Chestnut Street Exchange Fund (CHNTX) N-PX Annual report of proxy voting record

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 811-02631

Chestnut Street Exchange Fund
(Exact name of registrant as specified in charter)

223 Wilmington West Chester Pike

Chadds Ford, PA 19137
(Address of principal executive offices) (Zip code)

Terry Wettergreen

223 Wilmington West Chester Pike

Chadds Ford, PA 19137
(Name and address of agent for service)

Registrant's telephone number, including area code: 1-866-311-7541

Date of fiscal year end: December 31

Date of reporting period: July 1, 2019 – June 30, 2020

Item 1. Proxy Voting Record.

 

Meeting Date	Company Name	Ticker	Primary CUSIP	Proposal Number	Proposal Text	Proponent	Vote Instruction	Vote Against Management
12-Sep-19	The Kraft Heinz Company	KHC	500754106	1a	Elect Director Gregory E. Abel	Management	For	No
				1b	Elect Director Alexandre Behring	Management	For	No
				1c	Elect Director Joao M. Castro-Neves	Management	For	No
				1d	Elect Director Tracy Britt Cool	Management	For	No
				1e	Elect Director John T. Cahill	Management	For	No
				1f	Elect Director Feroz Dewan	Management	For	No
				1g	Elect Director Jeanne P. Jackson	Management	For	No
				1h	Elect Director Jorge Paulo Lemann	Management	For	No
				1i	Elect Director John C. Pope	Management	For	No
				1j	Elect Director Alexandre Van Damme	Management	For	No
				1k	Elect Director George Zoghbi	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
				4	Report on Protein Diversification	Share Holder	Against	No
				5	Report on Efforts to Reduce Pesticide Use in the Company's Supply Chain	Share Holder	Against	No
19-Nov-19	Oracle Corporation	ORCL	68389X105	1.1	Elect Director Jeffrey S. Berg	Management	For	No
				1.10	Elect Director Mark V. Hurd - Deceased	Management		No
				1.11	Elect Director Renee J. James	Management	For	No
				1.12	Elect Director Charles W. Moorman, IV	Management	For	No
				1.13	Elect Director Leon E. Panetta	Management	For	No
				1.14	Elect Director William G. Parrett	Management	For	No
				1.15	Elect Director Naomi O. Seligman	Management	Withhold	Yes
				1.2	Elect Director Michael J. Boskin	Management	For	No
				1.3	Elect Director Safra A. Catz	Management	For	No
				1.4	Elect Director Bruce R. Chizen	Management	For	No
				1.5	Elect Director George H. Conrades	Management	Withhold	Yes
				1.6	Elect Director Lawrence J. Ellison	Management	For	No
				1.7	Elect Director Rona A. Fairhead	Management	For	No
				1.8	Elect Director Hector Garcia-Molina *Withdrawn Resolution*	Management		No
				1.9	Elect Director Jeffrey O. Henley	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	Against	Yes
				3	Ratify Ernst & Young LLP as Auditors	Management	For	No
				4	Report on Gender Pay Gap	Share Holder	For	Yes
				5	Require Independent Board Chairman	Share Holder	Against	No
04-Dec-19	Microsoft Corporation	MSFT	594918104	1.1	Elect Director William H. Gates, III	Management	For	No
				1.10	Elect Director John W. Stanton	Management	For	No
				1.11	Elect Director John W. Thompson	Management	For	No
				1.12	Elect Director Emma N. Walmsley	Management	For	No
				1.13	Elect Director Padmasree Warrior	Management	For	No
				1.2	Elect Director Reid G. Hoffman	Management	For	No
				1.3	Elect Director Hugh F. Johnston	Management	For	No
				1.4	Elect Director Teri L. List-Stoll	Management	For	No
				1.5	Elect Director Satya Nadella	Management	For	No
				1.6	Elect Director Sandra E. Peterson	Management	For	No
				1.7	Elect Director Penny S. Pritzker	Management	For	No
				1.8	Elect Director Charles W. Scharf	Management	For	No
				1.9	Elect Director Arne M. Sorenson	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify Deloitte & Touche LLP as Auditors	Management	For	No
				4	Report on Employee Representation on the Board of Directors	Share Holder	Against	No
				5	Report on Gender Pay Gap	Share Holder	Against	No
10-Dec-19	Cisco Systems, Inc.	CSCO	17275R102	1a	Elect Director M. Michele Burns	Management	For	No
				1b	Elect Director Wesley G. Bush	Management	For	No
				1c	Elect Director Michael D. Capellas	Management	For	No
