PROSPECTUS
Dated April 27, 1999
As Amended March 22, 2000
THE AMIDEX35 MUTUAL FUND
26 Broadway, Suite 741
New York, New York 10004
1-888-876-3566
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AMIDEX(TM) Funds, Inc. (the "Company") is an open-end investment management
company currently consisting of one portfolio, The AMIDEX35(TM) Mutual Fund (the
"Fund"). The primary investment objective of the Fund is growth of capital. The
Fund attempts to achieve its investment objective by investing in the common
stock of the companies comprising the AMIDEX35(TM) Index (the "Index"), an index
of the 35 largest market capitalization Israeli companies.
The minimum investment in the Fund is $2,500 for regular accounts or $2,000 for
retirement accounts and custodial accounts for minors. The minimum subsequent
investment is $1,000 for regular accounts and $250 for retirement accounts or
custodial accounts for minors. The Fund may change minimum investment amounts
from time to time.
THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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TABLE OF CONTENTS
Risk/Return Summary.
Fees and Expenses.
Investment Objectives and Policies.
Why Invest in the Fund.
The AMIDEX35(TM)Index.
Risk Factors.
Purchasing Shares.
Redeeming Shares.
Tax Considerations.
Management of the Fund.
Investment Adviser.
Plan of Distribution.
General Information.
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RISK/RETURN SUMMARY
The Fund's investment objective is capital growth. The Fund seeks to achieve
capital growth by primarily investing in the common stock of companies listed on
the AMIDEX35(TM) Index (the "Index"). The Index is a new index tracking the
performance of the 35 largest market capitalization Israeli companies. Index
company stocks trade in Israel on the Tel Aviv Stock Exchange ("TASE") or in the
United States on the New York Stock Exchange ("NYSE"), the American Stock
Exchange ("AMEX") or NASDAQ, or on the exchanges of both countries. When the
Index was first calculated on January 1, 1999, the companies in the Index ranged
in size from approximately $300 million in market capitalization to over $3
billion.
Based on its research into Israel's historical stock market performance, the
Fund's Adviser believes that the companies in the Index are experiencing, or
have the potential to experience, above-average capital growth. The Adviser
believes that investing primarily in Index companies will allow the Fund to
achieve its investment objective of capital growth over the long term.
The Adviser will employ a "passive management" approach to investing the Fund's
assets. This means that, instead of trying to determine which Israeli companies
will outperform their peers during a given time period, the Fund normally will
invest in all of the companies in the Index, in approximately the same
percentages as those companies are represented in the Index. By replicating the
composition of the Index, the Fund seeks to also replicate the performance of
the Index. As the companies in the Index grow, the value of the Index will grow,
and the value of the Fund's investments will grow in a similar fashion.
Conversely, if the companies in the Index decline, the value of the Index and
the Fund will decline accordingly. You should be aware that there is no
assurance that the Adviser will be successful in achieving the Fund's
objectives, since all investments involve risks.
The Principal Risks of Investing in the Fund
You may lose money by investing in the Fund. Your risk of loss is greater if you
only hold your shares for a short period of time. The Fund is a
"non-diversified" Fund because it primarily invests in the companies that are
included in the Index. When the Index was first calculated on January 1, 1999,
four of those companies individually comprised more than 5% of the Index and
together make up about 29% of the Index. A diversified Fund is limited to
investing 25% of its net assets in companies that comprise more than 5% of the
net assets of the Fund. Accordingly, the Fund cannot presently be classified as
a diversified fund. Investing in this manner is riskier than investing in a
broader variety of securities.
Because the Fund invests in securities of Israeli issuers, the Fund may be
exposed to special risks and considerations. There is less information available
to the public than in the U.S. There is also potential difficulty in obtaining
or enforcing a court judgement, and unique characteristics of Israeli securities
and markets may have a negative impact on the Fund. Any major hostilities
involving Israel, or the interruption or curtailment of trade between Israel and
its present trading partners, could have a negative impact on the Fund.
Shares and dividends of Israeli companies are often New Israeli Shekel ("NIS")
denominated. Changes in the relationship of the NIS to the dollar and other
currencies could have a negative impact on the Fund.
The government of Israel may change the way in which Israeli companies are
taxed, or may impose taxes on foreign investment. Such actions could have an
impact on the overall market for Israeli securities and on the Fund.
Some of the companies in which the Fund invests may not have a vigorous
secondary trading market. As a result, the Fund could experience difficulties in
timely buying or selling of these securities, which could have a negative impact
on the Fund.
The Fund invests in common stocks, both in Israel and in the United States.
Accordingly, the Fund is subject to the risks inherent in the stock markets. The
stock market is cyclical, with prices generally rising and falling over periods
of time. Some of these cycles can be pronounced and last for extended periods.
Investments in foreign securities involve greater risks compared to domestic
investments. Foreign companies are not subject to the regulatory requirements of
U.S. companies, so there may be less publicly available information about
foreign companies than about U.S. companies. Dividends
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and interest on foreign securities may be subject to foreign withholding taxes.
Such taxes may reduce the net return to shareholders. Other risks include the
possibility of expropriation, confiscation, currency blockage or devaluation,
political or social instability, and warfare and terrorism. In the event that an
Index company trades on the TASE and an American exchange or over-the-counter
market, the Fund normally will invest in the United States market, but may
invest in the Israeli market if, in the Adviser's opinion, extraordinary
circumstances are present. The Fund will invest in the common stock of companies
included in the Index that are publicly traded on the TASE.
The Fund is an "index fund," meaning that it invests in the companies in the
Index to replicate the composition of the Index and to replicate the Index's
performance. Because the Fund will invest in a "passive" manner, any volatility
in the Index will be closely reflected in the Fund. If the Index declines, the
Fund will decline with it. If the companies in the Index perform well, the Fund
will also reflect that performance.
This is a new Fund without a prior operating history, and this is a new position
for the Adviser to the Fund. The Fund's lack of performance history and
management experience may pose additional risks.
FEES AND EXPENSES
This table describes the fees and expenses you may pay if you buy and hold
shares of the Fund.
