# EDGAR Filing Document

**Accession Number:** 0000357298
**File Stem:** 0001193125-26-147004
**Filing Date:** 2026-4
**Character Count:** 263143
**Document Hash:** 14f6fc4a4de793bf4e6c15d421fec918
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-147004.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001193125-26-147004

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260408

**DATE AS OF CHANGE**: 20260408

**EFFECTIVENESS DATE**: 20260408

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03379
- **FILM NUMBER:** 26847280

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

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

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

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

## Series and Classes Contracts Data

### Permanent Portfolio (Series ID: S000006016)

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

### Short-Term Treasury Portfolio (Series ID: S000006017)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016539 | Class I      | PRTBX           |

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

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

### Aggressive Growth Portfolio (Series ID: S000006019)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016541 | Class I      | PAGRX           |
| C000170327 | Class A      | PAGDX           |
| C000170328 | Class C      | PAGHX           |

?xml version='1.0' encoding='ASCII'? N-CSR

### 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 <u>811-03379</u>

## 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, 2026 |
| Date of reporting period: | January 31, 2026 |

---

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. | Item 1. Reports to Stockholders. |
|  | The Annual Shareholder Report for each share class in each Portfolio of Permanent Portfolio Family of Funds ("Registrant") is included herein. |

---

#### Permanent Portfolio <sup>®</sup>
Class I — PRPFX

Class A — PRPDX

Class C — PRPHX

#### Short-Term Treasury Portfolio
Class I — PRTBX

#### Versatile Bond Portfolio
Class I — PRVBX

Class A — PRVDX

Class C — PRVHX

#### Aggressive Growth Portfolio
Class I — PAGRX

Class A — PAGDX

Class C — PAGHX

------

---

| | |
|:---|:---|
| PERMANENT PORTFOLIO<sup>®</sup> | ![LOGO](g923625g46n99.jpg) |
| CLASS I SHARES (PRPFX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Permanent Portfolio<sup>®</sup> ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/permanent-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Permanent Portfolio—Class I shares (PRPFX) | $91 | .79% |

---

Management's discussion of Portfolio performance

Permanent Portfolio's investment objective is to preserve and increase the purchasing power value of its shares over the long term. The Portfolio's strategy is to invest a fixed "Target Percentage" of its net assets in gold, silver, Swiss franc assets, real estate and natural resource stocks, aggressive growth stocks and dollar assets, such as U.S. Treasury securities and corporate bonds.

During the year ended January 31, 2026, the Portfolio's Class I shares (PRPFX) achieved a total return of 30.29%, net of expenses to average net assets of .79%, as compared to 4.33% for the FTSE 3-Month U.S. Treasury Bill Index and 16.35% for the S&P 500, and as compared to a 2.39% inflation rate over the same period as measured by the change in the Consumer Price Index ("CPI-U"), a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services as compiled by the U.S. Bureau of Labor Statistics. Neither the FTSE 3-Month U.S. Treasury Bill Index return, the S&P 500 return nor the change in CPI-U reflect deductions for fees, expenses or taxes.

The Portfolio's return during the year then ended reflected positive returns on its gold and silver assets, its aggressive growth stocks, its natural resource stocks, its Swiss franc assets, and, to a lesser degree, its holdings of U.S. Treasury securities and corporate bonds, which more than offset negative returns on its real estate stocks.

1<br>

------

![LOGO](g923625g46n99.jpg)

How a hypothetical $10,000 investment has grown

![LOGO](g923625g05k66.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Ten<br>Years |
| &nbsp;&nbsp;Permanent Portfolio—Class I Shares (PRPFX) | 30.29% | 13.47% | 11.77% |
| &nbsp;&nbsp;FTSE 3-Month U.S. Treasury Bill Index | 4.33% | 3.37% | 2.26% |
| &nbsp;&nbsp;S&P 500 | 16.35% | 14.99% | 15.57% |

---

The table above shows Permanent Portfolio—Class I shares (PRPFX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

2<br>

------

![LOGO](g923625g46n99.jpg)

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $7230638458 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings | 194 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $42166232 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | 16.21% |

---

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by asset class, as a percentage of total net assets as of January 31, 2026.

![LOGO](g923625g67k62.jpg)

3<br>

------

![LOGO](g923625g46n99.jpg)

How can you get additional information about the Portfolio?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/permanent-portfolio.html</u>. |

---

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.

4<br>

------

---

| | |
|:---|:---|
| PERMANENT PORTFOLIO<sup>®</sup> | ![LOGO](g923625g46n99.jpg) |
| CLASS A SHARES (PRPDX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Permanent Portfolio<sup>®</sup> ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/permanent-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Permanent Portfolio—Class A shares (PRPDX) | $119 | 1.04% |

---

Management's discussion of Portfolio performance

Permanent Portfolio's investment objective is to preserve and increase the purchasing power value of its shares over the long term. The Portfolio's strategy is to invest a fixed "Target Percentage" of its net assets in gold, silver, Swiss franc assets, real estate and natural resource stocks, aggressive growth stocks and dollar assets, such as U.S. Treasury securities and corporate bonds.

During the year ended January 31, 2026, the Portfolio's Class A shares (PRPDX) achieved a total return of 29.97%, net of expenses to average net assets of 1.04%, as compared to 4.33% for the FTSE 3-Month U.S. Treasury Bill Index and 16.35% for the S&P 500, and as compared to a 2.39% inflation rate over the same period as measured by the change in the Consumer Price Index ("CPI-U"), a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services as compiled by the U.S. Bureau of Labor Statistics. Neither the FTSE 3-Month U.S. Treasury Bill Index return, the S&P 500 return nor the change in CPI-U reflect deductions for fees, expenses or taxes.

The Portfolio's return during the year then ended reflected positive returns on its gold and silver assets, its aggressive growth stocks, its natural resource stocks, its Swiss franc assets, and, to a lesser degree, its holdings of U.S. Treasury securities and corporate bonds, which more than offset negative returns on its real estate stocks.

1<br>

------

![LOGO](g923625g46n99.jpg)

How a hypothetical $10,000 investment has grown

![LOGO](g923625g18k66.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Inception on<br>May 2016 |
| &nbsp;&nbsp;Permanent Portfolio—Class A Shares (PRPDX) | 29.97% | 13.18% | 10.97% |
| &nbsp;&nbsp;FTSE 3-Month U.S. Treasury Bill Index | 4.33% | 3.37% | 2.33% |
| &nbsp;&nbsp;S&P 500 | 16.35% | 14.99% | 15.11% |

---

The table above shows Permanent Portfolio—Class A shares (PRPDX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

2<br>

------

![LOGO](g923625g46n99.jpg)

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $7230638458 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings | 194 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $42166232 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | 16.21% |

---

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by asset class, as a percentage of total net assets as of January 31, 2026.

![LOGO](g923625g67k62.jpg)

3<br>

------

![LOGO](g923625g46n99.jpg)

How can you get additional information about the Portfolio?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/permanent-portfolio.html</u>. |

---

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.

4<br>

------

---

| | |
|:---|:---|
| PERMANENT PORTFOLIO<sup>®</sup> | ![LOGO](g923625g46n99.jpg) |
| CLASS C SHARES (PRPHX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Permanent Portfolio<sup>®</sup> ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/permanent-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Permanent Portfolio—Class C shares (PRPHX) | $205 | 1.79% |

---

Management's discussion of Portfolio performance

Permanent Portfolio's investment objective is to preserve and increase the purchasing power value of its shares over the long term. The Portfolio's strategy is to invest a fixed "Target Percentage" of its net assets in gold, silver, Swiss franc assets, real estate and natural resource stocks, aggressive growth stocks and dollar assets, such as U.S. Treasury securities and corporate bonds.

During the year ended January 31, 2026, the Portfolio's Class C shares (PRPHX) achieved a total return of 29.02%, net of expenses to average net assets of 1.79%, as compared to 4.33% for the FTSE 3-Month U.S. Treasury Bill Index and 16.35% for the S&P 500, and as compared to a 2.39% inflation rate over the same period as measured by the change in the Consumer Price Index ("CPI-U"), a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services as compiled by the U.S. Bureau of Labor Statistics. Neither the FTSE 3-Month U.S. Treasury Bill Index return, the S&P 500 return nor the change in CPI-U reflect deductions for fees, expenses or taxes.

The Portfolio's return during the year then ended reflected positive returns on its gold and silver assets, its aggressive growth stocks, its natural resource stocks, its Swiss franc assets, and, to a lesser degree, its holdings of U.S. Treasury securities and corporate bonds, which more than offset negative returns on its real estate stocks.

1<br>

------

![LOGO](g923625g46n99.jpg)

How a hypothetical $10,000 investment has grown

![LOGO](g923625g32k66.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Inception on<br>May 2016 |
| &nbsp;&nbsp;Permanent Portfolio—Class C Shares (PRPHX) | 29.02% | 12.34% | 10.14% |
| &nbsp;&nbsp;FTSE 3-Month U.S. Treasury Bill Index | 4.33% | 3.37% | 2.33% |
| &nbsp;&nbsp;S&P 500 | 16.35% | 14.99% | 15.11% |

---

The table above shows Permanent Portfolio—Class C shares (PRPHX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

2<br>

------

![LOGO](g923625g46n99.jpg)

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $7230638458 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings | 194 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $42166232 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | 16.21% |

---

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by asset class, as a percentage of total net assets as of January 31, 2026.

![LOGO](g923625g67k62.jpg)

3<br>

------

![LOGO](g923625g46n99.jpg)

How can you get additional information about the Portfolio?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/permanent-portfolio.html</u>. |

---

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.

4<br>

------

---

| | |
|:---|:---|
| SHORT-TERM TREASURY PORTFOLIO | ![LOGO](g923625g46n99.jpg) |
| CLASS I SHARES (PRTBX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Short-Term Treasury Portfolio ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/short-term-treasury-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Short-Term Treasury Portfolio—Class I shares (PRTBX)<br>| $66 | .65% |

---

Management's discussion of Portfolio performance

Short-Term Treasury Portfolio's investment objective is to earn high current income, consistent with safety and liquidity of principal. Under normal market conditions, the Portfolio invests at least 80% of its assets in direct debt obligations of the United States Treasury, including U.S. Treasury bills, notes and bonds, and other securities issued by the U.S. Treasury. The remainder of the Portfolio's assets may be invested in U.S. government agency securities, which include debt obligations issued and/or guaranteed as to principal and interest by the U.S. government or its agencies, sponsored enterprises or instrumentalities. The Portfolio expects to maintain a dollar-weighted average portfolio maturity and duration of zero to three years.

During the year ended January 31, 2026, the Portfolio's Class I shares (PRTBX) achieved a total return of 4.08%, net of expenses to average net assets of .65%, as compared to 4.33% for the FTSE 3-Month U.S. Treasury Bill Index over the same period. The FTSE 3-Month U.S. Treasury Bill Index does not reflect a deduction for fees, expenses or taxes.

The Portfolio's return during the year then ended was primarily due to net investment returns available on short-term U.S. Treasury securities.

1<br>

------

![LOGO](g923625g46n99.jpg)

How a hypothetical $10,000 investment has grown

![LOGO](g923625g09s09.jpg)

2<br>

------

![LOGO](g923625g46n99.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Ten<br>Years |
| &nbsp;&nbsp;Short-Term Treasury Portfolio—Class I shares (PRTBX) (1) | 4.08% | 1.83% | 1.20% |
| &nbsp;&nbsp;FTSE 3-Month U.S. Treasury Bill Index | 4.33% | 3.37% | 2.26% |

---

(1) Returns reflect the impact of fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. See the Notes to Financial Statements in the Portfolio's Annual Financial Statements and Other Information for specific information regarding fee waivers.

The table above shows Short-Term Treasury Portfolio—Class I shares (PRTBX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $12212883 |
| &nbsp;&nbsp;&nbsp;Total number of Portfolio holdings | 8 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $81860 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | 16.60% |

---

3<br>

------

![LOGO](g923625g46n99.jpg)

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by months to maturity, as a percentage of investments as of January 31, 2026.

![LOGO](g923625g15g15.jpg)

How can you get additional information about the Portfolio?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/short-term-treasury-portfolio.html</u>. |

---

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.

4<br>

------

---

| | |
|:---|:---|
| VERSATILE BOND PORTFOLIO | ![LOGO](g923625g46n99.jpg) |
| CLASS I SHARES (PRVBX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Versatile Bond Portfolio ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/versatile-bond-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Versatile Bond Portfolio—Class I shares (PRVBX) | $67 | .65% |

---

Management's discussion of Portfolio performance

Versatile Bond Portfolio's investment objective is to earn high current income. Under normal market conditions, the Portfolio invests at least 80% of its assets in bonds, which may include debt securities of all types and of any maturity, and may invest up to 20% of its assets in other securities, including preferred stocks.

During the year ended January 31, 2026, the Portfolio's Class I shares (PRVBX) achieved a total return of 5.65%, net of expenses to average net assets of .65%, as compared to 8.35% for the Bloomberg Global Aggregate (Excluding Securitized) Bond Index over the same period. The returns of the index do not reflect a deduction for fees, expenses or taxes.

The Portfolio's return during the year then ended lagged the performance of the index, primarily due to its investment selection, the timing of purchases and sales of those investments in relation to fluctuating market values relative to the aforementioned index, the generally lower duration of its investments as compared to the index, and its investments in U.S. dollar denominated corporate securities having greater credit risk and less currency risk than the index.

1<br>

------

![LOGO](g923625g46n99.jpg)

How a hypothetical $10,000 investment has grown

![LOGO](g923625g19s19.jpg)

2.0 ------

![LOGO](g923625g46n99.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Ten<br>Years |
| &nbsp;&nbsp;Versatile Bond Portfolio—Class I shares (PRVBX) (1) | 5.65% | 2.98% | 5.58% |
| &nbsp;&nbsp;Bloomberg Global Aggregate (Excluding Securitized) Bond Index | 8.35% | -2.10% | 1.23% |

---

(1) Returns reflect the impact of fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. See the Notes to Financial Statements in the Portfolio's Annual Financial Statements and Other Information for specific information regarding fee waivers.

The table above shows Versatile Bond Portfolio—Class I shares (PRVBX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $82681280 |
| &nbsp;&nbsp;&nbsp;Total number of Portfolio holdings | 54 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $574684 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | 20.54% |

---

3.0 ------

![LOGO](g923625g46n99.jpg)

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by S&P credit rating, as a percentage of investments as of January 31, 2026.

![LOGO](g923625g25s25.jpg)

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?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/versatile-bond-portfolio.html</u>. |

---

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.

