Versatile Bond Portfolio Class I NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-03379

PERMANENT PORTFOLIO FAMILY OF FUNDS

(Exact Name of Registrant as specified in charter)

600 Montgomery Street, Suite 4100, San Francisco, California 94111

(Address of Principal Executive Offices) (Zip Code)

MICHAEL J. CUGGINO, 600 Montgomery Street, Suite 4100, San Francisco, California 94111

(Name and Address of Agent For Service)


Registrant’s telephone number, including area code:		(415) 398-8000

Date of fiscal year end:		January 31, 2024

Date of reporting period:		July 31, 2024

Form

N-CSR

is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule

30e-1

under the Investment Company Act of 1940 (17 CFR

270.30e-1).

The Commission may use the information provided on Form

N-CSR

in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form

N-CSR,

and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form

N-CSR

unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.


Item 1. Reports to Stockholders.

		The Semi-Annual Shareholder Report for each share class in each Portfolio of Permanent Portfolio Family of Funds (“Registrant”) is included herein.

Permanent Portfolio

Class A — PRPDX

Class C — PRPHX

Class I — PRPFX

Short-Term Treasury Portfolio

Class I — PRTBX

Versatile Bond Portfolio

Class A — PRVDX

Class C — PRVHX

Class I — PRVBX

Aggressive Growth Portfolio

Class A — PAGDX

Class C — PAGHX

Class I — PAGRX


PERMANENT PORTFOLIO ®
CLASS A SHARES (PRPDX)

Semi-Annual Shareholder Report (July 31, 2024)

This Semi-Annual Shareholder Report contains important information about the Permanent Portfolio

(“Portfolio”) for the period of January 31, 2024 to July 31, 2024. You can find additional information about the Portfolio, online at

www.permanentportfoliofunds.com

. You can also get this information at no cost by calling the Portfolio’s Transfer Agent at (800) 341-8900 or the Portfolio’s Shareholder Services Office at (800) 531-5142, or by contacting your financial intermediary.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Permanent Portfolio—Class A shares (PRPDX)	$	56		.56	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	3,376,855,475

Total number of Portfolio holdings		175

Portfolio turnover rate as of end of reporting period		12.87%


1

What is the Portfolio invested in?

The following pie chart shows Permanent Portfolio’s investment holdings by asset class, as a percentage of total net assets as of July 31, 2024.

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Each year, the Portfolio sends to its shareholders an updated prospectus and other similar documents (each a “Report”). The mailing of the Reports may result in multiple copies of a Report being sent by the Portfolio to the same household. In order to reduce the volume of mail that the Portfolio sends to a household, the Portfolio may, whenever possible, only send one copy of a Report to shareholders who are members of the same family and share the same address of record. Shareholders may request, however, to receive individual copies of any Report, by contacting the Transfer Agent at (800) 341-8900. Shareholders who own shares of the Portfolio through a financial intermediary may also contact their financial intermediary with such a request. All such requests shall be implemented by the Portfolio within thirty days.

Distributed by Quasar Distributors, LLC


2


PERMANENT PORTFOLIO ®
CLASS C SHARES (PRPHX)

Semi-Annual Shareholder Report (July 31, 2024)

This Semi-Annual Shareholder Report contains important information about the Permanent Portfolio

(“Portfolio”) for the period of January 31, 2024 to July 31, 2024. You can find additional information about the Portfolio, online at

www.permanentportfoliofunds.com

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Permanent Portfolio—Class C shares (PRPHX)	$	96		.96	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	3,376,855,475

Total number of Portfolio holdings		175

Portfolio turnover rate as of end of reporting period		12.87%


1

What is the Portfolio invested in?

The following pie chart shows Permanent Portfolio’s investment holdings by asset class, as a percentage of total net assets as of July 31, 2024.

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Distributed by Quasar Distributors, LLC


2


PERMANENT PORTFOLIO ®
CLASS I SHARES (PRPFX)

Semi-Annual Shareholder Report (July 31, 2024)

This Semi-Annual Shareholder Report contains important information about the Permanent Portfolio

(“Portfolio”) for the period of January 31, 2024 to July 31, 2024. You can find additional information about the Portfolio, online at

www.permanentportfoliofunds.com

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Permanent Portfolio—Class I shares (PRPFX)	$	43		.43	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	3,376,855,475

Total number of Portfolio holdings		175

Portfolio turnover rate as of end of reporting period		12.87%


1

What is the Portfolio invested in?

The following pie chart shows Permanent Portfolio’s investment holdings by asset class, as a percentage of total net assets as of July 31, 2024.

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Distributed by Quasar Distributors, LLC


2


SHORT-TERM TREASURY PORTFOLIO
CLASS I SHARES (PRTBX)

Semi-Annual Shareholder Report (July 31, 2024)

This Semi-Annual Shareholder Report contains important information about the Short-Term Treasury Portfolio (“Portfolio”) for the period of January 31, 2024 to July 31, 2024. You can find additional information about the Portfolio, online at

www.permanentportfoliofunds.com

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Short-Term Treasury Portfolio—Class I shares (PRTBX)	$	33		.33	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	11,457,469

Total number of Portfolio holdings		9

Portfolio turnover rate as of end of reporting period		20.64%


1

What is the Portfolio invested in?

The following pie chart shows Short-Term Treasury Portfolio’s investment holdings by months to maturity, as a percentage of investments as of July 31, 2024.

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Distributed by Quasar Distributors, LLC


2


VERSATILE BOND PORTFOLIO
CLASS A SHARES (PRVDX)

Semi-Annual Shareholder Report (July 31, 2024)

This Semi-Annual Shareholder Report contains important information about the Versatile Bond Portfolio (“Portfolio”) for the period of January 31, 2024 to July 31, 2024. You can find additional information about the Portfolio, online at

www.permanentportfoliofunds.com

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Versatile Bond Portfolio—Class A shares (PRVDX)	$	46		.46	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	97,110,356

Total number of Portfolio holdings		80

Portfolio turnover rate as of end of reporting period		17.12%


1

What is the Portfolio invested in?

The following pie chart shows Versatile Bond Portfolio’s investment holdings by S&P credit rating, as a percentage of investments as of July 31, 2024. Credit ratings range from AAA (highest) to D (lowest) based on S&P measures. Other rating agencies may rate the same securities differently. “Not Rated” securities are not rated by S&P. Credit ratings are only the opinions of the rating agencies issuing them, do not purport to reflect the risk of fluctuations in market value, are not guarantees as to the payment of interest and repayment of principal, and are subject to change.

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Distributed by Quasar Distributors, LLC


2


VERSATILE BOND PORTFOLIO
CLASS C SHARES (PRVHX)

Semi-Annual Shareholder Report (July 31, 2024)

www.permanentportfoliofunds.com

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Versatile Bond Portfolio—Class C shares (PRVHX)	$	83		.83	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	97,110,356

Total number of Portfolio holdings		80

Portfolio turnover rate as of end of reporting period		17.12%


1

What is the Portfolio invested in?

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Distributed by Quasar Distributors, LLC


2


VERSATILE BOND PORTFOLIO
CLASS I SHARES (PRVBX)

Semi-Annual Shareholder Report (July 31, 2024)

www.permanentportfoliofunds.com

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Versatile Bond Portfolio—Class I shares (PRVBX)	$	33		.33	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	97,110,356

Total number of Portfolio holdings		80

Portfolio turnover rate as of end of reporting period		17.12%


1

What is the Portfolio invested in?

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Distributed by Quasar Distributors, LLC


2


AGGRESSIVE GROWTH PORTFOLIO
CLASS A SHARES (PAGDX)

Semi-Annual Shareholder Report (July 31, 2024)

This Semi-Annual Shareholder Report contains important information about the Aggressive Growth Portfolio (“Portfolio”) for the period of January 31, 2024 to July 31, 2024. You can find additional information about the Portfolio, online at

www.permanentportfoliofunds.com

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Aggressive Growth Portfolio—Class A shares (PAGDX)	$	81		.81	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	41,465,129

Total number of Portfolio holdings		36

Portfolio turnover rate as of end of reporting period		—%


1

What is the Portfolio invested in?

The following pie chart shows Aggressive Growth Portfolio’s investment holdings by industry sector, as a percentage of total net assets as of July 31, 2024.

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Distributed by Quasar Distributors, LLC


2


AGGRESSIVE GROWTH PORTFOLIO
CLASS C SHARES (PAGHX)

Semi-Annual Shareholder Report (July 31, 2024)

www.permanentportfoliofunds.com

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Aggressive Growth Portfolio—Class C shares (PAGHX)	$	81		.81	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	41,465,129

Total number of Portfolio holdings		36

Portfolio turnover rate as of end of reporting period		—%


1

What is the Portfolio invested in?

The following pie chart shows Aggressive Growth Portfolio’s investment holdings by industry sector, as a percentage of total net assets as of July 31, 2024.

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Distributed by Quasar Distributors, LLC


2


AGGRESSIVE GROWTH PORTFOLIO
CLASS I SHARES (PAGRX)

Semi-Annual Shareholder Report (July 31, 2024)

www.permanentportfoliofunds.com

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.


Portfolio and Share Class	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Aggressive Growth Portfolio—Class I shares (PAGRX)	$	67		.67	%

What are the Key Portfolio statistics you should know?

The following table outlines key Portfolio statistics that you should pay attention to:



Portfolio’s total net assets	$	41,465,129

Total number of Portfolio holdings		36

Portfolio turnover rate as of end of reporting period		—%


1

What is the Portfolio invested in?

The following pie chart shows Aggressive Growth Portfolio’s investment holdings by industry sector, as a percentage of total net assets as of July 31, 2024.

How can you get additional information about the Portfolio?


		Select the QR code or you can find additional information about the Portfolio such as the prospectus, financial information, Portfolio holdings and proxy voting information at www.permanentportfoliofunds.com .

Householding

Distributed by Quasar Distributors, LLC


2


Item 2. Code of Ethics.

		Not applicable to semi-annual reports.

Item 3. Audit Committee Financial Expert.

		Not applicable to semi-annual reports.

Item 4. Principal Accountant Fees and Services.

		Not applicable to semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

		Not applicable to the Registrant.

Item 6. Investments.

		Included in Item 7.

Item 7. Financial Statements and Financial Highlights For Open-End Management Investment Companies.

		The Semi-Annual Financial Statements and Other Information of the Registrant for the six months ended July 31, 2024 is included herein.

Semi-Annual Financial Statements and Other Information

Six Months Ended July 31, 2024

Permanent Portfolio^®

Class A — PRPDX | Class C — PRPHX | Class I — PRPFX

Short-Term Treasury Portfolio

Class I — PRTBX

Versatile Bond Portfolio

Class A — PRVDX | Class C — PRVHX | Class I — PRVBX

Aggressive Growth Portfolio

Class A — PAGDX | Class C — PAGHX | Class I — PAGRX

Permanent Portfolio^®, The Permanent Portfolio Family of Funds^®, A Fund for All Seasons^® and The Permanent Portfolio Family of Funds logo are registered trademarks of Pacific Heights Asset Management, LLC. This Report is Copyright^© 2024 Permanent Portfolio Family of Funds. All rights reserved.

