Exhibit - 10 ii Reimbursement Agreements The O'Higgins Fund reimburses officers and directors not affiliated with the Investment Adviser to compensate for travel expenses associated with performance of their duties. A total of $2,376 was paid in this...

                                Exhibit - 10 ii



                           Reimbursement Agreements


The ▇'▇▇▇▇▇▇▇ Fund reimburses officers  and directors  not affiliated  with  the
Investment Adviser to compensate for travel expenses associated with performance
of  their  duties.  A total of  $2,376 was paid  in this regard in 1999.  As the
Fund grows in total assets, the  Board of Directors may authorize  salaries com-
mensurate with their duties.

The Fund does  not now, and has no  plans to  compensate  officers, employes and
directors  who  are  affiliated with  the Investment Adviser  except  indirectly
through payment of the management  fee.