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WM MONEY MARKET FUND
P R O S P E C T U S
MARCH 1, 2000
AS REVISED AUGUST 7, 2000
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CONTENTS
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PAGE
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Risk/Return Summary........................... 2
Fees and Expenses............................. 6
Description of the Fund....................... 7
Investment Practices.......................... 8
Shareholder Transactions...................... 10
Distribution of Income and Capital Gains...... 11
Taxes......................................... 11
Distribution Plan............................. 12
Advisor....................................... 12
Financial Highlights.......................... 13
</TABLE>
The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this prospectus. Any representation to
the contrary is a crime.
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RISK/RETURN SUMMARY
The WM Money Market Fund is part of the WM Group of Funds. This prospectus
describes Class A shares of the Money Market Fund for Individual Retirement
Account ("IRA") clients of Washington Mutual Bank or WM Financial Services. The
Fund also offers Class A shares and Class B shares to other investors through
the combined WM Group of Funds prospectus which can be obtained by contacting WM
Shareholder Services, at 800-222-5852, or your investment adviser.
This summary identifies the investment objective, principal investment
strategies and principal risks of the Money Market Fund. The principal
investment strategies identified in this summary are not the only investment
strategies available to the Fund and some of the principal investment strategies
identified may not be available at any given time. For a discussion of all of
the investment strategies available to the Fund, please see the Statement of
Additional Information (the "SAI").
The discussion of the Money Market Fund's principal investment strategies
includes a short discussion of some of the principal risks of investing in the
Fund. You can find additional information, including a more detailed description
and other principal risks of an investment in the Fund, after this summary.
Investments mentioned in the summary and described in greater detail under
"Investment Practices" below appear in BOLD TYPE. Please be sure to read the
more complete description of the Fund, and the related risks, before you invest.
Below the description of the Fund is a bar chart showing how the investment
returns of its Class A shares have varied in the past ten years. The bar chart
is intended to provide some indication of the volatility of the Fund's returns.
The table following the bar chart shows how average annual total returns of the
Fund compare to returns of a broad-based securities market index for the last
one, five and ten years. PAST PERFORMANCE IS NOT NECESSARILY AN INDICATION OF
FUTURE PERFORMANCE.
There can be no assurance that the Fund will achieve its objective. An
investment in the Fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. Although the Money Market Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Money Market Fund.
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MONEY MARKET fund
OBJECTIVE The Fund seeks to maximize current income while preserving capital
and maintaining liquidity.
PRINCIPAL INVESTMENT STRATEGIES AND RISKS The Fund invests in high-quality
money market instruments, which may include U.S. GOVERNMENT SECURITIES, FLOATING
AND VARIABLE RATE SECURITIES, MUNICIPAL OBLIGATIONS, U.S. dollar denominated
FOREIGN INVESTMENTS, ASSET-BACKED SECURITIES, REPURCHASE AGREEMENTS, and WHEN-
ISSUED AND DELAYED-DELIVERY SECURITIES.
Among the principal risks of investing in the Fund are:
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- Money Market - Foreign
Risk Investment
- Market Risk Risk
- Credit Risk - Liquidity Risk
- Management Risk
</TABLE>
YEARLY performance*
[Money Market Bar Chart]
During the periods shown above, the highest quarterly return was 1.87% (for the
quarter ended 6/30/90), and the lowest was 0.56% (for the quarter ended
6/30/93).
PERFORMANCE TABLE*
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Average Annual Total Returns Past Past Past
(for periods ended December 31, 1999) One Year Five Years Ten Years
<S> <C> <C> <C>
MONEY MARKET FUND, CLASS A SHARES 4.56% 4.96% 4.66%
MERRILL LYNCH 3-MONTH U.S. TREASURY BILL INDEX** 4.85% 5.35% 5.28%
</TABLE>
* The Fund's performance through December 31, 1997 benefited from the agreement
of WM Advisors and its affiliates to limit the Fund's expenses.
** This is an unmanaged index that measures the performance of 3-month U.S.
Treasury bills currently available in the marketplace.
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SUMMARY OF PRINCIPAL RISKS
The value of your investment in the Money Market Fund can change with the value
of the investments held by the Fund. Many factors can affect that value, and it
is possible that you may lose money on investments in the Fund. Factors that may
affect the Fund as a whole are called "principal risks". They are summarized in
this section. These risks can change over time, because the types of investments
made by the Fund can change over time. Investments mentioned in this summary and
described in greater detail under "Description of the Fund" or "Investment
Practices" appear in BOLD TYPE. Those sections also include more information
about the Fund, its investments and the related risks.
