Post-Effective Amendment
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 485APOS Orbitex Group of Funds 136 654K
2: EX-10.(II) Consent of Rogers and Wells 1 8K
3: EX-11 Consent of Independent Accountants 1 6K
4: EX-15.(A)(II) Class B Distribution Plan and Agreement 3 14K
5: EX-15.(A)(III) Shareholder Services Plan 4 17K
6: EX-18 Rule 18F-3 Plan for Multiple Classes of Shares 5 16K
7: EX-27.1 Financial Data Schedule 2± 10K
8: EX-27.2 Financial Data Schedule 2± 10K
9: EX-27.3 Financial Data Schedule 2± 10K
10: EX-27.4 Financial Data Schedule 2± 10K
EX-18 — Rule 18F-3 Plan for Multiple Classes of Shares
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ORBITEX GROUP OF FUNDS
REVISED RULE 18f-3 PLAN FOR MULTIPLE CLASSES OF SHARES
MAY 27, 1998
WHEREAS, The Orbitex Group of Funds (the "Trust") is a Delaware
business trust, registered under the Investment Company Act of 1940, as amended
(the "1940 Act"), with the Securities and Exchange Commission (the "SEC") as an
open-end management investment company;
WHEREAS, pursuant to the terms of the Trust's Declaration of Trust, as
well as the 1940 Act and the rules and regulations thereunder, the Board of
Trustees of the Trust (the "Board") has authority to approve and authorize the
issuance of, and has approved and authorized the issuance of shares of
beneficial interest of, Class A, Class B and Class I of each fund (a "Fund") of
the Trust listed herein on Schedule A, as may be amended;
WHEREAS, the Trust wishes to adopt this Plan for Multiple Classes of
Shares (the "Multi-Class Plan"), which is a plan as contemplated by Rule 18f-3
of the 1940 Act; and
WHEREAS, at a meeting held on May 27, 1998, the Board, including a
majority of the Trustees who are not interested persons of the Trust (as defined
in section 2(a)(19) of the 1940) (the "Independent Trustees"), approved and
adopted this Revised Multi-Class Plan and determined that this Multi-Class Plan
is: (a) in the best interests of the holders of Class A Shares; (b) in the best
interests of the holders of Class B Shares; (c) in the best interests of the
holders of Class I Shares; and (d) in the best interests of the Trust as a
whole;
NOW THEREFORE, this Multi-Class Plan, as amended from time to time,
shall remain in effect until such time as the Board terminates this Multi-Class
Plan.
SECTION 1. CLASS DISTRIBUTION AND SHAREHOLDER SERVICES FEES
------------------------------------------------
Class A Shares are principally offered by Funds Distributor, Inc. (the
"Distributor") to individuals at net asset value plus any applicable sales
charge. The maximum sales charge for the Asian High Yield Fund is 4.75% and for
each other Fund is 5.75% of the public offering price. These charges may be
reduced for investors who invest more than $50,000. The sales charge will also
be waived in certain circumstances including for purchases of $1 million or
more. However, the Trust will apply a contingent deferred sales charge of 1% to
certain redemptions made within the first year after investing with respect to
shares purchased at net asset value without a sales charge. Class A Shares are
also subject to a distribution fee (as provided for by the Distribution Plan and
Agreement Pursuant to 12b-1 under the Investment Company Act of 1940) of .30%
(in the case of the Asian High Yield Fund) and .40% (in the case of the other
Funds) of the average daily net assets of the Fund. The minimum initial
investment for Class A Shares is $2,500 ($2,000 for individual retirement
accounts).
