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
Alexandria Real Estate Equit	COM	015271109	69,736	424,440	SH		SOLE		288,856	0	135,584
American Campus Communities	COM	024835100	22,424	519,435	SH		SOLE		335,008	0	184,427
American Homes 4 Rent	COM	02665T306	25,927	777,631	SH		SOLE		566,649	0	210,982
American Tower Corp.	COM	03027X100	40,434	169,137	SH		SOLE		133,579	0	35,558
Boston Properties, Inc.	COM	101121101	34,612	341,811	SH		SOLE		200,492	0	141,319
Camden Property Trust	COM	133131102	65,147	592,731	SH		SOLE		363,956	0	228,775
Cousins Properties, Inc.	COM	222795502	1,691	47,850	SH		SOLE		47,850	0	0
Cubesmart	COM	229663109	25,437	672,398	SH		SOLE		213,652	0	458,746
Digital Realty Trust	COM	253868103	43,049	305,656	SH		SOLE		149,597	0	156,059
Duke Realty Corporation	COM	264411505	71,046	1,694,402	SH		SOLE		947,196	0	747,206
Eastgroup Properties	COM	277276101	19,272	134,510	SH		SOLE		49,223	0	85,287
Equinix Inc.	COM	29444U700	144,589	212,760	SH		SOLE		119,307	0	93,453
Equity Lifestyle Properties	COM	29472R108	50,209	788,953	SH		SOLE		567,386	0	221,567
Equity Residential	COM	29476L107	92,283	1,288,337	SH		SOLE		776,579	0	511,758
Essex Property Trust, Inc.	COM	297178105	60,585	222,870	SH		SOLE		141,604	0	81,266
Extra Space Storage, Inc.	COM	30225T102	77,066	581,406	SH		SOLE		406,411	0	174,995
Federal Realty Investment Tr	COM	313747206	16,552	163,150	SH		SOLE		38,250	0	124,900
Healthcare Trust of America	COM	42225P501	30,421	1,103,001	SH		SOLE		575,855	0	527,146
Highwoods Properties, Inc.	COM	431284108	27,020	629,238	SH		SOLE		181,468	0	447,770
Hilton, Inc.	COM	43300A203	1,200	9,927	SH		SOLE		9,927	0	0
Invitation Homes Inc	COM	46187W107	60,681	1,896,857	SH		SOLE		1,219,571	0	677,286
JBG Smith Properties	COM	46590V100	12,807	402,869	SH		SOLE		402,720	0	149
Kilroy Realty	COM	49427F108	43,331	660,229	SH		SOLE		334,085	0	326,144
Kimco Realty Corp.	COM	49446R109	59,751	3,186,742	SH		SOLE		1,963,088	0	1,223,654
Omega Healthcare Investors	COM	681936100	13,438	366,870	SH		SOLE		366,675	0	195
Playa Hotels & Resorts	COM	N70544106	12,597	1,725,560	SH		SOLE		878,768	0	846,792
ProLogis Inc.	COM	74340W103	169,876	1,602,600	SH		SOLE		1,047,675	0	554,925
Public Storage	COM	74460D109	23,575	95,536	SH		SOLE		35,622	0	59,914
Retail Opportunity Investmen	COM	76131N101	18,568	1,170,007	SH		SOLE		1,169,340	0	667
Ryman Hospitality Properties	COM	78377T107	26,566	342,742	SH		SOLE		183,579	0	159,163
Simon Property Group, Inc.	COM	828806109	71,294	626,648	SH		SOLE		376,938	0	249,710
Sun Communities, Inc.	COM	866674104	35,108	233,991	SH		SOLE		142,359	0	91,632
Ventas, Inc.	COM	92276F100	14,939	280,070	SH		SOLE		65,080	0	214,990
Welltower Inc.	COM	95040Q104	96,152	1,342,342	SH		SOLE		748,007	0	594,335
Xenia Hotels & Resorts Inc	COM	984017103	14,540	745,637	SH		SOLE		301,224	0	444,413