Pensionfund PDN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARE	Alexandria Real Estate Equities Inc	17,700 (+6.0%)	$2,567 (-23.6%)	1.6%	$81.75	+74.0%	COMMON STOCK	015271109
—	Hudson Pacific Properties Inc	66,500 (+8.1%)	$987 (-42.2%)	0.6%	$30.46	—	COMMON STOCK	444097109
DOC	Healthpeak Properties Inc	107,593 (+5.9%)	$2,788 (-20.1%)	1.8%	$24.66	-0.7%	COMMON STOCK	42250P103
—	STORE Capital Corp	76,000 (+24.6%)	$1,982 (+11.2%)	1.3%	$29.26	—	COMMON STOCK	862121100
CSR	Centerspace	13,980 (+12.0%)	$1,140 (-6.9%)	0.7%	$79.18	—	COMMON STOCK	15202L107
EPRT	Essential Properties Realty Trust Inc	29,000 (+20.8%)	$623 (+2.6%)	0.4%	$15.09	—	COMMON STOCK	29670E107

Exited Positions (2)

— Preferred Apartment Communities Inc 1.2%

Value ($000) $1,856 Shares 74,437 Est. Cost $12.31 Unrealized —

ELME Washington Real Estate Investment Trust 0.3%

Value ($000) $490 Shares 19,199 Est. Cost $30.43 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Preferred Apartment Communities Inc	74,437	$1,856	1.2%	$12.31	—	—	74039L103
ELME	Washington Real Estate Investment Trust	19,199	$490	0.3%	$30.43	—	—	939653101

Decreased Positions (27)

PLD Prologis Inc 8.7%

Value ($000) $13,695 (-28.1%) Shares 116,404 (-1.3%) Est. Cost $55.00 Unrealized +124.3%

IRM Iron Mountain Inc 1.7%

Value ($000) $2,678 (-39.2%) Shares 55,000 (-30.8%) Est. Cost $23.51 Unrealized +94.7%

ESS Essex Property Trust Inc 1.8%

Value ($000) $2,915 (-34.8%) Shares 11,145 (-13.9%) Est. Cost $171.09 Unrealized +53.4%

AVB AvalonBay Communities Inc 2.9%

Value ($000) $4,608 (-25.0%) Shares 23,720 (-4.0%) Est. Cost $110.42 Unrealized +71.8%

EQR Equity Residential 2.5%

Value ($000) $3,940 (-25.8%) Shares 54,556 (-7.6%) Est. Cost $43.89 Unrealized +55.3%

INVH Invitation Homes Inc 2.3%

Value ($000) $3,569 (-26.2%) Shares 100,310 (-16.6%) Est. Cost $22.85 Unrealized +47.1%

VTR Ventas Inc 2.5%

Value ($000) $3,944 (-23.7%) Shares 76,679 (-8.4%) Est. Cost $46.60 Unrealized +5.4%

WELL Welltower Inc 3.0%

Value ($000) $4,756 (-19.9%) Shares 57,753 (-6.5%) Est. Cost $51.98 Unrealized +56.2%

CUZ Cousins Properties Inc 1.0%

Value ($000) $1,578 (-39.7%) Shares 53,977 (-16.9%) Est. Cost $36.00 Unrealized —

DLR Digital Realty Trust Inc 3.4%

Value ($000) $5,416 (-14.6%) Shares 41,719 (-6.7%) Est. Cost $76.75 Unrealized +57.7%

HST Host Hotels and Resorts Inc 1.4%

Value ($000) $2,179 (-29.5%) Shares 138,998 (-12.6%) Est. Cost $11.43 Unrealized +38.0%

MAA Mid-America Apartment Communities Inc 2.0%

Value ($000) $3,238 (-20.9%) Shares 18,540 (-5.1%) Est. Cost $71.91 Unrealized +125.2%