4<br>

------

---

| | |
|:---|:---|
| VERSATILE BOND PORTFOLIO | ![LOGO](g923625g46n99.jpg) |
| CLASS A SHARES (PRVDX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Versatile Bond Portfolio ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/versatile-bond-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Versatile Bond Portfolio—Class A shares (PRVDX) | $92 | .90% |

---

Management's discussion of Portfolio performance

Versatile Bond Portfolio's investment objective is to earn high current income. Under normal market conditions, the Portfolio invests at least 80% of its assets in bonds, which may include debt securities of all types and of any maturity, and may invest up to 20% of its assets in other securities, including preferred stocks.

During the year ended January 31, 2026, the Portfolio's Class A shares (PRVDX) achieved a total return of 5.38%, net of expenses to average net assets of .90%, as compared to 8.35% for the Bloomberg Global Aggregate (Excluding Securitized) Bond Index over the same period. The returns of the index do not reflect a deduction for fees, expenses or taxes.

The Portfolio's return during the year then ended lagged the performance of the index, primarily due to its investment selection, the timing of purchases and sales of those investments in relation to fluctuating market values relative to the aforementioned index, the generally lower duration of its investments as compared to the index, and its investments in U.S. dollar denominated corporate securities having greater credit risk and less currency risk than the index.

1<br>

------

![LOGO](g923625g46n99.jpg)

How a hypothetical $10,000 investment has grown

![LOGO](g923625g30s30.jpg)

2.0 ------

![LOGO](g923625g46n99.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Inception on<br>May 31, 2016 |
| &nbsp;&nbsp;Versatile Bond Portfolio—Class A shares (PRVDX) (1) | 5.38% | 2.72% | 4.27% |
| &nbsp;&nbsp;Bloomberg Global Aggregate (Excluding Securitized) Bond Index | 8.35% | -2.10% | .71% |

---

(1) Returns reflect the impact of fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. See the Notes to Financial Statements in the Portfolio's Annual Financial Statements and Other Information for specific information regarding fee waivers.

The table above shows Versatile Bond Portfolio—Class A shares (PRVDX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $82681280 |
| &nbsp;&nbsp;&nbsp;Total number of Portfolio holdings | 54 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $574684 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | 20.54% |

---

3.0 ------

![LOGO](g923625g46n99.jpg)

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by S&P credit rating, as a percentage of investments as of January 31, 2026.

![LOGO](g923625g36s36.jpg)

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?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/versatile-bond-portfolio.html</u>. |

---

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.

4<br>

------

---

| | |
|:---|:---|
| VERSATILE BOND PORTFOLIO | ![LOGO](g923625g46n99.jpg) |
| CLASS C SHARES (PRVHX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Versatile Bond Portfolio ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/versatile-bond-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Versatile Bond Portfolio—Class C shares (PRVHX) | $169 | 1.65% |

---

Management's discussion of Portfolio performance

Versatile Bond Portfolio's investment objective is to earn high current income. Under normal market conditions, the Portfolio invests at least 80% of its assets in bonds, which may include debt securities of all types and of any maturity, and may invest up to 20% of its assets in other securities, including preferred stocks.

During the year ended January 31, 2026, the Portfolio's Class C shares (PRVHX) achieved a total return of 4.58%, net of expenses to average net assets of 1.65%, as compared to 8.35% for the Bloomberg Global Aggregate (Excluding Securitized) Bond Index over the same period. The returns of the index do not reflect a deduction for fees, expenses or taxes.

The Portfolio's return during the year then ended lagged the performance of the index, primarily due to its investment selection, the timing of purchases and sales of those investments in relation to fluctuating market values relative to the aforementioned index, the generally lower duration of its investments as compared to the index, and its investments in U.S. dollar denominated corporate securities having greater credit risk and less currency risk than the index.

1<br>

------

![LOGO](g923625g46n99.jpg)

How a hypothetical $10,000 investment has grown

![LOGO](g923625g41s41.jpg)

2.0 ------

![LOGO](g923625g46n99.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Inception on<br>May 31, 2016 |
| &nbsp;&nbsp;Versatile Bond Portfolio—Class C Shares (PRVHX) (1) | 4.58% | 1.95% | 3.49% |
| &nbsp;&nbsp;Bloomberg Global Aggregate (Excluding Securitized) Bond Index | 8.35% | -2.10% | .71% |

---

(1) Returns reflect the impact of fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. See the Notes to Financial Statements in the Portfolio's Annual Financial Statements and Other Information for specific information regarding fee waivers.

The table above shows Versatile Bond Portfolio—Class C shares (PRVHX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $82681280 |
| &nbsp;&nbsp;&nbsp;Total number of Portfolio holdings | 54 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $574684 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | 20.54% |

---

3.0 ------

![LOGO](g923625g46n99.jpg)

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by S&P credit rating, as a percentage of investments as of January 31, 2026.

![LOGO](g923625g47g47.jpg)

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?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/versatile-bond-portfolio.html</u>. |

---

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.

4<br>

------

---

| | |
|:---|:---|
| AGGRESSIVE GROWTH PORTFOLIO | ![LOGO](g923625g46n99.jpg) |
| CLASS I SHARES (PAGRX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Aggressive Growth Portfolio ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/aggressive-growth-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Aggressive Growth Portfolio—Class I shares (PAGRX) | $131 | 1.10% |

---

Management's discussion of Portfolio performance

Aggressive Growth Portfolio's investment objective is to achieve high (greater than for the stock market as a whole), long-term appreciation in the value of its shares. Under normal market conditions, the Portfolio invests in stocks and stock warrants of U.S. and foreign companies that are expected to have a higher profit potential than the stock market as a whole.

During the year ended January 31, 2026, the Portfolio's Class I shares (PAGRX) achieved a total return of 37.72%, net of expenses to average net assets of 1.10%, as compared to 11.65% for the Dow Jones Industrial Average and 16.35% for the S&P 500 over the same period. Neither the Dow Jones Industrial Average nor the S&P 500 reflect deductions for fees, expenses or taxes.

The Portfolio's return during the year then ended was primarily due to the Portfolio's investment selection and the timing of purchases and sales of those investments in relation to fluctuating market values relative to the aforementioned indices. Industry sectors contributing the most appreciation to the Portfolio during the year ended January 31, 2026 included pharmaceuticals, computer software and services, real estate, energy services and processing, aerospace, and natural resources, while retail and engineering and construction provided the most depreciation over the same period.

1<br>

------

![LOGO](g923625g46n99.jpg)

#### How a hypothetical $10,000 investment has grown
![LOGO](g923625g52s52.jpg)

2.0 ------

![LOGO](g923625g46n99.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Ten<br>Years |
| &nbsp;&nbsp;Aggressive Growth Portfolio—Class I Shares (PAGRX) | 37.72% | 20.75% | 19.71% |
| &nbsp;&nbsp;Dow Jones Industrial Average—Total Return | 11.65% | 12.42% | 13.94% |
| &nbsp;&nbsp;S&P 500 | 16.35% | 14.99% | 15.57% |

---

The table above shows Aggressive Growth Portfolio—Class I shares (PAGRX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $510179702 |
| &nbsp;&nbsp;&nbsp;Total number of Portfolio holdings | 42 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $2338871 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | —% |

---

3.0 ------

![LOGO](g923625g46n99.jpg)

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by industry sector, as a percentage of total net assets as of January 31, 2026.

![LOGO](g923625g59g59.jpg)

How can you get additional information about the Portfolio?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/aggressive-growth-portfolio.html</u>. |

---

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.

4.0 ------

---

| | |
|:---|:---|
| AGGRESSIVE GROWTH PORTFOLIO | ![LOGO](g923625g46n99.jpg) |
| CLASS A SHARES (PAGDX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Aggressive Growth Portfolio ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/aggressive-growth-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Aggressive Growth Portfolio—Class A shares (PAGDX) | $160 | 1.35% |

---

Management's discussion of Portfolio performance

Aggressive Growth Portfolio's investment objective is to achieve high (greater than for the stock market as a whole), long-term appreciation in the value of its shares. Under normal market conditions, the Portfolio invests in stocks and stock warrants of U.S. and foreign companies that are expected to have a higher profit potential than the stock market as a whole.

During the year ended January 31, 2026, the Portfolio's Class A shares (PAGDX) achieved a total return of 37.38%, net of expenses to average net assets of 1.35%, as compared to 11.65% for the Dow Jones Industrial Average and 16.35% for the S&P 500 over the same period. Neither the Dow Jones Industrial Average nor the S&P 500 reflect deductions for fees, expenses or taxes.

The Portfolio's return during the year then ended was primarily due to the Portfolio's investment selection and the timing of purchases and sales of those investments in relation to fluctuating market values relative to the aforementioned indices. Industry sectors contributing the most appreciation to the Portfolio during the year ended January 31, 2026 included pharmaceuticals, computer software and services, real estate, energy services and processing, aerospace, and natural resources, while retail and engineering and construction provided the most depreciation over the same period.

1<br>

------

![LOGO](g923625g46n99.jpg)

![LOGO](g923625g64s64.jpg)

2.0 ------

![LOGO](g923625g46n99.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Inception on<br>May 31, 2016 |
| &nbsp;&nbsp;Aggressive Growth Portfolio—Class A Shares (PAGDX) | 37.38% | 20.45% | 18.61% |
| &nbsp;&nbsp;Dow Jones Industrial Average—Total Return | 11.65% | 12.42% | 13.40% |
| &nbsp;&nbsp;S&P 500 | 16.35% | 14.99% | 15.11% |

---

The table above shows Aggressive Growth Portfolio—Class A shares (PAGDX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $510179702 |
| &nbsp;&nbsp;&nbsp;Total number of Portfolio holdings | 42 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $2338871 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | —% |

---

3.0 ------

![LOGO](g923625g46n99.jpg)

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by industry sector, as a percentage of total net assets as of January 31, 2026.

![LOGO](g923625g71g71.jpg)

How can you get additional information about the Portfolio?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/aggressive-growth-portfolio.html</u>. |

---

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.

4.0 ------

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| | |
|:---|:---|
| AGGRESSIVE GROWTH PORTFOLIO | ![LOGO](g923625g46n99.jpg) |
| CLASS C SHARES (PAGHX) | ![LOGO](g923625g46n99.jpg) |

---

Annual Shareholder Report (January 31, 2026)

This Annual Shareholder Report contains important information about the Aggressive Growth Portfolio ("Portfolio") for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Portfolio, online at <u>https://www.permanentportfoliofunds.com/aggressive-growth-portfolio.html</u>. 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 year?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio and Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage<br>of a $10,000 investment |
| &nbsp;&nbsp;Aggressive Growth Portfolio—Class C shares (PAGHX) | $248 | 2.10% |

---

Management's discussion of Portfolio performance

Aggressive Growth Portfolio's investment objective is to achieve high (greater than for the stock market as a whole), long-term appreciation in the value of its shares. Under normal market conditions, the Portfolio invests in stocks and stock warrants of U.S. and foreign companies that are expected to have a higher profit potential than the stock market as a whole.

During the year ended January 31, 2026, the Portfolio's Class C shares (PAGHX) achieved a total return of 36.36%, net of expenses to average net assets of 2.10%, as compared to 11.65% for the Dow Jones Industrial Average and 16.35% for the S&P 500 over the same period. Neither the Dow Jones Industrial Average nor the S&P 500 reflect deductions for fees, expenses or taxes.

The Portfolio's return during the year then ended was primarily due to the Portfolio's investment selection and the timing of purchases and sales of those investments in relation to fluctuating market values relative to the aforementioned indices. Industry sectors contributing the most appreciation to the Portfolio during the year ended January 31, 2026 included pharmaceuticals, computer software and services, real estate, energy services and processing, aerospace, and natural resources, while retail and engineering and construction provided the most depreciation over the same period.

1<br>

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![LOGO](g923625g46n99.jpg)

![LOGO](g923625g76s76.jpg)

2.0 ------

![LOGO](g923625g46n99.jpg)

Average Annual Total Returns

Periods Ended January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | One<br>Year | Five<br>Years | Inception on<br>May 31, 2016 |
| &nbsp;&nbsp;Aggressive Growth Portfolio—Class C Shares (PAGHX) | 36.36% | 19.56% | 17.73% |
| &nbsp;&nbsp;Dow Jones Industrial Average—Total Return | 11.65% | 12.42% | 13.40% |
| &nbsp;&nbsp;S&P 500 | 16.35% | 14.99% | 15.11% |

---

The table above shows Aggressive Growth Portfolio—Class C shares (PAGHX)'s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

**Performance data shown above for the Portfolio represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance shown above, and can be obtained by calling the Fund's Shareholder Services Office at (800) 531-5142.** 

What are the Key Portfolio statistics you should know?

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio's total net assets | $510179702 |
| &nbsp;&nbsp;&nbsp;Total number of Portfolio holdings | 42 |
| &nbsp;&nbsp;&nbsp;Total advisory fees paid during reporting period | $2338871 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of end of reporting period | —% |

---

3.0 ------

![LOGO](g923625g46n99.jpg)

What is the Portfolio invested in?

The following pie chart shows the Portfolio's investment holdings by industry sector, as a percentage of total net assets as of January 31, 2026.

![LOGO](g923625g83s83.jpg)

How can you get additional information about the Portfolio?

---

| | |
|:---|:---|
| ![LOGO](g923625g01b11.jpg) | Scan 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 <u>https://www.permanentportfoliofunds.com/aggressive-growth-portfolio.html</u>. |

---

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.

