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According to the Standard related to loyalty, prudence, and care, which of the following statements regarding the voting of proxies on client holdings is least accurate?

A An investment management firm should vote all proxies on client holdings unless the client reserves that right.

Standard 111(A) Loyalty, Prudence, and Care does not require the voting of all proxies. A cost-benefit analysis may support the conclusion that the voting of all proxies is not beneficial to the client in light of the time and effort required. Voting on non-routine issues that have a material impact is required.

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