You own a mutual fund and want to know how it voted on executive pay, directors, or a shareholder proposal. SEC Form N-PX is the annual filing that gives you that proxy voting record.
Registered management investment companies use Form N-PX to disclose their proxy votes. Certain institutional investment managers that file Form 13F also use it to report covered executive compensation votes.
Form N-PX generally covers the 12 months from July 1 through June 30. It is generally due by August 31 and is publicly available through the SEC's EDGAR system.
For investors, Form N-PX offers a direct look at how funds and managers use voting power. This guide explains what the filing contains, who must file it, how to read it, and how investors can use the data in research.
What is SEC Form N-PX?
SEC Form N-PX is an annual SEC report that discloses covered proxy voting activity. It gives investors a public record of how funds and certain institutional managers used their voting power.
For registered funds, the filing covers matters involving portfolio securities that the fund was entitled to vote. These can include director elections, executive compensation, shareholder proposals, governance matters, and other issues presented at shareholder meetings.
Form N-PX differs from a company's proxy statement. A proxy statement explains what shareholders are being asked to vote on, while Form N-PX can show how a fund or covered manager actually voted.
Why the SEC Updated Form N-PX Reporting
The SEC updated Form N-PX to make proxy voting records easier to analyze and compare. The Commission adopted the amendments in November 2022, and the first reports under the amended requirements covered July 1, 2023 through June 30, 2024.
The changes added several important elements:
- - Standardized categories for voting matters
- - Proposal descriptions aligned with proxy cards in applicable cases
- - Shares voted and how they were voted
- - Shares loaned and not recalled for voting
- - Structured XML reporting
- - Annual say-on-pay reporting by covered institutional managers
The SEC said the changes were intended to improve investors' ability to monitor fund voting and compare voting records.
Who Must File SEC Form N-PX?
Form N-PX applies to registered management investment companies and institutional managers subject to Section 13(f), but they report different types of voting information. This distinction is important when you read the filing.
Registered Management Investment Companies
Registered management investment companies generally file Form N-PX to disclose their proxy voting records. The requirement covers mutual funds, ETFs, and certain other registered funds, except small business investment companies registered on Form N-5.
Their filings can include votes on:
- - Auditor-related matters
- - Capital structure proposals
- - Corporate governance matters
- - Mergers and other major transactions
- - Environmental or climate proposals
- - Other shareholder proposals
A single filing may also contain voting records for several fund series.
Institutional Investment Managers Subject to Form 13F Reporting
Institutional managers subject to Section 13(f) generally report covered say-on-pay votes through Form N-PX. Their N-PX disclosure is narrower than a registered fund's broader proxy voting record.
Form 13F generally applies to institutional investment managers that exercise investment discretion over $100 million or more in Section 13(f) securities.
The covered Section 14A matters include advisory votes on executive compensation, votes on the frequency of say-on-pay, and certain golden parachute compensation votes. A manager reports these matters when it exercised voting power over the relevant vote.
In general, exercising voting power means the manager had the power to vote or direct the vote and used that power to influence the voting decision. This helps determine whether a particular Section 14A vote falls within the manager's Form N-PX reporting obligation.
This means an institutional manager's Form N-PX should not be treated as its complete proxy voting history.
What If an Institutional Manager Has No Reportable Votes?
An institutional manager may still be required to file Form N-PX even when it has no proxy votes to report. In that case, it can file an Institutional Manager Notice Report and provide the applicable explanation.
For example, the manager may state that it did not exercise voting power over any reportable matter. It may also indicate that another reporting person reported the relevant votes. Current SEC filings show these Notice Reports in practice.
What Information Does Form N-PX Disclose?
