THE AMIDEX35TM MUTUAL FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
Shares Value
------ -----
COMMON STOCK -- 95.63%
BANKING AND INSURANCE -- 13.54%
Bank Hapoalim Ltd. 50,781 $ 134,007
Bank Lumi Le-Israel 58,298 107,387
First International Bank of israel Ltd. 2,442 13,859
Israel Discount Bank CL A 38,414 43,328
Leumi Insurance Holdings 42,537 34,500
United Mizrahi Bank Group Ltd. 8,933 22,243
----------
355,324
----------
CHEMICALS -- 4.80%
Dead Sea Bromine Company 2,877 16,463
Dead Sea Works Limited 12,342 34,000
Israel Chemicals Limited 49,323 50,151
Makhteshim-Agan Industries Ltd. * 14,594 25,399
----------
126,013
----------
COMPUTER SOFTWARE AND SERVICES -- 24.76%
Amdocs Limited * 8,109 285,335
Check point Software Technologies Ltd. * 1,460 206,772
Galileo Technology Ltd. * 1,681 38,348
Mercury Interactive Corporation * 1,431 118,952
----------
649,407
----------
DIGITAL IMAGING -- 6.56%
Electronics for Imaging, Inc. * 2,178 97,057
Orbotech Ltd. * 557 50,966
Scitex Corporation Ltd. * 1,761 23,994
----------
172,017
----------
DIVERSIFIED HOLDINGS -- 13.70%
Clal Electronics Industries Ltd. 153 25,940
Clal (Israel) Ltd. 1,288 42,639
Clal Industries Ltd. 5,714 41,480
Discount Investment Corporation 1,163 50,244
IDB Development Corporation Ltd. 1,872 61,839
IDB Holding Corporation Ltd. 1,555 47,727
Israel Corporation Ltd. 204 24,746
Koor Industries Limited ADR 3,264 64,668
----------
359,283
----------
MEDICAL PRODUCTS -- 5.63%
Teva Pharmaceutical Industries Ltd. ADR 2,577 141,413
ESC Medical Systems Ltd. * 1,157 6,219
----------
147,632
----------
REAL ESTATE DEVELOPMENT -- 0.67%
Industrial Building Corporation 11,750 17,504
----------
<PAGE>
THE AMIDEX35TM MUTUAL FUND
SCHEDULE OF INVESTMENTS (UNAUDITED) NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
RETAIL -- 1.69%
Blue Square-Israel Ltd. ADR 1,527 18,706
Supersol Ltd. ADR 1,695 25,637
----------
44,343
----------
TELECOMMUNICATIONS -- 24.28%
Bezeq Israeli Telecommunications Corporation Ltd. 31,421 147,855
Comverse Technology, Inc. * 2,872 347,153
ECI Telecom Limited 3,160 79,198
Gilat Satallite Networks Ltd. * 814 62,627
----------
636,833
----------
TOTAL COMMON STOCK (COST $2,138,551) 2,508,356
----------
SHORT-TERM INVESTMENTS -- 3.56%
Star Bank Treasury Money Market Fund (Cost $93,439) 93,439
----------
TOTAL INVESTMENTS (COST $2,231,990) -- 99.19% 2,601,795
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.81% 11,294
----------
NET ASSETS -- 100% $2,613,089
==========
* Non-income producing security.
ADR - American depository receipt
<PAGE>
THE AMIDEX35TM MUTUAL FUND
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
ASSETS:
Investments, at market (identified cost $2,231,990) $ 2,601,795
Receivables:
Dividends 1,744
Interest 283
Fund shares sold 15,000
Due from advisor 961
-----------
Total assets 2,619,783
-----------
LIABILITIES:
Payables:
Distribution fees payable 961
Accrued expenses 4,067
Other liabilities 1,666
-----------
Total liabilities 6,694
-----------
NET ASSETS $ 2,613,089
===========
NET ASSETS CONSIST OF:
Common stock $ 2,235,981
Net investment loss (5,140)
Accumulated realized gain on investments 12,469
Net unrealized gain on investments 369,805
Translation of assets and liabilities denominated
in foreign currency (26)
-----------
Total Net Assets (applicable to 213,309 shares oustanding;
500,000,000 shares of $0.0001 par value authorized) 2,613,089
===========
NO-LOAD CLASS SHARES:
Net Assets applicable to 209,142 shares outstanding (Note 2) $ 2,572,987
Net Asset Value, offering and redemption price per share $ 12.30
===========
CLASS A SHARES:
Net Assets applicable to 4,167 shares outstanding (Note 2) $ 40,102
Net Asset Value, and redemption price per share $ 9.62
===========
Offering price per share Class A ($9.62/.9600) $ 10.02
===========
See notes to financial statements.
