ROXBURY
FUNDS
LARGE CAP GROWTH PORTFOLIO
ANNUAL
JUNE 30, 2000
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ROXBURY FUNDS -- LARGE CAP GROWTH PORTFOLIO
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PRESIDENT'S MESSAGE
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DEAR SHAREHOLDER:
Roxbury Capital Management, LLC ("Roxbury") introduced its Roxbury Large
Cap Growth Fund on March 14, 2000, two days after the technology dominated
NASDAQ composite index had reached its all time high of 5,048. That date also
marked the beginning of a stock market rotation away from large technology
companies that had led the market for many quarters, and the dramatic increase
of market volatility which appeared in both the NASDAQ and the S&P 500 indexes.
As a committed large cap growth stock investor, Roxbury maintained a significant
weighting in the technology sector which has caused the fund to underperform the
broad market during this fiscal period.
INVESTMENT APPROACH
Roxbury's stock selection criteria for the Fund focuses on companies which
meet three important requirements. The Fund invests in companies which (1) are
large, dominant, sector leaders with successful business models, (2) demonstrate
strong evidence of expected profit growth over time, and (3) possess return on
invested capital and projected cash flow characteristics that justify current
market valuations. Portfolio sector weightings of such companies incorporate
investment judgements concerning valuations, growth sustainability and
diversification objectives.
MARKET REVIEW AND OUTLOOK
We believe that investor psychology this year has been affected by the
continuation of Fed rate increases (six increases in the past twelve months) and
by uneasiness with the protracted strength of the U.S. economy (the longest
continuous growth period in its history). Together, these forces triggered a
valuation correction and an increase in market volatility. Between March 14 and
June 30, 2000, the S&P 500 has increased by 7.0%, while the NASDAQ decreased by
15.7%. The drop in the NASDAQ suggests not so much heavy selling pressure as
lack of buyer interest. On the volatility front, daily price swings this year
have been more dramatic than in any year since 1940 for the S&P 500, two times
as high as the historic average over sixty years. NASDAQ volatility this year
has been even greater at four times the magnitude of any period since the
composite was introduced in 1971.
Notwithstanding recent market price behavior, we believe we are in an
environment of relatively contained inflation, robust global economic growth and
strong long term demand for stocks of the best companies in growth industries.
Roxbury has made only minor adjustments to the Fund since its inception,
continuing to hold investments in businesses with visible unit volume growth and
the scale and scope to generate operating profit leverage off their asset bases.
1
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PRESIDENT'S MESSAGE -- CONTINUED
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INVESTMENT STRATEGY
We continue to be overweighted in the technology and telecommunications
sectors. We anticipate demand for networking products and bandwidth enablers to
continue to grow at high rates for the next several years. Scale is critical and
we expect to see companies which can increase growth rates, market share and
margins to be those which will dominate in the years ahead. Our technology and
telecommunications commitment is balanced with investments in leading companies
in retailing, financial services, health care and media/entertainment. We
believe the leading companies in these sectors will also benefit from
sustainable, non-inflationary growth of 3-4% per year in the U.S. economy.
Market corrections are stressful, especially for investors who are new to a
particular investment manager's style and approach. Roxbury believes that
effective investing means a commitment to the power of increased company profit
over time. As Roxbury assesses its investment choices, time becomes our friend
and the Fund may benefit from strong compound profit growth.
We invite your comments and questions and thank you for your investments in
the Roxbury Large Cap Growth Portfolio. We look forward to reviewing our
investment outlook and strategy with you in our next report to shareholders.
