UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549

                                  FORM N-PX

               ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANIES

                  Investment Company Act file number 811-07462

                               WM Variable Trust
                (Exact name of registrant as specified in charter)

                   1201 Third Avenue, 22nd Floor, Seattle, WA 98101
                (Address of principal executive offices) (Zip code)

                               William G. Papesh
                   1201 Third Avenue, 22nd Floor, Seattle, WA 98101
                       (Name and address of agent for service)

         Registrant's telephone number, including area code: (206) 461-3800

                     Date of fiscal year end: December 31

                Date of reporting period: July 1, 2006 - January 5, 2007




******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-07462
Reporting Period: 07/01/2006 - 01/05/2007
WM Variable Trust









======================== WM VARIABLE EQUITY INCOME FUND ========================


AT&T INC

Ticker:       T              Security ID:  00206R102
Meeting Date: JUL 21, 2006   Meeting Type: Special
Record Date:  JUN 1, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


- --------------------------------------------------------------------------------

AUTOMATIC DATA PROCESSING, INC.

Ticker:       ADP            Security ID:  053015103
Meeting Date: NOV 14, 2006   Meeting Type: Annual
Record Date:  SEP 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gregory D. Brenneman       For       For        Management
1.2   Elect Director Leslie A. Brun             For       For        Management
1.3   Elect Director Gary C. Butler             For       For        Management
1.4   Elect Director Leon G. Cooperman          For       For        Management
1.5   Elect Director R. Glenn Hubbard           For       For        Management
1.6   Elect Director John P. Jones              For       For        Management
1.7   Elect Director Ann Dibble Jordan          For       For        Management
1.8   Elect Director Frederic V. Malek          For       For        Management
1.9   Elect Director Henry Taub                 For       For        Management
1.10  Elect Director Arthur F. Weinbach         For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

BELLSOUTH CORP.

Ticker:       BLS            Security ID:  079860102
Meeting Date: JUL 21, 2006   Meeting Type: Special
Record Date:  JUN 1, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


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CAPITAL ONE FINANCIAL CORP.

Ticker:       COF            Security ID:  14040H105
Meeting Date: AUG 22, 2006   Meeting Type: Special
Record Date:  JUL 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

CARDINAL HEALTH, INC.

Ticker:       CAH            Security ID:  14149Y108
Meeting Date: NOV 8, 2006    Meeting Type: Annual
Record Date:  SEP 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John F. Finn               For       For        Management
1.2   Elect Director David W. Raisbeck          For       For        Management
1.3   Elect Director Robert D. Walter           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Submit Severance Agreements               Against   For        Shareholder
      (Change-in-Control)to Shareholder Vote
4     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
5     Increase Disclosure of Executive          Against   For        Shareholder
      Compensation


- --------------------------------------------------------------------------------

CISCO SYSTEMS, INC.

Ticker:       CSCO           Security ID:  17275R102
Meeting Date: NOV 15, 2006   Meeting Type: Annual
Record Date:  SEP 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Carol A. Bartz             For       For        Management
1.2   Elect Director M. Michele Burns           For       For        Management
1.3   Elect Director Michael D. Capellas        For       For        Management
1.4   Elect Director Larry R. Carter            For       For        Management
1.5   Elect Director John T. Chambers           For       For        Management
1.6   Elect Director Dr. John L. Hennessy       For       For        Management
1.7   Elect Director Richard M. Kovacevich      For       For        Management
1.8   Elect Director Roderick C. McGeary        For       For        Management
1.9   Elect Director Steven M. West             For       For        Management
1.10  Elect Director Jerry Yang                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
4     Report on Pay Disparity                   Against   Against    Shareholder
5     Report on Internet Fragmentation          Against   For        Shareholder


- --------------------------------------------------------------------------------

DIAGEO PLC (FORMERLY GUINNESS PLC)

Ticker:                      Security ID:  25243Q205
Meeting Date: OCT 17, 2006   Meeting Type: Annual
Record Date:  AUG 31, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     REPORTS AND ACCOUNTS 2006                 For       For        Management
2     DIRECTORS  REMUNERATION REPORT 2006       For       For        Management
3     DECLARATION OF FINAL DIVIDEND             For       For        Management
4     RE-ELECTION OF LORD HOLLICK OF NOTTING    For       For        Management
      HILL (MEMBER OF AUDIT, NOMINATION,
      REMUNERATION COMMITTEE AND CHAIRMAN OF
      BOARD)
5     RE-ELECTION OF MR HT STITZER (MEMBER OF   For       For        Management
      AUDIT, NOMINATION, AND REMUNERATION
      COMMITTEE)
6     RE-ELECTION OF MR PS WALSH (MEMBER OF     For       For        Management
      EXECUTIVE COMMITTEE AND CHAIRMAN OF
      BOARD)
7     ELECTION OF MS LM DANON (MEMBER OF AUDIT, For       For        Management
      NOMINATION, AND REMUNERATION COMMITTEE)
8     Ratify Auditors                           For       For        Management
9     AUTHORITY TO ALLOT RELEVANT SECURITIES    For       For        Management
10    DISAPPLICATION OF PRE-EMPTION RIGHTS      For       For        Management
11    AUTHORITY TO PURCHASE OWN ORDINARY SHARES For       For        Management
12    AUTHORITY TO MAKE EU POLITICAL            For       For        Management
      DONATIONS/EXPENDITURE
13    ADOPTION OF DIAGEO PLC 2006 IRISH PROFIT  For       For        Management
      SHARING SCHEME
14    AMENDMENTS TO DIAGEO EXECUTIVE SHARE      For       For        Management
      OPTION PLAN


- --------------------------------------------------------------------------------

FIDELITY NATIONAL FINANCIAL, INC.

Ticker:       FNF            Security ID:  316326107
Meeting Date: OCT 23, 2006   Meeting Type: Annual
Record Date:  SEP 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect Director John F. Farrell, Jr.       For       For        Management
2.2   Elect Director Daniel D. (Ron) Lane       For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FPL GROUP, INC.

Ticker:       FPL            Security ID:  302571104
Meeting Date: DEC 15, 2006   Meeting Type: Annual
Record Date:  OCT 25, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Sherry S. Barrat           For       For        Management
1.2   Elect Director Robert M. Beall, II        For       For        Management
1.3   Elect Director J. Hyatt Brown             For       Withhold   Management
1.4   Elect Director James L. Camaren           For       For        Management
1.5   Elect Director J. Brian Ferguson          For       For        Management
1.6   Elect Director Lewis Hay, III             For       For        Management
1.7   Elect Director Rudy E. Schupp             For       For        Management
1.8   Elect Director Michael H. Thaman          For       For        Management
1.9   Elect Director Hansel E. Tookes, II       For       For        Management
1.10  Elect Director Paul R. Tregurtha          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FREDDIE MAC

Ticker:       FRE            Security ID:  313400301
Meeting Date: SEP 8, 2006    Meeting Type: Annual
Record Date:  JUN 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Barbara T. Alexander       For       For        Management
1.2   Elect Director Geoffrey T. Boisi          For       For        Management
1.3   Elect Director Michelle Engler            For       For        Management
1.4   Elect Director Robert R. Glauber          For       For        Management
1.5   Elect Director Richard Karl Goeltz        For       For        Management
1.6   Elect Director Thomas S. Johnson          For       For        Management
1.7   Elect Director William M. Lewis, Jr.      For       For        Management
1.8   Elect Director Eugene M. McQuade          For       For        Management
1.9   Elect Director Shaun F. O'Malley          For       For        Management
1.10  Elect Director Jeffrey M. Peek            For       For        Management
1.11  Elect Director Ronald F. Poe              For       For        Management
1.12  Elect Director Stephen A. Ross            For       For        Management
1.13  Elect Director Richard F. Syron           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Charitable Contributions        Against   Against    Shareholder


- --------------------------------------------------------------------------------

KINDER MORGAN, INC.

Ticker:       KMI            Security ID:  49455P101
Meeting Date: DEC 19, 2006   Meeting Type: Special
Record Date:  NOV 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

LINEAR TECHNOLOGY CORP.

Ticker:       LLTC           Security ID:  535678106
Meeting Date: NOV 1, 2006    Meeting Type: Annual
Record Date:  SEP 5, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert H. Swanson, Jr.     For       For        Management
1.2   Elect Director David S. Lee               For       Withhold   Management
1.3   Elect Director Lothar Maier               For       For        Management
1.4   Elect Director Richard M. Moley           For       For        Management
1.5   Elect Director Thomas S. Volpe            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

LOEWS CORP.

Ticker:       LTR            Security ID:  540424108
Meeting Date: AUG 3, 2006    Meeting Type: Special
Record Date:  JUN 22, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Increase Authorized Common Stock          For       For        Management
2     Adjust Par Value of Common Stock          For       For        Management


- --------------------------------------------------------------------------------

MICROCHIP TECHNOLOGY, INC.

Ticker:       MCHP           Security ID:  595017104
Meeting Date: AUG 18, 2006   Meeting Type: Annual
Record Date:  JUN 22, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steve Sanghi               For       For        Management
1.2   Elect Director Albert J. Hugo-Martinez    For       For        Management
1.3   Elect Director L.B. Day                   For       For        Management
1.4   Elect Director Matthew W. Chapman         For       For        Management
1.5   Elect Director Wade F. Meyercord          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MICROSOFT CORP.

Ticker:       MSFT           Security ID:  594918104
Meeting Date: NOV 14, 2006   Meeting Type: Annual
Record Date:  SEP 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William H. Gates, III      For       For        Management
2     Elect Director Steven A. Ballmer          For       For        Management
3     Elect Director James I. Cash, Jr., Ph.D.  For       For        Management
4     Elect Director Dina Dublon                For       For        Management
5     Elect Director Raymond V. Gilmartin       For       For        Management
6     Elect Director David F. Marquardt         For       For        Management
7     Elect Director Charles H. Noski           For       For        Management
8     Elect Director Helmut Panke               For       For        Management
9     Elect Director Jon A. Shirley             For       For        Management
10    Ratify Auditors                           For       For        Management
11    Cease Product Sales that Can Be Used to   Against   Against    Shareholder
      Violate Human Rights
12    Amend EEO Statement to Not Reference      Against   Against    Shareholder
      Sexual Orientation
13    Establish Shareholder Advisory Committee  Against   Against    Shareholder


- --------------------------------------------------------------------------------

NEWS CORPORATION

Ticker:       NWS            Security ID:  65248E203
Meeting Date: OCT 20, 2006   Meeting Type: Annual
Record Date:  SEP 5, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jose Maria Aznar           For       For        Management
1.2   Elect Director Lachlan K. Murdoch         For       For        Management
1.3   Elect Director Thomas J. Perkins          For       For        Management
1.4   Elect Director Arthur M. Siskind          For       For        Management
1.5   Elect Director John L. Thornton           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Adopt or Amend Shareholder Rights Plan    For       Against    Management
      (Poison Pill)
4     Declassify the Board of Directors         Against   For        Shareholder


- --------------------------------------------------------------------------------

NIKE, INC.

Ticker:       NKE            Security ID:  654106103
Meeting Date: SEP 18, 2006   Meeting Type: Annual
Record Date:  JUL 25, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jill K. Conway             For       For        Management
1.2   Elect Director Alan B. Graf, Jr.          For       For        Management
1.3   Elect Director Jeanne P. Jackson          For       For        Management
2     Report on Charitable Contributions        Against   Against    Shareholder
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NORTH FORK BANCORPORATION, INC.

Ticker:       NFB            Security ID:  659424105
Meeting Date: AUG 22, 2006   Meeting Type: Annual
Record Date:  JUL 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       Against    Management
3.1   Elect Director Josiah Austin              For       For        Management
3.2   Elect Director Karen Garrison             For       For        Management
3.3   Elect Director John Adam Kanas            For       For        Management
3.4   Elect Director Raymond A. Nielsen         For       For        Management
3.5   Elect Director A. Robert Towbin           For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PROCTER & GAMBLE COMPANY, THE

Ticker:       PG             Security ID:  742718109
Meeting Date: OCT 10, 2006   Meeting Type: Annual
Record Date:  AUG 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Norman R. Augustine        For       For        Management
1.2   Elect Director A.G. Lafley                For       For        Management
1.3   Elect Director Johnathan A. Rodgers       For       For        Management
1.4   Elect Director John F. Smith, Jr.         For       For        Management
1.5   Elect Director Margaret C. Whitman        For       For        Management
2     Approve Decrease in Size of Board         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Put Repricing of Stock Options to         Against   Against    Shareholder
      Shareholder Vote


- --------------------------------------------------------------------------------

SYSCO CORPORATION

Ticker:       SYY            Security ID:  871829107
Meeting Date: NOV 10, 2006   Meeting Type: Annual
Record Date:  SEP 12, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jonathan Golden            For       For        Management
1.2   Elect Director Joseph A. Hafner, Jr.      For       For        Management
1.3   Elect Director Nancy S. Newcomb           For       For        Management
1.4   Elect Director Richard J. Schnieders      For       For        Management
1.5   Elect Director Manuel A. Fernandez        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  None      For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

VODAFONE GROUP PLC

Ticker:       VOD            Security ID:  92857W100
Meeting Date: JUL 25, 2006   Meeting Type: Special
Record Date:  JUN 13, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO APPROVE THE RETURN OF CAPITAL BY WAY   For       For        Management
      OF A B SHARE SCHEME AND SHARE
      CONSOLIDATION AND THE CONSEQUENTIAL
      AMENDMENT TO THE ARTICLES OF ASSOCIATION
2     TO RECEIVE THE REPORT OF THE DIRECTORS    For       For        Management
      AND FINANCIAL STATEMENTS
3.1   Elect  Director Sir John Bond             For       For        Management
3.2   Elect  Director Arun Sarin                For       For        Management
3.3   Elect  Director Thomas Geitner            For       For        Management
3.4   Elect  Director Dr Michael Boskin         For       For        Management
3.5   Elect  Director Lord Broers               For       For        Management
3.6   Elect  Director John Buchanan             For       For        Management
3.7   Elect  Director Andrew Halford            For       For        Management
3.8   Elect  Director Prof J. Schrempp          For       For        Management
3.9   Elect  Director Luc Vandevelde            For       For        Management
3.10  Elect  Director Philip Yea                For       For        Management
3.11  Elect  Director Anne Lauvergeon           For       For        Management
3.12  Elect  Director Anthony Watson            For       For        Management
4     TO APPROVE A FINAL DIVIDEND OF 3.87P PER  For       For        Management
      ORDINARY SHARE
5     TO APPROVE THE REMUNERATION REPORT        For       For        Management
6     Ratify Auditors                           For       For        Management
7     TO AUTHORISE THE AUDIT COMMITTEE TO       For       For        Management
      DETERMINE THE REMUNERATION OF THE
      AUDITORS
8     TO ADOPT NEW ARTICLES OF ASSOCIATION +    For       For        Management
9     TO AUTHORISE DONATIONS UNDER THE          For       For        Management
      POLITICAL PARTIES, ELECTIONS AND
      REFERENDUMS ACT 2000
10    TO RENEW AUTHORITY TO ALLOT SHARES UNDER  For       For        Management
      ARTICLE 16.2 OF THE COMPANY S ARTICLES OF
      ASSOCIATION
11    TO RENEW AUTHORITY TO DISAPPLY            For       For        Management
      PRE-EMPTION RIGHTS UNDER ARTICLE 16.3 OF
      THE COMPANY S ARTICLES OF ASSOCIATION +
12    TO AUTHORISE THE COMPANY S PURCHASE OF    For       For        Management
      ITS OWN SHARES (SECTION 166, COMPANIES
      ACT 1985) +




======================= WM VARIABLE GROWTH & INCOME FUND =======================


AT&T INC

Ticker:       T              Security ID:  00206R102
Meeting Date: JUL 21, 2006   Meeting Type: Special
Record Date:  JUN 1, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


- --------------------------------------------------------------------------------

CARDINAL HEALTH, INC.

Ticker:       CAH            Security ID:  14149Y108
Meeting Date: NOV 8, 2006    Meeting Type: Annual
Record Date:  SEP 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John F. Finn               For       For        Management
1.2   Elect Director David W. Raisbeck          For       For        Management
1.3   Elect Director Robert D. Walter           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Submit Severance Agreements               Against   For        Shareholder
      (Change-in-Control)to Shareholder Vote
4     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
5     Increase Disclosure of Executive          Against   For        Shareholder
      Compensation


- --------------------------------------------------------------------------------

CISCO SYSTEMS, INC.

Ticker:       CSCO           Security ID:  17275R102
Meeting Date: NOV 15, 2006   Meeting Type: Annual
Record Date:  SEP 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Carol A. Bartz             For       For        Management
1.2   Elect Director M. Michele Burns           For       For        Management
1.3   Elect Director Michael D. Capellas        For       For        Management
1.4   Elect Director Larry R. Carter            For       For        Management
1.5   Elect Director John T. Chambers           For       For        Management
1.6   Elect Director Dr. John L. Hennessy       For       For        Management
1.7   Elect Director Richard M. Kovacevich      For       For        Management
1.8   Elect Director Roderick C. McGeary        For       For        Management
1.9   Elect Director Steven M. West             For       For        Management
1.10  Elect Director Jerry Yang                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
4     Report on Pay Disparity                   Against   Against    Shareholder
5     Report on Internet Fragmentation          Against   For        Shareholder


- --------------------------------------------------------------------------------

FIDELITY NATIONAL FINANCIAL, INC.

Ticker:       FNF            Security ID:  316326107
Meeting Date: OCT 23, 2006   Meeting Type: Annual
Record Date:  SEP 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect Director John F. Farrell, Jr.       For       For        Management
2.2   Elect Director Daniel D. (Ron) Lane       For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FREDDIE MAC

Ticker:       FRE            Security ID:  313400301
Meeting Date: SEP 8, 2006    Meeting Type: Annual
Record Date:  JUN 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Barbara T. Alexander       For       For        Management
1.2   Elect Director Geoffrey T. Boisi          For       For        Management
1.3   Elect Director Michelle Engler            For       For        Management
1.4   Elect Director Robert R. Glauber          For       For        Management
1.5   Elect Director Richard Karl Goeltz        For       For        Management
1.6   Elect Director Thomas S. Johnson          For       For        Management
1.7   Elect Director William M. Lewis, Jr.      For       For        Management
1.8   Elect Director Eugene M. McQuade          For       For        Management
1.9   Elect Director Shaun F. O'Malley          For       For        Management
1.10  Elect Director Jeffrey M. Peek            For       For        Management
1.11  Elect Director Ronald F. Poe              For       For        Management
1.12  Elect Director Stephen A. Ross            For       For        Management
1.13  Elect Director Richard F. Syron           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Charitable Contributions        Against   Against    Shareholder


- --------------------------------------------------------------------------------

KINDER MORGAN, INC.

Ticker:       KMI            Security ID:  49455P101
Meeting Date: DEC 19, 2006   Meeting Type: Special
Record Date:  NOV 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

MICROCHIP TECHNOLOGY, INC.

Ticker:       MCHP           Security ID:  595017104
Meeting Date: AUG 18, 2006   Meeting Type: Annual
Record Date:  JUN 22, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steve Sanghi               For       For        Management
1.2   Elect Director Albert J. Hugo-Martinez    For       For        Management
1.3   Elect Director L.B. Day                   For       For        Management
1.4   Elect Director Matthew W. Chapman         For       For        Management
1.5   Elect Director Wade F. Meyercord          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MICROSOFT CORP.