4.0 ------

---

| | |
|:---|:---|
| **Item 2. Code of Ethics.** | **Item 2. Code of Ethics.** |
| (a) | As of the end of the period covered by this Form N-CSR, the Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer ("Code of Ethics for Executive Officers"). |
| (b) | No response required. |
| (c) | The Registrant has not made amendments to its Code of Ethics for Executive Officers during the fiscal year ended January 31, 2026. |
| (d) | The Registrant has not granted any waivers from any provisions of its Code of Ethics for Executive Officers during the fiscal year ended January 31, 2026. |
| (e) | Not applicable. |
| (f) | A copy of the Registrant's Code of Ethics for Executive Officers, adopted September 21, 2015, is filed as Exhibit 13(a)(1) to this Form N-CSR. The Code of Ethics for Executive Officers is available, without charge and upon request, by writing or calling the Registrant's Shareholder Services Office at (800) 531-5142. |
| **Item 3. Audit Committee Financial Expert.** | **Item 3. Audit Committee Financial Expert.** |
|  | The Registrant's Board of Trustees ("Board") has determined that no member of its Audit Committee qualifies as an "audit committee financial expert" ("ACFE"). After evaluating the matter, the Board concluded that it was not necessary to have a trustee on the Audit Committee who qualifies as an ACFE, given that the financial statements and accounting principles that apply to registered investment companies such as the Registrant are generally simpler and more straightforward compared to operating companies, and the financial literacy of the current Audit Committee members is adequate to discharge their duties as members of the Audit Committee. |
| **Item 4. Principal Accountant Fees and Services.** | **Item 4. Principal Accountant Fees and Services.** |
| (a) | *Audit Fees*. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements, or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years, were $138,000 and $135,100 for the fiscal years ended January 31, 2026 and January 31, 2025, respectively. |
| (b) | *Audit-Related Fees*. There were no fees billed for each of the last two fiscal years ended January 31, 2026 and January 31, 2025, respectively, for assurance and related services provided by the Registrant's principal accountant that were reasonably related to the performance of the audit of the Registrant's financial statements and were not reported under paragraph (a) of this Item. |
| (c) | *Tax Fees*. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the Registrant's principal accountant for tax compliance, tax advice and tax planning were $16,800 and $16,000 for the fiscal years ended January 31, 2026 and January 31, 2025, respectively. Tax fees represent tax compliance services provided in connection with the preparation of the Registrant's tax returns. |
| (d) | *All Other Fees*. There were no fees billed for each of the last two fiscal years ended January 31, 2026 and January 31, 2025, respectively, for products and services provided by the Registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. |
| (e)(1) | Pursuant to Section 3(c) of the Registrant's Audit Committee Charter, adopted September 21, 2015, the pre-approval policies and procedures of the Registrant's Audit Committee, in accordance with paragraph (c)(7) of Rule 2-01 of Regulation S-X, are as follows: |
|  | "The Committee shall review any audit and non-audit services provided to the Trust by the Auditor and the fees charged for such services. Except as provided below, the Committee's prior approval shall be necessary for the engagement of the Auditor to provide any audit or non-audit services on behalf of the Trust, and any non-audit services on behalf of the Trust's investment adviser ("Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Trust, where the proposed engagement relates directly to the operations and financial reporting of the Trust. Non-audit services that would otherwise qualify under the *de minimis* exception described in the Securities Exchange Act of 1934, as amended, and any applicable rules thereunder, that were not pre-approved by the Committee shall be approved by the Committee prior to the completion of the engagement. Pre-approval by the Committee shall not be required for engagements entered into pursuant to: (i) pre-approval policies and procedures established by the Committee; or (ii) pre-approval granted by one or more members of the Committee to whom, or by a subcommittee to which, the Committee has delegated pre-approval authority; *<u>provided</u>, <u>however</u>*, in either case, that the Committee is informed of each such engagement at the earlier of its next meeting, or at the Board's next quarterly meeting." |

---

------

---

| | |
|:---|:---|
| (e)(2) | None of the services included in each of paragraphs (b) through (d) of this Item were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable to the Registrant because there were no hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time permanent employees. |
| (g) | The aggregate non-audit fees billed for each of the last two fiscal years for services rendered by the Registrant's principal accountant to the Registrant were $16,800 and $16,000 for the fiscal years ended January 31, 2026 and January 31, 2025, respectively. There were no non-audit fees billed by the Registrant's principal accountant for services rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant. |
| (h) | Not applicable to the Registrant as the Registrant's principal accountant did not render any non-audit services to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant. |
| (i) | Not applicable to the Registrant. |
| (j) | Not applicable to the Registrant. |
| **Item 5. Audit Committee of Listed Registrants.** | **Item 5. Audit Committee of Listed Registrants.** |
| Not applicable to the Registrant. | Not applicable to the Registrant. |
| **Item 6. Investments.** | **Item 6. Investments.** |
| Included in Item 7. | Included in Item 7. |
| **Item 7. Financial Statements and Financial Highlights For Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights For Open-End Management Investment Companies.** |
| The Annual Financial Statements and Other Information of the Registrant for the year ended January 31, 2026 is included herein. | The Annual Financial Statements and Other Information of the Registrant for the year ended January 31, 2026 is included herein. |

---

------

---

| | |
|:---|:---|
| ![LOGO](g923625g96a05.jpg) | **Annual Financial Statements and Other Information**<br>**Year Ended January 31, 2026** |

---

#### Permanent Portfolio<sup>®</sup>
Class I — PRPFX \| Class A — PRPDX \| Class C — PRPHX

#### Short-Term Treasury Portfolio
Class I — PRTBX

#### Versatile Bond Portfolio
Class I — PRVBX \| Class A — PRVDX \| Class C — PRVHX

#### Aggressive Growth Portfolio
Class I — PAGRX \| Class A — PAGDX \| Class C — PAGHX

------

***Permanent Portfolio<sup>®</sup>, The Permanent Portfolio Family of Funds<sup>®</sup>, A Fund for All Seasons<sup>®</sup> and The Permanent Portfolio Family of Funds logo are registered trademarks of Pacific Heights Asset Management, LLC. This Report is Copyright<sup>©</sup> 2026 Permanent Portfolio Family of Funds. All rights reserved.***

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[PERMANENT PORTFOLIO<sup>®</sup>](#ar923625_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#ar923625_5) | 4 |
| **[SHORT-TERM TREASURY PORTFOLIO](#ar923625_6)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#ar923625_10) | 10 |
| **[VERSATILE BOND PORTFOLIO](#ar923625_11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#ar923625_15) | 11 |
| **[AGGRESSIVE GROWTH PORTFOLIO](#ar923625_16)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#ar923625_20) | 14 |
| **[STATEMENTS OF ASSETS AND LIABILITIES](#ar923625_21)** | **16** |
| **[STATEMENTS OF OPERATIONS](#ar923625_22)** | **19** |
| **[STATEMENTS OF CHANGES IN NET ASSETS](#ar923625_23)** | **20** |
| **[FINANCIAL HIGHLIGHTS](#ar923625_24)** | **22** |
| **[NOTES TO FINANCIAL STATEMENTS](#ar923625_25)** | **32** |
| **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#ar923625_26)** | **43** |

---

------

#### PERMANENT PORTFOLIO<sup>®</sup>

#### Schedule of Investments

#### January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Quantity** | **Quantity** |  | **Market Value** |
|  |  | **GOLD ASSETS — 21.32% of Total Net Assets** |  |
|  | 223,340 Troy Oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold bullion (a) | $1095225650 |
|  | 90,000 Coins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One-ounce gold coins (a) | 446277731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Gold Assets (identified cost $383,167,290) | $1541503381 |
|  |  | **SILVER ASSETS — 7.32% of Total Net Assets** |  |
|  | 6,759,398 Troy Oz. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver bullion (a) | $529193247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Silver Assets (identified cost $122,124,237) | $529193247 |
| **Principal Amount** | **Principal Amount** |  |  |
|  |  | **SWISS FRANC ASSETS — 7.92% of Total Net Assets** |  |
| CHF | 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250% Swiss Confederation Bonds, 05-28-26 | $97450438 |
| CHF | 40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Swiss Confederation Bonds, 06-27-27 | 54237113 |
| CHF | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% Swiss Confederation Bonds, 04-08-28 | 21166289 |
| CHF | 130000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -.091% Swiss Confederation Bonds, 06-22-29 (b) | 168684690 |
| CHF | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .500% Swiss Confederation Bonds, 05-27-30 | 132216545 |
| CHF | 65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .500% Swiss Confederation Bonds, 06-27-32 | 86235043 |
| CHF | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -.152% Swiss Confederation Bonds, 06-26-34 (b) | 12772136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Swiss Franc Assets (identified cost $512,835,546) | $572762254 |
| **Number of Shares** | **Number of Shares** |  |  |
|  |  | REAL ESTATE AND NATURAL RESOURCE STOCKS — 16.29% of Total Net Assets | REAL ESTATE AND NATURAL RESOURCE STOCKS — 16.29% of Total Net Assets |
|  |  | **NATURAL RESOURCES — 8.21% of Total Net Assets** |  |
|  | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corporation | $14525500 |
|  | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Group, Ltd. (c) | 29210250 |
|  | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birchcliff Energy, Ltd. | 16140000 |
|  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP, p.l.c. (c) | 13258000 |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cameco Corporation | 61695000 |
|  | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 20465500 |
|  | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation | 48647500 |
|  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 31269000 |
|  | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corporation | 22115500 |
|  | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corporation | 38885000 |
|  | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 144552000 |
|  | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corporation | 16549500 |
|  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien, Ltd. | 20667000 |
|  | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation | 20425500 |
|  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation warrants (a) | 2353000 |
|  | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 19561500 |
|  | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto p.l.c (c) | 38687750 |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South32 Limited (c) | 7835000 |
|  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale S.A. (c) | 8035000 |
|  | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Energy Partners LP | 19053000 |
|  |  |  | $593930500 |

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*Continued on following page.* 

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#### PERMANENT PORTFOLIO<sup>®</sup>

#### Schedule of Investments

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | **Market Value** |
|  | **REAL ESTATE — 8.08% of Total Net Assets** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | $4148000 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corporation | 35856000 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 26650500 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 16167500 |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 17674250 |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart, L.P. | 16888500 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 24892500 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 25187000 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 20232000 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 9047500 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corporation | 11594000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc. | 14900000 |
| 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 20672000 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 29376000 |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corporation | 20039250 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 23913750 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 18755000 |
| 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation | 198565200 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 13002500 |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 10159500 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 11158000 |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Company | 15468000 |
|  |  | $584346950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate and Natural Resource Stocks (identified cost $730,020,890) | $1178277450 |
|  | **AGGRESSIVE GROWTH STOCKS — 16.23% of Total Net Assets** | **AGGRESSIVE GROWTH STOCKS — 16.23% of Total Net Assets** |
|  | **AEROSPACE — .44% of Total Net Assets** | **AEROSPACE — .44% of Total Net Assets** |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corporation | $31711000 |
|  |  | $31711000 |
|  | **CHEMICALS — .46% of Total Net Assets** | **CHEMICALS — .46% of Total Net Assets** |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | $16350000 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corporation | 17063000 |
|  |  | $33413000 |
|  | **COMPUTER SOFTWARE & SERVICES — 3.39% of Total Net Assets** | **COMPUTER SOFTWARE & SERVICES — 3.39% of Total Net Assets** |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corporation Class A (a) | $47311000 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 15172200 |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. Class A (a) | 161249000 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum Computing, Inc. (a) | 3708000 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. Class A (a) | 18069000 |
|  |  | $245509200 |
|  | **ELECTRICAL EQUIPMENT & ELECTRONICS — 3.19% of Total Net Assets** | **ELECTRICAL EQUIPMENT & ELECTRONICS — 3.19% of Total Net Assets** |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arm Holdings plc (a)(c) | $21072000 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 66260000 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corporation | 143347500 |
|  |  | $230679500 |
|  | **ENERGY SERVICES & PROCESSING — .40% of Total Net Assets** | **ENERGY SERVICES & PROCESSING — .40% of Total Net Assets** |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corporation | $14297250 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 14356000 |
|  |  | $28653250 |

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*Continued on following page.* 

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#### PERMANENT PORTFOLIO<sup>®</sup>

#### Schedule of Investments

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | **Market Value** |
|  | **ENGINEERING & CONSTRUCTION — .35% of Total Net Assets** | **ENGINEERING & CONSTRUCTION — .35% of Total Net Assets** |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corporation (a) | $11547500 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corporation Class A | 13668750 |
|  |  | $25216250 |
|  | **ENTERTAINMENT & LEISURE — 1.89% of Total Net Assets** | **ENTERTAINMENT & LEISURE — 1.89% of Total Net Assets** |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disney (Walt) Company | $11280000 |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. Class A | 114640000 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts, Ltd. | 10745000 |
|  |  | $136665000 |
|  | **FINANCIAL SERVICES — 1.74% of Total Net Assets** | **FINANCIAL SERVICES — 1.74% of Total Net Assets** |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. Class A (a) | $24120000 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 36560000 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab (Charles) Corporation | 25980000 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corporation | 19629000 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. Class A | 19309800 |
|  |  | $125598800 |
|  | **MANUFACTURING — 1.35% of Total Net Assets** | **MANUFACTURING — 1.35% of Total Net Assets** |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | $13385000 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 23513400 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corporation (a) | 13861500 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corporation | 46792000 |
|  |  | $97551900 |
|  | **MATERIALS — .31% of Total Net Assets** | **MATERIALS — .31% of Total Net Assets** |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corporation | $22215000 |
|  |  | $22215000 |
|  | **PHARMACEUTICALS — .71% of Total Net Assets** | **PHARMACEUTICALS — .71% of Total Net Assets** |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | $20512800 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. (a) | 30957500 |
|  |  | $51470300 |
|  | **RETAIL — 1.05% of Total Net Assets** | **RETAIL — 1.05% of Total Net Assets** |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corporation | $47012500 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (a) | 8725000 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 20465000 |
|  |  | $76202500 |
|  | **TRANSPORTATION — .95% of Total Net Assets** | **TRANSPORTATION — .95% of Total Net Assets** |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Limited | $14868000 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corporation | 19335000 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 14346000 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 20012500 |
|  |  | $68561500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Aggressive Growth Stocks (identified cost $405,064,776) | $1173447200 |

---

*Continued on following page.* 

------

#### PERMANENT PORTFOLIO<sup>®</sup>

#### Schedule of Investments

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **DOLLAR ASSETS — 30.49% of Total Net Assets** |  |
|  | **CORPORATE BONDS — 20.22% of Total Net Assets** |  |
|  | **AEROSPACE— .42% of Total Net Assets** |  |
| $12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500% BAE Systems, Inc., 07-01-27 (d) | $13111905 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Northrop Grumman Corporation, 01-15-28 | 17281408 |
|  |  | $30393313 |
|  | **AGRICULTURAL PRODUCTS — .15% of Total Net Assets** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% Archer-Daniels-Midland Company, 05-01-29 | $10728850 |
|  |  | $10728850 |
|  | **CHEMICALS — .84% of Total Net Assets** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% Air Products & Chemicals, Inc., 10-11-32 | $10267730 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% RPM International, Inc., 03-15-27 | 9960050 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% Sherwin-Williams Company, 09-01-31 | 20464110 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% Westlake Corporation, 08-15-26 | 19914810 |
|  |  | $60606700 |
|  | **CONSUMER PRODUCTS — 1.98% of Total Net Assets** |  |
| 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% Brown-Forman Corporation, 04-15-38 | $10794492 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% Campbell's (The) Company, 03-15-28 | 20009110 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% Conagra Brands, Inc., 10-01-26 | 17829464 |
| 5621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Imperial Brands, p.l.c., 07-26-26 (d) | 5602099 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100% Kellanova, 06-01-30 | 13744395 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% Nestle Capital Corporation, 03-12-31 (d) | 17963339 |
| 40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250% Pernod Ricard International Finance, LLC, 04-01-28 (d) | 37691840 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% Smucker (J.M.) Company, 12-15-27 | 19794020 |
|  |  | $143428759 |
|  | **ELECTRICAL EQUIPMENT & ELECTRONICS — .39% of Total Net Assets** |  |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% Avnet, Inc., 04-15-26 | $12505419 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% Skyworks Solutions, Inc., 06-01-31 | 15910886 |
|  |  | $28416305 |
|  | **ENERGY SERVICES & PROCESSING — 1.32% of Total Net Assets** |  |
| 32500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% Kinder Morgan, Inc., 02-01-29 | $33351208 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% Oneok, Inc., 01-15-26 (d) | 20410020 |
| 9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% Oneok, Inc., 09-30-28 | 10406170 |
| 22000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% Williams Companies, Inc., 08-15-28 | 22653169 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750% Williams Companies, Inc., 06-15-31 | 8566050 |
|  |  | $95386617 |
|  | **ENGINEERING & CONSTRUCTION — .70% of Total Net Assets** |  |
| 35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% Lennar Corporation, 11-29-27 | $35346465 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% PulteGroup, Inc., 03-01-26 | 15000922 |
|  |  | $50347387 |
|  | **FINANCIAL SERVICES — .87% of Total Net Assets** |  |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% Citadel Finance, LLC, 03-09-26 (d) | $7492217 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% Manufacturers & Traders Trust Company, 01-27-28 | 15204412 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% Mastercard, Inc., 05-09-34 | 15279818 |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% UBS Group, AG, 04-17-26 | 25031700 |
|  |  | $63008147 |
|  | **INSURANCE — 1.10% of Total Net Assets** |  |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% Alleghany Corporation, 05-15-30 | $24463950 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% Brown & Brown, Inc., 03-15-29 | 10080420 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.920% Cincinnati Financial Corporation, 05-15-28 | 13277012 |
| 22500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% Loews Corporation, 05-15-30 | 21556327 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% Mercury General Corporation, 03-15-27 | 9986530 |
|  |  | $79364239 |

