The Fund held its annual meeting on December 21, 1999 for the purposes of
electing five directors, approving the Investment Advisory Agreement with Nye,
Parnell & Emerson Capital Management, and ratifying the selection of Wallace
Sanders & Company as auditors of the Fund for the fiscal year ending June 30,
2000. Douglas W. Powell, C. Dewey Elliott, III, Peter R. Goldschmidt, Robert H.
Spiro, Jr., and Allen B. Clark, Jr. were all elected to continue as directors.
There are no other directors now in office. At the adjourned meeting, a total of
317,776 of the shares were present in person or represented by proxy, which
represented more than 50% of the outstanding voting shares. At the adjourned
meeting, each of the nominees for director was elected, the Investment Advisory
Agreement with Nye, Parnell & Emerson Capital Management was approved, and the
selection of Wallace Sanders & Company as auditors of the Fund for the fiscal
year ending June 30, 200 was approved. The following sets for the votes cast for
each matter voted upon at the adjourned meeting:
Yes No Abstain
Directors:
Douglas W. Powell 295,372 0 22,403
C. Dewey Elliott, III 293,818 0 23,957
Peter R. Goldschmidt 297,833 0 19,943
Robert H. Spiro, Jr. 297,614 0 20,161
Allen B. Clark, Jr. 297,833 0 19,943
Advisory Agreement: 261,466 14,154 37,260
Auditors: 284,503 9,861 18,516
