ThZeal - The Zeal

PRE 14A 1 g89676pre14a.txt TRANSAMERICA IDEX MUTUAL FUNDS SCHEDULE 14A (RULE 14A-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant[x] Filed by a Party other than the Registrant [ ] Check the appropriate box: [x] Preliminary proxy statement. [ ] Confidential, for use of the [ ] Definitive proxy statement. Commissioner only (as permitted [ ] Definitive additional materials. by Rule 14a-6(e)(2). [ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12. -------------------------------------------------------------------------------- TRANSAMERICA IDEX MUTUAL FUNDS -------------------------------------------------------------------------------- (Name of Registrant as Specified in Its Charter) -------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [x] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: N/A (2) Aggregate number of securities to which transaction applies: N/A (3) Per unit price or other underlying value of transaction computed pursuant to Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): N/A (4) Proposed maximum aggregate value of transaction: N/A (5) Total fee paid: $0 [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: N/A (2) Form, Schedule or Registration Statement No.: N/A (3) Filing Party: N/A (4) Date Filed: N/A CLASS M SHAREHOLDERS OF TRANSAMERICA IDEX MUTUAL FUNDS 570 CARILLON PARKWAY ST. PETERSBURG, FLORIDA 33716-1294 1-888-233-4339 NOTICE OF MEETING OF CLASS M SHAREHOLDERS To be held on __, 2004 To the Class M Shareholders: Notice is hereby given that Transamerica IDEX Mutual Funds ("TA IDEX") will hold a special meeting of Class M shareholders of each series of TA IDEX as listed in Exhibit A of the attached proxy statement (the "Funds") on __, 2004, at the office of TA IDEX, 570 Carillon Parkway, St. Petersburg, Florida,33716-1294, at 10:00 a.m., Eastern Time, as adjourned from time to time (the "Meeting") for the purposes listed below: 1. To approve a conversion of Class M shares into Class C shares of the Funds, which will result in bearing the distribution and service fees payable under the 12b-1 Plan of Distribution for the Class C shares of the Funds. 2. To transact such other business as may properly come before the Meeting. After careful consideration, the Board of Trustees of TA IDEX (the "Board") unanimously approved the conversion of Class M shares into Class C shares and recommends that shareholders vote "FOR" Proposal 1. The matters referred to above are discussed in detail in the proxy statement attached to this notice. The Board has fixed the close of business on June 8, 2004 as the record date for determining Class M shareholders entitled to notice of, and to vote at, the Meeting. EVEN IF YOU PLAN TO ATTEND THE MEETING IN PERSON, PLEASE COMPLETE THE ENCLOSED PROXY CARD IN THE ENVELOPE PROVIDED, SO THAT YOU WILL BE REPRESENTED AT THE MEETING. By Order of the Board, John K. Carter, Esq. Secretary YOUR VOTE IS VERY IMPORTANT TO US REGARDLESS OF THE NUMBER OF VOTES YOU HOLD. SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE MEETING ARE REQUESTED TO COMPLETE, SIGN, DATE AND RETURN THE ACCOMPANYING PROXY CARD IN THE ENCLOSED ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES. IT IS IMPORTANT THAT THE PROXY CARD BE RETURNED PROMPTLY. FOR YOUR CONVENIENCE, YOU MAY ALSO VOTE BY TELEPHONE OR VIA THE INTERNET BY FOLLOWING THE ENCLOSED INSTRUCTIONS. IF YOU VOTE BY TELEPHONE OR VIA THE INTERNET, PLEASE DO NOT RETURN YOUR PROXY CARD UNLESS YOU ELECT TO CHANGE YOUR VOTE. CLASS M SHAREHOLDERS OF TRANSAMERICA IDEX MUTUAL FUNDS 570 CARILLON PARKWAY ST. PETERSBURG, FLORIDA, 33716-1294 1-888-233-4339 PROXY STATEMENT MEETING OF CLASS M SHAREHOLDERS TO BE HELD ON _, 2004 This proxy statement and enclosed proxy are being furnished in connection with the solicitation of proxies by the Board of Trustees (the "Board" or "Trustees") of Transamerica IDEX Mutual Funds ("TA IDEX") for use at a Meeting of Class M shareholders of each series of TA IDEX as listed in Exhibit A of this proxy statement (the "Funds") on __, 2004, at the office of TA IDEX, 570 Carillon Parkway, St. Petersburg, Florida, 33716-1294, at 10:00 a.m., Eastern Time, as adjourned from time to time (the "Meeting"). The Board is soliciting proxies from Class M shareholders of the Funds with respect to the proposals set forth in the accompanying notice. It is anticipated that proxies and proxy statements will first be mailed to shareholders on or about __, 2004. PROPOSAL I APPROVAL OF CONVERSION OF CLASS M SHARES OVERVIEW At meetings of the Board held on March 22, 2004 and March 23, 2004, the