WT MUTUAL FUND
N-30D, 2000-03-07
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                               [GRAPHIC OMITTED]
                                      CRM
                                     FUNDS
                                    SMALL CAP
                                   VALUE FUND

                                    LARGE CAP
                                   VALUE FUND
                                Investor Shares
                               SEMI-ANNUAL REPORT
                                December 31, 1999

<PAGE>
                                  THE CRM FUNDS
- --------------------------------------------------------------------------------
                    FUND AND SHAREHOLDER ACCOUNT INFORMATION:
                                   PFPC, Inc.
                                  P.O. Box 8742
                              Wilmington, DE 19899
                                 (800) CRM-2883
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT                                             DECEMBER 31, 1999
- --------------------------------------------------------------------------------

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.

- --------------------------------------------------------------------------------
                                                                   THE CRM FUNDS

<PAGE>


- --------------------------------------------------------------------------------
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. MCGLYNN                   /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(TRADE
MARK) Index  measures the  performance  of the 2,500  smallest  companies in the
Russell  3000(REGISTRATION MARK) Index. The Russell 2500(TRADE MARK) Value Index
measures the performance of those Russell  2500(TRADE MARK) companies with lower
price-to-book  ratios and lower forecasted  growth values.  Lastly,  the Russell
2500(TRADE  MARK)  Growth  Index  measures  the  performance  of  those  Russell
2500(TRADE  MARK)  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.
- --------------------------------------------------------------------------------
                                                                   THE CRM FUNDS
                                        2
<PAGE>

- --------------------------------------------------------------------------------
THE CRM FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
DECEMBER 31, 1999
================================================================================
                                                     SMALL CAP        LARGE CAP
                                                     VALUE FUND      VALUE FUND
                                                    ------------     ----------
ASSETS
     Investment in Series, at value ............... $174,621,217     $8,713,052
     Receivable for Portfolio shares sold .........      602,694             --
     Receivable for investment in Series withdrawn       253,424             --
     Other assets .................................       56,068          2,735
                                                    ------------     ----------
Total assets ......................................  175,533,403      8,715,787
                                                    ------------     ----------
LIABILITIES
     Payable for portfolio shares redeemed ........      253,424             --
     Payable for investment in series .............      602,694             --
     Accrued expenses and other liabilites ........      212,087         47,736
                                                    ------------     ----------
Total liabilities .................................    1,068,205         47,736
                                                    ------------     ----------
NET ASSETS ........................................ $174,465,198     $8,668,051
                                                    ============     ==========
COMPONENTS OF NET ASSETS
     Paid in Capital .............................. $169,277,101     $9,356,233
     Undistributed net investment income (loss) ...     (659,821)         5,460
     Net unrealized appreciation on investments ...   13,904,652        847,296
     Accumulated net realized loss ................   (8,056,734)    (1,540,938)
                                                    ------------     ----------
NET ASSETS ........................................ $174,465,198     $8,668,051
                                                    ============     ==========
NET ASSETS BY SHARE CLASS
     Investor Shares .............................. $ 80,012,252     $8,668,051
     Institutional Shares .........................   94,452,946             --
                                                    ------------     ----------
                                                    $174,465,198     $8,668,051
                                                    ============     ==========
SHARES OF BENEFICIAL INTEREST OUTSTANDING
     Investor Shares ..............................    5,076,295        812,341
     Institutional Shares .........................    5,917,876             --

NET ASSET VALUE (OFFERING PRICE AND
REDEMPTION PRICE) PER SHARE
     Investor Shares ..............................       $15.76         $10.67
     Institutional Shares .........................       $15.96             --

- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.                                            THE CRM FUNDS
                                        3
<PAGE>
- --------------------------------------------------------------------------------
THE CRM FUNDS
STATEMENTS OF OPERATIONS
FOR THE PERIOD JULY 1, 1999 THROUGH DECEMBER 31, 1999 (UNAUDITED)
================================================================================
                                                      SMALL CAP      LARGE CAP
                                                     VALUE FUND      VALUE FUND
                                                    ------------    ------------
INVESTMENT INCOME
     Investment income from Series ................ $    126,199    $    26,150
     Expenses from Series .........................     (249,558)       (10,098)
                                                    ------------    -----------
       Net investment income (loss) from Series ...     (123,359)        16,052
     Dividends ....................................      233,900         81,863
     Interest .....................................       41,219         18,934
                                                    ------------    -----------
Total investment income ...........................      151,760        116,849
                                                    ------------    -----------
EXPENSES
     Investment advisory fees .....................      437,325         52,188
     Shareholder services--Investor Shares ........      104,768         21,061
     Administration fees ..........................       60,351         16,438
     Transfer agent services ......................       68,049         18,125
     Professional services ........................       31,958          9,587
     Registration fees ............................       29,119          8,093
     Accounting services ..........................       24,115         15,098
     Custody fees .................................       19,683          8,676
     Trustee fees and expenses ....................        9,174          1,728
     Amortization of organizational costs .........        5,841             --
     Printing .....................................       14,213          1,893
     Miscellaneous ................................        6,985          2,473
                                                    ------------    -----------
Total expenses ....................................      811,581        155,360
     Expenses reimbursed and fees waived (Note 4) .           --        (44,000)
                                                    ------------    -----------
     Net expenses .................................      811,581        111,360
                                                    ------------    -----------
NET INVESTMENT INCOME(LOSS) .......................     (659,821)         5,489
                                                    ------------    -----------
REALIZED AND UNREALIZED GAIN (LOSS)
  ON INVESTMENTS
     Net realized gain (loss) from investments ....   20,882,734     (1,540,958)
     Net change in unrealized appreciation
         (depreciation) of investments ............  (11,512,639)    (2,312,021)
                                                    ------------    -----------
Net realized and unrealized gain (loss) on investments 9,370,095     (3,852,979)
                                                    ------------    -----------
NET INCREASE (DECREASE) IN NET ASSETS
  RESULTING FROM OPERATIONS ....................... $  8,710,274    $(3,847,490)
                                                    ============    ===========
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.                                            THE CRM FUNDS
                                        4
<PAGE>
- --------------------------------------------------------------------------------
THE CRM FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
                                                                               SMALL CAP VALUE FUND
                                                                    ---------------------------------------------
                                                                    PERIOD ENDED   PERIOD ENDED     PERIOD 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 change in unrealized appreciation (depreciation)
       of investments ..........................................     (11,512,639)     14,749,330     (43,791,270)
                                                                    ------------    ------------    ------------
       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              --
     Redemption of shares-- Investor Shares ....................     (24,491,510)    (61,826,506)    (67,420,738)
     Redemption 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              --
     Redemption of shares-- Investor Shares ....................      (1,684,752)     (5,278,702)     (4,034,611)
     Redemption 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>
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.                                           THE CRM FUNDS
                                                         5
<PAGE>
THE CRM FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
                                                                               LARGE 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 ...............................    $ 30,935,706     $10,667,761     $        --
                                                                    ------------     -----------     -----------
OPERATIONS
     Net investment income .....................................           5,489         108,921          14,671
     Net realized gain (loss) from investments .................      (1,540,958)        176,140         (23,760)
     Net change in unrealized appreciation
       (depreciation) of investments ...........................      (2,312,021)      3,102,837          56,480
                                                                    ------------     -----------     -----------
       Net increase (decrease) in net assets
         resulting from operations .............................      (3,847,490)      3,387,898          47,391
                                                                    ------------     -----------     -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
     Net investment income-- Investor Shares ...................          (2,292)       (121,068)             --
     Net realized gain on investments-- Investor Shares ........        (140,234)        (12,387)             --
                                                                    ------------     -----------     -----------
       Total distributions to shareholders .....................        (142,526)       (133,455)             --
                                                                    ------------     -----------     -----------
CAPITAL SHARE TRANSACTIONS
     Sale of shares-- Investor Shares ..........................       2,259,510      23,136,247      10,620,370
     Reinvestment of distributions-- Investor Shares ...........         138,957         133,426              --
     Redemption of shares-- Investor Shares ....................     (20,676,106)     (6,256,171)             --
                                                                    ------------     -----------     -----------
       Net increase (decrease) from capital share transactions .     (18,277,639)     17,013,502      10,620,370
                                                                    ------------     -----------     -----------
       Total increase (decrease) in net assets .................     (22,267,655)     20,267,945      10,667,761
                                                                    ------------     -----------     -----------
NET ASSETS-- END OF PERIOD .....................................    $  8,668,051     $30,935,706     $10,667,761
                                                                    ============     ===========     ===========
Accumulated undistributed net investment income ................    $      5,460     $     2,524     $    14,671
                                                                    ============     ===========     ===========

