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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE MICHAEL CUGGINO
TITLE TREASURER
Legal Proceedings
Following a routine examination of 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, Terry Coxon and Alan
Sergy (the Fund's Investment Adviser, or, "WMM," and two of the Fund's directors
and officers, respectively, or, the "Respondents"), breached their fiduciary
duties in violation of certain provisions of federal securities laws in fiscal
years 1990 through 1996. From May 5, 1997 through May 15, 1997, an
administrative hearing on these charges was held before Chief Administrative Law
Judge Brenda P. Murray (the "Hearing Officer") in San Francisco, California. The
Respondents have denied all of the allegations of the Division and have actively
contested the proceedings. No charges have been made against the Fund, which
allegedly was subject to improper charges by the Respondents, and the Fund is
not a party to the proceedings.
In an initial decision dated April 1, 1999 (the "Initial Decision"), the Hearing
Officer ruled that the Respondents had committed certain violations.
Specifically, the Hearing Officer ruled that the Respondents violated Section
206(2) of the Investment Advisers Act of 1940: by charging $248,153 of transfer
agent and accounting fees to the Fund's Marketing and Distribution Plan (the
"12b-1 Plan") during calendar year 1990; by causing the excessive capitalization
of a broker-dealer subsidiary of the Permanent Portfolio (World Money
Securities, Inc., or "WMS") of $850,000 and charging it in 1990 and 1991 for
printing costs related to the distribution of shares in the Treasury Bill
Portfolio, Versatile Bond Portfolio and Aggressive Growth Portfolio in the
amount of $336,571; by charging WMS excessive rent and improper underwriting
costs of $72,426; and by acquiring a "call option" in 1990 prohibited by the
Fund's fundamental investment policies and managing the investment for the
advantage of a client of an officer of the Fund. The Hearing Officer also ruled
that the Respondents violated or aided and abetted violations of: Section 12(b)
of the Investment Company Act of 1940 (the "ICA") and Rule 12b-1 thereunder, by
receiving unauthorized reimbursements in calendar year 1990 of $214,270 under
the Fund's 12b-1 Plan and by providing insufficient information regarding the
12b-1 Plan to the Fund's Board of Directors; Section 13(a)(3) of the ICA by
acquiring the "call option;" Section 17(a) of the Securities Act of 1933,
Section 10(b) of the Exchange Act of 1934 and Rule 10b-5 thereunder, and Section
34(b) of the ICA by making misleading statements in the Fund's registration
materials; Section 10(b) of the ICA by using WMS as a principal underwriter for
the Fund; and Section 17(d) of the ICA and Rule 17d-1 thereunder, by causing WMS
to be excessively capitalized.
The Hearing Officer ordered that the Respondents: cease and desist from
committing further violations; be suspended from association with any registered
investment adviser or investment company for a period of three months; disgorge
$1,608,018, pay prejudgment interest of $1,236,726 and pay civil penalties of
$140,000.
The Respondents believe that the Hearing Officer's Initial Decision is incorrect
and contains reviewable errors. Accordingly, on April 22, 1999, they filed
petitions for review by the Commission. On April 21, 1999, the Division also
filed a petition for review by the Commission of certain sanctions contained in
the Initial Decision, seeking to bar WMM from acting as an investment adviser
and to bar Terry Coxon from association with any registered investment adviser
or investment company for one year with a right to reapply. Thereafter, the
Commission granted the petitions and has accepted the review of the Initial
Decision.
Under the Fund's Bylaws, the Fund is obligated to advance expenses incurred by
the Respondents in the proceedings upon their undertaking to repay the advances,
in the event it is ultimately determined that they have committed willful
misfeasance, bad faith, gross negligence or reckless disregard of their duties.
The Fund has therefore incurred, and may continue to incur, such expenses in
connection with the allegations, including amounts paid by WMM to persons who
are directors and officers of the Fund for their litigation expenses.
The Initial Decision of the Hearing Officer does not become effective until the
Commission's decision, which could affirm, reverse or modify the Initial
Decision. WMM continues to act as Investment Adviser of the Fund, and Terry
Coxon continues to serve as President and a director of the Fund. Alan Sergy
retired from the Fund for medical reasons in March 1998 and, except for payments
being made under the Fund's Long Term Disability Plan, is no longer associated
with the Fund.
The ultimate outcome of these proceedings is unknown. The Fund's Board of
Directors plans to continue to monitor the proceedings and to take such actions
as may be appropriate to assure the availability to the Fund of such investment
advice and administrative support as may be necessary to continuously implement
the Fund's investment policies and investment objectives.
Attachment 77E
Changes in Registrant's Certifying Accountant
On July 8, 1999, KPMG LLP resigned as independent auditor of the Permanent
Portfolio Family of Funds, Inc. (the "Fund"). The Fund and its audit committee
are currently engaged in selecting a replacement independent auditor for the
Fund's fiscal year ending January 31, 2000. At no time during the past two
fiscal years did any audit report of KPMG LLP on the Fund's financial statements
contain any adverse opinions or disclaimers of opinion; nor were such audit
reports qualified or modified as to uncertainty, audit scope, or accounting
principles, except that the audit reports of KPMG LLP for the fiscal years ended
January 31, 1999 and 1998 each contained an explanatory paragraph that states
that the Securities and Exchange Commission is involved in public administrative
and cease-and-desist proceedings against the Fund's investment adviser and two
of the Fund's directors and officers. In connection with the audits of the
fiscal years ended January 31, 1999 and 1998, and the subsequent interim period
through July 8, 1999, there were no disagreements with KPMG LLP on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedures, which disagreements if not resolved to the satisfaction of
KPMG LLP would have caused KPMG LLP to make reference in connection with their
opinion to the subject matter of the disagreement.
<PAGE>
September 29, 1999
Securities and Exchange Commission
Washington D.C. 20549
Ladies and Gentlemen:
We were previously principle accountants for Permanent Portfolio Family of
Funds, Inc. and under the date of March 12, 1999, we reported on the financial
statements of Permanent Portfolio Family of Funds, Inc. as of and for the year
ended January 31, 1999. On July 8, 1999, we resigned. We have read Permanent
Portfolio Family of Funds, Inc.'s statements included as an attachment to its
July 31, 1999 Semi-Annual Report on Form N-SAR, and we agree with such
statements, except that we are not in a position to agree or disagree with
Permanent Portfolio Family of Funds, Inc.'s statement that the Fund and its
audit committee are currently engaged in selecting a replacement independent
auditor for the Fund's fiscal year ending January 31, 2000.
Very truly yours,
/S/ KPMG LLP
Attachment 77K
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