Pensionfund DSM Netherlands 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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
ABBOTT LABORATORIES	COMMON STOCK	002824100	2,408	72,565	SH		SOLE	0	0	0	72,565
ABBVIE INC	COMMON STOCK	00287Y109	3,246	72,565	SH		SOLE	0	0	0	72,565
ACCENTURE LTD-CL A	COMMON STOCK	000000000	1,289	17,500	SH		SOLE	0	0	0	17,500
AFLAC INC	COMMON STOCK	001055102	2,728	44,000	SH		SOLE	0	0	0	44,000
AGILENT TECHNOLOGIES INC	COMMON STOCK	00846U101	2,096	40,894	SH		SOLE	0	0	0	40,894
AGREE REALTY CORP	COMMON STOCK	008492100	399	13,220	SH		SOLE	0	0	0	13,220
AIRGAS INC	COMMON STOCK	009363102	1,485	14,000	SH		SOLE	0	0	0	14,000
ALEXANDRIA REAL ESTATE EQUIT	COMMON STOCK	015271109	2,196	34,400	SH		SOLE	0	0	0	34,400
ALTRIA GROUP INC	COMMON STOCK	02209S103	3,257	94,827	SH		SOLE	0	0	0	94,827
AMERIPRISE FINANCIAL INC	COMMON STOCK	03076C106	1,468	16,115	SH		SOLE	0	0	0	16,115
AMGEN INC	COMMON STOCK	031162100	7,382	65,952	SH		SOLE	0	0	0	65,952
ANADARKO PETROLEUM CORP	COMMON STOCK	032511107	2,790	30,000	SH		SOLE	0	0	0	30,000
APACHE CORP	COMMON STOCK	037411105	2,112	24,801	SH		SOLE	0	0	0	24,801
APCO OIL AND GAS INTL INC	COMMON STOCK	000000000	388	27,231	SH		SOLE	0	0	0	27,231
APPLE INC	COMMON STOCK	037833100	7,837	16,438	SH		SOLE	0	0	0	16,438
APPLIED MATERIALS INC	COMMON STOCK	038222105	2,075	118,378	SH		SOLE	0	0	0	118,378
ARCHER-DANIELS-MIDLAND CO	COMMON STOCK	039483102	3,467	94,115	SH		SOLE	0	0	0	94,115
ASSOCIATED ESTATES REALTY CP	COMMON STOCK	045604105	2,393	160,500	SH		SOLE	0	0	0	160,500
AVALONBAY COMMUNITIES INC	COMMON STOCK	053484101	2,341	18,420	SH		SOLE	0	0	0	18,420
AVON PRODUCTS INC	COMMON STOCK	054303102	791	38,404	SH		SOLE	0	0	0	38,404
BANK OF AMERICA CORP	COMMON STOCK	060505104	2,208	160,000	SH		SOLE	0	0	0	160,000
BANK OF NEW YORK MELLON CORP	COMMON STOCK	064058100	2,605	86,302	SH		SOLE	0	0	0	86,302
BAXTER INTERNATIONAL INC	COMMON STOCK	071813109	1,790	27,250	SH		SOLE	0	0	0	27,250
BIOGEN IDEC INC	COMMON STOCK	09062X103	8,726	36,242	SH		SOLE	0	0	0	36,242
BIOMED REALTY TRUST INC	COMMON STOCK	09063H107	1,636	88,000	SH		SOLE	0	0	0	88,000
BOSTON PROPERTIES INC	COMMON STOCK	101121101	2,183	20,417	SH		SOLE	0	0	0	20,417
BOSTON SCIENTIFIC CORP	COMMON STOCK	101137107	1,247	106,179	SH		SOLE	0	0	0	106,179
BRANDYWINE REALTY TRUST	COMMON STOCK	105368203	1,191	90,400	SH		SOLE	0	0	0	90,400
BRE PROPERTIES INC	COMMON STOCK	05564E106	1,142	22,500	SH		SOLE	0	0	0	22,500
BRISTOL-MYERS SQUIBB CO	COMMON STOCK	110122108	6,430	138,946	SH		SOLE	0	0	0	138,946
CAMDEN PROPERTY TRUST	COMMON STOCK	133131102	2,302	37,469	SH		SOLE	0	0	0	37,469
