Pensionfund PDN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DLR	Digital Realty Trust Inc	46,919 (+8.3%)	$5 (+25.5%)	3.5%	$78.30	+15.6%	COMMON STOCK	253868103
NHI	National Health Investors Inc	31,600 (+63.7%)	$2 (+66.4%)	1.1%	$20.68	—	COMMON STOCK	63633D104
BNL	Broadstone Net Lease Inc	136,000 (+56.3%)	$2 (+41.9%)	1.4%	$0.02	—	COMMON STOCK	11135E203
IRT	Independence Realty Trust Inc	62,000 (+82.4%)	$1 (+107.3%)	0.7%	$8.35	—	COMMON STOCK	45378A106
EPR	EPR Properties	28,762 (+26.4%)	$1 (+55.2%)	0.9%	$26.18	—	COMMON STOCK	26884U109
SPG	Simon Property Group Inc	53,108 (+1.9%)	$6 (+5.1%)	4.0%	$96.54	-2.2%	COMMON STOCK	828806109
DOC	Healthpeak Properties Inc	170,593 (+18.0%)	$3 (+7.9%)	2.2%	$22.70	-22.5%	COMMON STOCK	42250P103
—	Global Medical REIT Inc	150,000 (+18.1%)	$1 (+18.4%)	0.9%	$3.86	—	COMMON STOCK	37954A204
HR	Healthcare Realty Trust Inc	156,719 (+8.3%)	$3 (+5.7%)	1.9%	$12.21	—	COMMON STOCK	42226K105
PW	Power REIT	78,526 (+5.3%)	$0 (-53.8%)	0.1%	$5.85	—	COMMON STOCK	73933H101
WPC	WP Carey Inc	40,000 (+8.7%)	$3 (-5.2%)	1.8%	$64.95	—	COMMON STOCK	92936U109
—	Apartment Income REIT Corp	49,422 (+6.5%)	$2 (+7.3%)	1.2%	$37.57	—	COMMON STOCK	03750L109
ARE	Alexandria Real Estate Equities Inc	21,700 (+16.0%)	$2 (+4.9%)	1.6%	$86.78	+19.1%	COMMON STOCK	015271109
EPRT	Essential Properties Realty Trust Inc	67,500 (+13.4%)	$2 (+7.4%)	1.0%	$6.50	—	COMMON STOCK	29670E107
FCPT	Four Corners Property Trust Inc	28,000 (+16.7%)	$1 (+10.2%)	0.5%	$23.49	—	COMMON STOCK	35086T109
NSA	National Storage Affiliates Trust	41,800 (+15.2%)	$1 (-4.0%)	0.9%	$21.21	—	COMMON STOCK	637870106

Exited Positions (1)

DEI Douglas Emmett Inc 0.0%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DEI	Douglas Emmett Inc	6,000	$0	0.0%	$36.89	—	—	25960P109

Decreased Positions (7)

GNL Global Net Lease Inc 0.2%

Value ($000) $0 (-59.4%) Shares 30,976 (-49.2%) Est. Cost $18.32 Unrealized —

— LXP Industrial Trust 1.2%

Value ($000) $2 (-20.7%) Shares 182,000 (-16.1%) Est. Cost $9.26 Unrealized —

GLPI Gaming and Leisure Properties Inc 1.4%

Value ($000) $2 (-17.2%) Shares 45,172 (-11.0%) Est. Cost $41.55 Unrealized —

HST Host Hotels and Resorts Inc 1.2%

Value ($000) $2 (-19.2%) Shares 109,998 (-20.9%) Est. Cost $11.43 Unrealized +26.1%