SHAREHOLDER FEES (fees paid directly from your investment):
Maximum Sales Charges (Load) Imposed on Purchases NONE
(as a percentage of offering price)
Maximum Deferred Sales Charges (Load) NONE
(as a percentage of offering price)
Maximum Sales Charges (Load) Imposed
On Reinvested Dividends NONE
(as a percentage of net asset value)
Redemption Fees NONE1
(as a percentage of amount redeemed)
Exchange Fees NONE
ANNUAL FUND OPERATING EXPENSES: (expenses that are deducted from Fund assets)
Management Fees 0.50%
Distribution (12b-1) Fees 0.25%2
Other Expenses Fees (estimated) 1.45%
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Total Annual Fund Operating Expenses 2.20%
1. You will be charged a redemption fee equal to 2.00% of the net amount of your
redemption, if you redeem your shares less than 365 calendar days after you buy
them. If this fee is imposed, it would raise the expenses of your shares. This
fee is imposed only to discourage short-term trading of Fund shares. Such fees,
when imposed, are credited directly to the assets of the Fund to help defray the
expense to the Fund of such short-term trading activities. These fees are never
used to pay for distribution or sales fees.
2. You should be aware that long-term shareholders may pay more than the
economic equivalent of the maximum front-end sales charge permitted by the
National Association of Securities Dealers ("NASD").
Example: This example is intended to help you compare the costs of investing in
the Fund with the costs of investing in other mutual funds. The example assumes
that you invest $10,000 in the Fund for the time periods indicated and then
redeem all your shares at the end of those periods. The example also assumes
that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. Although your actual costs and returns may be higher
or lower, based on these assumptions, your costs would be:
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One Year Three Years
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$253.00 $779.00
You would pay the same expenses if you did not redeem your shares, since the
Fund does not charge any redemption fees to shareholders who hold their shares
for 365 days or longer. If you hold your shares for less than 365 days, a fee of
2.00% of the net amount redeemed of your Fund shares will be charged to you as
an early redemption fee.
Because the Fund has no operating history, these expense figures are based on
estimated amounts for the Fund's first fiscal year.
INVESTMENT OBJECTIVES AND POLICIES
The Fund's investment objectives and strategies have been described in the
Risk/Return Section of this Prospectus. This Section includes additional
information that you should know concerning your investment in the Fund.
Under normal circumstances, the Fund will invest at least 95% of its net assets
in the common stocks of the companies comprising the Index, in approximately the
same percentages as those companies are included in the Index. You should be
aware that the Index is a new index, and no historical performance data are
available for the Index.
Investing the Fund's assets primarily in Index companies is not a fundamental
policy of the Fund. The Board of Directors of the Fund may vote to change or
eliminate the percentages of Fund assets invested in Index companies and to
choose other investment strategies. If the Board votes to change the Fund's
investment strategies, we will notify you in writing at least thirty days before
the changes take place. If you decide to redeem your shares as a result of such
a change, you will not be charged any redemption fees, even if you have held
your shares for less than 365 days. You will find a full listing of the Fund's
fundamental and non-fundamental investment policies in the Fund's Statement of
Additional Information ("SAI") in the Section entitled, "Investment Policies and
Restrictions".
WHY INVEST IN THE FUND?
The State of Israel is a highly developed, industrialized democracy. Since the
beginning of the decade, Israel's economy has grown significantly, presenting
improvement in most economic indicators. Israel has made substantial progress in
opening its economy, including the removal of its trade barriers and tariffs.
Israel has concluded free trade agreements with its major trading partners, and
is the only nation that is a party to free trade agreements with both the United
States and the European Union. In recent years Israel has signed free trade
agreements with Switzerland, Norway, Canada, Turkey, the Czech Republic, the
Slovak Republic, Poland and Hungary.
Between 1950 and 1997, Israel's GDP grew by an average annual rate of 7%. In
recent years, the production of goods and services has shifted mainly towards
high-technology value added industries, causing the trade deficit to drop from
23% of the GDP in 1950, to about 7% in 1998.
Israel's productive and highly educated population remains a principal strength.
Based on a 1996 survey, approximately 34% of the Israeli work force had
university or other advanced degrees. Israel has the highest per capita
concentration of scientists and technicians of any country in the world. Israel
boasts the world's greatest per capita number of engineers and doctors (135 per
10,000 workers). In addition, Israel has recently experienced an extraordinary
influx of new immigrants, primarily from the republics of the former Soviet
Union. From 1990 through 1997, about 822,000 immigrants arrived, increasing
Israel's population by approximately 18%.
Israel's traditional cultural and economic investment in technology, medicine,
and research has been increasing throughout the last decade due in part to this
huge influx of scientists and physicians from the former Soviet Union, and due
to an influx of investments from abroad.
Major U.S. and other foreign companies are forming partnerships with Israeli
companies at a remarkable rate. Investment capital has been flowing in to
support Israel's research and development in the computer hardware and software
industries; in pharmaceutical and bio-technology companies; and in Internet and
Telecommunications products and
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services. Israel attracts more American venture capital than any other nation
outside the U.S. Israel is second only to the United States in the number of new
high tech start up companies. Direct foreign investments in Israel grew to more
than $2 billion in 1998, up from virtually none in 1990.
Israel's economy has surged ahead of many European nations. Its 1998 $16,000 per
capita gross domestic product places Israel among the developed Western European
countries, in large part due to technology exports. Technology exports account
for about 1/2 of all Israel's exports. Exports from Israel more than doubled
between 1992 and 1998. Israeli companies, especially high tech companies, are
globally diversified in their revenue streams and over 70% of Israel's GDP is
derived from foreign exports. Israel has improved its country credit rating to
"A-" "stable" (Standard & Poor's) and "A3" "solid" (Moody's), the same ratings
as China and Hong Kong, and higher than Hungary, Argentina, Brazil and Chile.
Rapid and ongoing privatization of formerly state run financial, communications,
and utility concerns has added to the breadth and strength of Israel's publicly
traded companies.
In September 1993, Israel and the Palestinian Liberation Organization signed a
"Declaration of Principles," a turning point in Israeli-Arab relations. Since
that time, the peace process has progressed with further agreements between
Israel and the Palestinians, and the signing of a peace treaty with Jordan.
These treaties join the 1979 accords with Egypt as the first peace agreements
between Israel and its neighbors. In addition, a number of members of the Arab
League have announced their intention to partially lift their trade boycotts of
Israel. As a result of progress in the peace process and the partial lifting of
the economic boycott, Israel and its Arab neighbors have taken several
initiatives to encourage the development of economic relations among the
countries of the region.
Israel is a member of a number of international organizations, including the
United Nations, the World Bank Group (including the International Finance
Corporation), the International Monetary Fund (the "IMF"), the European Bank for
Reconstruction and Development, and the Inter-American Development Bank.
