<PAGE>
SEMI-ANNUAL REPORT, June 30, 1996
NAVELLIER PERFORMANCE FUNDS
1 East Liberty, Third Floor
Reno, NV 89501
(800) 887-8671
- -------------------------------------------------------------------------------
August 16, 1996
Dear Shareholder:
The first six months of 1996 were quite exceptional for the stock market as a
whole and particularly impressive for NASDAQ stocks. However, investors were
subjected to a great deal of volatility during this period. Small cap stocks
dramatically outpaced large cap stocks during the first half of 1996. The
NASDAQ Industrials were up 15.11% compared to 10.10% for the S&P 500. The
Navellier Aggressive Growth Portfolio ("Portfolio")* got off to a great start
in its first year. For the first two quarters of 1996, the Portfolio had a
return of 30.63% compared to 15.11% for the NASDAQ Industrials for the same
period.
[CHART OF NAVELLIER AGRESSIVE GROWTH PORTFOLIO APPEARS HERE]
The above chart indicates the return of $10,000 invested in the NAVELLIER
AGGRESSIVE GROWTH PORTFOLIO on December 29, 1995. As the chart shows by June
30, 1996, the value of the investment would have grown to $13,063, a 30.63%
increase. For comparison purposes, look at how the NASDAQ Industrials
performed over the same period. An investment of $10,000 in the NASDAQ
Industrials over the same period would have grown to $11,511, a 15.11%
increase.
The above charts and performance numbers assume reinvestment of all
distributions.
Please be aware that past performance is no indication of future performance.
The investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost.
<PAGE>
After a slow start in January, the market surged at a torrid pace through the
end of May. Stock funds brought in almost $100 billion in new assets during the
period from January to April. This tremendous flow of funds into the market
served to push stock prices dramatically higher. Of this $100 billion, nearly
$25 billion was invested in aggressive growth funds. As the market climbed to
new highs in the beginning of June, the inevitable correction was just around
the corner. When analysts became pessimistic about second quarter earnings we
saw the market begin to correct. As the selloff began, market makers moved to
the sidelines and liquidity started to dry up. The flow of new assets into
stock mutual funds slowed from over $20 billion in May to slightly more than
$15 billion in June. Another major contributing factor in the sharp selloff
occurred when bond yields cracked the 7% barrier in June. Wall Street reacted
quickly and negatively, expressing fear over higher interest rates.
As is typical of Wall Street, this year has shown excesses in both the upside
and downside directions and looks as if it has finally settled down. Since the
correction, the flow of funds into money market funds has accelerated,
indicative of the massive cash reserves that are now on the sidelines. Although
it is not unusual for the flow of funds into the stock market to slow down
during the summer months, the current inflows into the stock market remain very
healthy and should help propel the stock market higher in subsequent months. As
the liquidity returns to the stock market, we expect our favorite stocks to
continue to attract institutional buying pressure and move substantially
higher.
As of this writing, there are many recent positive events that we expect will
help fuel a strong stock market recovery. First, the second quarter earnings
reports were much stronger than previously anticipated. The stock market
plummeted in early July after Hewlett Packard, Motorola and other leading
stocks warned that their earnings outlooks were poor. By late July, leading
stocks, such as IBM, Compaq, Intel and Sun Microsystems, announced strong
second quarter earnings that positively surprised Wall Street and helped
inspire confidence in the overall stock market. Although earnings surprises are
common because analysts tend to underestimate earnings, the proportion of
earnings surprises so far in the second quarter have been much higher than
anyone anticipated. Second, the bond market has staged a big rally as long-term
Treasury bond yields fell over the past few months. Once long-term Treasury
bond yields broke out of their trading range into new low territory, it became
a very bullish event for bonds as well as stocks.