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*Continued on following page.* 

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#### PERMANENT PORTFOLIO<sup>®</sup>

#### Schedule of Investments

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **MANUFACTURING — 1.02% of Total Net Assets** |  |
| $15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% Alcon Finance Corporation, 09-23-26 (d) | $14870024 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% Kennametal, Inc., 06-15-28 | 17646449 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% Keysight Technologies, Inc., 04-06-27 | 15076222 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% Keysight Technologies, Inc., 07-30-30 | 15587168 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700% Rockwell Automation, Inc., 01-15-28 | 10518435 |
|  |  | $73698298 |
|  | **MATERIALS — .72% of Total Net Assets** |  |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% Martin Marietta Materials, Inc., 03-15-30 | $23322500 |
| 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Vulcan Materials Company, 06-01-30 | 29041950 |
|  |  | $52364450 |
|  | **NATURAL RESOURCES — 2.68% of Total Net Assets** |  |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% BHP Billiton Finance (USA) Limited, 02-27-26 | $7504871 |
| 9300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000% ConocoPhillips, 03-30-29 | 10033705 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% Coterra Energy, Inc., 05-15-27 | 12476181 |
| 5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% Coterra Energy, Inc., 05-15-27 | 5135954 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% Coterra Energy, Inc., 03-15-29 | 12575513 |
| 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% Coterra Energy, Inc., 03-15-29 | 6528876 |
| 9008000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% Devon Energy Corporation, 10-15-27 | 9022674 |
| 13016000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% Devon Energy Corporation, 06-15-28 | 13037489 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Diamondback Energy, Inc., 12-01-26 | 17399515 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% Glencore Funding, LLC, 05-08-28 (d) | 12847294 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% Mosaic (The) Company, 11-15-27 | 17513851 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.300% Mosaic (The) Company, 01-15-28 | 13103000 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% Nutrien, Ltd., 12-15-26 | 10045265 |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% Ovintiv, Inc., 05-15-28 | 25793213 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.200% Pioneer Natural Resources Company, 01-15-28 | 15922815 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% Yara International ASA, 06-06-26 (d) | 5012480 |
|  |  | $193952696 |
|  | **PHARMACEUTICALS — .52% of Total Net Assets** |  |
| 12590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% Bio-Rad Laboratories, Inc., 03-15-27 | $12488562 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.800% Bristol-Myers Squibb Company, 11-15-26 | 5103581 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% Zoetis, Inc., 08-17-28 | 20119610 |
|  |  | $37711753 |
|  | **REAL ESTATE — 4.28% of Total Net Assets** |  |
| 14910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% Boston Properties, L.P., 02-01-26 | $14906601 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% Brandywine Operating Partnership, L.P., 11-15-27 | 4911667 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% Camden Property Trust, 11-03-26 | 10125500 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% Camden Property Trust, 10-15-28 | 20048570 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% COPT Defense Properties, 01-15-29 | 11757269 |
| 24250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% Cubesmart, L.P., 09-01-26 | 24114758 |
| 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% First Industrial, L.P., 01-15-31 | 30540135 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% Highwoods Realty, L.P., 03-15-28 | 9942040 |
| 6025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% Kimco Realty Corporation, 10-01-26 | 5984632 |
| 14826000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% LXP Industrial Trust, 11-15-28 | 15692254 |
| 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% Mid-America Apartment Communities, Inc., 06-01-27 | 17438225 |
| 17063000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% Rayonier, L.P., 05-17-31 | 15494347 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% Regency Centers, L.P., 02-01-27 | 14948535 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% Regency Centers, L.P., 03-15-28 | 10026455 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% Regency Centers, L.P., 09-15-29 | 12001938 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% Regency Centers, L.P., 6-15-30 | 14695905 |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% Sun Communities Operating Limited Partnership, 11-01-28 | 23780550 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% UDR, Inc., 09-01-26 | 9946690 |
| 29750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% UDR, Inc., 01-26-29 | 29985055 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950% Weyerhaeuser Company, 10-01-27 | 13062462 |
|  |  | $309403588 |

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*Continued on following page.* 

------

#### PERMANENT PORTFOLIO<sup>®</sup>

#### Schedule of Investments

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **RETAIL — .10% of Total Net Assets** |  |
| $7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% Advance Auto Parts, Inc., 10-01-27 | $7106764 |
|  |  | $7106764 |
|  | **TRANSPORTATION — 1.90% of Total Net Assets** |  |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% Canadian Pacific Kansas City Limited, 11-15-29 | $12018375 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% CSX Corporation, 03-15-29 | 15136838 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% Hunt (J.B.) Transport Services, Inc., 03-01-26 | 12497875 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% Hunt (J.B.) Transport Services, Inc., 03-15-30 | 20444730 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% Kirby Corporation, 03-01-28 | 7497896 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% Ryder System, Inc., 09-01-26 | 12341775 |
| 35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% Union Pacific Corporation, 05-20-31 | 32043935 |
| 22500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.620% UPS of America, Inc., 04-01-30 | 25429623 |
|  |  | $137411047 |
|  | **UTILITIES — 1.09% of Total Net Assets** |  |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Entergy Mississsippi, LLC, 12-01-27 | $7383626 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% Florida Power & Light Company, 05-15-28 | 15190238 |
| 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% Florida Power & Light Company, 06-15-29 | 31130835 |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% National Fuel Gas Company, 09-15-27 | 24922737 |
|  |  | $78627436 |
|  | **WASTE & ENVIRONMENTAL SERVICES — .14% of Total Net Assets** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% Republic Services, Inc., 04-01-29 | $10242525 |
|  |  | $10242525 |
|  |  | $1462198874 |
|  | **UNITED STATES TREASURY SECURITIES — 10.27% of Total Net Assets** |  |
| 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bills 3.028%, 02-12-26 (b) | $99900549 |
| 60000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bills 3.272%, 02-19-26 (b) | 59897993 |
| 55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.875%, 04-30-26 | 55152367 |
| 55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.125%, 06-15-26 | 55112555 |
| 60000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.875%, 05-31-27 | 60273268 |
| 55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.750%, 08-15-27 | 55184858 |
| 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.500%, 11-15-28 | 74821391 |
| 55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.875%, 12-31-29 | 55332224 |
| 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.875%, 08-31-32 | 74485499 |
| 95000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bonds 3.500%, 02-15-39 | 86096529 |
| 95000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bonds 2.000%, 11-15-41 | 66092626 |
|  |  | $742349859 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dollar Assets (identified cost $2,193,760,198) | $2204548733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio — 99.57% of total net assets (identified cost $4,346,972,937) (e) | $7199732265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, less liabilities (.43% of total net assets) | 30906193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $7230638458 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notes:* |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest rate represents yield to maturity. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sponsored American Depositary Receipt (ADR). |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 January 31, 2026, these securities amounted to $135,001,218, or 1.87% of Permanent Portfolio's total net assets, and have been determined by the Portfolio's investment adviser to be liquid. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **UNITED STATES TREASURY SECURITIES — 98.28% of Total Net Assets** |  |
| $1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.000%, 02-15-26 | $1499656 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.125%, 06-15-26 | 1503070 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 1.500%, 08-15-26 | 1483144 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 2.000%, 11-15-26 | 1481651 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.125%, 01-31-27 | 1508553 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 4.250%, 03-15-27 | 1511401 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.750%, 08-15-27 | 1505042 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury notes 3.875%, 03-15-28 | 1510248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio — 98.28% of total net assets<br>(identified cost $11,941,098) (a) | $12002765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, less liabilities (1.72% of total net assets) | 210118 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $12212883 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notes:* |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Aggregate cost for book and federal income tax purposes are the same. |  |

---

*See accompanying notes to financial statements.* 

------

#### VERSATILE BOND PORTFOLIO

#### Schedule of Investments

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **CORPORATE BONDS — 75.90% of Total Net Assets** |  |
|  | **AEROSPACE — 1.64% of Total Net Assets** |  |
| $1354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% Hexcel Corporation, 02-15-27 | $1355321 |
|  |  | $1355321 |
|  | **CHEMICALS — 3.36% of Total Net Assets** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% FMC Corporation, 10-01-26 | $988932 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% Sherwin-Williams Company, 09-01-31 | 1790610 |
|  |  | $2779542 |
|  | **CONSUMER PRODUCTS — 11.92% of Total Net Assets** |  |
| 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.668% B.A.T. International Finance, p.l.c., 03-25-26 | $3238216 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% Brown-Forman Corporation, 04-15-38 | 1574197 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% Conagra Brands, Inc., 10-01-26 | 1782946 |
| 1737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Imperial Brands, p.l.c., 07-26-26 (a) | 1731159 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500% Mondelez International, Inc., 02-04-31 | 1528632 |
|  |  | $9855150 |
|  | **ELECTRICAL EQUIPMENT & ELECTRONICS — 4.04% of Total Net Assets** |  |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% Avnet, Inc., 04-15-26 | $1750759 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% Skyworks Solutions, Inc., 06-01-31 | 1591089 |
|  |  | $3341848 |
|  | **ENERGY SERVICES & PROCESSING — 9.72% of Total Net Assets** |  |
| 5532950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% El Paso Energy Capital Trust I, 03-31-28 (b) | $5535163 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% Oneok, Inc., 07-13-27 | 2499679 |
|  |  | $8034842 |
|  | **ENGINEERING & CONSTRUCTION — 3.63% of Total Net Assets** |  |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% PulteGroup, Inc., 03-01-26 | $3000185 |
|  |  | $3000185 |
|  | **FINANCIAL SERVICES — 2.59% of Total Net Assets** |  |
| 997500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% BRC Group Holdings, Inc., 09-30-26 | $946428 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% KKR Group Finance Company IX, 04-01-61 | 700400 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% PNC Bank, N.A., 04-01-26 | 498995 |
|  |  | $2145823 |
|  | **INSURANCE — 7.63% of Total Net Assets** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% American National Group, Inc., 10-01-29 | $518146 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% Brown & Brown, Inc., 03-15-29 | 1512063 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.400% F&G Annuities & Life, Inc., 01-13-28 | 1045037 |
| 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.950% F&G Annuities & Life, Inc., 12-15-53 | 897750 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% Mercury General Corporation, 03-15-27 | 1747643 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.450% Phoenix Companies, Inc., 01-15-32 | 585000 |
|  |  | $6305639 |
|  | **MANUFACTURING — 8.55% of Total Net Assets** |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% Kennametal, Inc., 06-15-28 | $2268829 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% Keysight Technologies, Inc., 04-06-27 | 4020326 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% Nordson Corporation, 09-15-28 | 776497 |
|  |  | $7065652 |
|  | **MATERIALS — 3.46% of Total Net Assets** |  |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% Martin Marietta Materials, Inc., 03-15-30 | $1166125 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% Vulcan Materials Company, 06-01-30 | 1694114 |
|  |  | $2860239 |

---

*Continued on following page.* 

------

#### VERSATILE BOND PORTFOLIO

#### Schedule of Investments

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Market Value** |
|  | **NATURAL RESOURCES — 4.52% of Total Net Assets** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% Coterra Energy, Inc., 05-15-27 | $978277 |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% Coterra Energy, Inc., 03-15-29 | 180800 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% Ovintiv, Inc., 05-15-28 | 2579321 |
|  |  | $3738398 |
|  | **REAL ESTATE — 10.19% of Total Net Assets** |  |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% Cubesmart, L.P., 09-01-26 | $1243029 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% Cubesmart, L.P., 12-15-28 | 1189667 |
| 538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% Duke Realty, L.P., 12-15-27 | 518138 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600% First Industrial, L.P., 07-15-28 | 521826 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Kimco Realty Corporation, 08-15-26 | 1245224 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% Liberty Property, L.P., 10-01-26 | 495946 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% Regency Centers, L.P., 02-01-27 | 996569 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% Regency Centers, L.P., 06-15-30 | 1224659 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% UDR, Inc., 07-01-27 | 993627 |
|  |  | $8428685 |
|  | **WASTE & ENVIRONMENTAL SERVICES — 4.65% of Total Net Assets** |  |
| 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% Republic Services, Inc., 04-01-29 | $3840946 |
|  |  | $3840946 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds (identified cost $62,615,551) | $62752270 |
|  | **UNITED STATES TREASURY SECURITIES — 7.85% of Total Net Assets** |  |
| 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury bills 3.028%, 02-12-26 (c) | $6493536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States Treasury Securities (identified cost $6,492,860) | $6493536 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | |
|  | **PREFERRED STOCKS — 15.76% of Total Net Assets** |  |
|  | **COMMUNICATIONS SERVICES — 2.42% of Total Net Assets** | **COMMUNICATIONS SERVICES — 2.42% of Total Net Assets** |
| $32676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% DigitalBridge Group, Inc., Preferred Class H (d) | $627706 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% DigitalBridge Group, Inc., Preferred Class J (d) | 868050 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% Telephone & Data Systems, Inc., Preferred Class VV (d) | 507000 |
|  |  | $2002756 |
|  | **FINANCIAL SERVICES — 6.69% of Total Net Assets** |  |
| 28778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% Associated Banc-Corp, Preferred Class F (e) | $596280 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% Capital One Financial Corporation, Preferred Class I (e) | 1969000 |
| 40721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% Compass Diversified Holdings, Preferred Class C (d) | 816049 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500% Merchants Bancorp, Preferred Class C (e) | 502750 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% Schwab (Charles) Corporation, Preferred Class J (e) | 572400 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% WaFD, Inc., Preferred Class A (d) | 1077050 |
|  |  | $5533529 |
|  | **REAL ESTATE — 6.65% of Total Net Assets** |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% CTO Realty Growth, Inc., Preferred Class A (d) | $1015005 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% Kimco Realty Corporation, Preferred Class L (d) | 2018000 |
| 28383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% Regency Centers Corporation, Preferred Class A (d) | 663027 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% Regency Centers Corporation, Preferred Class B (d) | 1800800 |
|  |  | $5496832 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks (identified cost $14,808,125) | $13033117 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio — 99.51% of total net assets (identified cost $83,916,536) (f) | $82278923 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, less liabilities (.49% of total net assets) | 402357 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $82681280 |