CAPITAL SHARE TRANSACTIONS                                            SHARES          SHARES          SHARES
                                                                    ------------     -----------     -----------
     Sale of shares-- Investor Shares ..........................         212,084       2,290,936       1,064,174
     Reinvestment of distributions-- Investor Shares ...........          13,221          11,395              --
     Redemption of shares-- Investor Shares ....................      (1,955,327)       (824,142)             --
                                                                    ------------     -----------     -----------
       Net increase (decrease) in shares .......................      (1,730,022)      1,478,189       1,064,174
                                                                    ============     ===========     ===========

<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>
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.                                            THE CRM FUNDS
                                        6
<PAGE>
- --------------------------------------------------------------------------------
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>
                                                                   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 ....................     (.08)         (0.02)         (0.06)         (0.06)        (0.02)
     Net realized and unrealized gain
       (loss) on investments ................      .90           1.35          (3.15)          4.89          3.73
                                               -------        -------        -------        -------       -------
Total from investment operations ............      .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>
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.                                            THE CRM FUNDS
                                       7
<PAGE>

- --------------------------------------------------------------------------------
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>
                                                                                 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) ..................................      (.05)            0.01              0.01
     Net realized and unrealized gain (loss) on investments ........       .90             1.38             (2.28)
                                                                       -------          -------           -------
Total from investment operations ...................................       .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>
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.                                           THE CRM FUNDS
                                        8
<PAGE>
- --------------------------------------------------------------------------------
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>
                                                                              LARGE CAP VALUE FUND
                                                                    -------------------------------------------------
                                                                                 INVESTOR 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 ..............................    $12.17          $ 10.92           $ 10.00
                                                                        ------          -------           -------
Investment operations
     Net investment income .........................................        --             0.06              0.01
     Net realized and unrealized gain(loss) on investments .........     (1.33)            2.16              0.01
                                                                        ------          -------           -------
Total from investment operations ...................................     (1.33)            2.22              0.02
                                                                        ------          -------           -------
Distributions to shareholders from
     Net investment income .........................................        --(d)         (0.06)               --
     Net realized gain on investments ..............................     (0.17)           (0.01)               --
                                                                        ------          -------           -------
Total distributions to shareholders ................................     (0.17)           (0.07)               --
                                                                        ------          -------           -------
Net asset value-- End of Period ....................................    $10.67          $ 12.17           $ 10.02
                                                                        ======          =======           =======
Total Return .......................................................  (10.87)%           22.16%             0.20%

Ratios/Supplemental data
Ratios to average net assets:
     Expenses, including reimbursement/waiver ......................     1.50%(e)         1.50%(e)          1.50%(e)
     Expenses, excluding reimbursement/waiver ......................     1.96%(e)         1.92%(e)          3.95%(e)
     Net investment income, including reimbursement/waiver .........     0.06%(e)         0.63%(e)          1.78%(e)
Portfolio turnover rate ............................................        --(f)           56%                7%
Net assets at end of period (000's omitted) ........................    $8,668          $30,936           $10,668

<FN>
(a) For  the  period  August  25,  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) 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>
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.                                            THE CRM FUNDS
                                        9

<PAGE>
- --------------------------------------------------------------------------------
THE CRM FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
================================================================================
1.   ORGANIZATION

CRM Small  Cap Value  Fund and CRM  Large  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.
- --------------------------------------------------------------------------------
                                                                   THE CRM FUNDS
                                        10
<PAGE>
- --------------------------------------------------------------------------------
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
           EXPIRATION DATE                      VALUE FUND
           ------------------------------------------------
           June 30, 2007                        $10,837,449

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 the WT Fund on behalf of
the Funds.

PFPC also serves as transfer and dividend disbursing agent to the Funds.

WT Funds'  Board of Trustees  has  adopted a  Shareholder  Servicing  Plan which
allows the Funds to obtain the  services  of CRM and other  qualified  financial
institutions to act as shareholder  servicing agents for their customers.  Under
this plan, the Funds pay shareholder servicing agents, including CRM up to 0.25%
of the  average  daily net assets of the  Investor  Share class of the Small Cap
Value  Fund and Large Cap Value Fund  attributable  to  accounts  for which they
provide shareholder services.

