UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM N-PX

          ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

Investment Company Act File Number:  811-21493

                  BlackRock Strategic Dividend Achievers Trust
                  --------------------------------------------
               (Exact name of registrant as specified in charter)

                    100 Bellevue Parkway, Wilmington DE 19809
                    -----------------------------------------
               (Address of principal executive offices) (Zip code)

                           Robert S. Kapito, President
                               40 East 52nd Street
                            New York, New York 10022
                         ------------------------------
                     (name and address of agent for service)

Registrant's telephone number, including area code: (888) 825-2257

Date of fiscal year end: 10/31

Date of reporting period:  07/01/2004 - 06/30/2005



================= BLACKROCK STRATEGIC DIVIDEND ACHIEVERS TRUST =================

ITEM 1. PROXY VOTING RECORD

AMERICAN STATES WATER COMPANY

Ticker:       AWR            Security ID:  029899101
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James L. Anderson         For       For        Management
1.2   Elect  Director Anne M. Holloway          For       For        Management
1.3   Elect  Director Floyd E. Wicks            For       For        Management
2     Amend Non-Employee Director Omnibus Stock For       For        Management
      Plan
3     Amend Omnibus Stock Plan                  For       For        Management
4     Ratify Auditors                           For       For        Management


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

ARTHUR J. GALLAGHER & CO.

Ticker:       AJG            Security ID:  363576109
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gary P. Coughlan          For       For        Management
1.2   Elect  Director Elbert O. Hand            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Approve Omnibus Stock Plan                For       For        Management


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

ASSOCIATED BANC-CORP.

Ticker:       ASBC           Security ID:  045487105
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ruth M. Crowley           For       For        Management
1.2   Elect  Director William R. Hutchinson     For       For        Management
1.3   Elect  Director Richard T. Lommen         For       For        Management
1.4   Elect  Director John C. Seramur           For       For        Management
1.5   Elect  Director Karen T. Beckwith         For       For        Management
1.6   Elect  Director Jack C. Rusch             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Declassify the Board of Directors         Against   Against    Shareholder


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

                                     Page 1


ATMOS ENERGY CORP.

Ticker:       ATO            Security ID:  049560105
Meeting Date: FEB 9, 2005    Meeting Type: Annual
Record Date:  DEC 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Travis W. Bain, III       For       For        Management
1.2   Elect  Director Dan Busbee                For       For        Management
1.3   Elect  Director Richard K. Gordon         For       For        Management
1.4   Elect  Director Gene C. Koonce            For       For        Management
1.5   Elect  Director Nancy K. Quinn            For       For        Management
2     Increase Authorized Common Stock          For       For        Management


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

AVERY DENNISON CORP.

Ticker:       AVY            Security ID:  053611109
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter K. Barker           For       For        Management
1.2   Elect  Director Richard M. Ferry          For       For        Management
1.3   Elect  Director Kent Kresa                For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

BANCORPSOUTH, INC.

Ticker:       BXS            Security ID:  059692103
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director W. G. Holliman, Jr.       For       For        Management
1.2   Elect  Director James V. Kelley           For       For        Management
1.3   Elect  Director Turner O. Lashlee         For       For        Management
1.4   Elect  Director Alan W. Perry             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Ratify Auditors                           For       For        Management


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

                                     Page 2


BANDAG INC.

Ticker:       BDG            Security ID:  059815100
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martin G. Carver          For       For        Management
1.2   Elect  Director Amy P. Hutton             For       For        Management
1.3   Elect  Director Edgar D. Jannotta         For       For        Management
2     Ratify Auditors                           For       For        Management


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

BANK OF HAWAII CORP

Ticker:       BOH            Security ID:  062540109
Meeting Date: APR 29, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter D. Baldwin          For       For        Management
1.2   Elect  Director Michael J. Chun           For       For        Management
1.3   Elect  Director Robert Huret              For       For        Management
1.4   Elect  Director Donald M. Takaki          For       For        Management
2     Amend Non-Employee Director Omnibus Stock For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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

BLACK HILLS CORP.

Ticker:       BKH            Security ID:  092113109
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  APR 6, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David R. Emery            For       For        Management
1.2   Elect  Director Kay S. Jorgensen          For       For        Management
1.3   Elect  Director William G. Van Dyke       For       For        Management
1.4   Elect  Director John B. Vering            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

CALIFORNIA WATER SERVICE GROUP

Ticker:       CWT            Security ID:  130788102
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Douglas M. Brown          For       For        Management
1.2   Elect  Director Robert W. Foy             For       For        Management
1.3   Elect  Director Edward D. Harris, Jr.     For       For        Management
      M.D.


                                     Page 3


1.4   Elect  Director Bonnie G. Hill            For       For        Management
1.5   Elect  Director David N. Kennedy          For       For        Management
1.6   Elect  Director Richard P. Magnuson       For       For        Management
1.7   Elect  Director Linda R. Meier            For       For        Management
1.8   Elect  Director Peter C. Nelson           For       For        Management
1.9   Elect  Director George A. Vera            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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CAMDEN PROPERTY TRUST

Ticker:       CPT            Security ID:  133131102
Meeting Date: FEB 28, 2005   Meeting Type: Special
Record Date:  JAN 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       For        Management
      Acquisition


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

CAMDEN PROPERTY TRUST

Ticker:       CPT            Security ID:  133131102
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard J. Campo          For       For        Management
1.2   Elect  Director William R. Cooper         For       For        Management
1.3   Elect  Director George A. Hrdlicka        For       For        Management
1.4   Elect  Director Scott S. Ingraham         For       For        Management
1.5   Elect  Director Lewis A. Levey            For       For        Management
1.6   Elect  Director William B. McGuire, Jr.   For       For        Management
1.7   Elect  Director D. Keith Oden             For       For        Management
1.8   Elect  Director F. Gardner Parker         For       For        Management
1.9   Elect  Director William F. Paulsen        For       For        Management
1.10  Elect  Director Steven A. Webster         For       For        Management


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

CHEMICAL FINANCIAL CORP.

Ticker:       CHFC           Security ID:  163731102
Meeting Date: APR 18, 2005   Meeting Type: Annual
Record Date:  FEB 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gary E. Anderson          For       For        Management
1.2   Elect  Director J. Daniel Bernson         For       For        Management
1.3   Elect  Director Nancy Bowman              For       For        Management


                                     Page 4


1.4   Elect  Director James A. Currie           For       For        Management
1.5   Elect  Director Thomas T. Huff            For       For        Management
1.6   Elect  Director Terence F. Moore          For       For        Management
1.7   Elect  Director Aloysius J. Oliver        For       For        Management
1.8   Elect  Director Frank P. Popoff           For       For        Management
1.9   Elect  Director David B. Ramaker          For       For        Management
1.10  Elect  Director Dan L. Smith              For       For        Management
1.11  Elect  Director William S. Stavropoulos   For       For        Management


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

CINCINNATI FINANCIAL CORP.

