Exhibit (l)(1)
Navellier & Associates, Inc.
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April 30, 2007
The Navellier Performance Funds
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RE: Investment Adviser Operating
Expenses Reimbursement Agreement
Gentlemen:
Since the inception of operations of the Navellier Performance Funds (the
"Fund"), the Investment Adviser has paid the operating expenses of the Fund
without requiring full reimbursement from the Fund. The purpose of this letter
is to provide an agreement from Navellier & Associates, Inc. (the "Adviser")
that the Adviser, while under no prior obligation to do so, has agreed to waive
reimbursement of costs and expenses advanced and, if necessary, fees so that the
total operating expenses for future years for the Navellier Mid Cap Growth
Portfolio do not exceed 1.34%, for the Mid Cap growth - Class I Portfolio
do not exceed 0.99%, for the Navellier Aggressive Micro Cap Portfolio do not
exceed 1.49% and for the Navellier Fundamental A portfolio do not 1.49%.
If the foregoing accurately reflects the Fund's understanding regarding
the matters discussed herein, please sign and return the enclosed copy of this
letter.
Very truly yours,
Navellier & Associates, Inc.
By:
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▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, President
AGREED: THE NAVELLIER PERFORMANCE FUNDS
By:
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▇▇▇▇▇ ▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇ ▇▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Trustee