<PAGE>
[REPRESENTATION OF GRAPHIC IMAGE]
NAVELLIER
MILLENNIUM FUNDS
TOP 20 PORTFOLIO
SEMIANNUAL REPORT
JUNE 30, 2000
<PAGE>
SEMIANNUAL REPORT, June 30, 2000
NAVELLIER MILLENNIUM FUNDS
One East Liberty, Third Floor
Reno, NV 89501
(800) 887-8671
--------------------------------------------------------------------------------
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.
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.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
TOP 20 PORTFOLIO TOP 20 PORTFOLIO* RUSSELL 3000
<S> <C> <C> <C>
9/98 10,000 10,000 10,000
10/98 10,310 9,800 10,759
11/98 11,110 10,560 11,417
12/98 12,550 11,929 12,143
1/99 14,310 13,602 12,555
2/99 13,290 12,632 12,111
3/99 14,570 13,849 12,555
4/99 15,280 14,524 13,122
5/99 14,470 13,754 12,872
6/99 16,960 16,120 13,523
7/99 16,710 15,883 13,113
8/99 17,390 16,529 12,964
9/99 16,560 15,740 12,632
10/99 17,530 16,662 13,425
11/99 18,490 17,575 13,800
12/99 22,077 20,984 14,681
1/00 22,266 21,164 14,105
2/00 31,082 29,543 14,236
3/00 26,690 25,369 15,351
4/00 24,910 23,677 14,810
5/00 21,108 20,063 14,394
6/00 25,679 24,408 14,821
</TABLE>
<TABLE>
<CAPTION>
NAVELLIER MILLENNIUM FUNDS
TOP 20 TOP 20
TOTAL RETURNS FOR PERIODS ENDED JUNE 30, 2000 PORTFOLIO PORTFOLIO* RUSSELL 3000
--------------------------------------------- --------- ---------- ------------
<S> <C> <C> <C>
Six Months 16.32% 10.56% 0.95%
Annualized Since Inception+ 71.38% 66.48% 25.20%
Value of a $10,000 investment over Life of Fund+ $25,679 $24,408 $14,821
*Adjusted for maximum load
+Inception September 30, 1998
</TABLE>
The Navellier Top 20 Portfolio posted a load adjusted return of 10.56% for
the six months through the end ending of June 30, 2000, compared to the Russell
3000 which posted a return of 0.95% for the same period. This is a very good
return considering the volatile market conditions we witnessed in the second
quarter.
<PAGE>
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) 887-8670 or visit our web site at
www.navelliertop20.com, where we invite you to take advantage of our
complimentary weekly market commentary service, "Market Update".
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 Millennium Funds prospectus.
The preceding charts and performance numbers assume reinvestment of all
distributions and maximum sales load.
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
original cost.
*Index:
Russell 3000-Registered Trademark- 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. It is not an investment
product available for sale.
3
<PAGE>
NAVELLIER MILLENNIUM FUNDS
-----------------------------------------------------------------
STATEMENT OF NET ASSETS
JUNE 30, 2000
(UNAUDITED)
TOP 20 PORTFOLIO
<TABLE>
<CAPTION>
------------------------------------------------------------------
MARKET VALUE
SHARES (NOTE 1)
------------------------------------------------------------------
<C> <S> <C>
COMMON STOCKS - 95.6%
BIOTECHNOLOGY AND DRUGS - 9.0%
35,000 IVAX Corp.* $ 1,452,500
21,000 MedImmune, Inc.* 1,554,000
-----------
3,006,500
-----------
COMPUTER SOFTWARE AND
PROGRAMMING - 7.0%
6,000 Check Point Software
Technologies Ltd. * 1,270,500
21,000 BroadVision, Inc.* 1,067,063
-----------
2,337,563
-----------
COMPUTER EQUIPMENT AND
SERVICES - 3.4%
22,600 BEA Systems, Inc.* 1,117,287
-----------
ELECTRONIC COMPONENTS/
EQUIPMENT - 9.7%
50,000 KEMET Corp.* 1,253,125
17,300 Power-One, Inc.* 1,971,119
-----------
3,224,244
-----------
INDUSTRIAL MACHINERY - 2.8%
20,000 Lone Star
Technologies, Inc.* 925,000
-----------
INSTRUMENTS - 12.3%
19,000 Newport Corp. 2,040,125
27,200 Photon Dynamics, Inc.* 2,031,500
-----------
4,071,625
-----------
MANUFACTURING - 3.7%
29,800 Nanometrics, Inc.* 1,227,387
-----------
MEDICAL EQUIPMENT AND
SUPPLIES - 4.3%
29,500 Zoll Medical Corp.* 1,445,500
-----------
OIL & GAS SERVICES - 12.9%
36,600 ClaytonWilliams
Energy, Inc.* 1,168,912
80,000 Patina Oil & Gas Corp. 1,660,000
27,000 Prima Energy Corp. 1,444,500
-----------
4,273,412
-----------
SEMICONDUCTORS AND RELATED - 16.5%
24,000 Applied Micro Circuits
Corp.* 2,370,000
33,000 Three-Five
Systems, Inc.* 1,947,000
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
