<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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 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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<PAGE> PAGE 21
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048 B010400 200000
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048 C010400 200000
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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 N
054 F000400 Y
054 G000400 Y
054 H000400 N
054 I000400 N
054 J000400 N
054 K000400 Y
054 L000400 Y
054 M000400 Y
054 N000400 Y
054 O000400 Y
055 A000400 Y
055 B000400 N
056 000400 N
057 000400 N
062 A000400 Y
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<PAGE> PAGE 22
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 6.8
062 N000400 0.0
062 O000400 0.0
062 P000400 91.4
062 Q000400 0.0
062 R000400 1.8
063 A000400 0
063 B000400 0.8
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
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<PAGE> PAGE 23
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 11562
071 B000400 18130
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072 D000400 0
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072 Q000400 0
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072 S000400 0
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<PAGE> PAGE 24
074 C000400 250
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SIGNATURE MICHAEL CUGGINO
TITLE TREASURER
<PAGE> PAGE 24
[TYPE] EX-99.77B
Accountant's Report on Internal Control
Board of Directors and Shareholders
Permanent Portfolio Family of Funds, Inc.
Petaluma, California
In planning and performing our audit 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 year ended January 31, 2000, 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 judgements 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, 2000.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
Tait, Weller & Baker
Philadelphia, Pennsylvania
February 25, 2000
Attachment 77B
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 Fund
neither paid nor advanced such expenses during the year ended January 31, 2000.
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
At a meeting held on January 13, 2000, the Board of Directors of Permanent
Portfolio Family of Funds, Inc. (the "Fund"), upon recommendation of the audit
committee, elected Tait, Weller & Baker as the Fund's independent accountants
for the fiscal year ended January 31, 2000. At no time during the Fund's two
most recent fiscal years did the Fund (or someone on its behalf) consult Tait,
Weller & Baker regarding (i) either: the application of accounting principles to
a specified transaction, either completed or proposed; or the type of audit
opinion that might be rendered on the Fund's financial statements; or (ii) any
matter that was either the subject of a disagreement or a reportable event.
Attachment 77K
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