N-Q 1 d945447dnq.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: April 30, 2015

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 April 30, 2015 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: June 29, 2015

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: June 29, 2015

 

    /s/ James H. Andrews

By: James H. Andrews, Treasurer
Date: June 29, 2015

 

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

SCHEDULES OF INVESTMENTS

AS OF APRIL 30, 2015

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO®

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Quantity           Market Value  
       
     GOLD ASSETS — 21.59% of Total Net Assets   
367,404 Troy Oz.     

Gold bullion (a)

    $ 434,417,911   
520,000 Coins     

One-ounce gold coins (a)

      627,367,000   
       

 

 

  
    

Total Gold Assets (identified cost $1,105,783,632)

    $ 1,061,784,911   
       

 

 

  
     SILVER ASSETS — 4.80% of Total Net Assets   
14,356,858 Troy Oz.     

Silver bullion (a)

    $ 231,489,985   
379 Bags     

Silver coins (a)

      4,496,025   
       

 

 

  
    

Total Silver Assets (identified cost $328,473,552)

    $ 235,986,010   
       

 

 

  
Principal Amount              
     SWISS FRANC ASSETS — 9.89% of Total Net Assets   
CHF            1,300,082     

Swiss franc deposits (a)

    $ 1,393,517   
       

 

 

  
       
CHF        100,000,000     

3.000% Swiss Confederation Bonds, 01-08-18

      118,188,542   
CHF        100,000,000     

3.000% Swiss Confederation Bonds, 05-12-19

      122,820,087   
CHF        100,000,000     

2.250% Swiss Confederation Bonds, 07-06-20

      122,026,904   
CHF        100,000,000     

2.000% Swiss Confederation Bonds, 04-28-21

      121,896,136   
       

 

 

  
    

Total Swiss Confederation bonds

    $ 484,931,669   
       

 

 

  
    

Total Swiss Franc Assets (identified cost $423,206,050)

    $ 486,325,186   
       

 

 

  
Number of Shares              
       
     REAL ESTATE AND NATURAL RESOURCE STOCKS — 16.86% of Total Net Assets   
     NATURAL RESOURCES — 7.70% of Total Net Assets   
   200,000     

Apache Corporation

    $ 13,680,000   
1,500,000     

BHP Billiton, Ltd. (b)

      76,935,000   
   200,000     

BP, p.l.c. (b)

      8,632,000   
   500,000     

Cameco Corporation

      8,790,000   
   500,000     

Canadian Natural Resources Ltd.

      16,625,000   
   275,000     

Chevron Corporation

      30,541,500   
   275,000     

ConocoPhillips

      18,678,000   
   200,000     

Devon Energy Corporation

      13,642,000   
   200,000     

Exxon Mobil Corporation

      17,474,000   
4,500,000     

Freeport-McMoRan, Inc.

      104,715,000   
1,500,000     

Halcon Resources Corporation (a)

      2,235,000   
3,000,000     

Peabody Energy Corporation

      14,190,000   
1,000,000     

Rio Tinto p.l.c (b)

      44,790,000   
1,000,000     

Vale S.A. (b)

      7,680,000   
       

 

 

  
        $ 378,607,500   

 

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PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO®

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Number of Shares             Market Value  
       
     REAL ESTATE — 9.16% of Total Net Assets   
     400,000        

Alexander & Baldwin, Inc.

    $ 16,192,000   
     200,000        

AvalonBay Communities, Inc.

      32,868,000   
     200,000        

Boston Properties, Inc.

      26,462,000   
     300,000        

Corporate Office Properties Trust

      7,917,000   
     500,000        

Digital Realty Trust, Inc.

      31,705,000   
     900,000        

Duke Realty Corporation

      17,829,000   
     900,000        

Equity One, Inc.

      22,167,000   
     200,000        

Essex Property Trust, Inc.

      44,390,000   
     200,000        

Federal Realty Investment Trust

      26,734,000   
  1,500,000        

Investors Real Estate Trust

      10,755,000   
     500,000        

Kimco Realty Corporation

      12,050,000   
     500,000        

Outfront Media, Inc.

      14,360,000   
  1,500,000        

Prologis, Inc.

