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Schedules of Investments

As of April 30, 2019

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

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s Annual and Semi-Annual Reports to Shareholders (“Reports”) will no longer be sent by mail unless you specifically request paper copies of the Reports. Instead, the Reports will be made available on the Fund’s website (http://www.permanentportfoliofunds.com/fund-documents.html) and you will be notified by mail each time a Report is posted, and provided with the website address to access the Report.

If you have already elected to receive the Reports electronically, you will not be affected by this change and you need not take any further action. You may also elect to receive the Reports and other communications from the Fund electronically. Shareholders who own the Fund’s Portfolios directly should either access their shareholder account online by visiting our website (http://www.permanentportfoliofunds.com), or by calling our Shareholder Services Office at (800) 531-5142. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to continue to receive all future Reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your Reports by calling our Shareholder Services Office at (800) 531-5142. If you own your shares through a financial intermediary, you must contact your financial intermediary to elect to continue to receive paper copies of your Reports. Your election to receive paper copies of the Reports will apply to all Fund Portfolios held directly or to all Fund Portfolios held through your financial intermediary as applicable.

 

 

PERMANENT PORTFOLIO®

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Quantity           Market Value  
                                             GOLD ASSETS — 20.24% of Total Net Assets                                        
  171,979 Troy Oz.     

Gold bullion (a)

    $         220,615,238  
  132,500 Coins     

One-ounce gold coins (a)

      173,263,000  
     

 

 

  
  

Total Gold Assets (identified cost $298,762,475)

    $ 393,878,238  
     

 

 

  
   SILVER ASSETS — 5.57% of Total Net Assets   
  7,278,323 Troy Oz.     

Silver bullion (a)

    $ 108,447,018  
     

 

 

  
  

Total Silver Assets (identified cost $115,601,526)

    $ 108,447,018  
     

 

 

  

Principal Amount

              
   SWISS FRANC ASSETS — 7.54% of Total Net Assets   
CHF  2,999,301       

Swiss franc deposits (a)

    $ 2,943,521  
     

 

 

  
CHF  70,000,000       

2.250% Swiss Confederation Bonds, 07-06-20

    $ 71,221,110  
CHF  70,000,000       

2.000% Swiss Confederation Bonds, 04-28-21

      72,556,946  
     

 

 

  
  

Total Swiss Confederation bonds

    $ 143,778,056  
     

 

 

  
  

Total Swiss Franc Assets (identified cost $147,827,982)

    $ 146,721,577  
     

 

 

  

Number of Shares

              
   REAL ESTATE AND NATURAL RESOURCE STOCKS — 19.18% of Total Net Assets

 

   NATURAL RESOURCES — 7.24% of Total Net Assets   
  150,000       

Apache Corporation

    $ 4,936,500  
  200,000       

BHP Group, Ltd. (b)

      10,590,000  
  150,000       

BP, p.l.c. (b)

      6,559,500  
  500,000       

Cameco Corporation

      5,520,000  
  200,000       

Canadian Natural Resources Ltd.

      5,996,000  
  100,000       

Chevron Corporation

      12,006,000  
  100,000       

ConocoPhillips

      6,312,000  
  150,000       

Devon Energy Corporation

      4,821,000  
  700,000       

Encana Corporation

      4,851,000  
  100,000       

Exxon Mobil Corporation

      8,028,000  
  4,000,000       

Freeport-McMoRan, Inc.

      49,240,000  
  200,000       

Murphy Oil Corporation

      5,448,000  
  50,000       

Nutrien, Ltd.

      2,709,000  
  100,000       

Rio Tinto p.l.c (b)

      5,890,000  
  350,000       

South32 Limited (b)

      4,102,000  
  300,000       

Vale S.A. (b)

      3,834,000  
     

 

 

  
      $ 140,843,000  
     

 

 

  

 

Continued on following page.

 

2

 

 

PERMANENT PORTFOLIO®

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

 

Number of Shares           Market Value  
                                             REAL ESTATE — 11.94% of Total Net Assets                                        
  100,000       

Alexander & Baldwin, Inc.

    $ 2,362,000  
  75,000       

AvalonBay Communities, Inc.

      15,069,750  
  75,000       

Boston Properties, Inc.

      10,321,500  
  125,000       

Digital Realty Trust, Inc.

      14,713,750  
  125,000       

Duke Realty Corporation

      3,890,000  
  75,000       

Essex Property Trust, Inc.

      21,187,500  
  75,000       

Federal Realty Investment Trust

      10,038,750  
  750,000       

Franklin Street Properties Corporation

      5,895,000  
  125,000       

Highwoods Properties, Inc.

      5,572,500  
  250,000       

Investors Real Estate Trust

      15,070,000  
  150,000       

Kimco Realty Corporation

      2,608,500  
  100,000       

Macquarie Infrastructure Corporation

      4,051,000  
  450,000       

Outfront Media, Inc.

