N-Q 1 d629882dnq.htm N-Q N-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-03379

 

 

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

(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 

Date of reporting period: October 31, 2013 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

Item 1. Schedule of Investments.

The schedules of investments of Permanent Portfolio Family of Funds, Inc. (“Registrant,” comprising, respectively, the Permanent Portfolio, the Short-Term Treasury Portfolio, the Versatile Bond Portfolio and the Aggressive Growth Portfolio) as of October 31, 2013 are attached hereto.

 

Item 2. 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 ninety (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 (“Exchange Act”) (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 Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99.CERT.

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, Inc.

 

    /s/ Michael J. Cuggino

By: Michael J. Cuggino, President
Date: December 27, 2013

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.

 

    /s/ Michael J. Cuggino

By: Michael J. Cuggino, President
Date: December 27, 2013

 

    /s/ James H. Andrews

By: James H. Andrews, Treasurer
Date: December 27, 2013

 

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

SCHEDULES OF INVESTMENTS

AS OF OCTOBER 31, 2013

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

 

Quantity           Market Value  
       
     GOLD ASSETS — 20.88% of Total Net Assets   
592,598 Troy Oz.     

Gold bullion (a)

    $ 784,363,071   
1,080,000 Coins     

One-ounce gold coins (a)

      1,461,105,000   
       

 

 

  
    

Total Gold Assets (identified cost $2,015,567,344)

    $ 2,245,468,071   
       

 

 

  
       
     SILVER ASSETS — 5.17% of Total Net Assets   
24,996,639 Troy Oz.     

Silver bullion (a)

    $ 550,289,914   
379 Bags     

Silver coins (a)

      5,937,975   
       

 

 

  
    

Total Silver Assets (identified cost $519,695,618)

    $ 556,227,889   
       

 

 

  
Principal Amount              
     SWISS FRANC ASSETS — 9.51% of Total Net Assets   
CHF     258,030,449     

Swiss franc deposits (a)

    $ 284,943,348   
       

 

 

  
       
CHF     100,000,000     

2.500% Swiss Confederation Bonds, 03-12-16

    $ 116,939,981   
CHF     100,000,000     

4.250% Swiss Confederation Bonds, 06-05-17

      126,961,515   
CHF     100,000,000     

3.000% Swiss Confederation Bonds, 01-08-18

      123,604,439   
CHF     100,000,000     

3.000% Swiss Confederation Bonds, 05-12-19

      126,321,021   
CHF     100,000,000     

2.250% Swiss Confederation Bonds, 07-06-20

      122,566,396   
CHF     100,000,000     

2.000% Swiss Confederation Bonds, 04-28-21

      120,926,509   
       

 

 

  
    

Total Swiss Confederation bonds

    $ 737,319,861   
       

 

 

  
    

Total Swiss Franc Assets (identified cost $913,239,227)

    $ 1,022,263,209   
       

 

 

  
Number of Shares              
       
     STOCKS OF UNITED STATES AND FOREIGN REAL ESTATE AND   
     NATURAL RESOURCE COMPANIES — 16.38% of Total Net Assets   
     NATURAL RESOURCES — 9.03% of Total Net Assets   
   700,000     

Apache Corporation

    $ 62,160,000   
2,000,000     

BHP Billiton, Ltd. (b)

      141,380,000   
1,500,000     

BP, p.l.c. (b)

      69,750,000   
3,000,000     

Cameco Corporation

      57,000,000   
   600,000     

Canadian Natural Resources Ltd.

      19,050,000   
   500,000     

Chevron Corporation

      59,980,000   
   800,000     

ConocoPhillips

      58,640,000   
   900,000     

Devon Energy Corporation

      56,898,000   
   500,000     

EPL Oil & Gas, Inc. (a)

      15,940,000   
   600,000     

Exxon Mobil Corporation

      53,772,000   
5,000,000     

Freeport-McMoRan Copper & Gold, Inc.

      183,800,000   
1,500,000     

Halcon Resources Corporation (a)

      7,770,000   
3,500,000     

Peabody Energy Corporation

      68,180,000   
1,500,000     

Rio Tinto p.l.c (b)

      76,050,000   
2,500,000     

Vale S.A. (b)

      40,025,000   
       

 

 

  
        $ 970,395,000   
       

 

 

  

 

1    Continued on following page.  

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

Number of Shares           Market Value  
       
     REAL ESTATE — 7.35% of Total Net Assets   
1,000,000     

Alexander & Baldwin, Inc. (a)

    $ 37,000,000   
   400,000     

AvalonBay Communities, Inc.