Israel is a signatory to the General Agreement on Tariffs and Trade ("GATT") of
1947 and 1994, which provides for reciprocal lowering of trade barriers among
its members. Under GATT, Israel is eligible to receive a number of trade
preferences that are available only to certain GATT participants, including
duty-free treatment of its exports to certain countries pursuant to the GATT
Generalized System of Preferences. Israel is a founding member of the World
Trade Organization.
Israel has concluded free trade area ("FTA") agreements with its major trading
partners and is the only nation that is a party to free trade agreements with
both the United States and the European Union (the "EU"). In addition, Israel
has recently concluded free trade agreements with both the Czech and Slovak
Republics, Hungary and Poland and is in the process of negotiating such an
agreement with Slovenia. In 1996, Israel concluded FTA agreements with Turkey
and Canada. In 1975, Israel entered into an FTA agreement with the EU that
provided for the gradual reduction and ultimate elimination of tariffs on
manufactured goods and certain agricultural products. In July 1995, Israel
concluded negotiations with the EU for a new agreement to include services,
including financial services, government procurement, and cooperation in
research and development, and also to include additional agricultural products
and to improve Israel's access to European markets in the advanced industry and
high-technology sectors. In 1985, Israel and the United States entered into an
FTA agreement that resulted in the elimination of all tariffs on all products by
January 1, 1995. The FTA agreement with the United States also has resulted in
the elimination of certain non-tariff barriers to trade between the two
countries. In 1992, Israel concluded an FTA agreement with the European Free
Trade Association that applied largely to manufactured products.
Israel's FTA agreements allow Israel to export products with little or no duties
to both the United States and most Western industrialized nations. In March
1996, the Council of Ministers of the O.E.C.D. approved Israel's request to
participate in the organization's activities, and Israel has accordingly joined
certain O.E.C.D. committees with an observer status.
Israel is not only rich in research, technology and intellectual investment, but
also is the only democratic nation in the Middle East. The influx of venture
capital, the infusion of human resources (Israel's population nearly doubled in
the last 15 years), and the conversion of the economic focus from military to
commercial (defense spending dropped from about 30% of GNP in 1973 to less than
14% in 1998), have led many to believe that Israel is the next "Silicon Valley."
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There has been a dramatic increase in the number of Israeli companies trading on
U. S. Exchanges, particularly the NASDAQ. In 1996, 17% of all new non-U.S.
companies to join the NASDAQ were Israeli, more than any other nation. Israel is
third, behind only the U.S. and Canada, in the number of companies traded on
Wall Street. In Israel, the Tel Aviv Stock Exchange now lists more than 665
companies and over 1000 securities, with a current market capitalization of
about $80 billion.
These dramatic developments in Israel present a new and relatively unexploited
opportunity for equity investment. Currently, there are no other U.S. based open
end no load mutual funds available as a vehicle for investment in Israel
securities.
THE AMIDEX35(TM) INDEX
The AMIDEX35(TM) Index is a new, unmanaged Index consisting of the 35 largest
publicly traded Israeli companies, as measured by market capitalization. A
company is an "Israeli company" if:
Its stock is traded on the TASE; or its stock is traded on the New York Stock
Exchange ("NYSE"), the American Stock Exchange ("AMEX"), or the NASDAQ
over-the-counter market AND the company has been listed by the Israeli financial
newspaper, Globes as "Israeli shares traded on the New York Bourse."
If Globes stops publishing a list of "Israeli shares traded on the New York
Bourse", the Board of Directors will select an alternative publication that
similarly defines such companies.
Index Composition Criteria. In order for a company to be included in the Index,
that company must satisfy all the following criteria:
1. It must be a publicly traded "Israeli" company, as defined above; and
2. It must have maintained an average minimum daily trading volume of at least
$150,000 in the previous calendar year.
The largest (as measured by market capitalization) 35 Israeli companies that
satisfy all of the criteria described above will be included in the Index. You
should be aware that the Index may contain more or less than 35 companies during
the year. If less than 35 Israeli companies meet the criteria for inclusion at
the beginning of a new year, then the Index will contain only those companies.
If a company ceases operation, is de-listed, or becomes insolvent, it will be
deleted from the Index and may not replaced until the beginning of the new
calendar year. If a single company splits into multiple companies, all such
companies will be included in the Index until the Index is rebalanced at the
beginning of the new year. During the first ten business days of each calendar
year, the Index is adjusted to add or delete companies.
An "unmanaged" index means that the criteria for inclusion of companies in the
Index are objective and not subject to arbitrary change, so that any company
that is eligible for inclusion in the Index must be included, and any company
that ceases to qualify for inclusion in the Index must be deleted.
The Index is a market capitalization index. The Index began being calculated on
January 1, 1999 at an initial Index Value of 1000. Market capitalization means
the total current U.S. dollar value of a company's outstanding shares of common
stock, and is calculated by multiplying the number of outstanding shares of
common stock of a company by the price of that common stock, adjusted to U.S.
currency. Some Israeli companies that trade on the TASE have multiple classes of
stock, each of which individually would qualify as common stock by U.S.
standards. For those companies, all classes of their "common" stock are included
in calculating the company's total market capitalization to determine whether
such a company is among the 35 largest Israeli companies. Thereafter, the Fund
will use the class of stock that has the greatest trading liquidity to determine
that company's weighting in the index, and will only purchase the class of stock
that has the most trading liquidity. Some Index companies trade on both the TASE
and an American exchange. For those companies, the Fund normally will purchase
stock from the American exchange, but may purchase stock from the TASE when, in
the Adviser's opinion, there are exceptional circumstances.
The Index name, rules, methods of calculation, and proprietary data are owned by
the Adviser. The Adviser developed the criteria and the rules of operation for
the Index. The Adviser has entered into agreements with various companies to
construct, calculate and publish the Index.
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Business Graph Group ("Tochna L'Inyan"), a company based in Israel, performed
the initial calculations needed to create the Index and may assist in selecting
the companies that will be included in or deleted from the Index, based on the
criteria described above. The ("TASE") provides information regarding the
Israeli companies participating in the Index. Business Graph Group ("Tochna
L'Inyan") was initially responsible for maintaining and publishing the Index.
