WILMINGTON
FUNDS
PREMIER PORTFOLIO
o PREMIER MONEY MARKET
ANNUAL
JUNE 30, 2000
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WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
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PRESIDENT'S MESSAGE
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DEAR SHAREHOLDER:
The last year has been a tumultuous one for the economy and the financial
markets. Since our last annual report the Federal Reserve (the "Fed") has raised
interest rates six times by a total of 175 basis points. The Central Bank's main
concerns were the rapid economic expansion and the build-up of inflationary
pressures. In the latter part of 1999 and early 2000, the economy was
registering a growth rate between 6% and 7%. This rate is well in excess of the
Fed's desired annual growth rate of no more than 3.5%. This targeted growth rate
is the result of careful economic analysis which found that sustained growth in
excess of 3.5% would result in an eventual increase in inflation, especially
combined with 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 NEITHER INSURED NOR GUARANTEED BY WILMINGTON TRUST COMPANY OR ANY OTHER
BANKING INSTITUTION, THE U.S. GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE
CORPORATION (FDIC), THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY. THERE CAN BE
NO ASSURANCE THAT THE FUND WILL BE ABLE TO MAINTAIN A STABLE NET ASSET VALUE OF
$1.00.
1
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WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
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PRESIDENT'S MESSAGE -- CONTINUED
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INVESTMENT RESULTS
The Premier Money Market Portfolio paid shareholders dividends of $0.06 per
share. Based on the Portfolio's net asset value of $1.00 per share, these
dividends represented a return of 5.80%. A comparison versus the Portfolio's
respective benchmarks are presented below:
12 Month Period
Ending 6/30/00
---------------
WILMINGTON PREMIER MONEY MARKET PORTFOLIO 5.80%
Lipper Money Market Funds 5.06%
Lipper Institutional Money Market Funds 5.51%
We invite your comments and questions and thank you for your investment in
the Wilmington Premier Money Market Portfolio. We look forward to reviewing our
investment outlook and strategy with you in our next report to shareholders.
Sincerely,
/S/ROBERT J. CHRISTIAN
Robert J. Christian
August 9, 2000 President
2
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WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
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FINANCIAL STATEMENTS
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STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000
ASSETS:
Investment in Series, at value ......................... $505,769,495
Other assets ........................................... 1,052
------------
Total assets ........................................... 505,770,547
------------
LIABILITIES:
Dividends payable ...................................... 2,512,160
Other accrued expenses ................................. 24,481
------------
Total liabilities ...................................... 2,536,641
------------
NET ASSETS ............................................. $503,233,906
============
NET ASSETS CONSIST OF:
Paid-in capital ........................................ $503,246,953
Accumulated net realized loss on investments ........... (13,047)
------------
NET ASSETS ............................................. $503,233,906
============
Shares of beneficial interest outstanding .............. 503,246,953
============
NET ASSET VALUE, offering and redemption price per share
($0.01 par value, unlimited authorized shares): ..... $1.00
=====
The accompanying notes are an integral part of the financial statements.
3
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WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
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FINANCIAL STATEMENTS -- CONTINUED
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STATEMENT OF OPERATIONS
For the Fiscal Year Ended June 30, 2000
INVESTMENT INCOME:
Investment income from Series ....................... $29,352,577
Expenses from Series ................................ (1,002,191)
-----------
Net investment income from Series ................ 28,350,386
-----------
EXPENSES:
Administration and accounting fees .................. 56,678
Transfer agent fees ................................. 21,092
Trustees' fees ...................................... 7,492
Shareholder reporting fees .......................... 42,338
Registration fees ................................... 37,753
Professional fees ................................... 105,119
Other ............................................... 16,224
-----------
Total expenses before fee waivers and expense
reimbursements 286,696
Fees waived and expenses reimbursed .............. (286,696)
-----------
Total expenses, net ........................... 0
-----------
Net investment income ............................... 28,350,386
-----------
NET REALIZED LOSS ON INVESTMENTS ....................... (6,143)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ... $28,344,243
===========
The accompanying notes are an integral part of the financial statements.