The earnings outlook for the remainder of the year remains uncertain. Top-down
market strategists are estimating slightly more than 4% corporate earnings
growth in 1996, while the consensus of all the bottom-up analysts are
estimating approximately 9% corporate earnings growth in 1996. Obviously, there
is a lot of confusion about the 1996 earnings outlook. Nonetheless, we expect
the market to continue to rally, especially in the small and mid cap sector. We
feel these stocks are both fundamentally sound and better valued than their
large cap counter parts. We believe that even in a volatile environment our
quantitative, disciplined approach to investing will continue to help us to
uncover those fundamentally superior stocks that hold the greatest promise.
We wish to assure you that we remain dedicated to striving for the best
performance possible with our mutual funds. We want to thank all the
shareholders in the Navellier Aggressive Growth Portfolio for your continued
support and confidence in the Fund. Please feel free to contact us if you have
any questions or if we can help in any way.
Sincerely,
/s/ Louis G. Navellier /s/ Alan K. Alpers
LOUIS G. NAVELLIER ALAN K. ALPERS
* This material has been preceded by a Navellier Performance Fund: Aggressive
Growth Portfolio prospectus.
2
<PAGE>
June 30, 1996 NAVELLIER AGGRESSIVE GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
<TABLE>
- ---------------------------------------------------------
<CAPTION>
Market Value
Shares (Note 1)
- ---------------------------------------------------------
<C> <S> <C>
COMMON STOCKS
ADVANCED MEDICAL DEVICES -- 5.27%
167,300 BioSource International, Inc.* $ 1,510,936
60,000 Hologic, Inc.* 2,655,000
-----------
4,165,936
-----------
ADVERTISING AND MARKETING -- 1.48%
45,000 Ha-Lo Industries, Inc.* 1,170,000
-----------
AEROSPACE AND DEFENSE -- 1.49%
40,000 Oregon Metallurgical Corp.* 1,180,000
-----------
AGRICULTURAL -- 1.44%
27,000 Delta and Pine Land Co. 1,140,750
-----------
AIRLINES -- 0.31%
8,950 Comair Holdings, Inc. 241,650
-----------
APPAREL/FABRIC -- 2.70%
61,500 Ross Stores, Inc. 2,137,125
-----------
BIOTECHNOLOGY -- 2.99%
136,000 Prime Medical Service, Inc.* 2,363,000
-----------
CASINOS/GAMING -- 1.43%
75,000 Casino Data Systems* 1,134,375
-----------
CHEMICALS -- 0.10%
5,500 Ambar, Inc.* 79,750
-----------
COMPUTER HARDWARE -- 3.62%
30,000 Iomega Corp.* 870,000
67,500 Meridian Data, Inc.* 599,063
91,500 Odetics, Inc.* 1,395,375
-----------
2,864,438
-----------
COMPUTER SOFTWARE -- 3.76%
22,500 Brooktrout Technology, Inc.* 630,000
22,400 HBO and Co. 1,517,600
10,000 Security Dynamics* 822,500
-----------
2,970,100
-----------
COSMETICS/PERSONAL CARE -- 2.96%
91,900 Natures Sunshine Products, Inc. 2,343,450
-----------
DATA COMMUNICATIONS/NETWORKING -- 2.77%
10,300 Ascend Communications, Inc.* 579,375
40,000 Proxim, Inc.* 1,610,000
-----------
2,189,375
-----------
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
DIVERSIFIED TECHNOLOGY -- 6.70%
53,000 Computer Horizons Corp.* $ 2,093,500
65,500 Galileo Electro Optics Corp.* 1,572,000
15,500 Quintiles Transnational Corp.* 1,019,125
18,000 Zoltek Companies, Inc.* 616,500
-----------
5,301,125
-----------
EDUCATION -- 5.28%
30,000 Apollo Group, Inc.* 840,000
84,000 Childrens Comprehensive Services* 1,806,000
70,000 National Education Corp.* 997,500
30,000 Youth Services International, Inc.* 532,500
-----------
4,176,000
-----------
ELECTRONICS -- 5.69%
125,000 LaBarge, Inc.* 1,148,438
188,000 WPI Group, Inc.* 1,833,000
84,000 Zytec* 1,522,500
-----------
4,503,938
-----------
ENGINEERING/DESIGN -- 0.21%
15,000 IMP, Inc.* 168,750
-----------
ENVIRONMENTAL CONTROL/WASTE MANAGEMENT --
1.65%
28,000 USA Waste Services, Inc.* 829,500
22,500 Watsco, Inc. 472,500
-----------
1,302,000
-----------
FINANCIAL SERVICES -- 7.82%
21,000 Money Store, Inc. 464,625
150,000 PMT Services, Inc.* 4,293,750
10,000 Student Loan Marketing Association 740,000
30,000 Total System Services, Inc. 686,250
-----------
6,184,625
-----------
HEALTHCARE -- 3.30%
42,450 ABR Information Services, Inc.* 2,133,112
10,000 Access Health, Inc.* 472,500
-----------
2,605,612
-----------
HOME CONSTRUCTION -- 0.82%
28,000 Cavalier Homes, Inc. 647,500
-----------
HOME FURNISHINGS -- 0.77%
18,000 Bush Industries, Inc. 612,000
-----------
</TABLE>
* Non-income producing.
