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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>LXP INDUSTRIAL TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912810QA97"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ENTERGY MISSISSIPPI LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UDR Inc</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>MANUF &amp; TRADERS TRUST CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COTERRA ENERGY OP CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALCON FINANCE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>UMH Properties Inc</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
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        <name>Costco Wholesale Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Uber Technologies Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <title>Swiss Confederation Government Bond</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MASTERCARD INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Agilent Technologies Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COPT DEFENSE PROP LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nutrien Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Regency Centers Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PIONEER NATURAL RESOURCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BIO-RAD LABS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>REGENCY CENTERS LP</name>
        <lei>5493008PTR2GAOYBXW28</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>VULCAN MATERIALS CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IMPERIAL BRANDS FIN PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>RAYONIER LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MERCURY GENERAL CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CubeSmart</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MARTIN MARIETTA MATERIAL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Centerspace</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Nucor Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PIONEER NATURAL RESOURCE</name>
        <lei>FY8JBF7CCL2VE4F1B628</lei>
        <title>Pioneer Natural Resources Co</title>
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        <name>Phillips 66</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Occidental Petroleum Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Realty Investment Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NVIDIA Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chevron Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Williams-Sonoma Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KIMCO REALTY OP LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARM Holdings PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FIFTH THIRD BANCORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BROWN-FORMAN CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fluor Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Structure Therapeutics Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SUN COMMUNITIES OPER LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SILVER BULLION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Walt Disney Co/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BROWN &amp; BROWN INC</name>
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        <name>CSX CORP</name>
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        <name>REGENCY CENTERS LP</name>
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        <title>Regency Centers LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Viper Energy Inc</name>
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        <title>Viper Energy Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>South32 Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KEYSIGHT TECHNOLOGIES</name>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kimco Realty Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CONAGRA BRANDS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BRANDYWINE OPER PARTNERS</name>
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        <name>Essex Property Trust Inc</name>
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        <name>CANADIAN PACIFIC RAILWAY</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RPM INTERNATIONAL INC</name>
        <lei>549300TJCKW4BRXPJ474</lei>
        <title>RPM International Inc</title>
        <cusip>749685AV5</cusip>
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          <isin value="US749685AV56"/>
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        <curCd>USD</curCd>
        <valUSD>11436675.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HIGHWOODS REALTY LP</name>
        <lei>JUJNVZX73BIYHLR58F51</lei>
        <title>Highwoods Realty LP</title>
        <cusip>431282AQ5</cusip>
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          <isin value="US431282AQ55"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9866935.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd</title>
        <cusip>136385101</cusip>
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          <isin value="CA1363851017"/>
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        <balance>600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28614000.00000000</valUSD>
        <pctVal>0.377061032962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
        <cusip>929042109</cusip>
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          <isin value="US9290421091"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11956000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAE SYSTEMS FINANCE INC</name>
        <lei>N/A</lei>
        <title>BAE Systems Finance Inc</title>
        <cusip>11041RAL2</cusip>
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        <curCd>USD</curCd>
        <valUSD>12945805.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SWITZERLAND</name>
        <lei>5067006OA1BJ88912Q83</lei>
        <title>Swiss Confederation Government Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0224397346"/>
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        <balance>130000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CHF" exchangeRt="0.78135000"/>
        <valUSD>165542650.54000000</valUSD>
        <pctVal>2.181438554971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-22</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FedEx Corp</name>
        <lei>549300E707U7WNPZN687</lei>
        <title>FedEx Corp</title>
        <cusip>31428X106</cusip>
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          <isin value="US31428X1063"/>
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        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24198600.00000000</valUSD>
        <pctVal>0.318877092061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Murphy Oil Corp</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
        <title>Murphy Oil Corp</title>
        <cusip>626717102</cusip>
        <identifiers>
          <isin value="US6267171022"/>
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        <balance>600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25056000.00000000</valUSD>