Form N-PX provides structured details about the security, proposal, shares involved, and voting decision. These fields help investors move beyond a simple list of "for" and "against" votes.
| Form N-PX Field |
What It Tells an Investor |
| Issuer |
Company connected with the vote |
| CUSIP, ISIN, or FIGI |
Security identifiers. CUSIP is generally reported when reasonably available, ISIN can be used when CUSIP is not reasonably available, and FIGI is optional. |
| Meeting Date |
When the shareholder meeting occurred |
| Voting Matter |
What shareholders were asked to decide |
| Vote Category |
Type of proposal |
| Vote Source |
For fund reports, whether the matter was proposed by the issuer or a security holder |
| Shares Voted |
Number of shares voted or instructed to be voted |
| Shares on Loan |
Shares loaned and not recalled for voting |
| How Voted |
For, Against, Abstain, Withhold, or another permitted response |
| Management Comparison |
Whether the vote was for or against management |
The SEC's amended form also requires separate reporting when shares are voted in different ways on the same matter. This makes split voting easier to identify.
Standardized Form N-PX Vote Categories
Standardized vote categories make it easier to compare similar proposals across companies and funds. The SEC requires reporting persons to select all applicable categories for each voting matter.
Categories include director elections, extraordinary transactions, Section 14A say-on-pay, shareholder rights and defenses, capital structure, audit-related matters, and environmental or climate issues, among others.
A proposal can fall into more than one category. That matters when investors analyze a large number of voting records.
Why Proposal Descriptions Matter
Proposal descriptions help investors connect an N-PX vote with the underlying shareholder matter. When a form of proxy is subject to SEC proxy rules, the reporting person must use the same language and order used on the proxy to identify the matter.
This makes it easier to move from Form N-PX to the issuer's proxy statement when a proposal needs more explanation.
SEC Form N-PX Filing Deadline and Reporting Period
Form N-PX generally covers the 12 months ending June 30 and is due by August 31 each year. Recent SEC filings continue to show June 30 report periods and August filing dates.
| Requirement |
Form N-PX |
| Reporting Period |
12 months ending June 30 |
| Typical Period |
July 1 through June 30 |
| Filing Frequency |
Annual |
| General Deadline |
August 31 |
| Filing System |
SEC EDGAR |
| Structured Format |
Custom XML |
The amended form uses a custom XML format designed for Form N-PX reporting. The SEC also renders the structured data in a human-readable form.
Special timing rules can apply to certain institutional managers making their initial or final Form 13F filings. The August 31 deadline is the standard annual filing schedule.
What Are the Different Types of Form N-PX Reports?
The Form N-PX report type tells you whether the filer is reporting votes or using a notice or combined reporting arrangement. Checking the report type first can prevent confusion.
Fund Voting Report and Fund Notice Report
A Fund Voting Report contains a fund's reportable voting information, while a Fund Notice Report is used when the fund did not hold securities it was entitled to vote. A Notice Report therefore may not contain a detailed voting table.
This distinction matters when an investor opens an N-PX filing and sees little or no vote data.
Institutional Manager Voting, Notice, and Combination Reports
Institutional managers can use Voting, Notice, or Combination Reports depending on where their reportable votes appear.
A Voting Report contains all reportable proxy votes for that reporting manager. A Notice Report contains no proxy votes in that filing, while a Combination Report includes some votes in the filing and relies on another reporting person for others.
How to Find Form N-PX Filings on SEC EDGAR
Investors can find Form N-PX records for free through SEC EDGAR. The SEC also provides tools for finding mutual fund proxy voting records.
A practical search process is:
- 1. Search for the fund company or investment manager.
- 2. Look for Form N-PX.
- 3. Check the reporting period.
- 4. Confirm the filer and report type.
- 5. Identify the relevant fund series or manager.
- 6. Open the proxy voting information.
- 7. Review the proposal and voting details.
Do not assume the fund's marketing name will always be the main filer name. One registered investment company can include several series within the same submission.
Investors working across different types of SEC filings should also check the form type and reporting period before comparing disclosures.
How to Read a Form N-PX Filing as an Investor
The easiest way to read Form N-PX is to identify the filer first, then follow each proposal through to the reported vote. This gives the voting data the context it needs.
Confirm the Filer and Proposal First
First check whether the filing belongs to a registered fund or an institutional manager. Then review the reporting period, report type, issuer, meeting date, and proposal description.