CAMPBELL SOUP CO	COMMON STOCK	134429109	3,691	90,662	SH		SOLE	0	0	0	90,662
CARDINAL HEALTH INC	COMMON STOCK	14149Y108	632	12,128	SH		SOLE	0	0	0	12,128
CARNIVAL CORP	COMMON STOCK	143658300	1,326	40,634	SH		SOLE	0	0	0	40,634
CATERPILLAR INC	COMMON STOCK	149123101	3,485	41,784	SH		SOLE	0	0	0	41,784
CBL and ASSOCIATES PROPERTIES	COMMON STOCK	124830100	504	26,362	SH		SOLE	0	0	0	26,362
CELANESE CORP-SERIES A	COMMON STOCK	150870103	2,760	52,280	SH		SOLE	0	0	0	52,280
CF Industries Holdings INC	COMMON STOCK	125269100	2,952	14,000	SH		SOLE	0	0	0	14,000
CHESAPEAKE LODGING TRUST	COMMON STOCK	165240102	1,542	65,500	SH		SOLE	0	0	0	65,500
CISCO SYSTEMS INC	COMMON STOCK	17275R102	3,286	140,254	SH		SOLE	0	0	0	140,254
CITIGROUP INC	COMMON STOCK	172967424	3,444	71,000	SH		SOLE	0	0	0	71,000
CLOROX COMPANY	COMMON STOCK	189054109	1,254	15,349	SH		SOLE	0	0	0	15,349
COACH INC	COMMON STOCK	189754101	2,617	48,000	SH		SOLE	0	0	0	48,000
COCA-COLA CO/THE	COMMON STOCK	191216100	6,530	172,395	SH		SOLE	0	0	0	172,395
COGNIZANT TECH SOLUTIONS-A	COMMON STOCK	192446102	1,560	19,000	SH		SOLE	0	0	0	19,000
COLGATE-PALMOLIVE CO	COMMON STOCK	194162103	4,566	77,000	SH		SOLE	0	0	0	77,000
COMCAST CORP-CLASS A	COMMON STOCK	20030N101	4,999	115,319	SH		SOLE	0	0	0	115,319
COMMONWEALTH REIT	COMMON STOCK	203233101	431	19,660	SH		SOLE	0	0	0	19,660
CONOCOPHILLIPS	COMMON STOCK	20825C104	3,690	53,089	SH		SOLE	0	0	0	53,089
CONSOL ENERGY INC	COMMON STOCK	20854P109	1,431	42,539	SH		SOLE	0	0	0	42,539
CORRECTIONS CORP OF AMERICA	COMMON STOCK	22025Y407	1,002	29,000	SH		SOLE	0	0	0	29,000
COSTCO WHOLESALE CORP	COMMON STOCK	22160K105	3,282	28,500	SH		SOLE	0	0	0	28,500
CVS CAREMARK CORP	COMMON STOCK	126650100	3,490	61,500	SH		SOLE	0	0	0	61,500
DCT INDUSTRIAL TRUST INC	COMMON STOCK	233153105	662	92,100	SH		SOLE	0	0	0	92,100
DEERE and CO	COMMON STOCK	244199105	3,045	37,408	SH		SOLE	0	0	0	37,408
DELPHI AUTOMOTIVE PLC	COMMON STOCK	000000000	3,038	52,000	SH		SOLE	0	0	0	52,000
DEVON ENERGY CORPORATION	COMMON STOCK	25179M103	1,679	29,069	SH		SOLE	0	0	0	29,069
DIAMOND OFFSHORE DRILLING	COMMON STOCK	25271C102	1,130	18,137	SH		SOLE	0	0	0	18,137
DIAMONDROCK HOSPITALITY CO	COMMON STOCK	252784301	1,197	112,155	SH		SOLE	0	0	0	112,155
DIGITAL REALTY TRUST INC	COMMON STOCK	253868103	3,005	56,600	SH		SOLE	0	0	0	56,600
DOLLAR TREE INC	COMMON STOCK	256746108	2,686	46,984	SH		SOLE	0	0	0	46,984
DOMINION RESOURCES INC/VA	COMMON STOCK	25746U109	1,614	25,827	SH		SOLE	0	0	0	25,827
DOUGLAS EMMETT INC	COMMON STOCK	25960P109	688	29,300	SH		SOLE	0	0	0	29,300
DR PEPPER SNAPPLE GROUP INC	COMMON STOCK	26138E109	1,573	35,103	SH		SOLE	0	0	0	35,103