      10,723,500  
  125,000       

Prologis, Inc.

      9,583,750  
  125,000       

Regency Centers Corporation

      8,396,250  
  77,500       

Texas Pacific Land Trust

      62,181,350  
  125,000       

UDR, Inc.

      5,618,750  
  200,000       

Urstadt Biddle Properties, Inc.

      3,459,000  
  500,000       

Urstadt Biddle Properties, Inc. Class A

      10,965,000  
  75,000       

Vornado Realty Trust

      5,185,500  
  100,000       

Washington Real Estate Investment Trust

      2,824,000  
  100,000       

Weyerhaeuser Company

      2,680,000  
     

 

 

  
      $         232,397,350  
     

 

 

  
  

Total Real Estate and Natural Resource Stocks
(identified cost $371,913,667)

    $ 373,240,350  
     

 

 

  
   AGGRESSIVE GROWTH STOCKS — 20.05% of Total Net Assets

 

   AEROSPACE — 1.37% of Total Net Assets

 

  80,000       

Lockheed Martin Corporation

    $ 26,666,400  
     

 

 

  
      $ 26,666,400  
   CHEMICALS — 1.04% of Total Net Assets

 

  100,000       

Air Products & Chemicals, Inc.

    $ 16,463,200  
  50,000       

Albemarle Corporation

      3,753,000  
     

 

 

  
      $ 20,216,200  
   COMPUTER SOFTWARE & SERVICES — 2.95% of Total Net Assets

 

  90,000       

Autodesk, Inc. (a)

    $ 16,038,900  
  250,000       

Sailpoint Technologies Holdings, Inc. (a)

      7,065,000  
  250,000       

Twilio, Inc. Class A (a)

      34,285,000  
     

 

 

  
      $ 57,388,900  
   ELECTRICAL EQUIPMENT & ELECTRONICS — .90% of Total Net Assets

 

  25,000       

Broadcom, Inc.

    $ 7,960,000  
  100,000       

Intel Corporation

      5,104,000  
  25,000       

NVIDIA Corporation

      4,525,000  
     

 

 

  
      $ 17,589,000  

 

Continued on following page.

 

3

 

 

PERMANENT PORTFOLIO®

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Number of Shares           Market Value  
   ENERGY SERVICES & PROCESSING — .73% of Total Net Assets

 

  100,000       

HollyFrontier Corporation

    $ 4,773,000  
  100,000       

Phillips 66

      9,427,000  
     

 

 

  
      $ 14,200,000  
   ENGINEERING & CONSTRUCTION — .47% of Total Net Assets

 

  100,000       

Fluor Corporation

    $ 3,973,000  
  100,000       

Lennar Corporation Class A

      5,203,000  
     

 

 

  
      $ 9,176,000  
                                            ENTERTAINMENT & LEISURE — 3.68% of Total Net Assets                                    
  75,000       

Disney (Walt) Company

    $ 10,272,750  
  250,000       

Facebook, Inc. Class A (a)

      48,350,000  
  90,000       

Wynn Resorts, Ltd.

      13,000,500  
     

 

 

  
      $ 71,623,250  
   FINANCIAL SERVICES — 2.16% of Total Net Assets

 

  90,000       

First Republic Bank

    $ 9,505,800  
  400,000       

KeyCorp

      7,020,000  
  200,000       

Morgan Stanley

      9,650,000  
  200,000       

Schwab (Charles) Corporation

      9,156,000  
  100,000       

State Street Corporation

      6,766,000  
     

 

 

  
      $ 42,097,800  
   MANUFACTURING — 2.41% of Total Net Assets

 

  75,000       

Agilent Technologies, Inc.

    $ 5,887,500  
  80,000       

Illinois Tool Works, Inc.

      12,450,400  
  80,000       

IPG Photonics Corporation (a)

      13,978,400  
  80,000       

Parker-Hannifin Corporation

      14,486,400  
     

 

 

  
      $ 46,802,700  
   MATERIALS — .29% of Total Net Assets

 

  100,000       

Nucor Corporation

    $ 5,707,000  
     

 

 

  
      $ 5,707,000  
   PHARMACEUTICALS — 1.26% of Total Net Assets

 

  80,000       

Amgen, Inc.

    $ 14,345,600  
  150,000       

Atara Biotherapeutics, Inc. (a)

      5,040,000  
  80,000       

Gilead Sciences, Inc.

      5,203,200  
     

 

 

  
      $ 24,588,800  
   RETAIL — 1.25% of Total Net Assets

 

  80,000       

Costco Wholesale Corporation

    $ 19,642,400  
  80,000       

Williams-Sonoma, Inc.

