Exhibit - 10 iii 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. The Fund has no plans to, compensate...

Exhibit - 10 iii



                           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.

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