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Notice: Effective February 12, 2010, the Fund has stopped accepting purchases and has begun the process of liquidation. Please see attached prospectus supplement for details.
Prospectus Supplement dated February 12, 2010
Adelante U.S. Real Estate Securities Fund
Investment Objective The Fund's objective is total return from a combination of dividend income and long-term growth. The Fund's investment objective may be changed without shareholder approval. Principal Investment Strategy
The principal risks of investing in the Fund are risks generally associated with investing in stocks and risks specific to investing in the real estate industry. 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. There are a variety of ways you can invest in our fund. You can open an account and purchase our fund directly with us or if you have an existing account with a financial professional, such as an investment adviser or broker, you can purchase our fund through them. Charles Schwab Fidelity LPL Financial Pershing Scottrade TD Ameritrade Vanguard
You should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. For a Prospectus that contains this and other information about the Fund, please call (877) 563-5327. Please read the Prospectus carefully before investing. The Advisor has contractually agreed to limit the Total Annual Fund Operating Expenses excluding interest, taxes, brokerage, commissions and other investment related costs and extraordinary expenses for Class K shares to 1.10% and Class Y shares to 0.90% through May 31, 2010. In the absence of fee waivers, total returns would be reduced.
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