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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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062 C000400 0.0
062 D000400 0.0
<PAGE> PAGE 21
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 98.5
062 Q000400 0.0
062 R000400 1.5
063 A000400 0
063 B000400 1.2
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
<PAGE> PAGE 22
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 10161
071 B000400 10292
071 C000400 21656
071 D000400 95
072 A000400 6
072 B000400 650
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 123
072 G000400 0
072 H000400 9
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 6
072 N000400 0
072 O000400 11
072 P000400 0
072 Q000400 0
072 R000400 0
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 149
072 Y000400 42
072 Z000400 543
072AA000400 0
072BB000400 15
072CC010400 76
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 22869
074 D000400 0
<PAGE> PAGE 23
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 388
074 M000400 0
074 N000400 23257
074 O000400 0
074 P000400 6
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 32
074 S000400 0
074 T000400 23219
074 U010400 395
074 U020400 0
074 V010400 58.84
074 V020400 0.00
074 W000400 0.0000
074 X000400 1
074 Y000400 0
075 A000400 0
075 B000400 22166
076 000400 0.00
SIGNATURE ALAN SERGY
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> PERMANENT PORTFOLIO
<NUMBER> 001
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 66,903,013
<INVESTMENTS-AT-VALUE> 71,999,691
<RECEIVABLES> 396,930
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 142,231
<TOTAL-ASSETS> 72,538,852
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,736
<TOTAL-LIABILITIES> 47,736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,560,753
<SHARES-COMMON-STOCK> 3,770
<SHARES-COMMON-PRIOR> 3,966
<ACCUMULATED-NII-CURRENT> 7,553,199
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,316,649
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,056,745
<NET-ASSETS> 72,491,116
<DIVIDEND-INCOME> 309,103
<INTEREST-INCOME> 1,113,144
<OTHER-INCOME> 0
<EXPENSES-NET> 641,865
<NET-INVESTMENT-INCOME> 780,382
<REALIZED-GAINS-CURRENT> 2,011,417
<APPREC-INCREASE-CURRENT> 271,625
<NET-CHANGE-FROM-OPS> 3,063,424
<EQUALIZATION> (375,123)
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,114,267
<NUMBER-OF-SHARES-REDEEMED> (5,302,975)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (500,407)
<ACCUMULATED-NII-PRIOR> 7,322,418
<ACCUMULATED-GAINS-PRIOR> 1,305,232
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 395,819
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 641,865
<AVERAGE-NET-ASSETS> 71,384,144
<PER-SHARE-NAV-BEGIN> 18.40
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> .62
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.23
<EXPENSE-RATIO> .018
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> TREASURY BILL PORTFOLIO
<NUMBER> 002
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 97,186,435
<INVESTMENTS-AT-VALUE> 97,186,688
<RECEIVABLES> 1,751,867
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,007
<TOTAL-ASSETS> 98,939,562
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,164
<TOTAL-LIABILITIES> 150,164
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,412,467
<SHARES-COMMON-STOCK> 1,434
<SHARES-COMMON-PRIOR> 1,559
<ACCUMULATED-NII-CURRENT> 2,525,127
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (149,883)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 253
<NET-ASSETS> 98,789,398
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,595,531
<OTHER-INCOME> 0
<EXPENSES-NET> 594,791
<NET-INVESTMENT-INCOME> 2,000,740
<REALIZED-GAINS-CURRENT> 3,083
<APPREC-INCREASE-CURRENT> (2,820)
<NET-CHANGE-FROM-OPS> 2,001,003
<EQUALIZATION> (358,142)
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,032,361
<NUMBER-OF-SHARES-REDEEMED> (22,227,359)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (6,552,137)
<ACCUMULATED-NII-PRIOR> 2,263,201
<ACCUMULATED-GAINS-PRIOR> (152,966)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 566,736
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 847,017
<AVERAGE-NET-ASSETS> 101,526,211
<PER-SHARE-NAV-BEGIN> 67.55
<PER-SHARE-NII> 1.34
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 68.91
<EXPENSE-RATIO> .012
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> AGGRESSIVE GROWTH PORTFOLIO
<NUMBER> 003
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 11,129,091
<INVESTMENTS-AT-VALUE> 19,141,892
<RECEIVABLES> 37,463
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,179,355