MARKET VALUE
SHARES (NOTE 1)
------------------------------------------------------------------
<C> <S> <C>
12,000 TriQuint
Semiconductor, Inc.* $ 1,148,250
-----------
5,465,250
-----------
TELECOMMUNICATIONS
EQUIPMENT - 14.0%
6,100 SDL Inc. 1,739,644
22,000 Tollgrade
Telecommunications, Inc.* 2,915,000
-----------
4,654,644
-----------
TOTAL COMMON STOCK
(COST $22,798,519) 31,748,412
-----------
SHORT TERM INVESTMENTS - 5.1%
1,719,176 Federal Home Loan Bank
Discount Note
(Cost $1,719,176) 1,719,176
-----------
TOTAL INVESTMENTS - 100.7%
(COST $24,517,695) $33,467,588
Liabilities in Excess of Other Assets - (0.7%)
(251,247)
-----------
NET ASSETS - 100.0% $33,216,341
===========
NET ASSETS CONSIST OF:
Paid-in-Capital applicable to:
Class A $18,757,211
Class B 1,221,530
Class C 321,163
Net Investment Loss (160,337)
Accumulated Net Relaized Gain on Investments
4,126,881
Net Unrealized Appreciation of Investments
8,949,893
-----------
NET ASSETS $33,216,341
===========
NET ASSET VALUE PER SHARE:
CLASS A SHARES
(Based on 1,296,417 Shares Outstanding)
$24.38
CLASS A OFFERING PRINCE PER SHARE (100/95.05 of
$24.38) $25.65
CLASS B SHARES
(Based on 52,769 Shares Outstanding)
$24.29
CLASS C SHARES
(Based on 13,423 Shares Outstanding)
$24.30
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
4
<PAGE>
NAVELLIER MILLENNIUM FUNDS
-----------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
TOP 20 PORTFOLIO
----------------
<S> <C>
INVESTMENT INCOME
Interest (Note 1)......................................... $ 22,317
Dividends (Note 1)........................................ 2,770
----------
Total Investment Income................................. 25,087
----------
EXPENSES
Investment Advisory Fee (Note 2).......................... 143,062
Distribution Plan Fee (Note 2)............................ 6,596
Transfer Agent and Custodian Fee (Note 3)................. 37,897
Registration Fees......................................... 31,868
Trustees' Fees............................................ 18,000
Insurance Expense......................................... 16,623
Printing Expense.......................................... 11,839
Audit Fees................................................ 6,000
Legal Expense............................................. 4,167
----------
Total Expenses.......................................... 276,052
Less Expenses Reimbursed by Investment Adviser
(Note 2)............................................... (90,628)
----------
Net Expenses.......................................... 185,424
----------
NET INVESTMENT LOSS......................................... (160,337)
----------
Net Realized Gain on Investments............................ 2,350,394
Change in Net Unrealized Appreciation of Investments........ 1,880,288
----------
NET GAIN ON INVESTMENTS..................................... 4,230,682
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $4,070,345
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
5
<PAGE>
NAVELLIER MILLENNIUM FUNDS
-----------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
TOP 20 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....................................... $ (160,337) $ (199,501)
Net Realized Gain on Investment Transactions.............. 2,350,394 2,920,802
Change in Net Unrealized Appreciation of Investments...... 1,880,288 6,163,825
----------- -----------
Net Increase in Net Assets Resulting from Operations.... 4,070,345 8,885,126
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
From Net Realized Gains:
Class A Shares.......................................... -- (1,150,707)
Class B Shares.......................................... -- --
Class C Shares.......................................... -- --
----------- -----------
Total Distributions to Shareholders..................... -- (1,150,707)
----------- -----------
FROM SHARE TRANSACTIONS
Net Proceeds from Sales of Shares:
Class A Shares.......................................... 5,750,698 10,185,572
Class B Shares.......................................... 1,221,530 --
Class C Shares.......................................... 321,163 --
Reinvestment of Distributions:
