December 31, 2015
Aggressive Growth Portfolio
OBJECTIVE & STRATEGY
Aggressive Growth Portfolio is a mutual fund that seeks to achieve high (greater than the stock market as a whole), long-term appreciation in the value of its
shares. Under normal market conditions, the Portfolio invests in stocks and stock warrants of U.S. and foreign companies that are expected to have a higher
profit potential than the stock market as a whole and whose shares are valued primarily for potential growth in revenues, earnings, dividends or asset values
rather than for current income. The Portfolio may invest in shares of companies of any market capitalization and intends that, at any one time, it will hold stocks
of issuers from at least twelve different industry groups and it ordinarily will hold the stocks of small-, mid- and large-capitalization companies.
TOP 15 HOLDINGS
PORTFOLIO CHARACTERISTICS
(as a % of net assets)
Maximum Sales Charge 1
No Load
Facebook, Inc. Class A
9.17%
Inception Date
Lockheed Martin Corporation
5.44%
Symbol
PAGRX
Amgen, Inc.
5.08%
CUSIP
714199304
FedEx Corporation
4.66%
Current NAV per Share
$58.48
Celgene Corporation
4.12%
Portfolio Turnover
5.06%
Air Products & Chemicals, Inc.
4.07%
Expense Ratio 2
1.20%
Costco Wholesale Corporation
4.04%
Minimum Initial Purchase
$1,000
Autodesk, Inc.
3.81%
Minimum Subsequent Purchase
Gilead Sciences, Inc.
3.49%
Disney (Walt) Company
3.29%
HollyFrontier Corporation
3.12%
Parker-Hannifin Corporation
3.04%
Morgan Stanley
2.99%
Illinois Tool Works, Inc.
2.90%
Williams-Sonoma, Inc.
2.74%
January 2, 1990
2
$100
Aggressive Growth Portfolio’s 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 Aggressive Growth Portfolio is no load, there are management
fees and operating expenses that do apply. Such fees and expenses
are described in the Fund’s Prospectus.
1
Portfolio Turnover and Expense Ratio are for the year ended January 31,
2015, as stated in our most recent Prospectus, dated June 1, 2015, as
amended January 22, 2016.
2
HOLDINGS BY INDUSTRY SECTOR
(as a % of net assets)
Aerospace
5.44%
Entertainment & Leisure
14.92%
Chemicals
5.78%
Financial Services
10.71%
Communications Equipment
3.65%
Manufacturing
10.07%
Computer Software & Services
5.13%
Materials
1.26%
Consumer Products
2.52%
Natural Resources
1.60%
Electrical Equipment & Electronics
1.61%
Pharmaceuticals
Energy Services & Processing
5.13%
Retail
6.78%
Engineering & Construction
3.85%
Transportation & Other
8.86%
12.69%
The Portfolio’s holdings are subject to change at any time and are not recommendations to buy or sell any security.
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 document is Copyright © 2016 Permanent Portfolio Family of Funds, Inc. All rights reserved.
Not FDIC Insured
|
Not Bank-Guaranteed
|
Not Government-Guaranteed
|
May Lose Value
December 31, 2015
Aggressive Growth Portfolio
LIPPER RANKINGS (for the periods ended December 31, 2015)
Category: Lipper Multi-Cap Core Funds
Annualized Total Returns
Rank
Percentile
1 Year
334/343
98%
3 Years
255/323
79%
5 Years
226/292
78%
10 Years
199/230
87%
Lipper Analytical Services, Inc. is an independent mutual fund research
and rating service. Each Lipper average represents a universe of funds
with similar investment objectives. Rankings for the periods shown are
based on fund total returns with dividends and distributions reinvested
and do not reflect sales charges. The highest percentile rank is 1 and
the lowest is 100. Lipper ratings are not intended to predict future results
and Lipper does not guarantee the accuracy of this information. Lipper
2016. Reuters. All Rights Reserved. Past performance is no guarantee
of future results.
AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2015)
Since Inception
5 Years 10 Years 15 Years January 2, 1990
Year-To-Date
1 Year
3 Years
Return Before Taxes
-11.37%
-11.37%
10.49%
8.52%
4.88%
5.71%
9.78%
Return After Taxes on Distributions
-12.61%
-12.61%
9.51%
7.66%
3.40%
4.60%
8.88%
-5.39%
-5.39%
8.21%
6.79%
3.94%
4.66%
8.57%
.21%
.21%
12.66%
11.30%
7.75%
5.80%
9.93%
1.38%
1.38%
15.13%
12.57%
7.31%
5.00%
9.22%
Return After Taxes on Distributions and Sale of Portfolio Shares
Dow Jones Industrial Average
Standard & Poor’s 500 Composite Stock Index
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 investor’s 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.
Dow Jones Industrial Average is an average of the stock prices of thirty large companies and represents a widely recognized unmanaged portfolio of common
stocks. Standard & Poor’s 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 dividends as applicable, but do not reflect a deduction for fees, expenses or taxes. You
cannot invest directly in an index. After-tax 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 investor’s 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.
GROWTH OF $10,000 INVESTMENT (December 31, 2005 through December 31, 2015)
$30,000
Dow Jones Industrial Average
$21,092
Standard & Poor’s 500 Composite Stock Index
$20,242
$20,000
$10,000
Aggressive Growth Portfolio
$16,515
$0
‘05
‘06
‘07
‘08
‘09
‘10
‘11 ‘12
‘13
‘14
‘15
The chart above illustrates the performance of $10,000 invested in Aggressive Growth Portfolio shares ten years ago compared to performance of
Dow Jones Industrial Average and Standard & Poor’s 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 Aggressive Growth Portfolio reflect reinvestment
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
$30000
reflected, returns would be less than shown.
