At Schwab, both WMRIX and WMMRX are for "Institutional Customers Only."

The portfolio appears to have lots of Treasurys and REIT's, but its yield is a very low 3.15%.  If I had half a mill to invest, I could think of a lot of other places that I would put it instead of WMRIX!

Berwin Income Fund BERIX, for example, is also a Conservative Allocation fund, and it's paying 4.86%. But the minimum investment is only $3K instead of $500K.  And the expense ratio is virtually identical. 

And Vanguard Wellesley VWINX, a Morningstar Pick for Conservative Allocation, is yielding 4.47% with an expense ratio of only 0.25%.

I would avoid WMRIX like the plague. It seems to me like a very risky flash in the pan.

Jagor