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, 2021
Date of reporting period:	July 31, 2021

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, 2021 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, 2021.
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.
	(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, 2021

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, 2021

/s/ James H. Andrews

By: James H. Andrews, Treasurer

Date: September 29, 2021

Semi-Annual Report   Six Months Ended July 31, 2021

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, 2021 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, 2021. 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^© 2021 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, 2021. 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.

As the weather cools and the leaves begin to peacock their autumn vibrancy, investors continue to face multiple risks to their financial security while coming to terms with an uneven economic recovery and overvalued stock and bond markets. Further, concerns regarding a ballooning federal deficit, inflation, and rising interest rates have been added to those surrounding health and welfare, employment, taxes, and international relations, any of which, at any time, could derail long term wealth creation. Unfortunately, for many of these issues, easy resolution is not an option, and none show signs of abating any time soon. As such, prudent investors must continue to plan for a variety of investment outcomes at all times. This is why we created our Permanent Portfolio 39 years ago, and, if there ever was a time to employ a multi-asset, low-volatility, low-correlation strategy such as our Permanent Portfolio — a plan that has weathered a variety of economic, market, financial and political cycles since 1982 — this is it. So, as you and your portfolio continue to navigate the volatility commensurate with the times, remember that building a nest egg is a marathon, not a sprint, and keep your focus on the long term.

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, including, for income investors, our flexibly managed Versatile Bond Portfolio, or for equity investors, our multi-cap core Aggressive Growth Portfolio, 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 your continued trust and confidence in our Family of Funds. We continue to look forward to helping you achieve long term success in reaching your financial goals now and for many years to come.

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	16
Performance Chart	17
Average Annual Total Returns	18
Schedule of Investments	19
VERSATILE BOND PORTFOLIO
Management’s Discussion and Analysis	20
Performance Chart	21
Average Annual Total Returns	22
Schedule of Investments	23
AGGRESSIVE GROWTH PORTFOLIO
Management’s Discussion and Analysis	28
Performance Chart	29
Average Annual Total Returns	30
Schedule of Investments	31
STATEMENTS OF ASSETS AND LIABILITIES	34
STATEMENTS OF OPERATIONS	37
STATEMENTS OF CHANGES IN NET ASSETS	38
FINANCIAL HIGHLIGHTS	40
NOTES TO FINANCIAL STATEMENTS	50
ADDITIONAL INFORMATION	59

4

PERMANENT PORTFOLIO^®

Management’s Discussion and Analysis

Six Months Ended July 31, 2021 (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, 2021, the Portfolio’s Class I shares achieved a total return of 9.25%, net of expenses to average net assets of .82%, as compared to .02% for the FTSE 3-Month U.S. Treasury Bill Index and 19.19% for the Standard & Poor’s 500 Composite Stock Index, and as compared to a 4.37% 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 stocks, its real estate and natural resource stocks, and corporate bonds, which were only partially offset by negative returns on its gold and silver holdings, its Swiss franc assets, and its U.S. Treasury securities. Neither the FTSE 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, 41 and 42.

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 across asset classes 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, 2021.

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, 2021 (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 FTSE 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 FTSE 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, 2021 (Unaudited)

	One Year		Five Years		Ten Years		Since Inception		Inception Date
At Net Asset Value
Class I Shares (PRPFX) (1)		19.84%		8.78%		4.88%		6.54%		12/01/1982
Class A Shares (PRPDX)		19.53%		8.52%		—		9.63%		5/31/2016
Class C Shares (PRPHX)		18.66%		7.70%		—		8.81%		5/31/2016
With Sales Charge
Class A Shares (PRPDX) (2)		13.55%		7.41%		—		8.55%
Class C Shares (PRPHX) (2)		17.66%		7.70%		—		8.81%
FTSE 3-Month U.S. Treasury Bill Index (3)		.07%		1.14%		.60%		3.59%
Standard & Poor’s 500 Composite Stock Index (3)		36.45%		17.35%		15.35%		12.03%

(1) Returns for the ten-year and since inception periods reflect the impact of fee waivers then 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% which is imposed on Class C shares that are redeemed within one year of purchase.

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

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.

As stated in the Portfolio’s Prospectus dated June 1, 2021, the total annual operating expenses (“expense ratios”) for the year ended January 31, 2021 were .83%, 1.08% and 1.83% for the Portfolio’s Class I, Class A and Class C shares, respectively. The expense ratios for the six months ended July 31, 2021 may be found in the Financial Highlights section of this Report.

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 therefore possible to lose money by investing in Permanent Portfolio.

7

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2021 (Unaudited)

Quantity			Market Value
		GOLD ASSETS — 19.34% of Total Net Assets
	212,723 Troy Oz.	Gold bullion (a)	$	385,581,471
	95,000 Coins	One-ounce gold coins (a)		177,609,500
		Total Gold Assets (identified cost $328,588,392)	$	563,190,971
		SILVER ASSETS — 5.09% of Total Net Assets
	5,807,446 Troy Oz.	Silver bullion (a)	$	148,252,487
		Total Silver Assets (identified cost $86,517,939)	$	148,252,487
Principal Amount
		SWISS FRANC ASSETS — 7.80% of Total Net Assets
CHF	97,275	Swiss franc deposits (a)	$	107,385
CHF	65,000,000	2.000% Swiss Confederation Bonds, 05-25-22	$	73,391,842
CHF	50,000,000	4.000% Swiss Confederation Bonds, 02-11-23		59,260,087
CHF	60,000,000	1.250% Swiss Confederation Bonds, 06-11-24		70,160,623
CHF	10,000,000	1.500% Swiss Confederation Bonds, 07-24-25		12,052,216
CHF	10,000,000	1.250% Swiss Confederation Bonds, 05-28-26		12,101,341
		Total Swiss Confederation bonds	$	226,966,109
		Total Swiss Franc Assets (identified cost $224,506,009)	$	227,073,494
Number of Shares
		REAL ESTATE AND NATURAL RESOURCE STOCKS — 18.13% of Total Net Assets
		NATURAL RESOURCES — 8.26% of Total Net Assets
	200,000	APA Corporation	$	3,750,000
	150,000	BHP Group, Ltd. (b)		11,784,000
	125,000	BP, p.l.c. (b)		3,022,500
	500,000	Cameco Corporation		8,900,000
	125,000	Canadian Natural Resources Ltd.		4,127,500
	125,000	Chevron Corporation		12,726,250
	125,000	ConocoPhillips		7,007,500
	500,000	Devon Energy Corporation		12,920,000
	125,000	Exxon Mobil Corporation		7,196,250
	3,000,000	Freeport-McMoRan, Inc.		114,300,000
	500,000	Murphy Oil Corporation		10,855,000
	150,000	Nutrien, Ltd.		8,910,000
	200,000	Occidental Petroleum Corporation		5,220,000
	100,000	Occidental Petroleum Corporation warrants (a)		1,073,000
	200,000	Ovintiv, Inc.		5,132,000
	150,000	Rio Tinto p.l.c (b)		12,946,500
	500,000	South32 Limited (b)		5,510,000
	250,000	Vale S.A. (b)		5,255,000
			$	240,635,500

Continued on following page.

8

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2021 (Unaudited)

Number of Shares			Market Value
		REAL ESTATE — 9.87% of Total Net Assets
	125,000	Alexander & Baldwin, Inc.	$	2,502,500
	65,000	AvalonBay Communities, Inc.		14,808,950
	65,000	Boston Properties, Inc.		7,629,700
	200,000	Centerspace		18,000,000
	75,000	Digital Realty Trust, Inc.		11,562,000
	125,000	Duke Realty Corporation		6,360,000
	65,000	Essex Property Trust, Inc.		21,326,500
	100,000	Federal Realty Investment Trust		11,753,000
	900,000	Franklin Street Properties Corporation		4,698,000
	150,000	Highwoods Properties, Inc.		7,153,500
	250,000	Kimco Realty Corporation		5,332,500
	500,000	Outfront Media, Inc.		11,945,000
	125,000	Prologis, Inc.		16,005,000
	125,000	Regency Centers Corporation		8,176,250
	100,000	Simon Property Group, Inc.		12,652,000
	60,000	Texas Pacific Land Corporation		89,553,000
	125,000	UDR, Inc.		6,873,750
	250,000	UMH Properties, Inc.		5,820,000
	200,000	Urstadt Biddle Properties, Inc.		3,357,880
	500,000	Urstadt Biddle Properties, Inc. Class A		9,535,000
	100,000	Vornado Realty Trust		4,350,000
	125,000	Washington Real Estate Investment Trust		3,036,250
	150,000	Weyerhaeuser Company		5,059,500
			$	287,490,280
		Total Real Estate and Natural Resource Stocks (identified cost $311,226,290)	$	528,125,780
		AGGRESSIVE GROWTH STOCKS — 18.00% of Total Net Assets
		AEROSPACE — .64% of Total Net Assets
	50,000	Lockheed Martin Corporation	$	18,583,500
			$	18,583,500
		CHEMICALS — .85% of Total Net Assets
	50,000	Air Products & Chemicals, Inc.	$	14,551,500
	50,000	Albemarle Corporation		10,302,000
			$	24,853,500
		COMPUTER SOFTWARE & SERVICES — 3.38% of Total Net Assets
	50,000	Autodesk, Inc. (a)	$	16,056,500
	500,000	Palantir Technologies, Inc. Class A (a)		10,855,000
	200,000	Sailpoint Technologies Holdings, Inc. (a)		9,998,000
	165,000	Twilio, Inc. Class A (a)		61,642,350
			$	98,551,850
		ELECTRICAL EQUIPMENT & ELECTRONICS — 1.90% of Total Net Assets
	40,000	Broadcom, Inc.	$	19,416,000
	125,000	Intel Corporation		6,715,000
	150,000	NVIDIA Corporation		29,248,500
			$	55,379,500
		ENERGY SERVICES & PROCESSING — .28% of Total Net Assets
	150,000	HollyFrontier Corporation	$	4,410,000
	50,000	Phillips 66		3,671,500
			$	8,081,500

Continued on following page.

9

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2021 (Unaudited)

Number of Shares			Market Value
		ENGINEERING & CONSTRUCTION — .42% of Total Net Assets
	100,000	Fluor Corporation	$	1,666,000
	100,000	Lennar Corporation Class A		10,515,000
			$	12,181,000
		ENTERTAINMENT & LEISURE — 2.49% of Total Net Assets
	50,000	Disney (Walt) Company	$	8,801,000
	165,000	Facebook, Inc. Class A (a)		58,789,500
	50,000	Wynn Resorts, Ltd.		4,916,500
			$	72,507,000
		FINANCIAL SERVICES — 2.19% of Total Net Assets
	125,000	Affirm Holdings, Inc. (a)	$	7,040,000
	60,000	First Republic Bank		11,701,200
	400,000	KeyCorp		7,864,000
	150,000	Morgan Stanley		14,397,000
	150,000	Schwab (Charles) Corporation		10,192,500
	60,000	State Street Corporation		5,228,400
	30,000	Visa, Inc. Class A		7,391,700
			$	63,814,800
		MANUFACTURING — 1.88% of Total Net Assets
	60,000	Agilent Technologies, Inc.	$	9,193,800
	60,000	Illinois Tool Works, Inc.		13,600,200
	60,000	IPG Photonics Corporation (a)		13,089,600
	60,000	Parker-Hannifin Corporation		18,721,800
			$	54,605,400
		MATERIALS — .36% of Total Net Assets
	100,000	Nucor Corporation	$	10,402,000
			$	10,402,000
		PHARMACEUTICALS — 1.54% of Total Net Assets
	50,000	Amgen, Inc.	$	12,077,000
	250,000	Applied Molecular Transport, Inc. (a)		7,007,500
	500,000	Atara Biotherapeutics, Inc. (a)		6,375,000
	250,000	Cortexyme, Inc. (a)		14,127,500
	250,000	Personalis, Inc. (a)		5,247,500
			$	44,834,500
		RETAIL — 1.00% of Total Net Assets
	50,000	Costco Wholesale Corporation	$	21,486,000
	50,000	Williams-Sonoma, Inc.		7,585,000
			$	29,071,000
		TRANSPORTATION — 1.07% of Total Net Assets
	50,000	FedEx Corporation	$	13,997,500
	50,000	Kansas City Southern		13,390,000
	50,000	Ryder System, Inc.		3,807,500
			$	31,195,000
		Total Aggressive Growth Stocks (identified cost $202,613,024)	$	524,060,550

Continued on following page.

