UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03379

PERMANENT PORTFOLIO FAMILY OF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip Code)

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

(Name and Address of Agent For Service)

Registrant’s telephone number, including area code:	(415) 398-8000
Date of fiscal year end:	January 31, 2017
Date of reporting period:	July 31, 2017

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 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. Reports to Stockholders.
	The Semi-Annual Report to Shareholders of Permanent Portfolio Family of Funds (“Registrant”) for the six months ended July 31, 2017 is attached hereto.
Item 2. Code of Ethics.
	Not applicable to semi-annual reports.
Item 3. Audit Committee Financial Expert.
	Not applicable to semi-annual reports.
Item 4. Principal Accountant Fees and Services.
	Not applicable to semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
	Not applicable to the Registrant.
Item 6. Investments.
	Included in Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.
	Not applicable to the Registrant for the six months ended July 31, 2017.
Item 11. Controls and Procedures.
	(a)	Michael J. Cuggino, the Registrant’s President, and James H. Andrews, the Registrant’s Treasurer, each has concluded that, in his judgment, the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on his evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	(b)	There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
	Not applicable to the Registrant.
Item 13. Exhibits.
	(a)(1)	Not applicable to semi-annual reports.
	(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.CERT.
	(a)(3)	Not applicable to the Registrant.
	(a)(4)	Not applicable to the Registrant for the six months ended July 31, 2017.
	(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906CERT.

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

SIGNATURES

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

Permanent Portfolio Family of Funds

/s/ Michael J. Cuggino

By: Michael J. Cuggino, President

Date: September 29, 2017

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

Permanent Portfolio Family of Funds

/s/ Michael J. Cuggino

By: Michael J. Cuggino, President

Date: September 29, 2017

/s/ James H. Andrews

By: James H. Andrews, Treasurer

Date: September 29, 2017

  Semi-Annual Report Six Months Ended July 31, 2017

Permanent Portfolio^®

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

Short-Term Treasury Portfolio

Class I — PRTBX

Versatile Bond Portfolio

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

Aggressive Growth Portfolio

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

The views in this Report are those of the Fund’s investment adviser, Pacific Heights Asset Management, LLC, as of July 31, 2017 and may not reflect their views on the date this Report is first published or anytime thereafter. This Report may contain discussions about certain investments both held and not held in each Fund Portfolio as of July 31, 2017. All current and future holdings are subject to risk and are subject to change. While these views are intended to assist shareholders in understanding their investment in each Portfolio, they do not constitute investment advice, are not a guarantee of future performance and are not intended as an offer or solicitation with respect to the purchase or sale of any security. Performance figures include the reinvestment of dividend and capital gain distributions.

Diversification does not assure a profit, nor does it protect against a loss.

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^© 2017 Permanent Portfolio Family of Funds. All rights reserved.

2

LETTER FROM THE PRESIDENT

Dear Fellow Shareholder:

I am pleased to present you with this Semi-Annual Report of Permanent Portfolio Family of Funds for the six months ended July 31, 2017. The Semi-Annual Report includes the financial statements of each of our four Portfolios, as well as additional information such as management commentary, performance data, lists of investments held and financial highlights.

2017 has been a good year for investors — so far. Stocks are up and continue to reach new highs, global economies are improving, inflation is contained, and interest rates, while rising gradually, remain low. While many see no end to this

environment and the returns it has delivered, others recognize that such times present an opportunity to plan for what comes next. As builders and cultivators of wealth over the long term regardless of market conditions, we understand these inflection points and believe such recalibration prudent and relevant at this time.

While no one can predict what may occur in the future, given the Federal Reserve’s apparent commitment to normalize interest rates and reduce its investment securities after a decade of unprecedented liquidity creation, potentially in harmony with other global central banks, it is likely that this change in direction will create an environment unlike what we are currently experiencing, one potentially more volatile. And this is before consideration of the effects of any changes to fiscal, regulatory or tax policies, or accounting for geopolitical events. As a result, we believe investors should embrace broad diversification within and across asset classes as a way to position themselves for further growth, while defending against uncertainty and risk. Given our investment philosophy and process, seasoned over 35 years, we remain optimistic for the long term, regardless of where the market leads us.

I encourage you to visit our website — permanentportfoliofunds.com — which offers a wide range of information on each of our Portfolios, including our current prospectus, statement of additional information, fact sheets, investor guides, performance data, and recent market insights and perspectives. In addition, if you have questions or would like more information on any of our strategies, please contact your investment professional, one of our Institutional Sales representatives at (866) 792-6547, or our Shareholder Services Office at (800) 531-5142.

As always, thank you for entrusting us with your investment and for your continued belief in our Family of Funds. We look forward to helping you achieve success in reaching your financial goals.

Sincerely,

Michael J. Cuggino

Chairman and President

3

TABLE OF CONTENTS

PERMANENT PORTFOLIO®
Management’s Discussion and Analysis	5
Performance Chart	6
Average Annual Total Returns	7
Schedule of Investments	8
SHORT-TERM TREASURY PORTFOLIO
Management’s Discussion and Analysis	15
Performance Chart	16
Average Annual Total Returns	17
Schedule of Investments	18
VERSATILE BOND PORTFOLIO
Management’s Discussion and Analysis	19
Performance Chart	20
Average Annual Total Returns	21
Schedule of Investments	22
AGGRESSIVE GROWTH PORTFOLIO
Management’s Discussion and Analysis	25
Performance Chart	26
Average Annual Total Returns	27
Schedule of Investments	28
STATEMENTS OF ASSETS AND LIABILITIES	30
STATEMENTS OF OPERATIONS	33
STATEMENTS OF CHANGES IN NET ASSETS	34
FINANCIAL HIGHLIGHTS	36
NOTES TO FINANCIAL STATEMENTS	46
ADDITIONAL INFORMATION	56

4

PERMANENT PORTFOLIO^®

Management’s Discussion and Analysis

Six Months Ended July 31, 2017 (Unaudited)

Permanent Portfolio’s investment objective is to preserve and increase the purchasing power of its shares over the long term. The Portfolio invests fixed target percentages of its net assets in gold, silver, Swiss franc assets, real estate and natural resource stocks, aggressive growth stocks and dollar assets, such as U.S. Treasury securities and corporate bonds. During the six months ended July 31, 2017, the Portfolio’s Class I shares achieved a total return of 3.38%, net of expenses to average net assets of .82%, as compared to .35% for the Citigroup 3-Month U.S. Treasury Bill Index and 9.51% for the Standard & Poor’s 500 Composite Stock Index, and as compared to a 1.70% inflation rate over the same period as measured by the change in the Consumer Price Index (“CPI-U”), a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services as compiled by the U.S. Bureau of Labor Statistics. The Portfolio’s return during the six months then ended reflected positive returns on its aggressive growth and real estate stocks, its gold holdings, its U.S. Treasury securities and corporate bonds, and its Swiss Franc assets, all of which were only partially offset by negative returns on its silver holdings and its natural resource stocks. Neither the Citigroup 3-Month U.S. Treasury Bill Index return, the Standard & Poor’s 500 Composite Stock Index return nor the change in CPI-U reflect deductions for fees, expenses or taxes. Returns for the Portfolio’s Class A and Class C shares are provided on pages 7, 37 and 38.

Mutual fund investing involves risk; loss of principal is possible. Permanent Portfolio invests in foreign securities, which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The Portfolio will be affected by changes in the prices of gold, silver, U.S. and foreign real estate and natural resource company stocks and aggressive growth stocks. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in debt securities are also subject to credit risk, which is the risk that an issuer of debt securities may be unable or unwilling to pay principal and interest when due. Although the Portfolio invests in multiple and diverse asset classes, diversification does not assure a profit, nor does it protect against a loss in a declining market. The Portfolio is non-diversified, meaning that it may invest a larger percentage of its assets in a smaller number of issuers and kinds of assets.

The following pie chart shows Permanent Portfolio’s investment holdings by asset class, as a percentage of total net assets as of July 31, 2017.

Allocations are subject to change and should not be considered a recommendation to buy or sell any security within an asset class.

5

PERMANENT PORTFOLIO^®

Performance Chart

Ten Years Ended July 31, 2017 (Unaudited)

The chart above compares the initial account values and subsequent account values over the past ten years, assuming a hypothetical $10,000 investment in the Portfolio’s Class I shares at the beginning of the first period indicated and reinvestment of all dividends and other distributions, without the deduction of taxes, to a $10,000 investment over the same periods in comparable broad-based securities market indices. The performance of the Portfolio’s Class A and Class C shares will differ due to different sales charge structures and share class expenses.

The Citigroup 3-Month U.S. Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months. U.S. Treasury bills, which are short-term loans to the U.S. government, are full-faith-and-credit obligations of the U.S. Treasury. The Standard & Poor’s 500 Composite Stock Index is a market-capitalization weighted index of common stocks and represents an unmanaged portfolio. You cannot invest directly in an index. Returns shown for the Citigroup 3-Month U.S. Treasury Bill Index and the Standard & Poor’s 500 Composite Stock Index reflect reinvested interest, dividends and other distributions as applicable, but do not reflect a deduction for fees, expenses or taxes.

Past performance does not guarantee future results. The chart does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

6

PERMANENT PORTFOLIO^®

Average Annual Total Returns

Periods Ended July 31, 2017 (Unaudited)

	One Year		Five Years		Ten Years		Since Inception		Inception Date
At Net Asset Value
Class I Shares (PRPFX) (1)		2.12%		2.24%		5.09%		6.09%		12/01/1982
Class A Shares (PRPDX)		1.89%		—		—		7.57%		5/31/2016
Class C Shares (PRPHX)		1.14%		—		—		6.76%		5/31/2016
With Sales Charge
Class A Shares (PRPDX) (2)		-3.20%		—		—		2.95%
Class C Shares (PRPHX) (2)		.14%		—		—		6.76%
Citigroup 3-Month U.S. Treasury Bill Index (3)		.51%		.16%		.48%		3.86%
Standard & Poor’s 500 Composite Stock Index (3)		16.04%		14.78%		7.74%		11.40%
	Class I Shares		Class A Shares		Class C Shares
Expense Ratio (4)		.82%		1.07%		1.82%

(1) Returns for the five-year, ten-year and since inception periods reflect the impact of fee waivers in effect. In the absence of such fee waivers, total returns would be reduced.

(2) Returns with sales charge reflect the deduction of the maximum front end sales charge of 5.00% for Class A shares, and the maximum contingent deferred sales charge of 1.00% for redemption of Class C shares held less than one year after purchase. The contingent deferred sales charge is eliminated one year after purchase.

(3) The date used to calculate performance since inception for the indices is the inception date of the Class I shares.

(4) Expense ratio for fiscal year ended January 31, 2017, per Prospectus dated May 31, 2017. Expense ratios for the six months ended July 31, 2017 may be found in the “Financial Highlights” section of this Report.

The table above shows Permanent Portfolio’s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses (except the $35 one-time account start-up fee which was eliminated in January 2016). All share classes of the Portfolio are invested in the same securities and returns only differ to the extent that the fees and expenses of the share classes are different. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

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

Investments in the Portfolio are not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. It is possible to lose money by investing in Permanent Portfolio.

7

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2017 (Unaudited)

Quantity			Market Value
		GOLD ASSETS — 21.65% of Total Net Assets
	207,797 Troy Oz.	Gold bullion (a)	$	263,195,314
	240,000 Coins	One-ounce gold coins (a)		309,600,125
		Total Gold Assets (identified cost $508,638,608)	$	572,795,439
		SILVER ASSETS — 5.28% of Total Net Assets
	8,337,233 Troy Oz.	Silver bullion (a)	$	139,648,649
		Total Silver Assets (identified cost $147,501,769)	$	139,648,649
Principal Amount
		SWISS FRANC ASSETS — 7.69% of Total Net Assets
CHF	10	Swiss franc deposits (a)	$	11
CHF	90,000,000	2.250% Swiss Confederation Bonds, 07-06-20	$	101,188,221
CHF	90,000,000	2.000% Swiss Confederation Bonds, 04-28-21		102,187,393
		Total Swiss Confederation bonds	$	203,375,614
		Total Swiss Franc Assets (identified cost $189,478,801)	$	203,375,625
Number of Shares
		REAL ESTATE AND NATURAL RESOURCE STOCKS — 19.44% of Total Net Assets
		NATURAL RESOURCES — 8.71% of Total Net Assets
	200,000	Apache Corporation	$	9,896,000
	900,000	BHP Billiton, Ltd. (b)		37,494,000
	200,000	BP, p.l.c. (b)		7,028,000
	500,000	Cameco Corporation		5,125,000
	500,000	Canadian Natural Resources Ltd.		15,300,000
	200,000	Chevron Corporation		21,838,000
	200,000	ConocoPhillips		9,074,000
	200,000	Devon Energy Corporation		6,662,000
	200,000	Exxon Mobil Corporation		16,008,000
	4,000,000	Freeport-McMoRan, Inc. (a)		58,480,000
	150,000	Murphy Oil Corporation		3,987,000
	300,000	Newfield Exploration Company (a)		8,619,000
	400,000	Rio Tinto p.l.c (b)		18,952,000
	600,000	South32 Limited (b)		6,990,000
	500,000	Vale S.A. (b)		5,015,000
			$	230,468,000

Continued on following page.

