www.willcap.com Wcm

The Williams Capital Government Money Market Fund (the �Fund�) is a Aaa/AAAm-rated U.S. government money market fund that seeks to minimize risk and enhance yield using a bottom-up/top-down investment process that includes a comprehensive analysis of yield curves, economic factors and securities.

shady — Thu, 25 Sep 2008 13:22:08 -0400

The Williams Capital Government Money Market Fund (the �Fund�) is a Aaa/AAAm-rated U.S. government money market fund that seeks to minimize risk and enhance yield using a bottom-up/top-down investment process that includes a comprehensive analysis of yield curves, economic factors and securities.
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High Quality Cash Equivalents
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Government Money Market Fund

shady — Tue, 23 Sep 2008 15:55:33 -0400

Government Money Market Fund

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WCM provides cash management and short-term fixed income investment strategies in customized separate accounts and through the Aaa/AAAm-rated Williams Capital Government Money Market Fund (the �Fund�), a 2a-7 government money market mutual fund. WCM is the Fund's investment adviser.
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h2. Williams Capital Government Money Market Fund
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h3. Ticker: WLAXX
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h3. CUSIP: 969446103
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h3. Aaa/AAAm-Rated, NAIC Approved:
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The Williams Government Money Market Fund (the �Fund�) is a Aaa/AAAm-rated U.S. government money market fund that seeks to minimize risk and enhance yield using a bottom-up/top-down investment process that includes a comprehensive analysis of yield curves, economic factors and securities.
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WCM serves as investment adviser to the Fund. The business of the Trust and the Fund is managed under the direction of the Board of Trustees. The Board formulates the general policies of the Fund and meets regularly to review the Fund�s performance, monitor its investment activities and practices, and review other matters affecting the Fund and the Trust.
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Most of the Fund�s shareholders are treasury groups and foundations of Fortune 500 corporations, state and local governments investment pools and municipalities.
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The minimum initial investment in the Fund�s Institutional Share Class is $5 million. There is no minimum subsequent investment.

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h3. Trade Cut-Off Time: 5:00PM EST
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h3. Criteria:
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397 Days: Final maturity
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U.S. treasury obligations, U.S. government obligations and its agencies and instrumentalities, repurchase agreements collateralized by U.S. treasury obligations and/or senior debt obligations of U.S. government agencies that carry ratings of Aaa/AAA
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Invests in compliance with Rule 2a-7 under the Investment Company Act of 1940 and follows requirements for AAA/AAA-rated
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100% allowed in U.S. treasury obligations, U.S. government agencies and repurchase agreements

33% maximum total exposure to any single agency issuer

20% maximum exposure to any single Repo counterparty

10% maximum utilization of government money market funds
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A/A or better: long-term
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Moody�s money market fund ratings are opinions of the investment quality of shares in mutual funds, which principally invest in short-term fixed income obligations. The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield. Money market funds rated AAA are judged to be of an investment quality similar to AAA-rated fixed income obligations, that is, they are judged to be of the best quality.

shady — Wed, 21 Nov 2007 13:30:08 -0500

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Moody�s money market fund ratings are opinions of the investment quality of shares in mutual funds, which principally invest in short-term fixed income obligations. The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield. Money market funds rated AAA are judged to be of an investment quality similar to AAA-rated fixed income obligations, that is, they are judged to be of the best quality.

Standard & Poor�s money market fund rating is a safety rating, expressing Standard & Poor�s opinion of the ability of a fund to maintain principal value and to limit exposure to loss. Standard & Poor�s �AAAm� rating is the highest assigned to money market mutual funds. The rating is based on Standard & Poor�s analysis of the Fund�s credit quality, liquidity, management, investment guidelines, strategies, and internal controls. The �m� denotes a money market fund and distinguishes the money market fund rating from a Standard & Poor�s traditional debt rating.
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shady — Wed, 29 Nov 2006 17:53:18 -0500

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The Williams Capital Liquid Assets Fund (the "Fund") is a Aaa/AAAm-rated prime money market mutual fund that seeks to minimize risk and enhance yield using a bottom-up/top-down investment process that includes a comprehensive analysis of sectors, yield curves, economic factors and securities.

shady — Wed, 20 Sep 2006 15:15:14 -0400

The Williams Capital Liquid Assets Fund (the "Fund") is a Aaa/AAAm-rated prime money market mutual fund that seeks to minimize risk and enhance yield using a bottom-up/top-down investment process that includes a comprehensive analysis of sectors, yield curves, economic factors and securities.
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Most of the Fund�s shareholders are treasury groups and foundations of Fortune 100 and Fortune 200 corporations, state governments and municipalities.
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The Fund seeks to provide its shareholders with a level of current income that is consistent with the goals of preservation of capital and liquidity.
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Fact Sheet

shady — Mon, 18 Sep 2006 15:00:44 -0400

Fact Sheet

Moodys

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Distributed by ALPS Distributors, Inc.
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dpowers — Wed, 19 Apr 2006 13:38:21 -0400

Liquid Assets Fund

EH Williams

Customized Accounts

Contact

h1. Williams Capital Management

Williams Capital Management, LLC, ("WCM"), established in 2002, is an SEC-registered investment advisor and a wholly-owned subsidiary of The Williams Capital Group, L.P.

