Exhibit 99.3
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)
November 1, 2006
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 00 Xxxx 00xx Xxxxxx, 00xx
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 TOTAL RETURN US TREASURY
BOND FUND, INC. FUND, INC.
By: /s/ R. Xxxx Xxxxxxx By: /s/ R. Xxxx Xxxxxxx
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R. Xxxx Xxxxxxx R. Xxxx Xxxxxxx
President President