UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY
                  Investment Company Act file number 811-09679
                                                     ---------
                                 Adelante Funds
                                 --------------
               (Exact name of registrant as specified in charter)

                   1995 University Avenue, Berkeley, CA 94704
                   ------------------------------------------
               (Address of principal executive offices) (Zip code)

    Adelante Capital Investments, 1995 University Avenue, Berkeley, CA 94704
    ------------------------------------------------------------------------
 (Name and address of agent for service)

Registrant's telephone number, including area code: (510) 849-8360
                                                    --------------
Date of fiscal year end: January 31
                         -----------
Date of reporting period: July 1, 2004 - June 30, 2005
                          ----------------------------

ITEM 1. PROXY VOTING RECORD



ICA File Number: 811-09679
Reporting Period: 07/01/2004 - 06/30/2005
Adelante Funds









======================= U.S. REAL ESTATE SECURITIES FUND =======================


ACADIA REALTY TRUST

Ticker:       AKR            Security ID:  004239109
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kenneth F. Bernstein      For       For        Management
1.2   Elect  Director Douglas Crocker Ii        For       For        Management
1.3   Elect  Director Alan S. Forman            For       For        Management
1.4   Elect  Director Suzanne M. Hopgood        For       For        Management
1.5   Elect  Director Lorrence T. Kellar        For       For        Management
1.6   Elect  Director Wendy Luscombe            For       For        Management
1.7   Elect  Director Lee S. Wielansky          For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       For        Management


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ALEXANDRIA REAL ESTATE EQUITIES, INC.

Ticker:       ARE            Security ID:  015271109
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jerry M. Sudarsky         For       For        Management
1.2   Elect  Director Joel S. Marcus            For       For        Management
1.3   Elect  Director James H. Richardson       For       For        Management
1.4   Elect  Director Richard B. Jennings       For       For        Management
1.5   Elect  Director Richard H. Klein          For       For        Management
1.6   Elect  Director Alan G. Walton            For       For        Management
1.7   Elect  Director Richmond A. Wolf          For       For        Management
2     Ratify Auditors                           For       For        Management


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AMB PROPERTY CORP.

Ticker:       AMB            Security ID:  00163T109
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor


                                 NPX_811-09679
1.1   Elect  Director Hamid R. Moghadam         For       For        Management
1.2   Elect  Director W. Blake Baird            For       For        Management
1.3   Elect  Director T. Robert Burke           For       For        Management
1.4   Elect  Director David A. Cole             For       For        Management
1.5   Elect  Director Lydia H. Kennard          For       For        Management
1.6   Elect  Director J. Michael Losh           For       For        Management
1.7   Elect  Director Frederick W. Reid         For       For        Management
1.8   Elect  Director Jeffrey L. Skelton        For       For        Management
1.9   Elect  Director Thomas W. Tusher          For       For        Management
2     Ratify Auditors                           For       For        Management


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AMERICAN FINANCIAL REALTY TRUST

Ticker:       AFR            Security ID:  02607P305
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Glenn Blumenthal          For       For        Management
1.2   Elect  Director John M. Eggemeyer III     For       For        Management
1.3   Elect  Director Raymond Garea             For       For        Management
1.4   Elect  Director Michael J. Hagan          For       For        Management
1.5   Elect  Director John P. Hollihan III      For       For        Management
1.6   Elect  Director William M. Kahane         For       For        Management
1.7   Elect  Director Richard A. Kraemer        For       For        Management
1.8   Elect  Director Lewis S. Ranieri          For       For        Management
1.9   Elect  Director Nicholas S. Schorsch      For       For        Management


- --------------------------------------------------------------------------------

ARCHSTONE SMITH TRUST

Ticker:       ASN            Security ID:  039583109
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee James A. Cardwell          For       For        Management
1.2   Elect  Trustee Robert P. Kogod            For       For        Management
1.3   Elect  Trustee Director James H. Polk,    For       For        Management
      III
2     Declassify the Board of Trustees          For       For        Management
3     Ratify Auditors                           For       For        Management


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ARDEN REALTY, INC.