      4,573,600  
     

 

 

  
      $ 24,216,000  
   TRANSPORTATION — 1.54% of Total Net Assets

 

  80,000       

FedEx Corporation

    $ 15,156,800  
  80,000       

Kansas City Southern

      9,851,200  
  80,000       

Ryder System, Inc.

      5,040,000  
     

 

 

  
      $ 30,048,000  
     

 

 

  
  

Total Aggressive Growth Stocks (identified cost $159,520,896)

    $         390,320,050  
     

 

 

  

 

Continued on following page.

 

4

 

 

PERMANENT PORTFOLIO®

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Principal Amount

           Market Value  
                                             DOLLAR ASSETS — 26.78% of Total Net Assets                                        
   CORPORATE BONDS — 18.39% of Total Net Assets   
   ADVERTISING & MARKETING — .07% of Total Net Assets   
$ 1,250,000       

4.000% The Interpublic Group of Companies, Inc., 03-15-22

    $ 1,278,919  
     

 

 

  
      $ 1,278,919  
   CHEMICALS — .56% of Total Net Assets   
  8,500,000       

5.200% FMC Corporation, 12-15-19

    $ 8,615,120  
  2,200,000       

4.250% Mosaic Company, 11-15-23

      2,286,268  
     

 

 

  
      $ 10,901,388  
   COMPUTER SOFTWARE & SERVICES — .39% of Total Net Assets   
  7,500,000       

3.600% Hewlett Packard Enterprise Company, 10-15-20

    $ 7,568,636  
     

 

 

  
      $ 7,568,636  
   CONSUMER PRODUCTS — 1.94% of Total Net Assets   
  7,500,000       

2.750% BAT International Finance, p.l.c., 06-15-20 (c)

    $ 7,487,475  
  1,000,000       

3.250% Beam Suntory, Inc., 05-15-22

      1,006,926  
  6,110,000       

2.450% Church & Dwight Company, Inc., 08-01-22

      6,023,501  
  8,500,000       

2.500% J. M. Smucker Company, 03-15-20

      8,480,926  
  3,000,000       

3.625% Mondelez International, Inc., 05-07-23 (d)

      3,064,513  
  6,500,000       

2.750% Reckitt Benckiser Group plc, 06-26-24 (c)

      6,363,194  
  1,780,000       

2.550% Suntory Holdings, Ltd., 06-28-22 (c)

      1,752,363  
  3,571,000       

3.250% Unilever Capital Corporation, 03-07-24

      3,638,046  
     

 

 

  
      $ 37,816,944  
   ENERGY SERVICES & PROCESSING — .65% of Total Net Assets   
  5,000,000       

3.050% Kinder Morgan, Inc., 12-01-19

    $ 5,003,750  
  2,337,000       

5.125% Marathon Petroleum Corporation, 03-01-21

      2,436,993  
  5,000,000       

4.750% Marathon Petroleum Corporation, 12-15-23 (c)

      5,279,215  
     

 

 

  
      $           12,719,958  
   ENGINEERING & CONSTRUCTION — .21% of Total Net Assets   
  4,075,000       

2.550% D.R. Horton, Inc., 12-01-20

    $ 4,048,131  
     

 

 

  
      $ 4,048,131  
   FINANCIAL SERVICES — 4.46% of Total Net Assets   
  7,000,000       

3.311% BB&T Corporation, 01-15-20 (d)

    $ 7,027,842  
  7,000,000       

3.050% Capital One Financial Corporation, 03-09-22

      7,030,905  
  5,000,000       

2.875% Fifth Third Bancorp, 07-27-20

      5,010,643  
  15,000,000       

2.375% First Republic Bank, 06-17-19

      14,994,300  
  5,000,000       

4.950% JPMorgan Chase & Company, 03-25-20

      5,101,455  
  12,500,000       

2.900% KeyCorp, 09-15-20

      12,519,738  
  27,250,000       

3.266% Manufacturers & Traders Trust Company, 12-01-21 (d)

      27,205,460  
  7,500,000       

4.875% Morgan Stanley, 11-01-22

      7,933,474  
     

 

 

  
      $ 86,823,817  
   FOOD & DRUG STORES — .43% of Total Net Assets   
  8,200,000       

6.150% The Kroger Company, 01-15-20

    $ 8,389,211  
     

 

 

  
      $ 8,389,211  
   HEALTHCARE SERVICES — .46% of Total Net Assets   
  9,000,000       

2.625% Laboratory Corporation of America Holdings, 02-01-20

    $ 8,979,575  
     

 

 

  
      $ 8,979,575  

 

Continued on following page.

