UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

      Form N-PX

      ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERD MANAGEMENT INVESTMENT
COMPANY

     
 
Investment Company Act file number:   811-22172
 
Exact name of registrant as specified in charter:   World Funds Trust
 
Address of principal executive offices:   8730 Stony Point Parkway, Suite 205
    Richmond, VA 23235
Name and address of agent for service:   The Corporation Trust Company
    1209 Orange Street
    Wilmington, DE 19801
    with a copy to:
    John H. Lively
    The Law Offices of John H. Lively & Associates, Inc.
    A member firm of the 1940 Act Law Group TM
    11300 Tomahawk Creek Parkway, Suite 310
    Leawood, KS 66211
Registrant’s telephone number, including area code:   800-267-7400
Date of fiscal year end:   September 30th
Date of reporting period:   July 1, 2012 to June 30, 2013
     


Item 1. Proxy Voting Record.

Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 1 of 72  

Union Street Partners Value Fund
APPLE INC.

Security: 037833100

Agenda Number: 933725042

   Ticker: AAPL

    Meeting Type: Annual

      ISIN: US0378331005

    Meeting Date: 27-Feb-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1.   DIRECTOR            
                 
    1     WILLIAM CAMPBELL   Mgmt   No vote    
                 
    2     TIMOTHY COOK   Mgmt   No vote    
                 
    3     MILLARD DREXLER   Mgmt   No vote    
                 
    4     AL GORE   Mgmt   No vote    
                 
    5     ROBERT IGER   Mgmt   No vote    
                 
    6     ANDREA JUNG   Mgmt   No vote    
                 
    7     ARTHUR LEVINSON   Mgmt   No vote    
                 
    8     RONALD SUGAR   Mgmt   No vote    
                 
2.   AMENDMENT OF APPLE’S RESTATED   Mgmt   No vote    
    ARTICLES OF INCORPORATION TO (I)            
    ELIMINATE CERTAIN LANGUAGE            
    RELATING TO TERM OF OFFICE OF            
    DIRECTORS IN ORDER TO FACILITATE            
    THE ADOPTION OF MAJORITY VOTING            
    FOR ELECTION OF DIRECTORS, (II)            
    ELIMINATE "BLANK CHECK" PREFERRED            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 2 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
    STOCK, (III) ESTABLISH A PAR VALUE FOR            
    COMPANY’S COMMON STOCK OF            
    $0.00001 PER SHARE AND (IV) MAKE            
    OTHER CHANGES.            
                 
3.   RATIFICATION OF THE APPOINTMENT OF   Mgmt   No vote    
    ERNST & YOUNG LLP AS THE COMPANY’S            
    INDEPENDENT REGISTERED PUBLIC            
    ACCOUNTING FIRM FOR 2013.            
                 
4.   A NON-BINDING ADVISORY RESOLUTION   Mgmt   No vote    
    TO APPROVE EXECUTIVE            
    COMPENSATION.            
                 
5.   A SHAREHOLDER PROPOSAL ENTITLED   Shr   No vote    
    "EXECUTIVES TO RETAIN SIGNIFICANT            
    STOCK."            
                 
6.   A SHAREHOLDER PROPOSAL ENTITLED   Shr   No vote    
    "BOARD COMMITTEE ON HUMAN            
    RIGHTS."            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   1150   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 3 of 72  

Union Street Partners Value Fund
AT&T INC.

Security: 00206R102

Agenda Number: 933744016

   Ticker: T

    Meeting Type: Annual

      ISIN: US00206R1023

    Meeting Date: 26-Apr-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: RANDALL L.   Mgmt   No vote    
    STEPHENSON            
                 
1B.   ELECTION OF DIRECTOR: GILBERT F.   Mgmt   No vote    
    AMELIO            
                 
1C.   ELECTION OF DIRECTOR: REUBEN V.   Mgmt   No vote    
    ANDERSON            
                 
1D.   ELECTION OF DIRECTOR: JAMES H.   Mgmt   No vote    
    BLANCHARD            
                 
1E.   ELECTION OF DIRECTOR: JAIME CHICO   Mgmt   No vote    
    PARDO            
                 
1F.   ELECTION OF DIRECTOR: SCOTT T. FORD   Mgmt   No vote    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 4 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: JAMES P.   Mgmt   No vote    
    KELLY            
                 
1H.   ELECTION OF DIRECTOR: JON C.   Mgmt   No vote    
    MADONNA            
                 
1I.   ELECTION OF DIRECTOR: MICHAEL B.   Mgmt   No vote    
    MCCALLISTER            
                 
1J.   ELECTION OF DIRECTOR: JOHN B.   Mgmt   No vote    
    MCCOY            
                 
1K.   ELECTION OF DIRECTOR: JOYCE M.   Mgmt   No vote    
    ROCHE            
                 
1L.   ELECTION OF DIRECTOR: MATTHEW K.   Mgmt   No vote    
    ROSE            
                 
1M.   ELECTION OF DIRECTOR: LAURA   Mgmt   No vote    
    D’ANDREA TYSON            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 5 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
2.   RATIFICATION OF APPOINTMENT OF   Mgmt   No vote    
    INDEPENDENT AUDITORS.            
                 
3.   ADVISORY APPROVAL OF EXECUTIVE   Mgmt   No vote    
    COMPENSATION.            
                 
4.   APPROVE STOCK PURCHASE AND   Mgmt   No vote    
    DEFERRAL PLAN.            
                 
5.   POLITICAL CONTRIBUTIONS REPORT.   Shr   No vote    
                 
6.   LEAD BATTERIES REPORT.   Shr   No vote    
                 
7.   COMPENSATION PACKAGES.   Shr   No vote    
                 
8.   INDEPENDENT BOARD CHAIRMAN.   Shr   No vote    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 6 of 72  

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   19000   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 7 of 72  

Union Street Partners Value Fund
BANK OF AMERICA CORPORATION

Security: 060505104

Agenda Number: 933759017

   Ticker: BAC

    Meeting Type: Annual

      ISIN: US0605051046

    Meeting Date: 08-May-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: SHARON L.   Mgmt   No vote    
    ALLEN            
                 
1B.   ELECTION OF DIRECTOR: SUSAN S. BIES   Mgmt   No vote    
                 
1C.   ELECTION OF DIRECTOR: JACK O.   Mgmt   No vote    
    BOVENDER, JR.            
                 
1D.   ELECTION OF DIRECTOR: FRANK P.   Mgmt   No vote    
    BRAMBLE, SR.            
                 
1E.   ELECTION OF DIRECTOR: ARNOLD W.   Mgmt   No vote    
    DONALD            
                 
1F.   ELECTION OF DIRECTOR: CHARLES K.   Mgmt   No vote    
    GIFFORD            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 8 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: CHARLES O.   Mgmt   No vote    
    HOLLIDAY, JR.            
                 
1H.   ELECTION OF DIRECTOR: LINDA P.   Mgmt   No vote    
    HUDSON            
                 
1I.   ELECTION OF DIRECTOR: MONICA C.   Mgmt   No vote    
    LOZANO            
                 
1J.   ELECTION OF DIRECTOR: THOMAS J. MAY   Mgmt   No vote    
                 
1K.   ELECTION OF DIRECTOR: BRIAN T.   Mgmt   No vote    
    MOYNIHAN            
                 
1L.   ELECTION OF DIRECTOR: LIONEL L.   Mgmt   No vote    
    NOWELL, III            
                 
1M.   ELECTION OF DIRECTOR: R. DAVID YOST   Mgmt   No vote    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 9 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
2.   AN ADVISORY (NON-BINDING) VOTE TO   Mgmt   No vote    
    APPROVE EXECUTIVE COMPENSATION            
    (SAY ON PAY).            
                 
