Prospectus
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PORTFOLIO SUMMARIES | ||||
3 | ||||
14 | ||||
20 | ||||
29 | ||||
MORE INFORMATION ABOUT THE PORTFOLIOS | 35 | |||
35 | ||||
35 | ||||
36 | ||||
38 | ||||
50 | ||||
53 | ||||
TAX PLANNING POLICIES | 54 | |||
MANAGEMENT | 55 | |||
55 | ||||
55 | ||||
57 | ||||
FINANCIAL HIGHLIGHTS | 58 | |||
YOUR INVESTMENT | 69 | |||
69 | ||||
70 | ||||
71 | ||||
72 | ||||
73 | ||||
80 | ||||
81 | ||||
83 | ||||
86 | ||||
89 | ||||
89 | ||||
90 | ||||
94 | ||||
97 | ||||
97 | ||||
PRIVACY POLICY | 98 |
Permanent Portfolio® | May 31, 2023 |
Shareholder
Fees
(fees paid
directly from your investment) |
Class A |
Class C |
Class I |
|||||||||
Maximum
Sales Charge (Load) Imposed on
Purchases
(as a percentage of offering price) |
||||||||||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of the lower of original
purchase
price or sale proceeds) |
1 | 1 | ||||||||||
Annual Portfolio
Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
||||||||||||
Management Fees | ||||||||||||
Distribution and/or Service (12b-1) Fees | % | |||||||||||
Other Operating Expenses | ||||||||||||
Total Annual Portfolio Operating Expenses |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Class A | $ | $ | $ | $ | ||||||||||||
Class C | ||||||||||||||||
• Assuming
complete redemption at end of period |
$ | $ | $ | $ | ||||||||||||
• Assuming
no redemption |
$ | $ | $ | $ | ||||||||||||
Class I | $ | $ | $ | $ |
Investment Category | Target Percentage | |||
Gold | 20% | |||
Silver | 5% | |||
Swiss franc assets | 10% | |||
Real estate and natural resource stocks | 15% | |||
Aggressive growth stocks | 15% | |||
Dollar assets | 35% | |||
Total | 100% |
• |
Gold — consists of gold
bullion and bullion-type coins;
|
• |
Silver — consists of
silver bullion and bullion-type coins;
|
• |
Swiss franc
assets — consist of demand deposits of Swiss
francs at Swiss or non-Swiss banks and highly rated bonds, as defined
below, and other securities of the federal government of Switzerland of
any maturity; |
• |
Real estate and
natural resource stocks — include stocks
(including common and preferred shares, and depository receipts such as
American Depositary Receipts (“ADRs”)) of U.S. and foreign companies whose
assets consist primarily of real estate (such as timberland, ranching and
farm land, raw land, land with improvements and structures and real estate
investment trusts (“REITs”)) and natural resources (such as companies
involved directly or indirectly in exploring, mining, refining,
processing, transporting, fabricating and dealing in oil, gas, coal and
precious and non-precious minerals);
|
• |
Aggressive
growth stocks — include 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, construction,
transportation, finance, entertainment or service, those developing or
exploiting new industries, products, services or markets, or those whose
shares are otherwise undervalued. The price volatility of such investments
is expected to be greater than the price volatility of the U.S. stock
market as a whole; and |
• |
Dollar
assets — include cash, U.S. Treasury bills, notes
and bonds, and other U.S. dollar-denominated assets such as the
obligations of U.S. government agencies, banker’s acceptances and other
bank obligations, commercial paper, and corporate bonds and other fixed
income obligations of U.S. and non-U.S. issuers.
|
• |
Market
risk — prices of the investments held by the
Portfolio will fluctuate, sometimes rapidly and unexpectedly. These
fluctuations may cause the price of an investment to decline for short- or
long-term periods and cause the investment to be worth less than it was
worth when purchased by the Portfolio, or less than it was worth at an
earlier time. Investments in each of the Portfolio’s investment categories
may decline in value due to factors affecting the gold and silver markets,
individual issuers, securities markets generally or particular industries
or sectors within the securities markets. Changes in market conditions may
not have the same impact on all investment
categories. |
• |
Epidemic or
pandemic risk — health crises caused by outbreaks
of disease such as the coronavirus pandemic (“COVID-19”) may create,
initiate, or exacerbate existing or pre-existing political, social, and
economic risks in the United States or globally. The impact of COVID-19
and its subsequent variants, or other epidemics and pandemics that may
arise in the future, could continue to, and may negatively affect, the
economic, investment or operational performance of individual countries,
economies, asset classes, industries, and sectors in significant and
unforeseen ways. Further, such circumstances could continue for an
extended period of time and may continue to adversely affect the value and
liquidity of the Portfolio’s investments. In addition, governments, their
regulatory agencies, or their self-regulatory organizations may take
actions in response to such pandemics and epidemics, including providing
significant fiscal and monetary policy support to local and global
economies and financial markets. Such actions may result in interest rate
volatility, inflation or deflation, or the rapid expansion of public debt.
The ultimate impact or success of those measures on the economy or
financial markets is unknown and may not be known for some time. Further,
the effect of such measures on the Portfolio’s investments or on the
issuers of such investments are also unknown and could adversely impact
the Portfolio’s investment
performance. |
• |
Risks of
investments in gold and silver — gold and silver
generate no interest or dividends, and the return from investments in gold
and silver will be derived solely from the gains and losses realized by
the Portfolio upon sale. Prices of gold and silver may fluctuate, sharply
or gradually, and over short or long periods of time. The prices of gold
and silver have fluctuated widely over the past several years. If gold and
silver markets continue to be characterized by the wide fluctuations that
they have shown in the past several years, the Portfolio’s performance may
be significantly impacted. The prices of gold and silver may
be |
significantly
affected by factors such as changes in inflation or expectations regarding
inflation in various countries, the availability of supplies and demand,
change in the attitude of speculators and investors towards gold, changes
in industrial and commercial demand, developments in the gold and silver
mining industries, gold and silver sales by governments, central banks or
international institutions, investment and trading activities of market
participants, including hedge funds or speculators, commodity funds and
exchange traded funds, hedging activity by producers, currency exchange
rates, interest rates, and monetary and other economic policies of various
governments. In addition, because the majority of the world’s supply of
gold and silver is concentrated in a few countries, the Portfolio’s
investments may be particularly susceptible to political, economic and
environmental conditions and events in those countries. While gold and
silver are used to preserve wealth by investors around the world, there is
no assurance that gold or silver will maintain its long-term value in
terms of future purchasing power. Furthermore, although gold and silver
have been used as portfolio diversifiers due to their historically
low-to-negative correlation with stocks and bonds, diversification does
not ensure against, nor can it prevent against, risk of loss. The gold and
silver bullion and bullion-type coins held by the Portfolio’s subcustodian
on behalf of the Portfolio could be lost, damaged, stolen or destroyed.
Access to the Portfolio’s gold and silver holdings could also be
restricted by natural events (such as an earthquake) or human actions
(such as a terrorist attack). The gold and silver custody operations of
the subcustodian are not subject to specific governmental regulatory
supervision. The subcustodian’s procedures may not prevent the deposit of
gold or silver on behalf of the Portfolio that fails to meet the purity
standards agreed to at the time of purchase. The Portfolio does not insure
its gold and silver holdings and the responsibility of the Portfolio’s
custodian and any subcustodian for loss, damage or destruction of the
Portfolio’s gold and silver holdings is very limited under the agreements
governing the custody and subcustody arrangements. In addition, if the
Portfolio’s gold and silver bullion and bullion-type coins are lost,
damaged, stolen or destroyed under circumstances rendering the custodian,
any subcustodian or any other third party liable to the Portfolio (or the
custodian or any subcustodian), the responsible party may not have the
financial resources (including liability insurance coverage) sufficient to
satisfy such claim. Consequently, the value of the Portfolio’s shares may
be adversely affected by loss, damage or destruction to the bullion and
bullion- type coins for which the Portfolio may not be reimbursed. When
holding bullion, the Portfolio may encounter higher custody and other
costs than those normally associated with ownership of securities. Gains
realized upon the sale of bullion or bullion-type coins will not count
towards the requirement in the Internal Revenue Code of 1986, as amended
(“Code”), that at least 90% of the Portfolio’s gross income in each
taxable year be derived from gains on the sale of securities and certain
other permitted sources, except to the extent that the Portfolio has
invested in bullion as a hedge with respect to investment in the
securities of companies engaged in mining gold or silver. Accordingly, the
Portfolio may be required to hold its precious metals or to sell them at a
loss, or to sell securities at a gain, when for investment reasons it
would not otherwise do so. If the Portfolio is not able to satisfy this or
other requirements under the Code for any taxable year, the Portfolio
would become subject to corporate federal income tax for that year on all
of its taxable income and recognized
gains. |
• |
Risks of
investments in Swiss franc assets — the Swiss
franc is subject to the risk that inflation will decrease in the United
States, or rise in Switzerland. Swiss government bonds are subject to some
risk of default, and their credit quality is not rated by some U.S. rating
agencies. Swiss government bonds are also subject to interest rate risk
and income risk, which are described under “Risks of investments in dollar
assets” below. The Portfolio may also be significantly affected by other
economic, monetary or political developments in Switzerland. The U.S.
dollar/Swiss franc exchange rate may adversely affect the value (in U.S.
dollar terms) of the Portfolio’s Swiss franc assets. The Swiss franc has
shown cyclical periods of
strength |
and
weakness against the U.S. dollar, and will likely continue to do so. The
performance of the Swiss franc versus the U.S. dollar may be prolonged or
amplified by slow growth or other negative developments affecting the
European economy. |
• |
Risks of
investments in real estate and natural resource
stocks — investments in real estate and natural
resource stocks are subject to market risk, capitalization risk and risk
of investments in foreign securities. Any decline in the general level of
prices of oil, gas, coal, minerals or real estate would be expected to
have an adverse impact on these stocks. Real estate-related investments,
such as stocks of real estate-related companies, REITs and related
instruments, will subject the Portfolio to risks similar to those
associated with direct ownership of real estate, including losses from a
casualty or condemnation, changes in local and general economic
conditions, supply and demand, interest rates, zoning laws, regulatory
limitations on rents, property taxes and operating expenses. Additionally,
investments in REITs involve other risk factors, including poor
performance by the REIT’s manager, changes to tax laws and
self-liquidation. Domestic REITs could be adversely affected by failure to
qualify for tax-free “pass-through” of distributed net investment income
and net realized gains under the Code, or to maintain their exemption from
registration under the Investment Company Act of 1940, as amended (“1940
Act”). The value of REIT common shares may decline when interest rates
rise. REIT and other real estate company securities tend to be small- to
mid-cap securities and are subject to the risks of investing in small- to
mid-cap securities. REITs are subject to management fees and other
expenses, and so to the extent that the Portfolio invests in REITs the
Portfolio will bear its proportionate share of the costs of the REITs’
operations. Investments in natural resource companies can be significantly
affected by events relating to international political and economic
developments, expropriation or other confiscation, population growth and
changing demographics, energy conservation, the success of exploration
projects, global commodity prices, adverse international monetary
policies, tax and other government regulations, and natural phenomena
around the world, such as drought, floods and other adverse weather
conditions and livestock
disease. |
• |
Risks of
investments in aggressive growth
stocks — investments in aggressive growth stocks
are subject to market risk, capitalization risk and risk of investments in
foreign securities. Aggressive growth stock investments are subject to
greater market risk of price declines, especially during periods when the
prices of U.S. or foreign stock market investments in general are
declining. |
• |
Risks of
investments in dollar assets — investments in debt
securities are generally subject to interest rate risk, credit risk,
income risk, and prepayment and extension risk. Interest rate risk is the
risk that changes in interest rates will affect the value of the
Portfolio’s dollar assets. Generally, prices of debt securities tend to
fall when prevailing interest rates rise and rise when prevailing interest
rates fall. Typically, the longer the maturity or duration of a debt
security, the greater the effect a change in interest rates could have on
the security’s price. Thus, the Portfolio’s sensitivity to interest rate
risk will increase with any increase in the Portfolio’s overall duration.
Credit risk is the risk that an issuer or guarantor of debt securities, or
the counterparty to an investment contract or repurchase agreement, may be
unable or unwilling to pay principal and interest when due, or otherwise
honor its obligations. The Portfolio’s dollar assets are also subject to
income risk. The Portfolio’s income generally declines during periods of
falling interest rates because the Portfolio must reinvest the proceeds it
receives from existing investments (upon their maturity, prepayment,
amortization, call, or buy-back) at a lower rate of interest or return. In
addition to income risk, if a security held by the Portfolio is called or
paid off by the issuer more quickly than originally anticipated, the
Portfolio may not benefit from any increase in value that might otherwise
result from declining interest rates and may lose any premium it paid to
acquire the security. Higher interest rates generally result in slower
payoffs, which effectively increase duration, heighten interest rate risk,
and may increase the magnitude of resulting price
declines. |
• |
Risks of
investing in foreign and emerging
markets — investments in foreign securities
involve risks that are in addition to the risks associated with investing
in U.S. securities. The risks of investing in securities of foreign
issuers can include, among others: unfavorable differences in liquidity
and volatility; less developed or less efficient trading markets; less
stringent accounting and financial reporting standards or inability to
obtain reliable financial information regarding a company’s financial
condition; social, political or economic instability; revolutions, wars or
diplomatic developments; foreign currency exchange controls and foreign
taxation issues; the risk of expropriation of assets or nationalization of
a company or industry by foreign governments; currency risk (i.e., the risk that changes in the
exchange rate between currencies will adversely affect the value (in U.S.
dollar terms) of an investment); and settlement, custodial or other
operational risks. As a result, foreign securities can fluctuate more
widely in price, and may also be less liquid and more difficult to value
than securities of U.S. issuers. In addition, foreign markets can perform
differently than the U.S. market. Investing in emerging (less developed)
market securities may involve higher levels of each of these
risks. |
• |
Allocation
risk — because the Portfolio invests a fixed
Target Percentage of its net assets in designated asset classes, the
Portfolio has less flexibility in its investment strategy than other funds
that are not subject to such limitations. It is possible that investment
in the designated asset classes or the investments in the individual asset
classes will cause the Portfolio to lose value or to underperform other
funds with a similar investment
objective. |
• |
Bank
obligations risk — investments in bank obligations
may expose the Portfolio to adverse developments in or related to the
banking industry. Banks may be particularly susceptible to certain
economic factors, such as interest rate changes and adverse developments
in the real estate markets. Fiscal and monetary policy and general
economic cycles can affect the availability and cost of funds, loan demand
and asset quality and thereby impact the earnings and financial conditions
of banks. |
• |
Capitalization
risk — to the extent the Portfolio emphasizes
stocks of small-, mid- or large-companies, it takes on the associated
risks. Investments in the stocks of small- and mid-capitalization
companies may be more volatile and less liquid than the stocks of larger
companies. Small- and mid-capitalization stocks may also underperform
other types of stocks or be difficult to sell when the economy is not
robust or during market or sector downturns. Compared to small- and
mid-capitalization companies, large-capitalization companies may be less
responsive to market changes and
opportunities. |
• |
U.S. government
and agency securities risk — U.S. government and
agency securities (such as securities issued by Government National
Mortgage Association (“Ginnie Mae”), Federal National Mortgage Association
(“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac”))
are subject to market risk, interest rate risk and credit risk.
