All filled, dust covers on the pmags, stacked in boxes at the back of the safe. You have to store them somewhere, and you have to store the ammo somewhere. It makes sense to combine the space and store them loaded. I'll check them every several years to see how they're holding up, but I do not expect any issues. Also, you don't want to be loading mags when the zombie horde is crashing down your door. 
I keep a few available unpacked for each rifle, a handful of empties around for practicing reloading drills.

I keep a few available unpacked for each rifle, a handful of empties around for practicing reloading drills.

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