# EDGAR Filing Document

**Accession Number:** 0000357298
**File Stem:** 0001193125-25-133345
**Filing Date:** 2025-6
**Character Count:** 19708
**Document Hash:** ef64467ebc534baf4a78d5c928759843
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133345.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-133345

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-75661
- **FILM NUMBER:** 251015532

**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

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

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

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| | |
|:---|:---|
| ![LOGO](g905639g46n99.jpg) | **SHORT-TERM TREASURY PORTFOLIO**<br> **Class I — PRTBX**<br>**SUMMARY PROSPECTUS**<br> **May 30, 2025** |

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Before you invest, you may want to review the Portfolio's statutory prospectus, which contains more information about the Portfolio and its risks. You can find the Portfolio's statutory prospectus and other information about the Portfolio, including its statement of additional information and most recent reports to shareholders, online at <u>www.permanentportfoliofunds.com</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. The Portfolio's statutory prospectus and statement of additional information, each dated May 30, 2025 (as each may be amended or supplemented), are incorporated by reference into this summary prospectus.

**Investment Objective** 

Short-Term Treasury Portfolio seeks to earn high current income, consistent with safety and liquidity of principal.

**Fees and Expenses of the Portfolio** 

The table below describes the fees and expenses you would pay if you buy, hold and sell shares of the Portfolio. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | |
|:---|:---|
| **Shareholder Fees**<br> (fees paid directly from your investment) | **Class I** |
| Maximum Sales Charge (Load) Imposed on<br> Purchases (as a percentage of offering price) |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of original<br> purchase price or sale proceeds) |  |
| **Annual Portfolio Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) | **Annual Portfolio Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fees | 1.19% |
| Distribution and/or Service (12b-1) Fees | —% |
| Other Operating Expenses | .02% |
| **Total Annual Portfolio Operating Expenses** | **1.21%** |
| Fee Waivers and Expense Limitation<sup>1</sup> | (.56%) |
| **Total Annual Portfolio Operating Expenses**<br> **After Fee Waivers and Expense Limitation** | **.65%** |

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<sup>1</sup> Pursuant to an Advisory Fee Waiver and Expense Assumption Agreement effective through June 1, 2026, the Portfolio's investment adviser has contractually agreed to waive a portion of its Management Fee payable by the Portfolio so that the Management Fee paid by the Portfolio does not exceed an annual rate of .6250% of the Portfolio's average daily net assets. The Agreement may be terminated or amended only with the approval of the Trust's Board of Trustees.

**Expense Example** 

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Portfolio's operating expenses remain the same and that the fee waiver remains in place for the period indicated. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $67 | $330 | $614 | $1423 |

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**Portfolio Turnover** 

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in Annual Portfolio Operating Expenses or in the example above, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 67.72% of the average value of its portfolio.

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**Principal Investment Strategies** 

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. Dollar-weighted average portfolio maturity is a dollar-weighted average of the remaining term to maturity of a portfolio of debt securities, while duration is a measure of price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates. The Portfolio is not a money market fund and does not seek to maintain a stable price per share. The Portfolio's yield will fluctuate as the securities in which it invests mature and the proceeds are reinvested in securities with different interest rates.

Unlike many fixed income funds that pay out dividends monthly or quarterly, the Portfolio follows a dividend policy that permits (but does not assure that) its net asset value per share to rise by distributing its net investment income and net capital gains, if any, only once a year, thus enabling the Portfolio to retain a greater portion of its assets on which interest may continue to be earned.

