Pensionfund PDN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LXP	LXP Industrial Trust	33,400	$2	1.1%	$0.05	—	COMMON STOCK	529043408
MRP	Millrose Properties Inc	35,500	$1	0.7%	$0.03	—	COMMON STOCK	601137102
LTC	LTC Properties Inc	29,500	$1	0.7%	$0.03	—	COMMON STOCK	502175102
SILA	Sila Realty Trust Inc	41,000	$1	0.6%	$0.02	—	COMMON STOCK	146280508
CHCT	Community Healthcare Trust Inc	30,000	$0	0.3%	$0.02	—	COMMON STOCK	20369C106
REG	Regency Centers Corp	4,000	$0	0.2%	$69.47	0.0%	COMMON STOCK	758849103
HPP	Hudson Pacific Properties Inc	12,071	$0	0.1%	$0.01	—	COMMON STOCK	444097406

Increased Positions (5)

VICI VICI Properties Inc 3.3%

Value ($000) $5 (-11.8%) Shares 176,000 (+2.3%) Est. Cost $25.65 Unrealized +14.2%

OUT Outfront Media Inc 0.7%

Value ($000) $1 (+49.1%) Shares 42,617 (+13.3%) Est. Cost $0.02 Unrealized —

FCPT Four Corners Property Trust Inc 0.4%

Value ($000) $1 (+11.5%) Shares 29,500 (+18.0%) Est. Cost $15.94 Unrealized —

KIM Kimco Realty Corp 0.5%

Value ($000) $1 (+7.9%) Shares 35,731 (+16.3%) Est. Cost $17.08 Unrealized +20.4%

EXR Extra Space Storage Inc 1.5%

Value ($000) $2 (-2.1%) Shares 17,840 (+5.9%) Est. Cost $123.66 Unrealized +9.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VICI	VICI Properties Inc	176,000 (+2.3%)	$5 (-11.8%)	3.3%	$25.65	+14.2%	COMMON STOCK	925652109
OUT	Outfront Media Inc	42,617 (+13.3%)	$1 (+49.1%)	0.7%	$0.02	—	COMMON STOCK	69007J304
FCPT	Four Corners Property Trust Inc	29,500 (+18.0%)	$1 (+11.5%)	0.4%	$15.94	—	COMMON STOCK	35086T109
KIM	Kimco Realty Corp	35,731 (+16.3%)	$1 (+7.9%)	0.5%	$17.08	+20.4%	COMMON STOCK	49446R109
EXR	Extra Space Storage Inc	17,840 (+5.9%)	$2 (-2.1%)	1.5%	$123.66	+9.2%	COMMON STOCK	30225T102

Exited Positions (2)

— LXP Industrial Trust 1.0%

Value ($000) $1 Shares 167,000 Est. Cost $7.78 Unrealized —

— Hudson Pacific Properties Inc 0.2%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LXP Industrial Trust	167,000	$1	1.0%	$7.78	—	—	529043101
—	Hudson Pacific Properties Inc	84,500	$0	0.2%	$23.97	—	—	444097109

Decreased Positions (7)