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 the Fund receive
no compensation from WT 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  Investor  Shares of each Fund to the extent that total
annual operating  expenses exceed 1.50% 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:

- --------------------------------------------------------------------------------
                                                                   THE CRM FUNDS
                                        11
<PAGE>
- --------------------------------------------------------------------------------
THE CRM FUNDS
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
================================================================================
<TABLE>
<CAPTION>
                                    INVESTMENT                                        EXPENSES
                                     ADVISORY     ACCT/ADMIN   TRANSFER    CUSTODY   REIMBURSED
                                        FEE           FEE     AGENT FEES     FEE     BY ADVISER    TOTAL
                                    ----------    ----------  ----------   -------   ----------   -------
<S>                                  <C>            <C>         <C>         <C>        <C>        <C>
     Large Cap Value Fund ........   $26,716        $9,000      $4,000      $200       $4,084     $44,000
</TABLE>

5.   INVESTMENT TRANSACTIONS

During the period ended December 31, 1999, contributions to and withdrawals from
the respective Series were as follows:

                                              SMALL CAP        LARGE CAP
                                             VALUE FUND        VALUE FUND
                                            ------------      -----------
      Contributions ......................  $166,684,680      $11,940,849
      Withdrawals ........................   (16,662,794)      (3,985,014)

6.   FUND MERGER

Effective November 1, 1999, the CRM Small Cap Value Fund and CRM Large 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 - Large  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  the
Funds' 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 UREALIZED
                                                                   APPRECIATION
                                                  NET ASSETS      (DEPRECIATION)
                                                  ------------     -----------
      The CRM Funds - Small Cap Value Fund        $158,932,951     $(2,022,593)
      The CRM Funds - Large Cap Value Fund          10,404,693          44,276