3.   RATIFICATION OF THE APPOINTMENT OF   Mgmt   No vote    
    THE REGISTERED INDEPENDENT PUBLIC            
    ACCOUNTING FIRM FOR 2013.            
                 
4.   STOCKHOLDER PROPOSAL - REPORT ON   Shr   No vote    
    POLITICAL CONTRIBUTIONS.            
                 
5.   STOCKHOLDER PROPOSAL - PROXY   Shr   No vote    
    ACCESS.            
                 
6.   STOCKHOLDER PROPOSAL - MULTIPLE   Shr   No vote    
    BOARD SERVICE.            
                 
7.   STOCKHOLDER PROPOSAL - POLITICAL   Shr   No vote    
    CONTRIBUTIONS.            
                 
8.   STOCKHOLDER PROPOSAL - MORTGAGE   Shr   No vote    
    SERVICING.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 10 of 72  

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   61800   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 11 of 72  

Union Street Partners Value Fund
BP P.L.C.

Security: 055622104

Agenda Number: 933773954

   Ticker: BP

    Meeting Type: Annual

      ISIN: US0556221044

    Meeting Date: 11-Apr-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1.   TO RECEIVE THE DIRECTORS’ ANNUAL   Mgmt   No vote    
    REPORT AND ACCOUNTS.            
                 
2.   TO APPROVE THE DIRECTORS’   Mgmt   No vote    
    REMUNERATION REPORT.            
                 
3.   TO RE-ELECT MR. R W DUDLEY AS A   Mgmt   No vote    
    DIRECTOR.            
                 
4.   TO RE-ELECT MR. I C CONN AS A   Mgmt   No vote    
    DIRECTOR.            
                 
5.   TO RE-ELECT DR. B GILVARY AS A   Mgmt   No vote    
    DIRECTOR.            
                 
6.   TO RE-ELECT MR. P M ANDERSON AS A   Mgmt   No vote    
    DIRECTOR.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 12 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
7.   TO RE-ELECT ADMIRAL F L BOWMAN AS A   Mgmt   No vote    
    DIRECTOR.            
                 
8.   TO RE-ELECT MR. A BURGMANS AS A   Mgmt   No vote    
    DIRECTOR.            
                 
9.   TO RE-ELECT MRS. C B CARROLL AS A   Mgmt   No vote    
    DIRECTOR.            
                 
10.   TO RE-ELECT MR. G DAVID AS A   Mgmt   No vote    
    DIRECTOR.            
                 
11.   TO RE-ELECT MR. I E L DAVIS AS A   Mgmt   No vote    
    DIRECTOR.            
                 
12.   TO RE-ELECT PROFESSOR DAME ANN   Mgmt   No vote    
    DOWLING AS A DIRECTOR.            
                 
13.   TO RE-ELECT MR. B R NELSON AS A   Mgmt   No vote    
    DIRECTOR.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 13 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
14.   TO RE-ELECT MR. F P NHLEKO AS A   Mgmt   No vote    
    DIRECTOR.            
                 
15.   TO RE-ELECT MR. A B SHILSTON AS A   Mgmt   No vote    
    DIRECTOR.            
                 
16.   TO RE-ELECT MR. C-H SVANBERG AS A   Mgmt   No vote    
    DIRECTOR.            
                 
17.   TO REAPPOINT ERNST & YOUNG LLP AS   Mgmt   No vote    
    AUDITORS AND AUTHORIZE THE BOARD            
    TO FIX THEIR REMUNERATION.            
                 
S18   SPECIAL RESOLUTION: TO GIVE LIMITED   Mgmt   No vote    
    AUTHORITY FOR THE PURCHASE OF ITS            
    OWN SHARES BY THE COMPANY.            
                 
19.   TO GIVE LIMITED AUTHORITY TO ALLOT   Mgmt   No vote    
    SHARES UP TO A SPECIFIED AMOUNT.            
                 
S20   SPECIAL RESOLUTION: TO GIVE   Mgmt   No vote    
    AUTHORITY TO ALLOT A LIMITED NUMBER            
    OF SHARES FOR CASH FREE OF PRE-            
    EMPTION RIGHTS.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 14 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
S21   SPECIAL RESOLUTION: TO AUTHORIZE   Mgmt   No vote    
    THE CALLING OF GENERAL MEETINGS            
    (EXCLUDING ANNUAL GENERAL            
    MEETINGS) BY NOTICE OF AT LEAST 14            
    CLEAR DAYS.            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   13644   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 15 of 72  

Union Street Partners Value Fund
CITIGROUP INC.

Security: 172967424

Agenda Number: 933746375

   Ticker: C

    Meeting Type: Annual

      ISIN: US1729674242

    Meeting Date: 24-Apr-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: MICHAEL L.   Mgmt   No vote    
    CORBAT            
                 
1B.   ELECTION OF DIRECTOR: FRANZ B.   Mgmt   No vote    
    HUMER            
                 
1C.   ELECTION OF DIRECTOR: ROBERT L.   Mgmt   No vote    
    JOSS            
                 
1D.   ELECTION OF DIRECTOR: MICHAEL E.   Mgmt   No vote    
    O’NEILL            
                 
1E.   ELECTION OF DIRECTOR: JUDITH RODIN   Mgmt   No vote    
                 
1F.   ELECTION OF DIRECTOR: ROBERT L.   Mgmt   No vote    
    RYAN            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 16 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: ANTHONY M.   Mgmt   No vote    
    SANTOMERO            
                 
1H.   ELECTION OF DIRECTOR: JOAN E. SPERO   Mgmt   No vote    
                 
1I.   ELECTION OF DIRECTOR: DIANA L.   Mgmt   No vote    
    TAYLOR            
                 
1J.   ELECTION OF DIRECTOR: WILLIAM S.   Mgmt   No vote    
    THOMPSON, JR.            
                 
1K.   ELECTION OF DIRECTOR: ERNESTO   Mgmt   No vote    
    ZEDILLO PONCE DE LEON            
                 
2.   PROPOSAL TO RATIFY THE SELECTION   Mgmt   No vote    
    OF KPMG LLP AS CITI’S INDEPENDENT            
    REGISTERED PUBLIC ACCOUNTING FIRM            
    FOR 2013.            
                 
3.   ADVISORY APPROVAL OF CITI’S 2012   Mgmt   No vote    
    EXECUTIVE COMPENSATION.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 17 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
4.   AMENDMENT TO THE CITIGROUP 2009   Mgmt   No vote    
    STOCK INCENTIVE PLAN (RELATING TO            
    DIVIDEND EQUIVALENTS).            
                 
5.   STOCKHOLDER PROPOSAL REQUESTING   Shr   No vote    
    THAT EXECUTIVES RETAIN A            
    SIGNIFICANT PORTION OF THEIR STOCK            
    UNTIL REACHING NORMAL RETIREMENT            
    AGE.            
                 
6.   STOCKHOLDER PROPOSAL REQUESTING   Shr   No vote    
    A REPORT ON LOBBYING AND            
    GRASSROOTS LOBBYING            
    CONTRIBUTIONS.            
                 
7.   STOCKHOLDER PROPOSAL REQUESTING   Shr   No vote    
    THAT THE BOARD INSTITUTE A POLICY            
    TO MAKE IT MORE PRACTICAL TO DENY            
    INDEMNIFICATION FOR DIRECTORS.            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   16600   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 18 of 72  

Union Street Partners Value Fund
CUMMINS INC.

