<PAGE>
[REPRESENTATION OF GRAPHIC IMAGE]
NAVELLIER
VARIABLE INSURANCE SERIES FUND
SEMIANNUAL REPORT
JUNE 30, 2000
<PAGE>
SEMIANNUAL REPORT, JUNE 30, 2000
NAVELLIER VARIABLE INSURANCE SERIES FUND, INC.
One East Liberty, Third Floor
Reno, NV 89501
(800) 887-8671
--------------------------------------------------------------------------------
August 25, 2000
Dear Shareholder:
The first six months of the year 2000 have quite frankly been one of the
most volatile periods in the history of the U.S. stock market. We saw a
correction at the end of the first quarter of the year and at the beginning of
April, especially in the NASDAQ market. Then after the tail end of the last
quarterly earnings announcement season in May, the stock market went into a low
volume meltdown that saw stock prices erode by up to 30% in about three weeks.
Such meltdowns are always a possibility, because the stock market is more
volatile than ever before. We have to admit that we have been surprised by the
degree of NASDAQ volatility that now exists.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
GROWTH PORTFOLIO RUSSELL 2000 RUSSELL 2000 GROWTH
<S> <C> <C> <C>
2/98 $10,000.00 $10,000.00 $10,000.00
3/98 $10,500.00 $10,412.00 $10,420.00
4/98 $10,520.00 $10,469.27 $10,483.56
5/98 $10,140.00 $9,904.97 $9,721.41
6/98 $10,440.00 $9,925.77 $9,820.57
7/98 $9,990.00 $9,121.79 $9,000.55
8/98 $7,930.00 $7,350.33 $6,923.22
9/98 $8,610.00 $7,925.87 $7,625.24
10/98 $8,740.00 $8,249.24 $8,023.27
11/98 $9,730.00 $8,681.50 $8,645.88
12/98 $11,220.00 $9,218.89 $9,428.33
1/99 $12,680.00 $9,341.38 $9,852.43
2/99 $11,720.00 $8,584.79 $8,951.16
3/99 $12,750.00 $8,718.81 $9,269.97
4/99 $13,350.00 $9,500.02 $10,088.51
5/99 $12,850.00 $9,638.72 $10,104.65
6/99 $14,340.00 $10,074.39 $10,637.16
7/99 $14,200.00 $9,798.35 $10,308.47
8/99 $14,470.00 $9,435.81 $9,922.94
9/99 $14,660.00 $9,437.70 $10,114.45
10/99 $17,010.00 $9,475.92 $10,373.53
11/99 $18,430.00 $10,041.73 $11,470.38
12/99 $21,616.10 $11,178.45 $13,492.06
1/00 $21,565.79 $10,998.94 $13,366.50
2/00 $29,717.11 $12,815.26 $16,476.41
3/00 $25,923.22 $11,970.34 $14,744.48
4/00 $25,279.17 $11,250.06 $13,255.77
5/00 $21,817.37 $10,594.34 $12,095.05
6/00 $23,326.88 $11,517.89 $13,657.50
</TABLE>
<TABLE>
<CAPTION>
VARIABLE INSURANCE SERIES FUND
GROWTH RUSSELL 2000
TOTAL RETURNS FOR PERIODS ENDED JUNE 30, 2000 PORTFOLIO RUSSELL 2000 GROWTH
--------------------------------------------------------- --------- ------------ ------------
<S> <C> <C> <C>
Six Months 7.91% 3.04% 1.23%
Annualized Since Inception+ 43.62% 6.23% 14.25%
Value of a $10,000 investment over Life of Fund+ $23,327 $11,518 $13,658
+Inception February 27, 1998
</TABLE>
Due to the recent volatility, the stock market is now obsessed with
fundamentals. Stocks without earnings, such as Amazon.com, have been severely
punished. Not only is the stock market demanding strong earnings growth from
stocks, but the stock market is also seeking out those stocks that will have
consistent, predictable growth in the upcoming months. This is the perfect
environment for the stocks in our fund. It appears that institutional investors
are gravitating toward the fundamentally superior stocks that we favor, and the
analyst community continues to upgrade their earnings estimates for many of our
stocks. As a result, we remain confident that our favorite stocks will continue
to appreciate after their third and fourth quarter earnings results are
released.
<PAGE>
The Navellier Variable Insurance Series Fund posted a return of 7.91% for
the six months ending June 30, 2000, compared to the Russell 2000 Growth Index,
up 1.23% for the same period. This is a very good return considering the
volatile market conditions we witnessed in the second quarter.