Securities, such as those issued or guaranteed by the U.S. Treasury or
Ginnie Mae, that are backed by the full-faith-and- credit of the United
States, are guaranteed only as to the timely payment of interest and
principal when held to maturity, but the market prices for such securities
are not guaranteed and will fluctuate. Notwithstanding that these
securities are backed by the full-faith-and-credit of the United States,
circumstances could arise that could prevent the payment of interest or
principal. This would result in losses to the Portfolio. Securities issued
or guaranteed by U.S. government agencies, such as Fannie Mae and Freddie
Mac, are not backed by the full-faith-and-credit of the United States and
no assurance can be given that the U.S. government will provide financial
support. Therefore, U.S. government agency securities that are not backed
by the full-faith-and-credit of the United States are subject to greater
credit risk. |
• |
Security
selection risk — securities selected for the
Portfolio may perform differently than
expected. |
• |
|
• |
Redemption
risk — market developments and other factors,
including a general rise in interest rates, have the potential to cause
investors to move out of fixed income securities on a large scale, which
may increase redemptions from mutual funds that hold large amounts of
fixed income securities. The Portfolio may experience periods of heavy
redemptions that could cause it to sell assets at inopportune times or at
a loss or depressed value. Redemption risk is heightened during periods of
declining or illiquid markets. Heavy redemptions could hurt the
Portfolio’s performance. |
• |
Risks of
in-kind redemptions — to avoid liability for
corporate federal income tax, the Portfolio, if administratively feasible,
may require redeeming shareholders to accept readily tradable gold or
silver bullion or coins from the Portfolio’s holdings in complete or
partial payment of redemptions, if it can satisfy a federal tax law
provision that permits it to do so without recognizing
gain. |
• |
Warrant
risk — warrants are securities issued by a company
which give the holder the right, but not the obligation, to purchase
stock, usually at a price that is higher than the market price at the time
the warrant is issued. If the price of the underlying stock does not rise
above the exercise price before the warrant expires, the warrant generally
expires without any value and the Portfolio would lose any amount it paid
for the warrant. |
• |
Inflation
risk — the value of assets or income from
investments will be less in the future as inflation decreases the value of
money. As inflation increases, the value of the Portfolio’s assets can
decline as can the value of the Portfolio’s distributions. This risk is
significantly greater if the Portfolio invests a significant portion of
its assets in bonds with longer
maturities. |
- |
Permanent Portfolio | 1 Year | 5 Years | 10 Years | Since Inception1 |
||||||||||||
Class I | ||||||||||||||||
Return
Before Taxes |
‑ |
% | % | % | % | |||||||||||
Return
After Taxes on Distributions |
‑ |
% | % | % | % | |||||||||||
Return
After Taxes on Distributions and Sale of Portfolio
Shares |
‑ |
% | % | % | % | |||||||||||
Class A | ||||||||||||||||
Return
Before Taxes |
‑ |
% | % | % | ||||||||||||
Class C | ||||||||||||||||
Return
Before Taxes |
‑ |
% | % | % | ||||||||||||
FTSE 3‑Month U.S. Treasury Bill
Index
(reflects no deduction for fees, expenses or
taxes) |
% | % | % | % | ||||||||||||
S&P 500
(reflects no deduction for fees, expenses or
taxes) |
‑ |
% | % | % | % |
To establish an account (including retirement plan accounts) | $1,000 | |||
To establish an automatic investment plan account | $100 | |||
Subsequent investment in any account | $100 |
By U.S. Mail:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201 |
|
By Overnight Delivery
Service:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
615
East Michigan Street
Milwaukee,
Wisconsin 53202 | ||||
|
By Telephone:
Call
(800) 341-8900
(for
subsequent investments only) |
|
By Wire:
Call
(800) 341-8900
(for
instructions) |
Short-Term Treasury Portfolio | May 31, 2023 |
(fees paid directly from your investment) |
Class I | |||
Maximum
Sales Charge (Load) Imposed on
Purchases
(as a percentage of offering price) |
||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of the lower of original
purchase
price or sale proceeds) |
||||
(expenses that you pay each year as a percentage of the value of your investment) |
||||
Management Fees | ||||
Distribution and/or Service (12b-1) Fees | % | |||
Other Operating Expenses | ||||
Total Annual Portfolio Operating Expenses | ||||
Fee Waivers and Expense Limitation1 | ( |
) | ||
Total
Annual Portfolio Operating Expenses
After
Fee Waivers and Expense Limitation |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Class I | $ | $ | $ | $ |
• |
Market
risk — the value of the Portfolio’s assets will
fluctuate as the U.S. government securities market fluctuates. These
fluctuations may cause the price of a security to decline for short- or
long-term periods and cause the security to be worth less than it was
worth when purchased by the Portfolio, or less than it was worth at an
earlier time. |
• |
Epidemic or
pandemic risk – health crises caused by outbreaks
of disease such as the coronavirus pandemic (“COVID‑19”) may create,
initiate, or exacerbate existing or pre-existing political, social, and
economic risks in the United States or globally. The impact of COVID‑19
and its subsequent variants, or other epidemics and pandemics that may
arise in the future, could continue to, and may negatively affect, the
economic, investment or operational performance of individual countries,
economies, asset classes, industries, and sectors in significant and
unforeseen ways. Further, such circumstances could continue for an
extended period of time and may continue to adversely affect the value and
liquidity of the Portfolio’s investments. In addition, governments, their
regulatory agencies, or their self‑regulatory organizations may take
actions in response to such pandemics and epidemics, including providing
significant fiscal and monetary policy support to local and global
economies and financial markets. Such actions may result in interest rate
volatility, inflation or deflation, or the rapid expansion of public debt.
The ultimate impact or success of those measures on the economy or
financial markets is unknown and may not be known for some time. Further,
the effect of such measures on the Portfolio’s investments or on the
issuers of such investments are also unknown and could adversely impact
the Portfolio’s investment
performance. |
• |
Interest rate
risk — changes in interest rates will affect the
value of the Portfolio’s investments. Generally, prices of debt securities
tend to fall when prevailing interest rates rise and rise when prevailing
interest rates fall. Typically, the longer the maturity or duration of a
debt security, the greater the effect a change in interest rates could
have on the security’s price. Thus, the Portfolio’s sensitivity to
interest rate risk will increase with any increase in the Portfolio’s
overall duration. During periods of very low interest rates, income from
the Portfolio’s investments may not be sufficient to offset its
expenses. |
• |
Credit risk — an issuer or guarantor of
debt securities may be unable or unwilling to pay principal and interest
when due, or otherwise honor its
obligations. |
• |
U.S. government
and agency securities risk — the Portfolio invests
primarily in securities issued by the U.S. Treasury and may also invest in
U.S. government agency securities (such as securities issued by Government
National Mortgage Association (“Ginnie Mae”), Federal National Mortgage
Association (“Fannie Mae”) or Federal Home Loan Mortgage Corporation
(“Freddie Mac”)). U.S. government and agency securities are subject to
market risk, interest rate risk and credit risk. Securities, such as those
issued or guaranteed by the U.S. Treasury or Ginnie Mae, that are backed
by the full-faith-and- credit of the United States, are guaranteed only as
to the timely payment of interest and principal when held to maturity, but
the market prices for such securities are not guaranteed and will
fluctuate. Notwithstanding that these securities are backed by the
full-faith-and-credit of the United States, circumstances could arise that
could prevent the payment of interest or principal. This would result in
losses to the Portfolio. Securities issued or guaranteed by U.S.
government agencies, such as Fannie Mae and Freddie Mac, are not backed by
the full-faith-and-credit of the United States and no assurance can be
given that the U.S. government will provide financial support. Therefore,
U.S. government agency securities that are not backed by the
full-faith-and-credit of the United States are subject to greater credit
risk. |
• |
Income
risk — the Portfolio’s income generally declines
during periods of falling interest rates because the Portfolio must
reinvest the proceeds it receives from existing investments (upon their
maturity, prepayment, amortization, call or buy-back) at a lower rate of
interest or return. |
• |
Prepayment and
extension risk — a security held by the Portfolio
may be paid off by the issuer more quickly than originally anticipated,
thereby shortening duration, and the Portfolio may then have to reinvest
the proceeds in an investment offering a lower yield, and may not benefit
from any increase in value that might otherwise result from declining
interest rates |
and
may lose any premium it paid to acquire the security. Higher interest
rates generally result in slower payoffs, which effectively increase
duration, heighten interest rate risk, and may increase the magnitude of
resulting price
declines. |
• |
Inflation risk — the value of assets or
income from investments will be less in the future as inflation decreases
the value of money. As inflation increases, the value of the Portfolio’s
assets can decline as can the value of the Portfolio’s
distributions. |
• |
Security
selection risk — securities selected for the
Portfolio may perform differently than
expected. |
- |
Short-Term Treasury Portfolio | 1 Year | 5 Years | 10 Years | Since Inception1 |
||||||||||||
Class I | ||||||||||||||||
Return
Before Taxes |
‑ |
% | ‑ |
% | ‑ |
% | % | |||||||||
Return
After Taxes on Distributions |
‑ |
% | ‑ |
% | ‑ |
% | % | |||||||||
Return
After Taxes on Distributions and Sale of Portfolio
Shares |
‑ |
% | ‑ |
% | ‑ |
% | % | |||||||||
FTSE 3‑Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes) | % | % | % | % |
To establish an account (including retirement plan accounts) | $1,000 | |||
To establish an automatic investment plan account | $100 | |||
Subsequent investment in any account | $100 |
By U.S. Mail:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201 |
By Overnight Delivery
Service:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
615
East Michigan Street
Milwaukee,
Wisconsin 53202 | |||||
By Telephone:
Call
(800) 341-8900
(for
subsequent investments only) |
By Wire:
Call
(800) 341-8900
(for
instructions) |
Versatile Bond Portfolio | May 31, 2023 |
(fees paid directly from your investment) |
Class A |
Class C |
Class I |
|||||||||
Maximum
Sales Charge (Load) Imposed on
Purchases
(as a percentage of offering price) |
||||||||||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of the lower of original
purchase
price or sales proceeds) |
1 | 1 | ||||||||||
Annual Portfolio
Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
||||||||||||
Management Fees | ||||||||||||
Distribution and/or Service (12b-1) Fees | % | |||||||||||
Other Operating Expenses | ||||||||||||
Total Annual Portfolio Operating Expenses | ||||||||||||
Fee Waivers and Expense Limitation2 | ( |
) | ( |
) | ( |
) | ||||||
Total
Annual Portfolio Operating Expenses
After
Fee Waivers and Expense Limitation |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Class A | $ | $ | $ | $ | ||||||||||||
Class C | ||||||||||||||||
• Assuming
complete redemption at end of period
• Assuming
no redemption |
$ $ |
|
$ $ |
|
$ $ |
|
$ $ |
| ||||||||
Class I | $ | $ | $ | $ |
• |
obligations
of U.S. and non-U.S. issuers, including corporate bonds, convertible bonds
and commercial paper; |
• |
securities
issued or guaranteed by the U.S. government, its agencies or
government-sponsored
enterprises; |
• |
obligations
of non-U.S. governments or their subdivisions, agencies and
government-sponsored
enterprises; |
• |
obligations
of supranational
entities; |
• |
bank
obligations, including certificates of deposit, fixed time deposits, bank
notes and bankers’ acceptances;
and |
• |
repurchase
agreements. |
• |
Market
risk — the value of the Portfolio’s assets will
fluctuate as the bond market fluctuates. These fluctuations may cause the
price of a security to decline for short- or long-term periods and cause
the security to be worth less than it was worth when purchased by the
Portfolio, or less than it was worth at an earlier time. Debt securities
may decline in value due to factors affecting individual issuers,
securities markets generally or particular industries or sectors within
the securities markets. |
• |
Epidemic or
pandemic risk — health crises caused by
outbreaks of disease such as the coronavirus pandemic (“COVID-19”) may
create, initiate, or exacerbate existing or pre-existing political,
social, and economic risks in the United States or globally. The impact of
COVID-19 and its subsequent variants, or other epidemics and pandemics
that may arise in |
the
future, could continue to, and may negatively affect, the economic,
investment or operational performance of individual countries, economies,
asset classes, industries, and sectors in significant and unforeseen ways.
Further, such circumstances could continue for an extended period of time
and may continue to adversely affect the value and liquidity of the
Portfolio’s investments. In addition, governments, their regulatory
agencies, or their self-regulatory organizations may take actions in
response to such pandemics and epidemics, including providing significant
fiscal and monetary policy support to local and global economies and
financial markets. Such actions may result in interest rate volatility,
inflation or deflation, or the rapid expansion of public debt. The
ultimate impact or success of those measures on the economy or financial
markets is unknown and may not be known for some time. Further, the effect
of such measures on the Portfolio’s investments or on the issuers of such
investments are also unknown and could adversely impact the Portfolio’s
investment
performance. |
• |
Interest rate
risk — changes in interest rates will affect the
value of the Portfolio’s investments. Generally, prices of debt securities
tend to fall when prevailing interest rates rise and rise when prevailing
interest rates fall. Typically, the longer the maturity or duration of a
debt security, the greater the effect a change in interest rates could
have on the security’s price. Thus, the Portfolio’s sensitivity to
interest rate risk will increase with any increase in the Portfolio’s
overall duration. |
• |
Credit risk — an issuer or guarantor of
debt securities, or the counterparty to an investment contract or
repurchase agreement, may be unable or unwilling to pay principal and
interest when due, or otherwise honor its
obligations. |
• |
Income
risk — the Portfolio’s income generally declines
during periods of falling interest rates because the Portfolio must
reinvest the proceeds it receives from existing investments (upon their
maturity, prepayment, amortization, call or buy-back) at a lower rate of
interest or return. |
• |
Prepayment and
extension risk — a security held by the Portfolio
may be paid off by the issuer more quickly than originally anticipated,
thereby shortening duration, and the Portfolio may then have to reinvest
the proceeds in an investment offering a lower yield, and may not benefit
from any increase in value that might otherwise result from declining
interest rates and may lose any premium it paid to acquire the security.
Higher interest rates generally result in slower payoffs, which
effectively increase duration, heighten interest rate risk, and may
increase the magnitude of resulting price
declines. |
• |
Below
investment grade bond risk — below investment
grade bonds (also referred to as “high yield” or “junk” bonds) involve
greater risk of loss because they are subject to greater levels of credit
and liquidity risks. Below investment grade bonds are considered primarily
speculative with respect to the issuer’s continuing ability to make
principal and interest payments. The prices of below investment grade
bonds fluctuate more than higher rated bonds. Below investment grade bonds
are generally less liquid, especially during periods of economic
uncertainty or change, than higher-rated bonds. At times, it may be
difficult to sell these securities promptly at an acceptable price, which
may limit the Portfolio’s ability to sell securities in response to
specific economic events or to meet redemption requests. The Portfolio may
also from time to time hold defaulted securities or securities of issuers
involved in bankruptcy or insolvency proceedings. As a result of such
proceedings, the Portfolio may hold equity securities received in these
proceedings. |
• |
Risks of
investing in foreign and emerging
markets — investments in foreign securities
involve risks that are in addition to the risks associated with investing
in U.S. securities. The risks of investing in securities of foreign
issuers can include, among others: unfavorable differences in liquidity
and volatility; less developed or less efficient trading markets; less
stringent accounting and financial reporting standards or inability to
obtain reliable financial information regarding a company’s financial
condition; social, political
or |
economic
instability; revolutions, wars or diplomatic developments; foreign
currency exchange controls and foreign taxation issues; the risk of
expropriation of assets or nationalization of a company or industry by
foreign governments; currency risk (i.e., the risk that changes in the
exchange rate between currencies will adversely affect the value (in U.S.
dollar terms) of an investment); and settlement, custodial or other
operational risks. As a result, foreign securities can fluctuate more
widely in price, and may also be less liquid and more difficult to value
than securities of U.S. issuers. In addition, foreign markets can perform
differently than the U.S. market. Investing in emerging (less developed)
markets may involve higher levels of each of these
risks. |
• |
U.S. government
and agency securities risk — U.S. government and
agency securities (such as securities issued by Government National
Mortgage Association (“Ginnie Mae”), Federal National Mortgage Association
(“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac”))
are subject to market risk, interest rate risk and credit risk.
