ISI STRATEGY FUND, INC.
MANAGED MUNICIPAL FUND, INC.
NORTH AMERICAN GOVERNMENT BOND FUND, INC.
TOTAL RETURN US TREASURY FUND, INC.
INSURANCE AGREEMENT AMONG INSUREDS
REQUIRED BY RULE 17g-1(f)
September 24, 2012
ISI Strategy Fund, Inc., Managed Municipal Fund Inc., North American Government
Bond Fund, Inc. and Total Return US Treasury Fund, Inc. (each a "Fund"),
corporations organized under the laws of the State of Maryland, with their
principal office and place of business at 000 Xxxxx Xxxxxx, 00 xxxxx, Xxx Xxxx,
XX 00000 are named as insureds in a joint fidelity bond issued by Great American
Insurance Company ("Great American"). The joint fidelity bond issued by Great
American provides coverage for larceny and embezzlement, among other things, in
the principal amount as determined by Rule 17g-1(d) of the Investment Company
Act of 1940 (the "Act"). Pursuant to Rule 17g-1(f) of the Act, each of the
undersigned hereby agrees that in the event recovery is received under this
joint fidelity bond as a result of a loss sustained by a Fund and one or more
other named insureds, each Fund shall receive an equitable and proportionate
share of the recovery equal at least to the amount each would have received had
a single insured bond, with minimum coverage as required by Rule 17g-1(d)(1)
under the Act, been provided and maintained by each Fund. In addition, the joint
insureds agree that the premium cost shall be allocated amongst the insureds
based on the proportion each Fund's required coverage bears to the total of
those required coverages.
ISI STRATEGY FUND, INC. MANAGED MUNICIPAL FUND,INC.
By: /s/ R. Xxxx Xxxxxxx By: /s/ R. Xxxx Xxxxxxx
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R. Xxxx Xxxxxxx R. Xxxx Xxxxxxx
President President
NORTH AMERICAN GOVERNMENT BOND FUND, INC. TOTAL RETURN US TREASURY FUND, INC.
By: /s/ R. Xxxx Xxxxxxx By: /s/ R. Xxxx Xxxxxxx
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R. Xxxx Xxxxxxx R. Xxxx Xxxxxxx
President President