Currently, Bloomberg, L.P. is responsible for calculating and publishing the
Index. Bloomberg, L.P. and Business Graph Group have no affiliation with the
Fund, the Advisor, or any of the Fund's other service providers. The Advisor
may, if necessary, select an alternative independent company to calculate,
maintain or publish the Index in the future.
When companies are added to or deleted from the Index, the Adviser will alter
the Fund's investments to conform the portfolio to the Index. This will result
in certain risks to the Fund, including the risks of losses and tax consequences
to shareholders resulting from realized capital gains. You should also be aware
that the Fund will incur certain expenses that are not incurred by the Index,
including transaction charges. Accordingly, the performance of the Fund will
vary from that of the Index as a result of such expenses.
The Adviser will attempt to maintain a correlation coefficient of at least 0.95
in performance between the Index and the Fund. This means that the Adviser will
attempt to replicate at least 95% of the Index's performance. The Adviser will
be responsible for tracking the Fund's performance, under the supervision of the
Company's Board of Directors. If the Fund fails to achieve a 0.95 correlation
coefficient, the Board will take action to rectify whatever problem is causing
the discrepancy, including, as an example, altering the Fund's servicing
arrangements to reduce Fund expense ratios or changing the Fund's investment
strategy of investing in the Index.
The Adviser has determined that, in order to construct the Fund's portfolio to
fully reflect the performance of the Index, the Fund must have approximately $25
million in net assets. Until such asset levels are reached, the Adviser may
invest Fund assets in a representative sample of Index securities and such other
permissible securities. The Adviser is likely to track Index performance most
closely. You should be aware that there is no assurance that the Adviser will be
successful in replicating the performance of the Index during this period. You
will find a more detailed discussion of the Index in the SAI in the Section
entitled "The Index."
Under normal circumstances, the Fund will invest at least 95% of its average net
assets in the following securities:
COMMON STOCK. Common stock is issued by companies to raise cash for business
purposes and represents a proportionate equity interest in the issuing
companies. Therefore, the Fund participates in the success or failure of any
company in which it holds common stock. The market value of common stock can
fluctuate significantly, reflecting the business performance of the issuing
company, investor perception, and general economic or financial market
movements. Smaller companies are especially sensitive to these factors. However,
common stocks historically have offered the greatest potential for gain on
investment, compared to other classes of financial assets. There is additional
risk inherent in investing in foreign-based companies. The Fund may invest in
the common stock of foreign issuers which are publicly traded on U.S. exchanges
either directly or in the form of American Depository Receipts (ADRs), but only
if such foreign issuers are included in the Index. The Fund will only invest in
ADRs that are issuer sponsored. Sponsored ADRs typically are issued by a U.S.
bank or Trust company and evidence ownership of underlying securities issued by
a foreign corporation. The Fund may also hold warrants or other rights on common
stock if such warrants are issued as dividends on stocks already held in the
Fund's portfolio. Because the Fund will concentrate its investments in Israeli
companies, the Fund will be exposed to the risks associated with Israeli
companies to a greater degree than will funds whose investment policies do not
require or allow such concentration. The Fund will invest in the common stock of
companies included in the Index that trade on the TASE, NYSE, the AMEX, or
NASDAQ.
The Fund will normally invest up to a total of 5% of its aggregate average net
assets in the following securities:
MONEY MARKET FUNDS. The Fund may invest in securities issued by other registered
investment companies that invest in short-term debt securities (i.e., money
market funds) to maintain liquidity. As a shareholder of another registered
investment company, the Fund would bear a pro rata portion of that company's
advisory fees and other expenses. Such fees and expenses will be borne
indirectly by the Fund's shareholders. The Fund will not invest more than 5% of
its net assets in such securities, and will not invest in such securities, if
such investments would represent more than 3% of such issuer's outstanding
shares.
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DEBT SECURITIES. The Fund may invest in U.S. Government debt securities
including Treasury Bills and short term notes, to maintain liquidity. U.S.
Government securities include direct obligations of the U.S. Government and
obligations issued by U.S. Government agencies and instrumentalities. The market
value of such securities fluctuates in response to interest rates and the
creditworthiness of the issuer. In the case of securities backed by the full
faith and credit of the United States Government, shareholders are only exposed
to interest rate risk. The Fund will not invest more than 5% of its net assets
in such securities, and will not invest in any such security with a maturity in
excess of one year.
REPURCHASE AGREEMENTS. The Fund may invest a portion of its assets in repurchase
agreements ("Repos") with broker-dealers, banks and/or other financial
institutions to maintain liquidity. The Fund's custodian must always have
possession of the securities serving as collateral for the Repos or have proper
evidence of book entry receipt of such securities. In a Repo, the Fund purchases
securities subject to the seller's simultaneous agreement to repurchase those
securities from the Fund at a specified time (usually one day) and price. The
repurchase price reflects an agreed-upon interest rate during the time of
investment. All Repos entered into by the Fund must be collateralized by U.S.
Government Securities, the market value of which equals or exceeds 102% of the
principal amount of the money invested by the Fund. If an institution with which
the Fund has entered into a Repo enters insolvency proceedings, the resulting
delay, if any, in the Fund's ability to liquidate the securities serving as
collateral could cause the Fund some loss if the securities declined in value
prior to liquidation. To minimize the risk of such loss, the Fund will enter
into Repos only with institutions and dealers considered creditworthy, and will
not invest more than 5% of its net assets in such transactions.
The Fund may also invest in the following securities and employ the following
investment guidelines:
CASH RESERVES. The Fund may, to meet liquidity needs, temporarily hold up to 5%
of its net assets in cash. The Fund may hold cash in the United States, Israel,
or in both. The primary risk associated with such a policy is that the Fund's
performance will vary, perhaps significantly, from the performance of the Index
when the Fund holds a high percentage of its net assets as cash reserves.
FUTURES AND OPTIONS ON EQUITY SECURITIES AND THE INDEX. The Fund may enter into
futures contracts relating to the equity securities of companies included in the
Index, may write (i.e., sell) covered put and call options on such securities
and on the Index, and may purchase put and call options on such equity
securities and on the Index. Such options can include long-term options with
durations of up to three years. The Fund may use futures and options to increase
or decrease its exposure to the effects of changes in security prices, to hedge
securities held, to maintain cash reserves while remaining fully invested, to
facilitate trading, to reduce transaction costs, or to seek higher investment
returns when a futures or options contract is priced more attractively than the
underlying security or index. The Fund may enter into these transactions so long
as the value of the underlying securities on which such options or futures
contracts may be written at any one time does not exceed 100% of the net assets
of the Fund, and so long as the initial margin required to enter into such
contracts does not exceed five percent (5%) of the Fund's total net assets.
