CRM FUNDS
[GRAPHIC OMITTED]
SMALL CAP
VALUE FUND
MID CAP
VALUE FUND
Institutional Shares
SEMI-ANNUAL REPORT
December 31, 1999
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<PAGE>
THE CRM FUNDS
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FUND AND SHAREHOLDER ACCOUNT INFORMATION:
PFPC, Inc.
P.O. Box 8742
Wilmington, DE 19899
(800) CRM-2883
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SEMI-ANNUAL REPORT DECEMBER 31, 1999
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Dear Fellow Shareholder:
1999 was a year of fads, of stock market records and, as always, change. So
seemed to be the case with Internet stocks, as people again ignored fundamentals
in favor of momentum and speculation. Day traders expanded the volatility of the
stock market considerably, and wide daily swings of 20-30% in Internet stocks
became a regular event. Microsoft survived a Federal Court's monopoly ruling,
only to have its share price reach a record level on the December announcement
of the completion of Windows 2000, making it the first company in history to
reach a market capitalization over $600 billion.
A record $70 billion was raised in the IPO market, dominated by Internet
companies but also marked by initial offerings from Goldman Sachs & Co. and
United Parcel Service, the largest IPO in history. Technology euphoria drove the
NASDAQ over 3000 and then over 4000 in a two-month period; the NASDAQ's gain of
85.6% marked the single greatest one-year gain of any broad index, surpassing
the Dow Jones gain of 81.5% in 1915. The S&P 500 Index itself experienced its
fifth year in a row of 20%+ performance, sealing the best five-year run of the
century. Five of the best performing stocks last year are telecommunications
companies, and the other five make software for use on the Web. In short,
everything paled in comparison to technology.
The narrow technology leadership is perhaps best explained not in terms of its
success, but in terms of the rest of the market's setbacks. A full 50% of S&P
500 stocks actually declined over the year, and 104 of the 500 names dropped
over 25% in value. Similarly, while the P/E ratio of the S&P 500 grew from 24 to
28 on a market cap weighted basis (with the larger cap technology names
ascending to much higher levels), the P/E ratio on an equally weighted basis
actually fell from 19 to 18 throughout the year. And nowhere was this more
evident than within the small and mid cap markets, where the disparity between
growth and value stocks reached its highest point since the Frank Russell Co.
began reporting its data in 1979. The Russell Mid Cap Growth Index outperformed
the Russell Mid Cap Value Index by a staggering 51% in 1999. Furthermore, an
unprecedented degree of punishment was dealt out to companies with either
disappointing earnings or traditional business models that didn't fit the mold
of "the new paradigm."
Since the CRM Funds' beginnings in 1973, we have been very conscious of risk
versus return when selecting investments. We believe that an example of our
ability to manage risk versus return is our technology related exposure in
portfolios. While our value strategy did benefit from our core technology
weighting, some of our best performing stocks were not considered "technology"
under traditional classifications. Instead, these companies, most of which are
service oriented, benefit indirectly from the growth in e-commerce, the Internet
bandwidth and telecommunications by capturing these same themes while trading at
reasonable valuations.
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THE CRM FUNDS
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The market is, and always will be, a multi-tiered market in which certain styles
are favored over others. The Federal Reserve has done such a good job over the
past few years in managing what has seemed to be an endless economic soft
landing that investors have forgotten about business cycles (and market cycles)
altogether. Value investing is aided by cyclical environments, as it gives many
industries an opportunity to produce very high rates of recovery earnings
growth. As we said at the beginning of this letter, last year was marked by
change. Change will forever be on the horizon. Previous periods of value or
growth stocks outperforming one another have correlated with changes in the
business cycles, brought on by influences such as inflation and interest rates,
among others. The Fed's concern over the impact of global recovery on our
economy will no doubt lead to additional interest rate increases. We believe
these changes will expand the market's single-minded focus on technology and
reward a broader universe of stocks. An important distinction needs to be made
between investing and chasing momentum, the latter of which is leading investors
to disregard risk constraints and valuation criteria altogether. Looking into
the next millenium, we, as always, remain poised to strive to provide our
investors with the best returns for the least amount of risk we can accept.
Sincerely,
The CRM Funds
/S/RONALD H. MCCLYNN /S/ROBERT J. CHRISTIAN
Ronald H. McGlynn Robert J. Christian
President and CEO President
Cramer Rosenthal McGlynn, LLC WT Mutual Fund
The Russell 3000(REGISTRATION MARK) Index measures the performance of the 3,000
largest U.S. companies, based on total market capitalization. The Russell
1000(REGISTRATION MARK) Index measures the performance of the 1,000 largest
companies in the Russell 3000(REGISTRATION MARK) Index. The Russell 2500(TM)
Index measures the performance of the 2,500 smallest companies in the Russell
3000(REGISTRATION MARK) Index. The Russell 2500(TM) Value Index measures the
performance of those Russell 2500(TM) companies with lower price-to-book ratios
and lower forecasted growth values. Lastly, the Russell 2500(TM) Growth Index
measures the performance of those Russell 2500(TM) companies with higher
price-to-book ratios and higher forecasted growth values.
These indices do not include the effect of any expenses, which have been
deducted from each Fund's return. Individuals cannot invest directly in any
index.
During the period certain fees and expenses were waived by the service
providers. Without these waivers total returns would have been lower. Additional
performance figures for the Funds can be found in the Comparison of Change in
Value of $10,000 Investment section of this report.