				1d	Elect Director Mark Garrett	Management	For	No
				1e	Elect Director Kristina M. Johnson	Management	For	No
				1f	Elect Director Roderick C. McGeary	Management	For	No
				1g	Elect Director Charles H. Robbins	Management	For	No
				1h	Elect Director Arun Sarin	Management	For	No
				1i	Elect Director Brenton L. Saunders	Management	For	No
				1j	Elect Director Carol B. Tome	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
				4	Require Independent Board Chairman	Share Holder	Against	No
23-Jan-20	Air Products and Chemicals, Inc.	APD	009158106	1a	Elect Director Susan K. Carter	Management	For	No
				1b	Elect Director Charles I. Cogut	Management	For	No
				1c	Elect Director Chadwick C. Deaton	Management	For	No
				1d	Elect Director Seifollah (Seifi) Ghasemi	Management	For	No
				1e	Elect Director David H. Y. Ho	Management	For	No
				1f	Elect Director Margaret G. McGlynn	Management	For	No
				1g	Elect Director Edward L. Monser	Management	For	No
				1h	Elect Director Matthew H. Paull	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify Deloitte & Touche LLP as Auditors	Management	For	No
04-Feb-20	Emerson Electric Co.	EMR	291011104	1.1	Elect Director Martin S. Craighead	Management	For	No
				1.2	Elect Director David N. Farr	Management	For	No
				1.3	Elect Director Gloria A. Flach	Management	For	No
				1.4	Elect Director Matthew S. Levatich	Management	For	No
				2	Ratify KPMG LLP as Auditors	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Declassify the Board of Directors	Management	For	No
26-Feb-20	Apple Inc.	AAPL	037833100	1a	Elect Director James Bell	Management	For	No
				1b	Elect Director Tim Cook	Management	For	No
				1c	Elect Director Al Gore	Management	For	No
				1d	Elect Director Andrea Jung	Management	For	No
				1e	Elect Director Art Levinson	Management	For	No
				1f	Elect Director Ron Sugar	Management	For	No
				1g	Elect Director Sue Wagner	Management	For	No
				2	Ratify Ernst & Young LLP as Auditors	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Proxy Access Amendments	Share Holder	Against	No
				5	Assess Feasibility of Including Sustainability as a Performance Measure for Senior Executive Compensation	Share Holder	Against	No
				6	Report on Freedom of Expression and Access to Information Policies	Share Holder	Against	No
11-Mar-20	The Walt Disney Company	DIS	254687106	1a	Elect Director Susan E. Arnold	Management	For	No
				1b	Elect Director Mary T. Barra	Management	For	No
				1c	Elect Director Safra A. Catz	Management	For	No
				1d	Elect Director Francis A. deSouza	Management	For	No
				1e	Elect Director Michael B.G. Froman	Management	For	No
				1f	Elect Director Robert A. Iger	Management	For	No
				1g	Elect Director Maria Elena Lagomasino	Management	For	No
				1h	Elect Director Mark G. Parker	Management	For	No
				1i	Elect Director Derica W. Rice	Management	For	No
				2	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Amend Omnibus Stock Plan	Management	For	No
				5	Report on Lobbying Payments and Policy	Share Holder	Against	No
12-Mar-20	Cabot Corporation	CBT	127055101	1.1	Elect Director Juan Enriquez	Management	For	No
				1.2	Elect Director Sean D. Keohane	Management	For	No
				1.3	Elect Director William C. Kirby	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify Deloitte & Touche LLP as Auditors	Management	For	No
01-Apr-20	Schlumberger N.V.	SLB	806857108	1a	Elect Director Patrick de La Chevardiere	Management	For	No
				1b	Elect Director Miguel M. Galuccio	Management	For	No
				1c	Elect Director Olivier Le Peuch	Management	For	No
				1d	Elect Director Tatiana A. Mitrova	Management	For	No
				1e	Elect Director Lubna S. Olayan	Management	For	No
				1f	Elect Director Mark G. Papa	Management	For	No
				1g	Elect Director Leo Rafael Reif	Management	For	No
				1h	Elect Director Henri Seydoux	Management	For	No
				1i	Elect Director Jeff W. Sheets	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Adopt and Approve Financials and Dividends	Management	For	No
				4	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
21-Apr-20	Moody's Corporation	MCO	615369105	1a	Elect Director Basil L. Anderson	Management	For	No