PLYM Plymouth Industrial REIT Inc 0.1%

Value ($000) $0 (-87.1%) Shares 7,000 (-86.8%) Est. Cost $17.84 Unrealized —

HR Healthcare Realty Trust Inc 0.7%

Value ($000) $1 (-35.1%) Shares 64,719 (-30.9%) Est. Cost $10.19 Unrealized —

OHI Omega Healthcare Investors Inc 1.4%

Value ($000) $2 (-18.0%) Shares 46,300 (-21.9%) Est. Cost $24.51 Unrealized —

WPC WP Carey Inc 1.9%

Value ($000) $3 (-8.9%) Shares 44,300 (-4.3%) Est. Cost $44.58 Unrealized —

BNL Broadstone Net Lease Inc 1.0%

Value ($000) $2 (-8.9%) Shares 90,000 (-6.3%) Est. Cost $0.02 Unrealized —

CTRE CareTrust REIT Inc 1.0%

Value ($000) $1 (-2.8%) Shares 41,000 (-6.8%) Est. Cost $0.03 Unrealized —

CSR Centerspace 0.5%

Value ($000) $1 (-4.5%) Shares 10,780 (-15.6%) Est. Cost $60.57 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLYM	Plymouth Industrial REIT Inc	7,000 (-86.8%)	$0 (-87.1%)	0.1%	$17.84	—	COMMON STOCK	729640102
HR	Healthcare Realty Trust Inc	64,719 (-30.9%)	$1 (-35.1%)	0.7%	$10.19	—	COMMON STOCK	42226K105
OHI	Omega Healthcare Investors Inc	46,300 (-21.9%)	$2 (-18.0%)	1.4%	$24.51	—	COMMON STOCK	681936100
WPC	WP Carey Inc	44,300 (-4.3%)	$3 (-8.9%)	1.9%	$44.58	—	COMMON STOCK	92936U109
BNL	Broadstone Net Lease Inc	90,000 (-6.3%)	$2 (-8.9%)	1.0%	$0.02	—	COMMON STOCK	11135E203
CTRE	CareTrust REIT Inc	41,000 (-6.8%)	$1 (-2.8%)	1.0%	$0.03	—	COMMON STOCK	14174T107
CSR	Centerspace	10,780 (-15.6%)	$1 (-4.5%)	0.5%	$60.57	—	COMMON STOCK	15202L107

Unchanged Positions (57)

