HTML

PERMANENT PORTFOLIO^®

Schedule of Investments

April 30, 2026 (Unaudited)


Quantity			Market Value
		GOLD ASSETS — 19.72% of Total Net Assets
	232,340 Troy Oz.	Gold bullion (a)	$	1,072,177,561
	90,000 Coins	One-ounce gold coins (a)		425,180,777

		Total Gold Assets (identified cost $383,167,290)	$	1,497,358,338


		SILVER ASSETS — 5.58% of Total Net Assets
	5,759,368 Troy Oz.	Silver bullion (a)	$	423,509,356

		Total Silver Assets (identified cost $106,436,269)	$	423,509,356


Principal Amount
		SWISS FRANC ASSETS — 7.88% of Total Net Assets
	CHF 60,000,000	1.250% Swiss Confederation Bonds, 05-28-26	$	76,852,992
	CHF 40,000,000	3.250% Swiss Confederation Bonds, 06-27-27		53,069,687
	CHF 15,000,000	4.000% Swiss Confederation Bonds, 04-08-28		20,639,374
	CHF 130,000,000	.160% Swiss Confederation Bonds, 06-22-29 (b)		165,542,651
	CHF 100,000,000	.500% Swiss Confederation Bonds, 05-27-30		129,557,817
	CHF 65,000,000	.500% Swiss Confederation Bonds, 06-27-32		84,374,800
	CHF 55,000,000	.325% Swiss Confederation Bonds, 06-26-34 (b)		68,553,785

		Total Swiss Franc Assets (identified cost $552,522,856)	$	598,591,106


Number of Shares
		REAL ESTATE AND NATURAL RESOURCE STOCKS — 17.99% of Total Net Assets

		NATURAL RESOURCES — 9.08% of Total Net Assets
	600,000	APA Corporation	$	24,438,000
	450,000	BHP Group, Ltd. (c)		35,685,000
	3,000,000	Birchcliff Energy, Ltd.		14,220,000
	400,000	BP, p.l.c. (c)		18,952,000
	500,000	Cameco Corporation		61,520,000
	600,000	Canadian Natural Resources Ltd.		28,614,000
	300,000	Chevron Corporation		57,993,000
	300,000	ConocoPhillips		37,734,000
	600,000	Devon Energy Corporation		30,822,000
	300,000	Exxon Mobil Corporation		46,299,000
	2,400,000	Freeport-McMoRan, Inc.		138,672,000
	600,000	Murphy Oil Corporation		25,056,000
	300,000	Nutrien, Ltd.		22,800,000
	500,000	Occidental Petroleum Corporation		30,290,000
	500,000	Ovintiv, Inc.		30,775,000
	450,000	Rio Tinto p.l.c (c)		45,216,000
	500,000	South32 Limited (c)		7,415,000
	500,000	Vale S.A. (c)		8,180,000
	500,000	Viper Energy Partners LP		24,690,000

			$	689,371,000

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

April 30, 2026 (Unaudited)


Number of Shares			Market Value
		REAL ESTATE — 8.91% of Total Net Assets
	200,000	American Tower Corporation	$	36,542,000
	150,000	AvalonBay Communities, Inc.		27,450,000
	300,000	BXP, Inc.		17,538,000
	300,000	Centerspace		20,481,000
	500,000	CubeSmart, L.P.		20,240,000
	150,000	Digital Realty Trust, Inc.		30,141,000
	100,000	Essex Property Trust, Inc.		26,321,000
	200,000	Federal Realty Investment Trust		22,180,000
	400,000	Highwoods Properties, Inc.		9,724,000
	600,000	Kimco Realty Corporation		14,184,000
	500,000	Millrose Properties, Inc.		15,335,000
	900,000	Outfront Media, Inc.		27,765,000
	225,000	Prologis, Inc.		31,954,500
	300,000	Regency Centers Corporation		23,355,000
	125,000	Simon Property Group, Inc.		25,463,750
	500,000	STAG Industrial, Inc.		19,290,000
	570,000	Texas Pacific Land Corporation		252,891,900
	400,000	UDR, Inc.		14,536,000
	700,000	UMH Properties, Inc.		10,885,000
	400,000	Vornado Realty Trust		11,956,000
	750,000	Weyerhaeuser Company		18,390,000

			$	676,623,150

		Total Real Estate and Natural Resource Stocks (identified cost $776,070,742)	$	1,365,994,150


		AGGRESSIVE GROWTH STOCKS — 16.86% of Total Net Assets

		AEROSPACE — .51% of Total Net Assets
	75,000	Lockheed Martin Corporation	$	38,847,750

			$	38,847,750
		CHEMICALS — .50% of Total Net Assets
	60,000	Air Products & Chemicals, Inc.	$	18,003,000
	100,000	Albemarle Corporation		19,670,000