TABLE OF CONTENTS



PERMANENT PORTFOLIO^®
Schedule of Investments			4

SHORT-TERM TREASURY PORTFOLIO
Schedule of Investments			11

VERSATILE BOND PORTFOLIO
Schedule of Investments			12

AGGRESSIVE GROWTH PORTFOLIO
Schedule of Investments			16

STATEMENTS OF ASSETS AND LIABILITIES			18

STATEMENTS OF OPERATIONS			21

STATEMENTS OF CHANGES IN NET ASSETS			22

FINANCIAL HIGHLIGHTS			24

NOTES TO FINANCIAL STATEMENTS			34

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2024 (Unaudited)


Quantity			Market Value
		GOLD ASSETS — 22.21% of Total Net Assets
	217,320 Troy Oz.	Gold bullion (a)	$	527,325,791
	90,000 Coins	One-ounce gold coins (a)		222,553,000

		Total Gold Assets (identified cost $328,396,837)	$	749,878,791


		SILVER ASSETS — 5.16% of Total Net Assets
	6,058,176 Troy Oz.	Silver bullion (a)	$	174,342,194

		Total Silver Assets (identified cost $92,215,771)	$	174,342,194


Principal Amount
		SWISS FRANC ASSETS — 7.79% of Total Net Assets
CHF	500,164	Swiss franc deposits	$	569,824


CHF	70,000,000	1.500% Swiss Confederation Bonds, 07-24-25	$	80,231,843
CHF	65,000,000	1.250% Swiss Confederation Bonds, 05-28-26		74,841,641
CHF	15,000,000	3.250% Swiss Confederation Bonds, 06-27-27		18,387,924
CHF	80,000,000	.514% Swiss Confederation Bonds, 06-22-29 (b)		88,879,521

		Total Swiss Confederation bonds	$	262,340,929

		Total Swiss Franc Assets (identified cost $246,400,512)	$	262,910,753


Number of Shares
		REAL ESTATE AND NATURAL RESOURCE STOCKS — 17.79% of Total Net Assets

		NATURAL RESOURCES — 8.97% of Total Net Assets
	180,000	APA Corporation	$	5,614,200
	160,000	BHP Group, Ltd. (c)		8,884,800
	2,000,000	Birchcliff Energy, Ltd.		8,660,000
	160,000	BP, p.l.c. (c)		5,662,400
	500,000	Cameco Corporation		22,745,000
	320,000	Canadian Natural Resources Ltd.		11,353,600
	150,000	Chevron Corporation		24,070,500
	150,000	ConocoPhillips		16,680,000
	350,000	Devon Energy Corporation		16,460,500
	150,000	Exxon Mobil Corporation		17,788,500
	2,100,000	Freeport-McMoRan, Inc.		95,361,000
	350,000	Murphy Oil Corporation		14,483,000
	135,000	Nutrien, Ltd.		6,912,000
	180,000	Occidental Petroleum Corporation		10,947,600
	100,000	Occidental Petroleum Corporation warrants (a)		3,895,000
	180,000	Ovintiv, Inc.		8,359,200
	160,000	Rio Tinto p.l.c (c)		10,425,600
	500,000	South32 Limited (c)		5,030,000
	200,000	Vale S.A. (c)		2,170,000
	175,000	Viper Energy Partners LP		7,467,250

			$	302,970,150

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2024 (Unaudited)


Number of Shares			Market Value
		REAL ESTATE — 8.82% of Total Net Assets
	125,000	Alexander & Baldwin, Inc.	$	2,463,750
	40,000	American Tower Corporation		8,816,000
	60,000	AvalonBay Communities, Inc.		12,295,200
	60,000	Boston Properties, Inc.		4,278,600
	200,000	Centerspace		13,966,000
	75,000	Digital Realty Trust, Inc.		11,211,750
	60,000	Essex Property Trust, Inc.		16,701,600
	100,000	Federal Realty Investment Trust		11,165,000
	150,000	Highwoods Properties, Inc.		4,645,500
	300,000	Kimco Realty Corporation		6,519,000
	400,000	Outfront Media, Inc.		6,488,000
	150,000	Prologis, Inc.		18,907,500
	125,000	Regency Centers Corporation		8,417,500
	100,000	Simon Property Group, Inc.		15,344,000
	165,000	Texas Pacific Land Corporation		139,408,500
	125,000	UDR, Inc.		5,008,750
	250,000	UMH Properties, Inc.		4,440,000
	100,000	Vornado Realty Trust		2,999,000
	150,000	Weyerhaeuser Company		4,764,000

			$	297,839,650

		Total Real Estate and Natural Resource Stocks (identified cost $310,539,817)	$	600,809,800


		AGGRESSIVE GROWTH STOCKS — 18.75% of Total Net Assets

		AEROSPACE — .88% of Total Net Assets
	55,000	Lockheed Martin Corporation	$	29,805,600

			$	29,805,600

		CHEMICALS — .58% of Total Net Assets
	55,000	Air Products & Chemicals, Inc.	$	14,511,750
	55,000	Albemarle Corporation		5,151,850

			$	19,663,600
		COMPUTER SOFTWARE & SERVICES — 1.60% of Total Net Assets
	55,000	Autodesk, Inc. (a)	$	13,613,600
	1,500,000	Palantir Technologies, Inc. Class A (a)		40,335,000

			$	53,948,600
		ELECTRICAL EQUIPMENT & ELECTRONICS — 3.91% of Total Net Assets
	200,000	Broadcom, Inc.	$	32,136,000
	200,000	Intel Corporation		6,148,000
	800,000	NVIDIA Corporation		93,616,000

			$	131,900,000
		ENERGY SERVICES & PROCESSING — .63% of Total Net Assets
	200,000	HF Sinclair Corporation	$	10,294,000
	75,000	Phillips 66		10,911,000

			$	21,205,000
		ENGINEERING & CONSTRUCTION — .90% of Total Net Assets
	175,000	Fluor Corporation (a)	$	8,417,500
	125,000	Lennar Corporation Class A		22,116,250

			$	30,533,750

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2024 (Unaudited)


Number of Shares			Market Value
		ENTERTAINMENT & LEISURE — 2.45% of Total Net Assets
	65,000	Disney (Walt) Company	$	6,089,850
	150,000	Meta Platforms, Inc. Class A		71,224,500
	65,000	Wynn Resorts, Ltd. (a)		5,383,300

			$	82,697,650
		FINANCIAL SERVICES — 1.64% of Total Net Assets
	300,000	Affirm Holdings, Inc. Class A (a)	$	8,487,000
	175,000	Morgan Stanley		18,061,750
	175,000	Schwab (Charles) Corporation		11,408,250
	50,000	State Street Corporation		4,248,500
	50,000	Visa, Inc. Class A		13,283,500

			$	55,489,000
		MANUFACTURING — 1.83% of Total Net Assets
	60,000	Agilent Technologies, Inc.	$	8,484,000
	60,000	Illinois Tool Works, Inc.		14,836,800
	60,000	IPG Photonics Corporation (a)		4,824,000
	60,000	Parker-Hannifin Corporation		33,669,600

			$	61,814,400
		MATERIALS — .48% of Total Net Assets
	100,000	Nucor Corporation	$	16,294,000

			$	16,294,000
		PHARMACEUTICALS — .54% of Total Net Assets
	55,000	Amgen, Inc.	$	18,285,850

			$	18,285,850
		RETAIL — 1.80% of Total Net Assets
	55,000	Costco Wholesale Corporation	$	45,210,000
	100,000	Williams-Sonoma, Inc.		15,468,000

			$	60,678,000
		TRANSPORTATION — 1.51% of Total Net Assets
	150,000	Canadian Pacific Kansas City Limited	$	12,573,000
	55,000	FedEx Corporation		16,623,750
	75,000	Ryder System, Inc.		10,512,000
	175,000	Uber Technologies, Inc. (a)		11,282,250

			$	50,991,000

		Total Aggressive Growth Stocks (identified cost $192,173,060)	$	633,306,450

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2024 (Unaudited)


Principal Amount			Market Value
		DOLLAR ASSETS — 27.55% of Total Net Assets

		CORPORATE BONDS — 25.72% of Total Net Assets

		AEROSPACE — .22% of Total Net Assets
$	7,500,000	2.930% Northrop Grumman Corporation, 01-15-25	$	7,414,043

			$	7,414,043
		CHEMICALS — 1.02% of Total Net Assets
	10,000,000	4.650% Albemarle Corporation, 06-01-27	$	9,924,235
	10,000,000	5.150% FMC Corporation, 05-18-26		10,015,205
	7,500,000	3.750% RPM International, Inc., 03-15-27		7,283,411
	7,500,000	3.600% Westlake Corporation, 08-15-26		7,319,269

			$	34,542,120
		COMPUTER SOFTWARE & SERVICES — .99% of Total Net Assets
	33,500,000	4.750% Trimble, Inc., 12-01-24	$	33,321,948

			$	33,321,948
		CONSUMER PRODUCTS — 4.18% of Total Net Assets
	25,000,000	3.222% B.A.T. Capital Corporation, 08-15-24	$	24,977,762
	15,000,000	4.600% Conagra Brands, Inc., 11-01-25		14,902,965
	10,000,000	7.125% Conagra Brands, Inc., 10-01-26		10,469,005
	20,000,000	3.500% Imperial Brands, p.l.c., 07-26-26 (d)		19,353,850
	11,070,000	2.250% Mondelez International Holdings Netherlands B.V., 09-19-24 (d)		11,010,167
	2,810,000	.750% Mondelez International Holdings Netherlands B.V., 09-24-24 (d)		2,787,691
	30,000,000	1.250% Pernod Ricard International Finance, LLC, 04-01-28 (d)		26,557,305
	15,000,000	3.500% Smucker (J. M.) Company, 03-15-25		14,805,023
	5,000,000	3.375% Smucker (J. M.) Company, 12-15-27		4,809,265
	11,500,000	2.250% Suntory Holdings, Ltd., 10-16-24 (d)		11,416,964

			$	141,089,997
		ELECTRICAL EQUIPMENT & ELECTRONICS — .37% of Total Net Assets
	12,500,000	4.625% Avnet, Inc., 04-15-26	$	12,386,219

			$	12,386,219
		ENGINEERING & CONSTRUCTION — 1.01% of Total Net Assets
	17,500,000	2.500% D.R. Horton, Inc., 10-15-24	$	17,383,739
	9,313,000	4.750% Lennar Corporation, 11-29-27		9,316,059
	7,500,000	5.500% PulteGroup, Inc., 03-01-26		7,540,793

			$	34,240,591
		ENTERTAINMENT & LEISURE — .07% of Total Net Assets
	2,035,000	7.625% Disney (Walt) Company, 11-30-28	$	2,260,215

			$	2,260,215
		FINANCIAL SERVICES — 3.32% of Total Net Assets
	7,500,000	3.500% Affiliated Managers Group, Inc., 08-01-25	$	7,365,555
	7,500,000	6.750% AmSouth Bancorporation, 11-01-25		7,562,989
	7,500,000	4.250% Associated Banc-Corp, 01-15-25		7,486,237
	7,500,000	3.375% Citadel Finance, LLC, 03-09-26 (d)		7,217,115
	10,000,000	3.750% Intercontinental Exchange, Inc., 12-01-25		9,855,145
	15,000,000	4.875% Janus Henderson Holdings, Inc., 08-01-25		14,922,892
	15,000,000	4.700% Key Bank, N.A., 01-26-26		14,818,320
	15,000,000	5.400% Manufacturers & Traders Trust Company, 11-21-25		15,041,273
	5,000,000	4.875% Mastercard, Inc., 05-09-34		5,068,367
	8,090,000	2.250% Regions Financial Corporation, 05-18-25		7,884,660
	15,000,000	.700% UBS Group, AG, 08-09-24 (d)		14,981,460

			$	112,204,013

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2024 (Unaudited)


Principal Amount			Market Value
		INSURANCE — 1.52% of Total Net Assets
$	15,000,000	3.625% Alleghany Corporation, 05-15-30	$	14,250,172
	5,000,000	4.500% Brown & Brown, Inc., 03-15-29		4,917,090
	6,785,000	4.500% Horace Mann Educators Corporation, 12-01-25		6,687,751
	15,000,000	4.350% Kemper Corporation, 02-15-25		14,895,000
	7,500,000	4.400% Mercury General Corporation, 03-15-27		7,323,683
	3,500,000	5.125% SBL Holdings, Inc., 11-13-26 (d)		3,418,329

			$	51,492,025
		MANUFACTURING — 1.31% of Total Net Assets
	15,000,000	2.750% Alcon Finance Corporation, 09-23-26 (d)	$	14,377,200
	10,000,000	4.625% Kennametal, Inc., 06-15-28		9,912,170
	10,000,000	4.550% Keysight Technologies, Inc., 10-30-24		9,961,950
	10,000,000	4.600% Keysight Technologies, Inc., 04-06-27		9,943,700