Securities, such as those issued or guaranteed by the U.S. Treasury or
Ginnie Mae, that are backed by the full-faith-and- credit of the United
States, are guaranteed only as to the timely payment of interest and
principal when held to maturity, but the market prices for such securities
are not guaranteed and will fluctuate. Notwithstanding that these
securities are backed by the full-faith-and-credit of the United States,
circumstances could arise that could prevent the payment of interest or
principal. This would result in losses to the Portfolio. Securities issued
or guaranteed by U.S. government agencies, such as Fannie Mae and Freddie
Mac, are not backed by the full-faith-and-credit of the United States and
no assurance can be given that the U.S. government will provide financial
support. Therefore, U.S. government agency securities that are not backed
by the full-faith-and-credit of the United States are subject to greater
credit risk. |
• |
Risks of
investing in foreign government and supranational organization
obligations — no established secondary markets may
exist for many foreign government and supranational organization
obligations. The Portfolio may have limited legal recourse in the event of
a default with respect to foreign government and supranational
organization obligations it
holds. |
• |
Currency risk — foreign debt securities may
be issued and traded in foreign currencies. Revenue from such securities
also will be denominated in foreign currencies. The market values in U.S.
dollars of foreign debt securities and income from debt securities
denominated in foreign currencies may be adversely affected by reductions
in the value of those currencies relative to the U.S.
dollar. |
• |
Bank
obligations risk — investments in bank obligations
may expose the Portfolio to adverse developments in or related to the
banking industry. Banks may be particularly susceptible to certain
economic factors, such as interest rate changes and adverse developments
in the real estate markets. Fiscal and monetary policy and general
economic cycles can affect the availability and cost of funds, loan demand
and asset quality and thereby impact the earnings and financial conditions
of banks. |
• |
Inflation
risk — the value of assets or income from
investments will be less in the future as inflation decreases the value of
money. As inflation increases, the value of the Portfolio’s assets can
decline as can the value of the Portfolio’s distributions. This risk is
significantly greater if the Portfolio invests a significant portion of
its assets in bonds with longer
maturities. |
• |
Liquidity
risk — certain of the Portfolio’s investments may
be or become illiquid. An illiquid investment may be difficult to value
and the Portfolio may be unable to sell illiquid investments at the time
or price it desires and could lose its entire investment in such
investments. The Portfolio also may be required to dispose of other
investments at unfavorable times or prices
to |
satisfy
its obligations, which may result in a loss or may be costly to the
Portfolio. Liquidity risk may be heightened during periods of market
volatility. |
• |
Redemption
risk — market developments and other factors,
including a general rise in interest rates, have the potential to cause
investors to move out of fixed income securities on a large scale, which
may increase redemptions from mutual funds that hold large amounts of
fixed income securities. The Portfolio may experience periods of heavy
redemptions that could cause it to sell assets at inopportune times or at
a loss or depressed value. Redemption risk is heightened during periods of
declining or illiquid markets. Heavy redemptions could hurt the
Portfolio’s performance. |
• |
Hedging
risk — forward currency contracts and currency
futures contracts may be used to hedge foreign currency risk. Hedging
tends to limit any potential gain that may be realized if the value of the
Portfolio’s assets increases because of currency fluctuations. In
addition, hedging may increase the Portfolio’s expenses. There is a risk
that these contracts intended as a hedge may not perform as intended, in
which case the Portfolio may not be able to minimize the effects of
foreign currency fluctuations and may suffer a loss. Use of these
contracts also could result in a loss if the counterparty to the
transaction does not perform as promised, including because of the
counterparty’s bankruptcy or
insolvency. |
• |
Repurchase
agreement risk — the obligations of a counterparty
to a repurchase agreement are not guaranteed. There are risks that a
counterparty may default at a time when the collateral has declined in
value, or a counterparty may become insolvent, which may affect the
Portfolio’s right to control the collateral. If the seller in a repurchase
agreement transaction defaults on its obligations to repurchase a
security, the Portfolio may suffer delays, incur costs and lose money in
exercising its rights. |
• |
Security
selection risk — securities selected for the
Portfolio may perform differently than
expected. |
- |
Versatile Bond Portfolio | 1 Year | 5 Years | 10 Years | Since Inception1,3 |
||||||||||||
Class I | ||||||||||||||||
Return
Before Taxes |
‑ |
% | % | % | % | |||||||||||
Return
After Taxes on Distributions |
‑ |
% | % | % | % | |||||||||||
Return
After Taxes on Distributions and Sale of Portfolio Shares |
‑ |
% | % | % | % | |||||||||||
Class A | ||||||||||||||||
Return
Before Taxes |
‑ |
% | % | % | ||||||||||||
Class C | ||||||||||||||||
Return
Before Taxes |
‑ |
% | % | % | ||||||||||||
Bloomberg Global Aggregate
(Excluding Securitized) Bond Index2
(reflects no deduction for fees, expenses or
taxes) |
‑ |
% | ‑ |
% | ‑ |
% | % |
To establish an account (including retirement plan accounts) | $1,000 | |||
To establish an automatic investment plan account | $100 | |||
Subsequent investment in any account | $100 |
|
By U.S. Mail:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201 |
|
By Overnight Delivery
Service:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
615
East Michigan Street
Milwaukee,
Wisconsin 53202 | |||
|
By Telephone:
Call
(800) 341-8900
(for
subsequent investments only) |
|
By Wire:
Call
(800) 341-8900
(for
instructions) |
Aggressive Growth Portfolio | May 31, 2023 |
Shareholder
Fees
(fees paid
directly from your investment) |
Class A |
Class C |
Class I |
|||||||||
Maximum
Sales Charge (Load) Imposed on
Purchases
(as a percentage of offering price) |
||||||||||||
Maximum
Deferred Sales Charge (Load)
(as
a percentage of the lower of original
purchase
price or sales proceeds) |
1 | 1 | ||||||||||
Annual Portfolio
Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
||||||||||||
Management Fees | ||||||||||||
Distribution and/or Service (12b-1) Fees | % | |||||||||||
Other Operating Expenses | ||||||||||||
Total Annual Portfolio Operating Expenses |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Class A | $ | $ | $ | $ | ||||||||||||
Class C | ||||||||||||||||
• Assuming
complete redemption at end of period
• Assuming
no redemption |
$ $ |
|
$ $ |
|
$ $ |
|
$ $ |
| ||||||||
Class I | $ | $ | $ | $ |
• |
Aggressive
growth stocks risk — aggressive growth stock
investments are subject to greater market risk of price declines,
especially during periods where the prices of U.S. or foreign stock market
investments in general are
declining. |
• |
Market
risk — prices of the securities held by the
Portfolio will fluctuate, sometimes rapidly and unexpectedly. These
fluctuations may cause the price of a security to decline for short-
or |
long-term
periods and cause the security to be worth less than it was worth when
purchased by the Portfolio, or less than it was worth at an earlier time.
Securities may decline in value due to factors affecting individual
issuers, securities markets generally or particular industries or sectors
within the securities
markets. |
• |
Epidemic or
pandemic risk – health crises caused by outbreaks of disease
such as the coronavirus pandemic (“COVID-19”) may create, initiate, or
exacerbate existing or pre-existing political, social, and economic risks
in the United States or globally. The impact of COVID-19 and its
subsequent variants, or other epidemics and pandemics that may arise in
the future, could continue to, and may negatively affect, the economic,
investment or operational performance of individual countries, economies,
asset classes, industries, and sectors in significant and unforeseen ways.
Further, such circumstances could continue for an extended period of time
and may continue to adversely affect the value and liquidity of the
Portfolio’s investments. In addition, governments, their regulatory
agencies, or their self-regulatory organizations may take actions in
response to such pandemics and epidemics, including providing significant
fiscal and monetary policy support to local and global economies and
financial markets. Such actions may result in interest rate volatility,
inflation or deflation, or the rapid expansion of public debt. The
ultimate impact or success of those measures on the economy or financial
markets is unknown and may not be known for some time. Further, the effect
of such measures on the Portfolio’s investments or on the issuers of such
investments are also unknown and could adversely impact the Portfolio’s
investment
performance. |
• |
Capitalization
risk — to the extent the Portfolio emphasizes
stocks of small-, mid- or large-companies, it takes on the associated
risks. Investments in the stocks of small- and mid-capitalization
companies may be more volatile and less liquid than the stocks of larger
companies. Small- and mid-capitalization stocks may also underperform
other types of stocks or be difficult to sell when the economy is not
robust or during market or sector downturns. Compared to small- and
mid-capitalization companies, large-capitalization companies may be less
responsive to market changes and
opportunities. |
• |
Investment
style risk — growth stocks may not perform as well
as value stocks or the stock market in general. The Portfolio’s focus on
growth stocks increases the potential volatility of its share
price. |
• |
Risks of
investing in foreign and emerging
markets — investments in foreign securities
involve risks that are in addition to the risks associated with investing
in U.S. securities. The risks of investing in securities of foreign
issuers can include, among others: unfavorable differences in liquidity
and volatility; less developed or less efficient trading markets; less
stringent accounting and financial reporting standards or inability to
obtain reliable financial information regarding a company’s financial
condition; social, political or economic instability; revolutions, wars or
diplomatic developments; foreign currency exchange controls and foreign
taxation issues; the risk of expropriation of assets or nationalization of
a company or industry by foreign governments; currency risk (i.e., the risk that changes in the
exchange rate between currencies will adversely affect the value (in U.S.
dollar terms) of an investment); and settlement, custodial or other
operational risks. As a result, foreign securities can fluctuate more
widely in price, and may also be less liquid and more difficult to value
than securities of U.S. issuers. In addition, foreign markets can perform
differently than the U.S. market. Investing in emerging (less developed)
markets may involve higher levels of each of these
risks. |
• |
Security
selection risk — securities selected for the
Portfolio may perform differently than
expected. |
• |
Warrant
risk — warrants are securities issued by a company
which give the holder the right, but not the obligation, to purchase
stock, usually at a price that is higher than the market price at the time
the warrant is issued. If the price of the underlying stock does not rise
above the exercise price before the warrant expires, the warrant generally
expires without any value and the Portfolio would lose any amount it paid
for the warrant. |
• |
Inflation risk — the value of assets or
income from investments will be less in the future as inflation decreases
the value of money. As inflation increases, the value of the Portfolio’s
assets can decline as can the value of the Portfolio’s
distributions. |
- |
Aggressive Growth Portfolio | 1 Year | 5 Years | 10 Years | Since Inception1 |
||||||||||||
Class I | ||||||||||||||||
Return
Before Taxes |
- |
% | % | % | % | |||||||||||
Return
After Taxes on Distributions |
‑ |
% | % | % | % | |||||||||||
Return
After Taxes on Distributions and Sale of Portfolio Shares |
- |
% | % | % | % | |||||||||||
Class A | ||||||||||||||||
Return
Before Taxes |
‑ |
% | % | % | ||||||||||||
Class C | ||||||||||||||||
Return
Before Taxes |
‑ |
% | % | % | ||||||||||||
Dow Jones
Industrial Average (reflects no deduction for fees, expenses or taxes) |
‑ |
% | % | % | % | |||||||||||
S&P
500 (reflects no deduction for fees, expenses or taxes) |
‑ |
% | % | % | % |
To establish an account (including retirement plan accounts) | $1,000 | |||
To establish an automatic investment plan account | $100 | |||
Subsequent investment in any account | $100 |
By U.S. Mail:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201 |
By Overnight Delivery
Service:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
615
East Michigan Street
Milwaukee,
Wisconsin 53202 | |||||
|
By Telephone:
Call
(800) 341-8900
(for
subsequent investments only) |
By Wire:
Call
(800) 341-8900
(for
instructions) |
• |
ADRs — American
Depositary Receipts evidence ownership of, and represent the right to
receive, securities of foreign issuers deposited in a domestic bank or
trust company or a foreign correspondent bank. Most ADRs are denominated
in U.S. dollars and are publicly traded on exchanges or over-the-counter
in the United States. ADRs are subject to the risks of investments in
foreign securities and currency risk, if, as is often the case, the
underlying securities are denominated in a foreign currency.
|
• |
Bank
obligations — obligations of U.S. banks and
savings and loan associations and dollar-denominated obligations of U.S.
subsidiaries and branches of foreign banks, such as certificates of
deposit, fixed time deposits, bank notes and bankers’ acceptances.
|
• |
Commercial
paper — short-term debt securities often issued by
corporate issuers and used for financing current operations.
|
• |
Common
stock — common stock represents an ownership
interest in a company. Common stock may take the form of shares in a
corporation, membership interests in a limited liability company, limited
partnership interests, or other forms of ownership interests. A company’s
common stock generally pays dividends only after the company invests in
its own business and makes required payments to holders of its bonds,
other debt and preferred stock. |
• |
Convertible
securities — bonds, debentures, notes, preferred
stocks and other securities that pay interest or dividends and are
convertible into or exchangeable for common stock or other stock of the
same or a different issuer at a stated price or rate. The price of a
convertible security will normally vary in some proportion to changes in
the price of the underlying stock because of this conversion or exercise
feature. Convertible securities typically pay an income yield that is
higher than the dividend yield of the issuer’s common stock, but lower
than the yield of the issuer’s debt securities. |
• |
Corporate
bonds — obligations issued by U.S. and non-U.S.
corporations and other business entities. Corporate bonds may be either
secured or unsecured. If a bond is unsecured, it is known as a debenture.
Bondholders, as creditors, have a prior legal claim over common and
preferred stockholders as to both income and assets of the corporation for
the principal and interest due them and may have a prior claim over other
creditors if liens or mortgages are involved. |
• |
Foreign
government obligations — obligations issued,
sponsored or guaranteed by: governments or governmental agencies,
instrumentalities, government-sponsored enterprises or political
subdivisions located in developed or emerging market countries; government
owned, controlled or sponsored enterprises located in developed or
emerging market countries; and entities organized and/or operated for the
purpose of restructuring the investment characteristics of instruments
issued by any of the above issuers. |
• |
Forward and
futures contracts — a forward currency contract is
an obligation to purchase or sell a specific foreign currency at an agreed
exchange rate (price) at a future date, which is typically individually
negotiated and privately traded by currency traders and their customers in
the interbank market. A currency futures contract is a standard binding
agreement between two parties to buy or sell a specified quantity of a
specified currency, at a specified price at a specified later date. When
used for hedging purposes, such contracts are used to attempt to protect
against possible declines in a currency’s value where a security held or
to be purchased by a Portfolio is denominated in that currency.
|
• |
Illiquid
investments — each Portfolio may invest up to 15%
of its net assets (measured at the time of investment) in illiquid
investments. The term “illiquid investments” means any investment that a
Portfolio reasonably expects cannot be sold in seven calendar days or less
without significantly changing the market value of the investment.
Restricted securities (i.e.,
securities subject to legal or contractual restrictions on resale), may be
illiquid. However, some restricted securities (such as securities issued
pursuant to Rule 144A under the Securities Act of 1933, as amended (“1933
Act”), and certain commercial paper) may be treated as liquid. Certain
illiquid investments may require pricing at fair value as determined in
good faith under fair value procedures approved by the Trust’s Board of
Trustees. |
• |
Inflation-indexed
bonds — generally are debt securities whose
principal value is periodically adjusted according to the rate of
inflation. If the index measuring inflation falls, the principal value of
inflation-indexed bonds (other than certain inflation-indexed bonds) will
be adjusted downward, and consequently the interest payable on these
securities (calculated with respect to a smaller principal amount) will be
reduced. Repayment of the original bond principal upon maturity (as
adjusted for inflation) is guaranteed in the case of U.S. Treasury
inflation-indexed bonds. For bonds that do not provide a similar
guarantee, the adjusted principal value of the bond repaid at maturity may
be less than the original principal. Inflation-indexed bonds decline in
value when real interest rates rise. In certain interest rate
environments, such as when real interest rates are rising faster than
nominal interest rates, inflation-indexed bonds may experience greater
losses than other fixed income securities with similar durations.
|
• |
Obligations of
supranational entities — a supranational entity is
a bank, commission or company established or financially supported by the
national governments of one or more countries to promote reconstruction,
trade, harmonization of standards or laws, economic development, and
humanitarian, political or environmental initiatives. Supranational debt
obligations include those issued by entities such as the International
Monetary Fund, World Bank, Import/Export Bank, Asia Development Bank,
European Investment Bank and the European Economic Community.
|
• |
Preferred
stock — securities representing an equity
ownership interest in a corporate issuer, but generally entitling the
holder to receive, in preference to the holders of other stocks such as
common stocks, dividends and a fixed share of the proceeds resulting from
liquidation of the company. Preferred stock may pay fixed or adjustable
rates of return. A company’s preferred stock generally pays dividends only
after the company makes required payments to holders of its bonds and
other debt. Preferred stocks may be sensitive to changes in interest
rates. When interest rates rise, the value of preferred stocks will
generally decline. |
• |
REITs — pooled
investment vehicles that invest primarily in income-producing real estate
or real estate related loans or interests. |
• |
Repurchase
agreements — an agreement by a buyer to purchase
securities from a bank, or a registered securities dealer, with an
agreement by the seller to repurchase the security at an agreed price
within a specified time. If the party agreeing to repurchase should
default, a Portfolio will seek to sell the securities which it holds. This
could involve procedural costs or delays in addition to a loss on the
securities if their value should fall below their repurchase price. A
Portfolio will not enter into a repurchase agreement with a duration of
more than seven days if, as a result, more than 15% of the value of the
Portfolio’s net assets would be invested in illiquid investments.
|
• |
Rule 144A
securities — securities that have not been
registered for public sale, but that are eligible for purchase and sale
pursuant to Rule 144A under the 1933 Act. Rule 144A permits certain
qualified institutional buyers, such as the Portfolios, to trade in
privately placed securities that have not been registered for sale under
the 1933 Act. |
• |
Stock — as used in this
Prospectus, “stock” refers to an ownership interest, or the right to
acquire an ownership interest, in an issuer. Different types of stocks
provide different voting and dividend rights and priority in the event of
the bankruptcy and/or insolvency of the issuer. In addition to common
stocks, stocks include, without limitation, preferred stocks, convertible
securities and warrants. A Portfolio also may invest in, and gain exposure
to, stocks through purchasing depositary receipts, such as ADRs.