8

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2017 (Unaudited)

Number of Shares			Market Value
		REAL ESTATE — 10.73% of Total Net Assets
	100,000	Alexander & Baldwin, Inc.	$	4,193,000
	100,000	AvalonBay Communities, Inc.		19,235,000
	100,000	Boston Properties, Inc.		12,091,000
	100,000	Corporate Office Properties Trust		3,329,000
	300,000	Digital Realty Trust, Inc.		34,602,000
	250,000	Duke Realty Corporation		7,147,500
	100,000	Essex Property Trust, Inc.		26,170,000
	100,000	Federal Realty Investment Trust		13,263,000
	2,500,000	Investors Real Estate Trust		15,550,000
	50,000	JBG Smith Properties		1,774,000
	200,000	Kimco Realty Corporation		4,036,000
	500,000	Outfront Media, Inc.		11,435,000
	600,000	Prologis, Inc.		36,486,000
	150,000	Regency Centers Corporation		9,933,000
	125,000	Texas Pacific Land Trust		41,501,250
	200,000	UDR, Inc.		7,818,000
	200,000	Urstadt Biddle Properties, Inc.		3,600,000
	500,000	Urstadt Biddle Properties, Inc. Class A		10,470,000
	100,000	Vornado Realty Trust		7,935,000
	200,000	Washington Real Estate Investment Trust		6,686,000
	200,000	Weyerhaeuser Company		6,604,000
			$	283,858,750
		Total Real Estate and Natural Resource Stocks (identified cost $517,835,375)	$	514,326,750
		AGGRESSIVE GROWTH STOCKS — 18.93% of Total Net Assets
		AEROSPACE — 1.10% of Total Net Assets
	100,000	Lockheed Martin Corporation	$	29,213,000
			$	29,213,000
		CHEMICALS — .76% of Total Net Assets
	100,000	Air Products & Chemicals, Inc.	$	14,215,000
	100,000	Mosaic Company		2,414,000
	100,000	Versum Materials, Inc. (a)		3,526,000
			$	20,155,000
		COMMUNICATIONS EQUIPMENT — .31% of Total Net Assets
	100,000	Juniper Networks, Inc.	$	2,795,000
	100,000	Qualcomm, Inc.		5,319,000
			$	8,114,000
		COMPUTER SOFTWARE & SERVICES — .69% of Total Net Assets
	100,000	Autodesk, Inc. (a)	$	11,079,000
	250,000	Twilio, Inc. Class A (a)		7,292,500
			$	18,371,500
		CONSUMER PRODUCTS — .18% of Total Net Assets
	125,000	Under Armour, Inc. Class A (a)	$	2,502,500
	125,000	Under Armour, Inc. Class C (a)		2,263,750
			$	4,766,250

Continued on following page.

9

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2017 (Unaudited)

Number of Shares			Market Value
		ELECTRICAL EQUIPMENT & ELECTRONICS — .27% of Total Net Assets
	200,000	Sanmina Corporation (a)	$	7,170,000
			$	7,170,000
		ENERGY SERVICES & PROCESSING — .90% of Total Net Assets
	100,000	Baker Hughes, Inc.	$	3,689,000
	300,000	HollyFrontier Corporation		8,652,000
	2,500,000	Parker Drilling Company (a)		3,000,000
	100,000	Phillips 66		8,375,000
			$	23,716,000
		ENGINEERING & CONSTRUCTION — .30% of Total Net Assets
	100,000	CalAtlantic Group, Inc.	$	3,510,000
	100,000	Fluor Corporation		4,343,000
			$	7,853,000
		ENTERTAINMENT & LEISURE — 6.07% of Total Net Assets
	150,000	CBS Corporation Class A	$	9,913,500
	100,000	Disney (Walt) Company		10,993,000
	700,000	Facebook, Inc. Class A (a)		118,475,000
	125,000	Viacom, Inc. Class A		5,062,500
	125,000	Wynn Resorts, Ltd.		16,167,500
			$	160,611,500
		FINANCIAL SERVICES — 2.21% of Total Net Assets
	150,000	First Republic Bank	$	15,049,500
	400,000	KeyCorp		7,216,000
	300,000	Morgan Stanley		14,070,000
	300,000	Schwab (Charles) Corporation		12,870,000
	100,000	State Street Corporation		9,323,000
			$	58,528,500
		MANUFACTURING — 1.96% of Total Net Assets
	100,000	Agilent Technologies, Inc.	$	5,979,000
	100,000	Illinois Tool Works, Inc.		14,071,000
	100,000	IPG Photonics Corporation (a)		15,264,000
	100,000	Parker-Hannifin Corporation		16,598,000
			$	51,912,000
		MATERIALS — .22% of Total Net Assets
	100,000	Nucor Corporation	$	5,767,000
			$	5,767,000
		PHARMACEUTICALS — 1.46% of Total Net Assets
	100,000	Amgen, Inc.	$	17,451,000
	100,000	Celgene Corporation (a)		13,541,000
	100,000	Gilead Sciences, Inc.		7,609,000
			$	38,601,000
		RETAIL — .77% of Total Net Assets
	100,000	Costco Wholesale Corporation	$	15,851,000
	100,000	Williams-Sonoma, Inc.		4,643,000
			$	20,494,000

Continued on following page.

10

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2017 (Unaudited)

Number of Shares			Market Value
		TRANSPORTATION — 1.73% of Total Net Assets
	100,000	FedEx Corporation	$	20,803,000
	100,000	Kansas City Southern		10,319,000
	200,000	Ryder System, Inc.		14,552,000
			$	45,674,000
		Total Aggressive Growth Stocks (identified cost $247,192,665)	$	500,946,750
Principal Amount
		DOLLAR ASSETS — 25.92% of Total Net Assets
		CORPORATE BONDS — 11.45% of Total Net Assets
		CHEMICALS — .16% of Total Net Assets
$	3,875,000	5.200% FMC Corporation, 12-15-19	$	4,124,345
			$	4,124,345
		COMMUNICATIONS EQUIPMENT — .48% of Total Net Assets
	5,000,000	2.450% AT&T, Inc., 06-30-20	$	5,041,975
	7,500,000	6.550% Tyco Electronics Group, S.A., 10-01-17		7,557,938
			$	12,599,913
		CONSUMER PRODUCTS — .56% of Total Net Assets
	4,491,000	5.650% General Mills, Inc., 02-15-19	$	4,753,685
	5,000,000	1.689% Mondelez International, Inc., 02-01-19 (c)		5,013,568
	5,000,000	.850% Unilever Capital Corporation, 08-02-17		4,999,842
			$	14,767,095
		ENERGY SERVICES & PROCESSING — .64% of Total Net Assets
	4,200,000	7.500% Baker Hughes, Inc., 11-15-18	$	4,504,641
	12,500,000	2.000% Haliburton Company, 08-01-18		12,518,856
			$	17,023,497
		FINANCIAL SERVICES — 3.41% of Total Net Assets
	8,543,000	2.375% First Republic Bank, 06-17-19	$	8,599,076
	5,000,000	4.950% JPMorgan Chase & Company, 03-25-20		5,375,905
	4,000,000	2.900% KeyCorp, 09-15-20		4,092,916
	7,500,000	2.700% Legg Mason, Inc., 07-15-19		7,584,851
	24,000,000	1.842% Manufacturers & Traders Trust Company, 12-01-21 (c)		23,996,172
	20,090,000	2.100% National Bank of Canada, 12-14-18		20,174,408
	20,000,000	4.956% State Street Corporation, 03-15-18		20,393,750
			$	90,217,078
		FOOD & DRUG STORES — .34% of Total Net Assets
	8,200,000	6.150% The Kroger Company, 01-15-20	$	8,973,740
			$	8,973,740
		FOOD SERVICE DISTRIBUTION — .28% of Total Net Assets
	7,500,000	1.900% Sysco Corporation, 04-01-19	$	7,526,100
			$	7,526,100
		HEALTHCARE SERVICES — .30% of Total Net Assets
	8,000,000	2.500% Laboratory Corporation of America Holdings, 11-01-18	$	8,059,024
			$	8,059,024
		INFORMATION SERVICES — .19% of Total Net Assets
	5,000,000	1.650% Thomson Reuters Company, 09-29-17	$	5,001,315
			$	5,001,315

Continued on following page.

11

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2017 (Unaudited)

Principal Amount			Market Value
		INSURANCE — .19% of Total Net Assets
$	4,540,000	8.750% Lincoln National Corporation, 07-01-19	$	5,106,074
			$	5,106,074
		MANUFACTURING — 2.04% of Total Net Assets
	6,500,000	2.550% Amphenol Corporation, 01-30-19	$	6,559,501
	6,000,000	2.750% Crane & Company, Inc., 12-15-18		6,065,475
	6,575,000	1.500% Eaton Corporation, 11-02-17		6,572,380
	6,000,000	6.800% Harley-Davidson Funding Corporation, 06-15-18 (d)		6,264,144
	5,000,000	6.875% Ingersoll-Rand p.l.c., 08-15-18		5,261,440
	7,500,000	2.250% Precision Castparts Corporation, 06-15-20		7,589,891
	4,985,000	2.451% Stanley Black & Decker, Inc., 11-17-18		5,038,454
	6,610,000	1.778% United Technologies Corporation, 05-04-18 (c)		6,622,886
	3,850,000	2.400% Whirlpool Corporation, 03-01-19		3,885,480
			$	53,859,651
		MEDICAL SUPPLIES — .69% of Total Net Assets
	10,000,000	2.675% Becton, Dickinson & Company, 12-15-19	$	10,156,050
	4,000,000	1.400% McKesson Corporation, 03-15-18		3,998,916
	4,000,000	7.125% Medco Health Solutions, Inc., 03-15-18		4,133,624
			$	18,288,590
		NATURAL RESOURCES — .40% of Total Net Assets
	4,350,000	6.875% EOG Resources, Inc., 10-01-18	$	4,598,968
	6,000,000	1.500% Occidental Petroleum Corporation, 02-15-18		5,990,190
			$	10,589,158
		REAL ESTATE — .83% of Total Net Assets
	3,419,000	6.100% AvalonBay Communities, Inc., 03-15-20	$	3,763,468
	5,940,000	7.500% Highwoods Realty, L.P., 04-15-18		6,161,865
	6,360,000	4.000% Prologis L.P., 01-15-18		6,401,340
	5,000,000	7.375% Weyerhaeuser Company, 10-01-19		5,546,962
			$	21,873,635
		RESTAURANTS — .17% of Total Net Assets
	4,485,000	2.600% Brinker International, Inc., 05-15-18	$	4,488,920
			$	4,488,920
		RETAIL — .15% of Total Net Assets
	4,000,000	1.625% Autozone, Inc., 04-21-19	$	3,977,150
			$	3,977,150
		TRANSPORTATION — .20% of Total Net Assets
	5,000,000	4.700% Burlington Northern Santa Fe, LLC, 10-01-19	$	5,315,265
			$	5,315,265
		UTILITIES — .42% of Total Net Assets
	6,000,000	2.500% Dominion Gas Holdings, LLC, 12-15-19	$	6,062,763
	5,000,000	1.300% Southern Company, 08-15-17		5,000,048
			$	11,062,811
			$	302,853,361

Continued on following page.

12

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2017 (Unaudited)

Principal Amount			Market Value
		UNITED STATES TREASURY SECURITIES — 14.47% of Total Net Assets
$	84,000,000	United States Treasury bonds 6.250%, 08-15-23	$	104,488,539
	95,000,000	United States Treasury bonds 6.000%, 02-15-26		123,209,764
	95,000,000	United States Treasury bonds 5.250%, 11-15-28		122,250,682
	30,000,000	United States Treasury bills .917%, 08-17-17 (e)		29,987,199
	3,000,000	United States Treasury bills .632%, 08-03-17 (e)		2,999,844
			$	382,936,028
		Total Dollar Assets (identified cost $634,464,005)	$	685,789,389
		Total Portfolio — 98.91% of total net assets (identified cost $2,245,111,223) (f)	$	2,616,882,602
		Other assets, less liabilities (1.09% of total net assets)		28,876,336
		Net assets applicable to outstanding shares	$	2,645,758,938
		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 July 31, 2017.
		(d)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration to qualified institutional investors. As of July 31, 2017, these securities amounted to $6,264,144, or .24% of Permanent Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.
		(e)   Interest rate represents yield to maturity.
		(f)    Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

13

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14

SHORT-TERM TREASURY PORTFOLIO

Management’s Discussion and Analysis

Six Months Ended July 31, 2017 (Unaudited)

Short-Term Treasury Portfolio’s investment objective is to achieve high current income, consistent with safety and liquidity of principal. The Portfolio invests at least 80% of its net assets in direct obligations of the United States Treasury, including U.S. Treasury bills, notes and bonds, and other securities issued by the U.S. Treasury, such as U.S. Agency securities. The Portfolio expects to maintain a dollar-weighted average length to maturity and duration of zero to three years. During the six months ended July 31, 2017, the Portfolio’s Class I shares achieved a total return of -.03%, net of expenses to average net assets of .72%, as compared to .35% for the Citigroup 3-Month U.S. Treasury Bill Index over the same period. The Portfolio’s return during the six months then ended was primarily due to the very low investment returns available on short-term U.S. Treasury and Agency securities, which were slightly more than offset by the Portfolio’s expenses during the period. The Citigroup 3-Month U.S. Treasury Bill Index does not reflect a deduction for fees, expenses or taxes.