FCPT Four Corners Property Trust Inc 0.5%

Value ($000) $771 (-52.5%) Shares 29,000 (-51.7%) Est. Cost $27.40 Unrealized —

IRT Independence Realty Trust Inc 0.5%

Value ($000) $850 (-49.8%) Shares 41,000 (-35.9%) Est. Cost $15.20 Unrealized —

BRX Brixmor Property Group Inc 1.4%

Value ($000) $2,284 (-26.9%) Shares 113,000 (-6.6%) Est. Cost $24.11 Unrealized —

— Healthcare Trust of America Inc 0.8%

Value ($000) $1,228 (-38.8%) Shares 44,000 (-31.3%) Est. Cost $25.91 Unrealized —

WPC WP Carey Inc 1.9%

Value ($000) $3,049 (-19.4%) Shares 36,800 (-21.4%) Est. Cost $70.59 Unrealized —

NHI National Health Investors Inc 0.9%

Value ($000) $1,352 (-33.2%) Shares 22,300 (-35.0%) Est. Cost $70.14 Unrealized —

GNL Global Net Lease Inc 1.1%

Value ($000) $1,741 (-24.7%) Shares 122,976 (-16.3%) Est. Cost $18.32 Unrealized —

— Physicians Realty Trust 0.7%

Value ($000) $1,099 (-32.6%) Shares 63,000 (-32.3%) Est. Cost $16.37 Unrealized —

CDP Corporate Office Properties Trust 0.5%

Value ($000) $838 (-37.5%) Shares 32,000 (-31.9%) Est. Cost $26.17 Unrealized —

AMH American Homes 4 Rent 1.3%

Value ($000) $2,091 (-18.4%) Shares 59,000 (-7.8%) Est. Cost $24.97 Unrealized —

OPITQ Office Properties Income Trust 0.3%

Value ($000) $473 (-45.4%) Shares 23,708 (-29.7%) Est. Cost $27.61 Unrealized —

KW KENNEDY-WILSON HOLDINGS INC 0.2%

Value ($000) $305 (-52.0%) Shares 16,081 (-38.3%) Est. Cost $18.95 Unrealized +13.4%

— American Campus Communities Inc 0.9%

Value ($000) $1,386 (-17.5%) Shares 21,500 (-28.3%) Est. Cost $38.00 Unrealized —