Ticker:       CINF           Security ID:  172062101
Meeting Date: APR 23, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Kenneth C. Lichtendahl     For       For        Management
1.2   Elect Director W. Rodney McMullen         For       For        Management
1.3   Elect Director Thomas R. Schiff           For       For        Management
1.4   Elect Director John F. Steele, Jr.        For       For        Management
1.5   Elect Director Larry R. Webb              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Approve Stock Option Plan                 For       For        Management
5     Approve Outside Director Stock            For       For        Management
      Awards/Options in Lieu of Cash


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

CITIZENS BANKING CORP.

Ticker:       CBCF           Security ID:  174420109
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward P. Abbott          For       For        Management
1.2   Elect  Director Lizabeth A. Ardisana      For       For        Management
1.3   Elect  Director Lawrence O. Erickson      For       For        Management


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

CLECO CORPORATION

Ticker:       CNL            Security ID:  12561W105
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William L. Marks          For       For        Management
1.2   Elect  Director Ray B. Nesbitt            For       For        Management
1.3   Elect  Director Robert T. Ratcliff, Sr.   For       For        Management


                                     Page 5


1.4   Elect  Director William H. Walker, Jr.    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

COLCHESTER STREET TRUST

Ticker:       FSIXX          Security ID:  316175876
Meeting Date: MAR 16, 2005   Meeting Type: Special
Record Date:  NOV 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Declaration of Trust - Permit       For       Did Not    Management
      Mergers Without Shareholder Approval                Vote
2.1   Elect Director Laura B. Cronin            For       Did Not    Management
                                                          Vote
2.2   Elect Director Dennis J. Dirks            For       Did Not    Management
                                                          Vote
2.3   Elect Director Robert M. Gates            For       Did Not    Management
                                                          Vote
2.4   Elect Director George H. Heilmeier        For       Did Not    Management
                                                          Vote
2.5   Elect Director Abigail P. Johnson         For       Did Not    Management
                                                          Vote
2.6   Elect Director Edward C. Johnson 3d       For       Did Not    Management
                                                          Vote
2.7   Elect Director Marie L. Knowles           For       Did Not    Management
                                                          Vote
2.8   Elect Director Ned C. Lautenbach          For       Did Not    Management
                                                          Vote
2.9   Elect Director Marvin L. Mann             For       Did Not    Management
                                                          Vote
2.10  Elect Director William O. Mccoy           For       Did Not    Management
                                                          Vote
2.11  Elect Director Robert L. Reynolds         For       Did Not    Management
                                                          Vote
2.12  Elect Director Cornelia M. Small          For       Did Not    Management
                                                          Vote
2.13  Elect Director William S. Stavropoulos    For       Did Not    Management
                                                          Vote
2.14  Elect Director Kenneth L. Wolfe           For       Did Not    Management
                                                          Vote


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

COMMERCIAL NET LEASE REALTY, INC.

Ticker:       NNN            Security ID:  202218103
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kevin B. Habicht          For       For        Management
1.2   Elect  Director Clifford R. Hinkle        For       For        Management


                                     Page 6


1.3   Elect  Director Richard B. Jennings       For       For        Management
1.4   Elect  Director Ted B. Lanier             For       For        Management
1.5   Elect  Director Robert C. Legler          For       For        Management
1.6   Elect  Director Craig Macnab              For       For        Management
1.7   Elect  Director Robert Martinez           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       For        Management


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

COMMERCIAL NET LEASE REALTY, INC.

Ticker:       NNN            Security ID:  202218103
Meeting Date: SEP 16, 2004   Meeting Type: Annual
Record Date:  JUN 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert A. Bourne          For       For        Management
1.2   Elect  Director Kevin B. Habicht          For       For        Management
1.3   Elect  Director Clifford R. Hinkle        For       For        Management
1.4   Elect  Director Richard B. Jennings       For       For        Management
1.5   Elect  Director Ted B. Lanier             For       For        Management
1.6   Elect  Director Robert C. Legler          For       For        Management
1.7   Elect  Director Craig Macnab              For       For        Management
1.8   Elect  Director Robert Martinez           For       For        Management
1.9   Elect  Director James M. Seneff, Jr.      For       For        Management
2     Reduce Supermajority Vote Requirement     For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Amend Director Qualifications             For       For        Management
5     Amend Procedure for Filling Vacancies     For       For        Management
6     Amend Bylaws                              For       For        Management
7     Other Business                            For       For        Management


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

COMMUNITY BANK SYSTEM, INC.

Ticker:       CBU            Security ID:  203607106
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Brian R. Ace              For       For        Management
1.2   Elect  Director Paul M. Cantwell, Jr.     For       For        Management
1.3   Elect  Director William M. Dempsey        For       For        Management
1.4   Elect  Director Lee T. Hirschey           For       For        Management


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

COMMUNITY TRUST BANCORP, INC.

Ticker:       CTBI           Security ID:  204149108
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

                                     Page 7


#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Charles J. Baird           For       For        Management
1.2   Elect Director James E. McGhee II         For       For        Management
1.3   Elect Director Nick A. Cooley             For       For        Management
1.4   Elect Director M. Lynn Parrish            For       For        Management
1.5   Elect Director William A. Graham, Jr.     For       For        Management
1.6   Elect Director Paul E. Patton             For       For        Management
1.7   Elect Director Jean R. Hale               For       For        Management
1.8   Elect Director James R. Ramsey            For       For        Management
2     Ratify Auditors                           For       For        Management


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

COMPASS BANCSHARES, INC.

Ticker:       CBSS           Security ID:  20449H109
Meeting Date: APR 18, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James H. Click             For       For        Management
1.2   Elect Director Tranum Fitzpatrick         For       For        Management
1.3   Elect Director John S. Stein              For       For        Management
2     Ratify Auditors                           For       For        Management


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

CORUS BANKSHARES, INC.

Ticker:       CORS           Security ID:  220873103
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  FEB 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joseph C. Glickman        For       For        Management
1.2   Elect  Director Robert J. Glickman        For       For        Management
1.3   Elect  Director Robert J. Buford          For       For        Management
1.4   Elect  Director Kevin R. Callahan         For       For        Management
1.5   Elect  Director Rodney D. Lubeznik        For       For        Management
1.6   Elect  Director Michael J. McClure        For       For        Management
1.7   Elect  Director Peter C. Roberts          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Articles/Bylaws/Charter-Non-Routine For       For        Management
4     Approve Executive Incentive Bonus Plan    For       For        Management


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

EASTGROUP PROPERTIES, INC.

