# EDGAR Filing Document

**Accession Number:** 0000357298
**File Stem:** 0001410368-25-007311
**Filing Date:** 2025-9
**Character Count:** 75350
**Document Hash:** b8b034147da933d31d3bc63dfc491615
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-007311.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001410368-25-007311

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03379
- **FILM NUMBER:** 251325858

**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

### Permanent Portfolio (Series ID: S000006016)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016538 | Class I      | PRPFX           |
| C000170323 | Class C      | PRPHX           |
| C000170324 | Class A      | PRPDX           |

## 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:** Permanent Portfolio

- **b. EDGAR series identifier (if any):** S000006016

- **c. LEI of Series:** 5493002A59Q3VCT85K80

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $5331878997.38

**Total Liabilities:** $3831987.52

**Net Assets:** $5328047009.86

**Cash Not Reported:** $5125983.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -7618.62000000 | **1-Year:** -108169.38000000 | **5-Year:** -156425.59000000 | **10-Year:** -21979.99000000 | **30-Year:** -998.90000000

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

- **3-Month:** -18.75000000 | **1-Year:** -3239.10000000 | **5-Year:** -2143.73000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016538 | 2.07%                | 2.62%                | 0.69%                |
| Class ID C000170323 | 1.99%                | 2.53%                | 0.60%                |
| Class ID C000170324 | 2.05%                | 2.59%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $92185337.45                               |
| Month 2  | $4573374.69              | $117539374.87                              |
| Month 3  | $8617031.31              | $21801233.76                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FIRST INDUSTRIAL LP              | First Industrial LP                           | CUSIP: 32055RAS6<br>LEI: 86MKNB3IKYZZT3E3OV11 | Long             | DBT              |  | US        |  25000000 | PA      | $25178362.50  | 0.47%             | 2031-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMSOUTH BANCORP                  | AmSouth Bancorp                               | CUSIP: 032165AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7525361.25   | 0.14%             | 2025-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CSX Corp                         | CSX Corp                                      | CUSIP: 126408HD8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4983762.50   | 0.09%             | 2025-11-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO         | Florida Power & Light Co                      | CUSIP: 341081GT8<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |  22500000 | PA      | $23168925.00  | 0.43%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SWITZERLAND                      | Swiss Confederation Government Bond           | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |  40000000 | PA      | $52417359.19  | 0.98%             | 2027-06-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp                   | Albemarle Corp                                | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |    100000 | NS      | $6785000.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                        | ONEOK Inc                                     | CUSIP: 682680CM3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7602618.75   | 0.14%             | 2028-01-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GOLD/US GOLDEN EAGLES            | GOLD/US GOLDEN EAGLES                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     50000 | NS      | $168544167.45 | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury           | U.S. Treasury Notes                           | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  55000000 | PA      | $54800691.55  | 1.03%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CITADEL FINANCE LLC              | Citadel Finance LLC                           | CUSIP: 17287HAA8<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7414571.25   | 0.14%             | 2026-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                    | Rio Tinto PLC                                 | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    325000 | NS      | $19425250.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PERNOD RIC INTL FIN LLC          | Pernod Ricard International Finance LLC       | CUSIP: 71427QAA6<br>LEI: 5493009254WI1A8WXT48 | Long             | DBT              | CORP              | US        |  40000000 | PA      | $36829420.00  | 0.69%             | 2028-04-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Highwoods Properties Inc         | Highwoods Properties Inc                      | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               |  | US        |    200000 | NS      | $5802000.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                          | UDR Inc                                       | CUSIP: 90265EAL4<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |  10000000 | PA      | $9831705.00   | 0.18%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS               | Advance Auto Parts Inc                        | CUSIP: 00751YAF3<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $6911415.00   | 0.13%             | 2027-10-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Outfront Media Inc               | Outfront Media Inc                            | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               |  | US        |    600000 | NS      | $10518000.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST             | LXP Industrial Trust                          | CUSIP: 529043AF8<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              |  | US        |   7500000 | PA      | $7894863.75   | 0.15%             | 2028-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury           | U.S. Treasury Bonds                           | CUSIP: 912810QA9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  65000000 | PA      | $58098766.05  | 1.09%             | 2039-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Entergy Mississippi LLC          | Entergy Mississippi LLC                       | CUSIP: 29364NAU2<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7288132.50   | 0.14%             | 2027-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UDR Inc                          | UDR Inc                                       | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |    150000 | NS      | $5893500.