        <pctVal>0.330175481998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Parker-Hannifin Corp</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>Parker-Hannifin Corp</title>
        <cusip>701094104</cusip>
        <identifiers>
          <isin value="US7010941042"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45471000.00000000</valUSD>
        <pctVal>0.599194178717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DEVON ENERGY CORPORATION</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corp</title>
        <cusip>25179MBD4</cusip>
        <identifiers>
          <isin value="US25179MBD48"/>
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        <balance>9008000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9013125.55000000</valUSD>
        <pctVal>0.118770477042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wynn Resorts Ltd</name>
        <lei>254900CEKKWIHTEAB172</lei>
        <title>Wynn Resorts Ltd</title>
        <cusip>983134107</cusip>
        <identifiers>
          <isin value="US9831341071"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13388750.00000000</valUSD>
        <pctVal>0.176430275567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UDR INC</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR Inc</title>
        <cusip>90265EAP5</cusip>
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          <isin value="US90265EAP51"/>
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        <balance>29750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29655023.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freeport-McMoRan Inc</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan Inc</title>
        <cusip>35671D857</cusip>
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          <isin value="US35671D8570"/>
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        <balance>2400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>138672000.00000000</valUSD>
        <pctVal>1.827350512440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AvalonBay Communities Inc</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities Inc</title>
        <cusip>053484101</cusip>
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          <isin value="US0534841012"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27450000.00000000</valUSD>
        <pctVal>0.361722421011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Affirm Holdings Inc</name>
        <lei>N/A</lei>
        <title>Affirm Holdings Inc</title>
        <cusip>00827B106</cusip>
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          <isin value="US00827B1061"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32140000.00000000</valUSD>
        <pctVal>0.423524903872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAMPBELLS COMPANY/THE</name>
        <lei>5493007JDSMX8Z5Z1902</lei>
        <title>Campbell's Company/The</title>
        <cusip>134429BG3</cusip>
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          <isin value="US134429BG35"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19812710.00000000</valUSD>
        <pctVal>0.261082019234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vale SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale SA</title>
        <cusip>91912E105</cusip>
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          <isin value="US91912E1055"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8180000.00000000</valUSD>
        <pctVal>0.107791963711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CUBESMART LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CubeSmart LP</title>
        <cusip>22966RAD8</cusip>
        <identifiers>
          <isin value="US22966RAD89"/>
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        <balance>24250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24168216.88000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HF Sinclair Corp</name>
        <lei>2549009G116AM01XHN24</lei>
        <title>HF Sinclair Corp</title>
        <cusip>403949100</cusip>
        <identifiers>
          <isin value="US4039491000"/>
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        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20163000.00000000</valUSD>
        <pctVal>0.265697966296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>APA Corp</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA Corp</title>
        <cusip>03743Q108</cusip>
        <identifiers>
          <isin value="US03743Q1085"/>
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        <balance>600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24438000.00000000</valUSD>
        <pctVal>0.322031785962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CUBESMART LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CubeSmart LP</title>
        <cusip>22966RAH9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>KIRBY CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WESTLAKE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KINDER MORGAN INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>REPUBLIC SERVICES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>KEYSIGHT TECHNOLOGIES</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ovintiv Inc</name>
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        <name>BP PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury</name>
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        <name>UNION PACIFIC CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AppLovin Corp</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIR PRODUCTS &amp; CHEMICALS</name>
        <lei>7QEON6Y1RL5XR3R1W237</lei>
        <title>Air Products and Chemicals Inc</title>
        <cusip>009158BP0</cusip>
        <identifiers>
          <isin value="US009158BP01"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10135725.00000000</valUSD>
        <pctVal>0.133563533176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKWELL AUTOMATION INC</name>
        <lei>VH3R4HHBHH12O0EXZJ88</lei>
        <title>Rockwell Automation Inc</title>
        <cusip>773903AB5</cusip>
        <identifiers>
          <isin value="US773903AB56"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10356595.00000000</valUSD>
        <pctVal>0.136474047972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
        <cusip>20825C104</cusip>
        <identifiers>
          <isin value="US20825C1045"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37734000.00000000</valUSD>
        <pctVal>0.497239848249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONOCOPHILLIPS</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
        <cusip>718507BK1</cusip>
        <identifiers>
          <isin value="US718507BK18"/>
        </identifiers>
        <balance>9300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9946275.60000000</valUSD>
        <pctVal>0.131067063390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-27</ncom:dateSigned>
      <ncom:nameOfApplicant>PERMANENT PORTFOLIO FAMILY OF FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Michael J Cuggino</ncom:signature>
      <ncom:signerName>Michael J Cuggino</ncom:signerName>
      <ncom:title>President, Secretary and Trustee</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
