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028 E040400 13232
028 F010400 5778
028 F020400 0
028 F030400 0
028 F040400 1863
<PAGE> PAGE 21
028 G010400 21761
028 G020400 567
028 G030400 0
028 G040400 19141
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
048 A010400 200000
048 A020400 1.125
048 B010400 200000
048 B020400 0.831
048 C010400 200000
048 C020400 0.750
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 600000
048 K020400 0.688
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
054 A000400 Y
054 B000400 Y
054 C000400 Y
054 D000400 Y
054 E000400 Y
054 F000400 Y
054 G000400 Y
054 H000400 N
054 I000400 N
054 J000400 N
054 K000400 Y
054 L000400 Y
054 M000400 Y
<PAGE> PAGE 22
054 N000400 Y
054 O000400 Y
055 A000400 Y
055 B000400 N
056 000400 N
057 000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
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 13.3
062 N000400 0.0
062 O000400 0.0
062 P000400 87.9
062 Q000400 0.0
062 R000400 -1.2
063 A000400 0
063 B000400 1.1
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
<PAGE> PAGE 23
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 14433
071 B000400 16469
071 C000400 21161
071 D000400 68
072 A000400 12
072 B000400 1257
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072 D000400 0
072 E000400 0
072 F000400 243
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072 H000400 31
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072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 12
072 N000400 0
072 O000400 17
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072 Q000400 0
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072 S000400 0
072 T000400 0
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072 X000400 314
072 Y000400 81
072 Z000400 1024
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<PAGE> PAGE 24
072CC020400 63
072DD010400 616
072DD020400 0
072EE000400 0
073 A010400 2.4400
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074 A000400 0
074 B000400 0
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074 D000400 24660
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SIGNATURE MICHAEL CUGGINO
TITLE TREASURER
<PAGE> PAGE 24
Accountant's Report on Internal Control
KPMG
Three Embarcadero Center
San Francisco, California 94111
Board of Directors and Shareholders
Permanent Portfolio Family of Funds, Inc.
Petaluma, CA
We have audited 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 year ended January 31, 1999, and have issued our report thereon dated
March 12, 1999. In planning and performing our audit of the financial statements
of Permanent Portfolio Family of Funds, Inc., we considered internal control,
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. An audit does not
include examining the effectiveness of internal control and does not provide
assurance on internal control.
The maintenance of adequate control designed to fulfill control objectives is
the responsibility of management. Because of inherent limitations in internal
control, errors or fraud may nevertheless occur and not be detected. Also,
controls found to be functioning at a point in time may later be found deficient
because of the performance of those responsible for applying them, and there can
be no assurance that controls currently in existence will prove to be adequate
in the future as changes take place in the organization.
Furthermore, our audit was not designed to, and does not, provide any assurance
that a Year 2000 issue which may exist will be identified, on the adequacy of
the Fund's remediation plans related to Year 2000 financial or operational
issues, or on whether the Funds are or will become Year 2000-compliant on a
timely basis. Year 2000 compliance is the responsibility of management.
Our consideration of internal control would not necessarily disclose all matters
in internal control 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 one or more
internal control components does not reduce to a relatively low level the risk
that errors or fraud 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 internal control and its operation,
including procedures for safeguarding securities, that we consider to be
material weaknesses as defined above.
This letter is intended solely for the information and use of management of
Permanent Portfolio Family of Funds, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties and should not be used for any other purposes.
KPMG LLP
March 12, 1999
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
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</TABLE>