Mutual fund investing involves risk; loss of principal is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

The following pie chart shows Short-Term Treasury Portfolio’s investment holdings by months to maturity, as a percentage of investments as of July 31, 2017.

Allocations are subject to change and should not be considered a recommendation to buy or sell any security.

15

SHORT-TERM TREASURY PORTFOLIO

Performance Chart

Ten Years Ended July 31, 2017 (Unaudited)

The chart above compares the initial account values and subsequent account values over the past ten years, assuming a hypothetical $10,000 investment in the Portfolio at the beginning of the first period indicated and reinvestment of all dividends and other distributions, without the deduction of taxes, to a $10,000 investment over the same periods in a comparable broad-based securities market index.

The Citigroup 3-Month U.S. Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months. U.S. Treasury bills, which are short-term loans to the U.S. government, are full-faith-and-credit obligations of the U.S. Treasury. You cannot invest directly in an index. Returns shown for the Citigroup 3-Month U.S. Treasury Bill Index reflect reinvested interest as applicable, but do not reflect a deduction for fees, expenses or taxes.

Past performance does not guarantee future results. The chart does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

16

SHORT-TERM TREASURY PORTFOLIO

Average Annual Total Returns

Periods Ended July 31, 2017 (Unaudited)

	One Year		Five Years		Ten Years		Since Inception		Inception Date
At Net Asset Value
Class  I  Shares (PRTBX) (1)		-.17%		-.46%		-.14%		2.44%		5/26/1987
Citigroup 3-Month U.S. Treasury Bill Index (2)		.51%		.16%		.48%		3.25%
	Class I Shares
Gross Expense Ratio (3)		1.21%
Net Expense Ratio (3)		.71%

(1) Returns reflect the impact of fee waivers in effect. In the absence of such fee waivers, total returns would be reduced.

(2) The date used to calculate performance since inception for the index is the inception date of the Class I shares.

(3) Expense ratio for fiscal year ended January 31, 2017, per Prospectus dated May 31, 2017. Expense ratios for the six months ended July 31, 2017 may be found in the “Financial Highlights” section of this Report.

The table above shows Short-Term Treasury Portfolio’s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses (except the $35 one-time account start-up fee which was eliminated in January 2016). Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

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

Investments in the Portfolio are not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. It is possible to lose money by investing in Short-Term Treasury Portfolio.

17

SHORT-TERM TREASURY PORTFOLIO

Schedule of Investments

July 31, 2017 (Unaudited)

Principal Amount			Market Value
		UNITED STATES AGENCY SECURITIES — 13.37% of Total Net Assets
$	750,000	Fannie Mae 1.000%, 07-30-18	$	748,636
	995,000	Federal Farm Credit Bank 1.030%, 05-11-18		993,576
		Total United States Agency Securities (identified cost $1,743,402)	$	1,742,212
		UNITED STATES TREASURY SECURITIES — 86.50% of Total Net Assets
	1,300,000	United States Treasury notes  .625%, 08-31-17	$	1,299,396
	3,000,000	United States Treasury notes  .750%, 12-31-17		2,994,905
	1,500,000	United States Treasury notes 1.000%, 03-15-18		1,498,406
	1,500,000	United States Treasury notes  .750%, 04-15-18		1,495,130
	2,000,000	United States Treasury notes  .750%, 04-30-18		1,993,199
	2,000,000	United States Treasury notes  .625%, 06-30-18		1,989,153
		Total United States Treasury Securities (identified cost $11,285,098)	$	11,270,189
		Total Portfolio — 99.87% of total net assets (identified cost $13,028,499)(a)	$	13,012,401
		Other assets, less liabilities (.13% of total net assets)		17,206
		Net assets applicable to outstanding shares	$	13,029,607
		Notes:
		(a)   Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

18

VERSATILE BOND PORTFOLIO

Management’s Discussion and Analysis

Six Months Ended July 31, 2017 (Unaudited)

Versatile Bond Portfolio’s investment objective is to achieve high current income. The Portfolio invests at least 80% of its net assets in bonds, which may include debt securities of all types and of any maturity. During the six months ended July 31, 2017, the Portfolio’s Class I shares achieved a total return of -.71%, net of expenses to average net assets of .84%, as compared to 5.34% for the Bloomberg Barclays Global Aggregate (Excluding Securitized) Bond Index, 1.00% for the Citigroup AAA/AA 1-3 Year Corporate Bond Index and 1.31% for the Citigroup A 1-3 Year Corporate Bond Index over the same period. While the returns of the indices during the six months then ended were consistent with the general level and direction of interest rates during the period, the Portfolio’s return trailed the performance of the indices, primarily due to its investments in bonds issued by companies in the natural resources and energy-related sectors. The Portfolio’s return was positively impacted by the timing of purchases and sales of its other investments in relation to the indices, its investments in U.S. dollar denominated corporate securities and its investments having longer durations, greater credit risk and less currency risk than the indices. The returns of the indices do not reflect a deduction for fees, expenses or taxes. Returns for the Portfolio’s Class A and Class C shares are provided on pages 21, 41 and 42.

Mutual fund investing involves risk; loss of principal is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in debt securities are also subject to credit risk, which is the risk that an issuer of debt securities may be unable or unwilling to pay principal and interest when due. Below investment grade bonds involve greater risk of loss because they are subject to greater levels of credit risk.

The following pie chart shows Versatile Bond Portfolio’s investment holdings by Standard & Poor’s credit rating, as a percentage of investments as of July 31, 2017. Credit ratings range from AAA (highest) to D (lowest) based on Standard & Poor’s measures. Other rating agencies may rate the same securities differently. “Not Rated” securities are not rated by Standard & Poor’s. Credit ratings are only the opinions of the rating agencies issuing them, do not purport to reflect the risk of fluctuations in market value, are not guarantees as to the payment of interest and repayment of principal, and are subject to change.

Allocations are subject to change and should not be considered a recommendation to buy or sell any security.

19

VERSATILE BOND PORTFOLIO

Performance Chart

Ten Years Ended July 31, 2017 (Unaudited)

The chart above compares the initial account values and subsequent account values over the past ten years, assuming a hypothetical $10,000 investment in the Portfolio’s Class I shares at the beginning of the first period indicated and reinvestment of all dividends and other distributions, without the deduction of taxes, to a $10,000 investment over the same periods in comparable broad-based securities market indices. The performance of the Portfolio’s Class A and Class C shares will differ due to different sales charge structures and share class expenses.

The Bloomberg Barclays Global Aggregate Bond Index is a market-capitalization weighted, broad-based measure of global, government-related, treasury, corporate and securitized fixed income investments. The Bloomberg Barclays Global Aggregate (Excluding Securitized) Bond Index, which excludes securitized fixed income investments, is a sub-index of the Bloomberg Barclays Global Aggregate Bond Index and has characteristics relevant to the Portfolio’s investment strategies after May 30, 2012. The Citigroup AAA/AA 1-3 Year Corporate Bond Index and the Citigroup A 1-3 Year Corporate Bond Index are components of the Citigroup Broad Investment-Grade (BIG) Bond Index and have characteristics relevant to the Portfolio’s investment strategies prior to May 30, 2012. Both indices are market-capitalization weighted and include bonds rated AAA, AA or A by Standard & Poor’s or Moody’s Investor Services, Inc. (“Moody’s”) with maturities of one to three years and a minimum amount outstanding of $100 million. They should not be considered predictive or representative of results the Portfolio may experience under its current investment strategy. You cannot invest directly in an index. Returns shown for the indices reflect reinvested interest, dividends and other distributions as applicable, but do not reflect a deduction for fees, expenses or taxes.

Past performance does not guarantee future results. The chart does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

20

VERSATILE BOND PORTFOLIO

Average Annual Total Returns

Periods Ended July 31, 2017 (Unaudited)

	One Year		Five Years		Ten Years		Since Inception		Inception Date
At Net Asset Value
Class I Shares (PRVBX) (1)(2)		4.47%		3.66%		2.73%		3.45%		9/27/1991
Class A Shares (PRVDX) (1)		4.22%		—		—		5.28%		5/31/2016
Class C Shares (PRVHX) (1)		3.44%		—		—		4.49%		5/31/2016
With Sales Charge
Class A Shares (PRVDX) (1)(3)		.05%		—		—		1.66%
Class C Shares (PRVHX) (1)(3)		2.44%		—		—		4.49%
Bloomberg Barclays Global Aggregate (Excluding Securitized) Bond Index (4)(5)		-1.61%		.66%		3.60%		5.52%
Citigroup AAA/AA 1-3 Year Corporate Bond Index (5)		.74%		1.07%		2.38%		4.50%
Citigroup A 1-3 Year Corporate Bond Index (5)		1.18%		1.61%		2.91%		4.80%
	Class I Shares		Class A Shares		Class C Shares
Gross Expense Ratio (6)		1.22%		1.47%		2.22%
Net Expense Ratio (6)		.84%		1.09%		1.84%

(1) Returns reflect the impact of fee waivers in effect. In the absence of such fee waivers, total returns would be reduced.

(2) Returns for periods prior to May 30, 2012 reflect the Portfolio’s results under its prior investment strategies. Such returns should not be considered predictive or representative of results the Portfolio may experience under its current investment strategies.

(3) Returns with sales charge reflect the deduction of the maximum front end sales charge of 4.00% for Class A shares, and the maximum contingent deferred sales charge of 1.00% for redemption of Class C shares held less than one year after purchase. The contingent deferred sales charge is eliminated one year after purchase.

(4) The Bloomberg Barclays Global Aggregate (Excluding Securitized) Bond Index commenced on September 30, 2002. Performance of the Index for periods prior to September 30, 2002, is calculated using the return data of the Bloomberg Barclays Global Aggregate Bond Index through September 29, 2002 and the return data of the Bloomberg Barclays Global Aggregate (Excluding Securitized) Bond Index since September 30, 2002.

(5) The date used to calculate performance since inception for the indices is the inception date of the Class I shares.

(6) Expense ratio for fiscal year ended January 31, 2017, per Prospectus dated May 31, 2017. Expense ratios for the six months ended July 31, 2017 may be found in the “Financial Highlights” section of this Report.

The table above shows Versatile Bond Portfolio’s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses (except the $35 one-time account start-up fee which was eliminated in January 2016). All share classes of the Portfolio are invested in the same securities and returns only differ to the extent that the fees and expenses of the share classes are different. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

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

Investments in the Portfolio are not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. It is possible to lose money by investing in Versatile Bond Portfolio.

21

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2017 (Unaudited)

Principal Amount			Market Value
		CORPORATE BONDS — 77.72% of Total Net Assets
		ADVERTISING & MARKETING — 1.89% of Total Net Assets
$	220,000	4.000% The Interpublic Group of Companies, Inc., 03-15-22	$	230,699
			$	230,699
		CHEMICALS — 1.79% of Total Net Assets
	221,000	8.500% LSB Industries, Inc., 08-01-19	$	218,238
			$	218,238
		COMPUTER HARDWARE & PERIPHERALS — 3.49% of Total Net Assets
	400,000	4.375% HP, Inc., 09-15-21	$	427,422
			$	427,422
		CONSUMER PRODUCTS — .99% of Total Net Assets
	119,000	4.625% Brunswick Corporation, 05-15-21 (a)	$	121,261
			$	121,261
		ENERGY SERVICES & PROCESSING — 2.88% of Total Net Assets
	1,100,000	6.375% GulfMark Offshore, Inc., 03-15-22 (b)	$	352,000
			$	352,000
		FINANCIAL SERVICES — 7.53% of Total Net Assets
	300,000	4.300% Fifth Third Bancorp, 01-16-24	$	319,631
	600,000	1.842% Manufacturers & Traders Trust Company, 12-01-21 (c)		599,904
			$	919,535
		INSURANCE — 8.02% of Total Net Assets
	250,000	5.375% Berkley (W. R.) Corporation, 09-15-20	$	272,748
	250,000	5.800% Fairfax Financial Holdings, Ltd., 05-15-21 (a)		271,514
	400,000	6.000% Pacific Lifecorp, 02-10-20 (a)		434,791
			$	979,053
		LODGING — 3.36% of Total Net Assets
	400,000	3.375% Hyatt Hotels Corporation, 07-15-23	$	409,980
			$	409,980
		MANUFACTURING — 3.35% of Total Net Assets
	400,000	3.875% Kennametal, Inc., 02-15-22	$	408,976
			$	408,976
		MATERIALS — 5.95% of Total Net Assets
	700,000	5.200% Carpenter Technology Corporation, 07-15-21	$	726,895
			$	726,895
		NATURAL RESOURCES — 8.07% of Total Net Assets
	500,000	3.550% Freeport-McMoRan, Inc., 03-01-22	$	488,125
	500,000	4.700% Murphy Oil Corporation, 12-01-22		496,875
			$	985,000
		PHARMACEUTICALS — 4.67% of Total Net Assets
	550,000	3.450% Zoetis, Inc., 11-13-20	$	570,370
			$	570,370
		REAL ESTATE — 15.28% of Total Net Assets
	400,000	5.250% CBL & Associates, LP, 12-01-23	$	394,113
	300,000	3.700% Corporate Office Properties, L.P., 06-15-21		307,856
	400,000	3.375% Essex Portfolio, L.P., 01-15-23		406,130
	400,000	4.125% Liberty Property LP, 06-15-22		421,016
	300,000	7.750% SL Green Realty Corporation, 03-15-20		336,231
			$	1,865,346

Continued on following page.