---

*Continued on following page.* 

------

#### VERSATILE BOND PORTFOLIO

#### Schedule of Investments

#### January 31, 2026

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notes:* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 January 31, 2026, these securities amounted to $1,731,159, or 2.09% of Versatile Bond Portfolio's total net assets, and have been determined by the Portfolio's investment adviser to be liquid. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Convertible security. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest rate represents yield to maturity. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cumulative, perpetual preferred stock. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-cumulative, perpetual preferred stock. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Aggregate cost for book and federal income tax purposes are the same. |

---

*See accompanying notes to financial statements.* 

------

#### AGGRESSIVE GROWTH PORTFOLIO

#### Schedule of Investments

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | **Market Value** |
|  | **AGGRESSIVE GROWTH STOCKS — 95.77% of Total Net Assets** |  |
|  | **AEROSPACE — 4.97% of Total Net Assets** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corporation | $25368800 |
|  |  | $25368800 |
|  | **CHEMICALS — 5.48% of Total Net Assets** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | $10900000 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corporation | 17063000 |
|  |  | $27963000 |
|  | **COMPUTER SOFTWARE & SERVICES — 14.21% of Total Net Assets** |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corporation Class A (a) | $23655500 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 10114800 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. Class A (a) | 25653250 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum Computing, Inc. (a) | 4635000 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. Class A (a) | 8432200 |
|  |  | $72490750 |
|  | **ELECTRICAL EQUIPMENT & ELECTRONICS — 10.55% of Total Net Assets** | **ELECTRICAL EQUIPMENT & ELECTRONICS — 10.55% of Total Net Assets** |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arm Holdings plc (a)(b) | $12643200 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 18221500 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corporation | 22935600 |
|  |  | $53800300 |
|  | **ENERGY SERVICES & PROCESSING — 1.53% of Total Net Assets** |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corporation | $7798500 |
|  |  | $7798500 |
|  | **ENGINEERING & CONSTRUCTION — 3.50% of Total Net Assets** |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corporation (a) | $6928500 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corporation Class A | 10935000 |
|  |  | $17863500 |
|  | **ENTERTAINMENT & LEISURE — 7.51% of Total Net Assets** |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disney (Walt) Company | $6768000 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. Class A | 25077500 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts, Ltd. | 6447000 |
|  |  | $38292500 |
|  | **FINANCIAL SERVICES — 8.40% of Total Net Assets** |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. Class A (a) | $7537500 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 9140000 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab (Charles) Corporation | 8313600 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corporation | 9814500 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. Class A | 8045750 |
|  |  | $42851350 |
|  | **MANUFACTURING — 6.70% of Total Net Assets** |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | $6692500 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 6531500 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corporation (a) | 6930750 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corporation | 14037600 |
|  |  | $34192350 |
|  | **MATERIALS — 1.74% of Total Net Assets** |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corporation | $8886000 |
|  |  | $8886000 |

---

*Continued on following page.* 

------

#### AGGRESSIVE GROWTH PORTFOLIO

#### Schedule of Investments

#### January 31, 2026

---

| | | |
|:---|:---|:---|
| **Number of Shares** |  | **Market Value** |
|  | **NATURAL RESOURCES — 6.11% of Total Net Assets** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birchcliff Energy, Ltd. | $2690000 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 15057500 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien, Ltd. | 6889000 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 6520500 |
|  |  | $31157000 |
|  | **PHARMACEUTICALS — 7.74% of Total Net Assets** |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | $8547000 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. (a) | 30957500 |
|  |  | $39504500 |
|  | **REAL ESTATE — 4.87% of Total Net Assets** |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc. | $7450000 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation | 17418000 |
|  |  | $24868000 |
|  | **RETAIL — 6.92% of Total Net Assets** |  |
| 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corporation | $20685500 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (a) | 4362500 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 10232500 |
|  |  | $35280500 |
|  | **TRANSPORTATION — 5.54% of Total Net Assets** |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Limited | $7434000 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corporation | 8056250 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 4782000 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 8005000 |
|  |  | $28277250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio — 95.77% of total net assets (identified cost $383,465,166) (c) | $488594300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, less liabilities (4.23% of total net assets) | 21585402 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $510179702 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notes:* |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sponsored American Depositary Receipt (ADR). |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Aggregate cost for book and federal income tax purposes are the same. |  |

---

*See accompanying notes to financial statements.* 

------

#### STATEMENTS OF ASSETS AND LIABILITIES

#### January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent**<br>**Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  **ASSETS** |  |  |  |  |
|  Investments at market value (Notes 1, 5 & 6): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments other than securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold assets (identified cost $383,167,290; $—; $— and $—, respectively) | $1541503381 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver assets (identified cost $122,124,237; $—; $— and $—, respectively) | 529193247 |  |  |  |
|  | 2070696628 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss franc bonds | 572762254 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate and natural resource stocks | 1178277450 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aggressive growth stocks | 1173447200 |  |  | 488594300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 1462198874 |  | 62752270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks |  |  | 13033117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury securities | 742349859 | 12002765 | 6493536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (identified cost $4,346,972,937; $11,941,098; $83,916,536; and $383,465,166, respectively) | 7199732265 | 12002765 | 82278923 | 488594300 |
|  Cash | 57024842 | 64778 |  | 29444927 |
|  Accounts receivable for shares of the portfolio sold | 12130318 |  | 19836 | 2122131 |
|  Accrued dividends receivable | 1715373 |  | 16209 | 248700 |
|  Accrued interest receivable | 24269624 | 156624 | 637599 |  |
|  Accrued foreign taxes receivable | 9749705 |  |  |  |
|  Prepaid expenses | 79256 | 138 | 943 | 5497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7304701383 | 12224305 | 82953510 | 520415555 |
|  **LIABILITIES** |  |  |  |  |
|  Bank overdraft |  |  | 36416 |  |
|  Accounts payable for investments purchased | 58470413 |  | 150982 | 9659447 |
|  Accounts payable for shares of the portfolio redeemed | 10560566 | 5000 | 33134 | 144900 |
|  Accrued investment advisory fees | 4646404 | 6422 | 44018 | 412410 |
|  Accrued distribution and service fees | 385542 |  | 7680 | 19096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 74062925 | 11422 | 272230 | 10235853 |
|  **NET ASSETS** | $7230638458 | $12212883 | $82681280 | $510179702 |

---

*Continued on following page.* 

------

#### STATEMENTS OF ASSETS AND LIABILITIES

#### January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  **COMPONENTS OF NET ASSETS** |  |  |  |  |
|  Capital stock | $92231 | $186 | $1267 | $3497 |
|  Paid-in capital | 4365983743 | 12100106 | 86320721 | 405015134 |
|  | 4366075974 | 12100292 | 86321988 | 405018631 |
|  Total distributable earnings (deficit) | 2864562484 | 112591 | (3640708) | 105161071 |
|  **NET ASSETS APPLICABLE TO OUTSTANDING SHARES** | $7230638458 | $12212883 | $82681280 | $510179702 |
|  **COMPUTATION OF NET ASSETS** |  |  |  |  |
|  **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $7020448313 | $12212883 | $80006426 | $495995329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 89491073 | 185732 | 1225474 | 3396053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption proceeds per share | $78.45 | $65.76 | $65.29 | $146.05 |
|  **CLASS A SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $107544599 | $— | $408727 | $9526237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1378427 |  | 6286 | 65771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $78.02 | $— | $65.03 | $144.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering price per share (NAV per share plus maximum sales charge) (1) | $82.13 | $— | $67.74 | $152.46 |
|  **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to outstanding shares | $102645546 | $— | $2266127 | $4658136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1361842 |  | 35505 | 35115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $75.37 | $— | $63.82 | $132.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption proceeds per share (NAV per share less maximum contingent deferred sales charge) (2) | $74.62 | $— | $63.18 | $131.32 |

---

(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

#### Year Ended January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  **INVESTMENT INCOME (Note 1)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $79885181 | $541184 | $3335516 | $77576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 31142288 |  | 1237195 | 2392818 |
|  | 111027469 | 541184 | 4572711 | 2470394 |
|  **EXPENSES (Notes 3 & 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 42166232 | 155534 | 1091898 | 2338871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 758064 | 1954 | 14212 | 26083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excise tax |  | 609 | 3399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal expense | 91309 | 220 | 1540 | 3665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft expense | 41223 | 303 | 4784 | 5630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees–Class A | 186503 |  | 546 | 11958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees–Class C | 729556 |  | 20431 | 26781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 43972887 | 158620 | 1136810 | 2412988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waiver of investment advisory fee |  | (73674) | (517214) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 43972887 | 84946 | 619596 | 2412988 |
|  Net investment income before foreign income taxes deducted at source | 67054582 | 456238 | 3953115 | 57406 |
|  Less foreign income taxes deducted at source, net of refundable taxes | (285002) |  |  | (25339) |
|  **NET INVESTMENT INCOME** | 66769580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456238 | 3953115 | 32067 |
|  **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY (Notes 1, 5 & 6)** |  |  |  |  |
|  Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 137607396 | (598) | 91373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 13563606 |  |  | (45) |
|  | 151171002 | (598) | 91373 | (45) |
|  Change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1283183081 | 67332 | 968704 | 67810705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | 1427594 |  |  |  |
|  **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY** | 1435781677 | 66734 | 1060077 | 67810660 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1502551257 | $522972 | $5013192 | $67842727 |

---

*See accompanying notes to financial statements.* 

------

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Permanent Portfolio<sup>®</sup>** | **Permanent Portfolio<sup>®</sup>** |
|  | **Year Ended<br>January 31, 2026** | **Year Ended<br>January 31, 2025** |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $66769580 | $35940443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 137607396 | 48117948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions | 13563606 | 675650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation of investments | 1283183081 | 647906478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies | 1427594 | (565632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 1502551257 | 732074887 |
|  **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (203845723) | (66976059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (2854061) | (656079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (2331628) | (542903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (209031412) | (68175041) |
|  **CAPITAL STOCK TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 2501026333 | 854946193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 67399170 | 22417746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 39425115 | 15340684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 157164162 | 50617728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2334836 | 491313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1980190 | 452537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (819394151) | (483146674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (26232668) | (29493967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (11618867) | (6120515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital stock transactions | 1912084120 | 425505045 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 3205603965 | 1089404891 |
|  **NET ASSETS AT BEGINNING OF YEAR** | 4025034493 | 2935629602 |
|  **NET ASSETS AT END OF YEAR** | $7230638458 | $4025034493 |
|  **SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 36024813 | 14515875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 973992 | 385206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 578594 | 270528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 2145000 | 811442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 32032 | 7910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 28088 | 7511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (11729734) | (8403528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (375480) | (520196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (173885) | (109745) |
|  **INCREASE (DECREASE) IN SHARES OUTSTANDING** | 27503420 | 6965003 |

---

*Continued on following page.* 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Short-Term Treasury Portfolio** | **Short-Term Treasury Portfolio** | Versatile Bond Portfolio | Versatile Bond Portfolio | Aggressive Growth Portfolio | Aggressive Growth Portfolio |
| **Year Ended<br>January 31, 2026** | **Year Ended<br>January 31, 2025** | **Year Ended<br>January 31, 2026** | **Year Ended<br>January 31, 2025** | **Year Ended<br>January 31, 2026** | **Year Ended<br>January 31, 2025** |
| $456238 | $374456 | $3953115 | $3833396 | $32067 | $7187 |
| (598) | (8147) | 91373 | (99733) |  | 198167 |
|  |  |  |  | (45) | (91) |
| 67332 | 116043 | 968704 | 1411093 | 67810705 | 15134652 |
| 522972 | 482352 | 5013192 | 5144756 | 67842727 | 15339915 |
| (401000) | (348958) | (3367243) | (3419111) | (117078) | (2534329) |
|  |  | (15890) | (2605) | (2170) | (30562) |
|  |  | (68315) | (41648) | (1278) | (65790) |
| (401000) | (348958) | (3451448) | (3463364) | (120526) | (2630681) |
| 3469289 | 3115958 | 16074347 | 26194219 | 426932828 | 18578459 |
|  |  | 382849 | 23496 | 12284699 | 1500352 |
|  |  | 771894 | 421354 | 3761390 | 1125547 |
| 377385 | 327682 | 3233228 | 3306685 | 111259 | 2343512 |
|  |  | 15890 | 2472 | 2079 | 30561 |
|  |  | 68315 | 41648 | 1276 | 65654 |
| (5260782) | (1810066) | (37645863) | (29257359) | (50718249) | (12263645) |
|  |  | (82122) | (4006) | (5894814) | (157306) |
|  |  | (174551) | (31042) | (1324837) | (152230) |
| (1414108) | 1633574 | (17356013) | 697467 | 385155631 | 11070904 |
| (1292136) | 1766968 | (15794269) | 2378859 | 452877832 | 23780138 |
| 13505019 | 11738051 | 98475549 | 96096690 | 57301870 | 33521732 |
| $12212883 | $13505019 | $82681280 | $98475549 | $510179702 | $57301870 |
| 52472 | 47378 | 244799 | 406299 | 3274117 | 181111 |
|  |  | 5796 | 367 | 95660 | 14434 |
|  |  | 12145 | 6772 | 33020 | 12069 |
| 5767 | 5040 | 50004 | 51490 | 805 | 22019 |
|  |  | 247 | 39 | 15 | 289 |
|  |  | 1079 | 661 | 10 | 671 |
| (79217) | (27754) | (572611) | (454433) | (390418) | (127718) |
|  |  | (1275) | (63) | (45618) | (1520) |
|  |  | (2702) | (493) | (12101) | (1597) |
| (20978) | 24664 | (262518) | 10639 | 2955490 | 99758 |

