Pensionfund PDN Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQIX	Equinix Inc	13,014 (+22.6%)	$10 (+20.7%)	6.6%	$680.62	+13.8%	COMMON STOCK	29444U700
PLD	Prologis Inc	118,553 (+1.0%)	$14 (+10.1%)	8.8%	$69.56	+55.7%	COMMON STOCK	74340W103
AMH	American Homes 4 Rent	63,000 (+40.0%)	$2 (+29.1%)	1.4%	$13.24	—	COMMON STOCK	02665T306
INVH	Invitation Homes Inc	98,110 (+24.0%)	$3 (+10.9%)	1.9%	$25.57	+18.1%	COMMON STOCK	46187W107
OUT	Outfront Media Inc	37,617 (+22.9%)	$1 (+37.8%)	0.4%	$0.02	—	COMMON STOCK	69007J304
COLD	Americold Realty Trust Inc	94,000 (+62.1%)	$1 (+19.3%)	0.7%	$0.02	—	COMMON STOCK	03064D108
PSA	Public Storage	20,989 (+1.9%)	$6 (+0.4%)	3.9%	$175.24	+60.6%	COMMON STOCK	74460D109

Exited Positions (1)

— Global Medical REIT Inc 0.6%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Global Medical REIT Inc	124,000	$1	0.6%	$3.51	—	—	37954A204

Decreased Positions (7)

MPT Medical Properties Trust Inc 0.3%

Value ($000) $0 (-52.8%) Shares 87,000 (-59.9%) Est. Cost $10.83 Unrealized —

HR Healthcare Realty Trust Inc 1.1%

Value ($000) $2 (-21.5%) Shares 93,719 (-30.9%) Est. Cost $10.19 Unrealized —

CPT Camden Property Trust 1.0%

Value ($000) $1 (-17.3%) Shares 13,786 (-12.7%) Est. Cost $69.66 Unrealized +54.7%

SBRA Sabra Health Care REIT Inc 1.2%

Value ($000) $2 (-10.8%) Shares 97,730 (-11.7%) Est. Cost $14.30 Unrealized —

OHI Omega Healthcare Investors Inc 1.6%

Value ($000) $3 (+4.6%) Shares 59,300 (-9.2%) Est. Cost $24.51 Unrealized —

PLYM Plymouth Industrial REIT Inc 0.8%

Value ($000) $1 (-4.4%) Shares 53,000 (-31.2%) Est. Cost $17.84 Unrealized —

BNL Broadstone Net Lease Inc 1.1%

Value ($000) $2 (-2.8%) Shares 96,000 (-12.7%) Est. Cost $0.02 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPT	Medical Properties Trust Inc	87,000 (-59.9%)	$0 (-52.8%)	0.3%	$10.83	—	COMMON STOCK	58463J304
HR	Healthcare Realty Trust Inc	93,719 (-30.9%)	$2 (-21.5%)	1.1%	$10.19	—	COMMON STOCK	42226K105
CPT	Camden Property Trust	13,786 (-12.7%)	$1 (-17.3%)	1.0%	$69.66	+54.7%	COMMON STOCK	133131102
SBRA	Sabra Health Care REIT Inc	97,730 (-11.7%)	$2 (-10.8%)	1.2%	$14.30	—	COMMON STOCK	78573L106
OHI	Omega Healthcare Investors Inc	59,300 (-9.2%)	$3 (+4.6%)	1.6%	$24.51	—	COMMON STOCK	681936100
PLYM	Plymouth Industrial REIT Inc	53,000 (-31.2%)	$1 (-4.4%)	0.8%	$17.84	—	COMMON STOCK	729640102
BNL	Broadstone Net Lease Inc	96,000 (-12.7%)	$2 (-2.8%)	1.1%	$0.02	—	COMMON STOCK	11135E203

Unchanged Positions (56)