				1b	Elect Director Jorge A. Bermudez	Management	For	No
				1c	Elect Director Therese Esperdy	Management	For	No
				1d	Elect Director Vincent A. Forlenza	Management	For	No
				1e	Elect Director Kathryn M. Hill	Management	For	No
				1f	Elect Director Raymond W. McDaniel, Jr.	Management	For	No
				1g	Elect Director Henry A. McKinnell, Jr.	Management	For	No
				1h	Elect Director Leslie F. Seidman	Management	For	No
				1i	Elect Director Bruce Van Saun	Management	For	No
				2a	Eliminate Supermajority Vote Requirements to Amend Charter and Bylaws	Management	For	No
				2b	Eliminate Supermajority Vote Requirement to Remove Directors	Management	For	No
				2c	Eliminate Supermajority Vote Requirement for Filling Open Board Seats	Management	For	No
				3	Ratify KPMG LLP as Auditors	Management	For	No
				4	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
22-Apr-20	Bank of America Corporation	BAC	060505104	1a	Elect Director Sharon L. Allen	Management	For	No
				1b	Elect Director Susan S. Bies	Management	For	No
				1c	Elect Director Jack O. Bovender, Jr.	Management	For	No
				1d	Elect Director Frank P. Bramble, Sr.	Management	For	No
				1e	Elect Director Pierre J.P. de Weck	Management	For	No
				1f	Elect Director Arnold W. Donald	Management	For	No
				1g	Elect Director Linda P. Hudson	Management	For	No
				1h	Elect Director Monica C. Lozano	Management	For	No
				1i	Elect Director Thomas J. May	Management	For	No
				1j	Elect Director Brian T. Moynihan	Management	For	No
				1k	Elect Director Lionel L. Nowell, III	Management	For	No
				1l	Elect Director Denise L. Ramos	Management	For	No
				1m	Elect Director Clayton S. Rose	Management	For	No
				1n	Elect Director Michael D. White	Management	For	No
				1o	Elect Director Thomas D. Woods	Management	For	No
				1p	Elect Director R. David Yost	Management	For	No
				1q	Elect Director Maria T. Zuber	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
				4	Amend Proxy Access Right	Share Holder	Against	No
				5	Provide Right to Act by Written Consent	Share Holder	Against	No
				6	Report on Gender Pay Gap	Share Holder	Against	No
				7	Review of Statement of the Purpose of a Corporation and Report on Recommended Changes to Governance Documents, Policies, and Practices	Share Holder	Against	No
23-Apr-20	Johnson & Johnson	JNJ	478160104	1a	Elect Director Mary C. Beckerle	Management	For	No
				1b	Elect Director D. Scott Davis	Management	For	No
				1c	Elect Director Ian E. L. Davis	Management	For	No
				1d	Elect Director Jennifer A. Doudna	Management	For	No
				1e	Elect Director Alex Gorsky	Management	For	No
				1f	Elect Director Marillyn A. Hewson	Management	For	No
				1g	Elect Director Hubert Joly	Management	For	No
				1h	Elect Director Mark B. McClellan	Management	For	No
				1i	Elect Director Anne M. Mulcahy	Management	For	No
				1j	Elect Director Charles Prince	Management	For	No
				1k	Elect Director A. Eugene Washington	Management	For	No
				1l	Elect Director Mark A. Weinberger	Management	For	No
				1m	Elect Director Ronald A. Williams	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
				4	Amend Certificate of Incorporation to Permit Removal of Directors With or Without Cause	Management	For	No
				5	Require Independent Board Chair	Share Holder	Against	No
				6	Report on Governance Measures Implemented Related to Opioids	Share Holder	Against	No
24-Apr-20	Abbott Laboratories	ABT	002824100	1.1	Elect Director Robert J. Alpern	Management	For	No
				1.10	Elect Director William A. Osborn	Management	For	No
				1.11	Elect Director Daniel J. Starks	Management	For	No
				1.12	Elect Director John G. Stratton	Management	For	No
				1.13	Elect Director Glenn F. Tilton	Management	For	No
				1.14	Elect Director Miles D. White	Management	For	No
				1.2	Elect Director Roxanne S. Austin	Management	For	No
				1.3	Elect Director Sally E. Blount	Management	For	No
				1.4	Elect Director Robert B. Ford	Management	For	No
				1.5	Elect Director Michelle A. Kumbier	Management	For	No
				1.6	Elect Director Edward M. Liddy	Management	For	No
				1.7	Elect Director Darren W. McDew	Management	For	No
