IDEX Mutual Funds
www.idexfunds.com
Semi-Annual Report
April 30, 1999
Table of Contents
Fund Managers' Commentary, Commentary/ Schedule
Fund Performance, Statistics and Performance/ of
Schedule of Investments Statistics Investments
Preface to the Schedule of Investments 38
IDEX JCC Capital Appreciation 2 40
IDEX Alger Aggressive Growth 4 41
IDEX T. Rowe Price Small Cap 6 42
IDEX Pilgrim Baxter Mid Cap Growth 8 45
IDEX GE/Scottish Equitable International Equity 10 46
IDEX JCC Global 12 50
IDEX Salomon All Cap 14 54
IDEX JCC Growth 16 56
IDEX Goldman Sachs Growth 18 58
IDEX C.A.S.E. Growth 20 60
IDEX NWQ Value Equity 22 61
IDEX T. Rowe Price Dividend Growth 24 62
IDEX Dean Asset Allocation 26 64
IDEX Strategic Total Return 28 66
IDEX JCC Balanced 30 68
IDEX JCC Flexible Income 32 72
IDEX AEGON Income Plus 34 74
IDEX AEGON Tax Exempt 36 75
Financial Statements
Preface to the Financial Statements 78
Statements of Assets and Liabilities 80
Statement of Operations 84
Statements of Changes in Net Assets 88
Financial Highlights 94
Notes to Financial Statements 104
To Contact Us 113
Fellow Shareholders,
Hot, cold, and hot again.
Against a backdrop of upward earnings surprises and uncommonly robust economic
growth, equity markets moved higher across this six-month stretch. Many of the
market's favorite indices, in fact, rose to all-time highs along the way, not
the least of which was the Dow Jones Industrial Average. But in a period where
the Dow closed above 10,000 for the first time in its 100-plus year history, the
average investor had less measurable reason for euphoria. Indeed, for many folks
in the market, personal portfolios weren't racking up the kind of gains the
hoopla over a five-figure Dow would suggest.
Simply put, the market's returns mask a huge disparity in performance between
stocks that were blistering hot and those that were ice cold. Indeed, for the
better part of the period, seemingly cheap "value" stocks chilled while high-
flying "growth" stocks continued to sizzle, just as they did last year. Most
conspicuous was the abounding enthusiasm for just about anything ".com". All
together, the unevenness in performance between the growth and value styles has
never been as pronounced.
Lately, however, there seems to be a bit of rethinking going on. As a matter of
fact, we may be seeing the early signs of a broadening in stock market
performance. The very recent movement of buyers from growth and technology
stocks to previously unloved sectors like energy and financial services has
enhanced Wall Street's rally, making many of its participants a little more
comfortable. Or, at least a little less uncomfortable.
Enhancing investor's choices has been a goal at IDEX Mutual Funds. This is
evident through our 5 new fund offerings, launched March 1, 1999. We are
enormously proud of each and every one of the fund managers of IDEX Mutual Funds
from the growth-style manager who produced returns far exceeding that of the
broad market to the value-style manager whose stocks were so assuredly out of
favor this period. All faced the vagaries of this period head on and stayed
altogether true to their stated objectives. I invite you-I urge you-to peruse
their individual comments contained in this report. Understanding how these
talented professionals dealt with this complex market can only make it easier
for you to stick to your own investment plan.
We at IDEX are always striving to offer you the latest technology to help you
manage your investments. To that end, we hope you've taken the opportunity to
access www.idexfunds.com and have enjoyed the flexibility of conducting account
transactions, obtained account balances and viewed account histories. This new
level of access is available 24 hours, everyday.
From here, there's no reason to think that globally competitive businesses
should do anything but excel in the years ahead. Or that long-term investors
should be anything but rewarded for their time in the market for many years to
come. Those in the marketplace will, as always, need steady nerves to ride out
the inevitable bumps and dips, but with realistic expectations, they should be
well rewarded for staying the course. We recognize the challenges you face with
respect to your own investment plan and greatly appreciate the opportunity to
assist you in meeting them.
Sincerely yours,
/s/ John R. Kenney /s/ G. John Hurley
May 18, 1999
IDEX JCC Capital Appreciation
Objective/Focus
Long-term growth of capital by normally investing at least 50% of assets in
medium-sized companies.
Market Environment
Though U.S. equity markets carried last year's momentum into 1999, the gains in
the major indices were driven by a handful of stocks. For much of the period,
investors favored the liquidity and perceived stability of large capitalization
stocks. Growing pressure on corporate earnings, however, has made investors more
selective, leading to a renewed focus on companies of any size that offered
sound fundamentals and robust earnings potential.
Performance
Despite what was an inhospitable environment for small and mid-cap stocks, IDEX
JCC Capital Appreciation enjoyed broad-based gains. We outperformed our
benchmark, the S&P MidCap 400 Index, as well as the S&P 500 Index, by more than
two-fold. Please refer to the Performance Table on the following page for
further details. While I adhered to my discipline of investing in mid-cap
stocks, I concentrated the fund on quality growth opportunities such as those in
the technology, telecommunications, and cable areas.
Five Largest Holdings (% of Net Assets)
Apollo Group, Inc. Class A 5.4%
eBay, Inc. 5.3%
Vitesse Semiconductor Corp. 4.5%
Amazon.com, Inc. 4.1%
Exodus Communications 3.8%
Strategy Review
One trend we are particularly excited about is the rapid growth in networking. A
company that has made tremendous inroads in this area is the Internet auction
site, eBay. With more than two million items for sale, eBay offers buyers
everything from baseball cards to condominium time shares. The company's recent
partnership with America Online gives it preferential access to the roughly 18
million AOL subscribers, creating further growth potential.
Top Five Industries (% of Net Assets)
Communciations 23.3%
Broadcasting 12.1%
Retailers-Specialty 9.6%
Computers 9.1%
Diversified Technology 7.9%
As companies build out their Web offerings, they need a secure way of storing
computer platforms that house their data. We see a lot of potential in this
area, and consequently added a new position in Exodus Communications. Exodus
builds and maintains guarded, climate-controlled bunkers that provide backup
power systems and telecommunication networks to assure companies of secure,
sustained operations of their online systems.
The rapid expansion in data communication and networking needs is creating
demand for high-capacity broadband networks. This has created opportunities for
telecommunication providers such as Metromedia Fiber and Nextlink
Communications, two new positions in the fund. Both holdings showed strong
performance during the period.
Outlook
We remain upbeat on prospects for the U.S. economy, even as we're seeing signs
of improvement in the emerging market economies. We will continue to apply our
exacting research standards to finding companies with strong management and
unique business models that can withstand new competitors and economic cycles.