|
• |
U.S. government
and agency securities — securities issued or
guaranteed by the U.S. government, its agencies or government-sponsored
enterprises. These include securities issued by the U.S. Treasury that are
direct obligations of the U.S. government, including bills, notes and
bonds and securities issued or guaranteed by U.S. government-sponsored
enterprises or federal agencies, which have different levels of credit
support. Securities issued or guaranteed by U.S. government-sponsored
enterprises or federal agencies include securities backed by the
full-faith-and-credit of the United States, those supported by the right
of the issuer to borrow from the U.S. Treasury and those backed only by
the credit of the issuing agency or entity itself.
|
• |
Variable,
floating rate and inverse floating rate
securities — variable and floating rate securities
pay interest at rates that are adjusted periodically, according to a
specified formula. A “variable” interest rate adjusts at predetermined
intervals (e.g., daily, weekly or
monthly), while a “floating” interest rate adjusts whenever a specified
benchmark rate (such as the bank prime lending rate) changes. Variable and
floating rate securities generally are less sensitive to interest rate
changes but may decline in value if their interest rates do not rise as
much, or as quickly, as interest rates in general. Conversely, floating
rate securities will not generally increase in value if interest rates
decline. The interest rate on an inverse floating rate debt instrument
(“inverse floater”) resets in the opposite direction from the market rate
of interest to which the inverse floater is indexed. An inverse floater
may have greater volatility in market value, in that, during periods of
rising interest rates, the market values of inverse floaters will tend to
decrease more rapidly than those of fixed rate securities.
|
• |
Warrants — securities
issued by a company which give the holder the right, but not the
obligation, to purchase stock, usually at a price that is higher than the
market price at the time the warrant is issued. If the price of the
underlying stock does not rise above the exercise price before the warrant
expires, the warrant generally expires without any value and a Portfolio
would lose any amount it paid for the warrant. |
• |
Zero-coupon
securities — a zero-coupon security pays no
interest to its holder during its life. An investor acquires a zero-coupon
security at a discounted price from the face value of the security, which
is generally based upon its present value, and which, depending upon the
time remaining until maturity, may be significantly less than its face
value (sometimes referred to as a “deep discount” price). Upon maturity of
the zero-coupon security, the investor receives the face value of the
security. |
Permanent Portfolio |
Short‑Term Treasury Portfolio |
Versatile Bond Portfolio |
Aggressive Growth Portfolio | |||||
Allocation risk | X | |||||||
Bank obligations risk | X | X | ||||||
Below investment grade bond risk | X | |||||||
Capitalization risk | X | X | ||||||
Credit risk | X | X | ||||||
Currency risk | X | |||||||
Epidemic or pandemic risk | X | X | X | X | ||||
Hedging risk | X | |||||||
Income risk | X | X | ||||||
Inflation risk | X | X | X | X | ||||
Interest rate risk | X | X | ||||||
Investment style risk | X | |||||||
Liquidity risk | X | |||||||
Market risk (Permanent Portfolio) | X | |||||||
Market risk (Short-Term Treasury Portfolio) | X | |||||||
Market risk (Versatile Bond Portfolio) | X | |||||||
Market risk (Aggressive Growth Portfolio) | X | |||||||
Non-diversified fund risk | X | |||||||
Prepayment and extension risk | X | X | ||||||
Redemption risk | X | X | ||||||
Repurchase agreement risk | X | |||||||
Risks of in-kind redemptions | X | |||||||
Risks of investing in foreign and emerging markets | X | X | X | |||||
Risks of investing in foreign government and supranational organization obligations | X | |||||||
Risks of investments in aggressive growth stocks | X | X | ||||||
Risks of investments in dollar assets | X | |||||||
Risks of investments in gold and silver | X | |||||||
Risks of investments in real estate and natural resource stocks | X | |||||||
Risks of investments in Swiss franc assets | X | |||||||
Security selection risk | X | X | X | X | ||||
U.S. government and agency securities risk | X | X | X | |||||
Warrant risk | X | X |
• |
Allocation
risk (Permanent
Portfolio) — because the Portfolio invests a fixed Target
Percentage of its net assets in designated asset classes, the Portfolio
has less flexibility in its investment strategy than other funds that are
not subject to such limitations. It is possible that investment in the
designated asset classes or the individual investments in the asset
classes will cause the Portfolio to lose value or to underperform other
funds with a similar investment objective. |
• |
Bank
obligations risk (Permanent
Portfolio and Versatile Bond Portfolio) — investments in
bank obligations may expose the Portfolio to adverse developments in or
related to the banking industry. Banks may be particularly susceptible to
certain economic factors, such as interest rate changes and adverse
developments in the real estate markets. Fiscal and monetary policy and
general economic cycles can affect the availability and cost of funds,
loan demand and asset quality and thereby impact the earnings and
financial conditions of banks. |
• |
Below
investment grade bond risk (Versatile Bond Portfolio) — below
investment grade bonds (also referred to as “high yield” or “junk” bonds)
involve greater risk of loss because they are subject to greater levels of
credit and liquidity risks. Issuers of below investment grade bonds are
not as strong financially as those issuing securities of higher credit
quality. Below investment grade bonds are considered primarily speculative
with respect to the issuer’s continuing ability to make principal and
interest payments. If an issuer stops making interest and/or principal
payments, payments on the securities may never resume. These instruments
may be worthless and the Portfolio could lose its entire investment. The
prices of below investment grade bonds fluctuate more than higher rated
bonds. Prices are especially sensitive to developments affecting the
issuer’s business or operations and to changes in the ratings assigned by
rating agencies. In addition, the entire below investment grade bond
market can experience sudden and sharp price swings due to changes in
economic conditions, stock market activity, large sustained sales by major
investors, a high-profile default, or other factors. Prices of corporate
below investment grade bonds often are closely linked with the company’s
stock prices and typically rise and fall in response to factors that
affect stock prices. Below investment grade bonds are generally less
liquid, especially during periods of economic uncertainty or change, than
higher-rated bonds. Many of these securities are not registered for sale
under the federal securities laws and/or do not trade frequently. When
they do trade, their prices may be significantly higher or lower than
expected. At times, it may be difficult to sell these securities promptly
at an acceptable price, which may limit the Portfolio’s ability to sell
securities in response to specific economic events or to meet redemption
requests. As a result, below investment grade bonds generally pose greater
valuation risks. Substantial declines in the prices of below investment
grade bonds can dramatically increase the yield of such securities. The
decline in market prices generally reflects an expectation that an issuer
may be at greater risk of defaulting on the obligation to pay interest and
principal when due. Therefore, substantial increases in yield may reflect
a greater risk by the Portfolio of losing some or part of its investment
rather than any increase in income that the bond may pay to the Portfolio
on its investment. The Portfolio may also from time to time hold defaulted
securities or securities of issuers involved in bankruptcy or insolvency
proceedings. As a result of such proceedings, the Portfolio may hold
equity securities received in these proceedings.
|
• |
Capitalization
risk (Permanent Portfolio
and Aggressive Growth Portfolio) — to the extent a Portfolio
emphasizes stocks of small-, mid- or large-capitalization companies, it
takes on the associated risks. At times, any one of these market
capitalizations may be out of favor with investors. Small- and
mid-capitalization companies may also have shorter histories of operations
than larger companies, fewer financial resources and an inability to raise
additional capital, smaller customer bases and less diversified product
lines, making them more susceptible to market pressure. Investments in the
stocks of small- and mid-capitalization companies may be more volatile and
less liquid than the stocks of larger companies. Small- and
mid-capitalization stocks may also underperform other types of stocks or
be difficult to sell when the economy is not robust or during market or
sector downturns. |
Compared
to small- and mid-capitalization companies, large-capitalization companies
may be less responsive to market changes and opportunities.
|
• |
Credit
risk (Short-Term Treasury
Portfolio and Versatile Bond Portfolio) — an issuer or guarantor of
debt securities, or the counterparty to an investment contract or
repurchase agreement, may be unable or unwilling to pay principal and
interest when due, or otherwise honor its obligations, or the value of the
security will suffer because investors believe the issuer or guarantor is
less able to make required principal and interest payments. This is
broadly gauged by the credit ratings, if available, of the debt securities
in which a Portfolio invests. Credit ratings are only the opinions of the
rating agencies issuing them, do not purport to reflect the risk of
fluctuations in market value and are not guarantees as to the payment of
interest and repayment of principal. |
• |
Currency
risk (Versatile Bond
Portfolio) — foreign debt securities may be issued and traded in
foreign currencies. Revenue from such securities also will be denominated
in foreign currencies. The market values in U.S. dollars of foreign debt
securities and income from debt securities denominated in foreign
currencies may be adversely affected by reductions in the value of those
currencies relative to the U.S. dollar. Foreign currency exchange rates
may fluctuate significantly. They are determined by supply and demand in
the foreign exchange markets, the relative merits of investments in
different countries, actual or perceived changes in interest rates, and
other complex factors. Currency exchange rates also can be affected
unpredictably by intervention (or the failure to intervene) by U.S. or
foreign governments or central banks or by currency controls or political
developments. In light of these risks, the Portfolio may engage in certain
currency hedging transactions which involve certain special risks. The
Portfolio accrues additional expenses when engaging in currency exchange
transactions, and valuation of the Portfolio’s foreign securities may be
subject to greater risk because both the currency (relative to the U.S.
dollar) and the security must be considered. |
• |
Epidemic or
pandemic risk (All
Portfolios) — health crises caused by outbreaks of
disease such as the coronavirus pandemic (“COVID-19”) may create,
initiate, or exacerbate existing or pre-existing political, social, and
economic risks in the United States or globally. The impact of COVID-19
and its subsequent variants, or other epidemics and pandemics that may
arise in the future, could continue to, and may negatively affect, the
economic, investment or operational performance of individual countries,
economies, asset classes, industries, and sectors in significant and
unforeseen ways. Further, such circumstances could continue for an
extended period of time and may continue to adversely affect the value and
liquidity of the Portfolio’s investments. In addition, governments, their
regulatory agencies, or their self-regulatory organizations may take
actions in response to such pandemics and epidemics, including providing
significant fiscal and monetary policy support to local and global
economies and financial markets. Such actions may result in interest rate
volatility, inflation or deflation, or the rapid expansion of public debt.
The ultimate impact or success of those measures on the economy or
financial markets is unknown and may not be known for some time. Further,
the effect of such measures on the Portfolio’s investments or on the
issuers of such investments are also unknown and could adversely impact
the Portfolio’s investment performance. |
• |
Hedging
risk (Versatile Bond
Portfolio) — forward currency contracts and currency
futures contracts may be used to hedge foreign currency risk. Hedging
tends to limit any potential gain that may be realized if the value of the
Portfolio’s assets increases because of currency fluctuations. In
addition, hedging may increase the Portfolio’s expenses. There is a risk
that these contracts intended as a hedge may not perform as intended, in
which case the Portfolio may not be able to minimize the effects of
foreign currency fluctuations and may suffer a loss. Use of these
contracts also could result in a loss if the counterparty to the
transaction does not perform as promised, including because of the
counterparty’s bankruptcy or insolvency. |
• |
Income
risk (Short-Term Treasury
Portfolio and Versatile Bond Portfolio) — because a
Portfolio can only distribute what it earns, the Portfolio’s distributions
to shareholders may decline when prevailing interest rates fall or if the
Portfolio experiences defaults on debt securities it holds. A Portfolio’s
income generally declines during periods of falling interest rates because
the Portfolio must reinvest the proceeds it receives from existing
investments (upon their maturity, prepayment, amortization, call or
buy-back) at a lower rate of interest or return.
|
• |
Inflation
risk (All
Portfolios) — the value of assets or income from
investments will be less in the future as inflation decreases the value of
money. As inflation increases, the value of a Portfolio’s assets can
decline as can the value of a Portfolio’s distributions. Inflation rates
may change frequently and significantly as a result of various factors,
including unexpected shifts in the domestic or global economy and changes
in monetary or economic policies (or expectations that these policies may
change), and a Portfolio’s investments may not keep pace with inflation,
which would generally adversely affect the real value of Portfolio
shareholders’ investment in the Portfolio. This risk is significantly
greater if the Portfolio invests a significant portion of its assets in
bonds with longer maturities. In addition, this risk may be significantly
elevated compared to normal conditions because of recent monetary policy
measures and the current interest rate environment.
|
• |
Interest rate
risk (Short-Term Treasury
Portfolio and Versatile Bond Portfolio) — changes in
interest rates will affect the value of a Portfolio’s investments.
Generally, prices of debt securities tend to fall when prevailing interest
rates rise and rise when prevailing interest rates fall. A wide variety of
factors can cause interest rates to rise (e.g., central bank monetary
policies, inflation rates, general economic conditions, etc.). Debt
securities have varying levels of sensitivity to changes in interest
rates. Typically, the longer the maturity (i.e., the term of a debt security) or
duration (i.e., a measure of the
sensitivity of a debt security to changes in market interest rates, based
on the entire cash flow associated with the security) of a debt security,
the greater the effect a change in interest rates could have on the
security’s price. Thus, a Portfolio’s sensitivity to interest rate risk
will increase with any increase in the Portfolio’s overall duration.
During periods of very low interest rates, income from the Short-Term
Treasury Portfolio’s investments may not be sufficient to offset its
expenses. |
• |
Investment
style risk (Aggressive
Growth Portfolio) — growth stocks may not perform as well
as value stocks or the stock market in general. The Portfolio’s focus on
growth stocks increases the potential volatility of its share price.
Because the prices of most growth stocks are based on future expectations,
these stocks tend to be more sensitive than value stocks to bad economic
news and negative earnings surprises. While the price of any type of stock
can rise and fall rapidly, growth stocks in particular may underperform
during periods when the market favors value stocks.
|
• |
Liquidity
risk (Versatile Bond
Portfolio) — certain of the Portfolio’s investments may
be or become illiquid. An investment may be deemed illiquid due to a lack
of trading volume in the security or if the security is privately placed
and not traded in any public market or is otherwise restricted from
trading. An illiquid investment may be difficult to value and the
Portfolio may be unable to sell illiquid investments at the time or price
it desires and could lose its entire investment in such investments. The
Portfolio also may be required to dispose of other investments at
unfavorable times or prices to satisfy its obligations, which may result
in a loss or may be costly to the Portfolio. Liquidity risk may be
heightened during periods of market volatility. Transactions in illiquid
investments may entail registration expenses and other transaction costs
that are higher than those for transactions in liquid securities.
|
• |
Market
risk (Permanent
Portfolio) — prices of the investments held by the
Portfolio will fluctuate, sometimes rapidly and unexpectedly. These
fluctuations may cause the price of an investment to decline for short- or
long-term periods and cause the investment to be worth
|
less
than it was worth when purchased by the Portfolio, or less than it was
worth at an earlier time. Investments in each of the Portfolio’s
investment categories may decline in value due to factors affecting the
gold and silver markets, individual issuers, securities markets generally
or particular industries or sectors within the securities markets. Events
or circumstances, such as natural disasters, terrorism, war and other
geopolitical events, trade, and tariff arrangements, can also have a
dramatic adverse effect on the investments held by the Portfolio.