10

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2021 (Unaudited)

Principal Amount			Market Value
		DOLLAR ASSETS — 31.07% of Total Net Assets
		CORPORATE BONDS — 26.08% of Total Net Assets
		ADVERTISING & MARKETING — .28% of Total Net Assets
$	7,500,000	4.200% The Interpublic Group of Companies, Inc., 04-15-24	$	8,162,374
			$	8,162,374
		AEROSPACE — .83% of Total Net Assets
	11,736,000	3.850% L3Harris Technologies, Inc., 06-15-23	$	12,459,122
	3,000,000	8.375% Lockheed Martin Corporation, 06-15-24		3,612,260
	7,500,000	2.930% Northrop Grumman Corporation, 01-15-25		8,008,687
			$	24,080,069
		CHEMICALS — .70% of Total Net Assets
	8,360,000	4.150% Albemarle Corporation, 12-01-24	$	9,166,067
	11,228,000	3.500% Eastman Chemical Company, 12-01-21		11,343,996
			$	20,510,063
		COMMUNICATIONS SERVICES — .12% of Total Net Assets
	3,500,000	.750% Bell Canada, 03-17-24	$	3,517,008
			$	3,517,008
		COMPUTER SOFTWARE & SERVICES — 1.17% of Total Net Assets
	5,000,000	2.750% eBay, Inc., 01-30-23	$	5,169,315
	5,000,000	2.950% Leidos, Inc., 05-15-23		5,193,750
	9,250,000	4.150% Trimble, Inc., 06-15-23		9,805,527
	12,500,000	4.750% Trimble, Inc., 12-01-24		13,937,875
			$	34,106,467
		CONSUMER PRODUCTS — 5.33% of Total Net Assets
	5,848,000	2.850% Altria Group, Inc., 08-09-22	$	6,001,627
	10,000,000	2.764% B.A.T. Capital Corporation, 08-15-22		10,228,665
	9,082,000	1.035% B.A.T. Capital Corporation, 08-15-22 (c)		9,138,090
	30,000,000	3.222% B.A.T. Capital Corporation, 08-15-24		31,928,880
	1,887,000	3.500% Beam Suntory, Inc., 05-15-22		1,917,084
	6,110,000	2.450% Church & Dwight Company, Inc., 08-01-22		6,226,667
	10,000,000	3.250% Conagra Brands, Inc., 09-15-22		10,315,880
	5,500,000	3.500% Imperial Brands, p.l.c., 07-26-26 (d)		5,942,593
	3,480,000	2.700% McCormick & Company, Inc., 08-15-22		3,559,100
	2,635,000	3.500% McCormick & Company, Inc., 09-01-23		2,778,144
	4,888,000	2.250% Mondelez International Holdings Netherlands B.V., 09-19-24		5,119,180
	27,500,000	1.250% Pernod Ricard International Finance, LLC, 04-01-28 (d)		26,763,729
	5,000,000	4.250% Pernod Ricard SA, 07-15-22 (d)		5,184,223
	3,000,000	.693% Reckitt Benckiser Treasury Services PLC, 06-24-22 (c)(d)		3,013,776
	7,500,000	2.750% Reckitt Benckiser Treasury Services PLC, 06-26-24 (d)		7,919,726
	10,250,000	2.550% Suntory Holdings, Ltd., 06-28-22 (d)		10,435,884
	8,000,000	4.250% Tapestry, Inc., 04-01-25		8,722,320
			$	155,195,568
		ENERGY SERVICES & PROCESSING — 1.99% of Total Net Assets
	12,930,000	1.406% Kinder Morgan, Inc., 01-15-23 (c)	$	13,117,550
	15,000,000	4.500% Marathon Petroleum Corporation, 05-01-23		15,956,250
	8,500,000	4.750% Marathon Petroleum Corporation, 12-15-23		9,253,529
	5,000,000	2.700% Valero Energy Corporation, 04-15-23		5,179,640
	14,526,000	1.268% Valero Energy Corporation, 09-15-23 (c)		14,544,898
			$	58,051,867

Continued on following page.

11

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2021 (Unaudited)

Principal Amount			Market Value
		ENGINEERING & CONSTRUCTION — 1.01% of Total Net Assets
$	7,500,000	4.375% D.R. Horton, Inc., 09-15-22	$	7,757,085
	6,000,000	4.750% D.R. Horton, Inc., 02-15-23		6,316,500
	5,085,000	2.500% D.R. Horton, Inc., 10-15-24		5,337,361
	2,900,000	3.950% NVR, Inc., 09-15-22		2,992,516
	6,000,000	5.500% Pulte Group, Inc., 03-01-26		7,035,654
			$	29,439,116
		FINANCIAL SERVICES — 2.64% of Total Net Assets
	5,500,000	4.250% Affiliated Managers Group, Inc., 02-15-24	$	5,998,534
	6,500,000	3.500% Affiliated Managers Group, Inc., 08-01-25		7,108,153
	10,000,000	4.000% Apollo Management Holdings, LLC, 05-30-24 (d)		10,902,120
	2,000,000	4.250% Associated Banc-Corp, 01-15-25		2,164,942
	7,451,000	.905% Capital One Financial Corporation, 01-30-23 (c)		7,509,855
	5,000,000	3.650% Fifth Third Bancorp, 01-25-24		5,362,175
	8,220,000	3.550% First Horizon Corporation, 05-26-23		8,636,762
	9,552,000	.768% Intercontinental Exchange, Inc., 06-15-23 (c)		9,544,655
	2,000,000	5.500% Jefferies Group, LLC, 10-18-23		2,142,982
	5,500,000	3.750% Lazard Group, LLC, 02-13-25		5,989,327
	6,500,000	4.875% Morgan Stanley, 11-01-22		6,861,478
	4,500,000	2.859% UBS Group, AG, 08-15-23 (c)(d)		4,610,000
			$	76,830,983
		INFORMATION SERVICES — .15% of Total Net Assets
	4,000,000	6.625% Relx, Inc., 10-15-23	$	4,504,082
			$	4,504,082
		INSURANCE — 1.19% of Total Net Assets
	2,920,000	3.800% Globe Life, Inc., 09-15-22	$	3,025,703
	17,425,000	5.000% Infinity Property & Casualty Corporation, 09-19-22		18,213,194
	4,530,000	7.625% Massachusetts Mutual Life Insurance Company, 11-15-23 (d)		4,977,048
	7,500,000	4.400% Mercury General Corporation, 03-15-27		8,529,589
			$	34,745,534
		LODGING — .14% of Total Net Assets
	2,000,000	5.750% Choice Hotels International, Inc., 07-01-22	$	2,087,993
	2,000,000	3.375% Hyatt Hotels Corporation, 07-15-23		2,083,140
			$	4,171,133
		MANUFACTURING — .47% of Total Net Assets
	5,310,000	4.625% Kennametal, Inc., 06-15-28	$	6,068,151
	5,000,000	2.700% Parker-Hannifin Corporation, 06-14-24		5,278,508
	2,174,000	4.875% Xylem, Inc., 10-01-21		2,189,456
			$	13,536,115
		NATURAL RESOURCES — 2.77% of Total Net Assets
	1,600,000	3.375% Agrium, Inc., 03-15-25	$	1,667,843
	5,000,000	3.450% Canadian Natural Resources Ltd., 11-15-21		5,012,627
	20,000,000	2.950% Canadian Natural Resources Ltd., 01-15-23		20,688,930
	6,150,000	3.750% Mosaic Company, 11-15-21		6,156,580
	9,144,000	3.250% Mosaic Company, 11-15-22		9,452,784
	16,720,000	4.250% Mosaic Company, 11-15-23		17,941,229
	7,850,000	3.150% Nutrien, Ltd., 10-01-22		8,050,607
	7,500,000	6.950% Occidental Petroleum Corporation, 07-01-24		8,379,244
	3,229,000	4.125% Parsley Energy, LLC, 02-15-28 (d)		3,374,305
			$	80,724,149

Continued on following page.

12

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2021 (Unaudited)

Principal Amount			Market Value
		PHARMACEUTICALS — .37% of Total Net Assets
$	5,090,000	3.375% AbbVie, Inc., 11-14-21	$	5,131,702
	5,500,000	5.000% AbbVie, Inc., 12-15-21		5,550,584
			$	10,682,286
		REAL ESTATE — 4.41% of Total Net Assets
	4,500,000	3.850% Boston Properties, L.P., 02-01-23	$	4,689,110
	4,683,000	3.950% Brandywine Operating Partnership, L.P., 02-15-23		4,897,507
	3,390,000	3.849% CC Holdings GS V, LLC, 04-15-23		3,583,347
	4,016,000	4.375% Cubesmart, L.P., 12-15-23		4,332,368
	11,915,000	3.750% Duke Realty, L.P., 12-01-24		12,967,100
	3,500,000	2.625% Equinix, Inc., 11-18-24		3,690,542
	4,500,000	3.250% Essex Portfolio, L.P., 05-01-23		4,690,334
	3,517,000	3.625% Highwoods Realty, L.P., 01-15-23		3,629,685
	7,500,000	4.125% Highwoods Realty, L.P., 03-15-28		8,531,978
	4,522,000	4.400% Lexington Realty Trust, 06-15-24		4,902,752
	2,928,000	4.300% Mid-America Apartments, L.P., 10-15-23		3,140,248
	4,175,000	4.450% Piedmont Operating Partnership, L.P., 03-15-24		4,504,495
	4,642,000	5.000% Retail Opportunity Investments Corporation, 12-15-23		5,023,025
	4,899,000	3.625% Site Centers Corporation, 02-01-25		5,202,464
	13,700,000	1.135% SL Green Operating Partnership, L.P., 08-16-21 (c)		13,701,685
	2,423,000	3.250% SL Green Operating Partnership, L.P., 10-15-22		2,491,203
	5,270,000	2.950% UDR, Inc., 09-01-26		5,667,374
	7,419,000	3.950% Washington Real Estate Investment Trust, 10-15-22		7,660,993
	10,367,000	3.375% Weingarten Realty Investors, 10-15-22		10,657,711
	7,070,000	4.450% Weingarten Realty Investors, 01-15-24		7,602,901
	1,733,000	3.850% Weingarten Realty Investors, 06-01-25		1,882,686
	4,000,000	7.850% Weyerhaeuser Company, 07-01-26		5,066,544
			$	128,516,052
		RETAIL — .28% of Total Net Assets
	3,761,000	1.750% Advance Auto Parts, Inc., 10-01-27	$	3,771,928
	4,050,000	3.500% AutoNation, Inc., 11-15-24		4,362,856
			$	8,134,784
		TRANSPORTATION — .62% of Total Net Assets
	3,310,000	4.450% Canadian Pacific Railway Limited, 03-15-23	$	3,491,640
	1,938,000	2.875% Kansas City Southern, 11-15-29		2,071,767
	4,531,000	4.250% Penske Truck Leasing Company, L.P., 01-17-23 (d)		4,769,013
	7,500,000	3.450% Ryder System, Inc., 11-15-21		7,545,499
			$	17,877,919
		UTILITIES — 1.48% of Total Net Assets
	10,025,000	3.750% Alliant Energy Finance, LLC, 06-15-23 (d)	$	10,586,545
	4,000,000	4.250% Black Hills Corporation, 11-30-23		4,295,316
	4,010,000	2.100% Georgia Power Company, 07-30-23		4,142,436
	3,389,000	3.750% National Fuel Gas Company, 03-01-23		3,518,889
	7,500,000	5.200% National Fuel Gas Company, 07-15-25		8,480,775
	9,000,000	3.150% Progress Energy, Inc., 04-01-22		9,106,402
	3,000,000	.800% WEC Energy Group, Inc., 03-15-24		3,012,200
			$	43,142,563
		WASTE & ENVIRONMENTAL SERVICES — .13% of Total Net Assets
	3,500,000	2.400% Waste Management, Inc., 05-15-23	$	3,617,639
			$	3,617,639
			$	759,545,771

Continued on following page.

