentalities of the U.S. Government are not
direct obligations of the U.S. Treasury and thus may or may not be backed by
the "full faith and credit" of the United States. Payment of interest and
principal on these obligations, although generally backed directly or
indirectly by the U.S. Government, may be backed solely by the issuing
instrumentality.
29
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
- --------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
================================================================================
Approximately, 62.5% of the investments by the Tax-Exempt Series on December
31, 1999, were insured by private issuers that guarantee payments of
principal and interest in the event of default or were backed by letters of
credit issued by domestic and foreign banks or financial institutions.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect
the reported 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. RSMC, a wholly owned
subsidiary of Wilmington Trust Company ("WTC"), which is wholly owned by
Wilmington Trust Corporation, provides investment advisory services to each
Series. For its services, RSMC receives a fee of 0.47% of the Series' first
$1 billion of average daily net assets; 0.43% of the Series' next $500
million of average daily net assets; 0.40% of the Series' next $500 million
of average daily net assets; and 0.37% of the Series' average daily net
assets in excess of $2 billion.
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 to the Trust and PFPC Trust Company serves as
sub-custodian to the Trust.
30
<PAGE>
(This page has been intentionally left blank.)
<PAGE>
TRUSTEES
Robert H. Arnold
Eric Brucker
Robert J. Christian
Louis Klein Jr.
Nicholas A. Giordano
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. Trainor, III, VICE PRESIDENT
Gary M. Gardner, SECRETARY
Pat Colletti, TREASURER
---------------------------
INVESTMENT ADVISER
Rodney Square Management Corporation
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
---------------------
CUSTODIAN
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
----------------------
DISTRIBUTOR
Provident Distributors, Inc.
Four Falls Corporate Center
West Conshohocken,PA 19428
----------------------------
ADMINISTRATOR,
TRANSFER AGENT AND
ACCOUNTING AGENT
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
------------------------
WMMP-Semi-12/99