Legislative, regulatory or tax developments may also adversely affect the
ability of the Portfolio to achieve its investment objective. Changes in
market conditions may not have the same impact on all investment
categories. In addition, the market and market participants are
increasingly reliant on both publicly available and proprietary
information data systems. Inaccurate data, software or other technology
malfunctions, programming inaccuracies, unauthorized use or access, and
similar circumstances may impair the performance of these systems and may
have an adverse impact on a specific issuer, group of issuers, or the
market as a whole. |
• |
Market
risk (Short-Term Treasury
Portfolio) — the value of the Portfolio’s assets will
fluctuate as the U.S. government securities market fluctuates. These
fluctuations may cause the price of a security to decline for short- or
long-term periods and cause the security to be worth less than it was
worth when purchased by the Portfolio, or less than it was worth at an
earlier time. In addition, the market and market participants are
increasingly reliant on both publicly available and proprietary
information data systems. Inaccurate data, software or other technology
malfunctions, programming inaccuracies, unauthorized use or access, and
similar circumstances may impair the performance of these systems and may
have an adverse impact on a specific issuer, group of issuers, or the
market as a whole. |
• |
Market
risk (Versatile Bond
Portfolio) — the value of the Portfolio’s assets will
fluctuate as the bond market fluctuates. These fluctuations may cause the
price of a security to decline for short- or long-term periods and cause
the security to be worth less than it was worth when purchased by the
Portfolio, or less than it was worth at an earlier time. Debt securities
may decline in value due to factors affecting individual issuers,
securities markets generally or particular industries or sectors within
the securities markets. Events or circumstances, such as natural
disasters, terrorism, war and other geopolitical events, trade, and tariff
arrangements, can also have a dramatic adverse effect on the investments
held by the Portfolio. Legislative, regulatory or tax developments may
also adversely affect the ability of the Portfolio to achieve its
investment objective. In addition, the market and market participants are
increasingly reliant on both publicly available and proprietary
information data systems. Inaccurate data, software or other technology
malfunctions, programming inaccuracies, unauthorized use or access, and
similar circumstances may impair the performance of these systems and may
have an adverse impact on a specific issuer, group of issuers, or the
market as a whole. |
• |
Market
risk (Aggressive Growth
Portfolio) — prices of the securities held by the
Portfolio will fluctuate, sometimes rapidly and unexpectedly. These
fluctuations may cause the price of a security to decline for short- or
long-term periods and cause the security to be worth less than it was
worth when purchased by the Portfolio, or less than it was worth at an
earlier time. Securities may decline in value due to factors affecting
individual issuers, securities markets generally or particular industries
or sectors within the securities markets. Aggressive growth stock
investments are subject to greater risk of price declines, especially
during periods where the prices of U.S. stock market investments in
general are declining, and events or circumstances, such as natural
disasters, terrorism, war and other geopolitical events, trade, and tariff
arrangements, can have a dramatic adverse effect on the securities held by
the Portfolio. Legislative, regulatory or tax developments may also
adversely affect the ability of the Portfolio to achieve its investment
objective. When markets perform well, there can be no assurance that the
Portfolio’s securities will participate in or otherwise benefit from the
advance. In addition, the market and market participants are increasingly
reliant on both |
publicly
available and proprietary information data systems. Inaccurate data,
software or other technology malfunctions, programming inaccuracies,
unauthorized use or access, and similar circumstances may impair the
performance of these systems and may have an adverse impact on a specific
issuer, group of issuers, or the market as a whole.
|
• |
Non-diversified
fund risk (Permanent
Portfolio) — the Portfolio is classified as
non-diversified. As such, the percentage of the Portfolio’s assets that
may be invested in any single issuer or a few issuers is not limited by
the 1940 Act. Investing a higher percentage of its assets in any one or a
few issuers or types of investments could increase the Portfolio’s risk of
loss and its share price volatility, because the value of its shares would
be more susceptible to adverse events affecting those issuers or types of
investments. |
• |
Prepayment and
extension risk (Short-Term
Treasury Portfolio and Versatile Bond Portfolio) — a
security held by a Portfolio may be paid off by the issuer more quickly
than originally anticipated, thereby shortening duration, and a Portfolio
may then have to reinvest the proceeds in an investment offering a lower
yield, and may not benefit from any increase in value that might otherwise
result from declining interest rates and may lose any premium it paid to
acquire the security. Higher interest rates generally result in slower
payoffs, which effectively increase duration, heighten interest rate risk,
and may increase the magnitude of resulting price declines. Floating rate
securities can be less sensitive to these risks.
|
• |
Redemption
risk (Permanent Portfolio
and Versatile Bond Portfolio) — market developments and
other factors, including a general rise in interest rates, have the
potential to cause investors to move out of fixed income securities on a
large scale, which may increase redemptions from mutual funds that hold
large amounts of fixed income securities. Such a move, coupled with a
reduction in the ability or willingness of dealers and other institutional
investors to buy or hold fixed income securities, may result in decreased
liquidity and increased volatility in the fixed income markets. A
Portfolio may experience periods of heavy redemptions that could cause it
to sell assets at inopportune times or at a loss or depressed value.
Redemption risk is heightened during periods of declining or illiquid
markets. Heavy redemptions could hurt a Portfolio’s performance.
|
• |
Repurchase
agreement risk (Versatile
Bond Portfolio) — the obligations of a counterparty to a
repurchase agreement are not guaranteed. There are risks that a
counterparty may default at a time when the collateral has declined in
value, or a counterparty may become insolvent, which may affect the
Portfolio’s right to control the collateral. If the seller in a repurchase
agreement transaction defaults on its obligations to repurchase a
security, the Portfolio may suffer delays, incur costs and lose money in
exercising its rights. |
• |
Risks of
in-kind redemptions (Permanent Portfolio) — to
avoid liability for corporate federal income tax, the Portfolio must,
among other things, derive at least 90% of its gross income each taxable
year from sources including interest, dividends and gains on sales of
securities. Gains on sales of gold and silver by the Portfolio do not
qualify as “gains on sales of securities.” Consequently, profitable sales
of gold and silver (as might be required for the Portfolio to adhere to
its Target Percentages) could subject the Portfolio to liability for
corporate federal income tax. To try to reduce the risk of this potential
adverse tax result, the Trust, if administratively feasible, may require
redeeming shareholders in the Portfolio to accept readily tradable gold or
silver bullion or coins from the Portfolio’s holdings in complete or
partial payment of redemptions, if it can satisfy a federal tax law
provision that permits it to do so without recognizing gain.
|
• |
Risks of
investing in foreign and emerging markets (Permanent Portfolio, Versatile Bond Portfolio
and Aggressive Growth Portfolio) — investments in foreign
securities involve risks that are in addition to the risks associated with
investing in U.S. securities. The securities markets of many foreign
countries are relatively small, with the majority of market
|
capitalization
and trading volume concentrated in a limited number of companies
representing a small number of industries. Foreign securities may
experience greater price volatility and significantly lower liquidity than
securities of U.S. companies. Reduced liquidity may also make it more
difficult for a Portfolio to obtain accurate market quotations for the
purpose of valuing its portfolio. These markets may be subject to greater
influence by adverse events generally affecting the market, and by large
investors trading significant blocks of securities, than is usual in the
United States. Securities registration, custody, and settlement may in
some instances be subject to delays and legal and administrative
uncertainties. Foreign investment in the securities markets of certain
foreign countries is restricted or controlled to varying degrees. These
restrictions or controls may at times limit or preclude investment in
certain securities and may increase the cost and expenses of a Portfolio.
In addition, the repatriation of investment income, capital or the
proceeds of sales of securities from certain of the countries is
controlled under regulations. A Portfolio could be adversely affected by
delays in, or a refusal to grant, any required governmental approval for
repatriation, as well as by the application to it of other restrictions on
investment. Transaction costs in many foreign countries are generally
higher than in the United States. Issuers of securities in foreign
jurisdictions are generally not subject to the same degree of regulation
as are U.S. issuers with respect to such matters as insider trading rules,
restrictions on market manipulation, shareholder proxy requirements, and
timely disclosure of information. The reporting, accounting, and auditing
standards of foreign countries may differ, in some cases significantly,
from U.S. standards in important respects, and less information may be
publicly available about non-U.S. issuers than is available about most
U.S. issuers. The economies of individual foreign countries may differ
favorably or unfavorably from the U.S. economy in such respects as growth
of gross domestic product or gross national product, rate of inflation,
capital reinvestment, resource self-sufficiency, and balance of payments
position. Nationalization, expropriation or confiscatory taxation,
currency blockage, political changes, government regulation, political or
social instability, revolutions, wars or diplomatic developments could
affect adversely the economy of a foreign country. In the event of
nationalization, expropriation, or other confiscation, a Portfolio could
lose its entire investment in securities in the country involved. In
addition, laws in foreign countries governing business organizations,
bankruptcy and insolvency may provide less protection to security holders
such as a Portfolio than that provided by U.S. laws. Additionally, legal
remedies available to investors in certain foreign countries may be more
limited than those available with respect to investments in the United
States or in other foreign countries. Investing in emerging market
securities may involve higher levels of each of these risks. In addition,
foreign investors may be required to register the proceeds of sales and
future economic or political crises could lead to price controls, forced
mergers, expropriation or confiscatory taxation, seizure, nationalization,
or creation of government monopolies. The currencies of emerging market
countries may experience significant declines against the U.S. dollar, and
devaluation may occur subsequent to investments in these currencies by a
Portfolio. Inflation and rapid fluctuations in inflation rates have had,
and may continue to have, negative effects on the economies and securities
markets of certain emerging market countries. |
• |
Risks of
investing in foreign government and supranational organization
obligations (Versatile Bond
Portfolio) — no established secondary markets may exist
for many foreign government and supranational organization obligations.
Reduced secondary market liquidity may have an adverse effect on the
market price of such instruments and the Portfolio’s ability to dispose of
particular instruments when necessary to meet its liquidity requirements
or in response to specific economic events such as deterioration in the
creditworthiness of the issuer. Reduced secondary market liquidity for
these obligations may also make it more difficult for the Portfolio to
obtain accurate market quotations for the purpose of valuing its
portfolio. By investing in foreign government obligations, the Portfolio
will be exposed to the direct or indirect consequences of political,
social, and economic changes in |
various
countries. Political changes in a country may affect the willingness of a
foreign government to make or provide for timely payments of its
obligations. The country’s economic status, as reflected in, among other
things, its inflation rate, the amount of its external debt and its gross
domestic product, may also affect the government’s ability to honor its
obligations. The Portfolio may have limited legal recourse in the event of
a default with respect to foreign government and supranational
organization obligations it holds. For example, remedies from defaults on
certain foreign government obligations, unlike those on private debt,
must, in some cases, be pursued in the courts of the defaulting party
itself. Legal recourse therefore may be significantly diminished.
Bankruptcy, moratorium, and other similar laws applicable to issuers of
foreign government obligations may be substantially different from those
applicable to issuers of private debt obligations. Supranational
organizations are often chartered to promote economic development.
Typically, the governmental members, or “stockholders,” make initial
capital contributions to the supranational organization and may be
committed to make additional contributions if the supranational
organization is unable to repay its borrowings. There is no guarantee that
one or more stockholders of a supranational organization will continue to
make any necessary additional capital contributions or otherwise provide
continued financial backing to the supranational organization.
|
• |
Risks of
investments in aggressive growth stocks (Permanent Portfolio and Aggressive Growth
Portfolio) — investments in aggressive growth stocks are
subject to market risk, capitalization risk, and risk of investments in
foreign securities. Aggressive growth stock investments are subject to
greater market risk of price declines, especially during periods when the
prices of U.S. or foreign stock market investments in general are
declining. |
• |
Risks of
investments in dollar assets (Permanent
Portfolio) — investments in debt securities are generally
subject to interest rate risk, credit risk, income risk, and prepayment
and extension risk. Interest rate risk is the risk that changes in
interest rates will affect the value of the Portfolio’s dollar assets.
Generally, prices of debt securities tend to fall when prevailing interest
rates rise and rise when prevailing interest rates fall. A wide variety of
factors can cause interest rates to rise (e.g., central bank monetary policies,
inflation rates, general economic conditions, etc.). Debt securities have
varying levels of sensitivity to changes in interest rates. Typically, the
longer the maturity (i.e., the
term of a debt security) or duration (i.e., a measure of the sensitivity of a
debt security to changes in market interest rates, based on the entire
cash flow associated with the security) of a debt security, the greater
the effect a change in interest rates could have on the security’s price.
Thus, the Portfolio’s sensitivity to interest rate risk will increase with
any increase in the Portfolio’s overall duration. Credit risk is the risk
that an issuer or guarantor of debt securities, or the counterparty to an
investment contract or repurchase agreement, may be unable or unwilling to
pay principal and interest when due, or otherwise honor its obligations,
or the value of the security will suffer because investors believe the
issuer or guarantor is less able to make required principal and interest
payments. This is broadly gauged by the credit ratings, if available, of
the debt securities in which the Portfolio invests. Credit ratings are
only the opinions of the rating agencies issuing them, do not purport to
reflect the risk of fluctuations in market value and are not guarantees as
to the payment of interest and repayment of principal. The Portfolio’s
dollar assets are also subject to income risk. The Portfolio’s income
generally declines during periods of falling interest rates because the
Portfolio must reinvest the proceeds it receives from existing investments
(upon their maturity, prepayment, amortization, call or buy-back) at a
lower rate of interest or return. In addition to income risk, if a
security held by the Portfolio is called or paid off by the issuer more
quickly than originally anticipated, the Portfolio may not benefit from
any increase in value that might otherwise result from declining interest
rates and may lose any premium it paid to acquire the security. Higher
interest rates generally result in slower payoffs, which effectively
increase duration, |
heighten
interest rate risk, and may increase the magnitude of resulting price
declines. Floating rate securities can be less sensitive to prepayment and
extension risk. |
• |
Risks of
investments in gold and silver (Permanent Portfolio) — gold
and silver generate no interest or dividends, and the return from
investments in gold and silver will be derived solely from the gains and
losses realized by the Portfolio upon sale. Prices of gold and silver may
fluctuate, sharply or gradually, and over short or long periods of time.
The prices of gold and silver have fluctuated widely over the past several
years. If gold and silver markets continue to be characterized by the wide
fluctuations that they have shown in the past several years, the
Portfolio’s performance may be significantly impacted. There is no
assurance that gold will maintain its long-term value in terms of future
purchasing power. The prices of gold and silver may be significantly
affected by factors such as changes in inflation or expectations regarding
inflation in various countries, the availability of supplies and demand,
change in the attitude of speculators and investors towards gold, changes
in industrial and commercial demand, developments in the gold and silver
mining industries, gold and silver sales by governments, central banks or
international institutions, investment and trading activities of market
participants, including hedge funds or speculators, commodity funds and
exchange traded funds, hedging activity by producers, currency exchange
rates, interest rates, income growth, economic output, and monetary and
other economic policies of various governments. The official sector holds
a significant amount of gold, most of which is static, meaning that it is
held in vaults and is not bought, sold, leased or swapped or otherwise
mobilized in the open market. A number of central banks have sold portions
of their gold over the past ten years, with the result that the official
sector, taken as a whole, has been a net supplier to the open market.
Since 1999, most sales have been made in a coordinated manner under the
terms of the Central Bank Gold Agreement, as amended, or “CBGA,” under
which 21 of the world’s major central banks (including the European
Central Bank) agree to limit the level of their gold sales and lending to
the market. In the event that future economic, political or social
conditions or pressures require members of the official sector to
liquidate their gold assets all at once or in an uncoordinated manner, the
demand for gold might not be sufficient to accommodate the sudden increase
in the supply of gold to the market. Consequently, the price of gold could
decline significantly. The possibility of large-scale distress sales of
gold by investors in times of crisis also may have a negative impact on
the price of gold. For example, the 1998 Asian financial crisis resulted
in significant sales of gold by individuals which depressed the price of
gold. Crises in the future may impair gold’s price performance. In
addition, because the majority of the world’s supply of gold and silver is
concentrated in a few countries, the Portfolio’s investments may be
particularly susceptible to political, economic and environmental
conditions and events in those countries. While gold and silver are used
to preserve wealth by investors around the world, there is no assurance
that gold or silver will maintain its long-term value in terms of future
purchasing power. Furthermore, although gold and silver have been used as
portfolio diversifiers due to their historically low-to-negative
correlation with stocks and bonds, diversification does not ensure
against, nor can it prevent against, risk of loss. The gold and silver
bullion and bullion-type coins held by the Portfolio’s subcustodian on
behalf of the Portfolio could be lost, damaged, stolen or destroyed.
