[GRAPHICS OMITTED]
WILMINGTON
FUNDS
MONEY MARKET PORTFOLIOS
O PRIME MONEY MARKET
O U.S. GOVERNMENT
O TAX-EXEMP
ANNUAL
JUNE 30, 2000
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
PRESIDENT'S MESSAGE
--------------------------------------------------------------------------------
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 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,
the 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.
----------
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. AN INVESTMENT IN EITHER
FUND IS NEIGHTER 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. THERE CAN BE
NO ASSURANCE THAT ANY OF THE PORTFOLIOS WILL BE ABLE TO MAINTAIN A STABLE NET
ASET VALUE OF $1.00.
1
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WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
PRESIDENT'S MESSAGE -- CONTINUED
--------------------------------------------------------------------------------
INVESTMENT RESULTS
The U.S. Government Portfolio paid shareholders dividends of $0.05 per
share during the past fiscal year, the Money Market Portfolio paid dividends of
$0.05 per share and the Tax-Exempt Portfolio paid dividends of $0.03 per share.
Based on each Portfolio's net asset value of $1.00 per share, these dividends
represented returns of 5.25%, 5.45% and 3.23%, respectively. A comparison versus
the Portfolios' respective benchmark is presented below:
12 Month Period Ending 6/30/00
------------------------------
WILMINGTON U.S. GOVERNMENT PORTFOLIO 5.25%
Lipper U.S. Government Money Market Funds 5.05%
WILMINGTON PRIME MONEY MARKET PORTFOLIO 5.45%
Lipper Money Market Funds 5.06%
WILMINGTON TAX-EXEMPT PORTFOLIO 3.23%
Lipper Tax-Exempt Money Market Funds 3.09%
We invite your comments and questions and thank you for your investment 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/ Signature
Robert J. Christian
August 9, 2000 President
2
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------ ------------
<S> <C> <C> <C>
ASSETS:
Investment in Series, at value ............................. $2,075,733,583 $769,142,822 $484,619,736
Other assets ............................................... 1,523 14,464 1,691
-------------- ------------ ------------
Total assets ............................................... 2,075,735,106 769,157,286 484,621,427
-------------- ------------ ------------
LIABILITIES:
Dividends payable .......................................... 11,459,812 3,976,414 1,468,191
Other accrued expenses ..................................... 257,111 60,222 61,428
-------------- ------------ ------------
Total liabilities .......................................... 11,716,923 4,036,636 1,529,619
-------------- ------------ ------------
NET ASSETS ................................................. $2,064,018,183 $765,120,650 $483,091,808
============== ============ ============
NET ASSETS CONSIST OF:
Paid-in capital ............................................ $2,064,041,695 $765,115,490 $483,093,468
Accumulated net realized gain (loss) on investments ........ (23,512) 5,160 (1,660)
-------------- ------------ ------------
NET ASSETS ................................................. $2,064,018,183 $765,120,650 $483,091,808
============== ============ ============
Shares of beneficial interest outstanding .................. 2,064,041,695 765,115,490 483,100,151
============== ============ ============
NET ASSET VALUE, offering and redemption price per share
($0.01 par value,unlimited authorized shares):
Investor Shares ...................................... $1.00 $1.00 $1.00
===== ===== =====
</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 OPERATIONS
For the Fiscal Year Ended June 30, 2000
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
PORTFOLIO+ PORTFOLIO+ PORTFOLIO+
------------ ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Investment income from Series ................... $ 88,456,702 $28,415,030 $12,014,692
Expenses from Series ............................ (6,648,638) (2,383,250) (1,522,225)
------------ ----------- -----------
Net investment income from Series ............ 81,808,064 26,031,780 10,492,467
Interest income ................................. 32,763,518 10,886,971 4,790,303
------------ ----------- -----------
Total investment income ...................... 114,571,582 36,918,751 15,282,770
------------ ----------- -----------
EXPENSES:
Advisory fees ................................... 2,717,284 984,555 676,934
Administration and accounting fees .............. 134,138 51,978 38,887
Trustees' fees .................................. 4,137 4,307 4,296
Distribution fees ............................... 415,987 89,619 67,189
Registration fees ............................... 74,016 34,168 6,438
Professional fees ............................... 304,295 87,134 59,884
Other ........................................... 150,347 65,446 69,320
------------ ----------- -----------
Total expenses ............................... 3,800,204 1,317,207 922,948
------------ ----------- -----------
Net investment income ........................... 110,771,378 35,601,544 14,359,822
------------ ----------- -----------
NET REALIZED GAIN ON INVESTMENTS ................... 2,711 2,555 --
------------ ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $110,774,089 $35,604,099 $14,359,822
============ =========== ===========
<FN>
+ Reflects operating history of predecessor mutual fund (see note 5).
</FN>
</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 Fiscal Year Ended June 30, 2000
<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 ........................................ $ 110,771,378 $ 35,601,544 $ 14,359,822
Net realized gain on investments ............................. 2,711 2,555 --
--------------- --------------- ---------------
Net increase in net assets resulting
from operations ........................................... 110,774,089 35,604,099 14,359,822
--------------- --------------- ---------------
Distributions to shareholders from
net investment income ........................................ (110,771,378) (35,601,544) (14,359,822)
--------------- --------------- ---------------
Portfolio share transactions (a):
Proceeds from shares sold .................................... 6,165,763,676 2,845,070,487 1,201,498,856
Cost of shares issued on reinvestment of
distributions ............................................. 8,292,908 945,362 318,326
Cost of shares redeemed ...................................... (5,761,215,442) (2,628,731,119) (1,170,234,768)
--------------- --------------- ---------------
Net increase in net assets from Portfolio
share transactions ........................................... 412,841,142 217,284,730 31,582,414
--------------- --------------- ---------------
Total increase in net assets .................................... 412,843,853 217,287,285 31,582,414
NET ASSETS:
Beginning of year ............................................ 1,651,174,330 547,833,365 451,509,394
--------------- --------------- ---------------
End of year .................................................. $ 2,064,018,183 $ 765,120,650 $ 483,091,808
=============== =============== ===============
SHARES SHARES SHARES
--------------- --------------- ---------------
(A) TRANSACTIONS IN CAPITAL SHARES WERE:
Shares sold .................................................. 6,165,763,676 2,845,070,487 1,201,498,856
Shares issued on reinvestment
of distributions .......................................... 8,292,908 945,362 318,326
Shares redeemed .............................................. (5,761,215,442) (2,628,731,119) (1,170,234,768)
--------------- --------------- ---------------
Net increase in shares ....................................... 412,841,142 217,284,730 31,582,414
Shares outstanding-- Beginning of year ....................... 1,651,200,553 547,830,760 451,517,737
--------------- --------------- ---------------
Shares outstanding-- End of year ............................. 2,064,041,695 765,115,490 483,100,151
=============== =============== ===============
<FN>
+ Reflects operating history of predecessor mutual fund (see note 5).
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
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 investments ............................. 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 Portfolio
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
=============== =============== =============
SHARES SHARES SHARES
--------------- -------------
(A) TRANSACTIONS IN CAPITAL SHARES 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 of period ..................... 1,702,763,961 802,150,327 392,617,981
--------------- --------------- -------------
Shares outstanding-- End of period ........................... 1,651,200,553 547,830,760 451,517,737
=============== =============== =============
<FN>
+ Reflects operating history of predecessor mutual fund (see note 5).
