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 $4,091 was paid in this regard in...

                                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 $4,091 was paid in this regard in 1996.

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