 

5

 

 

PERMANENT PORTFOLIO®

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Principal Amount

           Market Value  
                                             INSURANCE — 2.19% of Total Net Assets                                        
$ 3,500,000       

6.150% Berkley (W.R.) Corporation, 08-15-19

    $ 3,530,263  
  4,300,000       

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

      4,425,785  
  10,500,000       

5.875% CNA Financial Corporation, 08-15-20

      10,901,273  
  12,500,000       

5.350% Markel Corporation, 06-01-21

      13,057,962  
  2,683,000       

7.625% Massachusetts Mutual Life Insurance Company, 11-15-23 (c)

      3,072,945  
  7,714,000       

3.000% UNUM Group, 05-15-21

      7,710,907  
     

 

 

  
      $ 42,699,135  
   LODGING — .49% of Total Net Assets   
  9,500,000       

3.375% Hyatt Hotels Corporation, 07-15-23

    $ 9,515,732  
     

 

 

  
      $ 9,515,732  
   MANUFACTURING — .30% of Total Net Assets   
  3,700,000       

2.700% Harris Corporation, 04-27-20

    $ 3,695,566  
  2,070,000       

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

      2,097,533  
     

 

 

  
      $ 5,793,099  
   MATERIALS — .18% of Total Net Assets   
  3,300,000       

5.400% Georgia Pacific, LLC, 11-01-20 (c)

    $ 3,425,834  
     

 

 

  
      $ 3,425,834  
   MEDICAL SUPPLIES — .51% of Total Net Assets   
  10,000,000       

2.675% Becton, Dickinson & Company, 12-15-19

    $ 9,978,590  
     

 

 

  
      $ 9,978,590  
   NATURAL RESOURCES — .83% of Total Net Assets   
  5,000,000       

8.125% EQT Corporation, 06-01-19

    $ 5,020,875  
  5,000,000       

4.875% EQT Corporation, 11-15-21

      5,198,550  
  6,000,000       

6.500% Nutrien, Ltd., 05-15-19

      6,007,581  
     

 

 

  
      $ 16,227,006  
   PAPER & PACKAGING PRODUCTS — .27% of Total Net Assets   
  5,080,000       

3.900% Packaging Corporation of America, 06-15-22

    $ 5,204,483  
     

 

 

  
      $ 5,204,483  
   REAL ESTATE — 2.80% of Total Net Assets   
  7,000,000       

2.750% Alexandria Real Estate Equities, Inc., 01-15-20

    $ 6,993,980  
  12,000,000       

3.700% Corporate Office Properties, L.P., 06-15-21

      12,013,932  
  4,430,000       

3.600% Corporate Office Properties, L.P., 05-15-23

      4,387,025  
  3,600,000       

5.250% Corporate Office Properties, L.P., 02-15-24

      3,768,223  
  4,115,000       

4.375% Duke Realty, L.P., 06-15-22

      4,287,252  
  2,561,000       

4.400% Lexington Realty Trust, 06-15-24

      2,588,788  
  7,500,000       

7.750% Reckson Operating Partnership, L.P., 03-15-20

      7,813,586  
  3,650,000       

3.662% SL Green Operating Partnership, L.P., 08-15-21 (d)

      3,636,727  
  7,420,000       

3.700 % UDR, Inc., 10-01-20

      7,491,121  
  1,435,000       

3.950% Washington Real Estate Investment Trust, 10-15-22

      1,468,514  
     

 

 

  
      $ 54,449,148  
   TRANSPORTATION — .65% of Total Net Assets   
  5,000,000       

4.700% Burlington Northern Santa Fe, LLC, 10-01-19

    $ 5,038,342  
  7,500,000       

3.450% Ryder System, Inc., 11-15-21

      7,590,727  
     

 

 

  
      $           12,629,069  

 

Continued on following page.

 

6

 

 

PERMANENT PORTFOLIO®

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Principal Amount

           Market Value  
   UTILITIES — 1.00% of Total Net Assets   
$ 10,475,000       

2.500% Dominion Gas Holdings, LLC, 12-15-19

    $ 10,456,213  
  9,000,000       

3.150% Progress Energy, Inc., 04-01-22

      9,054,936  
     

 

 

  
      $ 19,511,149  
     

 

 

  
      $ 357,959,824  
     

 

 

  
   UNITED STATES TREASURY SECURITIES — 8.39% of Total Net Assets   
  15,000,000       

United States Treasury bills 2.274%, 05-16-19 (e)

    $ 14,985,062  
  32,500,000       

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

      37,739,159  
  45,000,000       

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

      55,090,714  
  45,000,000       

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

      55,445,116  
     

 

 

  
      $ 163,260,051  
     

 

 

  
  

Total Dollar Assets (identified cost $502,875,266)

    $ 521,219,875  
     

 

 

  
  

Total Portfolio — 99.36% of total net assets
(identified cost $1,596,501,812) (f)

    $     1,933,827,108  
  

Other assets, less liabilities (.64% of total net assets)

      12,556,036  
     

 

 

  
  

Net assets applicable to outstanding shares

    $ 1,946,383,144  
     

 

 

  
                                            

Notes:

                                        
  

(a) Non-income producing.