Ticker:       MSFT           Security ID:  594918104
Meeting Date: NOV 14, 2006   Meeting Type: Annual
Record Date:  SEP 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William H. Gates, III      For       For        Management
2     Elect Director Steven A. Ballmer          For       For        Management
3     Elect Director James I. Cash, Jr., Ph.D.  For       For        Management
4     Elect Director Dina Dublon                For       For        Management
5     Elect Director Raymond V. Gilmartin       For       For        Management
6     Elect Director David F. Marquardt         For       For        Management
7     Elect Director Charles H. Noski           For       For        Management
8     Elect Director Helmut Panke               For       For        Management
9     Elect Director Jon A. Shirley             For       For        Management
10    Ratify Auditors                           For       For        Management
11    Cease Product Sales that Can Be Used to   Against   Against    Shareholder
      Violate Human Rights
12    Amend EEO Statement to Not Reference      Against   Against    Shareholder
      Sexual Orientation
13    Establish Shareholder Advisory Committee  Against   Against    Shareholder


- --------------------------------------------------------------------------------

PROCTER & GAMBLE COMPANY, THE

Ticker:       PG             Security ID:  742718109
Meeting Date: OCT 10, 2006   Meeting Type: Annual
Record Date:  AUG 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Norman R. Augustine        For       For        Management
1.2   Elect Director A.G. Lafley                For       For        Management
1.3   Elect Director Johnathan A. Rodgers       For       For        Management
1.4   Elect Director John F. Smith, Jr.         For       For        Management
1.5   Elect Director Margaret C. Whitman        For       For        Management
2     Approve Decrease in Size of Board         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Put Repricing of Stock Options to         Against   Against    Shareholder
      Shareholder Vote


- --------------------------------------------------------------------------------

TEVA PHARMACEUTICAL INDUSTRIES

Ticker:                      Security ID:  881624209
Meeting Date: OCT 5, 2006    Meeting Type: Special
Record Date:  AUG 29, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO APPROVE THE REMUNERATION OF MR. ELI    For       For        Management
      HURVITZ IN HIS CAPACITY AS CHAIRMAN OF
      THE BOARD OF TEVA, IN AN AMOUNT OF THE
      NIS EQUIVALENT OF $300,000 PER ANNUM PLUS
      VAT, TO BE ADJUSTED BY THE INCREASE OF
      THE ISRAELI CONSUMER PRICE INDEX,
      TOGETHER WITH AN OFFIC
2     TO APPROVE THE REMUNERATION OF DR.        For       For        Management
      PHILLIP FROST IN HIS CAPACITY AS VICE
      CHAIRMAN OF THE BOARD OF TEVA AND
      CHAIRMAN OF THE BOARD S SCIENCE AND
      TECHNOLOGY COMMITTEE, IN AN AMOUNT OF THE
      NIS EQUIVALENT OF $275,000 PER ANNUM PLUS
      VAT, TO BE ADJUSTED BY THE


- --------------------------------------------------------------------------------

WACHOVIA CORP.

Ticker:       WB             Security ID:  929903102
Meeting Date: AUG 31, 2006   Meeting Type: Special
Record Date:  JUL 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       For        Management
      Acquisition
2     Amend Omnibus Stock Plan                  For       For        Management




=========================== WM VARIABLE GROWTH FUND ============================


AUTOMATIC DATA PROCESSING, INC.

Ticker:       ADP            Security ID:  053015103
Meeting Date: NOV 14, 2006   Meeting Type: Annual
Record Date:  SEP 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gregory D. Brenneman       For       For        Management
1.2   Elect Director Leslie A. Brun             For       For        Management
1.3   Elect Director Gary C. Butler             For       For        Management
1.4   Elect Director Leon G. Cooperman          For       For        Management
1.5   Elect Director R. Glenn Hubbard           For       For        Management
1.6   Elect Director John P. Jones              For       For        Management
1.7   Elect Director Ann Dibble Jordan          For       For        Management
1.8   Elect Director Frederic V. Malek          For       For        Management
1.9   Elect Director Henry Taub                 For       For        Management
1.10  Elect Director Arthur F. Weinbach         For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

CISCO SYSTEMS, INC.

Ticker:       CSCO           Security ID:  17275R102
Meeting Date: NOV 15, 2006   Meeting Type: Annual
Record Date:  SEP 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Carol A. Bartz             For       For        Management
1.2   Elect Director M. Michele Burns           For       For        Management
1.3   Elect Director Michael D. Capellas        For       For        Management
1.4   Elect Director Larry R. Carter            For       For        Management
1.5   Elect Director John T. Chambers           For       For        Management
1.6   Elect Director Dr. John L. Hennessy       For       For        Management
1.7   Elect Director Richard M. Kovacevich      For       For        Management
1.8   Elect Director Roderick C. McGeary        For       For        Management
1.9   Elect Director Steven M. West             For       For        Management
1.10  Elect Director Jerry Yang                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
4     Report on Pay Disparity                   Against   Against    Shareholder
5     Report on Internet Fragmentation          Against   Abstain    Shareholder


- --------------------------------------------------------------------------------

DELL INC.

Ticker:       DELL           Security ID:  24702R101
Meeting Date: JUL 21, 2006   Meeting Type: Annual
Record Date:  MAY 26, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Donald J. Carty            For       For        Management
1.2   Elect Director Michael S. Dell            For       For        Management
1.3   Elect Director William H. Gray, III       For       For        Management
1.4   Elect Director Sallie L. Krawcheck        For       For        Management
1.5   Elect Director Alan (A.G.) Lafley         For       For        Management
1.6   Elect Director Judy C. Lewent             For       For        Management
1.7   Elect Director Klaus S. Luft              For       For        Management
1.8   Elect Director Alex J. Mandl              For       For        Management
1.9   Elect Director Michael A. Miles           For       For        Management
1.10  Elect Director Samuel A. Nunn, Jr.        For       For        Management
1.11  Elect Director Kevin B. Rollins           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Adopt ILO-Based Code of Conduct           Against   Abstain    Shareholder
4     Compensation Company                      Against   Against    Shareholder
      Specific--Declaration of Dividend


- --------------------------------------------------------------------------------

ELECTRONIC ARTS INC.

Ticker:       ERTS           Security ID:  285512109
Meeting Date: JUL 27, 2006   Meeting Type: Annual
Record Date:  JUN 6, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director M. Richard Asher           For       For        Management
1.2   Elect Director Leonard S. Coleman         For       For        Management
1.3   Elect Director Gary M. Kusin              For       For        Management
1.4   Elect Director Gregory B. Maffei          For       For        Management
1.5   Elect Director Timothy Mott               For       Withhold   Management
1.6   Elect Director Vivek Paul                 For       For        Management
1.7   Elect Director Lawrence F. Probst, III    For       For        Management
1.8   Elect Director Richard A. Simonson        For       For        Management
1.9   Elect Director Linda J. Srere             For       For        Management
2     Approve Repricing of Options              For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FEDEX CORPORATION

Ticker:       FDX            Security ID:  31428X106
Meeting Date: SEP 25, 2006   Meeting Type: Annual
Record Date:  JUL 31, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James L. Barksdale         For       For        Management
1.2   Elect Director August A. Busch, IV        For       For        Management
1.3   Elect Director John A. Edwardson          For       For        Management
1.4   Elect Director Judith L. Estrin           For       For        Management
1.5   Elect Director J. Kenneth Glass           For       For        Management
1.6   Elect Director Philip Greer               For       For        Management
1.7   Elect Director J.R. Hyde, III             For       For        Management
1.8   Elect Director Shirley A. Jackson         For       For        Management
1.9   Elect Director Steven R. Loranger         For       For        Management
1.10  Elect Director Charles T. Manatt          For       For        Management
1.11  Elect Director Frederick W. Smith         For       For        Management
1.12  Elect Director Joshua I. Smith            For       For        Management
1.13  Elect Director Paul S. Walsh              For       For        Management
1.14  Elect Director Peter S. Willmott          For       For        Management
2     Reduce Supermajority Vote Requirement     For       For        Management
3     Ratify Auditors                           For       For        Management
4     Report on Environmental Policy            Against   Abstain    Shareholder
5     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

FISHER SCIENTIFIC INTERNATIONAL INC.

Ticker:       FSH            Security ID:  338032204
Meeting Date: AUG 30, 2006   Meeting Type: Special
Record Date:  JUL 24, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

HARMAN INTERNATIONAL INDUSTRIES, INC.

Ticker:       HAR            Security ID:  413086109
Meeting Date: NOV 2, 2006    Meeting Type: Annual
Record Date:  SEP 6, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edward H. Meyer            For       For        Management
1.2   Elect Director Gina Harman                For       For        Management


- --------------------------------------------------------------------------------

LEGG MASON, INC.

Ticker:       LM             Security ID:  524901105
Meeting Date: JUL 18, 2006   Meeting Type: Annual
Record Date:  MAY 19, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Carl Bildt                 For       For        Management
1.2   Elect Director John E. Koerner III        For       For        Management
1.3   Elect Director Cheryl Gordon Krongard     For       For        Management
1.4   Elect Director James E. Ukrop             For       For        Management
1.5   Elect Director W. Allen Reed              For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MICROCHIP TECHNOLOGY, INC.

Ticker:       MCHP           Security ID:  595017104
Meeting Date: AUG 18, 2006   Meeting Type: Annual
Record Date:  JUN 22, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steve Sanghi               For       For        Management
1.2   Elect Director Albert J. Hugo-Martinez    For       For        Management
1.3   Elect Director L.B. Day                   For       For        Management
1.4   Elect Director Matthew W. Chapman         For       For        Management
1.5   Elect Director Wade F. Meyercord          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MICROSOFT CORP.

Ticker:       MSFT           Security ID:  594918104
Meeting Date: NOV 14, 2006   Meeting Type: Annual
Record Date:  SEP 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William H. Gates, III      For       For        Management
2     Elect Director Steven A. Ballmer          For       For        Management
3     Elect Director James I. Cash, Jr., Ph.D.  For       For        Management
4     Elect Director Dina Dublon                For       For        Management
5     Elect Director Raymond V. Gilmartin       For       For        Management
6     Elect Director David F. Marquardt         For       For        Management
7     Elect Director Charles H. Noski           For       For        Management
8     Elect Director Helmut Panke               For       For        Management
9     Elect Director Jon A. Shirley             For       For        Management
10    Ratify Auditors                           For       For        Management
11    Cease Product Sales that Can Be Used to   Against   Abstain    Shareholder
      Violate Human Rights
12    Amend EEO Statement to Not Reference      Against   Abstain    Shareholder
      Sexual Orientation
13    Establish Shareholder Advisory Committee  Against   Against    Shareholder


- --------------------------------------------------------------------------------

NETWORK APPLIANCE, INC.

Ticker:       NTAP           Security ID:  64120L104
Meeting Date: AUG 31, 2006   Meeting Type: Annual
Record Date:  JUL 5, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Daniel J. Warmenhoven      For       For        Management
1.2   Elect Director Donald T. Valentine        For       For        Management
1.3   Elect Director Jeffry R. Allen            For       For        Management
1.4   Elect Director Carol A. Bartz             For       For        Management
1.5   Elect Director Alan L. Earhart            For       For        Management
1.6   Elect Director Edward Kozel               For       For        Management
1.7   Elect Director Mark Leslie                For       For        Management
1.8   Elect Director Nicholas G. Moore          For       For        Management
1.9   Elect Director George T. Shaheen          For       For        Management
1.10  Elect Director Robert T. Wall             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NIKE, INC.

Ticker:       NKE            Security ID:  654106103
Meeting Date: SEP 18, 2006   Meeting Type: Annual
Record Date:  JUL 25, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jill K. Conway             For       Did Not    Management
                                                          Vote
1.2   Elect Director Alan B. Graf, Jr.          For       Did Not    Management
                                                          Vote
1.3   Elect Director Jeanne P. Jackson          For       Did Not    Management
                                                          Vote
2     Report on Charitable Contributions        Against   Did Not    Shareholder
                                                          Vote
3     Ratify Auditors                           For       Did Not    Management
                                                          Vote


- --------------------------------------------------------------------------------

POLO RALPH LAUREN CORP.

Ticker:       RL             Security ID:  731572103
Meeting Date: AUG 10, 2006   Meeting Type: Annual
Record Date:  JUN 26, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank A. Bennack, Jr.      For       For        Management
1.2   Elect Director Joel L. Fleishman          For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PROCTER & GAMBLE COMPANY, THE

Ticker:       PG             Security ID:  742718109
Meeting Date: OCT 10, 2006   Meeting Type: Annual
Record Date:  AUG 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Norman R. Augustine        For       For        Management
1.2   Elect Director A.G. Lafley                For       For        Management
1.3   Elect Director Johnathan A. Rodgers       For       For        Management
1.4   Elect Director John F. Smith, Jr.         For       For        Management
1.5   Elect Director Margaret C. Whitman        For       For        Management
2     Approve Decrease in Size of Board         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Put Repricing of Stock Options to         Against   Against    Shareholder
      Shareholder Vote


- --------------------------------------------------------------------------------

RED HAT, INC.

Ticker:       RHAT           Security ID:  756577102
Meeting Date: AUG 17, 2006   Meeting Type: Annual
Record Date:  JUN 20, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director W. Steve Albrecht          For       For        Management
1.2   Elect Director Marye Anne Fox             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management


- --------------------------------------------------------------------------------

RESEARCH IN MOTION LTD

Ticker:       RIM            Security ID:  760975102
Meeting Date: JUL 18, 2006   Meeting Type: Annual
Record Date:  MAY 29, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Directors Michael Lazaridis, James  For       For        Management
      Balsillie, Douglas Fregin, Kendall Cork,
      James Estill, John Richardson and Douglas
      Wright
2     Approve Ernst & Young LLP as Auditors and For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors


- --------------------------------------------------------------------------------

SYSCO CORPORATION

Ticker:       SYY            Security ID:  871829107
Meeting Date: NOV 10, 2006   Meeting Type: Annual
Record Date:  SEP 12, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jonathan Golden            For       For        Management
1.2   Elect Director Joseph A. Hafner, Jr.      For       For        Management
1.3   Elect Director Nancy S. Newcomb           For       For        Management
1.4   Elect Director Richard J. Schnieders      For       For        Management
1.5   Elect Director Manuel A. Fernandez        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  None      For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

SYSCO CORPORATION

Ticker:       SYY            Security ID:  871829107
Meeting Date: NOV 10, 2006   Meeting Type: Annual
Record Date:  SEP 12, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jonathan Golden            For       For        Management
1.2   Elect Director Joseph A. Hafner, Jr.      For       For        Management
1.3   Elect Director Nancy S. Newcomb           For       For        Management
1.4   Elect Director Richard J. Schnieders      For       For        Management
1.5   Elect Director Manuel A. Fernandez        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  None      Against    Shareholder
      of Directors


- --------------------------------------------------------------------------------

TEVA PHARMACEUTICAL INDUSTRIES

Ticker:                      Security ID:  881624209
Meeting Date: OCT 5, 2006    Meeting Type: Special
Record Date:  AUG 29, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO APPROVE THE REMUNERATION OF MR. ELI    For       For        Management
      HURVITZ IN HIS CAPACITY AS CHAIRMAN OF
      THE BOARD OF TEVA, IN AN AMOUNT OF THE
      NIS EQUIVALENT OF $300,000 PER ANNUM PLUS
      VAT, TO BE ADJUSTED BY THE INCREASE OF
      THE ISRAELI CONSUMER PRICE INDEX,
      TOGETHER WITH AN OFFIC
2     TO APPROVE THE REMUNERATION OF DR.        For       For        Management
      PHILLIP FROST IN HIS CAPACITY AS VICE
      CHAIRMAN OF THE BOARD OF TEVA AND
      CHAIRMAN OF THE BOARD S SCIENCE AND
      TECHNOLOGY COMMITTEE, IN AN AMOUNT OF THE
      NIS EQUIVALENT OF $275,000 PER ANNUM PLUS
      VAT, TO BE ADJUSTED BY THE




=========================== WM VARIABLE INCOME FUND ============================

No Proxies Voted.


==================== WM VARIABLE INTERNATIONAL GROWTH FUND =====================


AMCOR LTD.

Ticker:       AMC            Security ID:  Q03080100
Meeting Date: OCT 25, 2006   Meeting Type: Annual
Record Date:  OCT 23, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          None      None       Management
      Statutory Reports for the Year Ended June
      30, 2006
2     Approve Remuneration Report for the Year  For       Against    Management
      Ended June 30, 2006
3a    Elect Ronald Keith Barton as Director     For       For        Management
3b    Elect George John Pizzey as Director      For       For        Management


- --------------------------------------------------------------------------------

BAE SYSTEMS PLC(FRM.BRITISH AEROSPACE PLC )

Ticker:                      Security ID:  G06940103
Meeting Date: OCT 4, 2006    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve the Disposal of the Company's     For       For        Management
      Twenty Per Cent Shareholding in Airbus
      S.A.S. to European Aeronautic Defence and
      Space Company EADS N.V.; Authorise the
      Directors to Take All Steps Necessary to
      Implement the Disposal


- --------------------------------------------------------------------------------

BANCA INTESA SPA (FORMERLY INTESABCI SPA )

Ticker:                      Security ID:  T17074104
Meeting Date: DEC 1, 2006    Meeting Type: Special
Record Date:  NOV 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Revoke Deliberations Assumed in the       For       For        Management
      Special Meeting Held on Dec. 17, 2002
      Regarding the Stock Option Plan
2     Approve Plan of Merger by Incorporation   For       For        Management
      of Sanpaolo IMI SpA in Banca Intesa SpA;
      Amend Bylaws Accordingly
1.1   Elect Supervisory Board Members for the   For       Against    Management
      Three-Year Term 2007-2009; Fix the Number
      of Supervisory Board Members at 19; Elect
      Chairman and Vice-Chairman; Fix the Board
      Remuneration - Slate 1
1.2   Elect Supervisory Board Members for the   For       For        Management
      Three-Year Term 2007-2009; Fix the Number
      of Supervisory Board Members at 19; Elect
      Chairman and Vice-Chairman; Fix the Board
      Remuneration - Slate 2
2     Authorize Share Repurchase Program        For       For        Management
      Pursuant to Share Option Scheme in Favor
      of Company Employees


- --------------------------------------------------------------------------------

BANCO SANTANDER CENTRAL HISPANO (FRMLY BANCO SANTANDER)

Ticker:                      Security ID:  E19790109
Meeting Date: OCT 22, 2006   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement with Riyal SL,   For       For        Management
      Lodares Inversiones SL Sociedad
      Unipersonal, Somaen Dos SL Sociedad
      Unipersonal, Gessinest Consulting SA
      Sociedad Unipersonal, and Carvasa
      Inversiones SL Sociedad Unipersonal;
      Approve Consolidated Tax Regime
2     Authorize Board to Ratify and Execute     For       For        Management
      Approved Resolutions


- --------------------------------------------------------------------------------

BHP BILLITON PLC (FORMERLY BILLITON PLC)

