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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.

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.and subject to the board approval and review requirements of the SEC’s fund compliance rule.

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