**Principal Investment Risks** 

An investment in the Portfolio is not guaranteed; you may lose money by investing in the Portfolio. The principal risks of investing in the Portfolio include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Market risk*** — the value of the Portfolio's assets will fluctuate as the U.S.
government securities market fluctuates. These fluctuations may cause the price of a security to decline for short- or long-term periods and cause the security to be worth less than it was worth when purchased by the Portfolio, or less than it was
worth at an earlier time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Epidemic or pandemic risk*** — health crises caused by outbreaks of
disease may create, initiate, or exacerbate existing or pre-existing political, social, and economic risks in the United States or globally. The impact of such epidemics and pandemics that may arise in the future could negatively affect the
economic, investment or operational performance of individual countries, economies, asset classes, industries, and sectors in significant and unforeseen ways. Further, such circumstances could continue for an extended period of time and may continue
to adversely affect the value and liquidity of the Portfolio's investments. In addition, governments, their regulatory agencies, or their self-regulatory organizations may take actions in response to such pandemics and epidemics, including
providing significant fiscal and monetary policy support to local and global economies and financial markets. Such actions could result in interest rate volatility, inflation or deflation, or the rapid expansion of public debt. The ultimate impact
or success of those measures on the economy or financial markets is unknown and may not be known for some time. Actions taken in response to the Covid-19 pandemic continue to impact the United States and other economies. Further, the effect of such
measures on the Portfolio's investments or on the issuers of such investments are also unknown and could adversely impact the Portfolio's investment performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Interest rate risk*** — changes in interest rates will affect the value of the
Portfolio's investments. Generally, prices of debt securities tend to fall when prevailing interest rates rise and rise when prevailing interest rates fall. Typically, the longer the maturity or duration of a debt security, the greater the
effect a change in interest rates could have on the security's price. Thus, the Portfolio's sensitivity to interest rate risk will increase with any increase in the Portfolio's overall duration. During periods of very low interest
rates, income from the Portfolio's investments may not be sufficient to offset its expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Credit risk*** — an issuer or guarantor of debt securities may be
unable or unwilling to pay principal and interest when due, or otherwise honor its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***U.S. government and agency securities risk*** — the Portfolio invests primarily in
securities issued by the U.S. Treasury and may also invest in U.S. government agency securities (such as securities issued by Government National Mortgage Association ("Ginnie Mae"), Federal National Mortgage Association ("Fannie
Mae") or Federal Home Loan Mortgage Corporation ("Freddie Mac")). U.S. government and agency securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S.
Treasury or Ginnie Mae, that are backed by the full-faith-and- credit of the United States, are guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed
and will fluctuate. Notwithstanding that these securities are backed by the full-faith-and-credit of the United States, circumstances could arise that could prevent the payment of interest or principal. This would result in losses to the Portfolio.
Securities issued or guaranteed by U.S. government agencies, such as Fannie Mae and Freddie Mac, are not backed by the full-faith-and-credit of the United States and no assurance can be given that the U.S. government will provide financial support.
Therefore, U.S. government agency securities that are not backed by the full-faith-and-credit of the United States are subject to greater credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Income risk*** — the Portfolio's income generally declines during periods of
falling interest rates because the Portfolio must reinvest the proceeds it receives from existing investments (upon their maturity, prepayment, amortization, call or buy-back) at a lower rate of interest or return.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Prepayment and extension risk*** — a security held by the Portfolio may be paid off
by the issuer more quickly than originally anticipated, thereby shortening duration, and the Portfolio may then have to reinvest the proceeds in an investment offering a lower yield, and may not benefit from any increase in value that might
otherwise result from declining interest rates and may lose any premium it paid to acquire the security. Higher interest rates generally result in slower payoffs, which effectively increase duration, heighten interest rate risk, and may increase the
magnitude of resulting price declines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Inflation risk*** — the value of assets or income from investments will
be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio's assets can decline as can the value of the Portfolio's distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Security selection risk*** — securities selected for the Portfolio may perform
differently than expected.

**Performance** 

The bar chart and average annual total return table provide an indication of the risks of investing in the Portfolio by showing yearly changes in its performance over the last ten calendar years and by showing how its average annual total returns for various periods compare with a broad-based market index, which is described in "Descriptions of Market Indexes" in the Portfolio's Prospectus. If the investment adviser had not agreed to waive or reimburse certain Portfolio expenses during this period, the Portfolio's returns would have been less than those shown. *Past performance (before and after taxes) is not an indication of how the Portfolio will perform in the future.*

More recent performance information for the Portfolio can be obtained by visiting the Portfolio's website, <u>www.permanentportfoliofunds.com</u>, or by calling the Portfolio's Shareholder Services Office toll free at (800) 531-5142.

***Short-Term Treasury Portfolio Annual Total Returns Years Ended December 31***

![LOGO](g905639g45g12.jpg)

The year-to-date return through the calendar quarter ended March 31, 2025 was 1.27%.

