Fund facts

Morningstar Category Allocation - 30% to 50% Equity

Net Assets (millions) $1,877.65

Alpha 2.42

Beta .33

Sharpe Ratio .29

Standard Deviation 8.32

Benchmark is the S&P 500, January 1, 1983 - June 30, 2020.

Share Classes

permanent portfolio®

Building Wealth for 38 years

Permanent Portfolio’s comprehensive asset allocation strategy isdesigned to consider all investment climates – growth, inflation,recession, deflation, volatility, uncertainty – seeking profit anddownside protection in any economic environment, therebyeliminating the need for forecasts, predictions and markettiming.

Target allocation Actual allocation: Unsubsidized, Subsidized

20%35%

5%

10%

15%15%

22.80%28.09%

6.15%

7.67%

16.67%17.73%

Gold

Real Estate & Natural Resource StocksSwiss Franc Assets

Aggressive Growth StocksDollar AssetsSilver

Other Assets

Aggressive Growth Stocks — stocks and stockwarrants of U.S. and foreign companies that are expected tohave a higher profit potential than the stock market as a wholeand whose shares are valued primarily for potential growth inrevenues, earnings, dividends or asset values rather than forcurrent income.

Dollar Assets — cash, U.S. Treasury bills, notes andbonds, and other U.S. dollar-denominated assets such as theobligations of U.S. government agencies, banker’s acceptancesand other bank obligations, commercial paper, and corporatebonds and other fixed income obligations of U.S. and non-U.S.issuers.

Flexibility

Because investment prices are constantly changing, holdingsare not expected to match exactly the Target Percentages.Ordinarily, whenever the holdings in an investment categorydeviate from the category’s Target Percentage by more than25% the fund will buy or sell investments to correct thediscrepancy (unless it is corrected by changes in market prices)and will do so within 90 days.

Asset classes

Gold and silver — bullion and bullion-type coins.

Swiss Franc Assets — demand deposits of Swiss francs atSwiss or non-Swiss banks and highly rated bonds, and othersecurities of the federal government of Switzerland of anymaturity.

Real Estate and Natural Resource Stocks —stocks of U.S. and foreign companies whose assets consistprimarily of real estate (such as timberland, ranching and farmland, raw land, land with improvements and structures andreal estate investment trusts (“REITs”)) and natural resources(such as companies involved directly or indirectly in exploring,mining, refining, processing, transporting, fabricating anddealing in oil, gas, coal and precious and non-preciousminerals).

As of June 30, 2020.89%

Permanent Portfolio invests in foreign securities, which will involvegreater volatility, political, economic and currency risks, anddifferences in accounting methods. The fund will be affected bychanges in the prices of gold, silver, Swiss franc assets and U.S. andforeign aggressive growth, real estate and natural resource stocks. Thefund is non-diversified and thus may be able to invest more of its assetsin fewer issuers and types of investments than a diversified fund.Investing a higher percentage of its assets in any one or a few issuerscould increase the fund’s risk of loss and its share price volatility. Thefund may invest in smaller companies, which involve additional riskssuch as limited liquidity and greater volatility than larger companies.Diversification does not assure a profit, nor does it protect against aloss in a declining market.

Class I: PRPFX

Class A: PrPDX

Class C: PRPHX

Incorporating Permanent Portfolio®into a 60/40 blend can enhance overallportfolio returns, while helping tolower volatility and lower beta.