13

PERMANENT PORTFOLIO^®

Schedule of Investments

July 31, 2021 (Unaudited)

Principal Amount			Market Value
		UNITED STATES TREASURY SECURITIES — 4.99% of Total Net Assets
$	40,000,000	United States Treasury bills       .020%, 08-10-21 (e)	$	39,999,777
	20,000,000	United States Treasury bonds 6.250%, 08-15-23		22,449,061
	25,000,000	United States Treasury bonds 6.000%, 02-15-26		31,007,707
	40,000,000	United States Treasury bonds 5.250%, 11-15-28		51,945,658
			$	145,402,203
		Total Dollar Assets (identified cost $882,853,874)	$	904,947,974
		Total Portfolio — 99.43% of total net assets (identified cost $2,036,305,528) (f)	$	2,895,651,256
		Other assets, less liabilities (.57% of total net assets)		16,590,508
		Net assets applicable to outstanding shares	$	2,912,241,764
		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, 2021.
		(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, 2021, these securities amounted to $98,478,962, or 3.38% 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.

14

[THIS PAGE INTENTIONALLY LEFT BLANK]

15

SHORT-TERM TREASURY PORTFOLIO

Management’s Discussion and Analysis

Six Months Ended July 31, 2021 (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, 2021, the Portfolio’s Class I shares achieved a total return of -.31%, net of expenses to average net assets of .65%, as compared to .02% for the FTSE 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 investment returns available on short-term U.S. Treasury and Agency securities being less than Portfolio expenses during the period. The FTSE 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. The Portfolio’s yield and share price will fluctuate in response to changes in interest rates. 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, 2021.

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

16

SHORT-TERM TREASURY PORTFOLIO

Performance Chart

Ten Years Ended July 31, 2021 (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 FTSE 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 FTSE 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.

17

SHORT-TERM TREASURY PORTFOLIO

Average Annual Total Returns

Periods Ended July 31, 2021 (Unaudited)

	One Year		Five Years		Ten Years		Since Inception		Inception Date
At Net Asset Value
Class I Shares (PRTBX) (1)		-.59%		.51%		-.02%		2.23%		5/26/1987
FTSE 3-Month U.S. Treasury Bill Index (2)		.07%		1.14%		.60%		3.02%

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

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

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.

As stated in the Portfolio’s Prospectus dated June 1, 2021, the total annual operating expenses before and after fee waivers (“expense ratios”) for the year ended January 31, 2021 were 1.22% and .66%, respectively. The expense ratios for the six months ended July 31, 2021 may be found in the Financial Highlights section of this Report.

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 therefore possible to lose money by investing in Short-Term Treasury Portfolio.

18

SHORT-TERM TREASURY PORTFOLIO

Schedule of Investments

July 31, 2021 (Unaudited)

Principal Amount			Market Value
		UNITED STATES TREASURY SECURITIES — 100.83% of Total Net Assets
$	2,000,000	United States Treasury bills     .012%, 08-05-21 (a)	$	1,999,997
	1,900,000	United States Treasury bills     .027%, 08-19-21 (a)		1,899,973
	1,900,000	United States Treasury bills     .035%, 09-09-21 (a)		1,899,930
	1,900,000	United States Treasury bills     .040%, 09-16-21 (a)		1,899,905
	1,900,000	United States Treasury bills     .045%, 10-21-21 (a)		1,899,809
	1,900,000	United States Treasury bills     .041%, 11-04-21 (a)		1,899,801
	1,900,000	United States Treasury bills     .046%, 12-02-21 (a)		1,899,710
		Total Portfolio — 100.83% of total net assets (identified cost $13,399,493)(b)	$	13,399,125
		Liabilities, less other assets (.83% of total net assets)		(110,471	)
		Net assets applicable to outstanding shares	$	13,288,654
		Notes:
		(a)  Interest rate represents yield to maturity.
		(b)  Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

19

VERSATILE BOND PORTFOLIO

Management’s Discussion and Analysis

Six Months Ended July 31, 2021 (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, 2021, the Portfolio’s Class I shares achieved a total return of 2.73%, net of expenses to average net assets of .62%, as compared to -1.12% for the Bloomberg Global Aggregate (Excluding Securitized) Bond Index, .21% for the FTSE BIG Credit AAA/AA 1-3 Year Corporate Bond Index and .27% for the FTSE BIG Credit A 1-3 Year Corporate Bond Index over the same period. The Portfolio’s return during the six months then ended exceeded the performance of the respective indices, primarily due to its investment selection, the timing of purchases and sales of those investments in relation to fluctuating market values relative to the aforementioned indices, and its investments in U.S. dollar denominated corporate securities having greater credit risk, lower duration 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 22, 45 and 46.

Mutual fund investing involves risk; loss of principal is possible. The Portfolio’s yield and share price will fluctuate in response to changes in interest rates. 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, 2021. 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.

20

VERSATILE BOND PORTFOLIO

Performance Chart

Ten Years Ended July 31, 2021 (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 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 Global Aggregate (Excluding Securitized) Bond Index, which excludes securitized fixed income investments, is a sub-index of the Bloomberg Global Aggregate Bond Index and has characteristics relevant to the Portfolio’s investment strategies after May 30, 2012. The FTSE BIG Credit AAA/AA 1-3 Year Corporate Bond Index and the FTSE BIG Credit A 1-3 Year Corporate Bond Index are components of the FTSE 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.

21

VERSATILE BOND PORTFOLIO

Average Annual Total Returns

Periods Ended July 31, 2021 (Unaudited)

	One Year		Five Years		Ten Years		Since Inception		Inception Date
At Net Asset Value
Class I Shares (PRVBX) (1)(2)		9.59%		5.96%		4.39%		3.84%		9/27/1991
Class A Shares (PRVDX) (1)		9.33%		5.70%		—		5.89%		5/31/2016
Class C Shares (PRVHX) (1)		8.52%		4.91%		—		5.10%		5/31/2016
With Sales Charge
Class A Shares (PRVDX) (1)(3)		4.97%		4.84%		—		5.06%
Class C Shares (PRVHX) (1)(3)		7.52%		4.91%		—		5.10%
Bloomberg Global Aggregate (Excluding Securitized) Bond Index (4)(5)		.86%		2.47%		1.90%		5.25%
FTSE BIG Credit AAA/AA 1-3 Year Corporate Bond Index (5)		.51%		2.07%		1.66%		4.21%
FTSE BIG Credit A 1-3 Year Corporate Bond Index (5)		.82%		2.39%		2.12%		4.52%

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

(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% which is imposed on Class C shares that are redeemed within one year of purchase.

(4) The Bloomberg 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 Global Aggregate Bond Index through September 29, 2002 and the return data of the Bloomberg 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.

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.

As stated in the Portfolio’s Prospectus dated June 1, 2021, the total annual operating expenses (“expense ratios”) for the year ended January 31, 2021, before fee waivers, were 1.23%, 1.48% and 2.23% for the Portfolio’s Class I, Class A and Class C shares, respectively. The expense ratios for the same period, after fee waivers, were .67%, .92% and 1.67% for the Portfolio’s Class I, Class A and Class C shares, respectively. The expense ratios for the six months ended July 31, 2021 may be found in the Financial Highlights section of this Report.

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 therefore possible to lose money by investing in Versatile Bond Portfolio.

22

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2021 (Unaudited)

Principal Amount			Market Value
		CORPORATE BONDS — 89.78% of Total Net Assets
		ADVERTISING & MARKETING — 1.20% of Total Net Assets
$	1,000,000	4.200% The Interpublic Group of Companies, Inc., 04-15-24	$	1,088,316
			$	1,088,316
		AEROSPACE — 1.37% of Total Net Assets
	1,170,000	3.850% L3Harris Technologies, Inc., 06-15-23	$	1,242,096
			$	1,242,096
		CHEMICALS — 2.70% of Total Net Assets
	1,250,000	4.150% Albemarle Corporation, 12-01-24	$	1,370,524
	600,000	3.500% Eastman Chemical Company, 12-01-21		606,199
	200,000	3.950% FMC Corporation, 02-01-22		201,850
	275,000	3.600% Westlake Chemical Corporation, 07-15-22		281,127
			$	2,459,700
		COMMUNICATIONS SERVICES — 1.11% of Total Net Assets
	1,000,000	.750% Bell Canada, 03-17-24	$	1,004,860
			$	1,004,860
		COMPUTER SOFTWARE & SERVICES — 4.78% of Total Net Assets
	110,000	2.950% Leidos, Inc., 05-15-23	$	114,262
	1,000,000	1.125% Splunk, Inc., 06-15-27 (a)		971,289
	1,500,000	4.150% Trimble, Inc., 06-15-23		1,590,086
	1,500,000	4.750% Trimble, Inc., 12-01-24		1,672,545
			$	4,348,182
		CONSUMER PRODUCTS — 15.09% of Total Net Assets
	150,000	2.850% Altria Group, Inc., 08-09-22	$	153,940
	3,750,000	3.222% B.A.T. Capital Corporation, 08-15-24		3,991,110
	125,000	3.250% B.A.T. International Finance, p.l.c., 06-07-22 (b)		127,852
	500,000	2.250% Brown Forman Corporation, 01-15-23		510,539
	2,500,000	3.500% Imperial Brands, p.l.c., 07-26-26 (b)		2,701,179
	1,000,000	3.500% McCormick & Company, Inc., 09-01-23		1,054,324
	1,500,000	1.250% Pernod Ricard International Finance, LLC, 04-01-28 (b)		1,459,840
	1,250,000	2.550% Suntory Holdings, Ltd., 06-28-22 (b)		1,272,669
	804,000	3.000% Tapestry, Inc., 07-15-22		819,994
	1,500,000	4.250% Tapestry, Inc., 04-01-25		1,635,435
			$	13,726,882
		ENERGY SERVICES & PROCESSING — 8.51% of Total Net Assets
	200,000	4.000% BG Energy Capital, p.l.c., 10-15-21 (b)	$	201,514
	200,000	3.375% Boardwalk Pipelines, L.P., 02-01-23		206,372
	4,215,000	4.750% El Paso Energy Capital Trust I, 03-31-28 (a)		4,231,860
	1,500,000	4.500% Marathon Petroleum Corporation, 05-01-23		1,595,625
	1,500,000	1.268% Valero Energy Corporation, 09-15-23 (c)		1,501,952
			$	7,737,323
		ENGINEERING & CONSTRUCTION — .20% of Total Net Assets
	175,000	4.375% D.R. Horton, Inc., 09-15-22	$	180,999
			$	180,999

Continued on following page.