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Year Ended September 30, 1998
<TABLE>
<CAPTION>
PRIME
MONEY MARKET U.S. GOVERNMENT TAX-EXEMPT
PORTFOLIO+ PORTFOLIO+ PORTFOLIO+
--------------- --------------- ---------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income .......................................... $ 70,421,875 $ 29,005,713 $ 10,319,079
Net realized gain (loss) on investments ........................ (1,150) 296 --
--------------- --------------- ---------------
Net increase in net assets resulting
from operations ............................................. 70,420,725 29,006,009 10,319,079
--------------- --------------- ---------------
Distributions to shareholders from
net investment income .......................................... (70,421,875) (29,005,713) (10,319,079)
--------------- --------------- ---------------
Portfolio share transactions (a):
Proceeds from shares sold ...................................... 7,518,930,203 4,463,845,267 1,662,576,975
Cost of shares issued on reinvestment of distributions ......... 6,501,608 526,772 297,532
Cost of shares redeemed ........................................ (7,013,967,395) (4,040,694,000) (1,551,128,833)
--------------- --------------- ---------------
Net increase in net assets from Portfolio
share transactions ............................................. 511,464,416 423,678,039 111,745,674
--------------- --------------- ---------------
Total increase in net assets ...................................... 511,463,266 423,678,335 111,745,674
NET ASSETS:
Beginning of year .............................................. 1,191,270,708 378,474,501 280,863,964
--------------- --------------- ---------------
End of year .................................................... $ 1,702,733,974 $ 802,152,836 $ 392,609,638
=============== =============== ===============
SHARES SHARES SHARES
--------------- --------------- ---------------
(A) TRANSACTIONS IN CAPITAL SHARES WERE:
Shares sold .................................................... 7,518,930,203 4,463,845,267 1,662,576,975
Shares issued on reinvestment
of distributions ............................................ 6,501,608 526,772 297,532
Shares redeemed ................................................ (7,013,967,395) (4,040,694,000) (1,551,128,833)
--------------- --------------- ---------------
Net increase in shares ......................................... 511,464,416 423,678,039 111,745,674
Shares outstanding-- Beginning of year ......................... 1,191,299,545 378,472,288 280,872,307
--------------- --------------- ---------------
Shares outstanding-- End of year ............................... 1,702,763,961 802,150,327 392,617,981
=============== =============== ===============
<FN>
+ Reflects operating history of predecessor mutual fund (see note 5).
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<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 FOR THE PERIOD
FISCAL YEAR OCTOBER 1, 1998 FOR THE FISCAL YEARS ENDED SEPTEMBER 30,
PRIME MONEY MARKET PORTFOLIO -- ENDED THROUGH --------------------------------------------------------
INVESTOR SHARES JUNE 30, 2000 1+ JUNE 30, 1999+ 1998+ 1997+ 1996+ 1995+
---------------- -------------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
---------- ---------- ---------- ---------- -------- --------
INVESTMENT OPERATIONS:
Net investment income .... 0.05 0.04 0.05 0.05 0.05 0.05
---------- ---------- ---------- ---------- -------- --------
DISTRIBUTIONS:
From net investment
income ................ (0.05) (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 ................ 5.45% 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 .... 5.35% 4.61%* 5.13% 5.06% 5.03% 5.37%
Net assets at end of period
(000 omitted) ............ $2,064,018 $1,651,174 $1,702,734 $1,191,271 $980,856 $751,125
<FN>
* Annualized.
**Not annualized.
1 Effective November 1, 1999, the expense and net investment income ratios
include expenses allocated from the WT Investment Trust I - Prime Money Market
Series.
+ Effective November 1, 1999, the Rodney Square Money Market Portfolio ("Rodney
Square Portfolio") was merged into the Wilmington Prime Money Market
Portfolio. The financial highlights for the 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.
8
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD
FISCAL YEAR OCTOBER 1, 1998 FOR THE FISCAL YEARS ENDED SEPTEMBER 30,
U.S. GOVERNMENT PORTFOLIO -- ENDED THROUGH -----------------------------------------------------------
INVESTOR SHARES JUNE 30, 2000 1+ JUNE 30, 1999+ 1998+ 1997+ 1996+ 1995+
---------------- -------------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
-------- -------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Net investment income .... 0.05 0.03 0.05 0.05 0.05 0.05
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS:
From net investment
income ................ (0.05) (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 ................ 5.25% 3.42%** 5.19% 5.07% 5.08% 5.37%
RATIOS (TO AVERAGE NET
ASSETS)/SUPPLEMENTAL DATA:
Expenses ................. 0.54% 0.54%* 0.54% 0.55% 0.55% 0.55%
Net investment income .... 5.17% 4.51%* 5.06% 4.96% 4.97% 5.25%
Net assets at end of period
(000 omitted) ............ $765,121 $547,833 $802,153 $378,475 $341,426 $306,096
<FN>
* Annualized.
**Not annualized.
1 Effective November 1, 1999, the expense and net investment income ratios
include expenses allocated from the WT Investment Trust I - U.S. Government
Series.
+ Effective November 1, 1999, the Rodney Square U.S. Government Portfolio
("Rodney Square Portfolio") was merged into the Wilmington U.S. Government
Portfolio. The financial highlights for the 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.
9
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD
FISCAL YEAR OCTOBER 1, 1998 FOR THE FISCAL YEARS ENDED SEPTEMBER 30,
TAX-EXEMPT PORTFOLIO -- ENDED THROUGH -----------------------------------------------------------
INVESTOR SHARES JUNE 30, 2000 1+ JUNE 30, 1999+ 1998+ 1997+ 1996+ 1995+
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
-------- -------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Net investment income .... 0.03 0.02 0.03 0.03 0.03 0.03
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS:
From net investment
income ................ (0.03) (0.02) (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 ................ 3.23% 1.96%** 3.11% 3.09% 3.11% 3.36%
RATIOS (TO AVERAGE NET
ASSETS)/SUPPLEMENTAL DATA:
Expenses ................. 0.55% 0.55%* 0.55% 0.57% 0.56% 0.54%
Net investment income .... 3.21% 2.58%* 3.05% 3.05% 3.08% 3.29%
Net assets at end of period
(000 omitted) ............ $483,092 $451,509 $392,610 $280,864 $237,185 $318,213
<FN>
* Annualized.
**Not annualized.
1 Effective November 1, 1999, the expense and net investment income ratios
include expenses allocated from the WT Investment Trust I -Tax-Exempt Series.
+ Effective November 1, 1999, the Rodney Square Tax-Exempt Fund ("Rodney Square
Portfolio") was merged into the Wilmington Tax-Exempt Portfolio. The financial
highlights for the 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.
10
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
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
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 Institutional Shares have not
commenced operations.
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, 2000, 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 $34,000, $3,000 and $2,000, respectively,
which will expire as follows:
11
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WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
CAPITAL LOSS EXPIRATION
CARRYFORWARD DATE
-----------------------------
Wilmington Prime Money Market Portfolio $18,000 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 3,000 06/30/2004
Wilmington Tax-Exempt Portfolio 2,000 06/30/2002
INVESTMENT INCOME AND 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 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 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 TRANSACTIONS. During the period November 1, 1999
through June 30, 2000, contributions to and withdrawals from the Series were
as follows:
Prime U.S.
Money Market Government Tax-Exempt
-------------- -------------- --------------
Contributions $6,683,470,901 $2,623,009,710 $1,176,749,051
Withdrawals 4,689,547,093 1,879,900,223 702,620,782
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES. The investment adviser to the
Series is Rodney Square Management Corporation ("RSMC"). Advisory 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.