WELL Welltower Inc 6.1%

Value ($000) $9 Shares 52,753 Est. Cost $56.40 Unrealized +189.7%

SPG Simon Property Group Inc 4.8%

Value ($000) $7 Shares 39,508 Est. Cost $99.79 Unrealized +69.4%

VTR Ventas Inc 2.8%

Value ($000) $4 Shares 61,679 Est. Cost $46.23 Unrealized +43.5%

O Realty Income Corp 5.2%

Value ($000) $8 Shares 131,870 Est. Cost $50.92 Unrealized +11.8%

DOC Healthpeak Properties Inc 2.5%

Value ($000) $4 Shares 205,473 Est. Cost $20.06 Unrealized -13.0%

WPC WP Carey Inc 2.0%

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

AVB AvalonBay Communities Inc 2.5%

Value ($000) $4 Shares 20,120 Est. Cost $120.56 Unrealized +58.6%

ARE Alexandria Real Estate Equities Inc 1.0%

Value ($000) $2 Shares 18,700 Est. Cost $90.09 Unrealized -13.7%

CTRE CareTrust REIT Inc 1.0%

Value ($000) $2 Shares 44,000 Est. Cost $0.03 Unrealized —

HST Host Hotels and Resorts Inc 1.1%

Value ($000) $2 Shares 96,998 Est. Cost $12.28 Unrealized +31.0%

ESS Essex Property Trust Inc 1.7%

Value ($000) $3 Shares 9,695 Est. Cost $179.05 Unrealized +48.1%

BRX Brixmor Property Group Inc 1.6%

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

UDR UDR Inc 1.0%

Value ($000) $1 Shares 40,105 Est. Cost $26.25 Unrealized +46.7%

EQR Equity Residential 2.1%

Value ($000) $3 Shares 49,556 Est. Cost $46.40 Unrealized +38.0%

EPRT Essential Properties Realty Trust Inc 1.2%

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

MAA Mid-America Apartment Communities Inc 1.4%

Value ($000) $2 Shares 15,340 Est. Cost $87.85 Unrealized +62.4%

— LXP Industrial Trust 1.0%

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

EXR Extra Space Storage Inc 1.5%

Value ($000) $2 Shares 16,840 Est. Cost $122.98 Unrealized +14.3%

CUBE CubeSmart 1.3%

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

UMH UMH Properties Inc 0.4%

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

BXP Boston Properties Inc 0.6%

Value ($000) $1 Shares 11,717 Est. Cost $66.40 Unrealized +4.2%

KRC Kilroy Realty Corp 0.2%

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

NHI National Health Investors Inc 0.4%

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

DLR Digital Realty Trust Inc 4.9%

Value ($000) $8 Shares 43,919 Est. Cost $90.58 Unrealized +86.2%

FCPT Four Corners Property Trust Inc 0.4%

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

IRT Independence Realty Trust Inc 0.5%

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

STAG STAG Industrial Inc 1.2%

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

PK Park Hotels and Resorts Inc 0.4%

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

VNO Vornado Realty Trust 0.5%

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

CUZ Cousins Properties Inc 0.7%

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

MAC Macerich Co/The 0.2%

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

SKT TANGER INC 0.2%

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

GTY Getty Realty Corp 0.7%

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

INN Summit Hotel Properties Inc 0.2%

