[GRAPHIC OMITTED]
WILMINGTON
FUNDS
EQUITY PORTFOLIOS
SEMI-ANNUAL
DECEMBER 31, 1999
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WILMINGTON FUNDS -- EQUITY PORTFOLIOS
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PRESIDENT'S MESSAGE
================================================================================
DEAR SHAREHOLDER:
Over the last six months the U.S. economy has experienced a rapid increase
in energy prices and three interest rate increases yet has still managed to post
strong overall growth and modest inflation levels. At the wholesale level oil
prices have more than doubled since January 1999 and, as a result, consumer
prices for gasoline, fuel oil, etc., have risen dramatically. Twenty years ago,
this rate of increase was partially responsible for a recession. More recently,
gas price increases are mere irritants. This is because of the muted position of
the energy sector within overall economic activity in the United States. In 1980
the energy sector comprised 8.5% of total economic activity. Today that ratio is
3%. Certainly, the energy price advance will have a near term impact on
inflation. But, it is not likely to be severe and should dissipate as 2000
progresses.
In response to a rise in inflation, however modest, and an ongoing strong
economic growth rate, the Federal Reserve (the "Fed") has engineered three
interest rate increases since the end of June. Their stated concern is that the
strong economy will interact with a tight labor market and thereby cause an
increase in wages and ultimately consumer prices, i.e., inflation. As of yet
there is little evidence of this inflationary spike. Compensation increases for
the twelve months ended in September averaged 4.6% compared with 5.6% one year
earlier. Moreover worker productivity is growing at a 3% pace. As a result, unit
labor costs (the cost of labor associated with the production of goods and
services) are growing at a very modest pace, 1.5%. With this modest inflation
level it is easy to misunderstand the Fed's actions. The Fed is doing just what
it should be doing. It wants to be certain that inflation does not gain a
foothold in the U.S., which would cause much greater pain in the future.
Our expectations for next year are for more of the same for the U.S.
economy. Due to ongoing strength in consumer and business spending, and renewed
strength in our foreign sector, economic growth should average 3% to 3.5% next
year. Inflation rates could rise modestly early next year as a result of energy
prices but continued positive forces in worker productivity and worldwide
competition should keep inflation in the 2% to 2.5% range. Interest rates will
continue to be buffeted by both of these forces and will probably rise into
early 2000. But, as economic activity settles in at a more subdued 3% to 3.5%
pace, and as inflation remains under control, the Fed should move to the
sidelines. Thus, an early 2000 interest rate hike is likely but we believe that
none will be necessary thereafter in 2000. Long-term interest rates have largely
anticipated the next interest rate hike and should not rise further. It is our
expectation that long-term interest rates will end 2000 at lower levels than
currently.
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
LARGE CAP GROWTH PORTFOLIO
In many ways, last year was a repeat of 1998 with a good first quarter,
weak second and third quarters, then a powerful finish and dramatic results in
the final quarter. The most significant catalyst behind the market's advance was
improving earnings. The earnings of many companies in growth sectors advanced by
15% to 20%, and more. U.S. companies continued to show improved margins and
returns on capital in an environment where price increases were virtually non
existent. We feel U.S. businesses benefited from global growth due to their
strong financial condition and global reach, and that these advantages will
remain operative.
Capital spending was an important driver of sales and profit growth. We
have felt that technology spending is not discretionary and that the bulge in
Y2K spending merely postponed into 2000 business spending that would otherwise
have occurred in 1999. Companies who lag in technology spending risk being
replaced by competitors. In fact, technology spending tied to the internet and
telecommunications continues to accelerate and should continue well into the
year 2000.
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PRESIDENT'S MESSAGE
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Part of Roxbury's success in 1999 is attributable to our adapting to a
changing investment environment. Health care (Bristol-Myers Squibb, Pfizer) and
consumer staples (Coke, Gillete) have been prominent in our holdings for years.
However, our research last year revealed declining margins, lower returns on
capital and, in the case of health care, some significant political headwinds
from pressure for medicare reform. Transitioning the Portfolio's holdings to
more attractive areas was a challenge and the favorable results speak for
themselves.
We remain excited about the opportunities in this technology driven
environment going forward and have repositioned the Portfolio's holdings
accordingly. While these are not "cheap" sectors, our first emphasis is on
anticipated growth of profits. We feel some of the best opportunities for the
future lie with companies participating heavily in the convergence of the
technology, telecommunications and media sectors. The Portfolio's top ten
holdings as of December 31, 1999, representing approximately 45.8% of the
Portfolio's assets are:
<TABLE>
<CAPTION>
10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS
- ------------------- ----------------------- ----------------------- -----------------------
<S> <C> <C>
AT&T Corp. 5.8% Echostar Communications 4.2%
Oracle Systems Corp. 5.4% Costco Wholesale Corp. 4.1%
CBS Corporation 5.1% Nokia Corp. 4.0%
Home Depot, Inc. 5.0% JDS Uniphase Corp. 3.9%
Cisco Systems, Inc. 4.4% Texas Instruments, Inc. 3.9%
</TABLE>
LARGE CAP CORE PORTFOLIO
The Large Cap Core Portfolio returned 22.41% for the calendar year ended
December 31, 1999. The Standard & Poor's 500 Index, an unmanaged,
capitalization-weighted index of five hundred publicly traded stocks, achieved
an increase of 21.04% for the same period.
As of the date of this report, the Portfolio is well diversified across all
Standard & Poor's economic sectors with slight emphasis to communications,
financials, health care and technology. The Portfolio's strategy continues to
emphasize broad diversification in order to produce market like returns. We
continue to emphasize overweighted positions, relative to the Standard & Poor's
500 Index, in stocks that possess in the judgement of its investment adviser,
Wilmington Trust Company, above average long-term sustainable earnings growth
rates and sell at a reasonable price. The Portfolio's top ten holdings as of
December 31, 1999, representing approximately 26.8% of the Portfolio's assets
are:
<TABLE>
<CAPTION>
10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS
- ------------------- ----------------------- ------------------- -----------------------
<S> <C> <C>
Microsoft Corp. 5.1% Exxon Mobil Corp. 2.4%
General Electric Co. 4.3% Lucent Technologies 2.0%
Cicso Systems Inc. 3.0% IBM Corp. 1.7%
Wal-Mart Stores, Inc. 2.7% Citigroup, Inc. 1.7%
Intel Corp. 2.4% America Online, Inc. 1.5%
</TABLE>
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PRESIDENT'S MESSAGE
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SMALL CAP CORE PORTFOLIO
The Small Cap Core Portfolio returned 21.86% for the calendar year ended
December 31, 1999. The Russell 2000 Index, comprised of stocks of the smallest
2,000 of the 3,000 largest U.S. companies based on market capitalization,
returned 21.26% for the year.
In 1998, the Portfolio consisted of two separate sub-portfolios, one
managed in a growth style and one managed in a value style. The purpose of the
division was to dampen the volatility inherent in small cap portfolios. During
the course of the year, the Board of Directors concluded that it was more
efficient to manage the Portfolio on a combined basis in a core style.
Therefore, the former value and growth portions officially merged on October 31,
1999.
Viewed on a combined basis, the Portfolio is well diversified across
economic sectors with significant emphasis on biotechnology and technology. The
Porfolio has less than average exposure to consumer staples, producer durables,
materials, REIT's and utilities. The core portfolio strategy is to purchase
companies with significant and sustainable competitive advantage in their
respective industries. Purchases are concentrated on these companies when they
appear to be undervalued relative to their past and potential long term earnings
prospects. The Portfolio's top ten holdings as of December 31, 1999,
representing approximately 28.5% of the Portfolio's assets are:
<TABLE>
<CAPTION>
10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS
- ------------------- ----------------------- ------------------- -----------------------
<S> <C> <C>
Qlogic 7.4% O Reilly Automotive, Inc. 2.0%
SDL, Inc. 4.3% Acxiom Corp. 1.9%
Protein Design Labs 3.4% Hyperion Software Corp. 1.8%
Factset Research Systems 2.5% Burr-Brown Corp. 1.6%
Titan Corp. 2.0% Fiserv, Inc. 1.6%
</TABLE>
INTERNATIONAL MULTI-MANAGER PORTFOLIO
Led by Japan, and more specifically the Japanese yen, the final six months
of the millennium were marked by the resurgence of the international sector. As
measured by the developed nation MSCI EAFE Index, foreign markets returned
22.12% for the period and outperformed the U.S. benchmark S&P 500 Index for the
entire year for the first time since 1994. Japan's 33.81% return for the
six-month period was largely attributable to currency strength, as perceptions
of significant economic and financial reform continued to take root. European
returns were more moderate at 18.76%, but the region had its share of strong
performers in the reforming French market (27.83%) and the technology led Nordic
markets (60.32%). The Euro currency completed a difficult debut year, declining
2.80% for the six months and 14.64% for the year versus the U.S. dollar.
Emerging markets finished the year in moderate fashion following a strong first
half, returning 18.98% for the six months and 66.41% for the year. The Portfolio
participated significantly in the foreign issue renaissance, returning 37.21%
for the six-month period and 26.96% for the year. Exposure to Japan continued to
increase, and stood at 25.0% of the Portfolio as of December 31, 1999, while
European exposure declined from 63.7% to 58.6%. Emerging market exposure
represented 8.3% of the Portfolio. The Portfolio has outperformed the benchmark
MSCI EAFE index for the most recent six-month and twelve month periods as well
as since inception and has outperformed the index since inception. The
Portfolio's top ten holdings as of December 31, 1999, representing approximately
20.4% of the Portfolio's assets are:
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WILMINGTON FUNDS -- EQUITY PORTFOLIOS
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PRESIDENT'S MESSAGE
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<TABLE>
<CAPTION>
10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS
- ------------------- ----------------------- ------------------- -----------------------
<S> <C> <C>
NTT Mobile Comm. 2.8% Samsung Electronics 2.0%
Fujitsu Ltd. 2.6% VNU NV 1.8%
STM Microelectronics NV 2.1% Nokia 1.8%
SK Telecom Co. Ltd. 2.1% Icon Medialab International 1.6%
Mannesmann AG 2.1% Takeda Chemical Industry Ltd. 1.5%
</TABLE>
LARGE CAP VALUE PORTFOLIO
The Large Cap Value Portfolio return was 3.02% for the year ended December
31, 1999. The Russell 1000 Value Index, a passive index includes the largest
1000 stocks in the U.S. as measured by market capitalization, to determine their
growth or value characteristics, returned 7.35% for the year.
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 500 names dropped
over 25% in value. Similarily, while the P/E ratio of the S&P 500 grew from 24
to 28 on a market cap weighted basis (with 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.
For the fourth quarter, the Large Cap Value Portfolio returned 11.50%
verses the Russell 1000 Value Index of 5.40%. As a reminder, Cramer Rosenthal
McGlynn, LLC assumed investment advisory responsibilities effective November 1,
1999. The Portfolio's top ten holdings as of December 31, 1999, representing
approximately 24.3% of the Portfolio's assets are:
<TABLE>
<CAPTION>
10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS 10 LARGEST HOLDINGS PERCENT OF TOTAL ASSETS
- ------------------- ----------------------- ------------------- -----------------------
<S> <C> <C>
Mediaone Group 3.5% Marsh & McLennan Co. 2.3%
Microsoft Corp. 2.4% Sterling Commerce, Inc. 2.3%
Worldcom Inc. 2.3% Cendant Corp. 2.3%
General Electric Co. 2.3% Cisco Systems, Inc. 2.3%
Konjilke Phillips Electronics 2.3% Hewlett Packard Co. 2.3%
</TABLE>
We invite your comments and questions and thank you for your investment in
the Wilmington Equity Portfolios. We look forward to reviewing our investment
outlook and strategy with you in our next report to shareholders.
