Pensionfund PDN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LAMR	Lamar Advertising Co	15,500 (+6.9%)	$2 (+14.0%)	1.3%	$0.12	—	COMMON STOCK	512816109
COLD	Americold Realty Trust Inc	58,000 (+61.1%)	$1 (+24.8%)	0.7%	$0.02	—	COMMON STOCK	03064D108
OUT	Outfront Media Inc	30,617 (+29.6%)	$1 (+31.2%)	0.3%	$0.02	—	COMMON STOCK	69007J304
EQIX	Equinix Inc	10,614 (+3.9%)	$8 (+1.4%)	5.7%	$659.45	+26.7%	COMMON STOCK	29444U700
—	LXP Industrial Trust	167,000 (+9.9%)	$1 (+4.9%)	0.9%	$7.78	—	COMMON STOCK	529043101
OHI	Omega Healthcare Investors Inc	65,300 (+5.3%)	$2 (+1.4%)	1.6%	$24.51	—	COMMON STOCK	681936100

Decreased Positions (2)

MAA Mid-America Apartment Communities Inc 1.5%

Value ($000) $2 (-15.6%) Shares 15,340 (-4.4%) Est. Cost $87.85 Unrealized +73.6%

UDR UDR Inc 1.1%

Value ($000) $2 (-15.9%) Shares 40,105 (-7.0%) Est. Cost $26.25 Unrealized +54.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAA	Mid-America Apartment Communities Inc	15,340 (-4.4%)	$2 (-15.6%)	1.5%	$87.85	+73.6%	COMMON STOCK	59522J103
UDR	UDR Inc	40,105 (-7.0%)	$2 (-15.9%)	1.1%	$26.25	+54.1%	COMMON STOCK	902653104

Unchanged Positions (63)