Sincerely,
[GRAPHIC OMITTED] [GRAPHIC OMITTED]
/S/ WILLIAM P. RICHARDS /S/ ROBERT J. CHRISTIAN
William P. Richards Robert J. Christian
Chief Operating Officer President
Roxbury Capital Management, LLC WT Mutual Fund
August 9, 2000
2
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ROXBURY FUNDS -- LARGE CAP GROWTH PORTFOLIO
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FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000
ASSETS:
Investment in Series, at value ................................... $174,610
Receivable from advisor .......................................... 11,477
Other assets ..................................................... 16,760
--------
Total assets ..................................................... 202,847
--------
LIABILITIES:
Other accrued expenses ........................................... 12,554
--------
Total liabilities ................................................ 12,554
--------
NET ASSETS ....................................................... $190,293
========
NET ASSETS CONSIST OF:
Paid-in capital .................................................. $201,414
Undistributed net investment income .............................. 205
Accumulated net realized loss on investments ..................... (2,884)
Net unrealized depreciation of investments ....................... (8,442)
--------
NET ASSETS ....................................................... $190,293
========
Shares of beneficial interest outstanding ........................ 21,621
========
NET ASSET VALUE, offering and redemption price per share
($0.01 par value, unlimited authorized shares):
Class A Shares ................................................ $8.80
=====
Maximum offering price per share (100/94.50 of $8.80) ......... $9.31
=====
The accompanying notes are an integral part of the financial statements.
3
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ROXBURY FUNDS -- LARGE CAP GROWTH PORTFOLIO
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FINANCIAL STATEMENTS -- CONTINUED
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STATEMENT OF OPERATIONS
For the Period March 14, 2000(1) through June 30, 2000
INVESTMENT INCOME:
Investment income from Series ................................. $ 205
Expenses from Series .......................................... --
--------
Net investment income from Series .......................... 205
--------
EXPENSES:
Administration fees ........................................... 18,000
Custody fees .................................................. 400
Trustees' fees ................................................ 75
Registration fees ............................................. 2,510
Professional fees ............................................. 21,143
Other ......................................................... 5,445
--------
Total expenses before fee waivers and reimbursements ....... 47,573
Fees waived and expenses reimbursed ........................ (47,573)
--------
Total expenses, net ..................................... --
--------
Net investment income ......................................... 205
--------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions .................. (2,884)
Net unrealized depreciation of investments .................... (8,442)
--------
Net loss on investments ....................................... (11,326)
--------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ............. $(11,121)
========
(1) Commencement of operations.
The accompanying notes are an integral part of the financial statements.
4
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ROXBURY FUNDS -- LARGE CAP GROWTH PORTFOLIO
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FINANCIAL STATEMENTS -- CONTINUED
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STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE PERIOD
MARCH 14, 2000(1)
THROUGH
JUNE 30, 2000
-----------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income .......................................................................... $ 205
Net realized loss on investments ............................................................... (2,884)
Net unrealized depreciation of investments ..................................................... (8,442)
--------
Net decrease in net assets resulting from operations ........................................... (11,121)
--------
Portfolio share transactions (a):
Proceeds from shares sold ...................................................................... 201,432
Cost of shares redeemed ........................................................................ (18)
--------
Net increase in net assets from Portfolio share transactions ...................................... 201,414
--------
Total increase in net assets ...................................................................... 190,293
NET ASSETS:
Beginning of period ............................................................................ --
--------
End of period .................................................................................. $190,293
========
SHARES
--------
(a) TRANSACTIONS IN CAPITAL SHARES WERE:
Shares sold .................................................................................... 21,623
Shares redeemed ................................................................................ (2)
--------
Net increase in shares ......................................................................... 21,621
Shares outstanding -- Beginning of period ...................................................... --
--------
Shares outstanding-- End of period ............................................................. 21,621
========
<FN>
(1) Commencement of operations.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
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ROXBURY FUNDS -- LARGE CAP GROWTH PORTFOLIO - CLASS A SHARES
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FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
The following table includes selected data for a share outstanding throughout
the period and other performance information derived from the financial
statmements. They should be read in conjunction with the financial statements
and notes thereto.