Sincerely,
/S/ROBERT J. CHRISTIAN
Robert J. Christian
February 23, 2000 President
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FINANCIAL STATEMENTS
================================================================================
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
PORTFOLIO CORE PORTFOLIO CORE PORTFOLIO PORTFOLIO PORTFOLIO
------------ -------------- -------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment in Series, at value ................ $278,330,586 $134,701,573 $82,313,194 $86,748,558 $61,190,085
Receivable for Portfolio shares sold .......... 345,578 -- 76,919 71,892 88,935
Receivable for investment in Series
withdrawn .................................. 97,266 92,015 4,485 4,000 9,496
Other assets .................................. 144 28,381 28,835 44,778 70,470
------------ ------------ ----------- ----------- -----------
Total assets .................................. 278,773,574 134,821,969 82,423,433 86,869,228 61,358,986
------------ ------------ ----------- ----------- -----------
LIABILITIES:
Payable for Portfolio shares redeemed ......... 97,266 92,015 4,485 4,000 9,496
Payable for investment in Series .............. 345,578 -- 76,919 71,892 88,935
Other accrued expenses ........................ 50,702 3,224 37,121 28,457 25,947
------------ ------------ ----------- ----------- -----------
Total liabilities ............................. 493,546 95,239 118,525 104,349 124,378
------------ ------------ ----------- ----------- -----------
NET ASSETS .................................... $278,280,028 $134,726,730 $82,304,908 $86,764,879 $61,234,608
============ ============ =========== =========== ===========
NET ASSETS CONSIST OF:
Paid-in capital ............................... $146,700,074 $80,136,852 $57,570,095 $55,800,370 $61,062,347
Undistributed net investment income
(loss) ..................................... (367,606) 201 56,601 (111,509) (532)
Accumulated net realized gain (loss)
on investment .............................. 25,960,469 (60,765) (5,552,774) 1,629,835 (5,891,469)
Net unrealized appreciation (depreciation)
of investment .............................. 105,987,091 54,650,442 30,230,986 29,460,214 6,064,262
Net unrealized appreciation (depreciation)
on translations of assets and liabilities in
foreign currencies ......................... -- -- -- (14,031) --
------------ ------------ ----------- ----------- -----------
NET ASSETS .................................... $278,280,028 $134,726,730 $82,304,908 $86,764,879 $61,234,608
============ ============ =========== =========== ===========
Shares of beneficial interest outstanding ..... 8,187,575 5,571,372 7,242,498 6,664,150 6,530,840
============ ============ =========== =========== ===========
NET ASSET VALUE, offering and redemption
price per share ............................ $33.99 $24.18 $11.36 $13.02 $9.38
============ ============ =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
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FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF OPERATIONS
For the Six-Month Period Ended December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
PORTFOLIO CORE PORTFOLIO CORE PORTFOLIO PORTFOLIO PORTFOLIO
------------ -------------- -------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
INCOME:
Investment income from Series ............. $ 88,046 $ 841,038 $ 106,927 $ 110,544 $ 173,022
Expenses from Series ...................... (276,793) (504,444) (93,058) (126,326) (68,939)
----------- ----------- ----------- ----------- -----------
Net investment income (loss)
from Series ......................... (188,747) 336,594 13,869 (15,782) 104,083
Dividends ................................. 348,295 -- 222,938 268,799 507,300
Interest .................................. 44,779 -- 22,285 49,730 42,362
Foreign tax withheld ...................... -- -- -- (32,900) --
----------- ----------- ----------- ----------- -----------
Total investment income ................ 204,327 336,594 259,092 269,847 653,745
----------- ----------- ----------- ----------- -----------
EXPENSES:
Advisory fees ............................. 397,459 -- 147,243 157,589 131,600
Administration fees ....................... 81,265 17,823 33,540 33,244 32,927
Custody fees .............................. 13,937 200 3,454 51,049 2,572
Transfer agent fees ....................... 38,427 17,094 13,159 12,780 14,920
Trustees' fees ............................ 1,977 4,359 1,710 1,712 1,696
Amortization of organizational expenses ... -- -- 2,620 4,046 2,829
Registration fees ......................... -- 3,376 28,745 19,295 23,547
Professional fees ......................... 30,622 9,020 10,291 20,367 14,899
Other ..................................... 21,831 4,317 13,746 17,183 9,876
----------- ----------- ----------- ----------- -----------
Total expenses before fee waivers
and reimbursements .................. 585,518 56,189 254,508 317,265 234,866
Fees waived/expenses
reimbursed ......................... (13,585) (35,416) (50,634) (69,951) (49,085)
----------- ----------- ----------- ----------- -----------
Total expenses, net ................. 571,933 20,773 203,874 247,314 185,781
----------- ----------- ----------- ----------- -----------
Net investment income (loss) .............. (367,606) 315,821 55,218 22,533 467,964
----------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) from:
Investment transactions ................ 26,015,414 1,080,308 (5,551,845) 2,354,493 (1,650,877)
Foreign currency related transactions .. -- -- -- (157,325) --
----------- ----------- ----------- ----------- -----------
Total net realized gain (loss) ...... 26,015,414 1,080,308 (5,551,845) 2,197,168 (1,650,877)
Net change in unrealized appreciation
(depreciation) of:
Investments ............................ 48,495,530 9,331,746 19,343,196 22,243,507 (1,958,495)
Foreign currency related transactions .. -- -- -- (15,935) --
----------- ----------- ----------- ----------- -----------
Total change in unrealized
appreciation (depreciation) ...... 48,495,530 9,331,746 19,343,196 22,227,572 (1,958,495)
----------- ----------- ----------- ----------- -----------
Net gain (loss) on investments and
foreign currency ....................... 74,510,944 10,412,054 13,791,351 24,424,740 (3,609,371)
----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. $74,143,338 $10,727,875 $13,846,569 $24,447,273 $(3,141,408)
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
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FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
For the Six-Month Period Ended December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
PORTFOLIO CORE PORTFOLIO CORE PORTFOLIO PORTFOLIO PORTFOLIO
------------ -------------- -------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss) ............... $ (367,606) $ 315,821 $ 55,218 $ 22,533 $ 467,964
Net realized gain (loss) on investments
and foreign currency related
transactions ............................ 26,015,414 1,080,308 (5,551,845) 2,197,168 (1,650,877)
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency related
transactions ............................ 48,495,530 9,331,746 19,343,196 22,227,572 (1,958,495)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations .................. 74,143,338 10,727,875 13,846,569 24,447,273 (3,141,408)
------------ ------------ ------------ ------------ ------------
Distributions to shareholders:
Net investment income ...................... -- (660,586) (145,753) (404,092) (1,266,874)
Net realized gain .......................... (7,428,799) (1,528,909) (176,058) (4,179,609) --
------------ ------------ ------------ ------------ ------------
Total distributions ........................... (7,428,799) (2,189,495) (321,811) (4,583,701) (1,266,874)
------------ ------------ ------------ ------------ ------------
Portfolio share transactions:
Proceeds from shares sold .................. 8,898,044 7,443,919 4,255,288 4,146,022 2,791,579
Cost of shares issued in reinvestment
of distributions ........................ 7,180,426 2,185,257 316,735 4,570,172 1,258,363
Cost of shares redeemed .................... (27,050,780) (22,668,497) (12,108,171) (11,216,101) (17,467,112)
------------ ------------ ------------ ------------ ------------
Net decrease in net assets from Portfolio
share transactions ......................... (10,972,310) (13,039,321) (7,536,148) (2,499,907) (13,417,170)
------------ ------------ ------------ ------------ ------------
Total increase (decrease) in net assets ....... 55,742,229 (4,500,941) 5,988,610 17,363,665 (17,825,452)
NET ASSETS:
Beginning of period ........................ 222,537,799 139,227,671 76,316,298 69,401,214 79,060,060
------------ ------------ ------------ ------------ ------------
End of period .............................. $278,280,028 $134,726,730 $ 82,304,908 $ 86,764,879 $ 61,234,608
============ ============ ============ ============ ============
(A)TRANSACTIONS IN CAPITAL STOCK WERE:
Shares sold ................................ 328,852 325,621 445,624 374,696 301,794
Shares issued on reinvestment of
distributions ........................... 216,997 90,901 28,586 358,164 136,186
Shares redeemed ............................ (995,845) (1,031,896) (1,258,958) (989,563) (1,958,754)
------------ ------------ ------------ ------------ ------------
Net decrease in shares ..................... (449,996) (615,374) (784,748) (256,703) (1,520,774)
Shares outstanding -- Beginning
balance ................................. 8,637,571 6,186,746 8,027,246 6,920,853 8,051,614
------------ ------------ ------------ ------------ ------------
Shares outstanding -- Ending balance ....... 8,187,575 5,571,372 7,242,498 6,664,150 6,530,840
============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
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FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Year Ended June 30, 1999
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
PORTFOLIO 1 CORE PORTFOLIO 1 CORE PORTFOLIO 1 PORTFOLIO 1 PORTFOLIO 1
------------ -------------- -------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss) .............. $ (149,803) $ 757,316 $ 145,551 $ 658,294 $ 797,695
Net realized gain (loss) on investments
and foreign currency related
transactions ........................... 7,373,854 732,927 508,263 3,249,125 (262,776)
Net realized gain on futures
contracts .............................. -- 49,291 -- -- --
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency ....................... 12,232,542 23,739,895 (347,702) (1,687,865) 3,283,988
------------ ------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations ........................... 19,456,593 25,279,429 306,112 2,219,554 3,818,907
------------ ------------ ------------ ------------ ------------
Distributions to shareholders:
Net investment income ..................... -- (829,875) -- -- --
Net realized gain ......................... -- (1,926,454) -- (780,343) --
------------ ------------ ------------ ------------ ------------
Total distributions .......................... -- (2,756,329) -- (780,343) --
------------ ------------ ------------ ------------ ------------
Portfolio share transactions (a):
Proceeds from shares sold ................. 10,293,120 16,475,144 8,933,004 2,207,700 4,123,795
Cost of shares issued in reinvestment
of distributions ....................... -- 2,752,233 -- 771,510 --
Cost of shares redeemed ................... (30,363,390) (12,574,545) (15,078,342) (8,801,653) (22,662,214)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
from Portfolio share transactions ......... (20,070,270) 6,652,832 (6,145,338) (5,822,443) (18,538,419)
------------ ------------ ------------ ------------ ------------
Total increase (decrease) in net assets ...... (613,677) 29,175,932 (5,839,226) (4,383,232) (14,719,512)
NET ASSETS:
Beginning of period ....................... 223,151,476 110,051,739 82,155,524 73,784,446 93,779,572
------------ ------------ ------------ ------------ ------------
End of period ............................. $222,537,799 $139,227,671 $ 76,316,298 $ 69,401,214 $ 79,060,060
============ ============ ============ ============ ============
(A)TRANSACTIONS IN CAPITAL STOCK WERE:
Shares sold ............................... 422,168 825,901 1,015,748 223,054 448,376
Shares issued on reinvestment of
distributions .......................... -- 145,237 -- 76,844 --
Shares redeemed ........................... (1,246,131) (661,816) (1,762,319) (894,964) (2,479,068)
------------ ------------ ------------ ------------ ------------
Total net increase (decrease)
in shares .............................. (823,963) 309,322 (746,571) (595,066) (2,030,692)
Shares outstanding -- Beginning balance ... 9,461,534 5,877,424 8,773,817 7,515,919 10,082,306
------------ ------------ ------------ ------------ ------------
Shares outstanding -- Ending balance ...... 8,637,571 6,186,746 8,027,246 6,920,853 8,051,614
============ ============ ============ ============ ============
<FN>
1 For the period January 1, 1999 through June 30, 1999.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
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FINANCIAL HIGHLIGHTS
================================================================================
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the financial
statements.
<TABLE>
<CAPTION>
FOR THE FISCAL YEARS ENDED DECEMBER 31,
------------------------------------------
FOR THE PERIOD
JULY 1, 1999 FOR THE PERIOD
THROUGH JANUARY 1, 1999
DECEMBER 31, 1999 3,4 THROUGH
(UNAUDITED) JUNE 30, 1999 1998 1 1997 1996 1995
--------------------- --------------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
LARGE CAP GROWTH PORTFOLIO
NET ASSET VALUE -- BEGINNING OF
PERIOD ............................... $ 25.76 $ 23.59 $ 21.37 $ 19.22 $ 17.41 $ 15.14
-------- -------- -------- ------- ------- -------
INVESTMENT OPERATIONS:
Net investment income (loss)2 ........... (0.04) (0.02) (0.01) (0.19) (0.15) (0.1)
Net realized and unrealized gain
on investments .................... 9.20 2.19 5.02 5.44 4.37 4.38
-------- -------- -------- ------- ------- -------
Total from investment
operations ..................... 9.16 2.17 5.01 5.25 4.22 4.28
-------- -------- -------- ------- ------- -------
DISTRIBUTIONS:
From net investment income ........... 0.00 0.00 0.00 0.00 0.00 0.00
From net realized gain on
investments ....................... (0.93) 0.00 (2.79) (3.10) (2.41) (2.01)
-------- -------- -------- ------- ------- -------
Total distributions ............... (0.93) 0.00 (2.79) (3.10) (2.41) (2.01)
-------- -------- -------- ------- ------- -------
NET ASSET VALUE --
END OF PERIOD ........................ $ 33.99 $ 25.76 $ 23.59 $ 21.37 $ 19.22 $ 17.41
======== ======== ======== ======= ======= =======
TOTAL RETURN ............................ 30.22%** 9.20%** 23.58% 27.50% 24.25% 28.43%
RATIOS (TO AVERAGE NET ASSETS)/
SUPPLEMENTAL DATA:
Expenses:
Including expense limitations ..... 0.75%* 0.75%* 0.80% 1.38% 1.43% 1.43%
Excluding expense limitations ..... 0.76%* 0.80%* 0.92% N/A N/A N/A
Net investment income (loss) ......... 0.32%* (0.14)%* (0.08)% (0.86)% (0.78)% (0.53)%
Portfolio turnover rate ................. N/A 15.50% 51.64% 28.05% 34.84% 49.12%
Net assets at end of period
(000 omitted) ........................ $278,280 $222,538 $223,151 $91,445 $76,174 $66,311
<FN>
1 Effective February 23, 1998, Wilmington Trust Company (WTC) assumed the
responsibility of Adviser to the Large Cap Growth Portfolio.
2 The net investment loss per share for the years ended December 31, 1996 and
1997 was calculated using average shares outstanding method.
3 Effective November 1, 1999, the expense and net investment income ratios
include expenses allocated from the Series.
4 Effective November 1, 1999, Roxbury Capital Management, LLC, assumed the
responsibility of Advisor to the Large Cap Growth Series.
* Annualized.
** Not annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
- -------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE FOR THE FOR THE FOR THE
JULY 1, 1999 FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FOR THE PERIOD
THROUGH ENDED ENDED ENDED ENDED JANUARY 5, 1995(DAGGER)
DECEMBER 31, 1999 1 JUNE 30, JUNE 30, JUNE 30, JUNE 30, THROUGH
(UNAUDITED) 1999 1 1998 1 1997 1 1996 JUNE 30, 1995
------------------ ----------- ----------- ----------- ----------- ----------------------
<S> <C> <C> <C> <C> <C> <C>
LARGE CAP CORE PORTFOLIO
NET ASSET VALUE --
BEGINNING OF PERIOD .............. $ 22.50 $ 18.72 $ 20.56 $ 16.58 $ 14.04 $ 12.50
-------- -------- -------- ------- ------- -------
INVESTMENT OPERATIONS:
Net investment income ............ 0.05 0.12 0.16 0.13 0.13 0.11
Net realized and unrealized
gain on investments ........... 2.03 4.14 4.52 4.09 2.56 1.43
-------- -------- -------- ------- ------- -------
Total from investment
operations ................. 2.08 4.26 4.68 4.22 2.69 1.54
-------- -------- -------- ------- ------- -------
DISTRIBUTIONS:
From net investment income ....... (0.12) (0.14) (0.16) (0.15) (0.15) 0.00
From net realized gain on
investments ................... (0.28) (0.34) (6.36) (0.09) 0.00 0.00
-------- -------- -------- ------- ------- -------
Total distributions ........... (0.40) (0.48) (6.52) (0.24) (0.15) 0.00
-------- -------- -------- ------- ------- -------
NET ASSET VALUE --
END OF PERIOD .................... $ 24.18 $ 22.50 $ 18.72 $ 20.56 $ 16.58 $ 14.04
======== ======== ======== ======= ======= =======
TOTAL RETURN ........................ 9.25%** 23.25% 29.09% 25.67% 19.24% 12.32%**
RATIOS (TO AVERAGE NET ASSETS)/
SUPPLEMENTAL DATA:
Expenses:
Including expense limitations . 0.80%* 0.80% 0.80% 0.80% 0.80% 0.80%*
Excluding expense limitations . 0.92%* 0.91% 0.93% 0.94% 1.05% 2.56%*
Net investment income ............ 0.48%* 0.65% 0.81% 0.80% 1.34% 3.06%*
Portfolio turnover rate ............. N/A N/A N/A N/A 16.95% 0.00%
Net assets at end of period
(000 omitted) .................... $134,727 $139,228 $110,052 $88,763 $66,137 $20,865
<FN>
(DAGGER) Commencement of Operations.
* Annualized.
** Not annualized.
1 The expense and net investment income ratios for the period ending December
31, 1999 and the fiscal years ending June 30, 1999, 1998 and 1997 include
expenses allocated from the Series.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
- -------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 1, 1999 FOR THE PERIOD FOR THE PERIOD
THROUGH JANUARY 1, 1999 JUNE 29, 1998(DAGGER)
DECEMBER 31, 1999 1 THROUGH THROUGH
(UNAUDITED) JUNE 30, 1999 DECEMBER 31, 1998
------------------- -------------- ---------------------
<S> <C> <C> <C>
SMALL CAP CORE PORTFOLIO
NET ASSET VALUE -- BEGINNING OF PERIOD ................. $ 9.51 $ 9.36 $ 10.00
------- ------- --------
INVESTMENT OPERATIONS:
Net investment income .................................. 0.01 0.02 0.02
Net realized and unrealized gain (loss) on
investments ......................................... 1.88 0.13 (0.62)
------- ------- --------
Total from investment operations ....................... 1.89 0.15 (0.60)
------- ------- --------
DISTRIBUTIONS:
From net investment income ............................. (0.02) 0.00 (0.02)
From net realized gain on investments .................. (0.02) 0.00 (0.02)
------- ------- --------
Total distributions ................................. (0.04) 0.00 (0.04)
------- ------- --------
Net Asset Value -- End of Period .......................... $ 11.36 $ 9.51 $ 9.36
======= ======= ========
TOTAL RETURN .............................................. 19.93%** 1.60%** (6.03)%**
RATIOS (TO AVERAGE NET ASSETS)/SUPPLEMENTAL DATA:
Expenses:
Including expense limitations ....................... 0.80%* 0.80%* 0.80%*
Excluding expense limitations ....................... 0.94%* 0.90%* 0.95%*
Net investment income .................................. 0.15%* 0.39%* 0.45%*
Portfolio turnover rate ................................... N/A 7.42% 9.81%
Net assets at end of period
(000 omitted) .......................................... $82,305 $76,316 $ 82,156
<FN>
(DAGGER) Commencement of Operations.
* Annualized.
** Not annualized.
1 Effective November 1, 1999, the expenses and net investment income ratios
include expenses allocated from the Series.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
- -------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 31, 1999 FOR THE PERIOD FOR THE PERIOD
THROUGH JANUARY 1, 1999 JUNE 29, 1998(DAGGER)
DECEMBER 31, 1999 1 THROUGH THROUGH
(UNAUDITED) JUNE 30, 1999 DECEMBER 31, 1998
------------------- --------------- --------------------
<S> <C> <C> <C>
INTERNATIONAL MULTI-MANAGER PORTFOLIO
NET ASSET VALUE -- BEGINNING OF PERIOD ...................... $ 10.03 $ 9.82 $ 10.00
------- ------ -------
INVESTMENT OPERATIONS:
Net investment income .................................... 0.00 0.06 0.02
Net realized and unrealized gain (loss) on
investments ........................................... 3.72 0.26 (0.09)
------- ------ -------
Total from investment operations ...................... 3.72 0.32 (0.07)
------- ------ -------
DISTRIBUTIONS:
From net investment income ............................... (0.07) 0.00 0.00
From net realized gain on investments .................... (0.66) (0.11) (0.11)
------- ------ -------
Total distributions ................................... (0.73) (0.11) (0.11)
------- ------ -------
Net Asset Value -- End of Period ............................ $13.02 $10.03 $9.82
======= ====== =======
TOTAL RETURN ................................................ 37.21%** 3.29%** (0.70)%**
RATIOS (TO AVERAGE NET ASSETS)/SUPPLEMENTAL DATA:
Expenses:
Including expense limitations ......................... 1.00%* 1.00%* 1.00%*
Excluding expense limitations ......................... 1.19%* 1.19%* 1.10%*
Net investment income .................................... 0.06%* 1.86%* 0.46%*
Portfolio turnover rate ..................................... N/A 33.02% 27.66%
Net assets at end of period (000 omitted) ................... $86,765 $69,401 $73,784
<FN>
(DAGGER) Commencement of Operations.
