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Title: |
Allocation Agreement |
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Date: |
2006 |
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Size: |
Preview shows 3KB of 11KB total |
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Price: |
$33 |
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ID: |
#2404612 |
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ALLOCATION AGREEMENT
AGREEMENT by and between Mosaic Government Money Market, Mosaic Equity Trust, Mosaic Income Trust, Mosaic Tax-Free Trust and the Madison Strategic Sector Premium Fund (the "Funds"), management investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act"), Madison Mosaic, LLC, Madison Asset Management, LLC, Madison Scottsdale, LC, Concord Asset Management, LLC, Mosaic Funds Distributor, LLC and Madison Investment Advisors, Inc. (together, the "Advisor") (collectively with the Funds, the "Insureds").
W I T N E S S E T H:
WHEREAS, pursuant to the requirements of Rule 17g-1 under the 1940 Act, the Funds are required to maintain a fidelity bond against larceny and embezzlement covering certain of its officers and employees; and
WHEREAS, Rule 17g-1 provides that when two or more investment companies are managed and/or distributed by the same person or persons, such investment companies may obtain a joint insured bond covering themselves and such person or persons and their affiliates; and
WHEREAS, the Funds are managed by Madison Investment Advisors, Inc. through its wholly owned subsidiaries, Madison Mosaic, LLC and Madison Asset Management, LLC; and
WHEREAS, the Insureds have entered into a Joint Insured Bond (the "Bond"); and
WHEREAS, the Insureds desire to provide for: (1) the method by which the amount of coverage provided under the Bond will be determined from time to time and (2) an equitable and proportionate allocation of any proceeds received under the Bond in the event that two or more of the Insureds suffer loss and consequently are entitled to recover under the Bond;
NOW THEREFORE, it is hereby agreed among the parties hereto as follows:
1. Amount of Coverage Maintained The amount of the fidelity coverage under the Bond shall at all times be at least equal in the amount to the sum of (i) the total amount of coverage which the Funds would have been required to provide and maintain individually pursuant to the schedule set forth in paragraph (d) of Rule 17g-I under the 1940 Act had the Funds not been a named Insured under the Bond, and (ii) the amount of each bond which each Insured other than the Funds would have been required to provide and maintain pursuant to federal statutes or regulations had it not been a named insured under the Bond. The amount of fidelity coverage under the Bond shall be approved at least annually by the Boards of Trustees of the Funds, including a majority of those Trustees who are not "interested persons" of the Funds as defined by Section 2(a)(19) of the 1940 Act.
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