4
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WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
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FINANCIAL STATEMENTS -- CONTINUED
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STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE FISCAL YEARS ENDED
---------------------------------
JUNE 30, 2000 JUNE 30, 1999
--------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ......................... $ 28,350,386 $ 18,631,507
Net realized loss on investments .............. (6,143) (2,739)
-------------- --------------
Net increase in net assets resulting
from operations ............................ 28,344,243 18,628,768
-------------- --------------
Distributions to shareholders
from net investment income .................... (28,350,386) (18,631,507)
-------------- --------------
Portfolio share transactions (a):
Proceeds from shares sold ..................... 2,750,960,358 2,424,732,195
Cost of shares issued on reinvestment of
distributions .............................. 27,296,972 18,278,706
Cost of shares redeemed ....................... (2,686,718,077) (2,271,666,343)
-------------- --------------
Net increase in net assets from Portfolio
share transactions ............................ 91,539,253 171,344,558
-------------- --------------
Total increase in net assets ..................... 91,533,110 171,341,819
NET ASSETS:
Beginning of year ............................. 411,700,796 240,358,977
-------------- --------------
End of year ................................... $ 503,233,906 $ 411,700,796
============== ==============
SHARES SHARES
-------------- --------------
(a) TRANSACTIONS IN CAPITAL SHARES WERE:
Shares sold ................................... 2,750,960,358 2,424,732,195
Shares issued on reinvestment
of distributions ........................... 27,296,972 18,278,706
Shares redeemed ............................... (2,686,718,077) (2,271,666,343)
-------------- --------------
Net increase in shares ........................ 91,539,253 171,344,558
Shares outstanding -- Beginning of year ....... 411,707,700 240,363,142
-------------- --------------
Shares outstanding -- End of year ............. 503,246,953 411,707,700
============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
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WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
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FINANCIAL HIGHLIGHTS
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The folowing table includes selected data for a share outstanding throughout
each period and other performance information derived from the financial
statmements. They should be read in conjunction with the financial statements
and notes thereto.
<TABLE>
<CAPTION>
FOR THE FISCAL YEARS ENDED JUNE 30,
------------------------------------------------------------
2000 2 1999 1 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD ........... $1.00 $1.00 $1.00 $1.00 $1.00
-------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Net investment income ......................... 0.06 0.05 0.05 0.05 0.05
-------- -------- -------- -------- --------
DISTRIBUTIONS:
From net investment income .................... (0.06) (0.05) (0.05) (0.05) (0.05)
-------- -------- -------- -------- --------
NET ASSET VALUE -- END OF PERIOD ................. $1.00 $1.00 $1.00 $1.00 $1.00
======== ======== ======== ======== ========
TOTAL RETURN ..................................... 5.80% 5.15% 5.61% 5.43% 5.61%
RATIOS (TO AVERAGE NET
ASSETS)/SUPPLEMENTAL DATA3:
Expenses:
Including expense limitations .............. 0.20% 0.20% 0.20% 0.20% 0.20%
Excluding expense limitations .............. 0.26% 0.31% 0.31% 0.27% 0.27%
Net investment income ......................... 5.66% 5.00% 5.46% 5.31% 5.47%
Net assets at end of period (000 omitted) ........ $503,234 $411,701 $240,359 $415,285 $389,967
<FN>
1 Effective October 20, 1998, Wilmington Trust Company ("WTC"), a wholly owned
subsidiary of Wilmington Trust Corporation, became the investment adviser to
the WT Investment Trust I - Premier Money Market Series.
2 Effective November 1, 1999, Rodney Square Management Corporation, a wholly
owned subsidiary of WTC, became the investment adviser to the WT Investment
Trust I - Premier Money Market Series.
