Pensionfund PDN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BNL	Broadstone Net Lease Inc	87,000 (+383.3%)	$1 (+406.8%)	1.0%	$0.02	—	COMMON STOCK	11135E203
EQIX	Equinix Inc	8,964 (+7.2%)	$6 (+18.0%)	4.4%	$596.10	+11.1%	COMMON STOCK	29444U700
PSA	Public Storage	23,789 (+6.7%)	$7 (+15.1%)	4.9%	$153.24	+70.1%	COMMON STOCK	74460D109
EQR	Equity Residential	60,556 (+15.2%)	$4 (+17.2%)	2.5%	$45.26	+19.9%	COMMON STOCK	29476L107
NHI	National Health Investors Inc	19,300 (+107.5%)	$1 (+104.7%)	0.7%	$33.83	—	COMMON STOCK	63633D104
MPT	Medical Properties Trust Inc	275,000 (+12.2%)	$2 (-17.1%)	1.5%	$11.30	—	COMMON STOCK	58463J304
AVB	AvalonBay Communities Inc	24,320 (+6.1%)	$4 (+10.4%)	2.8%	$112.90	+35.9%	COMMON STOCK	053484101
NSA	National Storage Affiliates Trust	36,300 (+9.0%)	$2 (+26.1%)	1.0%	$24.42	—	COMMON STOCK	637870106
IRM	Iron Mountain Inc	57,500 (+4.5%)	$3 (+10.9%)	2.1%	$24.54	+92.5%	COMMON STOCK	46284V101
—	Physicians Realty Trust	95,000 (+20.3%)	$1 (+24.1%)	1.0%	$10.86	—	COMMON STOCK	71943U104
DOC	Healthpeak Properties Inc	144,593 (+24.0%)	$3 (+8.7%)	2.2%	$23.62	-12.2%	COMMON STOCK	42250P103
HR	Healthcare Realty Trust Inc	144,719 (+9.0%)	$3 (+9.4%)	1.9%	$13.22	—	COMMON STOCK	42226K105
ARE	Alexandria Real Estate Equities Inc	18,700 (+5.6%)	$2 (-8.9%)	1.6%	$84.13	+50.1%	COMMON STOCK	015271109
SBRA	Sabra Health Care REIT Inc	162,730 (+22.6%)	$2 (+13.4%)	1.3%	$17.04	—	COMMON STOCK	78573L106
EPR	EPR Properties	22,762 (+31.9%)	$1 (+33.2%)	0.6%	$33.07	—	COMMON STOCK	26884U109
GTY	Getty Realty Corp	29,000 (+16.0%)	$1 (+23.5%)	0.7%	$23.18	—	COMMON STOCK	374297109
ESS	Essex Property Trust Inc	12,695 (+9.0%)	$3 (+7.6%)	1.8%	$174.06	+13.0%	COMMON STOCK	297178105
—	LXP Industrial Trust	217,000 (+4.8%)	$2 (+7.9%)	1.5%	$9.26	—	COMMON STOCK	529043101
VICI	VICI Properties Inc	84,000 (+5.0%)	$3 (+5.7%)	1.9%	$23.72	+18.5%	COMMON STOCK	925652109
PW	Power REIT	74,563 (+75.2%)	$0 (+66.1%)	0.2%	$6.16	—	COMMON STOCK	73933H101
GLPI	Gaming and Leisure Properties Inc	50,772 (+4.1%)	$3 (+4.0%)	1.8%	$41.55	—	COMMON STOCK	36467J108
KRG	Kite Realty Group Trust	74,500 (+7.2%)	$2 (+6.6%)	1.1%	$15.46	—	COMMON STOCK	49803T300
—	Spirit Realty Capital Inc	67,600 (+3.8%)	$3 (+3.6%)	1.8%	$32.93	—	COMMON STOCK	84860W300
IIPR	Innovative Industrial Properties Inc	8,800 (+20.5%)	$1 (-9.6%)	0.5%	$35.56	—	COMMON STOCK	45781V101
—	Global Medical REIT Inc	127,000 (+10.4%)	$1 (+6.1%)	0.8%	$4.55	—	COMMON STOCK	37954A204
CPT	Camden Property Trust	22,386 (+9.8%)	$2 (+2.9%)	1.6%	$66.48	+52.9%	COMMON STOCK	133131102
ILPT	Industrial Logistics Properties Trust	170,415 (+13.3%)	$1 (+6.3%)	0.4%	$16.04	—	COMMON STOCK	456237106

Exited Positions (5)