FOR THE PERIOD
MARCH 14, 2000(1)
THROUGH
JUNE 30, 2000+
-----------------
NET ASSET VALUE-- BEGINNING OF PERIOD ...................... $10.00
------
INVESTMENT OPERATIONS:
Net investment income ................................... 0.00
Net realized and unrealized loss on investments ......... (1.20)
------
Total from investment operations ........................... (1.20)
------
NET ASSET VALUE-- END OF PERIOD ............................ $ 8.80
======
TOTAL RETURN ............................................... (12.00)%(2)
RATIOS (TO AVERAGE NET ASSETS)/SUPPLEMENTAL DATA:
Expenses:
Including expense limitations ........................ 0.00%(3)
Excluding expense limitations ........................ -- NM
Net investment income ................................... 0.62%(3)
Portfolio Turnover ......................................... 13%(2)
Net assets at end of period (000 omitted) .................. $ 190
(1) Commencement of operations.
(2) Not Annualized.
(3) Annualized.
+ The expense and net investment income ratios include expenses allocated from
the WT Investment Trust I - Large Cap Growth Series (the "Series") and the
portfolio turnover reflects investment activity of the Series.
NM Not meaningful.
The accompanying notes are an integral part of the financial statements.
6
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NOTES TO FINANCIAL STATEMENTS
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1. DESCRIPTION OF THE FUND. Roxbury Large Cap Growth Portfolio (the "Portfolio")
is a series of WT Mutual Fund (the "Fund"). The Fund is registered under the
Investment Company Act of 1940 as an open-end management investment company
and was organized as a Delaware business trust on June 1, 1994. The
Declaration of Trust permits the Trustees to establish additional series,
each of which is a separate class of shares. These financial statements and
related notes pertain only to the Portfolio. Information regarding other
series of the Fund are contained in separate reports to their shareholders.
The Portfolio has three classes of shares: Class A, Class B and Class C. As
of June 30, 2000, only Class A shares are offered to the public.
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 Large Cap Growth
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 qualify 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.
INVESTMENT INCOME. 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. Investment income, common
expenses and realized and unrealized gain (loss) on investments are allocated
among the Portfolio's classes on the basis of daily net assets of each class.
Expenses relating to a specific class are charged directly to the class.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions from net investment income and
net realized gains, if any, will be declared and paid annually.
7
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ROXBURY FUNDS -- LARGE CAP GROWTH PORTFOLIO
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
3. INVESTMENT TRANSACTIONS. During the period March 14, 2000 through June 30,
2000, $230,431 was contributed to and $35,107 was withdrawn from the Series.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES. The investment adviser to the
Series is Roxbury Capital Management, LLC. 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
Portfolio pursuant to a separate Transfer Agency Agreement with the Fund on
behalf of the Portfolio.
Roxbury Capital Management, LLC 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. This undertaking will remain in place until the Board of Trustees
approves its termination.
8
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ROXBURY FUNDS -- LARGE CAP GROWTH PORTFOLIO
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REPORT OF INDEPENDENT AUDITORS
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REPORT OF ERNST &YOUNG LLP, INDEPENDENT AUDITORS
To the Shareholders and Trustees of WT Mutual Fund -- Roxbury Large Cap Growth
Portfolio:
We have audited the accompanying statement of assets and liabilities of Roxbury
Large Cap Growth Portfolio (the "Portfolio") as of June 30, 2000, and the
related statement of operations, statement of changes in net assets and
financial highlights for the period March 14, 2000 (commencement of operations)
through June 30, 2000. These financial statements and financial highlights are
the responsibility of the Portfolio's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Roxbury Large Cap Growth Portfolio at June 30, 2000, the results of its
operations, the changes in its net assets and its financial highlights for the
period March 14, 2000 (commencement of operations) through June 30, 2000, in
conformity with accounting principles generally accepted in the United States.
[GRAPHIC OMITTED]
/S/ ERNST & YOUNG LLP
Philadelphia, Pennsylvania
August 4, 2000
9
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WT INVESTMENT TRUST I -- LARGE CAP GROWTH SERIES
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ANNUAL REPORT / JUNE 30, 2000
--------------------------------------------------------------------------------
(The following pages should be read in conjunction with the
Portfolio's Financial Statements.)
The accompanying notes are an integral part of the financial statements.