3 The expense and net investment income ratios for the fiscal years ended June
30, 2000, 1999, 1998 and 1997 include expenses allocated from the WT
Investment Trust I - Premier Money Market Series.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
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WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
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NOTES TO FINANCIAL STATEMENTS
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1. DESCRIPTION OF THE FUND. Wilmington Premier Money Market Portfolio (formerly
the WT Money Market Portfolio) (the "Portfolio") is a 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
Portfolio. 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, the Portfolio seeks to achieve its investment
objective by investing all of its investable assets in the Premier Money
Market Series of WT Investment Trust I (the "Series") having the same
investment objective, policies and limitations as the Portfolio. The
performance of the Portfolio is directly affected by the performance of the
Series. The financial statements of the Series, including the Schedule of
Investments, are included elsewhere in this report and should be read in
conjunction with the Portfolio's financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies of the Portfolio:
VALUATION OF INVESTMENT IN SERIES. Valuation of the Portfolio's investment in
the Series is based on the underlying securities held by the Series. The
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. The 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 income to its
shareholders. Therefore, no Federal income tax provision is required. At June
30, 2000, the Portfolio had a net tax basis capital loss carryforward
available to offset future net capital gains of approximately $6,900, which
will expire as follows:
CAPITAL LOSS EXPIRATION
CARRYFORWARD DATE
--------------------------------------
$1,300 06/30/2003
2,900 06/30/2005
2,700 06/30/2008
INVESTMENT INCOME AND DISTRIBUTIONS TO SHAREHOLDERS. The Portfolio records
its share of the Series' income, expenses and realized and unrealized gains
and losses daily. Additionally, the Portfolio records its own expenses as
incurred. Distributions to shareholders of the Portfolio are declared daily
from net investment income and paid to shareholders monthly. Distributions
from net realized gains, if any, will be declared and paid annually.
7
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
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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 TRANSACTIONS. During the fiscal year ended June 30, 2000,
$2,352,516,431 was contributed to and $2,288,289,203 was withdrawn from the
Series.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES. The investment adviser to the
Series is Rodney Square Mangement Corporation ("RSMC"). Advisory fees charged
to the Series are discussed in the notes to the Series' financial statements.
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 Portfolio.
RSMC has agreed to waive its advisory fee or reimburse certain Portfolio
operating expenses (excluding taxes, extraordinary expenses, brokerage
commissions and interest) in an amount that will limit annual operating
expenses to not more than 0.20% of the average daily net assets of the
Portfolio. This undertaking will remain in place until the Board of Trustees
approves its termination.
As of June 30, 2000, Peter Kiewit Sons', Inc., is the direct or indirect
parent of shareholders of greater than 25% of the voting securities of the
Portfolio.
8
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WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
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REPORT OF INDEPENDENT AUDITORS
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REPORT OF ERNST &YOUNG LLP, INDEPENDENT AUDITORS
To the Shareholders and Trustees of WT Mutual Fund -- Premier Money Market
Portfolio:
We have audited the accompanying statement of assets and liabilities of Premier
Money Market Portfolio (the "Portfolio") as of June 30, 2000, and the related
statement of operations for the year then ended, and the statements of changes
in net assets and financial highlights for each of the two years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Portfolio's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits. The financial highlights for the years ended June 30, 1996 through June
30, 1998 were audited by other auditors whose report dated July 31, 1998
expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Premier Money Market Portfolio at June 30, 2000, the results of its operations
for the year then ended, and the changes in its net assets and its financial
highlights for each of the two years in the period then ended, in conformity
with accounting principles generally accepted in the United States.
/S/ERNST & YOUNG LLP
Philadelphia, Pennsylvania
August 4, 2000
9
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WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
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NOTICE TO SHAREHOLDERS
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SPECIAL MEETINGS OF SHAREHOLDERS
A special meeting of the shareholders of the WT Mutual Funds was held on October
22, 1999 to vote on the following proposals:
(I) To approve or disapprove new investment advisory agreements;
(II) To consider the election of five persons to the Fund's Board of Trustees;
(III) To approve or disapprove certain changes to the Portfolio's fundamental
investment limitations; and
(IV) To ratify the selection of Ernst & Young LLP as the Fund's independent
auditors for the fiscal year ending June 30, 2000.