* Annualized.
** Not annualized.
1 Effective November 1, 1999, the expenses and net investment income ratios
include expenses allocated from the Series.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
- -------------------------------------
FINANCIAL HIGHLIGHTS -- CONTINUED
================================================================================
<TABLE>
<CAPTION>
FOR PERIOD
JULY 1, 1999 FOR THE PERIOD FOR THE PERIOD
THROUGH JANUARY 1, 1999 JUNE 29, 1998(DAGGER)
DECEMBER 31, 1999 1,2 THROUGH THROUGH
(UNAUDITED) JUNE 30, 1999 DECEMBER 31, 1998
-------------------- --------------- --------------------
<S> <C> <C> <C>
LARGE CAP VALUE PORTFOLIO
NET ASSET VALUE-- BEGINNING OF PERIOD ..................... $ 9.82 $ 9.30 $ 10.00
------- ------- -------
Investment Operations:
Net investment income .................................. 0.07 0.10 0.10
Net realized and unrealized gain (loss) on
investments ......................................... (0.31) 0.42 (0.58)
------- ------- -------
Total from investment operations .................... (0.24) 0.52 (0.48)
------- ------- -------
Distributions:
From net investment income ............................. 0.00 0.00 (0.10)
From net realized gain on investments .................. (0.20) 0.00 (0.12)
------- ------- -------
Total distributions ................................. (0.20) 0.00 (0.22)
------- ------- -------
Net Asset Value-- End of Period ........................... $9.38 $9.82 $9.30
======= ======= =======
Total Return .............................................. (2.44)%** 5.59%** (4.79)%**
Ratios (to average net assets)/Supplemental Data:
Expenses
Including expense limitations ....................... 0.75%* 0.75%* 0.75%*
Excluding expense limitations ....................... 0.89%* 0.84%* 0.88%*
Net investment income .................................. 1.37%* 1.92%* 2.07%*
Portfolio turnover rate ................................... N/A 25.14% 36.78%
Net assets at end of period (000 omitted) ................. $61,235 $79,060 $93,780
<FN>
(DAGGER) Commencement of Operations.
* Annualized.
** Not annualized.
1 Effective November 1, 1999, the expenses and net investment income ratios
include expenses allocated from the Series.
2 Effective November 1, 1999, Cramer Rosenthal McGlynn, LLC, assumed the
responsibility of Advisor to the Large Cap Value Series.
</FN>
</TABLE>
13
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
- -------------------------------------
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
================================================================================
1. DESCRIPTION OF THE FUND. Wilmington Large Cap Growth Portfolio, Wilmington
Large Cap Core Portfolio (formerly WT Broad Market Equity Portfolio),
Wilmington Small Cap Core Portfolio, Wilmington International Multi-Manager
Portfolio, and Wilmington Large Cap Value Portfolio (each a "Portfolio" and
collectively the "Portfolios") are series of WT Mutual Fund (the "Fund"). The
Fund is registered under the Investment Company Act of 1940 (the "1940 Act")
as an open-end management investment company and was organized as a Delaware
business trust on June 1, 1994. The Declaration of Trust permits the Trustees
to establish additional series, each of which is a separate class of shares.
These financial statements and related notes pertain only to the Portfolios.
Information regarding other series of the Fund are contained in separate
reports to their shareholders.
Unlike other investment companies which directly acquire and manage their own
portfolio of securities, each Portfolio (effective November 1, 1999 with
respect to the Wilmington Large Cap Growth, Wilmington Small Cap Core,
Wilmington International Multi-Manager and Wilmington Large Cap Value
Portfolios) seeks to achieve 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 Portfolio 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 Portfolios' financial statements.
Information presented for periods prior to November 1, 1999 for the
Wilmington Large Cap Growth, Wilmington Small Cap Core, Wilmington
International Multi-Manager and Wilmington Large Cap Value Portfolios
reflects the operating results of predecessor mutual funds (see Note 5).
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies of the Portfolios:
VALUATION OF INVESTMENT IN SERIES. Valuation of each Portfolio's investment
in the Series is based on the underlying securities held by the Series. Each
Portfolio is allocated its portion of the Series' securities market value
based on its ownership interest in the Series. Valuation of securities held
by the Series is discussed in the notes to the Series' financial statements.
FEDERAL INCOME TAXES. Each Portfolio is treated as a separate entity for
Federal income tax purposes and intends to continue qualifying as a
"regulated investment company" under Subchapter M of the Internal Revenue
Code of 1986, as amended, and to distribute all of its income to its
shareholders. Therefore, no Federal income tax provision is required.
DISTRIBUTIONS TO SHAREHOLDERS. Each Portfolio records its share of the
respective Series' income, expenses and realized and unrealized gains and
losses daily. Additionally, each Portfolio records its own expenses as
incurred. Distributions to shareholders of the Portfolios are declared and
paid to shareholders annually.
DEFERRED ORGANIZATION COSTS. Organization costs incurred by certain
Portfolios have been deferred and are being amortized using the straight-line
method over a five-year period beginning on the date that each Portfolio
commenced operations. In the event that any of the initial shares of a
Portfolio are redeemed during the amortization period by any holder thereof,
the redemption proceeds will be reduced by any unamortized
14
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
- -------------------------------------
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
================================================================================
organization expenses in the same proportion as the number of initial shares
being redeemed bears to the number of initial shares outstanding at the time
of such redemption.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
3. INVESTMENT TRANSACTIONS. During the six-month period ended December 31, 1999,
contributions to and withdrawals from the Series were as follows:
<TABLE>
<CAPTION>
LARGE CAP GROWTH LARGE CAP CORE SMALL CAP CORE INTERNATIONAL MULTI-MANAGER LARGE CAP VALUE
------------------ ---------------- ---------------- ----------------------------- ---------------
<S> <C> <C> <C> <C> <C>
Contributions $225,600,928 $ 7,202,372 $73,816,325 $75,556,446 $62,687,402
Withdrawals 13,563,298 22,458,569 5,599,645 7,095,733 6,441,627
</TABLE>
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES. The investment adviser to the
Large Cap Core, Small Cap Core and Multi-Manager Series is Wilmington Trust
Company ("WTC"). The investment adviser to the Large Cap Growth and Large Cap
Value Series is Roxbury Capital Management LLC and Cramer Rosenthal McGlynn
LLC, respectively. Advisory fees charged to the Series are discussed in the
notes to the Series financial statements. Prior to November 1, 1999, WTC
served as investment adviser to the Rodney Square Funds (see Note 5) under
substantially similar terms.
PFPC Inc. ("PFPC"), an indirect wholly-owned subsidiary of PNC Bank Corp., a
multi-bank holding company, provides administrative and accounting services
to the Fund.
PFPC also serves as transfer agent and dividend disbursing agent of the Fund
pursuant to a separate Transfer Agency Agreement with the Fund on behalf of
the Portfolios.
WTC has agreed to reimburse certain Portfolio operating expenses (excluding
taxes, extraordinary expenses, brokerage commissions and interest) in an
amount that will limit annual operating expenses to not more than 0.80% of
average daily net assets for Large Cap Core Portfolio and Small Cap Core
Portfolio; 1.00% of average daily net assets for the International
Multi-Manager Portfolio; and 0.75% of average daily net assets for Large Cap
Value Portfolio and Large Cap Growth Portfolio. These undertakings may be
amended or rescinded at any time in the future.
5. FUND MERGER. Effective November 1, 1999, the Wilmington Large Cap Growth
Portfolio, Wilmington Small Cap Core Portfolio, Wilmington International
Multi-Manager Portfolio, and Wilmington Large Cap Value Portfolio (the
"Wilmington Portfolios") acquired all of the assets and assumed all of the
liabilities of the Rodney Square Large Cap Growth Equity Portfolio, Rodney
Square Small Cap Equity Portfolio, Rodney Square International Equity
Portfolio, and Rodney Square Large Cap Value Equity Portfolio (the "Rodney
Square Funds"), respectively, each an open-end management company, pursuant
to separate Plans of Reorganization (the "Reorganizations"). The shareholders
of the Rodney Square Funds received shares of the respective Wilmington
Portfolios equal to the number and aggregate net asset value of their shares
in the Rodney Square Funds.
15
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
- -------------------------------------
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
================================================================================
The Reorganizations were treated as non-taxable events and accordingly the
Wilmington Portfolios' 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 Rodney Square Funds as of
November 1, 1999 were as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
NET ASSETS APPRECIATION
---------------- --------------
<S> <C> <C>
Rodney Square Large Cap Growth Equity Portfolio $221,462,222 $65,419,417
Rodney Square Small Cap Equity Portfolio 71,848,799 14,895,478
Rodney Square International Equity Portfolio 73,299,652 12,748,767
Rodney Square Large Cap Value Equity Portfolio 62,066,508 1,665,218
</TABLE>
The Rodney Square Funds' investment objectives, policies and restrictions
were identical to those of the respective Wilmington Portfolios, which had no
operations prior to November 1, 1999. For financial reporting purposes the
Rodney Square Funds' operating histories prior to the acquisitions are
reflected in the respective financial statements and financial highlights of
the Wilmington Portfolios.
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
WILMINGTON FUNDS -- EQUITY PORTFOLIOS
- -------------------------------------
NOTICE TO SHAREHOLDERS (UNAUITED)
================================================================================
SPECIAL MEETINGS OF SHAREHOLDERS
A special meeting of the shareholders of the Rodney Square Funds was held on
October 22, 1999 to vote on the following proposal:
1. To approve an Agreement and Plan of Reorganization (the "Plan") for each
Rodney Square Fund providing for the transfer of the Rodney Square Fund's assets
to a newly-created Fund ("a Successor Fund") in exchange for shares of equal
value of the Successor Fund.
FOR AGAINST ABSTAINED
--------- ------- ---------
Rodney Square Strategic Equity Fund:
Large Cap Growth Equity Portfolio 7,285,475 3,262 3,040
Small Cap Value Equity Portfolio 7,562,554 0 0
International Equity Portfolio 6,726,692 0 0
Large Cap Value Equity Portfolio 7,726,124 0 0
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP GROWTH SERIES
- ----------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED)
================================================================================
VALUE
SHARES (NOTE 2)
-------- ------------
COMMON STOCK -- 99.3%
COMMUNICATION & BROADCASTING -- 22.6%
AT&T Corp. - Liberty Media
Group, Class A* ............................ 284,000 $ 16,117,000
CBS Corporation* ............................. 220,000 14,066,250
EchoStar Communications
Corporation* ............................... 121,000 11,797,500
Exodus Communications, Inc.* ................. 56,000 4,973,500
Infinity Broadcasting Inc.* .................. 135,000 4,885,312
Qwest Communications
International, Inc.* ...................... 260,000 11,180,000
------------
TOTAL COMMUNICATION &
BROADCASTING ........................................... 63,019,562
------------
FINANCE & INSURANCE -- 3.0%
American International
Group, Inc. ................................ 23,700 2,562,562
Dean Witter Discover & Co. ................... 40,000 5,710,000
------------
TOTAL FINANCE & INSURANCE ................................ 8,272,562
------------
MANUFACTURING -- 34.7%
COMPUTERS & OFFICE EQUIPMENT -- 5.3%
Intel Corp. .................................. 114,000 9,383,625
Microsoft Corp.* ............................. 45,000 5,253,750
------------
14,637,375
------------
ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES -- 2.9%
General Electric Co. ......................... 53,000 8,201,750
------------
ELECTRONICS -- 9.2%
Analog Devices, Inc. ......................... 40,000 3,720,000
JDS Uniphase Corp.* .......................... 68,000 10,969,250
Texas Instruments, Inc. ...................... 112,000 10,850,000
------------
25,539,250
------------
PHARMACEUTICAL PREPARATIONS -- 2.2%
Amgen, Inc.* ................................. 104,000 6,246,500
------------
TELECOMMUNICATIONS EQUIPMENT -- 15.1%
Lucent Technologies, Inc. .................... 70,000 5,236,875
MCI Worldcom, Inc.* .......................... 141,000 7,481,812
Motorola, Inc. ............................... 20,000 2,945,000
Nokia Corp., ADR ............................. 58,900 11,191,000
Nortel Networks Corp. ........................ 94,900 9,584,900
VALUE
SHARES (NOTE 2)
-------- ------------
Voicestream Wireless Corp.* .................. 20,500 $ 2,917,406
Tellabs, Inc.* ............................... 40,000 2,567,500
------------
41,924,493
------------
TOTAL MANUFACTURING ...................................... 96,549,368
------------
SERVICES -- 27.0%
BUSINESS SERVICES -- 1.8%
American Express Co. ......................... 30,000 4,987,500
------------
COMPUTER SERVICES -- 25.1%
America Online, Inc.* ........................ 120,000 9,052,500
Cisco Systems, Inc.* ......................... 115,000 12,319,375
Doubleclick, Inc.* ........................... 13,000 3,289,813
EMC Corp.* ................................... 85,000 9,286,250
Oracle Corp.* ................................ 135,000 15,128,438
Sun Microsystems, Inc.* ...................... 130,000 10,066,875
Yahoo! Inc.* ................................. 25,000 10,817,188
------------
69,960,439
------------
TOTAL SERVICES ........................................... 74,947,939
------------
WHOLESALE & RETAIL TRADE -- 12.0%
RETAIL APPAREL & ACCESSORY STORES -- 2.0%
Gap, Inc. .................................... 125,000 5,750,000
------------
RETAIL BUILDING MATERIAL -- 5.0%
Home Depot, Inc. ............................. 204,000 13,986,750
------------
WHOLESALE COMPANIES -- 5.0%
Costco Wholesale Corp.* ...................... 151,000 13,778,750
------------
TOTAL WHOLESALE & RETAIL TRADE ........................... 33,515,500
------------
TOTAL COMMON STOCK
(COST $170,317,557) .................................... 276,304,931
------------
SHORT-TERM INVESTMENTS -- 0.2%
Samson Street Fund - Money
Market Portfolio ........................... 316,625 316,625
Temp Cash Fund - Dollar Series ............... 316,624 316,624
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $633,249) ........................................ 633,249
------------
TOTAL INVESTMENTS -- 99.5%
(COST $170,950,806)(DAGGER) ................................ 276,938,180
OTHER ASSETS AND
LIABILITIES, NET -- 0.5% ................................... 1,393,714
------------
NET ASSETS -- 100.0% ........................................... $278,331,894
============
* Non-income producing security.
(DAGGER) The cost for Federal income tax purposes was $170,950,806. At December
31, 1999, net unrealized appreciation was $105,987,374. This consisted
of aggregate gross unrealized appreciation for all securities for which
there was an excess of market value over tax cost of $107,310,369, and
aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over market value of $1,322,995.
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
- --------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED)
================================================================================
VALUE
SHARES (NOTE 2)
-------- ------------
COMMON STOCK -- 99.2%
AIRCRAFT & AEROSPACE -- 0.4%
MANUFACTURING -- 0.4%
Honeywell International, Inc. ................ 9,800 $ 565,337
------------
COMMUNICATION & BROADCASTING -- 11.1%
Alltel Corp. ................................. 3,400 281,137
AT&T Corp. ................................... 37,900 1,923,425
Bell Atlantic Corp. .......................... 18,300 1,126,594
BellSouth Corp. .............................. 22,400 1,048,600
CBS Corp. .................................... 8,200 524,287
Clear Channel Communications,
Inc.* ...................................... 3,500 312,375
Comcast Corp. (A Shares) ..................... 8,900 447,225
Global Crossing, Ltd.* ....................... 7,700 385,000
GTE Corp. .................................... 10,900 769,131
MCI Worldcom, Inc.* .......................... 31,350 1,663,509
Mediaone Group* .............................. 7,300 560,731
Nextel Communications, Inc.