Ticker:                      Security ID:  G10877101
Meeting Date: OCT 26, 2006   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports for BHP Billiton Plc
2     Accept Financial Statements and Statutory For       For        Management
      Reports for BHP Billiton Ltd.
3     Elect Paul Anderson as Director of BHP    For       For        Management
      Billiton Plc
4     Elect Paul Anderson as Director of BHP    For       For        Management
      Billiton Ltd.
5     Elect Marius Kloppers as Director of BHP  For       For        Management
      Billiton Plc
6     Elect Marius Kloppers as Director of BHP  For       For        Management
      Billiton Ltd.
7     Elect Chris Lynch as Director of BHP      For       For        Management
      Billiton Plc
8     Elect Chris Lynch as Director of BHP      For       For        Management
      Billiton Ltd.
9     Elect Jacques Nasser as Director of BHP   For       For        Management
      Billiton Plc
10    Elect Jacques Nasser as Director of BHP   For       For        Management
      Billiton Ltd.
11    Re-elect David Crawford as Director of    For       For        Management
      BHP Billiton Plc
12    Re-elect David Crawford as Director of    For       For        Management
      BHP Billiton Ltd.
13    Re-elect Don Argus as Director of BHP     For       For        Management
      Billiton Plc
14    Re-elect Don Argus as Director of BHP     For       For        Management
      Billiton Ltd.
15    Re-elect David Brink as Director of BHP   For       For        Management
      Billiton Plc
16    Re-elect David Brink as Director of BHP   For       For        Management
      Billiton Ltd.
17    Re-elect John Buchanan as Director of BHP For       For        Management
      Billiton Plc
18    Re-elect John Buchanan as Director of BHP For       For        Management
      Billiton Ltd.
19    Re-elect John Schubert as Director of BHP For       For        Management
      Billiton Plc
20    Re-elect John Schubert as Director of BHP For       For        Management
      Billiton Ltd.
21    Reappoint KPMG Audit Plc as Auditors of   For       For        Management
      BHP Billiton Plc and Authorise the Board
      to Determine Their Remuneration
22    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      USD 276,686,499
23    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of USD 61,703,675
24    Authorise 246,814,700 BHP Billiton Plc    For       For        Management
      Ordinary Shares for Market Purchase
25i   Approve Reduction of Share Capital of BHP For       For        Management
      Billiton Plc by the Cancellation of All
      the Issued Paid Up Shares of USD 0.50
      Nominal Value Each Held by BHP Billiton
      Ltd. or One of its Subsidiaries on 31
      December 2006
25ii  Approve Reduction of Share Capital of BHP For       For        Management
      Billiton Plc by the Cancellation of All
      the Issued Paid Up Shares of USD 0.50
      Nominal Value Each Held by BHP Billiton
      Ltd. or One of its Subsidiaries on 31
      March 2007
25iii Approve Reduction of Share Capital of BHP For       For        Management
      Billiton Plc by the Cancellation of All
      the Issued Paid Up Shares of USD 0.50
      Nominal Value Each Held by BHP Billiton
      Ltd. or One of its Subsidiaries on 15 May
      2007
25iv  Approve Reduction of Share Capital of BHP For       For        Management
      Billiton Plc by the Cancellation of All
      the Issued Paid Up Shares of USD 0.50
      Nominal Value Each Held by BHP Billiton
      Ltd. or One of its Subsidiaries on 30
      June 2007
25v   Approve Reduction of Share Capital of BHP For       For        Management
      Billiton Plc by the Cancellation of All
      the Issued Paid Up Shares of USD 0.50
      Nominal Value Each Held by BHP Billiton
      Ltd. or One of its Subsidiaries on 30
      September 2007
25vi  Approve Reduction of Share Capital of BHP For       For        Management
      Billiton Plc by the Cancellation of All
      the Issued Paid Up Shares of USD 0.50
      Nominal Value Each Held by BHP Billiton
      Ltd. or One of its Subsidiaries on 15
      November 2007
26    Approve Remuneration Report               For       For        Management
27    Approve Grant of Deferred Shares and      For       For        Management
      Options under the BHP Billiton Ltd. Group
      Incentive Scheme and Grant of Performance
      Shares under the BHP Billiton Ltd. Long
      Term Incentive Plan to Charles Goodyear
28    Approve Grant of Deferred Shares and      For       For        Management
      Options under the BHP Billiton Plc Group
      Incentive Scheme and Grant of Performance
      Shares under the BHP Billiton Plc Long
      Term Incentive Plan to Marius Kloppers
29    Approve Grant of Deferred Shares and      For       For        Management
      Options under the BHP Billiton Ltd. Group
      Incentive Scheme and Grant of Performance
      Shares under the BHP Billiton Ltd. Long
      Term Incentive Plan to Chris Lynch
30    Approve BHP Billiton Ltd. Global Employee For       For        Management
      Share Plan; Approve BHP Billiton Plc
      Global Employee Share Plan
31    Approve Increase in Remuneration of       For       For        Management
      Non-Executive Directors of BHP Billiton
      Plc to USD 3,000,000
32    Approve Increase in Remuneration of       For       For        Management
      Non-Executive Directors of BHP Billiton
      Ltd. to USD 3,000,000


- --------------------------------------------------------------------------------

BRAMBLES INDUSTRIES LTD.

Ticker:       BIL            Security ID:  Q17481104
Meeting Date: NOV 9, 2006    Meeting Type: Annual
Record Date:  NOV 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports of Brambles Industries Limited
2     Accept Financial Statements and Statutory For       For        Management
      Reports of Brambles Industries PLC
3     Approve Remuneration Report for the       For       For        Management
      Fiscal Year Ended June 30, 2006
4     Elect A.G. Froggatt as Director to the    For       For        Management
      Board of Brambles Industries Limited
5     Elect A.G. Froggatt as Director to the    For       For        Management
      Board of Brambles Industries PLC
6     Elect D.P. Gosnell as Director to the     For       For        Management
      Board of Brambles Industries Limited
7     Elect D.P. Gosnell as Director to the     For       For        Management
      Board of Brambles Industries PLC
8     Elect S.C.H. Kay as Director to the Board For       For        Management
      of Brambles Industries Limited
9     Elect S.C.H. Kay as Director to the Board For       For        Management
      of Brambles Industries PLC
10    Elect G.J. Kraehe as Director to the      For       For        Management
      Board of Brambles Industries Limited
11    Elect G.J. Kraehe as Director to the      For       For        Management
      Board of Brambles Industries PLC
12    Elect R.D. Brown as Director to the Board For       For        Management
      of Brambles Industries Limited
13    Elect R.D. Brown as Director to the Board For       For        Management
      of Brambles Industries PLC
14    Elect M.D.I. Burrows as Director to the   For       For        Management
      Board of Brambles Industries Limited
15    Elect M.D.I. Burrows as Director to the   For       For        Management
      Board of Brambles Industries PLC
16    Elect M.F. Ihlein as Director to the      For       For        Management
      Board of Brambles Industries Limited
17    Elect M.F. Ihlein as Director to the      For       For        Management
      Board of Brambles Industries PLC
18    Elect D.J. Turner as Director to the      For       For        Management
      Board of Brambles Industries Limited
19    Elect D.J. Turner as Director to the      For       For        Management
      Board of Brambles Industries PLC
20    Elect David Lees as Director to the Board For       For        Management
      of Brambles Industries Limited
21    Elect David Lees as Director to the Board For       For        Management
      of Brambles Industries PLC
22    Approve PricewaterhouseCoopers LLP as     For       For        Management
      Auditors of Brambles Industries PLC
23    Authorize Board to Fix Remuneration of    For       For        Management
      the Auditors
24    Approve Issuance of Shares in Brambles    For       For        Management
      Industries PLC in the Amount of GBP 11.14
      Million
25    Approve Issuance of Shares in Brambles    For       For        Management
      Industries PLC in the Amount of GBP 1.67
      Million
26    Authorize the Buyback of up to 66.8       For       For        Management
      Million Shares in Brambles Industries PLC


- --------------------------------------------------------------------------------

BRAMBLES INDUSTRIES LTD.

Ticker:       BIL            Security ID:  Q17481104
Meeting Date: NOV 9, 2006    Meeting Type: Court
Record Date:  NOV 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Scheme of Arrangement Between     For       For        Management
      Brambles Industries Ltd. and its
      Shareholders


- --------------------------------------------------------------------------------

BRAMBLES INDUSTRIES LTD.

Ticker:       BIL            Security ID:  Q17481104
Meeting Date: NOV 9, 2006    Meeting Type: Special
Record Date:  NOV 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Brambles Industries Ltd.'s (BIL)  For       For        Management
      Financial Assistance in Connection with
      the Acquisition of BIL Shares by Brambles
      Ltd. (BL)
2     Approve Scheme of Arrangement Between     For       For        Management
      Brambles Industries PLC (BIP) and its
      Shareholders
3     Approve the Reclassification and          For       For        Management
      Reduction in BIP Capital in Relation to
      the Proposed Scheme of Arrangement
4     Amend BIP Articles of Association Re:     For       For        Management
      2006 Scheme of Arrangement
5     Approve Share Reclassification of B       For       For        Management
      Shares into Ordinary Shares of Five Pence
      Each; Amendment of BIP Articles of
      Association
6     Approve BL 2006 Performance Share Plan    For       For        Management
7     Approve BL 2006 Performance Share Plan    For       For        Management
      Considering Local Tax, Exchange Control
      or Securities Laws Outside Australia
8     Approve Participation of D.J. Turner,     For       For        Management
      Chief Executive Officer, in the BL 2006
      Performance Share Plan Until Nov. 9, 2009
9     Approve Participation of M.F. Ihlein,     For       For        Management
      Chief Financial Officer, in the BL 2006
      Performance Share Plan Until Nov. 9, 2009


- --------------------------------------------------------------------------------

BRAMBLES INDUSTRIES PLC

Ticker:                      Security ID:  G1307R101
Meeting Date: NOV 1, 2006    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Brambles Industries Plc Share     For       For        Management
      Reclassification; Amend Articles of
      Association; Approve Reduction and
      Subsequent Increase of BIP Capital;
      Capitalise Reserves to Brambles Ltd.;
      Authorise Issue of Equity with
      Pre-emptive Rights up to GBP 45,000,000
2     Amend Brambles Industries Plc Articles of For       For        Management
      Association Re: Scheme of Arrangement
3     Approve Reclassification of B Shares Into For       For        Management
      Ordinary Shares of Five Pence Each; Amend
      BIP Articles of Association Re: Share
      Capital
4     Approve Brambles Industries Limited       For       For        Management
      Scheme of Arrangement
5     Authorise BIL and BFL to Grant Financial  For       For        Management
      Assistance to Brambles Limited in
      Connection with the Acquisition by
      Brambles Limited of BIL Shares Pursuant
      to the BIL Scheme
6     Approve Brambles Limited 2006 Performance For       For        Management
      Share Plan
7     Authorise the Board to Establish Further  For       For        Management
      Plans Based on the Brambles Limited 2006
      Performance Share Plan But Modified for
      Territories Outside Australia
8     Approve Participation by David Turner in  For       For        Management
      the Brambles Limited 2006 Performance
      Share Plan Until 9 November 2009
9     Approve Participation by Michael Ihlein   For       For        Management
      in the Brambles Limited 2006 Performance
      Share Plan Until 9 November 2009


- --------------------------------------------------------------------------------

BRAMBLES INDUSTRIES PLC

Ticker:                      Security ID:  G1307R101
Meeting Date: NOV 1, 2006    Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports for Brambles Industries Limited
2     Accept Financial Statements and Statutory For       For        Management
      Reports for Brambles Industries Plc
3     Approve Remuneration Report               For       For        Management
4     Elect Tony Froggatt as Director of        For       For        Management
      Brambles Industries Ltd.
5     Elect Tony Froggatt as Director of        For       For        Management
      Brambles Industries Plc
6     Elect David Gosnell as Director of        For       For        Management
      Brambles Industries Ltd.
7     Elect David Gosnell as Director of        For       For        Management
      Brambles Industries Plc
8     Elect Carolyn Kay as Director of Brambles For       For        Management
      Industries Ltd.
9     Elect Carolyn Kay as Director of Brambles For       For        Management
      Industries Plc
10    Elect Graham Kraehe AO as Director of     For       For        Management
      Brambles Industries Ltd.
11    Elect Graham Kraehe AO as Director of     For       For        Management
      Brambles Industries Plc
12    Re-elect Roy Brown as Director of         For       For        Management
      Brambles Industries Ltd.
13    Re-elect Roy Brown as Director of         For       For        Management
      Brambles Industries Plc
14    Re-elect Mark Burrows as Director of      For       For        Management
      Brambles Industries Ltd.
15    Re-elect Mark Burrows as Director of      For       For        Management
      Brambles Industries Plc
16    Re-elect Michael Ihlein as Director of    For       For        Management
      Brambles Industries Ltd.
17    Re-elect Michael Ihlein as Director of    For       For        Management
      Brambles Industries Plc
18    Re-elect David Turner as Director of      For       For        Management
      Brambles Industries Ltd.
19    Re-elect David Turner as Director of      For       For        Management
      Brambles Industries Plc
20    Re-elect Sir David Lees as Director of    For       For        Management
      Brambles Industries Ltd.
21    Re-elect Sir David Lees as Director of    For       For        Management
      Brambles Industries Plc
22    Reappoint PricewaterhouseCoopers LLP as   For       For        Management
      Auditors of the Brambles Industries Plc
23    Authorise Board to Fix Remuneration of    For       For        Management
      Auditors
24    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 11,135,011
25    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 1,670,251
26    Authorise 66,810,063 Ordinary Shares for  For       For        Management
      Market Purchase


- --------------------------------------------------------------------------------

BRAMBLES INDUSTRIES PLC

Ticker:                      Security ID:  G1307R101
Meeting Date: NOV 1, 2006    Meeting Type: Court
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Scheme of Arrangement Proposed to For       For        Management
      be Made Between Brambles Industries Plc
      and the Holders of Brambles Industries
      Plc Shares


- --------------------------------------------------------------------------------

BRITISH LAND COMPANY PLC (THE)

Ticker:                      Security ID:  G15540118
Meeting Date: JUL 14, 2006   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 11.8 Pence Per  For       For        Management
      Share
3     Re-elect Sir John Ritblat as Director     For       For        Management
4     Re-elect Michael Cassidy as Director      For       For        Management
5     Re-elect Robert Swannell as Director      For       For        Management
6     Re-elect Christopher Gibson-Smith as      For       For        Management
      Director
7     Re-elect David Michels as Director        For       For        Management
8     Elect Lord Turnbull as Director           For       For        Management
9     Elect Kate Swann as Director              For       For        Management
10    Elect Andrew Jones as Director            For       For        Management
11    Elect Tim Roberts as Director             For       For        Management
12    Reappoint Deloitte & Touche LLP as        For       For        Management
      Auditors of the Company
13    Authorise Board to Fix Remuneration of    For       For        Management
      Auditors
14    Approve Remuneration Report               For       For        Management
15    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 43,192,578
16    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 6,489,828
17    Authorise 51,918,628 Ordinary Shares for  For       For        Management
      Market Purchase
18    Approve The British Land Company Plc Fund For       For        Management
      Managers Performance Plan
19    Approve The British Land Company Plc      For       For        Management
      Matching Share Plan
20    Amend The British Land Company Long Term  For       For        Management
      Incentive Plan
21    Approve Further Plans for Overseas        For       For        Management
      Employees Based on the Performance Plan
      and the Matching Share Plan


- --------------------------------------------------------------------------------

CHINA WATER AFFAIRS GROUP LTD (FORMERLY CHINA SILVER DRAGON

Ticker:                      Security ID:  G21090108
Meeting Date: JAN 5, 2007    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Acquisition by China Water Group  For       Did Not    Management
      Ltd. of 30 Percent of the Issued Share              Vote
      Capital of China Environmental Water
      Hldgs. Ltd. from Color Hill Group Ltd.
      for a Total Consideration of HK$19.2
      Million


- --------------------------------------------------------------------------------

COMPAGNIE FINANCIERE RICHEMONT SA

Ticker:                      Security ID:  H25662141
Meeting Date: SEP 14, 2006   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 0.05 per 'A' Bearer
      Share and EUR 0.005 per 'B' Registered
      Share
3     Approve Discharge of Board and Senior     For       For        Management
      Management
4     Change Location of Registered             For       For        Management
      Office/Headquarters to Geneva
5     Reelect Johann Rupert, Jean Aeschimann,   For       For        Management
      Franco Cologni, Lord Douro, Yves Istel,
      Richard Lepeu, Simon Murray, Alain
      Perrin, Norbert Platt, Alan Quasha, Lord
      Clifton, Juergen Schrempp, and Martha
      Wikstrom; Elect Ruggero Magnoni and Jan
      Rupert as Directors
6     Ratify PricewaterhouseCoopers as Auditors For       For        Management


- --------------------------------------------------------------------------------

FORTIS SA/NV

Ticker:                      Security ID:  B4399L102
Meeting Date: OCT 4, 2006    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2.1   Receive Special Report on Authorized      None      None       Management
      Capital
2.2   Approve Issuance of Equity or             For       Against    Management
      Equity-Linked Securities without
      Preemptive Rights
2.3   Authorize Board to Issue Shares in the    For       Against    Management
      Event of a Public Tender Offer or Share
      Exchange Offer
3     Amend Articles Regarding Voting           For       For        Management
      Formalities
4     Close Meeting                             None      None       Management


- --------------------------------------------------------------------------------

FOSTER'S GROUP LTD (FORMERLY FOSTER'S BREWING GROUP LTD)

Ticker:       FGL            Security ID:  Q3944W187
Meeting Date: OCT 23, 2006   Meeting Type: Annual
Record Date:  OCT 21, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect M. L. Cattermole as Director        For       For        Management
2     Elect M.G. Ould as Director               For       For        Management
3     Approve Renewal of Employee Share Plans   For       For        Management
4     Approve Foster's Group Ltd. Employee      For       For        Management
      Share Acquisition Plan
5     Approve Issuance of up to 454,200 Shares  For       For        Management
      to Trevor L. O'Hoy, Chief Executive
      Officer, in the Foster Group Ltd.'s Long
      Term Incentive Plan
6     Approve Remuneration Report for the       For       For        Management
      Fiscal Year Ended June 30, 2006


- --------------------------------------------------------------------------------

HANG LUNG PROPERTIES LTD

Ticker:                      Security ID:  Y30166105
Meeting Date: NOV 9, 2006    Meeting Type: Annual
Record Date:  NOV 3, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend                    For       For        Management
3a    Reelect Ronald J. Arculli as Director     For       For        Management
3b    Reelect Laura L.Y. Chen as Director       For       For        Management
3c    Reelect P.W. Liu as Director              For       For        Management
3d    Reelect Nelson W.L. Yuen as Director      For       For        Management
3e    Authorize Board to Fix the Remuneration   For       For        Management
      of Directors
4     Reappoint KPMG as Auditors and Authorize  For       For        Management
      Board to Fix Their Remuneration
5a    Approve Redesignation of Existing         For       For        Management
      Ordinary Shares of HK$1.0 in the Capital
      of the Company as Shares of HK$1.0 Each
5b    Approve Redesignation of the Remaining    For       For        Management
      80,000 Convertible Cumulative Preference
      Shares of HK$7,500 Each in the Capital of
      the Company as Shares of HK$1.0 Each
5c    Amend Articles of Association             For       For        Management
6a    Authorize Repurchase of Up to 10 Percent  For       For        Management
      of Issued Share Capital
6b    Approve Issuance of Equity or             For       Against    Management
      Equity-Linked Securities without
      Preemptive Rights
6c    Authorize Reissuance of Repurchased       For       Against    Management
      Shares


- --------------------------------------------------------------------------------

INDUSTRIA DE DISENO TEXTIL (INDITEX)

Ticker:                      Security ID:  E6282J109
Meeting Date: JUL 18, 2006   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Individual Financial Statements   For       For        Management
      and Discharge Directors for Fiscal Year
      Ended 01-31-06
2     Accept Consolidated Financial Statements  For       For        Management
      and Discharge of  Directors for Fiscal
      Year Ended 01-31-06
3     Approve Allocation of Income and          For       For        Management
      Dividends
4     Reelect Director                          For       For        Management
5     Reelect Auditors                          For       For        Management
6     Amend Articles 17 and 27 Re:  Calling of  For       For        Management
      Shareholder Meetings and Director Terms
7     Amend General Meeting Guidelines Re:      For       For        Management
      Calling of Shareholder Meetings and Vote
      Requirements for Certain Items
8     Approve Stock Option Plan for Executive   For       For        Management
      Directors and Employees
9     Authorize Repurchase of Shares            For       For        Management
10    Approve Remuneration of Directors         For       For        Management
11    Present Report Re: General Meeting        For       For        Management
      Guidelines
12    Authorize Board to Ratify and Execute     For       For        Management
      Approved Resolutions


- --------------------------------------------------------------------------------

INSURANCE AUSTRALIA GROUP LTD(FORMERLY NRMA INSURANCE GROUP

Ticker:       IAG            Security ID:  Q49361100
Meeting Date: NOV 15, 2006   Meeting Type: Annual
Record Date:  NOV 13, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Neil Hamilton as Director           For       For        Management
2     Elect James Strong as Director            For       For        Management
3     Adopt Remuneration Report for Fiscal Year For       Against    Management
      Ended June 30, 2006


- --------------------------------------------------------------------------------

JOHNSON ELECTRIC HOLDINGS LTD.