22

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2017 (Unaudited)

Principal Amount			Market Value
		RESTAURANTS — 1.59% of Total Net Assets
$	200,000	3.875% Brinker International, Inc., 05-15-23	$	194,779
			$	194,779
		TRANSPORTATION — 1.98% of Total Net Assets
	200,000	9.750% Norfolk Southern Rail Company, 06-15-20	$	241,695
			$	241,695
		UTILITIES — 2.33% of Total Net Assets
	275,000	4.625% UIL Holdings Corporation, 10-01-20	$	284,334
			$	284,334
		WASTE & ENVIRONMENTAL SERVICES — 4.55% of Total Net Assets
	500,000	5.250% Republic Services, Inc., 11-15-21	$	555,778
			$	555,778
		Total Corporate Bonds (identified cost $10,040,419)	$	9,491,361
		UNITED STATES AGENCY SECURITIES — 10.64% of Total Net Assets
	1,300,000	Federal Home Loan Bank discount notes .937%, 08-18-17	$	1,299,399
		Total United States Agency Securities (identified cost $1,299,380)	$	1,299,399
Number of Shares
		PREFERRED STOCKS — 7.88% of Total Net Assets
		REAL ESTATE — 3.10% of Total Net Assets
	15,000	7.950% Investors Real Estate Trust, Series B, Perpetual	$	378,750
			$	378,750
		PHARMACEUTICALS — 4.78% of Total Net Assets
	30,000	7.450% Phoenix Companies, Inc., 01-15-20	$	582,900
			$	582,900
		Total Preferred Stocks (identified cost $961,750)	$	961,650
		COMMON STOCKS — 2.77% of Total Net Assets
		NATURAL RESOURCES — 2.77% of Total Net Assets
	12,066	Peabody Energy Corporation (d)	$	338,331
			$	338,331
		Total Common Stocks (identified cost $906,823)	$	338,331
		Total Portfolio — 99.01% of total net assets (identified cost $13,208,372) (e)	$	12,090,741
		Other assets, less liabilities (.99% of total net assets)		120,918
		Net assets applicable to outstanding shares	$	12,211,659
		Notes:
		(a)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration to qualified institutional investors. As of July 31, 2017, these securities amounted to $827,566, or 6.78% of Versatile Bond Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.
		(b)   Non-interest bearing as the security is in default.
		(c)    Variable or floating rate security whereby the interest rate is periodically reset. The interest rate shown reflects the rate in effect as of July 31, 2017.
		(d)   Non-income producing.
		(e)   Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

23

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24

AGGRESSIVE GROWTH PORTFOLIO

Management’s Discussion and Analysis

Six Months Ended July 31, 2017 (Unaudited)

Aggressive Growth Portfolio’s investment objective is to achieve high (greater than the stock market as a whole), long-term appreciation in the value of its shares. The Portfolio invests in stocks and stock warrants of U.S. and foreign companies that are expected to have a higher profit potential than the stock market as a whole. During the six months ended July 31, 2017, the Portfolio’s Class I shares achieved a total return of 6.61%, net of expenses to average net assets of 1.22%, as compared to 11.58% for the Dow Jones Industrial Average and 9.51% for the Standard & Poor’s 500 Composite Stock Index over the same period. The Portfolio’s return during the six months then ended was primarily due to the Portfolio’s investment selection and the timing of purchases and sales of those investments in relation to fluctuating market values relative to the aforementioned indices. Industry sectors contributing the most appreciation to the Portfolio during the six months ended July 31, 2017 included computer software and services, entertainment and leisure, aerospace, manufacturing and pharmaceuticals, while natural resources, energy services and processing, and engineering and construction provided the most depreciation over the same period. Neither the Dow Jones Industrial Average nor the Standard & Poor’s 500 Composite Stock Index reflect deductions for fees, expenses or taxes. Returns for the Portfolio’s Class A and Class C shares are provided on pages 27, 44 and 45.

Mutual fund investing involves risk; loss of principal is possible. Aggressive Growth Portfolio’s stock market investments will fluctuate, sometimes rapidly and unexpectedly. Aggressive growth stock investments are subject to greater market risk of price declines, especially during periods when the prices of U.S. stock market investments in general are declining. The Portfolio may also invest in smaller and medium capitalization companies which will involve additional risks, such as limited liquidity and greater volatility.

The following pie chart shows Aggressive Growth Portfolio’s investment holdings by industry sector, as a percentage of total net assets as of July 31, 2017.

Allocations are subject to change and should not be considered a recommendation to buy or sell any security within a sector.

25

AGGRESSIVE GROWTH PORTFOLIO

Performance Chart

Ten Years Ended July 31, 2017 (Unaudited)

The chart above compares the initial account values and subsequent account values over the past ten years, assuming a hypothetical $10,000 investment in the Portfolio’s Class I shares at the beginning of the first period indicated and reinvestment of all dividends and other distributions, without the deduction of taxes, to a $10,000 investment over the same periods in comparable broad-based securities market indices. The performance of the Portfolio’s Class A and Class C shares will differ due to different sales charge structures and share class expenses.

The Dow Jones Industrial Average is an average of the stock prices of thirty large companies and represents a widely recognized unmanaged portfolio of common stocks. The Standard & Poor’s 500 Composite Stock Index is a market-capitalization weighted index of common stocks and also represents an unmanaged portfolio. You cannot invest directly in an index. Returns shown for the Dow Jones Industrial Average and the Standard & Poor’s 500 Composite Stock Index reflect reinvested dividends and other distributions as applicable, but do not reflect a deduction for fees, expenses or taxes.

Past performance does not guarantee future results. The chart does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

26

AGGRESSIVE GROWTH PORTFOLIO

Average Annual Total Returns

Periods Ended July 31, 2017 (Unaudited)

	One Year		Five Years		Ten Years		Since Inception		Inception Date
At Net Asset Value
Class I Shares (PAGRX)		15.84%		13.73%		5.78%		10.05%		1/02/1990
Class A Shares (PAGDX)		15.54%		—		—		16.06%		5/31/2016
Class C Shares (PAGHX)		14.69%		—		—		15.20%		5/31/2016
With Sales Charge
Class A Shares (PAGDX) (1)		9.76%		—		—		11.07%
Class C Shares (PAGHX) (1)		13.70%		—		—		15.20%
Dow Jones Industrial Average (2)		21.81%		13.79%		8.01%		10.40%
Standard & Poor’s 500 Composite Stock Index (2)		16.04%		14.78%		7.74%		9.55%
	Class I Shares		Class A Shares		Class C Shares
Expense Ratio (3)		1.21%		1.46%		2.21%

(1) Returns with sales charge reflect the deduction of the maximum front end sales charge of 5.00% for Class A shares, and the maximum contingent deferred sales charge of 1.00% for redemption of Class C shares held less than one year after purchase. The contingent deferred sales charge is eliminated one year after purchase.

(2) The date used to calculate performance since inception for the indices is the inception date of the Class I shares.

(3) Expense ratio for fiscal year ended January 31, 2017, per Prospectus dated May 31, 2017. Expense ratios for the six months ended July 31, 2017 may be found in the “Financial Highlights” section of this Report.

The table above shows Aggressive Growth Portfolio’s average annual total returns for the periods indicated, assuming reinvestment of all dividends and other distributions, and deduction of all applicable fees and expenses (except the $35 one-time account start-up fee which was eliminated in January 2016). All share classes of the Portfolio are invested in the same securities and returns only differ to the extent that the fees and expenses of the share classes are different. Performance does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares.

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

Investments in the Portfolio are not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. It is possible to lose money by investing in Aggressive Growth Portfolio.

27

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

July 31, 2017 (Unaudited)

Number of Shares			Market Value
		AGGRESSIVE GROWTH STOCKS — 100.74% of Total Net Assets
		AEROSPACE — 7.28% of Total Net Assets
	7,000	Lockheed Martin Corporation	$	2,044,910
			$	2,044,910
		CHEMICALS — 4.86% of Total Net Assets
	7,000	Air Products & Chemicals, Inc.	$	995,050
	8,000	Mosaic Company		193,120
	5,000	Versum Materials, Inc. (a)		176,300
			$	1,364,470
		COMMUNICATIONS EQUIPMENT — 2.31% of Total Net Assets
	8,000	Juniper Networks, Inc.	$	223,600
	8,000	Qualcomm, Inc.		425,520
			$	649,120
		COMPUTER SOFTWARE & SERVICES — 5.23% of Total Net Assets
	8,000	Autodesk, Inc. (a)	$	886,320
	20,000	Twilio, Inc. Class A (a)		583,400
			$	1,469,720
		CONSUMER PRODUCTS — 1.36% of Total Net Assets
	10,000	Under Armour, Inc. Class A (a)	$	200,200
	10,000	Under Armour, Inc. Class C (a)		181,100
			$	381,300
		ELECTRICAL EQUIPMENT & ELECTRONICS —1.28% of Total Net Assets
	10,000	Sanmina Corporation (a)	$	358,500
			$	358,500
		ENERGY SERVICES & PROCESSING — 4.05% of Total Net Assets
	8,000	Baker Hughes, Inc.	$	295,120
	25,000	HollyFrontier Corporation		721,000
	100,000	Parker Drilling Company (a)		120,000
			$	1,136,120
		ENGINEERING & CONSTRUCTION — 1.96% of Total Net Assets
	7,000	CalAtlantic Group, Inc.	$	245,700
	7,000	Fluor Corporation		304,010
			$	549,710
		ENTERTAINMENT & LEISURE — 14.74% of Total Net Assets
	5,000	Disney (Walt) Company	$	549,650
	15,000	Facebook, Inc. Class A (a)		2,538,750
	10,000	Viacom, Inc. Class A		405,000
	5,000	Wynn Resorts, Ltd.		646,700
			$	4,140,100

Continued on following page.