23

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2021 (Unaudited)

Principal Amount			Market Value
		FINANCIAL SERVICES — 9.25% of Total Net Assets
$	1,000,000	3.500% Affiliated Managers Group, Inc., 08-01-25	$	1,093,562
	125,000	6.750% B. Riley Financial, Inc., 05-31-24		130,400
	1,000,000	6.500% B. Riley Financial, Inc., 09-30-26		1,054,800
	1,400,000	5.375% Citadel, L.P., 01-17-23 (b)		1,477,704
	1,563,000	5.000% Deutsche Bank, AG, 02-14-22		1,600,514
	1,500,000	3.550% First Horizon Corporation, 05-26-23		1,576,052
	375,000	4.625% KKR Group Finance Company IX, LLC, 04-01-61		393,150
	1,000,000	3.750% Lazard Group, LLC, 02-13-25		1,088,969
			$	8,415,151
		INSURANCE — 8.55% of Total Net Assets
	1,000,000	5.000% American Equity Investment Life Holding Company, 06-15-27	$	1,145,000
	1,000,000	4.500% Brown & Brown, Inc., 03-15-29		1,164,663
	551,000	4.850% Fairfax Financial Holdings, Ltd., 04-17-28		642,474
	1,500,000	5.000% Infinity Property & Casualty Corporation, 09-19-22		1,567,850
	650,000	4.350% Kemper Corporation, 02-15-25		713,382
	1,750,000	4.400% Mercury General Corporation, 03-15-27		1,990,237
	750,000	7.450% Phoenix Companies, Inc., 01-15-32		547,500
			$	7,771,106
		LODGING — .17% of Total Net Assets
	150,000	5.750% Choice Hotels International, Inc., 07-01-22	$	156,599
			$	156,599
		MANUFACTURING — 2.09% of Total Net Assets
	250,000	4.875% Avnet, Inc., 12-01-22	$	264,021
	375,000	8.125% Babcock & Wilcox Enterprises, Inc., 02-28-26		383,100
	250,000	3.375% Boston Scientific Corporation, 05-15-22		256,096
	600,000	4.625% Kennametal, Inc., 06-15-28		685,667
	300,000	3.450% RPM International, Inc., 11-15-22		308,866
			$	1,897,750
		MATERIALS — 1.88% of Total Net Assets
	1,617,000	2.800% Steel Dynamics, Inc., 12-15-24	$	1,711,999
			$	1,711,999
		MEDICAL DEVICES — .70% of Total Net Assets
	750,000	3.557% Haemonetics Corporation, 03-01-26 (a)(b)(d)	$	638,093
			$	638,093
		NATURAL RESOURCES — 8.32% of Total Net Assets
	2,250,000	2.950% Canadian Natural Resources Ltd., 01-15-23	$	2,327,505
	275,000	3.750% Mosaic Company, 11-15-21		275,294
	1,250,000	3.250% Mosaic Company, 11-15-22		1,292,211
	1,000,000	3.150% Nutrien, Ltd., 10-01-22		1,025,555
	500,000	6.950% Occidental Petroleum Corporation, 07-01-24		558,616
	2,000,000	4.125% Parsley Energy, LLC, 02-15-28 (b)		2,090,000
			$	7,569,181
		PHARMACEUTICALS — .39% of Total Net Assets
	335,000	2.900% Bristol-Myers Squibb Company, 07-26-24 (b)	$	358,208
			$	358,208

Continued on following page.

24

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2021 (Unaudited)

Principal Amount			Market Value
		REAL ESTATE — 13.49% of Total Net Assets
$	1,135,000	4.100% Brandywine Operating Partnership, L.P., 10-01-24	$	1,229,070
	350,000	3.400% Piedmont Operating Partnership, L.P., 06-01-23		363,921
	2,950,000	5.000% Retail Opportunity Investments Corporation, 12-15-23		3,192,142
	400,000	4.000% Retail Opportunity Investments Corporation, 12-15-24		433,862
	125,000	3.625% Site Centers Corporation, 02-01-25		132,743
	975,000	4.700% Site Centers Corporation, 06-01-27		1,093,946
	2,500,000	3.250% SL Green Operating Partnership, L.P., 10-15-22		2,570,370
	1,000,000	2.950% UDR, Inc., 09-01-26		1,075,403
	1,000,000	3.950% Washington Real Estate Investment Trust, 10-15-22		1,032,618
	557,000	4.450% Weingarten Realty Investors, 01-15-24		598,984
	500,000	3.850% Weingarten Realty Investors, 06-01-25		543,187
			$	12,266,246
		RESTAURANTS — .34% of Total Net Assets
	300,000	3.875% Brinker International, Inc., 05-15-23	$	309,455
			$	309,455
		RETAIL — 2.58% of Total Net Assets
	1,000,000	1.750% Advance Auto Parts, Inc., 10-01-27	$	1,002,906
	1,250,000	3.500% AutoNation, Inc., 11-15-24		1,346,560
			$	2,349,466
		TRANSPORTATION — 2.62% of Total Net Assets
	1,000,000	2.875% Kansas City Southern, 11-15-29	$	1,069,023
	1,250,000	4.250% Penske Truck Leasing Company, L.P., 01-17-23 (b)		1,315,663
			$	2,384,686
		UTILITIES — 4.44% of Total Net Assets
	1,500,000	3.750% Alliant Energy Finance, LLC , 06-15-23 (b)	$	1,584,022
	1,250,000	2.100% Georgia Power Company, 07-30-23		1,291,283
	150,000	3.750% National Fuel Gas Company, 03-01-23		155,749
	1,000,000	.550% WEC Energy Group, Inc., 09-15-23		1,001,097
			$	4,032,151
		Total Corporate Bonds (identified cost $81,181,194)	$	81,648,449
Number of Shares
		PREFERRED STOCKS — 8.20% of Total Net Assets
		ENTERTAINMENT & LEISURE — .66% of Total Net Assets
	8,254	5.750% ViacomCBS, Inc., Preferred Class A, 04-01-24 (a)	$	599,901
			$	599,901

Continued on following page.

25

VERSATILE BOND PORTFOLIO

Schedule of Investments

July 31, 2021 (Unaudited)

Number of Shares			Market Value
		FINANCIAL SERVICES — 2.39% of Total Net Assets
	8,000	5.000% Capital One Financial Corporation, Non-Cumulative Perpetual Preferred Class I	$	214,960
	12,500	7.250% Compass Diversified Holdings, Non-Cumulative Perpetual Preferred Class A		321,125
	25,000	7.875% Compass Diversified Holdings, Cumulative Perpetual Preferred Class C		652,500
	10,000	6.000% Merchants Bancorp, Non-Cumulative Perpetual Preferred Class C		293,700
	25,000	6.000% Steel Partners Holdings, L.P., Cumulative Preferred Class C, 02-07-26		579,000
	10,000	4.875% Washington Federal, Inc., Non-Cumulative Perpetual Preferred Class A		106,320
			$	2,167,605
		MANUFACTURING — .17% of Total Net Assets
	5,000	10.625% Wesco International, Inc., Cumulative Perpetual Preferred Class A	$	155,250
			$	155,250
		REAL ESTATE — 4.98% of Total Net Assets
	4,000	6.625% Centerspace, Cumulative Perpetual Preferred Class C	$	105,160
	25,000	6.375% CTO Realty Growth, Inc., Cumulative Perpetual Preferred Class A		644,500
	25,000	6.125% Monmouth REIT, Cumulative Perpetual Preferred Class C		634,000
	18,264	6.375% Site Centers Corporation, Cumulative Perpetual Preferred Class A		484,726
	16,000	6.750% UMH Properties, Inc., Cumulative Perpetual Preferred Class C		420,000
	40,000	6.375% UMH Properties, Inc., Cumulative Perpetual Preferred Class D		1,056,400
	30,000	6.250% Urstadt Biddle Properties, Inc., Cumulative Perpetual Preferred Class H		794,400
	15,000	5.875% Urstadt Biddle Properties, Inc., Cumulative Perpetual Preferred Class K		392,700
			$	4,531,886
		Total Preferred Stocks (identified cost $7,147,061)	$	7,454,642
		Total Portfolio — 97.98% of total net assets (identified cost $88,328,255) (e)	$	89,103,091
		Other assets, less liabilities (2.02% of total net assets)		1,839,617
		Net assets applicable to outstanding shares	$	90,942,708
		Notes:
		(a)  Convertible security.
		(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration to qualified institutional investors. As of July 31, 2021, these securities amounted to $13,226,744, or 14.54% of Versatile Bond Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.
		(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 2021.
		(d)  Interest rate represents yield to maturity.
		(e)  Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

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27

AGGRESSIVE GROWTH PORTFOLIO

Management’s Discussion and Analysis

Six Months Ended July 31, 2021 (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, 2021, the Portfolio’s Class I shares achieved a total return of 18.46%, net of expenses to average net assets of 1.21%, as compared to 17.60% for the Dow Jones Industrial Average and 19.19% 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, 2021 included natural resources, financial services, electrical equipment and electronics, materials, entertainment and leisure, and manufacturing, while computer software and services 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 30, 48 and 49.

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, 2021.

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

28

AGGRESSIVE GROWTH PORTFOLIO

Performance Chart

Ten Years Ended July 31, 2021 (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.

29

AGGRESSIVE GROWTH PORTFOLIO

Average Annual Total Returns

Periods Ended July 31, 2021 (Unaudited)

	One Year		Five Years		Ten Years		Since Inception		Inception Date
At Net Asset Value
Class I Shares (PAGRX)		51.91%		19.05%		14.19%		11.25%		1/02/1990
Class A Shares (PAGDX)		51.52%		18.75%		—		18.77%		5/31/2016
Class C Shares (PAGHX)		50.40%		17.87%		—		17.88%		5/31/2016
With Sales Charge
Class A Shares (PAGDX) (1)		43.95%		17.54%		—		17.59%
Class C Shares (PAGHX) (1)		49.40%		17.87%		—		17.88%
Dow Jones Industrial Average-Total Return (2)		34.79%		16.30%		13.88%		10.97%
Standard & Poor’s 500 Composite Stock Index (2)		36.45%		17.35%		15.35%		10.55%

(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% which is imposed on Class C shares that are redeemed within one year of purchase.

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

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.

As stated in the Portfolio’s Prospectus dated June 1, 2021, the total annual operating expenses (“expense ratios”) for the year ended January 31, 2021 were 1.21%, 1.46% and 2.21% for the Portfolio’s Class I, Class A and Class C shares, respectively. The expense ratios for the six months ended July 31, 2021 may be found in the Financial Highlights section of this Report.

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 therefore possible to lose money by investing in Aggressive Growth Portfolio.

30

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

July 31, 2021 (Unaudited)

Number of Shares			Market Value
		AGGRESSIVE GROWTH STOCKS — 100.70% of Total Net Assets
		AEROSPACE — 4.05% of Total Net Assets
	4,000	Lockheed Martin Corporation	$	1,486,680
			$	1,486,680
		CHEMICALS — 5.18% of Total Net Assets
	3,000	Air Products & Chemicals, Inc.	$	873,090
	5,000	Albemarle Corporation		1,030,200
			$	1,903,290
		COMPUTER SOFTWARE & SERVICES — 12.96% of Total Net Assets
	3,000	Autodesk, Inc. (a)	$	963,390
	20,000	Palantir Technologies, Inc. Class A (a)		434,200
	9,000	Twilio, Inc. Class A (a)		3,362,310
			$	4,759,900
		ELECTRICAL EQUIPMENT & ELECTRONICS — 11.80% of Total Net Assets
	3,000	Broadcom, Inc.	$	1,456,200
	10,000	Intel Corporation		537,200
	12,000	NVIDIA Corporation		2,339,880
			$	4,333,280
		ENERGY SERVICES & PROCESSING — 1.20% of Total Net Assets
	15,000	HollyFrontier Corporation	$	441,000
			$	441,000
		ENGINEERING & CONSTRUCTION — 1.75% of Total Net Assets
	7,000	Fluor Corporation	$	116,620
	5,000	Lennar Corporation Class A		525,750
			$	642,370
		ENTERTAINMENT & LEISURE — 8.59% of Total Net Assets
	5,000	Disney (Walt) Company	$	880,100
	5,000	Facebook, Inc. Class A (a)		1,781,500
	5,000	Wynn Resorts, Ltd.		491,650
			$	3,153,250
		FINANCIAL SERVICES — 13.33% of Total Net Assets
	10,000	Affirm Holdings, Inc. (a)	$	563,200
	5,000	First Republic Bank		975,100
	40,000	KeyCorp		786,400
	10,000	Morgan Stanley		959,800
	10,000	Schwab (Charles) Corporation		679,500
	5,000	State Street Corporation		435,700
	2,000	Visa, Inc. Class A		492,780
			$	4,892,480
		MANUFACTURING — 9.91% of Total Net Assets
	4,000	Agilent Technologies, Inc.	$	612,920
	4,000	Illinois Tool Works, Inc.		906,680
	4,000	IPG Photonics Corporation (a)		872,640
	4,000	Parker-Hannifin Corporation		1,248,120
			$	3,640,360
		MATERIALS — 1.70% of Total Net Assets
	6,000	Nucor Corporation	$	624,120
			$	624,120

Continued on following page.

