EX-99.77C VOTES 3 chesterfunds1109proxyresults.txt Chester Funds Shareholder Report Proxy Voting Results At a special meeting of shareholders on July 2, 2009, fund shareholders approved the following two proposals: Proposal 1- Elect trustees for the fund.* The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Messrs. McNabb and Volanakis (both of whom already served as directors of The Vanguard Group, Inc.) served as trustees to the fund prior to the shareholder meeting. Trustee For Withheld Percentage For John J. Brennan 2,630,147 97,260,963 96.2% Charles D. Ellis 2,625,722 101,685,806 96.0% Emerson U. Fullwood 2,628,496 98,912,409 96.1% Rajiv L. Gupta 2,626,864 100,543,982 96.0% Amy Gutmann 2,630,727 96,680,750 96.2% JoAnn Heffern Heison 2,628,219 99,188,918 96.1% F. William McNabb III 2,629,764 97,644,192 96.1% Andre F. Perold 2,627,865 99,543,228 96.1% Alfred M. Rankin, Jr. 2,628,819 98,588,903 96.1% Peter F. Volanakis 2,630,490 96,917,767 96.2% * Results are for all funds within the same trust. Proposal 2: - Update and standardize the funds' fundamental policies regarding: (a) Purchasing and selling real estate. (b) Issuing senior securities. (c) Borrowing money. (d) Making loans. (e) Purchasing and selling commodities. (f) Concentrating investments in a particular industry or group of industries. (g) Eliminating outdated fundamental investment policies not required by law. The revised fundamental policies are clearly stated and simple, yet comprehensive, making oversight and compliance more efficient than under the former policies. The revised fundamental policies will allow the funds to respond more quickly to regulatory and market changes, while avoiding the costs and delays associated with successive shareholder meetings. For Abstain Against Broker Percentage Non-Votes For PRIMECAP Fund 2a 342,810,971 5,786,758 5,895,692 11,683,322 93.6% 2b 342,235,660 6,160,758 6,097,000 11,683,326 93.5% 2c 334,906,250 5,985,081 13,602,091 11,683,322 91.5% 2d 340,938,004 6,025,462 7,529,955 11,683,322 93.1% 2e 340,927,761 5,952,331 7,613,327 11,683,325 93.1% 2f 342,219,597 6,040,309 6,233,514 11,683,324 93.5% 2g 343,205,343 6,202,485 5,085,600 11,683,317 93.7% Target Retirement Income Fund 2a 140,894,731 3,731,505 3,311,713 4,270,896 92.6% 2b 140,856,949 3,587,354 3,493,647 4,270,896 92.5% 2c 137,506,738 4,462,877 5,968,335 4,270,895 90.3% 2d 139,835,398 4,308,288 3,794,263 4,270,896 91.9% 2e 139,922,463 3,697,432 4,318,057 4,270,894 91.9% 2f 140,061,144 3,601,175 4,275,628 4,270,898 92.0% 2g 142,234,280 3,385,596 2,318,073 4,270,896 93.4% Target Retirement 2005 Fund 2a 110,221,356 3,006,648 2,391,444 5,100,198 91.3% 2b 110,412,321 3,215,665 1,991,463 5,100,198 91.5% 2c 107,104,078 3,462,424 5,052,946 5,100,199 88.7% 2d 109,874,235 3,452,315 2,292,898 5,100,199 91.0% 2e 109,699,055 3,105,232 2,815,161 5,100,199 90.9% 2f 109,748,427 3,332,284 2,538,738 5,100,198 90.9% 2g 110,819,158 3,185,141 1,615,146 5,100,201 91.8% Target Retirement 2010 Fund 2a 84,399,359 1,776,773 3,237,027 2,797,473 91.5% 2b 82,818,276 1,905,953 4,688,933 2,797,470 89.8% 2c 81,484,547 1,862,277 6,066,341 2,797,466 88.4% 2d 82,466,711 1,899,326 5,047,123 2,797,472 89.4% 2e 84,091,944 1,941,307 3,379,912 2,797,469 91.2% 2f 84,150,131 1,820,723 3,442,305 2,797,472 91.3% 2g 84,598,311 1,789,295 3,025,556 2,797,470 91.7% Target Retirement 2015 Fund 2a 480,736,733 15,384,024 15,508,567 27,627,580 89.1% 