- MONEY MARKET RISK. While the Fund is designed to be a relatively low risk
investment, it is not entirely free of risk. The Fund may not be able to
maintain a net asset value of $1.00 per share as a result of a deterioration
in the credit quality of issuers whose securities the Fund holds, or an
increase in interest rates. In addition, the Fund is subject to the risk that
the purchasing power of your investment may be eroded over time by inflation.
- MARKET RISK. The Fund is subject to market risk, which is the general risk of
unfavorable changes in the market value of the Fund's portfolio securities.
One aspect of market risk is interest rate risk. As interest rates rise, your
investment in the Fund may be worth less because its income producing
securities may be worth less.
- CREDIT RISK. The Fund may be subject to credit risk even though it invests
exclusively in high-quality money market instruments. This is the risk that
the issuer or the guarantor of a debt security, or the counterparty to any of
the Fund's portfolio transactions (including, without limitation, REPURCHASE
AGREEMENTS, REVERSE REPURCHASE AGREEMENTS, LENDING OF SECURITIES and other
over-the-counter transactions), will be unable or unwilling to make timely
principal and/or interest payments, or to otherwise honor its obligations.
Varying degrees of credit risk, often reflected in Credit Ratings, apply.
- LIQUIDITY RISK. Liquidity risk exists when particular investments are
difficult to purchase or sell, possibly preventing the Fund from selling out
of these illiquid securities at an advantageous price.
- MANAGEMENT RISK. The Fund is subject to management risk because it is an
actively managed investment portfolio. WM Advisors will apply its investment
techniques and risk analyses in making investment decisions for the Fund, but
there can be no guarantee that they will meet stated objectives or produce
desired results. In some cases, investments may be unavailable or WM Advisors
may choose
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not to use them under market conditions when their use, in hindsight, may be
determined to have been beneficial to the Fund.
- FOREIGN INVESTMENT RISK. The Money Market Fund may make U.S. dollar
denominated foreign investments. There are certain risks involved in investing
in foreign securities, including those resulting from: fluctuations in
currency exchange rates, devaluation of currencies, future political or
economic developments and the possible imposition of currency exchange
blockages or other foreign governmental laws or restrictions, reduced
availability of public information concerning issuers, and the fact that
foreign companies are not generally subject to uniform accounting, auditing
and financial reporting standards or to other regulatory practices and
requirements comparable to those applicable to domestic companies.
Moreover, securities of many foreign companies may be less liquid and their
prices more volatile than those of securities of comparable domestic
companies. In addition, there is the possibility of expropriation,
nationalization, confiscatory taxation and limitations on the use or removal
of funds or other assets of the Fund, including the withholding of dividends.
The risks associated with foreign securities are generally greater for
securities of issuers in emerging markets.
- PORTFOLIO REALLOCATION RISK. From time to time, the Fund may experience
relative large investments or redemptions from one or more of the series of WM
Strategic Asset Management Portfolios, LLC (the "Portfolios"). The Portfolios
are also advised by WM Advisors and provide asset allocation services by
investing in the Fund and other funds within the WM Group of Funds. These
transactions will affect the Fund, since it will have to sell portfolio
securities due to redemptions or purchase securities due to investments. While
it is impossible to predict the overall impact of these transactions over
time, there could be adverse effects on the Fund's performance to the extent
that it may be required to sell securities or invest cash at times it would
not otherwise do so. These transactions could also accelerate the realization
of taxable income if sales of securities resulted in gains and could also
increase transaction costs. WM Advisors is committed to minimizing such impact
on the Fund to the extent it is consistent with pursuing the investment
objectives of the Portfolios. WM Advisors may nevertheless face conflicts in
fulfilling its dual responsibilities to the Portfolios and the Fund. WM
Advisors will at all times monitor the impact on the Fund of transactions by
the Portfolios.
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FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you invest in
Class A shares of the Fund. The Fund offers other classes of shares that are
subject to different fees and expenses. For information about other classes of
shares offered by the Fund, please contact WM Shareholder Services at
800-222-5852. The Example is intended to help you compare the cost of investing
in the Fund with the costs of investing in other mutual funds. The Example
assumes that your investment has a 5% return each year, required for
illustration purposes by the Securities and Exchange Commission, and that the
Fund's operating expenses remain the same. Your actual costs may be higher or
lower than those in the Example.