31

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

July 31, 2021 (Unaudited)

Number of Shares			Market Value
		NATURAL RESOURCES — 11.88% of Total Net Assets
	100,000	Freeport-McMoRan, Inc.	$	3,810,000
	5,000	Nutrien, Ltd.		297,000
	10,000	Ovintiv, Inc.		256,600
			$	4,363,600
		PHARMACEUTICALS — 7.26% of Total Net Assets
	3,000	Amgen, Inc.	$	724,620
	25,000	Atara Biotherapeutics, Inc. (a)		318,750
	25,000	Cortexyme, Inc. (a)		1,412,750
	10,000	Personalis, Inc. (a)		209,900
			$	2,666,020
		RETAIL — 5.58% of Total Net Assets
	3,000	Costco Wholesale Corporation	$	1,289,160
	5,000	Williams-Sonoma, Inc.		758,500
			$	2,047,660
		TRANSPORTATION — 5.51% of Total Net Assets
	3,000	FedEx Corporation	$	839,850
	3,000	Kansas City Southern		803,400
	5,000	Ryder System, Inc.		380,750
			$	2,024,000
		Total Portfolio — 100.70% of total net assets (identified cost $11,102,094) (b)	$	36,978,010
		Liabilities, less other assets (.70% of total net assets)		(258,009	)
		Net assets applicable to outstanding shares	$	36,720,001
		Notes:
		(a)  Non-income producing.
		(b)  Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes to financial statements.

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33

STATEMENTS OF ASSETS AND LIABILITIES

July 31, 2021 (Unaudited)

	Permanent Portfolio®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
ASSETS
Investments at market value (Notes 1, 5 & 6):
Investments other than securities:
Gold assets (identified cost $328,588,392; $—; $— and $—, respectively)	$	563,190,971	$	—	$	—	$	—
Silver assets (identified cost $86,517,939; $—; $— and $—, respectively)		148,252,487		—		—		—
Swiss franc deposits (identified cost $105,762; $—; $— and $—, respectively)		107,385		—		—		—
		711,550,843		—		—		—
Swiss franc bonds		226,966,109		—		—		—
Real estate and natural resource stocks		528,125,780		—		—		—
Aggressive growth stocks		524,060,550		—		—		36,978,010
Corporate bonds		759,545,771		—		81,648,449		—
Preferred stocks		—		—		7,454,642		—
United States Treasury securities		145,402,203		13,399,125		—		—
Total investments (identified cost $2,036,305,528; $13,399,493; $88,328,255 and $11,102,094, respectively)		2,895,651,256		13,399,125		89,103,091		36,978,010
Cash		7,345,953		—		2,442,557		—
Accounts receivable for shares of the portfolio sold		2,786,717		—		1,269,147		56,350
Accrued dividends receivable		712,763		—		25,976		27,850
Accrued interest receivable		8,739,462		—		595,486		—
Accrued foreign taxes receivable		3,919,458		—		—		—
Prepaid expenses		91,599		659		3,782		800
Total assets		2,919,247,208		13,399,784		93,440,039		37,063,010
LIABILITIES
Bank overdraft		—		104,044		—		304,999
Accounts payable for investments purchased		4,266,293		—		2,219,297		—
Accounts payable for shares of the portfolio redeemed		596,619		—		231,772		400
Accrued investment advisory fees		1,952,460		7,086		45,001		36,795
Accrued distribution and service fees		190,072		—		1,261		815
Total liabilities		7,005,444		111,130		2,497,331		343,009
NET ASSETS	$	2,912,241,764	$	13,288,654	$	90,942,708	$	36,720,001

Continued on following page.

34

STATEMENTS OF ASSETS AND LIABILITIES

July 31, 2021 (Unaudited)

	Permanent Portfolio®		Short-Term Treasury Portfolio			Versatile Bond Portfolio		Aggressive Growth Portfolio
COMPONENTS OF NET ASSETS
Capital stock	$	57,772	$	205		$	1,373	$	436
Paid-in capital		1,996,351,214		13,332,654			90,753,223		8,258,552
		1,996,408,986		13,332,859			90,754,596		8,258,988
Total distributable earnings (deficit)		915,832,778		(44,205	)		188,112		28,461,013
NET ASSETS APPLICABLE TO OUTSTANDING SHARES	$	2,912,241,764	$	13,288,654		$	90,942,708	$	36,720,001
COMPUTATION OF NET ASSETS
CLASS I SHARES
Net assets applicable to outstanding shares	$	2,847,406,492	$	13,288,654		$	90,588,232	$	36,456,252
Shares outstanding		56,472,261		205,318			1,367,184		433,034
Net asset value and redemption proceeds per share	$	50.42	$	64.72		$	66.26	$	84.19
CLASS A SHARES
Net assets applicable to outstanding shares	$	40,978,760	$	—		$	145,220	$	136,701
Shares outstanding		816,808		—			2,199		1,628
Net asset value per share	$	50.17	$	—		$	66.05	$	83.98
Offering price per share (NAV per share plus maximum sales charge) (1)	$	52.81	$	—		$	68.80	$	88.40
CLASS C SHARES
Net assets applicable to outstanding shares	$	23,856,512	$	—		$	209,256	$	127,048
Shares outstanding		483,323		—			3,206		1,577
Net asset value per share	$	49.36	$	—		$	65.28	$	80.57
Redemption proceeds per share (NAV per share less maximum contingent deferred sales charge) (2)	$	48.87	$	—		$	64.63	$	79.76

(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.

35

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36

STATEMENTS OF OPERATIONS

Six Months Ended July 31, 2021 (Unaudited)

	Permanent Portfolio®			Short-Term Treasury Portfolio			Versatile Bond Portfolio			Aggressive Growth Portfolio
INVESTMENT INCOME (Note 1)
Interest	$	6,086,865		$	2,212		$	272,869		$	—
Dividends		9,333,648			—			260,008			189,527
		15,420,513			2,212			532,877			189,527
EXPENSES (Notes 3 & 4)
Investment advisory fee		10,751,940			78,081			297,270			204,967
Trustees’ fees and expenses		224,145			1,149			901			3,004
Legal expense		47,691			245			190			638
Distribution and service fees-Class A		43,231			—			674			134
Distribution and service fees-Class C		91,802			—			—			392
Total expenses		11,158,809			79,475			299,035			209,135
Less waiver of investment advisory fee		—			(36,986	)		(140,813	)		—
Net expenses		11,158,809			42,489			158,222			209,135
Net investment income (loss) before foreign income taxes deducted at source		4,261,704			(40,277	)		374,655			(19,608	)
Less foreign income taxes deducted at source, net of refundable taxes		(43,394	)		—			—			(690	)
NET INVESTMENT INCOME (LOSS)		4,218,310			(40,277	)		374,655			(20,298	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY (Notes 1, 5 & 6)
Net realized gain on:
Investments in securities		35,688,876			—			80,416			1,160,649
Foreign currency transactions		461,198			—			—			—
		36,150,074			—			80,416			1,160,649
Change in unrealized appreciation (depreciation) of:
Investments		188,072,633			(775	)		828,565			4,564,288
Translation of assets and liabilities in foreign currencies		(544,689	)		—			—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		223,678,018			(775	)		908,981			5,724,937
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	227,896,328		$	(41,052	)	$	1,283,636		$	5,704,639

See accompanying notes to financial statements.

37

STATEMENTS OF CHANGES IN NET ASSETS

	Permanent Portfolio®
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
OPERATIONS
Net investment income (loss)	$	4,218,310		$	14,655,109
Net realized gain (loss) on investments in securities		35,688,876			83,032,030
Net realized gain on investments other than securities		—			339,255
Net realized gain on foreign currency transactions		461,198			7,424,801
Change in unrealized appreciation (depreciation) of investments		188,072,633			240,395,769
Change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies		(544,689	)		588,418
Net increase (decrease) in net assets resulting from operations		227,896,328			346,435,382
DISTRIBUTIONS TO SHAREHOLDERS (Note 2)
Class I		—			(118,160,263	)
Class A		—			(1,186,934	)
Class C		—			(499,825	)
Total distributions to shareholders		—			(119,847,022	)
CAPITAL STOCK TRANSACTIONS
Shares sold
Class I		430,110,047			526,049,569
Class A		15,620,760			18,695,014
Class C		9,916,828			7,545,358
Distributions reinvested
Class I		—			95,757,340
Class A		—			1,023,470
Class C		—			389,196
Shares redeemed
Class I		(173,886,311	)		(405,592,099	)
Class A		(3,140,567	)		(5,110,294	)
Class C		(646,823	)		(1,762,940	)
Net increase (decrease) from capital stock transactions		277,973,934			236,994,614
NET INCREASE (DECREASE) IN NET ASSETS		505,870,262			463,582,974
NET ASSETS AT BEGINNING OF PERIOD		2,406,371,502			1,942,788,528
NET ASSETS AT END OF PERIOD	$	2,912,241,764		$	2,406,371,502
SHARE TRANSACTIONS
Shares sold
Class I		8,718,083			11,978,698
Class A		316,850			424,585
Class C		203,310			171,649
Distributions reinvested
Class I		—			2,123,223
Class A		—			22,769
Class C		—			8,760
Shares redeemed
Class I		(3,537,297	)		(9,849,370	)
Class A		(63,755	)		(122,308	)
Class C		(13,242	)		(43,242	)
INCREASE (DECREASE) IN SHARES OUTSTANDING		5,623,949			4,714,764

Continued on following page.

38

Short-Term Treasury Portfolio						Versatile Bond Portfolio						Aggressive Growth Portfolio
Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021			Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021			Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
$	(40,277	)	$	(3,174	)	$	374,655		$	357,969		$	(20,298	)	$	67,769
	—			(1,368	)		80,416			(286,092	)		1,160,649			4,080,469
	—			—			—			—			—			—
	—			—			—			—			—			—
	(775	)		(4,512	)		828,565			(509,593	)		4,564,288			5,135,502
	—			—			—			—			—			—
	(41,052	)		(9,054	)		1,283,636			(437,716	)		5,704,639			9,283,740
	—			(28,020	)		—			(338,393	)		—			(4,101,586	)
	—			—			—			(2,397	)		—			(11,278	)
	—			—			—			(1,388	)		—			(9,030	)
	—			(28,020	)		—			(342,178	)		—			(4,121,894	)
	1,084,784			4,629,256			89,230,530			686,106			1,381,930			857,937
	—			—			98,635			38,400			23,705			9,215
	—			—			173,813			20,000			46,439			—
	—			26,885			—			320,537			—			3,981,534
	—			—			—			2,397			—			11,278
	—			—			—			1,387			—			9,030
	(914,061	)		(4,090,547	)		(6,592,325	)		(14,890,461	)		(1,639,957	)		(3,734,630	)
	—			—			(10,000	)		—			(1,031	)		(5,271	)
	—			—			—			—			—			—
	170,723			565,594			82,900,653			(13,821,634	)		(188,914	)		1,129,093
	129,671			528,520			84,184,289			(14,601,528	)		5,515,725			6,290,939
	13,158,983			12,630,463			6,758,419			21,359,947			31,204,276			24,913,337
$	13,288,654		$	13,158,983		$	90,942,708		$	6,758,419		$	36,720,001		$	31,204,276
	16,732			70,948			1,364,157			10,732			17,310			12,852
	—			—			1,504			597			282			131
	—			—			2,688			306			572			—
	—			414			—			5,041			—			58,218
	—			—			—			38			—			165
	—			—			—			22			—			137
	(14,102	)		(62,777	)		(100,393	)		(257,884	)		(20,994	)		(61,957	)
	—			—			(152	)		—			(14	)		(106	)
	—			—			—			—			—			—
	2,630			8,585			1,267,804			(241,148	)		(2,844	)		9,440

See accompanying notes to financial statements.