      50,020,000   
   500,000     

Boston Properties, Inc.

      51,750,000   
1,000,000     

BRE Properties, Inc. Class A

      54,610,000   
2,000,000     

Corporate Office Properties Trust

      49,200,000   
1,000,000     

Digital Realty Trust, Inc.

      47,660,000   
3,000,000     

Duke Realty Corporation

      49,710,000   
1,800,000     

Equity One, Inc.

      43,398,000   
   500,000     

Federal Realty Investment Trust

      51,800,000   
2,000,000     

Kimco Realty Corporation

      42,960,000   
1,500,000     

Prologis, Inc.

      59,925,000   
   250,000     

Texas Pacific Land Trust

      22,400,000   
2,000,000     

UDR, Inc.

      49,620,000   
   200,000     

Urstadt Biddle Properties, Inc.

      3,300,000   
   500,000     

Urstadt Biddle Properties, Inc. Class A

      9,870,000   
   600,000     

Vornado Realty Trust

      53,436,000   
2,000,000     

Washington Real Estate Investment Trust

      52,420,000   
2,000,000     

Weyerhaeuser Company

      60,800,000   
       

 

 

  
        $ 789,879,000   
       

 

 

  
    

Total Stocks of United States and Foreign Real Estate and Natural Resource Companies
(identified cost $1,717,146,898)

    $ 1,760,274,000   
       

 

 

  
       
     AGGRESSIVE GROWTH STOCKS — 16.51% of Total Net Assets   
     AEROSPACE — .37% of Total Net Assets   
   300,000     

Lockheed Martin Corporation

    $ 40,002,000   
       

 

 

  
        $ 40,002,000   
     CHEMICALS — 1.24% of Total Net Assets   
   500,000     

Air Products & Chemicals, Inc.

    $ 54,505,000   
1,705,000     

Chemtura Corporation (a)

      41,772,500   
   800,000     

Mosaic Company

      36,680,000   
       

 

 

  
        $ 132,957,500   
     COMMUNICATIONS EQUIPMENT — .82% of Total Net Assets   
2,500,000     

Juniper Networks, Inc. (a)

    $ 46,600,000   
   600,000     

Qualcomm, Inc.

      41,682,000   
       

 

 

  
        $ 88,282,000   
     COMPUTER SOFTWARE & SERVICES — .80% of Total Net Assets   
1,300,000     

Autodesk, Inc. (a)

    $ 51,883,000   
1,500,000     

Symantec Corporation

      34,110,000   
       

 

 

  
        $ 85,993,000   
     ELECTRICAL EQUIPMENT & ELECTRONICS — .34% of Total Net Assets   
2,500,000     

Sanmina Corporation (a)

    $ 36,400,000   
       

 

 

  
        $ 36,400,000   
     ENERGY SERVICES & PROCESSING — 1.45% of Total Net Assets   
   800,000     

Baker Hughes, Inc.

    $ 46,472,000   
1,200,000     

HollyFrontier Corporation

      55,272,000   
3,000,000     

Parker Drilling Company (a)

      21,600,000   
   500,000     

Phillips 66

      32,215,000   
       

 

 

  
        $ 155,559,000   

 

   Continued on following page.     2   

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

Number of Shares           Market Value  
       
     ENGINEERING & CONSTRUCTION — .79% of Total Net Assets   
   600,000     

Fluor Corporation

    $ 44,532,000   
1,000,000     

Ryland Group, Inc.

      40,200,000   
       

 

 

  
        $ 84,732,000   
     ENTERTAINMENT & LEISURE — 3.17% of Total Net Assets   
   700,000     

CBS Corporation Class A

    $ 41,377,000   
   600,000     

Disney (Walt) Company

      41,154,000   
2,500,000     

Facebook, Inc. Class A (a)

      125,650,000   
   600,000     

Viacom, Inc. Class A

      50,130,000   
   500,000     

Wynn Resorts, Ltd.

      83,125,000   
       

 

 

  
        $ 341,436,000   
     FINANCIAL SERVICES — 2.09% of Total Net Assets   
1,500,000     

Bank of New York Mellon Corporation

    $ 47,700,000   
4,000,000     

Janus Capital Group, Inc.