Risk Factors Associated With Futures and Options. The primary risks associated
with the use of options and futures are; (1) imperfect correlation between a
change in the value of the underlying security or index and a change in the
price of the option or futures contract, and (2) the possible lack of a liquid
secondary market for an options or futures contract and the resulting inability
of the Fund to close out the position prior to the maturity date.
RESTRICTED AND ILLIQUID SECURITIES. The Fund will not invest more than 15% of
its net assets in securities that the Adviser determines, under the supervision
of the Board of Directors, to be illiquid and/or restricted. Illiquid securities
are generally defined as securities that cannot be liquidated within seven (7)
days at the approximate price at which the Fund has valued the instrument. Also,
the sale of some illiquid and other types of securities may be subject to legal
restrictions. You should be aware that in the event that more than 15% of the
Index is comprised of companies considered to be illiquid, the Fund will be
unable to match precisely its investments to the percentages contained in the
Index, and that inability may pose additional risks to the Fund, including the
risk that the performance of the Fund will vary from that of the Index.
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WHEN-ISSUED SECURITIES AND DELAYED-DELIVERY TRANSACTIONS. The Fund may purchase
securities of companies comprising the Index on a when-issued basis, and it may
purchase or sell such securities for delayed-delivery. These transactions occur
when securities are purchased or sold by the Fund with payment and delivery
taking place at some future date. The Fund may enter into such transactions
when, in the Adviser's opinion, doing so may secure an advantageous yield and/or
price to the Fund that might otherwise be unavailable. The Fund has not
established any limit on the percentage of assets it may commit to such
transactions, but to minimize the risks of entering into these transactions, the
Fund will maintain a segregated account with its Custodian consisting of cash,
cash equivalents, U.S. Government Securities, or other high-grade liquid debt
securities, denominated in U.S. dollars or non-U.S. currencies, in an amount
equal to the aggregate fair market value of its commitments to such
transactions.
RISK FACTORS
You may lose money by investing in the Fund. Your risk of loss is greater if you
hold your investment for shorter time periods. The Fund may be appropriate for
long-term aggressive investors who understand the potential risks and rewards of
investing in the common stock of Israeli companies. The value of the Fund's
investments will vary from day-to-day, reflecting changes in market conditions,
interest rates, exchange rates and other company, political, and economic news.
Over the short term, stock prices can fluctuate dramatically in response to
these factors. Over longer time periods, stocks, although more volatile, have
historically shown greater growth potential than other investments. The Index is
a new index composed of only 35 companies, and this limited number of companies
may pose additional risks to the Fund. Some of the companies included in the
Index are considered to be smaller companies. Companies with small market
capitalizations can be riskier investments than larger capitalized companies,
due to their lack of experience, product diversification, cash reserves and/or
lack of management depth. Neither the Fund or the Fund's Adviser has any
operating history, and this may pose additional risks. There is risk involved in
the Fund's investment policy of tracking the Index, due to the potential company
turnover that may occur in the Index, the possible addition of companies to the
Index that may not have a long operating history, and the risks inherent in
concentrated investing in the Israeli market.
When you sell your Fund shares, they may be worth more or less than what you
paid for them. There is no assurance that the Fund can achieve its investment
objective, since all investments are inherently subject to market risk. The
relatively limited liquidity of some of the equities in the Index may affect the
Fund's ability to acquire or dispose of securities at a desirable price and
time. At times, the Fund may be unable to acquire desired positions quickly, or
may be unable to dispose of securities promptly. This could cause net asset
value to decline and could negatively affect the Fund's correlation to the
Index.
Some share transactions will be denominated in New Israeli Shekels ("NIS"), and
for liquidity purposes, some cash or short term investments may be held in New
Israeli Shekels as well. The Fund is subject to the risk that the value of the
New Israeli Shekel will change relative to the dollar, and this could adversely
affect the Fund.
Israel's economy has been subject to destabilizing influences in the past,
including military conflicts, civil unrest, strikes, political division and
periods of hyper-inflation. The Israeli government has intervened via fiscal and
monetary means, import duties, currency and wage restrictions, and other
measures. The Fund is subject to the risks of changes in Israeli government
policies and unforeseeable changes in securities, banking, currency and other
regulations. The Israeli economy has a substantial amount of concentrated
control, and the government is directly involved in and influences aspects of
private companies. Although various privatization programs are under way, the
government still owns or controls numerous corporations and other entities.
Actions by the government, such as nationalization, expropriation, imposition of
new taxes, restrictions on trade and regulations could have a significant impact
on the prices of securities or the ability of the Fund to invest in or liquidate
specific securities.
FINANCIAL DISCLOSURE AND REGULATION
Companies in Israel are subject to accounting, auditing and financial standards
and requirements that, while substantially similar, are different in some
respects from those applicable to U.S. companies. In particular, financial
statements generally must be adjusted to reflect the effects of inflation. There
is less government supervision and regulation of the Israeli securities
exchange, brokers and listed companies with respect to such matters as insider
trading rules, restrictions on market manipulation and shareholder proxy
requirements than exists in the United States,
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although the Israel Securities Authority has extensive power and authority to
regulate the securities and capital markets. There is also less publicly
available information about Israeli companies compared with that available about
U.S. companies. In addition, credit analysis and ratings systems are not well
developed.
PURCHASING SHARES
To purchase shares of the Fund, first complete and sign a New Account Purchase
Application and mail it, together with your check for the total purchase price,
to AMIDEX(TM) FUNDS, INC., C/O DECLARATION DISTRIBUTORS, INC., 555 NORTH LANE,
SUITE 6160, CONSHOHOCKEN, PA 19428. Checks are accepted subject to collection at
full face value in United States currency. If your check does not clear, your
purchase will be cancelled and you will be subject to any losses or fees
incurred by the Fund with respect to the transaction. After completing the New
Account Purchase Application you can wire funds to your new AMIDEX account. The
wiring information to be used for wire transfer is
Star Bank, N.A. Cinti/Trust
ABA # 0420-0001-3
DDA # 489023382
For Account: AMIDEX35 Mutual Fund
Please make sure that your name, and your AMIDEX account information are
included with the wire. Each time you make a purchase, you will receive a
statement showing the number of shares purchased, the net asset value at which
your shares were purchased, and the new balance of Fund shares owned. The Fund
does not issue stock certificates. All full and fractional shares will be
carried on the books of the Fund.