/s/ James P. Goff
James P. Goff
Fund Manager
Janus Capital Corporation
S&P 500(1) $31,574
Class A $28,299
S&P 400(1) $24,766
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Cyclical vs. Non-Cyclical
Cyclical products are sensitive to business cycles and price changes, while non-
cyclical products are generally purchased at regular intervals, regardless of
economic conditions.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year Inception Date
Class A (NAV) 58.21% 47.41% 28.21% 12/2/94
Class A (POP) 49.50% 39.30% 26.58% 12/2/94
S&P 500 (1) 22.32% 21.82% 30.39% 12/2/94
S&P 400 (1) 18.95% 6.41% 23.28% 12/2/94
Class B (NAV) 58.10% 46.80% 24.24% 10/1/95
Class B (POP) 53.10% 41.80% 23.92% 10/1/95
Class M (NAV) 58.11% 46.89% 27.71% 12/2/94
Class M (POP) 55.53% 44.43% 27.42% 12/2/94
Notes
1 The Standard & Poor's (S&P 500) Index and Standard & Poor's MidCap 400 (S&P
400) Index are unmanaged indices used as a general measure of market
performance. Calculations assume dividends and capital gains are reinvested and
do not include any managerial expenses. From inception calculation is based on
life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX Alger Aggressive Growth
Objective/Focus
Long-term capital appreciation through investments in domestic equities of
developing companies or companies with promising growth potential.
Market Environment
This period was an exceptional one for the stock market. After several attempts
and a few wild fluctuations amid profit taking, the Dow Jones Industrial Average
finally closed over the 10,000 mark on March 29th. The economy, meanwhile,
proved robust, interest rates and inflation remained at low levels, and we are
seeing the beginnings of a technological revolution led by the Internet.
With prices recovering dramatically from their third quarter lows, market
psychology continued to improve across the period. And, as investors became less
risk averse, they turned away from the perceived safety of U.S. Treasury
securities toward other investment opportunities in search of higher returns.
Investors have continued to favor companies with the ability to produce
superior earnings gains, even in a slower-growth economic environment.
Performance
For the six months ended April 30, 1999, performance for IDEX Alger Aggressive
Growth was strong, greatly outdistancing that of its benchmark, the S&P 500. For
additional statistics, please refer to the Performance Table on page 5.
Five Largest Holdings (% of Net Assets)
America Online, Inc. 4.4%
Microsoft Corp. 4.1%
Broadcast.com, Inc. 3.6%
Tyco International, Ltd. 3.5%
Citigroup, Inc. 3.4%
Strategy Review
At period end, the fund held 62 stocks and a small cash position. Software,
semiconductors and communications represented the top three industries.
Consistent with the growth of the Internet, communication and semiconductor
stocks performed especially well this period.
With the strong growth of the economy, retailing companies also produced good
stock performance.
Top Five Industries (% of Net Assets)
Software 12.9%
Semiconductors 12.5%
Communications 10.1%
Retailers - Specialty 9.6%
Computers 7.8%
Outlook
We believe the markets are through the worst of the global financial crisis and
the stage is being set for an eventual economic recovery. We do not, however,
anticipate a robust rebound in 1999. Indeed, prospects for slower growth in the
U.S. and ongoing weakness in economies overseas suggest few companies will be
able to produce strong revenue gains. Moreover, since pricing power remains
weak, most will be unable to expand profit margins. As a result, we believe
growth in overall corporate profits will be modest. Even in this kind of
environment, we believe investors will still favor companies with the ability to
produce relatively superior earnings gains. And quality growth companies whose
earnings do not depend on general economic conditions should continue to
generate relatively strong gains in 1999. Despite their superior earnings power,
high quality growth companies still receive only a modest premium to the market.
We expect that premiums will widen and result in another year of strong
performance.
/s/ David D. Alger
David D. Alger
Fund Manager
Fred Alger Management, Inc.
Class A $33,958
S&P 500(1) $31,574
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Return
A hypothetical rate of return that, if achieved annually, would have produced
the same cumulative total return if performance had been constant over the
entire period.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year Inception Date
Class A (NAV) 40.29% 45.02% 33.62% 12/2/94
Class A (POP) 32.57% 37.04% 31.92% 12/2/94
S&P 500 (1) 22.32% 21.82% 30.39% 12/2/94
Class B (NAV) 40.07% 44.36% 21.48% 10/1/95
Class B (POP) 35.07% 39.36% 21.15% 10/1/95
Class M (NAV) 40.11% 44.46% 33.25% 12/2/94
Class M (POP) 37.71% 42.01% 32.94% 12/2/94
Notes
1 The Standard & Poor's 500 (S&P 500) Index is an unmanaged index used as a
general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses. From
inception calculation is based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX T. Rowe Price Small Cap
Objective/Focus
Long-term growth of capital by investing in common stocks of small-cap growth
companies and stock index futures.
Market Environment
IDEX T. Rowe Price Small Cap commenced operations March 1 of this year. The fund
invests primarily in small growth companies whose market capitalization is
smaller than 80% of those in the S&P 500. Major stock indices rose in March and
April, led by a relatively narrow group of large-cap growth and Internet-related
stocks. Amid increasing concern over valuations, however, investors began to
shift assets into a wider range of stocks, many that had been out of favor for
some time.
Performance
Though small-company stocks benefited from the broadening of the market's
advance, IDEX T. Rowe Price Small Cap lagged its benchmark, the Russell 2000
Index, for the two-month period ended April 30. This performance is reflective
of weakness in several holdings, our very low relative weighting in Internet
stocks, and the process of investing the fund's seed money.
Five Largest Holdings (% of Net Assets)
VISX, Inc. 1.0%
Lexmark International Group, Inc. 1.0%
Level One Communications Corp. 0.8%
Century Communications Corp. 0.8%
Comverse Technology, Inc. 0.8%
Strategy Review
We use a number of quantitative models to select investments so that the fund as
a whole reflects characteristics we consider important, such as valuations and
projected earnings growth. In addition, the fund will typically be broadly
diversified, and the top 25 holdings will not constitute a large portion of
assets. At period end, the fund had more than 250 holdings, and only one
represented more than 1% of assets. We kept about 8% of assets in cash reserves
to take advantage of buying opportunities.
Top Five Industries (% of Net Assets)
Software 12.9%
Consumer Services 7.4%
Semiconductors 5.4%
Computers 4.5%
Communications 4.4%
Our largest commitment is to the business services and transportation sectors,
which represents nearly one-third of fund assets. Weakness in computer software
companies was a substantial drag on performance. We were also hurt by sharp
declines in several companies with disappointing earnings, such as Network
Associates. Higher energy costs also proved to be a negative for airline stocks,
though energy stocks were among our best performers.
Outlook
We will continue to look for small-cap stocks of companies with solid, long-term
growth potential and reasonable valuations. We will also maintain our broad
diversification, which should serve investors well when market leadership
changes. When that change will occur, we cannot predict, but we doubt that the
cycles of leadership that prevailed in the past have disappeared forever. That
said, we are confident that at some point investors will be attracted to the
historically low valuations of small-company growth stocks.
/s/ Richard T. Whitney
Richard T. Whitney
Fund Manager
T. Rowe Price Associates, Inc.
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Russell 2000(1) $11,066
Class A $9,673
What is Capitalization?