This step tells you what type of voting information should be present. It also prevents you from expecting a full proxy voting record from a manager that only has Section 14A reporting obligations.
Check How the Shares Were Voted
The voting field shows the action taken on the proposal. Common responses include For, Against, Abstain, and Withhold.
Also check whether the vote was for or against management's recommendation. A vote against management can deserve further research, but it does not prove that the fund has a broader problem with the company.
Patterns across several votes usually provide more useful information than one isolated decision.
Review Shares Voted and Shares on Loan
Shares voted and shares on loan show how many shares were voted or instructed to be voted and how many were loaned and not recalled. The SEC requires these figures to be reported for applicable Form N-PX voting matters.
Do not treat shares on loan as an automatic sign of weak stewardship. The significance depends on the proposal, the size of the position, and the fund's lending and voting policies.
How Investors Can Use Form N-PX in Investment Research
Form N-PX is most useful when investors look for patterns in proxy voting results rather than judging a fund from one vote. The filing can help test how a fund actually exercises the voting rights attached to portfolio holdings.
Useful research approaches include:
- - Compare actual votes with the fund's published proxy voting policy.
- - Track director election votes across several companies.
- - Review repeated opposition to executive compensation plans.
- - Compare shareholder proposal voting from year to year.
- - Look for changes in support for management.
- - Compare how different funds voted on the same proposal.
- - Review shares left on loan during significant votes.
For example, two funds may own the same company but vote differently on its executive compensation plan. That difference does not tell you which fund is "better," but it gives you a useful question to investigate.
The SEC specifically designed the amended reporting structure to make fund voting records easier to analyze and compare.
How Form N-PX Works with DEF 14A and Form 13F
Form N-PX becomes more useful when investors combine its voting record with other SEC filings that provide proposal and holdings context. DEF 14A and Form 13F answer different questions from N-PX.
| Filing |
Main Question It Helps Answer |
| Form N-PX |
How did the fund or covered manager vote? |
| DEF 14A |
What were shareholders being asked to vote on? |
| Form 13F |
What qualifying securities did the institutional manager report holding? |
DEF 14A can provide the background behind a proposal, such as executive compensation terms, director information, or management's reasoning.
Form 13F serves a different purpose. It reports certain institutional holdings, while Form N-PX reports covered proxy voting activity.
A reportable Form N-PX vote is not necessarily limited to a security that appears on the manager's Form 13F. The two forms have different reporting scopes and should not be treated as matching lists.
What Form N-PX Cannot Tell Investors
Form N-PX shows voting activity, but it does not explain every reason behind each decision. Use N-PX alongside the underlying proposal and the fund's voting policy when a vote needs more context.
Keep these limitations in mind:
- - The filing is backward-looking.
- - Institutional manager reporting is narrower than fund reporting.
- - A vote may not explain the manager's reasoning.
- - One vote does not establish a long-term voting pattern.
- - Some manager votes may appear in another reporting person's filing.
- - Complex proposals may require reading DEF 14A.
- - Shares on loan require context.
A common mistake is treating every vote against management as a red flag. Another is assuming an institutional manager's N-PX contains every proxy vote it cast.
Common mistakes include treating every vote against management as a red flag, assuming an institutional manager's N-PX contains its complete voting history, or comparing funds from one isolated vote. Look at the proposal, reporting scope, and longer-term voting pattern before drawing conclusions.
Bottom Line
To sum up, Form N-PX gives investors a clear record of how registered funds and certain institutional managers voted on covered proxy matters. It can show the proposal, voting decision, management position, shares voted, and shares left on loan.
Investors can use this information to compare voting patterns across funds, companies, and years. For more context, they can review the related proxy statement and other SEC filings.
Quantillium offers an all-in-one API for corporate filings across global markets. With the SEC Filings API, you can access standardized SEC filing data, retrieve full documents, explore historical coverage, and receive daily updates covering 60 stock exchanges. Explore the API docs, or start a free trial.
Frequently Asked Questions
What is SEC Form N-PX?
