UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2012
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
April 23, 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:
186
Form 13F Information Table
Value Total:
$557,210 (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	2832	31745	US
ABBOTT LABORATORIES		common stock	US0028241000	5680	92667	US
AGILENT TECHNOLOGIES INC	common stock	US00846U1016	2324	52223	US
AGREE REALTY CORP		common stock	US0084921008	768	34000	US
ALCOA INC			common stock	US0138171014	1063	106054	US
ALEXANDRIA REAL ESTATE EQUIT	common stock	US0152711091	2070	28300	US
ALPHA NATURAL RESOURCES INC	common stock	US02076X1028	456	30000	US
ALTRIA GROUP INC		common stock	US02209S1033	3738	121096	US
AMERICAN INTERNATIONAL GROUP	common stock	US0268747849	226	7340	US
AMERIPRISE FINANCIAL INC	common stock	US03076C1062	1176	20579	US
AMGEN INC			common stock	US0311621009	5725	84223	US
AOL INC				common stock	US00184X1054	206	10839	US
APACHE CORP			common stock	US0374111054	3181	31672	US
APPLIED MATERIALS INC		common stock	US0382221051	1881	151172	US
ARCH COAL INC	common stock	US0393801008	653	61000	US
ARCHER-DANIELS-MIDLAND CO	common stock	US0394831020	3805	120187	US
AVALONBAY COMMUNITIES INC	common stock	US0534841012	3028	21420	US
AVON PRODUCTS INC		common stock	US0543031027	949	49043	US
BANK OF NEW YORK MELLON CORP	common stock	US0640581007	2659	110210	US
BAXTER INTERNATIONAL INC	common stock	US0718131099	2080	34799	US
BIOGEN IDEC INC			common stock	US09062X1037	5832	46282	US
BIOMED REALTY TRUST INC		common stock	US09063H1077	1670	88000	US
BOEING CO/THE			common stock	US0970231058	4243	57051	US
BOSTON PROPERTIES INC		common stock	US1011211018	3078	29317	US
BOSTON SCIENTIFIC CORP		common stock	US1011371077	811	135592	US
BRANDYWINE REALTY TRUST		common stock	US1053682035	297	25900	US
BRE PROPERTIES INC		common stock	US05564E1064	305	6038	US
BRISTOL-MYERS SQUIBB CO		common stock	US1101221083	5989	177438	US
CAMDEN PROPERTY TRUST		common stock	US1331311027	938	14269	US
CAMPBELL SOUP CO		common stock	US1344291091	3919	115777	US
CARDINAL HEALTH INC		common stock	US14149Y1082	668	15488	US
CAREFUSION CORP			common stock	US14170T1016	216	8336	US
CARNIVAL CORP			common stock	PA1436583006	1665	51890	US
CATERPILLAR INC			common stock	US1491231015	3575	33566	US
CBL & ASSOCIATES PROPERTIES	common stock	US1248301004	499	26362	US
CELANESE CORP-SERIES A		common stock	US1508701034	3083	66762	US
CENTRAL EURO DISTRIBUTION CP	common stock	US1534351028	222	43365	US
CENTURYLINK INC			common stock	US1567001060	444	11499	US
CHEVRON CORP			common stock	US1667641005	9281	86569	US
CISCO SYSTEMS INC		common stock	US17275R1023	3788	179107	US
CLOROX COMPANY			common stock	US1890541097	1348	19601	US
COCA-COLA CO/THE		common stock	US1912161007	8147	110076	US
COLGATE-PALMOLIVE CO		common stock	US1941621039	2271	23226	US
COLONIAL PROPERTIES TRUST	common stock	US1958721060	337	15500	US
COMCAST CORP-CLASS A		common stock	US20030N1019	4346	147265	US
COMMONWEALTH REIT		common stock	US2032331017	366	19660	US
CONOCOPHILLIPS			common stock	US20825C1045	5153	67796	US
CONSOL ENERGY INC		common stock	US20854P1093	1852	54324	US
CVS CAREMARK CORP		common stock	US1266501006	3179	70949	US
Cubesmart			common stock	US2296631094	136	11400	US
DCT INDUSTRIAL TRUST INC	common stock	US2331531051	862	146100	US
DEERE & CO			common stock	US2441991054	3865	47771	US
DELL INC			common stock	US24702R1014	1451	87415	US
DEVON ENERGY CORPORATION	common stock	US25179M1036	2640	37122	US
DIAMOND OFFSHORE DRILLING	common stock	US25271C1027	1546	23161	US
DIAMONDROCK HOSPITALITY CO	common stock	US2527843013	1154	112155	US
DIGITAL REALTY TRUST INC	common stock	US2538681030	3817	51600	US
DOLLAR TREE INC			common stock	US2567461080	2835	30000	US
DOMINION RESOURCES INC/VA	common stock	US25746U1097	1689	32982	US