SKT Tanger Factory Outlet Centers Inc 0.3%

Value ($000) $398 (-39.1%) Shares 28,000 (-26.3%) Est. Cost $32.33 Unrealized —

GLPI Gaming and Leisure Properties Inc 1.7%

Value ($000) $2,677 (-8.5%) Shares 58,372 (-6.4%) Est. Cost $43.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	Prologis Inc	116,404 (-1.3%)	$13,695 (-28.1%)	8.7%	$55.00	+124.3%	COMMON STOCK	74340W103
IRM	Iron Mountain Inc	55,000 (-30.8%)	$2,678 (-39.2%)	1.7%	$23.51	+94.7%	COMMON STOCK	46284V101
ESS	Essex Property Trust Inc	11,145 (-13.9%)	$2,915 (-34.8%)	1.8%	$171.09	+53.4%	COMMON STOCK	297178105
AVB	AvalonBay Communities Inc	23,720 (-4.0%)	$4,608 (-25.0%)	2.9%	$110.42	+71.8%	COMMON STOCK	053484101
EQR	Equity Residential	54,556 (-7.6%)	$3,940 (-25.8%)	2.5%	$43.89	+55.3%	COMMON STOCK	29476L107
INVH	Invitation Homes Inc	100,310 (-16.6%)	$3,569 (-26.2%)	2.3%	$22.85	+47.1%	COMMON STOCK	46187W107
VTR	Ventas Inc	76,679 (-8.4%)	$3,944 (-23.7%)	2.5%	$46.60	+5.4%	COMMON STOCK	92276F100
WELL	Welltower Inc	57,753 (-6.5%)	$4,756 (-19.9%)	3.0%	$51.98	+56.2%	COMMON STOCK	95040Q104
CUZ	Cousins Properties Inc	53,977 (-16.9%)	$1,578 (-39.7%)	1.0%	$36.00	—	COMMON STOCK	222795502
DLR	Digital Realty Trust Inc	41,719 (-6.7%)	$5,416 (-14.6%)	3.4%	$76.75	+57.7%	COMMON STOCK	253868103
HST	Host Hotels and Resorts Inc	138,998 (-12.6%)	$2,179 (-29.5%)	1.4%	$11.43	+38.0%	COMMON STOCK	44107P104
MAA	Mid-America Apartment Communities Inc	18,540 (-5.1%)	$3,238 (-20.9%)	2.0%	$71.91	+125.2%	COMMON STOCK	59522J103
FCPT	Four Corners Property Trust Inc	29,000 (-51.7%)	$771 (-52.5%)	0.5%	$27.40	—	COMMON STOCK	35086T109
IRT	Independence Realty Trust Inc	41,000 (-35.9%)	$850 (-49.8%)	0.5%	$15.20	—	COMMON STOCK	45378A106
BRX	Brixmor Property Group Inc	113,000 (-6.6%)	$2,284 (-26.9%)	1.4%	$24.11	—	COMMON STOCK	11120U105
—	Healthcare Trust of America Inc	44,000 (-31.3%)	$1,228 (-38.8%)	0.8%	$25.91	—	COMMON STOCK	42225P501
WPC	WP Carey Inc	36,800 (-21.4%)	$3,049 (-19.4%)	1.9%	$70.59	—	COMMON STOCK	92936U109
NHI	National Health Investors Inc	22,300 (-35.0%)	$1,352 (-33.2%)	0.9%	$70.14	—	COMMON STOCK	63633D104
GNL	Global Net Lease Inc	122,976 (-16.3%)	$1,741 (-24.7%)	1.1%	$18.32	—	COMMON STOCK	379378201
—	Physicians Realty Trust	63,000 (-32.3%)	$1,099 (-32.6%)	0.7%	$16.37	—	COMMON STOCK	71943U104
CDP	Corporate Office Properties Trust	32,000 (-31.9%)	$838 (-37.5%)	0.5%	$26.17	—	COMMON STOCK	22002T108
AMH	American Homes 4 Rent	59,000 (-7.8%)	$2,091 (-18.4%)	1.3%	$24.97	—	COMMON STOCK	02665T306
OPITQ	Office Properties Income Trust	23,708 (-29.7%)	$473 (-45.4%)	0.3%	$27.61	—	COMMON STOCK	67623C109
KW	KENNEDY-WILSON HOLDINGS INC	16,081 (-38.3%)	$305 (-52.0%)	0.2%	$18.95	+13.4%	COMMON STOCK	489398107
—	American Campus Communities Inc	21,500 (-28.3%)	$1,386 (-17.5%)	0.9%	$38.00	—	COMMON STOCK	024835100
SKT	Tanger Factory Outlet Centers Inc	28,000 (-26.3%)	$398 (-39.1%)	0.3%	$32.33	—	COMMON STOCK	875465106
GLPI	Gaming and Leisure Properties Inc	58,372 (-6.4%)	$2,677 (-8.5%)	1.7%	$43.25	—	COMMON STOCK	36467J108

Unchanged Positions (46)