Ticker:       EGP            Security ID:  277276101
Meeting Date: JUN 2, 2005    Meeting Type: Annual
Record Date:  APR 14, 2005

                                     Page 8


#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director D. Pike Aloian            For       For        Management
1.2   Elect  Director H.C. Bailey, Jr.          For       For        Management
1.3   Elect  Director Hayden C. Eaves, III      For       For        Management
1.4   Elect  Director Fredric H. Gould          For       For        Management
1.5   Elect  Director David H. Hoster, II       For       For        Management
1.6   Elect  Director David M. Osnos            For       For        Management
1.7   Elect  Director Leland R. Speed           For       For        Management
2     Approve Non-Employee Director Restricted  For       For        Management
      Stock Plan
3     Other Business                            For       For        Management


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

F.N.B CORP.

Ticker:       FNB            Security ID:  302520101
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 9, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Henry M. Ekker            For       For        Management
1.2   Elect  Director Peter Mortensen           For       For        Management
1.3   Elect  Director Earl K. Wahl, Jr.         For       For        Management
1.4   Elect  Director David J. Malone           For       For        Management


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

FEDERAL REALTY INVESTMENT TRUST

Ticker:       FRT            Security ID:  313747206
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mark S. Ordan             For       For        Management
1.2   Elect  Director Donald C. Wood            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

FEDERAL SIGNAL CORP.

Ticker:       FSS            Security ID:  313855108
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles R. Campbell       For       For        Management
1.2   Elect  Director Paul W. Jones             For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Ratify Auditors                           For       For        Management


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

                                    Page 10


FIDELITY NATIONAL FINANCIAL, INC.

Ticker:       FNF            Security ID:  316326107
Meeting Date: DEC 16, 2004   Meeting Type: Annual
Record Date:  NOV 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William A. Imparato       For       For        Management
1.2   Elect  Director Donald M. Koll            For       For        Management
1.3   Elect  Director Gen. William Lyon         For       For        Management
1.4   Elect  Director Cary H. Thompson          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend Stock Option Plan                   For       For        Management
4     Amend Stock Option Plan                   For       For        Management
5     Amend Stock Option Plan                   For       For        Management
6     Ratify Auditors                           For       For        Management


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

FIDELITY NATIONAL FINANCIAL, INC.

Ticker:       FNF            Security ID:  316326107
Meeting Date: JUN 22, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William P. Foley, Ii      For       For        Management
1.2   Elect  Director Frank P. Willey           For       For        Management
1.3   Elect  Director Terry N. Christensen      For       For        Management
1.4   Elect  Director Thomas M. Hagerty         For       For        Management
2     Ratify Auditors                           For       For        Management


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FIRST CHARTER CORP.

Ticker:       FCTR           Security ID:  319439105
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William R. Black          For       For        Management
1.2   Elect  Director James E. Burt, III        For       For        Management
1.3   Elect  Director Jerry A. Felts            For       For        Management
1.4   Elect  Director John J. Godbold, Jr.      For       For        Management
1.5   Elect  Director L.D. Warlick, Jr.         For       For        Management
1.6   Elect  Director William W. Waters         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management

                                    Page 11



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

FIRST COMMONWEALTH FINANCIAL CORP.

Ticker:       FCF            Security ID:  319829107
Meeting Date: APR 18, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ray T. Charley            For       For        Management
1.2   Elect  Director Edward T. Cote            For       For        Management
1.3   Elect  Director Johnston A. Glass         For       For        Management
1.4   Elect  Director Dale P. Latimer           For       For        Management
1.5   Elect  Director David R. Tomb, Jr.        For       For        Management


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FIRST FEDERAL CAPITAL CORP.

Ticker:       FTFC           Security ID:  319960100
Meeting Date: OCT 20, 2004   Meeting Type: Special
Record Date:  SEP 10, 2004

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


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

FIRST FINANCIAL CORP. (INDIANA)

Ticker:       THFF           Security ID:  320218100
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  MAR 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director B. Guille Cox, Jr.         For       For        Management
1.2   Elect Director Anton H. George            For       For        Management
1.3   Elect Director Gregory L. Gibson          For       For        Management
1.4   Elect Director Virginia L. Smith          For       For        Management
1.5   Elect Director Curtis Brighton            For       For        Management


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FIRST FINANCIAL HOLDINGS, INC.

Ticker:       FFCH           Security ID:  320239106
Meeting Date: JAN 27, 2005   Meeting Type: Annual
Record Date:  NOV 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas J. Johnson         For       For        Management
1.2   Elect  Director James C. Murray           For       For        Management


                                    Page 12


1.3   Elect  Director D. Kent Sharples          For       For        Management
2     Approve Stock Option Plan                 For       For        Management
3     Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan


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

FIRST INDIANA CORP.

Ticker:       FINB           Security ID:  32054R108
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 9, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Pedro P. Granadillo       For       For        Management
1.2   Elect  Director Marni McKinney            For       For        Management
1.3   Elect  Director Phyllis W. Minott         For       For        Management
2     Approve Nonqualified Employee Stock       For       For        Management
      Purchase Plan
3     Approve Omnibus Stock Plan                For       For        Management


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

FIRST MERCHANTS CORP.

Ticker:       FRME           Security ID:  320817109
Meeting Date: APR 14, 2005   Meeting Type: Annual
Record Date:  FEB 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas B. Clark           For       For        Management
1.2   Elect  Director Roderick English          For       For        Management
1.3   Elect  Director Jo Ann M. Gora            For       For        Management
1.4   Elect  Director Charles E. Schalliol      For       For        Management
1.5   Elect  Director Jean L. Wojtowicz         For       For        Management
2     Ratify Auditors                           For       For        Management


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

FIRSTMERIT CORP.

Ticker:       FMER           Security ID:  337915102
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Karen S. Belden           For       For        Management
1.2   Elect  Director R. Cary Blair             For       For        Management
1.3   Elect  Director Robert W. Briggs          For       For        Management
1.4   Elect  Director Clifford J. Isroff        For       For        Management


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

                                    Page 13


GENERAL GROWTH PROPERTIES, INC.

Ticker:       GGP            Security ID:  370021107
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Matthew Bucksbaum         For       For        Management
1.2   Elect  Director Bernard Freibaum          For       For        Management
1.3   Elect  Director Beth Stewart              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Stock Option Plan                   For       For        Management
4     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

GENUINE PARTS CO.

Ticker:       GPC            Security ID:  372460105
Meeting Date: APR 18, 2005   Meeting Type: Annual
Record Date:  FEB 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas C. Gallagher        For       For        Management
1.2   Elect Director John D. Johns              For       For        Management
1.3   Elect Director Lawrence G. Steiner        For       For        Management
2     Ratify Auditors                           For       For        Management


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

GLACIER BANCORP, INC.