      60,300,000   
     175,000        

Texas Pacific Land Trust

      26,383,000   
     500,000        

UDR, Inc.

      16,385,000   
     200,000        

Urstadt Biddle Properties, Inc.

      3,466,000   
     500,000        

Urstadt Biddle Properties, Inc. Class A

      10,375,000   
     250,000        

Vornado Realty Trust

      25,872,500   
     900,000        

Washington Real Estate Investment Trust

      22,248,000   
     700,000        

Weyerhaeuser Company

      22,057,000   
       

 

 

  
        $ 450,515,500   
       

 

 

  
    

Total Real Estate and Natural Resource Stocks (identified cost $932,210,242)

    $ 829,123,000   
       

 

 

  
       
     AGGRESSIVE GROWTH STOCKS — 16.30% of Total Net Assets   
     AEROSPACE — .47% of Total Net Assets   
     125,000        

Lockheed Martin Corporation

    $ 23,325,000   
       

 

 

  
        $ 23,325,000   
     CHEMICALS — .79% of Total Net Assets   
     125,000        

Air Products & Chemicals, Inc.

    $ 17,928,750   
     400,000        

Chemtura Corporation (a)

      12,052,000   
     200,000        

Mosaic Company

      8,800,000   
       

 

 

  
        $ 38,780,750   
     COMMUNICATIONS EQUIPMENT — .55% of Total Net Assets   
     500,000        

Juniper Networks, Inc.

    $ 13,215,000   
  200,000        

Qualcomm, Inc.

      13,600,000   
       

 

 

  
        $ 26,815,000   
     COMPUTER SOFTWARE & SERVICES — .55% of Total Net Assets   
     300,000        

Autodesk, Inc. (a)

    $ 17,049,000   
     400,000        

Symantec Corporation

      9,970,000   
       

 

 

  
        $ 27,019,000   
     ELECTRICAL EQUIPMENT & ELECTRONICS — .38% of Total Net Assets   
     925,000        

Sanmina Corporation (a)

    $ 18,805,250   
       

 

 

  
        $ 18,805,250   

 

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PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO®

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Number of Shares             Market Value  
       
     ENERGY SERVICES & PROCESSING — 1.26% of Total Net Assets   
     200,000        

Baker Hughes, Inc.

    $ 13,692,000   
     600,000        

HollyFrontier Corporation

      23,268,000   
  2,500,000        

Parker Drilling Company (a)

      9,375,000   
     200,000        

Phillips 66

      15,862,000   
       

 

 

  
        $ 62,197,000   
     ENGINEERING & CONSTRUCTION — .48% of Total Net Assets   
     150,000        

Fluor Corporation

    $ 9,021,000   
     350,000        

Ryland Group, Inc.

      14,427,000   
       

 

 

  
        $ 23,448,000   
     ENTERTAINMENT & LEISURE — 4.00% of Total Net Assets   
     275,000        

CBS Corporation Class A

    $ 17,748,500   
     200,000        

Disney (Walt) Company

      21,744,000   
  1,400,000        

Facebook, Inc. Class A (a)

      110,278,000   
     275,000        

Viacom, Inc. Class A

      19,010,750   
     250,000        

Wynn Resorts, Ltd.

      27,767,500   
       

 

 

  
        $ 196,548,750   
     FINANCIAL SERVICES — 3.25% of Total Net Assets   
  4,000,000        

Janus Capital Group, Inc.

    $ 71,600,000   
     700,000        

Morgan Stanley

      26,117,000   
     900,000        

Schwab (Charles) Corporation

      27,450,000   
     450,000        

State Street Corporation

      34,704,000   
       

 

 

  
        $ 159,871,000   
     MANUFACTURING — 1.50% of Total Net Assets   
     200,000        

Agilent Technologies, Inc.

    $ 8,274,000   
     200,000        

Harley-Davidson, Inc.

      11,242,000   
     200,000        

Illinois Tool Works, Inc.

      18,716,000   
     200,000        

IPG Photonics Corporation (a)

      17,716,000   
     150,000        

Parker-Hannifin Corporation

      17,904,000   
       

 

 

  
        $ 73,852,000   
     MATERIALS — .25% of Total Net Assets   
     250,000        

Nucor Corporation

    $ 12,215,000   
       

 

 

  
        $ 12,215,000   
     PHARMACEUTICALS — 1.33% of Total Net Assets   
     150,000        

Amgen, Inc.

