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Total Return Securities Fund
fund voting report
- Vote records reported
- 178year to 30 June 2026
- Against management
- 16.4%23 of 140 marked votes
- Say-on-pay support
- 62.5%for, of for + against + abstain
- Shareholder-proposal support
- 100.0%for, of for + against + abstain
foragainstabstain, withhold or otheramber tick: the portion cast against management
In its Form N-PX for the year to 30 June 2026, Total Return Securities Fund listed 178 vote records. Votes against management made up 16.4% of those marked either way (23 of 140); the median fund registrant stood at 6.2%.
Weighted by the number of shares voted, the against-management share is 21.7%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.
On pay and on shareholder proposals: it voted for 62.5% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 100.0% of the proposals put forward by security holders (the median fund registrant: 27.5%).
By category, votes against management were most frequent in DIRECTOR ELECTIONS (14.0% of 93).
Compared with other filers
Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.
| year to 30 June 2026 | This filer | Median fund registrant | All filers pooled |
|---|---|---|---|
| Against-management share | 16.4% | 6.2% | 10.6% |
| Say-on-pay support rate | 62.5% | 91.6% | 86.0% |
| Shareholder-proposal support rate | 100.0% | 27.5% | 33.9% |
| Shares on loan, share of shares held | 0.00% | 0.00% | 3.12% |
| Largest families, year to 30 June 2026 | Against management | Say-on-pay support | Shareholder-proposal support |
|---|---|---|---|
| Vanguard | 20.1% | 94.1% | 42.0% |
| BlackRock and iShares | 7.5% | 88.3% | 11.9% |
| Fidelity | 6.0% | 94.7% | 27.6% |
| Dimensional | 16.4% | 78.9% | 57.4% |
| State Street and SPDR | 16.9% | 77.1% | 50.4% |
Votes by category
Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.
| Category (as the form names it) | Votes | For | Against | Against management | Split |
|---|---|---|---|---|---|
| DIRECTOR ELECTIONS | 117 | 85 | 8 | 14.0% | |
| SECTION 14A SAY-ON-PAY VOTES | 12 | 5 | 2 | 30.0% | |
| AUDIT-RELATED | 12 | 8 | 0 | 11.1% | |
| SHAREHOLDER RIGHTS AND DEFENSES | 4 | 3 | 0 | 33.3% | |
| EXTRAORDINARY TRANSACTIONS | 6 | 4 | 0 | 0.0% | |
| CAPITAL STRUCTURE | 3 | 3 | 0 | 0.0% | |
| COMPENSATION | 5 | 4 | 0 | 0.0% | |
| CORPORATE GOVERNANCE | 4 | 4 | 0 | 0.0% | |
| HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE | 3 | 3 | 0 | 0.0% | |
| OTHER SOCIAL ISSUES | 1 | 1 | 0 | 0.0% | |
| OTHER | 11 | 2 | 0 | 83.3% |
By season
| Season | Vote records | Against management | Say-on-pay support | Shareholder-proposal support | Split |
|---|---|---|---|---|---|
| year to 30 June 2024 | 1,161 | 19.5% | 29.3% | 76.5% | |
| year to 30 June 2025 | 321 | 13.0% | 62.5% | not reported | |
| year to 30 June 2026 | 178 | 16.4% | 62.5% | 100.0% |
Say-on-pay votes against management
Counting one say-on-pay item per company meeting, Total Return Securities Fund voted against management on 3 of the 7 it marked either way (42.9%) in the year to 30 June 2026.
A further 1 say-on-pay item was reported without a management mark and are left out of both sides of that fraction.
- Texas Pacific Land Corporation 6 Nov 2025
- Cannae Holdings, Inc. 12 Dec 2025
- Norwood Financial Corp. 28 Apr 2026
Shareholder proposals it supported
Of 3 proposals from security holders that could be told apart in the filings and on which it cast a vote, Total Return Securities Fund voted for 3 (100.0%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.
| Company | Meeting | Proposal |
|---|---|---|
| Berkshire Hathaway Inc. | 2 May 2026 | Shareholder proposal requesting that the Company issue a report disclosing the Board's oversight framework... |
| The Progressive Corporation | 8 May 2026 | Shareholder proposal requesting that the company issue a report disclosing the board's oversight framework... |
| Cannae Holdings, Inc. | 12 Dec 2025 | If properly presented at the Annual Meeting, to consider and act on a shareholder proposal to engage an... |
Shares on loan
Total Return Securities Fund reported no shares on loan for the year to 30 June 2026. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.
The filings
These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.
- N-PX filed 20 Aug 2026 accession 0001580642-26-005492
- Every N-PX filing by this filer on EDGAR
Questions
How did Total Return Securities Fund vote on executive pay?
In the year to 30 June 2026 Total Return Securities Fund reported 8 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 5 were for (62.5%), 2 against and 1 abstentions. Counting one item per company meeting, it voted against management on 3 of the 7 say-on-pay items it marked either way. A further 1 say-on-pay item was reported without a management mark and are not counted in that figure.
How often does Total Return Securities Fund vote against management?
16.4% of the time in the year to 30 June 2026: 23 of the 140 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.
Did Total Return Securities Fund support shareholder proposals on climate?
It reported no votes on security-holder proposals in the category ENVIRONMENT OR CLIMATE for the year to 30 June 2026. Across every category it voted for 100.0% of security-holder proposals.
Is this the result of the meetings?
No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.
Where does the data come from?
From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.
Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by Total Return Securities Fund (filer no. 813623), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.