Ticker:       GBCI           Security ID:  37637Q105
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael J. Blodnick       For       For        Management
1.2   Elect  Director Allen J. Fetscher         For       For        Management
1.3   Elect  Director Fred J. Flanders          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

HARLEYSVILLE GROUP, INC.

Ticker:       HGIC           Security ID:  412824104
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 2, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director W. Thacher Brown          For       For        Management
1.2   Elect  Director Mirian M. Graddick        For       For        Management


                                    Page 14


1.3   Elect  Director William W. Scranton III   For       For        Management
2     Approve Deferred Compensation Plan        For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

HARLEYSVILLE NATIONAL CORP.

Ticker:       HNBC           Security ID:  412850109
Meeting Date: APR 12, 2005   Meeting Type: Annual
Record Date:  FEB 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gregg J. Wagner           For       For        Management
1.2   Elect  Director James A. Wimmer           For       For        Management
1.3   Elect  Director William M. Yocum          For       For        Management


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

HEALTH CARE PROPERTY INVESTORS, INC.

Ticker:       HCP            Security ID:  421915109
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mary A. Cirillo           For       For        Management
1.2   Elect  Director Robert R. Fanning, Jr.    For       For        Management
1.3   Elect  Director James F. Flaherty III     For       For        Management
1.4   Elect  Director David B. Henry            For       For        Management
1.5   Elect  Director Michael D. McKee          For       For        Management
1.6   Elect  Director Harold M. Messmer, Jr.    For       For        Management
1.7   Elect  Director Peter L. Rhein            For       For        Management
1.8   Elect  Director Kenneth B. Roath          For       For        Management
1.9   Elect  Director Richard M. Rosenberg      For       For        Management
1.10  Elect  Director Joseph P. Sullivan        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Greenhouse Gas Emissions        Against   Against    Shareholder


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

HIBERNIA CORP.

Ticker:       HIB            Security ID:  428656102
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Paul Candies              For       For        Management
1.2   Elect  Director Sidney W. Lassen          For       For        Management
1.3   Elect  Director Janee Mercadel-Tucker     For       For        Management
1.4   Elect  Director Ray B. Nesbitt            For       For        Management
2     Ratify Auditors                           For       For        Management

                                    Page 15



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

HUDSON UNITED BANCORP

Ticker:       HU             Security ID:  444165104
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John H. Tatigian, Jr.     For       For        Management
1.2   Elect  Director Brian Flynn               For       For        Management


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

JEFFERSON-PILOT CORP.

Ticker:       JP             Security ID:  475070108
Meeting Date: MAY 2, 2005    Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William Porter Payne       For       For        Management
1.2   Elect Director David A. Stonecipher       For       For        Management
1.3   Elect Director Isaiah Tidwell             For       For        Management
2     Ratify Auditors                           For       For        Management


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

KIMCO REALTY CORP.

Ticker:       KIM            Security ID:  49446R109
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martin S. Kimmel          For       For        Management
1.2   Elect  Director Milton Cooper             For       For        Management
1.3   Elect  Director Richard G. Dooley         For       For        Management
1.4   Elect  Director Michael J. Flynn          For       For        Management
1.5   Elect  Director Joe Grills                For       For        Management
1.6   Elect  Director David B. Henry            For       For        Management
1.7   Elect  Director F. Patrick Hughes         For       For        Management
1.8   Elect  Director Frank Lourenso            For       For        Management
1.9   Elect  Director Richard Saltzman          For       For        Management
2     Increase Authorized Common Stock          For       For        Management


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

LEGGETT & PLATT, INC.

Ticker:       LEG            Security ID:  524660107
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  FEB 28, 2005

                                    Page 16


#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Raymond F. Bentele        For       For        Management
1.2   Elect  Director Ralph W. Clark            For       For        Management
1.3   Elect  Director Harry M. Cornell, Jr.     For       For        Management
1.4   Elect  Director Robert Ted Enloe, III     For       For        Management
1.5   Elect  Director Richard T. Fisher         For       For        Management
1.6   Elect  Director Karl G. Glassman          For       For        Management
1.7   Elect  Director David S. Haffner          For       For        Management
1.8   Elect  Director Joseph W. McClanathan     For       For        Management
1.9   Elect  Director Judy C. Odom              For       For        Management
1.10  Elect  Director Maurice E. Purnell, Jr.   For       For        Management
1.11  Elect  Director Felix E. Wright           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

MCGRATH RENTCORP

Ticker:       MGRC           Security ID:  580589109
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William J. Dawson          For       For        Management
1.2   Elect Director Robert C. Hood             For       For        Management
1.3   Elect Director Dennis C. Kakures          For       For        Management
1.4   Elect Director Joan M. McGrath            For       For        Management
1.5   Elect Director Robert P. McGrath          For       For        Management
1.6   Elect Director Dennis P. Stradford        For       For        Management
1.7   Elect Director Ronald H. Zech             For       For        Management
2     Ratify Auditors                           For       For        Management


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

MDU RESOURCES GROUP, INC.

Ticker:       MDU            Security ID:  552690109
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas Everist            For       For        Management
1.2   Elect  Director Patricia L. Moss          For       For        Management
1.3   Elect  Director Robert L. Nance           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

                                    Page 17


MERCANTILE BANKSHARES CORP.

Ticker:       MRBK           Security ID:  587405101
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Eddie C. Brown            For       For        Management
1.2   Elect  Director Anthony W. Deering        For       For        Management
1.3   Elect  Director Freeman A. Hrabowski, III For       For        Management
1.4   Elect  Director Jenny G. Morgan           For       For        Management
1.5   Elect  Director Clayton S. Rose           For       For        Management
1.6   Elect  Director Donald J. Shepard         For       For        Management
1.7   Elect  Director Jay M. Wilson             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Outside Director Stock            For       For        Management
      Awards/Options in Lieu of Cash


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

MERCURY GENERAL CORP.

Ticker:       MCY            Security ID:  589400100
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director George Joseph             For       For        Management
1.2   Elect  Director Charles E. McClung        For       For        Management
1.3   Elect  Director Donald R. Spuehler        For       For        Management
1.4   Elect  Director Richard E. Grayson        For       For        Management
1.5   Elect  Director Donald P. Newell          For       For        Management
1.6   Elect  Director Bruce A. Bunner           For       For        Management
1.7   Elect  Director Nathan Bessin             For       For        Management
1.8   Elect  Director Michael D. Curtius        For       For        Management
1.9   Elect  Director Gabriel Tirador           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

MERIDIAN BIOSCIENCE, INC.