			$	37,673,000
		COMPUTER SOFTWARE & SERVICES — 3.48% of Total Net Assets
	110,000	AppLovin Corporation Class A (a)	$	49,098,500
	75,000	Autodesk, Inc. (a)		17,775,000
	1,200,000	Palantir Technologies, Inc. Class A (a)		166,932,000
	500,000	Quantum Computing, Inc. (a)		4,510,000
	175,000	Twilio, Inc. Class A (a)		25,910,500

			$	264,226,000
		ELECTRICAL EQUIPMENT & ELECTRONICS — 3.62% of Total Net Assets
	200,000	Arm Holdings plc (a)(c)	$	42,064,000
	200,000	Broadcom, Inc.		83,486,000
	750,000	NVIDIA Corporation		149,677,500

			$	275,227,500

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

April 30, 2026 (Unaudited)


Number of Shares			Market Value
		ENERGY SERVICES & PROCESSING — .50% of Total Net Assets
	300,000	HF Sinclair Corporation	$	20,163,000
	100,000	Phillips 66		17,915,000

			$	38,078,000
		ENGINEERING & CONSTRUCTION — .35% of Total Net Assets
	250,000	Fluor Corporation (a)	$	13,337,500
	150,000	Lennar Corporation Class A		13,545,000

			$	26,882,500
		ENTERTAINMENT & LEISURE — 1.84% of Total Net Assets
	125,000	Disney (Walt) Company	$	12,968,750
	185,000	Meta Platforms, Inc. Class A		113,203,350
	125,000	Wynn Resorts, Ltd.		13,388,750

			$	139,560,850
		FINANCIAL SERVICES — 1.86% of Total Net Assets
	500,000	Affirm Holdings, Inc. Class A (a)	$	32,140,000
	200,000	Morgan Stanley		38,118,000
	250,000	Schwab (Charles) Corporation		22,910,000
	150,000	State Street Corporation		22,926,000
	75,000	Visa, Inc. Class A		24,738,000

			$	140,832,000
		MANUFACTURING — 1.29% of Total Net Assets
	100,000	Agilent Technologies, Inc.	$	11,555,000
	90,000	Illinois Tool Works, Inc.		23,220,900
	150,000	IPG Photonics Corporation (a)		17,838,000
	50,000	Parker-Hannifin Corporation		45,471,000

			$	98,084,900
		MATERIALS — .37% of Total Net Assets
	125,000	Nucor Corporation	$	28,161,250

			$	28,161,250
		PHARMACEUTICALS — .49% of Total Net Assets
	60,000	Amgen, Inc.	$	20,775,000
	400,000	Structure Therapeutics, Inc. (a)		16,580,000

			$	37,355,000
		RETAIL — 1.00% of Total Net Assets
	50,000	Costco Wholesale Corporation	$	50,726,500
	50,000	Lululemon Athletica, Inc. (a)		6,885,000
	100,000	Williams-Sonoma, Inc.		18,121,000

			$	75,732,500
		TRANSPORTATION — 1.05% of Total Net Assets
	200,000	Canadian Pacific Kansas City Limited	$	17,392,000
	60,000	FedEx Corporation		24,198,600
	75,000	Ryder System, Inc.		19,032,750
	250,000	Uber Technologies, Inc. (a)		18,652,500

			$	79,275,850

		Total Aggressive Growth Stocks (identified cost $480,817,646)	$	1,279,937,100

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

April 30, 2026 (Unaudited)


Principal Amount			Market Value
		DOLLAR ASSETS — 31.15% of Total Net Assets

		CORPORATE BONDS — 20.72% of Total Net Assets

		AEROSPACE — .40% of Total Net Assets
$	12,500,000	7.500% BAE Systems, Inc., 07-01-27 (d)	$	12,945,805
	17,500,000	3.250% Northrop Grumman Corporation, 01-15-28		17,204,679

			$	30,150,484
		AGRICULTURAL PRODUCTS — .14% of Total Net Assets
	10,000,000	6.625% Archer-Daniels-Midland Company, 05-01-29	$	10,528,355

			$	10,528,355
		CHEMICALS — .94% of Total Net Assets
	10,000,000	4.900% Air Products & Chemicals, Inc., 10-11-32	$	10,135,725
	11,500,000	3.750% RPM International, Inc., 03-15-27		11,436,675
	20,000,000	4.800% Sherwin-Williams Company, 09-01-31		20,178,930
	20,000,000	3.600% Westlake Corporation, 08-15-26		19,939,830
	10,000,000	3.375% Westlake Corporation, 08-15-30		9,519,450