28

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

July 31, 2017 (Unaudited)

Number of Shares			Market Value
		FINANCIAL SERVICES — 13.14% of Total Net Assets
	10,000	First Republic Bank	$	1,003,300
	50,000	KeyCorp		902,000
	15,000	Morgan Stanley		703,500
	10,000	Schwab (Charles) Corporation		429,000
	7,000	State Street Corporation		652,610
			$	3,690,410
		MANUFACTURING — 11.85% of Total Net Assets
	7,000	Agilent Technologies, Inc.	$	418,530
	7,000	Illinois Tool Works, Inc.		984,970
	5,000	IPG Photonics Corporation (a)		763,200
	7,000	Parker-Hannifin Corporation		1,161,860
			$	3,328,560
		MATERIALS — 1.64% of Total Net Assets
	8,000	Nucor Corporation	$	461,360
			$	461,360
		NATURAL RESOURCES — 5.44% of Total Net Assets
	75,000	Freeport-McMoRan, Inc. (a)	$	1,096,500
	15,000	Newfield Exploration Company (a)		430,950
			$	1,527,450
		PHARMACEUTICALS — 9.62% of Total Net Assets
	7,000	Amgen, Inc.	$	1,221,570
	7,000	Celgene Corporation (a)		947,870
	7,000	Gilead Sciences, Inc.		532,630
			$	2,702,070
		RETAIL — 5.11% of Total Net Assets
	7,000	Costco Wholesale Corporation	$	1,109,570
	7,000	Williams-Sonoma, Inc.		325,010
			$	1,434,580
		TRANSPORTATION — 10.87% of Total Net Assets
	7,000	FedEx Corporation	$	1,456,210
	7,000	Kansas City Southern		722,330
	12,000	Ryder System, Inc.		873,120
			$	3,051,660
		Total Portfolio — 100.74% of total net assets (identified cost $11,883,902) (b)	$	28,290,040
		Liabilities, less other assets (.74% of total net assets)		(208,172	)
		Net assets applicable to outstanding shares	$	28,081,868
		Notes:
		(a)   Non-income producing.
		(b)   Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

29

STATEMENTS OF ASSETS AND LIABILITIES

July 31, 2017 (Unaudited)

	Permanent Portfolio®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
ASSETS
Investments at market value (Notes 1, 4 & 5):
Investments other than securities:
Gold assets (identified cost $508,638,608; $—; $— and $—, respectively)	$	572,795,439	$	—	$	—	$	—
Silver assets (identified cost $147,501,769; $—; $— and $—, respectively)		139,648,649		—		—		—
Swiss franc deposits (identified cost $10; $—; $— and $—, respectively)		11		—		—		—
		712,444,099		—		—		—
Swiss franc bonds		203,375,614		—		—		—
Real estate and natural resource stocks		514,326,750		—		338,331		—
Aggressive growth stocks		500,946,750		—		—		28,290,040
Corporate bonds		302,853,361		—		9,491,361		—
Preferred stocks		—		—		961,650		—
United States Agency securities		—		1,742,212		1,299,399		—
United States Treasury securities		382,936,028		11,270,189		—		—
Total investments (identified cost $2,245,111,223; $13,028,499; $13,208,372 and $11,883,902, respectively)		2,616,882,602		13,012,401		12,090,741		28,290,040
Cash		828,291		16,298		—		—
Accounts receivable for investments sold		814,684		—		—		—
Accounts receivable for shares of the portfolio sold		2,286,868		—		—		200
Accrued interest, dividends and foreign taxes receivable		29,124,055		23,394		132,997		18,240
Prepaid expenses		46,927		—		—		—
Total assets		2,649,983,427		13,052,093		12,223,738		28,308,480
LIABILITIES
Bank overdraft		—		—		2,835		176,638
Accounts payable for shares of the portfolio redeemed		2,418,899		13,788		—		20,025
Accrued investment advisory fees		1,786,199		7,838		8,439		28,409
Accrued distribution and service fees		12,815		—		163		191
Accrued trustees’ fees and expenses		—		637		465		894
Other accrued expenses		6,576		223		177		455
Total liabilities		4,224,489		22,486		12,079		226,612
NET ASSETS	$	2,645,758,938	$	13,029,607	$	12,211,659	$	28,081,868

Continued on following page.

30

STATEMENTS OF ASSETS AND LIABILITIES

July 31, 2017 (Unaudited)

	Permanent Portfolio®			Short-Term Treasury Portfolio			Versatile Bond Portfolio			Aggressive Growth Portfolio
COMPONENTS OF NET ASSETS
Capital stock	$	65,553		$	201		$	209		$	450
Paid-in capital		2,198,945,132			13,036,396			13,168,644			9,022,420
		2,199,010,685			13,036,597			13,168,853			9,022,870
Undistributed net investment income (Notes 1 & 2)		16,085,297			11,611			226,825			265,896
Accumulated net realized gain (loss) on investments		59,261,772			(2,503	)		(66,388	)		2,386,964
Accumulated net realized gain on foreign currency transactions		257,852			—			—			—
Net unrealized appreciation (depreciation) of investments (Notes 1 & 5)		371,771,379			(16,098	)		(1,117,631	)		16,406,138
Net unrealized depreciation on translation of assets and liabilities in foreign currencies		(628,047	)		—			—			—
NET ASSETS APPLICABLE TO OUTSTANDING SHARES	$	2,645,758,938		$	13,029,607		$	12,211,659		$	28,081,868
COMPUTATION OF NET ASSETS
CLASS I SHARES
Net assets applicable to outstanding shares	$	2,641,400,341		$	13,029,607		$	12,189,570		$	28,019,121
Shares outstanding		65,444,632			201,424			208,429			449,125
Net asset value and redemption proceeds per share	$	40.36		$	64.69		$	58.48		$	62.39
CLASS A SHARES
Net assets applicable to outstanding shares	$	2,176,164			—		$	11,563		$	48,295
Shares outstanding		54,028			—			198			775
Net asset value per share	$	40.28			—		$	58.38		$	62.28
Offering price per share (NAV per share plus maximum sales charge) (1)	$	42.29			—		$	60.72		$	65.39
CLASS C SHARES
Net assets applicable to outstanding shares	$	2,182,433			—		$	10,526		$	14,452
Shares outstanding		54,580			—			181			233
Net asset value per share	$	39.99			—		$	58.13		$	61.99
Redemption proceeds per share (NAV per share less maximum contingent deferred sales charge) (2)	$	39.59			—		$	57.55		$	61.37

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

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

See accompanying notes to financial statements.

31

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32

STATEMENTS OF OPERATIONS

Six Months Ended July 31, 2017 (Unaudited)

	Permanent Portfolio®			Short-Term Treasury Portfolio			Versatile Bond Portfolio			Aggressive Growth Portfolio
INVESTMENT INCOME (Note 1)
Interest	$	11,836,844		$	63,660		$	181,386		$	—
Dividends		13,135,745			—			42,844			403,883
Other income		242,954			—			19,913			—
		25,215,543			63,660			244,143			403,883
EXPENSES (Note 3)
Investment advisory fee		10,774,041			85,959			72,116			166,198
Trustees’ fees and expenses		338,935			1,970			1,393			3,511
Legal expense		54,349			314			226			566
Distribution and service fees — Class A		2,394			—			18			44
Distribution and service fees — Class C		7,587			—			53			60
Total expenses		11,177,306			88,243			73,806			170,379
Less waiver of investment advisory fee		—			(36,194	)		(22,774	)		—
Net expenses		11,177,306			52,049			51,032			170,379
Net investment income before foreign income taxes deducted at source		14,038,237			11,611			193,111			233,504
Less foreign income taxes deducted at source, net of refundable taxes		(63,091	)		—			—			—
NET INVESTMENT INCOME		13,975,146			11,611			193,111			233,504
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY (Notes 1, 4 & 5)
Net realized gain (loss) on:
Investments in securities		47,497,207			(2,415	)		23,872			1,260,541
Investments other than securities		(731,585	)		—			—			—
Foreign currency transactions		257,852			—			—			—
		47,023,474			(2,415	)		23,872			1,260,541
Change in unrealized appreciation (depreciation) of:
Investments		26,766,292			(16,947	)		(314,545	)		294,970
Translation of assets and liabilities in foreign currencies		451,503			—			—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		74,241,269			(19,362	)		(290,673	)		1,555,511
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	88,216,415		$	(7,751	)	$	(97,562	)	$	1,789,015

See accompanying notes to financial statements.

33

STATEMENTS OF CHANGES IN NET ASSETS

	Permanent Portfolio®
	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31, 2017
OPERATIONS
Net investment income (loss)	$	13,975,146		$	20,493,477
Net realized gain (loss) on investments in securities		47,497,207			25,138,003
Net realized loss on investments other than securities		(731,585	)		(14,970,674	)
Net realized gain on foreign currency transactions		257,852			2,285,668
Change in unrealized appreciation (depreciation) of investments		26,766,292			353,373,671
Change in unrealized appreciation on translation of assets and liabilities in foreign currencies		451,503			685,341
Net increase (decrease) in net assets resulting from operations		88,216,415			387,005,486
EQUALIZATION ON SHARES ISSUED AND REDEEMED		—			—
DISTRIBUTIONS TO SHAREHOLDERS (Note 2)
Net investment income
Class I		—			(22,940,095	)
Class A		—			(1,549	)
Class C		—			(3,802	)
Net realized gain on investments
Class I		—			(3,542,052	)
Class A		—			(264	)
Class C		—			(821	)
Total distributions to shareholders		—			(26,488,583	)
CAPITAL STOCK TRANSACTIONS
Shares sold
Class I		170,131,680			517,836,019
Class A		644,807			1,617,286
Class C		1,461,263			928,623
Distributions reinvested
Class I		—			22,799,445
Class A		—			1,693
Class C		—			4,461
Shares redeemed
Class I		(412,192,227	)		(869,010,899	)
Class A		(101,497	)		(54,126	)
Class C		(262,225	)		(5,899	)
Net increase (decrease) from capital stock transactions		(240,318,199	)		(325,883,397	)
NET INCREASE (DECREASE) IN NET ASSETS		(152,101,784	)		34,633,506
NET ASSETS AT BEGINNING OF PERIOD		2,797,860,722			2,763,227,216
NET ASSETS AT END OF PERIOD	$	2,645,758,938		$	2,797,860,722
UNDISTRIBUTED NET INVESTMENT INCOME	$	16,085,297		$	2,110,151
SHARE TRANSACTIONS
Shares sold
Class I		4,330,007			13,524,314
Class A		16,427			41,551
Class C		37,427			23,902
Distributions reinvested
Class I		—			591,885
Class A		—			44
Class C		—			116
Shares redeemed
Class I		(10,485,011	)		(22,917,567	)
Class A		(2,586	)		(1,408	)
Class C		(6,709	)		(156	)
INCREASE (DECREASE) IN SHARES OUTSTANDING		(6,110,445	)		(8,737,319	)

Continued on following page.

34

STATEMENTS OF CHANGES IN NET ASSETS

Short-Term Treasury Portfolio						Versatile Bond Portfolio						Aggressive Growth Portfolio
Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31, 2017			Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31, 2017			Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31, 2017
$	11,611		$	(32,495	)	$	193,111		$	415,745		$	233,504		$	176,409
	(2,415	)		(88	)		23,872			(90,259	)		1,260,541			3,810,232
	—			—			—			—			—			—
	—			—			—			—			—			—
	(16,947	)		4,617			(314,545	)		1,580,982			294,970			2,742,265
	—			—			—			—			—			—
	(7,751	)		(27,966	)		(97,562	)		1,906,468			1,789,015			6,728,906
	—			—			—			(6,353	)		—			28,568
	—			—			—			(339,975	)		—			(166,334	)
	—			—			—			(432	)		—			(48	)
	—			—			—			(246	)		—			(4	)
	—			—			—			(35,028	)		—			(3,990,603	)
	—			—			—			(46	)		—			(1,523	)
	—			—			—			(32	)		—			(1,523	)
	—			—			—			(375,759	)		—			(4,160,035	)
	678,654			2,935,183			2,226,401			4,411,010			585,286			2,242,293
	—			—			—			14,877			34,814			10,000
	—			—			—			10,000			2,600			10,000
	—			—			—			360,278			—			3,966,089
	—			—			—			478			—			1,571
	—			—			—			277			—			1,527
	(4,099,792	)		(6,855,564	)		(1,876,799	)		(4,425,888	)		(3,087,665	)		(8,190,794	)
	—			—			(3,899	)		(124	)		—			—
	—			—			—			—			—			—
	(3,421,138	)		(3,920,381	)		345,703			370,908			(2,464,965	)		(1,959,314	)
	(3,428,889	)		(3,948,347	)		248,141			1,895,264			(675,950	)		638,125
	16,458,496			20,406,843			11,963,518			10,068,254			28,757,818			28,119,693
$	13,029,607		$	16,458,496		$	12,211,659		$	11,963,518		$	28,081,868		$	28,757,818
$	11,611		$	—		$	226,825		$	33,714		$	265,896		$	32,392
	10,495			45,335			37,758			76,056			9,763			36,515
	—			—			—			259			584			164
	—			—			—			176			43			164
	—			—			—			6,084			—			67,119
	—			—			—			8			—			27
	—			—			—			5			—			26
	(63,409	)		(105,849	)		(32,011	)		(78,634	)		(51,668	)		(136,001	)
	—			—			(67	)		(2	)		—			—
	—			—			—			—			—			—
	(52,914	)		(60,514	)		5,680			3,952			(41,278	)		(31,986	)

See accompanying notes to financial statements.

35

FINANCIAL HIGHLIGHTS

Permanent Portfolio^®

Class I Shares (PRPFX) (1)	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	39.04		$	34.37		$	40.72		$	42.96		$	49.59		$	48.69
Income (loss) from investment operations:
Net investment income (2)		.20			.27			.31			.28			.31			.29
Net realized and unrealized gain (loss) on investments and foreign currencies (3)		1.12			4.76			(4.22	)		.65			(2.34	)		1.24
Total income (loss) from investment operations		1.32			5.03			(3.91	)		.93			(2.03	)		1.53
Less distributions from:
Net investment income		—			(.31	)		(.41	)		(.27	)		(.25	)		(.27	)
Net realized gain on investments		—			(.05	)		(2.03	)		(2.90	)		(4.35	)		(.36	)
Total distributions		—			(.36	)		(2.44	)		(3.17	)		(4.60	)		(.63	)
Net asset value, end of period	$	40.36		$	39.04		$	34.37		$	40.72		$	42.96		$	49.59
Total return (4)		3.38%	†		14.65%			(9.69)%			2.30%			(4.12)%			3.17%
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	2,641,400		$	2,795,366		$	2,763,227		$	5,634,021		$	8,992,350		$	16,997,810
Portfolio turnover rate		8.15%	†		19.08%			5.92%			17.43%			4.29%			23.71%
Ratio of expenses to average net assets:
After Advisory Fee waiver		.82%	*		.82%			.80%			.76%			.72%			.69%
Before Advisory Fee waiver		.82%	*		.82%			.80%			.78%			.77%			.76%
Ratio of net investment income to average net assets:
After Advisory Fee waiver		1.03%	*		.71%			.79%			.65%			.65%			.61%
Before Advisory Fee waiver		1.03%	*		.71%			.79%			.63%			.60%			.54%

† Not annualized.