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

NNN National Retail Properties Inc 1.2%

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

KIM Kimco Realty Corp 0.4%

Value ($000) $1 Shares 30,731 Est. Cost $16.51 Unrealized +28.9%

IRM Iron Mountain Inc 2.5%

Value ($000) $4 Shares 38,500 Est. Cost $24.54 Unrealized +285.9%

KRG Kite Realty Group Trust 0.9%

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

DBRG DigitalBridge Group Inc 0.1%

Value ($000) $0 Shares 14,233 Est. Cost $19.04 Unrealized -41.4%

GNL Global Net Lease Inc 0.2%

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

LAMR Lamar Advertising Co 1.2%

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

APLE Apple Hospitality REIT Inc 0.4%

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

SITC SITE Centers Corp 0.0%

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

CSR Centerspace 0.5%

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

BDN Brandywine Realty Trust 0.4%

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

HIW Highwoods Properties Inc 0.4%

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

IIPR Innovative Industrial Properties Inc 0.3%

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

PEB Pebblebrook Hotel Trust 0.1%

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

NSA National Storage Affiliates Trust 0.1%

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

CLDT Chatham Lodging Trust 0.2%

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

EPR EPR Properties 1.2%

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

RLJ RLJ Lodging Trust 0.3%

Value ($000) $0 Shares 69,200 Est. Cost $18.75 Unrealized —

PW Power REIT 0.1%

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

GLPI Gaming and Leisure Properties Inc 1.2%

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

VICI VICI Properties Inc 3.6%

Value ($000) $6 Shares 172,000 Est. Cost $25.57 Unrealized +25.4%

— 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
WELL	Welltower Inc	52,753	$9	6.1%	$56.40	+189.7%	COMMON STOCK	95040Q104
SPG	Simon Property Group Inc	39,508	$7	4.8%	$99.79	+69.4%	COMMON STOCK	828806109
VTR	Ventas Inc	61,679	$4	2.8%	$46.23	+43.5%	COMMON STOCK	92276F100
O	Realty Income Corp	131,870	$8	5.2%	$50.92	+11.8%	COMMON STOCK	756109104
DOC	Healthpeak Properties Inc	205,473	$4	2.5%	$20.06	-13.0%	COMMON STOCK	42250P103
WPC	WP Carey Inc	46,300	$3	2.0%	$44.58	—	COMMON STOCK	92936U109
AVB	AvalonBay Communities Inc	20,120	$4	2.5%	$120.56	+58.6%	COMMON STOCK	053484101
ARE	Alexandria Real Estate Equities Inc	18,700	$2	1.0%	$90.09	-13.7%	COMMON STOCK	015271109
CTRE	CareTrust REIT Inc	44,000	$2	1.0%	$0.03	—	COMMON STOCK	14174T107
HST	Host Hotels and Resorts Inc	96,998	$2	1.1%	$12.28	+31.0%	COMMON STOCK	44107P104
ESS	Essex Property Trust Inc	9,695	$3	1.7%	$179.05	+48.1%	COMMON STOCK	297178105
BRX	Brixmor Property Group Inc	90,000	$2	1.6%	$20.61	—	COMMON STOCK	11120U105
UDR	UDR Inc	40,105	$1	1.0%	$26.25	+46.7%	COMMON STOCK	902653104
EQR	Equity Residential	49,556	$3	2.1%	$46.40	+38.0%	COMMON STOCK	29476L107
EPRT	Essential Properties Realty Trust Inc	60,500	$2	1.2%	$5.13	—	COMMON STOCK	29670E107