   
  

(b) Sponsored American Depositary Receipt (ADR).

   
  

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2019, these securities amounted to $27,381,026, or 1.41% of Permanent Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.

   
  

(d) Variable or floating rate security whereby the interest rate is periodically reset. The interest rate shown reflects the rate in effect as of April 30, 2019.

   
  

(e) Interest rate represents yield to maturity.

   
  

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

   

 

See accompanying notes.

 

7

 

 

SHORT-TERM TREASURY PORTFOLIO

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Principal Amount           Market Value  
   UNITED STATES AGENCY SECURITIES — 11.39% of Total Net Assets

 

$ 800,000       

Federal Home Loan Bank 1.125%, 10-03-19

    $ 795,342  
  850,000       

Federal Farm Credit Bank 1.240%, 01-13-20

      842,499  
     

 

 

  
  

Total United States Agency Securities (identified cost $1,636,901)

    $ 1,637,841  
     

 

 

  
   UNITED STATES TREASURY SECURITIES — 87.89% of Total Net Assets

 

  2,050,000       

United States Treasury bills   1.207%, 05-02-19 (a)

    $ 2,049,864  
  625,000       

United States Treasury bills   2.287%, 05-23-19 (a)

      624,100  
  2,000,000       

United States Treasury notes 1.125%, 05-31-19

      1,997,508  
  2,000,000       

United States Treasury notes   .875%, 07-31-19

      1,992,213  
  2,000,000       

United States Treasury notes 1.000%, 11-30-19

      1,983,495  
  2,000,000       

United States Treasury notes 2.000%, 01-31-20

      1,993,824  
  2,000,000       

United States Treasury notes 2.375%, 04-30-20

      1,999,473  
     

 

 

  
  

Total United States Treasury Securities (identified cost $12,633,172)

    $ 12,640,477  
     

 

 

  
  

Total Portfolio — 99.28% of total net assets
(identified cost $14,270,073) (b)

    $ 14,278,318  
  

Other assets, less liabilities (.72% of total net assets)

      103,463  
     

 

 

  
  

Net assets applicable to outstanding shares

    $         14,381,781  
     

 

 

  
                                            

Notes:

                                       
  

(a) Interest rate represents yield to maturity.

   
  

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

   

 

See accompanying notes.

 

8

 

 

VERSATILE BOND PORTFOLIO

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Principal Amount           Market Value  
                                             CORPORATE BONDS — 81.54% of Total Net Assets                                        
   ADVERTISING & MARKETING — 3.12% of Total Net Assets   
$ 485,000       

4.000% The Interpublic Group of Companies, Inc., 03-15-22

    $                 496,221  
     

 

 

  
      $ 496,221  
   AUTOMOBILES — 3.13% of Total Net Assets

  500,000       

3.386% Ford Motor Credit Company, LLC, 06-12-20

    $ 499,314  
     

 

 

  
      $ 499,314  
   CHEMICALS — 4.83% of Total Net Assets

  125,000       

3.950% FMC Corporation, 02-01-22

    $ 127,444  
  350,000       

4.250% Mosaic Company, 11-15-23

      363,725  
  275,000       

3.600% Westlake Chemical Corporation, 07-15-22

      277,317  
     

 

 

  
      $ 768,486  
   CONSUMER PRODUCTS — 6.06% of Total Net Assets

  300,000       

2.750% BAT International Finance, p.l.c., 06-15-20 (a)

    $ 299,499  
  550,000       

3.250% Beam Suntory, Inc., 06-15-23

      546,598  
  119,000       

4.625% Brunswick Corporation, 05-15-21 (a)

      119,000  
     

 

 

  
      $ 965,097  
   ENERGY SERVICES & PROCESSING — 3.88% of Total Net Assets   
  375,000       

4.750% El Paso Energy Capital Trust, 03-31-28 (b)

    $ 383,625  
  225,000       

5.125% Marathon Petroleum Corporation, 03-01-21

      234,627  
     

 

 

  
      $ 618,252  
   ENGINEERING & CONSTRUCTION — 4.48% of Total Net Assets   
  500,000       

2.550% D.R. Horton, Inc., 12-01-20

    $ 496,703  
  200,000       

8.375% Lennar Corporation, 01-15-21

      216,500  
     

 

 

  
      $ 713,203  
   FINANCIAL SERVICES — 7.56% of Total Net Assets   
  174,000       

5.875% Blackstone Holdings Finance Company, LLC, 03-15-21 (a)

    $ 183,220  
  300,000       

4.300% Fifth Third Bancorp, 01-16-24

      315,639  
  300,000       

4.000% Invesco Finance plc, 01-30-24

      309,919  
  250,000       

5.125% Jefferies Group, LLC, 01-20-23

      263,849  
  125,000       

4.875% Morgan Stanley, 11-01-22

      132,225  
     

 