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SHAREHOLDER FEES
(fees paid directly from your investment)
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Maximum sales charge imposed on purchases 0.00%
Maximum deferred sales charge (load) imposed on redemptions 0.00%
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ANNUAL FUND OPERATING EXPENSES
(expenses that are deducted from Fund assets)
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Management fees 0.45%
Service (12b-1) fees 0.00%
Other expenses 0.28%
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Total annual fund operating expenses 0.73%
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EXAMPLE: You would pay the following expenses on a $10,000 investment assuming a
5% annual return and redemption at the end of each period:
One year $ 75
Three years 233
Five years 409
Ten years 906
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</TABLE>
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DESCRIPTION OF THE FUND
This section provides a more complete description of the principal investment
strategies and risks of the Fund. The "Investment Practices" section that
follows provides additional information about the principal investment
strategies of the Fund. You can find additional descriptions of the Fund's
strategies and risks in the Statement of Additional Information ("SAI"). Except
for policies explicitly identified as "fundamental" in this Prospectus or the
SAI, the investment objectives and investment policies set forth are not
fundamental and may be changed at any time without shareholder consent. Except
as otherwise indicated, all policies and limitations are considered at the time
of purchase; the sale of securities is not required in the event of a subsequent
change in valuation or other circumstances.
The Fund invests only in U.S. dollar-denominated short-term, money market
securities. It will only purchase obligations issued or guaranteed by the U.S.
Government, its agencies or instrumentalities or securities that are, or have
issuers that are:
- rated by at least two nationally recognized statistical rating organizations
("NRSROs"), such as Standard & Poor's ("S&P") or Moody's Investors Service,
Inc. ("Moody's"), in one of the two highest rating categories for short-term
debt securities;
- rated in one of the two highest categories for short-term debt by the only
NRSRO that has issued a rating; or
- if not so rated, are determined to be of comparable quality.
A description of the rating systems of S&P and Moody's is contained in the SAI.
At the time of investment, no security purchased by the Money Market Fund
(except U.S. Government securities subject to repurchase agreements and variable
rate demand notes) will have a maturity exceeding 397 days, and the Fund's
average portfolio maturity will not exceed 90 days. The Fund will attempt to
maintain a stable net asset value ("NAV") of $1.00, but there can be no
assurance that it will be able to do so.
To accomplish its objective, the Money Market Fund invests solely in money
market instruments that are selected from the following six general categories:
- U.S. Government securities;
- short-term commercial notes (including asset-backed securities) issued
directly by U.S. and foreign businesses, banking institutions, financial
institutions (including brokerage, finance and insurance companies) and state
and local governments and municipalities to finance short-term cash needs;
- obligations of U.S. and foreign banks with assets of more than $500 million;
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- securities issued by foreign governments, their agencies or instrumentalities
or by supranational entities;
- short-term corporate obligations rated in one of the two highest rating
categories by Moody's or S&P; and
- repurchase agreements.
INVESTMENT PRACTICES
The next several pages contain more detailed information about types of
securities in which the Fund may invest, and strategies which the Advisor may
employ in pursuit of that Fund's investment objective and a summary of risks and
restrictions associated with these securities and investment practices. For more
information, see the SAI.
ASSET-BACKED SECURITIES. The Fund will not invest more than 10% of its total
assets in asset-backed securities. Asset-backed securities are secured by
interests in underlying assets. The underlying assets may include such items as
motor vehicle installment sales or installment loan contracts, leases of various
types of real and personal property, including home equity loans, and
receivables from credit card agreements. The ability of an issuer of
asset-backed securities to enforce its security interest in the underlying
assets may be limited.
BORROWING. The Fund may borrow money from banks solely for temporary or
emergency purposes, subject to various limitations. If the Fund borrows money,
its share price and yield may be subject to greater fluctuation until the
borrowing is paid off. The Fund may borrow up to 5% of its total assets for
emergency purposes. In addition, the Fund may borrow up to one-third of its
total assets to meet redemption requests. The foregoing percentage limitation on
borrowings is a fundamental policy of the Fund.
FLOATING RATE, INVERSE FLOATING RATE AND VARIABLE RATE INVESTMENTS. The Fund
may purchase floating rate and variable rate obligations, including
participation interests therein.