10
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WT INVESTMENT TRUST I -- LARGE CAP GROWTH SERIES
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INVESTMENTS / JUNE 30, 2000
(Showing Percentage of Total Value of Net Assets)
--------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ --------
COMMON STOCK -- 102.0%
COMMUNICATION & BROADCASTING -- 22.3%
AT&T Corp. - Liberty Media Group, Class A* ................ 385 $ 9,336
EchoStar Communications Corp.* ............................ 163 5,397
General Motors Corp., Class H* ............................ 56 4,914
Qwest Communications International, Inc.* ................. 178 8,844
Viacom, Inc. (B Shares)* .................................. 156 10,637
--------
39,128
--------
COMPUTER SERVICES -- 17.3%
America Online, Inc.* ..................................... 65 3,429
Cisco Systems, Inc.* ...................................... 86 5,466
EMC Corp.* ................................................ 97 7,463
Oracle Corp.* ............................................. 57 4,792
Sun Microsystems, Inc.* ................................... 84 7,639
Yahoo! Inc.* .............................................. 13 1,610
--------
30,399
--------
FINANCE & INSURANCE -- 6.9%
SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 2.4%
American Express Co. ...................................... 83 4,326
--------
SECURITY & COMMODITY BROKERS, DEALERS & SERVICES -- 4.5%
Goldman Sachs Group, Inc. ................................. 39 3,700
Morgan Stanley Dean Witter & Co. .......................... 50 4,163
--------
7,863
--------
12,189
--------
HEALTHCARE -- 2.2%
MEDICAL PRODUCTS & SUPPLIES -- 2.2%
Medtronic, Inc. ........................................... 78 3,885
--------
MANUFACTURING -- 36.8%
COMPUTERS & OFFICE EQUIPMENT -- 3.7%
Intel Corp. ............................................... 48 6,417
--------
ELECTRONICS -- 5.4%
Analog Devices, Inc.* ..................................... 39 2,964
Texas Instruments, Inc. ................................... 96 6,594
--------
9,558
--------
The accompanying notes are an integral part of the financial statements.
11
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WT INVESTMENT TRUST I -- LARGE CAP GROWTH SERIES
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INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ --------
COMMON STOCK -- (CONTINUED)
MISC. ELECTRICAL MACHINERY, EQUIP. & SUPPLIES -- 3.2%
General Electric Co. ........................................ 110 $ 5,610
--------
PHARMACEUTICAL PREPARATIONS -- 4.9%
Amgen, Inc.* ................................................ 72 5,058
Pharmacia Corp. ............................................. 67 3,463
--------
8,521
--------
TELECOMMUNICATIONS EQUIPMENT -- 19.6%
McLeodUSA, Inc.* ............................................ 182 3,765
Nextlink Communications, Inc.* .............................. 114 4,325
Nokia Corp., ADR ............................................ 163 8,140
Nortel Networks Corp. ....................................... 105 7,166
Vodafone Airtouch PLC ....................................... 72 2,984
VoiceStream Wireless Corp.* ................................. 69 8,024
--------
34,404
--------
64,510
--------
TELECOMMUNICATIONS -- 4.2%
Sprint Corp. ................................................ 62 3,162
Worldcom, Inc.* ............................................. 90 4,129
--------
7,291
--------
WHOLESALE & RETAIL TRADE -- 12.3%
MISCELLANEOUS RETAIL STORES -- 2.2%
Wal-Mart Stores, Inc. ....................................... 67 3,861
--------
RETAIL APPAREL & ACCESSORY STORES -- 2.1%
Gap, Inc. ................................................... 120 3,750
--------
RETAIL BUILDING MATERIALS -- 4.3%
Home Depot, Inc. ............................................ 150 7,491
--------
WHOLESALE STORES -- 3.7%
Costco Wholesale Corp.* ..................................... 195 6,435
--------
21,537
--------
TOTAL COMMON STOCK (Cost $187,467) ................................ 178,939
--------
The accompanying notes are an integral part of the financial statements.