Ticker:       ARI            Security ID:  039793104
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard S. Ziman          For       For        Management
1.2   Elect  Director Victor J. Coleman         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Submit Severance Agreement                Against   For        Shareholder


                                 NPX_811-09679
      (Change-in-Control) to Shareholder Vote


- --------------------------------------------------------------------------------

AVALONBAY COMMUNITIES, INC.

Ticker:       AVB            Security ID:  053484101
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 9, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bryce Blair               For       For        Management
1.2   Elect  Director Bruce A. Choate           For       For        Management
1.3   Elect  Director John J. Healy, Jr.        For       For        Management
1.4   Elect  Director Gilbert M. Meyer          For       For        Management
1.5   Elect  Director Charles D. Peebler, Jr.   For       For        Management
1.6   Elect  Director Lance R. Primis           For       For        Management
1.7   Elect  Director Allan D. Schuster         For       For        Management
1.8   Elect  Director Amy P. Williams           For       For        Management
2     Ratify Auditors                           For       For        Management


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BIOMED REALTY TRUST INC

Ticker:       BMR            Security ID:  09063H107
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alan D. Gold              For       For        Management
1.2   Elect  Director Barbara R. Cambon         For       For        Management
1.3   Elect  Director Edward A. Dennis, Ph.D.   For       For        Management
1.4   Elect  Director Gary A. Kreitzer          For       For        Management
1.5   Elect  Director Mark J. Riedy, Ph.D.      For       For        Management
1.6   Elect  Director Theodore D. Roth          For       For        Management
1.7   Elect  Director M. Faye Wilson            For       For        Management


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BOSTON PROPERTIES INC.

Ticker:       BXP            Security ID:  101121101
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lawrence S. Bacow         For       For        Management
1.2   Elect  Director Zoe Baird                 For       For        Management
1.3   Elect  Director Alan J. Patricof          For       For        Management
1.4   Elect  Director Martin Turchin            For       For        Management
2     Declassify the Board of Directors         Against   For        Shareholder


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BRANDYWINE REALTY TRUST

Ticker:       BDN            Security ID:  105368203
Meeting Date: MAY 2, 2005    Meeting Type: Annual



                                 NPX_811-09679
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee Walter D'Alessio           For       For        Management
1.2   Elect  Trustee D. Pike Aloian             For       For        Management
1.3   Elect  Trustee Donald E. Axinn            For       For        Management
1.4   Elect  Trustee Wyche Fowler               For       For        Management
1.5   Elect  Trustee Michael J. Joyce           For       For        Management
1.6   Elect  Trustee Anthony A. Nichols Sr.     For       For        Management
1.7   Elect  Trustee Charles P. Pizzi           For       For        Management
1.8   Elect  Trustee Gerard H. Sweeney          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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BRE PROPERTIES, INC.

Ticker:       BRE            Security ID:  05564E106
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert A. Fiddaman        For       For        Management
1.2   Elect  Director L. Michael Foley          For       For        Management
1.3   Elect  Director Roger P. Kuppinger        For       For        Management
1.4   Elect  Director Matthew T. Medeiros       For       For        Management
1.5   Elect  Director Constance B. Moore        For       For        Management
1.6   Elect  Director Jeanne R. Myerson         For       For        Management
1.7   Elect  Director Gregory M. Simon          For       For        Management
2     Increase Authorized Preferred Stock       For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

CAMDEN PROPERTY TRUST

Ticker:       CPT            Security ID:  133131102
Meeting Date: FEB 28, 2005   Meeting Type: Special
Record Date:  JAN 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       For        Management
      Acquisition


- --------------------------------------------------------------------------------

CAMDEN PROPERTY TRUST

Ticker:       CPT            Security ID:  133131102
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard J. Campo          For       For        Management
1.2   Elect  Director William R. Cooper         For       For        Management
1.3   Elect  Director George A. Hrdlicka        For       For        Management
1.4   Elect  Director Scott S. Ingraham         For       For        Management
1.5   Elect  Director Lewis A. Levey            For       For        Management
1.6   Elect  Director William B. McGuire, Jr.   For       For        Management


                                 NPX_811-09679
1.7   Elect  Director D. Keith Oden             For       For        Management
1.8   Elect  Director F. Gardner Parker         For       For        Management
1.9   Elect  Director William F. Paulsen        For       For        Management
1.10  Elect  Director Steven A. Webster         For       Withhold   Management


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CARRAMERICA REALTY CORP.