SEC Form N-PX is an annual SEC filing that discloses proxy voting records. Registered management investment companies use it for their proxy votes, while covered institutional investment managers use it to report specified executive compensation votes.
Who is required to file Form N-PX?
Registered management investment companies generally must file Form N-PX, subject to limited exceptions. Institutional investment managers subject to Form 13F reporting also have N-PX reporting obligations for covered Section 14A votes.
When is Form N-PX due?
Form N-PX is generally due by August 31 each year. The annual report covers the 12-month period from July 1 of the previous year through June 30 of the current year. Special timing rules can apply to certain initial and final Form 13F filers.
Do all Form 13F filers have to file Form N-PX?
Managers subject to Section 13(f) reporting generally have an annual Form N-PX reporting obligation. A manager with no proxy votes to report generally files an Institutional Manager Notice Report rather than a detailed voting report.
What proxy votes do institutional managers' report on Form N-PX?
Institutional managers report covered Section 14A executive compensation votes over which they exercised voting power. These can include say-on-pay, say-on-frequency, and certain golden parachute compensation votes.
Where can investors find Form N-PX filings?
Investors can find Form N-PX filings for free through SEC EDGAR. The SEC also provides a dedicated search page for mutual fund and registered investment company proxy voting records.
What is a Form N-PX Notice Report?
A Notice Report is an N-PX filing that does not include proxy votes. Funds can use a Fund Notice Report when they held no securities they were entitled to vote, while institutional managers use Notice Reports in specified no-reporting situations.
What do shares on loan mean in Form N-PX?
Shares on loan are securities that were lent and not recalled for the shareholder vote, so those shares were not voted by the reporting fund or manager. The number provides useful securities lending context, but it should not be treated by itself as evidence of poor voting or stewardship practices.
What is the difference between Form N-PX and Form 13F?
Form N-PX reports covered proxy voting activity, while Form 13F reports certain securities holdings of institutional investment managers. Investors can use both for research, but the forms have different purposes, reporting periods, and disclosure requirements.
You own a mutual fund and want to know how it voted on executive pay, directors, or a shareholder proposal. SEC Form N-PX is the annual filing that gives you that proxy voting record.
Registered management investment companies use Form N-PX to disclose their proxy votes. Certain institutional investment managers that file Form 13F also use it to report covered executive compensation votes.
Form N-PX generally covers the 12 months from July 1 through June 30. It is generally due by August 31 and is publicly available through the SEC's EDGAR system.
For investors, Form N-PX offers a direct look at how funds and managers use voting power. This guide explains what the filing contains, who must file it, how to read it, and how investors can use the data in research.
What is SEC Form N-PX?
SEC Form N-PX is an annual SEC report that discloses covered proxy voting activity. It gives investors a public record of how funds and certain institutional managers used their voting power.
For registered funds, the filing covers matters involving portfolio securities that the fund was entitled to vote. These can include director elections, executive compensation, shareholder proposals, governance matters, and other issues presented at shareholder meetings.
Form N-PX differs from a company's proxy statement. A proxy statement explains what shareholders are being asked to vote on, while Form N-PX can show how a fund or covered manager actually voted.
Why the SEC Updated Form N-PX Reporting
The SEC updated Form N-PX to make proxy voting records easier to analyze and compare. The Commission adopted the amendments in November 2022, and the first reports under the amended requirements covered July 1, 2023 through June 30, 2024.
The changes added several important elements:
- - Standardized categories for voting matters
- - Proposal descriptions aligned with proxy cards in applicable cases
- - Shares voted and how they were voted
- - Shares loaned and not recalled for voting
- - Structured XML reporting
- - Annual say-on-pay reporting by covered institutional managers
The SEC said the changes were intended to improve investors' ability to monitor fund voting and compare voting records.
Who Must File SEC Form N-PX?
Form N-PX applies to registered management investment companies and institutional managers subject to Section 13(f), but they report different types of voting information. This distinction is important when you read the filing.