Ticker:                      Security ID:  G5150J140
Meeting Date: JUL 20, 2006   Meeting Type: Annual
Record Date:  JUL 14, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports for the Year Ended Mar. 31, 2006
2     Approve Final Dividend for the Year Ended For       For        Management
      Mar. 31, 2006
3a    Reelect Winnie Wing-Yee Wang as Director  For       For        Management
3b    Reelect Richard Li-Chung Wang as Director For       For        Management
3c    Reelect Peter Stuart Allenby Edwards as   For       For        Management
      Director
3d    Reelect Patrick Blackwell Paul as         For       For        Management
      Director
3e    Reelect Michael John Enright as Director  For       For        Management
4     Approve Remuneration of Directors         For       For        Management
5     Reappoint PricewaterhouseCoopers as       For       For        Management
      Auditors and Authorize Board to Fix Their
      Remuneration
6     Fix Number of Directors at 15             For       For        Management
7     Approve Issuance of Equity or             For       Against    Management
      Equity-Linked Securities without
      Preemptive Rights
8     Authorize Repurchase of Up to 10 Percent  For       For        Management
      of Issued Share Capital
9     Authorize Reissuance of Repurchased       For       Against    Management
      Shares


- --------------------------------------------------------------------------------

MACQUARIE BANK LTD

Ticker:       MBL            Security ID:  Q56993167
Meeting Date: JUL 20, 2006   Meeting Type: Annual
Record Date:  JUL 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          None      None       Management
      Statutory Reports
2     Approve Remuneration Report               For       For        Management
3     Elect HK McCann as Director               For       For        Management
4     Elect LG Cox as Director                  For       For        Management
5     Elect SD Mayne as Director                Against   For        Shareholder
6     Approve the Participation of AE Moss in   For       For        Management
      the Macquarie Bank Employee Share Option
      Plan
7     Approve the Participation of MRG Johnson  For       For        Management
      in the Macquarie Bank Employee Share
      Option Plan
8     Approve the Participation of LG Cox in    For       For        Management
      the Macquarie Bank Employee Share Option
      Plan
9     Adopt New Constitution                    For       For        Management


- --------------------------------------------------------------------------------

NUMICO N.V.(FORMERLY NUTRICIA N.V.)

Ticker:                      Security ID:  N56369239
Meeting Date: AUG 31, 2006   Meeting Type: Special
Record Date:  AUG 24, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2     Elect Flemming Morgan to Management Board For       For        Management
3     Other Business (Non-Voting)               None      None       Management
4     Close Meeting                             None      None       Management


- --------------------------------------------------------------------------------

PEACE MARK (HOLDINGS) LIMITED

Ticker:                      Security ID:  G6957A167
Meeting Date: DEC 22, 2006   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Grant of Options to Chau Cham     For       Did Not    Management
      Wong, Patrick to Subscribe for an                   Vote
      Aggregate of 19.8 Million Shares at
      HK$5.37 Per Share Under the Company's
      Share Option Scheme
2     Approve Grant of Options to Leung Yung to For       Did Not    Management
      Subscribe for an Aggregate of 19.8                  Vote
      Million Shares at HK$5.37 Per Share Under
      the Company's Share Option Scheme


- --------------------------------------------------------------------------------

RINKER GROUP LTD

Ticker:       RIN            Security ID:  Q8142Y109
Meeting Date: JUL 18, 2006   Meeting Type: Annual
Record Date:  JUL 16, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Adopt Remuneration Report                 For       For        Management
3a    Elect Walter Revell as Director           For       For        Management
3b    Elect Jack Thompson as Director           For       For        Management
4     Approve the Increase in the Remuneration  None      For        Management
      of Non-Executive Directors to A$1.70
      Million
5     Approve the Return of Capital to          For       For        Management
      Shareholders
6     Amend Proportional Takeover Provision for For       For        Management
      a Further Three Years


- --------------------------------------------------------------------------------

SANPAOLO IMI SPA

Ticker:                      Security ID:  T8249V104
Meeting Date: NOV 30, 2006   Meeting Type: Special
Record Date:  NOV 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Plan of Merger by Incorporation   For       Did Not    Management
      of Sanpaolo IMI SpA in Banca Intesa SpA             Vote


- --------------------------------------------------------------------------------

SASOL LTD.

Ticker:                      Security ID:  803866102
Meeting Date: NOV 23, 2006   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports for Year Ended June 30, 2006
2.1   Reelect E. le R. Bradley as Director      For       For        Management
2.2   Reelect B.P. Connellan as Director        For       For        Management
2.3   Reelect P.V. Cox as Director              For       For        Management
2.4   Reelect L.P.A. Davies as Director         For       For        Management
2.5   Reelect M.S.V. Gantsho as Director        For       For        Management
2.6   Reelect J.E. Schrempp as Director         For       For        Management
3.1   Reelect H.G. Dijkgraaf as Director        For       For        Management
      Appointed During the Year
3.2   Reelect A.M. Mokaba as Director Appointed For       For        Management
      During the Year
3.3   Reelect T.S. Munday as Director Appointed For       For        Management
      During the Year
3.4   Reelect T.H. Nyasulu as Director          For       For        Management
      Appointed During the Year
3.5   Reelect K.C. Ramon as Director Appointed  For       For        Management
      During the Year
4     Ratify KPMG, Inc. as Auditors             For       For        Management
5     Authorize Repurchase of Up to 10 Percent  For       For        Management
      of Issued Share Capital
6     Approve Remuneration of Directors         For       For        Management


- --------------------------------------------------------------------------------

SASOL LTD.

Ticker:                      Security ID:  803866102
Meeting Date: OCT 3, 2006    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Repurchase of 60 Million Ordinary For       For        Management
      Treasury Shares from Sasol Investment
      Company (Pty) Limited
2     Authorize Repurchase of Up to 10 Percent  For       For        Management
      of Issued Share  Capital
3     Authorize Board to Ratify and Execute     For       For        Management
      Approved Resolutions


- --------------------------------------------------------------------------------

SCOTTISH & SOUTHERN ENERGY PLC (FRM.HYDRO ELECTRIC POWER PLC

Ticker:                      Security ID:  G7885V109
Meeting Date: JUL 27, 2006   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 32.7 Pence Per  For       For        Management
      Ordinary Share
4     Re-elect Gregor Alexander as Director     For       For        Management
5     Re-elect David Payne as Director          For       For        Management
6     Re-elect Susan Rice as Director           For       For        Management
7     Reappoint KPMG Audit Plc as Auditors of   For       For        Management
      the Company
8     Authorise Board to Fix Remuneration of    For       For        Management
      Auditors
9     Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 143,380,318
10    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 21,507,047
11    Authorise 86,028,191 Ordinary Shares for  For       For        Management
      Market Purchase
12    Approve Scottish and Southern Energy Plc  For       For        Management
      Performance Share Plan


- --------------------------------------------------------------------------------

SES GLOBAL

Ticker:                      Security ID:  L8300G135
Meeting Date: DEC 14, 2006   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Review Attendance List, Establish Quorum, None      None       Management
      and Adopt Agenda
2     Nominate Secretary and Two Scrutineers    None      None       Management
3     Change Company Name; Approve Reduction in For       For        Management
      Share Capital; Delete References to
      Ordinary Shares and Preferred C-Shares;
      Harmonize Articles with the Law of Aug.
      25, 2006
4     Approve Share Repurchase Program          For       For        Management
5     Transact Other Business (Non-Voting)      None      None       Management


- --------------------------------------------------------------------------------

SINGAPORE TELECOMMUNICATIONS LTD.

Ticker:                      Security ID:  Y79985175
Meeting Date: JUL 28, 2006   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Reduction of Paid-Up Share        For       For        Management
      Capital


- --------------------------------------------------------------------------------

SINGAPORE TELECOMMUNICATIONS LTD.

Ticker:                      Security ID:  Y79985175
Meeting Date: JUL 28, 2006   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Adopt Financial Statements and Directors' For       For        Management
      and Auditors' Reports for the Financial
      Year Ended Mar. 31, 2006
2     Declare First and Final Dividend of SGD   For       For        Management
      0.10 Per Share for the Financial Year
      Ended Mar. 31, 2006
3     Reelect Graham John Bradley as Director   For       For        Management
4     Reelect Chumpol NaLamlieng as Director    For       For        Management
5     Reelect Lee Hsien Yang as Director        For       For        Management
6     Approve Directors' Fees of SGD 1.5        For       For        Management
      Million for the Financial Year Ended Mar.
      31, 2006 (2005: SGD 1.2 Million)
7     Appoint Deloitte & Touche as Auditors and For       For        Management
      Authorize Board to Fix Their Remuneration
8     Approve Issuance of Shares without        For       Against    Management
      Preemptive Rights
9     Approve Issuance of Shares and Grant of   For       For        Management
      Options Pursuant to the Singapore Telecom
      Share Option Scheme 1999
10    Approve Issuance of Shares and Grant of   For       For        Management
      Options Pursuant to the SingTel
      Performance Share Plan


- --------------------------------------------------------------------------------

SINGAPORE TELECOMMUNICATIONS LTD.

Ticker:                      Security ID:  Y79985175
Meeting Date: JUL 28, 2006   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Articles of Association             For       Against    Management
2     Authorize Share Repurchase Program        For       For        Management
3     Approve SingTel Performance Share Plan    For       For        Management
4     Approve Participation by the Relevant     For       For        Management
      Person in the SingTel Performance Share
      Plan


- --------------------------------------------------------------------------------

SUN HUNG KAI PROPERTIES LTD.

Ticker:                      Security ID:  Y82594121
Meeting Date: DEC 7, 2006    Meeting Type: Annual
Record Date:  NOV 29, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend                    For       For        Management
3a1   Reelect Sze-yuen Chung as Director        For       For        Management
3a2   Reelect Po-shing Woo as Director          For       For        Management
3a3   Reelect Kwan Cheuk-yin, William as        For       For        Management
      Director
3a4   Reelect Lo Chiu-chun, Clement as Director For       For        Management
3a5   Reelect Kwok Ping-kwong, Thomas as        For       For        Management
      Director
3b    Approve Remuneration of HK$100,000 to     For       For        Management
      Each Director, HK$110,000 to Each
      Vice-Chairman and HK$120,000 to the
      Chairman for the Year Ending June 30,
      2007
4     Reappoint Auditors and Authorize Board to For       For        Management
      Fix Their Remuneration
5     Authorize Repurchase of Up to 10 Percent  For       For        Management
      of Issued Share Capital
6     Approve Issuance of Equity or             For       For        Management
      Equity-Linked Securities without
      Preemptive Rights
7     Authorize Reissuance of Repurchased       For       Against    Management
      Shares


- --------------------------------------------------------------------------------

TELSTRA CORPORATION LIMITED.

Ticker:       TLS            Security ID:  Q8975N105
Meeting Date: NOV 14, 2006   Meeting Type: Annual
Record Date:  NOV 12, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Presentations from the Chairman   None      None       Management
      and Chief Executive Officer
2     Approve Remuneration Report for the       For       For        Management
      Fiscal Year Ended June 30, 2006
3     Receive Financial Statements and          None      None       Management
      Statutory Reports for the Fiscal Year
      Ended June 30, 2006
4a    Elect Mervyn Vogt to the Board            Against   Against    Shareholder
4b    Elect Charles Macek as Director           For       For        Management
4c    Elect John Stocker as Director            For       For        Management
4d    Elect Leonard Cooper to the Board         Against   Against    Shareholder
4e    Elect Ange Kenos to the Board             Against   Against    Shareholder
4f    Elect Geoffrey Cousins to the Board       Against   Against    Shareholder
4g    Elect Peter Willcox as Director           For       For        Management
4h    Elect John Zeglis as Director             For       For        Management
4i    Elect Stephen Mayne to the Board          Against   Against    Shareholder
5     Adopt New Constitution                    For       For        Management


- --------------------------------------------------------------------------------

TESCO PLC

Ticker:                      Security ID:  G87621101
Meeting Date: JUL 7, 2006    Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 6.10 Pence Per  For       For        Management
      Ordinary Share
4     Re-elect Charles Allen as Director        For       For        Management
5     Re-elect Richard Brasher as Director      For       For        Management
6     Re-elect Philip Clarke as Director        For       For        Management
7     Re-elect Andrew Higginson as Director     For       For        Management
8     Reappoint PricewaterhouseCoopers LLP as   For       For        Management
      Auditors of the Company
9     Authorise Board to Fix Remuneration of    For       For        Management
      Auditors
10    Approve Increase in Authorised Capital    For       For        Management
      from GBP 535,000,000 to GBP 542,900,000
11    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 131,700,000
12    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 19,760,000
13    Authorise 790,500,000 Ordinary Shares for For       For        Management
      Market Purchase
14    Authorise Directors to Use Treasury       For       For        Management
      Shares for the Purposes of or Pursuant to
      Any of the Employee Share Schemes
      Operated by the Company
15    Authorise the Company to make Donations   For       Against    Management
      to EU Political Organisations and Incur
      EU Political Expenditure up to GBP
      100,000
16    Authorise Tesco Stores Limited to Make    For       Against    Management
      Donations to EU Political Organisations
      and Incur EU Political Expenditure up to
      GBP 100,000
17    Authorise Tesco Ireland Limited to Make   For       Against    Management
      Donations to EU Political Organisations
      and Incur EU Political Expenditure up to
      GBP 25,000
18    Authorise Tesco Vin Plus S.A. to Make     For       Against    Management
      Donations to EU Political Organisations
      and Incur EU Political Expenditure up to
      GBP 25,000
19    Authorise Tesco Stores CR a.s. to Make    For       Against    Management
      Donations to EU Political Organisations
      and Incur EU Political Expenditure up to
      GBP 25,000
20    Authorise Tesco Stores SR a.s. to Make    For       Against    Management
      Donations to EU Political Organisations
      and Incur EU Political Expenditure up to
      GBP 25,000
21    Authorise Tesco Global Rt to Make         For       Against    Management
      Donations to EU Political Organisations
      and Incur EU Political Expenditure up to
      GBP 25,000
22    Authorise Tesco Polska Sp z.o.o. to Make  For       Against    Management
      Donations to EU Political Organisations
      and Incur EU Political Expenditure up to
      GBP 25,000


- --------------------------------------------------------------------------------

THALES SA (FORMERLY THOMSON-CSF)

Ticker:                      Security ID:  F9156M108
Meeting Date: JAN 5, 2007    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Contributions in Kind from        For       For        Management
      Alcatel Participations
2     Issue 25 Million Shares in Connection     For       For        Management
      with the Contributions under Item 1;
      Amend Article 6 of the Company Bylaws
      Accordingly
3     Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


- --------------------------------------------------------------------------------

TNT N.V.

Ticker:                      Security ID:  N86672107
Meeting Date: SEP 29, 2006   Meeting Type: Special
Record Date:  SEP 22, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      Did Not    Management
                                                          Vote
2     Approve Sale of the Logistics Division    For       Did Not    Management
                                                          Vote
3     Cancel Company Treasury Shares            For       Did Not    Management
                                                          Vote
4     Allow Questions                           None      Did Not    Management
                                                          Vote
5     Close Meeting                             None      Did Not    Management
                                                          Vote


- --------------------------------------------------------------------------------

UCB

Ticker:                      Security ID:  B93562120
Meeting Date: OCT 23, 2006   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Receive Special Auditors' Report Re       None      None       Management
      Capital Increase Through Contribution in
      Kind
1.2   Receive Special Board Report Re Capital   None      None       Management
      Increase Through Contribution in Kind
2.1   Increase Capital up to EUR 129 mio by     For       For        Management
      Contribution in Kind in Connection with
      Acquisition of Schwarz Pharma AG
2.2   Allocate Remaining Value of Contribution  For       For        Management
      in Kind to Issuance Premium Account
2.3   Amend Articles to Reflect Changes in      For       For        Management
      Capital
3     Approve Facilities Agreements Relating to For       For        Management
      Mixed Offer on Schwarz Pharma AG
4.1.1 Authorize Any Two Directors to Determine  For       For        Management
      Exact Amount of Each Tranche of Capital
      Increase
4.1.2 Authorize Any Two Directors to Have       For       For        Management
      Partial or Full Realization of Each
      Tranche of Capital Increase Recorded
      Before Public Notary
4.2   Grant Power to Public Notary to Amend     For       For        Management
      Company Records at Register of Legal
      Entities


- --------------------------------------------------------------------------------

UNILEVER N.V.

Ticker:                      Security ID:  N8981F271
Meeting Date: OCT 2, 2006    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      Did Not    Management
                                                          Vote
2     Receive Report by the Administration      None      Did Not    Management
      Office                                              Vote
3     Close Meeting                             None      Did Not    Management
                                                          Vote


- --------------------------------------------------------------------------------

VODAFONE GROUP PLC

Ticker:                      Security ID:  G93882101
Meeting Date: JUL 25, 2006   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Re-elect Sir John Bond as Director        For       For        Management
3     Re-elect Arun Sarin as Director           For       For        Management
4     Re-elect Thomas Geitner as Director       For       For        Management
5     Re-elect Michael Boskin as Director       For       For        Management
6     Re-elect Lord Broers as Director          For       For        Management
7     Re-elect John Buchanan as Director        For       For        Management
8     Re-elect Andy Halford as Director         For       For        Management
9     Re-elect Jurgen Schrempp as Director      For       For        Management
10    Re-elect Luc Vandevelde as Director       For       For        Management
11    Elect Philip Yea as Director              For       For        Management
12    Elect Anne Lauvergeon as Director         For       For        Management
13    Elect Anthony Watson as Director          For       For        Management
14    Approve Final Dividend of 3.87 Pence Per  For       For        Management
      Ordinary Share
15    Approve Remuneration Report               For       For        Management
16    Reappoint Deloitte & Touche LLP as        For       For        Management
      Auditors of the Company
17    Authorise the Audit Committee to Fix      For       For        Management
      Remuneration of Auditors
18    Adopt New Articles of Association         For       For        Management
19    Authorise the Company and Any Company     For       For        Management
      Which is or Becomes a Subsidiary of the
      Company to Make EU Political Organisation
      Donations up to GBP 50,000 and Incur EU
      Political Expenditure up to GBP 50,000
20    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      USD 900,000,000
21    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of USD 260,000,000
22    Authorise 5,200,000,000 Ordinary Shares   For       For        Management
      for Market Purchase Should the Special
      Resolution at the Extraordinary General
      Meeting on 25 July 2006 be Passed;
      Otherwise up to 6,000,000,000 Ordinary
      Shares


- --------------------------------------------------------------------------------

VODAFONE GROUP PLC

Ticker:                      Security ID:  G93882101
Meeting Date: JUL 25, 2006   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Increase in Authorised Capital to For       For        Management
      GBP 9,900,050,000 and USD 7,800,000,000;
      Authorise Capitalisation up GBP
      9,990,000,000; Issue Equity with Rights
      up to 66,600,000,000 B Shares; Capital
      Reorganisation; Amend Articles of
      Association


- --------------------------------------------------------------------------------

WOOLWORTHS LTD.