ILLIQUID SECURITIES AND RESTRICTED SECURITIES. Up to 10% of the net assets of
the Fund may be invested in securities that are not readily marketable. Such
illiquid securities may include:
- repurchase agreements with maturities greater than seven calendar days;
- time deposits maturing in more than seven calendar days;
- to the extent a liquid secondary market does not exist for the instruments,
futures contracts and options thereon;
- certain over-the-counter options, as described in the SAI;
- certain variable rate demand notes having a demand period of more than seven
days; and
- securities which are restricted under federal securities laws with respect to
disposition (excluding certain Rule 144A securities, as described below).
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Securities which may be resold pursuant to Rule 144A under the Securities Act of
1933, as amended, will not be included for the purposes of these restrictions,
so long as such securities meet liquidity guidelines established by the Trust's
Board of Trustees.
The Fund may purchase RESTRICTED SECURITIES (provided they are eligible for
resale pursuant to Rule 144A under the Securities Act of 1933, as amended).
Although recent and ongoing developments in the securities markets have resulted
in greater trading of restricted securities, making restricted securities, in
many instances, more liquid than they once were considered to be, investing in
restricted securities could increase the level of illiquidity of the portfolio
securities of the Fund. This could make it more difficult for the Fund to
fulfill shareholder redemption orders on a timely basis. If the Fund were
required to sell these securities on short notice, it might be unable to obtain
fair market value.
LENDING OF SECURITIES. The Fund may lend portfolio securities to brokers and
other financial organizations. The Fund may lend portfolio securities up to 33%
of total assets. These transactions involve a risk of loss to the Fund if the
counterparty should fail to return such securities to the Fund upon demand.
REPURCHASE AGREEMENTS. The Fund may invest in repurchase agreements, which are
purchases of underlying debt obligations from financial institutions, such as
banks and broker-dealers, subject to the seller's agreement to repurchase the
obligations at an established time and price. Repurchase agreements can be
regarded as loans to the seller, collateralized by the securities that are the
subject of the agreement. Default by the seller would expose the Fund to
possible loss because of adverse market action or delay in connection with the
disposition of the underlying obligations. In addition, if bankruptcy
proceedings are commenced with respect to the seller of the obligations, the
Fund may be delayed or limited in its ability to sell the collateral. Pursuant
to an exemptive order granted by the SEC, the Fund may transfer daily uninvested
cash balances into one or more joint trading accounts. Assets in the joint
trading accounts are invested in repurchase agreements or other money market
instruments, and the proceeds are allocated to the participating funds on a pro
rata basis.
U.S. GOVERNMENT SECURITIES. The Fund may invest in U.S. Government securities,
which include direct obligations of the U.S. Treasury (such as U.S. Treasury
bills, notes and bonds) and obligations issued or guaranteed by U.S. Government
agencies or instrumentalities. Some obligations issued or guaranteed by agencies
or instrumentalities of the U.S. Government are backed by the full faith and
credit of the U.S. Government (such as GNMA bonds), others are backed only by
the right of the issuer to borrow from the U.S. Treasury (such as securities of
Federal Home Loan Banks) and still others are backed only by the credit of the
instru-
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mentality (such as FNMA and FHLMC bonds).
WHEN-ISSUED SECURITIES, FORWARD COMMITMENTS AND DELAYED-DELIVERY TRANSACTIONS.
In order to secure yields or prices deemed advantageous at the time, the Fund
may purchase or sell securities on a when-issued or a delayed-delivery basis.
Due to fluctuations in the value of securities purchased on a when-issued or a
delayed-delivery basis, the yields obtained on such securities may be higher or
lower than the yields available in the market on the dates when the securities
are actually delivered to the Fund. Similarly, the sale of securities for
delayed-delivery can involve the risk that the prices available in the market
when delivery is made may actually be higher than those obtained in the
transaction itself.
SHAREHOLDER TRANSACTIONS
This Prospectus is intended for investors purchasing and selling Fund shares
through a Washington Mutual Bank or WM Financial Services IRA account. Such
investors should contact WM Financial Services, Inc. at 800-888-0055 to
determine how to purchase or redeem shares.