See Notes to Financial Statements.
3
<PAGE>
June 30, 1996 NAVELLIER AGGRESSIVE GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS (CONTINUED)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Market Value
Shares (Note 1)
- ----------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
INDUSTRIAL AND COMMERCIAL
SERVICES -- 0.70%
15,000 Memtec Ltd. $ 551,250
-----------
LODGING -- 0.62%
7,000 HFS, Inc.* 490,000
-----------
MEDICAL SUPPLIES -- 1.31%
81,000 Orthologic Corp.* 1,032,750
-----------
OFFICE EQUIPMENT/SUPPLIES -- 3.24%
61,000 U.S. Office Products Co.* 2,562,000
-----------
OIL AND GAS EXPLORATION -- 0.77%
60,000 Marine Drilling Companies, Inc.* 607,500
-----------
PHARMACEUTICALS -- 5.67%
50,000 Capstone Pharmacy Services, Inc.* 643,750
85,800 Jones Medical Industries, Inc. 2,852,850
50,000 PCI Services, Inc.* 987,500
-----------
4,484,100
-----------
PRINTING/PAPER PRODUCTS -- 0.71%
21,800 Day Runner, Inc* 564,075
-----------
PRISON MANAGEMENT -- 1.77%
20,000 Corrections Corp. of America* 1,400,000
-----------
RETAILERS -- 0.99%
26,000 Orchard Supply Hardware Stores Corp.* 783,250
-----------
SAVINGS AND LOANS -- 1.13%
29,500 Imperial Credit Industries, Inc.* 892,375
-----------
SEMICONDUCTORS AND RELATED -- 1.52%
50,000 Vitesse Semiconductor Corp.* 1,200,000
-----------
TELECOMMUNICATIONS -- 6.16%
179,800 ATC Communications, Inc.* 2,359,875
20,000 Aspect Telecommunications Corp.* 990,000
24,500 Pairgain Technologies, Inc.* 1,519,000
-----------
4,868,875
-----------
TELEPHONE SYSTEMS -- 1.05%
16,000 Cincinnati Bell, Inc. 834,000
-----------
</TABLE>
<TABLE>
- -------------------------------------------------------
<CAPTION>
Market Value
Shares (Note 1)
- -------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
TEMPORARY STAFFING -- 1.84%
53,500 AccuStaff, Inc.* $ 1,457,875
-----------
TOYS -- 2.14%
60,000 Galoob Lewis Toys, Inc.* 1,695,000
-----------
TOTAL COMMON STOCKS -- 92.18%
(COST $70,909,920) 72,904,549
-----------
MUTUAL FUNDS -- 7.82%
6,188,662 Fund for Government Investors
(Cost $6,188,662) 6,188,662
-----------
TOTAL INVESTMENTS -- 100.00%
(COST $77,098,582) $79,093,211
===========
</TABLE>
* Non-income producing.
See Notes to Financial Statements.
