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Permanent Portfolio
INVESTMENT CATEGORIES
Allocation by Asset Class 20% Gold
PORTFOLIO CHARACTERISTICS
Maximum Sales Charge 1 Inception Date 5% Silver 10% Swiss Franc Assets Net Assets (M) Symbol CUSIP Current NAV per Share 15% U.S. Foreign Real Estate and Natural Resource Stocks Duration - Swiss Franc Bonds Duration - U.S. Dollar Assets SEC Standardized 30-Day Yield:
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Investment Categories show the Target Percentages for Permanent Portfolio. The Portfolio buys and sells investments as needed to keep its actual holdings in line with the Target Percentages. Permanent Portfolio invests in foreign securities, which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The Portfolio will be affected by changes in the prices of gold, silver, aggressive growth stocks and stocks of U.S. and foreign real estate and natural resource companies. Permanent Portfolios investment objectives, risks, charges and expenses must be considered carefully before investing. The Prospectus contains this and other important information. It may be obtained by calling (800) 531-5142 or visiting www.permanentportfoliofunds.com. Read it carefully before investing. While Permanent Portfolio is no load, there are management fees and operating expenses that do apply. Such fees and expenses are described in the Funds Prospectus.
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Portfolio Turnover 3 Expense Ratio: 3 Gross (before fee waiver) Net (after fee waiver) Alpha Beta 5 Standard Deviation 6 Minimum Initial Purchase Minimum Subsequent Purchase
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SEC standardized yield is based on a thirty-day (or one month) period and is computed by dividing the net investment income (i.e. dividends and interest earned during the period less expenses accrued for the period, net of reimbursements) per share earned during the period by the net asset value per share on the last day of the period, using the average number of shares outstanding during the period, deducting all fees and expenses except the $35 one-time account start-up fee and then annualizing the result. Net and Subsidized Yields reflect voluntary fee waivers. Portfolio Turnover, Gross Expense Ratio (before fee waiver) and Net Expense Ratio (after fee waiver) are for the year ended January 31, 2012, as stated in our most recent Prospectus, dated May 30, 2012. Net Expense Ratio reflects a contractual waiver of investment advisory fees in effect for the year then ended. The Portfolios investment adviser has agreed to continue the waiver at least through June 1, 2013.
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Alpha is the mean of the excess return of the manager over beta times benchmark. Alpha is a measure of risk (beta)-adjusted return.
Beta is a measure of systematic risk or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies you can expect the movement of a managers return series to match that of the benchmark used to measure beta.
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Standard Deviation measures the average deviations of a return series from its mean and is often used as a measure of risk. A large deviation implies there have been large swings in the return series of the manager.
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Benchmark: Standard & Poors 500 Composite Stock Index, January 2003 through December 2012.
Pacific Heights Asset Management, LLC (Adviser) became the Portfolios investment adviser on May 1, 2003. Prior to that, an investment adviser unrelated to the Adviser managed Permanent Portfolio.
Not Bank-Guaranteed
Not Government-Guaranteed
Permanent Portfolio
AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2012)
Year-To-Date Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Portfolio Shares Citigroup 3-Month U.S. Treasury Bill Index Standard & Poors 500 Composite Stock Index 6.91% 6.70% 4.76% .07% 16.00% 1 Year 6.91% 6.70% 4.76% .07% 16.00% 3 Years 9.22% 9.00% 7.90% .09% 10.87% 5 Years 7.29% 7.05% 6.22% .45% 1.66% 10 Years 10.20% 9.93% 8.99% 1.69% 7.10% Since Inception December 1, 1982 6.80% 6.27% 5.89% 4.43% 10.84%
Performance data quoted represents past performance. Past performance (before and after taxes) is not a guarantee of how the Portfolio will perform in the future. Investment returns and principal values of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance quoted. It may be obtained by calling (800) 531-5142 or visiting www.permanentportfoliofunds.com.