SPG Simon Property Group Inc 3.1%

Value ($000) $4,946 Shares 52,108 Est. Cost $96.58 Unrealized -3.4%

PSA Public Storage 4.4%

Value ($000) $6,969 Shares 22,289 Est. Cost $146.01 Unrealized +97.9%

ILPT Industrial Logistics Properties Trust 1.1%

Value ($000) $1,808 Shares 128,415 Est. Cost $21.29 Unrealized —

MPT Medical Properties Trust Inc 1.8%

Value ($000) $2,810 Shares 184,000 Est. Cost $16.88 Unrealized —

— LXP Industrial Trust 1.3%

Value ($000) $2,116 Shares 197,000 Est. Cost $10.19 Unrealized —

PLYM Plymouth Industrial REIT Inc 1.1%

Value ($000) $1,719 Shares 98,000 Est. Cost $17.84 Unrealized —

BDN Brandywine Realty Trust 1.0%

Value ($000) $1,652 Shares 171,400 Est. Cost $13.35 Unrealized —

STAG STAG Industrial Inc 1.4%

Value ($000) $2,251 Shares 72,880 Est. Cost $25.02 Unrealized —

— Life Storage Inc 1.7%

Value ($000) $2,752 Shares 24,650 Est. Cost $88.48 Unrealized —

EQIX Equinix Inc 3.5%

Value ($000) $5,495 Shares 8,364 Est. Cost $591.35 Unrealized +8.7%

SLG SL Green Realty Corp 0.6%

Value ($000) $905 Shares 19,618 Est. Cost $81.20 Unrealized —

UDR UDR Inc 1.6%

Value ($000) $2,583 Shares 56,105 Est. Cost $24.09 Unrealized +80.8%

BXP Boston Properties Inc 0.9%

Value ($000) $1,372 Shares 15,417 Est. Cost $66.40 Unrealized +35.0%

CUBE CubeSmart 1.7%

Value ($000) $2,627 Shares 61,500 Est. Cost $31.02 Unrealized —

CPT Camden Property Trust 1.5%

Value ($000) $2,365 Shares 17,586 Est. Cost $56.92 Unrealized +126.9%

DHC Diversified Healthcare Trust 0.5%

Value ($000) $726 Shares 399,100 Est. Cost $4.02 Unrealized —

— Apartment Income REIT Corp 1.1%

Value ($000) $1,806 Shares 43,422 Est. Cost $42.76 Unrealized —

— Spirit Realty Capital Inc 1.5%

Value ($000) $2,327 Shares 61,600 Est. Cost $36.14 Unrealized —

VNO Vornado Realty Trust 0.5%

Value ($000) $794 Shares 27,765 Est. Cost $72.24 Unrealized —

HIW Highwoods Properties Inc 0.9%

Value ($000) $1,361 Shares 39,802 Est. Cost $37.64 Unrealized —

UMH UMH Properties Inc 0.6%

Value ($000) $1,005 Shares 56,900 Est. Cost $14.48 Unrealized —

IIPR Innovative Industrial Properties Inc 0.3%

Value ($000) $407 Shares 3,700 Est. Cost $84.43 Unrealized —

SVC Service Properties Trust 0.3%

Value ($000) $447 Shares 85,434 Est. Cost $8.83 Unrealized —

KRG Kite Realty Group Trust 0.5%

Value ($000) $847 Shares 49,000 Est. Cost $23.49 Unrealized —

OHI Omega Healthcare Investors Inc 1.6%

Value ($000) $2,509 Shares 89,000 Est. Cost $35.61 Unrealized —

RLJ RLJ Lodging Trust 0.5%

Value ($000) $840 Shares 76,200 Est. Cost $21.21 Unrealized —

— DigitalBridge Group Inc 0.3%

Value ($000) $473 Shares 96,932 Est. Cost $7.90 Unrealized —

KRC Kilroy Realty Corp 0.3%