Ticker:       CRE            Security ID:  144418100
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Andrew F. Brimmer         For       For        Management
1.2   Elect  Director Bryce Blair               For       For        Management
1.3   Elect  Director Joan Carter               For       For        Management
1.4   Elect  Director Philip L. Hawkins         For       For        Management
1.5   Elect  Director Robert E. Torray          For       For        Management
1.6   Elect  Director Thomas A. Carr            For       For        Management
1.7   Elect  Director Wesley S. Williams, Jr.   For       For        Management
2     Ratify Auditors                           For       For        Management


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CATELLUS DEVELOPMENT CORP.

Ticker:       CDX            Security ID:  149113102
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter Barker              For       For        Management
1.2   Elect  Director Stephen F. Bollenbach     For       For        Management
1.3   Elect  Director Daryl J. Carter           For       For        Management
1.4   Elect  Director Richard D. Farman         For       For        Management
1.5   Elect  Director Christine Garvey          For       For        Management
1.6   Elect  Director William M. Kahane         For       For        Management
1.7   Elect  Director Leslie D. Michelson       For       For        Management
1.8   Elect  Director Deanna W. Oppenheimer     For       For        Management
1.9   Elect  Director Nelson C. Rising          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Shareholder Rights Plan (Poison     For       For        Management
      Pill)


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CBL & ASSOCIATES PROPERTIES, INC.

Ticker:       CBL            Security ID:  124830100
Meeting Date: MAY 9, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles B. Lebovitz       For       For        Management
1.2   Elect  Director Claude M. Ballard         For       For        Management
1.3   Elect  Director Gary L. Bryenton          For       For        Management
1.4   Elect  Director Leo Fields                For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


                                 NPX_811-09679
- --------------------------------------------------------------------------------

CENTERPOINT PROPERTIES TRUST

Ticker:       CNT            Security ID:  151895109
Meeting Date: MAY 16, 2005   Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Nicholas C. Babson         For       For        Management
1.2   Elect Director Martin Barber              For       For        Management
1.3   Elect Director Norman R. Bobins           For       For        Management
1.4   Elect Director Alan D. Feld               For       For        Management
1.5   Elect Director Paul S. Fisher             For       For        Management
1.6   Elect Director John S. Gates, Jr.         For       For        Management
1.7   Elect Director Donald A. King, Jr.        For       For        Management
1.8   Elect Director Michael M. Mullen          For       For        Management
1.9   Elect Director Thomas E. Robinson         For       For        Management
1.10  Elect Director John C. Staley             For       For        Management
1.11  Elect Director Robert L. Stovall          For       For        Management
2     Ratify Auditors                           For       For        Management


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COLONIAL PROPERTIES TRUST

Ticker:       CLP            Security ID:  195872106
Meeting Date: APR 15, 2005   Meeting Type: Special
Record Date:  FEB 9, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       For        Management
      Acquisition
2     Increase Authorized Preferred and Common  For       For        Management
      Stock
3     Approve Authority to Issue Preferred      For       Against    Management
      Stock
4     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

COLONIAL PROPERTIES TRUST

Ticker:       CLP            Security ID:  195872106
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Carl F. Bailey             For       For        Management
1.2   Elect Director M. Miller Gorrie           For       For        Management
1.3   Elect Director William M. Johnson         For       For        Management
1.4   Elect Director Glade M. Knight            For       For        Management
1.5   Elect Director James K. Lowder            For       For        Management
1.6   Elect Director Thomas H. Lowder           For       For        Management
1.7   Elect Director Herbert A. Meisler         For       For        Management
1.8   Elect Director Claude B. Nielsen          For       For        Management
1.9   Elect Director Harold W. Ripps            For       For        Management
1.10  Elect Director Donald T. Senterfitt       For       For        Management
1.11  Elect Director John W. Spiegel            For       For        Management


                                 NPX_811-09679
2     Ratify Auditors                           For       For        Management


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CORPORATE OFFICE PROPERTIES TRUST, INC.