Trustees determined that the best interests of Class M shareholders would be served if, effective on or about July 31, 2004, Class M shares of each Fund convert into Class C shares of the Fund. As contemplated, upon the conversion of Class M shares into Class C shares, each Class M shareholder will own Class C shares having an aggregate value equal to the aggregate value of Class M shares held by that shareholder as of the close of business on the day of the conversion (the "Class M Conversion"). Because the Class M Conversion will result in Class M shareholders paying higher distribution and service fees (as further discussed below), the Class M Conversion is contingent upon its approval by a majority of the outstanding Class M shares of each of the Funds, voting separately. If the Class M Conversion is not approved by Class M shareholders of a Fund, the Class M Conversion will not be consummated with respect to that Fund. If the Class M Conversion is not consummated with respect to a Fund, for any reason, the current class structure will remain in place with respect to that Fund, and the Board will consider various options with respect to that Fund, which may include liquidation of Class M shares for that Fund. Consequently, the Board recommends that the Class M shareholders approve the Class M Conversion. In considering whether to approve the Class M Conversion, you should note that: - The Class M Conversion will allow Class M shareholders to convert their shares, on a tax-free basis, from a class of shares that is closed to new investors into a class of shares which has the opportunity to grow and possibly realize economies of scale and cost savings; - The Class M Conversion will be done at relative net asset value so that you will have an economically equivalent investment in the same Fund; - As opposed to Class M shares, Class C shares are not subject to a front-end sales charge and are subject to a shorter contingent deferred sales charge ("CDSC"); and - For purposes of computing the CDSC applicable to Class C shares, former Class M shareholders will be given credit for the time for which they held Class M shares prior to the Class M Conversion. COMPARISON OF CLASS M AND CLASS C SHARES Class M shares are subject to an initial sales charge of 1.00% based on offering price. By comparison, Class C shares are not subject to an initial sales charges. Class M shares are subject to a CDSC of 1.00% if shares are redeemed within 18 months from the date of purchase. Class C shares also are subject to a CDSC of 1.00%, but only if shares are redeemed within 12 months from the date of purchase. For the purpose of applying the Class C CDSC to Class C shares obtained through the Class M Conversion, Class M shareholders will be given credit for the time for which they held the converted Class M shares. Class M shares are closed to new investors. As a consequence, the ability to realize any class-specific economies of scales through investments by new investors does not exist. By comparison, Class C shares are open to new investments and investors, which may permit realization of class-specific economies of scale and lower operating expenses. Class M shares purchased on or after November 1, 1999 automatically convert to Class A shares after 10 years (which have lower annual operating expenses). Class C shares do not have such automatic conversion feature. A table showing shareholder fees is printed in Exhibit B to this proxy statement. RULE 12b-1 PLANS Each Fund has adopted a Rule 12b-1 service and distribution plan (each a "12b-1 Plan") in accordance with the provisions of Rule 12b-1 under the Investment Company Act of 1940 ("1940 Act"). Under the 12b-1 Plan for Class M shares, which was adopted March 1, 2000 and amended March 1, 2004, each Fund may pay TA IDEX's distributor, AFSG Securities Corporation ("AFSG"), an annual distribution fee of up to 0.75% and an annual service fee of up to 0.25% of the average daily net assets of the Fund's Class M shares. However, the total fee payable under the Class M 12b-1 Plan may not, on an annualized basis, exceed 0.90% of the average daily net assets of the Fund's Class M shares. By comparison, under the 12b-1 Plan for Class C shares, which was adopted March 1, 2003 and amended March 1, 2004, each Fund also may pay AFSG an annual distribution fee of up to 0.75% and an annual fee of up to 0.25% of the average daily net assets of the Fund's Class C shares, but there is no similar 0.90% cap on 12b-1 fees. Accordingly, the Class C 12b-1 Plan permits the annual payment of up to 1.00% of