Capitalization, usually referred to as "cap", is the total market value of a
company's outstanding shares. Small cap is typically less than $1 billion, mid
cap is $1-$8 billion and large cap is more than $8 billion.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
Inception Date
Class A (NAV) 1.55% 3/1/99
Class A (POP) (3.27)% 3/1/99
Russell 2000 (1) 10.66% 3/1/99
Class B (NAV) 1.45% 3/1/99
Class B (POP) (3.55)% 3/1/99
Class M (NAV) 1.46% 3/1/99
Class M (POP) (0.55)% 3/1/99
Notes
1 The Russell 2000 (Russell 2000) Index is an unmanaged index used as a
general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses.
From inception calculation is based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX Pilgrim Baxter Mid Cap Growth
Objective/Focus
Long-term growth of capital by investing fund assets principally in common
stocks of medium capitalization companies.
IDEX Pilgrim Baxter Mid Cap Growth commenced operations March 1 of this year
with an objective of capital appreciation. The fund invests primarily in
companies believed to have strong earnings growth and capital appreciation
potential. U.S. economic outlook continues to be positive by most measures.
And despite the continued tight labor market, wage inflation does not appear to
be a significant threat yet, at least according to the employment cost index.
Productivity remains high, factory orders are up for both durable and non-
durable goods, and despite the turmoil in Yugoslavia, some overseas markets may
be improving. The important issue to us, of course, is whether this positive
economic climate will benefit mid-cap growth stocks in a sustainable way. Recent
market performance gives us long awaited reasons for optimism.
Performance
Though the fund has a very short operating history, we are very pleased with
its performance relative to its benchmark.
For more details, please refer to the Performance Table on page 9.
Five Largest Holdings (% of Net Assets)
Altera Corp. 2.8%
Premier Parks, Inc. 2.7%
L-3 Communications, Inc. 2.5%
Mettler-Toledo Int'l, Inc. 2.4%
Xilinx, Inc. 2.4%
Strategy Review
The fund's most heavily weighted sector is technology, which has, to date,
contributed more than half of our positive performance. At the end of March and
the beginning of April, we began to reduce the fund's exposure to capital
equipment companies and semiconductor companies and increased its exposure to
Internet-related companies, believing few other areas in the technology sector
have prospects as attractive. We continue to place less emphasis on high-flying
Internet portal companies, preferring instead to focus on firms providing
access, services, and bandwidth to the Internet.
Top Five Industries (% of Net Assets)
Semiconductors 15.8%
Communications 10.4%
Software 7.3%
Electronic Components 7.2%
Retailers - Specialty 6.9%
In most cases, our consumer cyclical holdings contributed positively to
performance. The financial sector also contributed significantly to the fund,
especially holdings in the specialty sub-sectors, such as Providian and Heller
Financial. The diverse industrial sector also turned in an impressive
performance to date, with a good contribution coming from Gentex, an automotive
parts supplier.
Outlook
We continue to like the long-term prospects of the mid-cap growth companies in
the fund. Superior technologies, balance sheets, and business models, along with
an ability to execute are the kind of characteristics found in companies we
believe contribute to sustained, above-average growth rates. We think companies
with these characteristics will continue to be sought by investors.
/s/ Jeffrey A. Wrona
Jeffrey A. Wrona
Fund Manager
Pilgrim Baxter & Associates, Ltd.
Class A $11,230
Russell MCG (1) $11,038
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Investment Style
Growth reflects companies with the potential to increase earnings faster than
other companies. Value reflects companies that are thought to be undervalued
(low P/E) relative to their actual worth. Blend is a mixture of both
philosophies.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
Inception Date
Class A (NAV) 17.91% 3/1/99
Class A (POP) 12.30% 3/1/99
Russell MCG (1) 10.38% 3/1/99
Class B (NAV) 17.80% 3/1/99
Class B (POP) 12.80% 3/1/99
Class M (NAV) 17.81% 3/1/99
Class M (POP) 15.64% 3/1/99
Notes
1 The Russell Mid Cap Growth Index (Russell MCG) is an unmanaged index used
as a general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses. From
inception calculation is based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX GE/Scottish Equitable International Equity
Top Five Countries (% of Net Assets)
United Kingdom 19.3%
France 16.5%
Germany 10.1%
Japan 7.9%
Netherlands 6.7%
Five Largest Holdings
(% of Net Assets)
Telecom Italia SpA 3.4%
AXA-UAP 2.7%
Pruessag AG 2.5%
Mannesman AG 2.5%
ING Groep NV 2.4%
Objective/Focus
Long-term growth of capital by investing primarily in the common stock and other
equity securities of foreign issuers traded on overseas exchanges and foreign
over-the-counter markets.
Market Environment
Scottish Equitable Investment
Management Limited ("SEIM")
International equity markets put in mixed performances during the period. Modest
gains and flat trading characterized the UK and European markets respectively,
while emerging markets recorded exceptional returns. Japan, too, experienced a
significant rally. There has been a considerable amount of foreign buying with
international investors confident about the news on corporate restructuring.
GE Investment Management Incorporated ("GEIM")
Across the period, Asian equities within the MSCI-EAFE Index were the strongest
performers, gaining 29.6% over the last six months. As for the rest of the
Index's components, Japan's equities gained 26.9%, the United Kingdom's rose
16.8%, and European equities returned 8.1%.
Performance
For the six months ended April 30, 1999, IDEX GE/Scottish Equitable
International Equity slightly underperformed its benchmark. Please refer to the
next page for details.
Strategy Review
SEIM
For much of the period we maintained a defensive strategy. In anticipation of a
slow down in economic growth, we favored stocks whose profits were unlikely to
be affected by swings in the economic cycle. In April, however, our investment
strategy changed. As it became apparent the outlook for global growth has
improved, we increased our exposure to the Far East and Latin America.
GEIM
Our performance was a direct result of good stock selection around the globe.
Holdings in the United Kingdom had a major positive effect on performance, as
did those in Continental Europe. The top three performers from the European
sector were Nokia of Finland, Mannesman of Germany, both in telecommunications,
and Pruessag AG, a German travel company. Japan's market gain actually had a
minor negative effect on performance given the fund's underweighted position
there.
Outlook
SEIM
The shift in sentiment on global growth is evident in the markets, where
interest rate expectations have been rising and cyclical stocks have been
performing well. Our view is that the recent shift in sentiment in the equity
and bond markets has been overdone. We still expect yields to decline. This
allows us to take a reasonably optimistic view on global equities as a result of
the support lower bond yields will provide to valuations.
GEIM
Looking ahead, we believe the changes that Japan makes in its economic structure
will affect the global economic outlook for the balance of 1999. We are closely
monitoring Japan's corporate restructuring to see whether changes are credible
rather than superficial. When Japanese companies begin serious restructuring,
we expect their corporate earnings to improve. In Europe, we anticipate economic
stabilization will continue as more corporations consolidate and interest rates
drop further.
/s/ Russell Hogan
Russell Hogan
for the Investment Management Board
Scottish Equitable Investment Management, Ltd.