      39,480,000   
1,500,000     

Morgan Stanley

      43,095,000   
2,000,000     

Schwab (Charles) Corporation

      45,300,000   
   700,000     

State Street Corporation

      49,049,000   
       

 

 

  
        $ 224,624,000   
     MANUFACTURING — 2.12% of Total Net Assets   
   700,000     

Agilent Technologies, Inc.

    $ 35,532,000   
   700,000     

Harley-Davidson, Inc.

      44,828,000   
   500,000     

Illinois Tool Works, Inc.

      39,395,000   
   400,000     

IPG Photonics Corporation (a)

      26,508,000   
   800,000     

Mattel, Inc.

      35,496,000   
   400,000     

Parker-Hannifin Corporation

      46,688,000   
       

 

 

  
        $ 228,447,000   
     MATERIALS — .38% of Total Net Assets   
   800,000     

Nucor Corporation

    $ 41,416,000   
       

 

 

  
        $ 41,416,000   
     PHARMACEUTICALS — 1.31% of Total Net Assets   
   400,000     

Amgen, Inc.

    $ 46,400,000   
   300,000     

Celgene Corporation (a)

      44,547,000   
   700,000     

Gilead Sciences, Inc. (a)

      49,693,000   
       

 

 

  
        $ 140,640,000   
     RETAIL — .67% of Total Net Assets   
   300,000     

Costco Wholesale Corporation

    $ 35,400,000   
   700,000     

Williams-Sonoma, Inc.

      36,708,000   
       

 

 

  
        $ 72,108,000   
     TRANSPORTATION — .96% of Total Net Assets   
   300,000     

FedEx Corporation

    $ 39,300,000   
   300,000     

Kansas City Southern

      36,456,000   
1,000,000     

Matson, Inc.

      27,090,000   
       

 

 

  
        $ 102,846,000   
       

 

 

  
    

Total Aggressive Growth Stocks (identified cost $1,210,632,190)

    $ 1,775,442,500   
       

 

 

  

 

3    Continued on following page.  

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

Principal Amount             Market Value  
       
     DOLLAR ASSETS — 28.21% of Total Net Assets   
     CORPORATE BONDS — 9.79% of Total Net Assets   
     AEROSPACE — .08% of Total Net Assets   
$ 8,200,000        

4.750% Rockwell Collins, Inc., 12-01-13

    $ 8,225,327   
       

 

 

  
        $ 8,225,327   
     BEVERAGES — .62% of Total Net Assets   
  65,000,000        

6.950% Bottling Group, LLC (PepsiCo, Inc.), 03-15-14

    $ 66,553,781   
       

 

 

  
        $ 66,553,781   
     COMMUNICATIONS EQUIPMENT — .84% of Total Net Assets   
  90,000,000        

1.625% Cisco Systems, Inc., 03-14-14

    $ 90,486,393   
       

 

 

  
        $ 90,486,393   
     COMPUTER SOFTWARE & SERVICES — 1.35% of Total Net Assets   
  67,500,000        

  .875% International Business Machines Corporation, 10-31-14

    $ 67,935,804   
  75,000,000        

3.750% Oracle Corporation, 07-08-14

      76,801,851   
       

 

 

  
        $ 144,737,655   
     CONSUMER PRODUCTS — .11% of Total Net Assets   
  11,660,000        

.600% Colgate-Palmolive Company, 11-15-14

    $ 11,700,760   
       

 

 

  
        $ 11,700,760   
     ENTERTAINMENT & LEISURE — .18% of Total Net Assets   
  19,500,000        

  .875% Disney (Walt) Company, 12-01-14

    $ 19,629,534   
       

 

 

  
        $ 19,629,534   
     FINANCIAL SERVICES — 3.92% of Total Net Assets   
  30,000,000        

  .508% Bank of New York Mellon Corporation, 07-28-14 (c)

    $ 30,044,085   
  40,090,000        

3.500% Blackrock, Inc., 12-10-14

      41,460,767   
  82,500,000        

6.125% Caterpillar Financial Services Corporation, 02-17-14

      83,858,736   
  50,000,000        

2.150% General Electric Capital Corporation, 01-09-15

      51,027,463   
  84,000,000        

4.650% JPMorgan Chase & Company, 06-01-14

      86,063,184   
  25,000,000        

4.300% State Street Corporation, 05-30-14

      25,578,779   
  25,000,000        

4.150% TD Ameritrade Holding Company, 12-01-14

      25,933,543   
  75,000,000        

5.250% Wachovia Corporation (Wells Fargo & Company), 08-01-14

      77,612,644   
       

 