    $ 23,686,500   
     200,000        

Celgene Corporation (a)

      21,612,000   
     200,000        

Gilead Sciences, Inc. (a)

      20,102,000   
       

 

 

  
        $ 65,400,500   
     RETAIL — .66% of Total Net Assets   
     125,000        

Costco Wholesale Corporation

    $ 17,881,250   
     200,000        

Williams-Sonoma, Inc.

      14,706,000   
       

 

 

  
        $ 32,587,250   
     TRANSPORTATION — .83% of Total Net Assets   
     150,000        

FedEx Corporation

    $ 25,435,500   
     150,000        

Kansas City Southern

      15,373,500   
       

 

 

  
        $ 40,809,000   
       

 

 

  
    

Total Aggressive Growth Stocks (identified cost $449,948,477)

    $ 801,673,500   
       

 

 

  

 

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PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO®

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Principal Amount             Market Value  
       
     DOLLAR ASSETS — 30.45% of Total Net Assets   
     CORPORATE BONDS — 13.00% of Total Net Assets   
     CHEMICALS — .26% of Total Net Assets   
$     12,500,000        

2.750% du Pont (E.I.) de Nemours & Company, 04-01-16

    $ 12,753,481   
       

 

 

  
        $ 12,753,481   
     COMMUNICATIONS EQUIPMENT — .77% of Total Net Assets   
  36,150,000        

5.500% Cisco Systems, Inc., 02-22-16

    $ 37,625,444   
       

 

 

  
        $ 37,625,444   
     ELECTRICAL EQUIPMENT & ELECTRONICS — .82% of Total Net Assets   
  40,000,000        

  .850% General Electric Company, 10-09-15

    $ 40,090,440   
       

 

 

  
        $ 40,090,440   
     ENERGY SERVICES & PROCESSING — .26% of Total Net Assets   
  12,500,000        

4.875% Diamond Offshore Drilling, Inc., 07-01-15

    $ 12,578,000   
       

 

 

  
        $ 12,578,000   
     FINANCIAL SERVICES — 2.86% of Total Net Assets   
  37,500,000        

1.125% JPMorgan Chase & Company, 02-26-16

    $ 37,628,925   
  50,000,000        

3.450% JPMorgan Chase & Company, 03-01-16

      51,113,550   
  25,750,000        

5.750% Wells Fargo Bank, N.A., 05-16-16

      27,083,580   
  23,500,000        

5.125% Wells Fargo & Company, 09-15-16

      24,820,958   
       

 

 

  
        $ 140,647,013   
     FOREST & PAPER PRODUCTS — .11% of Total Net Assets   
  5,600,000        

7.700% Georgia Pacific, LLC, 06-15-15

    $ 5,642,442   
       

 

 

  
        $ 5,642,442   
     INSURANCE — 1.87% of Total Net Assets   
  15,000,000        

3.450% Aflac, Inc., 08-15-15

    $ 15,124,882   
  17,500,000        

5.650% Ameriprise Financial, Inc., 11-15-15

      17,940,309   
  45,000,000        

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

      45,671,917   
  12,500,000        

5.500% Prudential Financial, Inc., 03-15-16

      13,006,069   
       

 

 

  
        $ 91,743,177   
     MANUFACTURING — .77% of Total Net Assets   
  12,500,000        

2.875% Bard (C. R.), Inc., 01-15-16

    $ 12,701,769   
  25,000,000        

  .950% Caterpillar, Inc., 06-26-15

      25,030,387   
       

 

 

  
        $ 37,732,156   
     NATURAL RESOURCES — .31% of Total Net Assets   
  15,000,000        

2.500% Occidental Petroleum Corporation, 02-01-16

    $ 15,208,343   
       

 

 

  
        $ 15,208,343   
     PHARMACEUTICALS — 2.72% of Total Net Assets   
  85,000,000        

1.200% AbbVie, Inc., 11-06-15

    $ 85,219,513   
  37,500,000        

2.300% Amgen, Inc., 06-15-16

      38,077,950   
  10,000,000        

5.500% Wyeth, LLC (Pfizer, Inc.), 02-15-16

      10,394,185   
       

 