				1.8	Elect Director Nancy McKinstry	Management	Withhold	Yes
				1.9	Elect Director Phebe N. Novakovic	Management	For	No
				2	Ratify Ernst & Young LLP as Auditors	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Report on Lobbying Payments and Policy	Share Holder	Against	No
				5	Increase Disclosure of Compensation Adjustments	Share Holder	Against	No
				6	Require Shareholder Approval of Bylaw Amendments Adopted by the Board of Directors	Share Holder	Against	No
				7	Adopt Simple Majority Vote	Share Holder	For	Yes
28-Apr-20	Wells Fargo & Company	WFC	949746101	1a	Elect Director Steven D. Black	Management	For	No
				1b	Elect Director Celeste A. Clark	Management	For	No
				1c	Elect Director Theodore F. Craver, Jr.	Management	For	No
				1d	Elect Director Wayne M. Hewett	Management	For	No
				1e	Elect Director  Donald M. James	Management	For	No
				1f	Elect Director Maria R. Morris	Management	For	No
				1g	Elect Director Charles H. Noski	Management	For	No
				1h	Elect Director Richard B. Payne, Jr.	Management	For	No
				1i	Elect Director Juan A. Pujadas	Management	For	No
				1j	Elect Director Ronald L. Sargent	Management	For	No
				1k	Elect Director Charles W. Scharf	Management	For	No
				1l	Elect Director Suzanne M. Vautrinot	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify KPMG LLP as Auditors	Management	For	No
				4	Require Shareholder Approval of Bylaw Amendments Adopted by the Board of Directors	Share Holder	Against	No
				5	Report on Incentive-Based Compensation and Risks of Material Losses	Share Holder	Against	No
				6	Report on Global Median Gender Pay Gap	Share Holder	Against	No
05-May-20	General Electric Company	GE	369604103	1	Elect Director Sebastien Bazin	Management	Against	Yes
				10	Elect Director Leslie Seidman	Management	For	No
				11	Elect Director James Tisch	Management	Against	Yes
				12	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				13	Ratify KPMG LLP as Auditors	Management	For	No
				14	Require Independent Board Chairman	Share Holder	Against	No
				2	Elect Director Ashton Carter	Management	For	No
				3	Elect Director H. Lawrence Culp, Jr.	Management	For	No
				4	Elect Director Francisco D'Souza	Management	For	No
				5	Elect Director Edward Garden	Management	For	No
				6	Elect Director Thomas W. Horton	Management	For	No
				7	Elect Director Risa Lavizzo-Mourey	Management	For	No
				8	Elect Director Catherine Lesjak	Management	For	No
				9	Elect Director Paula Rosput Reynolds	Management	For	No
06-May-20	PepsiCo, Inc.	PEP	713448108	1a	Elect Director Shona L. Brown	Management	For	No
				1b	Elect Director Cesar Conde	Management	For	No
				1c	Elect Director Ian Cook	Management	For	No
				1d	Elect Director Dina Dublon	Management	For	No
				1e	Elect Director Richard W. Fisher	Management	For	No
				1f	Elect Director Michelle Gass	Management	For	No
				1g	Elect Director Ramon L. Laguarta	Management	For	No
				1h	Elect Director David C. Page	Management	For	No
				1i	Elect Director Robert C. Pohlad	Management	For	No
				1j	Elect Director Daniel Vasella	Management	For	No
				1k	Elect Director Darren Walker	Management	For	No
				1l	Elect Director Alberto Weisser	Management	For	No
				2	Ratify KPMG LLP as Auditors	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Reduce Ownership Threshold for Shareholders to Call Special Meeting	Share Holder	Against	No
				5	Report on Sugar and Public Health	Share Holder	Against	No
	Philip Morris International Inc.	PM	718172109	1a	Elect Director Andre Calantzopoulos	Management	For	No
				1b	Elect Director Louis C. Camilleri	Management	For	No
				1c	Elect Director Werner Geissler	Management	For	No
				1d	Elect Director Lisa A. Hook	Management	For	No
				1e	Elect Director Jennifer Li	Management	For	No
				1f	Elect Director Jun Makihara	Management	For	No
				1g	Elect Director Kalpana Morparia	Management	For	No
				1h	Elect Director Lucio A. Noto	Management	For	No
				1i	Elect Director Frederik Paulsen	Management	For	No
				1j	Elect Director Robert B. Polet	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify PricewaterhouseCoopers SA as Auditor	Management	For	No
