Pensionfund PDN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPT	Medical Properties Trust Inc	287,000 (+4.4%)	$2 (-38.6%)	1.1%	$10.83	—	COMMON STOCK	58463J304
PSA	Public Storage	24,289 (+2.1%)	$6 (-7.8%)	4.5%	$155.31	+63.3%	COMMON STOCK	74460D109
HR	Healthcare Realty Trust Inc	162,719 (+3.8%)	$2 (-15.9%)	1.7%	$11.76	—	COMMON STOCK	42226K105
O	Realty Income Corp	83,335 (+7.8%)	$4 (-10.0%)	2.9%	$53.27	-5.9%	COMMON STOCK	756109104
—	Spirit Realty Capital Inc	69,600 (+3.0%)	$2 (-12.3%)	1.6%	$31.99	—	COMMON STOCK	84860W300
CUBE	CubeSmart	60,800 (+3.4%)	$2 (-11.7%)	1.6%	$30.00	—	COMMON STOCK	229663109
UDR	UDR Inc	59,105 (+5.3%)	$2 (-12.5%)	1.5%	$24.70	+46.3%	COMMON STOCK	902653104
OHI	Omega Healthcare Investors Inc	66,000 (+4.8%)	$2 (+13.2%)	1.5%	$33.99	—	COMMON STOCK	681936100
CPT	Camden Property Trust	23,386 (+4.5%)	$2 (-9.2%)	1.5%	$67.77	+42.6%	COMMON STOCK	133131102
SPG	Simon Property Group Inc	54,708 (+3.0%)	$6 (-3.6%)	4.1%	$96.73	+6.7%	COMMON STOCK	828806109
DOC	Healthpeak Properties Inc	174,593 (+2.3%)	$3 (-6.5%)	2.2%	$22.59	-21.8%	COMMON STOCK	42250P103
MAA	Mid-America Apartment Communities Inc	20,240 (+9.2%)	$3 (-7.5%)	1.8%	$76.90	+70.8%	COMMON STOCK	59522J103
NHI	National Health Investors Inc	35,600 (+12.7%)	$2 (+10.4%)	1.3%	$18.36	—	COMMON STOCK	63633D104
IIPR	Innovative Industrial Properties Inc	10,100 (+14.8%)	$1 (+19.0%)	0.5%	$30.99	—	COMMON STOCK	45781V101
WPC	WP Carey Inc	51,800 (+29.5%)	$3 (+3.7%)	2.0%	$50.16	—	COMMON STOCK	92936U109
IRT	Independence Realty Trust Inc	75,000 (+21.0%)	$1 (-6.6%)	0.7%	$6.90	—	COMMON STOCK	45378A106
—	Physicians Realty Trust	103,000 (+8.4%)	$1 (-5.5%)	0.9%	$10.02	—	COMMON STOCK	71943U104
—	Apartment Income REIT Corp	55,922 (+13.2%)	$2 (-3.8%)	1.2%	$33.21	—	COMMON STOCK	03750L109
EPR	EPR Properties	30,962 (+7.6%)	$1 (-4.5%)	0.9%	$24.32	—	COMMON STOCK	26884U109
BNL	Broadstone Net Lease Inc	143,000 (+5.1%)	$2 (-2.6%)	1.4%	$0.02	—	COMMON STOCK	11135E203
VICI	VICI Properties Inc	92,000 (+9.5%)	$3 (+1.4%)	1.9%	$24.00	+12.6%	COMMON STOCK	925652109
NSA	National Storage Affiliates Trust	44,800 (+7.2%)	$1 (-2.3%)	1.0%	$19.80	—	COMMON STOCK	637870106
EPRT	Essential Properties Realty Trust Inc	72,500 (+7.4%)	$2 (-1.3%)	1.1%	$6.05	—	COMMON STOCK	29670E107
BRX	Brixmor Property Group Inc	105,000 (+5.0%)	$2 (-0.8%)	1.5%	$22.96	—	COMMON STOCK	11120U105

Exited Positions (2)

— Life Storage Inc 1.9%

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 —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Life Storage Inc	21,050	$3	1.9%	$88.48	—	—	53223X107
ILPT	Industrial Logistics Properties Trust	170,415	$1	0.4%	$16.04	—	—	456237106

Decreased Positions (2)

DHC Diversified Healthcare Trust 0.1%

Value ($000) $0 (-89.2%) Shares 50,000 (-87.5%) Est. Cost $4.02 Unrealized —

SBRA Sabra Health Care REIT Inc 1.6%

Value ($000) $2 (+17.0%) Shares 160,730 (-1.2%) Est. Cost $17.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHC	Diversified Healthcare Trust	50,000 (-87.5%)	$0 (-89.2%)	0.1%	$4.02	—	COMMON STOCK	25525P107
SBRA	Sabra Health Care REIT Inc	160,730 (-1.2%)	$2 (+17.0%)	1.6%	$17.04	—	COMMON STOCK	78573L106