The views in this report were those of the Funds' managers as of December 31,
1999 and may not reflect the views of the managers on the date this report is
first published or any time thereafter. These views are intended to assist
shareholders of the Funds in understanding their investment in the Funds and do
not constitute investment advice.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
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THE CRM FUNDS
2
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THE CRM FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
DECEMBER 31, 1999
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<TABLE>
<CAPTION>
SMALL CAP MID CAP
VALUE FUND VALUE FUND
---------- ----------
<S> <C> <C>
ASSETS
Investments in Series, at value .............................. $174,621,217 $10,305,934
------------ -----------
Receivable for Portfolio shares sold ......................... 602,694 --
Receivable for investment in Series withdrawn ................ 253,424 --
Other assets ................................................. 56,068 57,448
------------ -----------
Total assets ...................................................... 175,533,403 10,363,382
------------ -----------
LIABILITIES
Payable for Portfolio shares redeemed ........................ 253,424 --
Payable for investment in Series ............................. 602,694 --
Accrued expenses and other liabilities ....................... 212,087 10,351
------------ -----------
Total liabilities ................................................. 1,068,205 10,351
------------ -----------
NET ASSETS ........................................................ $174,465,198 $10,353,031
============ ===========
COMPONENTS OF NET ASSETS
Paid in capital .............................................. $169,277,101 $10,437,941
Undistributed net investment income (loss) ................... (659,821) 12,005
Net unrealized appreciation on investments ................... 13,904,652 703,597
Accumulated net realized loss ................................ (8,056,734) (800,512)
------------ -----------
NET ASSETS ........................................................ $174,465,198 $10,353,031
============ ===========
NET ASSETS BY SHARE CLASS
Investor Shares .............................................. $ 80,012,252 $ --
Institutional Shares ......................................... 94,452,946 10,353,031
------------ -----------
$174,465,198 $10,353,031
============ ===========
SHARES OF BENEFICIAL INTEREST OUTSTANDING
Investor Shares .............................................. 5,076,295 --
Institutional Shares ......................................... 5,917,876 937,725
NET ASSET VALUE (OFFERING PRICE AND
REDEMPTION PRICE) PER SHARE
Investor Shares .............................................. $15.76 --
Institutional Shares ......................................... $15.96 $11.04
</TABLE>
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SEE ACCOMPANYING NOTES. THE CRM FUNDS
3
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THE CRM FUNDS
STATEMENTS OF OPERATIONS
FOR THE PERIOD JULY 1, 1999 THROUGH DECEMBER 31, 1999 (UNAUDITED)
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<TABLE>
<CAPTION>
SMALL CAP MID CAP
VALUE FUND VALUE FUND
---------- ----------
<S> <C> <C>
INVESTMENT INCOME
Investment income from Series ..................................... $ 126,199 $ 23,438
Expenses from Series .............................................. (249,558) (14,752)
------------ ------------
Net investment income (loss) from Series ........................ (123,359) 8,686
Dividends ......................................................... 233,900 38,853
Interest .......................................................... 41,219 23,198
------------ ------------
Total investment income ................................................ 151,760 70,737
------------ ------------
EXPENSES
Investment advisory fees .......................................... 437,325 30,148
Shareholder services--Investor shares ............................. 104,768 --
Administration fees ............................................... 60,351 12,029
Transfer agent services ........................................... 68,049 10,185
Professional services ............................................. 31,958 9,734
Registration fees ................................................. 29,119 4,553
Accounting services ............................................... 24,115 15,098
Custody fees ...................................................... 19,683 710
Trustee fees and expenses ......................................... 9,174 8,640
Amortization of organizational costs .............................. 5,841 2,022
Printing .......................................................... 14,213 845
Miscellaneous ..................................................... 6,985 1,101
------------ ------------
Total expenses ......................................................... 811,581 95,065
Expenses reimbursed and fees waived (Note 4) ...................... -- (45,387)
------------ ------------
Net expenses ........................................................... 811,581 49,678
------------ ------------
NET INVESTMENT INCOME (LOSS) ........................................... (659,821) 21,059
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from investments ......................... 20,882,734 (296,453)
Net change in unrealized appreciation (depreciation) of investments (11,512,639) (139,942)
------------ ------------
Net realized and unrealized gain (loss) on investments ................. 9,370,095 (436,395)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ......................................... $ 8,710,274 $ (415,336)
============ ============
</TABLE>
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SEE ACCOMPANYING NOTES. THE CRM FUNDS
4
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THE CRM FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
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<TABLE>
<CAPTION>
SMALL CAP VALUE FUND
------------------------------------------------
PERIOD ENDED PERIOD ENDED YEAR ENDED
DECEMBER 31, JUNE 30, SEPTEMBER 30,
1999(b) 1999(a) 1998
------------ ------------ ------------
<S> <C> <C> <C>
NET ASSETS -- BEGINNING OF PERIOD ............................ $184,857,401 $179,175,027 $144,000,755
------------ ------------ ------------
OPERATIONS
Net investment loss ..................................... (659,821) (62,625) (550,558)
Net realized gain (loss) from investments ............... 20,882,734 (24,868,940) (3,867,578)
Net changes in unrealized appreciation (depreciation)
of investments ........................................ (11,512,639) 39,680,895 (39,373,134)
------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations ..................................... 8,710,274 14,749,330 (43,791,270)
------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investments -- Investor shares ..... -- -- (7,725,721)
Return of capital -- Investor shares .................... -- (32,526) (212,312)
Return of capital -- Institutional shares ............... -- (21,148) --
------------ ------------ ------------
Total distributions to shareholders ................... -- (53,674) (7,938,033)
------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS
Sale of shares -- Investor Shares ....................... 6,039,332 20,036,102 86,883,053
Sale of shares -- Institutional Shares .................. 10,543,448 47,952,631 64,007,466
Reinvestment of distributions -- Investor Shares ........ -- 29,522 7,442,799
Reinvestment of distributions -- Institutional Shares ... -- 17,473 --
Redemptions of shares -- Investor Shares ................ (24,491,510) (61,826,506) (67,420,738)
Redemptions of shares -- Institutional Shares ........... (11,193,747) (15,222,504) (4,009,005)
------------ ------------ ------------
Net increase (decrease) from capital share transactions (19,102,477) (9,013,282) 86,903,575
------------ ------------ ------------
Total increase (decrease) in net assets ............... (10,392,203) 5,682,374 35,174,272
------------ ------------ ------------
NET ASSETS -- END OF PERIOD .................................. $174,465,198 $184,857,401 $179,175,027
============ ============ ============
Accumulated undistributed net investment income .............. $ -- $ -- $ --
============ ============ ============
CAPITAL SHARE TRANSACTIONS ................................... SHARES SHARES SHARES
------------ ------------ ------------
Sale of shares -- Investor Shares ....................... 416,710 2,003,255 5,036,141
Sale of shares -- Institutional Shares .................. 709,508 3,827,612 3,750,486
Reinvestment of distributions -- Investor Shares ........ -- 2,138 473,135
Reinvestment of distributions -- Institutional Shares ... -- 1,254 --
Redemptions of shares -- Investor Shares ................ (1,684,752) (5,278,702) (4,034,611)
Redemptions of shares -- Institutional Shares ........... (752,409) (1,384,480) (234,095)
------------ ------------ ------------
Net increase (decrease) in shares ..................... (1,310,943) (828,923) 4,991,056
============ ============ ============
<FN>
(a) For the period October 1, 1998 through June 30, 1999.
(b) For the period July 1, 1999 through December 31, 1999 (Unaudited).