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  for each Predecessor Fund
providing for the transfer of the  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>
- --------------------------------------------------------------------------------
LARGE CAP VALUE SERIES
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999 (UNAUDITED)
================================================================================
                       SECURITY
  SHARES             DESCRIPTION                                       VALUE
- ----------- --------------------------------                       ------------
COMMON STOCK (98.6%)
COMMUNICATION & BROADCASTING (6.9%)
     13,300 CBS Corp.* ..........................................   $   850,369
     31,400 MediaOne Group, Inc.* ...............................     2,411,912
     46,900 News Corp. Ltd. .....................................     1,568,219
                                                                    -----------
                                                                      4,830,500
                                                                    -----------
COMPUTER SERVICES (7.4%)
     33,000 Ceridian Corp. ......................................       711,563
     35,300 Novell, Inc.* .......................................     1,409,794
     12,900 Oracle Corp.* .......................................     1,445,606
     46,300 Sterling Commerce, Inc.* ............................     1,577,094
                                                                    -----------
                                                                      5,144,057
                                                                    -----------
ELECTRIC, GAS & WATER UTILITIES (0.9%)
     23,600 Entergy Corp. .......................................       607,700
                                                                    -----------
FINANCE & INSURANCE (16.8%)
FINANCIAL SERVICES (5.2%)
     19,000 Associates First Capital Corp. (A shares) ...........       521,312
     30,300 First Data Corp. ....................................     1,494,169
     16,600 Marsh & McLennan Cos., Inc. .........................     1,588,412
                                                                    -----------
                                                                      3,603,893
                                                                    -----------
INSURANCE CARRIERS (8.2%)
     12,300 Aetna, Inc. .........................................       686,494
     13,600 American International Group, Inc. ..................     1,470,500
     17,500 Jefferson-Pilot Corp. ...............................     1,194,375
     20,800 MBIA, Inc. ..........................................     1,098,500
     38,100 Travelers Property Casualty Corp. (A Shares) ........     1,304,925
                                                                    -----------
                                                                      5,754,794
                                                                    -----------
SECURITY & COMMODITY BROKERS, DEALERS & SERVICES (3.4%)
     24,255 Bear Stearns Companies, Inc. ........................     1,036,901
     23,850 Citigroup, Inc. .....................................     1,325,166
                                                                    -----------
                                                                      2,362,067
                                                                    -----------
                                                                     11,720,754
                                                                    -----------
MANUFACTURING (36.2%)
AIRCRAFT & AEROSPACE (0.5%)
      7,800 Boeing Co. ..........................................       324,187
                                                                    -----------
                       SECURITY
  SHARES             DESCRIPTION                                       VALUE
- ----------- --------------------------------                       ------------
MANUFACTURING (CONTINUED)
AUTOMOBILES (2.0%)
     18,900 General Motors Corp. ................................   $ 1,373,794
                                                                    -----------
CHEMICAL & ALLIED PRODUCTS (1.1%)
      5,700 Dow Chemical Co. ....................................       761,662
                                                                    -----------
COMPUTERS & OFFICE EQUIPMENT (12.9%)
     14,700 Cisco Systems, Inc.* ................................     1,574,738
     40,000 Compaq Computer Corp. ...............................     1,082,500
     13,800 Hewlett-Packard Co. .................................     1,572,337
     14,000 Intel Corp. .........................................     1,152,375
     12,800 International Business Machines Corp. ...............     1,382,400
     14,400 Microsoft Corp.* ....................................     1,681,200
     24,300 Xerox Corp. .........................................       551,306
                                                                    -----------
                                                                      8,996,856
                                                                    -----------
CONSUMER PRODUCTS (6.0%)
     18,800 American Home Products Corp. ........................       741,425
     10,400 General Electric Co. ................................     1,609,400
     12,400 Johnson & Johnson Co. ...............................     1,154,750
      6,400 Procter & Gamble Co. ................................       701,200
                                                                    -----------
                                                                      4,206,775
                                                                    -----------
ELECTRONICS (3.4%)
     11,800 Koninklijke (Royal) Philips Electronics .............     1,593,000
     32,700 Raytheon Co. (A shares) .............................       811,369
                                                                    -----------
                                                                      2,404,369
                                                                    -----------
FOOD AND BEVERAGE (2.6%)
    108,800 Nabisco Group Holdings Corp. ........................     1,156,000
     19,200 PepsiCo, Inc. .......................................       676,800
                                                                    -----------
                                                                      1,832,800
                                                                    -----------
MISC. INDUSTRIAL MACHINERY & EQUIPMENT (1.1%)
     17,100 Deere & Co. .........................................       741,712
                                                                    -----------
MISCELLANEOUS MANUFACTURING INDUSTRIES (3.5%)
      5,800 Alcoa, Inc. .........................................       481,400
     13,000 Ingersoll-Rand Co. ..................................       715,813
     11,200 PPG Industries, Inc. ................................       700,700
     20,800 Ralston-Ralston Purina Group ........................       579,800
                                                                    -----------
                                                                      2,477,713
                                                                    -----------
* Non-income producing security.
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
                                       16

<PAGE>
- --------------------------------------------------------------------------------
LARGE CAP VALUE SERIES
SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1999 (UNAUDITED)
================================================================================
                       SECURITY
  SHARES             DESCRIPTION                                       VALUE
- ----------- --------------------------------                       ------------
MANUFACTURING (CONTINUED)
NONFERROUS METALS (0.6%)
      6,300 Phelps Dodge Corp. ..................................    $  422,888
                                                                    -----------
PAPER & PAPER PRODUCTS (0.5%)
      6,000 Champion International Corp. ........................       371,625
                                                                    -----------
TELECOMMUNICATIONS EQUIPMENT (1.2%)
     10,800 Lucent Technologies, Inc. ...........................       807,975
                                                                    -----------
TOBACCO (0.8%)
     24,500 Philip Morris Cos., Inc. ............................       568,094
                                                                    -----------
                                                                     25,290,450
                                                                    -----------
MINING (0.5%)
     14,400 Newmont Mining Corp. ................................       352,800
                                                                    -----------
                                                                        352,800
                                                                    -----------
OIL & GAS (8.8%)
     50,000 Conoco, Inc. (B Shares) .............................     1,243,750
     31,900 Enron Corp. .........................................     1,415,562
     17,686 Exxon Mobil Corp. ...................................     1,424,828
     17,600 Halliburton Co. .....................................       708,400
     21,100 Schlumberger Ltd. ...................................     1,186,875
      4,084 Transocean Sedco Forex, Inc. ........................       137,612
                                                                    -----------
                                                                      6,117,027
                                                                    -----------
PHARMACEUTICAL PREPARATIONS (3.2%)
     17,200 Merck & Co., Inc. ...................................     1,153,475
     24,200 Pharmacia & Upjohn, Inc. ............................     1,089,000
                                                                    -----------
                                                                      2,242,475
                                                                    -----------
SERVICES (11.8%)
AMUSEMENT & RECREATIONAL SERVICES (1.7%)
     40,300 The Walt Disney Co. .................................     1,178,775
                                                                    -----------
BUSINESS SERVICES (2.3%)
     59,300 Cendant Corp.* ......................................     1,575,156
                                                                    -----------
HOTELS & OTHER LODGING PLACES (1.5%)
     45,700 Starwood Hotels & Resorts Worldwide, Inc. ...........     1,073,950
                                                                    -----------