20-Year OverviewJuly 1, 2000 - June 30, 2020

Enhancing a

traditional

60/40 model

These examples are for discussionpurposes only. For more specific waysabout how to use Permanent Portfolio,please contact our Institutional Salesoffice at (866) 792-6547. BloombergBarclays U.S. Universal Index measuresthe performance of U.S. dollar-denominated taxable bonds that arerated either investment-grade or highyield. The index includes U.S. Treasurybonds, investment-grade and high yieldU.S. corporate bonds, mortgage-backedsecurities, and Eurodollar bonds. FTSE3-Month U.S. Treasury Bill Index tracksthe performance of U.S. Treasury billswith a remaining maturity of threemonths. The S&P 500 is a market-capitalization weighted index ofcommon stocks and represents anunmanaged portfolio. Returns shownfor these indices reflect reinvestedinterest, dividends and otherdistributions as applicable, but do notreflect a deduction for fees, expenses ortaxes. Indices are unmanaged and arenot subject to fees and expenses. Youcannot invest directly in an index.Average Annual Total Returns, as ofJune 30, 2020, for Bloomberg BarclaysU.S. Universal Index are 7.88% (1Year), 4.42% (5 Years), 4.12% (10Years), and 4.60% (15 Years). Inceptiondate of Permanent Portfolio predates theinception date of Bloomberg BarclaysU.S. Universal Index, which beganJanuary 1990. MBS - BloombergBarclays US MBS Index; Short-TermInvestment Grade - Bloomberg BarclaysShort-Term US Agg; Investment Grade- Bloomberg Barclays Us CorporateTotal Return; Intermediate-TermInvestment Grade - Bloomberg BarclaysIntermediate Term Corporate;NASDAQ - NASDAQ CompositeIndex; DJIA - Dow Jones IndustrialAverage; and, High Yield - BloombergBarclays US Corporate High Yield.

Permanent Portfolio Class I

Bonds [Bloomberg Barclays U.S. Universal Index]Stocks [S&P 500]

40%

30%

Annualized Return: 6.55%Standard Deviation: 8.13Beta: .50Alpha: 3.26Upside Capture vs. Market: 55.14Downside Capture vs. Market: 48.31

30%

40/30/3045%

30%

Annualized Return: 6.49%Standard Deviation: 8.43Beta: .53Alpha: 3.03Upside Capture vs. Market: 57.72Downside Capture vs. Market: 52.02

25%

45/30/25

50/30/20

Annualized Return: 6.43%Standard Deviation: 8.76Beta: .56Alpha: 2.78Upside Capture vs. Market: 60.32Downside Capture vs. Market: 55.68

50%

30%

20%

60% 40%

Annualized Return: 6.13%Standard Deviation: 8.92Beta: .59Alpha: 2.33Upside Capture vs. Market: 61.83Downside Capture vs. Market: 59.24

60/40

Correlation to permanent portfolioSeptember 1, 2007 - June 30, 2020 (includes two major financial crises)

0 .5 1

MBS.16

S&P 500.67

Investment Grade

.55DJIA.63

High Yield.64

NASDAQ.64

Short-Term Investment Grade

.36

Intermediate-Term Investment Grade

.58

Correlation is a statistical measure of how two securities move in relation to each other.

Average annual total returns (%)

As of June 30, 2020

Expense ratios (%)

Class I: .85 | Class A: 1.10 | Class C: 1.85

Performance data quoted represents past performance and does not guarantee future results. The investmentreturn and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may beworth more or less than their original cost. Investment performance, current to the most recent month-end,may be lower or higher than the performance quoted. It can be obtained by calling (800) 531-5142.Performance data shown with load reflects the Class A shares maximum sales charge of 5.00% and the ClassC shares maximum deferred sales charge of 1.00%. Performance data shown as no load does not reflect thecurrent maximum sales charges. Had the sales charge been included, the fund’s returns would be lower. Allresults are historical and assume the reinvestment of dividends and capital gains.

Expense ratios are for the year ended January 31, 2020, as stated in the Fund’s Prospectus, datedJune 1, 2020. Inception date for Class I shares was December 1,1982. Inception date for Class Ashares and Class C shares was May 31, 2016.

Permanent Portfolio’s investment objectives, risks, charges and expenses must be considered carefully beforeinvesting. The statutory Prospectus and Summary Prospectus contain this and other important information.They may be obtained by calling (800) 531-5142 or by visiting permanentportfoliofunds.com. Readcarefully before investing.