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY OP LP             | Federal Realty OP LP                          | CUSIP: 313747BB2<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              |  | US        |   5000000 | PA      | $4903225.00   | 0.09%             | 2026-02-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO         | Horace Mann Educators Corp                    | CUSIP: 440327AK0<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |   7564000 | PA      | $7551508.05   | 0.14%             | 2025-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MANUF & TRADERS TRUST CO         | Manufacturers & Traders Trust Co              | CUSIP: 55279HAW0<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15102097.50  | 0.28%             | 2028-01-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Cimarex Energy Co                | Cimarex Energy Co                             | CUSIP: 171798AE1<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6102369.00   | 0.11%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP               | Alcon Finance Corp                            | CUSIP: 01400EAA1<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14672722.50  | 0.28%             | 2026-09-23      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals Inc   | Air Products and Chemicals Inc                | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     60000 | NS      | $17272800.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| KEY BANK NA                      | KeyBank NA/Cleveland OH                       | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15004522.50  | 0.28%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SWITZERLAND                      | Swiss Confederation Government Bond           | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |  75000000 | PA      | $93342566.94  | 1.75%             | 2026-05-28      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| UMH Properties Inc               | UMH Properties Inc                            | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               |  | US        |    300000 | NS      | $4884000.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co             | National Fuel Gas Co                          | CUSIP: 636180BN0<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14731545.00  | 0.28%             | 2027-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp            | Costco Wholesale Corp                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     50000 | NS      | $46982000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc            | Uber Technologies Inc                         | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    200000 | NS      | $17550000.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| UPS OF AMERICA INC               | United Parcel Service of America Inc          | CUSIP: 911308AB0<br>LEI: 1T2XGWDXQ30WC74GIJ96 | Long             | DBT              | CORP              | US        |  22500000 | PA      | $25403163.75  | 0.48%             | 2030-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SWITZERLAND                      | Swiss Confederation Government Bond           | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |  85000000 | PA      | $106866112.65 | 2.01%             | 2030-05-27      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                   | Mastercard Inc                                | CUSIP: 57636QAZ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15102127.50  | 0.28%             | 2034-05-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Agilent Technologies Inc         | Agilent Technologies Inc                      | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     90000 | NS      | $10332900.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL         | Penske Truck Leasing Co Lp / PTL Finance Corp | CUSIP: 709599BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14500000 | PA      | $14469049.75  | 0.27%             | 2026-01-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP             | COPT Defense Properties LP                    | CUSIP: 22003BAN6<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              |  | US        |  10000000 | PA      | $9145815.00   | 0.17%             | 2029-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd                      | Nutrien Ltd                                   | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    200000 | NS      | $11864000.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp             | Regency Centers Corp                          | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |    200000 | NS      | $14280000.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROU         | Affiliated Managers Group Inc                 | CUSIP: 008252AN8<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9998555.00   | 0.19%             | 2025-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                     | Bio-Rad Laboratories Inc                      | CUSIP: 090572AR9<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |   3405000 | PA      | $3332153.43   | 0.06%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP               | Regency Centers LP                            | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |  12500000 | PA      | $11804662.50  | 0.22%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO              | Vulcan Materials Co                           | CUSIP: 929160AZ2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |  17500000 | PA      | $16683607.50  | 0.31%             | 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        |   5621000 | PA      | $5555515.35   | 0.10%             | 2026-07-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury           | U.S. Treasury Notes                           | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $30675204.90  | 0.58%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLD BULLION                     | GOLD BULLION                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    222326 | NS      | $732164045.77 | 13.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc               | Conagra Brands Inc                            | CUSIP: 205887CB6<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14993722.50  | 0.28%             | 2025-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MANUF & TRADERS TRUST CO         | Manufacturers & Traders Trust Co              | CUSIP: 55279HAT7<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15020707.50  | 0.28%             | 2025-11-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Mercury General Corp             | Mercury General Corp                          | CUSIP: 589400AB6<br>LEI: 5493001Q9EXPCEL4W527 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7418557.50   | 0.14%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CubeSmart                        | CubeSmart                                     | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               |  | US        |    200000 | NS      | $7782000.