The Fund is open for business on each day that the New York Stock Exchange
("NYSE") is open. The Fund's share price or net asset value per share ("NAV") is
normally determined as of 4:00 p.m., New York time. The TASE is, of course, in a
different time zone. The Fund's share price is calculated by subtracting its
liabilities from the closing fair market value of its total assets and dividing
the result by the total number of shares outstanding on that day. Fund
liabilities include accrued expenses and dividends payable, and its total assets
include the market value of the portfolio securities as well as income accrued
but not yet received. Since the Fund generally does not charge sales or
redemption fees, the NAV is the offering price for shares of the Fund. Shares of
the Fund are purchased at their net asset value and are next computed after
receipt of your purchase order or the transfer of your assets from the Money
Market Fund to the Fund.
The Fund's net asset value is determined on days on which the New York Stock
Exchange is open for trading. Note that the TASE is open on Sundays and closed
on Fridays and Saturdays. The schedule of holidays in Israel is also different
from that in the U.S., and there may be a delay in calculating NAV due to the
inconsistent schedules of the Tel Aviv and New York markets. You should be aware
that the Fund's NAV may change on days when you cannot purchase or redeem shares
because the companies in which the Fund invests may trade on the TASE, an
exchange which is open on days when the NYSE is closed.
The Fund is a No-Load Fund. This means that you will not be charged any sales
commissions or underwriting discounts. The minimum initial investment is
$2,500.00 except for Individual Retirement Accounts (IRAs) other pension
accounts, and custodial accounts for minors, where the minimum is $2,000.
Minimum subsequent purchases for regular accounts are $1,000 and $250 for IRA,
or pension accounts or custodial accounts for minors.
All applications to purchase shares of the Fund are subject to acceptance by
authorized officers of the Fund and are not binding until accepted. The Fund
reserves the right to reject purchase orders under circumstances or in amounts
considered disadvantageous to existing shareholders. Please see the Sections of
the SAI entitled "Purchasing and Redeeming Shares" and "Tax Information" for
more information concerning share purchases.
You may direct inquiries concerning the Fund to:
AMIDEX(TM) FUNDS, INC.
C/O THE DECLARATION GROUP
555 NORTH LANE, SUITE 6160
CONSHOHOCKEN, PA 19428
1-888-876-3566
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REDEEMING SHARES
You may redeem your shares in the Fund at any time and for any reason. Upon
receipt by the Fund of a redemption request in proper form, your shares of the
Fund will be redeemed at their next determined net asset value. Redemption
requests must be in writing and delivered to the Fund at AMIDEX(TM) FUNDS, INC.,
C/O THE DECLARATION GROUP, 555 NORTH LANE, SUITE 6160, CONSHOHOCKEN, PA 19428.
To be in "proper form," your redemption request must:
1. Specify the number of shares or dollar amount to be redeemed, if less than
all shares are to be redeemed;
2. Be signed by all owners exactly as their names appear on the account;
3. If required, include a signature guarantee from any "eligible guarantor
institution" as defined by the rules under the Securities Exchange Act of
1934. Eligible guarantor institutions include banks, brokers, dealers,
credit unions, national securities exchanges, registered securities
associations, clearing agencies and savings associations. A notary public
is not an eligible guarantor.
Further documentation, such as copies of corporate resolutions and instruments
of authority, may be requested from corporations, administrators, executors,
personal representatives, trustees, or custodians to evidence the authority of
the person or entity making the redemption request.
Signature Guarantees. A signature guarantee is designed to protect you and the
Fund by verifying your signature. SIGNATURE GUARANTEES ARE REQUIRED WHEN:
1. establishing certain services after the account is opened;
2. requesting redemptions in excess of $10,000;
3. redeeming or exchanging shares, when proceeds are:
a. being mailed to an address other than the address of record,
b. made payable to other than the registered owner(s); or
c. transferring shares to another owner.
The redemption price per share is net asset value per share, next determined
after your redemption order is received by the Fund (See, "Purchasing and
Redeeming Shares" in the SAI). If you hold your shares for 365 days or longer,
there is no redemption charge. Otherwise, a fee of 2.00% of the value of your
redeemed shares will be deducted from the proceeds of your redemption and paid
to the Fund. When you redeem your shares, they may be worth more or less than
you paid for them, depending upon the value of the Fund's portfolio securities
at the time of redemption.
If the value of your account falls below $1,000 as a result of previous
redemptions and not market price declines, the Fund may redeem the shares in
your account. The Fund will notify you first if such an event occurs, and you
will have 60 days to bring your account balance up to the minimum levels before
the Fund will exercise its option to redeem. Also, in the event your shares are
redeemed by the Fund under such circumstances, you will not be charged any
redemption fees, regardless of the time you have held your shares.
Payment for shares redeemed is made within seven days after receipt by the Fund
of a request for redemption in proper form. If shares are purchased by check and
redeemed by letter within seven business days of purchase, the Fund may hold
redemption proceeds until the purchase check has cleared, provided that the Fund
does not hold such proceeds for more than 15 calendar days. You will also be
subject to a redemption fee of 2.00% of total assets in such a circumstance. The
Fund reserves the right to suspend or postpone redemptions during any period
when (a) trading on any of the major U.S. stock exchanges is restricted, as
determined by the Securities and Exchange Commission, or that the major
exchanges are closed for other than customary weekend and holiday closings, (b)
the Commission has by order permitted such suspension, or (c) an emergency, as
determined by the Commission, exists making disposal of portfolio securities or
valuation of net assets of the Fund not reasonably practicable.
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TAX CONSIDERATIONS
U.S. Taxes and Pass Trough to Shareholders:
The Fund intends to qualify as a regulated investment company under the Internal
Revenue Code so as to be relieved of federal income tax on its capital gains and
net investment income currently distributed to its shareholders. To qualify as a
regulated investment company, the Fund must, among other things, derive at least
90% of its gross income from dividends, interest, payments with respect to
securities loans, gains from the sale or other disposition of stock, securities,
or other income derived with respect to its business of investing in such stock
or securities, and distribute substantially all of such income to its
shareholders at least annually.
The Fund intends to distribute to shareholders all net investment income and any
net capital gains realized from sales of the Fund's portfolio securities at such
times and in such amounts as to avoid all taxes, both state and federal.
