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

                                Exhibit - 10 ii



                           Reimbursement Agreements


The Polaris Fund will reimburse officers and directors not affiliated with the
Investment 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, employees and directors  who
are  affiliated with the Investment Adviser  except indirectly through payment
of the management  fee.









































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