</FN>
</TABLE>
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SEE ACCOMPANYING NOTES. THE CRM FUNDS
5
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THE CRM FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
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<TABLE>
<CAPTION>
MID CAP VALUE FUND
----------------------------------------------
PERIOD ENDED PERIOD ENDED PERIOD ENDED
DECEMBER 31, JUNE 30, SEPTEMBER 30,
1999(c) 1999(b) 1998(a)
----------- ---------- ----------
<S> <C> <C> <C>
NET ASSETS -- BEGINNING OF PERIOD ............................ $ 9,886,686 $5,338,282 $ 100
----------- ---------- ----------
OPERATIONS
Net investment income (loss) ............................ 21,059 (11,931) 28,981
Net realized gain (loss) from investments ............... (296,453) (504,333) 27,223
Net changes in unrealized appreciation (depreciation)
of investments ........................................ (139,942) 1,530,947 (687,408)
----------- ---------- ----------
Net increase (decrease) in net assets resulting
from operations ..................................... (415,336) 1,038,545 (631,204)
----------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income -- Institutional shares ........... (20,711) (29,981) --
Net realized gain on investments -- Institutional shares. -- (27,223) --
----------- ---------- ----------
Total distributions to shareholders ................... (20,711) (56,204) --
----------- ---------- ----------
CAPITAL SHARE TRANSACTIONS
Sale of shares -- Institutional Shares .................. 6,449,548 3,724,098 5,998,670
Reinvestment of distributions -- Institutional Shares ... 20,705 55,970 --
Redemption of shares -- Institutional Shares ............ (5,567,861) (214,005) (29,284)
----------- ---------- ----------
Net increase from capital share transactions .......... 902,392 3,566,063 5,969,386
----------- ---------- ----------
Total increase in net assets .......................... 466,345 4,548,404 5,338,182
----------- ---------- ----------
NET ASSETS -- END OF PERIOD .................................. $10,353,031 $9,886,686 $5,338,282
=========== ========== ==========
Accumulated undistributed net investment income .............. $ 12,005 $ 11,657 $ 28,981
=========== ========== ==========
CAPITAL SHARE TRANSACTIONS ................................... SHARES SHARES SHARES
----------- ---------- ----------
Sale of shares -- Institutional Shares .................. 626,358 414,468 555,219
Reinvestment of distributions -- Institutional Shares ... 2,003 5,483 --
Redemption of shares -- Institutional Shares ............ (578,746) (83,990) (3,080)
----------- ---------- ----------
Net increase in shares ................................ 49,615 335,961 552,139
=========== ========== ==========
<FN>
(a) For the period January 6, 1998 (commencement of operations) through
September 30, 1998.
(b) For the period October 1, 1998 through June 30, 1999.
(c) For the period July 1, 1999 through December 31, 1999 (Unaudited).
</FN>
</TABLE>
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SEE ACCOMPANYING NOTES. THE CRM FUNDS
6
<PAGE>
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THE CRM FUNDS
FINANCIAL HIGHLIGHTS
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CONTAINED BELOW IS PER SHARE OPERATING PERFORMANCE DATA FOR AN AVERAGE SHARE OF
BENEFICIAL INTEREST OUTSTANDING, TOTAL INVESTMENT RETURN, RATIOS TO AVERAGE NET
ASSETS AND OTHER SUPPLEMENTAL DATA FOR EACH
PERIOD INDICATED.
<TABLE>
<CAPTION>
SMALL CAP VALUE FUND
----------------------------------------------------------------------------------
INVESTOR SHARES
----------------------------------------------------------------------------------
PERIOD ENDED PERIOD ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, JUNE 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
1999(c) 1999(b) 1998 1997 1996(a)
------------ ------------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value -- Beginning of Period ..... $ 14.94 $ 13.61 $ 17.68 $ 13.71 $ 10.00
------- ------- -------- -------- -------
Investment operations
Net investment loss ................... (0.08) (0.02) (0.06) (0.06) (0.02)
Net realized and unrealized gain
(loss) on investments ............... 0.90 1.35 (3.15) 4.89 3.73
------- ------- -------- -------- -------
Total from investment operations ........... 0.82 1.33 (3.21) 4.83 3.71
------- ------- -------- -------- -------
Distributions to shareholders from
Net investment income ................. -- -- -- -- --(d)
Net realized gain on investments ...... -- -- (0.84) (0.86) --
Return of capital ..................... -- --(d) (0.02) -- --
------- ------- -------- -------- -------
Total distributions to shareholders ........ -- -- (0.86) (0.86) --
------- ------- -------- -------- -------
Net asset value -- End of Period ........... $ 15.76 $ 14.94 $ 13.61 $ 17.68 $ 13.71
======= ======= ======== ======== =======
Total Return ............................... 5.49% 9.80% (18.81)% 37.14% 37.15%
Ratios/Supplemental data Ratios to
average net assets:
Expenses, including
reimbursement/waiver ................ 1.39%(e) 1.42%(e) 1.38% 1.50% 1.49%
Expenses, excluding
reimbursement/waiver ................ 1.39%(e) 1.46%(e) 1.38% 1.50% 1.98%
Net investment loss, including
reimbursement/waiver ................ (0.92)%(e) (0.16)%(e) (0.34)% (0.56)% (0.40)%
Portfolio turnover rate .................... --(f) 64% 57% 99% 111%
Net assets at end of period
(000's omitted) .......................... $80,013 $94,806 $130,929 $144,001 $45,385
<FN>
(a) For the year October 1, 1995 (commencement of operations) through September
30, 1996.
(b) For the period October 1, 1998 through June 30, 1999.
(c) For the period July 1, 1999 through December 31, 1999 (Unaudited).
(d) Less than $0.01 per share.
(e) Annualized. Effective November 1, 1999, the ratios to average net assets
include expenses allocated from the Series.
(f) See WT Investment Trust's Note 4
to the Financial Statements for portfolio turnover.
</FN>
</TABLE>
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SEE ACCOMPANYING NOTES. THE CRM FUNDS
7
<PAGE>
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THE CRM FUNDS
FINANCIAL HIGHLIGHTS
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CONTAINED BELOW IS PER SHARE OPERATING PERFORMANCE DATA FOR AN AVERAGE SHARE OF
BENEFICIAL INTEREST OUTSTANDING, TOTAL INVESTMENT RETURN, RATIOS TO AVERAGE NET
ASSETS AND OTHER SUPPLEMENTAL DATA FOR EACH PERIOD INDICATED.
