Which of the following describes a fund shareholder's right under the Investment Company Act?

The correct answer emphasizes that shareholders have no rights to recent portfolio data. Under the Investment Company Act, fund shareholders are generally granted various rights, including the ability to vote on significant matters concerning the fund, such as changes in management or investment policy. However, they do not possess the right to access the most recent portfolio data as a matter of law.

In essence, the Investment Company Act mandates that mutual funds must provide certain disclosures and financial reports to shareholders, but the timeliness and specificity of portfolio data can vary. This means that while shareholders can receive reports on fund performance and relevant updates, they might not always have access to the most current details regarding the fund's portfolio holdings. This regulation is designed to balance the need for transparency with the operational considerations of the fund.

The other options suggest rights that shareholders possess which are generally true under the Investment Company Act. Shareholders do have a right to vote on management changes and issues related to fund management, as well as the ability to redeem their shares, typically without penalty, assuming they adhere to the fund's stipulated rules. Thus, recognizing these nuances helps clarify the scope of what shareholders can expect regarding their access to portfolio data.