Ticker:       OFC            Security ID:  22002T108
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Trustee Robert L. Denton            For       For        Management
1.2   Elect Trustee Randall M. Griffin          For       For        Management


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COUSINS PROPERTIES INC.

Ticker:       CUZ            Security ID:  222795106
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas D. Bell, Jr.       For       For        Management
1.2   Elect  Director Erskine B. Bowles         For       For        Management
1.3   Elect  Director Richard W. Courts, II     For       For        Management
1.4   Elect  Director Thomas G. Cousins         For       For        Management
1.5   Elect  Director Lillian C. Giornelli      For       For        Management
1.6   Elect  Director S. Taylor Glover          For       For        Management
1.7   Elect  Director James H. Hance, Jr.       For       For        Management
1.8   Elect  Director Boone A. Knox             For       For        Management
1.9   Elect  Director John J. Mack              For       Withhold   Management
1.10  Elect  Director William Porter Payne      For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


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CRESCENT REAL ESTATE EQUITIES COMPANY

Ticker:       CEI            Security ID:  225756105
Meeting Date: JUN 13, 2005   Meeting Type: Annual
Record Date:  APR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John C. Goff              For       For        Management
1.2   Elect  Director Paul E. Rowsey, III       For       For        Management
1.3   Elect  Director Robert W. Stallings       For       For        Management
2     Ratify Auditors                           For       For        Management


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DEVELOPERS DIVERSIFIED REALTY CORP.

Ticker:       DDR            Security ID:  251591103
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Fix Number of Directors                   For       For        Management


                                 NPX_811-09679
2.1   Elect  Directors Dean S. Adler            For       For        Management
2.2   Elect  Directors Craig Macnab             For       For        Management
2.3   Elect  Directors Terrance R. Ahern        For       For        Management
2.4   Elect  Directors Scott D. Roulston        For       For        Management
2.5   Elect  Directors Mohsen Anvari            For       For        Management
2.6   Elect  Directors Barry A. Sholem          For       For        Management
2.7   Elect  Directors Robert H. Gidel          For       For        Management
2.8   Elect  Directors William B. Summers, Jr.  For       For        Management
2.9   Elect  Directors Victor B. MacFarlane     For       For        Management
2.10  Elect  Directors Scott A. Wolstein        For       For        Management
3     Ratify Auditors                           For       For        Management


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DUKE REALTY CORPORATION

Ticker:       DRE            Security ID:  264411505
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Barrington H. Branch      For       For        Management
1.2   Elect  Director Geoffrey Button           For       For        Management
1.3   Elect  Director William Cavanaugh III     For       For        Management
1.4   Elect  Director Ngaire E. Cuneo           For       For        Management
1.5   Elect  Director Charles R. Eitel          For       For        Management
1.6   Elect  Director R. Glenn Hubbard          For       For        Management
1.7   Elect  Director Martin C. Jischke         For       For        Management
1.8   Elect  Director L. Ben Lytle              For       For        Management
1.9   Elect  Director William O. Mccoy          For       For        Management
1.10  Elect  Director John W. Nelley, Jr.       For       For        Management
1.11  Elect  Director Dennis D. Oklak           For       For        Management
1.12  Elect  Director Jack R. Shaw              For       For        Management
1.13  Elect  Director Robert J. Woodward, Jr.   For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend Incentive Stock Option Plan         For       For        Management
4     Ratify Auditors                           For       For        Management


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EDUCATION REALTY TRUST, INC.