                       SECURITY
  SHARES             DESCRIPTION                                       VALUE
- ----------- --------------------------------                       ------------
SERVICES (CONTINUED)
TELECOMMUNICATIONS (6.3%)
     22,000 GTE Corp. ...........................................   $ 1,552,375
     30,505 MCI WorldCom, Inc.* .................................     1,618,698
     25,700 SBC Communications, Inc. ............................     1,252,875
                                                                    -----------
                                                                      4,423,948
                                                                    -----------
                                                                      8,251,829
                                                                    -----------
TRANSPORTATION (1.3%)
     33,400 Canadian National Railway Co. .......................       878,838
                                                                    -----------
                                                                        878,838
                                                                    -----------
WHOLESALE & RETAIL TRADE (4.8%)
MISCELLANEOUS RETAIL STORES (2.7%)
     65,400 K Mart Corp.* .......................................       658,088
     18,000 Wal-Mart Stores, Inc. ...............................     1,244,250
                                                                    -----------
                                                                      1,902,338
                                                                    -----------
RETAIL BUILDING MATERIAL (1.3%)
     13,200 Home Depot, Inc. ....................................       905,025
                                                                    -----------
RETAIL FOOD STORES (0.8%)
     30,200 Kroger Co. ..........................................       570,025
                                                                    -----------
                                                                      3,377,388
                                                                    -----------
TOTAL COMMON STOCK (COST $61,902,260) ...........................    68,813,818
                                                                    -----------

SHORT-TERM INVESTMENTS (1.4%)
    478,797 Samson Street Fund - Money Market Portfolio .........       478,797
    478,797 Temp Cash Fund - Dollar Series ......................       478,797
                                                                    -----------
TOTAL SHORT-TERM INVESTMENTS
            (COST $957,594) .....................................       957,594
                                                                    -----------
TOTAL INVESTMENTS (100.0%)
            (COST $62,859,854) ..................................   $69,771,412
                                                                    ===========

* Non-income producing security.
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
                                        17
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENTTRUST I
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999 (UNAUDITED)
================================================================================
                                                     SMALL CAP       LARGE CAP
                                                    VALUE SERIES   VALUE SERIES
                                                    ------------   ------------
ASSETS
     Investments
       Investments, at cost .....................   $160,901,992    $62,859,854
       Net unrealized appreciation ..............     13,904,745      6,911,558
                                                    ------------    -----------
     Total investments, at value ................    174,806,737     69,771,412
     Receivable for securities sold .............        768,957         88,935
     Receivable for Contributions ...............        602,694         93,235
     Interest and dividends receivable ..........         15,884            --
                                                    ------------    -----------
Total assets ....................................    176,194,272     69,953,582
                                                    ------------    -----------
LIABILITIES
     Payable for securities purchased ...........      1,186,614             --
     Payable for Withdrawals ....................        253,424          9,496
     Accrued management fee .....................        107,900         31,585
     Accrued expenses and other liabilites ......         23,959          9,365
                                                    ------------    -----------
Total liabilities ...............................      1,571,897         50,446
                                                    ------------    -----------
NET ASSETS ......................................   $174,622,375    $69,903,136
                                                    ============    ===========

