The Total Return Strategy Composite (net of fees) includes all fully discretionary
accounts and the Total Return Fund managed pursuant to Adelante's Total Return
Strategy with substantially similar objectives and policies, which included 22
accounts representing $2.7 billion as of December 31, 2006. The GIPS
performance examination for the Total Return Strategy Composite begins
July 1, 1995.

The Dow Jones Wilshire REIT Index is an unmanaged index of 87 issuers as of
December 31, 2006 and, consistent with the Adelante composite, reflects the
reinvestment of dividends and other earnings. An investment management
account with Adelante generally holds fewer securities than the Dow Jones
Wilshire REIT Index and therefore entails greater risk.

Past performance is no guarantee of future results and investments entail
the potential for loss as well as gain. In addition, the results obtained by the
22 institutional accounts included in the composite may vary from the results
obtained by other accounts, including those in a managed account program
that are likely to experience less frequent trading activity in light of their
smaller asset base.

GIPS Verification/Examination Report