* Annualized.

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

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

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

(4) Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses except, through January 21, 2016, the $35 one-time account start-up fee.

See accompanying notes to financial statements.

36

FINANCIAL HIGHLIGHTS

Permanent Portfolio^®

Class A Shares (PRPDX) (1)	Six Months Ended July 31, 2017 (Unaudited)			Eight Months Ended January 31, 2017
Net asset value, beginning of period	$	39.01		$	37.31
Income from investment operations:
Net investment income (loss) (2)		.15			(.30	)
Net realized and unrealized gain on investments and foreign currencies (3)		1.12			2.33
Total income from investment operations		1.27			2.03
Less distributions from:
Net investment income		—			(.28	)
Net realized gain on investments		—			(.05	)
Total distributions		—			(.33	)
Net asset value, end of period	$	40.28		$	39.01
Total return (4)		3.26%	†		5.45%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	2,176		$	1,568
Portfolio turnover rate		8.15%	†		19.08%	†
Ratio of expenses to average net assets		1.08%	*		1.07%	*
Ratio of net investment income (loss) to average net assets		.78%	*		(1.17)%	*

† Not annualized.

* Annualized.

(1) Information contained herein is for each share of capital stock outstanding throughout each period. Shares commenced operations on May 31, 2016.

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

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

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

See accompanying notes to financial statements.

37

FINANCIAL HIGHLIGHTS

Permanent Portfolio^®

Class C Shares (PRPHX) (1)	Six Months Ended July 31, 2017 (Unaudited)			Eight Months Ended January 31, 2017
Net asset value, beginning of period	$	38.87		$	37.31
Income from investment operations:
Net investment income (loss) (2)		—			(.21	)
Net realized and unrealized gain on investments and foreign currencies (3)		1.12			2.04
Total income from investment operations		1.12			1.83
Less distributions from:
Net investment income		—			(.22	)
Net realized gain on investments		—			(.05	)
Total distributions		—			(.27	)
Net asset value, end of period	$	39.99		$	38.87
Total return (4)		2.88%	†		4.92%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	2,183		$	928
Portfolio turnover rate		8.15%	†		19.08%	†
Ratio of expenses to average net assets		1.83%	*		1.82%	*
Ratio of net investment income (loss) to average net assets		.02%	*		(.81)%	*

† Not annualized.

* Annualized.

(1) Information contained herein is for each share of capital stock outstanding throughout each period. Shares commenced operations on May 31, 2016.

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

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

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

See accompanying notes to financial statements.

38

FINANCIAL HIGHLIGHTS

Short-Term Treasury Portfolio

Class I Shares (PRTBX) (1)	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	64.71		$	64.81		$	65.20		$	65.63		$	66.03		$	66.41
Loss from investment operations:
Net investment income (loss) (2)		.05			(.12	)		(.40	)		(.42	)		(.40	)		(.39	)
Net realized and unrealized gain (loss) on investments (3)(4)		(.07	)		.02			.01			(.01	)		—			.01
Total loss from investment operations		(.02	)		(.10	)		(.39	)		(.43	)		(.40	)		(.38	)
Less distributions from:
Net investment income		—			—			—			—			—			—
Total distributions		—			—			—			—			—			—
Net asset value, end of period	$	64.69		$	64.71		$	64.81		$	65.20		$	65.63		$	66.03
Total return (4)(5)		(.03)%	†		(.15)%			(.60)%			(.66)%			(.61)%			(.57)%
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	13,030		$	16,458		$	20,407		$	21,031		$	25,237		$	28,273
Portfolio turnover rate (6)(7)		—%	†		—%			—%			—%			—%			—%
Ratio of expenses to average net assets:
After Advisory Fee waiver		.72%	*		.71%			.71%			.70%			.69%			.69%
Before Advisory Fee waiver		1.22%	*		1.21%			1.21%			1.20%			1.19%			1.19%
Ratio of net investment income (loss) to average net assets:
After Advisory Fee waiver		.16%	*		(.18)%			(.62)%			(.64)%			(.60)%			(.58)%
Before Advisory Fee waiver		(.34)%	*		(.68)%			(1.12)%			(1.14)%			(1.10)%			1.08%

† Not annualized.

* Annualized.

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

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

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

(4) The receipt of a payment from the Fund’s custodian had the effect of increasing net realized and unrealized gain (loss) on investments by $.02 per share and increasing total return by .03% during the year ended January 31, 2016. Without this payment, total return would have been (.63)% during the year then ended.

(5) Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses except, through January 21, 2016, the $35 one-time account start-up fee.

(6) Through January 21, 2016, portfolio turnover was not applicable since the Portfolio only invested in securities with maturities of one year or less.

(7) While the Portfolio invested in securities with maturities over one year during the six months ended July 31, 2017 and the year ended January 31, 2017, no such securities were purchased and/or sold with maturities of one year or less during the six months and year then ended.

See accompanying notes to financial statements.

39

FINANCIAL HIGHLIGHTS

Versatile Bond Portfolio

Class I Shares (PRVBX) (1)	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	58.90		$	50.55		$	60.50		$	60.50		$	60.93		$	59.15
Income (loss) from investment operations:
Net investment income (2)		.92			2.20			2.48			2.37			2.50			1.34
Net realized and unrealized gain (loss) on investments (3)		(1.34	)		8.07			(9.41	)		.23			(.17	)		1.78
Total income (loss) from investment operations		(.42	)		10.27			(6.93	)		2.60			2.33			3.12
Less distributions from:
Net investment income		—			(1.74	)		(2.57	)		(1.91	)		(2.25	)		(1.34	)
Net realized gain on investments		—			(.18	)		(.45	)		(.69	)		(.51	)		—
Total distributions		—			(1.92	)		(3.02	)		(2.60	)		(2.76	)		(1.34	)
Net asset value, end of period	$	58.48		$	58.90		$	50.55		$	60.50		$	60.50		$	60.93
Total return (4)		(.71)%	†		20.29%			(11.76)%			4.37%			3.90%			5.31%
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	12,190		$	11,937		$	10,068		$	18,942		$	14,287		$	13,417
Portfolio turnover rate		3.25%	†		26.35%			15.63%			38.23%			48.71%			137.43%
Ratio of expenses to average net assets:
After Advisory Fee waiver		.84%	*		.84%			.84%			.82%			.82%			.82%
Before Advisory Fee waiver		1.21%	*		1.22%			1.22%			1.19%			1.19%			1.20%
Ratio of net investment income to average net assets:
After Advisory Fee waiver		3.18%	*		3.86%			4.23%			3.81%			4.05%			2.24%
Before Advisory Fee waiver		2.81%	*		3.48%			3.85%			3.44%			3.68%			1.86%

† Not annualized.

* Annualized.

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

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

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

(4) Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses except, through January 21, 2016, the $35 one-time account start-up fee.

See accompanying notes to financial statements.

40

FINANCIAL HIGHLIGHTS

Versatile Bond Portfolio

Class A Shares (PRVDX) (1)	Six Months Ended July 31, 2017 (Unaudited)			Eight Months Ended January 31, 2017
Net asset value, beginning of period	$	58.86		$	56.69
Income (loss) from investment operations:
Net investment income (2)		.85			1.31
Net realized and unrealized gain (loss) on investments (3)		(1.33	)		2.71
Total income (loss) from investment operations		(.48	)		4.02
Less distributions from:
Net investment income		—			(1.67	)
Net realized gain on investments		—			(.18	)
Total distributions		—			(1.85	)
Net asset value, end of period	$	58.38		$	58.86
Total return (4)		(.82)%	†		7.06%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	11		$	16
Portfolio turnover rate		3.25%	†		26.35%	†
Ratio of expenses to average net assets:
After Advisory Fee waiver		1.09%	*		1.09%	*
Before Advisory Fee waiver		1.47%	*		1.47%	*
Ratio of net investment income to average net assets:
After Advisory Fee waiver		2.91%	*		3.34%	*
Before Advisory Fee waiver		2.54%	*		2.96%	*

† Not annualized.

* Annualized.

(1) Information contained herein is for each share of capital stock outstanding throughout each period. Shares commenced operations on May 31, 2016.

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

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

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

See accompanying notes to financial statements.

41

FINANCIAL HIGHLIGHTS

Versatile Bond Portfolio

Class C Shares (PRVHX) (1)	Six Months Ended July 31, 2017 (Unaudited)			Eight Months Ended January 31, 2017
Net asset value, beginning of period	$	58.83		$	56.69
Income (loss) from investment operations:
Net investment income (2)		.63			1.02
Net realized and unrealized gain (loss) on investments (3)		(1.33	)		2.69
Total income (loss) from investment operations		(.70	)		3.71
Less distributions from:
Net investment income		—			(1.39	)
Net realized gain on investments		—			(.18	)
Total distributions		—			(1.57	)
Net asset value, end of period	$	58.13		$	58.83
Total return (4)		(1.19)%	†		6.53%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	11		$	11
Portfolio turnover rate		3.25%	†		26.35%	†
Ratio of expenses to average net assets:
After Advisory Fee waiver		1.84%	*		1.84%	*
Before Advisory Fee waiver		2.22%	*		2.22%	*
Ratio of net investment income to average net assets:
After Advisory Fee waiver		2.18%	*		2.61%	*
Before Advisory Fee waiver		1.81%	*		2.23%	*

† Not annualized.

* Annualized.

(1) Information contained herein is for each share of capital stock outstanding throughout each period. Shares commenced operations on May 31, 2016.

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

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

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

See accompanying notes to financial statements.

42

FINANCIAL HIGHLIGHTS

Aggressive Growth Portfolio

Class I Shares (PAGRX) (1)	Six Months Ended July, 31 2017 (Unaudited)			Year Ended January 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	58.52		$	53.73		$	67.53		$	65.03		$	52.58		$	44.68
Income (loss) from investment operations:
Net investment income (2)		.50			.37			.22			.22			.26			.58
Net realized and unrealized gain (loss) on investments (3)		3.37			14.07			(10.33	)		4.28			13.91			8.39
Total income (loss) from investment operations		3.87			14.44			(10.11	)		4.50			14.17			8.97
Less distributions from:
Net investment income		—			(.39	)		(.95	)		(.21	)		(.33	)		(.46	)
Net realized gain on investments		—			(9.26	)		(2.74	)		(1.79	)		(1.39	)		(.61	)
Total distributions		—			(9.65	)		(3.69	)		(2.00	)		(1.72	)		(1.07	)
Net asset value, end of period	$	62.39		$	58.52		$	53.73		$	67.53		$	65.03		$	52.58
Total return (4)		6.61%	†		26.70%			(15.50)%			6.83%			26.84%			20.37%
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	28,019		$	28,736		$	28,120		$	44,954		$	48,167		$	27,678
Portfolio turnover rate		2.10%	†		5.52%			7.22%			5.06%			.31%			8.71%
Ratio of expenses to average net assets		1.22%	*		1.21%			1.21%			1.20%			1.20%			1.19%
Ratio of net investment income to average net assets		1.67%	*		.62%			.34%			.32%			.44%			1.26%

† Not annualized.

* Annualized.

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

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

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

(4) Assumes reinvestment of all dividends and distributions, and deduction of all fees and expenses except, through January 21, 2016, the $35 one-time account start-up fee.

See accompanying notes to financial statements.

43

FINANCIAL HIGHLIGHTS

Aggressive Growth Portfolio

Class A Shares (PAGDX) (1)	Six Months Ended July, 31 2017 (Unaudited)			Eight Months Ended January, 31 2017
Net asset value, beginning of period	$	58.50		$	60.81
Income from investment operations:
Net investment income (loss) (2)		.47			(.01	)
Net realized and unrealized gain on investments (3)		3.31			7.25
Total income from investment operations		3.78			7.24
Less distributions from:
Net investment income		—			(.29	)
Net realized gain on investments		—			(9.26	)
Total distributions		—			(9.55	)
Net asset value, end of period	$	62.28		$	58.50
Total return (4)		6.46%	†		11.76%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	48		$	11
Portfolio turnover rate		2.10%	†		5.52%	†
Ratio of expenses to average net assets		1.47%	*		1.46%	*
Ratio of net investment income (loss) to average net assets		1.60%	*		(.01)%	*

† Not annualized.