---

*See accompanying notes to financial statements.* 

------

#### FINANCIAL HIGHLIGHTS

#### Permanent Portfolio<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares (PRPFX) (1)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $62.22 | $50.85 | $48.39 | $48.13 | $46.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (2) | .87 | .62 | .42 | .31 | .12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments and foreign currencies (3) | 17.81 | 11.87 | 2.75 | .68 | 2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 18.68 | 12.49 | 3.17 | .99 | 3.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (.88) | (.57) | (.33) | (.14) | (.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.57) | (.55) | (.38) | (.59) | (.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.45) | (1.12) | (.71) | (.73) | (1.02) |
|  **Net asset value, end of year** | $78.45 | $62.22 | $50.85 | $48.39 | $48.13 |
|  **Total return (4)** | 30.29% | 24.55% | 6.61% | 2.13% | 6.44% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $7020448 | $3922982 | $2853956 | $2875001 | $2825470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 16.21% | 22.14% | 15.26% | 27.58% | 29.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | .79% | .81% | .82% | .82% | .81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.24% | 1.06% | .86% | .67% | .25% |

---

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

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

(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<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A Shares (PRPDX) (1)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $61.93 | $50.61 | $48.19 | $47.92 | $45.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (2) | .69 | .46 | .30 | .19 | (.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments and foreign currencies (3) | 17.71 | 11.82 | 2.73 | .68 | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 18.40 | 12.28 | 3.03 | .87 | 2.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (.74) | (.41) | (.23) | (.01) | (.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.57) | (.55) | (.38) | (.59) | (.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.31) | (.96) | (.61) | (.60) | (.92) |
|  **Net asset value, end of year** | $78.02 | $61.93 | $50.61 | $48.19 | $47.92 |
|  **Total return (4)** | 29.97% | 24.26% | 6.33% | 1.87% | 6.18% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $107545 | $46315 | $44285 | $33723 | $48095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 16.21% | 22.14% | 15.26% | 27.58% | 29.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.04% | 1.06% | 1.07% | 1.07% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | .98% | .81% | .62% | .41% | (.02)% |

---

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

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

(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<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C Shares (PRPHX) (1)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $59.99 | $49.15 | $46.94 | $47.04 | $45.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (2) | .16 | .03 | (.07) | (.15) | (.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments and foreign currencies (3) | 17.11 | 11.43 | 2.66 | .64 | 2.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 17.27 | 11.46 | 2.59 | .49 | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (.32) | (.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.57) | (.55) | (.38) | (.59) | (.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.89) | (.62) | (.38) | (.59) | (.84) |
|  **Net asset value, end of year** | $75.37 | $59.99 | $49.15 | $46.94 | $47.04 |
|  **Total return (4)** | 29.02% | 23.30% | 5.55% | 1.09% | 5.41% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $102646 | $55738 | $37389 | $36537 | $30038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 16.21% | 22.14% | 15.26% | 27.58% | 29.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.79% | 1.81% | 1.82% | 1.82% | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | .24% | .06% | (.14)% | (.33)% | (.78)% |

---

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

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

(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

#### Short-Term Treasury Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares (PRTBX) (1)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $65.33 | $64.48 | $63.35 | $64.22 | $64.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (2) | 2.31 | 1.98 | 1.30 | .46 | (.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments (3) | .34 | .62 | .98 | (1.33) | (.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.65 | 2.60 | 2.28 | (.87) | (.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.22) | (1.75) | (1.15) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.22) | (1.75) | (1.15) |  |  |
|  **Net asset value, end of year** | $65.76 | $65.33 | $64.48 | $63.35 | $64.22 |
|  **Total return (4)** | 4.08% | 4.05% | 3.62% | (1.35)% | (1.08)% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $12213 | $13505 | $11738 | $12067 | $12503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 16.60% | 67.72% | 21.97% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After Advisory Fee waiver | .65% | .65% | .65% | .65% | .65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before Advisory Fee waiver | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After Advisory Fee waiver | 3.48% | 3.02% | 2.02% | .72% | (.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before Advisory Fee waiver | 2.92% | 2.46% | 1.46% | .16% | (1.13)% |

---

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

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

(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 I Shares (PRVBX) (1)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $64.39 | $63.27 | $62.19 | $64.87 | $64.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (2) | 2.84 | 2.55 | 2.10 | 1.46 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments (3) | .77 | .88 | .96 | (3.03) | (.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 3.61 | 3.43 | 3.06 | (1.57) | .93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.71) | (2.31) | (1.98) | (1.11) | (.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.71) | (2.31) | (1.98) | (1.11) | (.56) |
|  **Net asset value, end of year** | $65.29 | $64.39 | $63.27 | $62.19 | $64.87 |
|  **Total return (4)** | 5.65% | 5.43% | 5.00% | (2.39)% | 1.43% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $80006 | $96803 | $94903 | $88096 | $119167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20.54% | 40.12% | 25.11% | 25.68% | 34.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After Advisory Fee waiver | .65% | .65% | .66% | .65% | .64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before Advisory Fee waiver | 1.21% | 1.21% | 1.22% | 1.21% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After Advisory Fee waiver | 4.32% | 3.94% | 3.37% | 2.34% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before Advisory Fee waiver | 3.76% | 3.38% | 2.81% | 1.78% | .97% |

---

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

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

(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)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $64.23 | $63.12 | $62.02 | $64.69 | $64.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (2) | 2.75 | 2.39 | 1.93 | 1.32 | .87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments (3) | .68 | .87 | .97 | (3.04) | (.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 3.43 | 3.26 | 2.90 | (1.72) | .76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.63) | (2.15) | (1.80) | (.95) | (.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.63) | (2.15) | (1.80) | (.95) | (.45) |
|  **Net asset value, end of year** | $65.03 | $64.23 | $63.12 | $62.02 | $64.69 |
|  **Total return (4)** | 5.38% | 5.17% | 4.74% | (2.63)% | 1.17% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $409 | $97 | $74 | $135 | $121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20.54% | 40.12% | 25.11% | 25.68% | 34.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After Advisory Fee waiver | .90% | .90% | .91% | .90% | .89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before Advisory Fee waiver | 1.46% | 1.46% | 1.47% | 1.46% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After Advisory Fee waiver | 4.18% | 3.71% | 3.11% | 2.13% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before Advisory Fee waiver | 3.62% | 3.15% | 2.55% | 1.56% | .76% |

---

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

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

(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 C Shares (PRVHX) (1)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $63.05 | $62.05 | $61.19 | $63.94 | $63.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (2) | 2.15 | 1.87 | 1.46 | .87 | .34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments (3) | .72 | .85 | .93 | (3.03) | (.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.87 | 2.72 | 2.39 | (2.16) | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.10) | (1.72) | (1.53) | (.59) | (.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.10) | (1.72) | (1.53) | (.59) | (.19) |
|  **Net asset value, end of year** | $63.82 | $63.05 | $62.05 | $61.19 | $63.94 |
|  **Total return (4)** | 4.58% | 4.38% | 3.97% | (3.36)% | .43% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $2266 | $1575 | $1120 | $708 | $375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20.54% | 40.12% | 25.11% | 25.68% | 34.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After Advisory Fee waiver | 1.65% | 1.65% | 1.66% | 1.65% | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before Advisory Fee waiver | 2.21% | 2.21% | 2.22% | 2.21% | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After Advisory Fee waiver | 3.35% | 2.97% | 2.39% | 1.43% | .52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before Advisory Fee waiver | 2.79% | 2.41% | 1.83% | .87% | (.04)% |

---

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

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

(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

#### Aggressive Growth Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares (PAGRX) (1)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $106.08 | $75.93 | $62.92 | $74.06 | $71.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (2) | .04 | .03 | .33 | .23 | (.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments (3) | 39.97 | 35.92 | 14.73 | (7.01) | 8.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 40.01 | 35.95 | 15.06 | (6.78) | 8.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (.23) | (.11) | (.16) | (.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (.04) | (5.57) | (1.94) | (4.20) | (5.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (.04) | (5.80) | (2.05) | (4.36) | (5.56) |
|  **Net asset value, end of year** | $146.05 | $106.08 | $75.93 | $62.92 | $74.06 |
|  **Total return (4)** | 37.72% | 47.33% | 24.28% | (8.55)% | 11.29% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $495995 | $54264 | $33117 | $29715 | $35957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | —% | 2.54% | 11.72% | .13% | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.10% | 1.21% | 1.21% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | .03% | .03% | .49% | .36% | (.14)% |

---

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

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

(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

#### Aggressive Growth Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A Shares (PAGDX) (1)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $105.46 | $75.58 | $62.70 | $73.81 | $70.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (2) | (.31) | (.19) | .15 | .07 | (.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments (3) | 39.73 | 35.70 | 14.67 | (6.98) | 8.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 39.42 | 35.51 | 14.82 | (6.91) | 8.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (.04) | (5.57) | (1.94) | (4.20) | (5.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (.04) | (5.63) | (1.94) | (4.20) | (5.52) |
|  **Net asset value, end of year** | $144.84 | $105.46 | $75.58 | $62.70 | $73.81 |
|  **Total return (4)** | 37.38% | 46.95% | 23.96% | (8.78)% | 11.01% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $9526 | $1657 | $190 | $98 | $131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | —% | 2.54% | 11.72% | .13% | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.35% | 1.46% | 1.46% | 1.46% | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (.25)% | (.20)% | .22% | .11% | (.39)% |

---

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

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

(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

#### Aggressive Growth Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C Shares (PAGHX) (1)** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **Net asset value, beginning of year** | $97.31 | $70.51 | $59.05 | $70.33 | $68.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss (2) | (1.11) | (.86) | (.32) | (.38) | (.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments (3) | 36.49 | 33.23 | 13.72 | (6.70) | 8.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 35.38 | 32.37 | 13.40 | (7.08) | 7.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions from** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (.04) | (5.57) | (1.94) | (4.20) | (5.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (.04) | (5.57) | (1.94) | (4.20) | (5.52) |
|  **Net asset value, end of year** | $132.65 | $97.31 | $70.51 | $59.05 | $70.33 |
|  **Total return (4)** | 36.36% | 45.87% | 23.03% | (9.46)% | 10.20% |
|  **Ratios / supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in thousands) | $4658 | $1380 | $215 | $126 | $139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | —% | 2.54% | 11.72% | .13% | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 2.10% | 2.21% | 2.21% | 2.21% | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (.96)% | (.95)% | (.50)% | (.64)% | (1.14)% |

---

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

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

(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.* 

------

#### NOTES TO FINANCIAL STATEMENTS

#### January 31, 2026
**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<sup>®</sup>, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio. Permanent Portfolio<sup>®</sup>, 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<sup>®</sup>, 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

#### January 31, 2026
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

#### January 31, 2026
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 January 31, 2026 in valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>**(Quoted Prices in<br>Active Markets for<br>Identical Assets)** | **Level 2<br>(Significant<br>Other Observable<br>Inputs)** | **Level 3<br>(Significant<br>Unobservable<br>Inputs)** | **Total** |
|  **PERMANENT PORTFOLIO<sup>®</sup>** |  |  |  |  |
|  Gold assets | $1541503381 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1541503381 |
|  Silver assets | 529193247 |  |  | 529193247 |
|  Swiss franc assets |  | 572762254 |  | 572762254 |
|  Real estate and natural resource stocks | 1178277450 |  |  | 1178277450 |
|  Aggressive growth stocks † | 1173447200 |  |  | 1173447200 |
|  Dollar assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds † |  | 1462198874 |  | 1462198874 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury securities |  | 742349859 |  | 742349859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $4422421278 | $2777310987 | $— | $7199732265 |
|  | 61.42% | 38.58% | —% | 100.00% |
|  **SHORT-TERM TREASURY PORTFOLIO** |  |  |  |  |
|  United States Treasury securities | $— | $12002765 | $— | $12002765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $— | $12002765 | $— | $12002765 |
|  | —% | 100.00% | —% | 100.00% |
|  **VERSATILE BOND PORTFOLIO** |  |  |  |  |
|  Corporate bonds † | $7766991 | $54985279 | $— | $62752270 |
|  Preferred stocks † | 13033117 |  |  | 13033117 |
|  United States Treasury securities |  | 6493536 |  | 6493536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $20800108 | $61478815 | $— | $82278923 |
|  | 25.28% | 74.72% | —% | 100.00% |
|  **AGGRESSIVE GROWTH PORTFOLIO** |  |  |  |  |
|  Aggressive growth stocks † | $488594300 | $— | $— | $488594300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $488594300 | $— | $— | $488594300 |
|  | 100.00% | —% | —% | 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.* 

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#### NOTES TO FINANCIAL STATEMENTS

#### January 31, 2026
Transfers between levels are recognized at the end of a reporting period. There were no transfers into or out of Levels 1,2 or 3 during the year ended January 31, 2026. The Fund's Permanent Portfolio, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio held no Level 3 assets during the year then ended.

For fair valuations using significant unobservable inputs, accounting principles generally accepted in the United States require each Portfolio to present a reconciliation of beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in and out of Level 3 during a reporting period. Transfers in and out between levels are based on values at the end of a period. A reconciliation of Level 3 investments and related disclosures are presented only when a Portfolio held an amount of Level 3 investments at the end of a reporting period that was meaningful in relation to its net assets. Accordingly, no Level 3 reconciliation has been presented during the year ended January 31, 2026.

As of January 31, 2026 and during the year 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.

*Continued on following page.* 

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#### NOTES TO FINANCIAL STATEMENTS

#### January 31, 2026
During the year ended January 31, 2026, investment income was earned as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  Interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | $58404759 | $— | $3216413 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss franc assets | 1546034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury securities | 19569935 | 539952 | 116590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments | 364453 | 1232 | 2513 | 77576 |
|  Dividends | 31142288 |  | 1237195 | 2392818 |
|  | $111027469 | $541184 | $4572711 | $2470394 |

---

#### 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, 2026, pursuant to the requirements of the Code.

As of January 31, 2026, 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 $17,221 of short-term capital loss carryforwards and $40,850 of long-term capital loss carryforwards, and the Fund's Versatile Bond Portfolio had $689,311 of short-term capital loss carryforwards and $1,657,742 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, Versatile Bond Portfolio and Aggressive Growth Portfolio had no Post-October or Late-Year Ordinary losses, while its Permanent Portfolio had no Post-October losses and $306,257 of Late-Year Ordinary losses.

During the year ended January 31, 2026, the Fund's Permanent Portfolio and Aggressive Growth Portfolio incurred no federal excise tax, while its Short-Term Treasury Portfolio and Versatile Bond Portfolio incurred federal excise tax of $609 and $3,399, respectively.

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 2023 through 2025 or expected to be taken on the Fund's Portfolios' 2026 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.

*Continued on following page.* 

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#### NOTES TO FINANCIAL STATEMENTS

#### January 31, 2026

#### 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.

#### 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.

#### New Accounting Pronouncement
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, "*Income Taxes (Topic 740): Improvements to Income Tax Disclosures*" ("ASU 2023-09"). ASU 2023-09 enhances income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Fund has evaluated ASU 2023-09 with respect to its financial statements and disclosures and determined that the adoption of ASU 2023-09 does not have a material impact on its financial statements.