(A Shares)* ................................ 3,300 340,312
Qwest Communications
International, Inc.* ....................... 9,200 395,600
SBC Communications, Inc. ..................... 39,202 1,911,097
Sprint Corp. ................................. 11,200 753,900
Sprint Corp.-PCS Group* ...................... 2,750 281,875
Time Warner, Inc. ............................ 14,200 1,028,612
US West, Inc. ................................ 6,010 432,720
Viacom, Inc. (B Shares)* ..................... 8,500 513,719
Vodafone Airtouch PLC ........................ 4,500 222,750
------------
TOTAL COMMUNICATION &
BROADCASTING ........................................... 14,922,599
------------
ELECTRIC, GAS & WATER UTILITIES -- 1.5%
American Electric Power
Co., Inc. .................................. 2,500 80,312
Carolina Power & Light Co. ................... 1,900 57,831
Central & South West Corp. ................... 2,800 56,000
Consolidated Edison, Inc. .................... 3,000 103,500
Duke Energy Corp. ............................ 4,400 220,550
Edison International ......................... 6,000 157,125
Enron Corp. .................................. 8,000 355,000
Entergy Corp. ................................ 3,100 79,825
First Energy Corp. ........................... 2,900 65,794
FPL Group, Inc. .............................. 2,400 102,750
PG & E Corp. ................................. 5,600 114,800
Public Service Enterprise
Group ...................................... 3,000 104,437
Southern Co. ................................. 8,200 192,700
VALUE
SHARES (NOTE 2)
-------- ------------
Texas Utilities Co. .......................... 3,100 $ 110,244
Williams Cos., Inc. .......................... 7,300 223,106
------------
TOTAL ELECTRIC, GAS & WATER UTILITIES .................... 2,023,974
------------
FINANCE & INSURANCE -- 13.8%
HOSPITAL & MEDICAL SERVICE PLANS -- 0.3%
Aetna, Inc. .................................. 1,900 106,044
Aon Corp. .................................... 3,350 134,000
Columbia Healthcare Corp. .................... 2,000 58,625
United Healthcare Corp. ...................... 2,500 132,812
------------
431,481
------------
INSURANCE CARRIERS -- 4.3%
AFLAC, Inc. .................................. 3,300 155,719
Allstate Corp. ............................... 10,200 244,800
American General Corp. ....................... 3,200 242,800
American International
Group, Inc. ................................ 18,210 1,968,956
Chubb Corp. .................................. 1,800 101,362
CIGNA Corp. .................................. 2,800 225,575
Citigroup, Inc. .............................. 39,950 2,219,722
Conseco, Inc. ................................ 3,500 62,562
Hartford Financial Services
Group, Inc. ................................ 3,000 142,125
Jefferson-Pilot Corp. ........................ 1,400 95,550
Lincoln National Corp. ....................... 2,500 100,000
Loews Corp. .................................. 1,400 84,962
Progressive Corp. ............................ 900 65,812
Safeco Corp. ................................. 1,600 39,800
St. Paul Cos., Inc. .......................... 2,100 70,744
------------
5,820,489
------------
SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 2.3%
American Express Co. ......................... 5,600 931,000
AmSouth Bancorporation ....................... 4,100 79,181
Associates First Capital Corp.
(A shares) ................................. 8,466 232,286
Federal Home Loan Mortgage
Corp. ...................................... 8,300 390,619
Federal National Mortgage
Association ................................ 11,800 736,762
Household International, Inc. ................ 6,046 225,213
Paychex, Inc. ................................ 2,600 104,000
Providian Financial Corp. .................... 1,700 154,806
SLM Holding Corp. ............................ 2,100 88,725
Washington Mutual, Inc. ...................... 6,884 178,984
------------
3,121,576
------------
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
- --------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- ------------
SECURITY & COMMODITY BROKERS, DEALERS & SERVICES -- 1.6%
Charles Schwab Corp. ......................... 10,200 $ 391,425
Lehman Brothers
Holdings, Inc. ............................. 1,100 93,156
Marsh & McLennan Cos., Inc. .................. 3,250 310,984
Merrill Lynch & Co., Inc. .................... 4,000 334,000
Morgan Stanley Dean
Witter & Co. ............................... 7,100 1,013,525
T. Rowe Price Associates, Inc. ............... 1,500 55,406
------------
2,198,496
------------
STATE & NATIONAL BANKS -- 5.2%
Bank of America Corp. ........................ 20,665 1,037,125
Bank of New York Co., Inc. ................... 8,900 356,000
Bank One Corp. ............................... 10,400 333,450
BB&T Corp. ................................... 3,400 93,075
Chase Manhattan Corp. ........................ 10,600 823,487
Comerica, Inc. ............................... 2,000 93,375
Fifth Third Bancorp. ......................... 2,800 205,450
First Union Corp. ............................ 11,500 377,344
Firstar Corp. ................................ 15,000 316,875
Fleet Boston Financial Corp. ................. 10,663 371,206
Huntington Bancshares, Inc. .................. 286 6,828
J.P. Morgan & Co., Inc. ...................... 2,100 265,912
Keycorp. ..................................... 5,700 126,112
MBNA Corp. ................................... 8,950 243,887
Mellon Financial Corp. ....................... 6,400 218,000
National City Corp. .......................... 5,600 132,650
Northern Trust Corp. ......................... 2,800 148,400
PNC Bank Corp. ............................... 3,700 164,650
Regions Financial Corp. ...................... 2,300 57,787
Republic New York Corp. ...................... 1,300 93,600
State Street Corp. ........................... 2,000 146,125
Suntrust Banks, Inc. ......................... 2,700 185,794
U.S. Bancorp ................................. 9,400 223,837
Wachovia Corp. ............................... 2,500 170,000
Wells Fargo Co. .............................. 20,500 828,969
------------
7,019,938
------------
TOTAL FINANCE & INSURANCE ................................ 18,591,980
------------
MANUFACTURING -- 46.9%
AIRCRAFT & AEROSPACE -- 0.6%
Boeing Co. ................................... 5,000 207,812
Lockheed Martin Corp. ........................ 4,600 100,625
Raytheon Co. (B Shares) ...................... 4,100 108,906
Teledyne Technologies Inc.* .................. 400 3,775
United Technologies Corp. .................... 6,100 396,500
------------
817,618
------------
VALUE
SHARES (NOTE 2)
-------- ------------
CHEMICAL & ALLIED PRODUCTS -- 2.3%
Air Products & Chemicals, Inc. ............... 2,300 $ 77,194
Amgen, Inc.* ................................. 16,000 961,000
Dow Chemical Co. ............................. 2,900 387,512
Dupont (E.I.) de
Nemours & Co. .............................. 14,549 958,415
Hercules, Inc. ............................... 1,900 52,962
Monsanto Co. ................................. 7,500 267,187
PPG Industries, Inc. ......................... 2,400 150,150
Rohm & Haas Co. .............................. 2,300 93,581
Union Carbide Corp. .......................... 1,550 103,462
------------
3,051,463
------------
COMPUTERS & OFFICE EQUIPMENT -- 12.3%
Apple Computer, Inc.* ........................ 1,000 102,812
Cisco Systems, Inc.* ......................... 38,000 4,070,750
Citrix Systems, Inc.* ........................ 1,100 135,300
Compaq Computer Corp. ........................ 12,300 332,869
Dell Computer Corp.* ......................... 31,600 1,611,600
EMC Corp.* ................................... 12,100 1,321,925
Gateway, Inc.* ............................... 4,900 353,106
Hewlett-Packard Co. .......................... 12,200 1,390,037
Intel Corp. .................................. 39,300 3,234,881
International Business
Machines Corp. ............................. 21,600 2,332,800
Micron Technology, Inc.* ..................... 1,400 108,850
Pitney Bowes, Inc. ........................... 3,600 173,925
QLogic Corp.* ................................ 600 95,925
Sun Microsystems, Inc.* ...................... 17,800 1,378,387
------------
16,643,167
------------
CONSUMER PRODUCTS -- 2.8%
Avon Products, Inc. .......................... 3,200 105,600
Clorox Co. ................................... 2,700 136,012
Colgate-Palmolive Co. ........................ 8,000 520,000
Gillette Co. ................................. 15,000 617,812
Kimberly-Clark Corp. ......................... 7,000 456,750
Procter & Gamble Co. ......................... 16,000 1,753,000
Ralston Purina Group ......................... 4,900 136,587
Water PIK Technologies, Inc.* ................ 140 1,339
------------
3,727,100
------------
FOOD & BEVERAGE -- 3.5%
Anheuser-Busch Cos., Inc. .................... 5,900 418,162
Bestfoods, Inc. .............................. 3,600 189,225
Campbell Soup Co. ............................ 5,500 212,781
Coca-Cola Co. ................................ 27,900 1,625,175
General Mills, Inc. .......................... 4,000 143,000
Heinz (H.J.) Co. ............................. 4,500 179,156
Kellogg Co. .................................. 3,800 117,087
PepsiCo, Inc. ................................ 16,900 595,725
Quaker Oats Co. .............................. 2,700 177,187
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
- --------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- ------------
Sara Lee Corp. ............................... 11,400 $ 251,512
Sysco Corp. .................................. 4,600 181,987
The Seagram Co. Ltd. ......................... 4,700 211,206
Unilever NV .................................. 6,685 363,915
------------
4,666,118
------------
IRON & STEEL -- 0.1%
Allegheny Technologies, Inc. ................. 1,400 31,412
Nucor Corp. .................................. 1,400 76,738
------------
108,150
------------
MISC. ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES -- 6.1%
Applied Materials, Inc.* ..................... 4,700 595,431
Conexant Systems, Inc.* ...................... 2,700 179,213
Emerson Electric Co. ......................... 5,300 304,088
General Electric Co. ......................... 37,500 5,803,125
KLA-Tencor Corp.* ............................ 1,000 111,375
Solectron Corp.* ............................. 2,800 266,350
Texas Instruments, Inc. ...................... 9,900 959,063
------------
8,218,645
------------
MISC. INDUSTRIAL MACHINERY & EQUIPMENT -- 0.6%
Baker Hughes, Inc. ........................... 2,200 46,338
Caterpillar, Inc. ............................ 3,500 164,719
Deere & Co. .................................. 3,200 138,800
Dover Corp. .................................. 3,800 172,425
Illinois Tool Works, Inc. .................... 3,200 216,200
Ingersoll Rand Co. ........................... 2,200 121,138
------------
859,620
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 1.4%
Black & Decker Corp. ......................... 1,600 83,600
Corning, Inc. ................................ 3,900 502,856
Danaher Corporation .......................... 1,600 77,200
Minnesota Mining &
Manufacturing Co. .......................... 4,900 479,588
Tyco International Ltd. ...................... 20,000 777,500
------------
1,920,744
------------
OIL FIELD MACHINERY & EQUIPMENT -- 0.3%
Schlumberger Ltd. ............................ 6,400 360,000
Transocean Offshore, Inc. .................... 1,239 41,740
------------
401,740
------------
PAPER & PAPER PRODUCTS -- 0.4%
Fort James Corp. ............................. 2,500 68,438
International Paper Co. .................... 5,000 282,188
Weyerhaeuser Co. ............................. 2,600 186,713
Willamette Industries, Inc. .................. 1,200 55,725
------------
593,064
------------
VALUE
SHARES (NOTE 2)
-------- ------------
PHARMACEUTICAL PREPARATIONS -- 7.9%
Abbott Laboratories .......................... 18,000 $ 653,625
American Home Products
Corp. ...................................... 14,900 587,619
Bristol-Meyers Squibb Co. .................... 23,100 1,482,731
Eli Lilly & Co. .............................. 12,500 831,250
Johnson & Johnson Co. ........................ 15,700 1,462,063
Merck & Co., Inc. ............................ 27,700 1,857,631
Pfizer, Inc. ................................. 45,500 1,475,906
Pharmacia & Upjohn, Inc. ..................... 6,100 274,500
Protein Design Labs, Inc.* ................... 5,400 378,000
Schering-Plough Corp. ........................ 17,400 734,063
Warner-Lambert Co. ........................... 10,500 860,344
------------
10,597,732
------------
PHOTOGRAPHIC EQUIPMENT & SUPPLIES -- 0.1%
Eastman Kodak Co. ............................ 1,900 125,875
------------
PRECISION INSTRUMENTS & MEDICAL SUPPLIES -- 0.6%
Baxter International, Inc. ................... 2,300 144,469
Guidant Corp. ................................ 3,800 178,600
Medtronic, Inc. .............................. 14,000 510,125
------------
833,194
------------
PRINTING & PUBLISHING -- 0.5%
Gannett Co., Inc. ............................ 3,600 293,625
McGraw-Hill Cos., Inc. ....................... 2,500 154,063
New York Times Co. ........................... 2,500 122,813
Tribune Co. .................................. 3,100 170,694
------------
741,195
------------
TELECOMMUNICATIONS EQUIPMENT -- 5.7%
ADC Telecommunications,
Inc. * ..................................... 2,000 145,125
General Instrument Corp.* .................... 2,000 170,000
JDS Uniphase Corp.* .......................... 600 96,788
LSI Logic Corp.* ............................. 2,000 135,000
Lucent Technologies, Inc. .................... 35,850 2,682,028
Motorola, Inc. ............................... 7,100 1,045,475
Nortel Networks Corp. ........................ 16,040 1,620,040
Qualcomm, Inc.* .............................. 7,200 1,269,000
Scientific Atlanta, Inc. ..................... 1,900 105,688
Tellabs, Inc.* ............................... 5,800 372,288
------------
7,641,432
------------
TEXTILES & APPAREL -- 0.2%
Nike, Inc. ................................... 4,200 208,163
------------
TOBACCO -- 0.2%
Philip Morris Cos., Inc. ..................... 14,200 329,263
------------
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
- --------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- ------------
TRANSPORTATION EQUIPMENT -- 1.3%
Dana Corp. ................................... 2,200 $ 65,863
Delphi Automotive
Systems Corp.* ............................. 6,220 97,965
Ford Motor Co. ............................... 13,700 732,094
General Motors Corp. ......................... 7,600 552,425
Rockwell International Corp. ................. 2,700 129,263
Textron, Inc. ................................ 2,200 168,713
------------
1,746,323
------------
TOTAL MANUFACTURING ...................................... 63,230,606
------------
MINING -- 3.1%
ALUMINUM -- 0.4%
Alcan Aluminum Ltd. .......................... 2,900 119,444
Alcoa, Inc. .................................. 5,500 456,500
------------
575,944
------------
CRUDE PETROLEUM & NATURAL GAS -- 1.5%
Anadarko Petroleum Corp. ..................... 1,200 40,950
Burlington Resources, Inc. ................... 3,000 99,188
Conoco, Inc. ................................. 7,100 175,725
Halliburton Co. .............................. 6,000 241,500
Royal Dutch Petroleum Co. .................... 24,300 1,468,631
------------
2,025,994
------------
PETROLEUM REFINING -- 1.2%
Atlantic Richfield Co. ....................... 4,100 354,650
Chevron Corp. ................................ 7,400 641,025
Coastal Corp. ................................ 2,700 95,681
Texaco, Inc. ................................. 6,800 369,325
USX - Marathon Group ......................... 3,700 91,344
------------
1,552,025
------------
TOTAL MINING ............................................. 4,153,963
------------
PETROLEUM REFINING -- 2.4%
Exxon Mobil Corp. ............................ 39,317 3,167,476
------------
SERVICES -- 11.9%
AMUSEMENT & RECREATIONAL SERVICES -- 0.8%
Carnival Corp. ............................... 7,600 363,375
Walt Disney Co. .............................. 24,700 722,475
------------
1,085,850
------------
BUSINESS SERVICES -- 0.8%
Automatic Data Processing,
Inc. ....................................... 7,000 377,125
First Data Corp. ............................. 5,700 281,081
Interpublic Group of Cos., Inc. .............. 3,100 178,831
MBIA, Inc. ................................... 1,100 58,094
Omnicom Group, Inc. .......................... 2,000 200,000
------------
1,095,131
------------
VALUE
SHARES (NOTE 2)
-------- -------------
COMPUTER SERVICES -- 7.7%
BMC Software, Inc.* .......................... 3,000 $ 239,813
Computer Associates
International, Inc. ........................ 7,500 524,531
Computer Sciences Corp.* ..................... 1,900 179,788
Electronic Data Systems Corp. ................ 5,800 388,238
IMS Health, Inc.* ............................ 4,400 119,625
Microsoft Corp.* ............................. 58,600 6,841,550
Network Appliance, Inc. ...................... 1,600 132,900
Oracle Corp.* ................................ 17,600 1,972,300
------------
10,398,745
------------
HOTELS, OTHER LODGING PLACES -- 0.1%
Hilton Hotels Corp. .......................... 3,200 30,800
Marriott International, Inc.
