Exhibit - Reimbursement Agreements The Bread & Butter Fund, Inc. 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 -



                           Reimbursement Agreements


The  Bread & Butter Fund, Inc. 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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