07-May-20	The Kraft Heinz Company	KHC	500754106	1a	Elect Director Gregory E. Abel	Management	For	No
				1b	Elect Director Alexandre Behring	Management	For	No
				1c	Elect Director John T. Cahill	Management	For	No
				1d	Elect Director Joao M. Castro-Neves	Management	For	No
				1e	Elect Director Timothy Kenesey	Management	For	No
				1f	Elect Director Jorge Paulo Lemann	Management	For	No
				1g	Elect Director Susan Mulder	Management	For	No
				1h	Elect Director John C. Pope	Management	For	No
				1i	Elect Director Elio Leoni Sceti	Management	For	No
				1j	Elect Director Alexandre Van Damme	Management	For	No
				1k	Elect Director George Zoghbi	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Approve Omnibus Stock Plan	Management	For	No
				4	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
				5	Reduce Supermajority Vote Requirement	Share Holder	Against	No
12-May-20	3M Company	MMM	88579Y101	1a	Elect Director Thomas "Tony" K. Brown	Management	For	No
				1b	Elect Director Pamela J. Craig	Management	For	No
				1c	Elect Director David B. Dillon	Management	For	No
				1d	Elect Director Michael L. Eskew	Management	For	No
				1e	Elect Director Herbert L. Henkel	Management	For	No
				1f	Elect Director Amy E. Hood	Management	For	No
				1g	Elect Director Muhtar Kent	Management	For	No
				1h	Elect Director Dambisa F. Moyo	Management	For	No
				1i	Elect Director Gregory R. Page	Management	For	No
				1j	Elect Director Michael F. Roman	Management	For	No
				1k	Elect Director Patricia A. Woertz	Management	For	No
				2	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Consider Pay Disparity Between Executives and Other Employees	Share Holder	Against	No
13-May-20	Mondelez International, Inc.	MDLZ	609207105	1.1	Elect Director Lewis W.K. Booth	Management	For	No
				1.10	Elect Director Michael A. Todman	Management	For	No
				1.11	Elect Director Jean-Francois M. L. van Boxmeer	Management	For	No
				1.12	Elect Director Dirk Van de Put	Management	For	No
				1.2	Elect Director Charles E. Bunch	Management	For	No
				1.3	Elect Director Debra A. Crew	Management	For	No
				1.4	Elect Director Lois D. Juliber	Management	For	No
				1.5	Elect Director Peter W. May	Management	For	No
				1.6	Elect Director Jorge S. Mesquita	Management	For	No
				1.7	Elect Director Fredric G. Reynolds	Management	For	No
				1.8	Elect Director Christiana S. Shi	Management	For	No
				1.9	Elect Director Patrick T. Siewert	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
				4	Consider Pay Disparity Between Executives and Other Employees	Share Holder	Against	No
14-May-20	Union Pacific Corporation	UNP	907818108	1a	Elect Director Andrew H. Card, Jr.	Management	For	No
				1b	Elect Director William J. DeLaney	Management	For	No
				1c	Elect Director David B. Dillon	Management	For	No
				1d	Elect Director Lance M. Fritz	Management	For	No
				1e	Elect Director Deborah C. Hopkins	Management	For	No
				1f	Elect Director Jane H. Lute	Management	For	No
				1g	Elect Director Michael R. McCarthy	Management	For	No
				1h	Elect Director Thomas F. McLarty, III	Management	For	No
				1i	Elect Director Bhavesh V. Patel	Management	For	No
				1j	Elect Director Jose H. Villarreal	Management	For	No
				1k	Elect Director Christopher J. Williams	Management	For	No
				2	Ratify Deloitte & Touche LLP as Auditors	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Require Independent Board Chairman	Share Holder	Against	No
				5	Report on Climate Change	Share Holder	Against	No
14-May-20	Intel Corporation	INTC	458140100	1a	Elect Director James J. Goetz	Management	For	No
				1b	Elect Director Alyssa Henry	Management	For	No
				1c	Elect Director Omar Ishrak	Management	For	No
				1d	Elect Director Risa Lavizzo-Mourey	Management	For	No
				1e	Elect Director Tsu-Jae King Liu	Management	For	No
				1f	Elect Director Gregory D. Smith	Management	For	No
				1g	Elect Director Robert 'Bob' H. Swan	Management	For	No
				1h	Elect Director Andrew Wilson	Management	For	No
				1i	Elect Director Frank D. Yeary	Management	For	No
				2	Ratify Ernst & Young LLP as Auditors	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Amend Qualified Employee Stock Purchase Plan	Management	For	No
