# EDGAR Filing Document

**Accession Number:** 0000357298
**File Stem:** 0001752724-25-165760
**Filing Date:** 2025-7
**Character Count:** 102383
**Document Hash:** 93150653bef2c8f2985b7174ac840c4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-165760.hdr.sgml**: 20250710

**ACCESSION NUMBER**: 0001752724-25-165760

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250710

**DATE AS OF CHANGE**: 20250710

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PERMANENT PORTFOLIO FAMILY OF FUNDS
- **CENTRAL INDEX KEY:** 0000357298

**ORGANIZATION NAME:**
- **EIN:** 942788165
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03379
- **FILM NUMBER:** 251116161

**BUSINESS ADDRESS:**
- **STREET 1:** 600 MONTGOMERY STREET
- **STREET 2:** SUITE 4100
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 4153988000

**MAIL ADDRESS:**
- **STREET 1:** 600 MONTGOMERY STREET
- **STREET 2:** SUITE 4100
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PERMANENT PORTFOLIO FAMILY OF FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PERMANENT PORTFOLIO FUND INC
- **DATE OF NAME CHANGE:** 19890330

## Series and Classes Contracts Data

### Versatile Bond Portfolio (Series ID: S000006018)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016540 | Class I      | PRVBX           |
| C000170325 | Class A      | PRVDX           |
| C000170326 | Class C      | PRVHX           |

## Nport-Ex

---

| | |
|:---|:---|
| ![LOGO](g921916g96a05.jpg) | <br> **Schedules of Investments**<br> **As of April 30, 2025** |

---

**Permanent Portfolio<sup>®</sup>** 

Class A – PRPDX \| Class C – PRPHX \| Class I – PRPFX

**Short-Term Treasury Portfolio** 

Class I – PRTBX

**Versatile Bond Portfolio** 

Class A – PRVDX \| Class C – PRVHX \| Class I – PRVBX

**Aggressive Growth Portfolio** 

Class A – PAGDX \| Class C – PAGHX \| Class I – PAGRX

------

<br> **PERMANENT PORTFOLIO<sup>®</sup>**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Quantity** |  | **Market Value** |
|  | **GOLD ASSETS — 21.91% of Total Net Assets** |  |
| 217,320 Troy Oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold bullion (a) | $718240981 |
| 90,000 Coins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One-ounce gold coins (a) | 301282900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Gold Assets (identified cost $328,396,837) | $1019523881 |
|  | **SILVER ASSETS — 4.24% of Total Net Assets** |  |
| 6,058,176 Troy Oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver bullion (a) | $197078529 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Silver Assets (identified cost $92,215,771) | $197078529 |
| **Principal Amount** |  |  |
|  | **SWISS FRANC ASSETS — 7.66% of Total Net Assets** |  |
| CHF 3,180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss franc deposits | $3853 |
| CHF 70,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500% Swiss Confederation Bonds, 07-24-25 | $85079663 |
| CHF 65,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250% Swiss Confederation Bonds, 05-28-26 | 79805840 |
| CHF 30,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Swiss Confederation Bonds, 06-27-27 | 38934392 |
| CHF 80,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -.022% Swiss Confederation Bonds, 06-22-29 (b) | 97017265 |
| CHF 45,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .500% Swiss Confederation Bonds, 05-27-30 | 55738172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Swiss Confederation bonds | $356575332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Swiss Franc Assets (identified cost $313,948,567) | $356579185 |
| **Number of Shares** |  |  |
|  | **REAL ESTATE AND NATURAL RESOURCE STOCKS — 15.40% of Total Net Assets** | **REAL ESTATE AND NATURAL RESOURCE STOCKS — 15.40% of Total Net Assets** |
|  | **NATURAL RESOURCES — 6.55% of Total Net Assets** |  |
| 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corporation | $5050500 |
| 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Group, Ltd. (c) | 15453750 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birchcliff Energy, Ltd. | 8100000 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP, p.l.c. (c) | 8238000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cameco Corporation | 22575000 |
| 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 13627750 |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation | 25171100 |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 16487200 |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corporation | 13684500 |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corporation | 19541550 |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 75663000 |
| 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corporation | 9751750 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien, Ltd. | 11410000 |
| 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation | 12808250 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation warrants (a) | 1876000 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 8395000 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto p.l.c (c) | 17820000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South32 Limited (c) | 4305000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale S.A. (c) | 4655000 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Energy Partners LP | 10082500 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304695850 |

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<br> **PERMANENT PORTFOLIO<sup>®</sup>**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | **Market Value** |
|  | **REAL ESTATE — 8.85% of Total Net Assets** |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | $2147500 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corporation | 22541000 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 12598800 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 9559500 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 12072000 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 16054000 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 16749000 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 9402000 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 4266000 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corporation | 5994000 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc. | 7512000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 7565000 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 17885000 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corporation | 10827000 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 15738000 |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 9083250 |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation | 212663550 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 5235000 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 4417500 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 4410000 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Company | 5182000 |
|  |  | $411902100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate and Natural Resource Stocks<br>(identified cost $421,825,180) | $716597950 |
|  | **AGGRESSIVE GROWTH STOCKS — 18.25% of Total Net Assets** | **AGGRESSIVE GROWTH STOCKS — 18.25% of Total Net Assets** |
|  | **AEROSPACE — .51% of Total Net Assets** | **AEROSPACE — .51% of Total Net Assets** |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corporation | $23887500 |
|  |  | $23887500 |
|  | **CHEMICALS — .44% of Total Net Assets** | **CHEMICALS — .44% of Total Net Assets** |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | $16265400 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corporation | 4391250 |
|  |  | $20656650 |
|  | **COMPUTER SOFTWARE & SERVICES — 4.58% of Total Net Assets** | **COMPUTER SOFTWARE & SERVICES — 4.58% of Total Net Assets** |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corporation Class A (a) | $16158600 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 16455000 |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. Class A (a) | 165816000 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. Class A (a) | 14506500 |
|  |  | $212936100 |
|  | **ELECTRICAL EQUIPMENT & ELECTRONICS — 3.01% of Total Net Assets** | **ELECTRICAL EQUIPMENT & ELECTRONICS — 3.01% of Total Net Assets** |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arm Holdings plc (a)(c) | $14256250 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 38494000 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corporation | 87136000 |
|  |  | $139886250 |
|  | **ENERGY SERVICES & PROCESSING — .36% of Total Net Assets** |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corporation | $7517500 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 9365400 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16882900 |