Class A Shares.......................................... 771 1,126,789
Class B Shares.......................................... -- --
Class C Shares.......................................... -- --
Net Proceeds from Sales of Shares:
Class A Shares.......................................... (1,581,417) (2,815,288)
Class B Shares.......................................... -- --
Class C Shares.......................................... -- --
----------- -----------
Net Increase in Net Assets Resulting from Share
Transactions.......................................... 5,712,745 8,497,073
----------- -----------
TOTAL INCREASE IN NET ASSETS............................ 9,783,090 16,231,492
NET ASSETS -- Beginning of Period........................... 23,433,251 7,201,759
----------- -----------
NET ASSETS -- End of Period................................. $33,216,341 $23,433,251
=========== ===========
SHARES
Sold:
Class A Shares.......................................... 244,516 661,011
Class B Shares.......................................... 52,769 --
Class C Shares.......................................... 13,423 --
Issued in Reinvestment of Distributions:
Class A Shares.......................................... 38 55,261
Class B Shares.......................................... -- --
Class C Shares.......................................... -- --
Redeemed:
Class A Shares.......................................... (66,185) (171,996)
Class B Shares.......................................... -- --
Class C Shares.......................................... -- --
----------- -----------
Net Increase in Shares.................................. 244,561 544,276
=========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
6
<PAGE>
NAVELLIER MILLENNIUM FUNDS
-----------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
TOP 20 PORTFOLIO
-----------------------------------------------------------------------------
CLASS A CLASS B CLASS C
------------------------------------------------- ------------ ------------
FOR THE FOR THE FOR THE
SIX MONTHS PERIOD PERIOD
ENDED FOR THE FOR THE ENDED ENDED
JUNE 30, YEAR ENDED PERIOD ENDED JUNE 30, JUNE 30,
2000 DECEMBER 31, DECEMBER 31, 2000** 2000***
(UNAUDITED) 1999 1998* (UNAUDITED) (UNAUDITED)
--------------- --------------- --------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net Asset Value -- Beginning of Period.......... $20.96 $12.55 $10.00 $27.85 $21.54
------- ------- ------ ------ ------
Income from Investment Operations:
Net Investment Loss........................... (0.12) (0.18) (0.01) (0.02) --
Net Realized and Unrealized Gains (Loss) on
Investments................................. 3.54 9.68 2.56 (3.54) 2.76
------- ------- ------ ------ ------
Total from Investment Operations............ 3.42 9.50 2.55 (3.56) 2.76
------- ------- ------ ------ ------
Distributions to Shareholders:
From Net Realized Gains....................... -- (1.09) -- -- --
------- ------- ------ ------ ------
Net Increase (Decrease) in Net Asset Value...... 3.42 8.41 2.55 (3.56) 2.76
------- ------- ------ ------ ------
Net Asset Value -- End of Period................ $24.38 $20.96 $12.55 $24.29 $24.30
======= ======= ====== ====== ======
TOTAL INVESTMENT RETURN+.......................... 16.32%(A) 75.91% 25.50%(A) (12.78)%(A) 12.81%(A)
RATIOS TO AVERAGE NET ASSETS:
Expenses After Reimbursement (Note 2)........... 1.50%(B) 1.50% 1.50%(B) 2.25%(B) 2.25%(B)
Expenses Before Reimbursement (Note 2).......... 1.85%(B) 2.34% 2.18%(B) 2.60%(B) 2.60%(B)
Net Investment Loss After reimbursement
(Note 2)...................................... (1.12)%(B) (1.34)% (0.64)%(B) (1.21)%(B) (0.35)%(B)
Net Investment Loss Before reimbursement
(Note 2)...................................... (1.75)%(B) (2.19)% (7.04)%(B) (1.84)%(B) (0.98)%(B)
SUPPLEMENTARY DATA:
Portfolio Turnover Rate......................... 79% 235% 82% 79% 79%
Net Assets at End of Period (in thousands)...... $31,608 $23,433 $7,202 $1,282 $ 326
Number of Shares Outstanding at End of Period
(in thousands)................................ 1,296 1,118 574 53 13
</TABLE>
---------------------------------
(A) Total returns for periods of less than one year are not annualized.