DOUGLAS EMMETT INC		common stock	US25960P1093	1512	66300	US
DR PEPPER SNAPPLE GROUP INC	common stock	US26138E1091	1803	44828	US
DU PONT (E.I.) DE NEMOURS	common stock	US2635341090	2032	38404	US
DUKE ENERGY CORP		common stock	US26441C1053	759	36117	US
DUKE REALTY CORP		common stock	US2644115055	839	58524	US
EASTGROUP PROPERTIES INC	common stock	US2772761019	879	17500	US
EASTMAN CHEMICAL CO		common stock	US2774321002	3153	60990	US
EBAY INC			common stock	US2786421030	1718	46551	US
ELI LILLY & CO			common stock	US5324571083	4031	100104	US
EMC CORP/MASS			common stock	US2686481027	2335	78148	US
EMERSON ELECTRIC CO		common stock	US2910111044	1692	32422	US
EQUITY LIFESTYLE PROPERTIES	common stock	US29472R1086	614	8800	US
EQUITY ONE INC			common stock	US2947521009	334	16500	US
EQUITY RESIDENTIAL		common stock	US29476L1070	4080	65156	US
ESSEX PROPERTY TRUST INC	common stock	US2971781057	758	5000	US
ESTEE LAUDER COMPANIES-CL A	common stock	US5184391044	5786	93408	US
EXELON CORP			common stock	US30161N1019	1764	45000	US
EXXON MOBIL CORP		common stock	US30231G1022	10748	123924	US
FAIRPOINT COMMUNICATIONS INC	common stock	US3055601047	0	2870	US
FEDERAL REALTY INVS TRUST	common stock	US3137472060	1013	10468	US
FIRSTENERGY CORP		common stock	US3379321074	1264	27725	US
FLUOR CORP			common stock	US3434121022	2956	49232	US
FOREST LABORATORIES INC		common stock	US3458381064	1117	32200	US
FREEPORT-MCMORAN COPPER		common stock	US35671D8570	2793	73426	US
GENERAL ELECTRIC CO		common stock	US3696041033	10458	521077	US
GENERAL GROWTH PROPERTIES	common stock	US3700231034	1113	65500	US
GENERAL MILLS INC		common stock	US3703341046	3864	97957	US
GOOGLE INC-CL A			common stock	US38259P5089	9490	14800	US
HALLIBURTON CO			common stock	US4062161017	3103	93490	US
HARLEY-DAVIDSON INC		common stock	US4128221086	1279	26065	US
HCP INC				common stock	US40414L1098	3764	95393	US
HEALTH CARE REIT INC		common stock	US42217K1060	3158	57453	US
HEALTHCARE REALTY TRUST INC	common stock	US4219461047	1302	59182	US
HESS CORP			common stock	US42809H1077	2769	46977	US
HEWLETT-PACKARD CO		common stock	US4282361033	393	16486	US
HIGHWOODS PROPERTIES INC	common stock	US4312841087	1026	30802	US
HOME PROPERTIES INC		common stock	US4373061039	1391	22800	US
HONEYWELL INTERNATIONAL INC	common stock	US4385161066	2068	33882	US
HOSPIRA INC			common stock	US4410601003	320	8570	US
HOSPITALITY PROPERTIES TRUST	common stock	US44106M1027	1189	44934	US
HOST HOTELS & RESORTS INC	common stock	US44107P1049	3243	197498	US
HUNTINGTON INGALLS INDUSTrie	common stock	US4464131063	211	5244	US
INTEL CORP			common stock	US4581401001	7391	262887	US
INTERNATIONAL PAPER CO		common stock	US4601461035	844	24038	US
INTL BUSINESS MACHINES CORP	common stock	US4592001014	11078	53092	US
INVESCO LTD			common stock	BMG491BT1088	1306	48967	US
JOHNSON & JOHNSON		common stock	US4781601046	8576	130024	US
JOY GLOBAL INC			common stock	US4811651086	1609	21894	US
JPMORGAN CHASE & CO		common stock	US46625H1005	8605	187148	US
KIMBERLY-CLARK CORP		common stock	US4943681035	3619	48973	US
KIMCO REALTY CORP		common stock	US49446R1095	3250	168731	US
KRAFT FOODS INC-CLASS A		common stock	US50075N1046	3182	83710	US
KROGER CO			common stock	US5010441013	3331	137470	US
LASALLE HOTEL PROPERTIES	common stock	US5179421087	960	34100	US
LIBERTY PROPERTY TRUST		common stock	US5311721048	1682	47096	US
LTC PROPERTIES INC		common stock	US5021751020	864	27000	US
MACERICH CO/THE			common stock	US5543821012	3165	54807	US
MCDONALD'S CORP			common stock	US5801351017	8867	90392	US
MCGRAW-HILL COMPANIES INC	common stock	US5806451093	3202	66065	US
MCKESSON CORP			common stock	US58155Q1031	1795	20454	US
MEAD JOHNSON NUTRITION CO	common stock	US5828391061	1559	18897	US
MEADWESTVACO CORP		common stock	US5833341077	1678	53127	US
MEDTRONIC INC			common stock	US5850551061	3387	86424	US
MERCK & CO. INC.		common stock	US58933Y1055	8743	227691	US