Registered Management Investment Companies
Registered management investment companies generally file Form N-PX to disclose their proxy voting records. The requirement covers mutual funds, ETFs, and certain other registered funds, except small business investment companies registered on Form N-5.
Their filings can include votes on:
- - Auditor-related matters
- - Capital structure proposals
- - Corporate governance matters
- - Mergers and other major transactions
- - Environmental or climate proposals
- - Other shareholder proposals
A single filing may also contain voting records for several fund series.
Institutional Investment Managers Subject to Form 13F Reporting
Institutional managers subject to Section 13(f) generally report covered say-on-pay votes through Form N-PX. Their N-PX disclosure is narrower than a registered fund's broader proxy voting record.
Form 13F generally applies to institutional investment managers that exercise investment discretion over $100 million or more in Section 13(f) securities.
The covered Section 14A matters include advisory votes on executive compensation, votes on the frequency of say-on-pay, and certain golden parachute compensation votes. A manager reports these matters when it exercised voting power over the relevant vote.
In general, exercising voting power means the manager had the power to vote or direct the vote and used that power to influence the voting decision. This helps determine whether a particular Section 14A vote falls within the manager's Form N-PX reporting obligation.
This means an institutional manager's Form N-PX should not be treated as its complete proxy voting history.
What If an Institutional Manager Has No Reportable Votes?
An institutional manager may still be required to file Form N-PX even when it has no proxy votes to report. In that case, it can file an Institutional Manager Notice Report and provide the applicable explanation.
For example, the manager may state that it did not exercise voting power over any reportable matter. It may also indicate that another reporting person reported the relevant votes. Current SEC filings show these Notice Reports in practice.
What Information Does Form N-PX Disclose?
Form N-PX provides structured details about the security, proposal, shares involved, and voting decision. These fields help investors move beyond a simple list of "for" and "against" votes.
| Form N-PX Field |
What It Tells an Investor |
| Issuer |
Company connected with the vote |
| CUSIP, ISIN, or FIGI |
Security identifiers. CUSIP is generally reported when reasonably available, ISIN can be used when CUSIP is not reasonably available, and FIGI is optional. |
| Meeting Date |
When the shareholder meeting occurred |
| Voting Matter |
What shareholders were asked to decide |
| Vote Category |
Type of proposal |
| Vote Source |
For fund reports, whether the matter was proposed by the issuer or a security holder |
| Shares Voted |
Number of shares voted or instructed to be voted |
| Shares on Loan |
Shares loaned and not recalled for voting |
| How Voted |
For, Against, Abstain, Withhold, or another permitted response |
| Management Comparison |
Whether the vote was for or against management |
The SEC's amended form also requires separate reporting when shares are voted in different ways on the same matter. This makes split voting easier to identify.
Standardized Form N-PX Vote Categories
Standardized vote categories make it easier to compare similar proposals across companies and funds. The SEC requires reporting persons to select all applicable categories for each voting matter.
Categories include director elections, extraordinary transactions, Section 14A say-on-pay, shareholder rights and defenses, capital structure, audit-related matters, and environmental or climate issues, among others.
A proposal can fall into more than one category. That matters when investors analyze a large number of voting records.
Why Proposal Descriptions Matter
Proposal descriptions help investors connect an N-PX vote with the underlying shareholder matter. When a form of proxy is subject to SEC proxy rules, the reporting person must use the same language and order used on the proxy to identify the matter.
This makes it easier to move from Form N-PX to the issuer's proxy statement when a proposal needs more explanation.
SEC Form N-PX Filing Deadline and Reporting Period
Form N-PX generally covers the 12 months ending June 30 and is due by August 31 each year. Recent SEC filings continue to show June 30 report periods and August filing dates.
| Requirement |
Form N-PX |
| Reporting Period |
12 months ending June 30 |
| Typical Period |
July 1 through June 30 |
| Filing Frequency |
Annual |
| General Deadline |
August 31 |
| Filing System |
SEC EDGAR |
| Structured Format |
Custom XML |
The amended form uses a custom XML format designed for Form N-PX reporting. The SEC also renders the structured data in a human-readable form.