DU PONT (E.I.) DE NEMOURS	COMMON STOCK	263534109	1,761	30,073	SH		SOLE	0	0	0	30,073
DUKE ENERGY CORP	COMMON STOCK	26441C204	630	9,427	SH		SOLE	0	0	0	9,427
DUKE REALTY CORP	COMMON STOCK	264411505	1,313	85,024	SH		SOLE	0	0	0	85,024
EASTGROUP PROPERTIES INC	COMMON STOCK	277276101	610	10,300	SH		SOLE	0	0	0	10,300
EASTMAN CHEMICAL CO	COMMON STOCK	277432100	4,518	58,000	SH		SOLE	0	0	0	58,000
EBAY INC	COMMON STOCK	278642103	3,261	58,452	SH		SOLE	0	0	0	58,452
ECOLAB INC	COMMON STOCK	278865100	2,271	23,000	SH		SOLE	0	0	0	23,000
ELI LILLY and CO	COMMON STOCK	532457108	3,945	78,388	SH		SOLE	0	0	0	78,388
EMC CORP/MA	COMMON STOCK	268648102	1,564	61,196	SH		SOLE	0	0	0	61,196
EMERSON ELECTRIC CO	COMMON STOCK	291011104	1,643	25,389	SH		SOLE	0	0	0	25,389
EPR PROPERTIES	COMMON STOCK	26884U109	1,803	37,000	SH		SOLE	0	0	0	37,000
EQUITY LIFESTYLE PROPERTIES	COMMON STOCK	29472R108	2,289	67,000	SH		SOLE	0	0	0	67,000
EQUITY RESIDENTIAL	COMMON STOCK	29476L107	2,885	53,856	SH		SOLE	0	0	0	53,856
ESSEX PROPERTY TRUST INC	COMMON STOCK	297178105	739	5,000	SH		SOLE	0	0	0	5,000
ESTEE LAUDER COMPANIES-CL A	COMMON STOCK	518439104	5,113	73,145	SH		SOLE	0	0	0	73,145
EXELON CORP	COMMON STOCK	30161N101	1,044	35,238	SH		SOLE	0	0	0	35,238
EXXON MOBIL CORP	COMMON STOCK	30231G102	10,755	125,000	SH		SOLE	0	0	0	125,000
FAIRPOINT COMMUNICATIONS INC	COMMON STOCK	305560104	0	2,870	SH		SOLE	0	0	0	2,870
FEDERAL REALTY INVS TRUST	COMMON STOCK	313747206	1,062	10,468	SH		SOLE	0	0	0	10,468
FIRSTENERGY CORP	COMMON STOCK	337932107	791	21,711	SH		SOLE	0	0	0	21,711
FLUOR CORP	COMMON STOCK	343412102	0	0	SH		SOLE	0	0	0	0
FMC CORP	COMMON STOCK	302491303	2,941	41,000	SH		SOLE	0	0	0	41,000
FOREST LABORATORIES INC	COMMON STOCK	345838106	1,079	25,214	SH		SOLE	0	0	0	25,214
GENERAL ELECTRIC CO	COMMON STOCK	369604103	11,181	468,040	SH		SOLE	0	0	0	468,040
GENERAL GROWTH PROPERTIES	COMMON STOCK	370023103	1,263	65,500	SH		SOLE	0	0	0	65,500
GENERAL MILLS INC	COMMON STOCK	370334104	3,676	76,707	SH		SOLE	0	0	0	76,707
GEO GROUP INC/THE	COMMON STOCK	36159R103	1,463	44,000	SH		SOLE	0	0	0	44,000
GOOGLE INC-CL A	COMMON STOCK	38259P508	10,154	11,592	SH		SOLE	0	0	0	11,592
GULFMARK OFFSHORE INC-CL A	COMMON STOCK	402629208	885	17,393	SH		SOLE	0	0	0	17,393
HALLIBURTON CO	COMMON STOCK	406216101	3,525	73,210	SH		SOLE	0	0	0	73,210
HARLEY-DAVIDSON INC	COMMON STOCK	412822108	1,311	20,411	SH		SOLE	0	0	0	20,411
HCP INC	COMMON STOCK	40414L109	3,906	95,393	SH		SOLE	0	0	0	95,393
HEALTH CARE REIT INC	COMMON STOCK	42217K106	2,424	38,853	SH		SOLE	0	0	0	38,853
HEALTHCARE REALTY TRUST INC	COMMON STOCK	421946104	640	27,682	SH		SOLE	0	0	0	27,682