Class B Shares are offered at their net asset value per share, without
any initial sales charge. However, there is a contingent deferred sales charge
on shares which are sold within five years of their purchase. There will be no
contingent deferred sales charge on shares acquired through reinvestment of
dividends. The contingent deferred sales charge will be based on the original
purchase cost or the current market value of the shares being sold, whichever is
less. The contingent deferred sales charges are as follows:
[Download Table]
Years After Purchase Contingent Deferred Sales Charge on
Shares Being Sold
1st Year 5.00%
2nd Year 4.00%
3rd Year 3.00%
4th Year 3.00%
5th Year 2.00%
6th Year 1.00%
After 6th Year None
Class B Shares will automatically be converted to Class A Shares after seven
years. Class B Shares are also subject to a distribution fee (as provided for by
the Distribution Plan and Agreement Pursuant to 12b-1 under the Investment
Company Act of 1940) of 0.75% of the average daily net assets of the Fund. The
minimum initial investment for Class B Shares is $2,500 ($2,000 for individual
retirement accounts).
Class I Shares, the institutional class, are offered to qualified
institutions and certain fee-based investment and financial advisers at net
asset value and are not subject to any asset-based distribution or shareholder
servicing fee. Investors in the Class I Shares will be required to make a
minimum investment of one hundred thousand dollars ($100,000).
Notwithstanding the foregoing, the aggregate amounts of any asset-based
distribution and/or shareholder service fee paid by the Trust shall not exceed
such amount as is permitted under Section 26(d) of the Rules of Fair Practice of
the National Association of Securities Dealers, Inc. (the "NASD"), as amended
form time to time, and any other rules or regulations promulgated by the NASD or
the SEC applicable to mutual fund distribution and service fees.
SECTION 2. ALLOCATION OF CLASS EXPENSES
----------------------------
Class A, Class B and Class I represent interests in the same Fund of
the Trust and have no exchange privileges or conversion features except as noted
above. Each class of
shares shall have the same rights, preferences, voting powers, restrictions and
limitations, except as follows:
(a) expenses related to the distribution of a class of shares or
to the services provided to shareholders of a class of shares
shall be borne solely by such class;
(b) each class will bear different Class Expenses ( as defined
below);
(c) each class will have exclusive voting rights with respect to
matters that exclusively affect such class and separate voting
rights on any matter submitted to shareholders in which the
interests of one class differ from the interests of any other
class; and
(d) each class will bear a different name or designation.
The Board, acting in its sole discretion, has determined that the
following expenses attributable to the shares of a particular class ("Class
Expenses") will be borne solely by the class to which they are attributable:
(1) asset-based distribution and shareholder service fees and
(2) extraordinary non-recurring expenses including litigation and
other legal expenses relating to a particular class.
Investment advisory fees, custodial fees, and other expenses relating
to the management of a Fund's assets shall not be allocated on a class-specific
basis.
SECTION 3. ALLOCATION OF FUND INCOME AND EXPENSES
--------------------------------------
Income realized and unrealized capital gains and losses, and expenses
that are not allocated to a specific class pursuant to Section 2 above, shall be
allocated to each class of a Fund on the basis of the net asset value of that
class in relation to the net asset value of the Fund.
SECTION 4. EXPENSE WAIVERS OR REIMBURSEMENTS
---------------------------------
All expense waivers or reimbursements will be in compliance with Rule
18f-3 issued under the 1940 Act.
SECTION 5. AMENDMENTS
----------
This Multi-Class Plan may not be amended to change any material
provision unless such amendment is approved by a vote of the majority of the
Board, including a majority of the Trustees who are not interested persons of
the Trust, based on its finding
that the amendment is in the best interest of each class individually and the
Trust as a whole.
IN WITNESS WHEREOF, the Trust has executed this Multi-Class Plan on the
day and year set forth below.
ORBITEX GROUP OF FUNDS
By: _________________________
Title: _________________________
Date: _________________________
Attest: _________________________
SCHEDULE A
Orbitex Group of Funds
Asian High Yield Fund
Strategic Natural Resources Fund
Info-Tech and Communications Fund
Growth Fund
Dates Referenced Herein
| Referenced-On Page |
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| This ‘485APOS’ Filing | | Date | | First | | Last | | | Other Filings |
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| |  |
| | 8/20/98 | | | | | | | None on these Dates |
| Filed on: | | 8/19/98 |
| | 5/27/98 | | 1 |
| List all Filings |
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