Dividends from net investment income and distributions from any net realized
capital gains are reinvested in additional shares of the Fund unless you request
in writing to have them paid by check.
Dividends from investment income and net short-term capital gains are generally
taxable to you as ordinary income. Distributions of long-term capital gains are
taxable as long-term capital gains regardless of the length of time that shares
in the Fund have been held. Distributions are taxable, whether received in cash
or reinvested in shares of the Fund.
You will be advised annually of the source of distributions for federal income
tax purposes.
If you fail to furnish your Social Security or other tax identification number
or to certify properly that it is correct, the Fund may be required to withhold
federal income tax at the rate of 31% (backup withholding) from your dividend,
capital gain and redemption payments. Dividend and capital gain payments may
also be subject to backup withholding if you fail to certify properly that you
are not subject to backup withholding due to the under-reporting of certain
income.
Distributions by the Fund will result in a reduction in the fair market value of
the Fund's shares. Should a distribution reduce the fair market value below your
cost basis, such distribution would be taxable to you as ordinary income or as a
long-term capital gain, even though, from an investment standpoint, it may
constitute a partial return of capital. In particular, you should be careful to
consider the tax implications of buying shares of the Fund just prior to a
distribution. The price of such shares include the amount of any forthcoming
distribution so that you may receive a return of investment upon distribution
that will, nevertheless, be taxable.
A redemption of shares is a taxable event and, accordingly, a capital gain or
loss may be recognized. You should consult a tax adviser regarding the effect of
federal, state, local, and foreign taxes on an investment in the Fund. The
information in this Prospectus is not intended to be a full discussion of
present or future tax ramifications of investment in the Fund, and investors
should consult their own tax advisors for a detailed and complete review of tax
ramifications.
Israeli Taxes:
The following is a short summary of Israeli taxes that may be imposed on the
Fund. The following discussion is partially based on enacted Israeli legislation
that has not been subjected to judicial or administrative interpretation. There
can be no assurance that views expressed herein will be accepted by the courts
or by the Israeli Tax Commission. For a more complete discussion of Israeli tax
considerations, please see the SAI.
Capital Gains Tax: The Israeli Income Tax Ordinance (the "Ordinance") imposes a
tax on capital gains derived by residents of Israel, or non-residents of Israel
who sell assets which represent a direct or an indirect interest in Israeli
assets. The Fund, as a non-resident of Israel, may be subject to capital gains
tax on the sale of securities issued by Israeli corporations, subject to any
exemption or rate reduction that may be applicable.
OTHER TAXATION
Distributions also may be subject to additional state, local and foreign taxes
depending on each shareholder's particular situation.
This discussion is limited only to U.S. federal income tax and Israeli tax.
Moreover, the U.S. federal income tax and Israeli tax discussion set forth above
is a summary included for general
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information purposes only. In view of the individual nature of tax consequences,
you should consult your own tax adviser with respect to the specific tax
consequences of participation in the Fund, including the effect and
applicability of state, local, foreign and other tax laws and the possible
effects of changes in federal or other tax laws.
MANAGEMENT OF THE FUND
AMIDEX(TM) Funds, Inc. (the "Company") was incorporated in Maryland on April 27,
1999. The Company is an open-eND management investment company, and is
registered as such with the Securities and Exchange Commission. The Board of
Directors approves all significant agreements between the Company and the
persons and companies that furnish services to the Fund, including agreements
with the Fund's custodian, transfer agent, investment Adviser and administrator.
The day-to-day operations of the Fund are delegated to the Adviser. The
Statement of Additional Information contains background information regarding
each of the Company's Directors and Executive Officers. The Company's Articles
of Incorporation permit the Board of Directors to issue 500,000,000 shares of
common stock. The Board of Directors has the power to designate one or more
classes ("series") of shares of common stock and to classify or reclassify any
unissued shares with respect to such series. Currently the shares of the Fund
are the only class of shares being offered by the Company. Shareholders are
entitled: (I) to one vote per full share; (II) to such distributions as may be
declared by the Company's Board of Directors out of funds legally available; and
(III) upon liquidation, to participate ratably in the assets available for
distribution. There are no conversion or sinking fund provisions applicable to
the shares, and the holders have no preemptive rights and may not cumulate their
votes in the election of Directors. The shares are redeemable and are fully
transferable. All shares issued and sold by the Fund will be fully paid and
nonassessable.
INVESTMENT ADVISER
TransNations Investments, LLC (the "Adviser") has entered into an Investment
Advisory Agreement (the "Advisory Agreement") with the Fund to provide
investment management services to the Fund. In addition, the Adviser has entered
into an Operating Services Agreement (the "Services Agreement") with the Fund to
provide virtually all day-to-day operational services to the Fund. As explained
further below, the combined effect of the Advisory Agreement and the Services
Agreement is to place a cap or ceiling on the Fund's ordinary operating expenses
at 2.20% of daily net asset value of the Fund, excepting Rule 12b-1 fees,
brokerage, interest, taxes, litigation, and other extraordinary expenses.
Clifford A. Goldstein is President and Chief Executive Officer of the Adviser.
Boaz Rahav is the Fund Manager, and is responsible for all investment decisions
relating to the Fund. Mr. Goldstein also serves as the President and as a
Director of AMIDEX(TM) Funds, Inc. The mission statement of tHE Adviser is "To
develop and introduce Israeli-related investment vehicles to individuals and
financial institutions worldwide."
Management Agreements
ADVISORY AGREEMENT. The Fund is an index fund. Rather than relying on any one
manager or management team to "pick" stocks, the Fund is managed "passively" by
normally investing only in the companies comprising the Index in approximately
the same percentages as each company represents in the Index. Boaz Rahav, who
last served as Chief Economist for the Government of Israel Ministry of Finance
in New York, is the Fund Manager for the Adviser. Mr. Rahav has over 8 years
experience in Israeli financial markets, having worked for a large institutional
brokerage house in Israel as a trader and as a mutual fund manager from 1994 to
1996. Previously, Mr. Rahav worked from 1991 to 1993 for the Federation of
Israeli Chambers of Commerce. Mr. Rahav also served from 1987 to 1990 in the
Intelligence Wing of the Israeli Air Force. Mr. Rahav has a business degree from
the Tel Aviv College of Business and an MBA (with distinguished honors) from the
New York Institute of Technology. Mr. Rahav holds his NASD Series 7 and Series
63 licenses, an Investment Adviser and Analyst Diploma from Tel Aviv University,
and a Trader Certificate from the Tel Aviv Stock Exchange. Mr. Rahav joined the
Adviser in February 1999.
