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

The Morningstar Conservative Allocation Category earned average annual total returns of (18.61)%, (2.49)%, 0.49% and 1.86% for the one-year, three-year, five-year and 10-year periods ended December 31, 2008, respectively.

The Morningstar Category Allocation Category Average represents a universe of funds with similar objectives. 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. London Interbank Offered Rate (LIBOR) is a daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks in the London wholesale money market (or interbank market). It is roughly comparable to the U.S. Federal funds rate. The Group of Twenty Finance Ministers and Central Bank Governors (G-20) is a forum for cooperation and consultation on matters pertaining to the international financial system. The Smoot-Hawley Tariff Act was an act signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels. In the opinion of most economists, the Smoot-Hawley Act was a catalyst for the severe reduction in U.S.-European trade from its high in 1929 to its depressed levels of 1932 that accompanied the start of the Great Depression. The North American Free Trade Agreement (NAFTA) is a trilateral trade bloc in North America created by the governments of the United States and Mexico. The International Monetary Fund (IMF) is an international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments. Beta measures the volatility of the fund, as compared to that of the overall market. The Market's beta is set at 1.00; a beta higher than 1.00 is considered to be more volatile than the market, while a beta lower than 1.00 is considered to be less volatile. Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income. Standard & Poor’s (S&P) is an independent credit rating agency that rates bonds according to their risk and perceived ability to repay principal and interest. The highest rating is AAA and the lowest is C. 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. Current and future portfolio holdings are subject to risk. For Standardized Performance figures and Fund Holdings info, please review the following Fund data sheets, PPF, AGP, TBP and VBP data sheets.

Current and future portfolio holdings are subject to risk.  Diversification does not assure profit or protection against loss in a declining market.

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.