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORP                   | Starbucks Corp                                | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7505066.25   | 0.14%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIAL         | Martin Marietta Materials Inc                 | CUSIP: 573284AV8<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $18285390.00  | 0.34%             | 2030-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Centerspace                      | Centerspace                                   | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               |  | US        |    200000 | NS      | $10886000.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                       | Nucor Corp                                    | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    125000 | NS      | $17883750.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust            | Camden Property Trust                         | CUSIP: 133131AW2<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              |  | US        |  20000000 | PA      | $19868450.00  | 0.37%             | 2028-10-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE         | Pioneer Natural Resources Co                  | CUSIP: 723787AB3<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15990210.00  | 0.30%             | 2028-01-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| MOSAIC CO                        | Mosaic Co/The                                 | CUSIP: 61945CAG8<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9891865.00   | 0.19%             | 2027-11-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP               | Regency Centers LP                            | CUSIP: 75884RBA0<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |  10000000 | PA      | $9660620.00   | 0.18%             | 2030-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BXP Inc                          | BXP Inc                                       | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |    150000 | NS      | $9814500.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                      | Phillips 66                                   | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     90000 | NS      | $11122200.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                     | Prologis Inc                                  | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    200000 | NS      | $21356000.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                         | Visa Inc                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     50000 | NS      | $17273500.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. HORTON INC                  | DR Horton Inc                                 | CUSIP: 23331ABN8<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9949575.00   | 0.19%             | 2025-10-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Avnet Inc                        | Avnet Inc                                     | CUSIP: 053807AS2<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12456556.25  | 0.23%             | 2026-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Lennar Corp                      | Lennar Corp                                   | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    125000 | NS      | $14022500.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC           | Diamondback Energy Inc                        | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |  12340000 | PA      | $12150136.76  | 0.23%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State Street Corp                | State Street Corp                             | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    125000 | NS      | $13968750.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp             | Lockheed Martin Corp                          | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     50000 | NS      | $21049000.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                   | AutoNation Inc                                | CUSIP: 05329WAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4990355.00   | 0.09%             | 2025-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ryder System Inc                 | Ryder System Inc                              | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |     75000 | NS      | $13328250.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties LP             | Boston Properties LP                          | CUSIP: 10112RAX2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |  10000000 | PA      | $9944160.00   | 0.19%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| KELLANOVA                        | Kellanova                                     | CUSIP: 487836BX5<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $6696645.00   | 0.13%             | 2030-06-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO              | Sherwin-Williams Co/The                       | CUSIP: 824348BT2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15116197.50  | 0.28%             | 2031-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury           | U.S. Treasury Notes                           | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60000000 | PA      | $59899776.00  | 1.12%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| American Tower Corp              | American Tower Corp                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |    100000 | NS      | $20839000.00  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST            | Camden Property Trust                         | CUSIP: 133131BA9<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              |  | US        |  10000000 | PA      | $10167050.00  | 0.19%             | 2026-11-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CINCINNATI FINL CORP             | Cincinnati Financial Corp                     | CUSIP: 172062AF8<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $13364675.00  | 0.25%             | 2028-05-15      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS           | Mid-America Apartments LP                     | CUSIP: 59523UAN7<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              |  | US        |  15000000 | PA      | $14811112.50  | 0.28%             | 2027-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp        | Occidental Petroleum Corp                     | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    350000 | NS      | $15379000.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury           | U.S. Treasury Bills                           | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40000000 | PA      | $39971664.00  | 0.75%             | 2025-08-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Realty Investment Trust  | Federal Realty Investment Trust               | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |    125000 | NS      | $11520000.