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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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) - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 -----------------------------