<PAGE>
THE AMIDEX35TM MUTUAL FUND
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE PERIOD ENDED NOVEMBER 30, 1999*
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 1,188
Dividends 9,774
---------
Total investment income 10,962
---------
EXPENSES:
Investment advisory fees 3,330
Distribution fees - No-load class 1,663
Distribution fees - Class A 3
Service fees 11,106
---------
Total expenses 16,102
---------
Net investment loss (5,140)
---------
REALIZED GAIN ON INVESTMENTS:
Net realized gain on investments 12,469
Net change in unrealized appreciation (depreciation) on:
Securities 369,805
Translation of assets and liabilities denominated in
foreign currency (26)
---------
382,248
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 377,108
=========
* The Amidex35TM Mutual Fund commenced operations on June 8, 1999.
See notes to financial statements.
<PAGE>
THE AMIDEX35TM MUTUAL FUND
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
- --------------------------------------------------------------------------------
For the Period
Ended
November 30, 1999*
------------------
INCREASE IN NET ASSETS
Operations:
Net investment loss $ (5,140)
Net realized gain on investments 12,469
Net change in unrealized appreciation on investments 369,779
-----------
Net increase in net assets resulting from operations 377,108
-----------
Increase in net assets from Fund share transactions (Note 2) 2,135,981
-----------
Increase in net assets 2,513,089
NET ASSETS:
Beginning of period 100,000
-----------
End of period $ 2,613,089
===========
* The Amidex35TM Mutual Fund commenced operations on June 8, 1999.
See notes to financial statements.
<PAGE>
THE AMIDEX35TM MUTUAL FUND
FINANCIAL HIGHLIGHTS (UNAUDITED)
Per Share Data (For a Share Outstanding from June 8, 1999 through November 30,
1999)
- --------------------------------------------------------------------------------
FOR THE PERIOD FOR THE PERIOD
ENDED ENDED
NOVEMBER 30, 1999* NOVEMBER 30, 1999**
NO-LOAD CLASS CLASS A
----------------- -----------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00 9.60
--------- ---------
INVESTMENT OPERATIONS:
Net investment loss (0.02) 0.00
Net realized and unrealized gain on
investments 2.32 0.02
--------- ---------
Total from investment operations 2.30 0.02
--------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.30 9.62
========= =========
TOTAL RETURN 23.00% 0.21%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) $ 2,573 40
Ratio of expenses to average net assets: 2.36% 1 2.20% 1
Ratio of net investment income (loss)
to average net assets: (0.75%)1 1.20%)1
Portfolio turnover rate 4.62% 4.62%
1 Annualized
* The Amidex35TM Mutual Fund No-load Class shares commenced operations on
June 8, 1999.
** The Amidex35TM Mutual Fund Class A shares commenced operations on November
19, 1999.
See notes to financial statements.
<PAGE>
AMIDEX35TM MUTUAL FUND
================================================================================
NOTES TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 1999
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Amidex Funds, Inc. (the "Company") was incorporated under the laws of the
state of Maryland on April 27, 1999, and consists solely of The Amidex35TM
Mutual Fund (the "Fund"). The Fund is a non-diversified Fund. The Company is
registered as an open-end management investment company of the series type under
the Investment Company Act of 1940 (the "1940 Act"). The Fund is currently
registered to offer four classes of shares, Class A, Class B, Class C and
No-load class, with only the Class A, Class C and No-load shares currently being
offered. The Fund's investment strategy is capital growth. The Fund became
effective with the SEC on April 27, 1999 and commenced operations on June 8,
1999.
The costs incurred in connection with the organization, initial
registration and public offering of shares have been paid by TransNations
Investments, LLC. (the "Advisor"). Accordingly, no organization costs have been
recorded by the Fund.
The following is a summary of significant accounting policies consistently
followed by the Fund.
a) Investment Valuation--Common stocks and other equity-type securities listed
on a securities exchange are valued at the last quoted sales price on the
day of the valuation. Price information on listed stocks is taken from the
exchange where the security is primarily traded. Securities that are listed
on an exchange but which are not traded on the valuation date are valued at
the most recent bid quotation. Other assets and securities for which no
quotations are readily available are valued at fair value as determined in
good faith by the Investment advisor under the supervision of the Board of
Directors. Short-term instruments (those with remaining maturities of 60
days or less) are valued at amortized cost, which approximates market
value.
b) Foreign Currency Translation--Portfolio securities and other assets and
liabilities denominated in foreign currencies are translated into U.S.
dollars based on the exchange rate of such currencies against U.S. dollars
on the date of valuation. Purchases and sales of securities and income
items denominated in foreign currencies are translated into U.S. dollars at
the exchange rate in effect on the transaction date. The Fund does not
separately report the effect of changes in foreign exchange rates from
changes in market prices on securities held. Such changes are included in
net realized and unrealized gain or loss from investments. Realized foreign
exchange gains or losses arise from sales of foreign currencies, currency
gains or losses realized between the trade and settlement dates on
securities transactions and the difference between the recorded amounts of
dividends, interest and foreign withholding taxes, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains or losses arise from changes in foreign exchange rates on
foreign currency denominated assets and liabilities other than investments
in securities held at the end of the reporting period.