Special timing rules can apply to certain institutional managers making their initial or final Form 13F filings. The August 31 deadline is the standard annual filing schedule.
What Are the Different Types of Form N-PX Reports?
The Form N-PX report type tells you whether the filer is reporting votes or using a notice or combined reporting arrangement. Checking the report type first can prevent confusion.
Fund Voting Report and Fund Notice Report
A Fund Voting Report contains a fund's reportable voting information, while a Fund Notice Report is used when the fund did not hold securities it was entitled to vote. A Notice Report therefore may not contain a detailed voting table.
This distinction matters when an investor opens an N-PX filing and sees little or no vote data.
Institutional Manager Voting, Notice, and Combination Reports
Institutional managers can use Voting, Notice, or Combination Reports depending on where their reportable votes appear.
A Voting Report contains all reportable proxy votes for that reporting manager. A Notice Report contains no proxy votes in that filing, while a Combination Report includes some votes in the filing and relies on another reporting person for others.
How to Find Form N-PX Filings on SEC EDGAR
Investors can find Form N-PX records for free through SEC EDGAR. The SEC also provides tools for finding mutual fund proxy voting records.
A practical search process is:
- 1. Search for the fund company or investment manager.
- 2. Look for Form N-PX.
- 3. Check the reporting period.
- 4. Confirm the filer and report type.
- 5. Identify the relevant fund series or manager.
- 6. Open the proxy voting information.
- 7. Review the proposal and voting details.
Do not assume the fund's marketing name will always be the main filer name. One registered investment company can include several series within the same submission.
Investors working across different types of SEC filings should also check the form type and reporting period before comparing disclosures.
How to Read a Form N-PX Filing as an Investor
The easiest way to read Form N-PX is to identify the filer first, then follow each proposal through to the reported vote. This gives the voting data the context it needs.
Confirm the Filer and Proposal First
First check whether the filing belongs to a registered fund or an institutional manager. Then review the reporting period, report type, issuer, meeting date, and proposal description.
This step tells you what type of voting information should be present. It also prevents you from expecting a full proxy voting record from a manager that only has Section 14A reporting obligations.
Check How the Shares Were Voted
The voting field shows the action taken on the proposal. Common responses include For, Against, Abstain, and Withhold.
Also check whether the vote was for or against management's recommendation. A vote against management can deserve further research, but it does not prove that the fund has a broader problem with the company.
Patterns across several votes usually provide more useful information than one isolated decision.
Review Shares Voted and Shares on Loan
Shares voted and shares on loan show how many shares were voted or instructed to be voted and how many were loaned and not recalled. The SEC requires these figures to be reported for applicable Form N-PX voting matters.
Do not treat shares on loan as an automatic sign of weak stewardship. The significance depends on the proposal, the size of the position, and the fund's lending and voting policies.
How Investors Can Use Form N-PX in Investment Research
Form N-PX is most useful when investors look for patterns in proxy voting results rather than judging a fund from one vote. The filing can help test how a fund actually exercises the voting rights attached to portfolio holdings.
Useful research approaches include:
- - Compare actual votes with the fund's published proxy voting policy.
- - Track director election votes across several companies.
- - Review repeated opposition to executive compensation plans.
- - Compare shareholder proposal voting from year to year.
- - Look for changes in support for management.
- - Compare how different funds voted on the same proposal.
- - Review shares left on loan during significant votes.
For example, two funds may own the same company but vote differently on its executive compensation plan. That difference does not tell you which fund is "better," but it gives you a useful question to investigate.
The SEC specifically designed the amended reporting structure to make fund voting records easier to analyze and compare.
How Form N-PX Works with DEF 14A and Form 13F
Form N-PX becomes more useful when investors combine its voting record with other SEC filings that provide proposal and holdings context. DEF 14A and Form 13F answer different questions from N-PX.
| Filing |
Main Question It Helps Answer |
| Form N-PX |
How did the fund or covered manager vote? |
| DEF 14A |
What were shareholders being asked to vote on? |
| Form 13F |
What qualifying securities did the institutional manager report holding? |
DEF 14A can provide the background behind a proposal, such as executive compensation terms, director information, or management's reasoning.