			$	71,210,610
		CONSUMER PRODUCTS — 2.33% of Total Net Assets
	20,000,000	4.000% Brown-Forman Corporation, 04-15-38	$	17,385,910
	20,000,000	4.150% Campbell’s (The) Company, 03-15-28		19,812,710
	17,500,000	7.125% Conagra Brands, Inc., 10-01-26		17,680,749
	5,621,000	3.500% Imperial Brands, p.l.c., 07-26-26 (d)		5,604,109
	15,000,000	2.100% Kellanova, 06-01-30		13,672,110
	11,283,000	4.150% McCormick & Company, Inc., 02-15-29		11,163,987
	12,500,000	2.750% Mondelez International, Inc., 04-13-30		11,688,925
	17,500,000	4.750% Nestle Capital Corporation, 03-12-31 (d)		17,745,192
	45,000,000	1.250% Pernod Ricard International Finance, LLC, 04-01-28 (d)		42,343,425
	20,000,000	3.375% Smucker (J.M.) Company, 12-15-27		19,695,770

			$	176,792,887
		ELECTRICAL EQUIPMENT & ELECTRONICS — .25% of Total Net Assets
	20,670,000	3.000% Skyworks Solutions, Inc., 06-01-31	$	18,655,471

			$	18,655,471
		ENERGY SERVICES & PROCESSING — 1.41% of Total Net Assets
	32,500,000	5.000% Kinder Morgan, Inc., 02-01-29	$	33,034,511
	20,000,000	5.625% Oneok, Inc., 01-15-26 (d)		20,259,300
	9,750,000	6.875% Oneok, Inc., 09-30-28		10,240,518
	25,000,000	5.300% Williams Companies, Inc., 08-15-28		25,481,888
	16,070,000	7.750% Williams Companies, Inc., 06-15-31		18,216,132

			$	107,232,349
		ENGINEERING & CONSTRUCTION — .63% of Total Net Assets
	35,000,000	4.750% Lennar Corporation, 11-29-27	$	35,163,958
	12,500,000	5.200% Lennar Corporation, 07-30-30		12,686,331

			$	47,850,289

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

April 30, 2026 (Unaudited)


Principal Amount			Market Value
		FINANCIAL SERVICES — .92% of Total Net Assets
$	37,500,000	3.950% Fifth Third Bancorp, 03-14-28	$	37,199,250
	17,500,000	4.700% Manufacturers & Traders Trust Company, 01-27-28		17,619,936
	15,000,000	4.875% Mastercard, Inc., 05-09-34		15,108,368

			$	69,927,554
		INSURANCE — 1.37% of Total Net Assets
	25,000,000	3.625% Alleghany Corporation, 05-15-30	$	24,263,638
	15,000,000	5.250% American Financial Group, Inc., 04-02-30		15,337,192
	10,000,000	4.500% Brown & Brown, Inc., 03-15-29		9,954,528
	12,500,000	6.920% Cincinnati Financial Corporation, 05-15-28		13,107,256
	25,000,000	3.200% Loews Corporation, 05-15-30		23,816,812
	5,016,000	3.500% Markel Group, Inc., 11-01-27		4,947,276
	12,500,000	4.400% Mercury General Corporation, 03-15-27		12,419,231

			$	103,845,933
		MANUFACTURING — .96% of Total Net Assets
	15,000,000	2.750% Alcon Finance Corporation, 09-23-26 (d)	$	14,915,609
	17,500,000	4.625% Kennametal, Inc., 06-15-28		17,538,307
	15,000,000	4.600% Keysight Technologies, Inc., 04-06-27		15,033,023
	15,000,000	5.350% Keysight Technologies, Inc., 07-30-30		15,424,485
	10,000,000	6.700% Rockwell Automation, Inc., 01-15-28		10,356,595

			$	73,268,019
		MATERIALS — .78% of Total Net Assets
	30,000,000	2.500% Martin Marietta Materials, Inc., 03-15-30	$	27,823,335
	32,500,000	3.500% Vulcan Materials Company, 06-01-30		31,208,938

			$	59,032,273
		NATURAL RESOURCES — 2.65% of Total Net Assets
	5,621,000	7.750% APA Corporation, 12-15-29	$	6,118,953
	9,300,000	7.000% ConocoPhillips, 03-30-29		9,946,276
	12,500,000	3.900% Coterra Energy, Inc., 05-15-27		12,445,687
	12,500,000	4.375% Coterra Energy, Inc., 03-15-29		12,432,419
	5,250,000	3.900% Coterra Energy Operating Company, 05-15-27		5,138,346
	6,500,000	4.375% Coterra Energy Operating Company, 03-15-29		6,184,256
	9,008,000	5.250% Devon Energy Corporation, 10-15-27		9,013,126
	12,016,000	5.875% Devon Energy Corporation, 06-15-28		12,034,036
	17,500,000	3.250% Diamondback Energy, Inc., 12-01-26		17,399,655
	15,000,000	5.400% Glencore Funding, LLC, 05-08-28 (d)		15,240,075
	25,000,000	4.050% Mosaic (The) Company, 11-15-27		24,850,350
	12,500,000	7.300% Mosaic (The) Company, 01-15-28		13,000,437
	10,000,000	4.000% Nutrien, Ltd., 12-15-26		9,985,990
	15,000,000	7.200% Pioneer Natural Resources Company, 01-15-28		15,682,725
	30,000,000	2.150% Pioneer Natural Resources Company, 01-15-31		27,075,345
	5,000,000	3.800% Yara International ASA, 06-06-26 (d)		5,016,175