PLD Prologis Inc 10.0%

Value ($000) $15 Shares 118,553 Est. Cost $69.56 Unrealized +78.1%

DLR Digital Realty Trust Inc 4.5%

Value ($000) $7 Shares 43,919 Est. Cost $90.58 Unrealized +80.1%

IRM Iron Mountain Inc 2.1%

Value ($000) $3 Shares 38,500 Est. Cost $24.54 Unrealized +278.0%

ARE Alexandria Real Estate Equities Inc 0.6%

Value ($000) $1 Shares 18,700 Est. Cost $90.09 Unrealized -35.6%

DOC Healthpeak Properties Inc 2.2%

Value ($000) $3 Shares 205,473 Est. Cost $20.06 Unrealized -13.0%

PSA Public Storage 3.6%

Value ($000) $5 Shares 20,989 Est. Cost $175.24 Unrealized +58.2%

O Realty Income Corp 4.9%

Value ($000) $7 Shares 131,870 Est. Cost $50.92 Unrealized +12.6%

VTR Ventas Inc 3.1%

Value ($000) $5 Shares 61,679 Est. Cost $46.23 Unrealized +62.2%

WELL Welltower Inc 6.4%

Value ($000) $10 Shares 52,753 Est. Cost $56.40 Unrealized +230.6%

EPR EPR Properties 1.0%

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

AVB AvalonBay Communities Inc 2.4%

Value ($000) $4 Shares 20,120 Est. Cost $120.56 Unrealized +49.1%

CUBE CubeSmart 1.2%

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

EQIX Equinix Inc 6.6%

Value ($000) $10 Shares 13,014 Est. Cost $680.62 Unrealized +14.8%

BDN Brandywine Realty Trust 0.3%

Value ($000) $0 Shares 131,400 Est. Cost $13.35 Unrealized —

INVH Invitation Homes Inc 1.8%

Value ($000) $3 Shares 98,110 Est. Cost $25.57 Unrealized +8.1%

VNO Vornado Realty Trust 0.4%

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

BRX Brixmor Property Group Inc 1.6%

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

NNN National Retail Properties Inc 1.1%

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

HIW Highwoods Properties Inc 0.3%

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

CUZ Cousins Properties Inc 0.6%

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

KRG Kite Realty Group Trust 1.0%

Value ($000) $2 Shares 63,500 Est. Cost $13.79 Unrealized —

SPG Simon Property Group Inc 4.8%

Value ($000) $7 Shares 39,508 Est. Cost $99.79 Unrealized +80.4%

EQR Equity Residential 2.1%

Value ($000) $3 Shares 49,556 Est. Cost $46.40 Unrealized +30.8%

STAG STAG Industrial Inc 1.3%

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

BXP Boston Properties Inc 0.5%

Value ($000) $1 Shares 11,717 Est. Cost $66.40 Unrealized +6.0%

GLPI Gaming and Leisure Properties Inc 1.2%

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

AMH American Homes 4 Rent 1.3%

Value ($000) $2 Shares 63,000 Est. Cost $13.24 Unrealized —

HST Host Hotels and Resorts Inc 1.1%

Value ($000) $2 Shares 96,998 Est. Cost $12.28 Unrealized +37.9%

LAMR Lamar Advertising Co 1.3%

Value ($000) $2 Shares 15,500 Est. Cost $0.12 Unrealized —

COLD Americold Realty Trust Inc 0.8%

Value ($000) $1 Shares 94,000 Est. Cost $0.02 Unrealized —

ESS Essex Property Trust Inc 1.7%

Value ($000) $3 Shares 9,695 Est. Cost $179.05 Unrealized +43.1%

IIPR Innovative Industrial Properties Inc 0.3%

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

DBRG DigitalBridge Group Inc 0.1%

Value ($000) $0 Shares 14,233 Est. Cost $19.04 Unrealized -36.9%

IRT Independence Realty Trust Inc 0.5%

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

CPT Camden Property Trust 1.0%

Value ($000) $2 Shares 13,786 Est. Cost $69.66 Unrealized +48.1%

UMH UMH Properties Inc 0.5%

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

KRC Kilroy Realty Corp 0.2%

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

INN Summit Hotel Properties Inc 0.2%

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

PK Park Hotels and Resorts Inc 0.4%

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

SBRA Sabra Health Care REIT Inc 1.2%

Value ($000) $2 Shares 97,730 Est. Cost $14.30 Unrealized —

UDR UDR Inc 1.0%

Value ($000) $1 Shares 40,105 Est. Cost $26.25 Unrealized +35.3%

GTY Getty Realty Corp 0.8%

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

NHI National Health Investors Inc 0.4%

Value ($000) $1 Shares 7,000 Est. Cost $17.39 Unrealized —

SITC SITE Centers Corp 0.0%

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

RLJ RLJ Lodging Trust 0.3%

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

GNL Global Net Lease Inc 0.2%

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

MAA Mid-America Apartment Communities Inc 1.4%

Value ($000) $2 Shares 15,340 Est. Cost $87.85 Unrealized +51.4%

PW Power REIT 0.0%

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

NSA National Storage Affiliates Trust 0.1%

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

APLE Apple Hospitality REIT Inc 0.4%

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

EPRT Essential Properties Realty Trust Inc 1.2%

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