* Annualized.

(1) Information contained herein is for each share of capital stock outstanding throughout each period. Shares commenced operations on May 31, 2016.

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

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

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

See accompanying notes to financial statements.

44

FINANCIAL HIGHLIGHTS

Aggressive Growth Portfolio

Class C Shares (PAGHX) (1)	Six Months Ended July, 31 2017 (Unaudited)			Eight Months Ended January, 31 2017
Net asset value, beginning of period	$	58.44		$	60.81
Income from investment operations:
Net investment income (loss) (2)		.24			(.33	)
Net realized and unrealized gain on investments (3)		3.31			7.24
Total income from investment operations		3.55			6.91
Less distributions from:
Net investment income		—			(.02	)
Net realized gain on investments		—			(9.26	)
Total distributions		—			(9.28	)
Net asset value, end of period	$	61.99		$	58.44
Total return (4)		6.07%	†		11.20%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	15		$	11
Portfolio turnover rate		2.10%	†		5.52%	†
Ratio of expenses to average net assets		2.22%	*		2.21%	*
Ratio of net investment income (loss) to average net assets		.81%	*		(.76)%	*

† Not annualized.

* Annualized.

(1) Information contained herein is for each share of capital stock outstanding throughout each period. Shares commenced operations on May 31, 2016.

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

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

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

See accompanying notes to financial statements.

45

NOTES TO FINANCIAL STATEMENTS

July 31, 2017 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Valuation of Investments

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

Continued on following page.

46

NOTES TO FINANCIAL STATEMENTS

July 31, 2017 (Unaudited)

into U.S. dollars) quoted by an independent pricing service. Foreign securities traded on an exchange are valued on the basis of market quotations most recently available from that exchange. All investments denominated in foreign currencies are converted into U.S. dollars using exchange rates obtained from an independent pricing service. Investments for which bona fide market quotations are not readily available, or investments for which the Fund’s investment adviser determines that a quotation or a price for a portfolio security provided by a dealer or an independent pricing service is not believed to be reflective of market value, 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 Trustees.

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

Level 1 — Quoted prices in active markets for identical assets

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

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

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

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

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

The Fund may record changes to valuations based on the amount that it might reasonably be expected to receive for an investment upon its current sale, consistent with the fair value measurement objective. Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include,

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47

NOTES TO FINANCIAL STATEMENTS

July 31, 2017 (Unaudited)

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

The following is a summary of the inputs used as of July 31, 2017 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	$	572,795,439	$	—	$	—	$	572,795,439
Silver assets		139,648,649		—		—		139,648,649
Swiss franc assets		11		203,375,614		—		203,375,625
Real estate and natural resource stocks		514,326,750		—		—		514,326,750
Aggressive growth stocks †		500,946,750		—		—		500,946,750
Dollar assets:
Corporate bonds †		—		302,853,361		—		302,853,361
United States Treasury securities		382,936,028		—		—		382,936,028
Total Portfolio	$	2,110,653,627	$	506,228,975	$	—	$	2,616,882,602
		80.66%		19.34%		—%		100.00%
SHORT-TERM TREASURY PORTFOLIO
United States Agency securities	$	1,742,212	$	—	$	—	$	1,742,212
United States Treasury securities		11,270,189		—		—		11,270,189
Total Portfolio	$	13,012,401	$	—	$	—	$	13,012,401
		100.00%		—%		—%		100.00%
VERSATILE BOND PORTFOLIO
Corporate bonds †	$	—	$	9,139,361	$	352,000	$	9,491,361
United States Agency securities		1,299,399		—		—		1,299,399
Preferred stocks		961,650		—		—		961,650
Common Stocks		338,331		—		—		338,331
Total Portfolio	$	2,599,380	$	9,139,361	$	352,000	$	12,090,741
		21.50%		75.59%		2.91%		100.00%
AGGRESSIVE GROWTH PORTFOLIO
Aggressive growth stocks †	$	28,290,040	$	—	$	—	$	28,290,040
Total Portfolio	$	28,290,040	$	—	$	—	$	28,290,040
		100.00%		—%		—%		100.00%

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

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48

NOTES TO FINANCIAL STATEMENTS

July 31, 2017 (Unaudited)

Transfers between levels are recognized at the end of a reporting period. With the exception of the Versatile Bond Portfolio as more fully described below, there were no transfers into or out of Levels 1 and 2 during the six months ended July 31, 2017. The Fund’s Permanent Portfolio, Short-Term Treasury Portfolio and Aggressive Growth Portfolio held no Level 3 assets during the six months then ended.

As of July 31, 2017 and during the six months then ended, the Fund’s Versatile Bond Portfolio transferred a bond investment fair valued at $352,000 from Level 2 to Level 3 as a result of the issuer’s bankruptcy proceeding. The investment adviser’s Valuation Committee determined fair value of the bond investment based on an assessment of the investment’s anticipated value upon exiting bankruptcy.

As of July 31, 2017 and during the six months then ended, the Fund did not hold any derivative instruments, nor did it engage in any hedging activities using derivative instruments.

Translation of Foreign Currencies

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

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

Investment Transactions and Investment Income

Investment transactions are accounted for on the date of purchase, sale or maturity. Interest income is accrued daily and includes amortization of any premiums or discounts for financial and tax reporting purposes using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions and unrealized appreciation or depreciation of investments are recorded on an identified cost basis for financial and tax reporting purposes.

During the six months ended July 31, 2017, investment income was earned as follows:

	Permanent Portfolio®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
Interest:
Corporate bonds	$	2,956,102	$	—	$	180,907	$	—
Swiss franc assets		1,712,706		—		—		—
United States Treasury & Agency securities		7,168,036		63,660		479		—
Dividends		13,135,745		—		42,844		403,883
Other income		242,954		—		19,913		—
	$	25,215,543	$	63,660	$	244,143	$	403,883

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49

NOTES TO FINANCIAL STATEMENTS

July 31, 2017 (Unaudited)

Federal Taxes

Each of the Fund’s Portfolios will continue to be treated as a separate regulated investment company and each Portfolio intends to qualify under Subchapter M of the United States Internal Revenue Code of 1986, as amended (“Code”). Accordingly, no provision has been made for United States income taxes, as each Portfolio intends to declare necessary dividend distributions from investment company taxable income and net realized capital gains, if any, to its shareholders prior to October 15, 2017, pursuant to the requirements of the Code.

As of January 31, 2017, the Fund’s Permanent Portfolio and Aggressive Growth Portfolio had no capital loss carryforwards available to offset future realized gains, if any, while the Fund’s Short-Term Treasury Portfolio and Versatile Bond Portfolio had $88 of short-term capital loss carryforwards and $85,329 of long-term capital loss carryforwards which are not subject to expiration, respectively, available to offset future realized gains, if any. Any capital losses incurred in taxable years beginning after December 22, 2010 (“Post-2010 Losses”) may be carried forward without limit and do not expire, and such capital loss carryforwards must be fully utilized before capital loss carryforwards from earlier periods may be utilized. As a result, if the Fund’s Portfolios have Post-2010 Losses, capital loss carryforwards from earlier periods may be more likely to expire unused. Additionally, net capital losses attributable to investment transactions that occur after October 31 and ordinary losses that occur after December 31 (“Post-October” and “Late-Year Ordinary” losses, respectively), if any, are recognized for federal tax purposes as arising on February 1, the first day of each Portfolio’s next taxable year. The Fund’s Permanent Portfolio had $1,494,892 of Post-October currency losses and $3,296,279 of Late-Year Ordinary losses, the Fund’s Short-Term Treasury Portfolio had no Post-October Losses or Late-Year Ordinary losses, the Fund’s Versatile Bond Portfolio had $4,931 of Post-October Losses and the Fund’s Aggressive Growth Portfolio had $19,124 of Late-Year Ordinary losses.

During the six months ended July 31, 2017, the Fund’s Permanent Portfolio, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio incurred no federal excise tax.

The Fund’s Portfolios recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Fund’s Portfolios have analyzed their respective tax positions and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns previously filed for open tax years 2014 through 2016 or expected to be taken on the Fund’s Portfolios’ 2017 tax returns. The Fund’s Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Equalization

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

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50

NOTES TO FINANCIAL STATEMENTS

July 31, 2017 (Unaudited)

Indemnifications

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

2. DISTRIBUTIONS TO SHAREHOLDERS

On December 7, 2016, the Fund paid ordinary income dividends and capital gain distributions to shareholders of record on December 6, 2016. The per share amounts per Portfolio were as follows:

	Permanent Portfolio®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
Ordinary Income Dividends
Class I shares	$	.31139	$	—	$	1.73635	$	.38601
Class A shares		.28206		—		1.66502		.29484
Class C shares		.22274		—		1.39311		.02260
Short-Term Capital Gain Distributions
Class I shares		—		—		.13843		—
Class A shares		—		—		.13843		—
Class C shares		—		—		.13843		—
Long-Term Capital Gain Distributions
Class I shares		.04808		—		.04047		9.26101
Class A shares		.04808		—		.04047		9.26101
Class C shares		.04808		—		.04047		9.26101

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

	Permanent Portfolio®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
Ordinary income	$	22,945,446	$	—	$	367,817	$	166,386
Long-term capital gain †		3,543,137		—		7,942		3,993,649
	$	26,488,583	$	—	$	375,759	$	4,160,035

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

Dividends to shareholders from net investment income and distributions to shareholders from net realized gain on investments, if any, are recorded on the ex-dividend date. The amount of such dividends and distributions are determined in accordance with the Code, which may differ from accounting principles generally accepted in the United States. These differences result primarily from different treatment of net investment income and net realized gains on certain investment securities held by the Fund’s Portfolios. During the year ended January 31, 2017: (i) the Fund’s Permanent Portfolio reclassified $43,240 from undistributed net investment income to accumulated net realized gain on investments and $3,178,789 from undistributed net investment

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51

NOTES TO FINANCIAL STATEMENTS

July 31, 2017 (Unaudited)

income to paid-in capital; (ii) the Fund’s Short-Term Treasury Portfolio reclassified $42,228 from paid-in capital to undistributed net investment loss; (iii) the Fund’s Versatile Bond Portfolio reclassified $52,545 from undistributed net investment income to paid-in capital; and (iv) the Fund’s Aggressive Growth Portfolio reclassified $28,650 from undistributed net investment income to paid-in capital, to reflect such book and tax basis differences.

As of January 31, 2017, the components of distributable earnings on a tax basis were as follows:

	Permanent Portfolio®			Short-Term Treasury Portfolio			Versatile Bond Portfolio			Aggressive Growth Portfolio
Distributible ordinary income	$	7,137,328		$	—		$	33,714		$	51,516
Undistributed capital gains (losses)		12,260,144			(88	)		(85,329	)		1,126,423
Post-October and Late-Year Ordinary losses		(4,791,171	)		—			(4,931	)		(19,124	)
Unrealized appreciation (depreciation) on investments and foreign currencies		343,925,537			849			(803,086	)		16,111,168
	$	358,531,838		$	761		$	(859,632	)	$	17,269,983

3. INVESTMENT ADVISER AND INVESTMENT ADVISORY CONTRACT

Pacific Heights Asset Management, LLC (“Pacific Heights”) has served as the Fund’s investment adviser since May 1, 2003. Pacific Heights currently serves as investment adviser under an Investment Advisory Contract, dated January 21, 2016, by and between the Fund and Pacific Heights (“Contract”). Pursuant to the Contract, Pacific Heights, subject to the oversight of the Fund’s Board of Trustees, furnishes each Portfolio with a continuous investment program and all administrative services required in connection with the administration of the Fund’s and each Portfolio’s affairs. The investment advisory fee (“Advisory Fee’”) payable to Pacific Heights under the Contract, before any fee waivers, is calculated daily and paid monthly for each Portfolio at the following annual rates as a percentage of average daily net assets: (i) 1.1875% of the first $200 million of the Portfolio’s average daily net assets; (ii) .8750% of the next $200 million of the Portfolio’s average daily net assets; (iii) .8125% of the next $200 million of the Portfolio’s average daily net assets; and (iv) .7500% of all of the Portfolio’s average daily net assets in excess of $600 million.

Except for: (i) the Advisory Fee; (ii) fees, costs, expenses and allowances relating to a Portfolio’s investments, including interest on borrowings, if any; (iii) taxes payable by a Portfolio; (iv) brokerage commissions and other charges in the purchase and sale of Portfolio assets; (v) fees and expenses of trustees of the Fund, including fees and disbursements to counsel to the Fund’s independent trustees; (vi) payments pursuant to any plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act; and (vii) all extraordinary fees, costs and expenses of the Fund or any Portfolio, as defined in the Contract, Pacific Heights pays or reimburses each Portfolio for all of the Portfolio’s ordinary operating expenses out of its Advisory Fee. All fees and expenses payable by the Fund pursuant to the Contract and attributable only to one Portfolio are borne entirely by that Portfolio; all other such fees and expenses are allocated among the Fund’s Portfolios in proportion to their net assets.