<PAGE>
AMIDEX35TM MUTUAL FUND
================================================================================
NOTES TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 1999
c) Federal Income Taxes--No provision for federal income taxes has been made
since the Fund has complied to date with the provision of the Internal
Revenue Code applicable to regulated investment companies and intends to so
comply in the future and to distribute substantially all of its net
investment income and realized capital gains in order to relieve the Fund
from all federal income taxes.
d) Distributions to Shareholders--Dividends from net investment income and
distributions of net realized capital gains, if any, will be declared and
paid at least annually. Income and capital gain distributions are
determined in accordance with income tax regulations that may differ from
generally accepted accounting principles.
e) Use of Estimates--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from
those estimates.
f) Other--Investment and shareholder transactions are recorded on trade date.
The Fund determines the gain or loss realized from the investment
transactions by comparing the original cost of the security lot sold with
the net sales proceeds. Dividend income is recognized on the ex-dividend
date or as soon as information is available to the Fund, and interest
income is recognized on an accrual basis.
2. CAPITAL SHARE TRANSACTIONS
Transactions in shares of the Fund for the class A shares for the period
ended November 30, 1999 were as follows:
SHARES AMOUNT
Sold ................................................. 4,167 $39,846
Redeemed ............................................. -- --
------- -------
Net Increase ......................................... 4,167 $39,846
======= =======
Transactions in shares of the Fund for the No-load class of shares for the
period ended November 30, 1999 were as follows:
SHARES AMOUNT
Sold ........................................ 201,067 $ 2,120,639
Redeemed .................................... (1,925) (24,504)
----------- -----------
Net Increase ................................ 199,142 $ 2,096,135
=========== ===========
<PAGE>
AMIDEX35TM MUTUAL FUND
================================================================================
NOTES TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 1999
3. INVESTMENT TRANSACTIONS
The aggregate purchases and sales of investments, excluding short-term
investments, by the Fund for the period ended November 30, 1999, were as
follows:
Purchases: ............................... $2,182,465
Sales: ................................... 57,132
At November 30, 1999, net unrealized appreciation of investments for tax
purposes was as follows:
Appreciation ............................. $ 421,502
Depreciation ............................. (51,697)
---------
Net appreciation on investments .......... $ 369,805
=========
At November 30, 1999, the cost of investments for federal income tax
purposes was $2,231,990.
4. ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS
The Fund has entered into an Advisory Agreement with TransNations
Investments, LLC (the "Advisor") to provide investment management services to
the Fund, pursuant to the Advisory Agreement, the Advisor is entitled to receive
a fee, calculated daily and payable monthly at the annual rate of 0.50% as
applied to the Fund's daily net assets. For the period ended November 30, 1999,
the Advisor received advisory fees of $3,331.
The Fund has entered into an Operating Services Agreement (the "Servicing
Agreement") with the Advisor to provide or arrange for day-to-day operational
services to the Fund. Pursuant to the Servicing Agreement, the Advisor is
entitled to receive a fee, calculated daily and payable monthly at the annual
rate of 1.45% as applied to the Fund's daily net assets. Prior to November 19,
1999 the fee was calculated at the annual rate of 1.70%. For the period ended
November 30, 1999, the Advisor received Servicing Agreement fees of $11,106.
The Fund and the Advisor have entered into an Investment Company Services
Agreement (the "ICSA") with Declaration Service Company to provide day-to-day
operational services to the Fund including, but not limited to, accounting,
administrative, transfer agent, dividend disbursement, registrar and
recordkeeping services.
<PAGE>
AMIDEX35TM MUTUAL FUND
================================================================================
NOTES TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 1999
4. ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS (CONTINUED)
The effect of the Advisory Agreement and the Servicing Agreement is to
place a "cap" on the Funds' normal operating expenses at 1.95%. The only other
expenses incurred by the fund are distribution fees, brokerage fees, taxes, if
any, legal fees relating to litigation, and other extraordinary expenses.
The Fund and the Advisor have entered into a Distribution Agreement with
Declaration Distributors, Inc. to provide distribution services to the Fund.
Declaration Distributors, Inc. serves as underwriter/distributor of the Fund.
A separate plan of distribution has been adopted under Rule 12b-1 of the
Investment Company Act of 1940 for each class of shares. With respect to Class A
and the No-load class of shares, the plan provides that the Fund may pay a
servicing or Rule 12b-1 fee of 0.25% annually of the Funds average net assets
attributable to each class of shares respectively (1/12 of 0.25% monthly) and
1.00% annually of the Funds' average net assets attributable to Class C shares
(1/12 of 1.00% monthly), to persons or institutions for performing certain
servicing functions for the Funds shareholders. The distribution plan also
allows the Fund to pay or reimburse expenditures in connection with sales and
promotional services related to distribution of the Funds shares, including
personal services provided to prospective and existing shareholders. The
distribution plans for the Class A and the No-load class of shares took effect
November 19, 1999 and June 8,1999, respectively.
Certain directors and officers of the Fund are directors and officers of
the Advisor.