Ticker:       VIVO           Security ID:  589584101
Meeting Date: JAN 20, 2005   Meeting Type: Annual
Record Date:  DEC 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James A. Buzard           For       For        Management
1.2   Elect  Director John A. Kraeutler         For       For        Management
1.3   Elect  Director Gary P. Kreider           For       For        Management
1.4   Elect  Director William J. Motto          For       For        Management
1.5   Elect  Director David C. Phillips         For       For        Management
1.6   Elect  Director Robert J. Ready           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

                                    Page 18


MGE ENERGY INC

Ticker:       MGEE           Security ID:  55277P104
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Regina M. Millner         For       For        Management
1.2   Elect  Director Donna K. Sollenberger     For       For        Management
2     Ratify Auditors                           For       For        Management


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

MINE SAFETY APPLIANCES CO.

Ticker:       MSA            Security ID:  602720104
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  FEB 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Diane M. Pearse           For       For        Management
1.2   Elect  Director L. Edward Shaw, Jr.       For       For        Management
1.3   Elect  Director Thomas H. Witmer          For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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

NATIONAL COMMERCE FINANCIAL CORPORATION

Ticker:       NCF            Security ID:  63545P104
Meeting Date: SEP 15, 2004   Meeting Type: Special
Record Date:  JUL 30, 2004

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


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

NATIONAL FUEL GAS CO.

Ticker:       NFG            Security ID:  636180101
Meeting Date: FEB 17, 2005   Meeting Type: Annual
Record Date:  DEC 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert T. Brady           For       For        Management
1.2   Elect  Director Rolland E. Kidder         For       For        Management
1.3   Elect  Director Richard G. Reiten         For       For        Management
1.4   Elect  Director Craig G. Matthews         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Articles                            For       Against    Management
4     Limit Executive Compensation              Against   Against    Shareholder


                                    Page 19



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

NATIONAL PENN BANCSHARES, INC.

Ticker:       NPBC           Security ID:  637138108
Meeting Date: APR 25, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert L. Byers           For       For        Management
1.2   Elect  Director Frederick P. Krott        For       For        Management
1.3   Elect  Director Patricia L. Langiotti     For       For        Management
1.4   Elect  Director Kenneth A. Longacre       For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

NICOR INC.

Ticker:       GAS            Security ID:  654086107
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert M. Beavers, Jr.    For       For        Management
1.2   Elect  Director Bruce P. Bickner          For       For        Management
1.3   Elect  Director John H. Birdsall, III     For       For        Management
1.4   Elect  Director Thomas A. Donahoe         For       For        Management
1.5   Elect  Director Thomas L. Fisher          For       For        Management
1.6   Elect  Director John E. Jones             For       For        Management
1.7   Elect  Director Dennis J. Keller          For       For        Management
1.8   Elect  Director William A. Osborn         For       For        Management
1.9   Elect  Director R. Eden Martin            For       For        Management
1.10  Elect  Director John Rau                  For       For        Management
1.11  Elect  Director John F. Riordan           For       For        Management
1.12  Elect  Director Russ M. Strobel           For       For        Management
2     Ratify Auditors                           For       For        Management


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

OLD NATIONAL BANCORP

Ticker:       ONB            Security ID:  680033107
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  FEB 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alan W. Braun             For       For        Management
1.2   Elect  Director Andrew E. Goebel          For       For        Management
1.3   Elect  Director Robert G. Jones           For       For        Management
1.4   Elect  Director Charles D. Storms         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


                                    Page 20



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

OLD REPUBLIC INTERNATIONAL CORP.

Ticker:       ORI            Security ID:  680223104
Meeting Date: MAY 27, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William A. Simpson        For       For        Management
1.2   Elect  Director Arnold L. Steiner         For       For        Management
1.3   Elect  Director Fredricka Taubitz         For       For        Management
1.4   Elect  Director A.C. Zucaro               For       For        Management


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

OTTER TAIL CORPORATION

Ticker:       OTTR           Security ID:  689648103
Meeting Date: APR 11, 2005   Meeting Type: Annual
Record Date:  FEB 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dennis R. Emmen           For       For        Management
1.2   Elect  Director Kenneth L. Nelson         For       For        Management
1.3   Elect  Director Nathan I. Partain         For       For        Management
2     Ratify Auditors                           For       For        Management


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

PARK NATIONAL CORP.

Ticker:       PRK            Security ID:  700658107
Meeting Date: APR 18, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Daniel DeLawder        For       For        Management
1.2   Elect  Director Harry O. Egger            For       For        Management
1.3   Elect  Director F. William Englefield IV  For       For        Management
1.4   Elect  Director John J. O'Neill           For       For        Management
2     Approve Stock Option Plan                 For       For        Management


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

PEOPLE'S BANK

Ticker:       PBCT           Security ID:  710198102
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

                                    Page 21


#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Collin P. Baron           For       For        Management
1.2   Elect  Director Richard M. Hoyt           For       For        Management
1.3   Elect  Director John A. Klein             For       For        Management


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

PEOPLES ENERGY CORP.

Ticker:       PGL            Security ID:  711030106
Meeting Date: FEB 25, 2005   Meeting Type: Annual
Record Date:  DEC 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director K.E. Bailey               For       For        Management
1.2   Elect  Director J.R. Boris                For       For        Management
1.3   Elect  Director W.J. Brodsky              For       For        Management
1.4   Elect  Director P. Cafferty               For       For        Management
1.5   Elect  Director D.S. Ferguson             For       For        Management
1.6   Elect  Director J.W. Higgins              For       For        Management
1.7   Elect  Director D.C. Jain                 For       For        Management
1.8   Elect  Director M.E. Lavin                For       For        Management
1.9   Elect  Director H.J. Livingston, Jr.      For       For        Management
1.10  Elect  Director T.M. Patrick              For       For        Management
1.11  Elect  Director R.P. Toft                 For       For        Management
1.12  Elect  Director A.R. Velasquez            For       For        Management
2     Submit Shareholder Rights Plan (Poison    None      For        Shareholder
      Pill) to Shareholder Vote


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

PIEDMONT NATURAL GAS CO., INC.

Ticker:       PNY            Security ID:  720186105
Meeting Date: MAR 4, 2005    Meeting Type: Annual
Record Date:  JAN 12, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Malcolm E. Everett III    For       For        Management
1.2   Elect  Director Muriel W. Helms           For       For        Management
1.3   Elect  Director Frank B. Holding, Jr.     For       For        Management
1.4   Elect  Director Minor M. Shaw             For       For        Management
2     Ratify Auditors                           For       For        Management


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

PINNACLE WEST CAPITAL CORP.

Ticker:       PNW            Security ID:  723484101
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edward N. Basha, Jr.       For       For        Management


                                    Page 22


1.2   Elect Director Michael L. Gallagher       For       For        Management
1.3   Elect Director Bruce J. Nordstrom         For       For        Management
1.4   Elect Director William J. Post            For       For        Management
2     Ratify Auditors                           For       For        Management


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

POPULAR INC.

