[GRAPHIC OMITTED]
WILMINGTON
FUNDS
PREMIER MONEY
MARKET PORTFOLIO
SEMI-ANNUAL
DECEMBER 31, 1999
<PAGE>
WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
- --------------------------------------------------
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
DEAR SHAREHOLDER:
Over the last six months the U.S. economy has experienced a rapid increase
in energy prices and three interest rate increases yet has still managed to post
strong overall growth and modest inflation levels. At the wholesale level oil
prices have more than doubled since January 1999 and, as a result, consumer
prices for gasoline, fuel oil, etc., have risen dramatically. Twenty years ago,
this rate of increase was partially responsible for a recession. More recently,
gas price increases are mere irritants. This is because of the muted position of
the energy sector within overall economic activity in the United States. In 1980
the energy sector comprised 8.5% of total economic activity. Today that ratio is
3%. Certainly, the energy price advance will have a near term impact on
inflation. But, it is not likely to be severe and should dissipate as 2000
progresses.
In response to a rise in inflation, however modest, and an ongoing strong
economic growth rate, the Federal Reserve (the "Fed") has engineered three
interest rate increases since the end of June. Their stated concern is that the
strong economy will interact with a tight labor market and thereby cause an
increase in wages and ultimately consumer prices, i.e., inflation. As of yet
there is little evidence of this inflationary spike. Compensation increases for
the twelve months ended in September averaged 4.6% compared with 5.6% one year
earlier. Moreover worker productivity is growing at a 3% pace. As a result, unit
labor costs (the cost of labor associated with the production of goods and
services) are growing at a very modest pace, 1.5%. With this modest inflation
level it is easy to misunderstand the Fed's actions. The Fed is doing just what
it should be doing. It wants to be certain that inflation does not gain a
foothold in the U.S., which would cause much greater pain in the future.
Our expectations for next year are for more of the same for the U.S.
economy. Due to ongoing strength in consumer and business spending, and renewed
strength in our foreign sector, economic growth should average 3% to 3.5% next
year. Inflation rates could rise modestly early next year as a result of energy
prices but continued positive forces in worker productivity and worldwide
competition should keep inflation in the 2% to 2.5% range. Interest rates will
continue to be buffeted by both of these forces and will probably rise into
early 2000. But, as economic activity settles in at a more subdued 3% to 3.5%
pace, and as inflation remains under control, the Fed should move to the
sidelines. Thus, an early 2000 interest rate hike is likely but we believe that
none will be necessary thereafter in 2000. Long-term interest rates have largely
anticipated the next interest rate hike and should not rise further. It is our
expectation that long-term interest rates will end 2000 at lower levels than
currently.
We invite your comments and questions and thank you for your investments in
the Wimington Premier Money Market Portfolio. We look forward to reviewing our
investment outlook and stategy with you in our next report to shareholders.
Sincerely,
/S/ROBERT J. CHRISTIAN
Robert J. Christian
February 23, 2000 President
1
<PAGE>
WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
- --------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999 (Unaudited)
ASSETS:
Investment in Series, at value ............................ $553,522,136
Other assets .............................................. 93,833
------------
Total assets .............................................. 553,615,969
------------
LIABILITIES:
Dividends payable ......................................... 2,591,731
Accrued advisory fee ...................................... 3,000
Other accrued expenses .................................... 16,599
------------
Total liabilities ......................................... 2,611,330
------------
NET ASSETS ................................................ $551,004,639
============
NET ASSETS CONSIST OF:
Paid-in capital ........................................... $551,013,266
Accumulated net realized loss on investments .............. (8,627)
------------
NET ASSETS ................................................ $551,004,639
============
Shares of beneficial interest outstanding ................. 551,013,266
============
NET ASSET VALUE, offering and redemption price per share .. $1.00
=====
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
- --------------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
For the Six-Month Period Ended December 31, 1999 (Unaudited)
INVESTMENT INCOME:
Investment income from Series ............................ $14,046,682
Expenses from Series ..................................... (499,401)
-----------
Net investment income from Series ........................ 13,547,281
-----------
EXPENSES:
Administration and Accounting fees ....................... 38,678
Transfer agent fees ...................................... 14,638
Trustees' fees ........................................... 5,166
Registration fees ........................................ 11,164