HESS CORP	COMMON STOCK	42809H107	2,845	36,786	SH		SOLE	0	0	0	36,786
HIGHWOODS PROPERTIES INC	COMMON STOCK	431284108	1,088	30,802	SH		SOLE	0	0	0	30,802
HOME DEPOT INC	COMMON STOCK	437076102	7,206	95,000	SH		SOLE	0	0	0	95,000
HOME PROPERTIES INC	COMMON STOCK	437306103	2,489	43,100	SH		SOLE	0	0	0	43,100
HOSPITALITY PROPERTIES TRUST	COMMON STOCK	44106M102	1,654	58,434	SH		SOLE	0	0	0	58,434
HOST HOTELS and RESORTS INC	COMMON STOCK	44107P104	3,490	197,498	SH		SOLE	0	0	0	197,498
INLAND REAL ESTATE CORP	COMMON STOCK	457461200	1,908	186,500	SH		SOLE	0	0	0	186,500
INTEL CORP	COMMON STOCK	458140100	4,718	205,859	SH		SOLE	0	0	0	205,859
INTERNATIONAL PAPER CO	COMMON STOCK	460146103	843	18,823	SH		SOLE	0	0	0	18,823
INTL BUSINESS MACHINES CORP	COMMON STOCK	459200101	8,903	48,075	SH		SOLE	0	0	0	48,075
INVESCO LTD	COMMON STOCK	000000000	1,223	38,345	SH		SOLE	0	0	0	38,345
JOHNSON and JOHNSON	COMMON STOCK	478160104	9,842	113,533	SH		SOLE	0	0	0	113,533
JOY GLOBAL INC	COMMON STOCK	481165108	875	17,144	SH		SOLE	0	0	0	17,144
JPMORGAN CHASE and CO	COMMON STOCK	46625H100	7,575	146,551	SH		SOLE	0	0	0	146,551
KELLOGG CO	COMMON STOCK	487836108	2,790	47,500	SH		SOLE	0	0	0	47,500
KIMBERLY-CLARK CORP	COMMON STOCK	494368103	3,613	38,349	SH		SOLE	0	0	0	38,349
KIMCO REALTY CORP	COMMON STOCK	49446R109	2,598	128,731	SH		SOLE	0	0	0	128,731
KRAFT FOODS GROUP INC	COMMON STOCK	50076Q106	1,147	21,850	SH		SOLE	0	0	0	21,850
KROGER CO	COMMON STOCK	501044101	4,343	107,649	SH		SOLE	0	0	0	107,649
LASALLE HOTEL PROPERTIES	COMMON STOCK	517942108	1,857	65,100	SH		SOLE	0	0	0	65,100
LIBERTY PROPERTY TRUST	COMMON STOCK	531172104	1,677	47,096	SH		SOLE	0	0	0	47,096
MACERICH CO/THE	COMMON STOCK	554382101	1,806	32,007	SH		SOLE	0	0	0	32,007
MCCORMICK and CO-NON VTG SHRS	COMMON STOCK	579780206	2,717	42,000	SH		SOLE	0	0	0	42,000
MCDONALD'S CORP	COMMON STOCK	580135101	6,810	70,783	SH		SOLE	0	0	0	70,783
MCGRAW HILL FINANCIAL INC	COMMON STOCK	580645109	3,393	51,734	SH		SOLE	0	0	0	51,734
MCKESSON CORP	COMMON STOCK	58155Q103	2,055	16,017	SH		SOLE	0	0	0	16,017
MEAD JOHNSON NUTRITION CO	COMMON STOCK	582839106	1,099	14,798	SH		SOLE	0	0	0	14,798
MEADWESTVACO CORP	COMMON STOCK	583334107	1,597	41,602	SH		SOLE	0	0	0	41,602
MEDTRONIC INC	COMMON STOCK	585055106	3,604	67,676	SH		SOLE	0	0	0	67,676
MERCK and CO. INC.	COMMON STOCK	58933Y105	8,489	178,298	SH		SOLE	0	0	0	178,298
METLIFE INC	COMMON STOCK	59156R108	4,154	88,481	SH		SOLE	0	0	0	88,481
MICROSOFT CORP	COMMON STOCK	594918104	6,155	184,958	SH		SOLE	0	0	0	184,958
MID-AMERICA APARTMENT COMM	COMMON STOCK	59522J103	2,200	35,200	SH		SOLE	0	0	0	35,200
MONDELEZ INTERNATIONAL INC-A	COMMON STOCK	609207105	2,060	65,551	SH		SOLE	0	0	0	65,551