Security: 231021106

Agenda Number: 933753382

   Ticker: CMI

    Meeting Type: Annual

      ISIN: US2310211063

    Meeting Date: 14-May-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1.   ELECTION OF DIRECTOR: N. THOMAS   Mgmt   No vote    
    LINEBARGER            
                 
2.   ELECTION OF DIRECTOR: WILLIAM I.   Mgmt   No vote    
    MILLER            
                 
3.   ELECTION OF DIRECTOR: ALEXIS M.   Mgmt   No vote    
    HERMAN            
                 
4.   ELECTION OF DIRECTOR: GEORGIA R.   Mgmt   No vote    
    NELSON            
                 
5.   ELECTION OF DIRECTOR: CARL WARE   Mgmt   No vote    
                 
6.   ELECTION OF DIRECTOR: ROBERT K.   Mgmt   No vote    
    HERDMAN            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 19 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
7.   ELECTION OF DIRECTOR: ROBERT J.   Mgmt   No vote    
    BERNHARD            
                 
8.   ELECTION OF DIRECTOR: DR. FRANKLIN   Mgmt   No vote    
    R. CHANG DIAZ            
                 
9.   ELECTION OF DIRECTOR: STEPHEN B.   Mgmt   No vote    
    DOBBS            
                 
10.   ADVISORY VOTE TO APPROVE THE   Mgmt   No vote    
    COMPENSATION OF THE NAMED            
    EXECUTIVE OFFICERS AS DISCLOSED IN            
    THE PROXY STATEMENT.            
                 
11.   PROPOSAL TO RATIFY THE   Mgmt   No vote    
    APPOINTMENT OF            
    PRICEWATERHOUSECOOPERS LLP AS            
    AUDITORS FOR 2013.            
                 
12.   SHAREHOLDER PROPOSAL REGARDING   Shr   No vote    
    INDEPENDENT BOARD CHAIR.            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   5200   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 20 of 72  

Union Street Partners Value Fund
DIAGEO PLC

Security: 25243Q205

Agenda Number: 933687418

   Ticker: DEO

    Meeting Type: Annual

      ISIN: US25243Q2057

    Meeting Date: 17-Oct-12


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1.   REPORT AND ACCOUNTS 2012.   Mgmt   No vote    
                 
2.   DIRECTORS’ REMUNERATION REPORT   Mgmt   No vote    
    2012.            
                 
3.   DECLARATION OF FINAL DIVIDEND.   Mgmt   No vote    
                 
4.   RE-ELECTION OF PB BRUZELIUS AS A   Mgmt   No vote    
    DIRECTOR. (AUDIT, NOMINATION &            
    REMUNERATION COMMITTEE)            
                 
5.   RE-ELECTION OF LM DANON AS A   Mgmt   No vote    
    DIRECTOR. (AUDIT, NOMINATION &            
    REMUNERATION COMMITTEE)            
                 
6.   RE-ELECTION OF LORD DAVIES AS A   Mgmt   No vote    
    DIRECTOR. (AUDIT, NOMINATION,            
    REMUNERATION(CHAIRMAN OF THE            
    COMMITTEE))            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 21 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
7.   RE-ELECTION OF BD HOLDEN AS A   Mgmt   No vote    
    DIRECTOR. (AUDIT, NOMINATION &            
    REMUNERATION COMMITTEE)            
                 
8.   RE-ELECTION OF DR FB HUMER AS A   Mgmt   No vote    
    DIRECTOR. (NOMINATION COMMITTEE            
    (CHAIRMAN OF THE COMMITTEE))            
                 
9.   RE-ELECTION OF D MAHLAN AS A   Mgmt   No vote    
    DIRECTOR. (EXECUTIVE COMMITTEE)            
                 
10.   RE-ELECTION OF PG SCOTT AS A   Mgmt   No vote    
    DIRECTOR. (AUDIT(CHAIRMAN OF THE            
    COMMITTEE), NOMINATION,            
    REMUNERATION COMMITTEE)            
                 
11.   RE-ELECTION OF HT STITZER AS A   Mgmt   No vote    
    DIRECTOR. (AUDIT, NOMINATION &            
    REMUNERATION COMMITTEE)            
                 
12.   RE-ELECTION OF PS WALSH AS A   Mgmt   No vote    
    DIRECTOR. (EXECUTIVE            
    COMMITTEE(CHAIRMAN OF THE            
    COMMITTEE))            
                 
13.   ELECTION OF HO KWONPING AS A   Mgmt   No vote    
    DIRECTOR. (AUDIT, NOMINATION &            
    REMUNERATION COMMITTEE)            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 22 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
14.   ELECTION OF IM MENEZES AS A   Mgmt   No vote    
    DIRECTOR. (EXECUTIVE COMMITTEE)            
                 
15.   RE-APPOINTMENT OF AUDITOR.   Mgmt   No vote    
                 
16.   REMUNERATION OF AUDITOR.   Mgmt   No vote    
                 
17.   AUTHORITY TO ALLOT SHARES.   Mgmt   No vote    
                 
18.   DISAPPLICATION OF PRE-EMPTION   Mgmt   No vote    
    RIGHTS.            
                 
19.   AUTHORITY TO PURCHASE OWN   Mgmt   No vote    
    ORDINARY SHARES.            
                 
20.   AUTHORITY TO MAKE POLITICAL   Mgmt   No vote    
    DONATIONS AND/OR TO INCUR            
    POLITICAL EXPENDITURE IN THE EU.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 23 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
21.   REDUCED NOTICE OF A GENERAL   Mgmt   No vote    
    MEETING OTHER THAN AN ANNUAL            
    GENERAL MEETING.            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   1800   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 24 of 72  

Union Street Partners Value Fund
EXXON MOBIL CORPORATION

Security: 30231G102

Agenda Number: 933791243

   Ticker: XOM

    Meeting Type: Annual

      ISIN: US30231G1022

    Meeting Date: 29-May-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1.   DIRECTOR            
                 
    1     M.J. BOSKIN   Mgmt   No vote    
                 
    2     P. BRABECK-LETMATHE   Mgmt   No vote    
                 
    3     U.M. BURNS   Mgmt   No vote    
                 
    4     L.R. FAULKNER   Mgmt   No vote    
                 
    5     J.S. FISHMAN   Mgmt   No vote    
                 
    6     H.H. FORE   Mgmt   No vote    
                 
    7     K.C. FRAZIER   Mgmt   No vote    
                 
    8     W.W. GEORGE   Mgmt   No vote    
                 
    9     S.J. PALMISANO   Mgmt   No vote    
                 
    10    S.S REINEMUND   Mgmt   No vote    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 25 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
    11    R.W. TILLERSON   Mgmt   No vote    
                 
    12    W.C. WELDON   Mgmt   No vote    
                 
    13    E.E. WHITACRE, JR.   Mgmt   No vote    
                 
2.   RATIFICATION OF INDEPENDENT   Mgmt   No vote    
    AUDITORS (PAGE 60)            
                 
3.   ADVISORY VOTE TO APPROVE   Mgmt   No vote    
    EXECUTIVE COMPENSATION (PAGE 61)            
                 
4.   INDEPENDENT CHAIRMAN (PAGE 63)   Shr   No vote    
                 
5.   MAJORITY VOTE FOR DIRECTORS (PAGE   Shr   No vote    
    64)            
                 
6.   LIMIT DIRECTORSHIPS (PAGE 65)   Shr   No vote    
                 
7.   REPORT ON LOBBYING (PAGE 66)   Shr   No vote    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 26 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
8.   POLITICAL CONTRIBUTIONS POLICY   Shr   No vote    
    (PAGE 67)            
                 
