EXHIBIT 23O
RULE 18F-3 PLAN
MULTIPLE CLASS EXPENSE ALLOCATION PLAN
(THE "PLAN")
ADOPTED PURSUANT TO RULE 18F-3 UNDER
THE INVESTMENT COMPANY ACT OF 1940
WHEREAS, AMIDEX Funds, Inc., a Maryland corporation (the "Company"),
engages in business as an open-end management investment company and is
registered as such under the Investment Company Act of 1940, as amended (the
"Act"); and
WHEREAS, the Company is authorized to (i) issue shares of beneficial
interest (the "Shares") in separate series (each a "Fund" and together the
"Funds"), with the Shares of each such Fund representing the interests in a
separate portfolio of securities and other assets, and (ii) divide the Shares
within each such Fund into two or more classes (each a "Class" and together the
"Classes"); and
WHEREAS, the Company has established four Classes of Shares designated as
the No-Load, Class A, Class B and Class C Shares; and
WHEREAS, the Company offers one or more Classes of Shares in the Funds
which are identified on Schedule A, attached hereto and incorporated herein,
which Schedule A may be amended from time to time by the Company; and
WHEREAS, the Board of Directors as a whole and the Directors who are not
interested persons of the Company (as defined in the Act) (the "Qualified
Directors"), having determined in the exercise of their reasonable business
judgment that this Plan is in the best interest of each Class of Shares of each
Fund and of the Company as a whole, have accordingly approved this Plan.
NOW, THEREFORE, the Company hereby adopts this Plan in accordance with
Rule 18f-3 under the Act, on the following terms and conditions:
1. CLASS DIFFERENCES. Each Class of shares of a Fund shall represent interests
in the same portfolio of investments of the Fund and shall be identical in all
respects, except that each Class shall differ with respect to:
(i) distribution and related services and expenses as provided for in
Sections 2 and 3 of the Plan;
(ii) such differences relating to purchase minimums, eligible investors and
exchange privileges as may be set forth in the prospectuses and
statements of additional information of the Fund(s) as the same may be
amended or supplemented from time to time (the "Prospectuses" and
SAIs"); and
(iii) the designation of each Class of Shares.
2. DIFFERENCES IN DISTRIBUTION AND RELATED SERVICES. The No Load Class, Class A,
Class B and Class C Shares of each Fund shall differ in the manner in which such
Shares are distributed and in the related services provided to shareholders of
each such Class as follows:
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(i) No Load Class Shares shall be distributed at the net asset value of
the Fund;
(ii) Class A Shares shall be subject to a front end sales load;
(iii)Class B Shares shall be subject to a declining Contingent Deferred
Sales Charge ("CDSC"); and
(iv) Class C Shares shall be subject to an ongoing trail commission paid to
the broker of record; all as set forth from time to time in the
Prospectus and SAI for each Class of Shares.
3. ALLOCATION OF EXPENSES
(a) CLASS EXPENSES.
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Expenses incurred in connection with any meeting of shareholders of a
particular Class and litigation expenses incurred with respect to matters
affecting only a particular Class shall be allocated to that Class.
(b) OTHER CLASS ALLOCATIONS.
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All other expenses of a Fund shall be allocated to each Class on the basis
of the net asset value of that Class in relation to the net asset value of
the Fund as a whole. Notwithstanding the foregoing, the distributor or
advisor of a Fund may waive or reimburse the expenses of a specific Class
or Classes of such Fund to the extent permitted under Rule 18f-3 under the
Act.
(c) FUND ALLOCATIONS.
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All expenses of the Funds, other than the expenses subject to
sub-paragraphs (a) and (b) of this Section, shall be allocated to each Fund
on the basis of the net asset value of that Fund in relation to the net
asset value of all Funds taken together as a whole. Notwithstanding the
foregoing, the distributor or advisor of a Fund may waive or reimburse the
expenses of a specific Fund to the extent permitted under Rule 18f-3 under
the Act.
4. TERMS AND TERMINATION
(a) INITIAL FUND.
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This Plan shall become effective with respect to each Fund identified on
Schedule A as of the later of (i) the date on which a Registration
Statement becomes effective under the Securities Act of 1993, as amended,
or (ii) the date on which any Class of the Fund commences offering its
Shares to the public, and shall continue in effect with respect to such
Class of Shares (subject to Section 4(c) hereof) until terminated in
accordance with the provisions of Section 4(c).
(b) ADDITIONAL FUNDS OR CLASSES.
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This Plan shall become effective with respect to any Class of a Fund
established by the Company after the date this Plan was adopted upon
commencement of the initial public offering thereof, provided that the Plan
has previously been approved with respect to such additional Fund or Class
by votes of a majority of both (i) the Board of Directors of the Company
and (ii) the Qualified Directors. This Plan shall continue in effect with
respect to each such additional Fund or Class until terminated in
accordance with the provisions of Section 4(c) hereof.
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(c) TERMINATION.
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This Plan may be terminated at any time with respect to the Company or any
Fund or Class thereof, as the case may be, by vote of a majority of both
the Directors of the Company and the Qualified Directors. This Plan may
remain in effect with respect to a Fund or Class of the Company even if it
has been terminated in accordance with this Section 4(c) with respect to
any other Fund or Class of Shares of the Company.
5. AMENDMENTS. Any material amendment to the Plan shall require the affirmative
vote of a majority of both the Directors of the Company and the Qualified
Directors.
This Plan was adopted by the Board of Directors, including the affirmative vote
of a majority of the independent Directors, at a meeting held on
__________________, 2000
Witness My Signature:
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ANDREA FIEST
Secretary
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Schedule A
AMIDEX Funds, Inc.
Portfolios of the Fund
THE FOLLOWING PORTFOLIOS AND CLASSES OF SHARES ARE OFFERED BY THE TRUST AND
SUBJECT TO THIS AGREEMENT:
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Class A Class B Class C No-Load
Name of Portfolio Shares Shares Shares Shares
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AMIDEX 35 MUTUAL FUND X X X X
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ISDAQ MUTUAL FUND X X X X
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