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<br> **PERMANENT PORTFOLIO<sup>®</sup>**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | **Market Value** |
|  | **ENGINEERING & CONSTRUCTION — .44% of Total Net Assets** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corporation (a) | $6978000 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corporation Class A | 13576250 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20554250 |
|  | **ENTERTAINMENT & LEISURE — 2.14% of Total Net Assets** |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disney (Walt) Company | $9095000 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. Class A | 82350000 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts, Ltd. | 8031000 |
|  |  | $99476000 |
|  | **FINANCIAL SERVICES — 1.83% of Total Net Assets** |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. Class A (a) | $17416000 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 23084000 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab (Charles) Corporation | 16280000 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corporation | 11012500 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. Class A | 17275000 |
|  |  | $85067500 |
|  | **MANUFACTURING — 1.53% of Total Net Assets** |  |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | $9684000 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 20392350 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corporation (a) | 5090650 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corporation | 36303600 |
|  |  | $71470600 |
|  | **MATERIALS — .32% of Total Net Assets** |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corporation | $14921250 |
|  |  | $14921250 |
|  | **PHARMACEUTICALS — .38% of Total Net Assets** |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | $17455200 |
|  |  | $17455200 |
|  | **RETAIL — 1.63% of Total Net Assets** |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corporation | $49725000 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (a) | 10830800 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 15447000 |
|  |  | $76002800 |
|  | **TRANSPORTATION — 1.08% of Total Net Assets** |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Limited | $10870500 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corporation | 12619800 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 10325250 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 16202000 |
|  |  | $50017550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Aggressive Growth Stocks (identified cost $291,952,968) | $849214550 |

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<br> **PERMANENT PORTFOLIO<sup>®</sup>**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **DOLLAR ASSETS — 31.52% of Total Net Assets** |  |
|  | **CORPORATE BONDS — 24.21% of Total Net Assets** |  |
|  | **AEROSPACE — .50% of Total Net Assets** |  |
| $12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500% BAE Systems, Inc., 07-01-27 (d) | $13322790 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Northrop Grumman Corporation, 01-15-28 | 9726850 |
|  |  | $23049640 |
|  | **CHEMICALS — 1.12% of Total Net Assets** |  |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% FMC Corporation, 05-18-26 | $15026430 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% RPM International, Inc., 03-15-27 | 7395270 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% Sherwin-Williams Company, 09-01-31 | 10029340 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% Westlake Corporation, 08-15-26 | 19750420 |
|  |  | $52201460 |
|  | **CONSUMER PRODUCTS — 2.58% of Total Net Assets** |  |
| 11600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% Brown-Forman Corporation, 04-15-38 | $10157633 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% Conagra Brands, Inc., 11-01-25 | 14979375 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% Conagra Brands, Inc., 10-01-26 | 12859500 |
| 22500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Imperial Brands, p.l.c., 07-26-26 (d) | 22248720 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% Nestle Capital Corporation, 03-12-31 (d) | 17876513 |
| 35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250% Pernod Ricard International Finance, LLC, 04-01-28 (d) | 32154132 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% Smucker (J. M.) Company, 12-15-27 | 9769580 |
|  |  | $120045453 |
|  | **ELECTRICAL EQUIPMENT & ELECTRONICS — .27% of Total Net Assets** | **ELECTRICAL EQUIPMENT & ELECTRONICS — .27% of Total Net Assets** |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% Avnet, Inc., 04-15-26 | $12479781 |
|  |  | $12479781 |
|  | **ENERGY SERVICES & PROCESSING — .70% of Total Net Assets** |  |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% Oneok, Inc., 09-30-28 | $8535300 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% Williams Companies, Inc., 08-15-28 | 15380835 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750% Williams Companies, Inc., 06-15-31 | 8477475 |
|  |  | $32393610 |
|  | **ENGINEERING & CONSTRUCTION — .91% of Total Net Assets** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600% D.R. Horton, Inc., 10-15-25 | $9884220 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% Lennar Corporation, 11-29-27 | 17580220 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% PulteGroup, Inc., 03-01-26 | 15041768 |
|  |  | $42506208 |
|  | **ENTERTAINMENT & LEISURE — .32% of Total Net Assets** |  |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% Comcast Corporation, 10-15-25 | $14956260 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14956260 |
|  | **FINANCIAL SERVICES — 2.58% of Total Net Assets** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Affiliated Managers Group, Inc., 08-01-25 | $9963280 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% AmSouth Bancorporation, 11-01-25 | 7555114 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% Citadel Finance, LLC, 03-09-26 (d) | 7366545 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% Intercontinental Exchange, Inc., 12-01-25 | 14952683 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% Key Bank, N.A., 01-26-26 | 14970105 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% Manufacturers & Traders Trust Company, 11-21-25 | 15040740 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% Mastercard, Inc., 05-09-34 | 7532108 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% Regions Financial Corporation, 05-18-25 | 17481126 |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% UBS Group, AG, 04-17-26 | 25009862 |
|  |  | $119871563 |

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<br> **PERMANENT PORTFOLIO<sup>®</sup>**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

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| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **INSURANCE — 1.24% of Total Net Assets** |  |
| $20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% Alleghany Corporation, 05-15-30 | $19400840 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% Brown & Brown, Inc., 03-15-29 | 9974940 |
| 9250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.920% Cincinnati Financial Corporation, 05-15-28 | 9902671 |
| 7564000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% Horace Mann Educators Corporation, 12-01-25 | 7551531 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% Mercury General Corporation, 03-15-27 | 7405789 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% SBL Holdings, Inc., 11-13-26 (d) | 3467518 |
|  |  | $57703289 |
|  | **MANUFACTURING — 1.19% of Total Net Assets** |  |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% Alcon Finance Corporation, 09-23-26 (d) | $14681595 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% Kennametal, Inc., 06-15-28 | 14920500 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% Keysight Technologies, Inc., 04-06-27 | 15027270 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700% Rockwell Automation, Inc., 01-15-28 | 10613590 |
|  |  | $55242955 |
|  | **MATERIALS — .96% of Total Net Assets** |  |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% Martin Marietta Materials, Inc., 03-15-30 | $18140280 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400% Steel Dynamics, Inc., 06-15-25 | 9948345 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Vulcan Materials Company, 06-01-30 | 16527499 |
|  |  | $44616124 |
|  | **NATURAL RESOURCES — 3.28% of Total Net Assets** |  |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% BHP Billiton Finance (USA) Limited, 02-27-26 | $7542476 |
| 5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% Cimarex Energy Company, 05-15-27 | 5177571 |
| 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% Cimarex Energy Company, 03-15-29 | 6397957 |
| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% Coterra Energy, Inc., 05-15-27 | 4437918 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% Devon Energy Corporation, 06-15-28 | 10108580 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Diamondback Energy, Inc., 12-01-26 | 7868448 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% Glencore Funding, LLC, 05-08-28 (d) | 10219855 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% Mosaic (The) Company, 11-15-27 | 9880365 |
| 5055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.300% Mosaic (The) Company, 01-15-28 | 5368592 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% Nutrien, Ltd., 12-15-26 | 9964835 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% Ovintiv, Inc., 05-15-25 | 17500595 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% Ovintiv, Inc., 01-01-26 | 15020865 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% Ovintiv, Inc., 05-15-28 | 12757012 |
| 9284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% Parsley Energy, LLC, 02-15-28 (d) | 9171933 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.200% Pioneer Natural Resources Company, 01-15-28 | 16115730 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% Yara International ASA, 06-06-26 (d) | 4972045 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152504777 |
|  | **PHARMACEUTICALS — .18% of Total Net Assets** |  |
| 3405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% Bio-Rad Laboratories, Inc., 03-15-27 | $3322817 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.800% Bristol-Myers Squibb Company, 11-15-26 | 5190135 |
|  |  | $8512952 |