Many investors believe that the recent volatility in the stock market is
tied to the uncertainty surrounding the Federal Reserve Board, the direction of
interest rates, and the slowdown of the U.S. economy. This is partially correct.
However, the truth of the matter is that the majority of the volatility on Wall
Street can be traced directly to the NASDAQ reforms that were imposed by the
Justice Department back at the beginning of 1997. Prior to those NASDAQ reforms,
the NASDAQ market rarely exceeded more than 1% daily volatility, since then,
daily volatility of over 10% is not uncommon.
Semiconductor companies have been hit hard recently on concerns that the
chip boom has peaked and will start to drop off. In an attention-grabbing
report, Salomon Smith Barney analyst Jonathan J. Joseph warned that hard-to-find
chips were becoming easier and cheaper to buy, while chipmakers continued to
ramp up capacity. The report sent semiconductor stocks such as National
Semiconductor and Texas Instruments spiraling downward. However, there is some
good news for semiconductor stocks long-term. The analyst community states that
sales will likely pick up next year as global demand for personal computers
increases. A rebound in wireless cell-phone sales should also help the
semiconductor sector late this year and early next year. We plan to continue
holding specialty semiconductor companies, especially those with healthy
operating margins, such as Applied Micro Circuits, that should continue to post
record earnings in the upcoming quarters.
During the past few years, 90% of the money pouring into the stock market
chased less than 10% of the stocks. However, it now appears that the breadth and
power of the overall stock market is expanding. Fortunately, the previous narrow
stock market environment benefited many stocks in our fund. Now that the breadth
and power of the overall stock market is expanding and is now encompassing many
interest-sensitive value stocks, it is possible that some money that would
normally flow into the growth stocks might wander over to selected value stocks.
The fact that the breadth and power of the stock market is all of a sudden
expanding is now painting a very bullish outlook for the overall stock market.
Our forecast for the upcoming period is as follows: we expect the current
stock market rally to have at least four major waves of buying pressure. The
first wave of buying pressure started in August, after long-term bond yields
fell and it became very clear that inflationary pressures were diminishing and
the Federal Reserve Board would not need to raise key interest rates further.
The second wave of buying pressure will start after Labor Day when trading
volume traditionally surges after senior traders return from their summer
hiatus. The third wave of buying pressure will commence in mid-to-late September
when earnings pre-announcement season arrives and the analyst community revises
their earnings estimates higher for many stocks in our funds. The final wave of
buying pressure will arrive in mid-October and continue into early November as
the third quarter earnings are announced. By the time the Presidential elections
arrive in early November, the stock market may be overbought and ripe for
consolidation. However, we expect that the stock market will have its
traditional year-end rally starting around Thanksgiving, so we are expecting
smooth sailing for the remainder of the year. The high-flying growth stocks are
now facing increasing competition from value stocks, so although the stock
market's breadth and power is expanding, it may actually divert some of the
money that has been flowing into growth stocks. Although value stocks will
likely perform well during the first two waves of the four-stage rally that we
foresee, we suspect that when investors turn their attention towards earnings,
growth stocks will lead the third and fourth stages of the rally which will be
earnings driven. This is truly a wonderful time to be invested in the stock
market. Everything has fallen into place to launch a powerful stock market
rally. Interest rates have peaked, corporate earnings remain extremely strong,
trading volume is about to surge and the Presidential election cycle is now in
full force. In other words, this is as good as it gets!
2
<PAGE>
Always feel free to contact us if you have any questions or if we can help
you in any way. You may call us at (800) 887-8671 or visit our web site at
www.navellier.com, where we invite you to take advantage of our complimentary
weekly market commentary service, "Fund Mail."
Sincerely,
<TABLE>
<S> <C>
/s/ Louis G. Navellier /s/ Alan Alpers
LOUIS G. NAVELLIER ALAN ALPERS
</TABLE>
THIS MATERIAL HAS BEEN PRECEDED BY A NAVELLIER VARIABLE INSURANCE SERIES FUND
PROSPECTUS.
THE PRECEDING 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.
INDICES:
Russell 2000-Registered Trademark- Index measures the performance of the 2,000
smallest companies in the Russell 3000 Index, which represents approximately 11%
of the total market capitalization of the Russell 3000 Index.
Russell 2000-Registered Trademark- Growth Index measures the performance of
those Russell 2000 companies with higher price-to-book ratios and higher
forecasted growth values.
Russell 3000-Registered Trademark- Index measures the performance of the 3,000
largest U.S. companies based on total market capitalization, which represents
approximately 98% of the investable U.S. equity market.