/s/ Ralph R. Layman
Ralph R. Layman
Co-Fund Manager
GE Investment Management Incorporated
MSCI-EAFE(1) $13,216
Class A $11,706
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Global vs. International
"Global" typically refers to worldwide investing; U.S. as well as non-U.S.
investments. "International" indicates investments primarily of non-U.S.
origin.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year Inception Date
Class A (NAV) 14.07% (0.29)% 10.05% 2/1/97
Class A (POP) 7.79% (5.77)% 7.30% 2/1/97
MSCI-EAFE (1) 15.44% 9.80% 13.73% 2/1/97
Class B (NAV) 13.75% (0.93)% 9.36% 2/1/97
Class B (POP) 8.75% (5.88)% 8.15% 2/1/97
Class M (NAV) 13.80% (0.83)% 9.47% 2/1/97
Class M (POP) 11.66% (2.80)% 8.98% 2/1/97
Notes
1 The Morgan Stanley Capital International - Europe, Asia, and Far East (MSCI
EAFE) Index is an unmanaged index used as a general measure of market
performance. Calculations assume dividends and capital gains are reinvested and
do not include any managerial expenses. From inception calculation is based on
life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Region as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX JCC Global
Objective/Focus
Long-term growth and preservation of capital through investments primarily in
common stocks of foreign and domestic issuers.
Market Environment
Despite heightened volatility, international equity markets rallied throughout
the period, supported by global interest rate cuts and
easing recession fears. While U.S. equities led the way, stocks in Asia and
Latin America showed renewed vigor amid signs the worst may be over for
economies in those regions. European markets, on the other hand, were volatile,
struggling against slower economic growth and pressure on the new Euro currency.
Performance
For the six months ended April 30, 1999, IDEX JCC Global outperformed its
benchmark, the MSCI World Index. Please see the Performance Table on the facing
page for more details. I attribute the fund's strong performance to our ability
to find companies able to generate robust earnings in a variety of economic
conditions.
Five Largest Holdings (% of Net Assets)
Cisco Systems, Inc. 4.2%
Tyco International, Ltd. 3.7%
Mannesman AG 2.9%
NTT Mobile Communications 2.9%
Time Warner, Inc. 2.5%
Strategy Review
We benefited from our decision last year to raise the fund's weighting in U.S.
stocks. This strategy reflects our belief that U.S. companies are ahead in terms
of cost-cutting and technological innovation. Companies like Cisco Systems and
MCI WorldCom continued to reward our confidence with vigorous performance. Both
companies are leading franchises driving the changes creating value in their
industries.
We continued to capitalize on the build-out of global broadband
telecommunication networks. Companies like Britain's COLT Telecom and Orange PLC
are constructing new telecommunication networks that will allow users to access
voice, data, and Internet services over a single network.
Top Five Countries (% of Net Assets)
United States 41.9%
United Kingdom 8.9%
Japan 7.0%
Netherlands 7.0%
France 6.2%
The strategic value of cable franchises is another theme we're following
globally. Leveraging our expertise in the cable area, we have identified quality
franchises such as Canada's Rogers Communications and Shaw Communications. In
many ways these companies are ahead of their U.S. counterparts in upgrading
their systems, and we believe they may offer tremendous growth potential going
forward.
Outlook
Overall, we are optimistic on the outlook for the global economy. Modest
inflation and lower interest rates are expected to support moderate but
continued growth in the U.S. and Europe, while prospects for Asia and the
emerging markets appear brighter than they did six months ago. We will continue
to focus on companies that can generate strong results in any kind of economic
environment. These are the kind of opportunities we try to find, relying on the
expertise and rigorous efforts of our research team.
/s/ Helen Young Hayes
Helen Young Hayes
Fund Manager
Janus Capital Corporation
Class A $36,559
MSCIW(1) $28,846
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Region
A region represents countries within a given geographic area. Regional analysis
is provided for Global and International investors to illustrate the regions in
which the fund is invested.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year 5 year Inception Date
Class A (NAV) 23.21% 12.84% 19.46% 22.85% 10/1/92
Class A (POP) 16.44% 6.63% 18.12% 21.80% 10/1/92
MSCIW (1) 19.78% 16.37% 17.05% 17.70% 10/1/92
Class B (NAV) 22.91% 12.17% - 22.74% 10/1/95
Class B (POP) 17.91% 7.17% - 22.40% 10/1/95
Class M (NAV) 22.96% 12.27% 19.05% 20.59% 10/1/93
Class M (POP) 20.73% 10.15% 18.81% 20.37% 10/1/93
Notes
1 The Morgan Stanley Capital International World (MSCIW) Index is an
unmanaged index used as a general measure of market performance. Calculations
assume dividends and capital gains are reinvested and do not include any
managerial expenses. From inception calculation is based on life of Class A
shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Region as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX Salomon All Cap
Objective/Focus
Long-term growth of capital by investing fund assets principally in common
stocks and convertible securities.
Market Environment
IDEX Salomon All Cap commenced operations March 1 with an objective of capital
appreciation.
While domestic demand has been outstripping even the more optimistic estimates
of the U.S. economy's long-term capacity, a combination of fast-rising
productivity, a flood of goods from abroad, and more intensive use of labor has
kept inflation from overheating. While the biggest risk remains the lingering
threat of eventual overheating, monetary policymakers may be inclined to
maintain their present stance until there are more tangible signs of strain.
U.S. economic outlook has already improved a bit. This, coupled with continued
improvement in international stability, caused investors to focus on cyclical
stocks that have mostly underperformed for the last several quarters.
Performance
The fund demonstrated the benefits associated with its all-capitalization
strategy as market breadth improved in March and April. For the two-month period
ended April 30, 1999, the fund outperformed its benchmark, the Russell 3000
Index. For details, please refer to the
Performance Table on page 15.
Strategy Review
Energy-related stocks, notably Tosco Corp. and Tesoro Petroleum, drove
performance gains in the period. During the recent energy rally, we took profits
from the run-up in refiners and reinvested them in strategically well-positioned
energy production companies. In addition, the technology, basic materials, and
communication services sectors were important contributors to overall results.
Individual companies contributing to performance were Comverse Technology, Geon
Company, and PanAmSat.
Five Largest Holdings (% of Net Assets)
Hormel Foods Corp. 4.4%
RJR Nabisco Holdings Corp. 4.2%
Food Lion, Inc. 4.0%
Philip Morris Companies, Inc. 3.3%
Rogers Cantel Mobile Commun. 3.0%
Top Five Industries (% of Net Assets)
Food - Other 12.3%
Communications 12.2%
Computers 5.8%
Banks 5.2%
Software 5.0%
Outlook
The recent rotation in the equity markets has principally benefited three
categories: value stocks, cyclical stocks, and small/mid-cap stocks. We believe
this rotation, while no longer in its early stages, still requires some time to
evolve fully. At the same time, while many broad market indicators appear
expensive, we are still able to find stocks of companies that have attractive
fundamental profiles at reasonable valuations. We continue to evaluate the
risk/reward of each security we own and use position size to reflect our
assessments. Overall, the fund is increasingly positioned with companies that
have favorable growth characteristics yet retain reasonable current valuations.
/s/ Ross S. Margolies
Ross S. Margolies
Fund Manager
Salomon Brothers Asset Management, Inc.