— STORE Capital Corp 1.3%

Value ($000) $2 Shares 60,000 Est. Cost $29.26 Unrealized —

CDP Corporate Office Properties Trust 0.3%

Value ($000) $0 Shares 15,000 Est. Cost $26.17 Unrealized —

SVC Service Properties Trust 0.2%

Value ($000) $0 Shares 45,434 Est. Cost $8.83 Unrealized —

OPITQ Office Properties Income Trust 0.2%

Value ($000) $0 Shares 23,708 Est. Cost $27.61 Unrealized —

ESRT Empire State Realty Trust Inc 0.1%

Value ($000) $0 Shares 16,000 Est. Cost $16.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	STORE Capital Corp	60,000	$2	1.3%	$29.26	—	—	862121100
CDP	Corporate Office Properties Trust	15,000	$0	0.3%	$26.17	—	—	22002T108
SVC	Service Properties Trust	45,434	$0	0.2%	$8.83	—	—	81761L102
OPITQ	Office Properties Income Trust	23,708	$0	0.2%	$27.61	—	—	67623C109
ESRT	Empire State Realty Trust Inc	16,000	$0	0.1%	$16.12	—	—	292104106

Decreased Positions (6)

GNL Global Net Lease Inc 0.5%

Value ($000) $1 (-38.2%) Shares 60,976 (-39.6%) Est. Cost $18.32 Unrealized —

— Life Storage Inc 1.9%

Value ($000) $3 (+19.4%) Shares 21,050 (-10.2%) Est. Cost $88.48 Unrealized —

BRX Brixmor Property Group Inc 1.5%

Value ($000) $2 (-16.0%) Shares 100,000 (-11.5%) Est. Cost $24.11 Unrealized —

UMH UMH Properties Inc 0.5%

Value ($000) $1 (-19.8%) Shares 54,900 (-12.7%) Est. Cost $13.10 Unrealized —

DBRG DigitalBridge Group Inc 0.1%

Value ($000) $0 (-35.5%) Shares 14,233 (-41.3%) Est. Cost $19.04 Unrealized -34.6%

PK Park Hotels and Resorts Inc 0.1%

Value ($000) $0 (-35.1%) Shares 13,038 (-38.0%) Est. Cost $25.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GNL	Global Net Lease Inc	60,976 (-39.6%)	$1 (-38.2%)	0.5%	$18.32	—	COMMON STOCK	379378201
—	Life Storage Inc	21,050 (-10.2%)	$3 (+19.4%)	1.9%	$88.48	—	COMMON STOCK	53223X107
BRX	Brixmor Property Group Inc	100,000 (-11.5%)	$2 (-16.0%)	1.5%	$24.11	—	COMMON STOCK	11120U105
UMH	UMH Properties Inc	54,900 (-12.7%)	$1 (-19.8%)	0.5%	$13.10	—	COMMON STOCK	903002103
DBRG	DigitalBridge Group Inc	14,233 (-41.3%)	$0 (-35.5%)	0.1%	$19.04	-34.6%	COMMON STOCK	25401T603
PK	Park Hotels and Resorts Inc	13,038 (-38.0%)	$0 (-35.1%)	0.1%	$25.86	—	COMMON STOCK	700517105

Unchanged Positions (40)