			$	44,195,020
		MATERIALS— .95% of Total Net Assets
	8,702,000	2.500% Martin Marietta Materials, Inc., 03-15-30	$	7,725,744
	7,500,000	2.400% Steel Dynamics, Inc., 06-15-25		7,303,125
	7,250,000	4.500% Vulcan Materials Company, 04-01-25		7,199,943
	10,000,000	3.000% WRKCO, Inc., 09-15-24		9,960,925

			$	32,189,737
		NATURAL RESOURCES — 2.94% of Total Net Assets
	7,500,000	4.875% BHP Billiton Finance (USA) Limited, 02-27-26	$	7,502,047
	5,250,000	3.900% Cimarex Energy Company, 05-15-27		4,823,081
	5,000,000	4.375% Cimarex Energy Company, 03-15-29		4,559,297
	4,500,000	3.900% Coterra Energy, Inc., 05-15-27		4,387,714
	10,000,000	5.875% Devon Energy Corporation, 06-15-28		10,130,480
	10,000,000	4.050% Mosaic (The) Company, 11-15-27		9,784,170
	7,500,000	3.000% Nutrien, Ltd., 04-01-25		7,381,725
	7,500,000	4.000% Nutrien, Ltd., 12-15-26		7,343,269
	17,500,000	5.650% Ovintiv, Inc., 05-15-25		17,510,063
	15,000,000	5.375% Ovintiv, Inc., 01-01-26		15,027,525
	6,000,000	4.125% Parsley Energy, LLC, 02-15-28 (d)		5,808,294
	5,000,000	3.800% Yara International ASA, 06-06-26 (d)		4,893,750

			$	99,151,415
		PHARMACEUTICALS — .34% of Total Net Assets
	5,000,000	6.800% Bristol-Myers Squibb Company, 11-15-26	$	5,223,579
	6,500,000	3.250% EMD Finance, LLC, 03-15-25 (d)		6,409,553

			$	11,633,132

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2024 (Unaudited)


Principal Amount			Market Value
		REAL ESTATE — 4.29% of Total Net Assets
$	5,000,000	3.950% Brandywine Operating Partnership, L.P., 11-15-27	$	4,622,630
	5,000,000	3.500% Camden Property Trust, 09-15-24		4,984,065
	7,500,000	5.850% Camden Property Trust, 11-03-26		7,673,647
	7,500,000	4.100% Camden Property Trust, 10-15-28		7,317,855
	11,000,000	2.000% COPT Defense Properties, 01-15-29		9,569,895
	15,000,000	3.125% Cubesmart, L.P., 09-01-26		14,446,260
	5,000,000	2.625% Equinix, Inc., 11-18-24		4,956,883
	5,000,000	1.250% Federal Realty Investment Trust, 02-15-26		4,718,533
	7,500,000	4.125% Highwoods Realty, L.P., 03-15-28		7,159,830
	10,000,000	3.850% Kimco Realty Corporation, 06-01-25		9,841,415
	5,000,000	3.600% Regency Centers, L.P., 02-01-27		4,865,075
	5,145,000	4.125% Regency Centers, L.P., 03-15-28		5,029,127
	7,500,000	3.700% Regency Centers, L.P., 6-15-30		7,040,374
	15,000,000	4.000% Retail Opportunity Investments Corporation, 12-15-24		14,898,870
	12,500,000	3.625% Site Centers Corporation, 02-01-25		12,406,212
	17,500,000	2.300% Sun Communities Operating Limited Partnership, 11-01-28		15,586,690
	10,000,000	2.950% UDR, Inc., 09-01-26		9,587,125

			$	144,704,486
		RETAIL — 1.01% of Total Net Assets
	7,500,000	1.750% Advance Auto Parts, Inc., 10-01-27	$	6,641,820
	15,000,000	3.500% AutoNation, Inc., 11-15-24		14,896,012
	5,000,000	4.500% AutoNation, Inc., 10-01-25		4,944,190
	7,500,000	4.750% Starbucks Corporation, 02-15-26		7,492,410

			$	33,974,432
		TRANSPORTATION — 1.67% of Total Net Assets
	7,500,000	2.875% Canadian Pacific Kansas City Limited, 11-15-29	$	6,862,462
	5,000,000	3.350% CSX Corporation, 11-01-25		4,903,753
	10,000,000	4.250% CSX Corporation, 03-15-29		9,892,960
	7,500,000	3.875% Hunt (J.B.) Transport Services, Inc., 03-01-26		7,380,019
	14,500,000	4.450% Penske Truck Leasing Company, L.P., 01-29-26 (d)		14,344,132
	7,500,000	2.500% Ryder System, Inc., 09-01-24		7,474,969
	6,000,000	1.750% Ryder System, Inc., 09-01-26		5,628,663

			$	56,486,958
		UTILITIES — .51% of Total Net Assets
	10,000,000	5.200% National Fuel Gas Company, 07-15-25	$	9,989,650
	7,500,000	3.300% Xcel Energy, Inc., 06-01-25		7,370,602

			$	17,360,252

			$	868,646,603

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2024 (Unaudited)


Principal Amount			Market Value
		UNITED STATES TREASURY SECURITIES — 1.83% of Total Net Assets
$	12,500,000	United States Treasury bills 5.356%, 09-10-24 (b)	$	12,427,075
	15,000,000	United States Treasury bills 5.300%, 11-05-24 (b)		14,795,959
	15,000,000	United States Treasury bills 5.125%, 01-23-25 (b)		14,644,417
	10,000,000	United States Treasury bonds 1.125%, 01-15-25		9,822,962
	10,000,000	United States Treasury bonds 4.875%, 04-30-26		10,085,423

			$	61,775,836

		Total Dollar Assets (identified cost $940,397,045)	$	930,422,439

		Total Portfolio — 99.25% of total net assets (identified cost $2,110,123,042) (e)	$	3,351,670,427
		Other assets, less liabilities (.75% of total net assets)		25,185,048

		Net assets applicable to outstanding shares	$	3,376,855,475


		Notes:
		(a) Non-income producing.
		(b) Interest rate represents yield to maturity.
		(c) Sponsored American Depositary Receipt (ADR).
		(d) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration to qualified institutional investors. As of July 31, 2024, these securities amounted to $142,575,810, or 4.22% of Permanent Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.
		(e) Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

SHORT-TERM TREASURY PORTFOLIO

Schedule of Investments

July 31, 2024 (Unaudited)


Principal Amount			Market Value
		UNITED STATES TREASURY SECURITIES — 99.02% of Total Net Assets
$	750,000	United States Treasury bills 4.964%, 08-15-24 (a)	$	748,473
	1,400,000	United States Treasury notes 1.250%, 08-31-24		1,394,997
	1,500,000	United States Treasury notes .625%, 10-15-24		1,486,012
	1,300,000	United States Treasury notes 1.500%, 10-31-24		1,287,890
	1,500,000	United States Treasury notes 1.375%, 01-31-25		1,472,955
	1,400,000	United States Treasury notes 2.625%, 04-15-25		1,378,096
	1,300,000	United States Treasury notes 4.125%, 06-15-26		1,295,676
	1,350,000	United States Treasury notes 1.500%, 08-15-26		1,277,774
	1,000,000	United States Treasury notes 4.250%, 03-15-27		1,003,405

		Total Portfolio — 99.02% of total net assets (identified cost $11,371,880)(b)	$	11,345,278
		Other assets, less liabilities (.98% of total net assets)		112,191

		Net assets applicable to outstanding shares	$	11,457,469


		Notes:
		(a) Interest rate represents yield to maturity.
		(b) Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2024 (Unaudited)


Principal Amount			Market Value
		CORPORATE BONDS — 88.49% of Total Net Assets

		AEROSPACE— 1.00% of Total Net Assets
$	1,000,000	4.200% Hexcel Corporation, 02-15-27	$	974,572

			$	974,572
		CHEMICALS — 2.02% of Total Net Assets
	1,000,000	3.200% FMC Corporation, 10-01-26	$	960,264
	1,000,000	.875% Westlake Corporation, 08-15-24		997,981

			$	1,958,245
		COMPUTER SOFTWARE & SERVICES — 3.56% of Total Net Assets
	500,000	1.000% Fortinent, Inc., 03-15-26	$	469,392
	3,000,000	4.750% Trimble, Inc., 12-01-24		2,984,055

			$	3,453,447
		CONSUMER PRODUCTS — 12.28% of Total Net Assets
	2,500,000	3.222% B.A.T. Capital Corporation, 08-15-24	$	2,497,776
	1,000,000	7.125% Conagra Brands, Inc., 10-01-26		1,046,901
	4,750,000	3.500% Imperial Brands, p.l.c., 07-26-26 (a)		4,596,539
	500,000	3.350% Johnson (S.C.) & Son, Inc., 09-30-24 (a)		497,840
	370,000	.875% Mars, Inc., 07-16-26 (a)		343,792
	1,000,000	3.500% Smucker (J. M.) Company, 03-15-25		987,002
	1,000,000	3.375% Smucker (J. M.) Company, 12-15-27		961,853
	1,000,000	2.250% Suntory Holdings, Ltd., 10-16-24 (a)		992,779

			$	11,924,482
		ELECTRICAL EQUIPMENT & ELECTRONICS — 1.28% of Total Net Assets
	1,250,000	4.625% Avnet, Inc., 04-15-26	$	1,238,622

			$	1,238,622
		ENERGY SERVICES & PROCESSING — 8.10% of Total Net Assets
	5,543,600	4.750% El Paso Energy Capital Trust I, 03-31-28 (b)	$	5,233,159
	820,000	5.625% Hess Midstream Operations, LP, 02-15-26 (a)		814,875
	564,000	5.875% HF Sinclair Corporation, 04-01-26		568,615
	1,250,000	5.000% Oneok, Inc., 03-01-26		1,249,239

			$	7,865,888
		ENGINEERING & CONSTRUCTION — 1.04% of Total Net Assets
	1,000,000	5.500% PulteGroup, Inc., 03-01-26	$	1,005,439

			$	1,005,439
		FINANCIAL SERVICES — 8.19% of Total Net Assets
	1,000,000	3.500% Affiliated Managers Group, Inc., 08-01-25	$	982,074
	997,500	6.500% B. Riley Financial, Inc., 09-30-26		762,090
	2,500,000	4.700% Key Bank, N.A., 01-26-26		2,469,720
	375,000	4.625% KKR Group Finance Company IX, LLC, 04-01-61		288,750
	3,000,000	2.900% Manufactuers & Traders Trust Company, 02-06-25		2,952,377
	500,000	5.900% PNC Bank, N.A., 04-01-26		500,628

			$	7,955,639

Continued on following page.