DLR Digital Realty Trust Inc 5.2%

Value ($000) $8 Shares 43,919 Est. Cost $90.58 Unrealized +76.8%

PLD Prologis Inc 8.3%

Value ($000) $12 Shares 117,353 Est. Cost $69.16 Unrealized +47.9%

IRM Iron Mountain Inc 2.7%

Value ($000) $4 Shares 38,500 Est. Cost $24.54 Unrealized +274.6%

DOC Healthpeak Properties Inc 2.4%

Value ($000) $4 Shares 205,473 Est. Cost $20.06 Unrealized -15.3%

MPT Medical Properties Trust Inc 0.6%

Value ($000) $1 Shares 217,000 Est. Cost $10.83 Unrealized —

ARE Alexandria Real Estate Equities Inc 0.9%

Value ($000) $1 Shares 18,700 Est. Cost $90.09 Unrealized -21.4%

VTR Ventas Inc 2.6%

Value ($000) $4 Shares 61,679 Est. Cost $46.23 Unrealized +38.3%

— Global Medical REIT Inc 0.6%

Value ($000) $1 Shares 124,000 Est. Cost $3.51 Unrealized —

AVB AvalonBay Communities Inc 2.8%

Value ($000) $4 Shares 20,120 Est. Cost $120.56 Unrealized +65.1%

ESS Essex Property Trust Inc 1.9%

Value ($000) $3 Shares 9,695 Est. Cost $179.05 Unrealized +52.5%

SPG Simon Property Group Inc 4.3%

Value ($000) $6 Shares 39,508 Est. Cost $99.79 Unrealized +53.1%

EQR Equity Residential 2.3%

Value ($000) $3 Shares 49,556 Est. Cost $46.40 Unrealized +43.6%

EPR EPR Properties 1.2%

Value ($000) $2 Shares 30,962 Est. Cost $19.59 Unrealized —

GLPI Gaming and Leisure Properties Inc 1.3%

Value ($000) $2 Shares 40,172 Est. Cost $37.41 Unrealized —

INVH Invitation Homes Inc 1.7%

Value ($000) $3 Shares 79,110 Est. Cost $24.46 Unrealized +33.3%

IRT Independence Realty Trust Inc 0.5%

Value ($000) $1 Shares 44,500 Est. Cost $5.75 Unrealized —

CPT Camden Property Trust 1.2%

Value ($000) $2 Shares 15,786 Est. Cost $69.66 Unrealized +60.9%

GTY Getty Realty Corp 0.8%

Value ($000) $1 Shares 43,000 Est. Cost $11.60 Unrealized —

HR Healthcare Realty Trust Inc 1.5%

Value ($000) $2 Shares 135,719 Est. Cost $10.19 Unrealized —

PSA Public Storage 4.1%

Value ($000) $6 Shares 20,589 Est. Cost $173.17 Unrealized +66.0%

HST Host Hotels and Resorts Inc 1.0%

Value ($000) $1 Shares 96,998 Est. Cost $12.28 Unrealized +15.5%

SBRA Sabra Health Care REIT Inc 1.4%

Value ($000) $2 Shares 110,730 Est. Cost $14.30 Unrealized —

BNL Broadstone Net Lease Inc 1.2%

Value ($000) $2 Shares 110,000 Est. Cost $0.02 Unrealized —

CTRE CareTrust REIT Inc 0.9%

Value ($000) $1 Shares 44,000 Est. Cost $0.03 Unrealized —

UMH UMH Properties Inc 0.5%

Value ($000) $1 Shares 43,900 Est. Cost $12.43 Unrealized —

AMH American Homes 4 Rent 1.1%

Value ($000) $2 Shares 45,000 Est. Cost $18.52 Unrealized —

APLE Apple Hospitality REIT Inc 0.4%

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

CSR Centerspace 0.5%

Value ($000) $1 Shares 12,780 Est. Cost $60.57 Unrealized —

O Realty Income Corp 5.1%

Value ($000) $8 Shares 131,870 Est. Cost $50.92 Unrealized +7.0%

BRX Brixmor Property Group Inc 1.6%

Value ($000) $2 Shares 90,000 Est. Cost $20.61 Unrealized —

FCPT Four Corners Property Trust Inc 0.5%

Value ($000) $1 Shares 25,000 Est. Cost $18.80 Unrealized —

EPRT Essential Properties Realty Trust Inc 1.3%

Value ($000) $2 Shares 60,500 Est. Cost $5.13 Unrealized —

RLJ RLJ Lodging Trust 0.3%

Value ($000) $1 Shares 69,200 Est. Cost $18.75 Unrealized —

NSA National Storage Affiliates Trust 0.1%

Value ($000) $0 Shares 5,300 Est. Cost $19.80 Unrealized —

SKT TANGER INC 0.2%

Value ($000) $0 Shares 11,000 Est. Cost $28.29 Unrealized —

WPC WP Carey Inc 1.9%

Value ($000) $3 Shares 46,300 Est. Cost $44.58 Unrealized —

HIW Highwoods Properties Inc 0.4%

Value ($000) $1 Shares 19,802 Est. Cost $37.64 Unrealized —