MPT Medical Properties Trust Inc 0.3%

Value ($000) $0 Shares 87,000 Est. Cost $10.83 Unrealized —

SKT TANGER INC 0.2%

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

MAC Macerich Co/The 0.2%

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

CLDT Chatham Lodging Trust 0.2%

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

XRN Global Medical REIT Inc 0.6%

Value ($000) $1 Shares 24,800 Est. Cost $0.03 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	118,553	$15	10.0%	$69.56	+78.1%	COMMON STOCK	74340W103
DLR	Digital Realty Trust Inc	43,919	$7	4.5%	$90.58	+80.1%	COMMON STOCK	253868103
IRM	Iron Mountain Inc	38,500	$3	2.1%	$24.54	+278.0%	COMMON STOCK	46284V101
ARE	Alexandria Real Estate Equities Inc	18,700	$1	0.6%	$90.09	-35.6%	COMMON STOCK	015271109
DOC	Healthpeak Properties Inc	205,473	$3	2.2%	$20.06	-13.0%	COMMON STOCK	42250P103
PSA	Public Storage	20,989	$5	3.6%	$175.24	+58.2%	COMMON STOCK	74460D109
O	Realty Income Corp	131,870	$7	4.9%	$50.92	+12.6%	COMMON STOCK	756109104
VTR	Ventas Inc	61,679	$5	3.1%	$46.23	+62.2%	COMMON STOCK	92276F100
WELL	Welltower Inc	52,753	$10	6.4%	$56.40	+230.6%	COMMON STOCK	95040Q104
EPR	EPR Properties	30,962	$2	1.0%	$19.59	—	COMMON STOCK	26884U109
AVB	AvalonBay Communities Inc	20,120	$4	2.4%	$120.56	+49.1%	COMMON STOCK	053484101
CUBE	CubeSmart	48,800	$2	1.2%	$25.77	—	COMMON STOCK	229663109
EQIX	Equinix Inc	13,014	$10	6.6%	$680.62	+14.8%	COMMON STOCK	29444U700
BDN	Brandywine Realty Trust	131,400	$0	0.3%	$13.35	—	COMMON STOCK	105368203
INVH	Invitation Homes Inc	98,110	$3	1.8%	$25.57	+8.1%	COMMON STOCK	46187W107
VNO	Vornado Realty Trust	18,265	$1	0.4%	$72.24	—	COMMON STOCK	929042109
BRX	Brixmor Property Group Inc	90,000	$2	1.6%	$20.61	—	COMMON STOCK	11120U105
NNN	National Retail Properties Inc	43,200	$2	1.1%	$0.04	—	COMMON STOCK	637417106
HIW	Highwoods Properties Inc	19,802	$1	0.3%	$37.64	—	COMMON STOCK	431284108
CUZ	Cousins Properties Inc	35,977	$1	0.6%	$36.00	—	COMMON STOCK	222795502
KRG	Kite Realty Group Trust	63,500	$2	1.0%	$13.79	—	COMMON STOCK	49803T300
SPG	Simon Property Group Inc	39,508	$7	4.8%	$99.79	+80.4%	COMMON STOCK	828806109
EQR	Equity Residential	49,556	$3	2.1%	$46.40	+30.8%	COMMON STOCK	29476L107
STAG	STAG Industrial Inc	53,880	$2	1.3%	$21.91	—	COMMON STOCK	85254J102
BXP	Boston Properties Inc	11,717	$1	0.5%	$66.40	+6.0%	COMMON STOCK	101121101
GLPI	Gaming and Leisure Properties Inc	40,172	$2	1.2%	$37.41	—	COMMON STOCK	36467J108
AMH	American Homes 4 Rent	63,000	$2	1.3%	$13.24	—	COMMON STOCK	02665T306
HST	Host Hotels and Resorts Inc	96,998	$2	1.1%	$12.28	+37.9%	COMMON STOCK	44107P104
LAMR	Lamar Advertising Co	15,500	$2	1.3%	$0.12	—	COMMON STOCK	512816109
COLD	Americold Realty Trust Inc	94,000	$1	0.8%	$0.02	—	COMMON STOCK	03064D108
ESS	Essex Property Trust Inc	9,695	$3	1.7%	$179.05	+43.1%	COMMON STOCK	297178105
IIPR	Innovative Industrial Properties Inc	8,400	$0	0.3%	$29.53	—	COMMON STOCK	45781V101
DBRG	DigitalBridge Group Inc	14,233	$0	0.1%	$19.04	-36.9%	COMMON STOCK	25401T603
IRT	Independence Realty Trust Inc	44,500	$1	0.5%	$5.75	—	COMMON STOCK	45378A106
CPT	Camden Property Trust	13,786	$2	1.0%	$69.66	+48.1%	COMMON STOCK	133131102
UMH	UMH Properties Inc	43,900	$1	0.5%	$12.43	—	COMMON STOCK	903002103
KRC	Kilroy Realty Corp	9,000	$0	0.2%	$67.97	—	COMMON STOCK	49427F108
INN	Summit Hotel Properties Inc	69,000	$0	0.2%	$12.94	—	COMMON STOCK	866082100
PK	Park Hotels and Resorts Inc	52,038	$1	0.4%	$5.45	—	COMMON STOCK	700517105
SBRA	Sabra Health Care REIT Inc	97,730	$2	1.2%	$14.30	—	COMMON STOCK	78573L106
UDR	UDR Inc	40,105	$1	1.0%	$26.25	+35.3%	COMMON STOCK	902653104
GTY	Getty Realty Corp	43,000	$1	0.8%	$11.60	—	COMMON STOCK	374297109
NHI	National Health Investors Inc	7,000	$1	0.4%	$17.39	—	COMMON STOCK	63633D104
SITC	SITE Centers Corp	7,500	$0	0.0%	$0.06	—	COMMON STOCK	82981J851
RLJ	RLJ Lodging Trust	69,200	$1	0.3%	$18.75	—	COMMON STOCK	74965L101
GNL	Global Net Lease Inc	30,976	$0	0.2%	$18.32	—	COMMON STOCK	379378201
MAA	Mid-America Apartment Communities Inc	15,340	$2	1.4%	$87.85	+51.4%	COMMON STOCK	59522J103
PW	Power REIT	78,526	$0	0.0%	$5.85	—	COMMON STOCK	73933H101
NSA	National Storage Affiliates Trust	5,300	$0	0.1%	$19.80	—	COMMON STOCK	637870106
APLE	Apple Hospitality REIT Inc	50,000	$1	0.4%	$14.39	—	COMMON STOCK	03784Y200
EPRT	Essential Properties Realty Trust Inc	60,500	$2	1.2%	$5.13	—	COMMON STOCK	29670E107
MPT	Medical Properties Trust Inc	87,000	$0	0.3%	$10.83	—	COMMON STOCK	58463J304
SKT	TANGER INC	11,000	$0	0.2%	$28.29	—	COMMON STOCK	875465106
MAC	Macerich Co/The	18,720	$0	0.2%	$58.05	—	COMMON STOCK	554382101
CLDT	Chatham Lodging Trust	36,000	$0	0.2%	$17.48	—	COMMON STOCK	16208T102
XRN	Global Medical REIT Inc	24,800	$1	0.6%	$0.03	—	COMMON STOCK	37954A303
PEB	Pebblebrook Hotel Trust	8,911	$0	0.1%	$28.31	—	COMMON STOCK	70509V100