 

  
        $ 421,579,201   
     HEALTHCARE — .16% of Total Net Assets   
  17,500,000        

4.000% Baxter International, Inc., 03-01-14

    $ 17,691,009   
       

 

 

  
        $ 17,691,009   
     INSURANCE— .55% of Total Net Assets   
  13,988,000        

3.200% Berkshire Hathaway Finance Corporation, 02-11-15

    $ 14,505,115   
  25,000,000        

4.750% Prudential Financial, Inc., 04-01-14

      25,431,134   
  18,085,000        

4.750% Prudential Financial, Inc., 09-17-15

      19,404,304   
       

 

 

  
        $ 59,340,553   
     MANUFACTURING — .34% of Total Net Assets   
  11,000,000        

  .950% Caterpillar, Inc., 06-26-15

    $ 11,069,236   
  25,000,000        

6.875% PACCAR, Inc., 02-15-14

      25,464,273   
       

 

 

  
        $ 36,533,509   
     NATURAL RESOURCES — .28% of Total Net Assets   
  30,000,000        

1.450% Occidental Petroleum Corporation, 12-13-13

    $ 30,040,987   
       

 

 

  
        $ 30,040,987   

 

   Continued on following page.     4   

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

Principal Amount             Market Value  
       
     PHARMACEUTICALS — 1.05% of Total Net Assets   
$ 50,000,000        

1.875% Amgen, Inc., 11-15-14

    $ 50,665,513   
  62,500,000        

5.300% Schering-Plough Corporation (Merck & Company), 12-01-13

      62,741,873   
       

 

 

  
        $ 113,407,386   
     RETAIL — .07% of Total Net Assets   
  7,140,000        

4.200% TJX Companies, Inc., 08-15-15

    $ 7,595,875   
       

 

 

  
        $ 7,595,875   
     TOBACCO — .19% of Total Net Assets   
  20,000,000        

  .312% Philip Morris International, Inc., 02-26-15 (c)

    $ 20,012,061   
       

 

 

  
        $ 20,012,061   
     UTILITIES — .05% of Total Net Assets   
  5,467,000        

  .550% Alabama Power Company, 10-15-15

    $ 5,462,353   
       

 

 

  
        $ 5,462,353   
       

 

 

  
        $ 1,052,996,384   
       

 

 

  
     UNITED STATES TREASURY SECURITIES — 18.42% of Total Net Assets   
  150,000,000        

United States Treasury bond strips (Principal only) 1.367%, 11-15-18 (d)

    $ 140,044,863   
  150,000,000        

United States Treasury bond strips (Principal only) 1.918%, 08-15-20 (d)

      131,764,335   
  150,000,000        

United States Treasury bonds 7.250%, 05-15-16

      175,890,662   
  150,000,000        

United States Treasury bonds 6.250%, 08-15-23

      199,538,547   
  150,000,000        

United States Treasury bonds 6.000%, 02-15-26

      199,546,146   
  150,000,000        

United States Treasury bonds 5.250%, 11-15-28

      188,908,690   
  150,000,000        

United States Treasury notes  2.375%, 10-31-14

      153,335,721   
  150,000,000        

United States Treasury notes  4.250%, 11-15-14

      156,383,025   
  150,000,000        

United States Treasury notes  1.250%, 09-30-15

      152,733,206   
  150,000,000        

United States Treasury notes  2.625%, 02-29-16

      157,794,695   
  150,000,000        

United States Treasury notes  2.250%, 11-30-17

      157,398,181   
  150,000,000        

United States Treasury notes  3.625%, 08-15-19

      167,178,261   
       

 

 

  
        $ 1,980,516,332   
       

 

 

  
    

Total Dollar Assets (identified cost $2,924,190,070)

    $ 3,033,512,716   
       

 

 

  
    

Total Portfolio — 96.66% of total net assets (identified cost $9,300,471,347) (e)

    $ 10,393,188,385   
    

Other assets, less liabilities (3.34% of total net assets)

      358,745,480   
       

 

 

  
    

Net assets applicable to outstanding shares

    $ 10,751,933,865   
       

 

 

  
    

Notes:

   
    

(a)    Non-income producing.