the average daily net assets of each Fund's Class C shares. In order to show the consequences to Class M shareholders of the Class M Conversion in terms of expenses, the current annual fund operating expenses of the Class M shares of each Fund and estimated pro forma annual fund operating expenses of the Class C shares of each Fund, giving effect to the Class M Conversion are shown in Exhibit B to this proxy statement. Under the 12b-1 Plans, AFSG may use the fees payable under a 12b-1 Plan as it deems appropriate to pay for activities or expenses primarily intended to result in the sale of the class of shares covered by the plan or for personal services to and/or maintenance of shareholder accounts. In case a Fund is closed to new investors or investments, AFSG also may use the fees payable under a 12b-1 Plan to make payments to brokers and other financial intermediaries for past sales and distribution efforts. For each class, these activities and expenses may include, but are not limited to: compensation to employees of AFSG; compensation to and expenses of AFSG and other selected dealers who engage in or otherwise support the distribution of shares or who service shareholder accounts; in the case of a Fund or class that is closed to new investors or investments, payment for services to and for maintenance of existing shareholder accounts and compensation of broker-dealers or other intermediaries for past sales and distribution efforts; the costs of printing and distributing prospectuses, statements of additional information and reports for other than existing shareholders; and the cost of preparing, printing and distributing sales literature and advertising materials. THE CLASS C 12b-1 PLAN Except for the amount of fees payable by the Funds under the 12b-1 Plans, the terms of the Class C and Class M 12b-1 Plans are substantially similar. Under the Class C 12b-1 Plan, as required by Rule 12b-1 under the 1940 Act, the Board will review, at least quarterly, a written report provided by AFSG of the amounts expended by AFSG in distributing and servicing Class C shares of the Funds and the purpose for which such expenditures were made. The Class C 12b-1 Plan will remain in effect for successive one year periods, so long as such continuance is approved annually by vote of the Funds' Trustees, including a majority of the a majority of the Trustees who are not interested persons (for regulatory purposes) of the Funds and who have no direct or indirect financial interest in the operation of the Class C 12b-1 Plan or any related agreement (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such continuance. The Class C 12b-1 Plan may be amended by vote of the Trustees, including a majority of the Independent Trustees, cast in person at a meeting called for that purpose. Any amendment of that would materially increase the distribution costs to Class C shares of a Fund requires approval by the Class C shareholders. A Class C 12b-1 Plan may 2 be terminated as to Class C shares of a Fund at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting Class C shares of that Fund. The foregoing discussion is qualified in its entirety by reference to the Class C 12b-1 Plan, a copy of which is included in Exhibit C to this proxy statement. In addition, tables showing the amount of 12b-1 fees paid by Class C and Class M shares, each in the aggregate and as a percentage of each Fund's average net assets, during the fiscal year ended October 31, 2003 are included in Exhibit D, along with other relevant 12b-1 payment information. TAX EFFECT OF CLASS M CONVERSION The Class M Conversion for each Fund will be based on aggregate net asset values per share at the close of business of the day of the conversions. Thus, the Class M Conversion will be a "non-taxable exchange" (i.e., tax-free) under the Internal Revenue Code. No gain or loss will be recognized under the Internal Revenue Code by the any Fund or by the shareholders of the Funds, including Class M shareholders, as a result of the Class M Conversion. A Class M shareholder's adjusted basis for Federal income tax purposes in the Class C shares received in the Class M Conversion will be the same as that shareholder's adjusted basis immediately before the conversion. COST OF THE CLASS M CONVERSION The Funds' investment adviser, AEGON/Transamerica Fund Advisers, Inc. ("ATFA") and/or its affiliates, and not the Funds and their shareholders, will bear all costs associated with the Class M Conversion, including the costs of soliciting proxies. EVALUATION BY THE BOARD At in-person meetings of