(A Shares) ................................. 3,200 101,000
------------
131,800
------------
INTERNET SERVICES -- 2.4%
America Online, Inc.* ........................ 26,360 1,988,533
Inktomi Corp.* ............................... 600 53,250
Yahoo! Inc.* ................................. 2,900 1,254,794
------------
3,296,577
------------
SANITARY SERVICES -- 0.0%
Ecolab, Inc. ................................. 1,400 54,775
------------
TOTAL SERVICES ........................................... 16,062,878
------------
TRANSPORTATION -- 0.6%
TRANSPORTATION -- 0.6%
Burlington Northern Santa Fe ................. 6,000 145,500
CSX Corp. .................................... 2,800 87,850
Delta Air Lines, Inc. ........................ 1,900 94,644
FDX Corp.* ................................... 3,800 155,563
Norfolk Southern Corp. ....................... 4,800 98,400
Southwest Airlines ........................... 6,775 109,670
Union Pacific Corp. .......................... 3,200 139,600
United Parcel Service, Inc.* ................. 300 20,700
------------
TOTAL TRANSPORTATION ..................................... 851,927
------------
WHOLESALE & RETAIL TRADE -- 7.5%
MISCELLANEOUS RETAIL STORES-- 1.0%
Best Buy, Inc.* .............................. 2,200 110,413
CVS Corp. .................................... 4,600 183,713
Dayton Hudson Corp. .......................... 6,100 447,969
Dollar General Corp. ......................... 2,650 60,288
Family Dollar Stores, Inc. ................... 1,900 30,994
Johnson Controls, Inc. ....................... 900 51,188
Linens 'N Things, Inc.* ...................... 1,500 44,438
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP CORE SERIES
- --------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- ------------
O'Reilly Automotive, Inc.* ................... 1,800 $ 38,700
Staples, Inc.* ............................... 4,950 102,713
Walgreen Co. ................................. 10,500 307,125
------------
1,377,541
------------
RETAIL APPAREL & ACCESSORY STORES -- 0.7%
Abercrombie & Fitch Co.* ..................... 1,000 26,688
Gap, Inc. .................................... 10,875 500,250
Kohls Corp. * ................................ 1,800 129,938
Limited, Inc. ................................ 3,500 151,594
TJX Companies, Inc. .......................... 3,800 77,663
------------
886,133
------------
RETAIL BUILDING MATERIAL -- 1.6%
HOME DEPOT, INC. ........................... 27,750 1,902,609
Lowe's Cos., Inc ............................. 5,000 298,750
------------
2,201,359
------------
RETAIL EATING & DRINKING PLACES -- 0.5%
McDonald's Corp. ............................. 16,500 665,156
------------
RETAIL-FAMILY CLOTHING STORES -- 2.9%
Federated Department
Stores, Inc.* .............................. 2,700 136,519
May Department Stores Co. .................... 4,600 148,350
Wal-Mart Stores, Inc. ........................ 52,500 3,629,063
------------
3,913,932
------------
VALUE
SHARES (NOTE 2)
-------- -------------
RETAIL-FOOD STORES -- 0.4%
Albertson's, Inc. ............................ 5,331 $ 171,925
Kroger Co.* .................................. 7,800 147,225
Safeway, Inc. ................................ 6,000 213,375
------------
532,525
------------
WHOLESALE - MISCELLANEOUS -- 0.3%
Costco Wholesale Corp.* ...................... 2,700 246,375
Fortune Brands, Inc. ......................... 2,300 76,044
Masco Corp. .................................. 4,400 111,650
------------
434,069
------------
WHOLESALE-CHEMICALS & DRUGS -- 0.1%
Cardinal Health, Inc. ........................ 3,000 143,625
------------
TOTAL WHOLESALE & RETAIL TRADE ........................... 10,154,340
------------
TOTAL COMMON STOCK
(COST $79,030,541) ..................................... 133,725,080
------------
SHORT-TERM INVESTMENTS -- 0.9%
Samson Street Fund - Money
Market ..................................... 587,123 587,123
Temp Cash Fund - Dollar
Series ..................................... 587,124 587,124
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $1,174,247) ...................................... 1,174,247
------------
TOTAL INVESTMENTS -- 100.1%
(COST $80,204,788)(DAGGER) ................................. 134,899,327
OTHER ASSETS AND
LIABILITIES, NET -- (0.1%) ................................. (76,601)
------------
NET ASSETS-- 100.0% ........................................... $134,822,726
============
* Non-income producing security.
(DAGGER) The cost for Federal income tax purposes was $80,204,788. At December
31, 1999, net unrealized appreciation was $54,694,539. This consisted
of aggregate gross unrealized appreciation for all securities for which
there was an excess of market value over tax cost of $58,302,660, and
aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over market value of $3,608,121.
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / SMALL CAP CORE SERIES
- --------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED)
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
COMMON STOCK -- 98.1%
COMMUNICATION & BROADCASTING -- 5.1%
Citadel Communications
Corp.* ..................................... 10,000 $ 648,750
Maker Communications, Inc.* .................. 10,000 427,500
Metromedia Fiber Network, Inc.
(A Shares)* ................................ 23,500 1,126,531
Primus Telecommunications
Group, Inc.* ............................... 20,000 765,000
Saga Communications, Inc.* ................... 37,500 759,375
True North Communications,
Inc. ....................................... 10,000 446,875
-----------
TOTAL COMMUNICATION & BROADCASTING ....................... 4,174,031
-----------
COMPUTER SERVICES -- 15.4%
Akamai Technologies, Inc.* ................... 675 221,147
Aspen Technology, Inc.* ...................... 20,000 528,750
Brocade Communications
Systems, Inc.* ............................. 4,000 708,000
Cysive, Inc.* ................................ 5,200 374,725
Digital Island, Inc.* ........................ 10,000 951,250
Emulex Corp.* ................................ 6,400 720,000
Factset Research Systems, Inc. ............... 25,800 2,054,325
Fiserv, Inc. * ............................... 34,500 1,321,781
Gric Communications, Inc.* ................... 30,000 761,250
Homestore.Com, Inc.* ......................... 15,300 1,136,025
ITXC Corp.* .................................. 10,000 336,250
Mastech Corp.* ............................... 26,200 648,450
MMC Networks, Inc.* .......................... 10,000 343,750
N2H2, Inc.* .................................. 20,000 470,000
Proxicom, Inc.* .............................. 2,800 348,075
Sapient Corp.* ............................... 4,000 563,750
SunGard Data Systems, Inc.* .................. 30,000 712,500
Sycamore Networks, Inc.* ..................... 716 220,528
Whittman-Hart, Inc.* ......................... 5,500 294,938
-----------
TOTAL COMPUTER SERVICES ................................ 12,715,494
-----------
ELECTRIC, GAS & WATER UTILITIES -- 1.0%
Nstar ........................................ 10,815 438,007
Sierra Pacific Resources ..................... 23,500 406,844
-----------
TOTAL ELECTRIC, GAS & WATER UTILITIES .................... 844,851
-----------
FINANCE & INSURANCE -- 4.9%
INSURANCE CARRIERS -- 2.1%
Delphi Financial Group, Inc.
(A Shares)* ................................ 5,202 156,060
Medical Assurance, Inc.* ..................... 11,000 233,062
Protective Life Corp. ........................ 19,200 610,800
VALUE
SHARES (NOTE 2)
-------- -----------
PXRE Group Ltd. .............................. 19,700 $ 256,100
Renaissancere Holdings Ltd. .................. 11,238 459,353
-----------
1,715,375
-----------
SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 1.6%
Affiliated Managers Group,
Inc.* ...................................... 19,000 768,312
JSB Financial, Inc. .......................... 11,000 570,625
-----------
1,338,937
-----------
SECURITY & COMMODITY BROKERS, DEALERS & SERVICES -- 0.2%
Waddell & Reed
Financial, Inc. ............................ 5,000 135,625
-----------
STATE & NATIONAL BANKS -- 0.9%
Commonwealth
Bancorp, Inc. .............................. 46,900 779,712
-----------
TOTAL FINANCE & INSURANCE ................................ 3,969,649
-----------
MANUFACTURING -- 39.2%
AIRCRAFT & AEROSPACE -- 3.2%
The Titan Corporation* ....................... 35,000 1,649,375
Triumph Group, Inc.* ......................... 42,000 1,015,875
-----------
2,665,250
-----------
AUTOMOTIVE EQUIPMENT -- 0.5%
Borg-Warner Automotive, Inc. ................. 9,500 384,750
-----------
CHEMICAL & ALLIED PRODUCTS -- 0.8%
Cambrex Corp. ................................ 20,000 688,750
-----------
COMPUTERS & OFFICE EQUIPMENT -- 11.0%
Foundry Networks, Inc.* ...................... 368 111,021
Hyperion Solutions, Corp.* ................... 33,750 1,468,125
Maxtor Corp.* ................................ 50,000 362,500
Mercury Computer
Systems, Inc.* ............................. 24,000 840,000
Qlogic Corp.* ................................ 38,000 6,075,250
Rambus, Inc.* ................................ 3,000 202,312
-----------
9,059,208
-----------
ELECTRONICS -- 2.7%
Burr-Brown Corp.* ............................ 37,463 1,353,333
Lattice Semiconductor Corp.* ................. 18,000 848,250
-----------
2,201,583
-----------
LIGHTING FIXTURES -- 0.3%
Advanced Lighting
Technologies, Inc.* ........................ 40,300 231,725
-----------
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / SMALL CAP CORE SERIES
- --------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
MANUFACTURED HOMES -- 0.7%
Centex Corp. ................................. 7,000 $ 172,812
Pulte Corp. .................................. 9,000 202,500
Toll Brothers, Inc.* ......................... 10,000 186,250
-----------
561,562
-----------
METAL PRODUCTS -- 0.4%
Commonwealth Industries, Inc. ................ 28,100 365,300
-----------
MISC. ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES -- 1.4%
Spectrian Corp.* ............................. 19,500 550,875
Teleflex, Inc. ............................... 20,000 626,250
-----------
1,177,125
-----------
MISC. INDUSTRIAL MACHINERY & EQUIPMENT -- 3.2%
Applied Industrial
Technologies, Inc. ......................... 22,875 380,297
Circor International, Inc. ................... 9,300 95,906
Cognex Corp. * ............................... 18,800 733,200
IDEX Corp.* .................................. 27,100 823,162
Terex Corp.* ................................. 14,500 402,375
Titan International, Inc. .................... 31,000 201,500
-----------
2,636,440
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 1.2%
Harman International
Industries ................................. 16,910 949,074
-----------
PRECISION INSTRUMENTS & MEDICAL SUPPLIES -- 6.0%
Closure Medical Corp.* ....................... 25,000 321,875
Cryolife, Inc.* .............................. 46,000 540,500
Mentor Corp. ................................. 28,000 722,750
Protein Design Lab, Inc.* .................... 40,000 2,800,000
Theragenics Corp.* ........................... 64,000 580,000
-----------
4,965,125
-----------
TELECOMMUNICATIONS EQUIPMENT -- 7.8%
Anadigics, Inc.* ............................. 15,100 712,531
Black Box Corp.* ............................. 16,700 1,118,900
C-COR.net Corp.* ............................. 9,000 689,625
Harmonic, Inc.* .............................. 4,000 379,750
SDL, Inc.* ................................... 16,100 3,509,800
-----------
6,410,606
-----------
TOTAL MANUFACTURING ...................................... 32,296,498
-----------
OIL & GAS -- 2.8%
Core Laboratories NV* ........................ 20,000 401,250
Devon Energy Corp. ........................... 15,000 493,125
Nabors Industries, Inc.* ..................... 28,597 884,720
Tesoro Petroleum* ............................ 46,100 533,031
-----------
TOTAL OIL & GAS .......................................... 2,312,126
-----------
VALUE
SHARES (NOTE 2)
-------- -----------
PHARMACEUTICAL PREPARATIONS -- 7.0%
Alkermes, Inc. ............................... 10,000 $ 491,250
Collagenex Pharmaceuticals ................... 30,000 750,000
Guilford Pharmaceuticals,
Inc.* ...................................... 30,000 510,000
Ilex Oncology, Inc.* ......................... 20,000 482,500
Invitrogen Corp.* ............................ 15,000 900,000
Progenics Pharmaceuticals,
Inc.* ...................................... 25,000 1,221,875
QLT PhotoTherapeutics, Inc.* ................. 10,000 587,500
Shire Pharmaceuticals Group* ................. 27,213 792,579
Tularik, Inc.* ............................... 1,000 32,375
-----------
TOTAL PHARMACEUTICAL PREPARATIONS ........................ 5,768,079
-----------
REAL ESTATE INVESTMENT TRUSTS -- 1.6%
Developers Diversified
Realty Corp. ............................... 30,700 395,263
Health Care Property
Investors, Inc. ............................ 15,834 378,037
Kilroy Realty Corp. .......................... 25,300 556,600
-----------
TOTAL REAL ESTATE INVESTMENT TRUSTS ...................... 1,329,900
-----------
SERVICES -- 9.2%
AMUSEMENT & RECREATIONAL SERVICES -- 1.7%
International Speedway Corp.