Alpha is the mean of the excess return of the manager over beta times benchmark. Beta is ameasure of systematic risk or the sensitivity of a manager to movements in the benchmark.Sharpe ratio is a risk-adjusted measure of return, which uses standard deviation to represent risk.Standard deviation measures the average deviations of a return series from its mean and is oftenused as a measure of risk. The upside and downside capture is a measure of how well a managerwas able to replicate or improve on phases of positive benchmark returns, and how badly themanager was affected by phases of negative benchmark returns.

Pacific Heights Asset Management, LLC (“Pacific Heights”) is the investment adviser toPermanent Portfolio Family of Funds, a Delaware statutory trust (“Fund”). The Fund isdistributed by Quasar Distributors, LLC (“Quasar”), a member of FINRA. Quasar is not affiliatedwith Pacific Heights. Pacific Heights became the Fund’s investment adviser on May 1, 2003.Prior to that, an investment adviser unrelated to Pacific Heights managed the Fund.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

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.Copyright © 2020 Permanent Portfolio Family of Funds. All rights reserved.

YTD 1 Year 5 Years 10 Years 15 Years Inception

Class I 2.77 8.45 5.52 4.81 6.10 6.05

Class A Load -2.50 2.74 - - - 4.71

Class A No Load 2.63 8.16 - - - 6.03

Class C Load 1.26 6.38 - - - 5.23

Class C No Load 2.26 7.38 - - - 5.23

FTSE 3-Month U.S. Treasury Bill Index

.52 1.56 1.15 .61 1.28 3.69

S&P 500 -3.08 7.51 10.73 13.99 8.83 11.31

Bloomberg Barclays US MortgageBacked Securities Index tracks fixed-rate agency mortgage backed pass-through securities guaranteed byGinnie Mae, Fannie Mae, and FreddieMac. The index is constructed bygrouping individual TBA-deliverableMBS pools into aggregates orgenerics based on program, couponand vintage. Bloomberg BarclaysShort-Term U.S. Aggregate – a sub-index of Bloomberg Barclays USAggregate Bond Index – is a broad-based flagship benchmark thatmeasures the investment grade, USdollar-denominated, fixed-ratetaxable bond market. The indexincludes Treasuries, government-related and corporate securities,MBS, ABS and CMBS with a shorterMacaulay duration in the range of 1to 5. Bloomberg Barclays USCorporate Bond Index measures theinvestment grade, fixed-rate, taxablecorporate bond market. It includesUSD denominated securities publiclyissued by US and non-US industrial,utility and financial issuers.Bloomberg Barclays Intermediate USGovernment/Credit Bond Index is abroad-based flagship benchmark thatmeasures the non-securitizedcomponent of the US AggregateIndex with less than 10 years tomaturity. The index includesinvestment grade, US dollar-denominated, fixed-rate treasuries,government-related and corporatesecurities. NASDAQ CompositeIndex is a broad-based capitalization -weighted index of stocks in all threeNASDAQ tiers: Global Select, GlobalMarket and Capital Market. DowJones Industrial Average is an averageof the stock prices of thirty largecompanies and represents a widelyrecognized unmanaged portfolio ofcommon stocks. Bloomberg BarclaysUS Corporate High Yield Bond Indexmeasures the USD-denominated,high yield, fixed-rate corporate bondmarket. Securities are classified ashigh yield if the middle rating ofMoody's, Fitch and S&P isBa1/BB+/BB+ or below. Bondsfrom issuers with an emergingmarkets country of risk, based onBarclays EM country definition, areexcluded.

Q4 2018

A fund for all seasons®A Time-tested

strategy in

multiple

economic

environmentsThe charts shown illustrate cumulativereturns for Permanent Portfoliocompared to the S&P 500 over thetime periods noted. It does not reflectthe deduction of taxes an investorwould pay on fund distributions or onthe redemption of fund shares. Returnsfor Permanent Portfolio reflectreinvestment of all dividends anddistributions and deduction of all feesand expenses. Cumulative return is theaggregate amount an investment hasgained or lost over a stated time periodand reflects all dividends and capitalgain distributions. Data Source: ZephyrStyleADVISOR. Past performancedoes not guarantee futureresults. Red arrows and percentagesindicate the maximum drawdown,which is the maximum observed lossfrom peak to trough of the fund andthe S&P 500, before a new peak isattained. Maximum drawdown is anindicator of downside risk over aspecified time period.