			$	201,563,851
		PHARMACEUTICALS — .49% of Total Net Assets
	12,590,000	3.300% Bio-Rad Laboratories, Inc., 03-15-27	$	12,470,124
	5,000,000	6.800% Bristol-Myers Squibb Company, 11-15-26		5,064,764
	20,000,000	4.150% Zoetis, Inc., 08-17-28		19,909,260

			$	37,444,148

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

April 30, 2026 (Unaudited)


Principal Amount			Market Value
		REAL ESTATE — 4.31% of Total Net Assets
$	5,000,000	3.950% Brandywine Operating Partnership, L.P., 11-15-27	$	4,886,413
	10,000,000	5.850% Camden Property Trust, 11-03-26		10,067,385
	25,000,000	4.100% Camden Property Trust, 10-15-28		24,912,225
	12,500,000	2.000% COPT Defense Properties, 01-15-29		11,702,138
	24,250,000	3.125% Cubesmart, L.P., 09-01-26		24,168,217
	5,377,000	2.250% Cubesmart, L.P., 12-15-28		5,087,096
	30,000,000	5.250% First Industrial, L.P., 01-15-31		30,381,960
	10,000,000	4.125% Highwoods Realty, L.P., 03-15-28		9,866,935
	6,025,000	2.800% Kimco Realty Corporation, 10-01-26		5,991,281
	15,975,000	6.750% LXP Industrial Trust, 11-15-28		16,715,441
	17,500,000	3.600% Mid-America Apartment Communities, Inc., 06-01-27		17,399,156
	17,500,000	2.750% Rayonier, L.P., 05-17-31		15,780,748
	19,724,000	3.600% Regency Centers, L.P., 02-01-27		19,624,719
	16,250,000	4.125% Regency Centers, L.P., 03-15-28		16,188,478
	12,500,000	2.950% Regency Centers, L.P., 09-15-29		11,907,944
	15,000,000	3.700% Regency Centers, L.P., 6-15-30		14,563,740
	25,000,000	2.300% Sun Communities Operating Limited Partnership, 11-01-28		23,718,075
	10,000,000	2.950% UDR, Inc., 09-01-26		9,955,660
	29,750,000	4.400% UDR, Inc., 01-26-29		29,655,023
	12,500,000	6.950% Weyerhaeuser Company, 10-01-27		12,899,350
	12,500,000	4.000% Weyerhaeuser Company, 11-15-29		12,278,212

			$	327,750,196
		RETAIL — .09% of Total Net Assets
	7,500,000	1.750% Advance Auto Parts, Inc., 10-01-27	$	7,162,721

			$	7,162,721
		TRANSPORTATION — 1.54% of Total Net Assets
	12,500,000	2.875% Canadian Pacific Kansas City Limited, 11-15-29	$	11,886,156
	15,000,000	4.250% CSX Corporation, 03-15-29		15,003,285
	20,000,000	4.900% Hunt (J.B.) Transport Services, Inc., 03-15-30		20,185,040
	8,275,000	4.200% Kirby Corporation, 03-01-28		8,221,535
	40,000,000	2.375% Union Pacific Corporation, 05-20-31		36,326,020
	22,500,000	7.620% UPS of America, Inc., 04-01-30		24,996,319

			$	116,618,355
		UTILITIES — 1.34% of Total Net Assets
	6,010,000	3.800% Duke Energy Florida, LLC, 07-15-28	$	5,952,665
	7,500,000	3.250% Entergy Mississsippi, LLC, 12-01-27		7,327,316
	15,000,000	4.400% Florida Power & Light Company, 05-15-28		15,064,695
	32,500,000	5.150% Florida Power & Light Company, 06-15-29		33,289,327
	25,000,000	3.950% National Fuel Gas Company, 09-15-27		24,806,900
	15,200,000	3.800% Oklahoma Gas & Electric Company, 08-15-28		15,013,344

			$	101,454,247
		WASTE & ENVIRONMENTAL SERVICES — .17% of Total Net Assets
	12,500,000	4.875% Republic Services, Inc., 04-01-29	$	12,684,894

			$	12,684,894

			$	1,573,172,636

Continued on following page.