Ticker:       EDR            Security ID:  28140H104
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Paul O. Bower              For       For        Management
1.2   Elect Director Monte J. Barrow            For       For        Management
1.3   Elect Director William J. Cahill, III     For       For        Management
1.4   Elect Director Randall L. Churchey        For       For        Management
1.5   Elect Director John L. Ford               For       For        Management
2     Ratify Auditors                           For       For        Management


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EQUITY OFFICE PROPERTIES TRUST

Ticker:       EOP            Security ID:  294741103
Meeting Date: MAY 24, 2005   Meeting Type: Annual


                                 NPX_811-09679
Record Date:  MAR 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Marilyn A. Alexander      For       For        Management
1.2   Elect  Director Thomas E. Dobrowski       For       For        Management
1.3   Elect  Director William M. Goodyear       For       For        Management
1.4   Elect  Director James D. Harper, Jr.      For       For        Management
1.5   Elect  Director Richard D. Kincaid        For       For        Management
1.6   Elect  Director David K. McKown           For       For        Management
1.7   Elect  Director Sheli Z. Rosenberg        For       For        Management
1.8   Elect  Director Stephen I. Sadove         For       For        Management
1.9   Elect  Director Sally Susman              For       For        Management
1.10  Elect  Director Jan H.W.R. van der Vlist  For       For        Management
1.11  Elect  Director Samuel Zell               For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

EQUITY RESIDENTIAL

Ticker:       EQR            Security ID:  29476L107
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John W. Alexander          For       For        Management
1.2   Elect Director Charles L. Atwood          For       For        Management
1.3   Elect Director Bruce W. Duncan            For       For        Management
1.4   Elect Director Stephen O. Evans           For       For        Management
1.5   Elect Director James D. Harper, Jr.       For       For        Management
1.6   Elect Director Boone A. Knox              For       For        Management
1.7   Elect Director Desiree G. Rogers          For       For        Management
1.8   Elect Director Sheli Z. Rosenberg         For       For        Management
1.9   Elect Director Gerald A. Spector          For       For        Management
1.10  Elect Director Joseph White               For       For        Management
1.11  Elect Director Samuel Zell                For       For        Management
2     Ratify Auditors                           For       For        Management


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ESSEX PROPERTY TRUST, INC.

Ticker:       ESS            Security ID:  297178105
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David W. Brady            For       For        Management
1.2   Elect  Director Robert E. Larson          For       For        Management
1.3   Elect  Director Michael J. Schall         For       For        Management
1.4   Elect  Director Willard M. Smith, Jr.     For       For        Management
2     Ratify Auditors                           For       For        Management


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FEDERAL REALTY INVESTMENT TRUST

Ticker:       FRT            Security ID:  313747206
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 16, 2005


                                 NPX_811-09679

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mark S. Ordan             For       For        Management
1.2   Elect  Director Donald C. Wood            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


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GABLES RESIDENTIAL TRUST

Ticker:       GBP            Security ID:  362418105
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee David D. Fitch             For       For        Management
1.2   Elect  Trustee John W. McIntyre           For       For        Management
1.3   Elect  Trustee Chris D. Wheeler           For       For        Management


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GENERAL GROWTH PROPERTIES, INC.

Ticker:       GGP            Security ID:  370021107
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Matthew Bucksbaum         For       For        Management
1.2   Elect  Director Bernard Freibaum          For       For        Management
1.3   Elect  Director Beth Stewart              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Stock Option Plan                   For       For        Management
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


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KILROY REALTY CORP.

Ticker:       KRC            Security ID:  49427F108
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John B. Kilroy, Sr.       For       Withhold   Management
1.2   Elect  Director Edward F. Brennan, Ph.D.  For       Withhold   Management
1.3   Elect  Director Matthew J. Hart           For       Withhold   Management


- --------------------------------------------------------------------------------

KIMCO REALTY CORP.

Ticker:       KIM            Security ID:  49446R109
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005


                                 NPX_811-09679

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martin S. Kimmel          For       Withhold   Management
1.2   Elect  Director Milton Cooper             For       Withhold   Management
1.3   Elect  Director Richard G. Dooley         For       Withhold   Management
1.4   Elect  Director Michael J. Flynn          For       Withhold   Management
1.5   Elect  Director Joe Grills                For       For        Management
1.6   Elect  Director David B. Henry            For       Withhold   Management
1.7   Elect  Director F. Patrick Hughes         For       For        Management
1.8   Elect  Director Frank Lourenso            For       Withhold   Management
1.9   Elect  Director Richard Saltzman          For       For        Management
2     Increase Authorized Common Stock          For       For        Management


- --------------------------------------------------------------------------------