MAA	Mid-America Apartment Communities Inc	15,340	$2	1.4%	$87.85	+62.4%	COMMON STOCK	59522J103
—	LXP Industrial Trust	167,000	$1	1.0%	$7.78	—	COMMON STOCK	529043101
EXR	Extra Space Storage Inc	16,840	$2	1.5%	$122.98	+14.3%	COMMON STOCK	30225T102
CUBE	CubeSmart	48,800	$2	1.3%	$25.77	—	COMMON STOCK	229663109
UMH	UMH Properties Inc	43,900	$1	0.4%	$12.43	—	COMMON STOCK	903002103
BXP	Boston Properties Inc	11,717	$1	0.6%	$66.40	+4.2%	COMMON STOCK	101121101
KRC	Kilroy Realty Corp	9,000	$0	0.2%	$67.97	—	COMMON STOCK	49427F108
NHI	National Health Investors Inc	7,000	$1	0.4%	$17.39	—	COMMON STOCK	63633D104
DLR	Digital Realty Trust Inc	43,919	$8	4.9%	$90.58	+86.2%	COMMON STOCK	253868103
FCPT	Four Corners Property Trust Inc	25,000	$1	0.4%	$18.80	—	COMMON STOCK	35086T109
IRT	Independence Realty Trust Inc	44,500	$1	0.5%	$5.75	—	COMMON STOCK	45378A106
STAG	STAG Industrial Inc	53,880	$2	1.2%	$21.91	—	COMMON STOCK	85254J102
PK	Park Hotels and Resorts Inc	52,038	$1	0.4%	$5.45	—	COMMON STOCK	700517105
VNO	Vornado Realty Trust	18,265	$1	0.5%	$72.24	—	COMMON STOCK	929042109
CUZ	Cousins Properties Inc	35,977	$1	0.7%	$36.00	—	COMMON STOCK	222795502
MAC	Macerich Co/The	18,720	$0	0.2%	$58.05	—	COMMON STOCK	554382101
SKT	TANGER INC	11,000	$0	0.2%	$28.29	—	COMMON STOCK	875465106
GTY	Getty Realty Corp	43,000	$1	0.7%	$11.60	—	COMMON STOCK	374297109
INN	Summit Hotel Properties Inc	69,000	$0	0.2%	$12.94	—	COMMON STOCK	866082100
NNN	National Retail Properties Inc	43,200	$2	1.2%	$0.04	—	COMMON STOCK	637417106
KIM	Kimco Realty Corp	30,731	$1	0.4%	$16.51	+28.9%	COMMON STOCK	49446R109
IRM	Iron Mountain Inc	38,500	$4	2.5%	$24.54	+285.9%	COMMON STOCK	46284V101
KRG	Kite Realty Group Trust	63,500	$1	0.9%	$13.79	—	COMMON STOCK	49803T300
DBRG	DigitalBridge Group Inc	14,233	$0	0.1%	$19.04	-41.4%	COMMON STOCK	25401T603
GNL	Global Net Lease Inc	30,976	$0	0.2%	$18.32	—	COMMON STOCK	379378201
LAMR	Lamar Advertising Co	15,500	$2	1.2%	$0.12	—	COMMON STOCK	512816109
APLE	Apple Hospitality REIT Inc	50,000	$1	0.4%	$14.39	—	COMMON STOCK	03784Y200
SITC	SITE Centers Corp	7,500	$0	0.0%	$0.06	—	COMMON STOCK	82981J851
CSR	Centerspace	12,780	$1	0.5%	$60.57	—	COMMON STOCK	15202L107
BDN	Brandywine Realty Trust	131,400	$1	0.4%	$13.35	—	COMMON STOCK	105368203
HIW	Highwoods Properties Inc	19,802	$1	0.4%	$37.64	—	COMMON STOCK	431284108
IIPR	Innovative Industrial Properties Inc	8,400	$0	0.3%	$29.53	—	COMMON STOCK	45781V101
PEB	Pebblebrook Hotel Trust	8,911	$0	0.1%	$28.31	—	COMMON STOCK	70509V100
NSA	National Storage Affiliates Trust	5,300	$0	0.1%	$19.80	—	COMMON STOCK	637870106
CLDT	Chatham Lodging Trust	36,000	$0	0.2%	$17.48	—	COMMON STOCK	16208T102
EPR	EPR Properties	30,962	$2	1.2%	$19.59	—	COMMON STOCK	26884U109
RLJ	RLJ Lodging Trust	69,200	$0	0.3%	$18.75	—	COMMON STOCK	74965L101
PW	Power REIT	78,526	$0	0.1%	$5.85	—	COMMON STOCK	73933H101
GLPI	Gaming and Leisure Properties Inc	40,172	$2	1.2%	$37.41	—	COMMON STOCK	36467J108
VICI	VICI Properties Inc	172,000	$6	3.6%	$25.57	+25.4%	COMMON STOCK	925652109
—	Hudson Pacific Properties Inc	84,500	$0	0.2%	$23.97	—	COMMON STOCK	444097109