0000950134-07-009759 Sample Contracts

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Navellier & Associates, Inc. One East Liberty, Third Floor Reno, NV 89501
Investment Adviser Operating Expenses Reimbursement Agreement • May 1st, 2007 • Navellier Millennium Funds

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%.

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