Out of 539 Short-Term Bond funds as of 12-31-22 based on risk-adjusted returns for Class I shares .

Out of 539 Short-Term Bond funds as of 12-31-22 based on risk-adjusted returns for Class I shares .

Out of 479 Short-Term Bond funds as of 12-31-22 based on risk-adjusted returns for Class I shares .

Out of 348 Short-Term Bond funds as of 12-31-22 based on risk-adjusted returns for Class I shares .

A flexible fixed income strategy that takes a different approach – no leverage , no derivatives , and no asset-backed securities – but invests opportunistically across multiple industry sectors in both investment grade and non-investment grade securities , focusing on credit quality and active duration .

For More Information permanentportfoliofunds . com | Institutional Sales ( 866 ) 792-6547 | Portfolio Management ( 415 ) 398-8000

Versatile Bond Portfolio ’ s investment objectives , risks , charges and expenses must be considered carefully before investing . The Prospectus contains this and other important information . It may be obtained by calling ( 800 ) 531-5142 or by visiting permanentportfoliofunds . com . Read carefully before investing .

© 2023 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 % threeyear 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 . Past performance is no guarantee of future results .

Mutual fund investing involves risk ; loss of principal is possible . Not FDIC Insured . No Bank Guarantee . May Lose Value .

Pacific Heights Asset Management , LLC (“ Pacific Heights ”) is the investment adviser to Permanent Portfolio Family of Funds , a Delaware statutory trust (“ Fund ”). The Fund is distributed by Quasar Distributors , LLC (“ Quasar ”), a member of FINRA . Quasar is not affiliated with Pacific Heights .