Permanent Portfolio
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Permanent Portfolio®

  • OVERVIEW

    Objective
    Permanent Portfolio seeks to preserve and increase the purchasing power value of its shares over the long term.

    Strategy
    A Fund for All Seasons®   Designed as a core portfolio holding, Permanent Portfolio seeks to preserve and increase the purchasing power value of each shareholder’s account over the long-term, regardless of current or future market conditions, through strategic investments in a broad array of different asset classes.

    In pursuit of its investment objective, Permanent Portfolio invests a fixed “Target Percentage” of its net assets in each of the following investment categories:

    Target Portfolio Structure:

    •   Gold
    •   Silver
    •   Swiss Franc Assets
    •   Real Estate and Natural Resource Stocks
    •   Aggressive Growth Stocks
    •   Dollar Assets

    Reasons to Consider

    • 1 Seeks long-term performance regardless of economic environment.
    • 2 Non-leveraged and multi-asset class investment strategy at all times.
    • 3 Complements global allocation or macro investment strategies with significant fixed income or equity weightings.
  • PERFORMANCE

    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. It can be obtained by calling (800) 531-5142. Performance data shown with load reflects the Class A shares maximum sales charge of 5.00% and the Class C shares maximum deferred sales charge of 1.00%. Performance data shown as no load does not reflect the current maximum sales charges. Had the sales charge been included, the fund's returns would be lower. All results are historical and assume the reinvestment of dividends and capital gains.

    Historical Performance:  Annual Returns Since Inception

    Average Annual Total Returns (as of March 31, 2024)

      YTD 1 Year 5 Years 10 Years 15 Years Inception
    Class I 6.09% 16.03% 9.87% 6.10% 7.38% 6.42%
    Class A (Load) .73% 9.97% 8.48% - - 7.18%
    Class A (No Load) 6.02% 15.76% 9.60% - - 7.88%
    Class C (Load) 4.83% 13.88% 8.78% - - 7.07%
    Class C (No Load) 5.83% 14.88% 8.78% - - 7.07%
    FTSE 3-Month U.S. Treasury Bill Index 1.33% 5.47% 2.06% 1.39% .95% 3.55%
    S&P 500 10.56% 29.88% 15.05% 12.96% 15.63% 11.81%

    Expense Ratios Class I Class A Class C
    Gross Expense Ratio .82% 1.07% 1.82%

    For the year ended January 31, 2024 as stated in the Fund’s Prospectus, dated May 30, 2024.

  • DIVIDENDS & DISTRIBUTIONS

    Record Date:  Tuesday, December 5, 2023
    Reinvestment Date:  Wednesday, December 6, 2023

      Class I Class A Class C
    Ordinary Income Dividends $0.33194 $0.22895 -
    Capital Gain Distributions (long-term) $0.29953 $0.29953 $0.29953
    Capital Gain Distributions (short-term) $0.08198 $0.08198 $0.08198
    Collectibles 28% (included in long-term Capital Gain Distributions) - - -
    Qualified Dividends (included in Ordinary Income Dividends) $0.29684 $0.20474 -
    Reinvestment Price $49.28 $49.07 $47.70
    Dividends Earned on U.S. Treasury Securities 8.042% 8.042% -

    Collectibles gains, such as gains from gold bullion, held for greater than one year currently are subject to a 28% tax rate.

    > Historical Dividends and Distributions
    > 2023 Mutual Fund Tax Guide
    > 2023 Supplemental Tax Information

  • FEES & EXPENSES

    The table below describes the fees and expenses you would pay if you buy, hold and sell shares of Permanent Portfolio. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for initial sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Portfolios of Permanent Portfolio Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Your Investment — How Sales Charges are Calculated — Sales Charge Reductions and Waivers” in the Portfolio’s Prospectus and “Additional Purchase, Sale (Redemption) and Account Information — Initial Sales Charges on Class A Shares” in the Portfolio’s Statement of Additional Information.

    How Sales Charges Are Calculated

    Shareholder Fees
    (fees paid directly from your investment)
    Class I Class A Class C
    Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None 5.00% None
    Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) None 1.00%1 1.00%1
    Annual Portfolio Operating Expenses
    (expenses that you pay each year as a percentage of the value of your investment)
    Management Fees .79% .79% .79%
    Distribution and/or Service (12b-1) Fees —% .25% 1.00%
    Other Operating Expenses .03% .03% .03%

    Total Annual Portfolio Operating Expenses

    .82% 1.07% 1.82%

    1For Class A shares, a contingent deferred sales charge (“CDSC”) of 1.00% applies on certain redemptions made within one year following purchases of $1 million or more made without an initial sales charge. For Class C shares, a CDSC of 1.00% applies to shares that are redeemed within one year of purchase.

  • LITERATURE

    Portfolio Documents Date of Document PDF
    Summary Prospectus May 30, 2024
    Fact Sheet March 31, 2024
    Investor Guide March 31, 2024
    A Time-Tested Strategy in Multiple Economic Environments March 31, 2024
    Annual Returns Since Inception March 31, 2024
    How Sales Charges Are Calculated May 31, 2024
    Fund Documents Date of Document PDF
    Prospectus May 30, 2024
    Statement of Additional Information May 30, 2024
    Annual Report January 31, 2024
    Semi-Annual Report July 31, 2023
    Schedules of Investments October 31, 2023
    Schedules of Investments April 30, 2023

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The Prospectus contains this and other important information about the investment companies. A hard copy may be obtained by calling (800) 531-5142. Read the Prospectus carefully before investing.

Mutual fund investing involves risk; loss of principal is possible.

Permanent Portfolio invests in foreign securities, which will involve greater volatility, political, economic and currency risks, and differences in accounting methods. The fund will be affected by changes in the prices of gold, silver, Swiss franc assets and U.S. and foreign aggressive growth, real estate and natural resource stocks. The fund is non-diversified and thus may be able to invest more of its assets in fewer issuers and types of investments than a diversified fund. Investing a higher percentage of its assets in any one or a few issuers could increase the fund’s risk of loss and its share price volatility. The fund may invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility than larger companies.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. As of March 31, 2024, Permanent Portfolio Class I received 4 stars for the Overall, 5 stars for the 3-year and 5-year and 3 stars for the 10-year periods among 686, 686, 646 and 487 Moderate Allocation funds, respectively.

The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed. Lipper Leaders fund ratings do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. For more information, see lipperfundawards.com.

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

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

Permanent Portfolio®, The Permanent Portfolio Family of Funds®, A Fund for All Seasons® and The Permanent Portfolio Family of Funds logo are registered trademarks of Pacific Heights. Copyright © 2024 Permanent Portfolio Family of Funds. All rights reserved.