				5	Provide Right to Act by Written Consent	Share Holder	Against	No
				6	Report on Global Median Gender/Racial Pay Gap	Share Holder	Against	No
14-May-20	Altria Group, Inc.	MO	02209S103	1a	Elect Director John T. Casteen, III	Management	For	No
				1b	Elect Director Dinyar S. Devitre	Management	For	No
				1c	Elect Director Thomas F. Farrell, II	Management	For	No
				1d	Elect Director Debra J. Kelly-Ennis	Management	For	No
				1e	Elect Director W. Leo Kiely, III	Management	For	No
				1f	Elect Director Kathryn B. McQuade	Management	For	No
				1g	Elect Director George Munoz	Management	For	No
				1h	Elect Director Mark E. Newman	Management	For	No
				1i	Elect Director Nabil Y. Sakkab	Management	For	No
				1j	Elect Director Virginia E. Shanks	Management	For	No
				1k	Elect Director Howard A. Willard, III *Withdrawn Resolution*	Management		No
				2	Ratify PricewaterhouseCoopers LLP as Auditor	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Approve Omnibus Stock Plan	Management	For	No
				5	Report on Lobbying Payments and Policy	Share Holder	Against	No
				6	Report on Underage Tobacco Prevention Policies	Share Holder	Against	No
15-May-20	Westinghouse Air Brake Technologies Corporation	WAB	929740108	1.1	Elect Director Rafael Santana	Management	For	No
				1.2	Elect Director Lee B. Foster, II	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Amend Omnibus Stock Plan	Management	For	No
				4	Ratify Ernst & Young LLP as Auditors	Management	For	No
19-May-20	JPMorgan Chase & Co.	JPM	46625H100	1a	Elect Director Linda B. Bammann	Management	For	No
				1b	Elect Director Stephen B. Burke	Management	For	No
				1c	Elect Director Todd A. Combs	Management	For	No
				1d	Elect Director James S. Crown	Management	For	No
				1e	Elect Director James Dimon	Management	For	No
				1f	Elect Director Timothy P. Flynn	Management	For	No
				1g	Elect Director Mellody Hobson	Management	For	No
				1h	Elect Director Michael A. Neal	Management	For	No
				1i	Elect Director Lee R. Raymond	Management	For	No
				1j	Elect Director Virginia M. Rometty	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify PricewaterhouseCoopers LLP as Auditor	Management	For	No
				4	Require Independent Board Chair	Share Holder	Against	No
				5	Report on Reputational Risk Related to Canadian Oil Sands, Oil Sands Pipeline Companies and Arctic Oil and Gas Exploration and Production.	Share Holder	Against	No
				6	Report on Climate Change	Share Holder	Against	No
				7	Amend Shareholder Written Consent Provisions	Share Holder	Against	No
				8	Report on Charitable Contributions	Share Holder	Against	No
				9	Report on Gender/Racial Pay Gap	Share Holder	Against	No
21-May-20	The Home Depot, Inc.	HD	437076102	1a	Elect Director Gerard J. Arpey	Management	For	No
				1b	Elect Director Ari Bousbib	Management	For	No
				1c	Elect Director Jeffery H. Boyd	Management	For	No
				1d	Elect Director Gregory D. Brenneman	Management	For	No
				1e	Elect Director J. Frank Brown	Management	For	No
				1f	Elect Director Albert P. Carey	Management	For	No
				1g	Elect Director Helena B. Foulkes	Management	For	No
				1h	Elect Director Linda R. Gooden	Management	For	No
				1i	Elect Director Wayne M. Hewett	Management	For	No
				1j	Elect Director Manuel Kadre	Management	For	No
				1k	Elect Director Stephanie C. Linnartz	Management	For	No
				1l	Elect Director Craig A. Menear	Management	For	No
				2	Ratify KPMG LLP as Auditors	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Amend Shareholder Written Consent Provisions	Share Holder	Against	No
				5	Prepare Employment Diversity Report and Report on Diversity Policies	Share Holder	Against	No
				6	Adopt Share Retention Policy For Senior Executives	Share Holder	Against	No
				7	Report on Congruency Political Analysis and Electioneering Expenditures	Share Holder	Against	No
26-May-20	Merck & Co., Inc.	MRK	58933Y105	1a	Elect Director Leslie A. Brun	Management	For	No
				1b	Elect Director Thomas R. Cech	Management	For	No
				1c	Elect Director Mary Ellen Coe	Management	For	No
