Mutual Fund Proxy Voting Records and Policies

Mutual Fund Proxy Voting Records and Policies

Do you want to know how mutual funds vote their proxies? Mutual funds and other registered management investment companies are required to disclose each year how they vote proxies relating to portfolio securities they hold.  Not later than August 31st of each year, a mutual fund must file with the SEC a report known as Form N-PX, containing the fund’s complete proxy voting record for the most recent 12-month period ended June 30th. Funds were required to file their first Form N-PX not later than August 31, 2004.

Where can I find proxy voting record information?

A mutual fund’s proxy voting record is available from the fund and on the SEC’s website. A mutual fund must make the information disclosed in its most recently filed Form N-PX available to shareholders either on the fund’s website or upon request by calling a specified toll-free (or collect) telephone number. Many mutual funds make this information available on their websites. If a mutual fund makes its proxy voting record available to shareholders upon request, the fund must send the information to shareholders, without charge, within three business days of receipt of a request. You can find out how a mutual fund provides its proxy voting record to shareholders by reading its annual or semi-annual report to shareholders, or its statement of additional information, which is part of its registration statement.

Because a fund’s Form N-PX filing with the SEC is publicly available, you can find proxy voting record information for a mutual fund by searching the SEC’s EDGAR database. You can also find a mutual fund’s semi-annual and annual reports to shareholders, registration statement, and other SEC filings by searching the database.

What information must be disclosed?

A mutual fund must disclose the following information on Form N-PX for each matter relating to a portfolio security considered at a shareholder meeting and on which the fund is entitled to vote:
  • the name of the issuer of the portfolio security;

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  • the exchange ticker symbol of the portfolio security;

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  • the Council on Uniform Securities Identification Procedures (“CUSIP”) number for the portfolio security;

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  • the shareholder meeting date;

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  • a brief identification of the matter voted on;

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  • whether the matter was proposed by the issuer or a security holder;

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  • whether the fund cast its vote on the matter;

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  • how the fund cast its vote (for example, for or against the proposal, or abstain; for or withhold regarding election of directors); and

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  • whether the fund cast its vote for or against management.

How can I find out more about a fund’s proxy voting policies and procedures?

Mutual funds and other registered management investment companies that invest in voting securities are required to disclose the policies and procedures that they use to determine how to vote proxies relating to securities held in their portfolios.  You can review a description of a mutual fund's proxy voting policies and procedures in its statement of additional information.  Also, some mutual funds provide this information on their websites. 

You can also request a description of a mutual fund’s proxy voting policies and procedures directly from the fund by calling a toll-free (or collect) telephone number listed in its semi-annual and annual reports to shareholders.  The fund must then send you the information, without charge, within three business days of receipt of your request.

A mutual fund’s statement of additional information, semi-annual and annual reports to shareholders, and other filings are available on the SEC’s EDGAR database.

 

We have provided this information as a service to investors.  It is neither a legal interpretation nor a statement of SEC policy.  If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.