<TABLE>
<CAPTION>
SMALL CAP VALUE FUND
------------------------------------------------
INSTITUTIONAL SHARES
------------------------------------------------
PERIOD ENDED PERIOD ENDED PERIOD ENDED
DECEMBER 31, JUNE 30 SEPTEMBER 30,
1999(c) 1999(b) 1998(a)
------------ ------------ ------------
<S> <C> <C> <C>
Net asset value -- Beginning of Period ....................... $ 15.11 $ 13.72 $ 15.99
------- ------- -------
Investment operations
Net investment income (loss) ............................ (0.05) 0.01 0.01
Net realized and unrealized gain (loss) on investments .. 0.90 1.38 (2.28)
------- ------- -------
Total from investment operations ............................. 0.85 1.39 (2.27)
------- ------- -------
Distributions to shareholders from
Return of capital ....................................... -- --(d) --
------- ------- -------
Net asset value -- End of Period ............................. $ 15.96 $ 15.11 $ 13.72
======= ======= =======
Total Return ................................................. 5.63% 10.16% (14.20)%
Ratios/Supplemental data
Ratios to average net assets:
Expenses, including reimbursement/waiver ................ 1.07%(e) 1.08%(e) 1.15%(e)
Expenses, excluding reimbursement/waiver ................ 1.07%(e) 1.09%(e) 1.23%(e)
Net investment income, including reimbursement/waiver ... (0.61)%(e) 0.11%(e) 0.08%(e)
Portfolio turnover rate ...................................... --(f) 64% 57%
Net assets at end of period (000's omitted) .................. $94,453 $90,051 $48,246
<FN>
(a) For the period January 27, 1998 (inception of Institutional Share class)
through September 30, 1998.
(b) For the period October 1, 1998 through June 30, 1999.
(c) For the period July 1, 1999 through December 31, 1999 (Unaudited).
(d) Less than $0.01 per share.
(e) Annualized. Effective November 1, 1999, the ratios to average net assets
include expenses allocated from the Series.
(f) See WT Investment Trust's Note 4 to the Financial Statements for portfolio
turnover.
</FN>
</TABLE>
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SEE ACCOMPANYING NOTES. THE CRM FUNDS
8
<PAGE>
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THE CRM FUNDS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CONTAINED BELOW IS PER SHARE OPERATING PERFORMANCE DATA FOR AN AVERAGE SHARE OF
BENEFICIAL INTEREST OUTSTANDING, TOTAL INVESTMENT RETURN, RATIOS TO AVERAGE NET
ASSETS AND OTHER SUPPLEMENTAL DATA FOR EACH PERIOD INDICATED.
<TABLE>
<CAPTION>
MID CAP VALUE FUND
------------------------------------------------
INSTITUTIONAL SHARES
------------------------------------------------
PERIOD ENDED PERIOD ENDED PERIOD ENDED
DECEMBER 31, JUNE 30 SEPTEMBER 30,
1999(c) 1999(b) 1998(a)
------------ ------------ ------------
<S> <C> <C> <C>
Net asset value -- Beginning of Period ....................... $11.13 $ 9.67 $10.00
------ ------ ------
Investment operations
Net investment income ................................... 0.02 0.02 0.05
Net realized and unrealized gain (loss) on investments .. (0.09) 1.53 (0.38)
------ ------ ------
Total from investment operations ............................. (0.07) 1.55 (0.33)
------ ------ ------
Distributions to shareholders from
Net investment income ................................... (0.02) (0.05) --
Net realized gain on investments ........................ -- (0.04) --
------ ------ ------
Total distributions to shareholders .......................... (0.02) (0.09) --
------ ------ ------
Net asset value -- End of Period ............................. $11.04 $11.13 $9.67
====== ====== =====
Total Return ................................................. (0.60)% 16.11% (3.30)%
Ratios/Supplemental data
Ratios to average net assets:
Expenses, including reimbursement/waiver ................ 1.15%(d) 1.15%(d) 1.15%(d)
Expenses, excluding reimbursement/waiver ................ 1.95%(d) 1.86%(d) 4.16%(d)
Net investment income, including reimbursement/waiver ... 0.37%(d) 0.22%(d) 0.84%(d)
Portfolio turnover rate ...................................... --(e) 118% 78%
Net assets at end of period (000's omitted) .................. $10,353 $9,887 $5,338
<FN>
(a) For the period January 6, 1998 (commencement of operations) through
September 30, 1998.
(b) For the period October 1, 1998 through June 30, 1999.
(c) For the period July 1, 1999 through December 31, 1999 (Unaudited).
(d) Annualized. Effective November 1, 1999, the ratios to average net assets
include expenses allocated from the Series.
(e) See WT Investment Trust's Note 4 to the Financial Statements for portfolio
turnover.
</FN>
</TABLE>
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SEE ACCOMPANYING NOTES. THE CRM FUNDS
9
<PAGE>
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THE CRM FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
CRM Small Cap Value Fund and CRM Mid Cap Value Fund (each a "Fund" and
collectively the "Funds") are series of WT Mutual Fund ("WT Fund"). WT Fund is
registered under the Investment Company Act of 1940 (the "1940 Act") as an
open-end management investment company and is organized as a Delaware business
trust. 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 Funds. Information regarding other series
of WT Fund are contained in separate reports to their shareholders.
Effective November 1, 1999, each Fund began pursuing 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. The performance of each Fund 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 Funds' financial statements.
Information presented for periods prior to November 1, 1999 reflects the
operating results of predecessor mutual funds (see Note 6).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with generally accepted
accounting principles, which require management to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the period. Actual results could differ from those
estimates.
The following represent the significant accounting policies of the Funds:
VALUATION OF INVESTMENT IN SERIES -- The valuation of each Fund's
investment in its corresponding Series is based on the underlying
securities held by the Series. Each Fund is allocated its portion of the
Series' securities market value based on its ownership interest in the
Series. The valuation of securities held by the Series is discussed in the
notes to the Series' financial statements.
INVESTMENT INCOME -- The Funds record their share of the respective Series'
income, expenses and realized and unrealized gains and losses daily.
Additionally, each Fund records its own expenses as incurred.
DISTRIBUTIONS TO SHAREHOLDERS -- Distributions to shareholders from net
investment income and net realized gain, if any, are declared and paid
annually. Distributions are based on amounts calculated in accordance with
applicable income tax regulations and additional distributions will be made
if necessary.
ORGANIZATION COSTS -- Costs incurred by the Funds in connection with their
organization and registration of shares prior to June 30, 1998, have been
capitalized and are being amortized using the straight-line method over a
five-year period.
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THE CRM FUNDS
10
<PAGE>
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THE CRM FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
FEDERAL TAXES -- Each Fund intends to continue to qualify each year as a
regulated investment company under Subchapter M of the Internal Revenue
Code. In addition, by distributing in each calendar year substantially all
its net investment income, capital gains and certain other amounts, if any,
each Fund will not be subject to federal excise tax. Since the Funds intend
to meet these minimum distribution requirements, no federal income tax
provision is currently required.
