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
Alexander & Baldwin Inc	COM	014491104	7,867	701,228	SH		SOLE		141,257	0	559,971
Alexandria Real Estate Equit	COM	015271109	87,726	640,052	SH		SOLE		375,802	0	264,250
American Homes 4 Rent	COM	02665T306	25,588	1,102,928	SH		SOLE		666,141	0	436,787
American Tower Corp.	COM	03027X100	51,985	238,740	SH		SOLE		154,654	0	84,086
Americold Realty Trust	COM	03064D108	23,597	693,209	SH		SOLE		552,976	0	140,233
AvalonBay Communities, Inc.	COM	053484101	46,278	314,450	SH		SOLE		55,700	0	258,750
Boston Properties, Inc.	COM	101121101	64,280	696,952	SH		SOLE		325,474	0	371,478
Camden Property Trust	COM	133131102	60,573	764,423	SH		SOLE		395,225	0	369,198
CoreSite Realty Corp.	COM	21870Q105	1,070	9,235	SH		SOLE		8,310	0	925
Cubesmart	COM	229663109	31,381	1,171,364	SH		SOLE		231,082	0	940,282
CyrusOne	COM	23283R100	31,193	505,139	SH		SOLE		149,300	0	355,839
DiamondRock Hospitality	COM	252784301	2,901	571,115	SH		SOLE		571,115	0	0
Duke Realty Corporation	COM	264411505	50,555	1,561,313	SH		SOLE		337,084	0	1,224,229
Equinix Inc.	COM	29444U700	172,905	276,839	SH		SOLE		111,883	0	164,956
Equity Lifestyle Properties	COM	29472R108	28,193	490,488	SH		SOLE		162,693	0	327,795
Equity Residential	COM	29476L107	99,262	1,608,518	SH		SOLE		776,566	0	831,952
Essex Property Trust, Inc.	COM	297178105	39,846	180,924	SH		SOLE		110,330	0	70,594
Extra Space Storage, Inc.	COM	30225T102	73,580	768,377	SH		SOLE		367,489	0	400,888
Healthcare Trust of America	COM	42225P501	40,379	1,663,065	SH		SOLE		827,176	0	835,889
Healthpeak Properties	COM	42250P103	65,332	2,739,274	SH		SOLE		996,822	0	1,742,452
Highwoods Properties, Inc.	COM	431284108	23,360	659,511	SH		SOLE		106,610	0	552,901
Hilton, Inc.	COM	43300A203	16,243	238,025	SH		SOLE		39,942	0	198,083
Hudson Pacific Properties	COM	444097109	11,367	448,248	SH		SOLE		442,498	0	5,750
Invitation Homes Inc	COM	46187W107	42,813	2,003,430	SH		SOLE		996,105	0	1,007,325
JBG Smith Properties	COM	46590V100	28,713	902,083	SH		SOLE		559,115	0	342,968
Kilroy Realty	COM	49427F108	58,469	917,873	SH		SOLE		404,793	0	513,080
Kimco Realty Corp.	COM	49446R109	33,330	3,446,768	SH		SOLE		1,654,368	0	1,792,400
Omega Healthcare Investors	COM	681936100	20,483	771,768	SH		SOLE		313,187	0	458,581
Park Hotels & Resorts	COM	700517105	500	63,270	SH		SOLE		56,930	0	6,340
Pebblebrook Hotel Trust	COM	70509V100	8,082	742,148	SH		SOLE		736,625	0	5,523
ProLogis Inc.	COM	74340W103	160,255	1,993,967	SH		SOLE		929,322	0	1,064,645
Retail Opportunity Investmen	COM	76131N101	23,829	2,874,452	SH		SOLE		1,197,537	0	1,676,915
Ryman Hospitality Properties	COM	78377T107	15,992	446,068	SH		SOLE		86,760	0	359,308
Simon Property Group, Inc.	COM	828806109	51,715	942,668	SH		SOLE		412,421	0	530,247
Sun Communities, Inc.	COM	866674104	35,307	282,796	SH		SOLE		148,177	0	134,619
Terreno Realty Corp	COM	88146M101	22,979	444,050	SH		SOLE		107,755	0	336,295
Welltower Inc.	COM	95040Q104	16,222	354,350	SH		SOLE		46,760	0	307,590