Access to the Portfolio’s gold and silver holdings could also be
restricted by natural events (such as an earthquake) or human actions
(such as a terrorist attack). The gold and silver custody operations of
the subcustodian are not subject to specific governmental regulatory
supervision. The subcustodian’s procedures may not prevent the deposit of
gold or silver on behalf of the Portfolio that fails to meet the purity
standards agreed to at the time of purchase. Neither the custodian nor any
subcustodian will be liable to the Portfolio in the event that any gold or
silver otherwise properly inspected by the subcustodian does not meet
these purity standards. If the Portfolio purchases gold or silver of
inferior quality, the Portfolio may not be able to recover damages from
the seller or any other third party. Any of these events may
|
adversely
affect the Portfolio and consequently, an investment in the shares of the
Portfolio. The Portfolio does not insure its gold and silver holdings and
the responsibility of the Portfolio’s custodian and any subcustodian for
loss, damage or destruction of the Portfolio’s gold and silver holdings is
very limited under the agreements governing the custody and subcustody
arrangements. Thus, for example, any losses due to acts beyond the control
of the custodian or any subcustodian such as acts of God, strikes,
lockouts, riots, acts of war, epidemics, governmental regulations imposed
after the fact, fire, communication line failures, power failures,
earthquakes or other disasters will be sustained by the Portfolio. In
addition, if the Portfolio’s gold and silver bullion and bullion-type
coins are lost, damaged, stolen or destroyed under circumstances rendering
the custodian, any subcustodian or any other third party liable to the
Portfolio (or the custodian or any subcustodian), the responsible party
may not have the financial resources (including liability insurance
coverage) sufficient to satisfy such claim. The custodian and the
subcustodian maintain insurance with regard to its business on such terms
and conditions as it considers appropriate. The Portfolio is not a
beneficiary of any such insurance and does not have the ability to dictate
the existence, nature or amount of coverage. In addition, the Trust’s
custodian contract does not require sub-custodians to be insured or bonded
with respect to their custodial activities or in respect of the gold or
silver held by them on behalf of the Trust. Therefore, there can be no
assurance that the custodian or subcustodian will maintain adequate
insurance or any insurance with respect to the gold and silver held by the
subcustodian on behalf of the Portfolio. Further, shareholders’ legal
recourse against the Trust, the custodian and any sub-custodians is
limited. Consequently, the value of the Portfolio’s shares may be
adversely affected by loss, damage or destruction to the bullion and
bullion-type coins for which the Portfolio may not be reimbursed. When
holding bullion, the Portfolio may encounter higher custody and other
costs than those normally associated with ownership of securities. Gains
realized upon the sale of bullion or bullion-type coins will not count
towards the requirement in the Internal Revenue Code of 1986, as amended
(“Code”), that at least 90% of the Portfolio’s gross income in each
taxable year be derived from gains on the sale of securities and certain
other permitted sources, except to the extent that the Portfolio has
invested in bullion as a hedge with respect to investment in the
securities of companies engaged in mining gold or silver. Accordingly, the
Portfolio may be required to hold its precious metals or to sell them at a
loss, or to sell securities at a gain, when for investment reasons it
would not otherwise do so. If the Portfolio is not able to satisfy this or
other requirements under the Code for any taxable year, the Portfolio
would become subject to corporate federal income tax for that year on all
of its taxable income and recognized gains. |
• |
Risks of
investments in real estate and natural resource stocks (Permanent
Portfolio) — investments in real estate and natural
resource stocks are subject to market risk, capitalization risk, and risk
of investments in foreign securities. Any decline in the general level of
prices of oil, gas, coal, minerals or real estate would be expected to
have an adverse impact on these stocks. The prices of these stocks are
particularly vulnerable to decline in the event of deflationary economic
conditions. Real estate-related investments, such as stocks of real
estate-related companies, real estate investment trusts (“REITs”) and
related instruments, will subject the Portfolio to risks similar to those
associated with direct ownership of real estate, including losses from a
casualty or condemnation, changes in local and general economic
conditions, supply and demand, interest rates, zoning laws, regulatory
limitations on rents, property taxes and operating expenses. The value of
investments in the real estate sector also may be affected by
macroeconomic developments, and social and economic trends. Additionally,
investments in REITs involve other risk factors, including poor
performance by the REIT’s manager, changes to the tax laws and
self-liquidation. Domestic REITs could be adversely affected by failure to
qualify for tax-free “pass-through” of distributed net investment income
and net realized gains under the Code, or to maintain their
|
exemption
from registration under the 1940 Act. The value of REIT common shares may
decline when interest rates rise. REIT and other real estate company
securities tend to be small- to mid-cap securities and are subject to the
risks of investing in small- to mid-cap securities. REITs are subject to
management fees and other expenses, and so to the extent that the
Portfolio invests in REITs the Portfolio will bear its proportionate share
of the costs of the REITs’ operations. Investments in natural resource
companies can be significantly affected by events relating to
international political and economic developments (e.g., war, regime changes and changes in
economic activity levels), expropriation or other confiscation, population
growth and changing demographics, energy conservation, the success of
exploration projects, global commodity prices, adverse international
monetary policies, tax and other government regulations, and natural
phenomena around the world, such as drought, floods and other adverse
weather conditions and livestock disease. The Russian attack on, and war
in, Ukraine, has created significant volatility in global agricultural,
commodity and energy markets as a consequence, which may impact economies
globally in uncertain manners, particularly with respect to natural
resource commodities. Specifically, cyclical industries can be
significantly affected by general economic trends, including employment,
economic growth, interest rates, changes in consumer sentiment and
spending, global commodity prices, legislation, government regulation and
spending, import controls and worldwide competition and companies engaged
in such industries can be subject to liability for, among other things,
environmental damage, depletion of resources, and mandated expenditures
for safety and pollution control. Furthermore, the natural resources
industries and funds that focus their investments in such industries can
also be significantly affected by the level and volatility of commodity
prices, which have historically been among the most volatile of
international prices, often exceeding the volatility of exchange rates and
interest rates. Finally, investments in natural resources industries are
subject to the risk that the performance of such industries may not
correlate with broader equity market returns or with returns on natural
resources investments to the extent expected by the investment adviser.
|
• |
Risks of
investments in Swiss franc assets (Permanent Portfolio) — the
Swiss franc is subject to the risk that inflation will decrease in the
United States, or rise in Switzerland. Swiss government bonds are subject
to some risk of default, and their credit quality is not rated by some
U.S. rating agencies. The Portfolio may also be significantly affected by
other economic, monetary or political developments in Switzerland. The
U.S. dollar/Swiss franc exchange rate may adversely affect the value (in
U.S. dollar terms) of the Portfolio’s Swiss franc assets. The Swiss franc
has shown cyclical periods of strength and weakness against the U.S.
dollar, and will likely continue to do so. The performance of the Swiss
franc versus the U.S. dollar may be prolonged or amplified by slow growth
or other negative developments affecting the European economy.
|
• |
Security
selection risk (All
Portfolios) — securities selected for a Portfolio may
perform differently than expected. The Portfolios are actively managed and
could experience losses if the investment adviser’s judgments about
markets, interest rates, or the attractiveness, relative values, liquidity
or potential appreciation of particular investments made for a Portfolio’s
portfolio prove to be incorrect. |
• |
U.S. government
and agency securities risk (Permanent Portfolio, Short-Term Treasury
Portfolio and Versatile Bond Portfolio) — U.S. government
securities are subject to market risk, interest rate risk and credit risk.
Securities, such as those issued or guaranteed by the U.S. Treasury or
Ginnie Mae, that are backed by the full-faith-and-credit of the United
States, are guaranteed only as to the timely payment of interest and
principal when held to maturity, but the market prices for such securities
are not guaranteed and will fluctuate. Notwithstanding that these
securities are backed by the full-faith-and-credit of the United
|
States,
circumstances could arise that could prevent the payment of interest or
principal. This would result in losses to the Portfolio. Securities issued
or guaranteed by U.S. government agencies, such as Fannie Mae and Freddie
Mac, are not backed by the full-faith-and-credit of the United States and
no assurance can be given that the U.S. government will provide financial
support. Therefore, U.S. government agency securities that are not backed
by the full-faith-and-credit of the United States are subject to greater
credit risk. |
• |
Warrant
risk (Permanent Portfolio
and Aggressive Growth Portfolio) — warrants are
securities issued by a company which give the holder the right, but not
the obligation, to purchase stock, usually at a price that is higher than
the market price at the time the warrant is issued. If the price of the
underlying stock does not rise above the exercise price before the warrant
expires, the warrant generally expires without any value and the Portfolio
would lose any amount it paid for the warrant. |
(a) |
1.1875%
of the first $200 million of the Portfolio’s average daily net assets;
|
(b) |
.8750%
of the next $200 million of the Portfolio’s average daily net assets;
|
(c) |
.8125%
of the next $200 million of the Portfolio’s average daily net assets; and
|
(d) |
.7500%
of all of the Portfolio’s average daily net assets in excess of $600
million. |
Permanent Portfolio® | Year Ended January 31, | |||||||||||||||||||
Class I Shares (PRPFX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 48.13 | $ | 46.15 | $ | 40.96 | $ | 38.07 | $ | 42.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment income(2) |
.31 | .12 | .31 | .39 | .37 | |||||||||||||||
Net
realized and unrealized gain (loss) on investments and foreign
currencies(3) |
.68 | 2.88 | 7.36 | 3.65 | (1.52 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
.99 | 3.00 | 7.67 | 4.04 | (1.15 | ) | ||||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
investment income |
(.14 | ) | (.18 | ) | (.43 | ) | (.39 | ) | (.31 | ) | ||||||||||
Net
realized gain on investments |
(.59 | ) | (.84 | ) | (2.05 | ) | (.76 | ) | (2.48 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(.73 | ) | (1.02 | ) | (2.48 | ) | (1.15 | ) | (2.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 48.39 | $ | 48.13 | $ | 46.15 | $ | 40.96 | $ | 38.07 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
2.13% | 6.44% | 18.85% | 10.73% | (2.47)% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 2,875,001 | $ | 2,825,470 | $ | 2,367,139 | $ | 1,926,723 | $ | 1,969,888 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
27.58% | 29.47% | 41.03% | 15.26% | 18.62% | |||||||||||||||
Ratio
of expenses to average net assets |
.82% | .81% | .83% | .85% | .84% | |||||||||||||||
Ratio
of net investment income to average net assets |
.67% | .25% | .72% | .97% | .93% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment income is based on average shares outstanding during the year.
|
(3) |
Per
share net realized and unrealized gains or losses on investments and
foreign currencies may not correspond with the change in aggregate
unrealized gains and losses in the Portfolio’s securities because of the
timing of sales and repurchases of the Portfolio’s shares in relation to
fluctuating market values for the Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
Permanent Portfolio® | Year Ended January 31, | |||||||||||||||||||
Class A Shares (PRPDX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 47.92 | $ | 45.98 | $ | 40.86 | $ | 37.99 | $ | 41.94 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment income (loss)(2) |
.19 | (.01 | ) | .16 | .27 | .26 | ||||||||||||||
Net
realized and unrealized gain (loss) on investments and foreign
currencies(3) |
.68 | 2.87 | 7.37 | 3.66 | (1.50 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
.87 | 2.86 | 7.53 | 3.93 | (1.24 | ) | ||||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
investment income |
(.01 | ) | (.08 | ) | (.36 | ) | (.30 | ) | (.23 | ) | ||||||||||
Net
realized gain on investments |
(.59 | ) | (.84 | ) | (2.05 | ) | (.76 | ) | (2.48 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(.60 | ) | (.92 | ) | (2.41 | ) | (1.06 | ) | (2.71 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 48.19 | $ | 47.92 | $ | 45.98 | $ | 40.86 | $ | 37.99 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
1.87% | 6.18% | 18.56% | 10.45% | (2.70)% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 33,723 | $ | 48,095 | $ | 25,918 | $ | 9,752 | $ | 6,444 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
27.58% | 29.47% | 41.03% | 15.26% | 18.62% | |||||||||||||||
Ratio
of expenses to average net assets |
1.07% | 1.06% | 1.08% | 1.10% | 1.09% | |||||||||||||||
Ratio
of net investment income (loss) to average net assets |
.41% | (.02)% | .36% | .68% | .65% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment income (loss) is based on average shares outstanding during the
year. |
(3) |
Per
share net realized and unrealized gains or losses on investments and
foreign currencies may not correspond with the change in aggregate
unrealized gains and losses in the Portfolio’s securities because of the
timing of sales and repurchases of the Portfolio’s shares in relation to
fluctuating market values for the Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
Permanent Portfolio® | Year Ended January 31, | |||||||||||||||||||
Class C Shares (PRPHX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 47.04 | $ | 45.40 | $ | 40.45 | $ | 37.67 | $ | 41.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment loss(2) |
(.15 | ) | (.38 | ) | (.14 | ) | (.03 | ) | (.04 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investments and foreign
currencies(3) |
.64 | 2.86 | 7.24 | 3.63 | (1.48 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
.49 | 2.48 | 7.10 | 3.60 | (1.52 | ) | ||||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
investment income |
— | — | (.10 | ) | (.06 | ) | (.01 | ) | ||||||||||||
Net
realized gain on investments |
(.59 | ) | (.84 | ) | (2.05 | ) | (.76 | ) | (2.48 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(.59 | ) | (.84 | ) | (2.15 | ) | (.82 | ) | (2.49 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 46.94 | $ | 47.04 | $ | 45.40 | $ | 40.45 | $ | 37.67 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
1.09% | 5.41% | 17.67% | 9.62% | (3.43)% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 36,537 | $ | 30,038 | $ | 13,315 | $ | 6,314 | $ | 4,047 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
27.58% | 29.47% | 41.03% | 15.26% | 18.62% | |||||||||||||||
Ratio
of expenses to average net assets |
1.82% | 1.81% | 1.83% | 1.85% | 1.84% | |||||||||||||||
Ratio
of net investment loss to average net assets |
(.33)% | (.78)% | (.34)% | (.07)% | (.09)% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment loss is based on average shares outstanding during the year.
|
(3) |
Per
share net realized and unrealized gains or losses on investments and
foreign currencies may not correspond with the change in aggregate
unrealized gains and losses in the Portfolio’s securities because of the
timing of sales and repurchases of the Portfolio’s shares in relation to
fluctuating market values for the Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
Short-Term Treasury Portfolio | Year Ended January 31, | |||||||||||||||||||
Class I Shares (PRTBX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 64.22 | $ | 64.92 | $ | 65.07 | $ | 65.06 | $ | 64.77 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment income (loss)(2) |
.46 | (.37 | ) | (.02 | ) | 1.06 | .75 | |||||||||||||
Net
realized and unrealized gain (loss) on investments(3) |
(1.33 | ) | (.33 | ) | .01 | .02 | .08 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
(.87 | ) | (.70 | ) | (.01 | ) | 1.08 | .83 | ||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
investment income |
— | — | (.14 | ) | (1.07 | ) | (.54 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
— | — | (.14 | ) | (1.07 | ) | (.54 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 63.35 | $ | 64.22 | $ | 64.92 | $ | 65.07 | $ | 65.06 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
(1.35)% | (1.08)% | (.02)% | 1.66% | 1.28% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 12,067 | $ | 12,503 | $ | 13,159 | $ | 12,630 | $ | 15,930 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
—% | —% | 48.08% | 55.42% | 81.53% | |||||||||||||||
Ratio
of expenses to average net assets: |
||||||||||||||||||||
After
Advisory Fee waiver |
.65% | .65% | .66% | .66% | .72% | |||||||||||||||
Before
Advisory Fee waiver |
1.21% | 1.21% | 1.22% | 1.23% | 1.23% | |||||||||||||||
Ratio
of net investment income (loss) to average net assets: |
||||||||||||||||||||
After
Advisory Fee waiver |
.72% | (.57)% | (.02)% | 1.62% | 1.15% | |||||||||||||||
Before
Advisory Fee waiver |
.16% | (1.13)% | (.58)% | 1.05% | .64% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment income (loss) is based on average shares outstanding during the
year. |
(3) |
Per
share net realized and unrealized gains or losses on investments may not
correspond with the change in aggregate unrealized gains and losses in the
Portfolio’s securities because of the timing of sales and repurchases of
the Portfolio’s shares in relation to fluctuating market values for the
Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
Versatile Bond Portfolio | Year Ended January 31, | |||||||||||||||||||
Class I Shares (PRVBX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 64.87 | $ | 64.50 | $ | 61.75 | $ | 58.30 | $ | 57.29 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment income(2) |
1.46 | 1.00 | 2.37 | 2.01 | 1.99 | |||||||||||||||
Net
realized and unrealized gain (loss) on investments(3) |
(3.03 | ) | (.07 | ) | 3.41 | 2.97 | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
(1.57 | ) | .93 | 5.78 | 4.98 | 1.99 | ||||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
investment income |
(1.11 | ) | (.56 | ) | (3.03 | ) | (1.53 | ) | (.98 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(1.11 | ) | (.56 | ) | (3.03 | ) | (1.53 | ) | (.98 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 62.19 | $ | 64.87 | $ | 64.50 | $ | 61.75 | $ | 58.30 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
(2.39)% | 1.43% | 9.43% | 8.58% | 3.51% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 88,096 | $ | 119,167 | $ | 6,671 | $ | 21,335 | $ | 9,359 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
25.68% | 34.70% | 29.89% | 52.51% | 40.36% | |||||||||||||||
Ratio
of expenses to average net assets: |
||||||||||||||||||||
After
Advisory Fee waiver |
.65% | .64% | .67% | .66% | .82% | |||||||||||||||
Before
Advisory Fee waiver |
1.21% | 1.20% | 1.23% | 1.22% | 1.22% | |||||||||||||||
Ratio
of net investment income to average net assets: |
||||||||||||||||||||
After
Advisory Fee waiver |
2.34% | 1.53% | 3.85% | 3.30% | 3.43% | |||||||||||||||
Before
Advisory Fee waiver |
1.78% | .97% | 3.29% | 2.74% | 3.03% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment income is based on average shares outstanding during the year.