---

*Continued on following page.* 

------

<br> **PERMANENT PORTFOLIO<sup>®</sup>**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **REAL ESTATE — 4.65% of Total Net Assets** |  |
| $10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% Boston Properties, L.P., 02-01-26 | $9900710 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% Brandywine Operating Partnership, L.P., 11-15-27 | 4720480 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% Camden Property Trust, 11-03-26 | 10221505 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% Camden Property Trust, 10-15-28 | 19766100 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% COPT Defense Properties, 01-15-29 | 8981545 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% Cubesmart, L.P., 09-01-26 | 19579210 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250% Federal Realty Investment Trust, 02-15-26 | 4863095 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% Highwoods Realty, L.P., 03-15-28 | 7300943 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% Kimco Realty Corporation, 06-01-25 | 9984670 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% LXP Industrial Trust, 11-15-28 | 7979201 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% Mid-America Apartment Communities, Inc., 06-01-27 | 14795310 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% Regency Centers, L.P., 02-01-27 | 4940460 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% Regency Centers, L.P., 03-15-28 | 9945465 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% Regency Centers, L.P., 09-15-29 | 9374945 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% Regency Centers, L.P., 6-15-30 | 9623565 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% Sun Communities Operating Limited Partnership, 11-01-28 | 16296604 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% UDR, Inc., 09-01-26 | 9826620 |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% UDR, Inc., 01-26-29 | 24953450 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950% Weyerhaeuser Company, 10-01-27 | 13212193 |
|  |  | $216266071 |
|  | **RETAIL — .41% of Total Net Assets** |  |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% Advance Auto Parts, Inc., 10-01-27 | $6744514 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% AutoNation, Inc., 10-01-25 | 4992852 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% Starbucks Corporation, 02-15-26 | 7494375 |
|  |  | $19231741 |
|  | **TRANSPORTATION — 2.20% of Total Net Assets** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% Canadian Pacific Kansas City Limited, 11-15-29 | $9373590 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350% CSX Corporation, 11-01-25 | 4970380 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% CSX Corporation, 03-15-29 | 14973953 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% Hunt (J.B.) Transport Services, Inc., 03-01-26 | 12396419 |
| 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% Kirby Corporation, 03-01-28 | 7407188 |
| 14500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% Penske Truck Leasing Company, L.P., 01-29-26 (d) | 14455216 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% Ryder System, Inc., 09-01-26 | 7224641 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% Union Pacific Corporation, 05-20-31 | 8924825 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.620% UPS of America, Inc., 04-01-30 | 22830370 |
|  |  | $102556582 |
|  | **UTILITIES — 1.12% of Total Net Assets** |  |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Entergy Mississsippi, LLC, 12-01-27 | $7296416 |
| 21750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% Florida Power & Light Company, 06-15-29 | 22565636 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% National Fuel Gas Company, 09-15-27 | 14808712 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% Xcel Energy, Inc., 06-01-25 | 7493160 |
|  |  | $52163924 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126302390 |

---

*Continued on following page.* 

------

<br> **PERMANENT PORTFOLIO<sup>®</sup>**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **UNITED STATES TREASURY SECURITIES — 7.31% of Total Net Assets** | **UNITED STATES TREASURY SECURITIES — 7.31% of Total Net Assets** |
| $15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bills 4.069%, 05-20-25 (b) | $14966628 |
| 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bills 4.269%, 07-10-25 (b) | 29756415 |
| 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bills 4.307%, 08-07-25 (b) | 29660602 |
| 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bills 4.309%, 09-04-25 (b) | 29567290 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.875%, 04-30-26 | 15141649 |
| 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.125%, 06-15-26 | 30093981 |
| 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.750%, 08-15-27 | 50175393 |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.875%, 12-31-29 | 25182088 |
| 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.500%, 12-31-31 | 31025154 |
| 55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bonds 3.500%, 02-15-39 | 49903389 |
| 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bonds 2.000%, 11-15-41 | 34673693 |
|  |  | $340146282 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dollar Assets (identified cost $1,463,472,293) | $1466448672 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio — 98.98% of total net assets<br>(identified cost $2,911,811,616) (e) | $4605442767 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, less liabilities (1.02% of total net assets) | 47260687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $4652703454 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notes:* |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest rate represents yield to maturity. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sponsored American Depositary Receipt (ADR). |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, these securities amounted to $149,936,862, or 3.22% of Permanent Portfolio's total net assets, and have been determined by the Portfolio's investment adviser to be liquid. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Aggregate cost for book and federal income tax purposes are the same. |  |

---

*See accompanying notes.* 

------

<br> **SHORT-TERM TREASURY PORTFOLIO**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **UNITED STATES TREASURY SECURITIES — 99.14% of Total Net Assets** |  |
| $750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bills 4.069%, 05-20-25 (a) | $748331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes .250%, 08-31-25 | 1479671 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.000%, 02-15-26 | 1499763 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.125%, 06-15-26 | 1504699 |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 1.500%, 08-15-26 | 1360172 |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 2.000%, 11-15-26 | 1267033 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.125%, 01-31-27 | 1511909 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.250%, 03-15-27 | 1516785 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.750%, 08-15-27 | 1505262 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.875%, 03-15-28 | 1512626 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio — 99.14% of total net assets<br>(identified cost $13,816,202) (b) | $13906251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, less liabilities (.86% of total net assets) | 120620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $14026871 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notes:* |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest rate represents yield to maturity.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Aggregate cost for book and federal income tax purposes are the same. |  |

