CFA wrote to the Securities and Exchange Commission in response to its proposal to amend Form N-PX under the Investment Company Act of 1940. As proposed, the amendments would enhance the information that investors receive from mutual funds, exchange-traded funds, and certain other funds regarding their proxy voting record. This proposal would also amend the Securities Exchange Act of 1934 to require additional disclosures by “13F filers” to include “say-on-pay” votes. CFA strongly encouraged the Commission to advance these amendments. CFA has long championed efforts to enhance disclosures to shareholders by the fund managers and institutional investors that manage their investments, and these enhancements will allow investors to more easily understand how their shares are being voted and how the votes compare with other funds across the passive investment industry. Collectively, these changes will enhance retail investors’ ability to make informed decisions about their passive investments and will also assist the Commission in evaluating the effectiveness of its own rules.