|
(3) |
Per
share net realized and unrealized gains or losses on investments may not
correspond with the change in aggregate unrealized gains and losses in the
Portfolio’s securities because of the timing of sales and repurchases of
the Portfolio’s shares in relation to fluctuating market values for the
Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
Versatile Bond Portfolio
|
Year Ended January 31,
|
|||||||||||||||||||
Class A Shares (PRVDX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 64.69 | $ | 64.38 | $ | 61.72 | $ | 58.27 | $ | 57.27 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment income(2) |
1.32 | .87 | 2.21 | 1.85 | 1.84 | |||||||||||||||
Net
realized and unrealized gain (loss) on investments(3) |
(3.04 | ) | (.11 | ) | 3.41 | 2.96 | .01 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
(1.72 | ) | .76 | 5.62 | 4.81 | 1.85 | ||||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
investment income |
(.95 | ) | (.45 | ) | (2.96 | ) | (1.36 | ) | (.85 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(.95 | ) | (.45 | ) | (2.96 | ) | (1.36 | ) | (.85 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 62.02 | $ | 64.69 | $ | 64.38 | $ | 61.72 | $ | 58.27 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
(2.63)% | 1.17% | 9.18% | 8.29% | 3.26% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 135 | $ | 121 | $ | 55 | $ | 13 | $ | 12 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
25.68% | 34.70% | 29.89% | 52.51% | 40.36% | |||||||||||||||
Ratio
of expenses to average net assets: |
||||||||||||||||||||
After
Advisory Fee waiver |
.90% | .89% | .92% | .91% | 1.07% | |||||||||||||||
Before
Advisory Fee waiver |
1.46% | 1.45% | 1.48% | 1.47% | 1.47% | |||||||||||||||
Ratio
of net investment income to average net assets: |
||||||||||||||||||||
After
Advisory Fee waiver |
2.13% | 1.32% | 3.49% | 3.05% | 3.16% | |||||||||||||||
Before
Advisory Fee waiver |
1.56% | .76% | 2.93% | 2.49% | 2.76% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment income is based on average shares outstanding during the year.
|
(3) |
Per
share net realized and unrealized gains or losses on investments may not
correspond with the change in aggregate unrealized gains and losses in the
Portfolio’s securities because of the timing of sales and repurchases of
the Portfolio’s shares in relation to fluctuating market values for the
Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
Versatile Bond Portfolio
|
Year Ended January 31,
|
|||||||||||||||||||
Class C Shares (PRVHX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 63.94 | $ | 63.86 | $ | 61.55 | $ | 58.14 | $ | 57.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment income(2) |
.87 | .34 | 1.76 | 1.38 | 1.39 | |||||||||||||||
Net
realized and unrealized gain (loss) on investments(3) |
(3.03 | ) | (.07 | ) | 3.34 | 2.96 | .02 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
(2.16 | ) | .27 | 5.10 | 4.34 | 1.41 | ||||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
investment income |
(.59 | ) | (.19 | ) | (2.79 | ) | (.93 | ) | (.45 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(.59 | ) | (.19 | ) | (2.79 | ) | (.93 | ) | (.45 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 61.19 | $ | 63.94 | $ | 63.86 | $ | 61.55 | $ | 58.14 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
(3.36)% | .43% | 8.35% | 7.49% | 2.49% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 708 | $ | 375 | $ | 33 | $ | 12 | $ | 11 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
25.68% | 34.70% | 29.89% | 52.51% | 40.36% | |||||||||||||||
Ratio
of expenses to average net assets: |
||||||||||||||||||||
After
Advisory Fee waiver |
1.65% | 1.64% | 1.67% | 1.66% | 1.82% | |||||||||||||||
Before
Advisory Fee waiver |
2.21% | 2.20% | 2.23% | 2.22% | 2.22% | |||||||||||||||
Ratio
of net investment income to average net assets: |
||||||||||||||||||||
After
Advisory Fee waiver |
1.43% | .52% | 2.84% | 2.30% | 2.41% | |||||||||||||||
Before
Advisory Fee waiver |
.87% | (.04)% | 2.28% | 1.74% | 2.01% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment income is based on average shares outstanding during the year.
|
(3) |
Per
share net realized and unrealized gains or losses on investments may not
correspond with the change in aggregate unrealized gains and losses in the
Portfolio’s securities because of the timing of sales and repurchases of
the Portfolio’s shares in relation to fluctuating market values for the
Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
Aggressive Growth Portfolio | Year Ended January 31, | |||||||||||||||||||
Class I Shares (PAGRX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 74.06 | $ | 71.07 | $ | 57.99 | $ | 56.68 | $ | 67.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment income (loss)(2) |
.23 | (.12 | ) | .17 | .28 | .14 | ||||||||||||||
Net
realized and unrealized gain (loss) on investments(3) |
(7.01 | ) | 8.67 | 23.42 | 6.28 | (4.85 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
(6.78 | ) | 8.55 | 23.59 | 6.56 | (4.71 | ) | |||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
investment income |
(.16 | ) | (.04 | ) | (.11 | ) | (.31 | ) | (.11 | ) | ||||||||||
Net
realized gain on investments |
(4.20 | ) | (5.52 | ) | (10.40 | ) | (4.94 | ) | (6.04 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(4.36 | ) | (5.56 | ) | (10.51 | ) | (5.25 | ) | (6.15 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 62.92 | $ | 74.06 | $ | 71.07 | $ | 57.99 | $ | 56.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
(8.55)% | 11.29% | 41.39% | 11.91% | (6.68)% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 29,715 | $ | 35,957 | $ | 31,039 | $ | 24,796 | $ | 24,961 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
.13% | 4.30% | 7.89% | 2.52% | 9.98% | |||||||||||||||
Ratio
of expenses to average net assets |
1.21% | 1.21% | 1.21% | 1.23% | 1.23% | |||||||||||||||
Ratio
of net investment income (loss) to average net assets |
.36% | (.14)% | .27% | .47% | .23% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment income (loss) is based on average shares outstanding during the
year. |
(3) |
Per
share net realized and unrealized gains or losses on investments may not
correspond with the change in aggregate unrealized gains and losses in the
Portfolio’s securities because of the timing of sales and repurchases of
the Portfolio’s shares in relation to fluctuating market values for the
Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
Aggressive Growth Portfolio
|
Year Ended January 31,
|
|||||||||||||||||||
Class A Shares (PAGDX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 73.81 | $ | 70.99 | $ | 57.99 | $ | 56.53 | $ | 67.47 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment income (loss)(2) |
.07 | (.32 | ) | .01 | .15 | (.01 | ) | |||||||||||||
Net
realized and unrealized gain (loss) on investments(3) |
(6.98) | 8.66 | 23.39 | 6.25 | (4.84 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
(6.91) | 8.34 | 23.40 | 6.40 | (4.85 | ) | ||||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
investment income |
— | — | — | — | (.05 | ) | ||||||||||||||
Net
realized gain on investments |
(4.20 | ) | (5.52 | ) | (10.40 | ) | (4.94 | ) | (6.04 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(4.20 | ) | (5.52 | ) | (10.40 | ) | (4.94 | ) | (6.09 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 62.70 | $ | 73.81 | $ | 70.99 | $ | 57.99 | $ | 56.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
(8.78)% | 11.01% | 41.05% | 11.63% | (6.90)% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 98 | $ | 131 | $ | 96 | $ | 68 | $ | 309 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
.13% | 4.30% | 7.89% | 2.52% | 9.98% | |||||||||||||||
Ratio
of expenses to average net assets |
1.46% | 1.46% | 1.46% | 1.48% | 1.48% | |||||||||||||||
Ratio
of net investment income (loss) to average net assets |
.11% | (.39)% | .02% | .26% | (.02)% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment income (loss) is based on average shares outstanding during the
year. |
(3) |
Per
share net realized and unrealized gains or losses on investments may not
correspond with the change in aggregate unrealized gains and losses in the
Portfolio’s securities because of the timing of sales and repurchases of
the Portfolio’s shares in relation to fluctuating market values for the
Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
Aggressive Growth Portfolio
|
Year Ended January 31,
|
|||||||||||||||||||
Class C Shares (PAGHX)(1) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Net
asset value, beginning of year |
$ | 70.33 | $ | 68.35 | $ | 56.54 | $ | 55.64 | $ | 66.95 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income
(loss) from investment operations |
||||||||||||||||||||
Net
investment loss(2) |
(.38 | ) | (.91 | ) | (.45 | ) | (.31 | ) | (.48 | ) | ||||||||||
Net
realized and unrealized gain (loss) on investments(3) |
(6.70 | ) | 8.41 | 22.66 | 6.15 | (4.79 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
income (loss) from investment operations |
(7.08 | ) | 7.50 | 22.21 | 5.84 | (5.27 | ) | |||||||||||||
Less
distributions from |
||||||||||||||||||||
Net
realized gain on investments |
(4.20 | ) | (5.52 | ) | (10.40 | ) | (4.94 | ) | (6.04 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
distributions |
(4.20 | ) | (5.52 | ) | (10.40 | ) | (4.94 | ) | (6.04 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value, end of year |
$ | 59.05 | $ | 70.33 | $ | 68.35 | $ | 56.54 | $ | 55.64 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
return(4) |
(9.46)% | 10.20% | 39.98% | 10.80% | (7.60)% | |||||||||||||||
Ratios
/ supplemental data |
||||||||||||||||||||
Net
assets, end of year (in thousands) |
$ | 126 | $ | 139 | $ | 69 | $ | 49 | $ | 47 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio
turnover rate |
.13% | 4.30% | 7.89% | 2.52% | 9.98% | |||||||||||||||
Ratio
of expenses to average net assets |
2.21% | 2.21% | 2.21% | 2.23% | 2.23% | |||||||||||||||
Ratio
of net investment loss to average net assets |
(.64)% | (1.14)% | (.74)% | (.53)% | (.77)% |
(1) |
Information
contained herein is for each share of capital stock outstanding throughout
each year. |
(2) |
Net
investment loss is based on average shares outstanding during the year.
|
(3) |
Per
share net realized and unrealized gains or losses on investments may not
correspond with the change in aggregate unrealized gains and losses in the
Portfolio’s securities because of the timing of sales and repurchases of
the Portfolio’s shares in relation to fluctuating market values for the
Portfolio. |
(4) |
Assumes
reinvestment of all dividends and distributions, and deduction of all fees
and expenses. |
• |
A
front-end sales charge which may be reduced or waived, as described in the
section “How Sales Charges are Calculated.” |
• |
Rule
12b-1 fees at an annual rate of .25%. |
• |
No
front-end sales charge on investments of $1 million or more, subject to a
1.00% contingent deferred sales charge (“CDSC”) on shares sold within one
year of purchase. |
• |
No
front-end sales charge. |
• |
Rule
12b-1 fees at an annual rate of 1.00%. |
• |
A
1.00% CDSC on shares sold within one year of purchase.
|
• |
No
front-end sales charge. |
• |
No
Rule 12b-1 fees or CDSCs. |
• |
The
services fee represents the entire portion of the .25% Rule 12b-1 fee.
|
• |
The
services fee represents .25% of the overall 1.00% Rule 12b-1 fee.
|
• |
Clients
of financial intermediaries who participate in fixed or asset-based fee
advisory programs at the financial intermediary.
|
• |
Clients
of financial intermediaries who have entered into agreements with the
Investment Adviser, Portfolio and/or Distributor to offer Class I shares
through no-load networks or platforms or self-directed investment
brokerage accounts that may charge transaction fees to clients.
|
• |
Investors
who invest directly in a Portfolio through the Transfer Agent.
|
• |
Shareholders
who owned shares of any Portfolio as of May 27, 2016 may continue to
purchase Class I shares of any Portfolio as long as they continuously
maintain an account in Class I shares. |
• |
“Retirement
Plans” including but not limited to 401(k) plans, 457 plans,
employer-sponsored 403(b) plans, profit-sharing plans, employer sponsored
benefit plans (including health savings accounts), and individual
retirement accounts (“IRA”) that are administered on the same IRA
recordkeeping platform and that invest in a Portfolio through a single
omnibus account pursuant to an agreement with the Investment Adviser,
Portfolio and/or Distributor. (For investors who maintain self-directed
investment brokerage accounts at certain financial intermediaries,
Retirement Plans do not include individual retirement vehicles, such as
traditional and Roth IRAs, Coverdell education savings accounts,
individual 403(b)(7) custodial accounts, Keogh plans, SEPs, SARSEPs,
SIMPLE IRAs, 529 college savings plans or similar accounts.)
|
• |
Endowment
funds and foundations. |
• |
Any
state, county or city, or its instrumentality, department, authority or
agency. |
• |
Accounts
registered to insurance companies, trust companies and bank trust
departments. |
• |
Any
entity that is considered a corporation for tax purposes.
|
• |
Investment
companies. |
• |
Trustees,
officers and other individuals who are affiliated with the Trust or the
Investment Adviser and accounts or funds managed by the Investment Adviser
or its affiliates. |
Your
Investment |
As a % of
Offering Price* |
As a % of
Your Investment |
Dealer
Reallowance as
a Percentage of
the Offering Price |
|||||||||
Less than $25,000 | 5.00% | 5.26% | 5.00% | |||||||||
$25,000 but less than $50,000 | 4.50% | 4.71% | 4.50% | |||||||||
$50,000 but less than $100,000 | 4.00% | 4.17% | 4.00% | |||||||||
$100,000 but less than $250,000 | 3.25% | 3.36% | 3.25% | |||||||||
$250,000 but less than $500,000 | 2.50% | 2.56% | 2.50% | |||||||||
$500,000 but less than $1,000,000 | 1.50% | 1.52% | 1.50% | |||||||||
$1,000,000 and over | —% | —% | —% |
Your
Investment |
As a % of
Offering Price* |
As a % of
Your Investment |
Dealer
Reallowance as
a Percentage of
the Offering Price |
|||||||||
Less than $100,000 | 4.00 | % | 4.17 | % | 4.00 | % | ||||||
$100,000 but less than $250,000 | 3.50 | % | 3.63 | % | 3.50 | % | ||||||
$250,000 but less than $500,000 | 2.50 | % | 2.56 | % | 2.50 | % | ||||||
$500,000 but less than $1,000,000 | 2.00 | % | 2.04 | % | 2.00 | % | ||||||
$1,000,000 and over | — | % | — | % | — | % |
• |
Accumulation Privilege — lets
you add the value of any class of shares of a Portfolio of the Trust you
already own to the amount of your next Class A investment in order to
qualify for the lower initial sales charge rates that apply to larger
purchases. This includes Class A shares of any Portfolio held in:
(i) all accounts (e.g.,
retirement accounts, trust accounts) with the Trust and/or your financial
intermediary; (ii) accounts with other financial intermediaries; and
(iii) accounts in the name of immediate family household members
(spouse and children under 21 living in the same household). The
applicable sales charge for the new purchase is based on the total of your
current purchase and the current offering price of all other shares you
own. |
• |
Letter of Intention — lets you
purchase Class A shares of a Portfolio over a thirteen-month period
and receive the same sales charge as if all shares had been purchased at
once. You can use a Letter of Intention (“LOI”) to qualify for reduced
sales charges if you plan to invest at least $25,000 in Class A
shares of the Permanent Portfolio or the Aggressive Growth Portfolio,
and/or at least $100,000 in the Versatile Bond Portfolio during the next
thirteen months. The calculation of this amount would include
accumulations as well as your current holdings of all classes of a
Portfolio(s) of the Trust, which include any reinvestment of dividends and
capital gains distributions. When you sign this letter, the Portfolio
agrees to charge you the reduced |
sales
charges. Completing an LOI does not obligate you to purchase additional
shares. However, if you do not buy enough shares to qualify for the lower
sales charges by the end of the thirteen-month period your sales charges
will be recalculated to reflect your actual purchase level.
|
• |
Distributions
from an IRA upon the shareholder’s attainment of age 591⁄2. |
• |
Tax-free
returns of excess contributions to IRAs. |
• |
Because
of shareholder death or post-purchase disability (this generally excludes
accounts registered in the names of trusts and other entities).