Russell 3000(1) $10,835
Class A $10,623
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Sales Load
Reflected as either front-end or back-end load. Front-end load is a percentage
charged on purchases through the Public Offering Price. Back-end load is a
percentage deducted from redemptions.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
Inception Date
Class A (NAV) 11.53% 3/1/99
Class A (POP) 6.23% 3/1/99
Russell 3000 (1) 8.35% 3/1/99
Class B (NAV) 11.42% 3/1/99
Class B (POP) 6.42% 3/1/99
Class M (NAV) 11.44% 3/1/99
Class M (POP) 9.32% 3/1/99
Notes
1 The Russell 3000 Index (Russell 3000) is an unmanaged index used as a
general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses. From
inception calculation is based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX JCC Growth
Objective/Focus
Long-term growth of capital through investments in common stocks of companies
selected solely for their earnings and growth potential.
Market Environment
After ending 1998 on an exceptionally strong note, the stock market carried its
momentum into the New Year. Many of the major market averages, including the S&P
500 and the Dow Jones Industrial Average, reached new highs, with the Dow near
the historic 11,000-point mark toward the end of April. The market advance,
however, masked heightened volatility, particularly late in the period.
The strong U.S. economy and a slight firming in the price of oil sparked renewed
inflation fears, contributing to an uptick in long-term interest rates. That
rise in interest rates slowed the advance of a number of high-flying growth
stocks, especially in the technology area.
Performance
Despite the volatility, IDEX JCC Growth moved ahead nicely across the period,
outperforming the major market indexes, including its benchmark, the S&P 500.
Please refer to the Performance Table on the next page, which detail the more
than two-fold performance advantage of the fund.
Five Largest Holdings (% of Net Assets)
America Online, Inc. 10.0%
Microsoft Corp. 7.3%
Nokia Corp. OY ADR 6.3%
Dell Computer Corp. 5.6%
Cisco Systems, Inc. 4.5%
Strategy Review
We attribute the fund's success to our focus on what we believe are some of the
most dynamic companies in rapidly growing segments of the economy. These sectors
included select Internet-related companies, telecommunication providers, and
cable franchises.
Among our Internet-related names, our position in America Online continued its
amazing run. With its incredible brand name and 18 million subscribers, AOL is
uniquely positioned to build on its customer base by offering a wide array of
innovative products and services to its clients. At the same time, we're seeing
a growing interdependency between Internet companies and telecommunication
providers. In order for companies to expand their distribution and marketing
capabilities via networking, they need high-speed connections to the Web.
This is where our cable and telecommunication companies, like Qwest and AtHome,
for example, are bridging the gap.
Top Five Industries (% of Net Assets)
Software 17.3%
Communications 13.4%
Pharmaceuticals 7.9%
Diversified-Technology 7.4%
Broadcasting 6.5%
In addition, many of our cable companies moved higher on news of proposed
consolidation. AT&T's recently announced acquisition of MediaOne Group, one of
our holdings, only reconfirms our belief in the strategic value of the cable
plant as a platform for broadband telecommunications.
Outlook
As we look to uncover the most compelling ideas available, we believe the fund
is well positioned right now in some of the most robust areas of the global
economy. Our dedication to research allows us to invest with confidence for the
future.
/s/ Scott W. Schoelzel
Scott W. Schoelzel
/s/ Edward Keely
Edward Keely
Co-Fund Managers
Janus Capital Corporation
Class A $67,292
S&P 500(1) $55,802
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past 10-
year period.
Comparative Index
A comparative index is a general broad-based index, representative of the
objective of the Fund, approved by the Fund's Trustees and registered with the
Securities and Exchange Commission.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year 5 year 10 year Inception Date
Class A (NAV) 44.84% 50.52% 29.83% 21.69% 20.54% 5/8/86
Class A (POP) 36.87% 42.25% 28.37% 21.00% 20.02% 5/8/86
S&P 500 (1) 22.32% 21.82% 26.79% 18.76% 17.12% 5/8/86
Class B (NAV) 44.60% 49.85% - - 32.38% 10/1/95
Class B (POP) 39.60% 44.85% - - 32.11% 10/1/95
Class M (NAV) 44.63% 49.96% 29.48% - 24.94% 10/1/93
Class M (POP) 42.19% 47.46% 29.22% - 24.71% 10/1/93
Class T (NAV) 44.97% 50.89% 30.18% 22.04% 20.91% 6/4/85
Class T (POP) 32.65% 38.06% 27.89% 20.96% 20.14% 6/4/85
Notes
1 The Standard & Poor's 500 (S&P 500) Index is an unmanaged index used as a
general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses. From
inception calculation is based on life of Class A shares. IDEX JCC Growth Class
M shares reflects the maximum applicable contingent deferred sales charge of 1%
in the first 18 months after purchase and the maximum sales charge of 1%.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares, 1% for
M shares and 8.5% for T shares or the maximum applicable contingent deferred
sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B
shares and 1% (during the 1st 18 months) for Class M shares. Net Asset Value
(NAV) returns include the reinvestment of dividends and capital gains but do not
reflect any sales charges. Class T shares are not available to new investors.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX Goldman Sachs Growth
Objective/Focus
Long-term growth of capital by investing principally in stocks with long term
capital appreciation and foreign equity securities.
Market Environment
IDEX Goldman Sachs Growth commenced operations March 1 of this year with an
objective of long-term growth of capital.
The S&P 500 rose over 22% during the reporting period, reflecting continued
investor confidence in the U.S. economy and a renewed confidence in the global
economy. Investors continued to favor large capitalization over smaller
capitalization stocks, with a bias towards growth versus value stocks. In April,
however, the performance of cyclical stocks, which are closely linked to global
economic development, improved. The market's rotation into cyclical stocks has
recently slowed investment into areas that were the darlings
at the end of 1998.
Performance
For the two-month period ended April 30, 1999, IDEX Goldman Sachs Growth
outperformed its benchmark, the S&P 500. Please see the Performance Table
located on page 19 for more details.
Five Largest Holdings (% of Net Assets)
AT&T Corp. 4.2%
Microsoft Corp. 3.2%
General Electric Company 2.5%
The AES Corp. 2.1%
State Street Corp. 2.0%
Strategy Review
We prefer to invest in companies that we feel are the dominant players in their
respective industries, retain a strong business franchise, and maintain
sustainable growth rates. In the technology sector, for example, we prefer
dominant industry players such as Microsoft Corp. and Cisco Systems, Inc., and
Internet companies like America Online and AtHome. Our Internet holdings reflect
our belief in companies with a subscription business and market dominance,
rather than those with unproven business models and hard-to-justify valuations.
In the telecommunications and cable services sector, our investments are in
companies that benefit from multiple revenue streams and strong business
franchises.
The solid waste industry is also attractive to us in that it is somewhat
insulated from the business cycle.
Top Five Industries (% of Net Assets)
Communications 10.5%
Pharmaceuticals 7.8%
Banks 6.5%
Broadcasting 5.7%
Software 4.9%
Outlook
While we neither make nor rely on economic forecasts to make investment
decisions, we are generally bullish on the U.S. economy.
We believe the trend towards global communication can only benefit U.S.
companies over the long term. More fundamentally, we will continue to focus on
the core business characteristics that provide a foundation for long-term
growth, such as strength of franchise, quality of management, and free cash
flow. We believe that the enduring competitive advantage of the companies will
withstand even an uncertain market environment.
