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Proxy Voting

A fund’s board of directors, acting on the fund’s behalf, is responsible for overseeing the voting of proxies for portfolio securities. As a practical matter, fund boards typically delegate proxy voting to the fund’s investment adviser. The nature and extent of this delegation may vary.

TO LEARN MORE

Read the ICI/IDC paper Oversight of Fund Proxy Voting.

A fund’s board can adopt a separate fund policy or may adopt or rely on the investment adviser’s policy. A board also may elect to adopt the policy recommended by a proxy voting service. A proxy voting policy is part of a fund’s compliance program, and subject to the board approval and review requirements of the SEC’s fund compliance rule.

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