12
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
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 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
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 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.
13
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET 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 (Prime Money Market, U.S. Government and Tax-Exempt Portfolios) (the
"Portfolios'") as of June 30, 2000, and the related statements of operations for
the year then ended, and the statements of changes in net assets and financial
highlights for each of the periods indicated therein. 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.
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, and the changes in their net assets and their financial
highlights for each of the periods indicated therein, in conformity with
accounting principles generally accepted in the United States.
[GRAPHICS OMITTED]
Ernst & Young
Philadelphia, Pennsylvania
August 4, 2000
14
<PAGE>
WILMINGTON FUNDS -- MONEY MARKET PORTFOLIOS
-------------------------------------------
TAX INFORMATION (UNAUDITED)
--------------------------------------------------------------------------------
Pursuant to Section 852 of the Internal Revenue Code of 1986, as amended, the
Wilmington Tax-Exempt Portfolio designates dividends in the amount of
$14,359,822 as tax-exempt dividends.
In January, 2001 shareholders of the Funds will receive Federal income tax
information on all distributions paid to their accounts in calendar year 2000,
including any distributions paid between June 30, 2000 and December 31, 2000.
15
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
--------------------------------------------
ANNUAL REPORT / JUNE 30, 2000
--------------------------------------------------------------------------------
(The following pages should be read in conjunction with the Portfolios'
Financial Statements.)
16
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / PRIME MONEY MARKET SERIES
------------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000
(Showing Percentage of Total Value of Net Assets)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
----------- ------------ -------------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT -- 32.5%
FOREIGN BANKS, FOREIGN CENTERS -- 6.0%
Bayerische Landesbank Girozentrale, 6.14%, 07/18/00 .. P-1, A-1+ $50,000,000 $ 50,000,229
Commerzbank, 6.17%, 07/18/00 ......................... P-1, A-1+ 50,000,000 50,000,687
Credit Agricole Indosuez, 7.30%, 05/03/01 ............ P-1, A-1+ 25,000,000 25,000,000
--------------
125,000,916
--------------
FOREIGN BANKS, U.S. BRANCHES -- 25.1%
Bank of Nova Scotia, 6.65%, 02/01/01 ................. P-1, A-1+ 25,000,000 24,993,011
Barclay's Bank, PLC, 5.90%, 10/02/00 ................. P-1, A-1+ 100,000,000 99,721,013
Bayerische Landesbank Girozentrale, 5.82%, 08/03/00 .. P-1, A-1+ 20,000,000 19,999,221
Canadian Imperial Bank of Commerce, 6.31%, 07/25/00 .. P-1, A-1+ 70,000,000 70,000,000
Canadian Imperial Bank of Commerce, 6.73%, 09/12/00 .. P-1, A-1+ 30,000,000 30,000,000
Commerzbank, 6.76%, 08/24/00 ......................... P-1, A-1+ 50,000,000 50,004,800
Landesbank Hessen-Thuringen, 6.94%, 05/02/01 ......... P-1, A-1+ 46,000,000 45,998,180
Rabobank Nederland, 6.54%, 02/01/01 .................. P-1, A-1+ 30,000,000 29,993,282
Royal Bank of Canada, 6.98%, 05/02/01 ................ P-1, A-1+ 25,000,000 24,998,022
Societe Generale, 6.12%, 07/06/00 .................... P-1, A-1+ 24,000,000 24,000,048
UBS AG, 6.24%, 12/06/00 .............................. P-1, A-1+ 20,400,000 20,394,951
Westdeutsche Landesbank Girozentrale, 6.34%, 07/28/00 P-1, A-1+ 50,000,000 50,000,000
Westdeutsche Landesbank Girozentrale, 6.81%, 09/01/00 P-1, A-1+ 30,000,000 30,000,254
--------------
520,102,782
--------------
U.S. BANKS, U.S. BRANCHES -- 1.4%
Regions Bank, 6.35%, 07/26/00 ........................ P-1, A-1 30,000,000 30,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $675,103,698) ........................... 675,103,698
--------------
COMMERCIAL PAPER -- 51.2%
AUTOMOBILES -- 2.4%
DaimlerChrysler North America, 6.56%, 08/10/00 ....... P-1, A-1 50,000,000 49,635,556
--------------
BANKS -- 6.7%
Abbey National North America, 6.13%, 07/05/00 ........ P-1, A-1+ 90,000,000 89,938,750
Bayerische Hypotheken-Und Vereinsbank, 6.63%, 08/21/00 P-1, A-1 50,000,000 49,530,375
--------------
139,469,125
--------------
CHEMICALS -- 3.6%
Akzo Nobel, Inc., 6.25%, 07/24/00 .................... P-1, A-2 20,000,000 19,920,139
Akzo Nobel, Inc., 6.60%, 08/09/00 .................... P-1, A-2 20,000,000 19,857,000
Akzo Nobel, Inc., 6.60%, 09/07/00 .................... P-1, A-2 10,000,000 9,875,333
Akzo Nobel, Inc., 6.61%, 09/25/00 .................... P-1, A-2 25,000,000 24,605,236
--------------
74,257,708
--------------
COMMUNICATION & BROADCASTING -- 2.7%
E. W. Scripps Co., 6.6%, 09/06/00 .................... P-1, A-1 20,000,000 19,754,333
E. W. Scripps Co., 6.6%, 09/13/00 .................... P-1, A-1 38,000,000 37,484,467
--------------
57,238,800
--------------
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / PRIME MONEY MARKET SERIES
------------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
----------- ------------ --------------
FINANCIAL SERVICES -- 20.1%
Deutsche Bank Financial, Inc., 6.58%, 09/18/00 ....... P-1, A-1+ $ 25,000,000 $ 24,639,014
General Electric Capital Corp., 6.65%, 08/23/00 ...... P-1, A-1+ 90,000,000 89,118,875
Marsh USA, Inc., 6.54%, 08/11/00 ..................... P-1, A-1+ 41,000,000 40,694,618
Metlife Funding, Inc., 6.12%, 07/05/00 ............... P-1, A-1+ 24,232,000 24,215,522
Morgan Stanley Dean Witter & Co., 6.57%, 08/10/00 .... P-1, A-1 90,000,000 89,343,000
National Rural Utilities Corp., 6.62%, 08/15/00 ...... P-1, A-1+ 25,810,000 25,596,422
Park Avenue Receivables Corp., 6.85%, 07/06/00 ....... P-1, A-1 44,000,000 43,958,139
UBS Finance (DE) Inc. , 6.60%, 09/05/00 .............. P-1, A-1+ 80,000,000 79,032,000
--------------
416,597,590
--------------
INSURANCE -- 2.3%
Allianz of America Finance, 6.63%, 09/11/00 .......... P-1, A-1+ 32,000,000 31,575,680
Allianz of America Finance, 6.59%, 09/14/00 .......... P-1, A-1+ 17,000,000 16,766,604
--------------
48,342,284
--------------
LEASING -- 4.8%
Vehicle Services Corporation of America, 6.62%, 08/15/00 P-1, A-1+ 100,000,000 99,172,499
--------------
MEDICAL SERVICES -- 0.3%
Medical Building VII, 6.97%, 09/21/00 ................ NR, A-1 6,900,000 6,790,533
--------------
SECURITIES DEALERS -- 8.3%
C. S. First Boston International, Inc., 6.60%, 09/13/00 P-1, A-1+ 53,750,000 53,020,792
Goldman Sachs Group LP, 6.66%, 08/21/00 .............. P-1, A-1+ 50,000,000 49,528,250
