Subsequently, in addition to a change in market conditions, the direction new SEC Chairman Harvey Pitt will take mutual fund regulation will likely determine the number and nature of those proxy proposals going forward, Martin said.

Mutual funds are not required to have annual meetings and proxies can be filed any time during the year--whenever a fund's directors want to take action--so there is not a definitive "proxy season" for mutual funds, according to Martin. Still, while fund proxies are more spread out over the course of the year than those of corporate stocks, there is a slight concentration in the fourth quarter, according to ISS.

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