2b 480,951,150 15,861,989 14,824,123 27,619,643 89.2% 2c 470,185,105 16,875,029 24,577,127 27,619,642 87.2% 2d 477,848,933 16,913,228 16,875,099 27,619,643 88.6% 2e 479,054,417 15,539,974 17,042,869 27,619,643 88.8% 2f 479,405,018 15,800,720 16,431,529 27,619,637 88.9% 2g 482,801,781 16,060,414 12,767,131 27,627,578 89.5% Target Retirement 2020 Fund 2a 144,224,434 2,876,684 6,738,518 8,108,542 89.1% 2b 143,924,753 2,932,119 6,982,764 8,108,542 88.9% 2c 139,267,660 2,836,407 11,735,568 8,108,543 86.0% 2d 143,567,403 2,867,313 7,404,918 8,108,544 88.7% 2e 143,925,548 2,844,994 7,069,091 8,108,544 88.9% 2f 143,892,063 2,799,593 7,147,981 8,108,541 88.9% 2g 144,302,068 2,972,603 6,564,967 8,108,540 89.1% Target Retirement 2025 Fund 2a 472,787,217 22,346,757 15,051,544 38,793,293 86.1% 2b 472,180,381 22,303,002 15,702,135 38,793,294 86.0% 2c 462,692,032 23,310,122 24,183,360 38,793,298 84.3% 2d 469,989,353 23,306,660 16,889,507 38,793,293 85.6% 2e 471,070,972 22,128,378 16,986,167 38,793,295 85.8% 2f 470,977,403 22,194,808 17,013,306 38,793,294 85.8% 2g 474,328,458 22,905,603 12,951,453 38,793,299 86.4% Target Retirement 2030 Fund 2a 102,548,538 2,107,055 4,499,065 7,081,119 88.2% 2b 102,391,713 2,154,016 4,608,930 7,081,119 88.1% 2c 100,718,989 2,120,495 6,315,176 7,081,117 86.7% 2d 102,260,604 2,132,577 4,761,478 7,081,119 88.0% 2e 102,397,268 2,120,680 4,636,710 7,081,119 88.1% 2f 102,471,568 2,109,710 4,573,381 7,081,118 88.2% 2g 102,632,398 2,183,061 4,339,199 7,081,118 88.3% Target Retirement 2035 Fund 2a 307,775,277 19,183,458 8,491,817 28,033,740 84.7% 2b 307,488,766 19,475,460 8,486,328 28,033,738 84.6% 2c 302,460,120 21,389,062 11,601,369 28,033,740 83.2% 2d 306,033,223 21,359,927 8,057,402 28,033,740 84.2% 2e 306,302,944 19,268,621 9,878,990 28,033,737 84.3% 2f 306,703,228 19,409,552 9,337,772 28,033,740 84.4% 2g 308,956,185 20,013,996 6,480,370 28,033,740 85.0% Target Retirement 2040 Fund 2a 57,378,506 1,938,652 1,819,643 4,605,066 87.3% 2b 57,331,505 1,970,526 1,834,771 4,605,064 87.2% 2c 56,870,436 2,408,686 1,857,683 4,605,061 86.5% 2d 57,271,623 2,414,697 1,450,482 4,605,065 87.1% 2e 57,325,260 1,940,855 1,870,686 4,605,066 87.2% 2f 57,318,358 1,937,397 1,881,046 4,605,066 87.2% 2g 57,907,133 2,017,004 1,212,664 4,605,066 88.1% Target Retirement 2045 Fund 2a 152,381,088 12,402,285 3,564,480 14,337,142 83.4% 2b 152,162,055 12,697,846 3,487,950 14,337,144 83.3% 2c 150,366,699 13,184,251 4,796,900 14,337,144 82.3% 2d 151,962,088 13,116,884 3,268,877 14,337,146 83.2% 2e 151,030,114 12,458,990 4,858,748 14,337,143 82.7% 2f 151,834,953 12,588,898 3,924,001 14,337,143 83.1% 2g 152,954,188 12,616,504 2,777,158 14,337,145 83.7% Target Retirement 2050 Fund 2a 22,536,373 761,660 669,809 1,819,841 87.4% 2b 22,444,666 802,062 721,114 1,819,841 87.0% 2c 22,199,174 1,022,017 746,651 1,819,841 86.1% 2d 22,437,721 1,014,729 515,392 1,819,841 87.0% 2e 22,415,433 765,429 786,978 1,819,842 86.9% 2f 22,418,550 811,096 738,194 1,819,842 86.9% Proposal 3 - Institute procedures to prevent holding investments in companies that, in the judgment of the board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. The trustees recommended a vote against this proposal because it called for procedures that duplicate existing practices and procedures of the Vanguard funds. For Abstain Against Broker Percentage Non-Votes For PRIMECAP Fund 30,533,132 23,399,609 300,555,183 11,688,820 28.3%