-5.5

7%

-29.

58%

21.1

0%

-40.

93%

-1.6

2%

-8.0

8%

30.0

8%

17.7

5%

14.0

3%

-23.

52%

25.9

4%

.78%

-.63

%

3.94

%

.26%

-5.3

8%

-13.

52%

-45.00%

-35.00%

-25.00%

-15.00%

-5.00%

5.00%

15.00%

25.00%

35.00%

Permanent Portfolio Class I S&P 500

1987 Crash

9/1/87 -11/30/87

Dot-com Bust

4/1/00 -3/31/03

9/11 Attacks

9/1/01 -9/30/01

Interest Rate Hikes 6/1/04 -6/30/06

Credit Crisis

8/1/07 -9/30/09

SovereignDebt Crisis10/1/09 -12/31/11

China Stumbles

8/1/15 -10/31/15

Brexit

6/1/16-6/30/16

10/1/18 -12/31/18

24.5

9%

Global financial crisis maximum drawdown

Covid-19 drawdown/recovery

July 31, 2007 - September 30, 2009

December 31, 2019 - June 30, 2020

$11,403

$7,648

$5,000 $6,000 $7,000 $8,000 $9,000

$10,000 $11,000 $12,000

Jul-20

07

Sep-20

07

Nov-20

07

Jan-20

08

Mar-200

8

May-20

08

Jul-20

08

Sep-20

08

Nov-20

08

Jan-20

09

Mar-200

9

May-20

09

Jul-20

09

Sep-20

09

-50.95%

-19.13%

-20.84%

-33.92%

$10,277

$9,596

$6,500

$7,500

$8,500

$9,500

$10,500

12/3

1/19

1/31

/20

2/29

/20

3/31

/20

4/30

/20

5/31

/20

6/30

/20

Experienced asset management team

FOR MORE INFORMATION

Visit us onlinepermanentportfoliofunds.com

Follow us on LinkedIn

Portfolio Management(415) 398-8000

Institutional Sales(866) 792-6547

Individual Investors (800) 531-5142

Michael J. Cuggino

Mr. Hyatt has served as a Senior Investment Analyst at Pacific Heights AssetManagement, LLC since 2010. Prior to joining Pacific Heights, Mr. Hyatt served asa Senior Vice President, Fixed Income Sales at Jefferies & Company, Inc. from 2009through 2010, as a Vice President, Middle Markets Fixed Income Sales at MerrillLynch, Pierce, Fenner & Smith, Inc. from 1996 through 2009 and as an Associate,Institutional Sales at R.W. Pressprich & Company, Inc. from 1994 through 1996.Prior to that, Mr. Hyatt served as a Project Engineer at Orth-Rodgers & Associates,Inc., a civil engineering firm. Mr. Hyatt received his undergraduate degree inindustrial engineering from Lehigh University. He is a CFA Charterholder and amember of the CFA Society Boston.

President & portfolio managerMr. Cuggino has served as the President and Portfolio Manager of PermanentPortfolio Family of Funds since his investment advisory firm, Pacific Heights AssetManagement, LLC, began managing the Fund’s four Portfolios on May 1, 2003. Mr.Cuggino has served as a trustee of the Fund since 1998, as its Chairman of the Boardand President since 2003 and as its Secretary since 2006. From 1993 through 2007,Mr. Cuggino served as the Fund’s Treasurer. Mr. Cuggino serves as the manager andsole trustee of the sole member (also as the President and Chief Executive Officer)of Pacific Heights since its founding in 2002. Mr. Cuggino previously served invarious accounting, auditing and taxation capacities at Ernst & Young LLP and one ofits predecessor firms, Arthur Young & Company, from 1985 through 1991. Mr.Cuggino is a Certified Public Accountant (inactive) and received his undergraduatedegrees in accountancy and management from Bentley University.

Senior investment analyst

Derek d. hyatt, CFA