CAPITAL LOSS CARRYFORWARDS -- At June 30, 1999, for federal income tax
purposes, the following Funds had capital loss carryforwards which may be
applied against any net taxable realized gains of each succeeding year
until the earlier of their utilization or expiration.
SMALL CAP MID CAP
EXPIRATION DATE VALUE FUND VALUE FUND
-------------------------------------------------------------------
June 30, 2007 $10,837,449 $13,880
3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The investment advisor to the Series is Cramer Rosenthal McGlynn, LLC ("CRM").
Advisory fees charged to the Series are discussed in the notes to the Series'
financial statements. Prior to November 1, 1999, CRM served as investment
adviser to the Predecessor Funds (see Note 6) and received an annual fee of .75%
of average daily net assets.
PFPC Inc. ("PFPC") performs certain administrative and accounting services,
including determining the net asset value per share of each Fund, pursuant to an
Administration and Accounting Services Agreement with WT Fund on behalf of the
Funds.
PFPC also serves as transfer and dividend disbursing agent to the Funds.
Certain Trustees and officers of WT Fund are also officers or directors of CRM.
Trustees and officers of WT Fund who are interested persons of WT Fund receive
no compensation from the Fund.
4. WAIVER OF FEES AND REIMBURSEMENT OF EXPENSES
CRM has voluntarily undertaken to waive a portion of its fees or reimburse
certain expenses of the Institutional Shares of each Fund to the extent that
total operation expenses exceed 1.15% of net assets. This understanding will
remain in place until the Board of Trustees approves its termination. In
addition, PFPC has voluntarily waived a portion of its fees. For the period
ended December 31, 1999, fees waived and expenses reimbursed were as follows:
<TABLE>
<CAPTION>
INVESTMENT TRANSFER EXPENSES
ADVISORY ACCT/ADMIN AGENT CUSTODY REIMBURSED
FEE FEE FEE FEE BY ADVISOR TOTAL
---------- ---------- -------- ------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Mid Cap Value Fund .......... $30,251 $9,000 $4,000 $200 $1,936 $45,387
</TABLE>
- --------------------------------------------------------------------------------
THE CRM FUNDS
11
<PAGE>
- --------------------------------------------------------------------------------
THE CRM FUNDS
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
5. INVESTMENT TRANSACTIONS
During the period ended December 31, 1999, contributions to and withdrawals from
the respective Series were as follows:
SMALL CAP MID CAP
VALUE FUND VALUE FUND
------------ -----------
Contributions ............................ $166,684,680 $13,148,800
Withdrawals .............................. (16,662,794) (4,181,319)
6. FUND MERGER
Effective November 1, 1999, the CRM Small Cap Value Fund and CRM Mid Cap Value
Fund acquired all of the assets and assumed all of the liabilities of The CRM
Funds - Small Cap Value Fund and The CRM Funds - Mid Cap Value Fund (the
"Predecessor Funds"), respectively, each an open-end management company,
pursuant to separate Plans of Reorganization (the "Reorganizations"). The
shareholders of the Predecessor Funds received shares of their respective Fund
equal to the aggregate net asset value of their shares in the Predecessor Fund.
The Reorganizations were treated as non-taxable events and accordingly each Fund
basis in the securities acquired reflects the historical cost basis as of the
date of transfer. The net assets and net unrealized appreciation (depreciation)
of the Predecessor Funds as of November 1, 1999 were as follows:
NET UNREALIZED
APPRECIATION
NET ASSETS (DEPRECIATION)
------------ -----------
The CRM Funds - Small Cap Value Fund ..... $158,832,951 $(2,022,593)
The CRM Funds - Mid Cap Value Fund ....... 12,256,419 (501,458)
The Predecessor Funds' investment objectives, policies and restrictions were
identical to those of their respective Fund, which were established on November
1, 1999. For financial reporting purposes the Predecessor Funds' operating
histories prior to the acquisitions are reflected in the respective financial
statements and financial highlights of the Funds.
- --------------------------------------------------------------------------------
THE CRM FUNDS
12
<PAGE>
- --------------------------------------------------------------------------------
THE CRM FUNDS
NOTICE TO SHAREHOLDERS (UNAUDITED)
- --------------------------------------------------------------------------------
SPECIAL MEETINGS OF SHAREHOLDERS
A special meeting of the shareholders of the Predecessor Funds was held on
October 22, 1999 to vote on the following proposal:
1. To approve an Agreement and Plan of Reorganization (the "Plan") for each
Predecessor Fund providing for the transfer of each Predecessor Fund's assets to
a newly-created Fund (a "Successor Fund") in exchange for shares of equal value
of the Successor Fund (see Note 6 to the Financial Statements).