WCM provides cash management and short-term fixed income investment strategies in customized separate accounts and through the Aaa/AAAm-rated Williams Capital Liquid Assets Fund (the "Fund") a prime money market mutual fund. WCM is the Fund's investment adviser.

We customize cash and short duration fixed-income separate account strategies for institutional investors using a low-risk investment approach. Our strategies maximize liquidity, preserve capital and seek to enhance investment return through sector and security selection and duration management. Strategic decisions are made by a team of portfolio managers, analysts and financial markets professionals each with over 20 years of experience.

In addition, we offer a High Yield Fixed Income Strategy through EH Williams Capital Management, a 50/50 joint venture of E H Capital Group, L.L.C. and WCM. E H Capital Group, a SEC-registered investment advisor formed in 1995, specializes in high yield fixed income.

h2. Williams Capital Liquid Assets Fund

h3. Aaa/AAAm Rated:

The Williams Capital Liquid Assets Fund (the "Fund") is a Aaa/AAAm-rated prime money market mutual fund that seeks to provide its shareholders with a level of current income that is consistent with the goals of preservation of capital and liquidity.

WCM serves as investment adviser to the Fund. The business of the Trust and the Fund is managed under the direction of the Board of Trustees. The Board formulates the general policies of the Fund and meets regularly to review the Fund's performance, monitor its investment activities and practices, and review other matters affecting the Fund and the Trust.

The Fund's shareholders primarily comprise Fortune 100 and Fortune 200 corporations, as well as state government pools.

The minimum initial investment in the Fund's Institutional Share Class is $5 million. There is no minimum subsequent investment.

h3. Investment Objective:

The Fund seeks to minimize risk and enhance yield using a bottom-up/top-down investment process that includes a comprehensive analysis of sectors, yield curves, economic factors and securities.

h3. Prime Fund Criteria:

Maturity	60 Days: Maximum dollar weighted average portfolio maturity 397 Days: Final position maturity
Permissible Securities	U.S. treasuries, government agencies, Tier One CP, municipal securities, bank obligations, master notes, variable or floating rate notes, repurchase agreements, corporate debt and asset-backed securities
Requirements	Invests in compliance with Rule 2a-7 under the Investment Company Act of 1940 and follows requirements for AAA-rated money market funds
Diversification	5% maximum exposure to any issuer 10% maximum exposure to any issuer's program 25% maximum exposure to any single industry 100% allowed in U.S. Governments
Credit Quality	Must be rated by either Moody's or S&P A1/P1 or better: short-term A/A1 or better: long-term

Prospectus

Semi-Annual Report

Fact Sheet

Moodys

S&P

h2. EH Williams Capital Management

h3. High Yield Investment Process:

Our investment process is driven by bottom-up bond picking combined with disciplined portfolio construction and risk management. We find that bottom-up security selection allows us to be opportunistic in an idiosyncratic market that continually presents different risks and opportunities, compared to other, more liquid capital markets. While we incorporate top-down themes, we primarily seek security specific risk for which we believe we will be compensated. The idea is to diffuse our risks over one hundred or more individual bonds, rather than to take large, macro-style risks.

Indeed, our disciplined approach to portfolio construction and risk management is designed to minimize systemic, uncontemplated, and therefore uncompensated, risk. Even when we do desire to systemically tilt the portfolio (i.e. we have consciously decided to have a higher overall credit profile than the market during the recent past), we will not include a bond merely because it fits into a top-down theme.

We believe our competitive advantage comes from our understanding of the unique dynamics of the high yield marketplace, as well as the singular way we research potential investments, including our focus on enterprise value, management's skill and philosophy, and on other owners of the bonds.

Fact Sheet

h2. Customized Account Services

	LIQUID CASH	ENHANCED CASH	LIMITED DURATION
High Quality Money Market Securities	X	X	X
Auction Rate Preferred Securities	X	X	X
Corporate Term Debt		X	X
Asset-Backed Securities		X	X
Mortgage-Backed Securities			X
Maximum Average Portfolio Maturity/Duration	60 Days	6 Months to 1 Year	6 Months to 2 Years
Maximum Portfolio Maturity	1 Year	2 Years	3 Years

Fact Sheet

h2. Disclaimers

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. This must be accompanied or preceded by a prospectus.

Moody's money market fund ratings are opinions of the investment quality of shares in mutual funds, which principally invest in short-term fixed income obligations. The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield. Money market funds rated AAA are judged to be of an investment quality similar to AAA-rated fixed income obligations, that is, they are judged to be of the best quality.

Standard & Poor's money market fund rating is a safety rating, expressing Standard & Poor's opinion of the ability of a fund to maintain principal value and to limit exposure to loss. Standard & Poor's 'AAAm' rating is the highest assigned to money market mutual funds. The rating is based on Standard & Poor's analysis of the Fund's credit quality, liquidity, management, investment guidelines, strategies, and internal controls. The 'm' denotes a money market fund and distinguishes the money market fund rating from a Standard & Poor's traditional debt rating.

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