Proxy Voting 

When we accept proxy voting authority, we acknowledge that we have a fiduciary duty to vote proxies in the best interest of our clients.

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Generally we purchase securities based on the belief that management will maximize shareholder value. When we no longer believe management is able to meet this goal, we typically sell the security. Therefore, as to most questions coming before shareholders, we vote in accordance with management’s recommendations. There will be circumstances when we neither believe disposing of the security nor voting in accordance with management’s recommendation will be in the best interest of our clients. In those cases, we will vote against management’s recommendation. Each proxy is voted on a case by case basis.

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It is possible that a conflict of interest could arise regarding the voting of a particular proxy. In that case, we remove the conflicted portfolio manager from the decision-making process and resolve the conflict in the best interest of our clients. We will make a written record of such resolution.

Clients can direct our vote in a particular situation. We will vote their shares according to their direction as long as they notify us in writing in a timely manner.

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Clients may obtain information on how their proxies were voted and our proxy voting policies and procedures by contacting us.