Shares of the Fund are purchased and redeemed at the net asset value per share
("NAV") next determined after receipt of a properly executed order to purchase
or redeem. The NAV is calculated at the end of each business day of the New York
Stock Exchange or at 1:00 p.m. Pacific time, whichever is earlier. The NAV is
calculated, for each class of shares, by valuing the Fund's portfolio securities
at amortized cost, adding all other assets, deducting liabilities, and dividing
the result by the Fund's outstanding shares. The Fund's Board of Trustees may
decide that the amortized cost method of valuation is inappropriate in certain
circumstances, in that case, the Trustees will decide how to determine fair
value. While the Fund attempts to maintain a $1.00 per share NAV, there is no
guarantee that it will be successful in doing so.
Shares of the Fund may be exchanged for the same class of shares of other mutual
funds within the WM Group of Funds. Contact your investment adviser or WM
Shareholder services at 800-222-5852 for a prospectus which contains information
about other funds within the WM Group of Funds and this exchange privilege.
The Fund reserves the right to suspend the offering of shares at any time. The
Fund also reserves the right to reject any specific purchase order, including
purchases by exchange.
Payment normally will be made on the next business day after redemption, but no
later than seven days after the transaction, unless you recently purchased Fund
shares by check or Automated Clearing House transfer. In that case, redemption
proceeds may be delayed up to 15 days after the purchase transaction, to allow
for the collection of funds. Under unusual circumstances, the
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Fund may suspend redemptions or postpone payment for seven days as permitted by
federal securities laws. Redemption proceeds will be sent by check or Automated
Clearing House transfer to your bank account without charge. Wire redemption
proceeds may be subject to a $10 fee. The receiving bank may also charge a fee.
DISTRIBUTION OF INCOME AND CAPITAL GAINS
The Fund distributes dividends from net investment income (which is essentially
interest and dividends earned from owning securities, minus expenses). It also
will make capital gain distributions if realized gains from the sale of
securities exceed realized losses. Dividends from the net investment income of
the Fund will normally be declared daily and paid monthly. Dividends and capital
gain distributions are normally reinvested into additional shares of the Fund
within brokerage accounts. Other payment arrangements may be possible depending
upon the type of account.
TAXES
The following describes the general tax treatment of income and capital gains
distributions, and of redemptions of Fund shares. Tax treatment will vary
depending on the shareholder's situation and the type of account. For example,
income earned within an "IRA" is generally not taxable until withdrawn and then
is generally taxed at ordinary income rates.
The Fund will distribute substantially all of its net investment income and net
realized capital gains on a current basis. You are responsible for federal
income tax (and state and local income taxes, if applicable) on dividends and
capital gain distributions. This is true whether such dividends or distributions
are paid in cash or reinvested in additional shares.
Generally, dividends paid by the Fund from interest, dividends or net short-term
capital gains will be taxed as ordinary income. Distributions designated by the
Fund as deriving from net gains on securities held for more than one year are
taxable as such (generally at a 20% tax rate), regardless of how long you have
held your shares. Because of tax law requirements, you must provide a certified
taxpayer identification number (for individuals, a Social Security number) to
avoid the 31% "back-up" withholding tax. Early in each calendar year you will be
notified of the amount and tax status of distributions paid to you for the
preceding year.
Any gain resulting from the sale or exchange of your shares will generally also
be subject to tax. You should consult your tax advisor for more information on
your own tax situation, including possible foreign, state and local taxes.
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THE INFORMATION CONTAINED IN THIS PROSPECTUS IS NOT A COMPLETE DESCRIPTION OF
THE FEDERAL, STATE OR LOCAL TAX CONSEQUENCES OF INVESTING IN THE FUND. YOU
SHOULD CONSULT YOUR TAX ADVISOR BEFORE INVESTING IN THE FUND.
DISTRIBUTION PLANS
The Fund has adopted a distribution plan, pursuant to Rule 12b-1 under the 1940
Act, applicable to Class A shares (a "Rule 12b-1 Plan"). Under the Rule 12b-1
Plan, WM Funds Distributor, Inc., referred to as the Distributor in this
Prospectus, may receive a service fee at an annual rate of 0.25% of the average
daily net assets of Class A shares. The Fund is currently not making such
payments and would not unless such payments are approved by its Trustees.
The Distributor may, from time to time, pay to other dealers, in connection with
retail sales or the distribution of shares of the Fund, material compensation in
the form of merchandise or trips. Salespersons, including representatives of WM
Financial Services, Inc. (a subsidiary of Washington Mutual), and any other
person entitled to receive any compensation for selling or servicing Fund shares
may receive different compensation with respect to one particular class of
shares over another, and may receive additional compensation or other incentives
for selling Fund shares.