   
    

(b)    Sponsored American Depositary Receipt (ADR).

   
    

(c)    Variable or floating rate security whereby the interest rate is periodically reset. The

        interest rate shown reflects the rate in effect as of October 31, 2013.

   
    

(d)    Interest rate represents yield to maturity.

   
    

(e)    Aggregate cost for book and federal income tax purposes are the same.

   

 

5    See accompanying notes.  

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

SHORT-TERM TREASURY PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

Principal Amount             Market Value  
       
     UNITED STATES TREASURY SECURITIES — 99.50% of Total Net Assets   
$ 5,000,000        

United States Treasury notes .250%, 11-30-13

    $ 5,000,801   
  5,000,000        

United States Treasury notes .250%, 03-31-14

      5,003,250   
  5,000,000        

United States Treasury bills  .013%, 11-07-13 (a)

      4,999,987   
  5,000,000        

United States Treasury bills  .009%, 11-14-13 (a)

      4,999,982   
  5,500,000        

United States Treasury bills  .045%, 02-27-14 (a)

      5,499,188   
       

 

 

  
    

Total Portfolio — 99.50% of total net assets (identified cost $25,502,382) (b)

    $ 25,503,208   
    

Other assets, less liabilities (.50% of total net assets)

      128,997   
       

 

 

  
    

Net assets applicable to outstanding shares

    $ 25,632,205   
       

 

 

  
    

Notes:

   
    

(a) Interest rate represents yield to maturity.

   
    

(b) Aggregate cost for book and federal income tax purposes are the same.

   

 

   See accompanying notes.     6   

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

VERSATILE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

Principal Amount             Market Value  
       
     CORPORATE BONDS — 90.32% of Total Net Assets   
     CHEMICALS — 3.55% of Total Net Assets   
$ 500,000        

5.750% Chemtura Corporation, 07-15-21

    $ 508,750   
       

 

 

  
        $ 508,750   
     COMMUNICATIONS — 4.30% of Total Net Assets   
  600,000        

5.000% Time Warner Cable, Inc., 02-01-20

    $ 615,520   
       

 

 

  
        $ 615,520   
     COMPUTER HARDWARE & PERIPHERALS — 4.89% of Total Net Assets   
  700,000        

4.375% Hewlett-Packard Company, 09-15-21

    $ 699,355   
       

 

 

  
        $ 699,355   
     COMPUTER SOFTWARE & SERVICES — 4.34% of Total Net Assets   
  600,000        

4.200% Symantec Corporation, 09-15-20

    $ 621,017   
       

 

 

  
        $ 621,017   
     ELECTRIAL EQUIPMENT & ELECTRONICS — 3.73% of Total Net Assets   
  500,000        

7.000% Sanmina Corporation, 05-15-19 (a)

    $ 533,750   
       

 

 

  
        $ 533,750   
     ENERGY SERVICES & PROCESSING — 12.22% of Total Net Assets   
  600,000        

6.500% Dresser-Rand Group, Inc., 05-01-21

    $ 639,000   
  575,000        

6.375% GulfMark Offshore, Inc., 03-15-22

      580,750   
  500,000        

8.875% Star Gas Partners, L.P., 12-01-17

      529,375   
       

 

 

  
        $ 1,749,125   
     FINANCIAL SERVICES — 8.79% of Total Net Assets   
  600,000        

3.875% Jefferies Group, LLC, 11-01-29 (b)

    $ 633,378   
  600,000        

5.629% Manufacturers & Traders Trust Company, 12-01-21 (c)

      624,167   
       

 

 

  
        $ 1,257,545   
     INSURANCE — 4.72% of Total Net Assets   
  600,000        

6.000% Pacific Lifecorp, 02-10-20 (a)

    $ 675,840   
       

 

 

  
        $ 675,840   
     MANUFACTURING — 4.92% of Total Net Assets   
  650,000        

5.500% Hillenbrand, Inc., 07-15-20

   $ 704,413   
       

 

 

  
        $ 704,413   
     MATERIALS — 4.00% of Total Net Assets   
  500,000        

7.000% Vulcan Materials Company, 06-15-18

   $ 572,500   
       

 

 

  
        $ 572,500   
     NATURAL RESOURCES — 8.34% of Total Net Assets   
  600,000        

3.700% Murphy Oil Corporation, 12-01-22

   $ 571,082   
  600,000        

6.250% Peabody Energy Corporation, 11-15-21

      623,250   
       

 