12
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WT INVESTMENT TRUST I -- LARGE CAP GROWTH SERIES
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INVESTMENTS / JUNE 30, 2000 -- CONTINUED
--------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ --------
SHORT-TERM INVESTMENTS -- 11.4%
Samson Street Fund - Money Market Portfolio ........... 9,994 $ 9,994
Temp Cash Fund - Dollar Series ........................ 9,994 9,994
--------
TOTAL SHORT-TERM INVESTMENTS (Cost $19,988) .................... 19,988
--------
TOTAL INVESTMENTS (Cost $207,455)+-- 113.4% ......................... 198,927
--------
OTHER ASSETS AND LIABILITIES, NET-- (13.4%) ......................... (23,505)
--------
NET ASSETS -- 100.0% ................................................ $175,422
========
+ The cost for federal income tax purposes. At June 30, 2000, net unrealized
depreciation was $8,293. This consisted of aggregate gross unrealized
appreciation for all securities, in which there was an excess of market value
over tax cost, of $5,330, and aggregate gross unrealized depreciation for all
securities, in which there was an excess of tax cost over market value, of
$13,623.
The accompanying notes are an integral part of the financial statements.
13
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WT INVESTMENT TRUST I -- LARGE CAP GROWTH SERIES
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FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000
ASSETS:
Investments in securities, at value* .................... $198,927
Cash .................................................... 5,913
Dividends receivable .................................... 45
--------
Total assets ............................................ 204,885
--------
LIABILITIES:
Payable for investments purchased ....................... 22,139
Accrued expenses ........................................ 7,324
--------
Total liabilities ....................................... 29,463
--------
NET ASSETS .............................................. $175,422
========
*Investments at cost .................................... $207,455
The accompanying notes are an integral part of the financial statements.
14
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WT INVESTMENT TRUST I -- LARGE CAP GROWTH SERIES
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FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
For the Period March 14, 2000(1) through June 30, 2000
INVESTMENT INCOME:
Dividends ....................................................... $ 65
Interest ........................................................ 146
Foreign tax withheld ............................................ (4)
--------
Total investment income ...................................... 207
--------
EXPENSES:
Advisory fees ................................................... 173
Administration fees ............................................. 31
Accounting fees ................................................. 3,102
Custodian fees .................................................. 5,000
Trustee's fees .................................................. 360
--------
Total expenses before fee waivers and expense reimbursements . 8,666
Fees waived and expenses reimbursed .......................... (8,593)
--------
Total expenses, net .......................................... 73
--------
Net investment income ........................................ 134
--------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss from investment transactions .................. (2,915)
Net unrealized depreciation of investments ...................... (8,528)
--------
Net loss on investments ......................................... (11,443)
--------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ............... $(11,309)
========
(1) Commencement of operations.
The accompanying notes are an integral part of the financial statements.
15
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WT INVESTMENT TRUST I -- LARGE CAP GROWTH SERIES
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FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD
MARCH 14, 2000(1)
THROUGH
JUNE 30, 2000
-----------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ................................... $ 134
Net realized loss on investment transactions ............ (2,915)
Net unrealized depreciation of investments .............. (8,528)
--------
Net decrease in net assets resulting
from operations ......................................... (11,309)
--------
Transactions in beneficial interests:
Contributions ........................................... 221,838
Withdrawals ............................................. (35,107)
--------
Net increase in net assets from
transactions in beneficial interest ..................... 186,731
--------
Total increase in net assets ............................... 175,422
NET ASSETS:
Beginning of period ..................................... --
--------
End of period ........................................... $175,422
========
(1) Commencement of operations.
The accompanying notes are an integral part of the financial statements.
16
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WT INVESTMENT TRUST I -- LARGE CAP GROWTH SERIES
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NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE TRUST. Large Cap Growth Series (the "Series") is a series
of WT Investment Trust I (the "Trust"). The Trust is registered under the
Investment Company Act of 1940 as an open-end management investment company
and was organized as a Delaware business trust on 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. Portfolio securities, except short-term investments with
remaining maturities of 60 days or less, are valued at their market value as
determined by their last sale price in the principal market in which these
securities are normally traded. Lacking any sales, such securities will be
valued at the mean between the closing bid and ask price. Short-term
investments with remaining maturities of 60 days or less are valued at
amortized cost, which approximates market value, unless the Trust's Board of
Trustees determines that this does not represent fair value. The value of all
other securities is determined in good faith under the direction of the Board
of Trustees.