PERMANENT PORTFOLIO^®

Schedule of Investments

April 30, 2026 (Unaudited)


Principal Amount			Market Value
		UNITED STATES TREASURY SECURITIES — 10.43% of Total Net Assets
$	50,000,000	United States Treasury bills 3.113%, 05-07-26 (b)	$	49,970,165
	50,000,000	United States Treasury bills 3.449%, 05-26-26 (b)		49,875,777
	50,000,000	United States Treasury bills 3.613%, 07-16-26 (b)		49,621,538
	55,000,000	United States Treasury notes 4.125%, 06-15-26		55,024,650
	60,000,000	United States Treasury notes 3.875%, 05-31-27		60,052,469
	95,000,000	United States Treasury notes 3.750%, 08-15-27		94,901,288
	95,000,000	United States Treasury notes 3.500%, 11-15-28		94,089,231
	95,000,000	United States Treasury notes 3.875%, 12-31-29		94,722,874
	95,000,000	United States Treasury notes 3.875%, 08-31-32		93,486,672
	95,000,000	United States Treasury bonds 3.500%, 02-15-39		85,230,147
	95,000,000	United States Treasury bonds 2.000%, 11-15-41		65,267,768

			$	792,242,579

		Total Dollar Assets (identified cost $2,372,784,441)	$	2,365,415,215

		Total Portfolio — 99.18% of total net assets (identified cost $4,671,799,244) (e)	$	7,530,805,265
		Other assets, less liabilities (.82% of total net assets)		62,584,068

		Net assets applicable to outstanding shares	$	7,593,389,333


		Notes:
		(a) Non-income producing.
		(b) Interest rate represents yield to maturity.
		(c) Sponsored American Depositary Receipt (ADR).
		(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 April 30, 2026, these securities amounted to $134,069,690, or 1.77% of Permanent Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.
		(e) Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes.

SHORT-TERM TREASURY PORTFOLIO

Schedule of Investments

April 30, 2026 (Unaudited)


Principal Amount			Market Value
		UNITED STATES TREASURY SECURITIES — 98.84% of Total Net Assets
$	250,000	United States Treasury bills 3.113%, 05-07-26 (a)	$	249,851
	500,000	United States Treasury bills 3.490%, 05-28-26 (a)		498,665
	1,500,000	United States Treasury notes 4.125%, 06-15-26		1,500,672
	1,500,000	United States Treasury notes 1.500%, 08-15-26		1,490,397
	1,500,000	United States Treasury notes 2.000%, 11-15-26		1,486,486
	1,500,000	United States Treasury notes 4.125%, 01-31-27		1,504,554
	1,500,000	United States Treasury notes 4.250%, 03-15-27		1,506,766
	1,500,000	United States Treasury notes 3.750%, 08-15-27		1,498,441
	1,500,000	United States Treasury notes 3.875%, 03-15-28		1,499,863
	1,500,000	United States Treasury notes 3.500%, 12-15-28		1,485,276

		Total Portfolio — 98.84% of total net assets (identified cost $12,711,863) (b)	$	12,720,971
		Other assets, less liabilities (1.16% of total net assets)		149,703

		Net assets applicable to outstanding shares	$	12,870,674


		Notes:
		(a) Interest rate represents yield to maturity. (b) Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes.

VERSATILE BOND PORTFOLIO

Schedule of Investments

April 30, 2026 (Unaudited)


Principal Amount			Market Value
		CORPORATE BONDS — 71.12% of Total Net Assets

		AEROSPACE — 4.86% of Total Net Assets
$	4,000,000	4.200% Hexcel Corporation, 02-15-27	$	4,004,078

			$	4,004,078
		CHEMICALS — 6.08% of Total Net Assets
	1,000,000	3.200% FMC Corporation, 10-01-26	$	991,455
	1,500,000	3.750% RPM International, Inc., 03-15-27		1,491,740
	2,500,000	4.800% Sherwin-Williams Company, 09-01-31		2,522,366

			$	5,005,561
		CONSUMER PRODUCTS — 12.03% of Total Net Assets
	1,750,000	4.000% Brown-Forman Corporation, 04-15-38	$	1,521,267
	1,750,000	7.125% Conagra Brands, Inc., 10-01-26		1,768,075
	1,737,000	3.500% Imperial Brands, p.l.c., 07-26-26 (a)		1,731,780
	1,000,000	4.150% McCormick & Company, Inc., 02-15-29		989,452
	4,500,000	1.500% Mondelez International, Inc., 02-04-31		3,900,218

			$	9,910,792
		ELECTRICAL EQUIPMENT & ELECTRONICS — 3.84% of Total Net Assets
	3,500,000	3.000% Skyworks Solutions, Inc., 06-01-31	$	3,158,885

			$	3,158,885
		ENERGY SERVICES & PROCESSING — 4.83% of Total Net Assets
	4,000,000	4.000% Oneok, Inc., 07-13-27	$	3,980,094

			$	3,980,094
		FINANCIAL SERVICES — 2.20% of Total Net Assets
	969,375	6.500% BRC Group Holdings, Inc., 09-30-26	$	960,069
	1,250,000	4.625% KKR Group Finance Company IX, 04-01-61		849,000