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2024 (Unaudited)


Principal Amount			Market Value
		INSURANCE — 13.21% of Total Net Assets
$	500,000	4.200% Brown & Brown, Inc., 09-15-24	$	498,960
	1,500,000	4.500% Brown & Brown, Inc., 03-15-29		1,475,127
	2,000,000	4.550% Globe Life, Inc., 09-15-28		1,940,095
	2,750,000	4.500% Horace Mann Educators Corporation, 12-01-25		2,710,584
	3,000,000	4.350% Kemper Corporation, 02-15-25		2,979,000
	1,000,000	3.750% Loews Corporation, 04-01-26		982,323
	1,750,000	4.400% Mercury General Corporation, 03-15-27		1,708,860
	750,000	7.450% Phoenix Companies, Inc., 01-15-32		532,500

			$	12,827,449
		MANUFACTURING — 7.27% of Total Net Assets
	375,000	8.125% Babcock & Wilcox Enterprises, Inc., 02-28-26	$	332,100
	3,000,000	4.625% Kennametal, Inc., 06-15-28		2,973,651
	1,000,000	4.550% Keysight Technologies, Inc., 10-30-24		996,195
	2,000,000	4.600% Keysight Technologies, Inc., 04-06-27		1,988,740
	750,000	5.600% Nordson Corporation, 09-15-28		771,925

			$	7,062,611
		MATERIALS — 1.02% of Total Net Assets
	1,000,000	2.800% Steel Dynamics, Inc., 12-15-24	$	989,375

			$	989,375
		NATURAL RESOURCES — 8.05% of Total Net Assets
	1,000,000	3.900% Cimarex Energy Company, 05-15-27	$	918,682
	500,000	1.625% Glencore Funding, LLC, 09-01-25 (a)		480,243
	3,000,000	5.650% Ovintiv, Inc., 05-15-25		3,001,725
	1,000,000	5.375% Ovintiv, Inc., 01-01-26		1,001,835
	2,500,000	4.125% Parsley Energy, LLC, 02-15-28 (a)		2,420,122

			$	7,822,607
		REAL ESTATE— 13.41% of Total Net Assets
	1,250,000	4.100% Camden Property Trust, 10-15-28	$	1,219,643
	1,100,000	2.000% COPT Defense Properties, 01-15-29		956,990
	1,250,000	3.125% Cubesmart, L.P., 09-01-26		1,203,855
	750,000	2.250% Cubesmart, L.P., 12-15-28		674,775
	538,000	3.375% Duke Realty, L.P., 12-15-27		503,706
	500,000	7.600% First Industrial, L.P., 07-15-28		534,503
	1,250,000	3.850% Kimco Realty Corporation, 06-01-25		1,230,177
	1,250,000	3.250% Kimco Realty Corporation, 08-15-26		1,204,337
	500,000	1.900% Kimco Realty Corporation, 03-01-28		453,932
	1,000,000	3.600% Regency Centers, L.P., 02-01-27		973,015
	1,000,000	3.700% Regency Centers, L.P., 06-15-30		938,716
	2,250,000	4.000% Retail Opportunity Investments Corporation, 12-15-24		2,234,831
	1,000,000	2.300% Sun Communities Operating Limited Partnership, 11-01-28		890,668

			$	13,019,148
		RETAIL — 2.56% of Total Net Assets
	2,500,000	3.500% AutoNation, Inc., 11-15-24	$	2,482,669

			$	2,482,669
		TRANSPORTATION — 2.23% of Total Net Assets
	1,083,000	6.700% Burlington Northern Santa Fe, LLC, 08-01-28	$	1,169,770
	500,000	4.250% CSX Corporation, 03-15-29		494,648
	500,000	2.500% Ryder System, Inc., 09-01-24		498,331

			$	2,162,749

Continued on following page.

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2024 (Unaudited)


Principal Amount			Market Value
		UTILITIES — 1.45% of Total Net Assets
$	498,000	3.600% Eastern Gas Transmission & Storage, Inc., 12-15-24	$	492,903
	500,000	7.375% National Fuel Gas Company, 06-13-25		506,447
	415,000	3.508% Niagara Mohawk Power Corporation, 10-01-24 (a)		413,006

			$	1,412,356
		WASTE & ENVIRONMENTAL SERVICES — 1.82% of Total Net Assets
	1,750,000	4.875% Republic Services, Inc., 04-01-29	$	1,768,372

			$	1,768,372

		Total Corporate Bonds (identified cost $87,677,552)	$	85,923,670


Number of Shares
		PREFERRED STOCKS — 10.02% of Total Net Assets

		COMMUNICATIONS SERVICES — 2.47% of Total Net Assets
	45,000	7.125% DigitalBridge Group, Inc., Preferred Class H (c)	$	1,014,750
	45,000	7.125% DigitalBridge Group, Inc., Preferred Class J (c)		1,036,800
	20,000	6.000% Telephone & Data Systems, Inc., Preferred Class VV (c)		345,200

			$	2,396,750
		FINANCIAL SERVICES — 3.91% of Total Net Assets
	15,000	5.625% Associated Banc-Corp, Preferred Class F (d)	$	304,800
	50,000	5.000% Capital One Financial Corporation, Preferred Class I (d)		976,500
	40,721	7.875% Compass Diversified Holdings, Preferred Class C (c)		1,014,360
	10,000	2.900% Manufacturers & Traders Trust Company, Preferred Class J (d)		263,100
	15,000	6.000% Merchants Bancorp, Preferred Class C (d)		320,550
	15,000	4.450% Schwab (Charles) Corporation, Preferred Class J (d)		302,700
	37,500	4.875% WaFD, Inc., Preferred Class A (d)		618,750

			$	3,800,760
		INSURANCE — .43% of Total Net Assets
	500,000	6.500% SBL Holdings, Inc., Perpetual Hybrid Subordinated (a)(c)(e)	$	417,500

			$	417,500
		REAL ESTATE — 3.21% of Total Net Assets
	45,000	6.375% CTO Realty Growth, Inc., Preferred Class A (c)	$	983,700
	65,000	6.250% Regency Centers Corporation, Preferred Class A (c)		1,436,500
	30,000	5.875% Regency Centers Corporation, Preferred Class B (c)		697,500

			$	3,117,700

		Total Preferred Stocks (identified cost $10,963,526)	$	9,732,710


Principal Amount
		UNITED STATES TREASURY SECURITIES — .51% of Total Net Assets
	500,000	United States Treasury bills 4.964%, 08-15-24 (f)	$	498,982

		Total United States Treasury Securities (identified cost $498,972)	$	498,982

		Total Portfolio — 99.02% of total net assets (identified cost $99,140,050) (g)	$	96,155,362
		Other assets, less liabilities (.98% of total net assets)		954,994

		Net assets applicable to outstanding shares	$	97,110,356

Continued on following page.

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2024 (Unaudited)


				Notes:
				(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration to qualified institutional investors. As of July 31, 2024, these securities amounted to $10,976,696, or 11.30% of Versatile Bond Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.
				(b) Convertible security.
				(c) Cumulative, perpetual preferred stock.
				(d) Non-cumulative, perpetual preferred stock.
				(e) Variable or floating rate security whereby the interest rate is periodically reset. The interest rate shown reflects the rate in effect as of July 31, 2024.
				(f) Interest rate represents yield to maturity.
				(g) Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

July 31, 2024 (Unaudited)


Number of Shares			Market Value
		AGGRESSIVE GROWTH STOCKS — 97.40% of Total Net Assets

		AEROSPACE — 3.92% of Total Net Assets
	3,000	Lockheed Martin Corporation	$	1,625,760

			$	1,625,760
		CHEMICALS — 3.04% of Total Net Assets
	3,000	Air Products & Chemicals, Inc.	$	791,550
	5,000	Albemarle Corporation		468,350

			$	1,259,900
		COMPUTER SOFTWARE & SERVICES — 6.66% of Total Net Assets
	3,000	Autodesk, Inc. (a)	$	742,560
	75,000	Palantir Technologies, Inc. Class A (a)		2,016,750

			$	2,759,310
		ELECTRICAL EQUIPMENT & ELECTRONICS — 25.42% of Total Net Assets
	20,000	Broadcom, Inc.	$	3,213,600
	10,000	Intel Corporation		307,400
	60,000	NVIDIA Corporation		7,021,200

			$	10,542,200
		ENERGY SERVICES & PROCESSING — 1.86% of Total Net Assets
	15,000	HF Sinclair Corporation	$	772,050

			$	772,050
		ENGINEERING & CONSTRUCTION — 3.29% of Total Net Assets
	10,000	Fluor Corporation (a)	$	481,000
	5,000	Lennar Corporation Class A		884,650

			$	1,365,650
		ENTERTAINMENT & LEISURE — 7.85% of Total Net Assets
	5,000	Disney (Walt) Company	$	468,450
	5,000	Meta Platforms, Inc. Class A		2,374,150
	5,000	Wynn Resorts, Ltd. (a)		414,100

			$	3,256,700
		FINANCIAL SERVICES — 8.03% of Total Net Assets
	15,000	Affirm Holdings, Inc. Class A (a)	$	424,350
	10,000	Morgan Stanley		1,032,100
	10,000	Schwab (Charles) Corporation		651,900
	5,000	State Street Corporation		424,850
	3,000	Visa, Inc. Class A		797,010

			$	3,330,210
		MANUFACTURING — 7.99% of Total Net Assets
	4,000	Agilent Technologies, Inc.	$	565,600
	3,000	Illinois Tool Works, Inc.		741,840
	4,000	IPG Photonics Corporation (a)		321,600
	3,000	Parker-Hannifin Corporation		1,683,480

			$	3,312,520
		MATERIALS — 1.18% of Total Net Assets
	3,000	Nucor Corporation	$	488,820

			$	488,820

Continued on following page.

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

July 31, 2024 (Unaudited)


Number of Shares			Market Value
		NATURAL RESOURCES — 11.61% of Total Net Assets
	100,000	Birchcliff Energy, Ltd.	$	433,000
	75,000	Freeport-McMoRan, Inc.		3,405,750
	10,000	Nutrien, Ltd.		512,000
	10,000	Ovintiv, Inc.		464,400

			$	4,815,150
		PHARMACEUTICALS — 2.41% of Total Net Assets
	3,000	Amgen, Inc.	$	997,410

			$	997,410
		RETAIL — 7.70% of Total Net Assets
	2,000	Costco Wholesale Corporation	$	1,644,000
	10,000	Williams-Sonoma, Inc.		1,546,800

			$	3,190,800
		TRANSPORTATION — 6.44% of Total Net Assets
	5,000	Canadian Pacific Kansas City Limited	$	419,100
	3,000	FedEx Corporation		906,750
	5,000	Ryder System, Inc.		700,800
	10,000	Uber Technologies, Inc. (a)		644,700

			$	2,671,350

		Total Aggressive Growth Stocks (identified cost $11,000,585)	$	40,387,830

Principal Amount
		UNITED STATES TREASURY SECURITIES — 2.40% of Total Net Assets
$	1,000,000	United States Treasury bills 5.151%, 08-29-24 (b)	$	995,924

		Total United States Treasury Securities (identified cost $995,924)	$	995,924

		Total Portfolio — 99.80% of total net assets (identified cost $11,996,509) (c)	$	41,383,754
		Other assets, less liabilities (.20% of total net assets)		81,375

		Net assets applicable to outstanding shares	$	41,465,129


		Notes:
		(a) Non-income producing.
		(b) Interest rate represents yield to maturity.
		(c) Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

STATEMENTS OF ASSETS AND LIABILITIES

July 31, 2024 (Unaudited)


	Permanent Portfolio^®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
ASSETS
Investments at market value (Notes 1, 5 & 6):
Investments other than securities:
Gold assets (identified cost $328,396,837; $—; $— and $—, respectively)	$	749,878,791	$	—	$	—	$	—
Silver assets (identified cost $92,215,771; $—; $— and $—, respectively)		174,342,194		—		—		—
Swiss franc deposits (identified cost $566,052; $—; $— and $—, respectively)		569,824		—		—		—

		924,790,809		—		—		—
Swiss franc bonds		262,340,929		—		—		—
Real estate and natural resource stocks		600,809,800		—		—		—
Aggressive growth stocks		633,306,450		—		—		40,387,830
Corporate bonds		868,646,603		—		85,923,670		—
Preferred stocks		—		—		9,732,710		—
United States Treasury securities		61,775,836		11,345,278		498,982		995,924

Total investments (identified cost $2,110,123,042; $11,371,880; $99,140,050 and $11,996,509, respectively)		3,351,670,427		11,345,278		96,155,362		41,383,754
Cash		8,366,039		53,082		4,994		—
Accounts receivable for shares of the portfolio sold		3,709,394		6,211		109,469		175,343
Accrued dividends receivable		799,725		—		—		35,450
Accrued interest receivable		9,065,396		58,203		928,267		—
Accrued foreign taxes receivable		6,784,718		—		—		—
Prepaid expenses		194,334		729		4,053		2,991

Total assets		3,380,590,033		11,463,503		97,202,145		41,597,538

LIABILITIES
Bank overdraft		—		—		—		87,813
Accounts payable for shares of the portfolio redeemed		1,082,342		—		29,820		—
Accrued investment advisory fees		2,230,601		6,034		51,291		41,715
Accrued distribution and service fees		421,615		—		10,678		2,881

Total liabilities		3,734,558		6,034		91,789		132,409

NET ASSETS	$	3,376,855,475	$	11,457,469	$	97,110,356	$	41,465,129

Continued on following page.