 

  
        $ 133,691,648   
     RETAIL — 1.50% of Total Net Assets   
  37,500,000        

  .650% Amazon.com, Inc., 11-27-15

    $ 37,515,863   
  35,000,000        

5.400% Home Depot, Inc., 03-01-16

      36,437,100   
       

 

 

  
        $ 73,952,963   

 

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PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

PERMANENT PORTFOLIO®

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Principal Amount             Market Value  
       
     UTILITIES — .75% of Total Net Assets   
$ 20,000,000        

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

    $ 20,003,180   
  12,000,000        

  .650% Duke Energy Florida, Inc., 11-15-15

      12,009,402   
  5,000,000        

3.000% Georgia Power Company, 04-15-16

      5,111,760   
       

 

 

  
        $ 37,124,342   
       

 

 

  
        $ 638,789,449   
       

 

 

  
     UNITED STATES TREASURY SECURITIES — 17.45% of Total Net Assets   
    150,000,000        

United States Treasury bond strips (Principal only) 1.063%, 11-15-18 (c)

    $ 144,473,438   
  150,000,000        

United States Treasury bond strips (Principal only) 1.548%, 08-15-20 (c)

      138,234,375   
  125,000,000        

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

      166,903,365   
  150,000,000        

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

      206,668,740   
  150,000,000        

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

      201,684,819   
       

 

 

  
        $ 857,964,737   
       

 

 

  
    

Total Dollar Assets (identified cost $1,397,620,991)

    $ 1,496,754,186   
       

 

 

  
    

Total Portfolio — 99.89% of total net assets (identified cost $4,637,242,944) (d)

    $ 4,911,646,793   
    

Other assets, less liabilities (.11% of total net assets)

      5,629,618   
       

 

 

  
    

Net assets applicable to outstanding shares

    $ 4,917,276,411   
       

 

 

  
    

Notes:

   
    

(a)     Non-income producing.

   
    

(b)     Sponsored American Depositary Receipt (ADR).

   
    

(c)     Interest rate represents yield to maturity.

   
    

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

   

 

 

6    See accompanying notes.  

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PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

SHORT-TERM TREASURY PORTFOLIO

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Principal Amount             Market Value  
       
     UNITED STATES TREASURY SECURITIES — 94.70% of Total Net Assets   
$ 4,000,000        

United States Treasury notes .250%, 05-31-15

    $ 4,000,642   
  4,000,000        

United States Treasury notes .375%, 06-30-15

      4,001,908   
  4,000,000        

United States Treasury notes .250%, 07-31-15

      4,001,925   
  4,000,000        

United States Treasury notes .375%, 08-31-15

      4,004,441   
  3,000,000        

United States Treasury notes .250%, 09-30-15

      3,002,406   
       

 

 

  
    

Total Portfolio — 94.70% of total net assets (identified cost $19,011,426) (a)

    $ 19,011,322   
    

Other assets, less liabilities (5.30% of total net assets)

      1,064,418   
       

 

 

  
    

Net assets applicable to outstanding shares

    $ 20,075,740   
       

 

 

  
    

Notes:

   
    

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

   

 

 

   See accompanying notes.     7   

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PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

VERSATILE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Principal Amount             Market Value  
       
     CORPORATE BONDS — 95.08% of Total Net Assets   
     CHEMICALS — 10.31% of Total Net Assets   
$ 750,000        

5.750% Chemtura Corporation, 07-15-21

    $ 780,938   
  750,000        

7.750% LSB Industries, Inc., 08-01-19

      802,500   
       

 

 

  
        $ 1,583,438   
     COMPUTER HARDWARE & PERIPHERALS — 2.80% of Total Net Assets   
  400,000        

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

    $ 430,197   
       

 

 

  
        $ 430,197   
     ENERGY SERVICES & PROCESSING — 10.23% of Total Net Assets   
  1,100,000        

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

    $ 877,250   
  650,000        

8.250% PBF Holding Company, LLC, 02-15-20

      693,875   
       

 

 