<TABLE>
<CAPTION>
FOR AGAINST ABSTAINED
-------------- ----------- --------------
<S> <C> <C> <C>
WT Mutual Fund -- Money Market Portfolio
(I) 472,627,919 95,000 23,394
(II) 472,627,919 95,000 23,394
(III) 472,313,407 409,513 23,394
(IV) 472,627,919 0 118,394
</TABLE>
10
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WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
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ANNUAL REPORT / JUNE 30, 2000
--------------------------------------------------------------------------------
(The following pages should be read in conjunction with the Portfolio's
Financial Statements.)
The accompanying notes are an integral part of the financial statements.
11
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WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
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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 -- 35.4%
FOREIGN BANKS, FOREIGN CENTERS -- 11.8%
Barclay's Bank, PLC, 5.90%, 10/02/00 .......................... P-1, A-1+ $20,000,000 $ 19,944,203
Bayerische Landesbank Girozentrale, 6.14%, 07/18/00 ........... P-1, A-1+ 10,000,000 10,000,046
Commerzbank, 6.17%, 07/18/00 .................................. P-1, A-1+ 10,000,000 10,000,137
Commerzbank, 7.45%, 05/21/01 .................................. P-1, A-1+ 10,000,000 10,005,098
Credit Agricole Indosuez, London , 7.30%, 05/03/01 ............ P-1, A-1+ 10,000,000 10,000,000
------------
59,949,484
------------
FOREIGN BANKS, U.S. BRANCHES -- 11.7%
Bank of Nova Scotia, 6.65%, 02/01/01 .......................... P-1, A-1+ 4,000,000 3,998,882
Bayerische Landesbank Girozentrale, 5.82%, 08/03/00 ........... P-1, A-1+ 5,000,000 4,999,805
Canadian Imperial Bank of Commerce, 6.73%, 09/12/00 ........... P-1, A-1+ 20,000,000 20,000,000
Rabobank Nederland, 6.54%, 02/01/01 ........................... P-1, A-1+ 20,000,000 19,995,522
Royal Bank of Canada, 6.98%, 05/02/01 ......................... P-1, A-1+ 10,000,000 9,999,209
------------
58,993,418
------------
U.S. BANKS, U.S. BRANCHES -- 11.9%
Bank One, 6.13%, 07/17/00 ..................................... P-1, A-1 20,000,000 20,000,086
Harris Trust & Savings Bank, 6.57%, 07/05/00 .................. P-1, A-1+ 20,000,000 20,000,000
Regions Bank, 6.35%, 07/26/00 ................................. P-1, A-1 20,000,000 20,000,000
------------
60,000,086
------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $178,942,988) .................................................................. 178,942,988
------------
COMMERCIAL PAPER -- 48.1%
AUTOMOBILES -- 7.9%
BMW U.S. Capital Corp., 6.54%, 07/28/00 ....................... P-1, A-1 20,000,000 19,901,900
DaimlerChrysler North America Corp., 6.45%, 07/28/00 .......... P-1, A-1 5,000,000 4,975,475
DaimlerChrysler North America Corp., 6.56%, 08/10/00 .......... P-1, A-1 15,000,000 14,890,667
------------
39,768,042
------------
CHEMICALS -- 3.9%
Akzo Nobel, Inc., 6.60%, 08/09/00 ............................. P-1, A-2 10,000,000 9,928,500
Akzo Nobel, Inc., 6.60%, 09/07/00 ............................. P-1, A-2 10,000,000 9,875,333
------------
19,803,833
------------
FINANCIAL SERVICES -- 13.7%
General Electric Capital Corp., 6.65%, 08/23/00 ............... P-1, A-1+ 20,000,000 19,804,194
Morgan Stanley Dean Witter & Co, 6.57%, 08/10/00 .............. P-1, A-1 10,000,000 9,927,000
Morgan Stanley Dean Witter & Co, 6.65%, 08/21/00 .............. P-1, A-1 10,000,000 9,905,792
National Rural Utilities Co-op, 6.62%, 09/14/00 ............... P-1, A-1+ 10,000,000 9,862,083