FOR AGAINST ABSTAINED
--------- ------ ---------
8,432,590 48,514 385,556
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES. THE CRM FUNDS
13
<PAGE>
- --------------------------------------------------------------------------------
SMALL CAP VALUE SERIES
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
SECURITY
SHARES DESCRIPTION VALUE
------ ----------- -----
COMMON STOCK (98.2%)
AMUSEMENT & RECREATION (3.7%)
611,500 Trans World Entertainment Corp.* $ 6,420,750
------------
COMMERCIAL PRINTING (1.0%)
29,100 Zebra Technologies Class A* ..... 1,702,350
------------
COMPUTER SERVICES (11.4%)
98,500 Bell and Howell Co. ............. 3,133,531
69,700 Metamor Worldwide, Inc.* ........ 2,030,012
60,000 Symantec Corp.* ................. 3,517,500
446,000 Systems & Computer Technology
Corp.* ........................ 7,247,500
383,200 Trident Microsystems, Inc.* ..... 3,927,800
------------
19,856,343
------------
FINANCE & INSURANCE (14.7%)
INSURANCE CARRIERS (2.5%)
195,000 Everest Reinsurance Holdings, Inc. 4,350,938
------------
SAVINGS, CREDIT & OTHER FINANCIAL
INSTITUTIONS (12.2%)
440,800 AmeriCredit Corp.* .............. 8,154,800
247,000 Bay View Capital Corp. .......... 3,504,313
116,600 Community First Bankshares, Inc. 1,836,450
156,800 Imperial Bancorp* ............... 3,782,800
230,000 Richmond County Financial Corp. . 4,154,375
------------
21,432,738
------------
25,783,676
------------
FOOD AND BEVERAGE (1.3%)
128,900 International Home Foods, Inc.* . 2,239,637
------------
HOSPITAL & MEDICAL SERVICE PLANS (2.5%)
165,100 First Health Group Corp. * ...... 4,437,062
------------
HOTELS, OTHER LODGING PLACES (2.7%)
529,900 Prime Hospitality Corp.* ........ 4,669,744
------------
MANUFACTURING (27.6%)
AUTOMOTIVE PARTS-EQUIPMENT (0.6%)
219,500 OEA, Inc.* ...................... 1,070,062
------------
CHEMICAL & ALLIED PRODUCTS (2.2%)
186,900 Arch Chemicals, Inc. ............ 3,913,219
------------
SECURITY
SHARES DESCRIPTION VALUE
------ ----------- -----
MANUFACTURING (CONTINUED)
CONSUMER PRODUCTS (4.5%)
279,700 Central Garden & Pet Co.* ....... $ 2,901,887
325,600 Playtex Products, Inc.* ......... 5,006,100
------------
7,907,987
------------
ELECTRICAL EQUIPMENT (1.1%)
101,200 EMCOR Group, Inc. ............... 1,846,900
------------
ELECTRONIC COMPONENTS (8.1%)
26,600 DII Group, Inc.* ................ 1,887,769
690,700 Oak Technology, Inc.* ........... 6,518,481
160,100 OPTI, Inc.* ..................... 850,531
125,500 Tektronix, Inc. ................. 4,878,812
------------
14,135,593
------------
IRON & STEEL (2.1%)
400,200 WHX Corp.* ...................... 3,601,800
------------
MACHINERY & HEAVY EQUIPMENT (4.0%)
252,100 Terex Corp.* .................... 6,995,775
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES (0.4%)
45,900 D.R. Horton, Inc. ............... 633,994
------------
NONFERROUS METALS (0.9%)
129,500 Mascotech, Inc. ................. 1,643,031
------------
PRECISION INSTRUMENTS & MEDICAL (2.6%)
119,600 Acuson Corp.* ................... 1,502,475
116,100 CONMED Corp.* ................... 3,004,088
------------
4,506,563
------------
TELECOMMUNICATIONS EQUIPMENT (1.1%)
168,700 Allen Telecom, Inc.* ............ 1,950,594
------------
48,205,518
------------
OIL & GAS EXPLORATION (3.0%)
281,800 Nuevo Energy Co.* ............... 5,283,750
------------
SERVICES (16.8%)
ADVERTISING SERVICES (4.1%)
380,000 R.H. Donnelley Corp.* ........... 7,172,500
------------
BUSINESS SERVICES (5.0%)
213,000 ChoicePoint, Inc.* .............. 8,812,875
------------
* Non-income producing security.
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
14
<PAGE>
- --------------------------------------------------------------------------------
SMALL CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
SECURITY
SHARES DESCRIPTION VALUE
------ ----------- -----
SERVICES (CONTINUED)
COMMERCIAL & CONSUMER SERVICES (0.4%)
22,700 Primark Corp.* .................. $ 631,344
------------
DETECTIVE, GUARD & ARMORED CAR
SERVICES (2.0%)
327,400 Burns International Services,
Corp. .......................... 3,540,013
------------
MEDICAL & HEALTH SERVICES (1.3%)
255,500 QuadraMed Corp.* ................ 2,227,641
------------
MOTION PICTURE THEATRE SERVICES (1.3%)
400,400 Loews Cineplex Entertainment
Corp.* ...... ................... 2,352,350
------------
PERSONAL SERVICES (0.4%)
41,100 Steiner Leisure Ltd.* ........... 685,856
------------
SANITARY SERVICES (2.3%)
213,893 Casella Waste Systems, Inc.* .... 4,037,230
------------
29,459,809
------------
REAL ESTATE INVESTMENT TRUSTS (4.0%)
1,691,900 Ventas, Inc. .................... 7,084,831
------------
RETAIL (8.5%)
COMPUTER & ELECTRONICS (0.6%)
43,200 Intertan, Inc.* ................. 1,128,600
------------
MERCHANDISING (4.1%)
429,800 Maxim Group, Inc.* .............. 2,310,175
101,300 Shopko Stores, Inc.* ............ 2,329,900
305,200 United Retail Group, Inc.* ...... 2,517,900
------------
7,157,975
------------
TEXTILES & APPAREL (3.8%)
202,600 Quicksilver, Inc.* .............. 3,140,300
277,800 Warnaco Group, Inc. ............. 3,420,413
------------
6,560,713
------------
14,847,288
------------
TRANSPORTATION (1.0%)
194,900 RailAmerica, Inc.* .............. 1,668,832
------------
TOTAL COMMON STOCK
(COST $157,754,845) ....................... 171,659,590
------------
SECURITY
SHARES DESCRIPTION VALUE
------ ----------- -----
SHORT-TERM INVESTMENTS (1.2%)
1,074,430 Sansom Street Fund -
Money Market Portfolio $ 1,074,430
1,074,430 Temp Cash Fund - Dollar Series 1,074,430
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $2,148,860) 2,148,860
------------
PAR
- ---------
U.S. TREASURY INSTRUMENTS (0.6%)
$1,000,000 U.S. Treasury Bills
5.140%, 01/13/00 998,287
------------
TOTAL U.S. TREASURY INSTRUMENTS
(COST $998,287) 998,287
------------
TOTAL INVESTMENTS (100.0%)
(COST $160,901,992) $174,806,737
============
* Non-income producing security.
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
15
<PAGE>
- --------------------------------------------------------------------------------
MID CAP VALUE SERIES
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
SECURITY
SHARES DESCRIPTION VALUE
------ ----------- -----
COMMON STOCK (91.6%)
ELECTRIC, GAS & WATER UTILITIES (10.5%)
7,100 Entergy Corp. ................... $ 182,825
12,400 Illinova Corp. .................. 430,900
7,500 Montana Power Co. ............... 270,469
6,800 PECO Energy Co. ................. 236,300
-----------
1,120,494
-----------
FINANCE & INSURANCE (11.8%)
FINANCIAL SERVICES (1.3%)
4,000 Finova Group, Inc. .............. 142,000
-----------
INSURANCE CARRIERS (7.3%)
3,600 Chubb Corp. ..................... 202,725
8,500 Everest Reinsurance Holdings, Inc. 189,656
6,300 Reliastar Financial Corp. ....... 246,881
4,100 Travelers Property Casualty Corp.