PLD Prologis Inc 11.5%

Value ($000) $17 Shares 136,153 Est. Cost $61.56 Unrealized +81.8%

CUBE CubeSmart 1.8%

Value ($000) $3 Shares 58,800 Est. Cost $31.02 Unrealized —

WELL Welltower Inc 2.7%

Value ($000) $4 Shares 55,753 Est. Cost $51.98 Unrealized +30.4%

SPG Simon Property Group Inc 3.9%

Value ($000) $6 Shares 52,108 Est. Cost $96.58 Unrealized +5.6%

DHC Diversified Healthcare Trust 0.4%

Value ($000) $1 Shares 399,100 Est. Cost $4.02 Unrealized —

— Hudson Pacific Properties Inc 0.4%

Value ($000) $1 Shares 84,500 Est. Cost $23.97 Unrealized —

BDN Brandywine Realty Trust 0.5%

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

SLG SL Green Realty Corp 0.3%

Value ($000) $0 Shares 19,618 Est. Cost $81.20 Unrealized —

BXP Boston Properties Inc 0.5%

Value ($000) $1 Shares 13,717 Est. Cost $66.40 Unrealized -17.3%

PLYM Plymouth Industrial REIT Inc 1.4%

Value ($000) $2 Shares 98,000 Est. Cost $17.84 Unrealized —

CUZ Cousins Properties Inc 0.6%

Value ($000) $1 Shares 43,977 Est. Cost $36.00 Unrealized —

HIW Highwoods Properties Inc 0.5%

Value ($000) $1 Shares 29,802 Est. Cost $37.64 Unrealized —

INVH Invitation Homes Inc 1.9%

Value ($000) $3 Shares 87,810 Est. Cost $22.85 Unrealized +23.3%

UDR UDR Inc 1.6%

Value ($000) $2 Shares 56,105 Est. Cost $24.09 Unrealized +52.4%

VTR Ventas Inc 2.2%

Value ($000) $3 Shares 76,679 Est. Cost $46.60 Unrealized -6.5%

VNO Vornado Realty Trust 0.2%

Value ($000) $0 Shares 22,765 Est. Cost $72.24 Unrealized —

STAG STAG Industrial Inc 1.8%

Value ($000) $3 Shares 76,880 Est. Cost $23.72 Unrealized —

MAA Mid-America Apartment Communities Inc 1.9%

Value ($000) $3 Shares 18,540 Est. Cost $71.91 Unrealized +96.9%

DLR Digital Realty Trust Inc 2.9%

Value ($000) $4 Shares 43,319 Est. Cost $77.28 Unrealized +23.4%

EPRT Essential Properties Realty Trust Inc 1.0%

Value ($000) $1 Shares 59,500 Est. Cost $7.37 Unrealized —

— Hersha Hospitality Trust 0.2%

Value ($000) $0 Shares 40,000 Est. Cost $16.00 Unrealized —

— Apartment Income REIT Corp 1.1%

Value ($000) $2 Shares 46,422 Est. Cost $40.00 Unrealized —

CLDT Chatham Lodging Trust 0.3%

Value ($000) $0 Shares 36,000 Est. Cost $17.48 Unrealized —

HST Host Hotels and Resorts Inc 1.6%

Value ($000) $2 Shares 138,998 Est. Cost $11.43 Unrealized +27.2%

CSR Centerspace 0.6%

Value ($000) $1 Shares 15,280 Est. Cost $72.45 Unrealized —

AMH American Homes 4 Rent 0.9%

Value ($000) $1 Shares 43,000 Est. Cost $24.97 Unrealized —

KRC Kilroy Realty Corp 0.2%

Value ($000) $0 Shares 9,000 Est. Cost $67.97 Unrealized —

SKT Tanger Factory Outlet Centers Inc 0.4%

Value ($000) $1 Shares 28,000 Est. Cost $32.33 Unrealized —

OHI Omega Healthcare Investors Inc 1.2%

Value ($000) $2 Shares 63,000 Est. Cost $35.61 Unrealized —

IRT Independence Realty Trust Inc 0.4%

Value ($000) $1 Shares 34,000 Est. Cost $15.20 Unrealized —

WPC WP Carey Inc 1.9%

Value ($000) $3 Shares 36,800 Est. Cost $70.59 Unrealized —

FCPT Four Corners Property Trust Inc 0.4%

Value ($000) $1 Shares 24,000 Est. Cost $27.40 Unrealized —

DEI Douglas Emmett Inc 0.1%

Value ($000) $0 Shares 6,000 Est. Cost $36.89 Unrealized —

KIM Kimco Realty Corp 0.1%

Value ($000) $0 Shares 10,731 Est. Cost $12.61 Unrealized +41.5%

MAC Macerich Co/The 0.2%

Value ($000) $0 Shares 24,720 Est. Cost $58.05 Unrealized —

INN Summit Hotel Properties Inc 0.3%

Value ($000) $0 Shares 69,000 Est. Cost $12.94 Unrealized —