Value ($000) $471 Shares 9,000 Est. Cost $67.97 Unrealized —

— Global Medical REIT Inc 0.3%

Value ($000) $460 Shares 41,000 Est. Cost $14.08 Unrealized —

INN Summit Hotel Properties Inc 0.3%

Value ($000) $502 Shares 69,000 Est. Cost $12.94 Unrealized —

MAC Macerich Co/The 0.1%

Value ($000) $215 Shares 24,720 Est. Cost $58.05 Unrealized —

APLE Apple Hospitality REIT Inc 0.5%

Value ($000) $734 Shares 50,000 Est. Cost $14.39 Unrealized —

— Duke Realty Corp 1.7%

Value ($000) $2,666 Shares 48,524 Est. Cost $27.49 Unrealized —

ESRT Empire State Realty Trust Inc 0.2%

Value ($000) $380 Shares 54,000 Est. Cost $16.12 Unrealized —

SBRA Sabra Health Care REIT Inc 1.3%

Value ($000) $1,994 Shares 142,730 Est. Cost $20.88 Unrealized —

PK Park Hotels and Resorts Inc 0.2%

Value ($000) $285 Shares 21,038 Est. Cost $25.86 Unrealized —

CLDT Chatham Lodging Trust 0.2%

Value ($000) $376 Shares 36,000 Est. Cost $17.48 Unrealized —

EPR EPR Properties 0.4%

Value ($000) $693 Shares 14,762 Est. Cost $50.97 Unrealized —

VICI VICI Properties Inc 1.5%

Value ($000) $2,383 Shares 80,000 Est. Cost $23.50 Unrealized +2.8%

O Realty Income Corp 3.3%

Value ($000) $5,279 Shares 77,335 Est. Cost $53.51 Unrealized +5.6%

PEB Pebblebrook Hotel Trust 0.1%

Value ($000) $148 Shares 8,911 Est. Cost $28.31 Unrealized —

DEI Douglas Emmett Inc 0.1%

Value ($000) $134 Shares 6,000 Est. Cost $36.89 Unrealized —

KIM Kimco Realty Corp 0.1%

Value ($000) $212 Shares 10,731 Est. Cost $12.61 Unrealized +53.3%

AIV Apartment Investment and Management Co 0.2%

Value ($000) $353 Shares 55,222 Est. Cost $6.14 Unrealized —

— Hersha Hospitality Trust 0.2%

Value ($000) $392 Shares 40,000 Est. Cost $16.00 Unrealized —

— Healthcare Realty Trust Inc 0.6%

Value ($000) $1,026 Shares 37,719 Est. Cost $29.72 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPG	Simon Property Group Inc	52,108	$4,946	3.1%	$96.58	-3.4%	COMMON STOCK	828806109
PSA	Public Storage	22,289	$6,969	4.4%	$146.01	+97.9%	COMMON STOCK	74460D109
ILPT	Industrial Logistics Properties Trust	128,415	$1,808	1.1%	$21.29	—	COMMON STOCK	456237106
MPT	Medical Properties Trust Inc	184,000	$2,810	1.8%	$16.88	—	COMMON STOCK	58463J304
—	LXP Industrial Trust	197,000	$2,116	1.3%	$10.19	—	COMMON STOCK	529043101
PLYM	Plymouth Industrial REIT Inc	98,000	$1,719	1.1%	$17.84	—	COMMON STOCK	729640102
BDN	Brandywine Realty Trust	171,400	$1,652	1.0%	$13.35	—	COMMON STOCK	105368203
STAG	STAG Industrial Inc	72,880	$2,251	1.4%	$25.02	—	COMMON STOCK	85254J102
—	Life Storage Inc	24,650	$2,752	1.7%	$88.48	—	COMMON STOCK	53223X107
EQIX	Equinix Inc	8,364	$5,495	3.5%	$591.35	+8.7%	COMMON STOCK	29444U700
SLG	SL Green Realty Corp	19,618	$905	0.6%	$81.20	—	COMMON STOCK	78440X887
