While the funds are no-load, management and other fees still apply. Please refer to the prospectus for further details.

The S&P 500 Index is a market-capitalization weighted index of five hundred unmanaged common stocks and is widely recognized as representative of the equity market in general. Dow Jones Industrial Average is an average of the stock prices of 30 large companies and represents a widely recognized unmanaged portfolio of common stocks. You cannot invest directly in an index. A basis point equals .01%. Price-Earnings Ratio (P/E Ratio) is a valuation ratio of a company’s current share price compared to its per share earnings. Earnings per share (EPS) is calculated by taking the total earnings divided by the number of shares outstanding. Free cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income. The SEC does not approve or disapprove of the securities mentioned.

Opinions expressed and securities mentioned are those of Michael J. Cuggino and are subject to change at
any time, are not guaranteed, and are not a recommendation to buy or sell any security. For Standardized
Performance figures and Fund Holdings info, please review the following Fund data sheets, PPF, AGP,
TBP and VBP data sheets.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance quoted, and can be obtained by calling the Shareholder Services Office at (800) 531-5142 or clicking here.

The Permanent Portfolio invests in foreign securities which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The Portfolio will be affected by changes in the prices of gold, silver and U.S. and foreign real estate and natural resource company stocks.

The Aggressive Growth Portfolio’s stocks may appreciate in value more rapidly than the stock market, but they are also subject to greater risk, especially during periods when the prices of U.S. stock market investments in general are declining. The Portfolio also invests in smaller companies which will involve additional risks such as limited liquidity and greater volatility.

The Treasury Bill and Versatile Bond Portfolio’s investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities. An investment in the Treasury Bill Portfolio is not guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is therefore possible to lose money by investing in the Treasury Bill Portfolio.