Exhibit (l)(2)
Navellier & Associates, Inc.
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April 30, 2007
The Navellier Millennium Funds
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RE: Investment Adviser Operating Expenses
Reimbursement Agreement
Gentlemen:
Since the inception of operations of the Navellier Millennium 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
Top 20 Portfolio do not exceed 1.50% and for the Navellier International Growth
Portfolio do not exceed 1.50%.
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: __________________________
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, President
AGREED: THE NAVELLIER MILLENNIUM FUNDS
BY: __________________________
▇▇▇▇▇ ▇▇▇▇▇▇, Trustee
BY: __________________________
▇▇▇▇ ▇▇▇▇▇▇▇, Trustee
By: __________________________
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Trustee