MONSANTO CO	COMMON STOCK	61166W101	3,730	35,736	SH		SOLE	0	0	0	35,736
MOSAIC CO/THE	COMMON STOCK	61945C103	1,179	27,407	SH		SOLE	0	0	0	27,407
NATIONAL OILWELL VARCO INC	COMMON STOCK	637071101	4,296	55,000	SH		SOLE	0	0	0	55,000
NEWMONT MINING CORP	COMMON STOCK	651639106	1,121	39,887	SH		SOLE	0	0	0	39,887
NEXTERA ENERGY INC	COMMON STOCK	65339F101	4,295	53,584	SH		SOLE	0	0	0	53,584
NOBLE ENERGY INC	COMMON STOCK	655044105	3,048	45,490	SH		SOLE	0	0	0	45,490
NORFOLK SOUTHERN CORP	COMMON STOCK	655844108	2,282	29,507	SH		SOLE	0	0	0	29,507
NU SKIN ENTERPRISES INC - A	COMMON STOCK	67018T105	3,016	31,500	SH		SOLE	0	0	0	31,500
OMEGA HEALTHCARE INVESTORS	COMMON STOCK	681936100	1,287	43,100	SH		SOLE	0	0	0	43,100
ORACLE CORP	COMMON STOCK	68389X105	7,731	233,063	SH		SOLE	0	0	0	233,063
PEPSICO INC	COMMON STOCK	713448108	8,051	101,276	SH		SOLE	0	0	0	101,276
PETSMART INC	COMMON STOCK	716768106	1,068	14,000	SH		SOLE	0	0	0	14,000
PFIZER INC	COMMON STOCK	717081103	9,805	341,338	SH		SOLE	0	0	0	341,338
PHILIP MORRIS INTERNATIONAL	COMMON STOCK	718172109	8,222	94,948	SH		SOLE	0	0	0	94,948
PHILLIPS 66	COMMON STOCK	718546104	1,535	26,545	SH		SOLE	0	0	0	26,545
PNC FINANCIAL SERVICES GROUP	COMMON STOCK	693475105	1,739	24,000	SH		SOLE	0	0	0	24,000
PRAXAIR INC	COMMON STOCK	74005P104	1,228	10,214	SH		SOLE	0	0	0	10,214
PRECISION CASTPARTS CORP	COMMON STOCK	740189105	4,522	19,900	SH		SOLE	0	0	0	19,900
PRICELINE.COM INC	COMMON STOCK	741503403	3,033	3,000	SH		SOLE	0	0	0	3,000
PROCTER and GAMBLE CO/THE	COMMON STOCK	742718109	7,668	101,448	SH		SOLE	0	0	0	101,448
PROLOGIS INC	COMMON STOCK	74340W103	505	13,422	SH		SOLE	0	0	0	13,422
PRUDENTIAL FINANCIAL INC	COMMON STOCK	744320102	1,987	25,487	SH		SOLE	0	0	0	25,487
PUBLIC STORAGE	COMMON STOCK	74460D109	4,539	28,274	SH		SOLE	0	0	0	28,274
QUALCOMM INC	COMMON STOCK	747525103	6,948	103,212	SH		SOLE	0	0	0	103,212
QUANTA SERVICES INC	COMMON STOCK	74762E102	5,995	217,912	SH		SOLE	0	0	0	217,912
RETAIL OPPORTUNITY INVESTMEN	COMMON STOCK	76131N101	1,677	121,500	SH		SOLE	0	0	0	121,500
RLJ LODGING TRUST	COMMON STOCK	74965L101	2,001	85,200	SH		SOLE	0	0	0	85,200
ROSS STORES INC	COMMON STOCK	778296103	3,167	43,500	SH		SOLE	0	0	0	43,500
SCHLUMBERGER LTD	COMMON STOCK	806857108	6,627	75,000	SH		SOLE	0	0	0	75,000
SELECT INCOME REIT	COMMON STOCK	81618T100	2,098	81,300	SH		SOLE	0	0	0	81,300
SENIOR HOUSING PROP TRUST	COMMON STOCK	81721M109	1,662	71,200	SH		SOLE	0	0	0	71,200
SIMON PROPERTY GROUP INC	COMMON STOCK	828806109	10,644	71,808	SH		SOLE	0	0	0	71,808
SL GREEN REALTY CORP	COMMON STOCK	78440X101	793	8,923	SH		SOLE	0	0	0	8,923
