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Exhibit (h.5)
EXPENSE CAP/REIMBURSEMENT AGREEMENT
This Agreement is entered into as of December 15, 2000 between Light
Index Investment Company (the "Adviser") and Light Revolution Fund, Inc. (the
"Company") on behalf of the Light Revolution Fund (the "Fund").
WHEREAS, the Adviser desires to contractually agree to waive a portion
of its advisory fee or reimburse certain of the Fund's operating expenses to
ensure that the Fund's total operating expenses do not exceed the level
described below.
NOW THEREFORE, the parties agree as follows:
The Adviser agrees that until March 31, 2002, it will reduce its
compensation as provided for in the Investment Advisory Agreement between the
Company and the Adviser dated May 15, 1999 and/or assume expenses for the Fund
to the extent necessary to ensure that the Fund's total operating expenses (on
an annual basis) do not exceed 2.00% of the Fund's average daily net assets.
The Adviser shall be entitled to recoup such amounts for a period of up
to three (3) years following the fiscal year in which the Adviser reduced its
compensation and/or assumed expenses for the Fund, provided that the total
operating expenses including this recoupment do not exceed the established cap
on expenses for that year.
LIGHT INDEX INVESTMENT COMPANY
By: /s/▇▇▇▇▇ ▇▇▇▇▇▇, III
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▇▇▇▇▇ ▇▇▇▇▇▇, III, President
LIGHT REVOLUTION FUND, INC.
By: /s/▇▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇, Vice President,
Secretary and Treasurer