December 31, 2015
Aggressive Growth Portfolio
REASONS TO CONSIDER AGGRESSIVE GROWTH PORTFOLIO
High Profit Potential. Aggressive Growth Portfolio seeks to invest in stocks and stock warrants of U.S. and foreign companies that are expected
to have a higher profit potential than the stock market as a whole and whose shares are valued primarily for potential growth in revenues, earnings,
dividends or asset values rather than for current income. Such companies may include those involved in technology, medicine, capital goods, natural
resources, energy, construction, transportation, finance, entertainment or service, those developing or exploiting new industries, products, services or
markets, or those whose shares are otherwise undervalued. The Portfolio’s Adviser does not rely on any one of these factors, but instead considers
all of them.
Fully Invested in the Stock Market at All Times. Frequent switching of capital into and out of the stock market greatly magnifies the risk of investing
in stocks. Active switchers may suffer losses when the stock market declines and then miss out on profits when the market recovers. The result is
that losses – not profits – compound. By staying fully invested in stocks at all times, Aggressive Growth Portfolio avoids the unnecessary hazards of
switching. This policy creates greater potential for high profits in the long run. Tax Planning. Aggressive Growth Portfolio is managed to reduce the tax burden on you, the investor. The Portfolio chooses investments for capital
appreciation potential rather than for income and it plans investment purchases and sales, whenever practical, to minimize capital gain. In addition,
the Portfolio reinvests its profits to achieve further gains and makes only the minimum taxable distributions required for it to qualify for the favorable tax
treatment available to investment companies. All income and profits that are not distributed to you are added to the redemption value of your shares.
The money is available to you at any time – but is not subject to income tax until you decide to take it.
FOR MORE INFORMATION
FUND
INVESTMENT ADVISER
Financial Advisers
Institutional Sales Office: (866) 792-6547
Permanent Portfolio Family of Funds, Inc.
600 Montgomery Street, Suite 4100
San Francisco, California 94111-2702
Telephone: (415) 398-8000
www.permanentportfoliofunds.com
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
Individual Investors
Shareholder Services Office: (800) 531-5142
Transfer Agent: (800) 341-8900
December 31, 2015
Aggressive Growth Portfolio
ANNUAL RETURNS SINCE INCEPTION
Return Before
Taxes
Return After
Return After Taxes
Change in
Taxes
on Distributions and Net Asset Value
on Distributions
Sale of Portfolio
Shares
Capital Gain
Distributions
(Long-Term)
Non-Dividend
Distributions
Ordinary
Income
Dividends
2015
-11.37%
-12.61%
-5.39%
-$11.60
$2.74
$0.00
$0.95
2014
6.54%
5.83%
4.28%
$2.41
$1.79
$0.00
$0.21
2013
42.86%
42.01%
24.95%
$19.09
$1.39
$0.00
$0.33
2012
20.67%
26.26%
13.94%
$7.40
$0.61
$0.00
$0.46
2011
-7.52%
-8.43%
-3.64%
-$6.48
$2.63
$0.00
$0.32
2010
17.71%
17.26%
12.09%
$6.10
$1.11
$0.00
$0.11
2009
30.73%
30.73%
19.98%
$9.77
$0.00
$0.00
$0.00
2008
-39.10%
-41.54%
-22.52%
-$47.06
$11.77
$3.19
$0.09
2007
4.59%
3.03%
5.12%
-$4.89
$8.87
$0.00
$0.00
2006
9.10%
4.62%
12.02%
-$21.92
$31.93
$0.10
$0.10
2005
20.73%
20.58%
13.68%
$17.41
$0.90
$0.00
$0.00
2004
13.32%
11.54%
8.60%
$6.71
$3.94
$0.00
$0.00
2003
37.45%
37.45%
24.34%
$22.23
$0.00
$0.00
$0.00
2002
-24.69%
-24.69%
-15.16%
-$19.44
$0.00
$0.00
$0.00
2001
.92%
.84%
.64%
$0.47
$0.32
$0.00
$0.00
2000
.71%
-1.09%
2.09%
-$7.10
$7.41
$0.00
$0.00
1999
31.49%
31.49%
19.02%
$20.50
$0.00
$0.00
$0.00
1998
13.81%
13.81%
8.34%
$7.91
$0.00
$0.00
$0.00
1997
32.61%
31.16%
20.94%
$11.70
$2.89
$0.00
$0.19
1996
14.47%
14.19%
8.76%
$5.49
$0.05
$0.00
$0.25
1995
32.50%
31.02%
20.20%
$8.57
$1.51
$0.00
$0.11
1994
.97%
.91%
.59%
$0.27
$0.02
$0.00
$0.03
1993
21.84%
21.29%
13.40%
$5.15
$0.47
$0.00
$0.02
1992
19.84%
18.97%
13.67%
$3.77
$0.47
$0.00
$0.13
1991
30.32%
30.28%
20.92%
$5.12
$0.00
$0.00
$0.02
2-Jan-90
-15.62%
-15.62%
-11.25%
-$3.10
$0.00
$0.00
$0.00
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 investor’s shares, when redeemed, may
be worth more or less than their original cost.
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 investor’s 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.
Aggressive Growth Portfolio’s stock market investments will fluctuate, sometimes rapidly and unexpectedly. Aggressive growth stock
investments are subject to greater market risk of price declines, especially during periods when the prices of U.S. stock market investments, in
general, are declining. The Portfolio invests in smaller and medium capitalization companies, which will involve additional risks such as limited
liquidity and greater volatility. The Portfolio also invests in foreign securities, which will involve greater volatility and political, economic and
currency risks and differences in accounting methods.
Mutual fund investing involves risk; loss of principal is possible. The Fund is distributed by Quasar Distributors, LLC, a member of FINRA.