STATEMENTS OF ASSETS AND LIABILITIES

July 31, 2024 (Unaudited)


	Permanent Portfolio^®		Short-Term Treasury Portfolio		Versatile Bond Portfolio			Aggressive Growth Portfolio
COMPONENTS OF NET ASSETS
Capital stock	$	58,615	$	174	$	1,495		$	446
Paid-in capital		2,074,460,299		11,282,713		100,541,002			9,281,742

		2,074,518,914		11,282,887		100,542,497			9,282,188
Total distributable earnings (deficit)		1,302,336,561		174,582		(3,432,141	)		32,182,941

NET ASSETS APPLICABLE TO OUTSTANDING SHARES	$	3,376,855,475	$	11,457,469	$	97,110,356		$	41,465,129


COMPUTATION OF NET ASSETS

CLASS I SHARES
Net assets applicable to outstanding shares	$	3,293,628,089	$	11,457,469	$	95,513,952		$	40,453,002
Shares outstanding		57,136,538		173,877		1,469,447			435,019
Net asset value and redemption proceeds per share	$	57.64	$	65.89	$	65.00		$	92.99

CLASS A SHARES
Net assets applicable to outstanding shares	$	38,410,677	$	—	$	76,070		$	507,941
Shares outstanding		670,236		—		1,175			5,495
Net asset value per share	$	57.31	$	—	$	64.76		$	92.44
Offering price per share (NAV per share plus maximum sales charge) (1)	$	60.33	$	—	$	67.46		$	97.31

CLASS C SHARES
Net assets applicable to outstanding shares	$	44,816,709	$	—	$	1,520,334		$	504,186
Shares outstanding		808,368		—		23,969			5,867
Net asset value per share	$	55.44	$	—	$	63.43		$	85.93
Redemption proceeds per share (NAV per share less maximum contingent deferred sales charge) (2)	$	54.89	$	—	$	62.80		$	85.07

(1)	Maximum sales charge for Class A shares of 5.00% in Permanent Portfolio and Aggressive Growth Portfolio, and 4.00% in Versatile Bond Portfolio.

(2)	Maximum contingent deferred sales charge (CDSC) is 1.00% for Class C shares. The CDSC is eliminated one year after purchase.

See accompanying notes to financial statements.

[THIS PAGE INTENTIONALLY LEFT BLANK]

STATEMENTS OF OPERATIONS

Six Months Ended July 31, 2024 (Unaudited)


	Permanent Portfolio^®			Short-Term Treasury Portfolio			Versatile Bond Portfolio			Aggressive Growth Portfolio
INVESTMENT INCOME (Note 1)
Interest	$	17,587,084		$	197,641		$	1,597,779		$	471
Dividends		12,787,985			—			566,340			245,183

		30,375,069			197,641			2,164,119			245,654
EXPENSES (Notes 3 & 4)
Investment advisory fee		12,417,552			67,585			573,018			226,957
Trustees’ fees and expenses		354,353			1,274			12,746			3,876
Legal expense		47,009			183			1,529			510
Distribution and service fees—Class A		55,370			—			93			344
Distribution and service fees—Class C		203,443			—			7,021			1,763

Total expenses		13,077,727			69,042			594,407			233,450
Less waiver of investment advisory fee		—			(32,014	)		(271,430	)		—

Net expenses		13,077,727			37,028			322,977			233,450

Net investment income before foreign income taxes deducted at source		17,297,342			160,613			1,841,142			12,204
Less foreign income taxes deducted at source, net of refundable taxes		(109,734	)		—			—			(4,034	)

NET INVESTMENT INCOME		17,187,608			160,613			1,841,142			8,170


NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY (Notes 1, 5 & 6)

Net realized gain (loss) on:
Investments in securities		53,333,035			(8,148	)		(265,118	)		241,674
Foreign currency transactions		700,190			—			—			(20	)

		54,033,225			(8,148	)		(265,118	)		241,654
Change in unrealized appreciation (depreciation) of:
Investments		319,877,613			95,106			1,032,722			7,203,468
Translation of assets and liabilities in foreign currencies		(251,419	)		—			—			—

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY		373,659,419			86,958			767,604			7,445,122

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	390,847,027		$	247,571		$	2,608,746		$	7,453,292

See accompanying notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


	Permanent Portfolio^®
	Six Months Ended July 31, 2024 (Unaudited)			Year Ended January 31, 2024
OPERATIONS
Net investment income	$	17,187,608		$	24,122,119
Net realized gain (loss) on investments in securities		53,333,035			(5,047,146	)
Net realized gain on investments other than securities		—			5,756,650
Net realized gain (loss) on foreign currency transactions		700,190			(189,093	)
Change in unrealized appreciation of investments		319,877,613			155,251,699
Change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies		(251,419	)		326,758

Net increase in net assets resulting from operations		390,847,027			180,220,987


DISTRIBUTIONS TO SHAREHOLDERS (Note 2)
Class I		—			(39,747,346	)
Class A		—			(603,279	)
Class C		—			(287,324	)

Total distributions to shareholders		—			(40,637,949	)


CAPITAL STOCK TRANSACTIONS
Shares sold
Class I		292,326,664			411,894,631
Class A		8,833,372			24,462,028
Class C		5,587,900			4,955,585
Distributions reinvested
Class I		—			30,941,706
Class A		—			499,771
Class C		—			228,450
Shares redeemed
Class I		(233,133,815	)		(599,096,886	)
Class A		(20,250,880	)		(17,125,088	)
Class C		(2,984,395	)		(5,974,294	)

Net increase (decrease) from capital stock transactions		50,378,846			(149,214,097	)

NET INCREASE (DECREASE) IN NET ASSETS		441,225,873			(9,631,059	)

NET ASSETS AT BEGINNING OF PERIOD		2,935,629,602			2,945,260,661

NET ASSETS AT END OF PERIOD	$	3,376,855,475		$	2,935,629,602



SHARE TRANSACTIONS
Shares sold
Class I		5,301,764			8,465,425
Class A		160,833			513,743
Class C		104,224			105,520
Distributions reinvested
Class I		—			627,875
Class A		—			10,185
Class C		—			4,789
Shares redeemed
Class I		(4,292,431	)		(12,373,674	)
Class A		(365,560	)		(348,699	)
Class C		(56,607	)		(127,850	)

INCREASE (DECREASE) IN SHARES OUTSTANDING		852,223			(3,122,686	)

Continued on following page.


Short-Term Treasury Portfolio						Versatile Bond Portfolio						Aggressive Growth Portfolio
Six Months Ended July 31, 2024 (Unaudited)			Year Ended January 31, 2024			Six Months Ended July 31, 2024 (Unaudited)			Year Ended January 31, 2024			Six Months Ended July 31, 2024 (Unaudited)			Year Ended January 31, 2024

$	160,613		$	225,814		$	1,841,142		$	3,137,577		$	8,170		$	150,238
	(8,148	)		(41,792	)		(265,118	)		(164,665	)		241,674			3,401,955
	—			—			—			—			—			—
	—			—			—			—			(20	)		340
	95,106			211,277			1,032,722			1,485,212			7,203,468			3,654,421
	—			—			—			—			—			—

	247,571			395,299			2,608,746			4,458,124			7,453,292			7,206,954



	—			(201,014	)		—			(2,738,215	)		—			(1,015,957	)
	—			—			—			(2,897	)		—			(2,888	)
	—			—			—			(26,714	)		—			(5,780	)

	—			(201,014	)		—			(2,767,826	)		—			(1,024,625	)




	677,742			2,228,668			13,221,507			40,527,502			2,998,070			7,107,105
	—			—			—			5,856			283,145			73,080
	—			—			387,354			916,168			236,538			54,670

	—			186,925			—			2,605,975			—			962,240
	—			—			—			2,539			—			2,887
	—			—			—			26,714			—			5,780

	(1,205,895	)		(2,938,703	)		(15,184,139	)		(37,998,163	)		(3,018,894	)		(10,797,645	)
	—			—			—			(71,476	)		(2,754	)		(5,798	)
	—			—			(19,802	)		(547,880	)		(6,000	)		(1,811	)

	(528,153	)		(523,110	)		(1,595,080	)		5,467,235			490,105			(2,599,492	)

	(280,582	)		(328,825	)		1,013,666			7,157,533			7,943,397			3,582,837

	11,738,051			12,066,876			96,096,690			88,939,157			33,521,732			29,938,895

$	11,457,469		$	11,738,051		$	97,110,356		$	96,096,690		$	41,465,129		$	33,521,732





	10,430			34,678			207,817			652,547			33,731			104,644
	—			—			—			94			3,012			983
	—			—			6,244			15,042			2,895			855

	—			2,923			—			42,127			—			13,984
	—			—			—			41			—			42
	—			—			—			440			—			90

	(18,599	)		(46,028	)		(238,296	)		(611,403	)		(34,849	)		(154,742	)
	—			—			—			(1,146	)		(28	)		(83	)
	—			—			(318	)		(9,005	)		(71	)		(28	)

	(8,169	)		(8,427	)		(24,553	)		88,737			4,690			(34,255	)

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Permanent Portfolio^®


Class A Shares (PRPDX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	50.61		$	48.19		$	47.92		$	45.98		$	40.86		$	37.99


Income from investment operations
Net investment income (loss) (2)		.23			.30			.19			(.01)			.16			.27
Net realized and unrealized gain on investments and foreign currencies (3)		6.47			2.73			.68			2.87			7.37			3.66

Total income from investment operations		6.70			3.03			.87			2.86			7.53			3.93

Less distributions from
Net investment income		—			(.23	)		(.01	)		(.08	)		(.36	)		(.30	)
Net realized gain on investments		—			(.38	)		(.59	)		(.84	)		(2.05	)		(.76	)

Total distributions		—			(.61	)		(.60	)		(.92	)		(2.41	)		(1.06	)


Net asset value, end of period	$	57.31		$	50.61		$	48.19		$	47.92		$	45.98		$	40.86


Total return (4)		13.24%	†		6.33%			1.87%			6.18%			18.56%			10.45%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	38,411		$	44,285		$	33,723		$	48,095		$	25,918		$	9,752


Portfolio turnover rate		12.87%	†		15.26%			27.58%			29.47%			41.03%			15.26%
Ratio of expenses to average net assets		1.06%	*		1.07%			1.07%			1.06%			1.08%			1.10%
Ratio of net investment income (loss) to average net assets		.84%	*		.62%			.41%			(.02)%			.36%			.68%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment income (loss) is based on average shares outstanding during the period.

(3)

Per share net realized and unrealized gains or losses on investments and foreign currencies may not correspond with the change in aggregate unrealized gains and losses in the Portfolio’s securities because of the timing of sales and repurchases of the Portfolio’s shares in relation to fluctuating market values for the Portfolio.

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Permanent Portfolio^®


Class C Shares (PRPHX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	49.15		$	46.94		$	47.04		$	45.40		$	40.45		$	37.67


Income from investment operations
Net investment income (loss) (2)		.03			(.07	)		(.15	)		(.38	)		(.14	)		(.03	)
Net realized and unrealized gain on investments and foreign currencies (3)		6.26			2.66			.64			2.86			7.24			3.63

Total income from investment operations		6.29			2.59			.49			2.48			7.10			3.60

Less distributions from
Net investment income		—			—			—			—			(.10	)		(.06	)
Net realized gain on investments		—			(.38	)		(.59	)		(.84	)		(2.05	)		(.76	)

Total distributions		—			(.38	)		(.59	)		(.84	)		(2.15	)		(.82	)


Net asset value, end of period	$	55.44		$	49.15		$	46.94		$	47.04		$	45.40		$	40.45


Total return (4)		12.80%	†		5.55%			1.09%			5.41%			17.67%			9.62%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	44,817		$	37,389		$	36,537		$	30,038		$	13,315		$	6,314


Portfolio turnover rate		12.87%	†		15.26%			27.58%			29.47%			41.03%			15.26%
Ratio of expenses to average net assets		1.81%	*		1.82%			1.82%			1.81%			1.83%			1.85%
Ratio of net investment income (loss) to average net assets		.11%	*		(.14)%			(.33)%			(.78)%			(.34)%			(.07)%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment income (loss) is based on average shares outstanding during the period.