---

*See accompanying notes.* 

------

<br> **VERSATILE BOND PORTFOLIO**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **CORPORATE BONDS — 88.55% of Total Net Assets** |  |
|  | **AEROSPACE — 1.30% of Total Net Assets** |  |
| $1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% Hexcel Corporation, 02-15-27 | $1231438 |
|  |  | $1231438 |
|  | **CHEMICALS — 2.10% of Total Net Assets** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% FMC Corporation, 10-01-26 | $977011 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% Sherwin-Williams Company, 09-01-31 | 1002934 |
|  |  | $1979945 |
|  | **CONSUMER PRODUCTS — 12.89% of Total Net Assets** |  |
| 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.668% B.A.T. International Finance, p.l.c., 03-25-26 | $3159757 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% Brown-Forman Corporation, 04-15-38 | 1094572 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% Conagra Brands, Inc., 10-01-26 | 1028760 |
| 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Imperial Brands, p.l.c., 07-26-26 (a) | 4696952 |
| 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .875% Mars, Inc., 07-16-26 (a) | 356082 |
| 1006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500% Mondelez International, Inc., 02-04-31 | 845829 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% Smucker (J. M.) Company, 12-15-27 | 976958 |
|  |  | $12158910 |
|  | **ELECTRICAL EQUIPMENT & ELECTRONICS — 2.50% of Total Net Assets** | **ELECTRICAL EQUIPMENT & ELECTRONICS — 2.50% of Total Net Assets** |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% Avnet, Inc., 04-15-26 | $1497574 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% Skyworks Solutions, Inc., 06-01-31 | 860093 |
|  |  | $2357667 |
|  | **ENERGY SERVICES & PROCESSING — 9.69% of Total Net Assets** |  |
| 5543600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% El Paso Energy Capital Trust I, 03-31-28 (b) | $5393923 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% HF Sinclair Corporation, 04-15-27 | 1257854 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% Oneok, Inc., 03-01-26 | 1252235 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% Oneok, Inc., 07-13-27 | 1237402 |
|  |  | $9141414 |
|  | **ENGINEERING & CONSTRUCTION — 3.19% of Total Net Assets** |  |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% PulteGroup, Inc., 03-01-26 | $3008353 |
|  |  | $3008353 |
|  | **FINANCIAL SERVICES — 6.01% of Total Net Assets** |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Affiliated Managers Group, Inc., 08-01-25 | $1494492 |
| 997500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% B. Riley Financial, Inc., 09-30-26 | 413963 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% Key Bank, N.A., 01-26-26 | 2994021 |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% KKR Group Finance Company IX, 04-01-61 | 258750 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% PNC Bank, N.A., 04-01-26 | 509034 |
|  |  | $5670260 |
|  | **INSURANCE — 9.86% of Total Net Assets** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% American National Group, Inc., 10-01-29 | $507668 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% Brown & Brown, Inc., 03-15-29 | 1496241 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.400% F&G Annuities & Life, Inc., 01-13-28 | 1046031 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% Horace Mann Educators Corporation, 12-01-25 | 2995055 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% Loews Corporation, 04-01-26 | 994474 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% Mercury General Corporation, 03-15-27 | 1728017 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.450% Phoenix Companies, Inc., 01-15-32 | 540000 |
|  |  | $9307486 |

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*Continued on following page.* 

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<br> **VERSATILE BOND PORTFOLIO**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **MANUFACTURING — 9.29% of Total Net Assets** |  |
| $375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125% Babcock & Wilcox Enterprises, Inc., 02-28-26 | $282300 |
| 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% Kennametal, Inc., 06-15-28 | 3232775 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% Keysight Technologies, Inc., 04-06-27 | 4007272 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% Keysight Technologies, Inc., 10-30-29 | 465141 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% Nordson Corporation, 09-15-28 | 773499 |
|  |  | $8760987 |
|  | **MATERIALS — 1.96% of Total Net Assets** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% Martin Marietta Materials, Inc., 03-15-30 | $907014 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Vulcan Materials Company, 06-01-30 | 944428 |
|  |  | $1851442 |
|  | **NATURAL RESOURCES — 10.31% of Total Net Assets** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% Cimarex Energy Company, 05-15-27 | $986204 |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% Cimarex Energy Company, 03-15-29 | 177174 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625% Glencore Funding, LLC, 09-01-25 (a) | 494606 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% Ovintiv, Inc., 05-15-25 | 3000102 |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% Ovintiv, Inc., 01-01-26 | 1101530 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% Ovintiv, Inc., 05-15-28 | 510280 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% Parsley Energy, LLC, 02-15-28 (a) | 3457752 |
|  |  | $9727648 |
|  | **PHARMACEUTICALS — 1.06% of Total Net Assets** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% Zoetis, Inc., 11-14-25 | $1001674 |
|  |  | $1001674 |
|  | **REAL ESTATE — 12.94% of Total Net Assets** |  |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% Camden Property Trust, 10-15-28 | $1235381 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% Cubesmart, L.P., 09-01-26 | 1223700 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% Cubesmart, L.P., 12-15-28 | 1163616 |
| 538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% Duke Realty, L.P., 12-15-27 | 514041 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600% First Industrial, L.P., 07-15-28 | 531811 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% Kimco Realty Corporation, 06-01-25 | 1248084 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Kimco Realty Corporation, 08-15-26 | 1227999 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900% Kimco Realty Corporation, 03-01-28 | 467863 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Liberty Property, L.P., 10-01-26 | 491956 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% Regency Centers, L.P., 02-01-27 | 988092 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% Regency Centers, L.P., 06-15-30 | 1202946 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% Sun Communities Operating Limited Partnership, 11-01-28 | 931235 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% UDR, Inc., 07-01-27 | 982075 |
|  |  | $12208799 |
|  | **TRANSPORTATION — 1.68% of Total Net Assets** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700% Burlington Northern Santa Fe, LLC, 08-01-28 | $1083352 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% CSX Corporation, 03-15-29 | 499132 |
|  |  | $1582484 |
|  | **UTILITIES — .53% of Total Net Assets** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% National Fuel Gas Company, 06-13-25 | $501085 |
|  |  | $501085 |
|  | **WASTE & ENVIRONMENTAL SERVICES — 3.24% of Total Net Assets** |  |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% Republic Services, Inc., 04-01-29 | $3053015 |
|  |  | $3053015 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds (identified cost $84,650,770) | $83542607 |

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*Continued on following page.* 