4
<PAGE>
June 30, 1996 NAVELLIER AGGRESSIVE GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<S> <C>
ASSETS
Securities at Value (Note 1, see portfolio for cost
information)................................................... $79,093,211
Cash in Custodian Bank.......................................... 139,877
Receivable for Shares Sold...................................... 1,291,768
Receivable for Securities Sold.................................. 557,342
Interest Receivable............................................. 24,607
Dividends Receivable............................................ 6,208
Unamortized Organizational Costs (Note 1)....................... 113,190
-----------
Total Assets................................................... 81,226,203
-----------
LIABILITIES
Payable for Securities Purchased................................ 649,639
Payable for Shares Redeemed..................................... 116,195
Investment Advisory Fee Payable (Note 2)........................ 76,447
Administrative Fee Payable (Note 2)............................. 15,289
Distribution Plan Fee Payable (Note 4).......................... 15,289
Other Payables and Accrued Expenses............................. 15,289
Organizational Expenses Payable to Adviser (Note 1)............. 113,190
-----------
Total Liabilities.............................................. 1,001,338
-----------
NET ASSETS....................................................... $80,224,865
===========
SHARES OUTSTANDING............................................... 6,149,318
===========
NET ASSET VALUE PER SHARE........................................ $13.05
======
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
For the Six Months Ended
June 30, 1996
NAVELLIER AGGRESSIVE GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest (Note 1)............................................... $ 82,169
Dividends (Note 1).............................................. 15,899
----------
Total Investment Income........................................ 98,068
----------
EXPENSES
Investment Advisory Fee (Note 2)................................ 167,709
Administrative Fee (Note 2)..................................... 33,542
Distribution Plan Fees (Note 4)................................. 33,542
Transfer Agent and Custodian Fee (Note 3)....................... 28,668
Trustees' Fees.................................................. 15,000
Organizational Expense (Note 1)................................. 12,600
Insurance....................................................... 8,125
Printing........................................................ 7,160
Registration Fees............................................... 4,393
Audit Fees...................................................... 4,250
Other Expenses.................................................. 2,923
----------
Total Expenses................................................. 317,912
Less Expenses Reimbursed by Investment Adviser (Note 2)........ (49,577)
----------
Net Expenses................................................... 268,335
----------
NET INVESTMENT LOSS.............................................. (170,267)
----------
Net Realized Gain on Investment Transactions..................... 7,664
Net Change in Unrealized Appreciation of Investments............. 1,994,713
----------
NET GAIN ON INVESTMENTS.......................................... 2,002,377
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. $1,832,110
==========
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
NAVELLIER AGGRESSIVE GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED PERIOD ENDED
JUNE 30, 1996 DECEMBER 31, 1995*
------------- ------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net Investment Income (Loss)............. $ (170,267) $ 21
Net Realized Gain on Investment
Transactions............................ 7,664 --
Net Change in Unrealized Appreciation
(Depreciation) of Investments........... 1,994,713 (84)
------------ --------
Net Increase (Decrease) in Net Assets
Resulting from Operations.............. 1,832,110 (63)
------------ --------
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income............... -- --
From Net Realized Capital Gains.......... -- --
------------ --------
Total Distributions to Shareholders..... -- --
------------ --------
FROM SHARE TRANSACTIONS
Net Proceeds from Sales of Shares........ 88,894,714 200,000
Reinvestment of Distributions............ -- --
Cost of Shares Redeemed.................. (10,801,896) --
------------ --------
Net Increase in Net Assets Resulting
from Share Transactions................ 78,092,818 200,000
------------ --------
TOTAL INCREASE IN NET ASSETS............ 79,924,928 199,937
NET ASSETS -- Beginning of Period......... 299,937 100,000
------------ --------
NET ASSETS -- End of Period............... $ 80,224,865 $299,937
============ ========
SHARES
Sold..................................... 6,955,701 20,020
Issued in Reinvestment of Distributions.. -- --
Redeemed................................. (836,403) --
------------ --------
Net Increase in Shares.................. 6,119,298 20,020
============ ========
</TABLE>
* From Commencement of Operations December 28, 1995.