(3)

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Permanent Portfolio^®


Class I Shares (PRPFX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	50.85		$	48.39		$	48.13		$	46.15		$	40.96		$	38.07


Income from investment operations
Net investment income (2)		.30			.42			.31			.12			.31			.39
Net realized and unrealized gain on investments and foreign currencies (3)		6.49			2.75			.68			2.88			7.36			3.65

Total income from investment operations		6.79			3.17			.99			3.00			7.67			4.04

Less distributions from
Net investment income		—			(.33	)		(.14	)		(.18	)		(.43	)		(.39	)
Net realized gain on investments		—			(.38	)		(.59	)		(.84	)		(2.05	)		(.76	)

Total distributions		—			(.71	)		(.73	)		(1.02	)		(2.48	)		(1.15	)


Net asset value, end of period	$	57.64		$	50.85		$	48.39		$	48.13		$	46.15		$	40.96


Total return (4)		13.35%	†		6.61%			2.13%			6.44%			18.85%			10.73%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	3,293,628		$	2,853,956		$	2,875,001		$	2,825,470		$	2,367,139		$	1,926,723


Portfolio turnover rate		12.87%	†		15.26%			27.58%			29.47%			41.03%			15.26%
Ratio of expenses to average net assets		.81%	*		.82%			.82%			.81%			.83%			.85%
Ratio of net investment income to average net assets		1.11%	*		.86%			.67%			.25%			.72%			.97%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment income is based on average shares outstanding during the period.

(3)

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Short-Term Treasury Portfolio


Class I Shares (PRTBX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	64.48		$	63.35		$	64.22		$	64.92		$	65.07		$	65.06


Income (loss) from investment operations
Net investment income (loss) (2)		.91			1.30			.46			(.37	)		(.02	)		1.06
Net realized and unrealized gain (loss) on investments (3)		.50			.98			(1.33	)		(.33	)		.01			.02

Total income (loss) from investment operations		1.41			2.28			(.87	)		(.70	)		(.01	)		1.08

Less distributions from
Net investment income		—			(1.15	)		—			—			(.14	)		(1.07	)

Total distributions		—			(1.15	)		—			—			(.14	)		(1.07	)


Net asset value, end of period	$	65.89		$	64.48		$	63.35		$	64.22		$	64.92		$	65.07


Total return (4)		2.19%	†		3.62%			(1.35)%			(1.08)%			(.02)%			1.66%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	11,457		$	11,738		$	12,067		$	12,503		$	13,159		$	12,630


Portfolio turnover rate		20.64%	†		21.97%			—%			—%			48.08%			55.42%
Ratio of expenses to average net assets:
After Advisory Fee waiver		.65%	*		.65%			.65%			.65%			.66%			.66%
Before Advisory Fee waiver		1.21%	*		1.21%			1.21%			1.21%			1.22%			1.23%
Ratio of net investment income (loss) to average net assets:
After Advisory Fee waiver		2.82%	*		2.02%			.72%			(.57)%			(.02)%			1.62%
Before Advisory Fee waiver		2.26%	*		1.46%			.16%			(1.13)%			(.58)%			1.05%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment income (loss) is based on average shares outstanding during the period.

(3)

Per share net realized and unrealized gains or losses on investments may not correspond with the change in aggregate unrealized gains and losses in the Portfolio’s securities because of the timing of sales and repurchases of the Portfolio’s shares in relation to fluctuating market values for the Portfolio.

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Versatile Bond Portfolio


Class A Shares (PRVDX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	63.12		$	62.02		$	64.69		$	64.38		$	61.72		$	58.27


Income (loss) from investment operations
Net investment income (2)		1.13			1.93			1.32			.87			2.21			1.85
Net realized and unrealized gain (loss) on investments (3)		.51			.97			(3.04	)		(.11	)		3.41			2.96

Total income (loss) from investment operations		1.64			2.90			(1.72	)		.76			5.62			4.81

Less distributions from
Net investment income		—			(1.80	)		(.95	)		(.45	)		(2.96	)		(1.36	)

Total distributions		—			(1.80	)		(.95	)		(.45	)		(2.96	)		(1.36	)


Net asset value, end of period	$	64.76		$	63.12		$	62.02		$	64.69		$	64.38		$	61.72


Total return (4)		2.60%	†		4.74%			(2.63)%			1.17%			9.18%			8.29%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	76		$	74		$	135		$	121		$	55		$	13


Portfolio turnover rate		17.12%	†		25.11%			25.68%			34.70%			29.89%			52.51%
Ratio of expenses to average net assets:
After Advisory Fee waiver		.91%	*		.91%			.90%			.89%			.92%			.91%
Before Advisory Fee waiver		1.47%	*		1.47%			1.46%			1.45%			1.48%			1.47%
Ratio of net investment income to average net assets:
After Advisory Fee waiver		3.58%	*		3.11%			2.13%			1.32%			3.49%			3.05%
Before Advisory Fee waiver		3.02%	*		2.55%			1.56%			.76%			2.93%			2.49%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment income is based on average shares outstanding during the period.

(3)

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Versatile Bond Portfolio


Class C Shares (PRVHX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	62.05		$	61.19		$	63.94		$	63.86		$	61.55		$	58.14


Income (loss) from investment operations
Net investment income (2)		.89			1.46			.87			.34			1.76			1.38
Net realized and unrealized gain (loss) on investments (3)		.49			.93			(3.03	)		(.07	)		3.34			2.96

Total income (loss) from investment operations		1.38			2.39			(2.16	)		.27			5.10			4.34

Less distributions from
Net investment income		—			(1.53	)		(.59	)		(.19	)		(2.79	)		(.93	)

Total distributions		—			(1.53	)		(.59	)		(.19	)		(2.79	)		(.93	)


Net asset value, end of period	$	63.43		$	62.05		$	61.19		$	63.94		$	63.86		$	61.55


Total return (4)		2.22%	†		3.97%			(3.36)%			.43%			8.35%			7.49%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	1,520		$	1,120		$	708		$	375		$	33		$	12


Portfolio turnover rate		17.12%	†		25.11%			25.68%			34.70%			29.89%			52.51%
Ratio of expenses to average net assets:
After Advisory Fee waiver		1.66%	*		1.66%			1.65%			1.64%			1.67%			1.66%
Before Advisory Fee waiver		2.22%	*		2.22%			2.21%			2.20%			2.23%			2.22%
Ratio of net investment income to average net assets:
After Advisory Fee waiver		2.87%	*		2.39%			1.43%			.52%			2.84%			2.30%
Before Advisory Fee waiver		2.31%	*		1.83%			.87%			(.04)%			2.28%			1.74%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment income is based on average shares outstanding during the period.

(3)

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Versatile Bond Portfolio


Class I Shares (PRVBX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	63.27		$	62.19		$	64.87		$	64.50		$	61.75		$	58.30


Income (loss) from investment operations
Net investment income (2)		1.21			2.10			1.46			1.00			2.37			2.01
Net realized and unrealized gain (loss) on investments (3)		.52			.96			(3.03	)		(.07	)		3.41			2.97

Total income (loss) from investment operations		1.73			3.06			(1.57	)		.93			5.78			4.98

Less distributions from
Net investment income		—			(1.98	)		(1.11	)		(.56	)		(3.03	)		(1.53	)

Total distributions		—			(1.98	)		(1.11	)		(.56	)		(3.03	)		(1.53	)


Net asset value, end of period	$	65.00		$	63.27		$	62.19		$	64.87		$	64.50		$	61.75


Total return (4)		2.73%	†		5.00%			(2.39)%			1.43%			9.43%			8.58%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	95,514		$	94,903		$	88,096		$	119,167		$	6,671		$	21,335


Portfolio turnover rate		17.12%	†		25.11%			25.68%			34.70%			29.89%			52.51%
Ratio of expenses to average net assets:
After Advisory Fee waiver		.66%	*		.66%			.65%			.64%			.67%			.66%
Before Advisory Fee waiver		1.22%	*		1.22%			1.21%			1.20%			1.23%			1.22%
Ratio of net investment income to average net assets:
After Advisory Fee waiver		3.83%	*		3.37%			2.34%			1.53%			3.85%			3.30%
Before Advisory Fee waiver		3.27%	*		2.81%			1.78%			.97%			3.29%			2.74%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment income is based on average shares outstanding during the period.

(3)

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Aggressive Growth Portfolio


Class A Shares (PAGDX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	75.58		$	62.70		$	73.81		$	70.99		$	57.99		$	56.53


Income (loss) from investment operations
Net investment income (loss) (2)		(.07	)		.15			.07			(.32	)		.01			.15
Net realized and unrealized gain (loss) on investments (3)		16.93			14.67			(6.98	)		8.66			23.39			6.25

Total income (loss) from investment operations		16.86			14.82			(6.91	)		8.34			23.40			6.40

Less distributions from
Net realized gain on investments		—			(1.94	)		(4.20	)		(5.52	)		(10.40	)		(4.94	)

Total distributions		—			(1.94	)		(4.20	)		(5.52	)		(10.40	)		(4.94	)


Net asset value, end of period	$	92.44		$	75.58		$	62.70		$	73.81		$	70.99		$	57.99


Total return (4)		22.31%	†		23.96%			(8.78)%			11.01%			41.05%			11.63%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	508		$	190		$	98		$	131		$	96		$	68


Portfolio turnover rate		—%	†		11.72%			.13%			4.30%			7.89%			2.52%
Ratio of expenses to average net assets		1.46%	*		1.46%			1.46%			1.46%			1.46%			1.48%
Ratio of net investment income (loss) to average net assets		(.15)%	*		.22%			.11%			(.39)%			.02%			.26%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment income (loss) is based on average shares outstanding during the period.

(3)

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Aggressive Growth Portfolio


Class C Shares (PAGHX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	70.51		$	59.05		$	70.33		$	68.35		$	56.54		$	55.64


Income (loss) from investment operations
Net investment loss (2)		(.39	)		(.32	)		(.38	)		(.91	)		(.45	)		(.31	)
Net realized and unrealized gain (loss) on investments (3)		15.81			13.72			(6.70	)		8.41			22.66			6.15

Total income (loss) from investment operations		15.42			13.40			(7.08	)		7.50			22.21			5.84

Less distributions from
Net realized gain on investments		—			(1.94	)		(4.20	)		(5.52	)		(10.40	)		(4.94	)

Total distributions		—			(1.94	)		(4.20	)		(5.52	)		(10.40	)		(4.94	)


Net asset value, end of period	$	85.93		$	70.51		$	59.05		$	70.33		$	68.35		$	56.54


Total return (4)		21.87%	†		23.03%			(9.46)%			10.20%			39.98%			10.80%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	504		$	215		$	126		$	139		$	69		$	49


Portfolio turnover rate		—%	†		11.72%			.13%			4.30%			7.89%			2.52%
Ratio of expenses to average net assets		2.21%	*		2.21%			2.21%			2.21%			2.21%			2.23%
Ratio of net investment loss to average net assets		(.95)%	*		(.50)%			(.64)%			(1.14)%			(.74)%			(.53)%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment loss is based on average shares outstanding during the period.