39

FINANCIAL HIGHLIGHTS

Permanent Portfolio^®

Class I Shares (PRPFX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	46.15		$	40.96		$	38.07		$	42.01		$	39.04		$	34.37
Income (loss) from investment operations:
Net investment income (2)		.08			.31			.39			.37			.35			.27
Net realized and unrealized gain (loss) on investments and foreign currencies (3)		4.19			7.36			3.65			(1.52	)		3.50			4.76
Total income (loss) from investment operations		4.27			7.67			4.04			(1.15	)		3.85			5.03
Less distributions from:
Net investment income		—			(.43	)		(.39	)		(.31	)		(.34	)		(.31	)
Net realized gain on investments		—			(2.05	)		(.76	)		(2.48	)		(.54	)		(.05	)
Total distributions		—			(2.48	)		(1.15	)		(2.79	)		(.88	)		(.36	)
Net asset value, end of period	$	50.42		$	46.15		$	40.96		$	38.07		$	42.01		$	39.04
Total return (4)		9.25%	†		18.85%			10.73%			(2.47)%			9.97%			14.65%
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	2,847,406		$	2,367,139		$	1,926,723		$	1,969,888		$	2,556,582		$	2,795,366
Portfolio turnover rate		17.46%	†		41.03%			15.26%			18.62%			9.03%			19.08%
Ratio of expenses to average net assets		.82%	*		.83%			.85%			.84%			.82%			.82%
Ratio of net investment income to average net assets		.32%	*		.72%			.97%			.93%			.88%			.71%

† 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.

See accompanying notes to financial statements.

40

FINANCIAL HIGHLIGHTS

Permanent Portfolio^®

Class A Shares (PRPDX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,										Eight Months Ended January 31, 2017
				2021		2020		2019			2018
Net asset value, beginning of period	$	45.98		$	40.86	$	37.99	$	41.94		$	39.01		$	37.31
Income (loss) from investment operations:
Net investment income (loss) (2)		.01			.16		.27		.26			.22			(.30	)
Net realized and unrealized gain (loss) on investments and foreign currencies (3)		4.18			7.37		3.66		(1.50	)		3.52			2.33
Total income (loss) from investment operations		4.19			7.53		3.93		(1.24	)		3.74			2.03
Less distributions from:
Net investment income		—			(.36)		(.30)		(.23	)		(.27	)		(.28	)
Net realized gain on investments		—			(2.05)		(.76)		(2.48	)		(.54	)		(.05	)
Total distributions		—			(2.41)		(1.06)		(2.71	)		(.81	)		(.33	)
Net asset value, end of period	$	50.17		$	45.98	$	40.86	$	37.99		$	41.94		$	39.01
Total return (4)		9.11%	†		18.56%		10.45%		(2.70)%			9.69%			5.45%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	40,979		$	25,918	$	9,752	$	6,444		$	3,842		$	1,568
Portfolio turnover rate		17.46%	†		41.03%		15.26%		18.62%			9.03%			19.08%	†
Ratio of expenses to average net assets		1.07%	*		1.08%		1.10%		1.09%			1.07%			1.07%	*
Ratio of net investment income (loss) to average net assets		.06%	*		.36%		.68%		.65%			.55%			(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.

41

FINANCIAL HIGHLIGHTS

Permanent Portfolio^®

Class C Shares (PRPHX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,												Eight Months Ended January 31, 2017
				2021			2020			2019			2018
Net asset value, beginning of period	$	45.40		$	40.45		$	37.67		$	41.68		$	38.87		$	37.31
Income (loss) from investment operations:
Net investment loss (2)		(.17	)		(.14	)		(.03	)		(.04	)		(.07	)		(.21	)
Net realized and unrealized gain (loss) on investments and foreign currencies (3)		4.13			7.24			3.63			(1.48	)		3.48			2.04
Total income (loss) from investment operations		3.96			7.10			3.60			(1.52	)		3.41			1.83
Less distributions from:
Net investment income		—			(.10	)		(.06	)		(.01	)		(.06	)		(.22	)
Net realized gain on investments		—			(2.05	)		(.76	)		(2.48	)		(.54	)		(.05	)
Total distributions		—			(2.15	)		(.82	)		(2.49	)		(.60	)		(.27	)
Net asset value, end of period	$	49.36		$	45.40		$	40.45		$	37.67		$	41.68		$	38.87
Total return (4)		8.72%	†		17.67%			9.62%			(3.43)%			8.87%			4.92%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	23,857		$	13,315		$	6,314		$	4,047		$	2,884		$	928
Portfolio turnover rate		17.46%	†		41.03%			15.26%			18.62%			9.03%			19.08%	†
Ratio of expenses to average net assets		1.82%	*		1.83%			1.85%			1.84%			1.82%			1.82%	*
Ratio of net investment loss to average net assets		(.70)%	*		(.34)%			(.07)%			(.09)%			(.19)%			(.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 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.

42

FINANCIAL HIGHLIGHTS

Short-Term Treasury Portfolio

Class I Shares (PRTBX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021		2020		2019			2018			2017
Net asset value, beginning of period	$	64.92		$	65.07	$	65.06	$	64.77		$	64.71		$	64.81
Income (loss) from investment operations:
Net investment income (loss) (2)		(.02)			(.02)		1.06		.75			.14			(.12	)
Net realized and unrealized gain (loss) on investments (3)		(.18)			.01		.02		.08			(.08	)		.02
Total income (loss) from investment operations		(.20)			(.01)		1.08		.83			.06			(.10	)
Less distributions from:
Net investment income		—			(0.14)		(1.07)		(.54	)		—			—
Total distributions		—			(0.14)		(1.07)		(.54	)		—			—
Net asset value, end of period	$	64.72		$	64.92	$	65.07	$	65.06		$	64.77		$	64.71
Total return (4)		(.31)%	†		(.02)%		1.66%		1.28%			.09%			(.15)%
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	13,289		$	13,159	$	12,630	$	15,930		$	12,407		$	16,458
Portfolio turnover rate		—%	†		48.08%		55.42%		81.53%			24.81%			—%
Ratio of expenses to average net assets:
After Advisory Fee waiver		.65%	*		.66%		.66%		.72%			.72%			.71%
Before Advisory Fee waiver		1.21%	*		1.22%		1.23%		1.23%			1.22%			1.21%
Ratio of net investment income (loss) to average net assets:
After Advisory Fee waiver		(.61)%	*		(.02)%		1.62%		1.15%			.22%			(.18)%
Before Advisory Fee waiver		(1.17)%	*		(.58)%		1.05%		.64%			(.28)%			(.68)%

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

See accompanying notes to financial statements.

43

FINANCIAL HIGHLIGHTS

Versatile Bond Portfolio

Class I Shares (PRVBX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	64.50		$	61.75		$	58.30		$	57.29		$	58.90		$	50.55
Income from investment operations:
Net investment income (2)		.48			2.37			2.01			1.99			1.54			2.20
Net realized and unrealized gain (loss) on investments (3)(4)		1.28			3.41			2.97			—			(1.26	)		8.07
Total income from investment operations		1.76			5.78			4.98			1.99			.28			10.27
Less distributions from:
Net investment income		—			(3.03	)		(1.53	)		(.98	)		(1.89	)		(1.74	)
Net realized gain on investments		—			—			—			—			—			(.18	)
Total distributions		—			(3.03	)		(1.53	)		(.98	)		(1.89	)		(1.92	)
Net asset value, end of period	$	66.26		$	64.50		$	61.75		$	58.30		$	57.29		$	58.90
Total return (4)(5)		2.73%	†		9.43%			8.58%			3.51%			.48%			20.29%
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	90,588		$	6,671		$	21,335		$	9,359		$	6,491		$	11,937
Portfolio turnover rate		12.30%	†		29.89%			52.51%			40.36%			29.87%			26.35%
Ratio of expenses to average net assets:
After Advisory Fee waiver		.62%	*		.67%			.66%			.82%			.84%			.84%
Before Advisory Fee waiver		1.18%	*		1.23%			1.22%			1.22%			1.22%			1.22%
Ratio of net investment income to average net assets:
After Advisory Fee waiver		1.49%	*		3.85%			3.30%			3.43%			2.63%			3.86%
Before Advisory Fee waiver		.93%	*		3.29%			2.74%			3.03%			2.26%			3.48%

† 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) The receipt of a payment from the Fund’s investment adviser had the effect of increasing net realized and unrealized gain (loss) on investments by $.30 per share and increasing total return by .51% during the year ended January 31, 2018. Without this payment, total return would have been (.03)% during the year then ended.

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

See accompanying notes to financial statements.

44

FINANCIAL HIGHLIGHTS

Versatile Bond Portfolio

Class A Shares (PRVDX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,												Eight Months Ended January 31, 2017
				2021			2020			2019			2018
Net asset value, beginning of period	$	64.38		$	61.72		$	58.27		$	57.27		$	58.86		$	56.69
Income from investment operations:
Net investment income (2)		.45			2.21			1.85			1.84			1.35			1.31
Net realized and unrealized gain (loss) on investments (3)(4)		1.22			3.41			2.96			.01			(1.21	)		2.71
Total income from investment operations		1.67			5.62			4.81			1.85			.14			4.02
Less distributions from:
Net investment income		—			(2.96	)		(1.36	)		(.85	)		(1.73	)		(1.67	)
Net realized gain on investments		—			—			—			—			—			(.18	)
Total distributions		—			(2.96	)		(1.36	)		(.85	)		(1.73	)		(1.85	)
Net asset value, end of period	$	66.05		$	64.38		$	61.72		$	58.27		$	57.27		$	58.86
Total return (4)(5)		2.59%	†		9.18%			8.29%			3.26%			.25%			7.06%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	145		$	55		$	13		$	12		$	12		$	16
Portfolio turnover rate		12.30%	†		29.89%			52.51%			40.36%			29.87%			26.35%	†
Ratio of expenses to average net assets:
After Advisory Fee waiver		.87%	*		.92%			.91%			1.07%			1.09%			1.09%	*
Before Advisory Fee waiver		1.43%	*		1.48%			1.47%			1.47%			1.47%			1.47%	*
Ratio of net investment income to average net assets:
After Advisory Fee waiver		1.39%	*		3.49%			3.05%			3.16%			2.31%			3.34%	*
Before Advisory Fee waiver		.83%	*		2.93%			2.49%			2.76%			1.94%			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) The receipt of a payment from the Fund’s investment adviser had the effect of increasing net realized and unrealized gain (loss) on investments by $.30 per share and increasing total return by .51% during the year ended January 31, 2018. Without this payment, total return would have been (.26)% during the year then ended.

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

See accompanying notes to financial statements.