UDR	UDR Inc	56,105	$2,583	1.6%	$24.09	+80.8%	COMMON STOCK	902653104
BXP	Boston Properties Inc	15,417	$1,372	0.9%	$66.40	+35.0%	COMMON STOCK	101121101
CUBE	CubeSmart	61,500	$2,627	1.7%	$31.02	—	COMMON STOCK	229663109
CPT	Camden Property Trust	17,586	$2,365	1.5%	$56.92	+126.9%	COMMON STOCK	133131102
DHC	Diversified Healthcare Trust	399,100	$726	0.5%	$4.02	—	COMMON STOCK	25525P107
—	Apartment Income REIT Corp	43,422	$1,806	1.1%	$42.76	—	COMMON STOCK	03750L109
—	Spirit Realty Capital Inc	61,600	$2,327	1.5%	$36.14	—	COMMON STOCK	84860W300
VNO	Vornado Realty Trust	27,765	$794	0.5%	$72.24	—	COMMON STOCK	929042109
HIW	Highwoods Properties Inc	39,802	$1,361	0.9%	$37.64	—	COMMON STOCK	431284108
UMH	UMH Properties Inc	56,900	$1,005	0.6%	$14.48	—	COMMON STOCK	903002103
IIPR	Innovative Industrial Properties Inc	3,700	$407	0.3%	$84.43	—	COMMON STOCK	45781V101
SVC	Service Properties Trust	85,434	$447	0.3%	$8.83	—	COMMON STOCK	81761L102
KRG	Kite Realty Group Trust	49,000	$847	0.5%	$23.49	—	COMMON STOCK	49803T300
OHI	Omega Healthcare Investors Inc	89,000	$2,509	1.6%	$35.61	—	COMMON STOCK	681936100
RLJ	RLJ Lodging Trust	76,200	$840	0.5%	$21.21	—	COMMON STOCK	74965L101
—	DigitalBridge Group Inc	96,932	$473	0.3%	$7.90	—	COMMON STOCK	25401T108
KRC	Kilroy Realty Corp	9,000	$471	0.3%	$67.97	—	COMMON STOCK	49427F108
—	Global Medical REIT Inc	41,000	$460	0.3%	$14.08	—	COMMON STOCK	37954A204
INN	Summit Hotel Properties Inc	69,000	$502	0.3%	$12.94	—	COMMON STOCK	866082100
MAC	Macerich Co/The	24,720	$215	0.1%	$58.05	—	COMMON STOCK	554382101
APLE	Apple Hospitality REIT Inc	50,000	$734	0.5%	$14.39	—	COMMON STOCK	03784Y200
—	Duke Realty Corp	48,524	$2,666	1.7%	$27.49	—	COMMON STOCK	264411505
ESRT	Empire State Realty Trust Inc	54,000	$380	0.2%	$16.12	—	COMMON STOCK	292104106
SBRA	Sabra Health Care REIT Inc	142,730	$1,994	1.3%	$20.88	—	COMMON STOCK	78573L106
PK	Park Hotels and Resorts Inc	21,038	$285	0.2%	$25.86	—	COMMON STOCK	700517105
CLDT	Chatham Lodging Trust	36,000	$376	0.2%	$17.48	—	COMMON STOCK	16208T102
EPR	EPR Properties	14,762	$693	0.4%	$50.97	—	COMMON STOCK	26884U109
VICI	VICI Properties Inc	80,000	$2,383	1.5%	$23.50	+2.8%	COMMON STOCK	925652109
O	Realty Income Corp	77,335	$5,279	3.3%	$53.51	+5.6%	COMMON STOCK	756109104
PEB	Pebblebrook Hotel Trust	8,911	$148	0.1%	$28.31	—	COMMON STOCK	70509V100
DEI	Douglas Emmett Inc	6,000	$134	0.1%	$36.89	—	COMMON STOCK	25960P109
KIM	Kimco Realty Corp	10,731	$212	0.1%	$12.61	+53.3%	COMMON STOCK	49446R109
AIV	Apartment Investment and Management Co	55,222	$353	0.2%	$6.14	—	COMMON STOCK	03748R747
—	Hersha Hospitality Trust	40,000	$392	0.2%	$16.00	—	COMMON STOCK	427825500
—	Healthcare Realty Trust Inc	37,719	$1,026	0.6%	$29.72	—	COMMON STOCK	421946104