9.   AMENDMENT OF EEO POLICY (PAGE 69)   Shr   No vote    
                 
10.   REPORT ON NATURAL GAS PRODUCTION   Shr   No vote    
    (PAGE 70)            
                 
11.   GREENHOUSE GAS EMISSIONS GOALS   Shr   No vote    
    (PAGE 72)            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   4800   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 27 of 72  

Union Street Partners Value Fund
FEDEX CORPORATION

Security: 31428X106

Agenda Number: 933677099

   Ticker: FDX

    Meeting Type: Annual

      ISIN: US31428X1063

    Meeting Date: 24-Sep-12


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: JAMES L.   Mgmt   No vote    
    BARKSDALE            
                 
1B.   ELECTION OF DIRECTOR: JOHN A.   Mgmt   No vote    
    EDWARDSON            
                 
1C.   ELECTION OF DIRECTOR: SHIRLEY ANN   Mgmt   No vote    
    JACKSON            
                 
1D.   ELECTION OF DIRECTOR: STEVEN R.   Mgmt   No vote    
    LORANGER            
                 
1E.   ELECTION OF DIRECTOR: GARY W.   Mgmt   No vote    
    LOVEMAN            
                 
1F.   ELECTION OF DIRECTOR: R. BRAD   Mgmt   No vote    
    MARTIN            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 28 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: JOSHUA   Mgmt   No vote    
    COOPER RAMO            
                 
1H.   ELECTION OF DIRECTOR: SUSAN C.   Mgmt   No vote    
    SCHWAB            
                 
1I.   ELECTION OF DIRECTOR: FREDERICK W.   Mgmt   No vote    
    SMITH            
                 
1J.   ELECTION OF DIRECTOR: JOSHUA I.   Mgmt   No vote    
    SMITH            
                 
1K.   ELECTION OF DIRECTOR: DAVID P.   Mgmt   No vote    
    STEINER            
                 
1L.   ELECTION OF DIRECTOR: PAUL S. WALSH   Mgmt   No vote    
                 
2.   RATIFICATION OF INDEPENDENT   Mgmt   No vote    
    REGISTERED PUBLIC ACCOUNTING FIRM.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 29 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
3.   ADVISORY VOTE TO APPROVE NAMED   Mgmt   No vote    
    EXECUTIVE OFFICER COMPENSATION.            
                 
4.   STOCKHOLDER PROPOSAL REGARDING   Shr   No vote    
    INDEPENDENT BOARD CHAIRMAN.            
                 
5.   STOCKHOLDER PROPOSAL REGARDING   Shr   No vote    
    POLITICAL CONTRIBUTIONS REPORT.            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   4000   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 30 of 72  

Union Street Partners Value Fund
FORD MOTOR COMPANY

Security: 345370860

Agenda Number: 933751720

   Ticker: F

    Meeting Type: Annual

      ISIN: US3453708600

    Meeting Date: 09-May-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: STEPHEN G.   Mgmt   No vote    
    BUTLER            
                 
1B.   ELECTION OF DIRECTOR: KIMBERLY A.   Mgmt   No vote    
    CASIANO            
                 
1C.   ELECTION OF DIRECTOR: ANTHONY F.   Mgmt   No vote    
    EARLEY, JR.            
                 
1D.   ELECTION OF DIRECTOR: EDSEL B. FORD   Mgmt   No vote    
    II            
                 
1E.   ELECTION OF DIRECTOR: WILLIAM CLAY   Mgmt   No vote    
    FORD, JR.            
                 
1F.   ELECTION OF DIRECTOR: RICHARD A.   Mgmt   No vote    
    GEPHARDT            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 31 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: JAMES H.   Mgmt   No vote    
    HANCE, JR.            
                 
1H.   ELECTION OF DIRECTOR: WILLIAM W.   Mgmt   No vote    
    HELMAN IV            
                 
1I.   ELECTION OF DIRECTOR: JON M.   Mgmt   No vote    
    HUNTSMAN, JR.            
                 
1J.   ELECTION OF DIRECTOR: RICHARD A.   Mgmt   No vote    
    MANOOGIAN            
                 
1K.   ELECTION OF DIRECTOR: ELLEN R.   Mgmt   No vote    
    MARRAM            
                 
1L.   ELECTION OF DIRECTOR: ALAN MULALLY   Mgmt   No vote    
                 
1M.   ELECTION OF DIRECTOR: HOMER A.   Mgmt   No vote    
    NEAL            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 32 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1N.   ELECTION OF DIRECTOR: GERALD L.   Mgmt   No vote    
    SHAHEEN            
                 
1O.   ELECTION OF DIRECTOR: JOHN L.   Mgmt   No vote    
    THORNTON            
                 
2.   RATIFICATION OF SELECTION OF   Mgmt   No vote    
    INDEPENDENT REGISTERED PUBLIC            
    ACCOUNTING FIRM.            
                 
3.   SAY ON PAY - AN ADVISORY VOTE TO   Mgmt   No vote    
    APPROVE THE COMPENSATION OF THE            
    NAMED EXECUTIVES.            
                 
4.   APPROVAL OF THE TERMS OF THE   Mgmt   No vote    
    COMPANY’S ANNUAL INCENTIVE            
    COMPENSATION PLAN.            
                 
5.   APPROVAL OF THE TERMS OF THE   Mgmt   No vote    
    COMPANY’S 2008 LONG-TERM INCENTIVE            
    PLAN.            
                 
6.   APPROVAL OF THE TAX BENEFIT   Mgmt   No vote    
    PRESERVATION PLAN.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 33 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
7.   RELATING TO CONSIDERATION OF A   Shr   No vote    
    RECAPITALIZATION PLAN TO PROVIDE            
    THAT ALL OF THE COMPANY’S            
    OUTSTANDING STOCK HAVE ONE VOTE            
    PER SHARE.            
                 
8.   RELATING TO ALLOWING HOLDERS OF   Shr   No vote    
    10% OF OUTSTANDING COMMON STOCK            
    TO CALL SPECIAL MEETING OF            
    SHAREHOLDERS.            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   56950   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 34 of 72  

Union Street Partners Value Fund
GENERAL ELECTRIC COMPANY

Security: 369604103

Agenda Number: 933750196

   Ticker: GE

    Meeting Type: Annual

      ISIN: US3696041033

    Meeting Date: 24-Apr-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
A1   ELECTION OF DIRECTOR: W. GEOFFREY   Mgmt   No vote    
    BEATTIE            
                 
A2   ELECTION OF DIRECTOR: JOHN J.   Mgmt   No vote    
    BRENNAN            
                 
A3   ELECTION OF DIRECTOR: JAMES I. CASH,   Mgmt   No vote    
    JR.            
                 