WELL Welltower Inc 5.5%

Value ($000) $8 Shares 52,753 Est. Cost $56.40 Unrealized +162.2%

NHI National Health Investors Inc 0.3%

Value ($000) $0 Shares 7,000 Est. Cost $17.39 Unrealized —

PK Park Hotels and Resorts Inc 0.4%

Value ($000) $1 Shares 52,038 Est. Cost $5.45 Unrealized —

NNN National Retail Properties Inc 1.3%

Value ($000) $2 Shares 43,200 Est. Cost $0.04 Unrealized —

VNO Vornado Realty Trust 0.5%

Value ($000) $1 Shares 18,265 Est. Cost $72.24 Unrealized —

BDN Brandywine Realty Trust 0.4%

Value ($000) $1 Shares 131,400 Est. Cost $13.35 Unrealized —

INN Summit Hotel Properties Inc 0.2%

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

DBRG DigitalBridge Group Inc 0.1%

Value ($000) $0 Shares 14,233 Est. Cost $19.04 Unrealized -50.0%

CUZ Cousins Properties Inc 0.7%

Value ($000) $1 Shares 35,977 Est. Cost $36.00 Unrealized —

EXR Extra Space Storage Inc 1.7%

Value ($000) $2 Shares 16,840 Est. Cost $122.98 Unrealized +14.6%

KRG Kite Realty Group Trust 1.0%

Value ($000) $1 Shares 63,500 Est. Cost $13.79 Unrealized —

PLYM Plymouth Industrial REIT Inc 0.8%

Value ($000) $1 Shares 77,000 Est. Cost $17.84 Unrealized —

MAC Macerich Co/The 0.2%

Value ($000) $0 Shares 18,720 Est. Cost $58.05 Unrealized —

— Hudson Pacific Properties Inc 0.2%

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

GNL Global Net Lease Inc 0.2%

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

KRC Kilroy Realty Corp 0.2%

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

SITC SITE Centers Corp 0.1%

Value ($000) $0 Shares 7,500 Est. Cost $0.06 Unrealized —

CUBE CubeSmart 1.4%

Value ($000) $2 Shares 48,800 Est. Cost $25.77 Unrealized —

IIPR Innovative Industrial Properties Inc 0.3%

Value ($000) $0 Shares 8,400 Est. Cost $29.53 Unrealized —

STAG STAG Industrial Inc 1.3%

Value ($000) $2 Shares 53,880 Est. Cost $21.91 Unrealized —

KIM Kimco Realty Corp 0.4%

Value ($000) $1 Shares 30,731 Est. Cost $16.51 Unrealized +21.5%

CLDT Chatham Lodging Trust 0.2%

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

VICI VICI Properties Inc 3.8%

Value ($000) $6 Shares 172,000 Est. Cost $25.57 Unrealized +19.4%

BXP Boston Properties Inc 0.5%

Value ($000) $1 Shares 11,717 Est. Cost $66.40 Unrealized -3.0%

PW Power REIT 0.1%

Value ($000) $0 Shares 78,526 Est. Cost $5.85 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
DLR	Digital Realty Trust Inc	43,919	$8	5.2%	$90.58	+76.8%	COMMON STOCK	253868103
PLD	Prologis Inc	117,353	$12	8.3%	$69.16	+47.9%	COMMON STOCK	74340W103
IRM	Iron Mountain Inc	38,500	$4	2.7%	$24.54	+274.6%	COMMON STOCK	46284V101
DOC	Healthpeak Properties Inc	205,473	$4	2.4%	$20.06	-15.3%	COMMON STOCK	42250P103
MPT	Medical Properties Trust Inc	217,000	$1	0.6%	$10.83	—	COMMON STOCK	58463J304
ARE	Alexandria Real Estate Equities Inc	18,700	$1	0.9%	$90.09	-21.4%	COMMON STOCK	015271109
VTR	Ventas Inc	61,679	$4	2.6%	$46.23	+38.3%	COMMON STOCK	92276F100
—	Global Medical REIT Inc	124,000	$1	0.6%	$3.51	—	COMMON STOCK	37954A204
AVB	AvalonBay Communities Inc	20,120	$4	2.8%	$120.56	+65.1%	COMMON STOCK	053484101
ESS	Essex Property Trust Inc	9,695	$3	1.9%	$179.05	+52.5%	COMMON STOCK	297178105
SPG	Simon Property Group Inc	39,508	$6	4.3%	$99.79	+53.1%	COMMON STOCK	828806109
EQR	Equity Residential	49,556	$3	2.3%	$46.40	+43.6%	COMMON STOCK	29476L107
EPR	EPR Properties	30,962	$2	1.2%	$19.59	—	COMMON STOCK	26884U109
GLPI	Gaming and Leisure Properties Inc	40,172	$2	1.3%	$37.41	—	COMMON STOCK	36467J108
INVH	Invitation Homes Inc	79,110	$3	1.7%	$24.46	+33.3%	COMMON STOCK	46187W107