 

  
        $ 1,194,332   

 

7    Continued on following page.  

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

VERSATILE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

Principal Amount             Market Value  
       
     REAL ESTATE — 9.69% of Total Net Assets   
$ 600,000        

7.500% DDR Corporation, 07-15-18

   $ 720,069   
  650,000        

7.750% Winthrop Realty Trust, 08-15-22

      666,900   
       

 

 

  
        $ 1,386,969   
     RESTAURANTS — 4.31% of Total Net Assets   
  700,000        

3.350% Darden Restaurants, Inc., 11-01-22

   $ 617,268   
       

 

 

  
        $ 617,268   
     RETAIL — 4.21% of Total Net Assets   
  600,000        

4.000% Kohl’s Corporation, 11-01-21

   $ 603,334   
       

 

 

  
        $ 603,334   
     TRANSPORTATION — 4.41% of Total Net Assets   
  500,000        

8.000% FedEx Corporation, 01-15-19

   $ 631,271   
       

 

 

  
        $ 631,271   
     UTILITIES — 3.90% of Total Net Assets   
  500,000        

6.250% SCANA Corporation, 04-01-20

   $ 558,857   
       

 

 

  
        $ 558,857   
       

 

 

  
    

Total Corporate Bonds (identified cost $12,816,135)

    $ 12,929,846   
       

 

 

  
Number of Shares                
     PREFERRED STOCKS — 4.18% of Total Net Assets   
  25,000        

7.125% Urstadt Biddle Properties, Inc., Series F, Perpetual

   $ 598,000   
       

 

 

  
    

Total Preferred Stocks (identified cost $615,300)

    $ 598,000   
       

 

 

  
    

Total Portfolio — 94.50% of total net assets (identified cost $13,431,435) (d)

    $ 13,527,846   
    

Other assets, less liabilities (5.50% of total net assets)

      786,976   
       

 

 

  
    

Net assets applicable to outstanding shares

    $ 14,314,822   
       

 

 

  
    

Notes:

   
    

(a)    Security exempt from registration pursuant to Rule 144A under the Securities Act

        of 1933, as amended, and may be resold in transactions exempt from registration to

        qualified institutional investors. As of October 31, 2013, these securities amounted

        to $1,209,590, or 8.45% of the Versatile Bond Portfolio’s total net

        assets, and have been determined by the Portfolio’s investment adviser to be liquid.

   
    

(b)    Convertible security.

   
    

(c)    Variable or floating rate security whereby the interest rate is periodically reset. The

        interest rate shown reflects the rate in effect as of October 31, 2013.

   
    

(d)    Aggregate cost for book and federal income tax purposes are the same.

   

 

   See accompanying notes.     8   

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

Number of Shares           Market Value  
       
     AGGRESSIVE GROWTH STOCKS — 101.42% of Total Net Assets   
     AEROSPACE — 2.13% of Total Net Assets   
       7,000     

Lockheed Martin Corporation

   $ 933,380   
       

 

 

  
        $ 933,380   
     CHEMICALS — 7.34% of Total Net Assets   
     10,000     

Air Products & Chemicals, Inc.

    $ 1,090,100   
     40,000     

Chemtura Corporation (a)

      980,000   
     25,000     

Mosaic Company

      1,146,250   
       

 

 

  
        $ 3,216,350   
     COMMUNICATIONS EQUIPMENT — 4.50% of Total Net Assets   
     50,000     

Juniper Networks, Inc. (a)

    $ 932,000   
     15,000     

Qualcomm, Inc.

      1,042,050   
       

 

 

  
        $ 1,974,050   
     COMPUTER SOFTWARE & SERVICES — 4.87% of Total Net Assets   
     25,000     

Autodesk, Inc. (a)

    $ 997,750   
     50,000     

Symantec Corporation

      1,137,000   
       

 

 

  
        $ 2,134,750   
     ELECTRICAL EQUIPMENT & ELECTRONICS — 1.99% of Total Net Assets   
     60,000     

Sanmina Corporation (a)

    $ 873,600   
       

 

 

  
        $ 873,600   
     ENERGY SERVICES & PROCESSING — 7.45% of Total Net Assets   
     20,000     

Baker Hughes, Inc.