 

  
      $ 1,204,852  
   INSURANCE — 8.32% of Total Net Assets   
  300,000       

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

    $ 308,776  
  255,000       

5.875% CNA Financial Corporation, 08-15-20

      264,745  
  750,000       

7.450% Phoenix Companies, Inc., 01-15-32

      502,500  
  250,000       

3.000% UNUM Group, 05-15-21

      249,900  
     

 

 

  
      $ 1,325,921  
   LODGING — 2.83% of Total Net Assets   
  450,000       

3.375% Hyatt Hotels Corporation, 07-15-23

    $ 450,745  
     

 

 

  
      $ 450,745  
   MANUFACTURING — 5.60% of Total Net Assets   
  500,000       

5.200% Carpenter Technology Corporation, 07-15-21

    $ 511,641  
  375,000       

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

      379,988  
     

 

 

  
      $ 891,629  

 

Continued on following page.

 

9

 

 

VERSATILE BOND PORTFOLIO

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Principal Amount           Market Value  
                                             MATERIALS — 4.68% of Total Net Assets                                        
$ 224,000       

5.400% Georgia Pacific, LLC, 11-01-20 (a)

    $ 232,541  
  500,000       

4.200% Owens Corning, 12-15-22

      512,996  
     

 

 

  
      $ 745,537  
   NATURAL RESOURCES — 5.85% of Total Net Assets   
  350,000       

4.875% EQT Corporation, 11-15-21

    $ 363,899  
  300,000       

4.450% Murphy Oil Corporation, 12-01-22

      302,299  
  250,000       

5.750% Newfield Exploration Corporation, 01-30-22

      266,250  
     

 

 

  
      $ 932,448  
   REAL ESTATE — 13.92% of Total Net Assets   
  200,000       

5.250% CBL & Associates, L.P., 12-01-23

    $ 143,250  
  450,000       

3.700% Corporate Office Properties, L.P., 06-15-21

      450,522  
  150,000       

3.600% Corporate Office Properties, L.P., 05-15-23

      148,545  
  150,000       

5.250% Corporate Office Properties, L.P., 02-15-24

      157,009  
  300,000       

3.375% Essex Portfolio, L.P., 01-15-23

      301,897  
  450,000       

4.400% Lexington Realty Trust, 06-15-24

      454,883  
  300,000       

7.750% Reckson Operating Partnership, L.P., 03-15-20

      312,543  
  250,000       

3.662% SL Green Operating Partnership, L.P., 08-15-21 (c)

      249,091  
     

 

 

  
      $ 2,217,740  
   RESTAURANTS — 1.83% of Total Net Assets   
  300,000       

3.875% Brinker International, Inc., 05-15-23

    $ 291,074  
     

 

 

  
      $ 291,074  
   TRANSPORTATION — .97% of Total Net Assets   
  155,000       

2.875% Ryder System, Inc., 09-01-20

    $ 155,065  
     

 

 

  
      $ 155,065  
   UTILITIES — 4.48% of Total Net Assets   
  250,000       

4.104% Dominion Energy, Inc., 04-01-21 (c)

    $ 254,525  
  450,000       

4.625% UIL Holdings Corporation, 10-01-20

      459,780  
     

 

 

  
      $ 714,305  
     

 

 

  
  

Total Corporate Bonds (identified cost $12,973,339)

    $           12,989,889  
     

 

 

  
   UNITED STATES TREASURY SECURITIES — 15.21% of Total Net Assets   
  600,000       

United States Treasury bills 1.207%, 05-02-19 (d)

    $ 599,960  
  1,825,000       

United States Treasury bills 2.274%, 05-16-19 (d)

      1,823,183  
     

 

 

  
  

Total United States Treasury Securities (identified cost $2,423,181)

    $ 2,423,143  
     

 

 

  

 

Continued on following page.

 

10

 

 

VERSATILE BOND PORTFOLIO

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Number of Shares           Market Value  
   PREFERRED STOCKS — 3.98% of Total Net Assets

 

   REAL ESTATE — 3.98% of Total Net Assets

 

  25,000       

RLJ Lodging Trust Perpetual Preferred Class A (b)

    $ 633,750  
     

 

 

  
  

Total Preferred Stocks (identified cost $636,008)

    $ 633,750  
     

 

 

  
  

Total Portfolio — 100.73% of total net assets
(identified cost $16,032,528) (e)

    $ 16,046,782  
  

Liabilities, less other assets (.73% of total net assets)

      (116,897 ) 
     

 

 

  
  

Net assets applicable to outstanding shares

    $           15,929,885  
     

 

 

  
                                            

Notes:

                                        
  

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2019, these securities amounted to $834,260, or 5.24% of Versatile Bond Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.

   
  

(b) Convertible security.