Professional fees ........................................ 15,528
Other .................................................... 10,033
-----------
Total expenses before expense reimbursements .......... 95,207
Expenses reimbursed ................................... (86,184)
-----------
Total expenses, net ................................ 9,023
-----------
Net investment income .................................... 13,538,258
-----------
NET REALIZED LOSS ON INVESTMENTS ............................ (1,723)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........ $13,536,535
===========
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
- --------------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE FOR THE
SIX MONTHS ENDED FISCAL YEAR
DECEMBER 31, 1999 ENDED
(UNAUDITED) JUNE 30, 1999
----------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ...................... $ 13,538,258 $ 18,631,507
Net realized loss on investment transactions (1,723) (2,739)
--------------- ---------------
Net increase in net assets resulting
from operations ............................ 13,536,535 18,628,768
--------------- ---------------
Distributions to shareholders
from net investment income ................. (13,538,258) (18,631,507)
--------------- ---------------
Portfolio share transactions (a):
Proceeds from shares sold .................. 1,249,672,283 2,424,732,195
Cost of shares issued on reinvestment of
distributions .............................. 12,409,712 18,278,706
Cost of shares redeemed .................... (1,122,776,429) (2,271,666,343)
--------------- ---------------
Net increase in net assets
from share transactions .................... 139,305,566 171,344,558
--------------- ---------------
Total increase in net assets .................. 139,303,843 171,341,819
NET ASSETS:
Beginning of period ........................ 411,700,796 240,358,977
--------------- ---------------
End of period .............................. $ 551,004,639 $ 411,700,796
=============== ===============
(a) TRANSACTIONS IN CAPITAL STOCK WERE:
Shares sold ................................ 1,249,672,283 2,424,732,195
Shares issued on reinvestment
of distributions ........................... 12,409,712 18,278,706
Shares redeemed ............................ (1,122,776,429) (2,271,666,343)
--------------- ---------------
Net increase in shares ..................... 139,305,566 171,344,558
Shares outstanding -- Beginning balance .... 411,707,700 240,363,142
--------------- ---------------
Shares outstanding -- Ending balance ....... 551,013,266 411,707,700
=============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
- --------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The folowing table includes selected data for a share outstanding throughout
each period and other performance information derived from the financial
statmements.
<TABLE>
<CAPTION>
FOR THE
PERIOD
FOR THE SIX FOR THE FOR THE FOR THE FOR THE JULY 28,
MONTHS ENDED FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR 1994(DAGGER)
DECEMBER 31, ENDED ENDED ENDED ENDED THROUGH
1999 JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
(UNAUDITED) 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 0.05 0.05 0.05 0.05 0.05
-------------------------------------------------------------------------
DISTRIBUTIONS:
From net investment income ............ (0.03) (0.05) (0.05) (0.05) (0.05) (0.05)
-------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD ......... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
=========================================================================
TOTAL RETURN ............................. 2.70% 1 5.15% 5.61% 5.43% 5.61% 5.04% 1
RATIOS (TO AVERAGE NET
ASSETS)/SUPPLEMENTAL DATA 2:
Expenses:
Including waivers/
reimbursements .................. 0.20% 3 0.20% 0.20% 0.20% 0.20% 0.30% 3
Excluding waivers/
reimbursements .................. 0.30% 3 0.31% 0.31% 0.27% 0.27% 0.34% 3
Net investment income ................. 5.31% 3 5.00% 5.46% 5.31% 5.47% 5.51% 3
Net assets at end of period (000) ........$551,005 $411,701 $240,359 $415,285 $389,967 $380,708
<FN>
(DAGGER) Commencement of Operations.
* Effective October 20, 1998, Wilmington Trust Company ("WTC"), a wholly
owned subsidiary of Wilmington Trust Corporation, became the investment
adviser to the Series.
1 Not annualized.
2 The expense and net investment income ratios for the period ending December
31, 1999 and the fiscal years ended June 30, 1999, 1998 and 1997 include
expenses allocated from the Series.
3 Annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
- --------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE FUND. Wilmington Premier 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 (the "1940 Act") as an
open-end management investment company and was organized as a Delaware
business trust on June 1, 1994. The Declaration of Trust permits the
Trustees to establish additional series, each of which is a separate class
of shares. These financial statements and related notes pertain only to the
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, 1999, the Portfolio had a net tax basis capital loss
carryforward available to offset future net capital gains of approximately
$4,200, which will expire as follows:
CAPITAL LOSS EXPIRATION
CARRYFORWARD DATE
-----------------------------------
$1,300 06/30/2004
2,900 06/30/2007
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.