SOUTHERN CO/THE	COMMON STOCK	842587107	3,430	83,300	SH		SOLE	0	0	0	83,300
SPECTRA ENERGY CORP	COMMON STOCK	847560109	523	15,276	SH		SOLE	0	0	0	15,276
ST JUDE MEDICAL INC	COMMON STOCK	790849103	1,753	32,688	SH		SOLE	0	0	0	32,688
STARBUCKS CORP	COMMON STOCK	855244109	5,382	69,921	SH		SOLE	0	0	0	69,921
STATE STREET CORP	COMMON STOCK	857477103	1,315	20,000	SH		SOLE	0	0	0	20,000
SUN COMMUNITIES INC	COMMON STOCK	866674104	902	21,153	SH		SOLE	0	0	0	21,153
TANGER FACTORY OUTLET CENTER	COMMON STOCK	875465106	2,021	61,900	SH		SOLE	0	0	0	61,900
TARGET CORP	COMMON STOCK	87612E106	2,915	45,556	SH		SOLE	0	0	0	45,556
TAUBMAN CENTERS INC	COMMON STOCK	876664103	558	8,296	SH		SOLE	0	0	0	8,296
TEXAS INSTRUMENTS INC	COMMON STOCK	882508104	1,667	41,375	SH		SOLE	0	0	0	41,375
TIME WARNER CABLE	COMMON STOCK	88732J207	2,421	21,694	SH		SOLE	0	0	0	21,694
TIME WARNER INC	COMMON STOCK	887317303	5,697	86,566	SH		SOLE	0	0	0	86,566
TRAVELERS COS INC/THE	COMMON STOCK	89417E109	3,529	41,636	SH		SOLE	0	0	0	41,636
UDR INC	COMMON STOCK	902653104	2,770	116,867	SH		SOLE	0	0	0	116,867
UNION PACIFIC CORP	COMMON STOCK	907818108	4,039	26,000	SH		SOLE	0	0	0	26,000
UNITED PARCEL SERVICE-CL B	COMMON STOCK	911312106	2,947	32,249	SH		SOLE	0	0	0	32,249
UNITED TECHNOLOGIES CORP	COMMON STOCK	913017109	6,871	63,725	SH		SOLE	0	0	0	63,725
UNITEDHEALTH GROUP INC	COMMON STOCK	91324P102	1,774	24,767	SH		SOLE	0	0	0	24,767
US BANCORP	COMMON STOCK	902973304	2,321	63,450	SH		SOLE	0	0	0	63,450
VENTAS INC	COMMON STOCK	92276F100	3,701	60,182	SH		SOLE	0	0	0	60,182
VERIZON COMMUNICATIONS INC	COMMON STOCK	92343V104	2,538	54,376	SH		SOLE	0	0	0	54,376
VF CORP	COMMON STOCK	918204108	2,389	12,000	SH		SOLE	0	0	0	12,000
VIACOM INC-CLASS B	COMMON STOCK	92553P201	1,795	21,479	SH		SOLE	0	0	0	21,479
VORNADO REALTY TRUST	COMMON STOCK	929042109	2,670	31,765	SH		SOLE	0	0	0	31,765
WALT DISNEY CO/THE	COMMON STOCK	254687106	3,913	60,672	SH		SOLE	0	0	0	60,672
WASTE MANAGEMENT INC	COMMON STOCK	94106L109	2,335	56,626	SH		SOLE	0	0	0	56,626
WEINGARTEN REALTY INVESTORS	COMMON STOCK	948741103	1,770	60,336	SH		SOLE	0	0	0	60,336
WELLPOINT INC	COMMON STOCK	94973V107	2,093	25,038	SH		SOLE	0	0	0	25,038
WELLS FARGO and CO	COMMON STOCK	949746101	9,563	231,435	SH		SOLE	0	0	0	231,435
WESTERN UNION CO	COMMON STOCK	959802109	1,654	88,615	SH		SOLE	0	0	0	88,615
WEYERHAEUSER CO	COMMON STOCK	962166104	3,304	115,409	SH		SOLE	0	0	0	115,409
WYNDHAM WORLDWIDE CORP	COMMON STOCK	98310W108	764	12,529	SH		SOLE	0	0	0	12,529
ZIMMER HOLDINGS INC	COMMON STOCK	98956P102	2,382	29,004	SH		SOLE	0	0	0	29,004
3M CO	COMMON STOCK	88579Y101	2,968	24,859	SH		SOLE	0	0	0	24,859