45

FINANCIAL HIGHLIGHTS

Versatile Bond Portfolio

Class C Shares (PRVHX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,												Eight Months Ended January 31, 2017
				2021			2020			2019			2018
Net asset value, beginning of period	$	63.86		$	61.55		$	58.14		$	57.18		$	58.83		$	56.69
Income (loss) from investment operations:
Net investment income (2)		.16			1.76			1.38			1.39			.91			1.02
Net realized and unrealized gain (loss) on investments (3)(4)		1.26			3.34			2.96			.02			(1.21	)		2.69
Total income (loss) from investment operations		1.42			5.10			4.34			1.41			(.30	)		3.71
Less distributions from:
Net investment income		—			(2.79	)		(.93	)		(.45	)		(1.35	)		(1.39	)
Net realized gain on investments		—			—			—			—			—			(.18	)
Total distributions		—			(2.79	)		(.93	)		(.45	)		(1.35	)		(1.57	)
Net asset value, end of period	$	65.28		$	63.86		$	61.55		$	58.14		$	57.18		$	58.83
Total return (4)(5)		2.22%	†		8.35%			7.49%			2.49%			(.50)%			6.53%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	209		$	33		$	12		$	11		$	11		$	11
Portfolio turnover rate		12.30%	†		29.89%			52.51%			40.36%			29.87%			26.35%	†
Ratio of expenses to average net assets:
After Advisory Fee waiver		1.62%	*		1.67%			1.66%			1.82%			1.84%			1.84%	*
Before Advisory Fee waiver		2.18%	*		2.23%			2.22%			2.22%			2.22%			2.22%	*
Ratio of net investment income to average net assets:
After Advisory Fee waiver		.49%	*		2.84%			2.30%			2.41%			1.56%			2.61%	*
Before Advisory Fee waiver		(.07)%	*		2.28%			1.74%			2.01%			1.18%			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) The receipt of a payment from the Fund’s investment adviser had the effect of increasing net realized and unrealized gain (loss) on investments by $.30 per share and increasing total return by .51% during the year ended January 31, 2018. Without this payment, total return would have been (1.01)% during the year then ended.

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

See accompanying notes to financial statements.

46

FINANCIAL HIGHLIGHTS

Aggressive Growth Portfolio

Class I Shares (PAGRX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	71.07		$	57.99		$	56.68		$	67.54		$	58.52		$	53.73
Income (loss) from investment operations:
Net investment income (loss) (2)		(.05	)		.17			.28			.14			.55			.37
Net realized and unrealized gain (loss) on investments (3)		13.17			23.42			6.28			(4.85	)		13.98			14.07
Total income (loss) from investment operations		13.12			23.59			6.56			(4.71	)		14.53			14.44
Less distributions from:
Net investment income		—			(.11	)		(.31	)		(.11	)		(.63	)		(.39	)
Net realized gain on investments		—			(10.40	)		(4.94	)		(6.04	)		(4.88	)		(9.26	)
Total distributions		—			(10.51	)		(5.25	)		(6.15	)		(5.51	)		(9.65	)
Net asset value, end of period	$	84.19		$	71.07		$	57.99		$	56.68		$	67.54		$	58.52
Total return (4)		18.46%	†		41.39%			11.91%			(6.68)%			25.82%			26.70%
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	36,456		$	31,039		$	24,796		$	24,961		$	31,309		$	28,736
Portfolio turnover rate		3.39%	†		7.89%			2.52%			9.98%			3.65%			5.52%
Ratio of expenses to average net assets		1.21%	*		1.21%			1.23%			1.23%			1.21%			1.21%
Ratio of net investment income (loss) to average net assets		(.11)%	*		.27%			.47%			.23%			.88%			.62%

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

See accompanying notes to financial statements.

47

FINANCIAL HIGHLIGHTS

Aggressive Growth Portfolio

Class A Shares (PAGDX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,												Eight Months Ended January 31, 2017
				2021			2020			2019			2018
Net asset value, beginning of period	$	70.99		$	57.99		$	56.53		$	67.47		$	58.50		$	60.81
Income (loss) from investment operations:
Net investment income (loss) (2)		(.14	)		.01			.15			(.01	)		.32			(.01	)
Net realized and unrealized gain (loss) on investments (3)		13.13			23.39			6.25			(4.84	)		14.03			7.25
Total income (loss) from investment operations		12.99			23.40			6.40			(4.85	)		14.35			7.24
Less distributions from:
Net investment income		—			—			—			(.05	)		(.50	)		(.29	)
Net realized gain on investments		—			(10.40	)		(4.94	)		(6.04	)		(4.88	)		(9.26	)
Total distributions		—			(10.40	)		(4.94	)		(6.09	)		(5.38	)		(9.55	)
Net asset value, end of period	$	83.98		$	70.99		$	57.99		$	56.53		$	67.47		$	58.50
Total return (4)		18.30%	†		41.05%			11.63%			(6.90)%			25.49%			11.76%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	137		$	96		$	68		$	309		$	83		$	11
Portfolio turnover rate		3.39%	†		7.89%			2.52%			9.98%			3.65%			5.52%	†
Ratio of expenses to average net assets		1.46%	*		1.46%			1.48%			1.48%			1.46%			1.46%	*
Ratio of net investment income (loss) to average net assets		(.36)%	*		.02%			.26%			(.02)%			.51%			(.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.

48

FINANCIAL HIGHLIGHTS

Aggressive Growth Portfolio

Class C Shares (PAGHX) (1)	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,												Eight Months Ended January 31, 2017
				2021			2020			2019			2018
Net asset value, beginning of period	$	68.35		$	56.54		$	55.64		$	66.95		$	58.44		$	60.81
Income (loss) from investment operations:
Net investment loss (2)		(.43	)		(.45	)		(.31	)		(.48	)		(.22	)		(.33	)
Net realized and unrealized gain (loss) on investments (3)		12.65			22.66			6.15			(4.79	)		14.02			7.24
Total income (loss) from investment operations		12.22			22.21			5.84			(5.27	)		13.80			6.91
Less distributions from:
Net investment income		—			—			—			—			(.41	)		(.02	)
Net realized gain on investments		—			(10.40	)		(4.94	)		(6.04	)		(4.88	)		(9.26	)
Total distributions		—			(10.40	)		(4.94	)		(6.04	)		(5.29	)		(9.28	)
Net asset value, end of period	$	80.57		$	68.35		$	56.54		$	55.64		$	66.95		$	58.44
Total return (4)		17.88%	†		39.98%			10.80%			(7.60)%			24.55%			11.20%	†
Ratios / supplemental data:
Net assets, end of period (in thousands)	$	127		$	69		$	49		$	47		$	45		$	11
Portfolio turnover rate		3.39%	†		7.89%			2.52%			9.98%			3.65%			5.52%	†
Ratio of expenses to average net assets		2.21%	*		2.21%			2.23%			2.23%			2.21%			2.21%	*
Ratio of net investment loss to average net assets		(1.11)%	*		(.74)%			(.53)%			(.77)%			(.34)%			(.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 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.

49

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 (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.

50

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 (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, are valued by the Valuation Committee of the Fund’s investment adviser pursuant to fair value procedures approved by the Fund’s Board of Trustees.

The Fund 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,

Continued on following page.

51

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 (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, 2021 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	$	563,190,971	$	—	$	—	$	563,190,971
Silver assets		148,252,487		—		—		148,252,487
Swiss franc assets		107,385		226,966,109		—		227,073,494
Real estate and natural resource stocks		528,125,780		—		—		528,125,780
Aggressive growth stocks †		524,060,550		—		—		524,060,550
Dollar assets:
Corporate bonds †		—		759,545,771		—		759,545,771
United States Treasury securities		—		145,402,203		—		145,402,203
Total Portfolio	$	1,763,737,173	$	1,131,914,083	$	—	$	2,895,651,256
		60.91%		39.09%		—%		100.00%
SHORT-TERM TREASURY PORTFOLIO
United States Treasury securities	$	—	$	13,399,125	$	—	$	13,399,125
Total Portfolio	$	—	$	13,399,125	$	—	$	13,399,125
		—%		100.00%		—%		100.00%
VERSATILE BOND PORTFOLIO
Corporate bonds †	$	—	$	81,648,449	$	—	$	81,648,449
Preferred stocks †		7,454,642		—		—		7,454,642
Total Portfolio	$	7,454,642	$	81,648,449	$	—	$	89,103,091
		8.37%		91.63%		—%		100.00%
AGGRESSIVE GROWTH PORTFOLIO
Aggressive growth stocks †	$	36,978,010	$	—	$	—	$	36,978,010
Total Portfolio	$	36,978,010	$	—	$	—	$	36,978,010
		100.00%		—%		—%		100.00%

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

Continued on following page.

52

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 (Unaudited)

Transfers between levels are recognized at the end of a reporting period. There were no transfers into or out of Levels 1 and 2 during the six months ended July 31, 2021. The Fund’s Permanent Portfolio, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio held no Level 3 assets during the six months then ended.

As of July 31, 2021 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. Distributions received from real estate investment trusts (REITs) may be classified as dividends, capital gains or returns of capital. Realized gains and losses from investment transactions and unrealized appreciation or depreciation of investments are recorded on an identified cost basis for financial and tax reporting purposes.

During the six months ended July 31, 2021, investment income was earned as follows:

	Permanent Portfolio®			Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
Interest:
Corporate bonds	$	4,709,569		$	—	$	272,796	$	—
Swiss franc assets		(615,111	)		—		—		—
United States Treasury securities		1,992,407			2,212		73		—
Dividends		9,333,648			—		260,008		189,527
	$	15,420,513		$	2,212	$	532,877	$	189,527

Continued on following page.

53

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 (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, 2021, pursuant to the requirements of the Code.

As of January 31, 2021, the Fund’s Permanent Portfolio and Aggressive Growth Portfolio had no capital loss carryforwards available to offset future realized gains, if any, while the Fund’s Short- Term Treasury Portfolio had $1,378 of short-term capital loss carryforwards and $814 of long-term capital loss carryforwards, and the Fund’s Versatile Bond Portfolio had $199,204 of short-term capital loss carryforwards and $872,793 of long-term capital loss carryforwards available, respectively, to offset future realized gains, if any. Additionally, net capital losses attributable to investment transactions that occur after October 31 and ordinary losses that occur after December 31 (“Post-October” and “Late-Year Ordinary” losses, respectively), if any, are recognized for federal tax purposes as arising on February 1, the first day of each Portfolio’s next taxable year. The Fund’s Permanent Portfolio and Versatile Bond Portfolio had no Post-October losses or Late-Year Ordinary losses, while its Short-Term Treasury Portfolio and Aggressive Growth Portfolio had $1,368 and $599,425, respectively, of Post-October losses.

During the six months ended July 31, 2021, 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 2018 through 2020 or expected to be taken on the Fund’s Portfolios’ 2021 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.

Continued on following page.

54

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 (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.

Recently Issued Accounting Standards

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 improves the effectiveness of disclosure requirements for fair value measurements and affects all companies that are required to include fair value measurement disclosures. Generally, the amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. The Fund has adopted all applicable provisions of ASU 2018-13.

2. DISTRIBUTIONS TO SHAREHOLDERS

On December 9, 2020, the Fund paid ordinary income dividends and capital gain distributions to shareholders of record on December 8, 2020. 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	$	.42758	$	.13784	$	3.02940	$	.10941
Class A shares		.36385		—		2.96165		—
Class C shares		.10452		—		2.79477		—
Short-Term Capital Gain Distributions
Class I shares		.03276		—		—		—
Class A shares		.03276		—		—		—
Class C shares		.03276		—		—		—
Long-Term Capital Gain Distributions
Class I shares		2.01180		—		—		10.40108
Class A shares		2.01180		—		—		10.40108
Class C shares		2.01180		—		—		10.40108

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	$	22,230,012	$	28,020	$	342,178	$	42,695
Long-term capital gain †		97,617,010		—		—		4,079,199
	$	119,847,022	$	28,020	$	342,178	$	4,121,894

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

Continued on following page.

55

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 (Unaudited)

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, 2021: (i) the Fund’s Permanent Portfolio reclassified $1,363,216 from total distributable earnings to paid-in capital; (ii) the Fund’s Short-Term Treasury Portfolio reclassified $3,666 from paid-in capital to total distributable earnings; (iii) the Fund’s Versatile Bond Portfolio reclassified $97,744 from total distributable earnings to paid-in capital; and (iv) the Fund’s Aggressive Growth Portfolio reclassified $7,100 from total distributable earnings to paid-in capital, to reflect such book and tax basis differences.