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC                      | Ovintiv Inc                                   | CUSIP: 651290AR9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15015780.00  | 0.28%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Viper Energy Inc                 | Viper Energy Inc                              | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |    300000 | NS      | $11298000.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                      | NVIDIA Corp                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    800000 | NS      | $142296000.00 | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                     | Chevron Corp                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $30328000.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                     | UBS Group AG                                  | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  25000000 | PA      | $25006200.00  | 0.47%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Williams-Sonoma Inc              | Williams-Sonoma Inc                           | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |    100000 | NS      | $18705000.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SBL HOLDINGS INC                 | SBL Holdings Inc                              | CUSIP: 78432MAA3<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3480258.25   | 0.07%             | 2026-11-13      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC              | Kimco Realty OP LLC                           | CUSIP: 49446RAP4<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |   5250000 | PA      | $5146304.63   | 0.10%             | 2026-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ARM Holdings PLC                 | ARM Holdings PLC                              | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |    125000 | NS      | $17671875.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp                | Brown-Forman Corp                             | CUSIP: 115637AT7<br>LEI: 549300873K3LXF7ARU34 | Long             | DBT              | CORP              | US        |  11600000 | PA      | $10054015.80  | 0.19%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fluor Corp                       | Fluor Corp                                    | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    200000 | NS      | $11354000.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Structure Therapeutics Inc       | Structure Therapeutics Inc                    | CUSIP: 86366E106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    350000 | NS      | $6230000.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES OPER LP          | Sun Communities Operating LP                  | CUSIP: 866677AF4<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              |  | US        |  17500000 | PA      | $16329477.50  | 0.31%             | 2028-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SILVER BULLION                   | SILVER BULLION                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   6258904 | NS      | $228775473.37 | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The               | Walt Disney Co/The                            | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    100000 | NS      | $11911000.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                | Brown & Brown Inc                             | CUSIP: 115236AB7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9948445.00   | 0.19%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CSX Corp                         | CSX Corp                                      | CUSIP: 126408HM8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14933280.00  | 0.28%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP               | Regency Centers LP                            | CUSIP: 75884RAX1<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |  10000000 | PA      | $9947005.00   | 0.19%             | 2028-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Millrose Properties Inc          | Millrose Properties Inc                       | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               |  | US        |    350000 | NS      | $10496500.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd                      | South32 Ltd                                   | CUSIP: 84473L105<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |    500000 | NS      | $4670000.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                 | Exxon Mobil Corp                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    200000 | NS      | $22328000.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES            | Keysight Technologies Inc                     | CUSIP: 49338LAE3<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15021097.50  | 0.28%             | 2027-04-06      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE         | Intercontinental Exchange Inc                 | CUSIP: 45866FAD6<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14958577.50  | 0.28%             | 2025-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Palantir Technologies Inc        | Palantir Technologies Inc                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |   1400000 | NS      | $221690000.00 | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp          | Texas Pacific Land Corp                       | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170000 | NS      | $164582100.00 | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                     | Comcast Corp                                  | CUSIP: 20030NCS8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14981752.50  | 0.28%             | 2025-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Kimco Realty Corp                | Kimco Realty Corp                             | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |    400000 | NS      | $8492000.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc          | Alexander & Baldwin Inc                       | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               |  | US        |    150000 | NS      | $2697000.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RYDER SYSTEM INC                 | Ryder System Inc                              | CUSIP: 78355HKS7<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7276687.50   | 0.14%             | 2026-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC               | Conagra Brands Inc                            | CUSIP: 205887AF9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12801993.75  | 0.24%             | 2026-10-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| PulteGroup Inc                   | PulteGroup Inc                                | CUSIP: 745867AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15021195.00  | 0.28%             | 2026-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                     | Broadcom Inc                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    200000 | NS      | $58740000.