    $ 1,161,800   
     30,000     

HollyFrontier Corporation

      1,381,800   
   100,000     

Parker Drilling Company (a)

      720,000   
       

 

 

  
        $ 3,263,600   
     ENGINEERING & CONSTRUCTION — 4.83% of Total Net Assets   
     15,000     

Fluor Corporation

    $ 1,113,300   
     25,000     

Ryland Group, Inc.

      1,005,000   
       

 

 

  
        $ 2,118,300   
     ENTERTAINMENT & LEISURE — 12.33% of Total Net Assets   
     15,000     

Disney (Walt) Company

    $ 1,028,850   
     44,000     

Facebook, Inc. Class A (a)

      2,211,440   
     10,000     

Viacom, Inc. Class A

      835,500   
       8,000     

Wynn Resorts, Ltd.

      1,330,000   
       

 

 

  
        $     5,405,790   
     FINANCIAL SERVICES — 10.65% of Total Net Assets   
     20,000     

Bank of New York Mellon Corporation

    $ 636,000   
   100,000     

Janus Capital Group, Inc.

      987,000   
     30,000     

Morgan Stanley

      861,900   
     50,000     

Schwab (Charles) Corporation

      1,132,500   
     15,000     

State Street Corporation

      1,051,050   
       

 

 

  
        $ 4,668,450   

 

9    Continued on following page.  

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

Number of Shares           Market Value  
       
     MANUFACTURING — 13.58% of Total Net Assets   
     15,000     

Agilent Technologies, Inc.

    $ 761,400   
     15,000     

Harley-Davidson, Inc.

      960,600   
     15,000     

Illinois Tool Works, Inc.

      1,181,850   
     15,000     

IPG Photonics Corporation (a)

      994,050   
     20,000     

Mattel, Inc.

      887,400   
     10,000     

Parker-Hannifin Corporation

      1,167,200   
       

 

 

  
        $ 5,952,500   
     MATERIALS — 2.36% of Total Net Assets   
     20,000     

Nucor Corporation

    $ 1,035,400   
       

 

 

  
        $ 1,035,400   
     NATURAL RESOURCES — 8.54% of Total Net Assets   
     30,000     

Freeport-McMoRan Copper & Gold, Inc.

    $ 1,102,800   
     40,000     

EPL Oil & Gas, Inc.

      1,275,200   
     70,000     

Peabody Energy Corporation

      1,363,600   
       

 

 

  
        $ 3,741,600   
     PHARMACEUTICALS — 10.27% of Total Net Assets   
     10,000     

Amgen, Inc.

    $ 1,160,000   
     12,000     

Celgene Corporation (a)

      1,781,880   
     22,000     

Gilead Sciences, Inc. (a)

      1,561,780   
       

 

 

  
        $ 4,503,660   
     RETAIL — 4.82% of Total Net Assets   
       9,000     

Costco Wholesale Corporation

    $ 1,062,000   
     20,000     

Williams-Sonoma, Inc.

      1,048,800   
       

 

 

  
        $ 2,110,800   
     TRANSPORTATION — 5.76% of Total Net Assets   
     10,000     

FedEx Corporation

    $ 1,310,000   
     10,000     

Kansas City Southern

      1,215,200   
       

 

 

  
        $ 2,525,200   
       

 

 

  
    

Total Portfolio — 101.42% of total net assets (identified cost $25,929,645) (b)

    $ 44,457,430   
    

Liabilities, less other assets (1.42% of total net assets)

      (620,626 ) 
       

 

 

  
    

Net assets applicable to outstanding shares

    $         43,836,804   
       

 

 

  
    

Notes:

   
    

(a) Non-income producing.

   
    

(b) Aggregate cost for book and federal income tax purposes are the same.

   

 

   See accompanying notes.     10   

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

NET UNREALIZED APPRECIATION OF INVESTMENTS

The following is a summary of net unrealized appreciation of investments as of October 31, 2013 for federal income tax purposes:

 

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

Aggregate gross unrealized appreciation of investments with excess of value over tax cost:

          

Investments in securities

    $ 1,044,095,642      $                   826       $             268,531      $        19,394,572   

Investments other than securities

      266,432,998        —         —        —   
  

 

 

    

 

 

     

 

 

    

 

 

  
     1,310,528,640        826         268,531        19,394,572   

Aggregate gross unrealized depreciation of investments with excess of tax cost over value:

          

Investments in securities

      (217,811,602 )      —         (172,120 )      (866,787 ) 