A4   ELECTION OF DIRECTOR: FRANCISCO   Mgmt   No vote    
    D’SOUZA            
                 
A5   ELECTION OF DIRECTOR: MARIJN E.   Mgmt   No vote    
    DEKKERS            
                 
A6   ELECTION OF DIRECTOR: ANN M. FUDGE   Mgmt   No vote    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 35 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
A7   ELECTION OF DIRECTOR: SUSAN   Mgmt   No vote    
    HOCKFIELD            
                 
A8   ELECTION OF DIRECTOR: JEFFREY R.   Mgmt   No vote    
    IMMELT            
                 
A9   ELECTION OF DIRECTOR: ANDREA JUNG   Mgmt   No vote    
                 
A10   ELECTION OF DIRECTOR: ROBERT W.   Mgmt   No vote    
    LANE            
                 
A11   ELECTION OF DIRECTOR: RALPH S.   Mgmt   No vote    
    LARSEN            
                 
A12   ELECTION OF DIRECTOR: ROCHELLE B.   Mgmt   No vote    
    LAZARUS            
                 
A13   ELECTION OF DIRECTOR: JAMES J.   Mgmt   No vote    
    MULVA            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 36 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
A14   ELECTION OF DIRECTOR: MARY L.   Mgmt   No vote    
    SCHAPIRO            
                 
A15   ELECTION OF DIRECTOR: ROBERT J.   Mgmt   No vote    
    SWIERINGA            
                 
A16   ELECTION OF DIRECTOR: JAMES S.   Mgmt   No vote    
    TISCH            
                 
A17   ELECTION OF DIRECTOR: DOUGLAS A.   Mgmt   No vote    
    WARNER III            
                 
B1   ADVISORY APPROVAL OF OUR NAMED   Mgmt   No vote    
    EXECUTIVES’ COMPENSATION            
                 
B2   RATIFICATION OF SELECTION OF   Mgmt   No vote    
    INDEPENDENT REGISTERED PUBLIC            
    ACCOUNTING FIRM            
                 
C1   CESSATION OF ALL STOCK OPTIONS AND   Shr   No vote    
    BONUSES            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 37 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
C2   DIRECTOR TERM LIMITS   Shr   No vote    
                 
C3   INDEPENDENT CHAIRMAN   Shr   No vote    
                 
C4   RIGHT TO ACT BY WRITTEN CONSENT   Shr   No vote    
                 
C5   EXECUTIVES TO RETAIN SIGNIFICANT   Shr   No vote    
    STOCK            
                 
C6   MULTIPLE CANDIDATE ELECTIONS   Shr   No vote    

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   25800   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 38 of 72  

Union Street Partners Value Fund
HEWLETT-PACKARD COMPANY

Security: 428236103

Agenda Number: 933731615

   Ticker: HPQ

    Meeting Type: Annual

      ISIN: US4282361033

    Meeting Date: 20-Mar-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: M.L.   Mgmt   No vote    
    ANDREESSEN            
                 
1B.   ELECTION OF DIRECTOR: S. BANERJI   Mgmt   No vote    
                 
1C.   ELECTION OF DIRECTOR: R.L. GUPTA   Mgmt   No vote    
                 
1D.   ELECTION OF DIRECTOR: J.H.   Mgmt   No vote    
    HAMMERGREN            
                 
1E.   ELECTION OF DIRECTOR: R.J. LANE   Mgmt   No vote    
                 
1F.   ELECTION OF DIRECTOR: A.M.   Mgmt   No vote    
    LIVERMORE            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 39 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: G.M. REINER   Mgmt   No vote    
                 
1H.   ELECTION OF DIRECTOR: P.F. RUSSO   Mgmt   No vote    
                 
1I.   ELECTION OF DIRECTOR: G.K.   Mgmt   No vote    
    THOMPSON            
                 
1J.   ELECTION OF DIRECTOR: M.C. WHITMAN   Mgmt   No vote    
                 
1K.   ELECTION OF DIRECTOR: R.V.   Mgmt   No vote    
    WHITWORTH            
                 
2.   RATIFICATION OF THE APPOINTMENT OF   Mgmt   No vote    
    THE INDEPENDENT REGISTERED PUBLIC            
    ACCOUNTING FIRM FOR THE FISCAL            
    YEAR ENDING OCTOBER 31, 2013.            
                 
3.   ADVISORY VOTE ON EXECUTIVE   Mgmt   No vote    
    COMPENSATION.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 40 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
4.   AMEND HP’S AMENDED AND RESTATED   Mgmt   No vote    
    BYLAWS TO PERMIT STOCKHOLDER            
    PROXY ACCESS.            
                 
5.   APPROVAL OF THE SECOND AMENDED   Mgmt   No vote    
    AND RESTATED HEWLETT-PACKARD            
    COMPANY 2004 STOCK INCENTIVE PLAN.            
                 
6.   STOCKHOLDER PROPOSAL RELATING TO   Shr   No vote    
    THE FORMATION OF A HUMAN RIGHTS            
    COMMITTEE.            
                 
7.   STOCKHOLDER PROPOSAL ENTITLED   Shr   No vote    
    "2013 HEWLETT-PACKARD RESOLUTION            
    ON HUMAN RIGHTS POLICY."            
                 
8.   STOCKHOLDER PROPOSAL ENTITLED   Shr   No vote    
    "EXECUTIVES TO RETAIN SIGNIFICANT            
    STOCK."            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   30725   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 41 of 72  

Union Street Partners Value Fund
INTEL CORPORATION

Security: 458140100

Agenda Number: 933758611

   Ticker: INTC

    Meeting Type: Annual

      ISIN: US4581401001

    Meeting Date: 16-May-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: CHARLENE   Mgmt   No vote    
    BARSHEFSKY            
                 
1B.   ELECTION OF DIRECTOR: ANDY D.   Mgmt   No vote    
    BRYANT            
                 
1C.   ELECTION OF DIRECTOR: SUSAN L.   Mgmt   No vote    
    DECKER            
                 
1D.   ELECTION OF DIRECTOR: JOHN J.   Mgmt   No vote    
    DONAHOE            
                 
1E.   ELECTION OF DIRECTOR: REED E.   Mgmt   No vote    
    HUNDT            
                 
1F.   ELECTION OF DIRECTOR: JAMES D.   Mgmt   No vote    
    PLUMMER            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 42 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: DAVID S.   Mgmt   No vote    
    POTTRUCK            
                 
1H.   ELECTION OF DIRECTOR: FRANK D.   Mgmt   No vote    
    YEARY            
                 
1I.   ELECTION OF DIRECTOR: DAVID B.   Mgmt   No vote    
    YOFFIE            
                 
2.   RATIFICATION OF SELECTION OF ERNST   Mgmt   No vote    
    & YOUNG LLP AS OUR INDEPENDENT            
    REGISTERED PUBLIC ACCOUNTING FIRM            
    FOR THE CURRENT YEAR            
                 
3.   ADVISORY VOTE TO APPROVE   Mgmt   No vote    
    EXECUTIVE COMPENSATION            
                 
4.   APPROVAL OF AMENDMENT AND   Mgmt   No vote    
    EXTENSION OF THE 2006 EQUITY            
    INCENTIVE PLAN            
                 
5.   STOCKHOLDER PROPOSAL TITLED   Shr   No vote    
    "EXECUTIVES TO RETAIN SIGNIFICANT            
    STOCK"            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 43 of 72  

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   27000   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 44 of 72  

Union Street Partners Value Fund
JOHNSON & JOHNSON

Security: 478160104

Agenda Number: 933745068

   Ticker: JNJ

    Meeting Type: Annual

      ISIN: US4781601046

    Meeting Date: 25-Apr-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: MARY SUE   Mgmt   No vote    
    COLEMAN            
                 