ADVISOR
The Fund is managed by WM Advisors, Inc., which is referred to as the Advisor in
this Prospectus. The Advisor's address is 1201 Third Avenue, 22nd Floor,
Seattle, Washington 98101. The Fund may, to the extent permitted under the 1940
Act, place portfolio transactions with (and pay brokerage commissions to)
affiliates of the Advisor. For more information, see the SAI.
The Advisor has been in the business of investment management since 1944. Its
responsibilities include formulating the Fund's investment policies (subject to
the terms of this Prospectus), analyzing economic trends, directing and
monitoring the Fund's investment performance and reporting to the Board of
Trustees, as well as providing certain administrative services to the Fund. The
Advisor is an indirect wholly owned subsidiary of Washington Mutual, Inc.
("Washington Mutual"), a publicly owned financial services company.
The Fund paid the Advisor management fees equal to an annual rate of 0.45% of
the Fund's average daily net assets during the fiscal year ended October 31,
1999. The Advisor has undertaken to waive its management fees and reimburse
expenses to the extent necessary to limit the total Fund operating expenses for
Class A shares to an annual rate of 0.73% of the Fund's average daily net assets
through October 31, 2000.
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FINANCIAL HIGHLIGHTS
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FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
The financial highlights table is intended to help you understand the Fund's
financial performance for the past 5 years. Certain information reflects
financial results for a single Fund share. The total returns in the table
represent the rate that an investor would have earned (or lost) on an investment
in the Fund (assuming reinvestment of all dividends and distributions). The
information provided below for the periods ended October 31, 1999 and 1998 has
been audited by Deloitte & Touche LLP. The information provided below for
periods prior to October 31, 1998 has been audited by other auditors. The
Reports of Independent Accountants, along with the Fund's financial statements,
are included in its Annual Reports to Shareholders, which are available upon
request.
MONEY MARKET FUND CLASS A SHARES
<TABLE>
<CAPTION>
FISCAL
YEAR ENDED PERIOD ENDED YEAR ENDED DECEMBER 31,
OCTOBER 31, OCTOBER 31, ------------------------------
1999 1998(1) 1997 1996 1995
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Net Asset Value, Beginning of Period................. $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income.............................. 0.044 0.041 0.0493 0.0476 0.0519
Net Realized & Unrealized Gain on Investments...... - - - - -
-------- -------- -------- -------- --------
Total From Investment Operations................. 0.044 0.041 0.0493 0.0476 0.0519
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from Net Investment Income............... (0.044) (0.041) (0.0493) (0.0476) (0.0519)
Distributions from Net Realized Gains.............. - - - - -
-------- -------- -------- -------- --------
Total Distributions.............................. (0.044) (0.041) (0.0493) (0.0476) (0.0519)
-------- -------- -------- -------- --------
Net Asset Value, End of Period....................... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======== ======== ======== ======== ========
Total Return(2)...................................... 4.52% 4.19% 5.04% 4.88% 5.33%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period ($1,000's)............... $460,444 $403,443 $260,877 $229,355 $171,225
Ratio of Operating Expenses to Average Net
Assets............................................ 0.72% 0.66%(3) 0.75% 0.79% 0.92%
Ratio of Net Investment Income to Average Net
Assets............................................ 4.43% 4.94%(3) 4.93% 4.77% 5.19%
Ratio of Operating Expenses to Average Net Assets
Without Fee Waivers, Expenses Absorbed and/or
Credits Allowed by the Custodian.................. 0.73% 0.67%(3) 0.83% 0.89% 1.04%
</TABLE>
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(1) Fiscal year end changed to October 31.
(2) Total return is not annualized for periods less than one year. The total
return would have been lower if certain fees had not been waived and/or
expenses absorbed by the investment advisor or if fees had not been reduced
by credits allowed by the custodian.
(3) Annualized.
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You may review and copy information about the Fund, including the SAI, at the
Securities and Exchange Commission's public reference room in Washington, D.C.
You may call the Commission at 1-202-942-8090 for information about the
operation of the public reference room. You may also access reports and other
information about the Funds and Portfolios on the EDGAR database or the
Commission's Internet site at http://www.sec.gov. You may obtain copies of this
information, with payment of a duplication fee, by electronic request at the
following email address: [email protected] by writing the Public Reference
Section of the Commission, Washington, D.C. 20549-6009. You may need to refer to
the following file number:
FILE NO. 811-00123, WM TRUST I