THESE INDICES ARE CONSIDERED REPRESENTATIVE OF PERTINENT MARKET SECTORS IN
GENERAL. NONE ARE INVESTMENT PRODUCTS AVAILABLE FOR SALE.
3
<PAGE>
NAVELLIER VARIABLE INSURANCE SERIES FUND
-----------------------------------------------------------------
STATEMENT OF NET ASSETS
JUNE 30, 2000
(UNAUDITED)
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
------------------------------------------------------------------
MARKET VALUE
SHARES (NOTE 1)
------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 91.1%
BIOTECHNOLOGY AND DRUGS -- 4.5%
3,400 CuraGen Corp.* $ 129,413
2,400 MedImmune, Inc.* 177,600
----------
307,013
----------
BUSINESS SERVICES -- 3.7%
2,900 Diamond Technology
Parterners, Inc.* 255,200
----------
COMMUNICATION EQUIPMENT AND SERVICES -- 17.9%
1,950 ADTRAN, Inc.* 116,756
2,710 Advanced Fibre
Communications, Inc.* 122,797
2,800 Aspect Communications
Corp.* 110,075
1,600 Digital
Lightwave, Inc.* 160,900
1,300 Emulex Corp.* 85,394
1,600 Macrovision Corp.* 102,275
1,900 Powertel, Inc.* 134,781
3,900 Powerwave
Technologies, Inc.* 171,600
2,980 Scientific-Atlanta, Inc. 222,010
----------
1,226,588
----------
COMPUTER EQUIPMENT AND SERVICES -- 10.1%
3,000 CDW Computer Centers
Inc. 187,500
1,500 i2 Technologies, Inc.* 156,398
2,080 SanDisk Corp.* 127,270
2,500 Silicon Storage
Technology, Inc.* 220,781
----------
691,949
----------
COMPUTER SOFTWARE AND PROGRAMMING -- 10.2%
2,130 Adobe Systems, Inc 276,900
3,540 BroadVision, Inc.* 179,876
2,500 Mercury Interactive
Corp.* 241,875
----------
698,651
----------
ELECTRONIC PRODUCTS -- 13.6%
5,100 AVX Corp. 116,981
2,000 Burr-Brown Corp.* 173,375
2,900 DSP Group, Inc.* 162,400
4,320 KEMET Corp.* 108,270
1,800 Power-One Inc. 205,088
4,500 Vishay
Intertechnology, Inc.* 170,718
----------
936,832
----------
INSTRUMENTS -- 2.7%
1,700 Newport Corp. 182,538
----------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
MARKET VALUE
SHARES (NOTE 1)
------------------------------------------------------------------
<C> <S> <C>
MEDICAL EQUIPMENT AND SUPPLIES -- 5.3%
1,400 ArthroCare Corp.* $ 74,550
2,000 Cytyc Corp.* 106,750
1,400 Techne Corp.* 182,000
----------
363,300
----------
MISCELLANEOUS MANUFACTURING -- 2.1%
2,800 Cognex Corp.* 144,900
----------
OIL AND GAS SERVICES -- 4.4%
1,800 Apache Corp. 105,863
3,100 BJ Services Company* 193,750
----------
299,613
----------
SEMICONDUCTORS AND RELATED -- 16.6%
4,080 Alpha Industries, Inc.* 179,775
2,480 Applied Micro Circuits
Corp.* 244,900
2,100 Kopin Corp.* 145,425
800 SDL, Inc.* 228,150
3,600 TriQuint
Semiconductor, Inc.* 344,475
----------
1,142,725
----------
TOTAL COMMON STOCK
(COST $5,770,962) 6,249,309
----------
MONEY MARKET FUND -- 9.0%
620,130 Fund for Government
Investors
(Cost $620,130) 620,130
----------
TOTAL INVESTMENTS -- 100.1%
(COST $6,391,092) $6,869,439
Liabilities in Excess of
Other Assets -- (0.1%) (5,147)
----------
NET ASSETS -- 100.0% $6,864,292
==========
NET ASSETS CONSIST OF:
Paid-in-Capital $6,377,852
Net Investment Loss (21,344)
Accumulated Net Realized Gain on Investments
29,437
Net Unrealized Appreciation of Investments
478,347
----------
NET ASSETS $6,864,292
==========
NET ASSET VALUE PER SHARE
(Based on 296,168 shares outstanding)
$23.18
==========
</TABLE>
--------------------------
* NON-INCOME PRODUCING
SEE NOTES TO FINANCIAL STATEMENTS.