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
WILMINGTON FUNDS -- PREMIER MONEY MARKET PORTFOLIO
- --------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
- --------------------------------------------------------------------------------
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
3. INVESTMENT TRANSACTIONS. During the six-month period ended December 31,
1999, $1,249,672,283 was contributed to and $1,122,776,429 was withdrawn
from the Series.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES. The Investment Advisor 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 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. These
undertakings may be amended or rescinded at any time in the future.
As of December 31, 1999, Peter Kiewit Sons', Inc., is the direct or
indirect parent of shareholders of greater than 25% of the voting
securities of the Portfolio.
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
- ----------------------------------------------------
SEMI-ANNUAL REPORT / DECEMBER 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
(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.
8
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
- ----------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
-------------- ----------- ---------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT -- 33.6%
FOREIGN BANKS, FOREIGN CENTERS -- 3.6%
Bayerische Hypotheken-Und Vereinsbank, 6.030%, 02/07/00 ....... P-1, A-1 $20,000,000 $ 20,000,202
------------
FOREIGN BANKS, U.S. BRANCHES -- 27.3%
Bank of Montreal, 5.890%, 02/10/00 ............................ P-1, A-1+ 10,000,000 10,000,000
Bank of Nova Scotia, 5.820%, 02/11/00 ......................... P-1, A-1+ 10,000,000 10,000,111
Bank of Nova Scotia, 6.000%, 03/01/00 ......................... P-1, A-1 10,000,000 10,000,000
Banque Nationale de Paris, 6.120%, 03/23/00 ................... P-1, A-1 10,000,000 10,000,112
Bayerische Landesbank Girozentrale, 5.820%, 08/03/00 .......... P-1, A-1+ 5,000,000 4,998,732
Canadian Imperial Bank of Commerce, 6.380%, 01/04/00 .......... P-1, A-1+ 20,000,000 20,000,008
Commerzbank, 5.010%, 01/10/00 ................................. P-1, A-1+ 10,500,000 10,497,450
Commerzbank, 6.030%, 04/10/00 ................................. P-1, A-1+ 5,000,000 4,999,580
Credit Commercial de France, 6.390%, 01/03/00 ................. P-1, A-1 20,000,000 20,000,011
Deutsche Bank, 5.900%, 01/18/00 ............................... P-1, A-1+ 10,000,000 10,000,046
Royal Bank of Canada, 5.010%, 02/07/00 ........................ P-1, A-1+ 5,000,000 4,995,746
Toronto Dominion-New York, 5.060%, 02/10/00 ................... P-1, A-1+ 10,000,000 9,999,577
Westdeutsche Landesbank, 6.010%, 06/06/00 ..................... P-1, A-1+ 24,622,000 24,607,652
------------
150,099,025
------------
U.S. BANKS, U.S. BRANCHES -- 2.7%
Regions Bank, 5.550%, 01/10/00 ................................ P-1, A-1 15,000,000 15,000,000
------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $185,099,227) .................................................................. 185,099,227
------------
COMMERCIAL PAPER -- 49.8%
AUTOMOBILES -- 4.6%
Daimler-Chrysler North America Corp., 5.950%, 01/27/00 ........ P-1, A-1 20,000,000 19,914,055
Volkswagen of America Inc., 5.710%, 01/18/00 .................. P-1, A-1 5,000,000 4,986,518
------------
24,900,573
------------
BANKS -- 3.6%
Abbey National North America, 5.890%, 01/04/00 ................ P-1, A-1+ 10,000,000 9,995,092
Abbey National North America, 5.820%, 02/25/00 ................ P-1, A-1+ 10,000,000 9,911,083
------------
19,906,175
------------
CHEMICALS -- 6.3%
Akzo Nobel America, Inc., 6.000%, 01/26/00 .................... P-1, A-1 10,000,000 9,958,333
Akzo Nobel America, Inc., 5.900%, 02/22/00 .................... P-1, A-1 5,000,000 4,957,389
Akzo Nobel America, Inc., 5.850%, 02/25/00 .................... P-1, A-1 10,000,000 9,910,625
Great Lakes Chemical Corp., 5.870%, 01/11/00 .................. P-1, A-1 10,000,000 9,983,694
------------
34,810,041
------------
COMMUNICATION & BROADCASTING -- 0.8%
