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<PAGE> PAGE 2
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SIGNATURE TIMOTHY N. COAKLEY
TITLE CFO
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001070026
<NAME> THE AMERICAN TIGER FUNDS
<SERIES>
<NUMBER> 1
<NAME> AMERICAN TIGER TOP 20 PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> SEP-30-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 6,255,855
<INVESTMENTS-AT-VALUE> 7,161,635
<RECEIVABLES> 184,146
<ASSETS-OTHER> 0
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</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
American Tiger Top 20 Fund
Reno, Nevada
In planning and performing our audit of the financial statements of American
Tiger Top 20 Fund, for the period ended December 31, 1998 we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition, and that transactions are executed
in accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including procedures
for safeguarding securities, that we consider to be material weaknesses, as
defined above, as of December 31, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission, and should not be used for any other
purpose.
Tait Weller and Baker
Philadelphia, Pennsylvania
February 19, 1999