LIBERTY PROPERTY TRUST

Ticker:       LRY            Security ID:  531172104
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Frederick F. Buchholz     For       For        Management
1.2   Elect  Director Thomas C. DeLoach, Jr.    For       For        Management
1.3   Elect  Director Daniel P. Garton          For       For        Management
1.4   Elect  Director Stephen B. Siegel         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
4     Establish Other Board Committee           Against   Against    Shareholder


- --------------------------------------------------------------------------------

MACERICH CO., THE

Ticker:       MAC            Security ID:  554382101
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dana K. Anderson          For       For        Management
1.2   Elect  Director Diana M. Laing            For       For        Management
1.3   Elect  Director Stanley A. Moore          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MACK-CALI REALTY CORP.

Ticker:       CLI            Security ID:  554489104
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  APR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Nathan Gantcher           For       For        Management
1.2   Elect  Director David S. Mack             For       For        Management
1.3   Elect  Director William L. Mack           For       For        Management
1.4   Elect  Director Alan G. Philibosian       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


                                 NPX_811-09679


- --------------------------------------------------------------------------------

MAGUIRE PROPERTIES, INC.

Ticker:       MPG            Security ID:  559775101
Meeting Date: JUN 7, 2005    Meeting Type: Annual
Record Date:  APR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert F. Maguire III     For       For        Management
1.2   Elect  Director Richard I. Gilchrist      For       For        Management
1.3   Elect  Director Lawrence S. Kaplan        For       For        Management
1.4   Elect  Director Caroline S. Mcbride       For       For        Management
1.5   Elect  Director Andrea L. Van De Kamp     For       For        Management
1.6   Elect  Director Walter L. Weisman         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PAN PACIFIC RETAIL PROPERTIES, INC.

Ticker:       PNP            Security ID:  69806L104
Meeting Date: APR 29, 2005   Meeting Type: Annual
Record Date:  FEB 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bernard M. Feldman        For       For        Management
1.2   Elect  Director Mark J. Riedy             For       For        Management
2     Amend Articles of Incorporation           Against   For        Shareholder


- --------------------------------------------------------------------------------

PRENTISS PROPERTIES TRUST

Ticker:       PP             Security ID:  740706106
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael V. Prentiss       For       For        Management
1.2   Elect  Director Thomas J. Hynes, Jr.      For       For        Management
1.3   Elect  Director Barry J.C. Parker         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

PROLOGIS

Ticker:       PLD            Security ID:  743410102
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee K. Dane Brooksher          For       For        Management
1.2   Elect  Trustee Walter C. Rakowich         For       For        Management
1.3   Elect  Trustee Jeffrey H. Schwartz        For       For        Management
1.4   Elect  Trustee Kenneth N. Stensby         For       For        Management


                                 NPX_811-09679
2     Declassify the Board of Trustees          For       For        Management
3     Ratify Auditors                           For       For        Management
4     Other Business                            For       For        Management


- --------------------------------------------------------------------------------

REGENCY CENTERS CORP.

Ticker:       REG            Security ID:  758849103
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martin E. Stein, Jr.      For       Did Not    Management
                                                          Vote
1.2   Elect  Director Raymond L. Bank           For       Did Not    Management
                                                          Vote
1.3   Elect  Director C. Ronald Blankenship     For       Did Not    Management
                                                          Vote
1.4   Elect  Director A. R. Carpenter           For       Did Not    Management
                                                          Vote
1.5   Elect  Director J. Dix Druce, Jr.         For       Did Not    Management
                                                          Vote
1.6   Elect  Director Mary Lou Fiala            For       Did Not    Management
                                                          Vote
1.7   Elect  Director Bruce M. Johnson          For       Did Not    Management
                                                          Vote
1.8   Elect  Director Douglas S. Luke           For       Did Not    Management
                                                          Vote
1.9   Elect  Director John C. Schweitzer        For       Did Not    Management
                                                          Vote
1.10  Elect  Director Thomas G. Wattles         For       Did Not    Management
                                                          Vote
1.11  Elect  Director Terry N. Worrell          For       Did Not    Management
                                                          Vote


- --------------------------------------------------------------------------------

SIMON PROPERTY GROUP, INC.