**2.** **DISTRIBUTIONS TO SHAREHOLDERS** 

On December 4, 2025, the Fund paid ordinary income dividends and capital gain distributions to shareholders of record on December 3, 2025. The per share amounts per Portfolio were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  Ordinary Income Dividends |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | $.87245 | $2.22195 | $2.71078 | $.00093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A shares | .73227 |  | 2.63121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C shares | .31689 |  | 2.10234 |  |
|  Short-Term Capital Gain Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | .01179 |  |  | .00315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A shares | .01179 |  |  | .00315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C shares | .01179 |  |  | .00315 |
|  Long-Term Capital Gain Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 1.56151 |  |  | .03923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A shares | 1.56151 |  |  | .03923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C shares | 1.56151 |  |  | .03923 |

---

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#### NOTES TO FINANCIAL STATEMENTS

#### January 31, 2026
The federal income tax character of such dividends and distributions paid was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  Ordinary income | $75025190 | $401000 | $3451448 | $11285 |
|  Long-term capital gain † | 134006222 |  |  | 109241 |
|  | $209031412 | $401000 | $3451448 | $120526 |

---

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

On December 4, 2024, the Fund paid ordinary income dividends and capital gain distributions to shareholders of record on December 3, 2024. The per share amounts per Portfolio were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  Ordinary Income Dividends |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | $.56882 | $1.75000 | $2.31015 | $.23213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A shares | .41267 |  | 2.14917 | .05762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C shares | .06656 |  | 1.71585 |  |
|  Short-Term Capital Gain Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | .01000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A shares | .01000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C shares | .01000 |  |  |  |
|  Long-Term Capital Gain Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | .53990 |  |  | 5.57170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A shares | .53990 |  |  | 5.57170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C shares | .53990 |  |  | 5.57170 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  Ordinary income | $35285692 | $348958 | $3463364 | $101675 |
|  Long-term capital gain † | 32889349 |  |  | 2529005 |
|  | $68175041 | $348958 | $3463364 | $2630680 |

---

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

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, 2026: (i) the Fund's Permanent Portfolio reclassified $2,760,390 from total distributable earnings to paid-in capital; (ii) the Fund's Short-Term Treasury Portfolio reclassified $54,134 from total distributable

*Continued on following page.* 

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#### NOTES TO FINANCIAL STATEMENTS

#### January 31, 2026
earnings to paid-in capital; (iii) the Fund's Versatile Bond Portfolio reclassified $545,222 from total distributable earnings to paid-in capital; and (iv) the Fund's Aggressive Growth Portfolio reclassified $13 from total distributable earnings to paid-in capital, to reflect such book and tax basis differences.

As of January 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  Distributable ordinary income | $9678833 | $108995 | $343958 | $31937 |
|  Undistributed capital gains (losses) | 910593 | (58071) | (2347053) |  |
|  Post-October and Late-Year Ordinary losses | (306257) |  |  |  |
|  Unrealized appreciation (depreciation) on investments and foreign currencies | 2854279315 | 61667 | (1637613) | 105129134 |
|  | $2864562484 | $112591 | $(3640708) | $105161071 |

---

**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 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.

*Continued on following page.* 

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#### NOTES TO FINANCIAL STATEMENTS

#### January 31, 2026
Pursuant to an Advisory Fee Waiver and Expense Assumption Agreement dated December 12, 2025 ("Waiver Agreement"), effective through June 1, 2027, 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 $165,000 by the Fund during the year ended January 31, 2026 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.

**5.** **PURCHASES AND SALES OF SECURITIES** 

The following is a summary of purchases and sales of securities other than short-term securities for the year ended January 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term**<br>**Treasury<br>Portfolio** | **Versatile<br>Bond<br>Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  Purchases | $2172832923 | $2085664 | $18154822 | $363599849 |
|  Sales | 628670465 | 2898961 | 41431383 |  |

---

*Continued on following page.* 

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#### NOTES TO FINANCIAL STATEMENTS

#### January 31, 2026
**6.** **NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS** 

The following is a summary of net unrealized appreciation (depreciation) of investments as of January 31, 2026 for federal income tax purposes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Permanent<br>Portfolio<sup>®</sup>** | **Short-Term<br>Treasury<br>Portfolio** | **Versatile<br>Bond**<br>**Portfolio** | **Aggressive<br>Growth<br>Portfolio** |
|  Aggregate gross unrealized appreciation of investments with excess of value over tax cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $1307289265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545142 | $115491729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments other than securities | 1565405101 |  |  |  |
|  | 2872694366 | 61903 | 545142 | &nbsp;&nbsp;&nbsp;&nbsp;115491729 |
|  Aggregate gross unrealized depreciation of investments with excess of tax cost over value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (19935038) | (236) | (2182755) | (10362595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments other than securities |  |  |  |  |
|  | (19935038) | (236) | (2182755) | (10362595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) of investments | $2852759328 | $61667 | $(1637613) | $105129134 |

---

**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, government actions designed to mitigate inflationary or deflationary pressures, geopolitical risks, including the emerging Iranian conflict and the ongoing Russian-Ukraine and Israeli-Hamas conflicts, and any resultant disruption of the flow of goods and services, including food, energy and other commodities, potential sanctions, counter-sanctions, tariffs 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.

------

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders

Permanent Portfolio Family of Funds

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Permanent Portfolio Family of Funds ("Fund," comprising, respectively, the Permanent Portfolio, the Short-Term Treasury Portfolio, the Versatile Bond Portfolio and the Aggressive Growth Portfolio), including the schedules of investments, as of January 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the respective Portfolios constituting the Fund as of January 31, 2026, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the Portfolios of the Fund since 2000.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of January 31, 2026 by correspondence with the custodian, brokers, when replies were not received from brokers, we performed other auditing procedures and a physical observation of the Permanent Portfolio's gold and silver inventory count as of January 31, 2026. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g923625g33z81.jpg)

Philadelphia, Pennsylvania

March 31, 2026

------

![LOGO](g923625g96a05.jpg)

## Annual

## Financial Statements and Other Information

### Year Ended January 31, 2026

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

Permanent Portfolio Family of Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, Missouri 64121-9252

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

Permanent Portfolio Family of Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Avenue, Suite 219252

Kansas City, Missouri 64105-1307

**Note: It is imperative that the Suite number be used for deliveries**

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker, LLP

50 South 16th Street

Philadelphia, Pennsylvania 19102

#### 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. 04/26

***Permanent Portfolio<sup>®</sup>, The Permanent Portfolio Family of Funds<sup>®</sup>, A Fund for All Seasons<sup>®</sup> and The Permanent Portfolio Family of Funds logo are registered trademarks of Pacific Heights Asset Management, LLC. This Report is Copyright<sup>©</sup> 2026 Permanent Portfolio Family of Funds. All rights reserved.***

------

---

| |
|:---|
| **Item 8. Changes In and Disagreements With Accountants For Open-End Management Investment Companies.** |
| Not applicable to the Registrant for the year ended January 31, 2026. |
| **Item 9. Proxy Disclosures For Open-End Management Investment Companies.** |
| Not applicable to the Registrant for the year ended January 31, 2026. |
| **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**

At an in-person meeting held on December 12, 2025 ("December Meeting"), the Fund's Board of Trustees ("Board"), including all of the Fund's trustees who are not "interested persons" of the Fund as defined under the 1940 Act ("Independent Trustees"), unanimously approved the continuation of the investment advisory contract ("Contract") for each of the Fund's Portfolios.

In preparation for consideration of the continuance of the Contract, the Board reviewed a variety of materials provided by Pacific Heights Asset Management ("Pacific Heights"), the investment adviser to each Portfolio, prior to the Board's September 2025 meeting, including memoranda provided by Pacific Heights responding to information requests from the Independent Trustees and material prepared by an independent third party firm, containing information comparing the expenses of the Fund's Portfolios to other comparable mutual funds selected by that firm ("Peer Groups") and information regarding the performance of the Fund's Portfolios relative to relevant market indices and the performance of the Peer Groups. The Board, and separately, the Independent Trustees, discussed these materials at meetings in September 2025. At the December Meeting, the Independent Trustees met with senior management of the Fund and Pacific Heights to further discuss the Contract and the information provided. The Independent Trustees also met independently on December 8, 2025 in advance of the December Meeting. The Independent Trustees were assisted by counsel that is independent of Fund management and Pacific Heights throughout their reviews regarding the Contract and received and discussed materials addressing the legal standards applicable to their consideration of the proposed continuation of the Contract. The Contract review extended over two regular meetings of the Board to ensure that Fund management and Pacific Heights had time to respond to any questions the Independent Trustees may have had on their initial review of the materials prepared for the Contract review and that the Independent Trustees had time to consider those materials.

In connection with the full Board's consideration of the continuation of the Contract, the Board evaluated the terms of the Contract, the overall fairness of the Contract to the Portfolios, and whether the Contract was in the best interests of each Portfolio and its shareholders. The Board considered all factors it deemed relevant with respect to the Portfolios, including: (i) the nature, extent and quality of the services provided by Pacific Heights; (ii) the investment performance of the Portfolios compared to relevant market indices and the performance of the Peer Groups; (iii) the Portfolios' fees and expenses compared to the fees and expenses of the Peer Groups; (iv) economies of scale and whether fee levels or other factors reflect any such economies of scale for the benefit of Portfolio shareholders; and (v) the profit or loss realized by Pacific Heights and any "fall-out" benefits to Pacific Heights from its relationship with the Portfolios. The class of shares used for comparative performance analysis was the share class with the longest performance history, which are each Portfolio's Class I shares. The Board considered that the use of Class I share data generally facilitates a long-term, meaningful comparison for performance analysis purposes. The class of shares used for comparative expense analysis was each Portfolio's Class I shares, which have the lowest expenses of any share class and represented the largest class by assets for each Portfolio. The Board also considered comparative expense information for the Class A shares, where applicable, and noted that while separate comparative expense information had not been provided for the Class C shares, the Board was able to readily analyze that Class's expenses given the 100 basis point differential in the expense ratios of the Class I and Class C shares. The Board considered that each share class is available for purchase by the general public. While each Trustee may have attributed different weights to the various factors, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board and its Committees throughout the year, as well as specifically in connection with the annual Contract review. The Board members did not identify any particular information or factor that was all-important or controlling.

*Nature, Extent and Quality of the Services Provided* 

The Board considered the nature, extent and quality of the services provided by Pacific Heights to the Fund. With respect to investment advisory services, the Board considered the overall reputation and capabilities of Pacific Heights, its investment philosophy and decision-making processes, the professional experience and tenure of personnel at Pacific Heights who perform investment research and manage the Portfolios' investments and the resources devoted to implementation and oversight of each Portfolio's investment strategy. With respect to non-advisory services, the Board considered, among other things, the professional experience and tenure of Pacific Heights' management personnel responsible for oversight of Portfolio operations, the responsibilities of the personnel and the level of service provided to the Fund. In this regard, the Board considered the Fund's compliance program and compliance history and the compliance-related resources provided to the Fund by Pacific Heights. The Board also considered Pacific Heights' implementation and maintenance of the Fund's and Pacific Heights' information security program in light of applicable federal and state law requirements and industry guidance, as well as the services provided by Pacific Heights in overseeing the Fund's valuation, its liquidity risk management program and a variety of other compliance and filing requirements. The Board also considered Pacific Heights' financial condition. The Board noted that it reviews Pacific Heights' audited and unaudited financial statements on a regular basis observing that Pacific Heights has the financial resources to fulfill its obligations under the Contract.

After reviewing these and other related factors, the Board agreed that Pacific Heights maintained experienced personnel, sufficient infrastructure and resources, and had delivered quality investment advisory, administrative, accounting, compliance and other services to the Fund and could reasonably be expected to continue providing such services at the same levels.

*Portfolio Performance* 

The Board reviewed the short-, intermediate-, and long-term investment performance of each of the Portfolios. The Board noted that, on a quarterly basis, Pacific Heights provides information regarding the performance of each Portfolio and discusses with the Board the factors underlying each Portfolio's performance. In addition, as part of its review of the Contract, the Board reviewed a report prepared by an independent third-party firm containing information comparing the performance of each Portfolio to other mutual funds selected by the third-party firm as comparable to the Portfolio (each, a "Peer Group") and a similarly selected benchmark index (each, an "Index") for the one-, three-, five- and ten-year periods ended June 30, 2025. The Board also considered the information provided by the third-party firm regarding its independent methodology for selecting each Portfolio's Peer Group and performance universe. The Board noted that although there had been no change to the Permanent Portfolio's investment objective, strategies or portfolio composition, the third-party firm several years previously had reclassified the Permanent Portfolio from a "flexible portfolio" fund to an "alternative global macro" fund and, as a result, its peer comparisons prior to such change were against a different group of funds. The Board further considered that Pacific Heights did not have any input regarding the prior reclassification. The Board, also as in the past, considered that the much broader performance universe data compiled by the third-party firm may not provide appropriate comparisons for the Portfolios. Using the material prepared by the third-party firm, the Board observed the following with respect to the total return performance (before taxes) of the Portfolios as compared to each of their respective selected Peer Groups and Indices: (i) the Permanent Portfolio's performance exceeded the average and median performance of its Peer Group for the one-, three-, five-and ten-year measurement periods, and exceeded the performance of the selected Index for each of the same measurement periods; (ii) the Short-Term Treasury Portfolio's performance lagged the average and median performance of its Peer Universe for the one-, three-, five- and ten-year measurement periods, and lagged the performance of the selected Index for each of the same measurement periods, except for the five-year measurement period, where it exceeded the performance of the selected Index; (iii) the Versatile Bond Portfolio's performance exceeded the average and median performance of its Peer Group for the one-, three-, five- and ten-year measurement periods, and exceeded the performance of the selected Index for each of the same measurement periods, except for the one-year measurement period, where it lagged the performance of the selected Index; and (iv) the Aggressive Growth Portfolio's performance exceeded the average and median performance of its Peer Group for the one-, three-, five- and ten-year measurement periods, and exceeded the performance of the selected Index for each of the same measurement periods. The Trustees also compared each Portfolio's total return performance (before taxes) against its respective benchmark index(es) for the one-, five-, ten-, fifteen-year and since inception (inception of the Portfolio) periods ended September 30, 2025, and observed the following: (i) the Permanent Portfolio's performance exceeded the returns of the FTSE 3-month U.S. Treasury Bill Index ("FTSE Index") for the one-, five-, ten-, fifteen-year and since inception measurement periods, and exceeded the returns of the Standard & Poor's 500 Composite Stock Index ("S&P 500") for the one-year measurement period, but lagged the returns of the S&P 500 for the five-, ten-, fifteen-year and since inception measurement periods; (ii) the Short-Term Treasury Portfolio's performance lagged the returns of the FTSE Index for each of the measurement periods; (iii) the Versatile Bond Portfolio's performance exceeded the returns of the Bloomberg Global Aggregate (Excluding Securitized) Bond Index for the one-, five-, ten- and fifteen-year measurement periods, but lagged the return of the Bloomberg Global Aggregate (Excluding Securitized) Bond Index for the since inception measurement period; and (iv) the Aggressive Growth Portfolio's performance exceeded the returns of the Dow Jones Industrial Average for each of the measurement periods, and exceeded the returns of the S&P 500 for each of the measurement periods. The Board observed that neither the Portfolios' benchmark indices nor the third-party firm's selected Indices reflect deductions for any fees, expenses, or taxes.