			$	1,809,069
		INSURANCE — 9.91% of Total Net Assets
	500,000	5.750% American National Group, Inc., 10-01-29	$	506,377
	1,500,000	4.500% Brown & Brown, Inc., 03-15-29		1,493,179
	1,000,000	7.400% F&G Annuities & Life, Inc., 01-13-28		1,021,632
	1,000,000	6.500% F&G Annuities & Life, Inc., 06-04-29		1,009,764
	1,125,000	7.950% F&G Annuities & Life, Inc., 12-15-53		1,122,750
	2,445,000	4.400% Mercury General Corporation, 03-15-27		2,429,201
	750,000	7.450% Phoenix Companies, Inc., 01-15-32		577,500

			$	8,160,403

Continued on following page.

VERSATILE BOND PORTFOLIO

Schedule of Investments

April 30, 2026 (Unaudited)


Principal Amount			Market Value
		MANUFACTURING — 7.60% of Total Net Assets
$	2,250,000	4.625% Kennametal, Inc., 06-15-28	$	2,254,925
	4,000,000	4.600% Keysight Technologies, Inc., 04-06-27		4,008,806

			$	6,263,731
		MATERIALS — 3.45% of Total Net Assets
	1,250,000	2.500% Martin Marietta Materials, Inc., 03-15-30	$	1,159,306
	1,750,000	3.500% Vulcan Materials Company, 06-01-30		1,680,481

			$	2,839,787
		NATURAL RESOURCES — 1.40% of Total Net Assets
	1,000,000	3.900% Coterra Energy Operating Company, 05-15-27	$	978,733
	180,000	4.375% Coterra Energy Operating Company, 03-15-29		171,256

			$	1,149,989
		REAL ESTATE — 8.94% of Total Net Assets
	1,250,000	3.125% Cubesmart, L.P., 09-01-26	$	1,245,785
	2,500,000	2.250% Cubesmart, L.P., 12-15-28		2,365,211
	538,000	3.375% Duke Realty, L.P., 12-15-27		511,147
	500,000	7.600% First Industrial, L.P., 07-15-28		511,932
	1,250,000	3.250% Kimco Realty Corporation, 08-15-26		1,246,769
	500,000	3.250% Liberty Property, L.P., 10-01-26		497,201
	1,000,000	3.500% UDR, Inc., 07-01-27		989,937

			$	7,367,982
		TRANSPORTATION — 1.67% of Total Net Assets
	1,500,000	3.000% Norfolk Southern Corporation, 03-15-32	$	1,372,612

			$	1,372,612
		WASTE & ENVIRONMENTAL SERVICES — 4.31% of Total Net Assets
	3,500,000	4.875% Republic Services, Inc., 04-01-29	$	3,551,770

			$	3,551,770

		Total Corporate Bonds (identified cost $58,927,288)	$	58,574,753


		UNITED STATES TREASURY SECURITIES — 9.70% of Total Net Assets
	5,500,000	United States Treasury bills 3.113%, 05-07-26 (b)	$	5,496,718
	2,500,000	United States Treasury bills 3.490%, 05-28-26 (b)		2,493,325

		Total United States Treasury Securities (identified cost $7,990,007)	$	7,990,043

Continued on following page.

VERSATILE BOND PORTFOLIO

Schedule of Investments

April 30, 2026 (Unaudited)


Number of Shares			Market Value
		PREFERRED STOCKS — 19.18% of Total Net Assets

		COMMUNICATIONS SERVICES — 2.24% of Total Net Assets
	32,676	7.125% DigitalBridge Group, Inc., Preferred Class H (c)	$	567,909
	45,000	7.125% DigitalBridge Group, Inc., Preferred Class J (c)		784,350
	25,000	6.000% Telephone & Data Systems, Inc., Preferred Class VV (c)		492,250

			$	1,844,509
		FINANCIAL SERVICES — 8.32% of Total Net Assets
	35,000	5.625% Associated Banc-Corp, Preferred Class F (d)	$	714,700
	117,500	5.000% Capital One Financial Corporation, Preferred Class I (d)		2,231,325
	40,721	7.875% Compass Diversified Holdings, Preferred Class C (c)		880,388
	10,000	7.500% M&T Bank Corporation, Preferred Class J (d)		265,900
	40,000	6.000% Merchants Bancorp, Preferred Class C (d)		811,600
	30,000	4.450% Schwab (Charles) Corporation, Preferred Class J (d)		549,900
	85,000	4.875% WaFD, Inc., Preferred Class A (c)		1,398,250

