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<PAGE> PAGE 2
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SIGNATURE ARJEN KUYPER
TITLE TREASURER
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<ARTICLE> 6
<CIK> 0000906518
<NAME> THE NAVELLIER SERIES FUND
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<NAME> NAVELLIER AGGRESSIVE SMALL CAP EQUITY PORTFOLIO
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<PERIOD-START> JAN-01-1998
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
The Navellier Series Funds
Reno, Nevada
In planning and performing our audit of the financial statements of
Navellier Aggressive Small Cap Equity Portfolio a series of shares of
the Navellier Series Funds, for the period ended July 24, 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 are 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 July 24, 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.
Philadelphia, Pennsylvania
February 19, 1999
Navellier Series Fund
File #: 811-06229
Sub-Item 77C: Submission of Matters to a Vote of Security Holders
On June 26, 1998, a Special Meeting of Shareholders of the
Navellier Aggressive Small Cap Equity Portfolio, a series of the
Navellier Series Fund was held. At the meeting the shareholders
voted and approved the Agreement and Plan of Reorganization
(the "Plan"). Under the Plan, on July 24, 1998, the Navellier
Aggressive Small Cap Equity Portfolio was merged into the Navellier
Aggressive Small Cap Equity Portfolio (the Acquiring Fund), a
separate portfolio of the Navellier Performance Funds.