1B.   ELECTION OF DIRECTOR: JAMES G.   Mgmt   No vote    
    CULLEN            
                 
1C.   ELECTION OF DIRECTOR: IAN E.L. DAVIS   Mgmt   No vote    
                 
1D.   ELECTION OF DIRECTOR: ALEX GORSKY   Mgmt   No vote    
                 
1E.   ELECTION OF DIRECTOR: MICHAEL M.E.   Mgmt   No vote    
    JOHNS            
                 
1F.   ELECTION OF DIRECTOR: SUSAN L.   Mgmt   No vote    
    LINDQUIST            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 45 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: ANNE M.   Mgmt   No vote    
    MULCAHY            
                 
1H.   ELECTION OF DIRECTOR: LEO F. MULLIN   Mgmt   No vote    
                 
1I.   ELECTION OF DIRECTOR: WILLIAM D.   Mgmt   No vote    
    PEREZ            
                 
1J.   ELECTION OF DIRECTOR: CHARLES   Mgmt   No vote    
    PRINCE            
                 
1K.   ELECTION OF DIRECTOR: A. EUGENE   Mgmt   No vote    
    WASHINGTON            
                 
1L.   ELECTION OF DIRECTOR: RONALD A.   Mgmt   No vote    
    WILLIAMS            
                 
2.   ADVISORY VOTE TO APPROVE NAMED   Mgmt   No vote    
    EXECUTIVE OFFICER COMPENSATION            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 46 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
3.   RATIFICATION OF APPOINTMENT OF   Mgmt   No vote    
    PRICEWATERHOUSECOOPERS LLP AS            
    INDEPENDENT REGISTERED PUBLIC            
    ACCOUNTING FIRM FOR 2013            
                 
4.   SHAREHOLDER PROPOSAL -   Shr   No vote    
    EXECUTIVES TO RETAIN SIGNIFICANT            
    STOCK            
                 
5.   SHAREHOLDER PROPOSAL ON   Shr   No vote    
    POLITICAL CONTRIBUTIONS AND            
    CORPORATE VALUES            
                 
6.   SHAREHOLDER PROPOSAL ON   Shr   No vote    
    INDEPENDENT BOARD CHAIRMAN            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   6100   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 47 of 72  

Union Street Partners Value Fund
MERCK & CO., INC.

Security: 58933Y105

Agenda Number: 933782319

   Ticker: MRK

    Meeting Type: Annual

      ISIN: US58933Y1055

    Meeting Date: 28-May-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: LESLIE A. BRUN   Mgmt   No vote    
                 
1B.   ELECTION OF DIRECTOR: THOMAS R.   Mgmt   No vote    
    CECH            
                 
1C.   ELECTION OF DIRECTOR: KENNETH C.   Mgmt   No vote    
    FRAZIER            
                 
1D.   ELECTION OF DIRECTOR: THOMAS H.   Mgmt   No vote    
    GLOCER            
                 
1E.   ELECTION OF DIRECTOR: WILLIAM B.   Mgmt   No vote    
    HARRISON JR.            
                 
1F.   ELECTION OF DIRECTOR: C. ROBERT   Mgmt   No vote    
    KIDDER            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 48 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: ROCHELLE B.   Mgmt   No vote    
    LAZARUS            
                 
1H.   ELECTION OF DIRECTOR: CARLOS E.   Mgmt   No vote    
    REPRESAS            
                 
1I.   ELECTION OF DIRECTOR: PATRICIA F.   Mgmt   No vote    
    RUSSO            
                 
1J.   ELECTION OF DIRECTOR: CRAIG B.   Mgmt   No vote    
    THOMPSON            
                 
1K.   ELECTION OF DIRECTOR: WENDELL P.   Mgmt   No vote    
    WEEKS            
                 
1L.   ELECTION OF DIRECTOR: PETER C.   Mgmt   No vote    
    WENDELL            
                 
2.   RATIFICATION OF THE APPOINTMENT OF   Mgmt   No vote    
    THE COMPANY’S INDEPENDENT            
    REGISTERED PUBLIC ACCOUNTING FIRM            
    FOR 2013.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 49 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
3.   ADVISORY VOTE TO APPROVE   Mgmt   No vote    
    EXECUTIVE COMPENSATION.            
                 
4.   SHAREHOLDER PROPOSAL   Shr   No vote    
    CONCERNING SHAREHOLDERS’ RIGHT            
    TO ACT BY WRITTEN CONSENT.            
                 
5.   SHAREHOLDER PROPOSAL   Shr   No vote    
    CONCERNING SPECIAL SHAREOWNER            
    MEETINGS.            
                 
6.   SHAREHOLDER PROPOSAL   Shr   No vote    
    CONCERNING A REPORT ON CHARITABLE            
    AND POLITICAL CONTRIBUTIONS.            
                 
7.   SHAREHOLDER PROPOSAL   Shr   No vote    
    CONCERNING A REPORT ON LOBBYING            
    ACTIVITIES.            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   13000   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 50 of 72  

Union Street Partners Value Fund
MICROSOFT CORPORATION

Security: 594918104

Agenda Number: 933691784

   Ticker: MSFT

    Meeting Type: Annual

      ISIN: US5949181045

    Meeting Date: 28-Nov-12


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1.   ELECTION OF DIRECTOR: STEVEN A.   Mgmt   No vote    
    BALLMER            
                 
2.   ELECTION OF DIRECTOR: DINA DUBLON   Mgmt   No vote    
                 
3.   ELECTION OF DIRECTOR: WILLIAM H.   Mgmt   No vote    
    GATES III            
                 
4.   ELECTION OF DIRECTOR: MARIA M.   Mgmt   No vote    
    KLAWE            
                 
5.   ELECTION OF DIRECTOR: STEPHEN J.   Mgmt   No vote    
    LUCZO            
                 
6.   ELECTION OF DIRECTOR: DAVID F.   Mgmt   No vote    
    MARQUARDT            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 51 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
7.   ELECTION OF DIRECTOR: CHARLES H.   Mgmt   No vote    
    NOSKI            
                 
8.   ELECTION OF DIRECTOR: HELMUT PANKE   Mgmt   No vote    
                 
9.   ELECTION OF DIRECTOR: JOHN W.   Mgmt   No vote    
    THOMPSON            
                 
10.   ADVISORY VOTE ON NAMED EXECUTIVE   Mgmt   No vote    
    OFFICER COMPENSATION (THE BOARD            
    RECOMMENDS A VOTE FOR THIS            
    PROPOSAL)            
                 
11.   APPROVAL OF EMPLOYEE STOCK   Mgmt   No vote    
    PURCHASE PLAN (THE BOARD            
    RECOMMENDS A VOTE FOR THIS            
    PROPOSAL)            
                 
12.   RATIFICATION OF DELOITTE & TOUCHE   Mgmt   No vote    
    LLP AS OUR INDEPENDENT AUDITOR FOR            
    FISCAL YEAR 2013 (THE BOARD            
    RECOMMENDS A VOTE FOR THIS            
    PROPOSAL)            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 52 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
13.   SHAREHOLDER PROPOSAL - ADOPT   Shr   No vote    
    CUMULATIVE VOTING (THE BOARD            
    RECOMMENDS A VOTE AGAINST THIS            
    PROPOSAL)            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   10900   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 53 of 72  

Union Street Partners Value Fund
NOKIA CORPORATION

Security: 654902204

Agenda Number: 933746692

   Ticker: NOK

    Meeting Type: Annual

      ISIN: US6549022043

    Meeting Date: 07-May-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
7.   ADOPTION OF THE ANNUAL ACCOUNTS.   Mgmt   No vote    
                 
8.   RESOLUTION ON THE USE OF THE   Mgmt   No vote    
    PROFIT SHOWN ON THE BALANCE SHEET            
    AND THE PAYMENT OF DIVIDEND.            
                 