SLG SL Green Realty Corp 0.1%

Value ($000) $0 (-63.3%) Shares 5,618 (-71.4%) Est. Cost $81.20 Unrealized —

HIW Highwoods Properties Inc 0.4%

Value ($000) $1 (-14.2%) Shares 24,802 (-16.8%) Est. Cost $37.64 Unrealized —

STAG STAG Industrial Inc 1.7%

Value ($000) $3 (+0.6%) Shares 72,880 (-5.2%) Est. Cost $23.72 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GNL	Global Net Lease Inc	30,976 (-49.2%)	$0 (-59.4%)	0.2%	$18.32	—	COMMON STOCK	379378201
—	LXP Industrial Trust	182,000 (-16.1%)	$2 (-20.7%)	1.2%	$9.26	—	COMMON STOCK	529043101
GLPI	Gaming and Leisure Properties Inc	45,172 (-11.0%)	$2 (-17.2%)	1.4%	$41.55	—	COMMON STOCK	36467J108
HST	Host Hotels and Resorts Inc	109,998 (-20.9%)	$2 (-19.2%)	1.2%	$11.43	+26.1%	COMMON STOCK	44107P104
SLG	SL Green Realty Corp	5,618 (-71.4%)	$0 (-63.3%)	0.1%	$81.20	—	COMMON STOCK	78440X887
HIW	Highwoods Properties Inc	24,802 (-16.8%)	$1 (-14.2%)	0.4%	$37.64	—	COMMON STOCK	431284108
STAG	STAG Industrial Inc	72,880 (-5.2%)	$3 (+0.6%)	1.7%	$23.72	—	COMMON STOCK	85254J102

Unchanged Positions (49)