				1d	Elect Director Pamela J. Craig	Management	For	No
				1e	Elect Director Kenneth C. Frazier	Management	For	No
				1f	Elect Director Thomas H. Glocer	Management	For	No
				1g	Elect Director Risa J. Lavizzo-Mourey	Management	For	No
				1h	Elect Director Paul B. Rothman	Management	For	No
				1i	Elect Director Patricia F. Russo	Management	For	No
				1j	Elect Director Christine E. Seidman	Management	For	No
				1k	Elect Director Inge G. Thulin	Management	For	No
				1l	Elect Director Kathy J. Warden	Management	For	No
				1m	Elect Director Peter C. Wendell	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify PricewaterhouseCoopers LLP as Auditors	Management	For	No
				4	Provide Right to Act by Written Consent	Share Holder	Against	No
				5	Report on Corporate Tax Savings Allocation	Share Holder	Against	No
27-May-20	Amazon.com, Inc.	AMZN	023135106	10	Report on Global Median Gender/Racial Pay Gap	Share Holder	Against	No
				11	Report on Reducing Environmental and Health Harms to Communities of Color	Share Holder	Against	No
				12	Report on Viewpoint Discrimination	Share Holder	Against	No
				13	Report on Promotion Velocity	Share Holder	Against	No
				14	Reduce Ownership Threshold for Shareholders to Call Special Meeting	Share Holder	Against	No
				15	Human Rights Risk Assessment	Share Holder	Against	No
				16	Report on Lobbying Payments and Policy	Share Holder	Against	No
				1a	Elect Director Jeffrey P. Bezos	Management	For	No
				1b	Elect Director Rosalind G. Brewer	Management	For	No
				1c	Elect Director Jamie S. Gorelick	Management	For	No
				1d	Elect Director Daniel P. Huttenlocher	Management	For	No
				1e	Elect Director Judith A. McGrath	Management	For	No
				1f	Elect Director Indra K. Nooyi	Management	For	No
				1g	Elect Director Jonathan J. Rubinstein	Management	For	No
				1h	Elect Director Thomas O. Ryder	Management	For	No
				1i	Elect Director Patricia Q. Stonesifer	Management	For	No
				1j	Elect Director Wendell P. Weeks	Management	For	No
				2	Ratify Ernst & Young LLP as Auditor	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Reduce Ownership Threshold for Shareholders to Call Special Meeting	Management	For	No
				5	Report on Management of Food Waste	Share Holder	Against	No
				6	Report on Customers' Use of its Surveillance and Computer Vision Products or Cloud-Based Services	Share Holder	Against	No
				7	Report on Potential Human Rights Impacts of Customers' Use of Rekognition	Share Holder	Against	No
				8	Report on Products Promoting Hate Speech and Sales of Offensive Products	Share Holder	Against	No
				9	Require Independent Board Chairman	Share Holder	Against	No
27-May-20	Exxon Mobil Corporation	XOM	30231G102	1.1	Elect Director Susan K. Avery	Management	For	No
				1.10	Elect Director Darren W. Woods	Management	For	No
				1.2	Elect Director Angela F. Braly	Management	Against	Yes
				1.3	Elect Director Ursula M. Burns	Management	For	No
				1.4	Elect Director Kenneth C. Frazier	Management	Against	Yes
				1.5	Elect Director Joseph L. Hooley	Management	For	No
				1.6	Elect Director Steven A. Kandarian	Management	For	No
				1.7	Elect Director Douglas R. Oberhelman	Management	For	No
				1.8	Elect Director Samuel J. Palmisano	Management	For	No
				1.9	Elect Director William C. Weldon	Management	For	No
				2	Ratify PricewaterhouseCoopers LLP as Auditor	Management	For	No
				3	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				4	Require Independent Board Chair	Share Holder	For	Yes
				5	Reduce Ownership Threshold for Shareholders to Call Special Meeting	Share Holder	Against	No
				6	Report on Costs & Benefits of Climate-Related Expenditures	Share Holder	Against	No
				7	Report on Risks of Petrochemical Operations in Flood Prone Areas	Share Holder	Against	No
				8	Report on Political Contributions	Share Holder	Against	No
				9	Report on Lobbying Payments and Policy	Share Holder	Against	No
03-Jun-20	Alphabet Inc.	GOOGL	02079K305	1.1	Elect Director Larry Page	Management	For	No
				1.10	Elect Director K. Ram Shiram	Management	For	No
				1.11	Elect Director Robin L. Washington	Management	For	No
				1.2	Elect Director Sergey Brin	Management	For	No