  
        $ 1,571,125   
     FINANCIAL SERVICES — 10.67% of Total Net Assets   
  700,000        

7.250% First Niagara Financial Group, Inc., 12-15-21

    $ 780,841   
  700,000        

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

      727,958   
  105,000        

8.600% Raymond James Financial, Inc., 08-15-19

      129,841   
       

 

 

  
        $ 1,638,640   
     INSURANCE — 5.50% of Total Net Assets   
  140,000        

5.375% Berkley (W. R.) Corporation, 09-15-20

    $ 158,352   
  600,000        

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

      685,927   
       

 

 

  
        $ 844,279   
     LODGING — 1.79% of Total Net Assets   
  275,000        

3.375% Hyatt Hotels Corporation, 07-15-23

    $ 275,603   
       

 

 

  
        $ 275,603   
     MANUFACTURING — 4.37% of Total Net Assets   
  650,000        

3.875% Kennametal, Inc., 02-15-22

    $ 671,959   
       

 

 

  
        $ 671,959   
     MATERIALS — 8.45% of Total Net Assets   
  700,000        

5.200% Carpenter Technology Corporation, 07-15-21

    $ 755,227   
  500,000        

7.875% USG Corporation, 03-30-20 (b)

      543,125   
       

 

 

  
        $ 1,298,352   
     NATURAL RESOURCES — 13.85% of Total Net Assets   
  800,000        

3.550% Freeport-McMoRan, Inc., 03-01-22

    $ 755,123   
  950,000        

3.700% Murphy Oil Corporation, 12-01-22

      892,127   
  775,000        

6.250% Peabody Energy Corporation, 11-15-21

      478,563   
       

 

 

  
        $ 2,125,813   
     REAL ESTATE — 14.77% of Total Net Assets   
  743,000        

3.375% BEX Portfolio, LLC (Essex Property Trust, Inc.), 01-15-23

    $ 750,838   
  700,000        

4.125% Liberty Property LP, 06-15-22

      731,179   
  650,000        

7.750% SL Green Realty Corporation, 03-15-20

      787,037   
       

 

 

  
        $ 2,269,054   
     RESTAURANTS — .72% of Total Net Assets   
  116,000        

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

    $ 110,772   
       

 

 

  
        $ 110,772   

 

8    Continued on following page.  

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

VERSATILE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Principal Amount             Market Value  
       
     RETAIL — 4.17% of Total Net Assets   
$ 600,000        

4.000% Kohl’s Corporation, 11-01-21

    $ 641,003   
       

 

 

  
        $ 641,003   
     UTILITIES — 3.73% of Total Net Assets   
  500,000        

6.250% SCANA Corporation, 04-01-20

    $ 573,122   
       

 

 

  
        $ 573,122   
     WASTE & ENVIRONMENTAL SERVICES — 3.72% of Total Net Assets   
  500,000        

5.250% Republic Services, Inc., 11-15-21

    $ 571,674   
       

 

 

  
        $ 571,674   
       

 

 

  
    

Total Corporate Bonds (identified cost $14,836,583)

    $ 14,605,031   
       

 

 

  
Number of Shares                
       
     PREFERRED STOCKS — 4.33% of Total Net Assets   
  25,000        

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

    $ 665,625  
       

 

 

  
    

Total Preferred Stocks (identified cost $615,300)

    $ 665,625   
       

 

 

  
    

Total Portfolio — 99.41% of total net assets (identified cost $15,451,883) (c)

    $ 15,270,656   
    

Other assets, less liabilities (.59% of total net assets)

      91,263   
       

 

 

  
    

Net assets applicable to outstanding shares

    $ 15,361,919   
       

 

 

  
    

Notes:

   
    

(a)     Variable or floating rate security whereby the interest rate is periodically reset. The interest rate shown reflects the rate in effect as of April 30, 2015.

   
    

(b)     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 April 30, 2015, these securities amounted to $1,229,052, or 8.00% of the Versatile Bond Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.