Merrill Lynch & Co., Inc., 6.55%, 08/11/00 ........... P-1, A-1+ 70,000,000 69,477,819
--------------
172,026,861
--------------
TOTAL COMMERCIAL PAPER
(Cost $1,063,530,956) ......................... 1,063,530,956
------------
BANK NOTES -- 6.3%
Banc One, 6.13%, 07/17/00 ............................ P-1, A-1+ 30,000,000 30,000,129
Banc One, 6.70%, 09/22/00 ............................ P-1, A-1 50,000,000 50,000,000
First Union National Bank, 7.16%, 07/03/00* .......... Aa3, A+ 50,000,000 50,000,000
--------------
TOTAL BANK NOTES
(Cost $130,000,129) ............................................................ 130,000,129
--------------
CORPORATE NOTES -- 2.4%
Goldman Sachs Group LP, 6.51%, 12/22/00 .............. P-1, A-1+ 50,000,000 50,002,267
--------------
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / PRIME MONEY MARKET SERIES
------------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
----------- ------------ -------------
TAXABLE MUNICIPAL SECURITIES -- 1.7%
Inland Empire Solid Waste Fin. Auth. Rev. Bonds
(Landfill Imp. Ref. Proj.), LOC Bayerische Vereinsbank,
Ser. 1999-A 6.68%, 07/05/00* ......................... VMIG-1, A-1 $ 30,120,000 $ 30,120,000
Waukesha Wisconsin Health Systems LOC Banc of America
Securities, LLC, 6.7%, 07/06/00* ..................... VMIG-1, A-1+ 4,300,000 4,300,000
--------------
TOTAL TAXABLE MUNICIPAL SECURITIES
(Cost $34,420,000) ................................................................ 34,420,000
--------------
REPURCHASE AGREEMENTS -- 2.7%
With Banc of America Securities, LLC: at 6.86%, dated 06/30/00,
to be repurchased at $55,031,442 on 07/03/00, collateralized by
$56,650,000 of Federal National Mortgage Association
Securities with various coupons and maturities to 06/01/30
(Cost $55,000,000) 55,000,000 55,000,000
--------------
TIME DEPOSITS -- 2.4%
SunTrust Bank, 7.06%, 07/03/00 (Cost $50,195,000) 50,195,000 50,195,000
--------------
TOTAL INVESTMENTS (Cost $2,058,252,050)+-- 99.2% ........................................... 2,058,252,050
--------------
OTHER ASSETS AND LIABILITIES, NET-- 0.8% ................................................... 17,482,570
--------------
NET ASSETS-- 100.0% ........................................................................ $2,075,734,620
==============
<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 June 30, 2000. The dates shown are the next dates the interest
rates on the instruments are scheduled to be reset.
+ Cost for federal income tax purposes.
1 Although certain securities are not rated (NR) by either Moody's or S&P, they
have been determined to be of comparable quality to investment grade
securities by the investment adviser. The ratings shown are unaudited.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / U.S. GOVERNMENT SERIES
---------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000
(Showing Percentage of Total Value of Net Assets)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
------------ ------------
<S> <C> <C>
U.S. AGENCY OBLIGATIONS -- 53.7%
FEDERAL FARM CREDIT BANKS DISCOUNT NOTES -- 3.5%
Federal Farm Credit Banks Discount Notes, 6.57%, 07/03/00 ..... $ 15,000,000 $ 14,994,525
Federal Farm Credit Banks Discount Notes, 6.47%, 10/16/00 ..... 11,774,000 11,547,583
------------
26,542,108
------------
FEDERAL FARM CREDIT BANKS NOTES -- 6.9%
Federal Farm Credit Banks Notes, 6.47%, 07/17/00* ............. 40,000,000 39,997,432
Federal Farm Credit Banks Notes, 5.55%, 08/28/00 .............. 3,000,000 2,997,258
Federal Farm Credit Banks Notes, 5.85%, 12/01/00 .............. 5,000,000 4,995,005
Federal Farm Credit Banks Notes, 5.65%, 12/29/00 .............. 5,000,000 4,982,126
------------
52,971,821
------------
FEDERAL HOME LOAN BANKS DISCOUNT NOTES -- 8.5%
Federal Home Loan Banks Discount Notes, 5.90%, 08/11/00 ....... 10,000,000 9,932,806
Federal Home Loan Banks Discount Notes, 5.94%, 08/16/00 ....... 6,000,000 5,954,460
Federal Home Loan Banks Discount Notes, 6.46%, 09/06/00 ....... 10,000,000 9,879,772
Federal Home Loan Banks Discount Notes, 6.15%, 09/20/00 ....... 5,000,000 4,930,812
Federal Home Loan Banks Discount Notes, 6.48%, 09/20/00 ....... 10,000,000 9,854,200
Federal Home Loan Banks Discount Notes, 6.48%, 09/22/00 ....... 8,034,000 7,913,972
Federal Home Loan Banks Discount Notes, 6.48%, 09/27/00 ....... 7,313,000 7,197,162
Federal Home Loan Banks Discount Notes, 6.64%, 11/24/00 ....... 5,000,000 4,865,356
Federal Home Loan Banks Discount Notes, 6.34%, 04/27/01 ....... 5,000,000 4,957,972
------------
65,486,512
------------
FEDERAL HOME LOAN BANKS NOTES -- 17.3%
Federal Home Loan Banks Notes, 6.30%, 07/05/00* ............... 20,000,000 20,000,000
Federal Home Loan Banks Notes, 6.23%, 07/07/00 ................ 2,310,000 2,310,249
Federal Home Loan Banks Notes, 5.00%, 08/14/00 ................ 5,000,000 4,991,531
Federal Home Loan Banks Notes, 5.57%, 08/17/00 ................ 7,500,000 7,487,555
Federal Home Loan Banks Notes, 5.91%, 08/23/00 ................ 5,000,000 4,998,731
Federal Home Loan Banks Notes, 5.20%, 09/08/00 ................ 8,500,000 8,488,644
Federal Home Loan Banks Notes, 6.12%, 09/08/00 ................ 5,000,000 4,941,350
Federal Home Loan Banks Notes, 5.27%, 09/15/00 ................ 5,400,000 5,393,817
Federal Home Loan Banks Notes, 5.92%, 10/13/00 ................ 6,000,000 5,998,245
Federal Home Loan Banks Notes, 6.05%, 10/25/00 ................ 5,770,000 5,763,692
Federal Home Loan Banks Notes, 6.13%, 10/27/00 ................ 11,000,000 10,982,892
Federal Home Loan Banks Notes, 6.09%, 11/03/00 ................ 10,000,000 9,992,540
Federal Home Loan Banks Notes, 5.07%, 11/06/00 ................ 10,880,000 10,836,098
Federal Home Loan Banks Notes, 6.36%, 01/18/01 ................ 4,000,000 3,998,730
Federal Home Loan Banks Notes, 6.58%, 02/09/01 ................ 6,000,000 6,000,331
Federal Home Loan Banks Notes, 5.58%, 02/23/01 ................ 5,000,000 4,951,972
Federal Home Loan Banks Notes, 5.50%, 03/02/01 ................ 5,395,000 5,340,447
Federal Home Loan Banks Notes, 6.75%, 03/15/01 ................ 6,000,000 5,986,926
Federal Home Loan Banks Notes, 5.14%, 05/02/01 ................ 5,000,000 4,937,966
------------
133,401,716
------------
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / U.S. GOVERNMENT SERIES
---------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 2)
------------ ------------
FEDERAL HOME LOAN MORTGAGE CORPORATION DISCOUNT NOTES -- 4.1%
Federal Home Loan Mortgage Corporation Discount Notes,
6.53%, 08/17/00 ............................................ $6,850,000 $6,791,602
Federal Home Loan Mortgage Corporation Discount Notes,
6.53%, 08/24/00 ............................................ 7,000,000 6,931,435