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                        | Amgen Inc                                     | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     60000 | NS      | $17706000.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp               | IPG Photonics Corp                            | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |    150000 | NS      | $11233500.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION         | Devon Energy Corp                             | CUSIP: 25179MBE2<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10007880.00  | 0.19%             | 2028-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS         | Brandywine Operating Partnership LP           | CUSIP: 105340AQ6<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |   5000000 | PA      | $4820557.50   | 0.09%             | 2027-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Essex Property Trust Inc         | Essex Property Trust Inc                      | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |     60000 | NS      | $15610800.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                      | Cameco Corp                                   | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    500000 | NS      | $37465000.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd | Canadian Pacific Kansas City Ltd              | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    150000 | NS      | $11032500.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC                      | Ovintiv Inc                                   | CUSIP: 69047QAB8<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12824206.25  | 0.24%             | 2028-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC           | Williams Cos Inc/The                          | CUSIP: 969457CK4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15374610.00  | 0.29%             | 2028-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY         | Canadian Pacific Railway Co                   | CUSIP: 13648TAC1<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |  10000000 | PA      | $9364125.00   | 0.18%             | 2029-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| RPM International Inc            | RPM International Inc                         | CUSIP: 749685AV5<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7400257.50   | 0.14%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Highwoods Realty LP              | Highwoods Realty LP                           | CUSIP: 431282AQ5<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              |  | US        |  10000000 | PA      | $9797800.00   | 0.18%             | 2028-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd   | Canadian Natural Resources Ltd                | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    500000 | NS      | $15850000.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust             | Vornado Realty Trust                          | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               |  | US        |    150000 | NS      | $5763000.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS FINANCE INC          | BAE Systems Finance Inc                       | CUSIP: 11041RAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12500000 | PA      | $13223049.25  | 0.25%             | 2027-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SWITZERLAND                      | Swiss Confederation Government Bond           | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |  90000000 | PA      | $110821052.63 | 2.08%             | 2029-06-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                       | FedEx Corp                                    | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     60000 | NS      | $13409400.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                  | Murphy Oil Corp                               | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    500000 | NS      | $12405000.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp             | Parker-Hannifin Corp                          | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     60000 | NS      | $43914000.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                 | Wynn Resorts Ltd                              | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |    100000 | NS      | $10903000.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                          | UDR Inc                                       | CUSIP: 90265EAP5<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |  29750000 | PA      | $29618817.38  | 0.56%             | 2029-01-26      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc             | Freeport-McMoRan Inc                          | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |   2100000 | NS      | $84504000.00  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc        | AvalonBay Communities Inc                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |     60000 | NS      | $11176800.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc              | Affirm Holdings Inc                           | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350000 | NS      | $23996000.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CAMPBELLS COMPANY            | The Campbell's Company                        | CUSIP: 134429BG3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9928560.00   | 0.19%             | 2028-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Vale SA                          | Vale SA                                       | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    500000 | NS      | $4765000.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp        | Occidental Petroleum Corp                     | CUSIP: 674599162<br>LEI: IM7X0T3ECJW4C1T7ON55 | N/A              | DE               |  | US        |    100000 | NS      | $2215000.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart LP                     | CubeSmart LP                                  | CUSIP: 22966RAD8<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              |  | US        |  24250000 | PA      | $23861163.38  | 0.45%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| HF Sinclair Corp                 | HF Sinclair Corp                              | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |    250000 | NS      | $10985000.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                         | APA Corp                                      | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    400000 | NS      | $7716000.