   
    

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

   

 

 

   See accompanying notes.     9   

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Number of Shares             Market Value  
       
     AGGRESSIVE GROWTH STOCKS — 100.35% of Total Net Assets   
     AEROSPACE — 3.47% of Total Net Assets   
         8,000        

Lockheed Martin Corporation

    $ 1,492,800   
       

 

 

  
        $ 1,492,800   
     CHEMICALS — 8.18% of Total Net Assets   
       10,000        

Air Products & Chemicals, Inc.

    $ 1,434,300   
       40,000        

Chemtura Corporation (a)

      1,205,200   
       20,000        

Mosaic Company

      880,000   
       

 

 

  
        $ 3,519,500   
     COMMUNICATIONS EQUIPMENT — 4.83% of Total Net Assets   
       40,000        

Juniper Networks, Inc.

    $ 1,057,200   
       15,000        

Qualcomm, Inc.

      1,020,000   
       

 

 

  
        $ 2,077,200   
     COMPUTER SOFTWARE & SERVICES — 5.04% of Total Net Assets   
       25,000        

Autodesk, Inc. (a)

    $ 1,420,750   
       30,000        

Symantec Corporation

      747,750   
       

 

 

  
        $ 2,168,500   
     ELECTRICAL EQUIPMENT & ELECTRONICS — 1.88% of Total Net Assets   
       40,000        

Sanmina Corporation (a)

    $ 813,200   
       

 

 

  
        $ 813,200   
     ENERGY SERVICES & PROCESSING — 5.96% of Total Net Assets   
       15,000        

Baker Hughes, Inc.

    $ 1,026,900   
       30,000        

HollyFrontier Corporation

      1,163,400   
     100,000        

Parker Drilling Company (a)

      375,000   
       

 

 

  
        $ 2,565,300   
     ENGINEERING & CONSTRUCTION — 4.01% of Total Net Assets   
       15,000        

Fluor Corporation

    $ 902,100   
       20,000        

Ryland Group, Inc.

      824,400   
       

 

 

  
        $ 1,726,500   
     ENTERTAINMENT & LEISURE — 14.03% of Total Net Assets   
       10,000        

Disney (Walt) Company

    $ 1,087,200   
       40,000        

Facebook, Inc. Class A (a)

      3,150,800   
       10,000        

Viacom, Inc. Class A

      691,300   
       10,000        

Wynn Resorts, Ltd.

      1,110,700   
       

 

 

  
        $ 6,040,000   
     FINANCIAL SERVICES — 11.86% of Total Net Assets   
       90,000        

Janus Capital Group, Inc.

    $ 1,611,000   
       30,000        

Morgan Stanley

      1,119,300   
       40,000        

Schwab (Charles) Corporation

      1,220,000   
       15,000        

State Street Corporation

      1,156,800   
       

 

 

  
        $ 5,107,100   

 

10    Continued on following page.  

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PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Number of Shares             Market Value  
       
     MANUFACTURING — 10.41% of Total Net Assets   
       15,000        

Agilent Technologies, Inc.

    $ 620,550   
       15,000        

Harley-Davidson, Inc.

      843,150   
       10,000        

Illinois Tool Works, Inc.

      935,800   
       10,000        

IPG Photonics Corporation (a)

      885,800   
       10,000        

Parker-Hannifin Corporation

      1,193,600   
       

 

 

  
        $ 4,478,900   
     MATERIALS — 1.70% of Total Net Assets   
       15,000        

Nucor Corporation

    $ 732,900   
       

 

 

  
        $ 732,900   
     NATURAL RESOURCES — 4.08% of Total Net Assets   
       50,000        

Freeport-McMoRan, Inc.

    $ 1,163,500   
     125,000        

Peabody Energy Corporation

      591,250   
       

 

 

  
        $ 1,754,750   
     PHARMACEUTICALS — 13.36% of Total Net Assets   
       10,000        

Amgen, Inc.

    $ 1,579,100   
       20,000        

Celgene Corporation (a)

      2,161,200   
       20,000        

Gilead Sciences, Inc. (a)

      2,010,200   
       

 

 

  
        $ 5,750,500   
     RETAIL — 5.22% of Total Net Assets   
         8,000        

Costco Wholesale Corporation

    $ 1,144,400   
       15,000        

Williams-Sonoma, Inc.