(B) Annualized
* FROM COMMENCEMENT OF OPERATIONS SEPTEMBER 30, 1998
** FROM COMMENCEMENT OF OPERATIONS MARCH 28, 2000
*** FROM COMMENCEMENT OF OPERATIONS APRIL 18, 2000
+ TOTAL RETURN REPRESENTS AGGREGATE TOTAL RETURN FOR THE PERIOD INDICATED AND
DOES NOT REFLECT ANY APPLICABLE SALES CHARGE.
SEE NOTES TO FINANCIAL STATEMENTS.
7
<PAGE>
NAVELLIER MILLENNIUM FUNDS
-----------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
(UNAUDITED)
1. Significant Accounting Policies
The Navellier Millennium Funds (the "Fund") is registered under the
Investment Company Act of 1940, as amended, (the "Act") as an open-end
management investment company and is authorized to issue shares of beneficial
interests. The Fund currently offers shares of beneficial interests in one
Portfolio, the Top 20 Portfolio (the "Portfolio"), a non-diversified open-end
management investment company. The Fund was established as a Delaware Business
Trust organized on September 4, 1998. The Fund is authorized to issue an
unlimited number of beneficial interest. The Fund consists of three classes of
shares: Class A shares offered since September 30, 1998, and Class B and
Class C shares offered since March 2, 2000. Shares of Class A are purchased at
the public offering price which includes a maximum sales charge of up to 4.95%
depending on the size of the purchase. Class B and Class C shares are offered at
net asset value without an initial sales charge. Income and expenses of the Fund
are allocated proportionately to the three classes of shares based on daily net
assets, except for Rule 12b-1 distribution fees (Note 4). 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 gain and
loss on 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.
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 1.00% of the daily net assets of the Portfolio. 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 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. During the six months ended June 30, 2000,
the Adviser paid operating expenses of the portfolio totaling $126,394 under the
operating expense agreements the Adviser requested and the Portfolio reimbursed,
$35,766 of such expenses.
8
<PAGE>
NAVELLIER MILLENNIUM FUNDS
-----------------------------------------------------------------
Navellier Securities, Inc. (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 service to the Fund pursuant to a distribution
agreement. An officer and trustee of the Fund is also an officer and director of
the Distributor.
For the six months ended June 30, 2000, the Fund was advised that the
Distributor received $234,333 from sales loads earned on sales of the Fund's
capital stock.
The Fund pays each of its Trustees not affiliated with the Adviser $12,000
annually. For the six months ended June 30, 2000, Trustees fees totaled $18,000.
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 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%, 1.00% and 1.00% per annum of the average daily net
assets of Class A, Class B, and Class C, respectively, 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 six months ended June 30, 2000, the cost of purchases and proceeds
from sales (including maturities) of securities (excluding short-term
securities) were $26,804,653 and $21,738,321, respectively.
6. Unrealized Appreciation and Depreciation of Investments
Unrealized appreciation and depreciation as of June 30, 2000, based on the
cost for Federal income tax purposes are as follows:
<TABLE>
<CAPTION>
TOP 20
PORTFOLIO
-----------
<S> <C>
Gross Unrealized Appreciation............................... $ 9,700,793
Gross Unrealized Depreciation............................... (750,900)
-----------
Net Unrealized Appreciation................................. $ 8,949,893
===========
Cost of Investments for Federal Income Tax Purposes......... $24,517,695
===========
</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.