the Board held on March 22, 2004 and March 23, 2004, at which a majority of the Trustees were in attendance, including a majority of the Independent Trustees, the Board considered and approved the Class M Conversion, subject to approval by Class M shareholders of the Funds. In considering the approval of the Class M Conversion, the Trustees considered whether the conversion is in the best interests of the Funds and Class M shareholders. The Trustees, including the Independent Trustees, unanimously determined that the Class M Conversion was in the best interests of Class M shareholders, and authorized the submission of the Class M Conversion to Fund shareholders for approval. In determining whether it was appropriate to approve the Class M Conversion and recommend approval by shareholders, the Board requested information that it believed to be reasonably necessary to reach its conclusion. The Board carefully evaluated this information, and was advised by counsel with respect to its deliberations. Since the effect of the proposal is to increase the Rule 12b-1 fees to which Class M shareholders are subject, the Trustees evaluated the proposal under the standard employed for review of a Rule 12b-1 plan, and concluded, in the exercise of their reasonable business judgment and in light of their fiduciary duties under state and federal law, that there is a reasonable likelihood that the Class M Conversion will benefit TA IDEX, each Fund and current Class M shareholders, and the Class M Conversion is consistent with the best interests of the Funds and shareholders. The Trustees critically examined the prospects for realizing potential benefits offered by the Class M Conversion, and they carefully weighed potential benefits against the higher 12b-1 fees payable by Class C shareholders and potential drawbacks resulting from the Class M Conversion. The Trustees approved the Class M Conversion and recommended shareholder approval on the basis of the following considerations, among others: - The Class M Conversion offers several potential benefits to Class M shareholders: conversion, on a tax-free basis, into a class of shares that is open to new investors and has opportunities to grow and possibly realize economies of scale and cost savings; upon consummation of the Class M Conversion, Class M shareholders will have an economically equivalent investment in the same fund, they will not be subject to a front-end sales charge; investors will be subject to a shorter CDSC and they will be given credit for the time they have held Class M shares. - Streamlining the Funds' offerings may assist in marketing the Funds and will result in significant cost savings and administrative efficiencies that may ultimately benefit the Funds and their shareholders. - ATFA and/or its affiliates will bear all costs associated with the Class M Conversion. 3 - By being consolidated with a larger, growing class of shareholders, Class M shareholders should benefit from a higher level and a better quality of services under the Class C 12b-1 Plan. - The Class C 12b-1 Plan may have a positive impact on overall Fund expense ratios and performance (in particular, due to economies of scale that could result from the Class M Conversion), it may lead to higher Fund asset levels (which can be expected to increase the ability of the Funds' investment adviser and sub-adviser to seek out more investment opportunities for the Funds and to obtain greater portfolio diversification) or may prevent redemptions (which may have a positive effect on portfolio stability and Fund performance). - The Class M Conversion ultimately will be subject to Class M shareholder approval, and accordingly, Class M shareholders will have an opportunity to consider the merits of the Board's determination and decide whether the proposed Class M Conversion is in their best interests. In reaching its decision to approve the Class M Conversion and recommend approval by shareholders, the Board did not identify any single factor as being of paramount importance. Based upon its review, the Board determined that the proposed Class M Conversion is in the best interests of the Fund and current Class M shareholders. Accordingly, after consideration of the above factors, and such other factors and information as they deemed relevant, the Board unanimously approved the Class M Conversion and recommended its approval by Class M shareholders. THE BOARD, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" APPROVAL OF CONVERSION OF CLASS M SHARES INTO CLASS C SHARES AS PROVIDED UNDER THIS PROPOSAL. UNMARKED