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<br> **VERSATILE BOND PORTFOLIO**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | **Market Value** |
|  | **PREFERRED STOCKS — 10.69% of Total Net Assets** |  |
|  | **COMMUNICATIONS SERVICES — 2.25% of Total Net Assets** | **COMMUNICATIONS SERVICES — 2.25% of Total Net Assets** |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% DigitalBridge Group, Inc., Preferred Class H (c) | $955800 |
| 32676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% DigitalBridge Group, Inc., Preferred Class J (c) | 701880 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% Telephone & Data Systems, Inc., Preferred Class VV (c) | 464250 |
|  |  | $2121930 |
|  | **FINANCIAL SERVICES — 3.70% of Total Net Assets** |  |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% Associated Banc-Corp, Preferred Class F (d) | $286800 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% Capital One Financial Corporation, Preferred Class I (d) | 934500 |
| 40721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% Compass Diversified Holdings, Preferred Class C (c) | 946356 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500% Merchants Bancorp, Preferred Class J (d) | 294000 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% Schwab (Charles) Corporation, Preferred Class J (d) | 291000 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% WaFD, Inc., Preferred Class A (d) | 742500 |
|  |  | $3495156 |
|  | **REAL ESTATE — 4.74% of Total Net Assets** |  |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% CTO Realty Growth, Inc., Preferred Class A (c) | $967050 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% Kimco Realty Corporation, Preferred Class L (c) | 1002500 |
| 28383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% Regency Centers Corporation, Preferred Class A (c) | 664162 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% Regency Centers Corporation, Preferred Class C (c) | 1836000 |
|  |  | $4469712 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (identified cost $11,643,361) | $10086798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio — 99.24% of total net assets<br>(identified cost $96,294,131) (e) | $93629405 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, less liabilities (.76% of total net assets) | 721693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $94351098 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notes:* |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, these securities amounted to $9,005,392, or 9.54% of Versatile Bond Portfolio's total net assets, and have been determined by the Portfolio's investment adviser to be liquid. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Convertible security. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cumulative, perpetual preferred stock. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-cumulative, perpetual preferred stock. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Aggregate cost for book and federal income tax purposes are the same. |  |

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*See accompanying notes.* 

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<br> **AGGRESSIVE GROWTH PORTFOLIO**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | **Market Value** |
|  | **AGGRESSIVE GROWTH STOCKS — 98.37% of Total Net Assets** |  |
|  | **AEROSPACE — 3.17% of Total Net Assets** |  |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corporation | $1911000 |
|  |  | $1911000 |
|  | **CHEMICALS — 4.19% of Total Net Assets** |  |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | $1355450 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corporation | 1171000 |
|  |  | $2526450 |
|  | **COMPUTER SOFTWARE & SERVICES — 18.33% of Total Net Assets** |  |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corporation Class A (a) | $1077240 |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 1097000 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. Class A (a) | 8883000 |
|  |  | $11057240 |
|  | **ELECTRICAL EQUIPMENT & ELECTRONICS — 19.10% of Total Net Assets** | **ELECTRICAL EQUIPMENT & ELECTRONICS — 19.10% of Total Net Assets** |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arm Holdings plc (a)(b) | $1140500 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 3849400 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corporation | 6535200 |
|  |  | $11525100 |
|  | **ENERGY SERVICES & PROCESSING — 1.99% of Total Net Assets** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corporation | $1202800 |
|  |  | $1202800 |
|  | **ENGINEERING & CONSTRUCTION — 3.53% of Total Net Assets** |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corporation (a) | $1046700 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corporation Class A | 1086100 |
|  |  | $2132800 |
|  | **ENTERTAINMENT & LEISURE — 7.66% of Total Net Assets** |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disney (Walt) Company | $909500 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. Class A | 2745000 |
| 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts, Ltd. | 963720 |
|  |  | $4618220 |
|  | **FINANCIAL SERVICES — 8.77% of Total Net Assets** |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. Class A (a) | $995200 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1154200 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab (Charles) Corporation | 1221000 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corporation | 881000 |
| 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. Class A | 1036500 |
|  |  | $5287900 |
|  | **MANUFACTURING — 6.48% of Total Net Assets** |  |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | $538000 |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 959640 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corporation (a) | 598900 |
| 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corporation | 1815180 |
|  |  | $3911720 |
|  | **MATERIALS — .99% of Total Net Assets** |  |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corporation | $596850 |
|  |  | $596850 |

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*Continued on following page.* 

------

<br> **AGGRESSIVE GROWTH PORTFOLIO**<br> **Schedule of Investments**<br>**April 30, 2025 (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | **Market Value** |
|  | **NATURAL RESOURCES — 8.71% of Total Net Assets** |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birchcliff Energy, Ltd. | $405000 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 2702250 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien, Ltd. | 1141000 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 1007400 |
|  |  | $5255650 |
|  | **PHARMACEUTICALS — 1.93% of Total Net Assets** |  |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | $1163680 |
|  |  | $1163680 |
|  | **REAL ESTATE — 1.25% of Total Net Assets** |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc. | $751200 |
|  |  | $751200 |
|  | **RETAIL — 5.86% of Total Net Assets** |  |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corporation | $1989000 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 1544700 |
|  |  | $3533700 |
|  | **TRANSPORTATION — 6.41% of Total Net Assets** |  |
| 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Limited | $507290 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corporation | 1051650 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 688350 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 1620200 |
|  |  | $3867490 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio — 98.37% of total net assets<br>(identified cost $24,846,655) (c) | $59341800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, less liabilities (1.63% of total net assets) | 982845 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $60324645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notes:* |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sponsored American Depositary Receipt (ADR). |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Aggregate cost for book and federal income tax purposes are the same. |  |

---

*See accompanying notes.* 

------

<br>**NOTES TO SCHEDULES OF INVESTMENTS**<br>

**April 30, 2025 (Unaudited)** 

**NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS** 

The following is a summary of net unrealized appreciation (depreciation) of investments as of April 30, 2025 for federal income tax purposes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  Aggregate gross unrealized appreciation of investments with excess of value over tax cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $926298532 | $90049 | $516260 | $36216222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments other than securities | 795989802 |  |  |  |
|  | 1722288334 | 90049 | 516260 | 36216222 |
|  Aggregate gross unrealized depreciation of investments with excess of tax cost over value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (28657183) |  | (3180986) | (1721077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments other than securities |  |  |  |  |
|  | (28657183) |  | (3180986) | (1721077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) of investments | $1693631151 | $90049 | $(2664726) | $34495145 |