Ticker:       SPG            Security ID:  828806109
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Birch Bayh                 For       For        Management
1.2   Elect Director Melvyn E. Bergstein        For       For        Management
1.3   Elect Director Linda Walker Bynoe         For       For        Management
1.4   Elect Director Karen N. Horn, Ph.D.       For       For        Management
1.5   Elect Director Reuben S. Leibowitz        For       For        Management
1.6   Elect Director J. Albert Smith, Jr.       For       For        Management
1.7   Elect Director Pieter S. Van Den Berg     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Greenhouse Gas Emissions and    Against   Against    Shareholder
      Energy Efficiency


- --------------------------------------------------------------------------------

SL GREEN REALTY CORP.


                                 NPX_811-09679

Ticker:       SLG            Security ID:  78440X101
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 30, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Marc Holliday             For       For        Management
1.2   Elect  Director John S. Levy              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

TAUBMAN CENTERS, INC.

Ticker:       TCO            Security ID:  876664103
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert S. Taubman         For       For        Management
1.2   Elect  Director Lisa A. Payne             For       For        Management
2     Approve Restricted Stock Plan             For       For        Management
3     Approve Outside Director Stock            For       For        Management
      Awards/Options in Lieu of Cash
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

UNITED DOMINION REALTY TRUST, INC.

Ticker:       UDR            Security ID:  910197102
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Eric J. Foss              For       Did Not    Management
                                                          Vote
1.2   Elect  Director Robert P. Freeman         For       Did Not    Management
                                                          Vote
1.3   Elect  Director Jon A. Grove              For       Did Not    Management
                                                          Vote
1.4   Elect  Director James D. Klingbeil        For       Did Not    Management
                                                          Vote
1.5   Elect  Director Robert C. Larson          For       Did Not    Management
                                                          Vote
1.6   Elect  Director Thomas R. Oliver          For       Did Not    Management
                                                          Vote
1.7   Elect  Director Lynne B. Sagalyn          For       Did Not    Management
                                                          Vote
1.8   Elect  Director Mark J. Sandler           For       Did Not    Management
                                                          Vote
1.9   Elect  Director Robert W. Scharar         For       Did Not    Management
                                                          Vote
1.10  Elect  Director Thomas W. Toomey          For       Did Not    Management
                                                          Vote
2     Ratify Auditors                           For       Did Not    Management
                                                          Vote
3     Approve Out-Performance Program           For       Did Not    Management
                                                          Vote
4     Authorize New Class of Preferred Stock    For       Did Not    Management
                                                          Vote

                                 NPX_811-09679

- --------------------------------------------------------------------------------

VORNADO REALTY TRUST

Ticker:       VNO            Security ID:  929042109
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Anthony Deering            For       For        Management
1.2   Elect Director Michael Lynne              For       For        Management
1.3   Elect Director Robert H. Smith            For       For        Management
1.4   Elect Director Ronald Targan              For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

WASHINGTON REAL ESTATE INVESTMENT TRUST

Ticker:       WRE            Security ID:  939653101
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ms. Susan J. Williams     For       For        Management
1.2   Elect  Director Mr. Robert W. Pivik       For       For        Management
2     Limit Awards to Executives                Against   Against    Shareholder


- --------------------------------------------------------------------------------

WEINGARTEN REALTY INVESTORS

Ticker:       WRI            Security ID:  948741103
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stanford Alexander        For       For        Management
1.2   Elect  Director Andrew M. Alexander       For       For        Management
1.3   Elect  Director J. Murry Bowden           For       For        Management
1.4   Elect  Director James W. Crownover        For       For        Management
1.5   Elect  Director Robert J. Cruikshank      For       For        Management
1.6   Elect  Director Melvin A. Dow             For       For        Management
1.7   Elect  Director Stephen A. Lasher         For       For        Management
1.8   Elect  Director Douglas W. Schnitzer      For       For        Management
1.9   Elect  Director Marc J. Shapiro           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       For        Management



                                   SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

(Registrant) Adelante Funds
             ---------------------
By (Signature and Title) /s/Michael A. Torres, Principal Executive Officer
                         -------------------------------------------------
Date August 16, 2005
     -----------------------------