|
• |
The
following types of transactions, if together they do not exceed 12% of the
value of an account annually (consult the SAI for additional information
about waivers regarding these types of transactions):
|
(i) |
redemptions
due to receiving required minimum distributions from retirement accounts
upon reaching the required minimum distribution (“RMD”) age;
|
(ii) |
if
you have established a systematic withdrawal plan through certain
financial intermediaries, redemptions through such a plan (including any
dividends and/or capital gain distributions taken in cash); and
|
(iii) |
if
no commission or transaction fee is paid by the Investment Adviser and/or
Distributor to the financial intermediary at the time of purchase.
|
• |
Redemptions
made under certain liquidation, merger or acquisition transactions
involving other investment companies. |
• |
Redemptions
pursuant to the Portfolio’s right to liquidate an account that is below
the minimum account value stated below in “Dividends, Taxes and Account
Policies — Small Accounts” |
• |
Selling
brokers and their employees and sales representatives (and their immediate
family members). |
• |
Shares
acquired by investors who participate in fixed or asset-based fee programs
at certain financial intermediaries. |
• |
Investors
investing through certain Retirement Plans. |
• |
Reinvestment
of dividends or capital gains distributions (see “Dividends, Taxes and
Account Policies” in this Prospectus for additional details).
|
• |
Exchanges
from one Portfolio of the Trust to the same class of any other Portfolio
of the Trust, except if shares acquired by exchange are then redeemed
within the period during which the CDSC would apply to the initial shares
purchased (see “Transaction Policies — Portfolio Exchange” in
this Prospectus for additional details). |
Front‑End Sales Load Waivers on Class A Shares Available at Merrill Lynch |
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
Shares purchased by a 529 Plan (does not include 529 Plan units or 529‑specific share classes or equivalents) |
Shares purchased through a Merrill Lynch affiliated investment advisory program |
Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non‑advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
Portfolio shares purchased through the Merrill Edge Self-Directed platform (if applicable) |
Shares purchased through reinvestment of capital gain distributions and dividend reinvestment when purchasing shares of the same Portfolio (but not any other Portfolio within the Trust) |
Shares exchanged from Class C (i.e., level-load) shares of the same Portfolio pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
Trustees of the Trust, and employees of the Trust’s investment adviser or any of its affiliates, as described in the this Prospectus |
Eligible shares purchased from the proceeds of redemptions within the Trust, provided: (i) the repurchase occurs within ninety days following the redemption; (ii) the redemption and purchase occur in the same account; and (iii) redeemed shares were subject to a front‑end or deferred sales load (known as a “Right of Reinstatement”). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement |
CDSC Waivers on Class A and C Shares Available at Merrill Lynch |
Death or disability of the shareholder |
Shares sold as part of a systematic withdrawal plan as described in this Prospectus |
Return of excess contributions from an IRA Account |
Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code |
Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
Shares acquired through a Right of Reinstatement |
Shares held in retirement brokerage accounts, that are exchanged for a lower cost share Class due to transfer to certain fee based accounts or platforms (applicable to Class A and Class C shares only) |
Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non‑advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
Front‑End Load
Discounts Available at Merrill Lynch: Breakpoints, Rights
of Accumulation & Letters of Intent |
Breakpoints as described in this Prospectus |
Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in this Prospectus will be automatically calculated based on the aggregated holding of Trust assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible Trust assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within the Trust, through Merrill Lynch, over a thirteen‑month period of time |
Front-End Sales
Charge Waivers on Class A Shares Available at Morgan Stanley
Wealth Management |
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules |
Shares purchased through reinvestment of dividends and capital gain distributions when purchasing shares of the same Portfolio |
Shares purchased through a Morgan Stanley self-directed brokerage account |
Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same Portfolio pursuant to Morgan Stanley Wealth Management’s share class conversion program |
Shares purchased from the proceeds of redemptions within the Trust, provided: (i) the repurchase occurs within ninety days following the redemption; (ii) the redemption and purchase occur in the same account; and (iii) redeemed shares were subject to a front-end or deferred sales load |
Front‑End Sales Load Waivers on Class A Shares Available at Raymond James |
Shares purchased in an investment advisory program |
Shares purchased through a systematic reinvestment of capital gain distributions and dividend reinvestment when purchasing shares of the same Portfolio (but not any other Portfolio within the Trust) |
Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James |
Eligible shares purchased from the proceeds of redemptions within the Trust, provided: (i) the repurchase occurs within ninety days following the redemption; (ii) the redemption and purchase occur in the same account; and (iii) redeemed shares were subject to a front‑end or deferred sales load (known as a Right of Reinstatement) |
A shareholder in a Portfolio’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Portfolio if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James |
CDSC Waivers on Class A and C Shares Available at Raymond James |
Death or disability of the shareholder |
Shares sold as part of a systemic withdrawal plan as described in this Prospectus |
Return of excess contributions from an IRA Account |
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching RMD age as described in this Prospectus |
Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James |
Shares acquired through a Right of Reinstatement |
Front‑End Load
Discounts Available at Raymond James: Breakpoints, Rights
of Accumulation & Letters of Intent |
Breakpoints as described in this Prospectus |
Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in this Prospectus will be automatically calculated based on the aggregated holding of Trust assets held by accounts within the purchaser’s household at Raymond James. Eligible Trust assets not held at Raymond James may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within the Trust, through Raymond James, over a thirteen-month time period. Eligible Trust assets not held at Raymond James may be included in the calculation of LOI only if the shareholder notifies his or her financial advisor about such assets. |
1. |
Read
this Prospectus carefully. |
2. |
Determine
how much you want to invest. The minimum initial investment for
Class A, Class C and Class I shares of the Portfolios is $1,000 and
the minimum subsequent investment to add to an existing account is $100.
Your financial intermediary may have different initial and/or subsequent
investment minimums. |
3. |
Shareholders
must complete the account application, carefully following the
instructions. If you have any questions,
contact your financial representative or call the Transfer Agent at
(800) 341-8900 or the Shareholder Services Office at
(800) 531-5142. |
4. |
Complete
the appropriate parts of the account privileges application. By applying
for privileges now, you can avoid the delay and inconvenience of having to
file an additional application if you want to add privileges later.
|
5. |
Make
your initial investment using the instructions under “Buying Shares.” You
and your financial representative can initiate any purchase, exchange or
sale of shares. |
• |
Individual investors — when
you open an account, you will be asked for your name, residential address,
date of birth and social security number. |
• |
Investors other than
individuals — when you open an account, you will be asked
for the name of the entity, its principal place of business and taxpayer
identification number (“TIN”) and may be requested to provide information
on persons with authority or control over the account, such as name,
residential address, date of birth and social security number. You may
also be asked to provide documents, such as articles of incorporation,
trust instruments or partnership agreements and other information that
will help the Transfer Agent identify the entity. Please see the account
application for more details. |
Opening an Account | Adding to an Account | |||
By Check |
Make out a check
(payable in U.S. dollars drawn on a U.S. bank, savings and loan or credit
union) for the investment amount, payable to “Permanent Portfolio Family of
Funds.”
Deliver
the check and your completed application to your financial representative,
or mail them to the Transfer Agent (address below).
The
Trust will not accept payment in cash, money orders, third party checks,
Treasury checks, credit card checks, travelers checks, starter checks,
post-dated checks or any conditional orders or payments. |
Make
out a check for the investment amount, payable to “Permanent Portfolio Family of
Funds.”
Deliver
the check and your investment slip or note to your financial
representative, or mail them to the Transfer Agent (address
below). | ||
By Exchange | Call your financial representative or the Transfer Agent to request an exchange. | Call your financial representative or the Transfer Agent to request an exchange. | ||
By Wire |
Deliver
your completed application to your financial representative, or mail it to
the Transfer Agent.
Obtain
your account number by calling your financial representative or the
Transfer Agent.
Instruct
your bank to wire the amount of your investment. Specify the Portfolio
name, the share class, your account number and the name(s) in which the
account is registered. Your bank may charge a fee to wire funds.
Whether
you are making an initial investment or an additional investment, please
contact your financial representative or the Transfer Agent to notify them
of your intent to wire funds, to advise as to which Portfolio(s) you wish
to invest and to verify wire instructions. |
Obtain
wiring instructions by calling the Transfer Agent.
Instruct
your bank to wire the amount of your investment. Specify the Portfolio
name, the share class, your account number and the name(s) in which the
account is registered. Your bank may charge a fee to wire
funds. |
Opening an Account | Adding to an Account | |||
By Internet | See “By Exchange” and “By Wire.” | Verify that your bank or credit union is a member of the Automated Clearing House (ACH) system. Complete the “Telephone and Internet Options” and “Bank Information” sections on your account application. | ||
By Phone | See “By Exchange” and “By Wire.” |
Ensure
that your account has been open for at least seven days.
Verify
that your bank or credit union is a member of the ACH system. Complete the
“Telephone and Internet Options” and “Bank Information” sections on your
account application.
Call
your financial representative, or call the Transfer Agent before 4:00 p.m.
Eastern Time on any Business Day.
Once
a purchase order has been placed by telephone, it cannot be cancelled or
modified after the close of regular trading on the New York Stock Exchange
(generally, 4:00 p.m. Eastern Time). | ||
By
Automatic
Investment Plan |
See “Additional Investor Services.” | See “Additional Investor Services.” |
By U.S. Mail:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201
Transfer Agent:
(800)
341-8900 |
|
By Overnight Delivery
Service:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
615
East Michigan Street
Milwaukee,
Wisconsin 53202 |
To Sell (Redeem) Some or All of Your Shares | ||
By
Letter
• Accounts
of any type.
• Sales
of any amount. Amounts in excess of $50,000 will require a signature
guarantee. See “Selling Shares in Writing” below. |
• Write
a letter of instruction or complete a form of stock power. Specify the
Portfolio name, the share class, your account number, the name(s) in which
the account is registered and the dollar value or number of shares you
wish to sell.
• Include
all signatures and any additional documents that may be required (see the
following page).
• Mail
the materials to your financial representative or the Transfer Agent
(address below).
• A
check will be mailed to the name(s) and address in which the account is
registered, or otherwise according to your letter of instruction.
• Additional
documents are required for certain types of shareholders, such as
corporations, partnerships, executors, trustees, administrators or
guardians. See “Selling Shares in Writing” below. | |
By
Internet
• Most
accounts.
• Sales
of up to $50,000. |
• To
verify that the Internet or telephone redemption privilege is in place on
an account, or to request the form to add it to an existing account, call
the Transfer Agent. | |
By
Phone
• Most
accounts.
• Sales
of up to $50,000. |
• Call
your financial representative, or call the Transfer Agent before 4:00 p.m.
Eastern Time on any Business Day.
• Once
a sale order has been placed by telephone, it cannot be cancelled or
modified after the close of regular trading on the New York Stock Exchange
(generally, 4:00 p.m. Eastern time). | |
By
Wire or Electronic Funds Transfer (“EFT”)
• Requests
by letter to sell any amount.
• Requests
by Internet or phone to sell up to $50,000. |
• To
verify that the Internet or telephone redemption privilege is in place on
an account, or to request the form to add it to an existing account, call
the Transfer Agent.
• Funds
requested by wire will generally be wired the next business day. The Trust
reserves the right to deduct funds from your account to offset the cost of
the wire fee charged by the custodian bank. Your bank may also charge you
a fee for this service.
• Funds
requested by EFT are generally available by the second business day. Your
bank may charge you a fee for this service. |
To Sell (Redeem) Some or All of Your Shares | ||
By
Exchange
• Accounts
of any type.
• Sales
of any amount. |
• Obtain
a current Prospectus for the Portfolio into which you are exchanging by
accessing the Trust’s website by Internet, or by calling your financial
representative or the Transfer Agent.
• Call
your financial representative or the Transfer Agent to request an
exchange. |
|
By U.S. Mail:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201
Transfer Agent:
(800)
341-8900 |
|
By Overnight Delivery
Service:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
615
East Michigan Street
Milwaukee,
Wisconsin 53202 |
• |
If
you wish to redeem more than $50,000 worth of shares;
|
• |
If
redemption proceeds are payable or sent to any person, address or bank
account not on record for the shareholder account;
|
• |
When
a redemption is received by the Transfer Agent and the address for the
shareholder account has changed within the last fifteen calendar days;
|
• |
If
ownership of the shareholder account is being changed.
|
Seller | To Sell (Redeem) Some or All of Your Shares | |
Owners of individual, joint or Uniform Gifts to Minors Act (“UGMA”)/Uniform Transfers to Minors Act (“UTMA”) accounts (custodial accounts for minors) |
• Letter
of instruction.
• On
the letter, the signatures and titles of all persons authorized to sign
for the account, exactly as the account is registered.
• Signature
Guarantee, if applicable (see above). | |
Owners of corporate, sole proprietorship, general partner or association accounts |
• Letter
of instruction.
• Corporate
business/organization resolution, certified within the past twelve months,
or a trust business/organization certification form (if not currently on
file and/or the request is not signed by an authorized person).
• On
the letter and the resolution, the signature of the person(s) authorized
to sign for the account.
• Signature
Guarantee, if applicable (see above). | |
Owners or trustees of trust accounts |
• Letter
of instruction.
• On
the letter, the signature(s) of the trustee(s).
• Certified
copy of the trust document (if not already on file).
• Signature
Guarantee, if applicable (see above). | |
Joint tenancy shareholders with rights of survivorship with deceased co-tenant(s) |
• Letter
of instruction signed by surviving tenant(s).
• Certified
copy of death certificate.
• Signature
Guarantee, if applicable (see above).
• Application
completed by surviving tenant(s), if applicable. |
Seller | To Sell (Redeem) Some or All of Your Shares | |
Executors of shareholder estates |
• Letter
of instruction signed by executor.
• Copy
of order appointing executor, certified within the past twelve
months.
• Signature
Guarantee, if applicable (see above).
• Application
completed by surviving tenant(s), if applicable. | |
Administrators, conservators, guardians and other sellers or account types not listed above |
• Call
the Transfer Agent for instructions. |
|
By U.S. Mail:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201
Transfer Agent:
1-800-341-8900 |
|
By Overnight Delivery
Service:
Permanent
Portfolio Family of Funds
c/o
U.S. Bank Global Fund Services
615
East Michigan Street
Milwaukee,
Wisconsin 53202 |
• |
Make
sure you have at least $5,000 worth of shares in your account.
|
• |
If
you expect to make additional purchases of a Portfolio, it may not be to
your advantage to participate in the Systematic Withdrawal Plan because of
the adverse tax consequences of making contemporaneous purchases and
redemptions. |
• |
Specify
the payee(s). The payee may be yourself or any other party, and there is
no limit to the number of payees you may have, as long as they are all on
the same payment schedule. |
• |
Specify
the amount to be deducted (at least $100) for each payee.
|
• |
Determine
the schedule for withdrawals, which can be monthly, quarterly,
semiannually, annually or in certain selected months.
|
• |
Fill
out the relevant part of the account application. To add a Systematic
Withdrawal Plan to an existing account or to terminate or change an
existing plan, contact the Transfer Agent. |
Optional Services | Charges | |
Automatic Investment Plan | No charge | |
Portfolio Exchange by telephone | $5.00 per exchange; no limit to the number or frequency of exchanges |
Optional Services | Charges | |
Portfolio Exchange in writing | No charge; no limit to the number or frequency of exchanges | |
Automatic Reinvestment | No charge | |
Telephone Redemptions | No charge; no minimum redemption size; no limit to the number of telephone redemptions | |
Electronic Funds Transfer (EFT) | No charge | |
Check
Redemptions
(Short-Term
Treasury Portfolio only) |
$1.00 per check; no minimum check size; no limit to the number of check redemptions | |
Bank-to-Bank Wire Transfer | $15.00 per wire | |
Systematic Withdrawal Plan | No charge | |
Overnight Delivery | $15.00 per delivery | |
Electronic
Delivery of shareholder statements,
Trust
reports and Prospectus+ |
No charge | |
Assistance
from the Shareholder Services Office at
1-800-531-5142 |
No charge |
• |
After
every transaction (except a reinvestment of dividends or capital gains
distributions, automatic investment or systematic withdrawal) that affects
your account balance; |
• |
After
any changes of name or address of the registered owner(s); and
|
• |
In
all other circumstances, biannually. |
Permanent
Portfolio®
Short-Term
Treasury Portfolio
Versatile
Bond Portfolio
Aggressive
Growth Portfolio | ||