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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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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 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 21
063 B000400 0.9
064 A000400 N
064 B000400 N
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
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 12224
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<PAGE> PAGE 22
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074 D000400 0
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<PAGE> PAGE 23
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SIGNATURE MICHAEL J. CUGGINO
TITLE TREASURER
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<NAME> PERMANENT PORTFOLIO
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> TREASURY BILL PORTFOLIO
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<SHARES-COMMON-PRIOR> 1,559
<ACCUMULATED-NII-CURRENT> 520,264
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (160,039)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,831
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<NET-INVESTMENT-INCOME> 3,956,396
<REALIZED-GAINS-CURRENT> (7,073)
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<NUMBER-OF-SHARES-REDEEMED> (57,996,734)
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<ACCUMULATED-GAINS-PRIOR> (152,966)
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
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<NAME> AGGRESSIVE GROWTH PORTFOLIO
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<S> <C>
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<ACCUMULATED-NII-CURRENT> (70,175)
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<SHARES-REINVESTED> 1,021,204
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<PER-SHARE-NII> (.31)
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</TABLE>
<TABLE> <S> <C>
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<S> <C>
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<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-END> JAN-31-1998
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<INVESTMENTS-AT-VALUE> 22,914,727
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<SHARES-COMMON-PRIOR> 373
<ACCUMULATED-NII-CURRENT> 1,725,080
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<ACCUMULATED-NET-GAINS> (143,239)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 97,843
<NET-ASSETS> 23,354,918
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,358,348
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<EXPENSES-NET> 230,593
<NET-INVESTMENT-INCOME> 1,127,755
<REALIZED-GAINS-CURRENT> (16,422)
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<SHARES-REINVESTED> 553,476
<NET-CHANGE-IN-ASSETS> 2,009,977
<ACCUMULATED-NII-PRIOR> 1,556,933
<ACCUMULATED-GAINS-PRIOR> (126,817)
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<AVERAGE-NET-ASSETS> 22,762,687
<PER-SHARE-NAV-BEGIN> 57.24
<PER-SHARE-NII> 2.87
<PER-SHARE-GAIN-APPREC> .17
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</TABLE>
Accountant's Report on Internal Control
KPMG Peat Marwick LLP
Three Embarcadero Center
San Francisco, California 94111
Board of Directors and Shareholders
Permanent Portfolio Family of Funds, Inc.
In planning and performing our audits of the financial statements of Permanent
Portfolio Family of Funds, Inc. (comprising, respectively, the Permanent
Portfolio, the Treasury Bill Portfolio, the Versatile Bond Portfolio and the
Aggressive Growth Portfolio) for the fiscal year ended January 31, 1998, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Permanent Portfolio Family of Funds, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
January 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG PEAT MARWICK LLP
March 6, 1998
Exhibit 77b
Legal Proceedings
Following a routine examination of the Permanent Portfolio Family of Funds, Inc.
(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 and World Money
Securities, Inc., the Fund's investment adviser and a wholly owned investment of
the Permanent Portfolio, respectively, 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.
On April 28, 1997, the Division filed a Motion To Dismiss Without Prejudice (the
"Motion"), the action against World Money Securities, Inc. On May 5, 1997,
Administrative Law Judge Brenda P. Murray granted the Motion, dismissing World
Money Securities, Inc. from further involvement in the proceedings.
Exhibit 77e