EXHIBIT 99.13.1
Navellier Management, Inc.
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September 9, 1998
The American Tiger Funds
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Re: Investment Adviser Operating Expenses
Reimbursement Agreement
Gentlemen:
Since the inception of operations of The American Tiger 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, of expenses advanced which total more than
1.5% of the Fund's total operating expenses, i.e., the Adviser will be entitled
to reimbursement of expenses advanced to the extent that such reimbursement plus
other Fund operating expenses do 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 MANAGEMENT, INC.
By:
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, President
ACKNOWLEDGED AND
AGREED as to THE AMERICAN TIGER FUNDS
the 9th day of September, 1998:
By:
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▇▇▇▇▇ ▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇ ▇▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇▇ ▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Trustee
By:
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, Trustee