Form 13F serves a different purpose. It reports certain institutional holdings, while Form N-PX reports covered proxy voting activity.
A reportable Form N-PX vote is not necessarily limited to a security that appears on the manager's Form 13F. The two forms have different reporting scopes and should not be treated as matching lists.
What Form N-PX Cannot Tell Investors
Form N-PX shows voting activity, but it does not explain every reason behind each decision. Use N-PX alongside the underlying proposal and the fund's voting policy when a vote needs more context.
Keep these limitations in mind:
- - The filing is backward-looking.
- - Institutional manager reporting is narrower than fund reporting.
- - A vote may not explain the manager's reasoning.
- - One vote does not establish a long-term voting pattern.
- - Some manager votes may appear in another reporting person's filing.
- - Complex proposals may require reading DEF 14A.
- - Shares on loan require context.
A common mistake is treating every vote against management as a red flag. Another is assuming an institutional manager's N-PX contains every proxy vote it cast.
Common mistakes include treating every vote against management as a red flag, assuming an institutional manager's N-PX contains its complete voting history, or comparing funds from one isolated vote. Look at the proposal, reporting scope, and longer-term voting pattern before drawing conclusions.
Bottom Line
To sum up, Form N-PX gives investors a clear record of how registered funds and certain institutional managers voted on covered proxy matters. It can show the proposal, voting decision, management position, shares voted, and shares left on loan.
Investors can use this information to compare voting patterns across funds, companies, and years. For more context, they can review the related proxy statement and other SEC filings.
Quantillium offers an all-in-one API for corporate filings across global markets. With the SEC Filings API, you can access standardized SEC filing data, retrieve full documents, explore historical coverage, and receive daily updates covering 60 stock exchanges. Explore the API docs, or start a free trial.
Frequently Asked Questions
What is SEC Form N-PX?
SEC Form N-PX is an annual SEC filing that discloses proxy voting records. Registered management investment companies use it for their proxy votes, while covered institutional investment managers use it to report specified executive compensation votes.
Who is required to file Form N-PX?
Registered management investment companies generally must file Form N-PX, subject to limited exceptions. Institutional investment managers subject to Form 13F reporting also have N-PX reporting obligations for covered Section 14A votes.
When is Form N-PX due?
Form N-PX is generally due by August 31 each year. The annual report covers the 12-month period from July 1 of the previous year through June 30 of the current year. Special timing rules can apply to certain initial and final Form 13F filers.
Do all Form 13F filers have to file Form N-PX?
Managers subject to Section 13(f) reporting generally have an annual Form N-PX reporting obligation. A manager with no proxy votes to report generally files an Institutional Manager Notice Report rather than a detailed voting report.
What proxy votes do institutional managers' report on Form N-PX?
Institutional managers report covered Section 14A executive compensation votes over which they exercised voting power. These can include say-on-pay, say-on-frequency, and certain golden parachute compensation votes.
Where can investors find Form N-PX filings?
Investors can find Form N-PX filings for free through SEC EDGAR. The SEC also provides a dedicated search page for mutual fund and registered investment company proxy voting records.
What is a Form N-PX Notice Report?
A Notice Report is an N-PX filing that does not include proxy votes. Funds can use a Fund Notice Report when they held no securities they were entitled to vote, while institutional managers use Notice Reports in specified no-reporting situations.
What do shares on loan mean in Form N-PX?
Shares on loan are securities that were lent and not recalled for the shareholder vote, so those shares were not voted by the reporting fund or manager. The number provides useful securities lending context, but it should not be treated by itself as evidence of poor voting or stewardship practices.
What is the difference between Form N-PX and Form 13F?
Form N-PX reports covered proxy voting activity, while Form 13F reports certain securities holdings of institutional investment managers. Investors can use both for research, but the forms have different purposes, reporting periods, and disclosure requirements.
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