UBS Finance (DE) Inc., 6.60%, 09/05/00 ........................ P-1, A-1+ 20,000,000 19,758,000
------------
69,257,069
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
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INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING1 AMOUNT (NOTE 2)
----------- ----------- ------------
<S> <C> <C> <C>
LEASING -- 3.9%
Vehicle Services Corporation of America, 6.62%, 08/15/00 ...... P-1, A-1+ $20,000,000 $ 19,834,500
------------
MEDICAL SERVICES -- 3.6%
Medical Building Funding VIII, 6.76%, 07/26/00 ................ N/R, A-1+ 18,100,000 18,015,093
------------
OIL -- 4.3%
Koch Industries, 6.90%, 07/03/00 .............................. P-1, A-1+ 22,000,000 21,991,567
------------
SECURITIES DEALERS -- 10.8%
CS First Boston International, Inc., 6.60%, 09/13/00 .......... P-1, A-1+ 20,000,000 19,728,667
Goldman Sachs Group LP, 6.66%, 08/21/00 ....................... P-1, A-1+ 20,000,000 19,811,300
Merrill Lynch & Co., Inc., 6.55%, 08/11/00 .................... P-1, A-1+ 15,000,000 14,888,104
------------
54,428,071
------------
TOTAL COMMERCIAL PAPER
(Cost $243,098,175) .................................................................. 243,098,175
------------
BANK NOTES -- 3.9%
First Union National Bank, 7.16%, 07/01/00* ................... P-1, A-1 20,000,000 20,000,000
------------
TOTAL BANK NOTES
(Cost $20,000,000) ................................................................... 20,000,000
------------
REPURCHASE AGREEMENTS -- 11.8%
With Banc of America Securities, LLC: at 6.86%, dated 06/30/00,
to be repurchased at $44,956,786 on 07/03/00, collateralized by
$46,279,033 of Federal National Mortgage Association
Securities with various coupons and maturities to 06/01/30.. 44,931,100 44,931,100
With CS First Boston, Inc.: at 6.90%, dated 06/30/00, to be
repurchased at $15,008,625 on 07/03/00, collateralized by
$15,600,900 of Federal National Mortgage Association
Securities with various coupons and maturities to 11/01/00.. 15,000,000 15,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $59,931,100) ................................................................... 59,931,100
------------
TOTAL INVESTMENTS-- (Cost $501,972,263)+ -- 99.2% ................................................ 501,972,263
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.8% ........................................................ 3,912,197
------------
NET ASSETS -- 100.0% ............................................................................. $505,884,460
============
<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.
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FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000
ASSETS:
Investments in securities, at value* ................... $501,972,263
Cash ................................................... 20
Interest receivable .................................... 4,041,081
Other assets ........................................... 98
------------
Total assets ........................................... 506,013,462
------------
LIABILITIES:
Accrued advisory fee ................................... 77,846
Other accrued expenses ................................. 51,156
------------
Total liabilities ...................................... 129,002
------------
NET ASSETS ............................................. $505,884,460
============
*Investments at cost ................................... $501,972,263
The accompanying notes are an integral part of the financial statements.