      1,102,950   
       

 

 

  
        $ 2,247,350   
     TRANSPORTATION — 6.32% of Total Net Assets   
       10,000        

FedEx Corporation

    $ 1,695,700   
       10,000        

Kansas City Southern

      1,024,900   
       

 

 

  
        $ 2,720,600   
       

 

 

  
    

Total Portfolio — 100.35% of total net assets (identified cost $22,163,602) (b)

    $ 43,195,100   
    

Liabilities, less other assets (.35% of total net assets)

      (149,659 ) 
       

 

 

  
    

Net assets applicable to outstanding shares

    $ 43,045,441   
       

 

 

  
    

Notes:

   
    

(a)     Non-income producing.

   
    

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

   

 

 

   See accompanying notes.     11   

LOGO   

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following is a summary of net unrealized appreciation (depreciation) of investments as of April 30, 2015 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

    $ 706,040,359      $ 344      $ 387,933      $ 23,449,726   

Investments other than securities

      7,609,618        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

  
     713,649,977        344        387,933        23,449,726   

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

         

Investments in securities

      (295,150,248 )      (448 )      (569,160 )      (2,418,228 ) 

Investments other than securities

      (144,095,880 )      —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

  
     (439,246,128 )      (448 )      (569,160 )      (2,418,228 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net unrealized appreciation (depreciation) of investments

    $  274,403,849      $                 (104 )    $                 (181,227 )    $                 21,031,498   
  

 

 

    

 

 

    

 

 

    

 

 

  

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. 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 Valuation Committee of the Fund’s investment adviser pursuant to fair value policies approved by the Fund’s Board of Directors.

 

12    Continued on following page.  

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PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS

April 30, 2015

(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.     13   

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PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS

April 30, 2015

(Unaudited)

    

 

Transfers between levels are recognized at the end of a reporting period. There were no transfers into or out of Levels 1 and 2 during the three months ended April 30, 2015 and the Fund held no Level 3 assets during the three months then ended.

As of April 30, 2015 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 April 30, 2015 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

    $ 1,061,784,911       $ —       $                     —       $ 1,061,784,911   

Silver assets

      235,986,010         —         —         235,986,010   

Swiss franc assets

      1,393,517         484,931,669         —         486,325,186   

Real estate and natural resource stocks

      829,123,000         —         —         829,123,000   

Aggressive growth stocks †

      801,673,500         —         —         801,673,500   

Dollar assets:

            

Corporate bonds †

      —         638,789,449         —         638,789,449   

United States Treasury securities

      857,964,737         —         —         857,964,737   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Portfolio

    $   3,787,925,675       $   1,123,721,118       $ —       $   4,911,646,793   
  

 

 

     

 

 

     

 

 

     

 

 

  
     77.12%         22.88%         —%         100.00%   

SHORT-TERM TREASURY PORTFOLIO

            

United States Treasury securities

    $ 19,011,322       $ —       $ —       $ 19,011,322   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Portfolio

    $ 19,011,322       $ —       $ —       $ 19,011,322   
  

 

 

     

 

 

     

 

 

     

 

 

  
     100.00%         —%         —%         100.00%   

VERSATILE BOND PORTFOLIO

            

Corporate bonds †

    $ —       $ 14,605,031       $ —       $ 14,605,031   

Preferred stocks

      665,625         —         —         665,625   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Portfolio

    $ 665,625       $ 14,605,031       $ —       $ 15,270,656   
  

 

 

     

 

 

     

 

 

     

 

 

  
     4.36%         95.64%         —%         100.00%   

AGGRESSIVE GROWTH PORTFOLIO

            

Aggressive growth stocks †

    $ 43,195,100       $ —       $ —       $ 43,195,100   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Portfolio

    $ 43,195,100       $ —       $ —       $ 43,195,100   
  

 

 

     

 

 

     

 

 

     

 

 

  
     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.
 

 

14     

    

 

 

 

 

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       15   

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

APRIL 30, 2015

06/15

 

 

Permanent Portfolio®, The Permanent Portfolio Family of Funds®, A Fund for All Seasons® and The Permanent Portfolio Family of Funds logo are registered trademarks of Pacific Heights Asset Management, LLC. This Report is Copyright© 2015 Permanent Portfolio Family of Funds, Inc. All rights reserved.