Permanent Portfolio Versatile Bond Portfolio Class I 

The fund aims to achieve a high level of current income. Under normal circumstances, it allocates at least 80% of its capital to fixed-income instruments, which can encompass all types of debt securities, regardless of their maturity. The portfolio manager does not adhere to a predetermined average maturity or duration; instead, this characteristic fluctuates based on the adviser's projections for interest rates and their assessment of general market risks. The fund has the flexibility to invest in bonds across the credit spectrum, including both investment-grade and high-yield (below investment grade) debt.