As of January 31, 2021, the components of distributable earnings on a tax basis were as follows:

	Permanent Portfolio®		Short-Term Treasury Portfolio			Versatile Bond Portfolio			Aggressive Growth Portfolio
Distributable ordinary income	$	2,108,883	$	—		$	30,202		$	2,013,114
Undistributed capital gains (losses)		13,813,170		(2,192	)		(1,071,997	)		31,057
Post-October and Late-Year Ordinary losses		—		(1,368	)		—			(599,425	)
Unrealized appreciation (depreciation) on investments and foreign currencies		672,014,397		407			(53,729	)		21,311,628
	$	687,936,450	$	(3,153	)	$	(1,095,524	)	$	22,756,374

3. INVESTMENT ADVISER AND INVESTMENT ADVISORY CONTRACT

Pacific Heights Asset Management, LLC (“Pacific Heights”) has served as the Fund’s investment adviser since May 1, 2003. In accordance with the terms of the Investment Advisory Contract, dated January 21, 2016 (“Contract”), Pacific Heights, subject to the oversight of the Fund’s Board of Trustees: (i) furnishes each Portfolio with a continuous investment program, including investment research, advice and management, with respect to all securities, other investments and cash or cash equivalents in each Portfolio; (ii) furnishes the Fund all necessary administrative, accounting, clerical, statistical, correspondence and other services; (iii) furnishes or pays for all supplies, printed material and office space as the Fund may require; and (iv) pays or reimburses such Fund and Portfolio expenses as specified in the Contract. For its services under the Contract, Pacific Heights receives, before any waivers, investment advisory fees which are calculated daily and paid monthly, at the annual rates as a percentage of average daily net assets of each Portfolio of the Fund (“Advisory Fee”) as follows: (i) 1.1875% of the first $200 million of the Portfolio’s average daily net assets; (ii) .8750% of the next $200 million of the Portfolio’s average daily net assets; (iii) .8125% of the next $200 million of the Portfolio’s average daily net assets; and (iv) .7500% of all of the Portfolio’s average daily net assets in excess of $600 million.

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56

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 (Unaudited)

All fees and expenses payable by the Fund pursuant to the Contract and attributable only to one Portfolio are borne entirely by that Portfolio; all other fees and expenses are allocated among the Fund’s Portfolios in proportion to their net assets. Except for: (i) the Advisory Fee payable to Pacific Heights; (ii) all fees, costs, expenses and allowances payable to any person, firm or corporation in relation to the Portfolio’s investments, including interest on borrowings; (iii) all taxes of any kind payable by the Portfolio; (iv) all brokerage commissions and other charges in the purchase and sale of the Portfolio’s assets; (v) all fees and expenses of trustees of the Fund, including fees and disbursements to counsel to those trustees who are not interested persons of the Fund or Pacific Heights; (vi) payments pursuant to any plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act; and (vii) all extraordinary fees, costs and expenses of the Fund or any Portfolio, as defined in the Contract, Pacific Heights pays or reimburses the Fund for substantially all of the Portfolios’ ordinary operating expenses out of its Advisory Fee.

Pursuant to an Advisory Fee Waiver and Expense Assumption Agreement dated December 16, 2020 (“Waiver Agreement”), effective through June 1, 2022, Pacific Heights has agreed to waive portions of its Advisory Fee allocable to: (i) the Short-Term Treasury Portfolio, such that the Advisory Fee paid by the Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets; and (ii) the Versatile Bond Portfolio, such that the Advisory Fee paid by the Portfolio also does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets. Pacific Heights is not eligible for reimbursement of any amounts waived under the Waiver Agreement. The Waiver Agreement may be terminated or amended only in writing and only with the approval of the Fund’s Board of Trustees.

Pacific Heights is a California limited liability company. Pacific Heights’ manager and the sole trustee of its sole member is Michael J. Cuggino (who is also its President and Chief Executive Officer). Mr. Cuggino is also the President, Secretary and Chairman of the Board of Trustees of the Fund, and has been the portfolio manager of the Fund’s Portfolios since May 1, 2003. In addition to the benefits that result from being the trustee of the sole member of Pacific Heights, Mr. Cuggino was paid $62,500 by the Fund during the six months ended July 31, 2021 for his service as a trustee of the Fund.

4. DISTRIBUTION AND SERVICE FEES

The Fund’s Board of Trustees has adopted plans of distribution pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plans”) with respect to Class A and Class C shares of the Fund’s Permanent Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio. Under the Rule 12b-1 Plans, Class A shares pay service fees at an annual rate of .25% of the average daily net assets of the Portfolio attributable to Class A shares and Class C shares pay distribution and service fees at an aggregate annual rate of 1.00% of the average daily net assets of the Portfolio attributable to Class C shares. Quasar Distributors, LLC (“Distributor”) serves as principal underwriter for shares of the Portfolios, and acts as each Portfolio’s distributor in a continuous public offering of each Portfolio’s shares. The Distributor may pay any or all amounts received under the Rule 12b-1 Plans to other persons, including Pacific Heights, for any distribution or service activity. These distribution and servicing fees are reported in the Fund’s Statements of Operations. The Portfolios do not incur any direct distribution expenses related to Class I shares. However, Pacific Heights may make payments for the sale and distribution of all share classes, including Class I shares, from its own resources.

Continued on following page.

57

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 (Unaudited)

5. 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, 2021:

	Permanent Portfolio®		Short-Term Treasury Portfolio		Versatile Bond Portfolio		Aggressive Growth Portfolio
Purchases	$	643,848,836	$	—	$	88,249,510	$	1,187,643
Sales		338,130,890		—		5,795,919		1,303,110

The Fund’s Permanent Portfolio also purchased $53,658,732 of gold and $16,715,110 of silver during the six months ended July 31, 2021.

6. NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following is a summary of net unrealized appreciation (depreciation) of investments as of July 31, 2021 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	$	583,830,472		$	18		$	842,906		$	26,631,937
Investments other than securities		296,337,127			—			—			—
		880,167,599			18			842,906			26,631,937
Aggregate gross unrealized depreciation of investments with excess of tax cost over value:
Investments in securities		(20,821,871	)		(386	)		(68,070	)		(756,021	)
Investments other than securities		—			—			—			—
		(20,821,871	)		(386	)		(68,070	)		(756,021	)
Net unrealized appreciation (depreciation) of investments	$	859,345,728		$	(368	)	$	774,836		$	25,875,916

7. SUBSEQUENT EVENTS

The Fund has evaluated the impact of subsequent events on its Portfolios and has determined that, except for any continuing uncertainties surrounding COVID-19 and its variants, and their contagion to the economy, financial system and markets, there were no subsequent events requiring recognition or disclosure in the Fund’s financial statements. The Fund continues to evaluate the effect on its investments and operations of COVID-19 and its variants, and the mitigating activities undertaken to combat them, including mandates from federal, state and local authorities. The Fund’s financial statements do not contain any adjustments relating to these uncertainties, and their ultimate impact on the Fund, its investments and operations are not readily determinable at this time.

Continued on following page.

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, 2021 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

In addition to the Schedules of Investments provided in the Fund’s Semi-Annual and Annual Report to Shareholders, each of the Fund’s Portfolios files its complete schedule of portfolio holdings with the SEC on Form N-PORT as of the first and third fiscal quarters. The Portfolios’ Form N-PORTs are available on the SEC’s website at http://www.sec.gov. The Form N-PORTs may also be reviewed and copied at the SEC’s Public Reference Room, located at 100 F Street, N.E., Washington, D.C. 20549-2736. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800)-SEC-0330.

Statement Regarding Liquidity Risk Management Program

As required by Rule 22e-4 under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (“Program”). The Program is designed to assess and manage the liquidity risk in each of the Fund’s Portfolios. The Fund’s Board of Trustees has appointed Pacific Heights as the program administrator (“Program Administrator”), which oversees the Program’s administration through a cross-functional committee. The Program Administrator is required to provide an annual report to the Board regarding the adequacy and effectiveness of the Program and any material changes to the Program.

On June 18, 2021, the Board reviewed the Program Administrator’s annual written report for the 2020-2021 period (“Report”). The Report discussed a review of liquidity risk and operation of the Program. The Report noted that the Program Administrator uses State Street Bank and Trust Company, the Fund’s custodian, as a third party vendor to provide portfolio classification services, and that each Portfolio’s assets were classified as highly liquid during the review period. The Report discussed the undertaking of ongoing analysis, review of assumptions and consideration of the impact of ongoing portfolio decisions on liquidity. The Report noted that no Portfolio is expected to change any strategy of holding primarily highly liquid investments. The Program Administrator noted that no material changes had been made to the Program since the Board’s last approval of the Program.

The Program Administrator determined that the Program is operating adequately and effectively in promoting effective liquidity risk management, and recommended no changes to the Program.

59

ADDITIONAL INFORMATION

Expense Examples

Six Months Ended July 31, 2021 (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, 2021 and held for the entire six months ended July 31, 2021.

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, 2021. 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, 2021” to estimate the expenses you paid on your account during the six months ended July 31, 2021.

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, 2021. 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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60

ADDITIONAL INFORMATION

Expense Examples

Six Months Ended July 31, 2021 (Unaudited)

	Beginning Account Value January 31, 2021		Ending Account Value July 31, 2021		Expenses Paid During Six Months Ended July 31, 2021 *		Annualized Net Expense Ratio *
Permanent Portfolio®
Class I shares (PRPFX)
Actual	$	1,000.00	$	1,041.80	$	4.15		.82	%
Hypothetical (5% return before expenses)		1,000.00		1,020.73		4.11		.82	%
Class A shares (PRPDX)
Actual		1,000.00		1,039.87		5.41		1.07	%
Hypothetical (5% return before expenses)		1,000.00		1,019.49		5.36		1.07	%
Class C shares (PRPHX)
Actual		1,000.00		1,034.22		9.18		1.82	%
Hypothetical (5% return before expenses)		1,000.00		1,015.77		9.10		1.82	%
Short-Term Treasury Portfolio
Class I shares (PRTBX)
Actual	$	1,000.00	$	995.24	$	3.22		.65	%
Hypothetical (5% return before expenses)		1,000.00		1,021.57		3.26		.65	%
Versatile Bond Portfolio
Class I Shares (PRVBX)
Actual	$	1,000.00	$	1,010.46	$	3.09		.62	%
Hypothetical (5% return before expenses)		1,000.00		1,021.72		3.11		.62	%
Class A Shares (PRVDX)
Actual		1,000.00		1,008.53		4.33		.87	%
Hypothetical (5% return before expenses)		1,000.00		1,020.48		4.36		.87	%
Class C Shares (PRVHX)
Actual		1,000.00		1,002.98		8.05		1.62	%
Hypothetical (5% return before expenses)		1,000.00		1,016.76		8.10		1.62	%
Aggressive Growth Portfolio
Class I Shares (PAGRX)
Actual	$	1,000.00	$	1,085.54	$	6.26		1.21	%
Hypothetical (5% return before expenses)		1,000.00		1,018.79		6.06		1.21	%
Class A Shares (PAGDX)
Actual		1,000.00		1,083.51		7.54		1.46	%
Hypothetical (5% return before expenses)		1,000.00		1,017.55		7.30		1.46	%
Class C Shares (PAGHX)
Actual		1,000.00		1,077.71		11.38		2.21	%
Hypothetical (5% return before expenses)		1,000.00		1,013.84		11.04		2.21	%

* 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).

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

HUGH A. BUTLER

Trustee Age 69

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 81

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 58

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 66

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 66

Ms. Freund has served as Chief Compliance Officer of the Fund and the Fund’s investment adviser since 2010. Previously, Ms. Freund served as an independent consultant to various asset management firms from 2009 through 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, 2021

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

111 East Kilbourn Avenue

Milwaukee, Wisconsin 53202

TRANSFER AGENT

U.S. Bank Global Fund Services

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. 09/21

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^© 2021 Permanent Portfolio Family of Funds. All rights reserved.