METLIFE INC			common stock	US59156R1086	691	18492	US
MICROSOFT CORP			common stock	US5949181045	7619	236196	US
MID-AMERICA APARTMENT COMM	common stock	US59522J1034	1555	23200	US
MONSANTO CO			common stock	US61166W1018	3640	45635	US
MONSTER WORLDWIDE INC		common stock	US6117421072	282	28875	US
MOSAIC CO/THE			common stock	US61945C1036	1935	35000	US
NATIONAL OILWELL VARCO INC	common stock	US6370711011	4211	52984	US
NEWMONT MINING CORP		common stock	US6516391066	2611	50923	US
NEXTERA ENERGY INC		common stock	US65339F1012	4180	68428	US
NORFOLK SOUTHERN CORP		common stock	US6558441084	2481	37681	US
NORTHROP GRUMMAN CORP		common stock	US6668071029	1922	31467	US
OMEGA HEALTHCARE INVESTORS	common stock	US6819361006	1597	75100	US
ORACLE CORP			common stock	US68389X1054	8679	297627	US
PEPSICO INC			common stock	US7134481081	8581	129331	US
PFIZER INC			common stock	US7170811035	9871	435897	US
PHILIP MORRIS INTERNATIONAL	common stock	US7181721090	10744	121251	US
PRAXAIR INC			common stock	US74005P1049	1495	13043	US
PROCTER & GAMBLE CO/THE		common stock	US7427181091	8707	129551	US
PROLOGIS INC			common stock	US74340W1036	1636	45422	US
PRUDENTIAL FINANCIAL INC	common stock	US7443201022	2063	32548	US
PS BUSINESS PARKS INC/CA	common stock	US69360J1079	618	9426	US
PUBLIC STORAGE			common stock	US74460D1090	4293	31074	US
QUALCOMM INC			common stock	US7475251036	8971	131804	US
QUANTA SERVICES INC		common stock	US74762E1029	5816	278278	US
SCHLUMBERGER LTD		common stock	AN8068571086	3376	48272	US
SENIOR HOUSING PROP TRUST	common stock	US81721M1099	1581	71700	US
SIMON PROPERTY GROUP INC	common stock	US8288061091	11124	76358	US
SL GREEN REALTY CORP		common stock	US78440X1019	1483	19123	US
SOUTHERN CO/THE			common stock	US8425871071	4780	106377	US
SPECTRA ENERGY CORP		common stock	US8475601097	615	19507	US
ST JUDE MEDICAL INC		common stock	US7908491035	1850	41743	US
STARBUCKS CORP			common stock	US8552441094	4990	89290	US
SUN COMMUNITIES INC		common stock	US8666741041	483	11153	US
TANGER FACTORY OUTLET CENTER	common stock	US8754651060	1379	46400	US
TARGET CORP			common stock	US87612E1064	3390	58176	US
TAUBMAN CENTERS INC		common stock	US8766641034	1006	13796	US
TELEPHONE AND DATA SYSTEMS	common stock	US8794338298	150	6469	US
TEREX CORP			common stock	US8807791038	834	37086	US
TETRA TECHNOLOGIES INC		common stock	US88162F1057	518	55000	US
TEXAS INSTRUMENTS INC		common stock	US8825081040	1776	52837	US
TIME WARNER CABLE		common stock	US88732J2078	2258	27704	US
TIME WARNER INC			common stock	US8873173038	4172	110518	US
TRAVELERS COS INC/THE		common stock	US89417E1091	3148	53170	US
UDR INC				common stock	US9026531049	2253	84367	US
UNITED PARCEL SERVICE-CL B	common stock	US9113121068	3324	41183	US
UNITED STATES STEEL CORP	common stock	US9129091081	1175	40000	US
UNITED TECHNOLOGIES CORP	common stock	US9130171096	6749	81378	US
UNITEDHEALTH GROUP INC		common stock	US91324P1021	1864	31628	US
US BANCORP			common stock	US9029733048	2567	81027	US
VENTAS INC			common stock	US92276F1003	4367	76482	US
VERIZON COMMUNICATIONS INC	common stock	US92343V1044	2655	69439	US
VIACOM INC-CLASS B		common stock	US92553P2011	1301	27422	US
VORNADO REALTY TRUST		common stock	US9290421091	3879	46065	US
WAL-MART STORES INC		common stock	US9311421039	10828	176931	US
WALT DISNEY CO/THE		common stock	US2546871060	3392	77479	US
WASTE MANAGEMENT INC		common stock	US94106L1098	2528	72312	US
WEINGARTEN REALTY INVESTORS	common stock	US9487411038	1595	60336	US
WELLPOINT INC			common stock	US94973V1070	2360	31974	US
WELLS FARGO & CO		common stock	US9497461015	10087	295469	US
WESTERN UNION CO		common stock	US9598021098	1992	113163	US
WEYERHAEUSER CO			common stock	US9621661043	3231	147380	US
WYNDHAM WORLDWIDE CORP		common stock	US98310W1080	744	16000	US
ZIMMER HOLDINGS INC		common stock	US98956P1021	2381	37039	US