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The          | Charles Schwab Corp/The                       | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    200000 | NS      | $19546000.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc          | Illinois Tool Works Inc                       | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     85000 | NS      | $21757450.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury           | U.S. Treasury Bills                           | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40000000 | PA      | $39838857.20  | 0.75%             | 2025-09-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc               | Meta Platforms Inc                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    150000 | NS      | $116016000.00 | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc          | Lululemon Athletica Inc                       | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     40000 | NS      | $8021200.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGHANY CORP                   | Alleghany Corp                                | CUSIP: 017175AE0<br>LEI: 549300DCJE6AYX159479 | Long             | DBT              | CORP              | US        |  22500000 | PA      | $21749276.25  | 0.41%             | 2030-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC               | Coterra Energy Inc                            | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9884685.00   | 0.19%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                    | J M Smucker Co/The                            | CUSIP: 832696AR9<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9770005.00   | 0.18%             | 2027-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                     | Autodesk Inc                                  | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     60000 | NS      | $18186600.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers LP               | Regency Centers LP                            | CUSIP: 75884RAV5<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |  10000000 | PA      | $9886245.00   | 0.19%             | 2027-02-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corp                | Devon Energy Corp                             | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    500000 | NS      | $16610000.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                        | ONEOK Inc                                     | CUSIP: 682680AB9<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   9750000 | PA      | $10378645.88  | 0.19%             | 2028-09-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Simon Property Group Inc         | Simon Property Group Inc                      | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |    100000 | NS      | $16379000.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury           | U.S. Treasury Bonds                           | CUSIP: 912810TC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60000000 | PA      | $40923108.00  | 0.77%             | 2041-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NESTLE CAPITAL CORP              | Nestle Capital Corp                           | CUSIP: 64105MAB7<br>LEI: 549300VIRTXBZ81J0S95 | Long             | DBT              | CORP              | US        |  17500000 | PA      | $17714742.50  | 0.33%             | 2031-03-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Yara International ASA           | Yara International ASA                        | CUSIP: 984851AD7<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | DBT              | CORP              | NO        |   5000000 | PA      | $4970200.00   | 0.09%             | 2026-06-06      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| LOEWS CORP                       | Loews Corp                                    | CUSIP: 540424AT5<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $11809325.00  | 0.22%             | 2030-05-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                   | Morgan Stanley                                | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    200000 | NS      | $28492000.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                   | Kennametal Inc                                | CUSIP: 489170AE0<br>LEI: 549300GZDSG25XUV0Y08 | Long             | DBT              | CORP              | US        |  17500000 | PA      | $17489972.50  | 0.33%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| SWITZERLAND                      | Swiss Confederation Government Bond           | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |  40000000 | PA      | $50336718.99  | 0.94%             | 2032-06-27      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| KIRBY CORPORATION                | Kirby Corp                                    | CUSIP: 497266AC0<br>LEI: I7NO6FZO5GUCG585T325 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7409111.25   | 0.14%             | 2028-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WESTLAKE CORP                    | Westlake Corp                                 | CUSIP: 960413AT9<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $19763500.00  | 0.37%             | 2026-08-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Twilio Inc                       | Twilio Inc                                    | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |    150000 | NS      | $19350000.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cimarex Energy Co                | Cimarex Energy Co                             | CUSIP: 171798AD3<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5189459.63   | 0.10%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Ovintiv Inc                      | Ovintiv Inc                                   | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    350000 | NS      | $14413000.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                           | BP PLC                                        | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    300000 | NS      | $9645000.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury           | U.S. Treasury Notes                           | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  55000000 | PA      | $54867462.65  | 1.03%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JB HUNT TRANSPRT SVCS            | JB Hunt Transport Services Inc                | CUSIP: 445658CF2<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12442550.00  | 0.23%             | 2026-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP               | Union Pacific Corp                            | CUSIP: 907818FU7<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $17906370.00  | 0.34%             | 2031-05-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO          | Bristol-Myers Squibb Co                       | CUSIP: 110122AB4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5153593.00   | 0.10%             | 2026-11-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| AppLovin Corp                    | AppLovin Corp                                 | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     60000 | NS      | $23442000.