---

**VALUATION OF INVESTMENTS** 

Each Portfolio's assets are valued primarily at market value on the basis of the last quoted sales price on the exchange or system on which they are principally traded. Equity securities traded on the Nasdaq National Market System are normally valued at the Nasdaq Official Closing Price provided by Nasdaq, usually as of 4:00 p.m. Eastern Time each business day. Equity securities that are not traded on a listed exchange or system are valued at the last sales price in the over-the-counter market. If there is no trading in an investment on a business day, the investment will be valued at the mean between its closing bid and asked prices on the exchange or system on which the security is principally traded. Short- and long-term debt securities, including U.S. government and agency securities, listed corporate bonds, other fixed income securities and unlisted securities, are generally valued at the latest price furnished by an independent pricing service. Gold and silver bullion are valued at the closing spot settlement price on the New York Commodity Exchange. Gold and silver coins are valued at the price furnished by an independent pricing service. Deposits of Swiss francs and Swiss government bonds will be valued each business day at prices (converted into U.S. dollars) quoted by an independent pricing service. Foreign securities traded on an exchange are valued on the basis of market quotations most recently available from that exchange. All investments denominated in foreign currencies are converted into U.S. dollars using exchange rates obtained from an independent pricing service. Investments for which bona fide market quotations are not readily available, or investments for which the Fund's investment adviser determines that a quotation or a price for a portfolio security provided by a dealer or an independent pricing service is not believed to be reflective of market value, are valued by the Valuation Committee of the Fund's investment adviser pursuant to fair value procedures approved by the Fund's Board of Trustees. The Fund's investment adviser has been designated as the Fund's valuation designee, effective September 8, 2022, with responsibility for fair valuation, subject to oversight by the Fund's Board of Trustees.

*Continued on following page.* 

------

<br>**NOTES TO SCHEDULES OF INVESTMENTS**<br>

**April 30, 2025 (Unaudited)** 

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during a reporting period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below.

**Level 1 — Quoted prices in active markets for identical assets** 

The Fund's Level 1 valuation techniques use unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.

**Level 2 — Significant other observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)** 

The Fund's Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. Observable inputs may include quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active, in which there are few transactions, where prices may not be current, or where price quotations vary substantially over time or among market participants. Inputs that are observable for an asset or liability in Level 2 include such factors as interest rates, yield curves, foreign exchange rates, put or call provisions, credit risk and default rates for similar assets or liabilities.

**Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)** 

The Fund's Level 3 valuation techniques include the use of unobservable inputs that reflect assumptions market participants may use or could be expected to use in pricing an asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.

The Fund may record changes to valuations based on the amount that it might reasonably be expected to receive for an investment upon its current sale, consistent with the fair value measurement objective. Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) type of the investment; (ii) existence of any contractual restrictions on the investment's disposition; (iii) price and extent of public trading in similar investments or of comparable investments; (iv) quotations or evaluated prices from broker-dealers and/or pricing services; (v) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); (vi) analysis of an issuer's financial statements; (vii) evaluation of the forces that influence the issuer and the market(s) in which the investment is purchased and sold; and (viii) with respect to debt securities, maturity, coupon, creditworthiness, spread, currency denomination, and the movement of the market in which the security is normally traded. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.

*Continued on following page.* 

------

<br>**NOTES TO SCHEDULES OF INVESTMENTS**<br>

**April 30, 2025 (Unaudited)** 

Transfers between levels are recognized at the end of a reporting period. There were no transfers into or out of Levels 1, 2 or 3 during the three months ended April 30, 2025. The Fund's Permanent Portfolio, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio held no Level 3 assets during the three months then ended.

As of April 30, 2025 and during the three months then ended, the Fund did not hold any derivative instruments, nor did it engage in any hedging activities using derivative instruments.

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>(Quoted Prices in<br>Active Markets for<br>Identical Assets)** | **Level 2<br>(Significant<br>Other Observable<br>Inputs)** | **Level 3<br>(Significant<br>Unobservable<br>Inputs)** | **Total** |
|  **PERMANENT PORTFOLIO<sup>®</sup>** |  |  |  |  |
|  Gold assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019523881 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019523881 |
|  Silver assets | 197078529 |  |  | 197078529 |
|  Swiss franc assets | 3853 | 356575332 |  | 356579185 |
|  Real estate and natural resource stocks | 716597950 |  |  | 716597950 |
|  Aggressive growth stocks † | 849214550 |  |  | 849214550 |
|  Dollar assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds † |  | 1126302390 |  | 1126302390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury securities |  | 340146282 |  | 340146282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782418763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823024004 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605442767 |
|  | 60.42% | 39.58% | —% | 100.00% |
|  **SHORT-TERM TREASURY PORTFOLIO** |  |  |  |  |
|  United States Treasury securities | $— | $13906251 | $— | $13906251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $— | $13906251 | $— | $13906251 |
|  | —% | 100.00% | —% | 100.00% |
|  **VERSATILE BOND PORTFOLIO** |  |  |  |  |
|  Corporate bonds † | $6888936 | $76653671 | $— | $83542607 |
|  Preferred stocks † | 10086798 |  |  | 10086798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $16975734 | $76653671 | $— | $93629405 |
|  | 18.13% | 81.87% | —% | 100.00% |
|  **AGGRESSIVE GROWTH PORTFOLIO** |  |  |  |  |
|  Aggressive growth stocks † | $59341800 | $— | $— | $59341800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $59341800 | $— | $— | $59341800 |
|  | 100.00% | —% | —% | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† See the *Schedules of Investments* for Permanent Portfolio and Aggressive Growth Portfolio for each
Portfolio's industry classification of aggressive growth stocks and the *Schedules of Investments* for Permanent Portfolio and Versatile Bond Portfolio for each Portfolio's industry classification of corporate bonds and preferred
stocks.

