UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2011
Check here if Amendment [  ]; Amendment Number:


This Amendment (Check only one.):
[  ] is a restatement.

[  ] adds new holdings
entries.
Institutional Investment Manager
Filing this Report:

Name:
Pensioenfonds DSM Nederland.
Address:
P.O. Box 6500

6401 JH Heerlen

Netherlands
13F File
Number:
28-10932
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this submission.
Person Signing this Report on Behalf of Reporting Manager:
Name:
Jos Janssen

Title:
Assistant-Controller
Phone:
0031455782878

Signature,
Place,Heerlen
January 20, 2012



Report Type (Check only one.):


[ X]        13F HOLDINGS REPORT.

[  ]        13F NOTICE.

[  ]        13F COMBINATION REPORT.
List of Other Managers Reporting for this
Manager:



FORM 13F SUMMARY PAGE  XE "FORM 13F SUMMARY PAGE"
Report Summary:
Number of Other Included
Managers:
0
Form 13F Information Table
Entry Total:
191
Form 13F Information Table
Value Total:
$518,583 (thousands)


List of Other Included
Managers:





No.  13F File Number
Name











                                            
	FORM 13F INFORMATION TABLE  XE "FORM 13F INFORMATION TABLE"


Name of issuer			title of class	ISIN		Value	Number
								in $*1000
3M CO				common stock	US88579Y1010	2595	31745	US
ABBOTT LABORATORIES		common stock	US0028241000	5211	92667	US
AGILENT TECHNOLOGIES INC	common stock	US00846U1016	1824	52223	US
AGREE REALTY CORP		common stock	US0084921008	414	17000	US
ALCOA INC			common stock	US0138171014	917	106054	US
ALEXANDRIA REAL ESTATE EQUIT	common stock	US0152711091	1952	28300	US
ALPHA NATURAL RESOURCES INC	common stock	US02076X1028	613	30000	US
ALTRIA GROUP INC		common stock	US02209S1033	3590	121096	US
AMERICAN INTERNATIONAL GROUP	common stock	US0268747849	170	7340	US
AMERIPRISE FINANCIAL INC	common stock	US03076C1062	1022	20579	US
AMGEN INC			common stock	US0311621009	5408	84223	US
AOL INC				common stock	US00184X1054	164	10839	US
APACHE CORP			common stock	US0374111054	2869	31672	US
APPLIED MATERIALS INC		common stock	US0382221051	1619	151172	US
ARCH COAL INC			common stock	US0393801008	885	61000	US
ARCHER-DANIELS-MIDLAND CO	common stock	US0394831020	3437	120187	US
AVALONBAY COMMUNITIES INC	common stock	US0534841012	3189	24420	US
AVON PRODUCTS INC		common stock	US0543031027	857	49043	US
BANK OF NEW YORK MELLON CORP	common stock	US0640581007	2194	110210	US
BAXTER INTERNATIONAL INC	common stock	US0718131099	1722	34799	US
BIOGEN IDEC INC			common stock	US09062X1037	5093	46282	US
BIOMED REALTY TRUST INC		common stock	US09063H1077	1591	88000	US
BOEING CO/THE			common stock	US0970231058	4185	57051	US
BOSTON PROPERTIES INC		common stock	US1011211018	4115	41317	US
BOSTON SCIENTIFIC CORP		common stock	US1011371077	724	135592	US
BRANDYWINE REALTY TRUST		common stock	US1053682035	246	25900	US
BRE PROPERTIES INC		common stock	US05564E1064	709	14038	US
BRISTOL-MYERS SQUIBB CO		common stock	US1101221083	6253	177438	US
CAMDEN PROPERTY TRUST		common stock	US1331311027	888	14269	US
CAMPBELL SOUP CO		common stock	US1344291091	3848	115777	US
CARDINAL HEALTH INC		common stock	US14149Y1082	629	15488	US
CAREFUSION CORP			common stock	US14170T1016	212	8336	US
