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<PAGE> PAGE 12
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<PAGE> PAGE 21
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048 C010500 0
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048 E020500 0.000
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048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 2000
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 2454
071 B000500 714
071 C000500 888
071 D000500 80
072 A000500 12
072 B000500 3
072 C000500 7
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072 E000500 0
<PAGE> PAGE 22
072 F000500 8
072 G000500 2
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072 I000500 30
072 J000500 0
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072 L000500 2
072 M000500 4
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072 P000500 0
072 Q000500 0
072 R000500 8
072 S000500 0
072 T000500 2
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072 Z000500 -4
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072CC010500 549
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073 A010500 0.0000
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<PAGE> PAGE 23
074 R030500 0
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008 A000601 NAVELLIER MANAGEMENT, INC.
008 B000601 A
008 C000601 801-45101
008 D010601 RENO
008 D020601 NV
008 D030601 89501
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<PAGE> PAGE 24
042 C000600 100
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043 000600 1
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045 000600 Y
046 000600 N
047 000600 Y
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048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 2000
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 Y
066 E000600 N
<PAGE> PAGE 25
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
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071 B000600 1188
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072 C000600 14
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<PAGE> PAGE 26
074 E000600 0
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008 A000701 NAVELLIER MANAGMENT, INC.
008 B000701 A
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008 D010701 RENO
008 D020701 NV
008 D030701 89501
008 A000702 GLOBAL VALUE INVESTORS, INC.
008 B000702 S
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008 D010702 PRINCETON
008 D020702 NJ
008 D030702 08540
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<PAGE> PAGE 27
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<PAGE> PAGE 28
048 J010700 0
048 J020700 0.000
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049 000700 N
050 000700 N
051 000700 N
052 000700 N
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053 B000700 Y
053 C000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 2000
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 Y
069 000700 N
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<PAGE> PAGE 29
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008 A000801 NAVELLIER MANAGEMENT, INC.
<PAGE> PAGE 30
008 B000801 A
008 C000801 801-45101
008 D010801 RENO
008 D020801 NV
008 D030801 89501
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<PAGE> PAGE 31
048 B020800 0.000
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048 J010800 0
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050 000800 N
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052 000800 N
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061 000800 2000
066 A000800 Y
066 B000800 Y
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE TIMOTHY N. COAKLEY
TITLE CFO
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<CIK> 0001004971
<NAME> THE NAVELLIER PERFORMANCE FUNDS
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<NAME> NAVELLIER AGGRESSIVE GROWTH PORTFOLIO
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<NAME> THE NAVELLIER PERFORMANCE FUNDS
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<NAME> NAVELLIER MID CAP PORTFOLIO
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</TABLE>
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<CIK> 0001004971
<NAME> THE NAVELLIER PERFORMANCE FUNDS
<SERIES>
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<NAME> NAVELLIER AGGRESSIVE MICRO CAP PORTFOLIO
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<CIK> 0001004971
<NAME> THE NAVELLIER PERFORMANCE FUNDS
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<NAME> NAVELLIER SMALL CAP VALUE PORTFOLIO
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<REALIZED-GAINS-CURRENT> (49,214)
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<NAME> THE NAVELLIER PERFORMANCE FUNDS
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<NAME> THE NAVELLIER PERFORMANCE FUNDS
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<REALIZED-GAINS-CURRENT> 18,166
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<DISTRIBUTIONS-OF-INCOME> (8,851)
<DISTRIBUTIONS-OF-GAINS> (33,820)
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<NUMBER-OF-SHARES-SOLD> 75,563
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<NAME> THE NAVELLIER PERFORMANCE FUNDS
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<INVESTMENTS-AT-VALUE> 10,338,011
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<PAID-IN-CAPITAL-COMMON> 10,532,079
<SHARES-COMMON-STOCK> 990,083
<SHARES-COMMON-PRIOR> 945,395
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<ACCUMULATED-NET-GAINS> (3,011)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (202,622)
<NET-ASSETS> 10,326,446
<DIVIDEND-INCOME> 72,300
<INTEREST-INCOME> 33,109
<OTHER-INCOME> 0
<EXPENSES-NET> (114,753)
<NET-INVESTMENT-INCOME> (9,344)
<REALIZED-GAINS-CURRENT> 232,783
<APPREC-INCREASE-CURRENT> (202,622)
<NET-CHANGE-FROM-OPS> 21,099
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<DISTRIBUTIONS-OF-GAINS> (226,731)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,063,405
<NUMBER-OF-SHARES-REDEEMED> (96,060)
<SHARES-REINVESTED> 21,738
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<AVERAGE-NET-ASSETS> 6,546,822
<PER-SHARE-NAV-BEGIN> 10.000
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<NAME> THE NAVELLIER PERFORMANCE FUNDS
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
The Navellier Performance Funds
Reno, Nevada
In planning and performing our audit of the financial
statements of Navellier Small Cap Equity Portfolio, Navellier
Aggressive Growth Portfolio, Navellier Mid Cap Growth
Portfolio, Navellier Micro Cap Portfolio, Navellier Small Cap
Value Portfolio, Navellier Large Cap Growth, Navellier Large
Value Portfolio and Navellier International Equity Portfolio,
each a series of shares of The Navellier Performance Funds, for
the period ended December 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 the Fund 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 December 31, 1998.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission, and
should not be used for any other purpose.
Tait Weller and Baker
Philadelphia, Pennsylvania
February 19, 1999
The Navellier Performance Funds
File # 811-09142
Sub-Item 77M: Mergers
On July 24, 1998, the Navellier Aggressive Small Cap Equity
Portfolio of the Navellier Performance Funds (the "Acquiring Portfolio")
acquired all the net assets of the Navellier Aggressive Small Cap Equity
Portfolio of the Navellier Series Fund (the "Series Fund") pursuant to a
plan of reorganization approved by the Series Fund's shareholders on
June 26, 1998. The acquisition was accomplished by a tax-free exchange
of 3,318,156 shares of the Acquiring Portfolio (valued at $54,597,912)
for the 3,318,156 shares of the Series Fund outstanding on July 24, 1998.
The Series Fund's net assets at that date ($54,597,912), including $6,897,784
of unrealized appreciation, were combined with those of the Acquiring
Portfolio. The aggregate net assets of the Acquiring Portfolio and the
Series Fund immediately before the acquisition were $10,298 and
$54,597,912, respectively.