/s/ Herbert E. Ehlers
Herbert E. Ehlers
Fund Manager
Goldman Sachs Asset Management
S&P 500(1) $10,803
Class A $10,396
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
CDSC Charge
Contingent Deferred Sales Charge ("CDSC"), also known as a back-end load, is a
fee charged at redemption. The charge declines to zero over a specified time,
encouraging the buy and hold approach.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
Inception Date
Class A (NAV) 9.15% 3/1/99
Class A (POP) 3.96% 3/1/99
S&P 500 (1) 8.03% 3/1/99
Class B (NAV) 9.04% 3/1/99
Class B (POP) 4.04% 3/1/99
Class M (NAV) 9.06% 3/1/99
Class M (POP) 6.97% 3/1/99
Notes
1 The Standard & Poor's 500 (S&P 500) Index is an unmanaged index used as a
general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses. From
inception calculation is based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX C.A.S.E. Growth
Objective/Focus
Growth of capital through investments in stocks exhibiting below market risk and
below market multiples with above average fundamentals.
Market Environment
The U.S. economy's steady growth across the period surprised most forecasters.
The good news is our nation's economic gains stem mainly from improvements in
worker productivity and are, therefore, of a non-inflationary nature. Meanwhile,
job growth and consumer confidence remain high, and interest rates and inflation
continue to be low. For its part, the stock market is likely to remain strong
until there are signs of economic overheating or long-term Treasury yields move
above 6%. For now, the underlying fundamentals of the broad market continue to
be more attractive than the large-cap sector.
Performance
The market this period began a rotation away from a narrow range of large-cap,
high-priced, high-risk stocks. This increase in the breadth of investors' stock
appetites contributed in no small measure to the above-market performance of
the fund. Please refer to page 21 for more information.
Five Largest Holdings (% of Net Assets)
GENESCO, Inc. 6.9%
Claire's Stores, Inc. 6.4%
Jones Apparel Group 5.3%
Ciena Corp. 5.3%
MCI Worldcom, Inc. 5.0%
Strategy Review
Right now, the fund tends to favor companies in the mid-to-large capitalization
range (around the $25 billion mark). We're finding stocks of leading companies
that manage a host of brand name businesses and whose buying power commands
competitive prices, all of which lead toward above-average profit margins. From
a sector standpoint, while we've benefited from our commitments to retail, oil,
and cyclical stocks, our telecommunications and electronic holdings have been
the centerpiece of the fund's above-market performance of late.
Top Five Industries (% of Net Assets)
Communications 13.0%
Retailers-Apparel 11.7%
Software 8.6%
Footware 6.9%
Oil Drilling 5.4%
On the negative side, our pharmaceutical holdings have underperformed over the
past few months. We believe, however, the valuations of these companies, many of
which are expecting double-digit growth over the foreseeable future, appear to
be very reasonable. Large-cap drug stocks are, in our opinion, at market
multiples rare for well-managed companies with above-average growth rates.
Outlook
Presently, the valuations and average return on equity of stocks in IDEX
C.A.S.E. Growth appear attractive relative to those in the Wilshire 5000. We
strive to make a practice of selling holdings when they become overvalued, or
when the underlying company lowers its growth rate or loses market share. This
strategy should appeal to investors seeking above-average growth characteristics
from investments that exhibit below-market risk characteristics.
/s/ William E. Lange
William E. Lange
Fund Manager
C.A.S.E. Management, Inc.
S&P 500(1) $22,162
Wilshire 5000(1) $20,446
Class A $13,962
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Sector
A sector is a broad grouping of specific industries. Our sectors and their
components correspond with those published in the
Wall Street Journal.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year Inception Date
Class A (NAV) 28.12% 1.34% 12.78% 2/1/96
Class A (POP) 21.07% (4.24)% 10.83% 2/1/96
Wilshire 5000 (1) 22.99% 17.12% 25.34% 2/1/96
S&P 5001 22.32% 21.82% 28.29% 2/1/96
Class B (NAV) 27.85% 0.69% 12.13% 2/1/96
Class B (POP) 22.85% (4.31)% 11.65% 2/1/96
Class M (NAV) 27.89% 0.79% 12.23% 2/1/96
Class M (POP) 25.61% (1.22)% 11.89% 2/1/96
Notes
1 The Wilshire 5000 Equity Index (Wilshire 5000) is an unmanaged index used
as a general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses. From
inception calculation is based on life of Class A shares. For reporting periods
through October 31, 1998, the Fund had selected the Standard and Poor's 500
Index (S&P 500) as its benchmark measure; however, the Wilshire 5000 Equity
Index is more appropriate for comparisons to the Fund.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include
the reinvestment of idvidends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
This material must be preceded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
Value Equity
Objective/Focus
Maximum total return with minimum risk through investments primarily in common
stocks showing above average statistical value and are in fundamentally
attractive industries.
Market Environment
Recent stock market action has been reflecting an important rotation from large
growth-oriented stocks to those of value and cyclical companies. During 1998,
growth stocks outperformed value stocks by the largest margin on record, pushing
the valuation disparity between growth and value stocks to an extreme. This
divergence set the stage for a dramatic recovery of value stocks once the
necessary catalysts emerged. To that end, as investors became increasingly
confident of strengthening corporate profits here at home and economic recovery
for the rest of the world, a dramatic rotation into value stocks started in
March and April of 1999.
Performance
While performance for IDEX NWQ Value Equity lagged its benchmark for the period,
it has improved strongly of late. For the six months ended April 30, 1999, the
fund returned 14.22%. The S&P 500, by comparison, was up 22.32% for the same
period.
Five Largest Holdings (% of Net Assets)
MediaOne Group, Inc. 4.8%
Halliburton Company 3.7%
Texas Instruments, Inc. 3.3%
Bank One Corp. 3.1%
Wells Fargo & Company 3.1%
Strategy Review
Within the fund, many of the strongest performers were stocks most negatively
impacted last year by the "Asian Flu". These issues would be included mostly in
the oil service, machinery, and bank sectors. The cheapness of many of the
fund's holdings was also reflected in three announced takeovers at substantial
premiums to trading levels prior to the bids.
Top Five Industries (% of Net Assets)
Insurance 11.2%
Banks 11.1%
Oilfield Equipment & Services 6.6%
Chemicals 6.4%
Communications 6.0%
Whether this change in stock market leadership is temporary or the beginning of
a period of better performance for the value stocks remains to be seen. It has
long been held that growth outperforms value during periods when economic
conditions deteriorate, thus the global crisis environment that prevailed in
1998 fed investors' appetites for mega-cap growth stocks. So, what will be the
catalyst for a shift back to value? In past cycles, investors gravitated towards
value stocks 6 to 12 months ahead of an anticipated turn in earnings growth.
Today, such a turn would very likely come with an improved outlook for world
growth and corporate pricing power. The unprecedented number of central bank
interest rate easings (137 since last October, 32 in April alone) has
contributed to global stability, creating liquidity and the potential increased
global growth. History has also shown that periods of investment style
outperformance have frequently ended with an acceleration, or blow-off, in
relative performance. Given the record relative performance for growth stocks in
1998 and the recent gains in value stocks, it's becoming increasingly probable
that value investing is coming back into favor.