Ticker:       BPOP           Security ID:  733174106
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Maria Luisa Ferre         For       For        Management
1.2   Elect  Director Frederic V. Salerno       For       For        Management
1.3   Elect  Director William J. Teuber Jr.     For       For        Management
2     Ratify Auditors                           For       For        Management


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

QUAKER CHEMICAL CORP.

Ticker:       KWR            Security ID:  747316107
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert E. Chappell        For       For        Management
1.2   Elect  Director Ronald J. Naples          For       For        Management
1.3   Elect  Director Robert H. Rock            For       For        Management
2     Ratify Auditors                           For       For        Management


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

R. R. DONNELLEY & SONS CO.

Ticker:       RRD            Security ID:  257867101
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Judith H. Hamilton         For       For        Management
1.2   Elect Director Michael T. Riordan         For       For        Management
1.3   Elect Director Bide L. Thomas             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder


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

                                    Page 23


REPUBLIC BANCORP, INC.

Ticker:       RBNC           Security ID:  760282103
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jerry D. Campbell         For       For        Management
1.2   Elect  Director Dana M. Cluckey           For       For        Management
1.3   Elect  Director George J. Butvilas        For       For        Management
1.4   Elect  Director Richard J. Cramer, Sr.    For       For        Management
1.5   Elect  Director Barry J. Eckhold          For       For        Management
1.6   Elect  Director Gary Hurand               For       For        Management
1.7   Elect  Director Dennis J. Ibold           For       For        Management
1.8   Elect  Director Stanley A. Jacobson       For       For        Management
1.9   Elect  Director John J. Lennon            For       For        Management
1.10  Elect  Director Kelly E. Miller           For       For        Management
1.11  Elect  Director Randolph P. Piper         For       For        Management
1.12  Elect  Director Dr. Isaac J. Powell       For       For        Management
1.13  Elect  Director William C. Rands III      For       For        Management
1.14  Elect  Director Dr. Jeoffrey K. Stross    For       For        Management
1.15  Elect  Director Steven E. Zack            For       For        Management
2     Increase Authorized Common Stock          For       For        Management


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

ROUSE CO., THE

Ticker:       RSE            Security ID:  779273101
Meeting Date: NOV 9, 2004    Meeting Type: Special
Record Date:  OCT 8, 2004

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


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

RPM INTERNATIONAL INC.

Ticker:       RPM            Security ID:  749685103
Meeting Date: OCT 8, 2004    Meeting Type: Annual
Record Date:  AUG 13, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward B. Brandon         For       For        Management
1.2   Elect  Director William A. Papenbrock     For       For        Management
1.3   Elect  Director Thomas C. Sullivan        For       For        Management
1.4   Elect  Director Frank C. Sullivan         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management


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

                                    Page 24


S&T BANCORP, INC.

Ticker:       STBA           Security ID:  783859101
Meeting Date: APR 18, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Todd D. Brice             For       For        Management
1.2   Elect  Director William J. Gatti          For       For        Management
1.3   Elect  Director Ruth M. Grant             For       For        Management
1.4   Elect  Director Samuel Levy               For       For        Management
1.5   Elect  Director Charles A. Spadafora      For       For        Management


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

SERVICEMASTER COMPANY, THE

Ticker:       SVM            Security ID:  81760N109
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 9, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Roberto R. Herencia       For       For        Management
1.2   Elect  Director Louis J. Giuliano         For       For        Management
1.3   Elect  Director Betty Jane Hess           For       For        Management
1.4   Elect  Director Jonathan P. Ward          For       For        Management
1.5   Elect  Director Eileen A. Kamerick        For       For        Management
1.6   Elect  Director Coleman H. Peterson       For       For        Management
2     Amend Articles                            For       For        Management
3     Ratify Auditors                           For       For        Management


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

SHERWIN-WILLIAMS CO., THE

Ticker:       SHW            Security ID:  824348106
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J.C. Boland               For       For        Management
1.2   Elect  Director D.E. Collins              For       For        Management
1.3   Elect  Director C.M. Connor               For       For        Management
1.4   Elect  Director D.E. Evans                For       For        Management
1.5   Elect  Director S.J. Kropf                For       For        Management
1.6   Elect  Director R.W. Mahoney              For       For        Management
1.7   Elect  Director G.E. Mccullough           For       For        Management
1.8   Elect  Director A.M. Mixon, III           For       For        Management
1.9   Elect  Director C.E. Moll                 For       For        Management
1.10  Elect  Director J.M. Scaminace            For       For        Management
1.11  Elect  Director R.K. Smucker              For       For        Management
2     Ratify Auditors                           For       For        Management


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

                                    Page 25


SONOCO PRODUCTS CO.

Ticker:       SON            Security ID:  835495102
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles J. Bradshaw       For       For        Management
1.2   Elect  Director Robert J. Brown           For       For        Management
1.3   Elect  Director James L. Coker            For       For        Management
1.4   Elect  Director Paul Fulton               For       For        Management
1.5   Elect  Director Dr. Pamela S. Lewis       For       For        Management
1.6   Elect  Director John E. Linville          For       For        Management


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

STANLEY WORKS, THE

Ticker:       SWK            Security ID:  854616109
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stillman B. Brown          For       For        Management
1.2   Elect Director Emmanuel A. Kampouris      For       For        Management
1.3   Elect Director Kathryn D. Wriston         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   Against    Shareholder
4     Prohibit Auditor from Providing Non-Audit Against   Against    Shareholder
      Services


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

STERLING FINANCIAL CORP. (PA)

Ticker:       SLFI           Security ID:  859317109
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joan R. Henderson         For       For        Management
1.2   Elect  Director Terrence L. Hormel        For       For        Management
1.3   Elect  Director David E. Hosler           For       For        Management
1.4   Elect  Director William E. Miller, Jr     For       For        Management
1.5   Elect  Director Anthony D. Chivinski      For       For        Management
2     Approve Restricted Stock Plan             For       For        Management
3     Ratify Auditors                           For       For        Management


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

SUNTRUST BANKS, INC.

Ticker:       STI            Security ID:  867914103
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

                                    Page 26


#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas C. Farnsworth Jr.   For       For        Management
1.2   Elect Director Patricia C. Frist          For       For        Management
1.3   Elect Director Blake P. Garrett, Jr.      For       For        Management
1.4   Elect Director L. Philip Humann           For       For        Management
1.5   Elect Director M. Douglas Ivester         For       For        Management
1.6   Elect Director Karen Hastie Williams      For       For        Management
1.7   Elect Director Phail Wynn, Jr.            For       For        Management
1.8   Elect Director Thomas M. Garrott, III     For       For        Management
1.9   Elect Director E. Neville Isdell          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Management Incentive Plan         For       For        Management
4     Approve Performance Unit Plan             For       For        Management


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

SUPERVALU INC.