E.W. Scripps Co., 5.780%, 01/28/00 ............................ P-1, A-1 4,300,000 4,281,359
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
- ----------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MOODY'S/S&P PRINCIPAL VALUE
RATING AMOUNT (NOTE 2)
-------------- ----------- ---------
<S> <C> <C> <C>
FINANCE -- 18.4%
Ford Motor Credit Corp., 5.520%, 01/10/00 ..................... P-1, A-1 $15,000,000 $ 14,979,300
Ford Motor Credit Puerto Rico, 5.960%, 01/24/00 ............... P-1, A-1 5,000,000 4,980,961
General Electric Capital Corp., 5.920%, 01/25/00 .............. P-1, A-1+ 20,000,000 19,921,067
National Rural Utilities Co-op, 5.740%, 01/26/00 .............. P-1, A-1+ 11,500,000 11,454,160
National Rural Utilities Co-op, 5.800%, 02/25/00 .............. P-1, A-1+ 10,000,000 9,911,389
Transamerica Finance Corp., 5.900%, 02/18/00 .................. P-1, A-1 20,000,000 19,842,667
UBS Finance, Inc., 3.500%, 01/03/00 ........................... P-1, A-1+ 10,000,000 9,998,056
UBS Finance, Inc., 5.750%, 01/21/00 ........................... P-1, A-1 10,000,000 9,968,056
------------
101,055,656
------------
FINANCIAL SERVICES -- 3.6%
Morgan Stanley Dean Witter & Co., 6.100%, 01/11/00 ............ P-1, A-1 5,000,000 4,991,528
Morgan Stanley Dean Witter & Co., 5.960%, 01/24/00 ............ P-1, A-1 10,000,000 9,961,922
Morgan Stanley Dean Witter & Co., 5.880%, 04/13/00 ............ P-1, A-1 5,000,000 4,915,955
------------
19,869,405
------------
INSURANCE -- 1.7%
Allianz of America Finance Corp., 5.880%, 02/24/00 ............ P-1, A-1+ 9,500,000 9,416,210
------------
LEASING -- 7.2%
Int'l Lease Finance Corp., 5.850%, 02/07/00 ................... P-1, A-1+ 20,000,000 19,879,750
Vehicle Services of America, 6.230%, 02/10/00 ................. NR, A-1+ 20,000,000 19,861,556
------------
39,741,306
------------
SECURITIES DEALERS -- 3.6%
Merrill Lynch & Co., Inc., 5.900%, 02/29/00 ................... P-1, A-1+ 20,000,000 19,806,611
------------
TOTAL COMMERCIAL PAPER
(Cost $273,787,336) .................................................................. 273,787,336
------------
BANK NOTES -- 7.3%
Fifth Third Bank, 5.960%, 01/27/00 ............................ P-1, A-1+ 20,000,000 20,000,000
First Union National Bank, 5.280%, 01/03/00* .................. P-1, A-1 20,000,000 20,000,000
------------
Total Bank Notes
(Cost $40,000,000) 40,000,000
------------
CORPORATE NOTES -- 0.9%
Abbey National Treasury Services, 5.260%, 03/01/00 ............ Aa2, AA 5,000,000 4,999,644
------------
TOTAL CORPORATE NOTES
(Cost $4,999,644) .................................................................... 4,999,644
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
- ----------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
----------- ---------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 3.9%
With CS First Boston, Inc.: at 3.35%, dated 12/31/99,
to be repurchased at $21,432,482 on 12/31/99,
collateralized by $22,294,223 of Federal Home
Loan Mortgage Corporation Discount Notes with
various rates and maturities to 01/31/00
(Cost $21,425,500) ........................................................ $21,426,500 $ 21,426,500
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $21,426,500) ................................................................... 21,426,500
------------
TIME DEPOSITS -- 4.5%
Chase Manhattan Bank (USA), 4.500%, 01/03/00 (Cost $25,000,000) ............. 25,000,000 25,000,000
------------
TOTAL INVESTMENTS-- (Cost $550,312,707)(DAGGER)-- 99.4% ....................................... 550,312,707
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.6% ..................................................... 3,321,077
------------
NET ASSETS -- 100.0% .......................................................................... $553,633,784
============
<FN>
* Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes
are instruments whose rates change periodically. The rates shown are the
interest rates as of December 31, 1999. The dates shown are the next dates
the interest rates on the instruments are scheduled to be reset.