CARNIVAL CORP			common stock	PA1436583006	1694	51890	US
CATERPILLAR INC			common stock	US1491231015	3041	33566	US
CBL & ASSOCIATES PROPERTIES	common stock	US1248301004	414	26362	US
CELANESE CORP-SERIES A		common stock	US1508701034	2956	66762	US
CENTRAL EURO DISTRIBUTION CP	common stock	US1534351028	190	43365	US
CENTURYLINK INC			common stock	US1567001060	428	11499	US
CHEVRON CORP			common stock	US1667641005	9211	86569	US
CISCO SYSTEMS INC		common stock	US17275R1023	3238	179107	US
CLOROX COMPANY			common stock	US1890541097	1305	19601	US
COCA-COLA CO/THE		common stock	US1912161007	7702	110076	US
COLGATE-PALMOLIVE CO		common stock	US1941621039	2146	23226	US
COLONIAL PROPERTIES TRUST	common stock	US1958721060	323	15500	US
COMCAST CORP-CLASS A		common stock	US20030N1019	3470	147265	US
COMMONWEALTH REIT		common stock	US2032331017	327	19660	US
CONOCOPHILLIPS			common stock	US20825C1045	4940	67796	US
CONSOL ENERGY INC		common stock	US20854P1093	1994	54324	US
CVS CAREMARK CORP		common stock	US1266501006	2893	70949	US
Cubesmart			common stock	US2296631094	121	11400	US
DCT INDUSTRIAL TRUST INC	common stock	US2331531051	748	146100	US
DEERE & CO			common stock	US2441991054	3695	47771	US
DELL INC			common stock	US24702R1014	1279	87415	US
DEVON ENERGY CORPORATION	common stock	US25179M1036	2302	37122	US
DIAMOND OFFSHORE DRILLING	common stock	US25271C1027	1280	23161	US
DIAMONDROCK HOSPITALITY CO	common stock	US2527843013	696	72155	US
DIGITAL REALTY TRUST INC	common stock	US2538681030	3440	51600	US
DOLLAR TREE INC			common stock	US2567461080	2493	30000	US
DOMINION RESOURCES INC/VA	common stock	US25746U1097	1751	32982	US
DOUGLAS EMMETT INC		common stock	US25960P1093	1209	66300	US
DR PEPPER SNAPPLE GROUP INC	common stock	US26138E1091	1770	44828	US
DU PONT (E.I.) DE NEMOURS	common stock	US2635341090	1758	38404	US
DUKE ENERGY CORP		common stock	US26441C1053	795	36117	US
DUKE REALTY CORP		common stock	US2644115055	344	28524	US
EASTGROUP PROPERTIES INC	common stock	US2772761019	761	17500	US
EASTMAN CHEMICAL CO		common stock	US2774321002	2382	60990	US
EBAY INC			common stock	US2786421030	1412	46551	US
ELI LILLY & CO			common stock	US5324571083	4160	100104	US
EMC CORP/MASS			common stock	US2686481027	1683	78148	US
EMERSON ELECTRIC CO		common stock	US2910111044	1511	32422	US
EQUITY LIFESTYLE PROPERTIES	common stock	US29472R1086	587	8800	US
EQUITY ONE INC			common stock	US2947521009	637	37500	US
EQUITY RESIDENTIAL		common stock	US29476L1070	4115	72156	US
ESSEX PROPERTY TRUST INC	common stock	US2971781057	703	5000	US
ESTEE LAUDER COMPANIES-CL A	common stock	US5184391044	5246	46704	US
EXELON CORP			common stock	US30161N1019	1952	45000	US
EXTRA SPACE STORAGE INC		common stock	US30225T1025	749	30900	US
EXXON MOBIL CORP		common stock	US30231G1022	10504	123924	US
FAIRPOINT COMMUNICATIONS INC	common stock	US3055601047	0	2870	US
FEDERAL REALTY INVS TRUST	common stock	US3137472060	1313	14468	US
FIRSTENERGY CORP		common stock	US3379321074	1228	27725	US
FLUOR CORP			common stock	US3434121022	2474	49232	US
FOREST LABORATORIES INC		common stock	US3458381064	974	32200	US
FREEPORT-MCMORAN COPPER		common stock	US35671D8570	2701	73426	US
GENERAL ELECTRIC CO		common stock	US3696041033	9332	521077	US