(3)

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

FINANCIAL HIGHLIGHTS

Aggressive Growth Portfolio


Class I Shares (PAGRX) (1)	Six Months Ended July 31, 2024			Year Ended January 31,
	(Unaudited)			2024			2023			2022			2021			2020

Net asset value, beginning of period	$	75.93		$	62.92		$	74.06		$	71.07		$	57.99		$	56.68


Income (loss) from investment operations
Net investment income (loss) (2)		.02			.33			.23			(.12	)		.17			.28
Net realized and unrealized gain (loss) on investments (3)		17.04			14.73			(7.01	)		8.67			23.42			6.28

Total income (loss) from investment operations		17.06			15.06			(6.78	)		8.55			23.59			6.56

Less distributions from
Net investment income		—			(.11	)		(.16	)		(.04	)		(.11	)		(.31	)
Net realized gain on investments		—			(1.94	)		(4.20	)		(5.52	)		(10.40	)		(4.94	)

Total distributions		—			(2.05	)		(4.36	)		(5.56	)		(10.51	)		(5.25	)


Net asset value, end of period	$	92.99		$	75.93		$	62.92		$	74.06		$	71.07		$	57.99


Total return (4)		22.47%	†		24.28%			(8.55)%			11.29%			41.39%			11.91%

Ratios / supplemental data
Net assets, end of period (in thousands)	$	40,453		$	33,117		$	29,715		$	35,957		$	31,039		$	24,796


Portfolio turnover rate		—%	†		11.72%			.13%			4.30%			7.89%			2.52%
Ratio of expenses to average net assets		1.21%	*		1.21%			1.21%			1.21%			1.21%			1.23%
Ratio of net investment income (loss) to average net assets		.05%	*		.49%			.36%			(.14)%			.27%			.47%

†	Not annualized.

*	Annualized.

(1)	Information contained herein is for each share of capital stock outstanding throughout each period.

(2)	Net investment income (loss) is based on average shares outstanding during the period.

(3)

(4)	Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses.

See accompanying notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

July 31, 2024 (Unaudited)

1.	SIGNIFICANT ACCOUNTING POLICIES

Permanent Portfolio Family of Funds (“Fund”) was organized on September 21, 2015 as a Delaware statutory trust under the laws of the State of Delaware and is an open-end, series, management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is the successor to Permanent Portfolio Family of Funds, Inc., a Maryland corporation organized on December 14, 1981, pursuant to a plan of reorganization implemented on May 27, 2016. The Fund currently consists of the following four series (each a “Portfolio”): Permanent Portfolio^®, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio. Permanent Portfolio^®, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio commenced investment operations on December 1, 1982, September 21, 1987, November 12, 1991 and May 16, 1990, respectively. Effective May 31, 2016, existing shares of each Portfolio were renamed Class I shares, and Permanent Portfolio^®, Versatile Bond Portfolio and Aggressive Growth Portfolio commenced offering Class A and Class C shares for purchase through brokers and dealers.

Each share class has equal rights as to earnings and assets except that each class bears different shareholder servicing and distribution expenses. Each share class has exclusive voting rights with respect to matters that affect just that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each share class based on its relative net assets.

Each of the Fund’s Portfolios is an investment company, and accordingly, each Portfolio follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification “Financial Services — Investment Companies (Topic 946).” The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses earned and incurred, respectively, during the reporting period. Actual results could differ from those estimates.

Valuation of Investments

Each Portfolio’s assets are valued primarily at market value on the basis of the last quoted sales price on the exchange or system on which they are principally traded. Equity securities traded on the Nasdaq National Market System are normally valued at the Nasdaq Official Closing Price provided by Nasdaq, usually as of 4:00 p.m. Eastern Time each business day. Equity securities that are not traded on a listed exchange or system are valued at the last sales price in the over-the-counter market. If there is no trading in an investment on a business day, the investment will be valued at the mean between its closing bid and asked prices on the exchange or system on which the security is principally traded. Short-and long-term debt securities, including U.S. government and agency securities, listed corporate bonds, other fixed income securities and unlisted securities, are generally valued at the latest price furnished by an independent pricing service. Gold and silver bullion are valued at the closing spot settlement price on the New York Commodity Exchange. Gold and silver coins are valued at the price furnished by an independent pricing service. Deposits of Swiss francs and Swiss government bonds will be valued each business day at prices (converted

Continued on following page.

NOTES TO FINANCIAL STATEMENTS

July 31, 2024 (Unaudited)

into U.S. dollars) quoted by an independent pricing service. Foreign securities traded on an exchange are valued on the basis of market quotations most recently available from that exchange. All investments denominated in foreign currencies are converted into U.S. dollars using exchange rates obtained from an independent pricing service. Investments for which bona fide market quotations are not readily available, or investments for which the Fund’s investment adviser determines that a quotation or a price for a portfolio security provided by a dealer or an independent pricing service is not believed to be reflective of market value, are valued by the Valuation Committee of the Fund’s investment adviser pursuant to fair value procedures approved by the Fund’s Board of Trustees. The Fund’s investment adviser has been designated as the Fund’s valuation designee, effective September 8, 2022, with responsibility for fair valuation, subject to oversight by the Fund’s Board of Trustees.

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

Level 1 — Quoted prices in active markets for identical assets

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

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

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

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

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

The Fund may record changes to valuations based on the amount that it might reasonably be expected to receive for an investment upon its current sale, consistent with the fair value measurement objective. Each determination is based on a consideration of all relevant factors,

Continued on following page.

NOTES TO FINANCIAL STATEMENTS

July 31, 2024 (Unaudited)

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

The following is a summary of the inputs used as of July 31, 2024 in valuing the Fund’s assets:


	Level 1 (Quoted Prices in Active Markets for Identical Assets)		Level 2 (Significant Other Observable Inputs)		Level 3 (Significant Unobservable Inputs)		Total
PERMANENT PORTFOLIO^®
Gold assets	$	749,878,791	$	—	$	—	$	749,878,791
Silver assets		174,342,194		—		—		174,342,194
Swiss franc assets		569,824		262,340,929		—		262,910,753
Real estate and natural resource stocks		600,809,800		—		—		600,809,800
Aggressive growth stocks †		633,306,450		—		—		633,306,450
Dollar assets:
Corporate bonds †		—		868,646,603		—		868,646,603
United States Treasury securities		—		61,775,836		—		61,775,836

Total Portfolio	$	2,158,907,059	$	1,192,763,368	$	—	$	3,351,670,427

		64.41%		35.59%		—%		100.00%

SHORT-TERM TREASURY PORTFOLIO
United States Treasury securities	$	—	$	11,345,278	$	—	$	11,345,278

Total Portfolio	$	—	$	11,345,278	$	—	$	11,345,278

		—%		100.00%		—%		100.00%

VERSATILE BOND PORTFOLIO
Corporate bonds †	$	7,148,599	$	78,775,071	$	—	$	85,923,670
Preferred stocks †		9,315,210		417,500		—		9,732,710
United States Treasury securities		—		498,982				498,982

Total Portfolio	$	16,463,809	$	79,691,553	$	—	$	96,155,362

		17.12%		82.88%		—%		100.00%

AGGRESSIVE GROWTH PORTFOLIO
Aggressive growth stocks †	$	40,387,830	$	—	$	—	$	40,387,830
United States Treasury securities		—		995,924		—		995,924

Total Portfolio	$	40,387,830	$	995,924	$	—	$	41,383,754

		97.59%		2.41%		—%		100.00%

†

See the Schedules of Investments for Permanent Portfolio and Aggressive Growth Portfolio for each Portfolio’s industry classification of aggressive growth stocks and the Schedules of Investments for Permanent Portfolio and Versatile Bond Portfolio for each Portfolio’s industry classification of corporate bonds and preferred stocks.

Continued on following page.

NOTES TO FINANCIAL STATEMENTS

July 31, 2024 (Unaudited)

Transfers between levels are recognized at the end of a reporting period. There were no transfers into or out of Levels 1 and 2 during the six months ended July 31, 2024. The Fund’s Permanent Portfolio, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio held no Level 3 assets during the six months then ended.

As of July 31, 2024 and during the six months then ended, the Fund did not hold any derivative instruments, nor did it engage in any hedging activities using derivative instruments.

Translation of Foreign Currencies

Amounts denominated in or expected to settle in foreign currencies are translated into U.S. dollars on the following basis: (i) market value of investment securities and other assets and liabilities are translated at the closing rate of exchange; and (ii) purchases and sales of investment securities, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions.

The Fund separately reports the portions of the results of operations attributable to the effect of changes in foreign exchange rates on the value of investments. Reported net realized gains or losses on foreign currency transactions arise from sales of foreign currencies, foreign currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books versus the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains or losses arise from changes in the exchange rate applicable to cash, receivables and liabilities denominated in foreign currencies.

Investment Transactions and Investment Income

Investment transactions are accounted for on the date of purchase, sale or maturity. Interest income is accrued daily and includes amortization of any premiums or discounts for financial and tax reporting purposes using the effective yield method. Dividend income is recorded on the ex-dividend date. Distributions received from real estate investment trusts (REITs) may be classified as dividends, capital gains or returns of capital. Realized gains and losses from investment transactions and unrealized appreciation or depreciation of investments are recorded on an identified cost basis for financial and tax reporting purposes.

During the six months ended July 31, 2024, investment income was earned as follows:


	Permanent Portfolio^®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio

Interest
Corporate bonds	$	16,099,892	$	—	$	1,565,553	$	—
Swiss franc assets		171,570		—		—		—
United States Treasury securities		1,275,168		197,195		29,173		146
Other investments		40,454		446		3,053		325
Dividends		12,787,985		—		566,340		245,183

	$	30,375,069	$	197,641	$	2,164,119	$	245,654

Continued on following page.

NOTES TO FINANCIAL STATEMENTS

July 31, 2024 (Unaudited)

Federal Taxes

Each of the Fund’s Portfolios will continue to be treated as a separate regulated investment company and each Portfolio intends to qualify under Subchapter M of the United States Internal Revenue Code of 1986, as amended (“Code”). Accordingly, no provision has been made for United States income taxes, as each Portfolio intends to declare necessary dividend distributions from investment company taxable income and net realized capital gains, if any, to its shareholders prior to October 15, 2024, pursuant to the requirements of the Code.

As of January 31, 2024, the Fund’s Permanent Portfolio and Aggressive Growth Portfolio had no capital loss carryforwards available to offset future realized gains, if any, while the Fund’s Short-Term Treasury Portfolio had $17,228 of short-term capital loss carryforwards and $32,098 of long-term capital loss carryforwards, and the Fund’s Versatile Bond Portfolio had $761,335 of short-term capital loss carryforwards and $1,576,623 of long-term capital loss carryforwards available, respectively, to offset future realized gains, if any. Additionally, net capital losses attributable to investment transactions that occur after October 31 and ordinary losses that occur after December 31 (“Post-October” and “Late-Year Ordinary” losses, respectively), if any, are recognized for federal tax purposes as arising on February 1, the first day of each Portfolio’s next taxable year. The Fund’s Short-Term Treasury Portfolio and Aggressive Growth Portfolio had no Post-October losses or Late-Year Ordinary losses, while its Permanent Portfolio and Versatile Bond Portfolio had $13,435,745 and $735, respectively, of Post-October losses.

During the six months ended July 31, 2024, the Fund’s Permanent Portfolio, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio incurred no federal excise tax.

The Fund’s Portfolios recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Fund’s Portfolios have analyzed their respective tax positions and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns previously filed for open tax years 2021 through 2023 or expected to be taken on the Fund’s Portfolios’ 2024 tax returns. The Fund’s Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Equalization

The Fund follows the accounting practice of equalization, by which a portion of the proceeds from sales and a portion of the costs of redemptions of shares of capital stock are allocated to undistributed net investment income. The effect of this practice is to prevent the calculation of net investment income per share from being affected by sales or redemptions of shares in each Portfolio, and for periods of net issuances of shares, allows undistributed net investment income to exceed distributable investment company taxable income.

Continued on following page.

NOTES TO FINANCIAL STATEMENTS

July 31, 2024 (Unaudited)

Indemnifications

The Fund indemnifies its officers and trustees for certain liabilities that might arise from the performance of their duties for the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as it involves future claims that may be made against the Fund under circumstances that have not occurred.