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52

NOTES TO FINANCIAL STATEMENTS

July 31, 2017 (Unaudited)

Quasar Distributors, LLC (“Distributor”) serves as principal underwriter for shares of the Portfolios, and acts as each Portfolio’s distributor in a continuous public offering of each Portfolio’s shares. The Fund’s Board of Trustees has adopted a plan of distribution pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”) with respect to Class A and Class C shares of the Fund’s Permanent Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio. Under the Rule 12b-1 Plan, Class A shares pay service fees at an annual rate of .25% of the average daily net assets of the Portfolio attributable to Class A shares and Class C shares pay distribution and service fees at an aggregate annual rate of 1.00% of the average daily net assets of the Portfolio attributable to Class C shares. The Distributor may pay any or all amounts received under the Rule 12b-1 Plan to other persons, including Pacific Heights, for any distribution or service activity. These distribution and servicing fees are reported in the Fund’s Statements of Operations.

Pursuant to an Advisory Fee Waiver and Expense Assumption Agreement dated March 17, 2017 (“Waiver Agreement”), effective through June 1, 2018 for each of the Fund’s Short-Term Treasury Portfolio and Versatile Bond Portfolio, Pacific Heights has agreed to waive portions of its Advisory Fee allocable to: (i) Short-Term Treasury Portfolio, such that the Advisory Fee paid by the Portfolio does not exceed an annual rate of .6875% of the Portfolio’s average daily net assets; and (ii) Versatile Bond Portfolio, such that the Advisory Fee paid by the Portfolio does not exceed an annual rate of .8125% of the Portfolio’s average daily net assets. Neither the Fund nor any Portfolio will be required to reimburse Pacific Heights for amounts waived or paid by Pacific Heights pursuant to the Waiver Agreement. The Waiver Agreement may be terminated or amended only in writing and only with the approval of the Fund’s Board of Trustees.

Pacific Heights is a California limited liability company. Pacific Heights’ manager and the sole trustee of its sole member is Michael J. Cuggino (who is also its President and Chief Executive Officer). Mr. Cuggino is also the President, Secretary and Chairman of the Board of Trustees of the Fund, and has been the portfolio manager of the Fund’s Portfolios since May 1, 2003. In addition to the benefits that result from being the trustee of the sole member of Pacific Heights, Mr. Cuggino was paid $50,000 by the Fund during the six months ended July 31, 2017 for his service as a trustee of the Fund.

4. PURCHASES AND SALES OF SECURITIES

The following is a summary of purchases and sales of securities other than short-term securities for the six months ended July 31, 2017:

	Permanent Portfolio®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
Purchases	$	85,311,691	$	—	$	419,334	$	596,792
Sales		231,479,658		3,446,142		1,730,176		2,611,003

The Fund’s Permanent Portfolio also sold $44,222,030 and $14,535,145 of gold and silver, respectively, during the six months ended July 31, 2017.

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53

NOTES TO FINANCIAL STATEMENTS

July 31, 2017 (Unaudited)

5. NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following is a summary of net unrealized appreciation (depreciation) of investments as of July 31, 2017 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	$	491,548,595		$	549		$	221,715		$	17,971,531
Investments other than securities		64,913,000			—			—			—
		556,461,595			549			221,715			17,971,531
Aggregate gross unrealized depreciation of investments with excess of tax cost over value:
Investments in securities		(176,080,927	)		(16,647	)		(1,339,346	)		(1,565,393	)
Investments other than securities		(8,609,289	)		—			—			—
		(184,690,216	)		(16,647	)		(1,339,346	)		(1,565,393	)
Net unrealized appreciation (depreciation) of investments	$	371,771,379		$	(16,098	)	$	(1,117,631	)	$	16,406,138

6. SUBSEQUENT EVENTS

The Fund has evaluated the impact of subsequent events on its Portfolios and has determined that there were no subsequent events requiring recognition or disclosure in the Fund’s financial statements.

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55

ADDITIONAL INFORMATION

Expense Examples

Six Months Ended July 31, 2017 (Unaudited)

As a shareholder in one or more of the Fund’s Portfolios, you incur two types of costs: (1) transaction costs, including sales charges (loads) and redemption fees (if applicable); and (2) ongoing costs, including management fees, distribution fees pursuant to the Rule 12b-1 Plan (if applicable) and other Portfolio expenses. The Examples on the following page are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

These Examples are based on an investment of $1,000 invested at January 31, 2017 and held for the entire six months ended July 31, 2017.

Actual Expenses

The first line with respect to each share class of each Portfolio on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months ended July 31, 2017. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Six Months Ended July 31, 2017” to estimate the expenses you paid on your account during the six months ended July 31, 2017.

Hypothetical Example for Comparison Purposes

The second line with respect to each share class of each Portfolio on the following page provides information about hypothetical account values and hypothetical expenses based on each Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which are not the Portfolios’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the six months ended July 31, 2017. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and redemption fees (if applicable). Therefore, the second line of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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56

ADDITIONAL INFORMATION

Expense Examples

Six Months Ended July 31, 2017 (Unaudited)

	Beginning Account Value January 31, 2017		Ending Account Value July 31, 2017		Expenses Paid During Six Months Ended July 31, 2017*		Annualized Net Expense Ratio *
Permanent Portfolio®
Class I Shares (PRPFX)
Actual	$	1,000.00	$	1,012.69	$	4.09		.82	%
Hypothetical (5% return before expenses)		1,000.00		1,020.73		6.11		.82	%
Class A Shares (PRPDX)
Actual		1,000.00		1,010.81		7.38		1.08	%
Hypothetical (5% return before expenses)		1,000.00		1,019.44		7.35		1.08	%
Class C Shares (PRPHX)
Actual		1,000.00		1,005.21		11.11		1.83	%
Hypothetical (5% return before expenses)		1,000.00		1,015.72		11.08		1.83	%
Short-Term Treasury Portfolio
Class I Shares (PRTBX)
Actual	$	1,000.00	$	996.28	$	3.56		.72	%
Hypothetical (5% return before expenses)		1,000.00		1,021.22		3.61		.72	%
Versatile Bond Portfolio
Class I Shares (PRVBX)
Actual	$	1,000.00	$	992.31	$	4.15		.84	%
Hypothetical (5% return before expenses)		1,000.00		1,020.63		4.21		.84	%
Class A Shares (PRVDX)
Actual		1,000.00		990.53		5.38		1.09	%
Hypothetical (5% return before expenses)		1,000.00		1,019.39		5.46		1.09	%
Class C Shares (PRVHX)
Actual		1,000.00		986.81		9.06		1.84	%
Hypothetical (5% return before expenses)		1,000.00		1,015.67		9.20		1.84	%
Aggressive Growth Portfolio
Class I Shares (PAGRX)
Actual	$	1,000.00	$	1,026.73	$	6.13		1.22	%
Hypothetical (5% return before expenses)		1,000.00		1,018.74		6.11		1.22	%
Class A Shares (PAGDX)
Actual		1,000.00		1,024.74		7.38		1.47	%
Hypothetical (5% return before expenses)		1,000.00		1,017.50		7.35		1.47	%
Class C Shares (PAGHX)
Actual		1,000.00		1,019.09		11.11		2.22	%
Hypothetical (5% return before expenses)		1,000.00		1,013.79		11.08		2.22	%

* The dollar amounts shown as expenses paid during the period then ended are equal to the annualized six month net expense ratio multiplied by the applicable Portfolio’s average account value during the period, multiplied by the number of days in the period (181) divided by the number of days in the Portfolio’s fiscal year (365) (to reflect the one-half year period). For all share classes, hypothetical 5% annual return before expenses is calculated by multiplying the number of days in the period (181) divided by the number of days in the Portfolio’s fiscal year (365).

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58

ADDITIONAL INFORMATION

Other Information (Unaudited)

Proxy Voting

The Fund’s Portfolios vote proxies relating to their portfolio securities in accordance with the Fund’s Proxy Voting Policies and Procedures. A copy of the Fund’s Proxy Voting Policies and Procedures as well as information regarding how each of the Fund’s Portfolios voted such proxies during the twelve-month period ended June 30, 2017 is available, without charge and upon request, by writing or calling the Fund’s Shareholder Services Office at (800) 531-5142, or by accessing the SEC’s website at http://www.sec.gov.

Quarterly Holdings

Each of the Fund’s Portfolios files its complete schedule of portfolio holdings for its first and third quarters of each fiscal year on the Fund’s Form N-Q. The Fund’s Form N-Qs for such periods, beginning with the quarter ended October 31, 2004, are available on the SEC’s website at http://www.sec.gov. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at (800) SEC-0330.

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61

ADDITIONAL INFORMATION

Trustees and Officers (Unaudited)

All of the Fund’s trustees and officers may be reached c/o Permanent Portfolio Family of Funds, 600 Montgomery Street, Suite 4100, San Francisco, California 94111. No trustee or officer has any family relationship with another and each of the Fund’s trustees will hold office until their successors have been duly elected and qualified, or until their earlier resignation, removal, death or disqualification. The Fund’s officers are elected annually by the Fund’s Board of Trustees and each officer holds office until their successor has been duly elected and qualified, or until their earlier resignation, removal, death or disqualification. The principal occupation(s) of the Fund’s trustees and officers are listed below. The Fund’s Statement of Additional Information includes additional information regarding the Fund’s trustees and officers and is available, without charge and upon request, by writing or calling the Fund’s Shareholder Services Office at (800) 531-5142.

Independent Trustees

DAVID P. BERGLAND

Trustee Age 82

Member of the State Bar of California, formerly a sole practitioner specializing in business litigation in Costa Mesa, California, now retired from the active practice of law. Mr. Bergland is also a writer, lecturer and a former Adjunct Professor of Law at Western State University College of Law in Irvine, California. Mr. Bergland has served as a trustee of the Fund since 1992 and oversees all four of the Fund’s Portfolios.

HUGH A. BUTLER

Trustee Age 65

Now retired, Mr. Butler was formerly Executive Vice President from 2004 through 2006 of the Credit Union Services Division of Fidelity National Information Services, Inc. (formerly Fidelity Information Systems), a publicly-traded provider of software, outsourcing and information technology consulting for the financial services and mortgage industries, majority-owned by Fidelity National, Inc. Previously, Mr. Butler was Chief Executive Officer and Founder of Computer Consultants Corporation, an information systems consulting firm to financial institutions, in Salt Lake City, Utah. Mr. Butler has served as a trustee of the Fund since 1996 and oversees all four of the Fund’s Portfolios.

ROGER DOEBKE

Trustee Age 77

President, Simplex Realty Services, Inc., a commercial real estate acquisition, development and property management firm located in Orange County, California since 1993. Mr. Doebke has served as a trustee of the Fund since 2004 and oversees all four of the Fund’s Portfolios.

Continued on following page.

62

ADDITIONAL INFORMATION

Trustees and Officers (Unaudited)

Interested Trustees and Officers*

MICHAEL J. CUGGINO*

Chairman, President, Secretary & Trustee Age 54

A Certified Public Accountant (inactive), Mr. Cuggino has served as Chairman of the Board and President of the Fund since 2003, as Treasurer of the Fund from 1993 through 2007, as Secretary of the Fund since 2006 and as a trustee of the Fund since 1998. He is the manager and sole trustee of the sole member (also the President and Chief Executive Officer) of the Fund’s investment adviser. Mr. Cuggino oversees all four of the Fund’s Portfolios.

JAMES H. ANDREWS*

Treasurer Age 62

Mr. Andrews has served as Treasurer of the Fund since 2007 and previously served as Assistant Treasurer of the Fund from 2006 through 2007. He has also served as Director of Finance of the Fund’s investment adviser since 2006. Previously, Mr. Andrews was employed in various financial, investment and operational capacities at Blum Capital Partners LP, an investment management firm located in San Francisco, California from 1994 through 2005.

SUSAN K. FREUND*

Chief Compliance Officer Age 62

Ms. Freund has served as the Chief Compliance Officer of the Fund and the Fund’s investment adviser since April 2010 and March 2010, respectively. Previously, Ms. Freund served as an independent consultant to various asset management firms from March 2009 through March 2010 and served as President, Secretary, Treasurer and Chief Compliance Officer of the Embarcadero Funds from 2007 through 2009. From 2001 through 2007, Ms. Freund served as Senior Counsel at Bank of the West. Ms. Freund is a member of the State Bar of California.

* Considered to be an “interested person” within the meaning of the 1940 Act by virtue of, among other considerations, his or her association with the Fund’s investment adviser.

63

Semi-Annual Report

Six Months Ended July 31, 2017

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

777 East Wisconsin Avenue

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. 09/17

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^© 2017 Permanent Portfolio Family of Funds. All rights reserved.