(DAGGER) Cost for federal income tax purposes.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
- ----------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1999 (Unaudited)
ASSETS:
Investments in securities, at value* ....... $550,312,707
Cash ....................................... 44
Dividends and interest receivable .......... 3,446,176
Other assets ............................... 99
------------
Total assets ............................ 553,759,026
------------
LIABILITIES:
Accrued advisory fee ....................... 91,075
Other accrued expenses ..................... 34,167
------------
Total liabilities ....................... 125,242
------------
NET ASSETS ................................. $553,633,784
============
*Investments at cost ....................... $550,312,707
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
- ----------------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
For the Six-Month Period Ended December 31, 1999 (Unaudited)
INTEREST INCOME ........................................ $14,049,700
-----------
EXPENSES:
Advisory fees ....................................... 509,697
Administration fees ................................. 55,725
Accounting fees ..................................... 58,362
Custodian fees ...................................... 21,804
Trustees' fees ...................................... 6,119
Professional fees ................................... 5,593
Other ............................................... 5,117
-----------
Total expenses before expense reimbursements ..... 662,417
Expenses reimbursed .............................. (162,910)
-----------
Total expenses, net .............................. 499,507
-----------
Net investment income ............................... 13,550,193
-----------
NET REALIZED LOSS ON INVESTMENTS ....................... (1,723)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ... $13,548,470
===========
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
- ----------------------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE FOR THE
SIX MONTHS ENDED FISCAL YEAR
DECEMBER 31, 1999 ENDED
(UNAUDITED) JUNE 30, 1999
----------------- -------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ................ $ 13,550,193 $ 18,787,331
Net realized loss on investments ..... (1,723) (2,740)
------------- ---------------
Net increase in net assets resulting
from operations ...................... 13,548,470 18,784,591
------------- ---------------
Transactions in beneficial interests:
Contributions ........................ 975,823,983 2,424,732,195
Withdrawals .......................... (849,045,430) (2,271,849,713)
------------- ---------------
Net increase in net assets from
transactions in beneficial
interests 126,778,553 152,882,482
------------- ---------------
Total increase in net assets ............ 140,327,023 171,667,073
NET ASSETS:
Beginning of period .................. 413,306,761 241,639,688
------------- ---------------
End of period ........................ $ 553,633,784 $ 413,306,761
============= ===============
The accompanying notes are an integral part of the financial statements.
14
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WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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1. DESCRIPTION OF THE TRUST. Premier 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 the repurchase
agreements, the market value which is required to be in an amount at least
equal to 101% of the resale price. Rodney Square Management Corporation
("RSMC"), the Series' investment adviser, is responsible for determining that
the market value of these underlying securities is maintained at all times at
a level at least equal to 101% of the resale price. In the event of default
of the obligation to repurchase, 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 generally accepted accounting
principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
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WT INVESTMENT TRUST I -- PREMIER MONEY MARKET SERIES
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
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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 0.20% of the
Series' average daily net assets. For the period October 20, 1998 through
October 31, 1999 and the period July 1, 1998 through October 19, 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 may be amended or rescinded at any time in the future.
PFPC, Inc. ("PFPC"), an indirect wholly-owned subsidiary of PNC Bank Corp., a
multi-bank holding company, provides administrative and accounting services
to the Series.
WTC serves as custodian to the Trust and PFPC Trust Company serves as
sub-custodian to the Trust.
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TRUSTEES
Robert H. Arnold
Eric Brucker
Robert J. Christian
Louis Klein Jr.
Nicholas A. Giordano
Clement C. Moore, II
John J. Quindlen
William P. Richards
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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
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INVESTMENT ADVISER
Rodney Square Management Corporation
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
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CUSTODIAN
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
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DISTRIBUTOR
Provident Distributors, Inc.
Four Falls Corporate Center
West Conshohocken,PA 19428
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ADMINISTRATOR,
TRANSFER AGENT AND
ACCOUNTING AGENT
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
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WPRE-SEMI-12/99