Ticker:       SVU            Security ID:  868536103
Meeting Date: JUN 15, 2005   Meeting Type: Annual
Record Date:  APR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edwin C. Gage             For       For        Management
1.2   Elect  Director Garnett L. Keith, Jr.     For       For        Management
1.3   Elect  Director Marissa Peterson          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

SUSQUEHANNA BANCSHARES, INC.

Ticker:       SUSQ           Security ID:  869099101
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James A. Bentley, Jr.     For       For        Management
1.2   Elect  Director Owen O. Freeman, Jr.      For       For        Management
1.3   Elect  Director Russell J. Kunkel         For       For        Management
1.4   Elect  Director Guy W. Miller, Jr.        For       For        Management
1.5   Elect  Director E. Susan Piersol          For       For        Management
1.6   Elect  Director William J. Reuter         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

SWS GROUP, INC.

Ticker:       SWS            Security ID:  78503N107
Meeting Date: NOV 10, 2004   Meeting Type: Annual
Record Date:  SEP 23, 2004

                                    Page 27


#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Don A. Buchholz           For       For        Management
1.2   Elect  Director Donald W. Hultgren        For       For        Management
1.3   Elect  Director Brodie L. Cobb            For       For        Management
1.4   Elect  Director J. Jan Collmer            For       For        Management
1.5   Elect  Director Ronald W. Haddock         For       For        Management
1.6   Elect  Director R. Jan LeCroy             For       For        Management
1.7   Elect  Director Frederick R. Meyer        For       For        Management
1.8   Elect  Director Jon L. Mosle, Jr.         For       For        Management
2     Approve Deferred Compensation Plan        For       For        Management


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

SYNOVUS FINANCIAL CORP.

Ticker:       SNV            Security ID:  87161C105
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  FEB 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Daniel P. Amos             For       For        Management
1.2   Elect Director Richard E. Anthony         For       For        Management
1.3   Elect Director C. Edward Floyd            For       For        Management
1.4   Elect Director Mason H. Lampton           For       For        Management
1.5   Elect Director Elizabeth C. Ogle          For       For        Management
1.6   Elect Director Melvin T. Smith            For       For        Management
2     Ratify Auditors                           For       For        Management


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

TANGER FACTORY OUTLET CENTERS, INC.

Ticker:       SKT            Security ID:  875465106
Meeting Date: MAY 13, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stanley K. Tanger         For       For        Management
1.2   Elect  Director Steven B. Tanger          For       For        Management
1.3   Elect  Director Jack Africk               For       For        Management
1.4   Elect  Director William G. Benton         For       For        Management
1.5   Elect  Director Thomas E. Robinson        For       For        Management
1.6   Elect  Director Allan L. Schuman          For       For        Management


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

TCF FINANCIAL CORP.

Ticker:       TCB            Security ID:  872275102
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

                                    Page 28


#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Rodney P. Burwell         For       For        Management
1.2   Elect  Director William A. Cooper         For       For        Management
1.3   Elect  Director Thomas A. Cusick          For       For        Management
1.4   Elect  Director Peter L. Scherer          For       For        Management
1.5   Elect  Director Douglas A. Scovanner      For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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

UGI CORP.

Ticker:       UGI            Security ID:  902681105
Meeting Date: FEB 23, 2005   Meeting Type: Annual
Record Date:  DEC 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J.W. Stratton             For       For        Management
1.2   Elect  Director S.D. Ban                  For       For        Management
1.3   Elect  Director R.C. Gozon                For       For        Management
1.4   Elect  Director L.R. Greenberg            For       For        Management
1.5   Elect  Director T.F. Donovan              For       For        Management
1.6   Elect  Director M.O. Schlanger            For       For        Management
1.7   Elect  Director A. Pol                    For       For        Management
1.8   Elect  Director E.E. Jones                For       For        Management
2     Ratify Auditors                           For       For        Management


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

UNITED BANKSHARES, INC.

Ticker:       UBSI           Security ID:  909907107
Meeting Date: MAY 16, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard M. Adams          For       For        Management
1.2   Elect  Director Robert G. Astorg          For       For        Management
1.3   Elect  Director Thomas J. Blair, III      For       For        Management
1.4   Elect  Director Harry L. Buch             For       For        Management
1.5   Elect  Director W. Gaston Caperton, III   For       For        Management
1.6   Elect  Director Lawrence K. Doll          For       For        Management
1.7   Elect  Director H. Smoot Fahlgren         For       For        Management
1.8   Elect  Director Theodore J. Georgelas     For       For        Management
1.9   Elect  Director F. T. Graff, Jr.          For       For        Management
1.10  Elect  Director Russell L. Isaacs         For       For        Management
1.11  Elect  Director John M. McMahon           For       For        Management
1.12  Elect  Director J. Paul McNamara          For       For        Management
1.13  Elect  Director G. Ogden Nutting          For       For        Management
1.14  Elect  Director William C. Pitt, III      For       For        Management
1.15  Elect  Director I. N. Smith, Jr.          For       For        Management
1.16  Elect  Director Mary K. Weddle            For       For        Management
1.17  Elect  Director P. Clinton Winter, Jr.    For       For        Management
2     Other Business                            For       For        Management


                                    Page 29



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

UNITED DOMINION REALTY TRUST, INC.

Ticker:       UDR            Security ID:  910197102
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Eric J. Foss              For       For        Management
1.2   Elect  Director Robert P. Freeman         For       For        Management
1.3   Elect  Director Jon A. Grove              For       For        Management
1.4   Elect  Director James D. Klingbeil        For       For        Management
1.5   Elect  Director Robert C. Larson          For       For        Management
1.6   Elect  Director Thomas R. Oliver          For       For        Management
1.7   Elect  Director Lynne B. Sagalyn          For       For        Management
1.8   Elect  Director Mark J. Sandler           For       For        Management
1.9   Elect  Director Robert W. Scharar         For       For        Management
1.10  Elect  Director Thomas W. Toomey          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Out-Performance Program           For       Against    Management
4     Authorize New Class of Preferred Stock    For       Against    Management


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

UNIVERSAL CORP.

