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Versatile Bond Portfolio

  • OVERVIEW

    Objective
    Versatile Bond Portfolio seeks to earn high current income.

    Strategy
    In pursuit of its investment objective, under normal market conditions the Portfolio invests at least 80% of its assets in bonds, which may include debt securities of all types and of any maturity. This provides the Portfolio with flexibility to invest in a wide range of bonds, take advantage of opportunities in the bond market, and thus may provide attractive returns to shareholders over the long term.

    Reasons to Consider

    • 1

      No Fixed Duration - Versatile Bond Portfolio may invest in bonds with a range of maturities from short- to long-term and does not attempt to maintain any pre-set average portfolio maturity or duration, but rather seeks to manage the Portfolio’s duration based on the Adviser’s forecast of interest rates and assessment of general market risks.

    • 2

      Flexible Management - The Portfolio may invest in obligations of U.S. and non-U.S. issuers, including corporate bonds, convertible securities, preferred stock, commercial paper, securities issued or guaranteed by the U.S. government, its agencies or government-sponsored enterprises, similar obligations of non-U.S. government or supranational entities, bank obligations such as certificates of deposit, time deposits, bank notes and repurchase agreements. Such investments may be in “investment grade” or “below investment grade” bonds (“high yield” or “junk” bonds) and may be denominated in U.S. dollars or foreign currencies. Up to 50% of the Portfolio may be invested in bonds rated below investment grade at the time of investment.

  • 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 4.00% 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 Portfolio’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 September 30, 2024)

      YTD 1 Year 5 Years 10 Years 15 Years Inception
    Class I 6.16% 9.18% 4.20% 3.70% 3.42% 3.65%
    Class A (Load) 1.72% 4.55% 3.09% - - 3.77%
    Class A (No Load) 5.95% 8.91% 3.94% - - 4.28%
    Class C (Load) 4.37% 7.10% 3.17% - - 3.51%
    Class C (No Load) 5.37% 8.10% 3.17% - - 3.51%
    Bloomberg Capital Global Aggregate (Excluding Securitized) Bond Index 3.44% 11.90% -.99% .49% 1.17% 4.34%

    Expense Ratios Class I Class A Class C
    Gross Expense Ratio 1.22% 1.47% 2.22%
    Net Expense Ratio .66% .91% 1.66%

    Pursuant to an Advisory Fee Waiver and Expense Assumption Agreement effective through June 1, 2025, the Portfolio’s investment adviser has contractually agreed to waive a portion of its Management Fee payable by the Portfolio so that the Management Fee paid by the Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets. The Agreement may be terminated or amended only with the approval of the Trust’s Board of Trustees.

  • DIVIDENDS & DISTRIBUTIONS

    Record Date:  Tuesday, December 3, 2024
    Reinvestment Date:  Wednesday, December 4, 2024

    Click here — 2024 Dividend & Distribution Estimates

      Class I Class A Class C
    Ordinary Income Dividends - - -
    Capital Gain Distributions (long-term) - - -
    Capital Gain Distributions (short-term) - - -
    Qualified Dividends (included in Ordinary Income Dividends) - - -
    Reinvestment Price - - -
    Dividends Earned on U.S. Treasury Securities - - -

    > 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 Versatile Bond 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 $100,000 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 4.00% 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 1.19% 1.19% 1.19%
    Distribution and/or Service (12b-1) Fees —% .25% 1.00%
    Other Operating Expenses .03% .03% .03%

    Total Annual Portfolio Operating Expenses

    		 1.22% 1.47% 2.22%

    Fee Waivers and Expense Limitation2

    		 (.56%) (.56%) (.56%)

    Total Annual Portfolio Operating Expenses After Fee Waivers and Expense Limitation

    		 .66% .91% 1.66%

    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.

    2Pursuant to an Advisory Fee Waiver and Expense Assumption Agreement effective through June 1, 2025, the Portfolio’s investment adviser has contractually agreed to waive a portion of its Management Fee payable by the Portfolio so that the Management Fee paid by the Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets. The Agreement may be terminated or amended only with the approval of the Trust’s Board of Trustees.

  • LITERATURE

    Portfolio Documents Date of Document PDF
    Summary Prospectus May 30, 2024
    Fact Sheet September 30, 2024
    Semi-Annual Shareholder Reports
    Class A - PRVDX July 31, 2024
    Class C - PRVHX July 31, 2024
    Class I - PRVBX July 31, 2024
    Investor Guide September 30, 2024
    Annual Returns Since Inception September 30, 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 Financial Statements and Other Information July 31, 2024
    Schedules of Investments April 30, 2024
    Schedules of Investments October 31, 2023
    Proxy Voting Record August 31, 2024

Portfolio Information

Share Classes:

  • Class A:  PRVDX
  • Class C:  PRVHX
  • Class I:  PRVBX

Inception Dates:

  • Class A:  May 31, 2016
  • Class C:  May 31, 2016
  • Class I:  September 27, 1991

★★★★★

Overall Morningstar Rating™

Out of 522 Short-Term Bond funds as of 09-30-24 based on risk-adjusted returns for Class I shares.

Versatile Bond Portfolio Class I
Best Corporate Debt Funds BBB-Rated
Over 3 and 5 Years (out of 55 and 52 funds, respectively)

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For More Information

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.

Prior to May 30, 2012, Versatile Bond Portfolio was managed with a different investment objective and strategy. Returns prior to May 30, 2012 represent results under the prior investment strategy. Had the Portfolio been managed in accordance with the current investment objective and strategy, the results portrayed may be different.

Bloomberg Global Aggregate (Excluding Securitized) Bond Index has characteristics relevant to the Portfolio's current investment strategies. Bloomberg Global Aggregate (Excluding Securitized) Bond Index commenced on September 30, 2002. Returns presented, which include periods prior to September 30, 2002, are calculated using the return data of Bloomberg Global Aggregate Bond Index through September 29, 2002 and the return data of Bloomberg Global Aggregate (Excluding Securitized) Bond Index since September 30, 2002.

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

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. Investments in below investment grade bonds (also referred to as “high yield” or “junk” bonds) present a greater risk of loss to principal and interest than higher-rated securities. Investments in foreign securities involve greater volatility and political, economic and currency risks, and differences in accounting methods. These risks are greater in emerging markets. In addition, certain investments may be illiquid and may be difficult to purchase, sell, or value.

© 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 September 30, 2024, Versatile Bond Portfolio Class I shares received 5 stars for the Overall, 4 stars for the 3-year period and 5 stars for the 5- and 10-year periods among 522, 522, 486 and 366 Short-Term Bond 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.