			$	6,852,063
		REAL ESTATE — 8.62% of Total Net Assets
	50,000	6.375% CTO Realty Growth, Inc., Preferred Class A (c)	$	1,046,000
	115,000	5.125% Kimco Realty Corporation, Preferred Class L (c)		2,275,850
	32,500	6.250% Regency Centers Corporation, Preferred Class A (c)		749,450
	135,000	5.875% Regency Centers Corporation, Preferred Class B (c)		3,029,400

			$	7,100,700

		Total Preferred Stocks (identified cost $17,796,464)	$	15,797,272

		Total Portfolio — 100.00% of total net assets (identified cost $84,713,759) (e)	$	82,362,068
		Other assets, less liabilities (—% of total net assets)		3,173

		Net assets applicable to outstanding shares	$	82,365,241


		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, 2026, these securities amounted to $1,731,780, or 2.10% of Versatile Bond Portfolio’s total net assets, and have been determined by the Portfolio’s investment adviser to be liquid.
		(b) Interest rate represents yield to maturity.
		(c) Cumulative, perpetual preferred stock.
		(d) Non-cumulative, perpetual preferred stock.
		(e) Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes.

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

April 30, 2026 (Unaudited)


Number of Shares			Market Value
		AGGRESSIVE GROWTH STOCKS — 100.23% of Total Net Assets

		AEROSPACE — 4.53% of Total Net Assets
	50,000	Lockheed Martin Corporation	$	25,898,500

			$	25,898,500
		CHEMICALS — 5.54% of Total Net Assets
	40,000	Air Products & Chemicals, Inc.	$	12,002,000
	100,000	Albemarle Corporation		19,670,000

			$	31,672,000
		COMPUTER SOFTWARE & SERVICES — 16.00% of Total Net Assets
	65,000	AppLovin Corporation Class A (a)	$	29,012,750
	50,000	Autodesk, Inc. (a)		11,850,000
	225,000	Palantir Technologies, Inc. Class A (a)		31,299,750
	500,000	Quantum Computing, Inc. (a)		4,510,000
	100,000	Twilio, Inc. Class A (a)		14,806,000

			$	91,478,500
		ELECTRICAL EQUIPMENT & ELECTRONICS — 13.34% of Total Net Assets
	125,000	Arm Holdings plc (a)(b)	$	26,290,000
	60,000	Broadcom, Inc.		25,045,800
	125,000	NVIDIA Corporation		24,946,250

			$	76,282,050
		ENERGY SERVICES & PROCESSING — 1.76% of Total Net Assets
	150,000	HF Sinclair Corporation	$	10,081,500

			$	10,081,500
		ENGINEERING & CONSTRUCTION — 3.37% of Total Net Assets
	150,000	Fluor Corporation (a)	$	8,002,500
	125,000	Lennar Corporation Class A		11,287,500

			$	19,290,000
		ENTERTAINMENT & LEISURE — 7.58% of Total Net Assets
	75,000	Disney (Walt) Company	$	7,781,250
	45,000	Meta Platforms, Inc. Class A		27,535,950
	75,000	Wynn Resorts, Ltd.		8,033,250

			$	43,350,450
		FINANCIAL SERVICES — 10.93% of Total Net Assets
	175,000	Affirm Holdings, Inc. Class A (a)	$	11,249,000
	80,000	Morgan Stanley		15,247,200
	100,000	Schwab (Charles) Corporation		9,164,000
	100,000	State Street Corporation		15,284,000
	35,000	Visa, Inc. Class A		11,544,400

			$	62,488,600
		MANUFACTURING — 6.08% of Total Net Assets
	50,000	Agilent Technologies, Inc.	$	5,777,500
	25,000	Illinois Tool Works, Inc.		6,450,250
	75,000	IPG Photonics Corporation (a)		8,919,000
	15,000	Parker-Hannifin Corporation		13,641,300

			$	34,788,050
		MATERIALS — 1.97% of Total Net Assets
	50,000	Nucor Corporation	$	11,264,500

			$	11,264,500

Continued on following page.

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

April 30, 2026 (Unaudited)


Number of Shares			Market Value
		NATURAL RESOURCES — 5.89% of Total Net Assets
	500,000	Birchcliff Energy, Ltd.	$	2,370,000
	250,000	Freeport-McMoRan, Inc.		14,445,000
	100,000	Nutrien, Ltd.		7,600,000
	150,000	Ovintiv, Inc.		9,232,500

			$	33,647,500
		PHARMACEUTICALS — 4.72% of Total Net Assets
	30,000	Amgen, Inc.	$	10,387,500
	400,000	Structure Therapeutics, Inc. (a)		16,580,000

			$	26,967,500
		REAL ESTATE — 5.49% of Total Net Assets
	300,000	Millrose Properties, Inc.	$	9,201,000
	50,000	Texas Pacific Land Corporation		22,183,500

			$	31,384,500
		RETAIL — 6.62% of Total Net Assets
	25,000	Costco Wholesale Corporation	$	25,363,250
	25,000	Lululemon Athletica, Inc. (a)		3,442,500
	50,000	Williams-Sonoma, Inc.		9,060,500