------

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![LOGO](g921916g96a05.jpg)

**Schedules of Investments** 

**As of April 30, 2025** 

**INVESTMENT ADVISER** 

Pacific Heights Asset Management, LLC

600 Montgomery Street

San Francisco, California 94111

**CUSTODIAN** 

State Street Bank and Trust Company

One Congress Street

Boston, Massachusetts 02114

**DISTRIBUTOR** 

Quasar Distributors, LLC

Three Canal Plaza

Portland, Maine 04101

**TRANSFER AGENT<u> </u>**

<u>By U.S. Mail:</u>

Permanent Portfolio Family of Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, Missouri 64121-9252

<u>By Overnight Delivery Service:</u>

Permanent Portfolio Family of Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Avenue, Suite 219252

Kansas City, Missouri 64105-1307

<u>Note: It is imperative that the suite number be used.</u>

**SHAREHOLDER SERVICES OFFICE** 

130 South Brune Street

Bartlett, Texas 76511

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254) 527-3102

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 531-5142 Nationwide

**<u>www.permanentportfoliofunds.com</u>**

Must be preceded or accompanied by a Prospectus. 06/25

***Permanent Portfolio<sup>®</sup>, The Permanent Portfolio Family of Funds<sup>®</sup>, A Fund for All Seasons<sup>®</sup> and The Permanent Portfolio Family of Funds logo are registered trademarks of Pacific Heights Asset Management, LLC. This Report is Copyright<sup>©</sup> 2025 Permanent Portfolio Family of Funds. All rights reserved.***

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PERMANENT PORTFOLIO FAMILY OF FUNDS

- **b. Investment Company Act file number:** 811-03379

- **c. CIK number of Registrant:** 0000357298

- **d. LEI of Registrant:** 5493002D7HL9TL3C1F60

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 600 MONTGOMERY STREET

  - **City:** SAN FRANCISCO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94111

  - **Telephone number:** 415-398-8000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Versatile Bond Portfolio

- **b. EDGAR series identifier (if any):** S000006018

- **c. LEI of Series:** 5493007OOBZM9XY6N355

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $94394307.53

**Total Liabilities:** $86364.51

**Net Assets:** $94307943.02

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -662.98000000 | **1-Year:** -6038.38000000 | **5-Year:** -6636.15000000 | **10-Year:** -1812.11000000 | **30-Year:** -1494.95000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -36.11000000 | **1-Year:** -1621.39000000 | **5-Year:** -2147.97000000 | **10-Year:** -3350.33000000 | **30-Year:** -3717.58000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170326 | 0.79%                | -0.28%               | 0.30%                |
| Class ID C000016540 | 0.89%                | -0.22%               | 0.39%                |
| Class ID C000170325 | 0.86%                | -0.23%               | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13548.41                | $562787.19                                 |
| Month 2  | $3143.74                 | $-582901.89                                |
| Month 3  | $-24.51                  | $-43179.15                                 |