IRT	Independence Realty Trust Inc	44,500	$1	0.5%	$5.75	—	COMMON STOCK	45378A106
CPT	Camden Property Trust	15,786	$2	1.2%	$69.66	+60.9%	COMMON STOCK	133131102
GTY	Getty Realty Corp	43,000	$1	0.8%	$11.60	—	COMMON STOCK	374297109
HR	Healthcare Realty Trust Inc	135,719	$2	1.5%	$10.19	—	COMMON STOCK	42226K105
PSA	Public Storage	20,589	$6	4.1%	$173.17	+66.0%	COMMON STOCK	74460D109
HST	Host Hotels and Resorts Inc	96,998	$1	1.0%	$12.28	+15.5%	COMMON STOCK	44107P104
SBRA	Sabra Health Care REIT Inc	110,730	$2	1.4%	$14.30	—	COMMON STOCK	78573L106
BNL	Broadstone Net Lease Inc	110,000	$2	1.2%	$0.02	—	COMMON STOCK	11135E203
CTRE	CareTrust REIT Inc	44,000	$1	0.9%	$0.03	—	COMMON STOCK	14174T107
UMH	UMH Properties Inc	43,900	$1	0.5%	$12.43	—	COMMON STOCK	903002103
AMH	American Homes 4 Rent	45,000	$2	1.1%	$18.52	—	COMMON STOCK	02665T306
APLE	Apple Hospitality REIT Inc	50,000	$1	0.4%	$14.39	—	COMMON STOCK	03784Y200
CSR	Centerspace	12,780	$1	0.5%	$60.57	—	COMMON STOCK	15202L107
O	Realty Income Corp	131,870	$8	5.1%	$50.92	+7.0%	COMMON STOCK	756109104
BRX	Brixmor Property Group Inc	90,000	$2	1.6%	$20.61	—	COMMON STOCK	11120U105
FCPT	Four Corners Property Trust Inc	25,000	$1	0.5%	$18.80	—	COMMON STOCK	35086T109
EPRT	Essential Properties Realty Trust Inc	60,500	$2	1.3%	$5.13	—	COMMON STOCK	29670E107
RLJ	RLJ Lodging Trust	69,200	$1	0.3%	$18.75	—	COMMON STOCK	74965L101
NSA	National Storage Affiliates Trust	5,300	$0	0.1%	$19.80	—	COMMON STOCK	637870106
SKT	TANGER INC	11,000	$0	0.2%	$28.29	—	COMMON STOCK	875465106
WPC	WP Carey Inc	46,300	$3	1.9%	$44.58	—	COMMON STOCK	92936U109
HIW	Highwoods Properties Inc	19,802	$1	0.4%	$37.64	—	COMMON STOCK	431284108
WELL	Welltower Inc	52,753	$8	5.5%	$56.40	+162.2%	COMMON STOCK	95040Q104
NHI	National Health Investors Inc	7,000	$0	0.3%	$17.39	—	COMMON STOCK	63633D104
PK	Park Hotels and Resorts Inc	52,038	$1	0.4%	$5.45	—	COMMON STOCK	700517105
NNN	National Retail Properties Inc	43,200	$2	1.3%	$0.04	—	COMMON STOCK	637417106
VNO	Vornado Realty Trust	18,265	$1	0.5%	$72.24	—	COMMON STOCK	929042109
BDN	Brandywine Realty Trust	131,400	$1	0.4%	$13.35	—	COMMON STOCK	105368203
INN	Summit Hotel Properties Inc	69,000	$0	0.2%	$12.94	—	COMMON STOCK	866082100
DBRG	DigitalBridge Group Inc	14,233	$0	0.1%	$19.04	-50.0%	COMMON STOCK	25401T603
CUZ	Cousins Properties Inc	35,977	$1	0.7%	$36.00	—	COMMON STOCK	222795502
EXR	Extra Space Storage Inc	16,840	$2	1.7%	$122.98	+14.6%	COMMON STOCK	30225T102
KRG	Kite Realty Group Trust	63,500	$1	1.0%	$13.79	—	COMMON STOCK	49803T300
PLYM	Plymouth Industrial REIT Inc	77,000	$1	0.8%	$17.84	—	COMMON STOCK	729640102
MAC	Macerich Co/The	18,720	$0	0.2%	$58.05	—	COMMON STOCK	554382101
—	Hudson Pacific Properties Inc	84,500	$0	0.2%	$23.97	—	COMMON STOCK	444097109
GNL	Global Net Lease Inc	30,976	$0	0.2%	$18.32	—	COMMON STOCK	379378201
KRC	Kilroy Realty Corp	9,000	$0	0.2%	$67.97	—	COMMON STOCK	49427F108
SITC	SITE Centers Corp	7,500	$0	0.1%	$0.06	—	COMMON STOCK	82981J851
CUBE	CubeSmart	48,800	$2	1.4%	$25.77	—	COMMON STOCK	229663109
IIPR	Innovative Industrial Properties Inc	8,400	$0	0.3%	$29.53	—	COMMON STOCK	45781V101
STAG	STAG Industrial Inc	53,880	$2	1.3%	$21.91	—	COMMON STOCK	85254J102
KIM	Kimco Realty Corp	30,731	$1	0.4%	$16.51	+21.5%	COMMON STOCK	49446R109
CLDT	Chatham Lodging Trust	36,000	$0	0.2%	$17.48	—	COMMON STOCK	16208T102
VICI	VICI Properties Inc	172,000	$6	3.8%	$25.57	+19.4%	COMMON STOCK	925652109
BXP	Boston Properties Inc	11,717	$1	0.5%	$66.40	-3.0%	COMMON STOCK	101121101
PW	Power REIT	78,526	$0	0.1%	$5.85	—	COMMON STOCK	73933H101
PEB	Pebblebrook Hotel Trust	8,911	$0	0.1%	$28.31	—	COMMON STOCK	70509V100