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	2,559	73,370	SH		SOLE		53,300	0	20,070
Alexandria Real Estate Equit	COM	015271109	61,879	631,153	SH		SOLE		280,890	0	350,263
American Assets Trust	COM	024013104	37,291	861,619	SH		SOLE		199,293	0	662,326
American Tower Corp.	COM	03027X100	29,887	317,438	SH		SOLE		238,585	0	78,853
AvalonBay Communities, Inc.	COM	053484101	78,271	449,183	SH		SOLE		110,579	0	338,604
Boston Properties, Inc.	COM	101121101	93,552	665,944	SH		SOLE		277,398	0	388,546
Brixmor Property Group	COM	11120U105	37,795	1,423,540	SH		SOLE		303,875	0	1,119,665
Brookdale Senior Living	COM	112463104	32,607	863,541	SH		SOLE		360,824	0	502,717
Camden Property Trust	COM	133131102	15,985	204,600	SH		SOLE		152,400	0	52,200
Chesapeake Lodging Trust	COM	165240102	38,686	1,143,523	SH		SOLE		222,691	0	920,832
CoreSite Realty Corp.	COM	21870Q105	30,961	636,023	SH		SOLE		197,000	0	439,023
Cousins Properties, Inc.	COM	222795106	38,427	3,625,195	SH		SOLE		803,049	0	2,822,146
DDR Corp.	COM	23317H102	18,140	974,200	SH		SOLE		160,600	0	813,600
Douglas Emmett Inc.	COM	25960P109	36,528	1,225,365	SH		SOLE		371,541	0	853,824
Duke Realty Corporation	COM	264411505	61,178	2,810,202	SH		SOLE		920,668	0	1,889,534
Equinix Inc.	COM	29444U700	13,891	59,655	SH		SOLE		44,245	0	15,410
Equity Lifestyle Properties	COM	29472R108	624	11,356	SH		SOLE		11,272	0	84
Equity Residential	COM	29476L107	164,624	2,114,349	SH		SOLE		849,095	0	1,265,254
Essex Property Trust, Inc.	COM	297178105	99,452	432,589	SH		SOLE		179,191	0	253,398
Extra Space Storage, Inc	COM	30225T102	47,203	698,581	SH		SOLE		281,661	0	416,920
Federal Realty Investment Tr	COM	313747206	68,102	462,618	SH		SOLE		183,879	0	278,739
First Industrial Realty Trus	COM	32054K103	2,386	111,353	SH		SOLE		89,893	0	21,460
General Growth Properties	COM	370023103	78,656	2,661,792	SH		SOLE		1,016,761	0	1,645,031
HCP Inc.	COM	40414L109	62,807	1,453,533	SH		SOLE		617,550	0	835,983
Health Care REIT Com	COM	42217K106	133,213	1,721,980	SH		SOLE		663,800	0	1,058,180
Healthcare Trust of America	COM	42225P501	32,851	1,179,150	SH		SOLE		271,645	0	907,505
IShares DJ US Real Estate In	COM	464287739	1,348	17,000	SH		SOLE		0	0	17,000
Kilroy Realty	COM	49427F108	48,765	640,206	SH		SOLE		262,619	0	377,587
Marriott International-CL A	COM	571903202	58,998	734,547	SH		SOLE		392,292	0	342,255
Paramount Group Inc	COM	69924R108	58,447	3,028,383	SH		SOLE		1,147,019	0	1,881,364
Pebblebrook Hotel Trust	COM	70509V100	1,753	37,650	SH		SOLE		27,320	0	10,330
Post Properties, Inc.	COM	737464107	36,908	648,300	SH		SOLE		199,500	0	448,800
ProLogis Inc.	COM	74340W103	99,907	2,293,554	SH		SOLE		1,014,853	0	1,278,701
Public Storage	COM	74460D109	105,861	536,983	SH		SOLE		214,875	0	322,108
Retail Opportunity Investmen	COM	76131N101	38,035	2,078,436	SH		SOLE		930,313	0	1,148,123
Simon Property Group, Inc.	COM	828806109	230,483	1,178,099	SH		SOLE		453,043	0	725,056
Starwood Hotels & Resorts Wo	COM	85590A401	41,532	497,380	SH		SOLE		230,078	0	267,302
Store Capital Corp.	COM	862121100	32,764	1,403,203	SH		SOLE		561,109	0	842,094
Strategic Hotels & Resorts	COM	86272T106	60,322	4,852,950	SH		SOLE		1,757,293	0	3,095,657
Taubman Centers, Inc.	COM	876664103	31,577	409,402	SH		SOLE		131,283	0	278,119
Terreno Realty Corp	COM	88146M101	16,832	738,237	SH		SOLE		121,515	0	616,722
W P Carey Inc.	COM	92936U109	123	1,815	SH		SOLE		1,815	0	0