(A Shares) ................................. 21,500 1,083,063
Speedway Motorsports, Inc.* .................. 12,500 347,656
-----------
1,430,719
-----------
BUSINESS SERVICES -- 4.3%
Acxiom Corp.* ................................ 64,700 1,552,800
AppNet Systems, Inc.* ........................ 4,000 175,000
Diamond Technology Partners,
Inc.* ...................................... 7,500 644,531
The Profit Recovery Group
International, Inc.* ....................... 42,500 1,128,906
-----------
3,501,237
-----------
MEDICAL & HEALTH SERVICES -- 0.9%
Alterra Healthcare Corp.* .................... 31,000 257,688
Orthodontic Centers of
America, Inc.* ............................. 39,000 465,563
-----------
723,251
-----------
PERSONAL SERVICES -- 2.3%
F.Y.I., INC.* .............................. 10,200 346,800
ITT Educational Services,
Inc.* ...................................... 25,000 385,938
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / SMALL CAP CORE SERIES
- --------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
Shurgard Storage Centers, Inc. ............... 18,200 $ 422,013
Source Information
Management Co.* ............................ 45,000 753,750
-----------
1,908,501
-----------
TOTAL SERVICES ........................................... 7,563,708
-----------
TRANSPORTATION -- 2.6%
Air Express International Corp. .............. 34,580 1,117,366
Sea Containers, Ltd. ......................... 25,544 680,109
USFreightways Corp. .......................... 7,000 335,125
-----------
TOTAL TRANSPORTATION ..................................... 2,132,600
-----------
WHOLESALE & RETAIL TRADE -- 9.3%
MISCELLANEOUS RETAIL STORES -- 3.6%
A.C. Moore Arts &
Crafts, Inc.* .............................. 56,000 325,500
Barnes & Noble, Inc.* ........................ 13,800 284,625
Cheap Tickets, Inc.* ......................... 10,000 136,875
Longs Drug Stores, Inc. ...................... 22,800 588,525
O'Reilly Automotive, Inc.* ................... 76,800 1,651,200
-----------
2,986,725
-----------
RETAIL APPAREL & ACCESSORY STORES -- 2.7%
Brown Shoe Company, Inc. ..................... 32,100 453,413
Linens 'N Things, Inc.* ...................... 35,200 1,042,800
Zale Corp.* .................................. 15,000 725,625
-----------
2,221,838
-----------
RETAIL BUILDING MATERIAL -- 0.5%
Hughes Supply, Inc. .......................... 19,300 416,156
-----------
VALUE
SHARES (NOTE 2)
-------- -----------
RETAIL EATING & DRINKING PLACES -- 0.6%
Checkers Drive-In
Restaurants* ............................... 3,093 $ 193
Mortons Restaurant
Group, Inc.* ............................... 30,000 465,000
-----------
465,193
-----------
RETAIL FOOD STORES -- 0.5%
Ingles Markets, Inc.,
(A Shares) ................................. 37,700 419,413
-----------
RETAIL FURNITURE & APPLIANCE STORES -- 1.1%
Williams Sonoma, Inc.* ....................... 20,200 929,200
-----------
WHOLESALE - CHEMICALS & DRUGS -- 0.3%
AmeriSource Health Corp. (A Shares)* ......... 15,000 227,813
-----------
TOTAL WHOLESALE & RETAIL TRADE ............................ 7,666,338
-----------
TOTAL COMMON STOCK
(COST $50,542,059) ..................................... 80,773,274
-----------
SHORT-TERM INVESTMENTS -- 1.2%
Samson Street Fund - Money
Market Portfolio ........................... 477,617 477,617
Temp Cash Fund - Dollar
Series ..................................... 477,617 477,617
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $955,234) ........................................ 955,234
-----------
TOTAL INVESTMENTS -- 99.3%
(COST $51,497,293)(DAGGER) ................................. 81,728,508
OTHER ASSETS AND
LIABILITIES, NET -- 0.7% ................................... 585,889
-----------
NET ASSETS -- 100.0% .......................................... $82,314,397
===========
* Non-income producing security.
(DAGGER) The cost for Federal income tax purposes was $51,497,293. At December
31, 1999, net unrealized appreciation was $30,231,215. This consisted
of aggregate gross unrealized appreciation for all securities for which
there was an excess of market value over tax cost of $36,378,067, and
aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over market value of $6,146,852.
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / INTERNATIONAL MULTI-MANAGER SERIES
- ---------------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED)
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
COMMON STOCK -- 95.8%
AUSTRALIA -- 2.3%
Australia & New Zealand Banking
Group, Ltd. (Banking) ........................ 40,930 $ 297,979
Broken Hill Proprietary Co., Ltd.
(Metals-Non-Ferrous) ......................... 46,122 606,073
National Australia Bank, Ltd.
(Banking) .................................... 20,270 310,295
News Corp., Ltd., ADR
(Broadcasting & Publishing) .................. 6,100 233,325
Publishing & Broadcasting, Ltd.
(Broadcasting & Publishing) .................. 32,880 251,233
WMC, Ltd. (Metals-Non-
Ferrous) ..................................... 38,800 214,129
WOODSIDE PETROLEUM, LTD.
(ENERGY SOURCES) ............................ 12,300 90,912
-----------
TOTAL AUSTRALIA .......................................... 2,003,946
-----------
AUSTRIA -- 0.5%
Bank Austria AG (Banking) ...................... 3,940 222,218
OMV AG (Energy Sources) ........................ 2,440 237,144
-----------
TOTAL AUSTRIA ............................................ 459,362
-----------
BRAZIL -- 0.0%
Companhia Vale do Rio Doce
(Metals-Non-Ferrous)* ........................ 3,200 --
------------
TOTAL BRAZIL ............................................. 0
------------
CANADA -- 1.4%
Canadian National Railway Co.
(Transportation-Road & Rail) ................. 8,700 228,919
Nortel Networks Corp.
(Telecommunications) ......................... 7,000 707,000
Royal Bank of Canada
(Banking) .................................... 7,140 315,080
-----------
TOTAL CANADA ............................................. 1,250,999
-----------
DENMARK -- 0.3%
Danisco AS (Beverages &
Tobacco) ..................................... 5,650 220,005
-----------
TOTAL DENMARK ............................................ 220,005
-----------
FINLAND -- 4.3%
Merita Oyj Exchange
(Banking)* .................................. 58,270 342,730
Nokia Oyj, ADR (Electronic
Components & Instruments) .................... 2,730 518,700
Nokia Oyj (Electronic Components
& Instruments) ............................... 8,380 1,519,186
VALUE
SHARES (NOTE 2)
-------- -----------
Sonera Oyj
(Telecommunications) ......................... 6,200 $ 424,927
Stora Enso Oyj (R Shares) (Forest
Products & Paper) ............................ 37,300 650,280
UPM-Kymmene Oyj (Forest
Products & Paper) ............................ 6,380 257,025
-----------
TOTAL FINLAND ............................................ 3,712,848
-----------
FRANCE -- 12.2%
Alcatel (Telecommunications
Equipment) ................................... 2,440 560,298
Axa (Insurance) ................................ 3,351 467,095
Cap Gemini SA (Business &
Public Services) ............................. 2,440 619,277
Carrefour SA (Merchandising) .................. 5,910 1,089,859
Christian Dior SA (Recreation &
Other Consumer Goods) ........................ 1,173 290,621
Club Mediterranee SA (Leisure &
Tourism)* .................................... 503 58,157
Dassault Systemes SA (Business &
Public Services) ............................. 1,594 103,869
Eurotunnel SA (Construction &
Housing)* .................................... 179,255 211,228
Lafarge SA (Building Materials &
Components) .................................. 5,067 589,934
Lagardere SCA (Multi-Industrial) ............... 8,810 479,142
Louis Vuitton Moet Hennessy
(Recreation & Other Consumer
Goods) ....................................... 469 210,056
Pinault-Printemps Redoute SA
(Building Materials &
Components) .................................. 1,004 264,929
Renault SA (Automobiles) ...................... 2,480 119,542
Rhodia SA (Miscellaneous) ..................... 21,637 489,006
Rhone-Poulenc SA (Health &
Personal Care) ............................... 10,612 616,691
Schneider Electric SA (Electronic
Equipment) ................................... 2,248 176,485
Societe BIC SA (Recreation & Other
Consumer Goods) .............................. 4,412 200,760
STMicroelectronics NV
(Telecommunications) ......................... 11,543 1,776,383
Total Fina SA (Oil & Gas
Operations) .................................. 8,784 1,172,203
Union des Assurances Federales
(Insurance) .................................. 1,020 119,782
Usinor SA (Metals-Steel) ...................... 7,852 147,487
Vivendi (Utilities-Electrical
& Gas) ....................................... 8,433 761,425
-----------
TOTAL FRANCE ............................................. 10,524,229
-----------
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / INTERNATIONAL MULTI-MANAGER SERIES
- ---------------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
GERMANY -- 8.3%
Allianz AG (Insurance) ......................... 723 $ 242,845
Aventis SA (Health & Personal
Care)* ....................................... 9,970 582,389
BASF AG (Chemicals) ............................ 5,640 294,809
Celanese AG (Chemicals)* ...................... 699 12,954
Commerzbank AG (Banking) ...................... 2,940 107,929
Deutsche Bank AG (Financial
Services) .................................... 3,800 321,674
Deutsche Telekom AG
(Telecommunications) ......................... 2,505 176,225
Dresdner Bank AG (Banking) .................... 4,023 218,390
Epcos AG (Electronic Components
& Instruments)* .............................. 5,604 417,661
Epcos AG, ADR (Electronic
Components & Instruments)* ................... 4,600 343,562
HypoVereinsbank (Banking) ...................... 2,940 200,757
Mannesmann AG
(Telecommunications) ......................... 7,201 1,743,499
Siemens AG (Electrical
& Electroncis) ............................... 6,470 827,566
Software AG (Business
& Public Services)* .......................... 19,200 1,169,906
Thyssen Krupp AG (Building
Materials & Components) ...................... 11,348 351,446
Veba AG (Utilities-Electrical
& Gas) ....................................... 4,475 218,589
-----------
TOTAL GERMANY ............................................ 7,230,201
-----------
GREECE -- 0.3%
Hellenic Telecommunication
Organization SA, ADR
(Telecommunications) ......................... 22,040 263,102
-----------
TOTAL GREECE ............................................. 263,102
-----------
HONG KONG -- 0.8%
Cheung Kong Holdings, Ltd.
(Real Estate) ................................ 13,000 165,144
Citic Pacific, Ltd.
(Multi-Industrial) ........................... 22,000 82,781
Hong Kong & China Gas Co., Ltd.
(Utilities-Electrical & Gas) ................. 236,500 324,014
New World China Land, Ltd.
(Construction & Housing) ..................... 336 124
New World Development Co.,
Ltd. (Real Estate) ........................... 45,303 101,988
-----------
TOTAL HONG KONG .......................................... 674,051
-----------
VALUE
SHARES (NOTE 2)
-------- -----------
IRELAND -- 1.2%
Bank of Ireland -- (GBP)
(Banking) .................................... 47,258 $ 376,008
Bank of Ireland -- (IEP)
(Banking) .................................... 50,798 404,174
Irish Life & Permanent PLC
(Financial Services) ......................... 30,425 288,040
-----------
TOTAL IRELAND ............................................ 1,068,222
-----------
ISRAEL -- 0.4%
Orbotech, Ltd. (Electronic Components
& Instruments) ............................... 4,350 337,125
-----------
TOTAL ISRAEL ............................................. 337,125
-----------
ITALY -- 2.0%
Banca Nazionale del Lovoro
(BANKING)* ................................... 52,000 173,351
Gruppo Editoriale L'Espresso
(Broadcasting & Publishing) .................. 19,760 228,666
Mediaset SPA (Broadcasting
& Publishing) ................................ 16,200 251,917
Mondadori (Arnoldo) Editore SPA
(Broadcasting & Publishing) .................. 4,900 155,454
Seat Pagine Gialle SPA (Broadcasting
& Publishing) ................................ 247,400 545,680
Telecom Italia SPA
(Telecommunications) ......................... 62,830 382,840
-----------
TOTAL ITALY .............................................. 1,737,908
-----------
JAPAN -- 25.0%
Advantest Corp. (Electronic
Components & Instruments) .................... 1,100 290,692
Asahi Glass Co., Ltd. (Building
Materials & Components) ...................... 16,000 123,872
Benesse Corp. (Business & Public
Services) .................................... 500 120,388
Canon, Inc. (Data Processing &
Reproduction) ................................ 13,600 540,433
CSK Corp. (Business & Public
Services) .................................... 1,400 227,464
Daiwa Securities Group, Ltd.
(Financial Services) ......................... 30,000 469,512
DDI Corp.
(Telecommunications) ......................... 25 342,566
Fanuc, Ltd. (Machinery &
Engineering) ................................. 1,100 140,070
Fuji Bank, Ltd. (Banking) ...................... 23,000 223,539
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / INTERNATIONAL MULTI-MANAGER SERIES
- ---------------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
Fuji Television Network, Inc.
(Broadcasting & Publishing) .................. 14 $ 191,837
Fujisawa Pharmaceutical Co., Ltd.
(Health & Personal Care) ..................... 2,000 48,547
Fujitsu Support & Service, Inc.
(Telecommunications) ......................... 400 196,144
Fujitsu, Ltd. (Data Processing
& Reproduction) .............................. 47,000 2,143,682
Hitachi, Ltd. (Electronics) .................... 26,000 417,344
Honda Motor Co., Ltd.
(Automobiles) ................................ 16,000 595,087
Japan Tobacco, Inc. (Beverages
& Tabacco) ................................... 12 91,847
Kyocera Corp. (Energy Equipment
& Services) .................................. 2,000 518,743
Matsushita Electric Industrial Co.,
Ltd. (Appliances & Household
Durables) .................................... 14,000 387,785
Mitsubishi Motors Corp.
(Automobiles) ................................ 21,000 71,733
Murata Manufacturing Co., Ltd.
(Electronic Components &
Instruments) ................................. 3,000 704,708
NEC Corp.
(Telecommunications) ......................... 42,000 1,000,979
Nikko Securities Co., Ltd.
(Financial Services) ......................... 27,000 341,695
Nippon Telegraph & Telephone
Corp. (Telecommunications) ................... 24 411,080
Nissan Motor Co., Ltd.
(Automobiles) ................................ 45,000 177,058
Nomura Securities Co., Ltd.
(Security & Commodity
Brokers, Dealers & Services) ................. 18,000 325,046
NSK, Ltd. (Metals-Non-
Ferrous) ..................................... 20,000 136,831
NTT Mobile Communication
Network, Inc.
(Telecommunications) ......................... 60 2,307,918
Sakura Bank, Ltd. (Banking) .................... 41,000 237,565
Sanwa Bank, Ltd. (Banking) .................... 32,000 389,312
Seven-Eleven Japan Co., Ltd. (Food
& Household Products) ........................ 5,000 792,796
SMC Corp. (Misc. Industrial Machinery
& Equipment) ................................. 500 110,649
Softbank Corp. (Wholesale &
International Trade) ......................... 1,300 1,244,397
Sony Corp. (Appliances & Household
Durables) .................................... 2,000 593,129
Sony Corp., ADR (Appliances &
Household Durables) .......................... 300 85,425
VALUE
SHARES (NOTE 2)
-------- -----------
Sumitomo Trust & Banking Co.,
Ltd. (Banking) .............................. 33,000 $ 222,864
Taisho Pharmaceutical Co., Ltd.
(Health & Personal Care) ..................... 8,000 234,903
Takeda Chemical Industries, Ltd.
(Health & Personal Care) ..................... 26,000 1,285,113
Takefuji Corp. (Financial
Services) .................................... 2,400 300,440
TDK Corp. (Electronic Components
& Instruments) ............................... 4,000 552,413
Teijin, Ltd. (Chemicals) ....................... 4,000 14,760
Terumo Corp. (Health & Personal
Care) ........................................ 9,000 240,482
THK Co., Ltd. (Machinery &
Engineering) ................................. 2,900 117,226
Tokyo Electron, Ltd. (Electronic
Components & Instruments) .................... 4,000 548,106
Toray Industries, Inc. (Misc. Materials
& Commodities) ............................... 16,000 62,014
Toshiba Corp. (Electrical &
Electronics) ................................. 133,000 1,015,367
Trend Micro, Inc. (Business & Public
Services) .................................... 1,900 479,789
Yamada Denki Co., Ltd. (Electrical &
Electronics) ................................. 4,000 434,570
Yamanouchi Pharmaceutical Co., Ltd.
(Health & Personal Care) ..................... 3,000 104,825
-----------
TOTAL JAPAN .............................................. 21,612,745
-----------
MEXICO -- 0.1%
Desc SA de CV (B Shares)
(Multi-Industrial) ........................... 133,220 109,107
-----------
TOTAL MEXICO ............................................. 109,107
-----------
NETHERLANDS -- 8.1%
Aegon NV (Insurance) ........................... 5,652 545,903
Akzo Nobel NV (Chemicals) ...................... 3,240 162,506
Buhrmann NV (Data Processing &
Reproduction) ................................ 13,760 207,183
Equant NV (Electronic Components
& Instruments)* .............................. 4,280 485,805
Fortis NV (Banking) .......................... 4,030 145,103
Getronics NV
(Telecommunications) ......................... 7,530 600,641
Gucci Group NV, ADR (Textiles
& Apparel) ................................... 2,600 297,700
ING Groep NV (Financial
Services) .................................... 7,040 424,995
Koninklijke (Royal) Philips Electronics
NV (Appliances & Household
Durables) .................................... 5,436 739,108
The accompanying notes are an integral part of the financial statements.