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 244,747
<TOTAL-LIABILITIES> 244,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,876,618
<SHARES-COMMON-STOCK> 324
<SHARES-COMMON-PRIOR> 324
<ACCUMULATED-NII-CURRENT> 54,156
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 990,709
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,012,801
<NET-ASSETS> 18,934,608
<DIVIDEND-INCOME> 67,217
<INTEREST-INCOME> 6,652
<OTHER-INCOME> 0
<EXPENSES-NET> 117,644
<NET-INVESTMENT-INCOME> (43,775)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 3,563,511
<NET-CHANGE-FROM-OPS> 3,519,736
<EQUALIZATION> 205
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,433,556
<NUMBER-OF-SHARES-REDEEMED> (4,436,228)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,517,269
<ACCUMULATED-NII-PRIOR> 122,708
<ACCUMULATED-GAINS-PRIOR> 990,709
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 89,861
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 117,644
<AVERAGE-NET-ASSETS> 16,229,062
<PER-SHARE-NAV-BEGIN> 47.66
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> 10.99
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 58.51
<EXPENSE-RATIO> .015
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> VERSATILE BOND PORTFOLIO
<NUMBER> 004
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 22,767,591
<INVESTMENTS-AT-VALUE> 22,868,925
<RECEIVABLES> 388,515
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,257,440
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,843
<TOTAL-LIABILITIES> 38,843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,463,112
<SHARES-COMMON-STOCK> 395
<SHARES-COMMON-PRIOR> 373
<ACCUMULATED-NII-CURRENT> 1,795,750
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (141,994)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 101,334
<NET-ASSETS> 23,218,597
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 650,289
<OTHER-INCOME> 0
<EXPENSES-NET> 107,315
<NET-INVESTMENT-INCOME> 542,974
<REALIZED-GAINS-CURRENT> (15,177)
<APPREC-INCREASE-CURRENT> 75,764
<NET-CHANGE-FROM-OPS> 603,561
<EQUALIZATION> 153,463
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,581,946
<NUMBER-OF-SHARES-REDEEMED> (4,465,314)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,873,656
<ACCUMULATED-NII-PRIOR> 1,556,933
<ACCUMULATED-GAINS-PRIOR> (126,817)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 123,227
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 149,140
<AVERAGE-NET-ASSETS> 22,166,207
<PER-SHARE-NAV-BEGIN> 57.24
<PER-SHARE-NII> 1.42
<PER-SHARE-GAIN-APPREC> .18
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 58.84
<EXPENSE-RATIO> .010
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Legal Proceedings
Following a routine examination of the Fund in 1991, the Securities and Exchange
Commission (the "Commission") instituted public administrative and
cease-and-desist proceedings on January 13, 1997, to determine the truth of
allegations by the Commission's Division of Enforcement (the "Division") that
World Money Managers ("WMM"), the Fund's investment adviser, and two of the
Fund's directors and officers, Terry Coxon and Alan Sergy (collectively, the
"Respondents"), violated certain provisions of federal securities laws in fiscal
years 1990 through 1992. The allegations include the following: that the
Respondents violated Section 206 of the Investment Advisers Act of 1940, as
amended, through conduct that included improper self-dealing at the expense of
the Fund; that WMM received excessive reimbursements under the Fund's Marketing
and Distribution Plan (the "Marketing Plan") during the fiscal year ended
January 31, 1991; that during fiscal years 1990 through 1992, the Fund's Board
of Directors did not meet at the end of each quarter to review the expenses
incurred under the Marketing Plan and that the reports thereon contained
insufficient detail; and in April 1990, the Permanent Portfolio acquired a "call
option" prohibited by the Fund's fundamental investment policies and managed the
investment for the advantage of a client of an officer of the Fund. No charges
have been made against the Fund. The Respondents have denied all of the
allegations of the Division and are contesting the proceedings. From May 5, 1997
through May 15, 1997, an administrative hearing on these charges was held before
Chief Administrative Law Judge Brenda P. Murray in San Francisco, California.
Thereafter, the Division and Respondents submitted post-hearing briefs and the
matter is currently under submission for decision.
Exhibit 77e