GENERAL GROWTH PROPERTIES	common stock	US3700231034	984	65500	US
GENERAL MILLS INC		common stock	US3703341046	3958	97957	US
GOOGLE INC-CL A			common stock	US38259P5089	9559	14800	US
GRAMERCY CAPITAL CORP		common stock	US3848711095	6	2419	US
HALLIBURTON CO			common stock	US4062161017	3226	93490	US
HARLEY-DAVIDSON INC		common stock	US4128221086	1013	26065	US
HCP INC				common stock	US40414L1098	3952	95393	US
HEALTH CARE REIT INC		common stock	US42217K1060	3133	57453	US
HEALTHCARE REALTY TRUST INC	common stock	US4219461047	728	39182	US
HESS CORP			common stock	US42809H1077	2668	46977	US
HEWLETT-PACKARD CO		common stock	US4282361033	425	16486	US
HIGHWOODS PROPERTIES INC	common stock	US4312841087	448	15102	US
HOME PROPERTIES INC		common stock	US4373061039	1313	22800	US
HONEYWELL INTERNATIONAL INC	common stock	US4385161066	1841	33882	US
HOSPIRA INC			common stock	US4410601003	260	8570	US
HOSPITALITY PROPERTIES TRUST	common stock	US44106M1027	1033	44934	US
HOST HOTELS & RESORTS INC	common stock	US44107P1049	2917	197498	US
HUNTINGTON INGALLS INDUSTrie	common stock	US4464131063	164	5244	US
INTEL CORP			common stock	US4581401001	6375	262887	US
INTERNATIONAL PAPER CO		common stock	US4601461035	712	24038	US
INTL BUSINESS MACHINES CORP	common stock	US4592001014	9763	53092	US
INVESCO LTD			common stock	BMG491BT1088	984	48967	US
JOHNSON & JOHNSON		common stock	US4781601046	8527	130024	US
JOY GLOBAL INC			common stock	US4811651086	1641	21894	US
JPMORGAN CHASE & CO		common stock	US46625H1005	6223	187148	US
KIMBERLY-CLARK CORP		common stock	US4943681035	3602	48973	US
KIMCO REALTY CORP		common stock	US49446R1095	2740	168731	US
KRAFT FOODS INC-CLASS A		common stock	US50075N1046	3127	83710	US
KROGER CO			common stock	US5010441013	3330	137470	US
LASALLE HOTEL PROPERTIES	common stock	US5179421087	826	34100	US
LIBERTY PROPERTY TRUST		common stock	US5311721048	1454	47096	US
LTC PROPERTIES INC		common stock	US5021751020	833	27000	US
MACERICH CO/THE			common stock	US5543821012	2773	54807	US
MCDONALD'S CORP			common stock	US5801351017	9069	90392	US
MCGRAW-HILL COMPANIES INC	common stock	US5806451093	2971	66065	US
MCKESSON CORP			common stock	US58155Q1031	1594	20454	US
MEAD JOHNSON NUTRITION CO	common stock	US5828391061	1299	18897	US
MEADWESTVACO CORP		common stock	US5833341077	1591	53127	US
MEDTRONIC INC			common stock	US5850551061	3306	86424	US
MERCK & CO. INC.		common stock	US58933Y1055	8584	227691	US
METLIFE INC			common stock	US59156R1086	577	18492	US
MICROSOFT CORP			common stock	US5949181045	6132	236196	US
MONSANTO CO			common stock	US61166W1018	3198	45635	US
MONSTER WORLDWIDE INC		common stock	US6117421072	229	28875	US
MOSAIC CO/THE			common stock	US61945C1036	1765	35000	US
NATIONAL OILWELL VARCO INC	common stock	US6370711011	3602	52984	US
NEWMONT MINING CORP		common stock	US6516391066	3056	50923	US
NEXTERA ENERGY INC		common stock	US65339F1012	4166	68428	US
NORFOLK SOUTHERN CORP		common stock	US6558441084	2745	37681	US
NORTHROP GRUMMAN CORP		common stock	US6668071029	1840	31467	US
OMEGA HEALTHCARE INVESTORS	common stock	US6819361006	1453	75100	US
ORACLE CORP			common stock	US68389X1054	7634	297627	US
PEPSICO INC			common stock	US7134481081	8581	129331	US