Ticker:       WOW            Security ID:  Q98418108
Meeting Date: NOV 24, 2006   Meeting Type: Annual
Record Date:  NOV 22, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          None      None       Management
      Statutory Reports for the Fiscal Year
      Ended June 25, 2006
2     Adopt Remuneration Report for the Fiscal  For       For        Management
      Year Ended June 25, 2006
3a    Elect Thomas William Pockett as Director  For       For        Management
3b    Elect John Frederick Astbury as Director  For       For        Management
3c    Elect Stephen D. Mayne as Director        Against   Did Not    Shareholder
                                                          Vote
3d    Elect Michael Gerard Luscombe as Director For       For        Management
3e    Elect James Alexander Strong as Director  For       For        Management
4a    Approve Issuance of 1.5 Million Options   For       For        Management
      to Michael Luscombe, Group Managing
      Director and Chief Executive Officer,
      Pursuant to the Long Term Incentive Plan
4b    Approve Issuance of 750,000 Options to    For       For        Management
      Thomas William Pockett, Director of
      Finance, Pursuant to the Long Term
      Incentive Plan
5     Adopt New Constitution                    For       Against    Management


- --------------------------------------------------------------------------------

XSTRATA PLC

Ticker:                      Security ID:  G9826T102
Meeting Date: AUG 14, 2006   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Acquisition by Xstrata Canada     For       For        Management
      Inc. of Any and All of the Issued, to be
      Issued and Outstanding Falconbridge
      Shares Other Than Any Falconbridge Shares
      Owned Directly or Indirectly by Xstrata
      Canada Inc. or Its Affiliates


- --------------------------------------------------------------------------------

YELL GROUP PLC

Ticker:                      Security ID:  G9835W104
Meeting Date: JUL 20, 2006   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 10.2 Pence Per  For       For        Management
      Ordinary Share
3     Approve Remuneration Report               For       For        Management
4     Re-elect John Condron as Director         For       For        Management
5     Re-elect John Davis as Director           For       For        Management
6     Re-elect Lyndon Lea as Director           For       For        Management
7     Re-elect Lord Powell of Bayswater as      For       For        Management
      Director
8     Re-elect Bob Scott as Director            For       For        Management
9     Re-elect Charles Carey as Director        For       For        Management
10    Re-elect John Coghlan as Director         For       For        Management
11    Re-elect Joachim Eberhardt as Director    For       For        Management
12    Elect Richard Hooper as Director          For       For        Management
13    Reappoint PricewaterhouseCoopers LLP as   For       For        Management
      Auditors of the Company
14    Authorise Board to Fix Remuneration of    For       For        Management
      Auditors
15    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 1,615,347
16    Authorise the Company, Yell Limited and   For       For        Management
      Yellow Pages Sales Limited to make
      Donations to EU Political Organisations
      up to GBP 100,000 and to Incur EU
      Political Expenditure up to GBP 100,000
17    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 387,392
18    Authorise 77,478,527 Ordinary Shares for  For       For        Management
      Market Purchase




======================== WM VARIABLE MID CAP STOCK FUND ========================


ACXIOM CORP.

Ticker:       ACXM           Security ID:  005125109
Meeting Date: SEP 27, 2006   Meeting Type: Annual
Record Date:  AUG 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Durham          For       For        Management
1.2   Elect Director William J. Henderson       For       For        Management
1.3   Elect Director Ann Die Hasselmo           For       For        Management
1.4   Elect Director Charles D. Morgan          For       For        Management


- --------------------------------------------------------------------------------

BMC SOFTWARE, INC.

Ticker:       BMC            Security ID:  055921100
Meeting Date: AUG 22, 2006   Meeting Type: Annual
Record Date:  JUL 5, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director B. Garland Cupp            For       For        Management
1.2   Elect Director Robert E. Beauchamp        For       For        Management
1.3   Elect Director Jon E. Barfield            For       For        Management
1.4   Elect Director John W. Barter             For       For        Management
1.5   Elect Director Meldon K. Gafner           For       For        Management
1.6   Elect Director Lew W. Gray                For       For        Management
1.7   Elect Director P. Thomas Jenkins          For       For        Management
1.8   Elect Director Louis J. Lavigne, Jr.      For       For        Management
1.9   Elect Director Kathleen A. O'Neil         For       For        Management
1.10  Elect Director George F. Raymond          For       For        Management
1.11  Elect Director Tom C. Tinsley             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Qualified Employee Stock Purchase For       For        Management
      Plan


- --------------------------------------------------------------------------------

ESTEE LAUDER COMPANIES INC., THE

Ticker:       EL             Security ID:  518439104
Meeting Date: OCT 31, 2006   Meeting Type: Annual
Record Date:  SEP 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Rose Marie Bravo           For       For        Management
1.2   Elect Director Paul J. Fribourg           For       For        Management
1.3   Elect Director Mellody Hobson             For       For        Management
1.4   Elect Director Irvine O. Hockaday, Jr.    For       For        Management
1.5   Elect Director Barry S. Sternlicht        For       Withhold   Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FIDELITY NATIONAL FINANCIAL, INC.

Ticker:       FNF            Security ID:  316326107
Meeting Date: OCT 23, 2006   Meeting Type: Annual
Record Date:  SEP 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect Director John F. Farrell, Jr.       For       For        Management
2.2   Elect Director Daniel D. (Ron) Lane       For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

J. M. SMUCKER CO., THE

Ticker:       SJM            Security ID:  832696405
Meeting Date: AUG 17, 2006   Meeting Type: Annual
Record Date:  JUN 19, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Paul J. Dolan              For       For        Management
1.2   Elect Director Nancy Lopez                For       For        Management
1.3   Elect Director Gary A. Oatey              For       For        Management
1.4   Elect Director Timothy P. Smucker         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

MAX RE CAPITAL LTD HAMILTON

Ticker:       MXRE           Security ID:  G6052F103
Meeting Date: SEP 18, 2006   Meeting Type: Annual
Record Date:  JUN 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO ELECT ZACK H. BACON, III TO THE BOARD  For       For        Management
      OF DIRECTORS OF MAX RE CAPITAL LTD.
2     TO ELECT GEORGE LAWTON ESTES, III TO THE  For       For        Management
      BOARD OF DIRECTORS OF MAX RE CAPITAL LTD.
3     TO ELECT WILLIAM KRONENBERG, III TO THE   For       For        Management
      BOARD OF DIRECTORS OF MAX RE CAPITAL LTD.
4     TO ELECT JAMES L. ZECH TO THE BOARD OF    For       For        Management
      DIRECTORS OF MAX RE CAPITAL LTD.
5     Ratify Auditors                           For       For        Management
6     TO AUTHORIZE THE ELECTION OF ZACK H.      For       For        Management
      BACON, III TO THE BOARD OF DIRECTORS OF
      MAX RE LTD.
7     TO AUTHORIZE THE ELECTION OF GEORGE       For       For        Management
      LAWTON ESTES, III TO THE BOARD OF
      DIRECTORS OF MAX RE LTD.
8     TO AUTHORIZE THE ELECTION OF WILLIAM      For       For        Management
      KRONENBERG, III TO THE BOARD OF DIRECTORS
      OF MAX RE LTD.
9     TO AUTHORIZE THE ELECTION OF JAMES L.     For       For        Management
      ZECH TO THE BOARD OF DIRECTORS OF MAX RE
      LTD.
10    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MICROCHIP TECHNOLOGY, INC.

Ticker:       MCHP           Security ID:  595017104
Meeting Date: AUG 18, 2006   Meeting Type: Annual
Record Date:  JUN 22, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steve Sanghi               For       For        Management
1.2   Elect Director Albert J. Hugo-Martinez    For       For        Management
1.3   Elect Director L.B. Day                   For       For        Management
1.4   Elect Director Matthew W. Chapman         For       For        Management
1.5   Elect Director Wade F. Meyercord          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MYLAN LABORATORIES INC.

Ticker:       MYL            Security ID:  628530107
Meeting Date: JUL 28, 2006   Meeting Type: Annual
Record Date:  JUN 5, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Milan Puskar               For       For        Management
1.2   Elect Director Robert J. Coury            For       For        Management
1.3   Elect Director Wendy Cameron              For       For        Management
1.4   Elect Director Neil Dimick, CPA           For       For        Management
1.5   Elect Director Douglas J. Leech, CPA      For       For        Management
1.6   Elect Director Joseph C. Maroon, Md       For       For        Management
1.7   Elect Director Rodney L. Piatt, CPA       For       For        Management
1.8   Elect Director C.B. Todd                  For       For        Management
1.9   Elect Director Rl Vanderveen, Ph.D, Rph   For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NETWORK APPLIANCE, INC.

Ticker:       NTAP           Security ID:  64120L104
Meeting Date: AUG 31, 2006   Meeting Type: Annual
Record Date:  JUL 5, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Daniel J. Warmenhoven      For       For        Management
1.2   Elect Director Donald T. Valentine        For       For        Management
1.3   Elect Director Jeffry R. Allen            For       For        Management
1.4   Elect Director Carol A. Bartz             For       For        Management
1.5   Elect Director Alan L. Earhart            For       For        Management
1.6   Elect Director Edward Kozel               For       For        Management
1.7   Elect Director Mark Leslie                For       For        Management
1.8   Elect Director Nicholas G. Moore          For       For        Management
1.9   Elect Director George T. Shaheen          For       For        Management
1.10  Elect Director Robert T. Wall             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NORTH FORK BANCORPORATION, INC.

Ticker:       NFB            Security ID:  659424105
Meeting Date: AUG 22, 2006   Meeting Type: Annual
Record Date:  JUL 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       Against    Management
3.1   Elect Director Josiah Austin              For       For        Management
3.2   Elect Director Karen Garrison             For       For        Management
3.3   Elect Director John Adam Kanas            For       For        Management
3.4   Elect Director Raymond A. Nielsen         For       For        Management
3.5   Elect Director A. Robert Towbin           For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TIDEWATER INC.

Ticker:       TDW            Security ID:  886423102
Meeting Date: JUL 20, 2006   Meeting Type: Annual
Record Date:  MAY 24, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Arthur R. Carlson          For       For        Management
1.2   Elect Director Jon C. Madonna             For       For        Management
1.3   Elect Director William C. O'Malley        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

UNITED STATES CELLULAR CORP.

Ticker:       USM            Security ID:  911684108
Meeting Date: SEP 14, 2006   Meeting Type: Annual
Record Date:  AUG 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director H.J. Harczak, Jr.          For       For        Management
2     Ratify Auditors                           For       For        Management




======================== WM VARIABLE MONEY MARKET FUND =========================


No Proxies Voted.

============================ WM VARIABLE REIT FUND =============================


FIDELITY NATIONAL FINANCIAL, INC.

Ticker:       FNF            Security ID:  316326107
Meeting Date: OCT 23, 2006   Meeting Type: Annual
Record Date:  SEP 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect Director John F. Farrell, Jr.       For       For        Management
2.2   Elect Director Daniel D. (Ron) Lane       For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PAN PACIFIC RETAIL PROPERTIES, INC.

Ticker:       PNP            Security ID:  69806L104
Meeting Date: SEP 25, 2006   Meeting Type: Special
Record Date:  AUG 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

PUBLIC STORAGE, INC.

Ticker:       PSA            Security ID:  74460D109
Meeting Date: AUG 22, 2006   Meeting Type: Annual
Record Date:  JUN 23, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect Director B. Wayne Hughes            For       Withhold   Management
2.2   Elect Director Ronald L. Havner, Jr.      For       For        Management
2.3   Elect Director Harvey Lenkin              For       For        Management
2.4   Elect Director Robert J. Abernethy        For       For        Management
2.5   Elect Director Dann V. Angeloff           For       For        Management
2.6   Elect Director William C. Baker           For       For        Management
2.7   Elect Director John T. Evans              For       For        Management
2.8   Elect Director Uri P. Harkham             For       For        Management
2.9   Elect Director B. Wayne Hughes, Jr.       For       Withhold   Management
2.10  Elect Director Daniel C. Staton           For       For        Management
3     Ratify Auditors                           For       For        Management
4     Adjourn Meeting                           For       For        Management




====================== WM VARIABLE SHORT TERM INCOME FUND ======================


No Proxies Voted.

====================== WM VARIABLE SMALL CAP GROWTH FUND =======================


ABAXIS, INC.

Ticker:       ABAX           Security ID:  002567105
Meeting Date: OCT 26, 2006   Meeting Type: Annual
Record Date:  AUG 31, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Clinton H. Severson        For       For        Management
1.2   Elect Director R.J. Bastiani, Ph.D.       For       For        Management
1.3   Elect Director Henk J. Evenhuis           For       For        Management
1.4   Elect Director Brenton G.A. Hanlon        For       For        Management
1.5   Elect Director Prithipal Singh, Ph.D.     For       For        Management
1.6   Elect Director E.S. Tucker III, M.D.      For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ADAMS RESPIRATORY THERAPEUTICS INC

Ticker:       ARXT           Security ID:  00635P107
Meeting Date: DEC 15, 2006   Meeting Type: Annual
Record Date:  OCT 23, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Joan P. Neuscheler         For       For        Management
1.2   Elect Director William C. Pate            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ALLIS-CHALMERS ENERGY INC.

Ticker:       ALY            Security ID:  019645506
Meeting Date: NOV 28, 2006   Meeting Type: Annual
Record Date:  OCT 20, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ali H. M. Afdhal           For       For        Management
1.2   Elect Director Alejandro P. Bulgheroni    For       For        Management
1.3   Elect Director Carlos A. Bulgheroni       For       For        Management
1.4   Elect Director Jeffrey R. Freedman        For       For        Management
1.5   Elect Director Victor F. Germack          For       For        Management
1.6   Elect Director Munawar H. Hidayatallah    For       For        Management
1.7   Elect Director John E. Mcconnaughy, Jr    For       For        Management
1.8   Elect Director Robert E. Nederlander      For       For        Management
1.9   Elect Director Leonard Toboroff           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       Against    Management
4     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------

AMERICAN SCIENCE AND ENGINEERING, INC.

Ticker:       ASEI           Security ID:  029429107
Meeting Date: SEP 14, 2006   Meeting Type: Annual
Record Date:  JUL 27, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Anthony R. Fabiano         For       For        Management
1.2   Elect Director Denis R. Brown             For       For        Management
1.3   Elect Director Roger P. Heinisch          For       Withhold   Management
1.4   Elect Director Hamilton W. Helmer         For       For        Management
1.5   Elect Director Ernest J. Moniz            For       For        Management
1.6   Elect Director William E. Odom            For       For        Management
1.7   Elect Director Mark S. Thompson           For       For        Management
1.8   Elect Director Carl W. Vogt               For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

CTRIP COM INTL LTD

Ticker:       CTRP           Security ID:  22943F100
Meeting Date: OCT 17, 2006   Meeting Type: Annual
Record Date:  SEP 1, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVE DISTRIBUTION OF 30% OF THE        For       For        Management
      COMPANY'S NET INCOME FOR 2006 (AS
      DETERMINED IN ACCORDANCE WITH THE
      GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
      IN THE UNITED STATES AND REPORTED IN THE
      AUDITED CONSOLIDATED FINANCIAL STATEMENTS
      OF THE COMPANY FOR THE YEAR)
2     THAT THE ARTICLES OF ASSOCIATION OF THE   For       Against    Management
      COMPANY BE AMENDED IN THE FORM ATTACHED
      TO THE NOTICE OF THE ANNUAL GENERAL
      MEETING AS EXHIBIT A


- --------------------------------------------------------------------------------

DAKTRONICS, INC.

Ticker:       DAKT           Security ID:  234264109
Meeting Date: AUG 16, 2006   Meeting Type: Annual
Record Date:  JUN 23, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Byron J. Anderson          For       For        Management
1.2   Elect Director Frank J. Kurtenbach        For       For        Management
1.3   Elect Director James A. Vellenga          For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

DYNAMIC MATERIALS CORP.

Ticker:       BOOM           Security ID:  267888105
Meeting Date: SEP 21, 2006   Meeting Type: Annual
Record Date:  AUG 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Dean K. Allen              For       For        Management
1.2   Elect Director Yvon Pierre Cariou         For       Withhold   Management
1.3   Elect Director Bernard Hueber             For       Withhold   Management
1.4   Elect Director Gerard Munera              For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------

FOCUS MEDIA HLDG LTD

Ticker:       FMCN           Security ID:  34415V109
Meeting Date: OCT 20, 2006   Meeting Type: Annual
Record Date:  AUG 28, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ELECTION OF THE DIRECTOR: DAVID FENG YU.  For       For        Management
2     ELECTION OF THE DIRECTOR: CHARLES CHAO.   For       For        Management
3     ELECTION OF THE DIRECTOR: DAQING QI.      For       For        Management
4     APPROVAL TO INCREASE THE MAXIMUM NUMBER   For       For        Management
      OF DIRECTORS TO THIRTEEN (13), AS SET
      FORTH IN THE COMPANY S NOTICE OF MEETING
      ENCLOSED HEREWITH.
5     APPROVAL OF THE 2006 EMPLOYEE SHARE       For       For        Management
      OPTION PLAN AND THE AUTHORIZATION OF
      OFFICERS TO ALLOT, ISSUE OR DELIVER
      SHARES PURSUANT TO THE 2006 EMPLOYEE
      SHARE OPTION PLAN, AS SET FORTH IN THE
      COMPANY S NOTICE OF MEETING ENCLOSED
      HEREWITH.
6     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

GMARKET INC

Ticker:       GMKT           Security ID:  38012G100
Meeting Date: DEC 30, 2006   Meeting Type: Special
Record Date:  DEC 6, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Two Directors                       For       For        Management


- --------------------------------------------------------------------------------

ICONIX BRAND GROUP, INC.

Ticker:       ICON           Security ID:  451055107
Meeting Date: AUG 17, 2006   Meeting Type: Annual
Record Date:  JUN 29, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Neil Cole                  For       For        Management
1.2   Elect Director Barry Emmanuel             For       For        Management
1.3   Elect Director Steven Mendelow            For       For        Management
1.4   Elect Director Michael Caruso             For       For        Management
1.5   Elect Director Michael Groveman           For       For        Management
1.6   Elect Director Drew Cohen                 For       For        Management
2     Approve Omnibus Stock Plan                For       Against    Management
3     Ratify Auditors                           For       For        Management
4     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------

OPLINK COMMUNICATIONS, INC.

Ticker:       OPLK           Security ID:  68375Q403
Meeting Date: NOV 8, 2006    Meeting Type: Annual
Record Date:  SEP 20, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jesse W. Jack              For       For        Management
1.2   Elect Director Leonard J. Leblanc         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Authorized Preferred Stock         For       For        Management


- --------------------------------------------------------------------------------

PETROHAWK ENERGY CORPORATION

Ticker:       HAWK           Security ID:  716495106
Meeting Date: JUL 12, 2006   Meeting Type: Annual
Record Date:  MAY 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert C. Stone, Jr.       For       For        Management
1.2   Elect Director James L. Irish, III        For       For        Management
1.3   Elect Director H.C. Williamson, III       For       For        Management
2     Issue Shares in Connection with an        For       For        Management
      Acquisition
3     Increase Authorized Common Stock          For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Amend Non-Employee Director Omnibus Stock For       For        Management
      Plan


- --------------------------------------------------------------------------------

PIONEER DRILLING COMPANY

Ticker:       PDC            Security ID:  723655106
Meeting Date: AUG 4, 2006    Meeting Type: Annual
Record Date:  JUN 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Wm. Stacy Locke            For       For        Management
1.2   Elect Director C. John Thompson           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Stock Option Plan                   For       For        Management


- --------------------------------------------------------------------------------

STRATEX NETWORKS, INC.