See Notes to Financial Statements.
7
<PAGE>
NAVELLIER AGGRESSIVE GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED PERIOD ENDED
JUNE 30, 1996 DECEMBER 31, 1995*
------------- ------------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net Asset Value -- Beginning of Period.... $ 9.99 $ 10.00
------- -------
Income from Investment Operations:
Net Investment Income (Loss)............. (0.081) 0.002
Net Realized and Unrealized Gains
(Losses) on Securities.................. 3.141 (0.008)
------- -------
Total from Investment Operations......... 3.060 (0.006)
------- -------
Distributions to Shareholders:
From Net Investment Income............... -- --
From Net Realized Capital Gains.......... -- --
------- -------
Total Distributions to Shareholders...... -- --
------- -------
Net Increase (Decrease) in Net Asset
Value.................................... 3.06 (0.01)
------- -------
Net Asset Value -- End of Period.......... $ 13.05 $ 9.99
======= =======
TOTAL INVESTMENT RETURNA................... 30.63 % (0.10)%
RATIOS TO AVERAGE NET ASSETS:
Expenses After Reimbursement (Note 2)B.... 2.00 % 2.00 %
Expenses Before Reimbursement (Note 2)B... 2.37 % 27.25 %
Net Investment Income (Loss)B............. (1.27)% 2.59 %
SUPPLEMENTARY DATA:
Portfolio Turnover Rate................... 33.2 % --
Net Assets at End of Period (000's
omitted)................................. $80,225 $300
Number of Shares Outstanding at End of
Period (000's omitted)................... 6,149 30
</TABLE>
--------
A Total returns for periods of less than one year are not annualized.
B Annualized.
* From Commencement of Operations December 28, 1995.
See Notes to Financial Statements.
8
<PAGE>
June 30, 1996 NAVELLIER AGGRESSIVE GROWTH PORTFOLIO
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies
The Navellier Performance Funds (the "Fund") is registered with the
Securities and Exchange Commission under the Investment Company Act of 1940,
as amended, (the "Act") as an open-end investment company which offers its
shares in a series of no-load non-diversified and diversified portfolios. The
Fund is authorized to issue an unlimited number of shares of capital stock
with no stated par value. The Fund presently consists of one portfolio, the
Navellier Aggressive Growth Portfolio (the "Portfolio"), a non-diversified
open-end management portfolio. The financial statements have been prepared in
conformity with generally accepted accounting principles which permit
management to make certain estimates and assumptions at the date of the
financial statements. The following is a summary of significant accounting
policies which the Fund follows:
(a) Listed securities are valued at the last sales price of the New York
Stock Exchange and other major exchanges. Over-the-Counter securities are
valued at the last sales price. If market quotations are not readily
available, the Board of Trustees will value the Fund's securities in good
faith. The Trustees will periodically review this method of valuation and
recommend changes which may be necessary to assure that the Fund's
instruments are valued at fair value.
(b) Security transactions are recorded on the trade date (the date the
order to buy or sell is executed). Interest income is accrued on a daily
basis. Dividend income is recorded on the ex-dividend date. Realized gains
and losses from securities transactions are computed on an identified cost
basis.
(c) Dividends from net investment income are declared and paid annually.
Dividends are re-invested in additional shares unless shareholders request
payment in cash. Net capital gains, if any, are distributed annually.
(d) The Fund intends to comply with the provisions of the Internal Revenue
Code applicable to regulated investment companies and will distribute all net
investment income to its shareholders. Therefore, no Federal income tax
provision is required.
(e) Organizational expenses of the Fund totaling $126,000 are being
deferred and amortized over 60 months beginning with the public offering of
shares. Any redemption by an initial investor during the amortization period
will be reduced by a prorata portion of any of the unamortized organizational
expenses. Such proration is to be calculated by dividing the number of
initial shares redeemed by the number of initial shares outstanding at the
date of redemption. At June 30, 1996, unamortized organizational costs were
$113,190.