29
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / INTERNATIONAL MULTI-MANAGER SERIES
- ---------------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
KPN NV
(Telecommunications) ......................... 9,970 $ 973,001
KPNQwest NV
(Telecommunications)* ........................ 1,510 100,525
KPNQwest NV, ADR
(Telecommunications)* ........................ 3,352 213,690
Laurus NV (Energy Sources) .................... 5,970 107,627
United Pan-Europe Communications
NV (Telecommunications)* ..................... 2,930 374,771
Vedior NV (Business & Public
Services) .................................... 16,026 164,634
VNU NV (Broadcasting &
Publishing) .................................. 29,020 1,525,092
-----------
TOTAL NETHERLANDS ........................................ 7,068,284
-----------
NEW ZEALAND -- 0.5%
Telecom Corp. of New Zealand,
Ltd. (Telecommunications) .................... 93,960 441,846
-----------
TOTAL NEW ZEALAND ........................................ 441,846
-----------
NORWAY -- 1.2%
Orkla ASA (Multi-Industrial) .................. 16,620 286,141
Petroleum Geo Services ASA
(Energy Sources)* ............................ 28,900 515,589
Sparebanken NOR (Banking) ...................... 9,410 218,359
-----------
TOTAL NORWAY ............................................. 1,020,089
-----------
PORTUGAL -- 0.3%
Brisa Auto Estradas de Portugal
SA (Transportation - Road
& Rail) ...................................... 35,650 273,596
-----------
TOTAL PORTUGAL ........................................... 273,596
-----------
SINGAPORE -- 0.2%
DBS Group Holdings, Ltd. (Financial
Services) .................................... 6,978 114,380
Overseas-Chinese Banking Corp., Ltd.
(Financial Services) ......................... 7,350 67,520
-----------
TOTAL SINGAPORE .......................................... 181,900
-----------
SOUTH KOREA -- 5.9%
Dacom Corp.
(Telecommunications) ......................... 610 314,267
Korea Telecom Corp., ADR
(Telecommunications) ......................... 5,000 373,750
Pohang Iron & Steel Co., Ltd., ADR
(Metals-Steel) ............................... 15,400 539,000
Samsung Electronics Co. (Electrical &
Electronics) ................................. 7,186 1,683,378
VALUE
SHARES (NOTE 2)
-------- -----------
SK Telecom Co., Ltd.
(Telecommunications) ......................... 120 $ 430,119
SK Telecom Co., Ltd., ADR
(Telecommunications) ......................... 45,567 1,748,641
-----------
TOTAL SOUTH KOREA ........................................ 5,089,155
-----------
SPAIN -- 0.3%
Telefonica Publicidad e Informacion
SA (Broadcasting &
Publishing)* ................................. 1,017 49,421
Telefonica SA
(Telecommunications) ......................... 9,969 248,999
-----------
TOTAL SPAIN .............................................. 298,420
-----------
SWEDEN -- 4.1%
AstraZeneca Group PLC
(Chemicals) .................................. 4,652 196,841
Autoliv, Inc. (Automobiles) .................... 4,790 140,187
Ericsson AB (B Shares)
(Telecommunications
Equipment) ................................... 14,100 906,523
Icon Medialab International AB
(Telecommunications)* ........................ 38,000 1,322,050
Investor AB (B Shares)
(Financial Services) ......................... 27,410 386,601
Nordbanken Holding AB
(Financial Services)* ........................ 15,000 85,356
Svenska Handelsbanken AB (B Shares)
(Banking) .................................... 20,650 243,926
Swedish Match AB (Beverages &
Tobacco) ..................................... 84,520 295,045
-----------
TOTAL SWEDEN ............................................. 3,576,529
-----------
SWITZERLAND -- 2.6%
Clariant AG (Chemicals) ........................ 560 266,935
Nestle SA (Food & Household
Products) .................................... 129 236,320
Novartis AG (Reg. Shares) (Health &
Personal Care) ............................... 599 879,521
Roche Holding AG (Health &
Personal Care) ............................... 12 142,435
UBS (United Bank of Switzerland)
AG (Banking) ................................. 1,590 429,379
Zurich Allied AG (Insurance) ................... 460 262,312
-----------
TOTAL SWITZERLAND ........................................ 2,216,902
-----------
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / INTERNATIONAL MULTI-MANAGER SERIES
- ---------------------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
TAIWAN -- 1.1%
Taiwan Semiconductor Manufacturing
Co., Ltd. (Electronic Components
& Instruments)* .............................. 21,357 $ 961,065
-----------
TOTAL TAIWAN ............................................. 961,065
-----------
UNITED KINGDOM -- 12.1%
Aegis Group PLC (Busines &
Public Services) ............................. 89,220 327,866
Amvescap PLC (Financial
Services) .................................... 46,020 535,220
Billiton PLC (Metals-Steel) ................... 23,765 140,211
BOC Group PLC (Chemicals) ...................... 13,274 285,172
BP Amoco PLC (Energy
Sources) ..................................... 76,074 764,943
British Aerospace PLC
(Transportation-Airlines) .................... 109,010 721,948
British Energy PLC (Utilities-
Electrical & Gas) ............................ 51,062 293,837
Carlton Communications PLC
(Leisure & Tourism) .......................... 26,950 262,500
Cookson Group PLC
(Multi-Industrial) ........................... 63,950 267,543
Diageo PLC (Data Processing &
Reproduction) ................................ 43,002 345,916
Glaxo Wellcome PLC (Health &
Personal Care) ............................... 13,956 394,505
Marconi PLC (Energy Equipment
& Services) .................................. 9,171 162,286
Prudential PLC (Insurance) ..................... 21,053 414,884
Reckitt Benckiser PLC (Recreation
& Other Consumer Goods) ...................... 28,420 266,489
Rentokil Initial PLC (Business &
Public Services) ............................. 24,886 90,748
Reuters Group PLC (Business &
Public Services) ............................. 63,573 872,347
Rio Tinto PLC (Metals-Non-
Ferrous) ..................................... 24,872 600,627
Royal & Sun Alliance Insurance
Group PLC (Insurance) ........................ 63,399 482,856
Sema Group PLC (Business &
Public Services) ............................. 29,000 521,839
Shell Transport & Trading Co.
PLC (Energy Sources) ......................... 48,332 401,674
SmithKline Beecham PLC (Health
& Personal Care) ............................. 45,594 581,819
Standard Chartered PLC
(Banking) .................................... 17,653 274,028
United News & Media PLC
(Broadcasting &
Publishing) .................................. 39,810 507,367
VALUE
SHARES (NOTE 2)
-------- -----------
Vodafone AirTouch PLC
(Telecommunications) ......................... 150,285 $ 744,652
WPP Group PLC (Business &
Public Services) ............................. 15,590 247,041
-----------
TOTAL UNITED KINGDOM ..................................... 10,508,318
-----------
UNITED STATES -- 0.3%
Housing & Commercial Bank,
GDR (Banking) ................................ 5,071 150,850
Shinhan Bank, GDR
(Banking)* ................................... 5,250 99,487
-----------
TOTAL UNITED STATES ...................................... 250,337
-----------
TOTAL COMMON STOCK
(COST $53,730,970) ..................................... 83,090,291
-----------
PREFERRED STOCK -- 0.7%
FRANCE -- 0.3%
Casino Guichard Perrach SA
(Merchandising) .............................. 2,930 225,895
-----------
TOTAL FRANCE ............................................. 225,895
-----------
GERMANY -- 0.4%
SAP AG (Business & Public
Services) .................................... 608 370,776
-----------
TOTAL GERMANY ............................................ 370,776
-----------
TOTAL PREFERRED STOCK
(COST $498,699) ........................................ 596,671
-----------
PAR
--------
CORPORATE BONDS -- 0.0%
UNITED KINGDOM -- 0.0%
British Aerospace Loan Note
(Transportation-Airlines)
7.450%, 11/30/03 .............................. 3,082 4,904
-----------
TOTAL UNITED KINGDOM ..................................... 4,904
-----------
TOTAL CORPORATE BONDS
(COST $1,727) .......................................... 4,904
-----------
TOTAL INVESTMENTS -- 96.5%
(COST $54,231,396)(DAGGER) ................................. 83,691,866
OTHER ASSETS AND
LIABILITIES, NET -- 3.5% ................................... 3,057,952
-----------
NET ASSETS -- 100.0% .......................................... $86,749,818
===========
* Non-income producing security.
(DAGGER) The cost for Federal income tax purposes was $54,231,396. At December
31, 1999, net unrealized appreciation was $29,460,470. This consisted
of aggregate gross unrealized appreciation for all securities for which
there was an excess of market value over tax cost of $31,494,708, and
aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over market value of $2,034,238.
The accompanying notes are an integral part of the financial statements.
31
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP VALUE SERIES
- ---------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED)
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
COMMON STOCK -- 98.4%
COMMUNICATION & BROADCASTING -- 6.9%
CBS Corp.* ..................................... 13,300 $ 850,369
MediaOne Group, Inc.* .......................... 31,400 2,411,912
News Corp. Ltd. ................................ 46,900 1,568,219
-----------
TOTAL COMMUNICATION & BROADCASTING ....................... 4,830,500
-----------
COMPUTER SERVICES -- 7.4%
Ceridian Corp. ................................. 33,000 711,563
Novell, Inc.* .................................. 35,300 1,409,794
Oracle Corp.* .................................. 12,900 1,445,606
Sterling Commerce, Inc.* ....................... 46,300 1,577,094
-----------
TOTAL COMPUTER SERVICES .................................. 5,144,057
-----------
ELECTRIC, GAS & WATER UTILITIES -- 0.9%
ENTERGY CORP. ................................ 23,600 607,700
-----------
TOTAL ELECTRIC, GAS & WATER
UTILITIES .............................................. 607,700
-----------
FINANCE & INSURANCE -- 16.8%
FINANCIAL SERVICES -- 5.2%
Associates First Capital Corp.
(A shares) ................................... 19,000 521,312
First Data Corp. ............................... 30,300 1,494,169
Marsh & McLennan Cos., Inc. .................... 16,600 1,588,412
-----------
3,603,893
-----------
INSURANCE CARRIERS -- 8.2%
Aetna, Inc. .................................... 12,300 686,494
American International
Group, Inc. .................................. 13,600 1,470,500
Jefferson-Pilot Corp. .......................... 17,500 1,194,375
MBIA, Inc. ..................................... 20,800 1,098,500
Travelers Property Casualty Corp.
(A Shares) ................................... 38,100 1,304,925
-----------
5,754,794
-----------
SECURITY & COMMODITY BROKERS, DEALERS & SERVICES -- 3.4%
Bear Stearns Companies, Inc. ................... 24,255 1,036,901
Citigroup, Inc. ................................ 23,850 1,325,166
-----------
2,362,067
-----------
TOTAL FINANCE & INSURANCE ................................ 11,720,754
-----------
MANUFACTURING -- 36.1%
AIRCRAFT & AEROSPACE -- 0.4%
Boeing Co. ..................................... 7,800 324,187
-----------
AUTOMOBILES -- 2.0%
General Motors Corp. ........................... 18,900 1,373,794
-----------
VALUE
SHARES (NOTE 2)
-------- -----------
CHEMICAL & ALLIED PRODUCTS -- 1.1%
Dow Chemical Co. ............................... 5,700 $ 761,662
-----------
COMPUTERS & OFFICE EQUIPMENT -- 12.9%
Cisco Systems, Inc.* ........................... 14,700 1,574,738
Compaq Computer Corp. .......................... 40,000 1,082,500
Hewlett-Packard Co. ............................ 13,800 1,572,337
Intel Corp. .................................... 14,000 1,152,375
International Business
Machines Corp. ............................... 12,800 1,382,400
Microsoft Corp.* ............................... 14,400 1,681,200
Xerox Corp. .................................... 24,300 551,306
-----------
8,996,856
-----------
CONSUMER PRODUCTS -- 6.0%
American Home Products
Corp. ........................................ 18,800 741,425
General Electric Co. ........................... 10,400 1,609,400
Johnson & Johnson Co. .......................... 12,400 1,154,750
Procter & Gamble Co. ........................... 6,400 701,200
-----------
4,206,775
-----------
ELECTRONICS -- 3.4%
Koninklijke (Royal) Philips
Electronics .................................. 11,800 1,593,000
Raytheon Co. (A shares) ........................ 32,700 811,369
-----------
2,404,369
-----------
FOOD AND BEVERAGE -- 2.6%
Nabisco Group Holdings Corp. ................... 108,800 1,156,000
PepsiCo, Inc. .................................. 19,200 676,800
-----------
1,832,800
-----------
MISC. INDUSTRIAL MACHINERY & EQUIPMENT -- 1.1%
Deere & Co. .................................... 17,100 741,712
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES -- 3.6%
Alcoa, Inc. .................................... 5,800 481,400
Ingersoll-Rand Co. ............................. 13,000 715,813
PPG Industries, Inc. ........................... 11,200 700,700
Ralston-Ralston Purina Group ................... 20,800 579,800
-----------
2,477,713
-----------
NONFERROUS METALS -- 0.6%
Phelps Dodge Corp. ............................. 6,300 422,888
-----------
PAPER & PAPER PRODUCTS -- 0.5%
Champion International Corp. ................... 6,000 371,625
-----------
TELECOMMUNICATIONS EQUIPMENT -- 1.2%
Lucent Technologies, Inc. ...................... 10,800 807,975
-----------
The accompanying notes are an integral part of the financial statements.
32
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES / LARGE CAP VALUE SERIES
- ---------------------------------------------------------------
INVESTMENTS / DECEMBER 31, 1999 (UNAUDITED) -- CONTINUED
================================================================================
VALUE
SHARES (NOTE 2)
-------- -----------
TOBACCO -- 0.8%
Philip Morris Cos., Inc. ....................... 24,500 $ 568,094
-----------
TOTAL MANUFACTURING ...................................... 25,290,450
-----------
MINING -- 0.5%
NEWMONT MINING CORP. ......................... 14,400 352,800
-----------
TOTAL MINING ............................................. 352,800
-----------
OIL & GAS -- 8.8%
Conoco, Inc. (B Shares) ........................ 50,000 1,243,750
Enron Corp. .................................... 31,900 1,415,562
Exxon Mobil Corp. .............................. 17,686 1,424,828
Halliburton Co. ................................ 17,600 708,400
Schlumberger Ltd. .............................. 21,100 1,186,875
Transocean Sedco Forex, Inc. ................... 4,085 137,612
-----------
TOTAL OIL & GAS .......................................... 6,117,027
-----------
PHARMACEUTICAL PREPARATIONS -- 3.2%
Merck & Co., Inc. .............................. 17,200 1,153,475
Pharmacia & Upjohn, Inc. ....................... 24,200 1,089,000
-----------
TOTAL PHARMACEUTICAL PREPARATIONS ...................... 2,242,475
-----------
SERVICES -- 11.8%
AMUSEMENT & RECREATIONAL SERVICES -- 1.7%
The Walt Disney Co. ............................ 40,300 1,178,775
-----------
BUSINESS SERVICES -- 2.3%
Cendant Corp.* ................................. 59,300 1,575,156
-----------
HOTELS & OTHER LODGING PLACES -- 1.5%
Starwood Hotels & Resorts
Worldwide, Inc. .............................. 45,700 1,073,950
-----------
TELECOMMUNICATIONS -- 6.3%
GTE Corp. ...................................... 22,000 1,552,375
MCI WorldCom, Inc.* ............................ 30,506 1,618,698
SBC Communications, Inc. ....................... 25,700 1,252,875
-----------
4,423,948
-----------
TOTAL SERVICES ........................................... 8,251,829
-----------
VALUE
SHARES (NOTE 2)
-------- -----------
TRANSPORTATION -- 1.3%
Canadian National
Railway Co. .................................. 33,400 $ 878,838
-----------
TOTAL TRANSPORTATION ..................................... 878,838
-----------
WHOLESALE & RETAIL TRADE -- 4.7%
MISCELLANEOUS RETAIL STORES -- 2.7%
K Mart Corp.* .................................. 65,400 658,088
Wal-Mart Stores, Inc. .......................... 18,000 1,244,250
-----------
1,902,338
-----------
RETAIL BUILDING MATERIAL-- 1.3%
Home Depot, Inc. ............................... 13,200 905,025
-----------
RETAIL FOOD STORES -- 0.7%
Kroger Co. ..................................... 30,200 570,025
-----------
TOTAL WHOLESALE & RETAIL TRADE ........................... 3,377,388
-----------
TOTAL COMMON STOCK
(COST $61,902,260) ..................................... 68,813,818
-----------
SHORT-TERM INVESTMENTS -- 1.4%
Samson Street Fund - Money
Market Portfolio ............................. 478,797 478,797
Temp Cash Fund - Dollar Series ................. 478,797 478,797
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $957,594) ........................................ 957,594
-----------
TOTAL INVESTMENTS -- 99.8%
(COST $62,859,854)(DAGGER) ................................. 69,771,412
OTHER ASSETS AND
LIABILITIES, NET -- 0.2% ................................... 131,724
-----------
NET ASSETS -- 100.0% .......................................... $69,903,136
===========
* Non-income producing security.