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PARSLEY ENERGY LLC/FINAN         | Parsley Energy LLC / Parsley Finance Corp     | CUSIP: 701885AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10300000 | PA      | $10102095.80  | 0.19%             | 2028-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury           | U.S. Treasury Notes                           | CUSIP: 91282CHH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  55000000 | PA      | $54966356.50  | 1.03%             | 2026-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc         | Digital Realty Trust Inc                      | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |    100000 | NS      | $17644000.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC                 | Williams Cos Inc/The                          | CUSIP: 969457BD1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $8508525.00   | 0.16%             | 2031-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| STAG Industrial Inc              | STAG Industrial Inc                           | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |    350000 | NS      | $12015500.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP BILLITON FIN USA LTD         | BHP Billiton Finance USA Ltd                  | CUSIP: 055451AY4<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |   7500000 | PA      | $7521033.75   | 0.14%             | 2026-02-27      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Birchcliff Energy Ltd            | Birchcliff Energy Ltd                         | CUSIP: 090697103<br>LEI: 5493000BBN3EF2L0XW29 | Long             | EC               | CORP              | CA        |   3000000 | NS      | $14700000.00  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury           | U.S. Treasury Bills                           | CUSIP: 912797PY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $49673387.00  | 0.93%             | 2025-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC             | Glencore Funding LLC                          | CUSIP: 378272BK3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12759287.50  | 0.24%             | 2028-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                  | Weyerhaeuser Co                               | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |    250000 | NS      | $6262500.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp            | Northrop Grumman Corp                         | CUSIP: 666807BN1<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |  17500000 | PA      | $17068073.75  | 0.32%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                  | Weyerhaeuser Co                               | CUSIP: 962166AW4<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              |  | US        |  12500000 | PA      | $13080362.50  | 0.25%             | 2027-10-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd                      | Nutrien Ltd                                   | CUSIP: 67077MAE8<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |  10000000 | PA      | $9913850.00   | 0.19%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JB HUNT TRANSPRT SVCS            | JB Hunt Transport Services Inc                | CUSIP: 445658CG0<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10149580.00  | 0.19%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MOSAIC GLOBAL HOLDINGS           | Mosaic Global Holdings Inc                    | CUSIP: 449669AK6<br>LEI: KUTUVC11L8A25EW5LZ75 | Long             | DBT              | CORP              | US        |   9055000 | PA      | $9583993.10   | 0.18%             | 2028-01-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| ARCHER DANIELS MIDLAND           | Archer-Daniels-Midland Co                     | CUSIP: 039483AR3<br>LEI: 549300LO13MQ9HYSTR83 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10626540.00  | 0.20%             | 2029-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Lennar Corp                      | Lennar Corp                                   | CUSIP: 526057CD4<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $25059112.50  | 0.47%             | 2027-11-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Quantum Computing Inc            | Quantum Computing Inc                         | CUSIP: 74766W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $4452000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury           | U.S. Treasury Notes                           | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $15067235.85  | 0.28%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BHP Group Ltd                    | BHP Group Ltd                                 | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    350000 | NS      | $17734500.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORIDA POWER & LIGHT CO         | Florida Power & Light Co                      | CUSIP: 341081GN1<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12543312.50  | 0.24%             | 2028-05-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| GOLD CANADIAN MAPLE LEAF         | GOLD CANADIAN MAPLE LEAF                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     40000 | NS      | $134589104.32 | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR PRODUCTS & CHEMICALS         | Air Products and Chemicals Inc                | CUSIP: 009158BP0<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10100240.00  | 0.19%             | 2032-10-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ROCKWELL AUTOMATION INC          | Rockwell Automation Inc                       | CUSIP: 773903AB5<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10482190.00  | 0.20%             | 2028-01-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                   | ConocoPhillips                                | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    200000 | NS      | $19068000.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                   | ConocoPhillips                                | CUSIP: 718507BK1<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | DBT              | CORP              | US        |   9300000 | PA      | $10218421.50  | 0.19%             | 2029-03-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-14

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

**Signature:** Michael J Cuggino

**Name of Signer:** Michael J Cuggino

**Title:** President, Secretary and Trustee