Federal Home Loan Mortgage Corporation Discount Notes,
6.50%, 09/14/00 ............................................ 12,000,000 11,837,500
Federal Home Loan Mortgage Corporation Discount Notes,
6.51%, 09/14/00 ............................................ 6,100,000 6,017,269
------------
31,577,806
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 1.3%
Federal Home Loan Mortgage Corporation Notes,
5.35%, 01/26/01 ............................................. 10,000,000 9,890,231
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION DISCOUNT NOTES -- 10.0%
Federal National Mortgage Association Discount Notes,
5.83%, 07/06/0 .............................................. 5,000,000 4,995,951
Federal National Mortgage Association Discount Notes,
5.86%, 07/06/0 .............................................. 3,500,000 3,497,151
Federal National Mortgage Association Discount Notes,
6.53%, 08/17/0 .............................................. 7,255,000 7,193,196
Federal National Mortgage Association Discount Notes,
5.95%, 08/24/0 .............................................. 5,000,000 4,955,413
Federal National Mortgage Association Discount Notes,
6.52%, 08/24/0 .............................................. 15,000,000 14,853,300
Federal National Mortgage Association Discount Notes,
6.53%, 08/24/0 .............................................. 15,000,000 14,853,075
Federal National Mortgage Association Discount Notes,
6.49%, 09/21/0 .............................................. 9,009,000 8,875,822
Federal National Mortgage Association Discount Notes,
6.14%, 09/28/0 .............................................. 5,000,000 4,924,103
Federal National Mortgage Association Discount Notes,
6.55%, 11/22/0 .............................................. 7,500,000 7,303,500
Federal National Mortgage Association Discount Notes,
6.65%, 11/22/0 .............................................. 6,000,000 5,840,400
------------
77,291,911
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 1.1%
Federal National Mortgage Association Notes, 8.25%, 12/18/00 .. 5,000,000 5,030,145
Federal National Mortgage Association Notes, 5.31%, 04/24/01 .. 3,500,000 3,456,005
------------
8,486,150
------------
TENNESSEE VALLEY AUTHORITY NOTES -- 1.0%
Tennessee Valley Authority Notes, 5.00%, 01/19/01 ............. 7,835,000 7,759,957
------------
TOTAL U.S. AGENCY OBLIGATIONS
(Cost $413,408,212) .............................................................. 413,408,212
------------
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / U.S. GOVERNMENT SERIES
---------------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 2)
------------ ------------
REPURCHASE AGREEMENTS -- 46.3%
With Banc of America Securities, LLC: at 6.86%,
dated 06/30/00, to be repurchased at $165,094,325
on 07/03/00, collateralized by $169,950,000 of
Federal National Mortgage Association Securities
with various coupons and maturities to 06/01/30 ............ $165,000,000 $165,000,000
With CS First Boston, Inc.: at 6.90%, dated 06/30/00, to be
repurchased at $191,087,012 on 07/03/00, collateralized by
$193,103,379 of Federal National Mortgage Association
Securities with various coupons and maturities to 12/28/00 . 190,977,200 190,977,200
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $355,977,200) .................................................... 355,977,200
------------
TOTAL INVESTMENTS (Cost $769,385,412)+-- 100.0% .................................... 769,385,412
------------
OTHER ASSETSANDLIABILITIES, NET-- (0.0%) ........................................... (241,553)
------------
NET ASSETS-- 100.0% ................................................................ $769,143,859
============
<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 June 30, 2000. The dates shown are the next dates the interest
rates on the instruments are scheduled to be reset.
+ Cost for federal income tax purposes.
</FN>
</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 / JUNE 30, 2000
(Showing Percentage of Total Value of Net Assets)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
------------ ----------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS -- 99.6%
ALABAMA -- 3.5%
Alabama Housing Fin. Auth. Multi Family Housing (Rime Village
Hoover Proj.), FNMA Gtd., Ser. 1996-A, 4.75%, 07/05/00* ......... N/R, A-1+ $ 4,200,000 $ 4,200,000
Montgomery, City of Ind. Dev. Brd Poll. Cntrl. & Solid Waste
Disposal Rev. Ref. Bonds (General Electric Co. Proj.),
Ser. 1990, 4.45%, 07/12/00 ...................................... P-1, A-1+ 12,700,000 12,700,000
------------
16,900,000
------------
COLORADO -- 2.0%
Colorado Health Fac. Auth. Rev. Bonds (Psl Health Sys. Proj.),
Ser. A, Prerefunded @ 102, 7.25%, 02/15/01 ...................... Aaa, AAA 2,100,000 2,173,386
Pitkin County, CO Ind. Dev. Rev. Bonds (Aspen Skiing Co. Proj.),
LOC Bank One, NA, 4.60%, 07/03/00* .............................. N/R, A-1 7,350,000 7,350,000
------------
9,523,386
------------
DISTRICT OF COLUMBIA -- 3.6%
Dist. of Columbia (American Univ. Proj.), AMBAC Insured/SBPA
Chase Manhattan Bank, Ser. 1986-A, 4.80%, 07/05/00* ............. VMIG-1, N/R 2,440,000 2,440,000
Dist. of Columbia (American Univ. Proj.), AMBAC Insured/SBPA
Chase Manhattan Bank, Ser. 1985-A, 4.80%, 07/07/00 .............. VMIG-1, N/R 10,000,000 10,000,000
Dist. of Columbia Multi-Modal Rev. Bonds (American National Red
Cross Issue Proj.) LOC Bank One, NA, Ser. 2000,
4.15%, 07/21/00 ................................................. VMIG-1, A-1 5,000,000 5,000,000
------------
17,440,000
------------
FLORIDA -- 3.6%
City of Jacksonville, FL Poll. Cntrl. Rev. Ref. Bonds (Florida Power
& Light Co. Proj.), Ser. 1992, 4.35%, 10/13/00 .................. P-1, A-1+ 1,500,000 1,500,000
City of Jacksonville, FL Poll. Cntrl. Rev. Ref. Bonds (Florida Power
& Light Co. Proj.), Ser. 1994, 4.35%, 10/13/00 .................. P-1, A-1+ 3,900,000 3,900,000
Jacksonville, FL Electric Auth. Electric Sys. TECP, Ser. A,
4.30%, 08/15/00 ................................................. P-1, A-1+ 10,000,000 10,000,000
Orange County, FL Housing Fin. Auth. Rev. Bonds (Post Fountains
at Lee Vista Proj.), FNMA Gtd., 4.75%, 07/05/00* ................ N/R, A-1+ 1,900,000 1,900,000
------------
17,300,000
------------
GEORGIA -- 10.8%
Atlanta, GA Downtown Dev. Auth. Rev. Bonds (CARE Proj.), LOC
SunTrust Bank, Ser. 1993, 4.80%, 07/05/00* ...................... VMIG-1, N/R 2,065,000 2,065,000
Clayton County, GA Hosp. Auth. Rev. Bonds (Southern Regional
Medical Center Proj.), LOC SunTrust Bank, Ser. 1995,
4.80%, 07/05/00* ................................................ Aa1, N/R 3,875,000 3,875,000
Columbus, GA Hosp. Auth. Rev. Bonds (St. Francis Hospital, Inc. ....