### Schedule of Portfolio Investments

| Name                     | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SKYWORKS SOLUTIONS INC   | Skyworks Solutions Inc                    | CUSIP: 83088MAL6<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $860093.00    | 0.91%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TELEPHONE & DATA SYS     | Telephone and Data Systems Inc            | CUSIP: 879433761<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $464250.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS CO     | National Fuel Gas Co                      | CUSIP: 63618EAR2<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501085.00    | 0.53%             | 2025-06-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KKR GROUP FIN CO IX LLC  | KKR Group Finance Co IX LLC               | CUSIP: 48253M104<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15000 | NS      | $258750.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PHOENIX COMPANIES INC    | Phoenix Cos Inc/The                       | CUSIP: 71902E208<br>LEI: 549300Q3ENSFI87YLC32 | Long             | EP               | CORP              | US        |     30000 | NS      | $540000.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORP     | Regency Centers Corp                      | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               |  | US        |     28383 | NS      | $664162.20    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL GROUP  | American National Group Inc               | CUSIP: 025676AN7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507668.25    | 0.54%             | 2029-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE | Burlington Northern Santa Fe LLC          | CUSIP: 12189TAJ3<br>LEI: 5493000C01ZX7D35SD85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1083352.50   | 1.15%             | 2028-08-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC | F&G Annuities & Life Inc                  | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1046030.50   | 1.11%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| FIRST INDUSTRIAL LP      | First Industrial LP                       | CUSIP: 32055RAE7<br>LEI: 86MKNB3IKYZZT3E3OV11 | Long             | DBT              |  | US        |    500000 | PA      | $531811.50    | 0.56%             | 2028-07-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO | Horace Mann Educators Corp                | CUSIP: 440327AK0<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2995054.50   | 3.18%             | 2025-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cimarex Energy Co        | Cimarex Energy Co                         | CUSIP: 171798AE1<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |    180000 | PA      | $177174.18    | 0.19%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ASSOC BANC-CORP          | Associated Banc-Corp                      | CUSIP: 045487402<br>LEI: 549300N3CIN473IW5094 | Long             | EP               | CORP              | US        |     15000 | NS      | $286800.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| KEY BANK NA              | KeyBank NA/Cleveland OH                   | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2994021.00   | 3.17%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC     | Glencore Funding LLC                      | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494605.50    | 0.52%             | 2025-09-01      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| BABCOCK & WILCOX ENTERPR | Babcock & Wilcox Enterprises Inc          | CUSIP: 05614L308<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |     15000 | NS      | $282300.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                | ONEOK Inc                                 | CUSIP: 682680AS2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1237401.88   | 1.31%             | 2027-07-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hexcel Corp              | Hexcel Corp                               | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1231437.50   | 1.31%             | 2027-02-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AFFILIATED MANAGERS GROU | Affiliated Managers Group Inc             | CUSIP: 008252AN8<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1494492.00   | 1.58%             | 2025-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO      | Vulcan Materials Co                       | CUSIP: 929160AZ2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $944428.50    | 1.00%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC  | Imperial Brands Finance PLC               | CUSIP: 45262BAB9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   4750000 | PA      | $4696952.00   | 4.98%             | 2026-07-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC  | DigitalBridge Group Inc                   | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     32676 | NS      | $701880.48    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCHANTS BANCORP        | Merchants Bancorp/IN                      | CUSIP: 58844R702<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |     15000 | NS      | $294000.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC              | Ovintiv Inc                               | CUSIP: 69047QAA0<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3000102.00   | 3.18%             | 2025-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Mercury General Corp     | Mercury General Corp                      | CUSIP: 589400AB6<br>LEI: 5493001Q9EXPCEL4W527 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1728017.38   | 1.83%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Kimco Realty Corp        | Kimco Realty Corp                         | CUSIP: 49446R737<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               |  | US        |     50000 | NS      | $1002500.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTIN MARIETTA MATERIAL | Martin Marietta Materials Inc             | CUSIP: 573284AV8<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $907014.00    | 0.96%             | 2030-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Camden Property Trust    | Camden Property Trust                     | CUSIP: 133131AW2<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              |  | US        |   1250000 | PA      | $1235381.25   | 1.31%             | 2028-10-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC      | Kimco Realty OP LLC                       | CUSIP: 948741AM5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |   1250000 | PA      | $1227999.38   | 1.30%             | 2026-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP       | Regency Centers LP                        | CUSIP: 75884RBA0<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |   1250000 | PA      | $1202945.63   | 1.28%             | 2030-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| EL PASO ENERGY CAP TRST  | El Paso Energy Capital Trust I            | CUSIP: 283678209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    110872 | NS      | $5393922.80   | 5.72%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORP     | Regency Centers Corp                      | CUSIP: 758849871<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               |  | US        |     80000 | NS      | $1836000.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                | Avnet Inc                                 | CUSIP: 053807AS2<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1497573.75   | 1.59%             | 2026-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO | Capital One Financial Corp                | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     50000 | NS      | $934500.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                  | UDR Inc                                   | CUSIP: 90265EAM2<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |   1000000 | PA      | $982075.00    | 1.04%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO      | Sherwin-Williams Co/The                   | CUSIP: 824348BT2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002934.00   | 1.06%             | 2031-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC     | BAT International Finance PLC             | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   3250000 | PA      | $3159757.25   | 3.35%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC              | Ovintiv Inc                               | CUSIP: 651290AR9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1101530.10   | 1.17%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Brown-Forman Corp        | Brown-Forman Corp                         | CUSIP: 115637AT7<br>LEI: 549300873K3LXF7ARU34 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1094572.50   | 1.16%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CTO REALTY GROWTH INC    | CTO Realty Growth Inc                     | CUSIP: 22948Q200<br>LEI: N/A                  | Long             | EP               |  | US        |     45000 | NS      | $967050.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES OPER LP  | Sun Communities Operating LP              | CUSIP: 866677AF4<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              |  | US        |   1000000 | PA      | $931234.50    | 0.99%             | 2028-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc        | Brown & Brown Inc                         | CUSIP: 115236AB7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1496241.00   | 1.59%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Loews Corp               | Loews Corp                                | CUSIP: 540424AS7<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994474.00    | 1.05%             | 2026-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CSX Corp                 | CSX Corp                                  | CUSIP: 126408HM8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499131.75    | 0.53%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES    | Keysight Technologies Inc                 | CUSIP: 49338LAE3<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4007272.00   | 4.25%             | 2027-04-06      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC  | DigitalBridge Group Inc                   | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     45000 | NS      | $955800.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WAFD INC                 | WaFd Inc                                  | CUSIP: 938824307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     45000 | NS      | $742500.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CONAGRA BRANDS INC       | Conagra Brands Inc                        | CUSIP: 205887AF9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1028760.00   | 1.09%             | 2026-10-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES    | Keysight Technologies Inc                 | CUSIP: 49338LAF0<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |    500000 | PA      | $465141.25    | 0.49%             | 2029-10-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PulteGroup Inc           | PulteGroup Inc                            | CUSIP: 745867AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3008353.50   | 3.19%             | 2026-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DUKE REALTY LP           | Duke Realty LP                            | CUSIP: 26441YBA4<br>LEI: 2549009GZDBNY1KE9O81 | Long             | DBT              |  | US        |    538000 | PA      | $514040.71    | 0.55%             | 2027-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MARS INC                 | Mars Inc                                  | CUSIP: 571676AJ4<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    370000 | PA      | $356081.53    | 0.38%             | 2026-07-16      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC               | Zoetis Inc                                | CUSIP: 98978VAU7<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001674.00   | 1.06%             | 2025-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC              | Ovintiv Inc                               | CUSIP: 69047QAB8<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510280.50    | 0.54%             | 2028-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NORDSON CORP             | Nordson Corp                              | CUSIP: 655663AA0<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |    750000 | PA      | $773499.00    | 0.82%             | 2028-09-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| COMPASS DIVERSIF HOLDING | Compass Diversified Holdings              | CUSIP: 20451Q401<br>LEI: 5299001SM1LBYANJRR58 | Long             | EP               | CORP              | US        |     40721 | NS      | $946356.04    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart LP             | CubeSmart LP                              | CUSIP: 22966RAD8<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              |  | US        |   1250000 | PA      | $1223700.63   | 1.30%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CUBESMART LP             | CubeSmart LP                              | CUSIP: 22966RAH9<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              |  | US        |   1250000 | PA      | $1163616.88   | 1.23%             | 2028-12-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA              | PNC Bank NA                               | CUSIP: 20449EEE2<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509034.00    | 0.54%             | 2026-04-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| FMC CORP                 | FMC Corp                                  | CUSIP: 302491AT2<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $977011.00    | 1.04%             | 2026-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| B RILEY FINANCIAL INC    | B Riley Financial Inc                     | CUSIP: 05580M801<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     39900 | NS      | $413962.50    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HF SINCLAIR CORP         | HF Sinclair Corp                          | CUSIP: 403949AP5<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1257854.38   | 1.33%             | 2027-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO            | J M Smucker Co/The                        | CUSIP: 832696AR9<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $976958.00    | 1.04%             | 2027-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP       | Regency Centers LP                        | CUSIP: 75884RAV5<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |   1000000 | PA      | $988092.00    | 1.05%             | 2027-02-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                | ONEOK Inc                                 | CUSIP: 682680BR3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1252235.00   | 1.33%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL   | Mondelez International Inc                | CUSIP: 609207AX3<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |   1006000 | PA      | $845829.21    | 0.90%             | 2031-02-04      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC      | Kimco Realty OP LLC                       | CUSIP: 948741AL7<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |   1250000 | PA      | $1248083.75   | 1.32%             | 2025-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Kennametal Inc           | Kennametal Inc                            | CUSIP: 489170AE0<br>LEI: 549300GZDSG25XUV0Y08 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3232775.00   | 3.43%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC    | Republic Services Inc                     | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3053014.50   | 3.24%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Cimarex Energy Co        | Cimarex Energy Co                         | CUSIP: 171798AD3<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986204.00    | 1.05%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PARSLEY ENERGY LLC/FINAN | Parsley Energy LLC / Parsley Finance Corp | CUSIP: 701885AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3457751.50   | 3.67%             | 2028-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC      | Kimco Realty OP LLC                       | CUSIP: 49446RAX7<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |    500000 | PA      | $467862.75    | 0.50%             | 2028-03-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP      | Charles Schwab Corp/The                   | CUSIP: 808513865<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |     15000 | NS      | $291000.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY PROPERTY LP      | Liberty Property LP                       | CUSIP: 53117CAS1<br>LEI: 549300N6GNCW2Y4RH795 | Long             | DBT              |  | US        |    500000 | PA      | $491955.50    | 0.52%             | 2026-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-10

**Name of Applicant:** PERMANENT PORTFOLIO FAMILY OF FUNDS

**Signature:** Michael J Cuggino

**Name of Signer:** Michael J Cuggino

**Title:** President, Secretary and Trustee