   
  

(c) Variable or floating rate security whereby the interest rate is periodically reset. The interest rate shown reflects the rate in effect as of April 30, 2019.

   
  

(d) Interest rate represents yield to maturity.

   
  

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

   

 

See accompanying notes.

 

11

 

 

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Number of Shares           Market Value  
                                             AGGRESSIVE GROWTH STOCKS — 100.71% of Total Net Assets                                        
   AEROSPACE — 6.01% of Total Net Assets   
  5,000       

Lockheed Martin Corporation

    $              1,666,650  
     

 

 

  
      $ 1,666,650  
   CHEMICALS — 5.07% of Total Net Assets

  5,000       

Air Products & Chemicals, Inc.

    $ 1,028,950  
  5,000       

Albemarle Corporation

      375,300  
     

 

 

  
      $ 1,404,250  
   COMPUTER SOFTWARE & SERVICES — 15.66% of Total Net Assets

  5,000       

Autodesk, Inc. (a)

    $ 891,050  
  25,000       

Sailpoint Technologies Holdings, Inc. (a)

      706,500  
  20,000       

Twilio, Inc. Class A (a)

      2,742,800  
     

 

 

  
      $ 4,340,350  
   ELECTRICAL EQUIPMENT & ELECTRONICS — 7.25% of Total Net Assets

  3,000       

Broadcom, Inc.

    $ 955,200  
  10,000       

Intel Corporation

      510,400  
  3,000       

NVIDIA Corporation

      543,000  
     

 

 

  
      $ 2,008,600  
   ENERGY SERVICES & PROCESSING — 3.44% of Total Net Assets

 

  20,000       

HollyFrontier Corporation

    $ 954,600  
     

 

 

  
      $ 954,600  
   ENGINEERING & CONSTRUCTION — 2.13% of Total Net Assets

  7,000       

Fluor Corporation

    $ 278,110  
  6,000       

Lennar Corporation Class A

      312,180  
     

 

 

  
      $ 590,290  
   ENTERTAINMENT & LEISURE — 10.66% of Total Net Assets

  5,000       

Disney (Walt) Company

    $ 684,850  
  8,000       

Facebook, Inc. Class A (a)

      1,547,200  
  5,000       

Wynn Resorts, Ltd.

      722,250  
     

 

 

  
      $ 2,954,300  
   FINANCIAL SERVICES — 12.70% of Total Net Assets

 

  10,000       

First Republic Bank

    $ 1,056,200  
  50,000       

KeyCorp

      877,500  
  15,000       

Morgan Stanley

      723,750  
  10,000       

Schwab (Charles) Corporation

      457,800  
  6,000       

State Street Corporation

      405,960  
     

 

 

  
      $ 3,521,210  
   MANUFACTURING — 10.64% of Total Net Assets

  5,000       

Agilent Technologies, Inc.

    $ 392,500  
  5,000       

Illinois Tool Works, Inc.

      778,150  
  5,000       

IPG Photonics Corporation (a)

      873,650  
  5,000       

Parker-Hannifin Corporation

      905,400  
     

 

 

  
      $ 2,949,700  
   MATERIALS — 1.44% of Total Net Assets

  7,000       

Nucor Corporation

    $ 399,490  
     

 

 

  
      $ 399,490  

 

Continued on following page.

 

12

 

 

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

 

 

April 30, 2019 (Unaudited)

 

Number of Shares           Market Value  
   NATURAL RESOURCES — 5.56% of Total Net Assets

 

  50,000       

Encana Corporation

    $ 346,500  
  75,000       

Freeport-McMoRan, Inc.

      923,250  
  5,000       

Nutrien, Ltd.

      270,900  
     

 

 

  
      $ 1,540,650  
   PHARMACEUTICALS — 7.91% of Total Net Assets

  5,000       

Amgen, Inc.

    $ 896,600  
  25,000       

Atara Biotherapeutics, Inc. (a)

      840,000  
  7,000       

Gilead Sciences, Inc.

      455,280  
     

 

 

  
      $ 2,191,880  
   RETAIL — 5.46% of Total Net Assets

 

  5,000       

Costco Wholesale Corporation

    $ 1,227,650  
  5,000       

Williams-Sonoma, Inc.

      285,850  
     

 

 

  
      $ 1,513,500  
   TRANSPORTATION — 6.78% of Total Net Assets

  5,000       

FedEx Corporation

    $ 947,300  
  5,000       

Kansas City Southern

      615,700  
  5,000       

Ryder System, Inc.

      315,000  
     

 

 

  
      $ 1,878,000  
     

 

 

  
  

Total Portfolio — 100.71% of total net assets
(identified cost $10,139,646) (b)

    $ 27,913,470  
  

Liabilities, less other assets (.71% of total net assets)

      (196,407 ) 
     

 

 

  
  

Net assets applicable to outstanding shares

    $             27,717,063  
     

 

 

  
                                            

Notes:

                                        
  

(a) Non-income producing.

   
  

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

   

 

See accompanying notes.

 

13

 

 

NOTES TO SCHEDULES OF INVESTMENTS

 

April 30, 2019 (Unaudited)

 

NET UNREALIZED APPRECIATION OF INVESTMENTS

The following is a summary of net unrealized appreciation of investments as of April 30, 2019 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

   $ 377,816,867     $ 8,916     $ 155,095     $ 18,450,449  

Investments other than securities

     95,759,880       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  
    473,576,747       8,916       155,095       18,450,449  

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

        

Investments in securities

     (128,452,826 )      (671 )      (140,841 )      (676,625 ) 

Investments other than securities

     (7,798,625 )      —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  
    (136,251,451 )      (671 )             (140,841 )      (676,625 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net unrealized appreciation of investments

   $   337,325,296     $              8,245     $ 14,254     $     17,773,824  
 

 

 

    

 

 

    

 

 

    

 

 

  

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

 

Continued on following page.

 

14

 

 

NOTES TO SCHEDULES OF INVESTMENTS

 

April 30, 2019 (Unaudited)

 

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during a reporting period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the 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, but are not limited to: (i) type of the investment; (ii) existence of any contractual restrictions on the investment’s disposition; (iii) price and extent of public trading in similar investments or of comparable investments; (iv) quotations or evaluated prices from broker-dealers and/or pricing services; (v) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); (vi) analysis of an issuer’s financial statements; (vii) evaluation of the forces that influence the issuer and the market(s) in which the investment is purchased and sold; and (viii) with respect to debt securities, maturity, coupon, creditworthiness, spread, currency denomination, and the movement of the market in which the security is normally traded. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.

 

Continued on following page.

 

15

 

 

NOTES TO SCHEDULES OF INVESTMENTS

 

April 30, 2019 (Unaudited)

 

Transfers between levels are recognized at the end of a reporting period. There were no transfers into or out of Levels 1, 2 or 3 during the three months ended April 30, 2019. The Fund’s Permanent Portfolio, Short-Term Treasury Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio held no Level 3 assets during the three months then ended.

As of April 30, 2019 and during the three months then ended, the Fund did not hold any derivative instruments, nor did it engage in any hedging activities using derivative instruments.

The following is a summary of the inputs used as of April 30, 2019 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

   $ 393,878,238     $ —     $                        —     $ 393,878,238  

Silver assets

     108,447,018       —       —       108,447,018  

Swiss franc assets

     2,943,521       143,778,056       —       146,721,577  

Real estate and natural resource stocks

     373,240,350       —       —       373,240,350  

Aggressive growth stocks †

     390,320,050       —       —       390,320,050  

Dollar assets:

        

Corporate bonds †

     —       357,959,824       —       357,959,824  

United States Treasury securities

     —       163,260,051       —       163,260,051  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Portfolio

   $ 1,268,829,177     $ 664,997,931     $ —     $   1,933,827,108  
 

 

 

    

 

 

    

 

 

    

 

 

  
    65.61%       34.39%       —%       100.00%  

SHORT-TERM TREASURY PORTFOLIO

        

United States Agency securities

   $ —     $ 1,637,841     $ —     $ 1,637,841  

United States Treasury securities

     —       12,640,477       —       12,640,477  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Portfolio

   $ —     $ 14,278,318     $ —     $ 14,278,318  
 

 

 

    

 

 

    

 

 

    

 

 

  
    —%       100.00%       —%       100.00%  

VERSATILE BOND PORTFOLIO

        

Corporate bonds †

   $ —     $ 12,989,889     $ —     $ 12,989,889  

United States Treasury securities

     —       2,423,143       —       2,423,143  

Preferred stocks †

     633,750       —       —       633,750  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Portfolio

   $ 633,750     $ 15,413,032     $ —     $ 16,046,782  
 

 

 

    

 

 

    

 

 

    

 

 

  
    3.95%       96.05%       —%       100.00%  

AGGRESSIVE GROWTH PORTFOLIO

        

Aggressive growth stocks †

   $ 27,913,470     $ —     $ —     $ 27,913,470  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Portfolio

   $ 27,913,470     $ —     $ —     $ 27,913,470  
 

 

 

    

 

 

    

 

 

    

 

 

  
    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.

 

16

 

 

 

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18

 

 

 

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19

LOGO

Schedules of Investments

As of April 30, 2019

 

 

INVESTMENT ADVISER

Pacific Heights Asset Management, LLC

600 Montgomery Street

San Francisco, California 94111

CUSTODIAN

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

DISTRIBUTOR

Quasar Distributors, LLC

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

TRANSFER AGENT

U.S. 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.    6/19

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© 2019 Permanent Portfolio Family of Funds. All rights reserved.