Proj.), LOC SunTrust Bank, Ser. 1997, 4.80%, 07/05/00* .......... Aa3, N/R 1,700,000 1,700,000
Columbus, GA Hosp. Auth. Rev. Bonds (St. Francis Hospital, Inc. ....
Proj.), LOC SunTrust Bank, Ser. 2000, 4.80%, 07/05/00* .......... VMIG-1, N/R 5,000,000 5,000,000
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
----------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
------------ ----------- ------------
Columbus, GA Hosp. Auth. Rev. Bonds (Columbus State Univ ...........
Foundation Inc. Proj.), LOC SunTrust Bank, Ser. 1997,
4.80%, 07/05/00* ................................................ Aa3, N/R $ 1,300,000 $1,300,000
Dekalb County, GA Hosp. Auth. Rev. Ant. Cert. (Dekalb Medical
Center Proj.), LOC SunTrust Bank, Ser. 1993-B,
4.80%, 07/05/00* ................................................ VMIG-1, N/R 3,400,000 3,400,000
Dekalb County, GA Tax Ant. Notes, 4.50%, 12/29/00 .................. VMIG-1, A-1+ 5,000,000 5,004,600
Floyd County, GA Dev. Auth. Environ. Imp. Rev. Bonds (Georgia
Kraft Co. Proj.), LOC Banque Nationale de Paris,
4.70%, 07/03/00* ................................................ P-1, N/R 4,775,000 4,775,000
Floyd County, GA Dev. Auth. Rev. Bonds (Berry College, Inc. ........
Proj.), LOC SunTrust Bank, Ser. 1999, 4.80%, 07/05/00* .......... Aa3, N/R 3,500,000 3,500,000
Fulton County, GA Dev. Auth. Rev. Bonds (Arthritis Foundation,
Inc. Proj.), LOC SunTrust Bank, Ser. 1996, 4.80%, 07/05/00* ..... Aa3, N/R 1,000,000 1,000,000
Gwinnett County, GA Dev. Auth. Rev. Bonds (Wesleyan School,
Inc. Proj.), LOC SunTrust Bank, Ser. 1999, 4.80%, 07/05/00* ..... Aa3, N/R 5,000,000 5,000,000
Gwinnett County, GA Housing Auth. Multi-family Housing (Post
Corners Proj.), FNMA Gtd., Ser. 1996, 4.75%, 07/05/00* .......... N/R, A-1+ 5,560,000 5,560,000
Rockdale County, GA Health Fac. Auth. Rev. Bonds (Georgia Hosp .....
Proj.), LOC SunTrust Bank, Ser. 1994, 4.80%, 07/05/00* .......... 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, 4.75%, 07/05/00* ........ N/R, A-1+ 4,300,000 4,300,000
------------
52,244,600
------------
IDAHO -- 1.1%
Idaho Health Fac. Auth. Rev. Bonds (St. Luke's Regional Medical
Center Proj.), LOC Bayerische Landesbank, Ser. 1995, 4.60%,
07/03/00* ....................................................... VMIG-1, N/R 5,100,000 5,100,000
------------
ILLINOIS -- 19.2%
Cook County, IL Gen. Oblig. Ser. 1993B, MBIA Insured,
4.60%, 11/15/00 ................................................. Aaa, AAA 5,360,000 5,362,891
Illinois Dev. Fin. Auth. Poll. Cntrl. Rev. Bonds (Illinois Power Co.
Proj.), LOC Canadian Imperial Bank of Commerce,
4.05%, 08/17/00 ................................................. VMIG-1, A-1+ 10,000,000 10,000,000
Illinois Dev. Fin. Auth. Rev. Bonds (Goodman Theatre Proj.),
Ser. 1999, 4.75%, 07/05/00* .................................. N/R, A-1+ 12,500,000 12,500,000
Illinois Educ. Fac. Auth. (Field Museum of Natural History Proj.),
LOC Northern Trust Co., 4.65%, 09/07/00 ......................... VMIG-1 5,000,000 5,000,000
Illinois Educ. Fac. Auth. Rev. Bonds (ACI Cultural Pooled Financing
Proj.), LOC American NB & T, Ser. 1998, 4.75%, 07/05/00* ........ N/R, A-1+ 8,200,000 8,200,000
Illinois Educ. Fac. Auth. Rev. Bonds (Depaul Univ. Proj.), LOC
Northern Trust Co., Ser. 1992, 4.70%, 07/05/00* ................. VMIG-1, A-1+ 10,000,000 10,000,000
Illinois Educ. Fac. Auth. Rev. Bonds (Northwestern University
Proj.), Ser. 1988, 4.75%, 07/05/00* ............................. VMIG-1, A-1+ 1,800,000 1,800,000
Illinois Health Fac. Auth. Rev. Bonds (Northwestern Memorial
Hospital Proj.) Ser. 1995, 4.60%, 07/03/00* ..................... VMIG-1, A-1+ 3,500,000 3,500,000
Illinois Health Fac. Auth. Rev. Bonds (The Univ. of Chicago Proj.),
4.15%, 09/26/00 ................................................. VMIG-1, A-1+ 12,000,000 12,000,000
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
----------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
------------ ----------- ------------
Illinois Health Fac. Auth. Rev. Bonds (Victory Health Services0
Proj.), LOC Bank of America, Ser. 1997-B, 4.30%, 10/02/00 ....... VMIG-1, A-1+ $ 11,000,000 $11,000,000
Illinois State Gen. Oblig. Rev. Bonds, 5.50%, 08/01/00 ............. N/R, N/R 2,000,000 2,002,308
Oak Forest, IL Dev. Rev. Bonds (Homewood Pool-South Suburban
Mayors & Managers Assoc. Proj.), LOC Bank One, NA,
4.75%, 07/05/00* ................................................ VMIG-1, N/R 11,900,000 11,900,000
------------
93,265,199
------------
INDIANA -- 7.9%
Indiana Health Fac. Fin. Auth. Rev. Bonds (Cap. Access Designated
Pool Proj.), LOC Harris Trust, Ser. 2000, 4.85%, 07/07/00 ....... N/R, A-1+ 4,900,000 4,900,000
Indiana Health Fac. Fin. Auth. Rev. Bonds (Cap. Access Designated
Pool Proj.), LOC Comerica Bank, Ser. 1998,
4.85%, 07/05/00* ................................................ N/R, A-1 6,950,000 6,950,000
Indiana Health Fac. Fin. Auth. Rev. Bonds (Cap. Access Designated
Pool Proj.), LOC Comerica Bank, Ser. 1997, 4.85%, 07/07/00 ...... N/R, A-1 3,000,000 3,000,000
Indiana Hosp. Equip. Fin. Auth. Rev. Bonds, MBIA Insured &
SBPA NBD Bank, Ser. 1985-A, 4.85%, 07/05/00* .................... VMIG-1, A-1+ 1,800,000 1,800,000
Indiana State Office Bldg. Commission Fac. Rev. Bonds (Miami
Correctional Fac. - Phase 1 Proj.), Ser. 1999-A,
4.50%, 07/03/00 ................................................. Aa2, AA- 2,765,000 2,765,000
South Bend, IN Redev. Auth. Rev. Bonds (College Football
Hall of Fame Proj.), LOC Landesbank Hessen-Thuringen
Girozentrale, Ser. 1994, 4.70%, 07/05/00* ....................... VMIG-1, A-1+ 10,000,000 10,000,000
Sullivan, IN Poll. Cntrl. Rev. Bonds (Hoosier Energy Rural Electric
Coop Proj.), National Rural Utilities CFC GTD, Ser. L-3,
4.25%, 08/11/00 ................................................. P-1, A-1+ 4,400,000 4,400,000
Sullivan, IN Poll. Cntrl. Rev. Bonds (Hoosier Energy Rural Electric
Coop. Inc.), National Rural Utilities CFC GTD, Ser. L-5,
4.30%, 08/14/00 ................................................. P-1, A-1+ 4,255,000 4,255,000
------------
38,070,000
------------
KANSAS -- 0.4%
Wamego, KS Poll. Cntrl. (Utilicorp United Inc. Proj.), LOC
Bank One, NA 4.75%, 07/05/00* ................................... P-1, A-1 2,000,000 2,000,000
------------
KENTUCKY -- 3.5%
Kentucky Asset Liability Commission, 1999 General Fund Proj.,
Fourth Ser. A LOC Morgan Guaranty Trust, 4.15%, 07/19/00 ........ VMIG-1, A-1+ 17,000,000 17,000,000
------------
LOUISIANA -- 3.4%
Plaquemines, LA Port Harbor and Terminal Marine Terminal Fac .......