				1.3	Elect Director Sundar Pichai	Management	For	No
				1.4	Elect Director John L. Hennessy	Management	For	No
				1.5	Elect Director Frances H. Arnold	Management	For	No
				1.6	Elect Director L. John Doerr	Management	For	No
				1.7	Elect Director Roger W. Ferguson Jr.	Management	For	No
				1.8	Elect Director Ann Mather	Management	Withhold	Yes
				1.9	Elect Director Alan R. Mulally	Management	For	No
				10	Report on Takedown Requests	Share Holder	Against	No
				11	Require a Majority Vote for the Election of Directors	Share Holder	Against	No
				12	Report on Gender/Racial Pay Gap	Share Holder	Against	No
				13	Require Independent Director Nominee with Human and/or Civil Rights Experience	Share Holder	Against	No
				14	Report on Whistleblower Policies and Practices	Share Holder	Against	No
				2	Ratify Ernst & Young LLP as Auditors	Management	For	No
				3	Amend Omnibus Stock Plan	Management	For	No
				4	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				5	Approve Recapitalization Plan for all Stock to Have One-vote per Share	Share Holder	For	Yes
				6	Report on Arbitration of Employment-Related Claims	Share Holder	Against	No
				7	Establish Human Rights Risk Oversight Committee	Share Holder	Against	No
				8	Require Shareholder Approval of Bylaw Amendments Adopted by the Board of Directors	Share Holder	Against	No
				9	Assess Feasibility of Including Sustainability as a Performance Measure for Senior Executive Compensation	Share Holder	Against	No
	Comcast Corporation	CMCSA	20030N101	1.1	Elect Director Kenneth J. Bacon	Management	For	No
				1.10	Elect Director Brian L. Roberts	Management	For	No
				1.2	Elect Director Madeline S. Bell	Management	For	No
				1.3	Elect Director Naomi M. Bergman	Management	For	No
				1.4	Elect Director Edward D. Breen	Management	For	No
				1.5	Elect Director Gerald L. Hassell	Management	For	No
				1.6	Elect Director Jeffrey A. Honickman	Management	For	No
				1.7	Elect Director Maritza G. Montiel	Management	For	No
				1.8	Elect Director Asuka Nakahara	Management	For	No
				1.9	Elect Director David C. Novak	Management	For	No
				2	Ratify Deloitte & Touche LLP as Auditor	Management	For	No
				3	Amend Stock Option Plan	Management	For	No
				4	Amend Restricted Stock Plan	Management	For	No
				5	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				6	Report on Lobbying Payments and Policy	Share Holder	Against	No
				7	Require Independent Board Chair	Share Holder	Against	No
				8	Report on Risks Posed by Failing to Prevent Sexual Harassment	Share Holder	Against	No
03-Jun-20	Walmart Inc.	WMT	931142103	1a	Elect Director Cesar Conde	Management	For	No
				1b	Elect Director Timothy P. Flynn	Management	For	No
				1c	Elect Director Sarah J. Friar	Management	For	No
				1d	Elect Director Carla A. Harris	Management	For	No
				1e	Elect Director Thomas W. Horton	Management	For	No
				1f	Elect Director Marissa A. Mayer	Management	For	No
				1g	Elect Director C. Douglas McMillon	Management	For	No
				1h	Elect Director Gregory B. Penner	Management	For	No
				1i	Elect Director Steven S Reinemund	Management	For	No
				1j	Elect Director S. Robson Walton	Management	For	No
				1k	Elect Director Steuart L. Walton	Management	For	No
				2	Advisory Vote to Ratify Named Executive Officers' Compensation	Management	For	No
				3	Ratify Ernst & Young LLP as Auditors	Management	For	No
				4	Amend Qualified Employee Stock Purchase Plan	Management	For	No
				5	Report on Impacts of Single-Use Plastic Bags	Share Holder	Against	No
				6	Report on Supplier Antibiotics Use Standards	Share Holder	Against	No
				7	Adopt Policy to Include Hourly Associates as Director Candidates	Share Holder	Against	No
				8	Report on Strengthening Prevention of Workplace Sexual Harassment	Share Holder	Against	No

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.

(Registrant) Chestnut Street Exchange Fund

By (Signature and Title)* /s/ Terry Wettergreen                                                            

Terry Wettergreen, President & Chief Compliance Officer

(principal executive officer)

Date:          8/26/2020