9.   RESOLUTION ON THE DISCHARGE OF   Mgmt   No vote    
    THE MEMBERS OF THE BOARD OF            
    DIRECTORS AND THE PRESIDENT FROM            
    LIABILITY.            
                 
10.   RESOLUTION ON THE REMUNERATION   Mgmt   No vote    
    OF THE MEMBERS OF THE BOARD OF            
    DIRECTORS.            
                 
11.   RESOLUTION ON THE NUMBER OF   Mgmt   No vote    
    MEMBERS OF THE BOARD OF            
    DIRECTORS.            
                 
12.   DIRECTOR            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 54 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
    1     BRUCE BROWN   Mgmt   No vote    
                 
    2     ELIZABETH DOHERTY   Mgmt   No vote    
                 
    3     STEPHEN ELOP   Mgmt   No vote    
                 
    4     HENNING KAGERMANN   Mgmt   No vote    
                 
    5     JOUKO KARVINEN   Mgmt   No vote    
                 
    6     HELGE LUND   Mgmt   No vote    
                 
    7     MARTEN MICKOS   Mgmt   No vote    
                 
    8     ELIZABETH NELSON   Mgmt   No vote    
                 
    9     RISTO SIILASMAA   Mgmt   No vote    
                 
    10    KARI STADIGH   Mgmt   No vote    
                 
13.   RESOLUTION ON THE REMUNERATION   Mgmt   No vote    
    OF THE AUDITOR.            
                 
14.   ELECTION OF AUDITOR.   Mgmt   No vote    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 55 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
15.   AUTHORIZING THE BOARD OF   Mgmt   No vote    
    DIRECTORS TO RESOLVE TO            
    REPURCHASE THE COMPANY’S OWN            
    SHARES.            
                 
16.   AUTHORIZATION TO THE BOARD OF   Mgmt   No vote    
    DIRECTORS TO RESOLVE ON THE            
    ISSUANCE OF SHARES AND SPECIAL            
    RIGHTS ENTITLING TO SHARES.            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   160000   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 56 of 72  

Union Street Partners Value Fund
PHILIP MORRIS INTERNATIONAL INC.

Security: 718172109

Agenda Number: 933754182

   Ticker: PM

    Meeting Type: Annual

      ISIN: US7181721090

    Meeting Date: 08-May-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: HAROLD   Mgmt   No vote    
    BROWN            
                 
1B.   ELECTION OF DIRECTOR: MATHIS   Mgmt   No vote    
    CABIALLAVETTA            
                 
1C.   ELECTION OF DIRECTOR: ANDRE   Mgmt   No vote    
    CALANTZOPOULOS            
                 
1D.   ELECTION OF DIRECTOR: LOUIS C.   Mgmt   No vote    
    CAMILLERI            
                 
1E.   ELECTION OF DIRECTOR: J. DUDLEY   Mgmt   No vote    
    FISHBURN            
                 
1F.   ELECTION OF DIRECTOR: JENNIFER LI   Mgmt   No vote    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 57 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: GRAHAM   Mgmt   No vote    
    MACKAY            
                 
1H.   ELECTION OF DIRECTOR: SERGIO   Mgmt   No vote    
    MARCHIONNE            
                 
1I.   ELECTION OF DIRECTOR: KALPANA   Mgmt   No vote    
    MORPARIA            
                 
1J.   ELECTION OF DIRECTOR: LUCIO A. NOTO   Mgmt   No vote    
                 
1K.   ELECTION OF DIRECTOR: ROBERT B.   Mgmt   No vote    
    POLET            
                 
1L.   ELECTION OF DIRECTOR: CARLOS SLIM   Mgmt   No vote    
    HELU            
                 
1M.   ELECTION OF DIRECTOR: STEPHEN M.   Mgmt   No vote    
    WOLF            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 58 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
2.   RATIFICATION OF THE SELECTION OF   Mgmt   No vote    
    INDEPENDENT AUDITORS            
                 
3.   ADVISORY RESOLUTION APPROVING   Mgmt   No vote    
    EXECUTIVE COMPENSATION            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   3750   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 59 of 72  

Union Street Partners Value Fund
TARGET CORPORATION

Security: 87612E106

Agenda Number: 933808163

   Ticker: TGT

    Meeting Type: Annual

      ISIN: US87612E1064

    Meeting Date: 12-Jun-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: ROXANNE S.   Mgmt   No vote    
    AUSTIN            
                 
1B.   ELECTION OF DIRECTOR: DOUGLAS M.   Mgmt   No vote    
    BAKER, JR.            
                 
1C.   ELECTION OF DIRECTOR: HENRIQUE DE   Mgmt   No vote    
    CASTRO            
                 
1D.   ELECTION OF DIRECTOR: CALVIN   Mgmt   No vote    
    DARDEN            
                 
1E.   ELECTION OF DIRECTOR: MARY N.   Mgmt   No vote    
    DILLON            
                 
1F.   ELECTION OF DIRECTOR: JAMES A.   Mgmt   No vote    
    JOHNSON            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 60 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: MARY E.   Mgmt   No vote    
    MINNICK            
                 
1H.   ELECTION OF DIRECTOR: ANNE M.   Mgmt   No vote    
    MULCAHY            
                 
1I.   ELECTION OF DIRECTOR: DERICA W.   Mgmt   No vote    
    RICE            
                 
1J.   ELECTION OF DIRECTOR: GREGG W.   Mgmt   No vote    
    STEINHAFEL            
                 
1K.   ELECTION OF DIRECTOR: JOHN G.   Mgmt   No vote    
    STUMPF            
                 
1L.   ELECTION OF DIRECTOR: SOLOMON D.   Mgmt   No vote    
    TRUJILLO            
                 
2.   COMPANY PROPOSAL TO RATIFY THE   Mgmt   No vote    
    APPOINTMENT OF ERNST & YOUNG LLP            
    AS OUR INDEPENDENT REGISTERED            
    PUBLIC ACCOUNTING FIRM.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 61 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
3.   COMPANY PROPOSAL TO APPROVE, ON   Mgmt   No vote    
    AN ADVISORY BASIS, OUR EXECUTIVE            
    COMPENSATION ("SAY-ON-PAY").            
                 
4.   SHAREHOLDER PROPOSAL TO ADOPT A   Shr   No vote    
    POLICY FOR AN INDEPENDENT            
    CHAIRMAN.            
                 
5.   SHAREHOLDER PROPOSAL ON   Shr   No vote    
    ELECTRONICS RECYCLING.            

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   5950   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 62 of 72  

Union Street Partners Value Fund
THE BOEING COMPANY

Security: 097023105

Agenda Number: 933747315

   Ticker: BA

    Meeting Type: Annual

      ISIN: US0970231058

    Meeting Date: 29-Apr-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1A.   ELECTION OF DIRECTOR: DAVID L.   Mgmt   No vote    
    CALHOUN            
                 
1B.   ELECTION OF DIRECTOR: ARTHUR D.   Mgmt   No vote    
    COLLINS, JR.            
                 
1C.   ELECTION OF DIRECTOR: LINDA Z. COOK   Mgmt   No vote    
                 
1D.   ELECTION OF DIRECTOR: KENNETH M.   Mgmt   No vote    
    DUBERSTEIN            
                 
1E.   ELECTION OF DIRECTOR: EDMUND P.   Mgmt   No vote    
    GIAMBASTIANI, JR.            
                 
