Adelante Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
American Assets Trust	COM	024013104	19,614	635,566	SH		SOLE		136,188	0	499,378
American Campus Communities	COM	024835100	17,970	441,965	SH		SOLE		91,361	0	350,604
American Tower Corp.	COM	03027X100	53,679	733,617	SH		SOLE		341,959	0	391,658
Apartment Investment & Manag	COM	03748R101	44,820	1,492,012	SH		SOLE		465,097	0	1,026,915
AvalonBay Communities, Inc.	COM	053484101	112,425	833,335	SH		SOLE		319,402	0	513,933
Boston Properties, Inc.	COM	101121101	96,264	912,715	SH		SOLE		312,130	0	600,585
Chesapeake Lodging Trust	COM	165240102	35,509	1,707,991	SH		SOLE		710,363	0	997,628
Cole Real Estate Investments	COM	19329V105	21,708	1,897,548	SH		SOLE		798,257	0	1,099,291
DiamondRock Hospitality	COM	252784301	7,181	770,442	SH		SOLE		566,972	0	203,470
Digital Realty Trust	COM	253868103	28,095	460,582	SH		SOLE		96,787	0	363,795
Equinix Inc.	COM	29444U502	1,552	8,400	SH		SOLE		6,200	0	2,200
Equity One	COM	294752100	16,728	739,197	SH		SOLE		155,798	0	583,399
Equity Residential	COM	29476L107	120,412	2,073,917	SH		SOLE		776,016	0	1,297,901
Essex Property Trust, Inc.	COM	297178105	47,137	296,606	SH		SOLE		123,572	0	173,034
Extra Space Storage, Inc	COM	30225T102	52,812	1,259,535	SH		SOLE		524,896	0	734,639
Federal Realty Investment Tr	COM	313747206	254	2,450	SH		SOLE		2,450	0	0
General Growth Properties	COM	370023103	73,905	3,719,409	SH		SOLE		1,393,668	0	2,325,741
HCP Inc.	COM	40414L109	108,263	2,382,547	SH		SOLE		853,958	0	1,528,589
Health Care REIT, Inc.	COM	42217K106	2	36	SH		SOLE		36	0	0
Healthcare Trust of America	COM	42225P105	19,673	1,751,791	SH		SOLE		385,806	0	1,365,985
Hyatt Hotels	COM	448579102	19,320	478,677	SH		SOLE		101,404	0	377,273
Kilroy Realty	COM	49427F108	40,091	756,283	SH		SOLE		299,470	0	456,813
Kite Realty Group Trust	COM	49803T102	10,657	1,767,467	SH		SOLE		371,425	0	1,396,042
LaSalle Hotel Properties	COM	517942108	20,267	820,530	SH		SOLE		171,855	0	648,675
Marriott International-CL A	COM	571903202	43,121	1,068,153	SH		SOLE		456,952	0	611,201
Pennsylvania Real Estate Inv	COM	709102107	17,617	933,088	SH		SOLE		194,641	0	738,447
Post Properties, Inc.	COM	737464107	46,668	942,962	SH		SOLE		371,033	0	571,929
ProLogis Inc.	COM	74340W103	83,626	2,217,002	SH		SOLE		807,485	0	1,409,517
Public Storage	COM	74460D109	87,830	572,818	SH		SOLE		214,035	0	358,783
RLJ Lodging Trust	COM	74965L101	13,495	600,041	SH		SOLE		124,144	0	475,897
Regency Centers Corporation	COM	758849103	444	8,748	SH		SOLE		8,616	0	132
Retail Opportunity Investmen	COM	76131N101	34,728	2,498,413	SH		SOLE		1,182,235	0	1,316,178
SL Green Realty Corp.	COM	78440X101	49,261	558,582	SH		SOLE		209,252	0	349,330
Saul Centers, Inc.	COM	804395101	11,791	265,207	SH		SOLE		51,066	0	214,141
Simon Property Group, Inc.	COM	828806109	196,438	1,243,906	SH		SOLE		453,147	0	790,759
Spirit Realty Capital, Inc.	COM	84860F109	1	36	SH		SOLE		36	0	0
Taubman Centers, Inc.	COM	876664103	60,222	801,356	SH		SOLE		314,573	0	486,783
Terreno Realty Corp	COM	88146M101	9,251	499,250	SH		SOLE		93,025	0	406,225
Thomas Properties Group, Inc	COM	884453101	3,440	649,069	SH		SOLE		140,330	0	508,739
Ventas, Inc.	COM	92276F100	100,339	1,444,562	SH		SOLE		584,144	0	860,418
Vornado Realty Trust	COM	929042109	60,403	729,059	SH		SOLE		266,420	0	462,639