PROXIES WILL BE SO VOTED. OTHER BUSINESS The Trustees do not know of any matters to be presented at the Meeting other than those set forth in this proxy statement. If other business should properly come before the Meeting, proxies will be voted in accordance with the judgment of the persons named in the accompanying proxy. ADDITIONAL INFORMATION ATFA, the Fund's investment adviser, and AEGON/Transamerica Fund Services, Inc., its administrator, are located at 570 Carillon Parkway, St. Petersburg, Florida 33716. The principal underwriter/distributor, AFSG Securities Corporation, is located at 4333 Edgewood Road NE, Cedar Rapids, Iowa 52499-0002. SHAREHOLDER REPORTS Shareholders can find important information about the Funds in the TA IDEX annual report dated October 31, 2003, which has been mailed previously to shareholders. If you have not received the annual report or would like to receive additional copies, please contact TA IDEX by writing at P.O. Box 9015, Clearwater, Florida 33758-9015, or by calling 1-888-233-4339. A copy of the report will be provided free of charge. VOTING INFORMATION PROXY SOLICITATION. The principal solicitation of proxies will be by the mailing of this Proxy Statement commencing on or about _, 2004, but proxies may also be solicited by telephone and/or in person by representatives of TA IDEX, regular employees of AEGON/Transamerica Investor Services, Inc. (the transfer agent of TA IDEX) or its affiliate(s), or ALAMO Direct ("ALAMO"), a private proxy services firm. If we have not received your vote as the date of the Meeting approaches, you may receive a call from ALAMO to ask for your vote.Arrangements will be made with brokerage houses and other custodians, nominees, and fiduciaries to forward proxies and proxy materials to their principals. The estimated costs of retaining ALAMO is approximately $_________. The costs of the Meeting, including the preparation and mailing of the notice, Proxy Statement and proxy, and the solicitation of proxies, including reimbursements to broker-dealers and others who forwarded proxy materials to their clients, will be borne by ATFA and/or its affiliates and not by the Funds. 4 SHAREHOLDER VOTING. Shareholders of record of the Fund who own Class M shares of beneficial interest at the close of business on June 8, 2004 (the "Record Date") will be entitled to vote at the Meeting, including any adjournment(s) thereof, with respect to the Class M Conversion. As of the Record Date, shares issued and outstanding, representing the same number of votes of Class M shares of the Funds are listed on Exhibit A. The Class M share ownership of the TA IDEX Trustees and officers, as well as persons who owned beneficially 5% or more of each Fund's outstanding Class M shares as of the Record Date are listed on Exhibit E. Class M shareholders are entitled to one vote for each share held and fractional votes for fractional Class M shares, with no share having cumulative voting rights. With respect to a Fund, a majority of the Class M shares of beneficial interest outstanding on the Record Date, represented in person or by proxy, will constitute a quorum for the Meeting, and therefore must be present for the transaction of business at the Meeting. Only proxies that are voted, abstentions and "broker non-votes" (as defined below) will be counted toward establishing a quorum. In the event that a quorum is not present at the Meeting for a Fund, or a quorum is present but sufficient votes to approve a proposal are not received, the persons named as proxies may propose one or more adjournments of the Meeting for that Fund to permit further solicitation of proxies. Any such adjournment will require the affirmative vote of a majority of that Fund's Class M shares represented at the Meeting in person or by proxy (excluding abstentions and "broker non-votes," as defined below). The person named as proxies will vote those proxies that they are entitled to vote FOR Proposal 1 in favor of an adjournment of the Meeting, and will vote those proxies required to be voted AGAINST Proposal 1 for that Fund against such adjournment. A shareholder vote may be taken on any proposal prior to any such adjournment if sufficient votes have been received and it is otherwise appropriate. The individuals named as proxies on the enclosed proxy card will vote in accordance with your directions, if your proxy is received properly executed. If we receive your proxy, and it is executed properly, but you give no voting instructions with respect to any proposal, your Class M shares will be voted FOR Proposal 