Pensionfund PDN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
O	Realty Income Corp	89,335 (+7.2%)	$5 (+23.3%)	3.1%	$52.82	-12.0%	COMMON STOCK	756109104
VICI	VICI Properties Inc	107,000 (+16.3%)	$3 (+27.4%)	2.1%	$24.27	+6.8%	COMMON STOCK	925652109
CUBE	CubeSmart	63,800 (+4.9%)	$3 (+27.6%)	1.8%	$28.59	—	COMMON STOCK	229663109
HR	Healthcare Realty Trust Inc	169,719 (+4.3%)	$3 (+17.7%)	1.8%	$11.27	—	COMMON STOCK	42226K105
EPRT	Essential Properties Realty Trust Inc	77,500 (+6.9%)	$2 (+26.3%)	1.2%	$5.66	—	COMMON STOCK	29670E107
UDR	UDR Inc	65,605 (+11.0%)	$3 (+19.2%)	1.5%	$25.41	+25.5%	COMMON STOCK	902653104
DOC	Healthpeak Properties Inc	179,593 (+2.9%)	$4 (+10.9%)	2.1%	$22.39	-31.3%	COMMON STOCK	42250P103
—	Physicians Realty Trust	120,000 (+16.5%)	$2 (+27.1%)	1.0%	$8.60	—	COMMON STOCK	71943U104
MAA	Mid-America Apartment Communities Inc	21,040 (+4.0%)	$3 (+8.6%)	1.7%	$78.42	+48.9%	COMMON STOCK	59522J103
IRT	Independence Realty Trust Inc	82,000 (+9.3%)	$1 (+19.0%)	0.8%	$6.31	—	COMMON STOCK	45378A106
GTY	Getty Realty Corp	32,000 (+10.3%)	$1 (+16.3%)	0.6%	$21.01	—	COMMON STOCK	374297109

Exited Positions (1)

— Hersha Hospitality Trust 0.2%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Hersha Hospitality Trust	40,000	$0	0.2%	$16.00	—	—	427825500

Decreased Positions (2)

SBRA Sabra Health Care REIT Inc 1.1%

Value ($000) $2 (-16.7%) Shares 130,730 (-18.7%) Est. Cost $17.04 Unrealized —

OHI Omega Healthcare Investors Inc 1.2%

Value ($000) $2 (-11.7%) Shares 63,000 (-4.5%) Est. Cost $33.99 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SBRA	Sabra Health Care REIT Inc	130,730 (-18.7%)	$2 (-16.7%)	1.1%	$17.04	—	COMMON STOCK	78573L106
OHI	Omega Healthcare Investors Inc	63,000 (-4.5%)	$2 (-11.7%)	1.2%	$33.99	—	COMMON STOCK	681936100

Unchanged Positions (57)

PLD Prologis Inc 10.9%

Value ($000) $18 Shares 136,153 Est. Cost $61.56 Unrealized +71.6%

SPG Simon Property Group Inc 4.7%

Value ($000) $8 Shares 54,708 Est. Cost $96.73 Unrealized +12.0%

PSA Public Storage 4.5%

Value ($000) $7 Shares 24,289 Est. Cost $155.31 Unrealized +56.3%

EXR Extra Space Storage Inc 1.8%

Value ($000) $3 Shares 18,840 Est. Cost $121.22 Unrealized -4.6%

EQIX Equinix Inc 4.4%

Value ($000) $7 Shares 8,964 Est. Cost $596.10 Unrealized +23.1%

— Spirit Realty Capital Inc 1.8%

Value ($000) $3 Shares 69,600 Est. Cost $31.99 Unrealized —

DLR Digital Realty Trust Inc 3.8%

Value ($000) $6 Shares 46,919 Est. Cost $78.30 Unrealized +54.0%

IRM Iron Mountain Inc 2.4%

Value ($000) $4 Shares 57,500 Est. Cost $24.54 Unrealized +138.0%

VTR Ventas Inc 2.3%

Value ($000) $4 Shares 76,679 Est. Cost $46.60 Unrealized -10.4%

ARE Alexandria Real Estate Equities Inc 1.7%

Value ($000) $3 Shares 21,700 Est. Cost $86.78 Unrealized +10.2%

WPC WP Carey Inc 2.0%

Value ($000) $3 Shares 51,800 Est. Cost $50.16 Unrealized —

WELL Welltower Inc 3.0%

Value ($000) $5 Shares 55,753 Est. Cost $51.98 Unrealized +59.7%

ESS Essex Property Trust Inc 1.9%

Value ($000) $3 Shares 12,695 Est. Cost $174.06 Unrealized +16.7%

NSA National Storage Affiliates Trust 1.1%

Value ($000) $2 Shares 44,800 Est. Cost $19.80 Unrealized —

BNL Broadstone Net Lease Inc 1.5%

Value ($000) $2 Shares 143,000 Est. Cost $0.02 Unrealized —

AVB AvalonBay Communities Inc 2.7%

Value ($000) $5 Shares 24,320 Est. Cost $112.90 Unrealized +43.1%

HST Host Hotels and Resorts Inc 1.3%

Value ($000) $2 Shares 109,998 Est. Cost $11.43 Unrealized +31.9%

STAG STAG Industrial Inc 1.7%

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

— Global Medical REIT Inc 1.0%

Value ($000) $2 Shares 150,000 Est. Cost $3.86 Unrealized —

PLYM Plymouth Industrial REIT Inc 1.4%

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

BRX Brixmor Property Group Inc 1.5%

Value ($000) $2 Shares 105,000 Est. Cost $22.96 Unrealized —

IIPR Innovative Industrial Properties Inc 0.6%

Value ($000) $1 Shares 10,100 Est. Cost $30.99 Unrealized —

— Apartment Income REIT Corp 1.2%

Value ($000) $2 Shares 55,922 Est. Cost $33.21 Unrealized —

— Hudson Pacific Properties Inc 0.5%

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

EPR EPR Properties 0.9%

Value ($000) $2 Shares 30,962 Est. Cost $24.32 Unrealized —

INVH Invitation Homes Inc 1.8%

Value ($000) $3 Shares 87,810 Est. Cost $22.85 Unrealized +31.2%

— LXP Industrial Trust 1.1%

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

CUZ Cousins Properties Inc 0.6%

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

GLPI Gaming and Leisure Properties Inc 1.3%

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

NHI National Health Investors Inc 1.2%

Value ($000) $2 Shares 35,600 Est. Cost $18.36 Unrealized —

MPT Medical Properties Trust Inc 0.8%

Value ($000) $1 Shares 287,000 Est. Cost $10.83 Unrealized —

EQR Equity Residential 2.2%

Value ($000) $4 Shares 60,556 Est. Cost $45.26 Unrealized +16.7%

BDN Brandywine Realty Trust 0.6%

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

BXP Boston Properties Inc 0.6%

Value ($000) $1 Shares 13,717 Est. Cost $66.40 Unrealized -21.1%

RLJ RLJ Lodging Trust 0.5%

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

SKT TANGER INC 0.5%

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

VNO Vornado Realty Trust 0.4%

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

MAC Macerich Co/The 0.2%

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

CPT Camden Property Trust 1.4%

Value ($000) $2 Shares 23,386 Est. Cost $67.77 Unrealized +25.7%

KRG Kite Realty Group Trust 1.0%

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

AMH American Homes 4 Rent 0.9%

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

DHC Diversified Healthcare Trust 0.1%

Value ($000) $0 Shares 50,000 Est. Cost $4.02 Unrealized —

FCPT Four Corners Property Trust Inc 0.4%

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

KRC Kilroy Realty Corp 0.2%

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

UMH UMH Properties Inc 0.5%

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

APLE Apple Hospitality REIT Inc 0.5%

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

INN Summit Hotel Properties Inc 0.3%

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

HIW Highwoods Properties Inc 0.3%

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

SLG SL Green Realty Corp 0.2%

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

CLDT Chatham Lodging Trust 0.2%

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

KIM Kimco Realty Corp 0.1%

Value ($000) $0 Shares 10,731 Est. Cost $12.61 Unrealized +34.9%

PW Power REIT 0.0%

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

PK Park Hotels and Resorts Inc 0.1%

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

CSR Centerspace 0.5%

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

PEB Pebblebrook Hotel Trust 0.1%

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

GNL Global Net Lease Inc 0.2%

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

DBRG DigitalBridge Group Inc 0.2%

Value ($000) $0 Shares 14,233 Est. Cost $19.04 Unrealized -14.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	Prologis Inc	136,153	$18	10.9%	$61.56	+71.6%	COMMON STOCK	74340W103
SPG	Simon Property Group Inc	54,708	$8	4.7%	$96.73	+12.0%	COMMON STOCK	828806109
PSA	Public Storage	24,289	$7	4.5%	$155.31	+56.3%	COMMON STOCK	74460D109
EXR	Extra Space Storage Inc	18,840	$3	1.8%	$121.22	-4.6%	COMMON STOCK	30225T102
EQIX	Equinix Inc	8,964	$7	4.4%	$596.10	+23.1%	COMMON STOCK	29444U700
—	Spirit Realty Capital Inc	69,600	$3	1.8%	$31.99	—	COMMON STOCK	84860W300
DLR	Digital Realty Trust Inc	46,919	$6	3.8%	$78.30	+54.0%	COMMON STOCK	253868103
IRM	Iron Mountain Inc	57,500	$4	2.4%	$24.54	+138.0%	COMMON STOCK	46284V101
VTR	Ventas Inc	76,679	$4	2.3%	$46.60	-10.4%	COMMON STOCK	92276F100
ARE	Alexandria Real Estate Equities Inc	21,700	$3	1.7%	$86.78	+10.2%	COMMON STOCK	015271109
WPC	WP Carey Inc	51,800	$3	2.0%	$50.16	—	COMMON STOCK	92936U109
WELL	Welltower Inc	55,753	$5	3.0%	$51.98	+59.7%	COMMON STOCK	95040Q104
ESS	Essex Property Trust Inc	12,695	$3	1.9%	$174.06	+16.7%	COMMON STOCK	297178105
NSA	National Storage Affiliates Trust	44,800	$2	1.1%	$19.80	—	COMMON STOCK	637870106
BNL	Broadstone Net Lease Inc	143,000	$2	1.5%	$0.02	—	COMMON STOCK	11135E203
AVB	AvalonBay Communities Inc	24,320	$5	2.7%	$112.90	+43.1%	COMMON STOCK	053484101
HST	Host Hotels and Resorts Inc	109,998	$2	1.3%	$11.43	+31.9%	COMMON STOCK	44107P104
STAG	STAG Industrial Inc	72,880	$3	1.7%	$23.72	—	COMMON STOCK	85254J102
—	Global Medical REIT Inc	150,000	$2	1.0%	$3.86	—	COMMON STOCK	37954A204
PLYM	Plymouth Industrial REIT Inc	98,000	$2	1.4%	$17.84	—	COMMON STOCK	729640102
BRX	Brixmor Property Group Inc	105,000	$2	1.5%	$22.96	—	COMMON STOCK	11120U105
IIPR	Innovative Industrial Properties Inc	10,100	$1	0.6%	$30.99	—	COMMON STOCK	45781V101
—	Apartment Income REIT Corp	55,922	$2	1.2%	$33.21	—	COMMON STOCK	03750L109
—	Hudson Pacific Properties Inc	84,500	$1	0.5%	$23.97	—	COMMON STOCK	444097109
EPR	EPR Properties	30,962	$2	0.9%	$24.32	—	COMMON STOCK	26884U109
INVH	Invitation Homes Inc	87,810	$3	1.8%	$22.85	+31.2%	COMMON STOCK	46187W107
—	LXP Industrial Trust	182,000	$2	1.1%	$9.26	—	COMMON STOCK	529043101
CUZ	Cousins Properties Inc	43,977	$1	0.6%	$36.00	—	COMMON STOCK	222795502
GLPI	Gaming and Leisure Properties Inc	45,172	$2	1.3%	$41.55	—	COMMON STOCK	36467J108
NHI	National Health Investors Inc	35,600	$2	1.2%	$18.36	—	COMMON STOCK	63633D104
MPT	Medical Properties Trust Inc	287,000	$1	0.8%	$10.83	—	COMMON STOCK	58463J304
EQR	Equity Residential	60,556	$4	2.2%	$45.26	+16.7%	COMMON STOCK	29476L107
BDN	Brandywine Realty Trust	171,400	$1	0.6%	$13.35	—	COMMON STOCK	105368203
BXP	Boston Properties Inc	13,717	$1	0.6%	$66.40	-21.1%	COMMON STOCK	101121101
RLJ	RLJ Lodging Trust	76,200	$1	0.5%	$21.21	—	COMMON STOCK	74965L101
SKT	TANGER INC	28,000	$1	0.5%	$32.33	—	COMMON STOCK	875465106
VNO	Vornado Realty Trust	22,765	$1	0.4%	$72.24	—	COMMON STOCK	929042109
MAC	Macerich Co/The	24,720	$0	0.2%	$58.05	—	COMMON STOCK	554382101
CPT	Camden Property Trust	23,386	$2	1.4%	$67.77	+25.7%	COMMON STOCK	133131102
KRG	Kite Realty Group Trust	74,500	$2	1.0%	$15.46	—	COMMON STOCK	49803T300
AMH	American Homes 4 Rent	43,000	$2	0.9%	$24.97	—	COMMON STOCK	02665T306
DHC	Diversified Healthcare Trust	50,000	$0	0.1%	$4.02	—	COMMON STOCK	25525P107
FCPT	Four Corners Property Trust Inc	28,000	$1	0.4%	$23.49	—	COMMON STOCK	35086T109
KRC	Kilroy Realty Corp	9,000	$0	0.2%	$67.97	—	COMMON STOCK	49427F108
UMH	UMH Properties Inc	54,900	$1	0.5%	$13.10	—	COMMON STOCK	903002103
APLE	Apple Hospitality REIT Inc	50,000	$1	0.5%	$14.39	—	COMMON STOCK	03784Y200
INN	Summit Hotel Properties Inc	69,000	$0	0.3%	$12.94	—	COMMON STOCK	866082100
HIW	Highwoods Properties Inc	24,802	$1	0.3%	$37.64	—	COMMON STOCK	431284108
SLG	SL Green Realty Corp	5,618	$0	0.2%	$81.20	—	COMMON STOCK	78440X887
CLDT	Chatham Lodging Trust	36,000	$0	0.2%	$17.48	—	COMMON STOCK	16208T102
KIM	Kimco Realty Corp	10,731	$0	0.1%	$12.61	+34.9%	COMMON STOCK	49446R109
PW	Power REIT	78,526	$0	0.0%	$5.85	—	COMMON STOCK	73933H101
PK	Park Hotels and Resorts Inc	13,038	$0	0.1%	$25.86	—	COMMON STOCK	700517105
CSR	Centerspace	15,280	$1	0.5%	$72.45	—	COMMON STOCK	15202L107
PEB	Pebblebrook Hotel Trust	8,911	$0	0.1%	$28.31	—	COMMON STOCK	70509V100
GNL	Global Net Lease Inc	30,976	$0	0.2%	$18.32	—	COMMON STOCK	379378201
DBRG	DigitalBridge Group Inc	14,233	$0	0.2%	$19.04	-14.2%	COMMON STOCK	25401T603