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.
OTHER. Investment security transactions are accounted for on a trade date
basis. The Series uses the specific identification method for determining
realized gain and loss on investments for both financial and Federal income
tax reporting purposes. Common expenses of the Trust are allocated on a pro
rata basis among the series based on relative net assets.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES. Roxbury Capital
Management, LLC ("Roxbury"), provides investment advisory services to the
Series. For its services, Roxbury receives a fee of 0.55% of the Series'
first $1 billion of average daily net assets; 0.50% of the Series' next $1
billion of average daily net assets; and 0.45% of the Series' average daily
net assets over $2 billion.
Roxbury Capital Management, LLC 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. This undertaking will remain in place until the Board of Trustees
approves its termination.
17
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WT INVESTMENT TRUST I -- LARGE CAP GROWTH SERIES
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
PFPC Inc. ("PFPC"), an indirect wholly owned subsidiary of PNC Bank Corp., a
multi-bank holding company, provides administrative and accounting services
to the Trust.
Wilmington Trust Company serves as custodian to the Trust and PFPC Trust
Company serves as sub-custodian to the Trust.
4. INVESTMENT SECURITIES. During the period March 14, 2000 through June 30,
2000, the Series cost of securities purchased and proceeds from securities
sold (excluding short-term investments) were $206,127 and $15,744,
respectively.
5. FINANCIAL HIGHLIGHTS. Financial Highlights for the period March 14, 2000
through June 30, 2000 were as follows:
Total return (12.00)%
Ratios to average net assets:
Expenses
Including expense limitations 0.23%*
Excluding expense limitations NM
Net investment income 0.42%*
Portfolio turnover 13%
* Annualized.
NM Not meaningful.
18
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--------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
--------------------------------------------------------------------------------
REPORT OF ERNST &YOUNG LLP, INDEPENDENT AUDITORS
To the Beneficial Interest Holders and Trustees of
WT Investment Trust I:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of WT Investment Trust I -- Large Cap Growth Series
(the "Series") as of June 30, 2000, and the related statement of operations and
the statement of changes in net assets for the period March 14, 2000
(commencement of operations) through June 30, 2000. These financial statements
are the responsibility of the Series' management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of June 30, 2000, by
correspondence with the Series' custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Series at June 30, 2000,
and the results of its operations and the changes in its net assets for the
period March 14, 2000 (commencement of operations) through June 30, 2000, in
conformity with accounting principles generally
accepted in the United States.
[GRAPHIC OMITTED]
/S/ ERNST & YOUNG LLP
Philadelphia, Pennsylvania
August 4, 2000
19
<PAGE>
TRUSTEES
Robert H. Arnold
Eric Brucker
Robert J. Christian
Nicholas A. Giordano
Louis Klein Jr.
Clement C. Moore, II
John J. Quindlen
William P. Richards
---------------------
OFFICERS
Robert J. Christian, PRESIDENT
Eric Cheung, VICE PRESIDENT
Joseph M. Fahey, Jr., VICE PRESIDENT
John R. Giles, VICE PRESIDENT
Eugene A. Trainor, III, VICE PRESIDENT
Gary M. Gardner, SECRETARY
Pat Colletti, TREASURER
---------------------
INVESTMENT ADVISER
Roxbury Capital Management, LLC
100 Wilshire Boulevard, Suite 600
Santa Monica, CA 90401
---------------------
CUSTODIAN
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
---------------------
DISTRIBUTOR
Provident Distributors, Inc.
3200 Horizon Drive
King of Prussia, PA 19406
---------------------
ADMINISTRATOR,
TRANSFER AGENT AND
ACCOUNTING AGENT
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
---------------------
THIS ANNUAL REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS AND TO
OTHERS WHO HAVE RECEIVED A CURRENT PROSPECTUS OF THE ROXBURY LARGE CAP GROWTH
PORTFOLIO.
WROX-ANN-6/00