PFIZER INC			common stock	US7170811035	9433	435897	US
PHILIP MORRIS INTERNATIONAL	common stock	US7181721090	9516	121251	US
PRAXAIR INC			common stock	US74005P1049	1394	13043	US
PROCTER & GAMBLE CO/THE		common stock	US7427181091	8642	129551	US
PROLOGIS INC			common stock	US74340W1036	1299	45422	US
PRUDENTIAL FINANCIAL INC	common stock	US7443201022	1631	32548	US
PS BUSINESS PARKS INC/CA	common stock	US69360J1079	522	9426	US
PUBLIC STORAGE			common stock	US74460D1090	5523	41074	US
QUALCOMM INC			common stock	US7475251036	7210	131804	US
QUANTA SERVICES INC		common stock	US74762E1029	5994	278278	US
REALTY INCOME CORP		common stock	US7561091049	496	14196	US
REGENCY CENTERS CORP		common stock	US7588491032	436	11579	US
SCHLUMBERGER LTD		common stock	AN8068571086	3297	48272	US
SENIOR HOUSING PROP TRUST	common stock	US81721M1099	1120	49900	US
SIMON PROPERTY GROUP INC	common stock	US8288061091	11657	90408	US
SL GREEN REALTY CORP		common stock	US78440X1019	1274	19123	US
SOUTHERN CO/THE			common stock	US8425871071	4924	106377	US
SPECTRA ENERGY CORP		common stock	US8475601097	600	19507	US
ST JUDE MEDICAL INC		common stock	US7908491035	1432	41743	US
STARBUCKS CORP			common stock	US8552441094	4108	89290	US
SUN COMMUNITIES INC		common stock	US8666741041	407	11153	US
TANGER FACTORY OUTLET CENTER	common stock	US8754651060	1360	46400	US
TARGET CORP			common stock	US87612E1064	2980	58176	US
TAUBMAN CENTERS INC		common stock	US8766641034	1229	19796	US
TELEPHONE & DATA-SPECIAL SHS	common stock	US8794338603	74	3100	US
TELEPHONE AND DATA SYSTEMS	common stock	US8794331004	80	3100	US
TEREX CORP			common stock	US8807791038	501	37086	US
TETRA TECHNOLOGIES INC		common stock	US88162F1057	514	55000	US
TEXAS INSTRUMENTS INC		common stock	US8825081040	1538	52837	US
TIME WARNER CABLE		common stock	US88732J2078	1761	27704	US
TIME WARNER INC			common stock	US8873173038	3994	110518	US
TRAVELCENTERS OF AMERICA LLC	common stock	US8941741014	23	5343	US
TRAVELERS COS INC/THE		common stock	US89417E1091	3146	53170	US
UDR INC				common stock	US9026531049	2118	84367	US
UNITED PARCEL SERVICE-CL B	common stock	US9113121068	3014	41183	US
UNITED STATES STEEL CORP	common stock	US9129091081	1058	40000	US
UNITED TECHNOLOGIES CORP	common stock	US9130171096	5948	81378	US
UNITEDHEALTH GROUP INC		common stock	US91324P1021	1603	31628	US
US BANCORP			common stock	US9029733048	2192	81027	US
VENTAS INC			common stock	US92276F1003	4216	76482	US
VERIZON COMMUNICATIONS INC	common stock	US92343V1044	2786	69439	US
VIACOM INC-CLASS B		common stock	US92553P2011	1245	27422	US
VORNADO REALTY TRUST		common stock	US9290421091	4013	52215	US
WAL-MART STORES INC		common stock	US9311421039	10573	176931	US
WALT DISNEY CO/THE		common stock	US2546871060	2905	77479	US
WASTE MANAGEMENT INC		common stock	US94106L1098	2365	72312	US
WEINGARTEN REALTY INVESTORS	common stock	US9487411038	1317	60336	US
WELLPOINT INC			common stock	US94973V1070	2118	31974	US
WELLS FARGO & CO		common stock	US9497461015	8143	295469	US
WESTERN UNION CO		common stock	US9598021098	2066	113163	US
WEYERHAEUSER CO			common stock	US9621661043	2752	147380	US
WYNDHAM WORLDWIDE CORP		common stock	US98310W1080	605	16000	US
ZIMMER HOLDINGS INC		common stock	US98956P1021	1979	37039	US