The Adviser invests the assets of the Fund according to the Fund's investment
objectives, policies, and restrictions. The Fund pays the Adviser a fee, accrued
daily and payable monthly, at an annual rate of 0.50% of the Fund's net assets.
The Fund will not be liable in future years for any fee waivers or expense
assumptions made by the Adviser in previous years. The Adviser furnishes at its
own expense office space to the Company and all necessary office facilities,
equipment, and personnel for managing the assets of the Fund. The Adviser also
pays all expenses of marketing shares of the Fund, and related bookkeeping.
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<PAGE>
SERVICES AGREEMENT. Under the terms of the Services Agreement, the Adviser,
subject to the supervision of the Board of Directors, will provide, or arrange
to provide, essentially all day-to-day operational services to the Fund. The
Adviser pays all fees and expenses associated with the services it provides,
including, but not limited to, expenses of legal compliance, shareholder
communications, and meetings of the shareholders.
For such services, the Fund will pay to the Adviser on the last day of each
month a fee equal to an annual rate of 1.70% of the average net asset value of
the Fund. This fee is computed daily based upon the net asset value of the Fund.
The Adviser and the Fund have entered into an Investment Company Services
Agreement with Declaration Service Company ("DSC") to provide Transfer Agent and
essentially all administrative services for the Fund, and have entered into a
Distribution Agreement with Declaration Distributors, Inc. ("DDI") to act as
principal underwriter for the Fund's shares. DSC and DDI are affiliated
companies.
The Adviser pays all expenses incident to the Fund's operations and business
except expenses relating to legal fees resulting from litigation, brokerage
expenses, taxes, if any, and other extraordinary charges.
PLAN OF DISTRIBUTION
The Fund has adopted a Plan of Distribution, or "12b-1 Plan" under which it may
finance activities primarily intended to sell shares. Under the 12b-1 Plan, the
Fund may pay a distribution fee at an annual rate of up to 0.25% of average
daily net assets of the Fund to the Adviser for services primarily intended to
sell shares and for providing certain shareholder services. These services
include, among other things, processing new shareholder account applications,
preparing and transmitting to the Fund's Transfer Agent computer processable
tapes of all transactions by customers, and serving as the primary source of
information to customers in answering questions concerning the Fund and their
transactions with the Fund.
Payments under the 12b-1 Plan are not tied exclusively to the distribution
and/or shareholder servicing expenses actually incurred by the Adviser, and such
payments may exceed the expenses actually incurred. The Company's Board of
Directors evaluates the Plan on a regular basis.
You should be aware that, over time, 12b-1 fees will increase the costs of your
investment, and may eventually cost you more than other types of sales charges.
GENERAL INFORMATION
The Fund will not issue stock certificates evidencing shares. Instead, your
account will be credited with the number of shares purchased, relieving you of
responsibility for safekeeping of certificates and the need to deliver them upon
redemption. Written confirmations are issued for all purchases of shares.
You will be provided at least semi-annually with a report showing the Fund's
portfolio and other information and annually after the close of the Fund's
fiscal year, which ends December 31, with a report containing audited financial
statements.
The Fund's average annual total return is computed by determining the average
annual compounded rate of return for a specified period that, if applied to a
hypothetical $1000 initial investment, would produce the redeemable value of
that investment at the end of the period, assuming reinvestment of all dividends
and distributions and with recognition of all recurring charges. The Fund may
also utilize a total return calculation for differing periods computed in the
same manner but without annualizing the total return.
In reports or other communications to investors, or in advertising material, the
Fund may describe general economic and market conditions affecting the Fund and
may compare its performance with other mutual funds as listed in the rankings
prepared by Lipper Analytical Services, Inc. or similar nationally recognized or
international rating services and financial publications that monitor mutual
fund performance. The Fund may also, from time to time, compare its performance
to the Standard & Poor's Composite Index of 500 Stocks ("S&P 500"), or some
other widely recognized, unmanaged index of common stock prices.
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According to the law of Maryland, under which the Company is incorporated, and
the Company's bylaws, the Company is not required to hold an annual meeting of
shareholders unless required to do so under the Investment Company Act of 1940.
Accordingly, the Company will not hold annual shareholder meetings unless
required to do so under the Act.
The Fund and the Adviser have entered into an Investment Services Agreement,
dated April 27, 1999 with Declaration Services Company ("DSC") wherein DSC will
provide substantially all administrative, accounting and transfer agent services
to the Fund. DSC will be paid for such services by the Adviser.
Declaration Distributors, Inc., 555 North Lane, Suite 6160, Conshohocken, PA
19428 ("DDI") has agreed to act as principal underwriter for the Fund's shares,
pursuant to a Distribution Agreement dated April 27, 1999. The Agreement will
expire on April 26, 2001, unless renewed annually thereafter by the Fund's board
of directors voting as a whole and by a majority of the Fund's "uninterested"
directors, as that term is defined in the Investment Company Act of 1940. Either
party to the Distribution Agreement may terminate the agreement on 60 days
written notice, and the agreement will terminate automatically in the event of
its assignment. DDI will be paid for such services by the Adviser.
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FOR MORE INFORMATION
STATEMENT OF ADDITIONAL BY MAIL:
INFORMATION ("SAI")
AMIDEX(TM)Funds, Inc.
The SAI contains more detailed c/o Declaration Service Company
Information on all aspects of the 555 North Lane, Suite 6160
Fund. A current SAI, dated April 27, Conshohocken, PA 19428
1999, has been filed with the SEC
and is incorporated by reference BY PHONE: 1-888-876-3566
into (is legally a part of) this
prospectus. ON THE INTERNET:
www.amidex.com
To request a free copy of the SAI,
please contact the Fund. Or you may view or obtain these
documents from the SEC.
IN PERSON: at the SEC's Public
Reference Room in Washington, D.C.
BY PHONE: 1-800-SEC-0330
BY MAIL: Public Reference Section,
Securities and Exchange Commission,
Washington, D.C. 20549-6009
(duplicating fee required)
ON THE INTERNET: www.sec.gov
The AMIDEX35(TM) Mutual FuND
c/o Declaration Service Company
555 North Lane, Suite 6160
Conshohocken, PA 19428
1-888-876-3566
Investment Company Act No.
811-9123