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FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
For the Fiscal Year Ended June 30, 2000
INVESTMENT INCOME ...................................... $29,359,061
-----------
EXPENSES:
Advisory fees ....................................... 1,004,826
Administration and accounting fees .................. 210,191
Custodian fees ...................................... 53,381
Trustees' fees ...................................... 7,974
Professional fees ................................... 15,290
Other ............................................... 24,127
-----------
Total expenses before fee waivers and
expense reimbursemen .......................... 1,315,789
Fees waived and expenses reimbursed .............. (313,343)
-----------
Total expenses, net ........................... 1,002,446
-----------
Net investment income ............................... 28,356,615
-----------
NET REALIZED LOSS ON INVESTMENTS ....................... (6,144)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ... $28,350,471
===========
The accompanying notes are an integral part of the financial statements.
15
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WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
--------------------------------------------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE FISCAL YEARS ENDED
--------------------------------
JUNE 30, 2000 JUNE 30, 1999
--------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ......................... $ 28,356,615 $ 18,787,331
Net realized loss on investments .............. (6,144) (2,740)
-------------- --------------
Net increase in net assets resulting
from operations ............................... 28,350,471 18,784,591
-------------- --------------
Transactions in beneficial interest:
Contributions ................................. 2,352,516,431 2,424,732,195
Withdrawals ................................... (2,288,289,203) (2,271,849,713)
-------------- --------------
Net increase in net assets from transactions in
beneficial interest ........................... 64,227,228 152,882,482
-------------- --------------
Total increase in net assets ..................... 92,577,699 171,667,073
NET ASSETS:
Beginning of year ............................. 413,306,761 241,639,688
-------------- --------------
End of year ................................... $ 505,884,460 $ 413,306,761
============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
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NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE TRUST. Premier Money Market Series (formerly the WT Money
Market Series) (the "Series") is a 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. The 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. The 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. The 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, the 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 uses the specific identification method for determining
realized gain and loss on investments for both financial and Federal income
tax reporting purposes. Common expenses of the Trust are allocated on a pro
rata basis among the series based on relative net assets.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
17
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES. Effective November 1,
1999, RSMC, a wholly owned subsidiary of Wilmington Trust Company ("WTC"),
which is wholly owned by Wilmington Trust Corporation, provides investment
advisory services to the Series. For its services, RSMC receives a fee of
0.20% of the Series' average daily net assets. For the period October 20,
1998 through October 31, 1999 and the period prior to October 20, 1998, WTC
and Kiewit Investment Management Corp., respectively, provided advisory
services to the Series under substantially similar terms.
RSMC has agreed to waive all or a portion of its advisory fee and reimburse
expenses in an amount that will limit annual operating expenses (excluding
taxes, extraordinary expenses, brokerage commissions and interest) to not
more than 0.20% of the average daily net assets of the Series. This
undertaking will remain in place until the Board of Trustees approves its
termination.
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 periods ending June 30
were as follows:
2000 1999 1998 1997(1)
------ ----- ------ ------
Total Return 5.80% N/A N/A N/A
Ratios to average net assets:
Expenses
Including expense limitations 0.20% 0.16% 0.16% 0.16%*
Excluding expense limitations 0.26% 0.27% 0.27% 0.27%*
Net investment income 5.66% 5.04% 5.50% 5.41%*
* Annualized.
(1) Commencement of operations March 1, 1997.
N/A Not available.
18
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
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REPORT OF INDEPENDENT AUDITORS
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REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
To the Beneficial Interest Holders and Trustees of WT Investment Trust I --
Premier Money Market Series:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Premier Money Market Series (the "Series"), as
of June 30, 2000, and the related statement of operations for the year then
ended and the statements of changes in net assets for each of the two years in
the period then ended. These financial statements are the responsibility of the
Series' management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Premier Money Market Series at
June 30, 2000, the results of its operations for the year then ended, and the
changes in its net assets for each of the two years in the period then ended, in
conformity with accounting principles generally accepted in the United States.
/S/ERNST & YOUNG LLP
Philadelphia, Pennsylvania
August 4, 2000
19
<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 PREMIER MONEY
MARKET PORTFOLIO.
WPRE-ANN-6/00
