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
Acadia Realty Trust	COM	004239109	231	8,775	SH		SOLE		8,775	0	0
Alexandria Real Estate Equit	COM	015271109	16,619	229,039	SH		SOLE		50,694	0	178,345
American Assets Trust, Inc.	COM	024013104	372	11,013	SH		SOLE		10,932	0	81
American Residential Propert	COM	02927E303	11,112	617,988	SH		SOLE		215,404	0	402,584
American Tower Corp.	COM	03027X100	46,881	572,622	SH		SOLE		285,538	0	287,084
Apartment Investment & Manag	COM	03748R101	36,917	1,221,607	SH		SOLE		394,561	0	827,046
AvalonBay Communities, Inc.	COM	053484101	99,178	755,238	SH		SOLE		289,153	0	466,085
Boston Properties, Inc.	COM	101121101	89,470	781,190	SH		SOLE		302,234	0	478,956
Brixmor Property Group	COM	11120U105	37,319	1,749,617	SH		SOLE		693,845	0	1,055,772
Chesapeake Lodging Trust	COM	165240102	40,856	1,587,880	SH		SOLE		616,597	0	971,283
CoreSite Realty Corp.	COM	21870Q105	23,406	755,036	SH		SOLE		220,004	0	535,032
Cousins Properties, Inc.	COM	222795106	38,552	3,361,068	SH		SOLE		1,149,482	0	2,211,586
DiamondRock Hospitality	COM	252784301	5,589	475,702	SH		SOLE		348,437	0	127,265
Duke Realty Corporation	COM	264411505	19,849	1,175,894	SH		SOLE		466,390	0	709,504
Equity Lifestyle Properties	COM	29472R108	17,522	431,048	SH		SOLE		100,755	0	330,293
Equity One	COM	294752100	23,579	1,055,441	SH		SOLE		232,052	0	823,389
Equity Residential	COM	29476L107	120,711	2,081,575	SH		SOLE		832,032	0	1,249,543
Essex Property Trust, Inc.	COM	297178105	70,335	413,611	SH		SOLE		174,942	0	238,669
Extra Space Storage, Inc	COM	30225T102	51,528	1,062,214	SH		SOLE		452,370	0	609,844
Federal Realty Investments T	COM	313747206	564	4,913	SH		SOLE		4,877	0	36
General Growth Properties	COM	370023103	75,098	3,413,553	SH		SOLE		1,364,252	0	2,049,301
HCP Inc.	COM	40414L109	96,068	2,476,625	SH		SOLE		958,618	0	1,518,007
Healthcare Trust of America	COM	42225P105	24,001	2,107,147	SH		SOLE		487,230	0	1,619,917
Hyatt Hotels	COM	448579102	25,839	480,198	SH		SOLE		104,811	0	375,387
Kilroy Realty	COM	49427F108	45,208	771,736	SH		SOLE		297,083	0	474,653
Kimco Realty Corp.	COM	49446R109	11,334	518,000	SH		SOLE		379,400	0	138,600
Kite Realty Group Trust	COM	49803T102	20,541	3,423,540	SH		SOLE		759,207	0	2,664,333
Mack-Cali Realty Corporation	COM	554489104	12,347	593,900	SH		SOLE		115,300	0	478,600
Marriott International-CL A	COM	571903202	51,463	918,664	SH		SOLE		443,490	0	475,174
ProLogis Inc.	COM	74340W103	83,281	2,039,684	SH		SOLE		820,827	0	1,218,857
Public Storage	COM	74460D109	88,651	526,152	SH		SOLE		213,503	0	312,649
RLJ Lodging Trust	COM	74965L101	33,486	1,252,284	SH		SOLE		281,868	0	970,416
Retail Opportunity Investmen	COM	76131N101	37,407	2,503,765	SH		SOLE		1,240,684	0	1,263,081
SL Green Realty Corp.	COM	78440X101	67,054	666,408	SH		SOLE		252,903	0	413,505
Saul Centers, Inc.	COM	804395101	13,764	290,621	SH		SOLE		56,151	0	234,470
Simon Property Group, Inc.	COM	828806109	199,940	1,219,150	SH		SOLE		471,986	0	747,164
Starwood Hotels & Resorts Wo	COM	85590A401	13,161	165,338	SH		SOLE		81,102	0	84,236
Taubman Centers, Inc.	COM	876664103	55,832	788,697	SH		SOLE		309,905	0	478,792
Terreno Realty Corp	COM	88146M101	18,611	984,172	SH		SOLE		197,169	0	787,003
Ventas, Inc.	COM	92276F100	91,929	1,517,727	SH		SOLE		619,473	0	898,254