Investments other than securities

      —        —         —        —   
  

 

 

    

 

 

     

 

 

    

 

 

  
     (217,811,602 )      —         (172,120 )      (866,787 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Net unrealized appreciation of investments

    $   1,092,717,038      $ 826       $ 96,411      $ 18,527,785   
  

 

 

    

 

 

     

 

 

    

 

 

  

VALUATION OF INVESTMENTS

Each Portfolio’s investments 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 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, and deposits of foreign currencies, are valued at the price furnished by an independent pricing service which reflects latest prices. Foreign securities traded on an exchange are valued on the basis of market quotations most recently available from that exchange. 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, will be valued by the Fund’s investment adviser pursuant to fair value policies approved by the Fund’s Board of Directors.

 

11    Continued on following page.  

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS

October 31, 2013

(Unaudited)

    

 

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 following three broad levels:

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, 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.

 

   Continued on following page.     12   

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

NOTES TO FINANCIAL STATEMENTS

October 31, 2013

(Unaudited)

    

 

There were no transfers into or out of Levels 1 and 2 during the three months ended October 31, 2013 and the Fund held no Level 3 assets during the three months then ended.

As of October 31, 2013 and during the three months then ended, the Fund did not hold any derivative instruments, nor did it engage in any hedging activities using derivative instruments.

The following is a summary of the inputs used as of October 31, 2013 in valuing the Fund’s assets:

 

     Level 1
(Quoted Prices in
Active Markets for
Identical Assets)		      Level 2
(Significant
Other Observable
Inputs)		      Level 3
(Significant
Unobservable
Inputs)		      Total  

PERMANENT PORTFOLIO

            

Gold assets

    $ 2,245,468,071       $ —       $                     —       $ 2,245,468,071   

Silver assets

      556,227,889         —         —         556,227,889   

Swiss franc assets

      284,943,348         737,319,861         —         1,022,263,209   

Stocks of United States and foreign real estate and natural resource companies

      1,760,274,000         —         —         1,760,274,000   

Aggressive growth stocks †

      1,775,442,500         —         —         1,775,442,500   

Dollar assets:

            

Corporate bonds †

      —         1,052,996,384         —         1,052,996,384   

United States Treasury securities

      1,980,516,332         —         —         1,980,516,332   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Portfolio

    $   8,602,872,140       $   1,790,316,245       $ —       $   10,393,188,385   
  

 

 

     

 

 

     

 

 

     

 

 

  
     82.77%         17.23%         —%         100.00%   

SHORT-TERM TREASURY PORTFOLIO

            

United States Treasury securities

    $ 25,503,208       $ —       $ —       $ 25,503,208   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Portfolio

    $ 25,503,208       $ —       $ —       $ 25,503,208   
  

 

 

     

 

 

     

 

 

     

 

 

  
     100.00%         —%         —%         100.00%   

VERSATILE BOND PORTFOLIO

            

Corporate bonds †

    $ —       $ 12,929,846       $ —       $ 12,929,846   

Preferred stocks

      598,000         —         —         598,000   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Portfolio

    $ 598,000       $ 12,929,846       $ —       $ 13,527,846   
  

 

 

     

 

 

     

 

 

     

 

 

  
     4.42%         95.58%         —%         100.00%   

AGGRESSIVE GROWTH PORTFOLIO

            

Aggressive growth stocks †

    $ 44,457,430       $ —       $ —       $ 44,457,430   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Portfolio

    $ 44,457,430       $ —       $ —       $ 44,457,430   
  

 

 

     

 

 

     

 

 

     

 

 

  
     100.00%         —%         —%         100.00%   

 

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

 

13     

    

 

 

 

 

This page intentionally left blank.

 

       14   

INVESTMENT ADVISER

Pacific Heights Asset Management, LLC

600 Montgomery Street

San Francisco, California 94111

CUSTODIAN

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

P. O. Box 701

Milwaukee, Wisconsin 53201

(for overnight delivery services,

615 East Michigan Street

Milwaukee, Wisconsin 53202)

(800) 341-8900

SHAREHOLDER SERVICES OFFICE

130 South Brune Street

Bartlett, Texas 76511

(254) 527-3102

(800) 531-5142 Nationwide

www.permanentportfoliofunds.com

Must be preceded or accompanied by a prospectus.

 

LOGO

SCHEDULES OF INVESTMENTS

OCTOBER 31, 2013

12/13