EXHIBIT (L)(2)
Navellier & Associates, Inc.
Xxx Xxxx Xxxxxxx, Xxxxx Xxxxx
Xxxx, Xxxxxx 00000
December 29, 2004
The Navellier Millennium Funds
Xxx Xxxx Xxxxxxx, Xxxxx Xxxxx
Xxxx, Xxxxxx 00000
Re: Investment Adviser Operating Expenses
Reimbursement Agreement
Gentlemen:
Since the inception of operations of the Navellier Millennium Funds (the
"Fund") 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 current Adviser Navellier &
Associates has been under no obligation to pay such operating expenses.
Notwithstanding the foregoing, the Adviser will continue to pay the Fund's
operating expenses without requiring current reimbursement, from the Fund, of
expenses advanced which total more than 1.5% each for the Top 20 Portfolio and
for the International Growth Portfolio of the Fund's total operating expenses,
for the year ended December 31, 2005 i.e., the Adviser will be entitled to
reimbursement of expenses advanced to the extent that such reimbursement plus
other Fund operating expenses of not exceed 1.5% per annum. If the Fund's
total operating expenses exceed 1.5% per annum, the excess expenses advanced
will not be reimbursed. 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 & ASSOCIATES, INC.
By:
-----------------------------
Xxxxx X. Xxxxxxxxx, President
ACKNOWLEDGED AND
AGREED as to THE NAVELLIER MILLENNIUM FUNDS
the 29th day of December, 2004
By:
---------------------------
Xxxxx Xxxxxx, Trustee
By:
---------------------------
Xxxx Xxxxxxx, Trustee
By:
---------------------------
Xxxxxxx Xxxxxxxxx, Trustee
By:
---------------------------
Xxxxx X. Xxxxxxxxx, Trustee