GROWTH OF $10,000 INVESTMENT (December 31, 2002 through December 31, 2012)
$30,000 Standard & Poors 500 Composite Stock Index $19,858 $20,000 Permanent Portfolio $26,419
The chart above illustrates the performance of $10,000 invested in Permanent Portfolio shares ten years ago compared to performance of Citigroup 3-Month U.S. Treasury Bill Index and Standard & Poors 500 Composite Stock Index over the same period and does not reflect the deduction of taxes an investor would pay on Portfolio distributions or on the redemption of Portfolio shares. Returns for Permanent Portfolio reflect reinvestment $40000.00 of all dividends and distributions and deduction of all fees and expenses, except the $35 one-time account start-up fee. If such start-up fee was reflected, returns would be less than shown. $30000.00 Permanent Portfolios returns reflect voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Citigroup 3-Month U.S. Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months. Standard & Poors 500 Composite Stock Index is a market-capitalization weighted index of common stocks and represents an unmanaged portfolio of common stocks. Returns shown for these indices reflect reinvested interest and dividends as applicable, but do not reflect a deduction for fees, expenses or taxes. You cannot invest directly in an index. After-tax $20000.00 returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. In particular, after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. $10000.00
Permanent Portfolio
TOP 10 HOLDINGS
Gold Coins Cash and Cash Equivalents Gold Bullion Swiss Franc Bank Account Silver Bullion BHP Billiton, Ltd. U.S. Treasury Notes 7.250% 5-15-16 U.S. Treasury Bonds 6.000% 2-15-26 U.S. Treasury Bonds 6.250% 8-15-23 U.S. Treasury Bonds 3.625% 8-15-19 13.83% 7.45% 7.58% 5.55% 4.87% 1.17% 1.09% 1.07% 1.07% 1.04%
FUND
Permanent Portfolio Family of Funds, Inc. 600 Montgomery Street, Suite 4100 San Francisco, California 94111-2702 Telephone: (415) 398-8000 www.permanentportfoliofunds.com
INVESTMENT ADVISER
Pacific Heights Asset Management, LLC Michael J. Cuggino, President & Portfolio Manager 600 Montgomery Street, Suite 4100 San Francisco, California 94111-2702 Telephone: (415) 398-8000
The Portfolios holdings are subject to change at any time and are not recommendations to buy or sell any security.
Permanent Portfolio
Change in Net Asset Value Capital Gain Distributions (Long-Term) $0.00 $0.00 $0.00 $0.00 $0.00 $0.12 $0.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.09 $0.36 $0.64 $0.77 $0.52 $0.17 $0.26 $0.08 $0.39 $0.05 $0.25 $0.18 $0.02 $0.00 $0.03 $0.30 $0.36 Ordinary Income Dividends $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.48 $0.91 $0.29 $0.24 $0.22 $0.38 $0.42 $0.34 $0.20 $0.29 $0.16 $0.27 $0.19 $0.22 $0.15 $0.20 $0.06 $0.16 $0.27 $0.28 $0.29 $0.42 $0.27
June 30, 2012 Return After Taxes Return After Taxes on on Distributions Distributions and Sale of Portfolio Shares .54% 5.32% -13.10% 11.98% 13.42% 12.59% 1.06% 6.20% -4.86% 6.05% 1.86% 14.81% -3.45% 14.49% .58% 4.46% 2.29% -.38% 4.87% 2.99% 13.61% 19.99% 11.62% 7.35% 13.66% 12.20% -8.62% 18.81% 19.13% 1.86% 6.70% .27% 2.66% -10.48% 9.59% 10.73% 7.96% .79% 4.47% -2.89% 5.49% 1.70% 9.33% -1.78% 9.30% 1.02% 3.75% 2.71% 1.45% 4.08% 2.47% 9.04% 13.35% 8.18% 5.00% 9.20% 8.21% -5.40% 12.43% 12.67% 1.67% 4.76%
1-Dec-82 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
.54% 5.32% -13.09% 11.98% 13.42% 12.94% 1.10% 6.20% -4.01% 8.01% 2.46% 15.45% -2.93% 15.40% 1.60% 5.58% 3.39% 1.10% 5.83% 3.76% 14.31% 20.44% 12.04% 7.62% 13.82% 12.43% -8.36% 19.08% 19.31% 2.13% 6.91%
$0.06 $0.62 -$1.54 $1.26 $1.58 $1.61 $0.17 $0.95 -$1.10 $0.26 $0.09 $2.11 -$0.72 $2.18 -$0.20 $0.34 -$0.19 -$0.87 $0.35 $0.25 $2.18 $3.90 $2.41 $1.80 $3.66 $3.68 -$3.33 $5.96 $7.14 $0.28 $2.55
Performance data quoted represents past performance. Past performance (before and after taxes) is not a guarantee of how the Portfolio will perform in the future. Investment returns and principal values of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Permanent Portfolios returns reflect voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. After-tax returns are calculated using the historical highest individual federal margin income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. In particular, after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Mutual fund investing involves risk; loss of principal is possible. The Fund is distributed by Quasar Distributors, LLC, a member of FINRA.