4
<PAGE>
NAVELLIER VARIABLE INSURANCE SERIES FUND
-----------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
GROWTH
PORTFOLIO
---------
<S> <C>
INVESTMENT INCOME
Interest (Note 1)......................................... $ 17,061
Dividends (Note 1)........................................ 1,246
---------
Total Investment Income................................. 18,307
---------
EXPENSES
Investment Advisory Fee (Note 2).......................... 22,469
Administrative Fee (Note 2)............................... 6,609
Transfer Agent and Custodian Fee (Note 3)................. 13,468
Trustees' Fees and Expenses (Note 2)...................... 6,000
Shareholder Reports and Notices........................... 3,556
Audit Fees................................................ 2,000
Organizational Expense (Note 1)........................... 1,752
Other Expenses............................................ 695
---------
Total Expenses.......................................... 56,549
Less Expenses Reimbursed by Investment Adviser
(Note 2)............................................... (16,898)
---------
Net Expenses.......................................... 39,651
---------
NET INVESTMENT LOSS......................................... (21,344)
---------
Net Realized Loss on Investments............................ (28,280)
Change in Net Unrealized Appreciation of Investments........ (345,942)
---------
NET LOSS ON INVESTMENTS..................................... (374,222)
---------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $(395,566)
=========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
5
<PAGE>
NAVELLIER VARIABLE INSURANCE SERIES FUND
-----------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
GROWTH PORTFOLIO
----------------------------
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999
------------- ------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net Investment Loss....................................... $ (21,344) $ (7,094)
Net Realized Gain (Loss) on Investment Transactions....... (28,280) 103,746
Change in Net Unrealized Appreciation of Investments...... (345,942) 779,531
---------- ----------
Net Increase (Decrease) in Net Assets Resulting from
Operations............................................ (395,566) 876,183
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS
From Net Realized Gains................................... -- (17,346)
---------- ----------
FROM SHARE TRANSACTIONS
Net Proceeds from Sales of Shares......................... 5,762,392 1,772,191
Reinvestment of Distributions............................. -- 17,346
Cost of Shares Redeemed................................... (1,304,223) (51,232)
---------- ----------
Net Increase in Net Assets Resulting from Share
Transactions.......................................... 4,458,169 1,738,305
---------- ----------
TOTAL INCREASE IN NET ASSETS............................ 4,062,603 2,597,142
NET ASSETS -- Beginning of Period........................... 2,801,689 204,547
---------- ----------
NET ASSETS -- End of Period................................. $6,864,292 $2,801,689
========== ==========
SHARES
Sold...................................................... 218,626 115,039
Issued in Reinvestment of Distributions................... -- 821
Redeemed.................................................. (52,866) (3,676)
---------- ----------
Net Increase in Shares.................................. 165,760 112,184
========== ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
6
<PAGE>
NAVELLIER VARIABLE INSURANCE SERIES FUND
-----------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH PORTFOLIO
------------------------------------------------
FOR THE SIX FOR THE YEAR FOR THE PERIOD
MONTHS ENDED ENDED ENDED
JUNE 30, 2000 DECEMBER 31, DECEMBER 31,
(UNAUDITED) 1999 1998*
------------- ------------- --------------
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net Asset Value -- Beginning of Period............. $21.48 $11.22 $10.00
------ ------ ------
Income from Investment Operations:
Net Investment Loss.............................. (0.07) (0.05) (0.04)
Net Realized and Unrealized Gain on
Investments.................................... 1.77(C) 10.44 1.26
------ ------ ------
Total from Investment Operations............... 1.70 10.39 1.22
------ ------ ------
Distributions to Shareholders
From Net Realized Gains.......................... -- (0.13) --
------ ------ ------
Net Increase in Net Asset Value.................... 1.70 10.26 1.22
------ ------ ------
Net Asset Value -- End of Period................... $23.18 $21.48 $11.22
====== ====== ======
TOTAL INVESTMENT RETURN.............................. 7.91%(A) 92.66% 12.20%(A)
RATIOS TO AVERAGE NET ASSETS:
Expenses After Reimbursement (Note 2).............. 1.50%(B) 1.50% 1.50%(B)
Expenses Before Reimbursement (Note 2)............. 2.12%(B) 8.23% 30.21%(B)
Net Investment Loss After Reimbursement
(Note 2)......................................... (0.80)%(B) (0.85)% (0.67)%(B)
Net Investment Loss Before Reimbursement
(Note 2)......................................... (1.42)%(B) (7.60)% (69.34)%(B)
SUPPLEMENTARY DATA:
Portfolio Turnover Rate............................ 67% 85% 129%
Net Assets at End of Period (in thousands)......... $6,864 $2,802 $205
Number of Shares Outstanding at End of Period (in
thousands)....................................... 296 130 18
</TABLE>
----------------------------------------------------
(A) Total returns for periods of less than one year are not annualized.