(DAGGER) The cost for Federal income tax purposes was $62,873,898. At December
31, 1999, net unrealized appreciation was $6,897,514. This consisted of
aggregate gross unrealized appreciation for all securities for which
there was an excess of market value over tax cost of $10,418,004, and
aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over market value of $3,520,490.
The accompanying notes are an integral part of the financial statements.
33
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
- --------------------------------------
FINANCIAL STATEMENTS
================================================================================
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
SERIES CORE SERIES CORE SERIES SERIES SERIES
------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment in securities, at value* ..... $276,938,180 $134,899,327 $81,728,508 $83,691,866 $69,771,412
Cash .................................... -- -- -- 2,911,266 --
Receivable for contributions ............ 345,578 -- 76,919 71,892 88,935
Receivable for investments sold ......... 9,890,823 -- 520,000 3,349 --
Dividends and interest receivable ....... 30,572 117,214 42,834 201,772 93,235
Other assets ............................ -- 27 -- -- --
------------ ------------ ----------- ----------- -----------
Total assets ............................ 287,205,153 135,016,568 82,368,261 86,880,145 69,953,582
------------ ------------ ----------- ----------- -----------
LIABILITIES:
Payable for withdrawals ................. 97,266 92,015 4,485 4,000 9,496
Payable for investments purchased ....... 8,624,780 -- -- -- --
Accrued advisory fee .................... 120,101 78,051 38,732 85,595 31,585
Other accrued expenses .................. 31,112 23,776 10,647 40,732 9,365
------------ ------------ ----------- ----------- -----------
Total liabilities ....................... 8,873,259 193,842 53,864 130,327 50,446
------------ ------------ ----------- ----------- -----------
NET ASSETS .............................. $278,331,894 $134,822,726 $82,314,397 $86,749,818 $69,903,136
============ ============ =========== =========== ===========
* Investments at cost ............... $170,950,806 $ 80,204,788 $51,497,293 $54,231,396 $62,859,854
</TABLE>
The accompanying notes are an integral part of the financial statements.
34
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
- --------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF OPERATIONS (Unaudited)
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
SERIES 2 CORE SERIES 1 CORE SERIES 2 SERIES 2 SERIES 2
----------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
INCOME:
Dividends ........................................ $ 73,533 $ 766,233 $ 89,023 $ 104,897 $ 178,875
Interest ......................................... 15,048 74,188 17,905 11,563 20,297
Foreign tax withheld ............................. (534) 1,328 -- (5,915) --
----------- ----------- ----------- ----------- ----------
Total income ..................................... 88,047 841,749 106,928 110,545 199,172
----------- ----------- ----------- ----------- ----------
EXPENSES:
Advisory fees .................................... 225,130 460,241 75,481 85,595 63,147
Administration fees .............................. 40,933 43,799 12,580 13,168 11,481
Accounting fees .................................. 3,521 23,183 2,494 7,448 1,905
Custodian fees ................................... 6,390 7,687 2,238 19,845 2,235
Trustees' fees ................................... 820 4,410 266 271 269
Professional fees ................................ -- 3,746 -- -- --
Other ............................................ -- 6,451 -- -- --
----------- ----------- ----------- ----------- ----------
Total expenses before fee
waivers .................................... 276,794 549,517 93,059 126,327 79,037
Management fee waived ............................ -- (44,643) -- -- --
----------- ----------- ----------- ----------- ----------
Total expenses, net ........................... 276,794 504,874 93,059 126,327 79,037
----------- ----------- ----------- ----------- ----------
Net investment income (loss) ..................... (188,747) 336,875 13,869 (15,782) 120,135
----------- ----------- ----------- ----------- ----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY:
Net realized gain (loss) from:
Investment transactions ....................... 25,914,054 1,081,024 (1,252,889) 1,656,859 378,328
Foreign currency related
transactions ............................... -- -- -- (50,645) --
----------- ----------- ----------- ----------- ----------
Total net realized gain (loss) ................ 25,914,054 1,081,024 (1,252,889) 1,606,214 378,328
----------- ----------- ----------- ----------- ----------
Change in unrealized appreciation (depreciation) of:
Investments ................................... 40,567,957 9,305,644 15,335,737 16,711,704 5,202,063
Foreign currency related
transactions ............................... -- -- -- (14,031) --
----------- ----------- ----------- ----------- ----------
Total change in unrealized
appreciation (depreciation) ................ 40,567,957 9,305,644 15,335,737 16,697,673 5,202,063
----------- ----------- ----------- ----------- ----------
Net gain on investments and
foreign currency .............................. 66,482,011 10,386,668 14,082,848 18,303,887 5,580,391
----------- ----------- ----------- ----------- ----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS .................................. $66,293,264 $10,723,543 $14,096,717 $18,288,105 $5,700,526
=========== =========== =========== =========== ==========
<FN>
1 For the six-month period ended December 31, 1999.
2 For the period November 1, 1999 (Commencement of Operations) through
December 31, 1999.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
35
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
- --------------------------------------
FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
<TABLE>
<CAPTION>
LARGE CAP INTERNATIONAL LARGE CAP
GROWTH LARGE CAP SMALL CAP MULTI-MANAGER VALUE
SERIES 2 CORE SERIES 1 CORE SERIES 2 SERIES 2 SERIES 2
----------- ------------ ------------ ------------- ----------
INCREASE (DECREASE) IN
NET ASSETS:
<S> <C> <C> <C> <C> <C>
Operations:
Net investment
income (loss) .................................. $ (188,747) $ 336,875 $ 13,869 $ (15,782) $ 120,135
Net realized gain (loss)
on investments and
foreign currency
transactions ................................... 25,914,054 1,081,024 (1,252,889) 1,606,214 378,328
Change in unrealized
appreciation (depreciation)
from:
Investments .................................... 40,567,957 9,305,644 15,335,737 16,711,704 5,202,063
Foreign currency related
transactions ................................ -- -- -- (14,031) --
------------ ------------ ----------- ----------- ------------
Net increase in net assets
resulting from operations ......................... 66,293,264 10,723,543 14,096,717 18,288,105 5,700,526
------------ ------------ ----------- ----------- ------------
Transactions in beneficial
interests:
Contributions ..................................... 225,601,928 7,202,372 73,817,325 75,557,446 74,629,251
Withdrawals ....................................... (13,563,298) (22,458,569) (5,599,645) (7,095,733) (10,426,641)
------------ ------------ ----------- ----------- ------------
Net increase (decrease)
in net assets from
transactions in
beneficial interest ............................... 212,038,630 (15,256,197) 68,217,680 68,461,713 64,202,610
------------ ------------ ----------- ----------- ------------
Total increase in net assets ......................... 278,331,894 (4,532,654) 82,314,397 86,749,818 69,903,136
NET ASSETS:
Beginning of period ............................... -- 139,355,380 -- -- --
------------ ------------ ----------- ----------- ------------
End of period ..................................... $278,331,894 $134,822,726 $82,314,397 $86,749,818 $ 69,903,136
============ ============ =========== =========== ============
<FN>
1 For the six-month period ended December 31, 1999.
2 For the period November 1, 1999 (Commencement of Operations) through
December 31, 1999.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
36
<PAGE>
WILMINGTON FUNDS -- EQUITY SERIES
- ---------------------------------
FINANCIAL STATEMENTS -- CONTINUED
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
For the fiscal year ended June 30, 1999
LARGE CAP
CORE PORTFOLIO
--------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ....................................... $ 828,517
Net realized gain on investments ............................ 733,273
Net realized gain on futures contracts ...................... 49,285
Net change in unrealized appreciation
(depreciation) of investments ............................. 23,759,834
------------
Net increase in net assets resulting from operations ........... 25,370,909
------------
Transactions in beneficial interest:
Contributions ............................................... 16,475,144
Withdrawals ................................................. (12,650,156)
------------
Net increase in net assets from transactions
in beneficial interest ...................................... 3,824,988
------------
Total increase in net assets ................................... 29,195,897
NET ASSETS:
Beginning of year ........................................... 110,159,483
------------
Ending of year .............................................. $139,355,380
============
The accompanying notes are an integral part of the financial statements.
37
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
- --------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
================================================================================
1. DESCRIPTION OF THE TRUST. Large Cap Growth Series, Large Cap Core Series
(formerly WT Broad Market Equity Series), Small Cap Core Series,
International Multi-Manager 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 was organized as a Delaware business trust
on January 23, 1997. The Declaration of Trust permits the Trustees to
establish additional series, each of which is a separate class of shares.
These financial statements and related notes pertain only to the Series.
Information regarding other series of the Trust are contained in separate
reports to their investors.
2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies of the Series:
SECURITY VALUATION. Securities held by the Series which are listed on a
securities exchange and for which market quotations are available are valued
at the last quoted sale price of the day, or, if there is no such reported
sale, securities are valued at the mean between the most recent quoted bid
and ask prices. Price information for listed securities is taken from the
exchange where the security is primarily traded. Unlisted securities for
which market quotations are readily available are valued at the most recent
bid prices. Securities with a remaining maturity of 60 days or less are
valued at amortized cost, which approximates market value, unless the Trust's
Board of Trustees determines that this does not represent fair value.
FOREIGN CURRENCY TRANSLATIONS. The books and records of the International
Multi-Manager Series are maintained in U.S. dollars. Foreign currency amounts
are translated into U.S. dollars on the following basis:
(i) market value of investment securities, assets and liabilities at the
daily rates of exchanges, and
(ii) purchases and sales of equity investment securities, dividend and
interest income and certain expenses at the rates of exchange prevailing on
the respective dates of such transactions.
The International Multi-Manager Series does not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency
gains or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the International Multi-Manager Series'
books, and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in
the value of assets and liabilities, other than investments in securities at
the end of the fiscal period, resulting from changes in exchange rates.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. In connection with portfolio
purchases and sales of securities denominated in a foreign currency, the
International Multi-Manager Series may enter into forward foreign currency
exchange contracts. Additionally, from time to time the International
Multi-Manager Series may enter into these contracts to hedge certain foreign
currency assets. Foreign currency exchange contracts are recorded at market
value. Certain risks may arise upon entering into these contracts from the
potential inability of counterparties to meet the terms of their contracts.
Realized gains or losses arising from such transactions are included in net
realized gain (loss) from foreign currency transactions.
38
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
- --------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
================================================================================
FEDERAL INCOME TAXES. Each Series is treated as a partnership entity for
Federal income tax purposes. Any interest, dividends and gains or losses of
the Series will be deemed to have been "passed through" to each partner.
Accordingly, no tax provision is recorded for the Series.
INVESTMENT INCOME. All of the net investment income (loss) and realized and
unrealized gains and losses from the security transactions are allocated pro
rata among the investors in the Series on a daily basis.
OTHER. Investment security transactions are accounted for on a trade date
basis. Each Series uses the specific identification method for determining
realized gain and loss on investments for both financial and Federal income
tax reporting purposes. Common expenses of the Trust are allocated on a pro
rata basis among the series based on relative net assets.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS. The preparation
of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
3. INVESTMENT SECURITIES. During the six-month period ended December 31, 1999,
purchases and sales of investment securities (excluding short-term
investments) are aggregated as follows:
<TABLE>
<CAPTION>
LARGE CAP LARGE CAP SMALL CAP INTERNATIONAL LARGE CAP
GROWTH CORE CORE MULTI-MANAGER VALUE
SERIES 2 SERIES 1 SERIES 2 SERIES 2 SERIES 2
------------ ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Purchases .......................... $106,280,330 $2,438,229 $5,983,285 $ 9,289,548 $ 9,725,721
Sales .............................. 114,824,430 2,396,926 8,880,111 16,104,704 12,291,017
Portfolio Turnover Rate:
Period ending
December 31, 1999 ........... 41.96% 1.83% 7.92% 11.71% 14.45%
Fiscal Year 1999 ................ -- 34.40% -- -- --
Fiscal Year 1998 ................ -- 226.36% -- -- --
Fiscal Year 1997 ................ -- 51.57% -- -- --
<FN>
1 For the six-month period ended December 31, 1999.
2 For the period November 1, 1999 (Commencement of Operations) through
December 31, 1999.
</FN>
</TABLE>
39
<PAGE>
WT INVESTMENT TRUST I -- EQUITY SERIES
- --------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- CONTINUED
================================================================================
4. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES. Wilmington Trust Company
("WTC"), a wholly owned subsidiary of Wilmington Trust Corporation, serves as
investment adviser to the Large Cap Core Series, Small Cap Core Series, and
International Multi-Manager Series. Cramer Rosenthal McGlynn ("CRM") serves
as investment adviser to the Large Cap Value Series. Roxbury Capital
Management ("Roxbury") serves as investment adviser to the Large Cap Growth
Series. For advisory services provided, each Series pays a monthly fee, as
follows:
<TABLE>
<CAPTION>
% of Average Daily Net Assets
-----------------------------------------------------
<S> <C>
Large Cap Growth Series .55% up to $1 billion; .50% of next $1 billion; and
.45% in excess of $2 billion
Large Cap Core Series .70% up to $1 billion; .65% of next $1 billion; and
.60% in excess of $2 billion
Small Cap Core Series .60% up to $1 billion; .55% of next $1 billion; and
.50% in excess of $2 billion
International Multi-Manager Series .65%
Large Cap Value Series .55% up to $1 billion; .50% of next $1 billion; and
.45% in excess of $2 billion
</TABLE>
WTC, CRM and Roxbury have agreed to waive their fees or reimburse certain
operating expenses of the Series (excluding taxes, extraordinary expenses,
brokerage commissions and interest) in an amount that will limit annual
operating expenses to not more than 0.75% of average daily net assets for the
Large Cap Growth and Large Cap Value Series, 0.80% of average daily net
assets for the Large Cap Core and Small Cap Core Series, and 1.00% of average
daily net assets for the International Multi-Manager Series. These
undertakings may be amended or rescinded at any time in the future.
PFPC, Inc. ("PFPC"), an indirect wholly-owned subsidiary of PNC Bank Corp., a
multi-bank holding company, provides administrative and accounting services
to the Trust.
WTC serves as custodian to the Trust and PFPC Trust Company serves as
sub-custodian to the Trust.
40
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TRUSTEES
Robert H. Arnold
Eric Brucker
Robert J. Christian
Louis Klein Jr.
Nicholas A. Giordano
Clement C. Moore, II
John J. Quindlen
William P. Richards
-------------------
OFFICERS
Robert J. Christian, President
Eric Cheung, Vice President
Joseph M. Fahey, Jr., Vice President
John R. Giles, Vice President
Eugene A. Trainer, III, Vice President
Gary M. Gardner, Secretary
Pat Colletti, Treasurer
-------------------
INVESTMENT ADVISER
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Cramer Rosenthal McGlynn, LLC
707 Westchester Avenue
White Plains, NY 10640
Roxbury Capital Management, LLC
100 Wilshire Blvd., Suite 600
Santa Monica, CA90401
-------------------
CUSTODIAN
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
-------------------
DISTRIBUTOR
Provident Distributors, Inc.
Four Falls Corporate Center
West Conshohocken,PA 19428
-------------------
ADMINISTRATOR,
TRANSFER AGENT AND
ACCOUNTING AGENT
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
-------------------
WEP-Semi-12/99