SEE ACCOMPANYING NOTES.
                                        18
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENT TRUST I
STATEMENTS OF OPERATIONS
================================================================================
                                                      SMALL CAP      LARGE CAP
                                                    VALUE SERIES   VALUE SERIES
                                                    ------------   ------------
                                                    PERIOD ENDED   PERIOD ENDED
                                                    DECEMBER 31,   DECEMBER 31,
                                                       1999(a)        1999(a)
                                                    ------------   ------------
INVESTMENT INCOME
     Dividends ..................................      $  98,714     $  178,875
     Interest ...................................         27,486         20,297
                                                     -----------     ----------
Total investment income .........................        126,200        199,172
                                                     -----------     ----------
EXPENSES
     Investment advisory fees ...................        210,708         63,147
     Administration fees ........................         28,094         11,481
     Accounting services ........................          4,343          1,905
     Custody fees ...............................          5,826          2,235
     Trustee fees and expenses ..................            588            269
                                                     -----------     ----------
Total expenses ..................................        249,559         79,037
                                                     -----------     ----------
NET INVESTMENT INCOME (LOSS) ....................       (123,359)       120,135
                                                     -----------     ----------
REALIZED AND UNREALIZED GAIN (LOSS)
  ON INVESTMENTS
     Net realized gain from investments .........      8,795,510        378,328
     Net change in unrealized appreciation
         of investments .........................     15,927,338      5,202,063
                                                     -----------     ----------
Net realized and unrealized gain on investments .     24,722,848      5,580,391
                                                     -----------     ----------
NET INCREASE IN NET ASSETS
  RESULTING FROM OPERATIONS .....................    $24,599,489     $5,700,526
                                                     ===========     ==========

(a) For the period November 1, 1999 (Commencement of Operations) through
    December 31, 1999 (Unaudited).
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
                                       19
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENT TRUST I
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
                                                      SMALL CAP       LARGE CAP
                                                    VALUE SERIES    VALUE SERIES
                                                    ------------    ------------
                                                    PERIOD ENDED    PERIOD ENDED
                                                    DECEMBER 31,    DECEMBER 31,
                                                       1999(a)         1999(a)
                                                    ------------    ------------
NET ASSETS-- BEGINNING OF PERIOD ................   $         --    $        --
                                                    ------------    -----------
OPERATIONS
     Net investment (loss) ......................       (123,359)       120,135
     Net realized gain from investments .........      8,795,510        378,328
     Net change in unrealized appreciation
       of investments ...........................     15,927,338      5,202,063
                                                    ------------    -----------
     Net increase in net assets resulting
       from operations ..........................     24,599,489      5,700,526
                                                    ------------    -----------
TRANSACTIONS IN BENEFICIAL INTEREST:
     Contributions ..............................    166,685,680     74,629,251
     Withdrawals ................................    (16,662,794)   (10,426,641)
                                                    ------------    -----------
       Net increase in net assets from transaction
         in beneficial interests ................    150,022,886     64,202,610
                                                    ------------    -----------
       Total increase in net assets .............    174,622,375     69,903,136
                                                    ------------    -----------
NET ASSETS-- END OF PERIOD ......................   $174,622,375    $69,903,136
                                                    ============    ===========

(a) For the  period  November  1,  1999  (Commencement  of  Operations)  through
    December 31, 1999 (Unaudited).
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES.
                                       20
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENT TRUST I
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
================================================================================
1.   ORGANIZATION

Small Cap Value Series and Large 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"). Small Cap Value 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.  Large Cap Value
Series pays a monthly advisory fee to the Adviser at the annual rate 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.

PFPC Inc.  ("PFPC")  performs  certain  administrative  and accounting  services
pursuant to an Administration  and Accounting  Services Agreement with the Trust
on behalf of the Series.
- --------------------------------------------------------------------------------
                                        21
<PAGE>
- --------------------------------------------------------------------------------
WT INVESTMENT TRUST I
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
================================================================================
Wilmington Trust Company serves as custodian to the Trust and PFPC Trust Company
serves as sub-custodian to the Trust.

Certain Trustees and officers of the Trust are also officers or directors to 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:

                                                     SMALL CAP       LARGE CAP
                                                   VALUE SERIES    VALUE SERIES
                                                   ------------    ------------
           Purchases .............................. $81,751,062     $60,289,651
           Sales ..................................  66,350,317      91,707,243
           Portfolio Turnover Rate:
                Period Ended December 31, 1999 ....      47.78%          73.68%

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
           Large Cap Value Series           62,873,898     10,418,004       (3,520,490)     6,897,514
</TABLE>

                                        22
<PAGE>

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<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

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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