EXHIBIT 13.1
Navellier Management, Inc.
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As of January 2, 1996
The Navellier Performance Funds
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Re: Amended Investment Adviser Operating Expenses
Reimbursement Agreement
Gentlemen:
Since the inception of operations of The Navellier Performance Funds (the
"Fund"), Navellier Management, Inc. (the "Adviser"), has paid the operating
expenses of the Fund without requiring reimbursement from the Fund. The purpose
of this letter is to obtain an acknowledgment from the Fund that (i) the Adviser
has been under no obligation to pay such operating expenses, and (ii) the
Adviser is under no obligation to continue to pay the Fund's operating expenses
now or in the future.
Notwithstanding the foregoing, until further notice to the contrary, the
Adviser will continue to pay the Fund's operating expenses without requiring
current reimbursement from the Fund. The Adviser reserves the right to require
reimbursement in the future for operating expenses of the Fund at any time
upon notice to the Fund that some or all past and presently accrued operating
expenses of the Fund shall be required to be reimbursed to the Adviser, or paid
directly by the Fund.
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 MANAGEMENT, INC.
By:
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▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, President
ACKNOWLEDGED AND
AGREED as to THE NAVELLIER PERFORMANCE FUNDS
the 2nd day of January, 1996:
By:
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▇▇▇▇▇ ▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇ ▇▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Trustee