*Portfolio Fees and Expenses* 

The Board reviewed the Advisory Fee payable by each Portfolio, as well as each Portfolio's overall expense ratio. Using the report prepared by the third-party firm, the Board considered each Portfolio's Advisory Fee and overall expense ratio against the median of the advisory fees and overall expense ratios for such Portfolio's Peer Group and observed the following: (i) for the Permanent Portfolio, its Advisory Fee was higher than the median in its Peer Group, and its overall expense ratio was lower than the median in its Peer Group; (ii) for the Short-Term Treasury Portfolio (after fee waivers), its Advisory Fee was higher than the median in its Peer Group, and its overall expense ratio was lower than the median in its Peer Group; (iii) for the Versatile Bond Portfolio (after fee waivers), its Advisory Fee was higher than the median in its Peer Group, and its overall expense ratio was lower than the median in its Peer Group; and (iv) for the Aggressive Growth Portfolio, its Advisory Fee was higher than the median in its Peer Group, and its overall expense ratio was lower than the median in its Peer Group. In considering the Portfolios' expense ratios, the Board considered that the Short-Term Treasury Portfolio was the smallest fund by asset size in its respective Peer Group, and that larger funds may have a greater opportunity to achieve lower expenses through economies of scale. In reviewing expenses, the Board also considered the positive impact of fee waivers for the Short-Term Treasury Portfolio and the Versatile Bond Portfolio, and Pacific Heights' willingness to continue those fee waivers at current rates.

In reviewing the third-party firm materials, the Board noted that, unlike the mutual funds comprising the Portfolios' Peer Groups, the Portfolios operate under a unitary fee structure whereby many of the Portfolios' ordinary operating expenses are paid by Pacific Heights out of its Advisory Fee rather than directly by the Portfolios. The Board considered that most mutual funds do not operate under a unitary fee structure and pay service providers directly for many of these expenses. The Board noted the difficulty of comparing the Portfolios to non-unitary fee funds and observed that, given the Portfolios' unitary fee structure, the Portfolios' other ordinary operating expenses were minimal, an observation borne out by the fact that the non-management expenses for each of the Portfolios were the lowest in each Portfolio's respective Peer Group. As a result, the Board placed greater value on the data comparing each Portfolio's overall expense ratio to the overall expense ratios of other funds in its Peer Group. The Board also observed that the unitary fee provides predictability of Portfolio expenses at various asset levels and shifts certain risks to Pacific Heights for expenses covered under the unitary fee. The Board also considered that economies of scale which could result from an increase in a fund's assets may benefit the fund's investment adviser in the case of a unitary fee, although the Board noted that each Portfolio's fee schedule contains breakpoints which benefit shareholders.

*Economies of Scale and Whether Fee Levels Reflect Economies of Scale* 

The Board next considered each Portfolio's fee structure and whether fee levels reflect economies of scale for the benefit of Portfolio shareholders. The Board recognized that one method to help ensure that shareholders share in economies of scale is to include breakpoints in a fund's advisory fee schedule. The Board noted that the Contract has breakpoints that provide for a reduction of the Advisory Fee as assets under management increase, highlighting that the Aggressive Growth Portfolio has recently reached the second breakpoint given its growth in assets. The Board also noted that an Advisory Fee Waiver and Expense Assumption Agreement ("Waiver Agreement") provided for fee waivers for the Short-Term Treasury Portfolio and the Versatile Bond Portfolio before any breakpoints contemplated by the Contract had been reached. The Board considered that Pacific Heights proposed to continue the Waiver Agreement on the same terms through June 1, 2027 for the Advisory Fee paid by each of the Short-Term Treasury Portfolio and the Versatile Bond Portfolio. The Board also considered that under the Waiver Agreement, Pacific Heights is not eligible for reimbursement of any amounts waived under the Agreement. The Board also considered the substantial investments made by Pacific Heights in past years in assuming various costs, as well as Pacific Heights' ongoing investments in compliance, technology, facilities, infrastructure and personnel as ways to provide high quality services to the Portfolios and their shareholders.

After reviewing these and other related factors, the Board agreed that the terms of the Waiver Agreement were appropriate and that the current fee arrangements and Pacific Heights' investment in its business to benefit the Portfolios continued to provide appropriate sharing of economies of scale between Portfolio shareholders and Pacific Heights.

*Profitability and Other Benefits to Pacific Heights* 

In analyzing Pacific Heights' cost of services and profitability, the Board considered the information provided throughout the year in Pacific Heights' audited and unaudited financial statements on revenues earned and expenses incurred by Pacific Heights, before and after the payment by Pacific Heights of distribution-related expenses. As part of its annual review of the Contract, the Board also reviewed a profitability analysis provided by Pacific Heights that compares Pacific Heights' profitability for the six months ended June 30, 2025, and the year ended December 31, 2024, to that of certain publicly traded investment advisers as of their most recently reported fiscal year ends. In reviewing Pacific Heights' profitability, the Board observed that: (i) Pacific Heights provides, directly or through third parties, all of the services necessary for the Portfolios' operations, and that the Advisory Fee paid to Pacific Heights reflects these obligations; (ii) each of Permanent Portfolio, Short Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolios' overall expense ratios were lower than the median; and (iii) Pacific Heights' financial health had allowed it to make significant investments back into the Fund and Pacific Heights for the benefit of the Portfolios. The Board also acknowledged Mr. Cuggino's overall entrepreneurial efforts and continued support of Portfolio distribution through Pacific Heights' sales personnel and marketing efforts. The Board considered that, as a business matter, Pacific Heights is entitled to earn a reasonable level of profit for the services it provides to the Fund and the entrepreneurial risk that it assumes as the adviser to the Portfolios.

The Board also considered any "fall-out" or ancillary benefits likely to accrue to Pacific Heights from its relationship with the Portfolios, including greater exposure in the marketplace with respect to Pacific Heights' investment process, increasing assets under management in the Portfolios and the potential for growth of Pacific Heights' model portfolio program through association with the Fund. The Board noted that Pacific Heights' largest business presently remains the management of the Fund and its Portfolios; therefore, a portion of the "fall-out" benefits likely to accrue to Pacific Heights would also likely benefit the Fund and its Portfolios.

Based on the information presented, reviewed and discussed, the Board considered the following factors and reached the following conclusions:

1. *The nature, extent and quality of the services provided by Pacific Heights*. Conclusion: Pacific Heights maintained experienced personnel, sufficient infrastructure and resources, and had delivered quality investment advisory, administrative, accounting, compliance and other services to the Fund and could reasonably be expected to continue providing such services at the same levels.

2. *The investment performance of the Portfolios compared to relevant market indices and the performance of the Peer Groups.* Conclusion: the Permanent Portfolio's performance was satisfactory; the Short-Term Treasury Portfolio's performance was satisfactory, but had been impacted by the prolonged period of historically low interest rates; the Versatile Bond Portfolio's performance was satisfactory; and the Aggressive Growth Portfolio's performance was satisfactory.

3. *The Portfolios' fees and expenses.* Conclusion: the Advisory Fee payable by each of the Portfolios was fair and reasonable given the nature and quality of the services provided. The overall expense ratios of the Portfolios compared to their Peer Groups were reasonable given the size of the Portfolios.

4. *Economies of scale and whether fee levels reflect any such economies of scale for the benefit of Portfolio shareholders.* Conclusion: the current fee arrangements and other investments made by Pacific Heights continue to provide appropriate sharing of economies of scale between Portfolio shareholders and Pacific Heights.

5. *The profit or loss realized by Pacific Heights and any "fall-out" benefits to Pacific Heights from its relationship with the Portfolios.* Conclusion: the profitability of the Contract to Pacific Heights is reasonable. Any "fall-out" benefits accruing to Pacific Heights by virtue of its relationship with the Portfolios is reasonable in relation to the value of the services that Pacific Heights provides to the Portfolios.

Based on the foregoing, the Board, including its Independent Trustees, unanimously approved the Waiver Agreement and the continuation of the Contract.

---

| | |
|:---|:---|
| **Item 12. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.** | **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.** | **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.** | **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.** | **Item 15. Submission of Matters to a Vote of Security Holders.** |
|  | Not applicable to the Registrant for the year ended January 31, 2026. |
| **Item 16. Controls and Procedures.** | **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.** | **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.** | **Item 18. Recovery of Erroneously Awarded Compensation.** |
|  | Not applicable to the Registrant. |
| **Item 19. Exhibits.** | **Item 19. Exhibits.** |
| (a)(1) | [Code of Ethics for Executive officers that is the subject of the disclosure required by Item 2 is attached hereto as Exhibit 99.Code Eth.](d923625dex99codeeth.htm) |
| (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.](d923625dex99cert.htm) |
| (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.](d923625dex99906cert.htm) |

---

------

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

<u>/s/ Michael J. Cuggino</u> 

By: Michael J. Cuggino, President

Date: April 8, 2026

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

<u>/s/ Michael J. Cuggino</u> 

By: Michael J. Cuggino, President

Date: April 8, 2026

<u>/s/ James H. Andrews</u> 

By: James H. Andrews, Treasurer

Date: April 8, 2026

## Ex-99.Code

**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**FORM N-CSR** 

**Exhibit 19(a)(1)** 

**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**CODE OF ETHICS FOR EXECUTIVE OFFICERS** 

**I.** **Covered Officers; Purpose of the Code** 

This code of ethics ("Code") shall apply to the President and Treasurer ("Covered Officers") of Permanent Portfolio Family of Funds ("Trust") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with
or submits to the Securities and Exchange Commission ("SEC"), and includes in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to an appropriate person or persons identified in
this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

Each Covered Officer shall adhere to a high standard of business ethics and shall be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

A "conflict of interest" shall occur when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Trust and are already subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("1940 Act"), and the Investment Advisers Act of 1940, as amended ("Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code shall not, and is not intended to, repeat or replace these programs and procedures, and such conflicts of interest shall fall outside of the parameters of this Code.

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**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**FORM N-CSR** 

**Exhibit 19(a)(1)** 

Although typically not presenting an opportunity for improper personal benefit, conflicts of interest may arise from or as a result of the contractual relationship between the Trust and its investment adviser, of which the Covered Officers may also be officers or employees. As a result, this Code shall recognize that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that may have different effects on the investment adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities shall be deemed to have been handled ethically.

Other conflicts of interest may be covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code; *<u>however</u>*, Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer shall not be placed improperly before the interest of the Trust.

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material, non-public, knowledge of portfolio transactions made
or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually any affiliations or other relationships related to conflicts of interest in
accordance with the Trust's trustees and officers questionnaire.

There are some conflict of interest situations that should always be discussed with the Trust's legal counsel if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as director on the board of directors of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

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**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**FORM N-CSR** 

**Exhibit 19(a)(1)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust has current or prospective business
dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service
providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize himself with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within
or outside the Trust, including to the Trust's trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent appropriate within his area of responsibility, consult with other officers and employees of the
Trust and its investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with or submits to the SEC, and includes in other public communications made by the
Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting Accountability** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to the Trust's Board of Trustees that he has received, read and understands this Code;

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**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**FORM N-CSR** 

**Exhibit 19(a)(1)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Trust's Board of Trustees that he has complied with the requirements
of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promptly notify the Audit Committee ("Committee") if he knows of any violation of this Code.
Failure to do so is itself a violation of this Code.

The Committee shall be responsible for applying this Code to specific situations in which questions are presented under it, and shall have the authority to interpret this Code in any particular situation. Any approvals or waivers sought by Covered Officers shall also be considered by the Committee.

The Trust shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Committee shall take all appropriate action to investigate any potential violations reported to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if after such investigation the Committee believes that no violation has occurred, no further action is
required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee believes that a violation has occurred, it shall inform and make a recommendation to the
Trust's Board of Trustees, which will then consider appropriate action(s) to be taken, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment
adviser; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Committee shall be responsible for granting waivers as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code shall, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they shall be superseded by this Code to the extent that they overlap or conflict with the provisions of this

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**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**FORM N-CSR** 

**Exhibit 19(a)(1)** 

Code. The Trust's and its investment adviser's code of ethics adopted pursuant to Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code shall be approved or ratified by a majority vote of the Trust's Board of Trustees, including a majority of the Trust's independent trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust, its Board of Trustees, its legal counsel, its investment adviser, and legal counsel to the Trust's independent trustees.

**VIII.** **Internal Use** 

This Code is intended solely for the internal use of the Trust and shall not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Adopted by Trust: September 21, 2015

## Ex-99.Cert

**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**FORM N-CSR** 

**Exhibit 19(a)(2)** 

**CERTIFICATIONS** 

I, Michael J. Cuggino, certify that:

1. I have reviewed this report on Form N-CSR of Permanent Portfolio Family of Funds ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: April 8, 2026 | /s/ Michael J. Cuggino |
|  | Michael J. Cuggino, President |

---

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**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**FORM N-CSR** 

**Exhibit 19(a)(2)** 

**CERTIFICATIONS** 

I, James H. Andrews, certify that:

1. I have reviewed this report on Form N-CSR of Permanent Portfolio Family of Funds ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 8, 2026 | /s/ James H. Andrews |
|  | James H. Andrews, Treasurer |

---

## Exhibit 99.906

**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**FORM N-CSR** 

**Exhibit 19(b)** 

**SECTION 906 CERTIFICATION** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Permanent Portfolio Family of Funds ("Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's report on Form N-CSR for the period ended January 31, 2026 ("Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: April 8, 2026 | /s/ Michael J. Cuggino |
|  | Michael J. Cuggino, President |

---

This certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by 18 U.S.C. § 1350 has been provided to the Registrant and will be retained and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

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**PERMANENT PORTFOLIO FAMILY OF FUNDS** 

**FORM N-CSR** 

**Exhibit 19(b)** 

**SECTION 906 CERTIFICATION** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Permanent Portfolio Family of Funds ("Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's report on Form N-CSR for the period ended January 31, 2026 ("Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: April 8, 2026 | /s/ James H. Andrews |
|  | James H. Andrews, Treasurer |

---

This certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by 18 U.S.C. § 1350 has been provided to the Registrant and will be retained and furnished to the U.S. Securities and Exchange Commission or its staff upon request.