			$	37,866,250
		TRANSPORTATION — 6.41% of Total Net Assets
	125,000	Canadian Pacific Kansas City Limited	$	10,870,000
	25,000	FedEx Corporation		10,082,750
	25,000	Ryder System, Inc.		6,344,250
	125,000	Uber Technologies, Inc. (a)		9,326,250

			$	36,623,250

		Total Portfolio — 100.23% of total net assets (identified cost $450,449,517) (c)	$	573,083,150
		Liabilities, less other assets (.23% of total net assets)		(1,311,949	)

		Net assets applicable to outstanding shares	$	571,771,201


		Notes:
		(a) Non-income producing.
		(b) Sponsored American Depositary Receipt (ADR).
		(c) Aggregate cost for book and federal income tax purposes are the same.

See accompanying notes.

NOTES TO SCHEDULES OF INVESTMENTS

April 30, 2026 (Unaudited)

NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following is a summary of net unrealized appreciation (depreciation) of investments as of April 30, 2026 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		$ 1,459,790,786			$ 26,015			$ 170,216			$ 132,886,179
Investments other than securities		1,431,264,135			—			—			—

		2,891,054,921			26,015			170,216			132,886,179
Aggregate gross unrealized depreciation of investments with excess of tax cost over value:
Investments in securities		(32,048,900	)		(16,907	)		(2,521,907	)		(10,252,546	)
Investments other than securities		—			—			—			—

		(32,048,900	)		(16,907	)		(2,521,907	)		(10,252,546	)

Net unrealized appreciation (depreciation) of investments		$ 2,859,006,021			$ 9,108			$ (2,351,691	)		$ 122,633,633

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, 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’s investment adviser has been designated as the Fund’s valuation designee, effective September 8, 2022, with responsibility for fair valuation, subject to oversight by the Fund’s Board of Trustees.

Continued on following page.

NOTES TO SCHEDULES OF INVESTMENTS

April 30, 2026 (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.

NOTES TO SCHEDULES OF INVESTMENTS

April 30, 2026 (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, 2026. 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, 2026 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, 2026 in valuing the Fund’s assets:


	Level 1 (Quoted Prices in Active Markets for Identical Assets)		Level 2 (Significant Other Observable Inputs)		Level 3 (Significant Unobservable Inputs)		Total

PERMANENT PORTFOLIO^®
Gold assets	$	1,497,358,338	$	—	$	—	$	1,497,358,338
Silver assets		423,509,356		—		—		423,509,356
Swiss franc assets		—		598,591,106		—		598,591,106
Real estate and natural resource stocks		1,365,994,150		—		—		1,365,994,150
Aggressive growth stocks †		1,279,937,100		—		—		1,279,937,100
Dollar assets:
Corporate bonds †		—		1,573,172,636		—		1,573,172,636
United States Treasury securities		—		792,242,579		—		792,242,579

Total Portfolio	$	4,566,798,944	$	2,964,006,321	$	—	$	7,530,805,265

		60.64%		39.36%		—%		100.00%
SHORT-TERM TREASURY PORTFOLIO
United States Treasury securities	$	—	$	12,720,971	$	—	$	12,720,971

Total Portfolio	$	—	$	12,720,971	$	—	$	12,720,971

		—%		100.00%		—%		100.00%
VERSATILE BOND PORTFOLIO
Corporate bonds †	$	3,509,319	$	55,065,434	$	—	$	58,574,753
Preferred stocks †		15,797,272		—		—		15,797,272
United States Treasury securities		—		7,990,043				7,990,043

Total Portfolio	$	19,306,591	$	63,055,477	$	—	$	82,362,068

		23.44%		76.56%		—%		100.00%
AGGRESSIVE GROWTH PORTFOLIO
Aggressive growth stocks †	$	573,083,150	$	—	$	—	$	573,083,150

Total Portfolio	$	573,083,150	$	—	$	—	$	573,083,150

		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.

LOGO

Schedules of Investments

As of April 30, 2026

INVESTMENT ADVISER

Pacific Heights Asset Management, LLC

600 Montgomery Street

San Francisco, California 94111

CUSTODIAN

State Street Bank and Trust Company

One Congress Street

Boston, Massachusetts 02114

DISTRIBUTOR

Quasar Distributors, LLC

Three Canal Plaza

Portland, Maine 04101

TRANSFER AGENT

By U.S. Mail:

Permanent Portfolio Family of Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, Missouri 64121-9252

By Overnight Delivery Service:

Permanent Portfolio Family of Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Avenue, Suite 219252

Kansas City, Missouri 64105-1307

Note: It is imperative that the Suite number be used for deliveries

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.		06/26

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^© 2026 Permanent Portfolio Family of Funds. All rights reserved.