EQIX Equinix Inc 4.6%

Value ($000) $7 Shares 8,964 Est. Cost $596.10 Unrealized +16.2%

AVB AvalonBay Communities Inc 3.0%

Value ($000) $5 Shares 24,320 Est. Cost $112.90 Unrealized +43.7%

WELL Welltower Inc 2.9%

Value ($000) $5 Shares 55,753 Est. Cost $51.98 Unrealized +39.8%

EQR Equity Residential 2.6%

Value ($000) $4 Shares 60,556 Est. Cost $45.26 Unrealized +23.5%

DHC Diversified Healthcare Trust 0.6%

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

ESS Essex Property Trust Inc 1.9%

Value ($000) $3 Shares 12,695 Est. Cost $174.06 Unrealized +13.3%

VTR Ventas Inc 2.4%

Value ($000) $4 Shares 76,679 Est. Cost $46.60 Unrealized -11.2%

PLD Prologis Inc 10.9%

Value ($000) $17 Shares 136,153 Est. Cost $61.56 Unrealized +83.3%

MPT Medical Properties Trust Inc 1.7%

Value ($000) $3 Shares 275,000 Est. Cost $11.30 Unrealized —

INVH Invitation Homes Inc 2.0%

Value ($000) $3 Shares 87,810 Est. Cost $22.85 Unrealized +32.6%

O Realty Income Corp 3.0%

Value ($000) $5 Shares 77,335 Est. Cost $53.51 Unrealized -1.8%

PSA Public Storage 4.5%

Value ($000) $7 Shares 23,789 Est. Cost $153.24 Unrealized +70.3%

IRM Iron Mountain Inc 2.1%

Value ($000) $3 Shares 57,500 Est. Cost $24.54 Unrealized +103.4%

OHI Omega Healthcare Investors Inc 1.3%

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

— Hudson Pacific Properties Inc 0.2%

Value ($000) $0 Shares 84,500 Est. Cost $23.97 Unrealized —

PLYM Plymouth Industrial REIT Inc 1.5%

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

AMH American Homes 4 Rent 1.0%

Value ($000) $2 Shares 43,000 Est. Cost $24.97 Unrealized —

UDR UDR Inc 1.6%

Value ($000) $2 Shares 56,105 Est. Cost $24.09 Unrealized +53.3%

KRG Kite Realty Group Trust 1.1%

Value ($000) $2 Shares 74,500 Est. Cost $15.46 Unrealized —

CSR Centerspace 0.6%

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

VICI VICI Properties Inc 1.7%

Value ($000) $3 Shares 84,000 Est. Cost $23.72 Unrealized +16.4%

CUBE CubeSmart 1.7%

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

CPT Camden Property Trust 1.6%

Value ($000) $2 Shares 22,386 Est. Cost $66.48 Unrealized +46.0%

— Physicians Realty Trust 0.9%

Value ($000) $1 Shares 95,000 Est. Cost $10.86 Unrealized —

SKT Tanger Factory Outlet Centers Inc 0.4%

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

UMH UMH Properties Inc 0.6%

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

GTY Getty Realty Corp 0.6%

Value ($000) $1 Shares 29,000 Est. Cost $23.18 Unrealized —

CUZ Cousins Properties Inc 0.7%

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

VNO Vornado Realty Trust 0.3%

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

BRX Brixmor Property Group Inc 1.4%

Value ($000) $2 Shares 100,000 Est. Cost $24.11 Unrealized —

BXP Boston Properties Inc 0.5%

Value ($000) $1 Shares 13,717 Est. Cost $66.40 Unrealized -32.8%

SBRA Sabra Health Care REIT Inc 1.2%

Value ($000) $2 Shares 162,730 Est. Cost $17.04 Unrealized —

CLDT Chatham Lodging Trust 0.2%

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

— Life Storage Inc 1.8%

Value ($000) $3 Shares 21,050 Est. Cost $88.48 Unrealized —

ILPT Industrial Logistics Properties Trust 0.4%

Value ($000) $1 Shares 170,415 Est. Cost $16.04 Unrealized —

DBRG DigitalBridge Group Inc 0.1%

Value ($000) $0 Shares 14,233 Est. Cost $19.04 Unrealized -36.1%

INN Summit Hotel Properties Inc 0.3%

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

— Spirit Realty Capital Inc 1.7%

Value ($000) $3 Shares 67,600 Est. Cost $32.93 Unrealized —

IIPR Innovative Industrial Properties Inc 0.4%

Value ($000) $1 Shares 8,800 Est. Cost $35.56 Unrealized —

RLJ RLJ Lodging Trust 0.5%

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

— Hersha Hospitality Trust 0.2%

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

KRC Kilroy Realty Corp 0.2%

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

APLE Apple Hospitality REIT Inc 0.5%

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

MAC Macerich Co/The 0.2%

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

MAA Mid-America Apartment Communities Inc 1.8%