Ticker:       STXN           Security ID:  86279T109
Meeting Date: AUG 15, 2006   Meeting Type: Annual
Record Date:  JUN 19, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Richard C. Alberding       For       For        Management
1.2   Elect Director Charles D. Kissner         For       For        Management
1.3   Elect Director Edward F. Thompson         For       For        Management
1.4   Elect Director James D. Meindl            For       For        Management
1.5   Elect Director William A. Hasler          For       Withhold   Management
1.6   Elect Director V. Frank Mendicino         For       For        Management
1.7   Elect Director Thomas H. Waechter         For       For        Management
1.8   Elect Director Clifford H. Higgerson      For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SUPERTEX, INC.

Ticker:       SUPX           Security ID:  868532102
Meeting Date: AUG 18, 2006   Meeting Type: Annual
Record Date:  JUN 23, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Henry C. Pao               For       For        Management
1.2   Elect Director Benedict C.K. Choy         For       For        Management
1.3   Elect Director W. Mark Loveless           For       For        Management
1.4   Elect Director Elliott Schlam             For       For        Management
1.5   Elect Director Milton Feng                For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SYNERON MEDICAL LTD

Ticker:       ELOS           Security ID:  M87245102
Meeting Date: SEP 28, 2006   Meeting Type: Annual
Record Date:  AUG 14, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     RE-ELECTION OF DIRECTOR, MR. BUTLER,      For       For        Management
      WHOSE CURRENT TERM EXPIRES AT THE MEETING
2     RE-ELECTION OF DIRECTOR, MS. KRINDEL,     For       For        Management
      WHOSE CURRENT TERM EXPIRES AT THE MEETING
3     Ratify Auditors                           For       For        Management
4     AUTHORIZE THE BOARD OF DIRECTORS AND THE  For       For        Management
      AUDIT COMMITTEE TO FIX THE INDEPENDENT
      AUDITORS  REMUNERATION FOR AUDITING
      SERVICES AND FOR ADDITIONAL SERVICES
5     APPROVE THE INCREASE IN SCOPE OF SERVICE  For       Against    Management
      OF DR. ECKHOUSE AND THE TERMS OF AN
      OPTION GRANT TO DR. ECKHOUSE IN
      ACCORDANCE WITH THE ISRAELI COMPANIES LAW
      1999 REQUIREMENT FOR APPROVAL OF RELATED
      PARTIES TRANSACTIONS
6     APPROVE THE OPTION GRANT TO DR. KREINDEL  For       Against    Management
      IN ACCORDANCE WITH THE ISRAELI COMPANIES
      LAW 1999 REQUIREMENT FOR RELATED
      TRANSACTIONS
7     APPROVE THE OPTION GRANT TO MR. BUTLER IN For       Against    Management
      ACCORDANCE WITH THE ISRAELI COMPANIES LAW
      1999 REQUIREMENT FOR RELATED TRANSACTIONS
8     Approve Stock Option Plan Grants          For       Against    Management
9     UPDATE OF THE D&O INSURANCE COVERAGE      For       Against    Management
10    AMEND THE COMPANY S ARTICLES OF           For       For        Management
      ASSOCIATION TO ALLOW  ADDITIONAL
      REIMBURSEMENT OF EXPENSES AND TO AMEND
      THE COMPANY S UNDERTAKINGS PURSUANT TO
      THE AMENDMENTS TO THE ISRAELI COMPANIES
      LAW 1999, WHICH ALLOWS SUCH ADDITIONAL
      REIMBURSEMENTS


- --------------------------------------------------------------------------------

TALX CORPORATION

Ticker:       TALX           Security ID:  874918105
Meeting Date: SEP 7, 2006    Meeting Type: Annual
Record Date:  JUL 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Eugene M. Toombs           For       For        Management
1.2   Elect Director M. Stephen Yoakum          For       For        Management
2     Approve Qualified Employee Stock Purchase For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TURBOCHEF TECHNOLOGIES INC.

Ticker:       OVEN           Security ID:  900006206
Meeting Date: JUL 18, 2006   Meeting Type: Annual
Record Date:  JUN 2, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Richard E. Perlman         For       For        Management
1.2   Elect Director James K. Price             For       For        Management
1.3   Elect Director James W. DeYoung           For       For        Management
1.4   Elect Director Sir Anthony Jolliffe       For       For        Management
1.5   Elect Director J. Thomas Presby           For       For        Management
1.6   Elect Director William A. Shutzer         For       For        Management
1.7   Elect Director Raymond H. Welsh           For       For        Management
2     Ratify Auditors                           For       For        Management




======================= WM VARIABLE SMALL CAP VALUE FUND =======================


DRS TECHNOLOGIES, INC.

Ticker:       DRS            Security ID:  23330X100
Meeting Date: AUG 3, 2006    Meeting Type: Annual
Record Date:  JUN 23, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ira Albom                  For       For        Management
1.2   Elect Director Mark N. Kaplan             For       For        Management
1.3   Elect Director D.J. Reimer, USA           For       For        Management
1.4   Elect Director C.G. Boyd, USAF            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

FRONTIER AIRLINES HOLDINGS INC.

Ticker:       FRNT           Security ID:  359059102
Meeting Date: SEP 7, 2006    Meeting Type: Annual
Record Date:  JUL 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Samuel D. Addoms           For       For        Management
1.2   Elect Director D. Dale Browning           For       For        Management
1.3   Elect Director Paul S. Dempsey            For       For        Management
1.4   Elect Director Patricia A. Engels         For       For        Management
1.5   Elect Director B. LaRae Orullian          For       For        Management
1.6   Elect Director Jeff S. Potter             For       For        Management
1.7   Elect Director James B. Upchurch          For       For        Management


- --------------------------------------------------------------------------------

KINGSGATE CONSOLIDATED LIMITED

Ticker:       KCN            Security ID:  Q5318K103
Meeting Date: NOV 15, 2006   Meeting Type: Annual
Record Date:  NOV 13, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Peter McAleer as Director           For       For        Management
2     Approve Remuneration Report               For       For        Management


- --------------------------------------------------------------------------------

LECROY CORP.

Ticker:       LCRY           Security ID:  52324W109
Meeting Date: OCT 25, 2006   Meeting Type: Annual
Record Date:  SEP 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William G. Scheerer        For       For        Management
1.2   Elect Director Allyn C. Woodward, Jr.     For       Withhold   Management


- --------------------------------------------------------------------------------

METAL MANAGEMENT, INC.

Ticker:       MTLM           Security ID:  591097209
Meeting Date: SEP 19, 2006   Meeting Type: Annual
Record Date:  JUL 24, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Norman R. Bobins           For       Withhold   Management
1.2   Elect Director Daniel W. Dienst           For       Withhold   Management
1.3   Elect Director John T. Dilacqua           For       For        Management
1.4   Elect Director Robert Lewon               For       For        Management
1.5   Elect Director Gerald E. Morris           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management


- --------------------------------------------------------------------------------

ORIENTAL FINANCIAL GROUP, INC.

Ticker:       OFG            Security ID:  68618W100
Meeting Date: NOV 1, 2006    Meeting Type: Annual
Record Date:  SEP 22, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jose Enrique Fernandez     For       For        Management
1.2   Elect Director Nelson Garcia              For       For        Management


- --------------------------------------------------------------------------------

PORTALPLAYER INC

Ticker:       PLAY           Security ID:  736187204
Meeting Date: DEC 18, 2006   Meeting Type: Special
Record Date:  NOV 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

PORTALPLAYER INC

Ticker:       PLAY           Security ID:  736187204
Meeting Date: JAN 5, 2007    Meeting Type: Special
Record Date:  NOV 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

SHIP FINANCE INTERNATIONAL LTD

Ticker:       SFL            Security ID:  G81075106
Meeting Date: DEC 1, 2006    Meeting Type: Annual
Record Date:  AUG 14, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Tor Olav Troim as Director          For       Withhold   Management
1.2   Elect Paul Leand Jr. as Director          For       For        Management
1.3   Elect Kate Blankenship as Director        For       Withhold   Management
2     Approve Moore Stephens, P.C. as Auditors  For       For        Management
      and Authorize Board to Fix Their
      Remuneration
3     Amend By-Law 104                          For       For        Management


- --------------------------------------------------------------------------------

SUBURBAN PROPANE PARTNERS, L.P.

Ticker:       SPH            Security ID:  864482104
Meeting Date: OCT 17, 2006   Meeting Type: Annual
Record Date:  AUG 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John Hoyt Stookey          For       For        Management
1.2   Elect Director Harold R. Logan, Jr.       For       For        Management
1.3   Elect Director Dudley C. Mecum            For       For        Management
2     Issuance of Common Stock in Exchange For  For       For        Management
      Cancellation of Distributed Rights.
3     Amend Articles/Exchange-Related           For       For        Management
      Amendments to The Existing Partnership
      Agreement
4     Restrictions on Business Combinations     For       For        Management
      With Interested
5     Adopt Supermajority Vote Requirement for  For       Against    Management
      Amendments
6     Amend Restricted Stock Plan               For       For        Management
7     Adjourn Meeting                           For       For        Management




================= WM VARIABLE U.S. GOVERNMENT SECURITIES FUND ==================

No Proxies Voted.

====================== WM VARIABLE WEST COAST EQUITY FUND ======================


ALLERGAN, INC.

Ticker:       AGN            Security ID:  018490102
Meeting Date: SEP 20, 2006   Meeting Type: Special
Record Date:  AUG 14, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Increase Authorized Common Stock          For       For        Management


- --------------------------------------------------------------------------------

APPLERA CORP

Ticker:                      Security ID:  038020103
Meeting Date: OCT 19, 2006   Meeting Type: Annual
Record Date:  AUG 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Richard H. Ayers           For       For        Management
1.2   Elect Director Jean-Luc Belingard         For       Withhold   Management
1.3   Elect Director Robert H. Hayes            For       For        Management
1.4   Elect Director Arnold J. Levine           For       For        Management
1.5   Elect Director William H. Longfield       For       For        Management
1.6   Elect Director Theodore E. Martin         For       For        Management
1.7   Elect Director Carolyn W. Slayman         For       For        Management
1.8   Elect Director Orin R. Smith              For       For        Management
1.9   Elect Director James R. Tobin             For       Withhold   Management
1.10  Elect Director Tony L. White              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Change Company Name                       For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Amend Omnibus Stock Plan                  For       For        Management


- --------------------------------------------------------------------------------

ARCHER-DANIELS-MIDLAND COMPANY

Ticker:       ADM            Security ID:  039483102
Meeting Date: NOV 2, 2006    Meeting Type: Annual
Record Date:  SEP 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director G.A. Andreas               For       For        Management
1.2   Elect Director A.L. Boeckmann             For       For        Management
1.3   Elect Director M.H. Carter                For       Withhold   Management
1.4   Elect Director R.S. Joslin                For       For        Management
1.5   Elect Director A. Maciel                  For       For        Management
1.6   Elect Director P.J. Moore                 For       For        Management
1.7   Elect Director M.B. Mulroney              For       For        Management
1.8   Elect Director T.F. O'Neill               For       For        Management
1.9   Elect Director O.G. Webb                  For       Withhold   Management
1.10  Elect Director K.R. Westbrook             For       For        Management
1.11  Elect Director P.A. Woertz                For       For        Management
2     Report on Genetically Modified Organisms  Against   Against    Shareholder
      (GMO)
3     Adopt ILO Standards                       Against   For        Shareholder


- --------------------------------------------------------------------------------

CEMEX S.A.

Ticker:                      Security ID:  151290889
Meeting Date: AUG 31, 2006   Meeting Type: Special
Record Date:  AUG 10, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     PRESENTATION, DISCUSSION AND APPROVAL OF  For       For        Management
      THE PROJECT THAT MODIFIES THE ISSUANCE
      DEED OF THE ORDINARY PARTICIPATION
      CERTIFICATES DENOMINATED  CEMEX.CPO , AS
      WELL AS THE TRUST AGREEMENT NUMBER
      111033-9 EXECUTED BY  BANCO NACIONAL DE
      MEXICO, S.A.  AS  CEMEX


- --------------------------------------------------------------------------------

CEMEX S.A.B. DE C.V.

Ticker:                      Security ID:  151290889
Meeting Date: DEC 7, 2006    Meeting Type: Annual
Record Date:  NOV 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     CONSIDERATION AND, IF APPLICABLE,         For       For        Management
      AUTHORIZATION OF A TRANSACTION, AFTER
      HEARING A REPORT BY THE CHIEF EXECUTIVE
      OFFICER AND THE OPINION OF THE BOARD OF
      DIRECTORS.


- --------------------------------------------------------------------------------

CENTRAL GARDEN & PET CO.

Ticker:       CENT           Security ID:  153527106
Meeting Date: SEP 28, 2006   Meeting Type: Special
Record Date:  AUG 21, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Authorize a New Class of Common Stock     For       Against    Management


- --------------------------------------------------------------------------------

CISCO SYSTEMS, INC.

Ticker:       CSCO           Security ID:  17275R102
Meeting Date: NOV 15, 2006   Meeting Type: Annual
Record Date:  SEP 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Carol A. Bartz             For       For        Management
1.2   Elect Director M. Michele Burns           For       For        Management
1.3   Elect Director Michael D. Capellas        For       For        Management
1.4   Elect Director Larry R. Carter            For       For        Management
1.5   Elect Director John T. Chambers           For       For        Management
1.6   Elect Director Dr. John L. Hennessy       For       For        Management
1.7   Elect Director Richard M. Kovacevich      For       For        Management
1.8   Elect Director Roderick C. McGeary        For       For        Management
1.9   Elect Director Steven M. West             For       For        Management
1.10  Elect Director Jerry Yang                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
4     Report on Pay Disparity                   Against   Against    Shareholder
5     Report on Internet Fragmentation          Against   For        Shareholder


- --------------------------------------------------------------------------------

CLOROX COMPANY, THE

Ticker:       CLX            Security ID:  189054109
Meeting Date: NOV 15, 2006   Meeting Type: Annual
Record Date:  SEP 19, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Daniel Boggan, Jr.         For       For        Management
2     Elect Director Tully M. Friedman          For       For        Management
3     Elect Director George J. Harad            For       For        Management
4     Elect Director Donald R. Knauss           For       For        Management
5     Elect Director Robert W. Matschullat      For       For        Management
6     Elect Director Gary G. Michael            For       For        Management
7     Elect Director Jan L. Murley              For       For        Management
8     Elect Director Michael E. Shannon         For       For        Management
9     Elect Director Pamela Thomas-Graham       For       For        Management
10    Elect Director Carolyn M. Ticknor         For       For        Management
11    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

COPART, INC.

Ticker:       CPRT           Security ID:  217204106
Meeting Date: DEC 18, 2006   Meeting Type: Annual
Record Date:  NOV 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Willis J. Johnson          For       For        Management
1.2   Elect Director A. Jayson Adair            For       For        Management
1.3   Elect Director Harold Blumenste           For       For        Management
1.4   Elect Director James Grosfield            For       For        Management
1.5   Elect Director James E. Meeks             For       For        Management
1.6   Elect Director Steven D. Cohan            For       For        Management
1.7   Elect Director Daniel Englander           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

DIONEX CORP.

Ticker:       DNEX           Security ID:  254546104
Meeting Date: OCT 27, 2006   Meeting Type: Annual
Record Date:  SEP 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David L. Anderson          For       For        Management
1.2   Elect Director A. Blaine Bowman           For       For        Management
1.3   Elect Director Lukas Braunschweiler       For       For        Management
1.4   Elect Director Roderick McGeary           For       For        Management
1.5   Elect Director Riccardo Pigliucci         For       For        Management
1.6   Elect Director Michael W. Pope            For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ELECTRO SCIENTIFIC INDUSTRIES, INC.

Ticker:       ESIO           Security ID:  285229100
Meeting Date: OCT 5, 2006    Meeting Type: Annual
Record Date:  AUG 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Richard J. Faubert         For       For        Management
1.2   Elect Director Keith L. Thomson           For       For        Management
1.3   Elect Director Jon D. Tompkins            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ELECTRONIC ARTS INC.

Ticker:       ERTS           Security ID:  285512109
Meeting Date: JUL 27, 2006   Meeting Type: Annual
Record Date:  JUN 6, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director M. Richard Asher           For       For        Management
1.2   Elect Director Leonard S. Coleman         For       For        Management
1.3   Elect Director Gary M. Kusin              For       For        Management
1.4   Elect Director Gregory B. Maffei          For       For        Management
1.5   Elect Director Timothy Mott               For       Withhold   Management
1.6   Elect Director Vivek Paul                 For       For        Management
1.7   Elect Director Lawrence F. Probst, III    For       For        Management
1.8   Elect Director Richard A. Simonson        For       For        Management
1.9   Elect Director Linda J. Srere             For       For        Management
2     Approve Repricing of Options              For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ESTEE LAUDER COMPANIES INC., THE

Ticker:       EL             Security ID:  518439104
Meeting Date: OCT 31, 2006   Meeting Type: Annual
Record Date:  SEP 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Rose Marie Bravo           For       For        Management
1.2   Elect Director Paul J. Fribourg           For       For        Management
1.3   Elect Director Mellody Hobson             For       For        Management
1.4   Elect Director Irvine O. Hockaday, Jr.    For       For        Management
1.5   Elect Director Barry S. Sternlicht        For       Withhold   Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

EXAR CORPORATION

Ticker:       EXAR           Security ID:  300645108
Meeting Date: SEP 7, 2006    Meeting Type: Annual
Record Date:  JUL 24, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Roubik Gregorian           For       For        Management
1.2   Elect Director John S. McFarlane          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

INFOCUS CORP.

Ticker:       INFS           Security ID:  45665B106
Meeting Date: AUG 22, 2006   Meeting Type: Annual
Record Date:  JUL 5, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter D. Behrendt          For       For        Management
1.2   Elect Director Michael R. Hallman         For       For        Management
1.3   Elect Director Svein S. Jacobsen          For       For        Management
1.4   Elect Director Duane C. McDougall         For       For        Management
1.5   Elect Director C. Kyle Ranson             For       For        Management


- --------------------------------------------------------------------------------

INTERNATIONAL RECTIFIER CORP.

Ticker:       IRF            Security ID:  460254105
Meeting Date: NOV 20, 2006   Meeting Type: Annual
Record Date:  SEP 22, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James D. Plummer           For       For        Management
1.2   Elect Director Robert S. Attiyeh          For       For        Management
1.3   Elect Director Philip M. Neches           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MCKESSON CORPORATION

Ticker:       MCK            Security ID:  58155Q103
Meeting Date: JUL 26, 2006   Meeting Type: Annual
Record Date:  MAY 31, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Wayne A. Budd              For       For        Management
1.2   Elect Director Alton F. Irby III          For       For        Management
1.3   Elect Director David M. Lawrence, M.D.    For       For        Management
1.4   Elect Director James V. Napier            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   For        Shareholder


- --------------------------------------------------------------------------------

MENTOR CORP.

Ticker:       MNT            Security ID:  587188103
Meeting Date: SEP 13, 2006   Meeting Type: Annual
Record Date:  JUL 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Decrease in Size of Board         For       For        Management
2.1   Elect Director Joseph E. Whitters         For       For        Management
2.2   Elect Director Michael L. Emmons          For       For        Management
2.3   Elect Director Walter W. Faster           For       For        Management
2.4   Elect Director Joshua H. Levine           For       For        Management
2.5   Elect Director Michael Nakonechny         For       For        Management
2.6   Elect Director Ronald J. Rossi            For       For        Management
2.7   Elect Director Jeffrey W. Ubben           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MENTOR GRAPHICS CORP.