Outlook
As a value manager, we place great emphasis on the measures of the stocks in
which we invest-measures that historically have provided a sort of safety margin
relative to the growth style. And as long-term value investors, we recognize
that it is not uncommon to experience periods when our style underperforms. We
feel confident that, this period of underperformance is coming to an end.
/s/ Edward C. Friedel
Edward C. Friedel
Fund Manager
NWQ Investment Management Company, Inc.
S&P 500(1) $17,462
Class A $12,018
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Value Investing
Value style investing is an approach to identify securities that are undervalued
in the present market environment without concentrating too much on future
expectations.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year Inception Date
Class A (NAV) 14.22% (5.05)% 11.36% 2/1/97
Class A (POP) 7.94% (10.27)% 8.57% 2/1/97
S&P 500 (1) 22.32% 21.82% 29.34% 2/1/97
Class B (NAV) 13.88% (5.70)% 10.69% 2/1/97
Class B (POP) 8.88% (10.42)% 9.50% 2/1/97
Class M (NAV) 13.93% (5.60)% 10.79% 2/1/97
Class M (POP) 11.79% (7.48)% 10.30% 2/1/97
Notes
1 The Standard & Poor's (S&P 500) Index is an unmanaged index used as a
general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses. From
inception calculation is based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX T. Rowe Price Dividend Growth
Objective/Focus
Increasing level of dividend income, long-term capital appreciation, and
reasonable current income through investments primarily in dividend-paying
common stocks, foreign securities and futures.
Market Environment
IDEX T. Rowe Price Dividend Growth commenced operations March 1 of this year.
The fund seeks increasing dividend income over time, long-term capital
appreciation, and a reasonable level of current income.
The stock market extended its long upward surge across the two months the fund
was effective. Large-cap stocks remained the market leaders, but for the first
time in many months, investor interest broadened beyond a small number of high-
growth companies. Stronger-than-expected profit growth and a resilient economy
directed investor attention toward cyclical and other previously out-of-favor
stocks. Rising oil prices boosted energy stocks, and the real estate area also
rebounded. Another notable market change was the revival of interest in value
stocks that had lagged growth issues for an extended period.
Performance
The fund benefited from these trends and provided solid returns for its initial
two-month period. Please see the Performance Table on the next page for details.
Five Largest Holdings (% of Net Assets)
SBC Communications, Inc. 2.0%
Mobil Corp. 1.8%
AlliedSignal, Inc. 1.7%
Bristol-Myers Squibb Company 1.7%
Galileo International, Inc. 1.7%
Strategy Review
Typically, we focus on companies that pay dividends, particularly those able to
support rising dividends. In addition to the dividend emphasis, we have a value
bias in our stock selection process. Among our larger sector concentrations,
financial stocks, consumer cyclicals, utilities, and energy all contributed
strongly to returns. Within the consumer cyclical group, we were heartened by
the strong performance of our significant holdings of real estate investment
trusts. We like these stocks for their high and increasing dividends and cash
flows. The robust energy area included three of the fund's larger holdings-
Mobil, BP Amoco, and Royal Dutch Petroleum. Our weaker groups included business
services and transportation and consumer nondurables, especially
pharmaceuticals, where major holding Bristol-Myers Squibb was disappointing.
Top Five Industries (% of Net Assets)
Real Estate 7.5%
Pharmaceuticals 6.1%
Oil Companies - Major 5.6%
Banks 4.8%
Diversified Financial 4.8%
Outlook
It's too soon to say if recent shifts in market leadership will be sustained,
though we are hopeful. Rising interest rates are causing some discomfort with
the historically high valuations of many stocks that have powered the market's
advance. We will adhere to our investment discipline, including an emphasis on
value when establishing positions in a stock. This means we are unlikely to own
such recent high flyers as the Internet stocks, which do not meet our dividend
and other criteria. We believe our approach should provide solid returns over
time with less risk than the broad market.
/s/ William J. Stromberg
William J. Stromberg
Fund Manager
T. Rowe Price Associates, Inc.
S&P 500(1) $10,803
Class A $10,209
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Yield
The annual percentage rate of return attributed to dividends or interest earned
on an investment.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
Inception Date
Class A (NAV) 7.18% 3/1/99
Class A (POP) 2.09% 3/1/99
S&P 500 (1) 8.03% 3/1/99
Class B (NAV) 7.07% 3/1/99
Class B (POP) 2.07% 3/1/99
Class M (NAV) 7.09% 3/1/99
Class M (POP) 5.02% 3/1/99
Notes
1 The Standard & Poor's (S&P 500) Index is an unmanaged index used as a
general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses.
From inception calculation is based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX Dean Asset Allocation
Credit Quality
(% of Net Assets)
AAA 15.5%
AA 5.6%
A 8.2%
BBB -
BB -
B -
All C's -
NA -
Not Rated 8.4%
Objective/Focus
Preservation of capital and competitive investment returns by enhancing value
during strong markets through increased weighting in stocks and preserve capital
during weak/volatile markets primarily through increased weighting in U.S.
Treasuries.
Market Environment
Stocks continued to rally this period, with most major indices advancing into
record territory. Investors' bullish optimism was fueled by a robust economy,
solid corporate earnings, and benign inflation. Beneath the surface, though, the
internal fundamentals of the market suggest a surprisingly difficult environment
in which to produce investment gains. Market experts refer this environment as
one lacking in "breadth". A bull market lacking breadth is a cause for concern
in that such an environment historically precedes difficult stock markets. Our
models are capturing these concerns and are forecasting a cautious near-term
approach toward stocks.
Performance
For the six months ended April 30, 1999, the fund underperformed its benchmark
index, the Russell 1000 Value Index. Please refer to the Performance Table on
page 27 for more information.
Five Largest Holdings (% of Net Assets)
News Corp., Ltd. ADR 3.4%
U.S. Treasury Notes 1-15-2006 3.0%
Federal National Mortgage
Association 9-4-2007 2.9%
U.S. Treasury Notes 2-15-2004 2.8%
E.I. Dupont de Nemours
and Company 9-1-2002 2.8%
Strategy Review
Given the current uncertainties in the market, we have emphasized investment
themes that reduce the fund's risk profile. It's evident that in times of
uncertainty, investors gravitate toward highly liquid stocks with familiar
"brand names", and a certain number of large-cap stocks help provide a
"foundation of stability". To that end, we've been increasing the fund's average
market capitalization over the past year. And given the recessionary conditions
in several overseas markets, we have reduced our international exposure and
emphasized firms with a domestic profile.
Top Five Industries (% of Net Assets)
U.S. Government Agencies 19.6%
Insurance 11.3%
U.S. Government Securities 7.2%
Diversified Financial 6.7%
Utilities - Electric 4.7%
It's notable that the month of April reflected a healthy "broadening" of the
market to include previously ignored market segments. Of course, trends are
fleeting in the stock market, and we typically advise our clients to focus on
the long term. A longer-range analysis suggests that "value" approaches remain
competitive with "growth" approaches with generally less risk. Moreover, periods
of lagging performance for a particular approach are very often followed by
periods of outperformance. Savvy investors are aware of this, and steer clear of
the temptation to chase performance.