(A Shares) 140,425
-----------
779,687
-----------
STATE & NATIONAL BANKS (3.2%)
6,000 Imperial Bancorp* ............... 144,750
4,900 UnionBanCal Corp. ............... 193,244
-----------
337,994
-----------
1,259,681
-----------
MANUFACTURING (26.1%)
AIRCRAFT & AEROSPACE (1.6%)
3,100 Northrop Grumman Corp. .......... 167,594
-----------
APPAREL (1.3%)
8,300 Polo Ralph Lauren Corp.* ........ 141,619
-----------
BUILDING PRODUCTS (2.0%)
8,000 York International Corp. ........ 219,500
-----------
CHEMICALS & ALLIED PRODUCTS (2.4%)
6,300 Minerals Technologies, Inc. ..... 252,394
-----------
COMPUTERS & OFFICE EQUIPMENT (4.9%)
7,200 Cabletron Systems, Inc.* ........ 187,200
4,200 Pitney Bowes, Inc. .............. 202,912
9,300 Quantum Corp-DLT & Storage* ..... 140,662
-----------
530,774
-----------
SECURITY
SHARES DESCRIPTION VALUE
------ ----------- -----
MANUFACTURING (CONTINUED)
CONSUMER PRODUCTS (1.6%)
5,100 Fortune Brands, Inc. ............ $ 168,619
-----------
ELECTRONICS (2.8%)
7,200 L-3 Communications Holdings,
Inc.* .......................... 299,700
-----------
FOOD & BEVERAGE (2.8%)
10,600 Keebler Foods Co.* .............. 298,125
-----------
MISCELLANEOUS INDUSTRIAL MACHINERY &
EQUIPMENT (6.7%)
5,500 Applied Power, Inc. (A Shares) .. 202,125
9,900 Pall Corp. ...................... 213,469
4,000 Snap-On, Inc. ................... 106,250
5,300 Toro Co. ........................ 197,756
-----------
719,600
-----------
2,797,925
-----------
OIL & GAS (7.0%)
OIL & GAS EXPLORATION (4.2%)
2,400 Amerada Hess Corp. .............. 136,200
4,900 Coastal Corp. ................... 173,644
2,200 Columbia Energy Group ........... 139,150
-----------
448,994
-----------
OIL & GAS PIPELINES (2.8%)
14,800 Kinder Morgan, Inc. ............. 298,775
-----------
747,769
-----------
SERVICES (25.3%)
ADVERTISING (2.3%)
5,400 True North Communications, Inc. . 241,312
-----------
BUSINESS SERVICES (12.4%)
9,200 Comdisco, Inc. .................. 342,700
8,000 Convergys Corp.* ................ 246,000
7,900 Galileo International, Inc. ..... 236,506
5,600 Iron Mountain, Inc.* ............ 220,150
8,400 Sterling Commerce, Inc.* ........ 286,125
-----------
1,331,481
-----------
* Non-income producing security.
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
16
<PAGE>
- --------------------------------------------------------------------------------
CRM MID CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
SECURITY
SHARES DESCRIPTION VALUE
------ ----------- -----
SERVICES (CONTINUED)
COMMERCIAL SERVICES (1.4%)
3,300 H & R Block, Inc. ............... $ 144,375
-----------
HOTELS & OTHER LODGING PLACES (0.9%)
4,300 Starwood Hotels & Resorts
Worldwide, Inc. ................ 101,050
-----------
MEDICAL & HEALTH SERVICES (1.8%)
3,000 Wellpoint Health Networks, Inc.* 197,812
-----------
TELECOMMUNICATIONS SERVICES (2.2%)
6,400 BroadWing Inc.* ................. 236,000
-----------
WASTE DISPOSAL (4.3%)
24,300 Republic Services, Inc.* ........ 349,313
9,500 Safety-Kleen Corp.* ............. 107,469
-----------
456,782
-----------
2,708,812
-----------
TRANSPORTATION (2.1%)
3,100 Kansas City Southern Industries,
Inc ............................ 231,337
-----------
WHOLESALE & RETAIL TRADE (8.8%)
RETAIL MERCHANDISING (4.4%)
11,100 Consolidated Stores Corp.* ...... 180,375
16,700 K Mart Corp.* ................... 168,044
5,100 Shopko Stores, Inc.* ............ 117,300
-----------
465,719
-----------
WHOLESALE DISTRIBUTORS (4.4%)
11,850 Bergen Brunswig Corp. ........... 98,503
13,200 United Stationers, Inc.* ........ 377,025
-----------
475,528
-----------
941,247
-----------
TOTAL COMMON STOCK (COST $9,103,580) ........ 9,807,256
-----------
SECURITY
SHARES DESCRIPTION VALUE
------ ----------- -----
SHORT-TERM INVESTMENTS (3.3%)
175,393 Sansom Street Fund -
Money Market Portfolio .................... $ 175,393
175,392 Temp Cash Fund - Dollar Series .. 175,392
-----------
TOTAL SHORT-TERM INVESTMENTS (COST $350,785) 350,785
-----------
PAR
- ---------
U.S. TREASURY INSTRUMENTS (5.1%)
$150,000 U.S. Treasury Bills,
5.190%, 01/13/00 .............. 149,741
200,000 U.S. Treasury Bills,
5.450%, 01/13/00 .............. 199,637
200,000 U.S. Treasury Bills,
5.230%, 01/20/00 .............. 199,448
-----------
TOTAL U.S. TREASURY INSTRUMENTS
(COST $548,826) ........................... 548,826
-----------
TOTAL INVESTMENTS (100.0%)
(COST $10,003,191) ........................ $10,706,867
===========
* Non-income producing security.
