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WM VARIABLE TRUST
1201 THIRD AVENUE, 22ND FLOOR
SEATTLE, WASHINGTON 98101
SUPPLEMENT DATED JUNE 23, 1999 TO
PROSPECTUS DATED APRIL 30, 1999
1. International Growth Fund.
Effective June 23, 1999, Capital Guardian Trust Company ("Capital Guardian")
assumed sub-advisory responsibility for the International Growth Fund.
Capital Guardian is wholly-owned by Capital Group International, Inc.
which itself is wholly-owned by the Capital Group Companies, Inc. ("Capital
Group"). Capital Guardian employs a team of portfolio managers each of whom
can be considered to have primary responsibility for the day-to-day management
of the portion of the Fund assigned to him or her. They are: David I. Fisher,
Harmut Giesecke, Richard N. Havas, Nancy J. Kyle, John McIlwraith, Robert
Ronus, Lionel M. Sauvage, Nilly Sikorsky and Rudolf M. Staehelin. Mr. Fisher
is Chairman of the Board of Capital Group International, Inc. and Capital
Guardian as well as Vice Chairman of Capital International, Inc., Emerging
Markets Growth Fund, Inc. and also a director of the Capital Group Companies,
Inc. He has been employed by the Capital Group organization for 29 years. Mr.
Giesecke is Chairman of the Board of Capital Group's Japanese investment
management subsidiary, Capital International K.K., and Managing Director,
Asia-Pacific, Capital Group International, Inc. Mr. Giesecke, who has been
with the Capital Group organization for 26 years, is also a Senior Vice
President and a Director of Capital International, Inc. as well as a Senior
Vice President of Capital International Research, Inc. and a Vice President of
Emerging Markets Growth Fund. Mr. Havas, who has been with the Capital Group
organization for 13 years, is a Senior Vice President and portfolio manager
for Capital Guardian and Capital International Limited as well as a Senior
Vice President and Director of Capital Guardian (Canada), Inc. Ms. Kyle, who
has been with the Capital Group organization for 8 years, is a Senior Vice
President and Director of Capital Guardian. Ms. Kyle is also President and a
Director of Capital Guardian (Canada), Inc. and a Vice President of Emerging
Markets Growth Fund. Mr. McIlwraith is a Senior Vice President and a Director
of Capital Guardian as well as a Director and Senior Vice President of Capital
International Limited. Mr. McIlwraith is also an international equity
portfolio manager and has been with the Capital Group organization for 15
years. Mr. Ronus is President and a Director of Capital Guardian, as well as
Chairman of the Board of Directors of Capital Guardian (Canada), Inc., a
Director of the Capital Group and Capital Group International, Inc., and a
Senior Vice President of Capital International S.A. and Capital International
Limited. Mr. Ronus has been employed by the Capital Group organization for 26
years. Mr. Sauvage is a Senior Vice President and portfolio manager for
Capital Guardian and a Vice President for Capital International Research, Inc.
Mr. Sauvage has been employed by the Capital Group organization for 12 years.
Ms. Sikorsky is President and Managing Director of Capital International S.A.,
Chairman of Capital International Perspective, S.A., Managing Director-Europe
and a Director of Capital Group International, Inc., as well as serving as a
Director of the Capital Group, Capital International Limited and Capital
International K.K. Ms. Sikorsky has been employed by the Capital Group
organization for 36 years. Mr. Staehelin is a Senior Vice President and
Director of Capital International Research, Inc. and Capital International
S.A., and has been employed by the Capital Group organization for 17 years.
In selecting investments for the International Growth Fund, Capital Guardian
seeks to identify foreign stocks that it believes have an attractive valuation,
high return on invested capital, excellent cash flow, strong balance sheets and
strong management. Capital Guardian utilizes a research- driven "bottom-up"
approach, in that decisions are made based upon extensive field research and
direct company contact. Capital Guardian blends its basic value-oriented
approach with macroeconomic and political judgments on the outlook for
economies, industries, currencies and markets.
2. Money Market, U.S. Government Securities and Income Funds
Effective July 1, 1999, the management fees payable by the Money Market,
U.S. Government Securities and Income Funds are reduced to the annual rates of
0.45%, 0.50% and 0.50%, respectively, of average net assets.
PLEASE RETAIN THIS SUPPLEMENT WITH THE
PROSPECTUS FOR FUTURE REFERENCE.