2.	DISTRIBUTIONS TO SHAREHOLDERS

On December 6, 2023, the Fund paid ordinary income dividends and capital gain distributions to shareholders of record on December 5, 2023. The per share amounts per Portfolio were as follows:


	Permanent Portfolio^®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio


Ordinary Income Dividends
Class I Shares	$	.33194	$	1.15095	$	1.98222	$	.10887
Class A shares		.22895		—		1.80220		—
Class C shares		—		—		1.53393		—

Short-Term Capital Gain Distributions
Class I Shares		.08198		—		—		—
Class A shares		.08198		—		—		—
Class C shares		.08198		—		—		—

Long-Term Capital Gain Distributions
Class I Shares		.29953		—		—		1.94328
Class A shares		.29953		—		—		1.94328
Class C shares		.29953		—		—		1.94328

The federal income tax character of such dividends and distributions paid was as follows:


	Permanent Portfolio^®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio

Ordinary income	$	23,951,324	$	201,014	$	2,767,826	$	53,898
Long-term capital gain †		16,686,625		—		—		970,727

	$	40,637,949	$	201,014	$	2,767,826	$	1,024,625

†

Capital gain distribution pursuant to Section 852(b)(3) of the Code.

Continued on following page.

NOTES TO FINANCIAL STATEMENTS

July 31, 2024 (Unaudited)

Dividends to shareholders from net investment income and distributions to shareholders from net realized gain on investments, if any, are recorded on the ex-dividend date. The amount of such dividends and distributions are determined in accordance with the Code, which may differ from accounting principles generally accepted in the United States. These differences result primarily from different treatment of net investment income and net realized gains on certain investment securities held by the Fund’s Portfolios. During the year ended January 31, 2024: (i) the Fund’s Permanent Portfolio reclassified $1,717,454 from total distributable earnings to undistributed capital gains and $2,099,810 from total distributable earnings to paid-in capital; (ii) the Fund’s Short-Term Treasury Portfolio reclassified $12,172 from total distributable earnings to paid-in capital; (iii) the Fund’s Versatile Bond Portfolio reclassified $398,357 from total distributable earnings to paid-in capital; and (iv) the Fund’s Aggressive Growth Portfolio reclassified $340 from undistributed capital gains to paid-in capital and $23,502 from total distributable earnings to paid-in capital, to reflect such book and tax basis differences.

As of January 31, 2024, the components of distributable earnings on a tax basis were as follows:


	Permanent Portfolio^®			Short-Term Treasury Portfolio			Versatile Bond Portfolio			Aggressive Growth Portfolio

Distributable ordinary income	$	2,597,485		$	98,045		$	315,216		$	97,010
Undistributed capital gains (losses)		—			(49,326	)		(2,337,958	)		2,448,862
Post-October and Late-Year Ordinary losses		(13,435,745	)		—			(735	)		—
Unrealized appreciation (depreciation) on investments and foreign currencies		922,327,794			(121,708	)		(4,017,410	)		22,183,777

	$	911,489,534		$	(72,989	)	$	(6,040,887	)	$	24,729,649

3.	INVESTMENT ADVISER AND INVESTMENT ADVISORY CONTRACT

Pacific Heights Asset Management, LLC (“Pacific Heights”) has served as the Fund’s investment adviser since May 1, 2003. In accordance with the terms of the Investment Advisory Contract, dated January 21, 2016 (“Contract”), Pacific Heights, subject to the oversight of the Fund’s Board of Trustees: (i) furnishes each Portfolio with a continuous investment program, including investment research, advice and management, with respect to all securities, other investments and cash or cash equivalents in each Portfolio; (ii) furnishes the Fund all necessary administrative, accounting, clerical, statistical, correspondence and other services; (iii) furnishes or pays for all supplies, printed material and office space as the Fund may require; and (iv) pays or reimburses such Fund and Portfolio expenses as specified in the Contract. For its services under the Contract, Pacific Heights receives, before any waivers, investment advisory fees which are calculated daily and paid monthly, at the annual rates as a percentage of average daily net assets of each Portfolio of the Fund (“Advisory Fee”) as follows: (i) 1.1875% of the first $200 million of the Portfolio’s average daily net assets; (ii) .8750% of the next $200 million of the Portfolio’s average daily net assets; (iii) .8125% of the next $200 million of the Portfolio’s average daily net assets; and (iv) .7500% of all of the Portfolio’s average daily net assets in excess of $600 million.

All fees and expenses payable by the Fund pursuant to the Contract and attributable only to one Portfolio are borne entirely by that Portfolio; all other fees and expenses are allocated among the Fund’s Portfolios in proportion to their net assets. Except for: (i) the Advisory Fee payable to

Continued on following page.

NOTES TO FINANCIAL STATEMENTS

July 31, 2024 (Unaudited)

Pacific Heights; (ii) all fees, costs, expenses and allowances payable to any person, firm or corporation in relation to the Portfolio’s investments, including interest on borrowings; (iii) all taxes of any kind payable by the Portfolio; (iv) all brokerage commissions and other charges in the purchase and sale of the Portfolio’s assets; (v) all fees and expenses of trustees of the Fund, including fees and disbursements to counsel to those trustees who are not interested persons of the Fund or Pacific Heights; (vi) payments pursuant to any plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act; and (vii) all extraordinary fees, costs and expenses of the Fund or any Portfolio, as defined in the Contract, Pacific Heights pays or reimburses the Fund for substantially all of the Portfolios’ ordinary operating expenses out of its Advisory Fee.

Pursuant to an Advisory Fee Waiver and Expense Assumption Agreement dated December 12, 2023 (“Waiver Agreement”), effective through June 1, 2025, Pacific Heights has agreed to waive portions of its Advisory Fee allocable to: (i) the Short-Term Treasury Portfolio, such that the Advisory Fee paid by the Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets; and (ii) the Versatile Bond Portfolio, such that the Advisory Fee paid by the Portfolio also does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets. Pacific Heights is not eligible for reimbursement of any amounts waived under the Waiver Agreement. The Waiver Agreement may be terminated or amended only in writing and only with the approval of the Fund’s Board of Trustees.

Pacific Heights is a California limited liability company. Pacific Heights’ manager and the sole trustee of its sole member is Michael J. Cuggino (who is also its President and Chief Executive Officer). Mr. Cuggino is also the President, Secretary and Chairman of the Board of Trustees of the Fund, and has been the portfolio manager of the Fund’s Portfolios since May 1, 2003. In addition to the benefits that result from being the trustee of the sole member of Pacific Heights, Mr. Cuggino was paid $82,500 by the Fund during the six months ended July 31, 2024 for his service as a trustee of the Fund.

4.	DISTRIBUTION AND SERVICE FEES

The Fund’s Board of Trustees has adopted plans of distribution pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plans”) with respect to Class A and Class C shares of the Fund’s Permanent Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio. Under the Rule 12b-1 Plans, Class A shares pay service fees at an annual rate of .25% of the average daily net assets of the Portfolio attributable to Class A shares and Class C shares pay distribution and service fees at an aggregate annual rate of 1.00% of the average daily net assets of the Portfolio attributable to Class C shares. Quasar Distributors, LLC (“Distributor”) serves as principal underwriter for shares of the Portfolios, and acts as each Portfolio’s distributor in a continuous public offering of each Portfolio’s shares. The Distributor may pay any or all amounts received under the Rule 12b-1 Plans to other persons, including Pacific Heights, for any distribution or service activity. These distribution and servicing fees are reported in the Fund’s Statements of Operations. The Portfolios do not incur any direct distribution expenses related to Class I shares. However, Pacific Heights may make payments for the sale and distribution of all share classes, including Class I shares, from its own resources.

Continued on following page.

NOTES TO FINANCIAL STATEMENTS

July 31, 2024 (Unaudited)

5.	PURCHASES AND SALES OF SECURITIES

The following is a summary of purchases and sales of securities other than short-term securities for the six months ended July 31, 2024:


	Permanent Portfolio^®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
Purchases	$	312,055,305	$	2,636,234	$	17,847,648	$	—
Sales		288,378,804		2,141,563		16,076,091		586,293

6.	NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following is a summary of net unrealized appreciation (depreciation) of investments as of July 31, 2024 for federal income tax purposes:


	Permanent Portfolio^®			Short-Term Treasury Portfolio			Versatile Bond Portfolio			Aggressive Growth Portfolio
Aggregate gross unrealized appreciation of investments with excess of value over tax cost:
Investments in securities	$	773,552,434		$	23,772		$	330,183		$	30,446,223
Investments other than securities		503,608,377			—			—			—

		1,277,160,811			23,772			330,183			30,446,223
Aggregate gross unrealized depreciation of investments with excess of tax cost over value:
Investments in securities		(35,613,426	)		(50,374	)		(3,314,871	)		(1,058,978	)
Investments other than securities		—			—			—			—

		(35,613,426	)		(50,374	)		(3,314,871	)		(1,058,978	)

Net unrealized appreciation (depeciation) of investments	$	1,241,547,385		$	(26,602	)	$	(2,984,688	)	$	29,387,245

7.	SUBSEQUENT EVENTS

The Fund has evaluated the impact of subsequent events on its Portfolios and has determined that there were no subsequent events requiring recognition or disclosure in the Fund’s financial statements. The Fund continues to evaluate the effect on its investments and operations of various evolving matters regarding the economy, financial system and markets arising from monetary and fiscal policies designed to mitigate inflationary or deflationary pressures, geopolitical risks, including the Russian-Ukraine and Israeli-Hamas conflicts, and ongoing disruption of the flow of goods and services, including food, energy and other commodities, potential sanctions, counter-sanctions, and other government mandated restrictions, that may be applied to the Fund’s Portfolios and activities. The Fund’s financial statements do not contain any adjustments relating to these uncertainties, and their ultimate impact on the Fund, its investments and operations are not readily determinable at this time.

[THIS PAGE INTENTIONALLY LEFT BLANK]

LOGO

Semi-Annual

Financial Statements and Other Information

Six Months Ended July 31, 2024

INVESTMENT ADVISER

Pacific Heights Asset Management, LLC

600 Montgomery Street

San Francisco, California 94111

CUSTODIAN

State Street Bank and Trust Company

One Congress Street

Boston, Massachusetts 02114

DISTRIBUTOR

Quasar Distributors, LLC

Three Canal Plaza

Portland, Maine 04101

TRANSFER AGENT

U.S. Bank Global Fund Services

P. O. Box 701

Milwaukee, Wisconsin 53201

(for overnight delivery services,

615 East Michigan Street

Milwaukee, Wisconsin 53202)

(800) 341-8900

SHAREHOLDER SERVICES OFFICE

130 South Brune Street

Bartlett, Texas 76511

(254) 527-3102

(800) 531-5142 Nationwide

www.permanentportfoliofunds.com


Must be preceded or accompanied by a Prospectus.		09/24


Item 8. Changes In and Disagreements With Accountants For Open-End Management Investment Companies.

	Not applicable to the Registrant for the six months ended July 31, 2024.

Item 9. Proxy Disclosures For Open-End Management Investment Companies.

	Not applicable to the Registrant for the six months ended July 31, 2024.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

	Included in Item 7.

Item 11. Statement Regarding Basis For Approval of Investment Advisory Contract.

	Not applicable to the Registrant for the six months ended July 31, 2024.

Item 12. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.

	Not applicable to the Registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

	Not applicable to the Registrant.

Item 14. Purchases of Equity Securities By Closed-End Management Investment Company and Affiliated Purchasers.

	Not applicable to the Registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

	Not applicable to the Registrant for the six months ended July 31, 2024.

Item 16. Controls and Procedures.

	(a)	Michael J. Cuggino, the Registrant’s President, and James H. Andrews, the Registrant’s Treasurer, each has concluded that, in his judgment, the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on his evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

	(b)	There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.

	Not applicable to the Registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

	Not applicable to the Registrant.

Item 19. Exhibits.

	(a)(1)	Not applicable to semi-annual reports.

	(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.CERT.

	(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906CERT.

The certifications provided pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are not deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent the Registrant specifically incorporates them by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Permanent Portfolio Family of Funds

/s/ Michael J. Cuggino

By: Michael J. Cuggino, President

Date: October 3, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Permanent Portfolio Family of Funds

/s/ Michael J. Cuggino

By: Michael J. Cuggino, President

Date: October 3, 2024

/s/ James H. Andrews

By: James H. Andrews, Treasurer

Date: October 3, 2024

Versatile Bond Portfolio Class I (PRVBX) N-CSRSCertified semi-annual shareholder report (management investment company)