(B) Annualized
(C) The per share amount does not coincide with the net realized and unrealized
loss for the year because of the timing of sales and redemptions of Fund
shares and the amount of per share realized and unrealized gain and loss at
such time.
* FROM COMMENCEMENT OF OPERATIONS FEBRUARY 27, 1998
SEE NOTES TO FINANCIAL STATEMENTS.
7
<PAGE>
NAVELLIER VARIABLE INSURANCE SERIES FUND
-----------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
(UNAUDITED)
1. Significant Accounting Policies
The Navellier Variable Insurance Series Fund, Inc. (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 management
investment company authorized to issue multiple series of shares, each
representing a portfolio of investments. The Fund currently has authorized one
series, the Navellier Growth Portfolio (the "Growth Portfolio"), a diversified
open-end management investment company. The Growth Portfolio seeks to achieve
long-term growth of capital primarily through investment in companies with
appreciation potential. The Fund was established as a Maryland corporation
organized on February 28, 1997. The Fund is authorized to issue 500,000,000
shares of capital stock with no stated par value of the Growth Portfolio. The
Fund's shares are offered only to (a) insurance companies to fund benefits under
their variable annuity contracts and variable life insurance policies and
(b) tax-qualified pension and retirement plans ("Qualified Plans"), including
participant-directed Qualified Plans which elect to make the Fund available as
investment options for Qualified Plan participants. 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 Directors will value the Fund's securities in good
faith. The Directors 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 reinvested 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 and capital gains to its shareholders. Therefore, no Federal
income tax provision is required.
(e) Organizational expenses of the Growth Portfolio totaling $17,520 are
being deferred and amortized over 60 months beginning with public offering of
shares in the Fund. Any redemption by an initial investor during the
amortization period will be reduced by a pro rata portion of any of the
unamortized organization 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, 2000, unamortized
organization costs of the Growth Portfolio were $9,344.
2. Investment Advisory Fees and Other Transactions with Affiliates
Investment advisory services are provided by Navellier & Associates, Inc.
(the "Adviser"). Under an agreement with the Adviser, the Fund pays a fee at the
annual rate of 0.85% of the daily net assets of the Growth Portfolio. The
Adviser receives an annual fee equal to 0.25% of the Funds average daily net
8
<PAGE>
NAVELLIER VARIABLE INSURANCE SERIES FUND
-----------------------------------------------------------------
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 director of the Fund is also an officer
and director of the Adviser.
Under an agreement between the Fund and the Adviser, the Adviser has agreed
to waive its advisory fee and/or reimburse expenses until the total portfolio
operating expenses are at or below 1.50%. This agreement is subject to
termination at any time without notice to shareholders after the expiration of
the twelve months from the date shares of the Growth Portfolio are first offered
to the public. During the period ended June 30, 2000, the Adviser paid operating
expenses of the portfolio totaling $27,471 under the operating expense
agreements, the Adviser requested and the portfolio reimbursed $10,573 of such
expenses.
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 director of the Fund is also an officer and director
of the Distributor.
The Fund pays each of its Directors not affiliated with the Adviser $6,000
annually. For the six months ended June 30, 2000, Directors' fees and expenses
totaled $6,000.
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 Directors.
4. Securities Transactions
For the six months ended June 30, 2000, the cost of purchases and proceeds
from sales (including maturities) of securities (excluding short-term
securities) were $7,154,892 and $3,067,241, respectively.
5. Unrealized Appreciation and Depreciation of Investments
Unrealized appreciation and depreciation as of June 30, 2000, based on the
cost for Federal income tax purposes is as follows:
<TABLE>
<CAPTION>
GROWTH PORTFOLIO
----------------
<S> <C>
Gross Unrealized Appreciation............................... $1,265,083
Gross Unrealized Depreciation............................... (786,736)
----------
Net Unrealized Appreciation................................. $ 478,347
==========
Cost of Investments for Federal Income Tax Purposes......... $6,391,092
==========
</TABLE>
9
<PAGE>
NAVELLIER OFFICES:
ONE EAST LIBERTY THIRD FLOOR
RENO, NEVADA 89501
800-887-8671 P.S.T.
CUSTODIAN & TRANSFER AGENT:
RUSHMORE TRUST AND SAVINGS, FSB
4922 FAIRMONT AVENUE
BETHESDA, MD 20814
800-622-1386 E.S.T.