Exhibit - 10 ii Reimbursement Agreements The Fund will reimburse officers and directors not affiliated with the Invest- ment Adviser to compensate for travel expenses associated with performance of their duties. As the Fund grows in total assets, the...

                                Exhibit - 10 ii



                           Reimbursement Agreements


The Fund will  reimburse officers and directors not affiliated  with the Invest-
ment Adviser  to compensate for  travel expenses associated with  performance of
their duties.  As the Fund  grows in total  assets, the  Board of Directors  may
place them on salaries commensurate with their duties.

The Fund has no  plans to  compensate officers, employes and directors  who  are
affiliated with the Investment Adviser  except indirectly through payment of the
management  fee.









































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