1F.   ELECTION OF DIRECTOR: LAWRENCE W.   Mgmt   No vote    
    KELLNER            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 63 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1G.   ELECTION OF DIRECTOR: EDWARD M.   Mgmt   No vote    
    LIDDY            
                 
1H.   ELECTION OF DIRECTOR: W. JAMES   Mgmt   No vote    
    MCNERNEY, JR.            
                 
1I.   ELECTION OF DIRECTOR: SUSAN C.   Mgmt   No vote    
    SCHWAB            
                 
1J.   ELECTION OF DIRECTOR: RONALD A.   Mgmt   No vote    
    WILLIAMS            
                 
1K.   ELECTION OF DIRECTOR: MIKE S.   Mgmt   No vote    
    ZAFIROVSKI            
                 
2.   ADVISORY VOTE TO APPROVE NAMED   Mgmt   No vote    
    EXECUTIVE OFFICER COMPENSATION.            
                 
3.   RATIFICATION OF THE APPOINTMENT OF   Mgmt   No vote    
    DELOITTE & TOUCHE LLP AS            
    INDEPENDENT AUDITOR FOR 2013.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 64 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
4.   FUTURE EXTRAORDINARY RETIREMENT   Shr   No vote    
    BENEFITS.            
                 
5.   ACTION BY WRITTEN CONSENT.   Shr   No vote    
                 
6.   EXECUTIVES TO RETAIN SIGNIFICANT   Shr   No vote    
    STOCK.            
                 
7.   INDEPENDENT BOARD CHAIRMAN.   Shr   No vote    

Account Number   Custodian   Ballot Shares   Voted Shares   Shares on Loan   Vote Date
137202.1   UM2   8850   0   0    


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 65 of 72  

Union Street Partners Value Fund
TRANSOCEAN, LTD.

Security: H8817H100

Agenda Number: 933820599

   Ticker: RIG

    Meeting Type: Contested Annual

      ISIN: CH0048265513

    Meeting Date: 17-May-13


Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
1   APPROVAL OF THE 2012 ANNUAL   Mgmt   For    
    REPORT, INCLUDING THE            
    CONSOLIDATED FINANCIAL STATEMENT            
    OF TRANSOCEAN LTD. FOR FISCAL YEAR            
    2012 AND THE STATUTORY FINANCIAL            
    STATEMENTS OF TRANSOCEAN LTD. FOR            
    FISCAL YEAR 2012.            
                 
2   APPROPRIATION OF THE AVAILABLE   Mgmt   For    
    EARNINGS FOR FISCAL YEAR 2012.            
                 
3A   APPROVAL OF THE COMPANY’S PAYMENT   Mgmt   For   *
    OF A DIVIDEND IN PRINCIPLE.            
                 
3B1   COMPANY DISTRIBUTION PROPOSAL IN   Shr   For   *
    AN AMOUNT OF USD 2.24 PER SHARE            
    MARK EITHER 3B1 OR 3B2 BUT NOT            
    BOTH.            
                 
3B2   ICAHN GROUP DISTRIBUTION PROPOSAL   Mgmt   Abstain   *
    IN AN AMOUNT OF USD 4.00 PER SHARE.            
    MARK EITHER 3B1 OR 3B2 BUT NOT            
    BOTH.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 66 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
4   READOPTION OF AUTHORIZED SHARE   Shr   Against   *
    CAPITAL ALLOWING THE BOARD OF            
    DIRECTORS TO ISSUE UP TO A MAXIMUM            
    OF 74,728,750 SHARES OF THE COMPANY.            
                 
5   REPEAL OF STAGGERED BOARD.   Mgmt   For   *
                 
6A   FREDERICO F. CURADO: ICAHN GROUP   Mgmt   Abstain   *
    RECOMMENDS A VOTE "FOR" THIS            
    NOMINEE; PLEASE NOTE: YOU CAN ONLY            
    VOTE "FOR" ON 5 OF THE 8 NOMINEES            
    LISTED IN PROPOSALS 6A - 6H.            
                 
6B   STEVEN L. NEWMAN: ICAHN GROUP   Mgmt   Abstain   *
    RECOMMENDS A VOTE "FOR" THIS            
    NOMINEE; PLEASE NOTE: YOU CAN ONLY            
    VOTE "FOR" ON 5 OF THE 8 NOMINEES            
    LISTED IN PROPOSALS 6A - 6H.            
                 
6C   THOMAS W. CASON: ICAHN GROUP   Shr   Abstain   *
    RECOMMENDS A VOTE "AGAINST" THIS            
    NOMINEE; PLEASE NOTE: YOU CAN ONLY            
    VOTE "FOR" ON 5 OF THE 8 NOMINEES            
    LISTED IN PROPOSALS 6A - 6H.            
                 
6D   ROBERT M. SPRAGUE: ICAHN GROUP   Shr   Abstain   *
    RECOMMENDS A VOTE "AGAINST" THIS            
    NOMINEE; PLEASE NOTE: YOU CAN ONLY            
    VOTE "FOR" ON 5 OF THE 8 NOMINEES            
    LISTED IN PROPOSALS 6A - 6H.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 67 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
6E   J. MICHAEL TALBERT: ICAHN GROUP   Shr   Abstain   *
    RECOMMENDS A VOTE "AGAINST" THIS            
    NOMINEE; PLEASE NOTE: YOU CAN ONLY            
    VOTE "FOR" ON 5 OF THE 8 NOMINEES            
    LISTED IN PROPOSALS 6A - 6H.            
                 
6F   JOHN J. LIPINSKI: ICAHN GROUP   Mgmt   Abstain   *
    RECOMMENDS A VOTE "FOR" THIS            
    NOMINEE; PLEASE NOTE: YOU CAN ONLY            
    VOTE "FOR" ON 5 OF THE 8 NOMINEES            
    LISTED IN PROPOSALS 6A - 6H.            
                 
6G   JOSE MARIA ALAPONT: ICAHN GROUP   Mgmt   Abstain   *
    RECOMMENDS A VOTE "FOR" THIS            
    NOMINEE; PLEASE NOTE: YOU CAN ONLY            
    VOTE "FOR" ON 5 OF THE 8 NOMINEES            
    LISTED IN PROPOSALS 6A - 6H.            
                 
6H   SAMUEL MERKSAMER: ICAHN GROUP   Mgmt   Abstain   *
    RECOMMENDS A VOTE "FOR" THIS            
    NOMINEE; PLEASE NOTE: YOU CAN ONLY            
    VOTE "FOR" ON 5 OF THE 8 NOMINEES            
    LISTED IN PROPOSALS 6A - 6H.            
                 
7   APPOINTMENT OF ERNST & YOUNG LLP   Mgmt   For   *
    AS THE COMPANY’S INDEPENDENT            
    REGISTERED PUBLIC ACCOUNTING FIRM            
    FOR FISCAL YEAR 2013 AND REELECTION            
    OF ERNST & YOUNG LTD., ZURICH, AS            
    THE COMPANY’S AUDITOR FOR A            
    FURTHER ONE-YEAR TERM.            


Investment Company Report

Meeting Date Range:   01-Jul-2012 - 30-Jun-2013   Report Date:   09-Jul-2013  
            Page 68 of 72  

Prop. #   Proposal   Proposed   Proposal Vote   For/Against
        by       Management’s
                Recommendation
                 
8   ADVISORY VOTE TO APPROVE NAMED   Mgmt   For    
    EXECUTIVE OFFICER COMPENSATION.            

An * in the For/Against management field indicates management position unknown since information regarding non-U.S. issuers is not readily available .