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
17
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENT TRUST I
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP MID CAP
VALUE SERIES VALUE SERIES
------------ ------------
<S> <C> <C>
ASSETS
Investments
Investments, at cost ............................................ $160,901,992 $10,003,191
Net unrealized appreciation ..................................... 13,904,745 703,676
------------ -----------
Total investments, at value ....................................... 174,806,737 10,706,867
Receivable for securities sold .................................... 768,957 --
Receivable for Contributions ...................................... 602,694 --
Interest and dividends receivable ................................. 15,884 8,203
------------ ------------
Total assets ........................................................... 176,194,272 10,715,070
------------ ------------
LIABILITIES
Payable for securities purchased .................................. 1,186,614 398,014
Payable for Withdrawals ........................................... 253,424 --
Accrued management fee ............................................ 107,900 6,276
Accrued expenses and other liabilities ............................ 23,959 3,698
------------ ------------
Total liabilities ...................................................... 1,571,897 407,988
------------ ------------
NET ASSETS ............................................................. $174,622,375 $10,307,082
============ ===========
</TABLE>
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
18
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENT TRUST I
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP MID CAP
VALUE SERIES VALUE SERIES
------------ ------------
PERIOD ENDED PERIOD ENDED
DECEMBER 31, DECEMBER 31,
1999(a) 1999(a)
------------ ------------
<S> <C> <C>
INVESTMENT INCOME
Dividends ......................................................... $ 98,714 $ 16,789
Interest .......................................................... 27,486 6,652
----------- ----------
Total investment income ................................................ 126,200 23,441
----------- ----------
EXPENSES
Investment advisory fees .......................................... 210,708 11,823
Administration fees ............................................... 28,094 1,577
Accounting services ............................................... 4,343 1,139
Custody fees ...................................................... 5,826 2,215
Trustee fees and expenses ......................................... 588 45
----------- ----------
Total expenses ......................................................... 249,559 16,799
----------- ----------
NET INVESTMENT INCOME (LOSS) ........................................... (123,359) 6,642
----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain from investments ................................ 8,795,510 127,825
Net change in unrealized appreciation of investments .............. 15,927,338 1,205,134
----------- ----------
Net realized and unrealized gain on investments ........................ 24,722,848 1,332,959
----------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .............................................. $24,599,489 $1,339,601
=========== ==========
<FN>
(a) For the period November 1, 1999 (Commencement of Operations) through
December 31, 1999 (Unaudited).
</FN>
</TABLE>
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
19
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENT TRUST I
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP MID CAP
VALUE SERIES VALUE SERIES
------------ ------------
PERIOD ENDED PERIOD ENDED
DECEMBER 31, DECEMBER 31,
1999(a) 1999(a)
------------ ------------
<S> <C> <C>
NET ASSETS -- BEGINNING OF PERIOD $ -- $ --
------------ ------------
OPERATIONS
Net investment (loss) ............................................. (123,359) 6,642
Net realized gain from investments ................................ 8,795,510 127,825
Net change in unrealized appreciation
of investments .................................................. 15,927,338 1,205,134
------------ ------------
Net increase in net assets resulting
from operations ................................................ 24,599,489 1,339,601
------------ ------------
TRANSACTIONS IN BENEFICIAL INTEREST:
Contributions ..................................................... 166,685,680 13,148,800
Withdrawals ....................................................... (16,662,794) (4,181,319)
------------ ------------
Net increase in net assets resulting from transaction
in beneficial interests ....................................... 150,022,886 8,967,481
------------ ------------
Total increase in net assets .................................... 174,622,375 10,307,082
------------ ------------
NET ASSETS -- END OF PERIOD ............................................ $174,622,375 $10,307,082
============ ===========
<FN>
(a) For the period November 1, 1999 (commencement of operations) through
December 31, 1999 (Unaudited).
</FN>
</TABLE>
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
20
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENT TRUST I
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
Small Cap Value Series and Mid Cap Value Series (the "Series") are series of WT
Investment Trust I (the "Trust"). The Trust is registered under the Investment
Company Act of 1940 (the "1940 Act") as an open-end management investment
company and is organized as a Delaware business trust. 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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with generally accepted
accounting principles, which require management to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the period. Actual amounts could differ from those
estimates.
The following represent significant accounting policies of the Series:
SECURITY VALUATION -- Securities, other than short-term securities, held by
the Series for which market quotations are readily available are valued
using the last reported sales price provided by independent pricing
services. If no sales are reported, the mean of the last bid and asked
price is used. In the absence of readily available market quotations,
securities are valued at fair value as determined by the Board of Trustees.
As of December 31, 1999, the Series held no positions in fair valued
securities. Securities with a maturity of 60 days or less are valued at
amortized cost.
REALIZED GAIN AND LOSS -- Security transactions are accounted for on a
trade date basis and realized gain and loss on investments sold are
determined on the basis of identified cost.
INTEREST AND DIVIDEND INCOME -- Interest income is accrued as earned.
Dividends on securities held by the Series are recorded on the ex-dividend
date.
3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser to each Series is Cramer Rosenthal McGlynn, LLC (the
"Adviser"). Each Series pays a monthly advisory fee to the Adviser at the annual
rate of 0.75% of the Series' first $1 billion of average daily net assets; 0.70%
of the Series' next $1 billion of average daily net assets; and 0.65% of the
Series' average daily net assets over $2 billion.
PFPC Inc. ("PFPC") performs certain administrative and accounting services to
the Trust, pursuant to an Administration and Accounting Services Agreement with
the Trust on behalf of the Series.
Wilmington Trust Company serves as custodian to the Trust and PFPC Trust Company
serves as sub-custodian to the Trust.
- --------------------------------------------------------------------------------
21
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENT TRUST I
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
Certain Trustees and officers of the Trust are also officers or directors of the
Advisor. Trustees and officers of the Trust who are interested persons of the
Trust receive no compensation from the Trust.
4. SECURITIES TRANSACTIONS
The cost of securities purchased and the proceeds from sales of securities,
other than short-term securities, for the period ended December 31, 1999, were
as follows:
<TABLE>
<CAPTION>
SMALL CAP MID CAP
VALUE SERIES VALUE SERIES
------------ ------------
<S> <C> <C>
Purchases .......................................................... $81,751,062 $15,361,549
Sales .............................................................. 66,350,317 14,389,591
Portfolio Turnover Rate:
Period Ended December 31, 1999 .................................. 47.78% 140.68%
</TABLE>
For federal income tax purposes, the tax basis of investment securities owned,
the aggregate gross unrealized appreciation, the aggregate gross unrealized
depreciation and net unrealized appreciation as of December 31, 1999, were as
follows:
<TABLE>
<CAPTION>
NET
UNREALIZED UNREALIZED UNREALIZED
TAX COST APPRECIATION DEPRECIATION APPRECIATION
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
Small Cap Value Series ...... $160,924,700 $30,776,974 $(16,894,937) $13,882,037
Mid Cap Value Series ........ 10,209,265 1,109,081 (611,909) 497,172
</TABLE>
- --------------------------------------------------------------------------------
22
<PAGE>
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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
INVESTMENT ADVISER
Cramer Rosenthal McGlynn, LLC
707 Westchester Avenue
White Plains, NY 10604
ADMINISTRATOR
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
LEGAL COUNSEL
Pepper Hamilton, LLP
INDEPENDENT AUDITORS
Ernst & Young LLP
INVESTOR INFORMATION: (800) CRM-2883
HTTP://WWW.CRMFUNDS.COM
THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS AND TO OTHERS
WHO HAVE RECEIVED CURRENT PROSPECTUSES OF THE CRM FUNDS.
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This report has been printed on recycled paper.
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