U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 24f-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form before preparing Form.
Please print or type.
1. Name and address of issuer: Mosaic Income Trust, 1655
Fort Myer Drive, Arlington, Virginia 22209
2. Name of each series or class of funds for which this
notice is filed:
High Yield Fund (formerly Maximum Income Portfolio)
Government Portfolio
3. Investment Company Act File Number: 811-3616
Securities Act File Number: 2-80808
4. Last day of fiscal year for which this notice is filed:
March 31, 1997.
5. Check box if this notice is being filed more than 180
days after the close of the issuer's fiscal year for
purposes of reporting securities sold after the close of the
fiscal year but before termination of the issuer's
24f-2 declaration: [ ]
6. Date of termination of issuer's declaration under 24f-
2(a)(1), if applicable (see instruction A.6):
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act of
1933 other than pursuant to rule 24f-2 in a prior fiscal
year, but which remained unsold at the beginning of the
fiscal year: 0
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2: 0
9. Number and aggregate sale price of securities sold
during the fiscal year: 225,528 shares for $1,737,194
<PAGE>
10. Number and aggregate sale price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2: 225,528 shares for $1,737,194
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans, if applicable (see Instruction B.7):
91,956 shares for $731,054
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on
rule 24f-2 (from Item 10): $1,737,194
(ii) Aggregate price of shares issued in
connection with dividend reinvestment
plans (from Item 11, if applicable): + 731,054
(iii)Aggregate price of shares redeemed or
repurchased during the fiscal year
(if applicable) -3,755,083
(iv) Aggregate price of shares redeemed or
repurchased and previously applied as
a reduction to filing fees pursuant to
rule 24e-2 (if applicable) +
(v) Net aggregate price of securities sold
and issued during the fiscal year in
reliance on rule 24f-2 [line (i), plus
line (ii), less line (iii), plus line
(iv)] (if applicable): ($1,286,835)
(vi) Multiplier prescribed by Section 6(b)
of the Securities Act of 1933 or other
applicable law or regulation (see
Instruction C.6): 1/29 of 1%
(vii)Fee due (line (i) or line (v) multiplied
by line (vi): 0
Instruction: Issuers should complete lines (ii), (iii),
(iv), and (v) only if the form is being filed within 60 days
after the close of the issuer's fiscal year. See
Instruction C.3.
13. Check box if fees are being remitted to the
Commission's lockbox depository as described in section 3a
of the Commission's Rules of Information and Other
Procedures (17 CFR 202.3a). [ ]
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
Signatures
This report has been signed below by the following persons
on behalf of the issuer and in the capacities and on the
dates indicated.
By (Signature and Title) (signature)
W. Richard Mason,
Secretary
Date: May 27, 1997
Sullivan & Worcester LLP
1025 Connecticut Avenue, NW
Washington, DC 20036
(202) 775-8190
Fax No. 202-293-2275
May 27, 1997
Mosaic Income Trust
1655 Fort Myer Drive
Arlington, Virginia 22209
Rule 24f-2 Notice
Registration Statement File No. 811-3616
Ladies and Gentlemen:
Mosaic Income Trust (formerly GIT Income Trust) (the "Trust"), a
Massachusetts business trust, on behalf of its High Yield Fund (formerly
the Maximum Income Portfolio) and its Government Portfolio, proposes to
file with the Securities and Exchange Commission pursuant to the
provisions of Rule 24f-2 under the Investment Company Act of 1940, as
amended (the "Act"), a notice making definite the registration of
317,484 shares authorized by the Board of Trustees of the Trust (the
"Shares"), which were sold in reliance upon registration pursuant to Rule
24f-2 during the fiscal year ended March 31, 1997.
We have made such investigations and have relied upon originals or
copies, certified or otherwise identified to our satisfaction, of such
records, instruments, certificates, memoranda and other documents as we
have deemed necessary or advisable for purposes of this opinion. In
that examination, we have assumed the genuineness of all signatures, the
authenticity of all documents purporting to be originals, and the
conformity to the originals of all documents purporting to be copies.
Based upon and subject to the foregoing, we hereby advise you that,
in our opinion, the Shares, the registration of which is being made
definite by the notice referred to above, are validly and legally
issued, fully paid and nonassessable. For purposes of this letter, we
express no opinion as to compliance with the Securities Act of 1933, as
amended, applicable state laws regulating the sale of securities, or the
Act.
We consent to your filing this opinion as an exhibit to the notice
referred to above.
Very truly yours,
(signature)
Sullivan & Worcester LLP
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