Highest/lowest quarterly return during the period shown:

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| |
|:---|
| **Highest Quarter** |
| 3<sup>rd</sup> Quarter 2024<br> 1.89%<br> 3<sup>rd</sup> Quarter 2022<br> -1.54% |

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***Average Annual Total Returns (for the periods ended December 31, 2024)***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Treasury Portfolio** | **1 Year** | **5 Years** | **10 Years** | **Since<br>Inception<sup>1</sup>** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 4.11% | .97% | .70% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | 3.00% | .59% | .41% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions<br> and Sale of Portfolio Shares | 2.43% | .58% | .41% | 1.52% |
| *FTSE 3-Month U.S. Treasury Bill Index*<br> *(reflects no deduction for fees, expenses or taxes)* | 5.45% | 2.54% | 1.79% | 3.07% |

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<sup>1</sup> Inception date for Class I shares was May 26, 1987. Date used to calculate performance since inception for the index is the inception date of the Class I shares.

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Return After Taxes on Distributions and Sale of Portfolio Shares" may be higher than the other return figures for the same period. A higher after-tax return can occur when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In particular, after-tax returns are not relevant to investors who hold their shares through tax advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

**Management** 

***Investment Adviser***

Pacific Heights Asset Management, LLC ("Pacific Heights") serves as the Portfolio's investment adviser.

***Portfolio Manager***

Pacific Heights' manager and indirect sole member, Michael J. Cuggino (also its President and Chief Executive Officer), has been the Portfolio's portfolio manager since May 1, 2003.

**Purchase and Sale of Portfolio Shares** 

You may purchase, sell (redeem) or exchange shares of the Portfolio on any day the New York Stock Exchange is open, at the Portfolio's net asset value per share next determined after your order is received in good order, subject to any applicable sales charge. Shares of the Portfolio are available directly from the Portfolio's transfer agent and brokerage firms and other financial intermediaries who have entered into distribution or servicing agreements with the Portfolio's distributor.

The following applies to purchases of shares of the Portfolio directly from the Portfolio's transfer agent. Financial intermediaries may impose different minimum purchase or other requirements.

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| | |
|:---|:---|
| To establish an account (including retirement plan accounts) | $1000 |
| To establish an automatic investment plan account | $100 |
| Subsequent investment in any account | $100 |

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Once you have established a shareholder account, you may purchase or sell (redeem) shares of the Portfolio on any business day.

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| | | | |
|:---|:---|:---|:---|
| ![LOGO](g905639art_03pro.jpg) | <u>By U.S. Mail</u>:<br> Permanent Portfolio Family of Funds<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, Missouri 64121-9252 | ![LOGO](g905639art_04pro.jpg) | <u>By Overnight Delivery Service</u>:<br> Permanent Portfolio Family of Funds<br> c/o U.S. Bank Global Fund Services<br> 801 Pennsylvania Avenue, Suite 219252<br> Kansas City, Missouri 64105-1307<br> **Note: It is imperative that the Suite number be used.** |
| ![LOGO](g905639art_02pro.jpg) | <u>By Telephone</u>:<br> Call (800) 341-8900<br> (for subsequent investments only) | ![LOGO](g905639art_05pro.jpg) | <u>By Wire</u>:<br> Call (800) 341-8900<br> (for instructions) |

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**Tax Information** 

Except for tax-advantaged retirement plans and accounts and other tax-exempt investors, you will be subject to tax to the extent the Portfolio makes distributions of ordinary income or net capital gains to you. Although those distributions generally are not taxable to a tax-exempt investor, withdrawals from certain retirement plans and accounts generally are subject to federal income tax.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Portfolio through a financial intermediary, such as a bank, brokerage firm, workplace retirement program or financial adviser, Pacific Heights may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its employees to recommend the Portfolio over another investment. Ask your financial intermediary or visit its website for more information.

***Permanent Portfolio®, The Permanent Portfolio Family of Funds®, A Fund for All Seasons® and The Permanent Portfolio Family of Funds logo are registered trademarks of Pacific Heights Asset Management, LLC. This document is Copyright© 2025 Permanent Portfolio Family of Funds. All rights reserved.***