Ticker:       UVV            Security ID:  913456109
Meeting Date: AUG 5, 2004    Meeting Type: Annual
Record Date:  JUN 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Chester A. Crocker        For       For        Management
1.2   Elect  Director Charles H. Foster, Jr.    For       For        Management
1.3   Elect  Director Thomas H. Johnson         For       For        Management
1.4   Elect  Director Jeremiah J. Sheehan       For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management


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

UNIVERSAL HEALTH REALTY INCOME TRUST

Ticker:       UHT            Security ID:  91359E105
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  APR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alan B. Miller            For       For        Management
1.2   Elect  Director Myles H. Tanenbaum        For       For        Management


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

                                    Page 30


VALLEY NATIONAL BANCORP

Ticker:       VLY            Security ID:  919794107
Meeting Date: APR 6, 2005    Meeting Type: Annual
Record Date:  FEB 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Andrew B. Abramson        For       For        Management
1.2   Elect  Director Pamela Bronander          For       For        Management
1.3   Elect  Director Eric P. Edelstein         For       For        Management
1.4   Elect  Director Mary J Steele Guilfoile   For       For        Management
1.5   Elect  Director H. Dale Hemmerdinger      For       For        Management
1.6   Elect  Director Graham O. Jones           For       For        Management
1.7   Elect  Director Walter H. Jones, III      For       For        Management
1.8   Elect  Director Gerald Korde              For       For        Management
1.9   Elect  Director Michael L. Larusso        For       For        Management
1.10  Elect  Director Gerald H. Lipkin          For       For        Management
1.11  Elect  Director Robinson Markel           For       For        Management
1.12  Elect  Director Robert E. Mcentee         For       For        Management
1.13  Elect  Director Richard S. Miller         For       For        Management
1.14  Elect  Director Barnett Rukin             For       For        Management
1.15  Elect  Director Leonard J. Vorcheimer     For       For        Management
2     Approve Non-Employee Director Restricted  For       For        Management
      Stock Plan
3     Approve Executive Incentive Bonus Plan    For       For        Management


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

VECTREN CORP.

Ticker:       VVC            Security ID:  92240G101
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ronald G. Reherman        For       For        Management
1.2   Elect  Director R. Daniel Sadlier         For       For        Management
1.3   Elect  Director Richard W. Shymanski      For       For        Management
1.4   Elect  Director Jean L. Wojtowicz         For       For        Management
2     Ratify Auditors                           For       For        Management


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

VF CORP.

Ticker:       VFC            Security ID:  918204108
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Juan Ernesto de Bedout     For       For        Management
1.2   Elect Director Ursula O. Fairbairn        For       For        Management
1.3   Elect Director Barbara S. Feigin          For       For        Management
1.4   Elect Director Mackey J. McDonald         For       For        Management
2     Ratify Auditors                           For       For        Management

                                    Page 31


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

VULCAN MATERIALS CO.

Ticker:       VMC            Security ID:  929160109
Meeting Date: MAY 13, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Livio D. DeSimone          For       For        Management
1.2   Elect Director Philip J. Carroll, Jr.     For       For        Management
1.3   Elect Director Donald M. James            For       For        Management
2     Ratify Auditors                           For       For        Management


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

WASHINGTON FEDERAL, INC.

Ticker:       WFSL           Security ID:  938824109
Meeting Date: JAN 19, 2005   Meeting Type: Annual
Record Date:  NOV 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Anna C. Johnson           For       For        Management
1.2   Elect  Director Thomas F. Kenney          For       For        Management
1.3   Elect  Director Charles R. Richmond       For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


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

WASHINGTON REAL ESTATE INVESTMENT TRUST

Ticker:       WRE            Security ID:  939653101
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ms. Susan J. Williams     For       For        Management
1.2   Elect  Director Mr. Robert W. Pivik       For       For        Management
2     Limit Awards to Executives                Against   Against    Shareholder


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

WEINGARTEN REALTY INVESTORS

Ticker:       WRI            Security ID:  948741103
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 7, 2005

                                    Page 32


#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stanford Alexander        For       For        Management
1.2   Elect  Director Andrew M. Alexander       For       For        Management
1.3   Elect  Director J. Murry Bowden           For       For        Management
1.4   Elect  Director James W. Crownover        For       For        Management
1.5   Elect  Director Robert J. Cruikshank      For       For        Management
1.6   Elect  Director Melvin A. Dow             For       For        Management
1.7   Elect  Director Stephen A. Lasher         For       For        Management
1.8   Elect  Director Douglas W. Schnitzer      For       For        Management
1.9   Elect  Director Marc J. Shapiro           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       For        Management


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

WESBANCO, INC.

Ticker:       WSBC           Security ID:  950810101
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director R. Peterson Chalfant      For       For        Management
1.2   Elect  Director Abigail M. Feinknopf      For       For        Management
1.3   Elect  Director Jay T. McCamic            For       For        Management
1.4   Elect  Director Joan C. Stamp             For       For        Management
1.5   Elect  Director Henry L. Schulhoff        For       For        Management


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

WGL HOLDINGS, INC.

Ticker:       WGL            Security ID:  92924F106
Meeting Date: FEB 23, 2005   Meeting Type: Annual
Record Date:  JAN 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael D. Barnes         For       For        Management
1.2   Elect  Director George P. Clancy, Jr.     For       For        Management
1.3   Elect  Director J.H. Degraffenreidt, Jr   For       For        Management
1.4   Elect  Director James W. Dyke, Jr.        For       For        Management
1.5   Elect  Director Melvyn J. Estrin          For       For        Management
1.6   Elect  Director James F. Lafond           For       For        Management
1.7   Elect  Director Debra L. Lee              For       For        Management
1.8   Elect  Director Karen Hastie Williams     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Provide for Cumulative Voting             Against   Against    Shareholder


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

WHITNEY HOLDING CORP.

Ticker:       WTNY           Security ID:  966612103
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

                                    Page 33


#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Eric J. Nickelsen         For       For        Management
1.2   Elect  Director William L. Marks          For       For        Management
1.3   Elect  Director Kathryn M. Sullivan       For       For        Management
2     Ratify Auditors                           For       For        Management


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

WILMINGTON TRUST CORP.

Ticker:       WL             Security ID:  971807102
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Carolyn S. Burger         For       For        Management
1.2   Elect  Director Robert V.A. Harra Jr.     For       For        Management
1.3   Elect  Director Rex L. Mears              For       For        Management
1.4   Elect  Director Robert W. Tunnell Jr.     For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

WPS RESOURCES CORP.

Ticker:       WPS            Security ID:  92931B106
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Albert J. Budney, Jr.     For       For        Management
1.2   Elect  Director James L. Kemerling        For       For        Management
1.3   Elect  Director John C. Meng              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Approve Outside Director Stock            For       For        Management
      Awards/Options in Lieu of Cash

========== END NPX REPORT



                                    Page 34


                                   SIGNATURES

         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.


                                   BlackRock Strategic Dividend Achievers Trust



                    by /s/ Robert S. Kapito
                      ---------------------------
                      Robert S. Kapito
                      Principal Executive Officer

Date:  August 17, 2005