Ticker:       MENT           Security ID:  587200106
Meeting Date: NOV 29, 2006   Meeting Type: Special
Record Date:  OCT 2, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Stock Option Plan                   For       For        Management


- --------------------------------------------------------------------------------

MICROSOFT CORP.

Ticker:       MSFT           Security ID:  594918104
Meeting Date: NOV 14, 2006   Meeting Type: Annual
Record Date:  SEP 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William H. Gates, III      For       For        Management
2     Elect Director Steven A. Ballmer          For       For        Management
3     Elect Director James I. Cash, Jr., Ph.D.  For       For        Management
4     Elect Director Dina Dublon                For       For        Management
5     Elect Director Raymond V. Gilmartin       For       For        Management
6     Elect Director David F. Marquardt         For       For        Management
7     Elect Director Charles H. Noski           For       For        Management
8     Elect Director Helmut Panke               For       For        Management
9     Elect Director Jon A. Shirley             For       For        Management
10    Ratify Auditors                           For       For        Management
11    Cease Product Sales that Can Be Used to   Against   Against    Shareholder
      Violate Human Rights
12    Amend EEO Statement to Not Reference      Against   Against    Shareholder
      Sexual Orientation
13    Establish Shareholder Advisory Committee  Against   Against    Shareholder


- --------------------------------------------------------------------------------

NETWORK APPLIANCE, INC.

Ticker:       NTAP           Security ID:  64120L104
Meeting Date: AUG 31, 2006   Meeting Type: Annual
Record Date:  JUL 5, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Daniel J. Warmenhoven      For       For        Management
1.2   Elect Director Donald T. Valentine        For       For        Management
1.3   Elect Director Jeffry R. Allen            For       For        Management
1.4   Elect Director Carol A. Bartz             For       For        Management
1.5   Elect Director Alan L. Earhart            For       For        Management
1.6   Elect Director Edward Kozel               For       For        Management
1.7   Elect Director Mark Leslie                For       For        Management
1.8   Elect Director Nicholas G. Moore          For       For        Management
1.9   Elect Director George T. Shaheen          For       For        Management
1.10  Elect Director Robert T. Wall             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NIKE, INC.

Ticker:       NKE            Security ID:  654106103
Meeting Date: SEP 18, 2006   Meeting Type: Annual
Record Date:  JUL 25, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jill K. Conway             For       For        Management
1.2   Elect Director Alan B. Graf, Jr.          For       For        Management
1.3   Elect Director Jeanne P. Jackson          For       For        Management
2     Report on Charitable Contributions        Against   Against    Shareholder
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PIXELWORKS, INC.

Ticker:       PXLW           Security ID:  72581M107
Meeting Date: OCT 26, 2006   Meeting Type: Special
Record Date:  SEP 15, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Repricing of Options              For       For        Management


- --------------------------------------------------------------------------------

PRECISION CASTPARTS CORP.

Ticker:       PCP            Security ID:  740189105
Meeting Date: AUG 16, 2006   Meeting Type: Annual
Record Date:  JUN 23, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mark Donegan               For       For        Management
1.2   Elect Director Vernon E. Oechsle          For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

PROCTER & GAMBLE COMPANY, THE

Ticker:       PG             Security ID:  742718109
Meeting Date: OCT 10, 2006   Meeting Type: Annual
Record Date:  AUG 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Norman R. Augustine        For       For        Management
1.2   Elect Director A.G. Lafley                For       For        Management
1.3   Elect Director Johnathan A. Rodgers       For       For        Management
1.4   Elect Director John F. Smith, Jr.         For       For        Management
1.5   Elect Director Margaret C. Whitman        For       For        Management
2     Approve Decrease in Size of Board         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Put Repricing of Stock Options to         Against   Against    Shareholder
      Shareholder Vote


- --------------------------------------------------------------------------------

QLOGIC CORP.

Ticker:       QLGC           Security ID:  747277101
Meeting Date: AUG 24, 2006   Meeting Type: Annual
Record Date:  JUL 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director H.K. Desai                 For       For        Management
1.2   Elect Director Joel S. Birnbaum           For       For        Management
1.3   Elect Director Larry R. Carter            For       For        Management
1.4   Elect Director James R. Fiebiger          For       For        Management
1.5   Elect Director Balakrishnan S. Iyer       For       For        Management
1.6   Elect Director Carol L. Miltner           For       For        Management
1.7   Elect Director George D. Wells            For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

RESMED, INC.

Ticker:       RMD            Security ID:  761152107
Meeting Date: NOV 9, 2006    Meeting Type: Annual
Record Date:  SEP 14, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter Farrell              For       For        Management
1.2   Elect Director Gary Pace                  For       For        Management
1.3   Elect Director Ronald Taylor              For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TEKTRONIX, INC.

Ticker:       TEK            Security ID:  879131100
Meeting Date: SEP 21, 2006   Meeting Type: Annual
Record Date:  JUL 17, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Pauline Lo Alker           For       For        Management
1.2   Elect Director A. Gary Ames               For       For        Management
1.3   Elect Director Gerry B. Cameron           For       For        Management
1.4   Elect Director David N. Campbell          For       For        Management
1.5   Elect Director Frank C. Gill              For       For        Management
1.6   Elect Director Robin L. Washington        For       For        Management
1.7   Elect Director Richard H. Wills           For       For        Management
1.8   Elect Director Cyril J. Yansouni          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

UNIVISION COMMUNICATIONS INC.

Ticker:       UVN            Security ID:  914906102
Meeting Date: SEP 27, 2006   Meeting Type: Special
Record Date:  AUG 17, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

WATCHGUARD TECHNOLOGIES, INC.

Ticker:       WGRD           Security ID:  941105108
Meeting Date: OCT 4, 2006    Meeting Type: Special
Record Date:  AUG 7, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Other Business                            For       Against    Management




                               Vote Summary Report
                           Jul 01, 2006 - Jun 30, 2007

Fund:  WM VT Balanced Portfolio
Investment Advisor: Washington Mutual Advisors ("WMA")

                                                           Mgmt.                                         Shares Voted
                                                                                          ---------------------------------------
                   Company/Ballot Issues         Cusip     Rec.    Shares      Proponent     FOR           AGAINST      ABSTAIN
 ---------------------------------------------------------------------------------------------------------------------
                                                                                                         
      WM VARIABLE EQUITY INCOME FUND             928969831  FOR  4,809,191.761   MGMT     4,308,025.888    65,453.100   435,712.774
      Proposal 4   Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT Equity Income Fund into the
      PVC Equity Income Account I.


      WM VARIABLE EQUITY INCOME FUND             928969831  FOR  4,809,191.761   MGMT     4,369,102.623    52,227.823   387,909.407
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE GROWTH & INCOME FUND           928969302  FOR  4,514,573.972   MGMT     3,985,059.591   253,899.640   255,299.158
      Proposal 7   Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT Growth & Income Fund into the
      PVC LargeCap
      Blend Account.

      WM VARIABLE GROWTH & INCOME FUND           928969302  FOR  4,514,573.972   MGMT     4,058,240.835   260,852.084   195,481.053
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE GROWTH FUND                    928969203  FOR  8,220,681.515   MGMT     7,235,597.249   387,029.686   598,054.580
      Proposal 6   Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT Growth Fund into the PVC
      Growth Account.

      WM VARIABLE GROWTH FUND                    928969203  FOR  8,220,681.515   MGMT     7,385,542.480   421,227.721   413,911.314
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE GROWTH FUND                    928969203  FOR  8,220,681.515   MGMT     6,933,980.444   408,239.044   878,462.027
      Proposal 20  Approval of Proposed Sub-Advisory
      Agreements with:
              (a)  Janus Capital Management LLC;

      WM VARIABLE GROWTH FUND                    928969203  FOR  8,220,681.515   MGMT     6,801,298.645   448,273.763   971,109.107
      Proposal 20  Approval of Proposed Sub-Advisory
      Agreements with:
              (b)  ClearBridge Advisors, LLC; and

      WM VARIABLE GROWTH FUND                    928969203  FOR  8,220,681.515   MGMT     7,248,339.305   396,401.263   575,940.947
      Proposal 20  Approval of Proposed Sub-Advisory
      Agreements with:
              (c)  Oppenheimer Funds, Inc.

      WM VARIABLE INCOME FUND                    928969708  FOR  7,307,999.635   MGMT     6,336,693.404    65,406.597   905,899.635
      Proposal 8   Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT Income Fund into the PVC
      Income Account.

      WM VARIABLE INCOME FUND                    928969708  FOR  7,307,999.635   MGMT     6,401,807.680    76,660.916   829,604.119
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE INTERNATIONAL GROWTH FUND      928969500  FOR  3,618,121.029   MGMT     3,044,685.027   375,741.869   197,730.314
      Proposal 9   Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT International Growth Fund into
      the PVC
      Diversified International Account.

      WM VARIABLE INTERNATIONAL GROWTH FUND      928969500  FOR  3,618,121.029   MGMT     3,066,538.478   375,741.869   175,840.682
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE INTERNATIONAL GROWTH FUND      928969500  FOR  3,618,121.029   MGMT     2,964,507.465   451,903.317   201,710.247
      Proposal 20  Approval of Proposed Sub-Advisory
      Agreements with:
              (d)  Capital Guardian Trust Company

      WM VARIABLE MID CAP STOCK FUND             928969815  FOR  2,174,488.699   MGMT     1,851,337.933    70,062.026   253,110.485
      Proposal 10  Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT Mid Cap Stock Fund into the
      PVC MidCap
                   Stock Account.

      WM VARIABLE MID CAP STOCK FUND             928969815  FOR  2,174,488.699   MGMT     1,865,341.641    70,062.026   239,085.032
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE REIT FUND                      928969625  FOR  1,185,771.000   MGMT     1,051,802.592    16,304.351   117,664.056
      Proposal 12  Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT REIT Fund into the PVC Real
      Estate Securities Account.


      WM VARIABLE REIT FUND                      928969625  FOR  1,185,771.000   MGMT     1,051,802.592    16,304.351   117,664.056
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE SHORT TERM INCOME FUND         928969807  FOR  2,904,596.425   MGMT     2,593,543.194    54,228.815   256,824.416
      Proposal 13  Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT Short Term Income Fund into
      the PVC Short-Term Income Account.


      WM VARIABLE SHORT TERM INCOME FUND         928969807  FOR  2,904,596.425   MGMT     2,680,768.224    62,913.559   160,943.688
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE SMALL CAP GROWTH FUND          928969401  FOR  1,343,417.065   MGMT     1,229,226.614    51,211.059    62,979.392
      Proposal 14  Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT Small Cap Growth Fund into the
      PVC SmallCap Growth Account.


      WM VARIABLE SMALL CAP GROWTH FUND          928969401  FOR  1,343,417.065   MGMT     1,231,389.516    55,818.979    56,222.004
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE SMALL CAP GROWTH FUND          928969401  FOR  1,343,417.065   MGMT     1,208,282.742    63,409.285    71,725.037
      Proposal 20  Approval of Proposed Sub-Advisory
      Agreements with:
              (e)  Delaware Management Company; and

      WM VARIABLE SMALL CAP GROWTH FUND          928969401  FOR  1,343,417.065   MGMT     1,201,243.237    67,251.458    74,922.370
      Proposal 20  Approval of Proposed Sub-Advisory
      Agreements with:
              (f)  Oberweis Asset Management, Inc.

      WM VARIABLE SMALL CAP VALUE FUND           928969591  FOR  1,234,610.079   MGMT     1,222,375.093         0.000    12,234.986
      Proposal 15  Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT Small Cap Value Fund into the
      PVC SmallCap Value Account.


      WM VARIABLE SMALL CAP VALUE FUND           928969591  FOR  1,234,610.079   MGMT     1,222,375.093         0.000    12,234.986
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE U.S. GOVERNMENT SECURITIES FUND928969609  FOR 12,268,959.975   MGMT    10,802,941.948   193,849.568 1,272,168.460
      Proposal 17  Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT U.S. Government Securities
      Fund into the
      PVC Mortgage Securities Account.

      WM VARIABLE U.S. GOVERNMENT SECURITIES FUND928969609  FOR 12,268,959.975   MGMT    10,803,432.706   318,134.132 1,147,270.447
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.

      WM VARIABLE WEST COAST EQUITY FUND         928969823  FOR  1,882,204.953   MGMT      1,671,680.33     46,019.91    164,485.89
      Proposal 18  Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WMVT West Coast Equity Fund into
      the PVC West Coast Equity Account.


      WM VARIABLE WEST COAST EQUITY FUND         928969823  FOR  1,882,204.953   MGMT      1,655,399.26     53,680.49    173,125.21
      Proposal 19  Approval of Proposed Advisory Agreement
      with WMA.


      WM HIGH YIELD FUND                         928965581  FOR  3,801,049.000      MGMT   3,590,470.885   74,766.634   135,811.481
      Proposal 3    Approval of Agreement and Plan of
      Reorganization providing for the
      combination of the WM High Yield Fund into the PIF
      High Yield Fund II.


      WM HIGH YIELD FUND                         928965581  FOR  3,801,049.000      MGMT   3,589,216.539   81,570.512    130,223.939
      Proposal 23  Approval of Proposed Advisory Agreement
      with WMA






                               Vote Summary Report
                           Jul 01, 2006 - Jun 30, 2007

Fund:  WM VT Conservative Balanced Portfolio
Investment Advisor: Washington Mutual Advisors ("WMA")

All proxy issues were voted on at a special meeting held on December 15, 2006.

                                                           Mgmt.                                         Shares Voted
                                                                                          ---------------------------------------
                   Company/Ballot Issues         Cusip     Rec.    Shares      Proponent     FOR        AGAINST      ABSTAIN
 --------------------------------------------------------------------------------------------------------------------------------
                                                                                                
WM VARIABLE EQUITY INCOME FUND                   928969831   FOR   368,821.305  MGMT     330,386.437      5,019.658      33,415.210
Proposal 4   Approval of Agreement and Plan of
Reorganization providing for the
of the WMVT Equity Income Fund
into the PVC Equity Income Account I.

WM VARIABLE EQUITY INCOME FUND                   928969831   FOR   368,821.305  MGMT     335,070.467      4,005.399      29,749.126
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE GROWTH & INCOME FUND                 928969302   FOR   307,233.390  MGMT     271,197.986     17,278.806      17,374.048
Proposal 7   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Growth & Income Fund
into the PVC LargeCap
Blend Account.

WM VARIABLE GROWTH & INCOME FUND                 928969302   FOR   307,233.390  MGMT     276,178.239     17,751.945      13,303.206
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE GROWTH FUND                          928969203   FOR   527,166.252  MGMT     463,995.920     24,818.987      38,351.345
Proposal 6   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Growth Fund into the
PVC Growth Account.

WM VARIABLE GROWTH FUND                          928969203   FOR   527,166.252  MGMT     473,611.432     27,011.999      26,542.821
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE GROWTH FUND                          928969203   FOR   527,166.252  MGMT     444,654.190     26,179.076      56,332.986
Proposal 20  Approval of Proposed
Sub-Advisory Agreements
with:
(a)  Janus Capital Management LLC;

WM VARIABLE GROWTH FUND                          928969203   FOR   527,166.252  MGMT     436,145.727     28,746.376      62,274.149
Proposal 20  Approval of Proposed
Sub-Advisory Agreements
with:
(b)  ClearBridge Advisors, LLC; and

WM VARIABLE GROWTH FUND                          928969203   FOR   527,166.252  MGMT     464,813.028     25,419.957      36,933.268
Proposal 20  Approval of Proposed
Sub-Advisory Agreements
with:
(c)  Oppenheimer Funds, Inc.

WM VARIABLE INCOME FUND                          928969708   FOR 1,270,970.061  MGMT   1,102,045.430     11,375.182     157,549.449
Proposal 8   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Income Fund into the
PVC Income Account.

WM VARIABLE INCOME FUND                          928969708   FOR 1,270,970.061  MGMT   1,113,369.773     13,332.476     144,280.521
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE INTERNATIONAL GROWTH FUND            928969500   FOR   243,401.986  MGMT     204,825.205     25,277.296      13,301.919
Proposal 9   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT International Growth
Fund into the PVC
Diversified International Account.

WM VARIABLE INTERNATIONAL GROWTH FUND            928969500   FOR   243,401.986  MGMT     206,295.353     25,277.296      11,829.337
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE INTERNATIONAL GROWTH FUND            928969500   FOR   243,401.986  MGMT     199,431.417     30,400.908      13,569.661
Proposal 20  Approval of Proposed
Sub-Advisory Agreements
with:
(d)  Capital Guardian Trust Company

WM VARIABLE MID CAP STOCK FUND                   928969815   FOR   154,803.806  MGMT     131,798.412      4,987.779      18,019.163
Proposal 10  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Mid Cap Stock Fund
into the PVC MidCap Stock Account.

WM VARIABLE MID CAP STOCK FUND                   928969815   FOR   154,803.806  MGMT     132,795.349      4,987.779      17,020.678
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE REIT FUND                            928969625   FOR    84,869.477  MGMT      75,280.923      1,166.955       8,421.598
Proposal 12  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT REIT Fund into the
PVC Real Estate Securities Account.

WM VARIABLE REIT FUND                            928969625   FOR    84,869.477  MGMT      75,280.923      1,166.955       8,421.598
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE SHORT TERM INCOME FUND               928969807   FOR 1,664,139.191  MGMT   1,485,926.525     31,069.479     147,143.187
Proposal 13  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Short Term Income
Fund into the PVC Short-Term Income Account.

WM VARIABLE SHORT TERM INCOME FUND               928969807   FOR 1,664,139.191  MGMT   1,535,900.625     36,045.255      92,209.953
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR    83,391.059  MGMT      76,302.819      3,178.867       3,909.373
Proposal 14  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Small Cap Growth
Fund into the PVC SmallCap Growth Account.

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR    83,391.059  MGMT      76,437.079      3,464.899       3,489.916
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR    83,391.059  MGMT      75,002.752      3,936.058       4,452.249
Proposal 20  Approval of Proposed
Sub-Advisory Agreements
with:
(e)  Delaware Management Company; and

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR    83,391.059  MGMT      74,565.783      4,174.556       4,650.719
Proposal 20  Approval of Proposed
Sub-Advisory Agreements
with:
(f)  Oberweis Asset Management, Inc.

WM VARIABLE SMALL CAP VALUE FUND                 928969591   FOR    78,769.746  MGMT      77,989.138          0.000         780.608
Proposal 15  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Small Cap Value Fund
into the PVC SmallCap Value Account.

WM VARIABLE SMALL CAP VALUE FUND                 928969591   FOR    78,769.746  MGMT      77,989.138          0.000         780.608
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE U.S. GOVERNMENT SECURITIES FUND      928969609   FOR 1,879,513.266  MGMT   1,654,930.226     29,696.310     194,886.731
Proposal 17  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT U.S. Government
Securities Fund into the
PVC Mortgage Securities Account.

WM VARIABLE U.S. GOVERNMENT SECURITIES FUND      928969609   FOR 1,879,513.266  MGMT   1,655,005.406     48,735.779     175,753.286
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM VARIABLE WEST COAST EQUITY FUND               928969823   FOR   129,758.469  MGMT     115,244.984      3,172.595      11,339.593
Proposal 18  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT West Coast Equity
Fund into the PVC West Coast Equity Account.

WM VARIABLE WEST COAST EQUITY FUND               928969823   FOR   129,758.469  MGMT     114,122.573      3,700.712      11,935.184
Proposal 19  Approval of Proposed
Advisory Agreement with
WMA.

WM HIGH YIELD FUND                               928965581   FOR 491,062.000    MGMT      463,857.17       9,659.19       17,545.65
Proposal 3    Approval of Agreement and Plan of
Reorganization providing for the
combination of the WM High Yield Fund into
the PIF High Yield Fund II.