APLE Apple Hospitality REIT Inc 0.5%

Value ($000) $1 Shares 50,000 Est. Cost $14.39 Unrealized —

O Realty Income Corp 3.3%

Value ($000) $5 Shares 77,335 Est. Cost $53.51 Unrealized +3.0%

PEB Pebblebrook Hotel Trust 0.1%

Value ($000) $0 Shares 8,911 Est. Cost $28.31 Unrealized —

RLJ RLJ Lodging Trust 0.5%

Value ($000) $1 Shares 76,200 Est. Cost $21.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	Prologis Inc	136,153	$17	11.5%	$61.56	+81.8%	COMMON STOCK	74340W103
CUBE	CubeSmart	58,800	$3	1.8%	$31.02	—	COMMON STOCK	229663109
WELL	Welltower Inc	55,753	$4	2.7%	$51.98	+30.4%	COMMON STOCK	95040Q104
SPG	Simon Property Group Inc	52,108	$6	3.9%	$96.58	+5.6%	COMMON STOCK	828806109
DHC	Diversified Healthcare Trust	399,100	$1	0.4%	$4.02	—	COMMON STOCK	25525P107
—	Hudson Pacific Properties Inc	84,500	$1	0.4%	$23.97	—	COMMON STOCK	444097109
BDN	Brandywine Realty Trust	171,400	$1	0.5%	$13.35	—	COMMON STOCK	105368203
SLG	SL Green Realty Corp	19,618	$0	0.3%	$81.20	—	COMMON STOCK	78440X887
BXP	Boston Properties Inc	13,717	$1	0.5%	$66.40	-17.3%	COMMON STOCK	101121101
PLYM	Plymouth Industrial REIT Inc	98,000	$2	1.4%	$17.84	—	COMMON STOCK	729640102
CUZ	Cousins Properties Inc	43,977	$1	0.6%	$36.00	—	COMMON STOCK	222795502
HIW	Highwoods Properties Inc	29,802	$1	0.5%	$37.64	—	COMMON STOCK	431284108
INVH	Invitation Homes Inc	87,810	$3	1.9%	$22.85	+23.3%	COMMON STOCK	46187W107
UDR	UDR Inc	56,105	$2	1.6%	$24.09	+52.4%	COMMON STOCK	902653104
VTR	Ventas Inc	76,679	$3	2.2%	$46.60	-6.5%	COMMON STOCK	92276F100
VNO	Vornado Realty Trust	22,765	$0	0.2%	$72.24	—	COMMON STOCK	929042109
STAG	STAG Industrial Inc	76,880	$3	1.8%	$23.72	—	COMMON STOCK	85254J102
MAA	Mid-America Apartment Communities Inc	18,540	$3	1.9%	$71.91	+96.9%	COMMON STOCK	59522J103
DLR	Digital Realty Trust Inc	43,319	$4	2.9%	$77.28	+23.4%	COMMON STOCK	253868103
EPRT	Essential Properties Realty Trust Inc	59,500	$1	1.0%	$7.37	—	COMMON STOCK	29670E107
—	Hersha Hospitality Trust	40,000	$0	0.2%	$16.00	—	COMMON STOCK	427825500
—	Apartment Income REIT Corp	46,422	$2	1.1%	$40.00	—	COMMON STOCK	03750L109
CLDT	Chatham Lodging Trust	36,000	$0	0.3%	$17.48	—	COMMON STOCK	16208T102
HST	Host Hotels and Resorts Inc	138,998	$2	1.6%	$11.43	+27.2%	COMMON STOCK	44107P104
CSR	Centerspace	15,280	$1	0.6%	$72.45	—	COMMON STOCK	15202L107
AMH	American Homes 4 Rent	43,000	$1	0.9%	$24.97	—	COMMON STOCK	02665T306
KRC	Kilroy Realty Corp	9,000	$0	0.2%	$67.97	—	COMMON STOCK	49427F108
SKT	Tanger Factory Outlet Centers Inc	28,000	$1	0.4%	$32.33	—	COMMON STOCK	875465106
OHI	Omega Healthcare Investors Inc	63,000	$2	1.2%	$35.61	—	COMMON STOCK	681936100
IRT	Independence Realty Trust Inc	34,000	$1	0.4%	$15.20	—	COMMON STOCK	45378A106
WPC	WP Carey Inc	36,800	$3	1.9%	$70.59	—	COMMON STOCK	92936U109
FCPT	Four Corners Property Trust Inc	24,000	$1	0.4%	$27.40	—	COMMON STOCK	35086T109
DEI	Douglas Emmett Inc	6,000	$0	0.1%	$36.89	—	COMMON STOCK	25960P109
KIM	Kimco Realty Corp	10,731	$0	0.1%	$12.61	+41.5%	COMMON STOCK	49446R109
MAC	Macerich Co/The	24,720	$0	0.2%	$58.05	—	COMMON STOCK	554382101
INN	Summit Hotel Properties Inc	69,000	$0	0.3%	$12.94	—	COMMON STOCK	866082100
APLE	Apple Hospitality REIT Inc	50,000	$1	0.5%	$14.39	—	COMMON STOCK	03784Y200
O	Realty Income Corp	77,335	$5	3.3%	$53.51	+3.0%	COMMON STOCK	756109104
PEB	Pebblebrook Hotel Trust	8,911	$0	0.1%	$28.31	—	COMMON STOCK	70509V100
RLJ	RLJ Lodging Trust	76,200	$1	0.5%	$21.21	—	COMMON STOCK	74965L101