Rev. Ref. Bonds (Electro-Coal Transfer Proj.) Ser. 1985-A,
4.15%, 08/10/00 ................................................. P-1, A-1+ 16,700,000 16,700,000
------------
MARYLAND -- 2.7%
Montgomery County, MD TECP, Ser. 1995, 4.05%, 08/10/00 ............. P-1, A-1+ 13,000,000 13,000,000
------------
MICHIGAN -- 4.5%
Michigan Strategic Fund Poll. Cntrl. Rev. (The Dow Chemical Co. ....
Proj.), Ser. 1986, 4.35%, 08/14/00 .............................. P-1, N/R 6,800,000 6,800,000
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
----------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
------------ ----------- ------------
Michigan Strategi Fund Poll. cntrl. Rev. Bonds (Detroit Edison Co. .
Proj.), LOC Barclay's Bank, Ser. 1995-CC,
4.60%, 07/03/00* ................................................ P-1, A-1+ $ 7,300,000 $7,300,000
Monroe County, Econ. Dev. Corp. Ltd. Oblig. Rev. Bonds
(Detroit Edison Co. Proj.), LOC Barclay's Bank, Ser. 1992-CC,
4.60%, 07/03/00* ............................................. P-1, N/R 7,500,000 7,500,000
------------
21,600,000
------------
MINNESOTA -- 3.3%
Becker, Mn Poll. Cntrl. Rev. Bonds (Northern States Power Co. ......
Sherburne County Generator #3 Proj.), 4.30%, 09/07/00 ........... VMIG-1, A-1 10,000,000 10,000,000
University of Minnesota Regents Rev. Bonds, Ser. 1999-A,
4.80%, 07/05/00* ................................................ VMIG-1, A-1+ 6,000,000 6,000,000
------------
16,000,000
------------
MISSOURI -- 0.5%
Missouri Health & Educ. Fac. Auth. Rev. Bonds (Washington
Univ. Proj.), Ser. 1996-B, 4.60%, 07/03/00* ..................... VMIG-1, A-1+ 2,500,000 2,500,000
------------
NEBRASKA -- 0.7%
Omaha Public Power Dist. TECP Notes, 4.15%, 07/21/00 ............... P-1, A-1+ 3,350,000 3,350,000
------------
NEW YORK -- 3.1%
New York, NY City Muni. Water Fin. Auth. Water & Sewer
Sys. Rev. Bonds TECP, Ser. A, 4.75%, 08/31/00 ................... P-1, A-1+ 15,000,000 15,000,000
------------
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, 4.93%, 07/06/00* ..................................... Aa3, N/R 5,000,000 5,000,000
------------
OHIO -- 1.4%
Lorain County, OH Adjustable Rate Hosp. Fac. Rev. Bonds
(Catholic Healthcare Partners Proj.), Ser. 1997-A,
4.75%, 09/11/00 ................................................. VMIG-1, A-1 7,000,000 7,000,000
------------
PENNSYLVANIA -- 4.1%
Pennsylvania Higher Educ. Fac. Auth. Rev. Bonds (Univ. of
Pennsylvania Health Services Proj.), Ser. 1994-B,
4.80%, 07/05/00* ................................................ 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,
4.80%, 07/05/00* ................................................ VMIG-1, A-1+ 7,170,000 7,170,000
------------
19,725,000
------------
SOUTH CAROLINA -- 0.8%
South Carolina Public Services Auth. TECP, 4.55%, 08/09/00 ......... P-1, A-1+ 4,000,000 4,000,000
------------
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
----------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
------------ ----------- ------------
TENNESSEE -- 3.3%
Clarksville, TN Public Bldg. Auth. Rev. Bonds (Pooled Financing
Murfreesboro Proj.) LOC Bank of America, NA,
4.75%, 07/05/00* ................................................ 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, NA,
Ser. 1984, 4.75%, 07/05/00* ..................................... 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, NA,
Ser. 1995, 4.75%, 07/05/00* ..................................... N/R, A-1+ 1,765,000 1,765,000
------------
16,055,000
------------
TEXAS -- 11.5%
Angelina & Neches River Auth. Ind. Dev. Solid Waste Disposal
(TEEC, Inc., Temple-Inland Proj.), LOC Wells Fargo,
Ser. 1984-B, 4.70%, 07/03/00* ................................... P-1, N/R 7,500,000 7,500,000
Bexar County, TX Health Fac. Dev. Corp. Rev. Bonds (Air Force
Village II Proj.), LOC Rabobank Nederland, Ser. 1985-B,
4.80%, 07/06/00* ................................................ N/R, A-1+ 8,800,000 8,800,000
Brazos River Harbor Navigation Dist., TX Poll. Cntrl. Rev. Bonds
(Dow Chemical Co. Proj.), Ser. 1990, 4.55%, 07/18/00 ............ P-1, N/R 3,450,000 3,450,000
Brazos River Harbor Navigation Dist., TX Poll. Cntrl. Rev. Bonds
(Dow Chemical Co. Proj.), Ser. 1986, 4.35%, 08/11/00 ............ P-1, N/R 1,500,000 1,500,000
Brazos River Harbor Navigation Dist., TX Poll. Cntrl. Rev. Bonds
(Dow Chemical Co. Proj.), Ser. 1990, 4.35%, 09/08/00 ............ P-1, N/R 2,550,000 2,550,000
City of San Antonio, TX Elec. & Gas Sys. TECP,
4.45%, 08/16/00 ................................................. P-1, A-1+ 12,000,000 12,000,000
State of Texas, Gen. Oblig. Tax Rev. Ant. Notes, Ser. A,
4.50%, 08/31/00 ................................................. MIG-1, SP-1+ 20,000,000 20,025,770
------------
55,825,770
------------
VIRGINIA -- 0.6%
Ind. Dev. Auth. of The City of Norfolk TECP Rev. Notes (Pooled
Fin. Prog. Sentara Health Sys. Grp.), 4.30%, 09/12/00 ........... VMIG-1, A-1+ 3,000,000 3,000,000
------------
WISCONSIN -- 2.0%
Milwaukee Metropolitan Sewer Dist., WI Gen. Oblig. Rev. Bonds,
Ser. A, 6.70%, 10/01/00 ......................................... Aa1, N/R 2,000,000 2,012,057
State of Wisconsin Gen. Oblig. TECP, Ser. 1998-A,
4.30%, 09/11/00 ................................................. P-1, A-1+ 2,539,000 2,539,000
State of Wisconsin Gen. Oblig. TECP, Ser. 1998-B,
4.30%, 08/22/00 ................................................. P-1, A-1+ 2,600,000 2,600,000
Town of Carlton, WI Environ. Imp. Rev. Bonds (Wisconsin Power
and Light Co. Proj.), Ser. 1991-B, 4.60%, 07/03/00* ............. VMIG-1, A-1+ 2,500,000 2,500,000
------------
9,651,057
------------
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES / TAX-EXEMPT SERIES
----------------------------------------------------------------
INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
------------ ----------- ------------
WYOMING -- 1.1%
Lincoln County, WY Poll. Cntrl. Rev. Bonds (Exxon Proj.),
Ser. 1985, 4.55%, 07/03/00* .................................. P-1, A-1+ $5,400,000 $ 5,400,000
------------
TOTAL MUNICIPAL BONDS
(Cost $482,650,012) ...................................... ..................................... 482,650,012
------------
TOTAL INVESTMENTS (Cost $482,650,012)+-- 99.6% ............................................................. 482,650,012
------------
OTHER ASSETS AND LIABILITIES, NET-- 0.4% ................................................................... 1,970,748
------------
NET ASSETS-- 100.0% ........................................................................................ $484,620,760
============
<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 June 30, 2000. The dates shown are the next dates the interest
rates on the instruments are scheduled to be reset.
