EXPENSE CAP/REIMBURSEMENT AGREEMENT
This Agreement is entered into as of December 10, 1999
between Light Index Investment Company (the "Adviser") and
Light Revolution Fund, Inc. (the "Company") on behalf of the
Light Revolution Fund (the "Fund").
WHEREAS, the Adviser desires to contractually
agree to waive a portion of its advisory fee or
reimburse certain of the Fund's operating expenses to
ensure that the Fund's total operating expenses do not
exceed the levels described below.
NOW THEREFORE, the parties agree as follows:
The Adviser agrees that until March 31, 2001, it
will reduce its compensation as provided for in the
Investment Advisory Agreement between the Company and
the Adviser dated May 15, 1999, and/or assume expenses
for the Fund to the extent necessary to ensure that the
Fund's total operating expenses (on an annual basis) do
not exceed 2.00% of the Fund's average daily net assets.
The Adviser shall be entitled to recoup such
amounts for a period of up to three (3) years following
the fiscal year in which the Adviser reduced its
compensation and/or assumed expenses for the Fund,
provided that the total operating expenses including
this recoupment do not exceed the established cap on
expenses for that year.
LIGHT INDEX INVESTMENT COMPANY
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇▇▇, III, President
LIGHT REVOLUTION FUND, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇, Vice President,
Secretary and Treasurer