2. Investment Advisory Fees and Other Transactions with Affiliates
Investment advisory services are provided by Navellier Management, Inc. (the
"Adviser"). Under an agreement with the Adviser, the Fund pays a fee at the
annual rate of 1.25% of the daily net assets of the Portfolio. The Adviser
also receives an annual fee equal to 0.25% of the Fund's average daily net
assets in connection with the rendering of services under the administrative
services agreement and is reimbursed by the Fund for operating expenses
incurred on behalf of the Fund. An officer and trustee of the Fund is also an
officer and director of the Adviser.
Under an agreement between the Fund and the Adviser related to payment of
operating expenses, the Adviser has reserved the right to seek reimbursement
for the past, present and future operating expenses of the Fund paid by the
Adviser, at any time upon notice to the Fund. At December 31, 1995, the
Adviser voluntarily agreed not to seek future reimbursement of all
unreimbursed past expenses incurred on behalf of the Fund. During the period
ended June 30, 1996, the Adviser paid operating expenses of the Fund totaling
$83,119. Under the operating expense agreement, the Adviser requested, and the
Fund reimbursed, $33,542 of such expenses. The Adviser voluntarily agreed not
to seek future reimbursement of $49,577 of such 1996 expenses.
9
<PAGE>
June 30, 1996 NAVELLIER AGGRESSIVE GROWTH PORTFOLIO
- -------------------------------------------------------------------------------
Navellier Securities Corp. (the "Distributor") acts as the Fund's
Distributor and is registered as a broker-dealer under the Securities and
Exchange Act of 1934. The Distributor, which is the principal underwriter of
the Fund's shares, renders its services to the Fund pursuant to a distribution
agreement. An officer and trustee of the Fund is also an officer and director
of the Distributor.
3. Transfer Agent and Custodian
Rushmore Trust and Savings, FSB ("Rushmore Trust"), provides transfer
agency, dividend disbursing and other shareholder services to the Fund. In
addition, Rushmore Trust serves as custodian of the Fund's assets. Fees paid
to Rushmore Trust are based upon a fee schedule approved by the Board of
Trustees.
4. Distribution Plan
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1
under the Act, whereby it reimburses the Distributor or others in an amount
not to exceed 0.25% per annum of the average daily net assets of the Portfolio
for expenses incurred in the promotion and distribution of shares of the
Portfolio. These expenses include, but are not limited to, the printing of
prospectuses, statements of additional information, and reports used for sales
purposes, expenses of preparation of sales literature and related expenses
(including Distributor personnel), advertisements and other distribution-
related expenses, including a prorated portion of the Distributor's overhead
expenses attributable to the distribution of shares. Such payments are made
monthly. The 12b-1 fee includes, in addition to promotional activities, the
amount the Fund may pay to the Distributor or others as a service fee to
reimburse such parties for personal services provided to shareholders of the
Fund and/or the maintenance of shareholder accounts. Such Rule 12b-1 fees are
made pursuant to the Plan and distribution agreements entered into between
such service providers and the Distributor or the Fund directly.
5. Securities Transactions
For the period ended June 30, 1996, purchases of securities were $79,545,548
and sales of securities were $8,874,532. These totals exclude short-term
securities.
6. Net Unrealized Appreciation/Depreciation of Investments
As of June 30, 1996, net appreciation of investments for Federal income tax
purposes was $1,480,820, of which $6,147,467 related to appreciated
investments and $4,666,647 related to depreciated investments. At June 30,
1996, the cost of the Fund's securities for Federal income tax purposes was
$77,612,391.
7. Net Assets
At June 30, 1996, net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in-Capital.................................................. $78,392,818
Net Investment Loss.............................................. (170,246)
Accumulated Realized Gain on Investments......................... 7,664
Net Unrealized Appreciation of Investments....................... 1,994,629
-----------
NET ASSETS....................................................... $80,224,865
===========
</TABLE>
10
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
NAVELLIER
Performance Funds
---------------------------
Semi-Annual Report
June 30, 1996