+ Cost for federal income tax purposes.
1 Although certain securities are not rated (NR) by either Moody's or S&P, they
have been determined to be of comparable quality to investment grade
securities by the investment adviser. The ratings shown are unaudited.
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.
28
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
--------------------------------------------
FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
SERIES SERIES SERIES
-------------- ------------ ------------
<S> <C> <C> <C>
ASSETS:
Investments in securities, at value* $2,058,252,050 $769,385,412 $482,650,012
Cash ............................... -- 58 --
Interest receivable ................ 18,472,018 3,583,594 3,273,292
-------------- ------------ ------------
Total assets ....................... 2,076,724,068 772,969,064 485,923,304
-------------- ------------ ------------
LIABILITIES:
Payable for investments purchased .. -- 3,491,626 --
Due to custodian ................... 129,135 -- 1,096,800
Accrued advisory fee ............... 813,174 312,798 188,256
Other accrued expenses ............. 47,139 20,781 17,488
-------------- ------------ ------------
Total liabilities .................. 989,448 3,825,205 1,302,544
-------------- ------------ ------------
NET ASSETS ......................... $2,075,734,620 $769,143,859 $484,620,760
============== ============ ============
*Investment at cost ................ $2,058,252,050 $769,385,412 $482,650,012
</TABLE>
The accompanying notes are an integral part of the financial statements.
29
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
--------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Period November 1, 19991 through June 30, 2000
<TABLE>
<CAPTION>
PRIME U.S.
MONEY MARKET GOVERNMENT TAX-EXEMPT
SERIES SERIES SERIES
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME .................................. $88,456,742 $28,415,069 $12,014,719
----------- ----------- -----------
EXPENSES:
Advisory fees ................................... 6,323,435 2,255,908 1,427,489
Administration and accounting fees .............. 310,381 115,923 80,662
Trustees' fees .................................. 3,960 3,960 3,960
Other fees ...................................... 10,865 7,462 10,117
----------- ----------- -----------
Total expenses ............................... 6,648,641 2,383,253 1,522,228
----------- ----------- -----------
Net investment income ........................... 81,808,101 26,031,816 10,492,491
----------- ----------- -----------
NET REALIZED GAIN ON INVESTMENTS ................... 2,711 2,556 --
----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $81,810,812 $26,034,372 $10,492,491
=========== =========== ===========
<FN>
1 Commencement of operations.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
--------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Period November 1, 19991 through
June 30, 2000
<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 ................... $ 81,808,101 $ 26,031,816 $ 10,492,491
Net realized gain on investments ........ 2,711 2,556 --
--------------- --------------- --------------
Net increase in net assets resulting
from operations ......................... 81,810,812 26,034,372 10,492,491
--------------- --------------- --------------
Transactions in beneficial interest:
Contributions ........................... 6,683,470,901 2,623,009,710 1,176,749,051
Withdrawals ............................. (4,689,547,093) (1,879,900,223) (702,620,782)
--------------- --------------- --------------
Net increase in net assets from transactions
in beneficial interest .................. 1,993,923,808 743,109,487 474,128,269
--------------- --------------- --------------
Total increase in net assets ............... 2,075,734,620 769,143,859 484,620,760
NET ASSETS:
Beginning of period ..................... -- -- --
--------------- --------------- --------------
End of period ........................... $ 2,075,734,620 $ 769,143,859 $ 484,620,760
=============== =============== ==============
<FN>
1 Commencement of operations.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
31
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
--------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
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 repurchase
agreements, the market value of 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. 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.
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.
32
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET SERIES
--------------------------------------------
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
Approximately, 74.8% of the investments by the Tax-Exempt Series on June 30,
2000, 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 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. 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 each Series' first
$1 billion of average daily net assets; 0.43% of each Series' next $500
million of average daily net assets; 0.40% of each Series' next $500 million
of average daily net assets; and 0.37% of each 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.
4. FINANCIAL HIGHLIGHTS. Financial highlights for the period November 1, 1999
through June 30, 2000 were as follows:
<TABLE>
<CAPTION>
Prime Money U.S. Government Tax-Exempt
Market Series1 Series1 Series1
-------------- --------------- ----------
<S> <C> <C> <C>
Total Return 5.63% 5.42% 3.45%
Ratios to average net assets:
Expenses 0.46% 0.50% 0.50%
Net investment income 5.63% 5.42% 3.45%
<FN>
1 Annualized.
</FN>
</TABLE>
33
<PAGE>
WT INVESTMENT TRUST I -- MONEY MARKET 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 (Prime Money Market, U.S.
Government and Tax-Exempt Series) (the "Series") as of June 30, 2000, and the
related statements of operations and statements of changes in net assets for the
period November 1, 1999 (commencement of operations) through June 30, 2000.
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' custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our 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 the period November 1, 1999 (commencement of operations) through
June 30, 2000, in conformity with accounting principles generally accepted in
the United States.
Philadelphia, Pennsylvania
August 4, 2000
[GRAPHICS OMITTED]
Ernst & Young LLP
34
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<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. 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.
3200 Horizon Drive
King of Prussia, PA 19406
-----------------------
ADMINISTRATOR,
TRANSFER AGENT AND
ACCOUNTING AGENT
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
-----------------------
THIS ANNUAL REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS AND TO
OTHERS WHO HAVE RECEIVED A CURRENT PROSPECTUS OF THE WILMINGTON MONEY MARKET
PORTFOLIOS.
WMMP-ANN-6/00