WM HIGH YIELD FUND                               928965581   FOR 491,062.000    MGMT      463,695.11      10,538.19       16,823.78
Proposal 23  Approval of Proposed
Advisory Agreement with
WMA






                               Vote Summary Report
                           Jul 01, 2006 - Jun 30, 2007

Fund:  WM VT Conservative Growth Portfolio
Investment Advisor: Washington Mutual Advisors ("WMA")


All proxy issues were voted on at a special meeting held on December 15, 2006.

                                                           Mgmt.                                         Shares Voted
                                                                                          ---------------------------------------
                   Company/Ballot Issues         Cusip     Rec.    Shares      Proponent     FOR        AGAINST      ABSTAIN
 --------------------------------------------------------------------------------------------------------------------------------
                                                                                               
WM VARIABLE EQUITY INCOME FUND                   928969831   FOR  3,488,060.453 MGMT   3,124,569.673   47,472.503      316,018.277
Proposal 4   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Equity Income Fund
into the PVC Equity Income Account I.

WM VARIABLE EQUITY INCOME FUND                   928969831   FOR  3,488,060.453 MGMT   3,168,868.041   37,880.337      281,346.956
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE GROWTH & INCOME FUND                 928969302   FOR  3,266,774.832 MGMT   2,883,614.812  183,723.417      184,736.117
Proposal 7   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Growth & Income
Fund into the PVC LargeCap Blend Account.

WM VARIABLE GROWTH & INCOME FUND                 928969302   FOR  3,266,774.832 MGMT   2,936,569.232  188,754.250      141,451.350
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE GROWTH FUND                          928969203   FOR  5,568,919.496 MGMT   4,901,595.873  262,184.730      405,138.893
Proposal 6   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Growth Fund into
the PVC Growth Account.

WM VARIABLE GROWTH FUND                          928969203   FOR  5,568,919.496 MGMT   5,003,172.964  285,351.435      280,395.097
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE GROWTH FUND                          928969203   FOR  5,568,919.496 MGMT   4,697,272.216  276,552.542      595,094.737
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
(a)  Janus Capital Management LLC;

WM VARIABLE GROWTH FUND                          928969203   FOR  5,568,919.496 MGMT   4,607,389.856  303,673.180      657,856.460
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
(b)  ClearBridge Advisors, LLC; and

WM VARIABLE GROWTH FUND                          928969203   FOR  5,568,919.496 MGMT   4,910,227.698  268,533.298      390,158.500
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
(c)  Oppenheimer Funds, Inc.

WM VARIABLE INCOME FUND                          928969708   FOR  1,506,618.012 MGMT   1,306,373.412   13,484.231      186,760.369
Proposal 8   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Income Fund into
the PVC Income Account.

WM VARIABLE INCOME FUND                          928969708   FOR  1,506,618.012 MGMT   1,319,797.379   15,804.423      171,031.277
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE INTERNATIONAL GROWTH FUND            928969500   FOR  2,467,853.120 MGMT   2,076,723.079  256,286.547      134,868.173
Proposal 9   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT International
Growth Fund into the PVC
Diversified International Account.

WM VARIABLE INTERNATIONAL GROWTH FUND            928969500   FOR  2,467,853.120 MGMT   2,091,628.912  256,286.547      271,340.451
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE INTERNATIONAL GROWTH FUND            928969500   FOR  2,467,853.120 MGMT   2,022,035.454  308,234.855      137,582.811
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
        (d)  Capital Guardian Trust Company


WM VARIABLE MID CAP STOCK FUND                   928969815   FOR  1,550,319.999 MGMT   1,319,926.944   49,951.310      180,457.248
Proposal 10  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Mid Cap Stock Fund
into the PVC MidCap Stock Account.

WM VARIABLE MID CAP STOCK FUND                   928969815   FOR  1,550,319.999 MGMT   1,329,911.005   49,951.310      170,457.684
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE REIT FUND                            928969625   FOR    870,959.961 MGMT     772,558.905   11,975.699       86,425.357
Proposal 12  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT REIT Fund into the
PVC Real Estate
             Securities Account.

WM VARIABLE REIT FUND                            928969625   FOR    870,959.961 MGMT     772,558.905   11,975.699       86,425.357
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR  1,054,893.718 MGMT     965,227.752   40,212.549       49,453.417
Proposal 14  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Small Cap Growth
Fund into the PVC SmallCap
             Growth Account.

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR  1,054,893.718 MGMT     966,926.131   43,830.834       44,147.302
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR  1,054,893.718 MGMT     948,781.959   49,790.983       56,320.776
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
(e)  Delaware Management Company; and

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR  1,054,893.718 MGMT     943,254.316   52,807.980       58,831.423
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
(f)  Oberweis Asset Management, Inc.

WM VARIABLE SMALL CAP VALUE FUND                 928969591   FOR    960,153.586 MGMT     950,638.464        0.000        9,515.122
Proposal 15  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Small Cap Value
Fund into the PVC SmallCap Value Account.

WM VARIABLE SMALL CAP VALUE FUND                 928969591   FOR    960,153.586 MGMT     950,638.464        0.000        9,515.122
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE U.S. GOVERNMENT SECURITIES FUND      928969609   FOR  2,855,264.673 MGMT   2,514,089.097   45,113.182      296,062.394
Proposal 17  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT U.S. Government
Securities Fund into the
PVC Mortgage Securities Account.

WM VARIABLE U.S. GOVERNMENT SECURITIES FUND      928969609   FOR  2,855,264.673 MGMT   2,514,203.308   74,037.013      266,995.800
Proposal 19  Approval of Proposed Advisory
Agreement  with WMA.

WM VARIABLE WEST COAST EQUITY FUND               928969823   FOR  1,354,971.337 MGMT   1,203,417.793   33,129.049      118,410.945
Proposal 18  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT West Coast Equity
Fund into the PVC West Coast Equity Account.

WM VARIABLE WEST COAST EQUITY FUND               928969823   FOR  1,354,971.337 MGMT   1,191,697.291   38,643.783      124,630.264
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.


WM HIGH YIELD FUND                               928965581   FOR  1,149,203.000 MGMT   1,085,537.154   22,604.823       41,061.023
Proposal 3    Approval of Agreement and Plan of
Reorganization providing for the
combination of the WM High Yield Fund
into the PIF High Yield Fund II.


WM HIGH YIELD FUND                               928965581   FOR  1,149,203.000 MGMT   1,085,157.917   24,661.896       39,371.695
Proposal 23  Approval of Proposed Advisory
Agreement  with WMA




                               Vote Summary Report
                           Jul 01, 2006 - Jun 30, 2007

Fund:  WM VT Flexible Income Portfolio
Investment Advisor: Washington Mutual Advisors ("WMA")

All proxy issues were voted on at a special meeting held on December 15, 2006.

                                                           Mgmt.                                         Shares Voted
                                                                                          ---------------------------------------
                   Company/Ballot Issues         Cusip     Rec.    Shares      Proponent     FOR        AGAINST      ABSTAIN
 --------------------------------------------------------------------------------------------------------------------------------
                                                                                                
WM VARIABLE EQUITY INCOME FUND                   928969831   FOR    483,445.625   MGMT   433,065.756       6,579.695   43,800.174
Proposal 4   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Equity Income
Fund into the PVC Equity Income Account I.

WM VARIABLE EQUITY INCOME FUND                   928969831   FOR    483,445.625   MGMT   439,205.516       5,250.219   38,994.724
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE GROWTH & INCOME FUND                 928969302   FOR    603,704.801   MGMT   532,896.265      33,952.358   34,139.506
Proposal 7   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Growth & Income
Fund into the PVC LargeCap Blend Account.

WM VARIABLE GROWTH & INCOME FUND                 928969302   FOR    603,704.801   MGMT   542,682.320      34,882.063   26,140.418
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE GROWTH FUND                          928969203   FOR  1,014,468.760   MGMT   892,904.968      47,761.189   73,802.602
Proposal 6   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Growth Fund into
the PVC Growth Account.

WM VARIABLE GROWTH FUND                          928969203   FOR  1,014,468.760   MGMT   911,408.879      51,981.379   51,078.502
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE GROWTH FUND                          928969203   FOR  1,014,468.760   MGMT   855,684.110      50,378.519  108,406.132
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
        (a)  Janus Capital Management LLC;

WM VARIABLE GROWTH FUND                          928969203   FOR  1,014,468.760   MGMT   839,310.584      55,318.981  119,839.195
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
        (b)  ClearBridge Advisors, LLC; and

WM VARIABLE GROWTH FUND                          928969203   FOR  1,014,468.760   MGMT   894,477.395      48,917.684   71,073.681
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
        (c)  Oppenheimer Funds, Inc.

WM VARIABLE INCOME FUND                          928969708   FOR  4,636,141.955   MGMT 4,019,952.328      41,493.470  574,696.157
Proposal 8   Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Income Fund into
the PVC Income Account.

WM VARIABLE INCOME FUND                          928969708   FOR  4,636,141.955   MGMT 4,061,260.353      48,633.129  526,294.835
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE MID CAP STOCK FUND                   928969815   FOR    333,804.203   MGMT   284,197.560      10,755.171   38,854.809
Proposal 10  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Mid Cap Stock
Fund into the PVC MidCap Stock Account.

WM VARIABLE MID CAP STOCK FUND                   928969815   FOR    333,804.203   MGMT   286,347.259      10,755.171   36,701.772
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE REIT FUND                            928969625   FOR    104,971.002   MGMT    93,111.378       1,443.351   10,416.273
Proposal 12  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT REIT Fund into
the PVC Real Estate Securities Account.

WM VARIABLE REIT FUND                            928969625   FOR    104,971.002   MGMT    93,111.378       1,443.351   10,416.273
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE SHORT TERM INCOME FUND               928969807   FOR  9,198,769.440   MGMT 8,213,673.221     171,741.025  813,355.194
Proposal 13  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Short Term
Income Fund into the PVC Short-
             Term Income Account.

WM VARIABLE SHORT TERM INCOME FUND               928969807   FOR  9,198,769.440   MGMT 8,489,912.267     199,245.346  509,703.815
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR    212,022.604   MGMT   194,000.683       8,082.302    9,939.620
Proposal 14  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Small Cap Growth
Fund into the PVC SmallCap Growth Account.

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR    212,022.604   MGMT   194,342.039       8,809.539    8,873.146
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR    212,022.604   MGMT   190,695.250      10,007.467   11,319.887
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
        (e)  Delaware Management Company; and

WM VARIABLE SMALL CAP GROWTH FUND                928969401   FOR    212,022.604   MGMT   189,584.252      10,613.852   11,824.501
Proposal 20  Approval of Proposed Sub-Advisory
Agreements with:
        (f)  Oberweis Asset Management, Inc.

WM VARIABLE SMALL CAP VALUE FUND                 928969591   FOR    187,724.633   MGMT   185,864.282           0.000    1,860.351
Proposal 15  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT Small Cap Value
Fund into the PVC SmallCap Value Account.

WM VARIABLE SMALL CAP VALUE FUND                 928969591   FOR    187,724.633   MGMT   185,864.282           0.000    1,860.351
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE U.S. GOVERNMENT SECURITIES FUND      928969609   FOR  5,878,389.559   MGMT 5,175,980.791      92,878.555  609,530.213
Proposal 17  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT U.S. Government
Securities Fund into the PVC Mortgage Securities
Account.

WM VARIABLE U.S. GOVERNMENT SECURITIES FUND      928969609   FOR  5,878,389.559   MGMT 5,176,215.926     152,426.641  549,688.208
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.

WM VARIABLE WEST COAST EQUITY FUND               928969823   FOR    112,969.389   MGMT   100,333.763       2,762.102    9,872.395
Proposal 18  Approval of Agreement and Plan of
Reorganization providing for the
combination of the WMVT West Coast
Equity Fund into the PVC West Coast
Equity Account.

WM VARIABLE WEST COAST EQUITY FUND               928969823   FOR    112,969.389   MGMT    99,356.578       3,221.887   10,390.924
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.


WM HIGH YIELD FUND                               928965581   FOR  1,458,726.000   MGMT 1,377,912.580      28,693.140   52,120.280
Proposal 3    Approval of Agreement and Plan of
Reorganization providing for the
combination of the WM High Yield Fund
into the PIF High Yield Fund II.


WM HIGH YIELD FUND                               928965581   FOR  1,458,726.000   MGMT 1,377,431.200      31,304.260   49,975.953
Proposal 19  Approval of Proposed Advisory
Agreement with WMA.




                               Vote Summary Report
                           Jul 01, 2006 - Jun 30, 2007

Fund:  WM VT Strategic Growth Portfolio
Investment Advisor: Washington Mutual Advisors ("WMA")

All proxy issues were voted on at a special meeting held on December 15, 2006.

                                                           Mgmt.                                         Shares Voted
                                                                                          ---------------------------------------
                   Company/Ballot Issues         Cusip     Rec.    Shares      Proponent     FOR        AGAINST      ABSTAIN
 --------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
 WM VARIABLE EQUITY INCOME FUND                  928969831  FOR  1,957,175.670   MGMT     1,753,218.393  26,637.161  177,320.116

 Proposal 4   Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WMVT Equity Income Fund
 into the PVC Equity Income Account I.

 WM VARIABLE EQUITY INCOME FUND                  928969831  FOR  1,957,175.670   MGMT     1,778,074.524  21,254.928  157,865.790
 Proposal 19  Approval of Proposed Advisory
 Agreement with WMA.


 WM VARIABLE GROWTH & INCOME FUND                928969302  FOR  1,825,865.456   MGMT     1,611,709.697 102,686.673  103,252.692
 Proposal 7   Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WMVT Growth & Income Fund
 into the PVC LargeCap Blend Account.

 WM VARIABLE GROWTH & INCOME FUND                928969302  FOR  1,825,865.456   MGMT     1,641,306.976 105,498.506   79,059.974
 Proposal 19  Approval of Proposed Advisory
 Agreement with WMA.


 WM VARIABLE GROWTH FUND                         928969203  FOR  3,429,003.286   MGMT     3,018,105.822 161,437.475  249,459.989
 Proposal 6   Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WMVT Growth Fund into the
 PVC Growth Account.

 WM VARIABLE GROWTH FUND                         928969203  FOR  3,429,003.286   MGMT     3,080,650.842 175,702.128  172,650.315
 Proposal 19  Approval of Proposed Advisory
 Agreement with WMA.

 WM VARIABLE GROWTH FUND                         928969203  FOR  3,429,003.286   MGMT     2,892,295.692 170,284.303  366,423.291
 Proposal 20  Approval of Proposed
 Sub-Advisory Agreements
 with:
 (a)  Janus Capital Management LLC;

 WM VARIABLE GROWTH FUND                         928969203  FOR  3,429,003.286   MGMT     2,836,951.579 186,983.549  405,068.158
 Proposal 20  Approval of Proposed
 Sub-Advisory Agreements
 with:
 (b)  ClearBridge Advisors, LLC; and

 WM VARIABLE GROWTH FUND                         928969203  FOR  3,429,003.286   MGMT     3,023,420.777 165,346.538  240,235.970
 Proposal 20  Approval of Proposed
 Sub-Advisory Agreements
 with:
 (c)  Oppenheimer Funds, Inc.


 WM VARIABLE INTERNATIONAL GROWTH FUND           928969500  FOR  1,482,523.177   MGMT     1,247,558.079 153,960.032   81,019.892
 Proposal 9   Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WMVT International Growth
 Fund into the PVC
 Diversified International Account.

 WM VARIABLE INTERNATIONAL GROWTH FUND           928969500  FOR  1,482,523.177   MGMT     1,256,512.519 153,960.032   72,050.626
 Proposal 19  Approval of Proposed Advisory
 Agreement with WMA.

 WM VARIABLE INTERNATIONAL GROWTH FUND           928969500  FOR  1,482,523.177   MGMT     1,214,705.365 185,167.145   82,650.667
 Proposal 20  Approval of Proposed Sub-Advisory
 Agreements with:
 (d)  Capital Guardian Trust Company


 WM VARIABLE MID CAP STOCK FUND                  928969815  FOR    997,213.927   MGMT       849,017.965  32,130.233  116,075.701
 Proposal 10  Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WMVT Mid Cap Stock Fund
 into the PVC MidCap Stock Account.

 WM VARIABLE MID CAP STOCK FUND                  928969815  FOR    997,213.927   MGMT       855,440.023  32,130.233  109,643.671
 Proposal 19  Approval of Proposed Advisory
 Agreement with WMA.


 WM VARIABLE REIT FUND                           928969625  FOR    467,768.495   MGMT       414,920.010   6,431.817   46,416.668
 Proposal 12  Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WMVT REIT Fund into the
 PVC Real Estate Securities Account.

 WM VARIABLE REIT FUND                           928969625  FOR    467,768.495   MGMT       414,920.010   6,431.817   46,416.668
 Proposal 19  Approval of Proposed Advisory
 Agreement with WMA.


 WM VARIABLE SMALL CAP GROWTH FUND               928969401  FOR    589,484.594   MGMT       539,378.404  22,471.153   27,635.038
 Proposal 14  Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WMVT Small Cap Growth
 Fund into the PVC SmallCap
 Growth Account.

 WM VARIABLE SMALL CAP GROWTH FUND               928969401  FOR    589,484.594   MGMT       540,327.474  24,493.085   24,669.930
 Proposal 19  Approval of Proposed Advisory
 Agreement with WMA.

 WM VARIABLE SMALL CAP GROWTH FUND               928969401  FOR    589,484.594   MGMT       530,188.339  27,823.673   31,472.582
 Proposal 20  Approval of Proposed
 Sub-Advisory Agreements
 with:
 (e)  Delaware Management Company; and

 WM VARIABLE SMALL CAP GROWTH FUND               928969401  FOR    589,484.594   MGMT       527,099.439  29,509.599   32,875.556
 Proposal 20  Approval of Proposed
 Sub-Advisory Agreements
 with:
 (f)  Oberweis Asset Management, Inc.


 WM VARIABLE SMALL CAP VALUE FUND                928969591  FOR    534,179.707   MGMT       528,885.986       0.000    5,293.721
 Proposal 15  Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WMVT Small Cap Value Fund
 into the PVC SmallCap
 Value Account.

 WM VARIABLE SMALL CAP VALUE FUND                928969591  FOR    534,179.707   MGMT       528,885.986       0.000    5,293.721
 Proposal 19  Approval of Proposed Advisory
 Agreement with WMA.


 WM VARIABLE WEST COAST EQUITY FUND              928969823  FOR    803,486.362   MGMT       713,616.412  19,645.242   70,216.673
 Proposal 18  Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WMVT West Coast Equity
 Fund into the PVC West
 Coast Equity Account.

 WM VARIABLE WEST COAST EQUITY FUND              928969823  FOR    803,486.362   MGMT       706,666.255  22,915.431   73,904.676
 Proposal 19  Approval of Proposed Advisory
 Agreement with WMA.


 WM HIGH YIELD FUND                              928965581  FOR    970,414.000   MGMT       916,653.064  19,088.043   34,672.892
 Proposal 3    Approval of Agreement and Plan of
 Reorganization providing for the
 combination of the WM High Yield Fund into
 the PIF High Yield Fund II.


 WM HIGH YIELD FUND                              928965581  FOR    970,414.000   MGMT       916,332.828  20,825.084   42,009.222
 Proposal 23  Approval of Proposed Advisory
 Agreement with WMA




                                    SIGNATURE


Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

WM VARIABLE TRUST

By:  /s/ Jeffrey L. Lunzer
     ---------------------------------------------
         Jeffrey L. Lunzer
         Chief Financial Officer



Dated: July 30, 2007