Proxy voting information is publicly disclosed for US-registered investment funds (i.e., those regulated by the US Securities and Exchange Commission (SEC)). By rule, such funds are required to disclose specific voting information annually on Form N-PX, which must be filed with the SEC. This information is publicly available via the SEC's EDGAR system, which is accessible via the SEC's main website (www.sec.gov). Of the assets over which CBRE Clarion has proxy voting authority ($8.6 billion), approximately $3.4 billion (40%) is held in funds subject to this public disclosure requirement. Form N-PX includes detail regarding votes cast on each item at each annual or special meeting, including a description of the proposal, the sponsor of the proposal, the management recommendation and the vote cast by the fund's investment advisor.
Detailed proxy voting information is also available to other clients upon request, although the information is not disclosed publicly. Clients whose assets amount to $3.4 billion (43%) have requested periodic reports of proxy voting activity.