1. The duly appointed proxies may, in their discretion, vote upon such other matters as may properly come before the Meeting. Abstentions and "broker non-votes" are counted as shares eligible to vote at the Meeting in determining whether a quorum is present, but do not represent votes cast with respect to the proposals. "Broker non-votes" are Class M shares held by a broker or nominee as to which instructions have not been received from the beneficial owners or persons entitled to vote, and the broker or nominee does not have discretionary voting power. In order that your Class M shares may be represented at the Meeting, you are requested to vote your shares by mail, the Internet, or by telephone by following the enclosed instructions. If you wish to participate in the Meeting, please submit the proxy card originally sent with the Proxy Statement or attend the Meeting in person. Any proxy given by a Class M shareholder, whether in writing, by telephone or via the Internet is revocable. A Class M shareholder may revoke the accompanying proxy at any time prior to its use by filing with TA IDEX a written revocation or a duly executed proxy bearing a later date. In addition, any Class M shareholder who attends the Meeting in person may vote by ballot at the Meeting, thereby canceling any proxy previously given. However, attendance in-person at the Meeting, by itself, will not revoke a previously tendered proxy. IF YOU VOTE BY TELEPHONE OR THE INTERNET, PLEASE DO NOT RETURN YOUR PROXY CARD, UNLESS YOU LATER ELECT TO CHANGE YOUR VOTE. REQUIRED VOTE. Approval of Proposal 1, the Class M Conversion for each Fund, requires the vote of a "majority of the outstanding voting securities" of that Fund, which means the vote of 67% or more of the Class M shares of a Fund that are present at the Meeting, if the holders of more than 50% of the outstanding Class M shares are present or represented by proxy, or the vote of more than 50% of that Fund's outstanding Class M shares, whichever is less. Accordingly, assuming the presence of a quorum, abstentions and broker non-votes have the effect of a negative vote on the Proposal. SHAREHOLDER PROPOSALS. As a general matter, TA IDEX does not hold annual meetings of shareholders. Shareholders wishing to submit proposals for inclusion in a proxy statement for a subsequent meeting should send their written proposal to the secretary of TA IDEX, 570 Carillon Parkway, St. Petersburg, Florida 33716. Proposals must be received a reasonable time prior to the date of a meeting of shareholders to be considered for inclusion in the proxy materials for a meeting. Timely submission of a proposal does not, however, necessarily mean that the proposal will be included. Persons named as proxies for any subsequent shareholders' meeting will vote in their discretion with respect to proposals submitted on an untimely basis. 5 TO ENSURE THE PRESENCE OF A QUORUM AT THE MEETING, PROMPT EXECUTION AND RETURN OF THE ENCLOSED PROXY IS REQUESTED. A SELF-ADDRESSED, POSTAGE-PAID ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE. By Order of the Board of Trustees, /s/ John K. Carter ----------------------------------- John K. Carter, Esq., Secretary Transamerica IDEX Mutual Funds St. Petersburg, Florida Exhibit A - List of the separate series of IDEX Transamerica Mutual Funds and Record Date shares Exhibit B - Fees and Expenses Tables Exhibit C - Class C Shares Plan of Distribution pursuant to Rule 12b-1 Exhibit D - 12b-1 Fees Exhibit E - Principal Owners 6 EXHIBIT A

A-1 EXHIBIT B FEES AND EXPENSES The following table compares relevant fees and expenses payable by Class C and Class M shareholders under the current and proposed class structure of the Funds after the Class M Conversion:

* Effective November 11, 2002, Class M shares were closed to new investors. (1) Purchases of Class C shares are subject to a 1% contingent deferred sales charge if redeemed during the first 12 months of purchase. (2) Purchases of Class M shares are subject to a 1 % contingent deferred sales charge if redeemed within 18 months of purchase. (3) Class M shareholders will be given credit for the time during which they held Class M shares. ANNUAL FUND OPERATING EXPENSES Expenses are based on the operating expenses incurred for the fiscal year ended October 31, 2003. Pro forma numbers are estimated in good faith and are hypothetical. TA IDEX AMERICAN CENTURY INTERNATIONAL ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from fund assets) (a)as a percent of average daily net assets

IF THE SHARES ARE REDEEMED AT THE END OF EACH PERIOD: