May 30, 2025

Permanent Portfolio Family of Funds

600 Montgomery Street, Suite 4100

San Francisco, CA 94111

Ladies and Gentlemen:

We have acted as counsel to Permanent Portfolio Family of Funds, a Delaware statutory trust (“Trust”), in connection with Post-Effective Amendment No. 66 (“Post-Effective Amendment”) to the Trust’s registration statement on Form N-1A (File Nos. 002-75661; 811-03379) (“Registration Statement”), to be filed with the U.S. Securities and Exchange Commission (“Commission”) on or about May 30, 2025, registering an indefinite number of Class A, Class C, and Class I shares of beneficial interest in the Permanent Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio and Class I shares of beneficial interest in the Short-Term Treasury Portfolio (collectively, the “Portfolios”), each a series of the Trust (“Shares”), under the Securities Act of 1933, as amended (“Securities Act”).

This opinion letter is being delivered at your request in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 28(i) of Form N-1A under the Securities Act and the Investment Company Act of 1940, as amended (“Investment Company Act”). For purposes of this opinion letter, we have examined originals or copies, certified or otherwise identified to our satisfaction, of:

We also have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinions, we have relied on a certificate of an officer of the Trust. We have not independently established any of the facts on which we have so relied.

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed, or photostatic copies thereof, and the due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof. We have further assumed the legal capacity of natural persons, that persons identified to us as officers of the Trust are actually serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact. We have not independently verified any of these assumptions.

The opinions expressed in this opinion letter are based on the facts in existence and the laws in effect on the date hereof and are limited to the Delaware Statutory Trust Act and the provisions of the Investment Company Act that are applicable to equity securities issued by registered open-end investment companies. We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws.

K&L GATES LLP

1 CONGRESS STREET SUITE 2900 BOSTON MA 02114

T +1 617 261 3100 F +1 617 261 3175 klgates.com

Based upon and subject to the foregoing, it is our opinion that (1) the Shares to be issued pursuant to the Post-Effective Amendment, when issued and paid for by the purchasers upon the terms described in the Post-Effective Amendment and the Prospectus, will be validly issued and (2) such purchasers will have no obligation to make any further payments for the purchase of the Shares or contributions to the Trust solely by reason of their ownership of the Shares.

This opinion is rendered solely in connection with the filing of the Post-Effective Amendment. We hereby consent to the filing of this opinion with the Commission in connection with the Post-Effective Amendment and to the reference to this firm’s name under the heading “Legal Counsel” in the Prospectus. In giving this consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement or Prospectus within the meaning of the term “expert” as used in Section 11 of the Securities Act or the rules and regulations promulgated thereunder by the Commission, nor do we admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.