Unchanged Positions (44)

PLD Prologis Inc 10.6%

Value ($000) $15 Shares 136,153 Est. Cost $61.56 Unrealized +83.6%

EQIX Equinix Inc 4.5%

Value ($000) $7 Shares 8,964 Est. Cost $596.10 Unrealized +23.5%

EQR Equity Residential 2.5%

Value ($000) $4 Shares 60,556 Est. Cost $45.26 Unrealized +29.0%

AVB AvalonBay Communities Inc 2.9%

Value ($000) $4 Shares 24,320 Est. Cost $112.90 Unrealized +50.2%

VTR Ventas Inc 2.3%

Value ($000) $3 Shares 76,679 Est. Cost $46.60 Unrealized -10.9%

DLR Digital Realty Trust Inc 4.0%

Value ($000) $6 Shares 46,919 Est. Cost $78.30 Unrealized +45.1%

ARE Alexandria Real Estate Equities Inc 1.5%

Value ($000) $2 Shares 21,700 Est. Cost $86.78 Unrealized +17.5%

ESS Essex Property Trust Inc 1.9%

Value ($000) $3 Shares 12,695 Est. Cost $174.06 Unrealized +22.7%

INVH Invitation Homes Inc 1.9%

Value ($000) $3 Shares 87,810 Est. Cost $22.85 Unrealized +37.4%

— Hudson Pacific Properties Inc 0.4%

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

PLYM Plymouth Industrial REIT Inc 1.4%

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

GTY Getty Realty Corp 0.6%

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

— LXP Industrial Trust 1.1%

Value ($000) $2 Shares 182,000 Est. Cost $9.26 Unrealized —

IRM Iron Mountain Inc 2.4%

Value ($000) $3 Shares 57,500 Est. Cost $24.54 Unrealized +129.5%

— Hersha Hospitality Trust 0.3%

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

GLPI Gaming and Leisure Properties Inc 1.4%

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

CUZ Cousins Properties Inc 0.6%

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

UMH UMH Properties Inc 0.5%

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

VNO Vornado Realty Trust 0.4%

Value ($000) $1 Shares 22,765 Est. Cost $72.24 Unrealized —

STAG STAG Industrial Inc 1.8%

Value ($000) $3 Shares 72,880 Est. Cost $23.72 Unrealized —

FCPT Four Corners Property Trust Inc 0.4%

Value ($000) $1 Shares 28,000 Est. Cost $23.49 Unrealized —

HST Host Hotels and Resorts Inc 1.2%

Value ($000) $2 Shares 109,998 Est. Cost $11.43 Unrealized +26.6%

HIW Highwoods Properties Inc 0.4%

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

AMH American Homes 4 Rent 1.0%

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

KRG Kite Realty Group Trust 1.1%

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

WELL Welltower Inc 3.2%

Value ($000) $5 Shares 55,753 Est. Cost $51.98 Unrealized +50.3%

INN Summit Hotel Properties Inc 0.3%

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

DBRG DigitalBridge Group Inc 0.2%

Value ($000) $0 Shares 14,233 Est. Cost $19.04 Unrealized -14.0%

SLG SL Green Realty Corp 0.1%

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

PW Power REIT 0.1%

Value ($000) $0 Shares 78,526 Est. Cost $5.85 Unrealized —

RLJ RLJ Lodging Trust 0.5%

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

BXP Boston Properties Inc 0.6%

Value ($000) $1 Shares 13,717 Est. Cost $66.40 Unrealized -15.9%

— Global Medical REIT Inc 0.9%

Value ($000) $1 Shares 150,000 Est. Cost $3.86 Unrealized —

KIM Kimco Realty Corp 0.1%

Value ($000) $0 Shares 10,731 Est. Cost $12.61 Unrealized +36.8%

GNL Global Net Lease Inc 0.2%

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

BDN Brandywine Realty Trust 0.5%

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

CSR Centerspace 0.6%

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

SKT Tanger Factory Outlet Centers Inc 0.4%

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

CLDT Chatham Lodging Trust 0.2%

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

PK Park Hotels and Resorts Inc 0.1%

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

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
PLD	Prologis Inc	136,153	$15	10.6%	$61.56	+83.6%	COMMON STOCK	74340W103
EQIX	Equinix Inc	8,964	$7	4.5%	$596.10	+23.5%	COMMON STOCK	29444U700
EQR	Equity Residential	60,556	$4	2.5%	$45.26	+29.0%	COMMON STOCK	29476L107
AVB	AvalonBay Communities Inc	24,320	$4	2.9%	$112.90	+50.2%	COMMON STOCK	053484101
VTR	Ventas Inc	76,679	$3	2.3%	$46.60	-10.9%	COMMON STOCK	92276F100
DLR	Digital Realty Trust Inc	46,919	$6	4.0%	$78.30	+45.1%	COMMON STOCK	253868103
ARE	Alexandria Real Estate Equities Inc	21,700	$2	1.5%	$86.78	+17.5%	COMMON STOCK	015271109
ESS	Essex Property Trust Inc	12,695	$3	1.9%	$174.06	+22.7%	COMMON STOCK	297178105
INVH	Invitation Homes Inc	87,810	$3	1.9%	$22.85	+37.4%	COMMON STOCK	46187W107
—	Hudson Pacific Properties Inc	84,500	$1	0.4%	$23.97	—	COMMON STOCK	444097109
PLYM	Plymouth Industrial REIT Inc	98,000	$2	1.4%	$17.84	—	COMMON STOCK	729640102
GTY	Getty Realty Corp	29,000	$1	0.6%	$23.18	—	COMMON STOCK	374297109
—	LXP Industrial Trust	182,000	$2	1.1%	$9.26	—	COMMON STOCK	529043101
IRM	Iron Mountain Inc	57,500	$3	2.4%	$24.54	+129.5%	COMMON STOCK	46284V101
—	Hersha Hospitality Trust	40,000	$0	0.3%	$16.00	—	COMMON STOCK	427825500
GLPI	Gaming and Leisure Properties Inc	45,172	$2	1.4%	$41.55	—	COMMON STOCK	36467J108
CUZ	Cousins Properties Inc	43,977	$1	0.6%	$36.00	—	COMMON STOCK	222795502
UMH	UMH Properties Inc	54,900	$1	0.5%	$13.10	—	COMMON STOCK	903002103
VNO	Vornado Realty Trust	22,765	$1	0.4%	$72.24	—	COMMON STOCK	929042109
STAG	STAG Industrial Inc	72,880	$3	1.8%	$23.72	—	COMMON STOCK	85254J102
FCPT	Four Corners Property Trust Inc	28,000	$1	0.4%	$23.49	—	COMMON STOCK	35086T109
HST	Host Hotels and Resorts Inc	109,998	$2	1.2%	$11.43	+26.6%	COMMON STOCK	44107P104
HIW	Highwoods Properties Inc	24,802	$1	0.4%	$37.64	—	COMMON STOCK	431284108
AMH	American Homes 4 Rent	43,000	$1	1.0%	$24.97	—	COMMON STOCK	02665T306
KRG	Kite Realty Group Trust	74,500	$2	1.1%	$15.46	—	COMMON STOCK	49803T300
WELL	Welltower Inc	55,753	$5	3.2%	$51.98	+50.3%	COMMON STOCK	95040Q104
INN	Summit Hotel Properties Inc	69,000	$0	0.3%	$12.94	—	COMMON STOCK	866082100
DBRG	DigitalBridge Group Inc	14,233	$0	0.2%	$19.04	-14.0%	COMMON STOCK	25401T603
SLG	SL Green Realty Corp	5,618	$0	0.1%	$81.20	—	COMMON STOCK	78440X887
PW	Power REIT	78,526	$0	0.1%	$5.85	—	COMMON STOCK	73933H101
RLJ	RLJ Lodging Trust	76,200	$1	0.5%	$21.21	—	COMMON STOCK	74965L101
BXP	Boston Properties Inc	13,717	$1	0.6%	$66.40	-15.9%	COMMON STOCK	101121101
—	Global Medical REIT Inc	150,000	$1	0.9%	$3.86	—	COMMON STOCK	37954A204
KIM	Kimco Realty Corp	10,731	$0	0.1%	$12.61	+36.8%	COMMON STOCK	49446R109
GNL	Global Net Lease Inc	30,976	$0	0.2%	$18.32	—	COMMON STOCK	379378201
BDN	Brandywine Realty Trust	171,400	$1	0.5%	$13.35	—	COMMON STOCK	105368203
CSR	Centerspace	15,280	$1	0.6%	$72.45	—	COMMON STOCK	15202L107
SKT	Tanger Factory Outlet Centers Inc	28,000	$1	0.4%	$32.33	—	COMMON STOCK	875465106
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
CLDT	Chatham Lodging Trust	36,000	$0	0.2%	$17.48	—	COMMON STOCK	16208T102
PK	Park Hotels and Resorts Inc	13,038	$0	0.1%	$25.86	—	COMMON STOCK	700517105
PEB	Pebblebrook Hotel Trust	8,911	$0	0.1%	$28.31	—	COMMON STOCK	70509V100