Value ($000) $3 Shares 18,540 Est. Cost $71.91 Unrealized +88.3%

BDN Brandywine Realty Trust 0.5%

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

PK Park Hotels and Resorts Inc 0.1%

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

KIM Kimco Realty Corp 0.1%

Value ($000) $0 Shares 10,731 Est. Cost $12.61 Unrealized +31.2%

PEB Pebblebrook Hotel Trust 0.1%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQIX	Equinix Inc	8,964	$7	4.6%	$596.10	+16.2%	COMMON STOCK	29444U700
AVB	AvalonBay Communities Inc	24,320	$5	3.0%	$112.90	+43.7%	COMMON STOCK	053484101
WELL	Welltower Inc	55,753	$5	2.9%	$51.98	+39.8%	COMMON STOCK	95040Q104
EQR	Equity Residential	60,556	$4	2.6%	$45.26	+23.5%	COMMON STOCK	29476L107
DHC	Diversified Healthcare Trust	399,100	$1	0.6%	$4.02	—	COMMON STOCK	25525P107
ESS	Essex Property Trust Inc	12,695	$3	1.9%	$174.06	+13.3%	COMMON STOCK	297178105
VTR	Ventas Inc	76,679	$4	2.4%	$46.60	-11.2%	COMMON STOCK	92276F100
PLD	Prologis Inc	136,153	$17	10.9%	$61.56	+83.3%	COMMON STOCK	74340W103
MPT	Medical Properties Trust Inc	275,000	$3	1.7%	$11.30	—	COMMON STOCK	58463J304
INVH	Invitation Homes Inc	87,810	$3	2.0%	$22.85	+32.6%	COMMON STOCK	46187W107
O	Realty Income Corp	77,335	$5	3.0%	$53.51	-1.8%	COMMON STOCK	756109104
PSA	Public Storage	23,789	$7	4.5%	$153.24	+70.3%	COMMON STOCK	74460D109
IRM	Iron Mountain Inc	57,500	$3	2.1%	$24.54	+103.4%	COMMON STOCK	46284V101
OHI	Omega Healthcare Investors Inc	63,000	$2	1.3%	$35.61	—	COMMON STOCK	681936100
—	Hudson Pacific Properties Inc	84,500	$0	0.2%	$23.97	—	COMMON STOCK	444097109
PLYM	Plymouth Industrial REIT Inc	98,000	$2	1.5%	$17.84	—	COMMON STOCK	729640102
AMH	American Homes 4 Rent	43,000	$2	1.0%	$24.97	—	COMMON STOCK	02665T306
UDR	UDR Inc	56,105	$2	1.6%	$24.09	+53.3%	COMMON STOCK	902653104
KRG	Kite Realty Group Trust	74,500	$2	1.1%	$15.46	—	COMMON STOCK	49803T300
CSR	Centerspace	15,280	$1	0.6%	$72.45	—	COMMON STOCK	15202L107
VICI	VICI Properties Inc	84,000	$3	1.7%	$23.72	+16.4%	COMMON STOCK	925652109
CUBE	CubeSmart	58,800	$3	1.7%	$31.02	—	COMMON STOCK	229663109
CPT	Camden Property Trust	22,386	$2	1.6%	$66.48	+46.0%	COMMON STOCK	133131102
—	Physicians Realty Trust	95,000	$1	0.9%	$10.86	—	COMMON STOCK	71943U104
SKT	Tanger Factory Outlet Centers Inc	28,000	$1	0.4%	$32.33	—	COMMON STOCK	875465106
UMH	UMH Properties Inc	54,900	$1	0.6%	$13.10	—	COMMON STOCK	903002103
GTY	Getty Realty Corp	29,000	$1	0.6%	$23.18	—	COMMON STOCK	374297109
CUZ	Cousins Properties Inc	43,977	$1	0.7%	$36.00	—	COMMON STOCK	222795502
VNO	Vornado Realty Trust	22,765	$0	0.3%	$72.24	—	COMMON STOCK	929042109
BRX	Brixmor Property Group Inc	100,000	$2	1.4%	$24.11	—	COMMON STOCK	11120U105
BXP	Boston Properties Inc	13,717	$1	0.5%	$66.40	-32.8%	COMMON STOCK	101121101
SBRA	Sabra Health Care REIT Inc	162,730	$2	1.2%	$17.04	—	COMMON STOCK	78573L106
CLDT	Chatham Lodging Trust	36,000	$0	0.2%	$17.48	—	COMMON STOCK	16208T102
—	Life Storage Inc	21,050	$3	1.8%	$88.48	—	COMMON STOCK	53223X107
ILPT	Industrial Logistics Properties Trust	170,415	$1	0.4%	$16.04	—	COMMON STOCK	456237106
DBRG	DigitalBridge Group Inc	14,233	$0	0.1%	$19.04	-36.1%	COMMON STOCK	25401T603
INN	Summit Hotel Properties Inc	69,000	$0	0.3%	$12.94	—	COMMON STOCK	866082100
—	Spirit Realty Capital Inc	67,600	$3	1.7%	$32.93	—	COMMON STOCK	84860W300
IIPR	Innovative Industrial Properties Inc	8,800	$1	0.4%	$35.56	—	COMMON STOCK	45781V101
RLJ	RLJ Lodging Trust	76,200	$1	0.5%	$21.21	—	COMMON STOCK	74965L101
—	Hersha Hospitality Trust	40,000	$0	0.2%	$16.00	—	COMMON STOCK	427825500
KRC	Kilroy Realty Corp	9,000	$0	0.2%	$67.97	—	COMMON STOCK	49427F108
APLE	Apple Hospitality REIT Inc	50,000	$1	0.5%	$14.39	—	COMMON STOCK	03784Y200
MAC	Macerich Co/The	24,720	$0	0.2%	$58.05	—	COMMON STOCK	554382101
MAA	Mid-America Apartment Communities Inc	18,540	$3	1.8%	$71.91	+88.3%	COMMON STOCK	59522J103
BDN	Brandywine Realty Trust	171,400	$1	0.5%	$13.35	—	COMMON STOCK	105368203
PK	Park Hotels and Resorts Inc	13,038	$0	0.1%	$25.86	—	COMMON STOCK	700517105
KIM	Kimco Realty Corp	10,731	$0	0.1%	$12.61	+31.2%	COMMON STOCK	49446R109
PEB	Pebblebrook Hotel Trust	8,911	$0	0.1%	$28.31	—	COMMON STOCK	70509V100