Adelante Global Property Securities Fund LP

Investment Objective

The Fund's objective is to achieve long-term capital growth and stable income return primarily by investing in a diversified portfolio of real estate securities that are listed on exchanges throughout the world.

Principal Investment Strategy
The Fund seeks to achieve its objective by investing in what the Investment Manager considers at any given time to be a globally diversified portfolio of property companies that are undervalued relative to their real estate value.  The Fund has the authority to invest in securities of any country in the world, though the Fund generally intends at all times to be invested in three global regions - the North American Region, the European Region and the Asia Pacific Region.  The North American Region includes the United States, Canada and Mexico.  The European Region includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, the Netherlands, Norway, Poland, Spain, Sweden, Switzerland and the United Kingdom.  The Asia-Pacific Region includes Australia, New Zealand, Japan, Hong Kong, China, Singapore, Malaysia, Indonesia, South Korea, Thailand and VIetnam.

Principal Risks

The principal risks of investing in the Fund are risks generally associated with investing in stocks, both U.S. and non-U.S., and risks specific to investing in the real estate industry. Risks specific to non-U.S. stocks include those associated with political and economic developments, higher operating costs, exchange controls, currency fluctuations, foreign withholding and other taxes which may reduce investment return and the reduced availability of public information concerning issuers and the fact that foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards or to other regulatory practices and requirements comparable to those applicable to U.S. chartered issuers.  Real estate investing involves special risks, including interest rate fluctuation, credit risk, liquidity risk and the impact of varied economic conditions on real estate values and occupancy rates. Some real estate securities, including REITs, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects, including greater market fluctuations