Outlook
Our stock selection process and asset allocation models have provided long-term
investors with relatively stable returns that have been competitive with the
market indices. Going forward, we expect our approach to continue to reward
investors, while providing downside protection in
times of market instability.
/s/ John Riazzi
John Riazzi
/s/ Arvind Sachdeva
Arvind Sachdeva
Co-Fund Managers
Dean Investment Associates
S&P 500(1) $24,296
Russell 1000(1) $23,772
Class A $14,115
LBIGCB(1) $12,613
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Asset Allocation Investing
Asset allocation investing is an approach that freely shifts money between many
types of investments (stocks, bonds, etc.), attempting to maintain a consistent
level of return.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year Inception Date
Class A (NAV) 3.13% 0.66% 11.86% 10/1/95
Class A (POP) (2.54)% (4.87)% 10.10% 10/1/95
Russell 10001 20.03% 14.09% 28.07% 10/1/95
LBIGCB1 0.51% 6.36% 6.52% 10/1/95
S&P 5001 22.32% 21.82% 29.06% 10/1/95
Composite Index (2) 10.27% 10.23% 17.30% 10/1/95
Class B (NAV) 2.79% 0.00% 11.14% 10/1/95
Class B (POP) (2.21)% (5.00)% 10.71% 10/1/95
Class M (NAV) 2.84% 0.10% 11.25% 10/1/95
Class M (POP) 0.81% (1.89)% 10.94% 10/1/95
Notes
1 The Russell 1000 Value Index (Russell 1000) and Lehman Brothers
Intermediate Government/Corporate Bond (LBIGCB) Index are unmanaged indices used
as a general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses. From
inception calculation is based on life of Class A shares. For reporting periods
through October 31, 1998, the Fund had selected the Standard and Poor's Index
(S&P 500) as its benchmark measure; however, the Russell 1000 Index is more
appropriate for comparisons to the fund.
2 The Composite Index reflects an equal blend of the two benchmark indices,
the Russell 1000 and the LBIGCB.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX LKCM Strategic Total Return
Credit Quality of Bonds
(% of Net Assets)
AAA 4.8%
AA 4.5%
A 11.5%
BBB 7.4%
BB -
B 1.4%
All C's -
NA -
Not Rated 0.5%
Objective/Focus
Long-term growth of income and capital by investing in common stocks and bonds
of well-established and fundamentally strong companies.
Market Environment
The stock market surged higher during the period, driven, for the most part, by
the same phenomenon that prevailed during 1998:
a narrow market dominated by large, growth-oriented, "blue chip" stocks. The
stock market's leadership changed abruptly, however, late in the period. A
series of events converged to drive a shift of investor attention to shares of
cyclical and value-oriented companies and, more importantly, to a broader
compliment of small and mid-sized stocks.
This long anticipated broadening of stock market performance benefited the fund.
Performance
For the six months ended April 30, 1999, total returns for IDEX LKCM Strategic
Total Return compared favorably to its benchmark, a blend of the S&P 500 and the
Lehman Brothers Intermediate Government/Corporate Bond Index. For details,
please refer to the Performance Table on page 29.
Five Largest Holdings (% of Net Assets)
CBS Corp. 2.4%
American Int'l Group, Inc. 2.2%
Waste Management, Inc. 2.1%
Nabors Industries, Inc. 5-15-2006 2.1%
Proctor & Gamble Company 2.0%
Strategy Review
Strong gains by the fund's common stock investments were the largest contributor
to performance this period. Bond investments, for their part, continued to act
as a value-added component by mitigating risk, generating income, and providing
returns in excess of passively managed fixed-income alternatives. As bond yields
rose over the last six months, our bond investments significantly outperformed
relevant bond market indexes due to their conservative average maturity and
opportunistic purchases.
The returns of most economic sectors were clustered closely around the
performance of the overall stock market. In other words, sector commitments, in
general, had less of an impact on the performance than in recent memory. The
technology sector was the best performing sector, driven mostly by strong
performance near the end of calendar 1998. Healthcare and consumer staples were
notable laggards, which impacted the fund's performance. We did benefit from
another long-term secular growth theme, communications. Tandy Corp. was the
fund's top performer while shares of CBS Corp. surged on strong operating
results and increased values for the company's equity stakes in a number of
Internet businesses.
Top Five Industries (% of Net Assets)
Utilities - Telephone 7.1%
Financial - Diversified 6.9%
Communications 6.4%
Pharmaceuticals 6.2%
Insurance 5.3%
Outlook
We believe the fund's structure remains well suited for the current environment,
which includes an optimistic outlook for financial assets but caution regarding
currently high valuations. While we remain guarded about the sustainability of
recent outperformance by cyclical stocks, we are enthusiastic about a broadening
stock market. In any event, we remain committed to investing in securities that
offer the fund, and its investors, attractive reward/risk opportunities.
/s/ Luther King
Luther King
/s/ Scot C. Hollmann
Scot C. Hollmann
Co-Fund Managers
Luther King Capital Management
S&P 500(1) $31,574
Class A $19,113
LBIGCB(1) $14,052
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
"Style Box" Maturity
Fixed Income
security maturities represented as short term (less than 4 years), intermediate
term (4 - 10 years) and long term (more than 10 years).
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year Inception Date
Class A (NAV) 10.28% 5.98% 17.30% 12/2/94
Class A (POP) 4.22% 0.15% 15.81% 12/2/94
LBIGCB (1) 0.51% 6.36% 8.17% 12/2/94
S&P 500 (1) 22.32% 21.82% 30.39% 12/2/94
Composite Index(2) 11.44% 14.44% 19.90% 12/2/94
Class B (NAV) 9.93% 5.28% 15.40% 10/1/95
Class B (POP) 4.93% 0.28% 15.02% 10/1/95
Class M (NAV) 9.98% 5.39% 16.68% 12/2/94
Class M (POP) 7.88% 3.34% 16.41% 12/2/94
Notes
1 The Standard & Poor's 500 (S&P 500) Index and Lehman Brothers Intermediate
Government/Corporate Bond (LBIGCB) Index are unmanaged indices used as a general
measure of market performance. Calculations assume dividends and capital gains
are reinvested and do not include any managerial expenses. From inception
calculation is based on life of Class A shares.
2 The Composite Index reflects an equal blend of the two benchmark indices.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX JCC Balanced
Credit Quality of Bonds
(% of Net Assets)
AAA 8.6%
AA 1.3%
A 8.6%
BBB 7.6%
BB 2.8%
B 14.4%
All C's 0.6%
NA 0.7%
Not Rated 6.3%
Objective/Focus
Long-term growth and preservation of capital balanced with current income
through investments in stocks and income producing securities.
Market Environment
Spurred on by a resilient U.S. economy, financial markets continued to rally
this period. It's been a time, however, marked by volatility, as investors
weighed the risks of an overheating economy at home and the slower growth
abroad. By early spring, renewed inflation fears drove long-term bond rates
higher, weakening the underpinnings for some leading growth stocks, especially
in the technology sector.
Performance
For the six months ended April 30, 1999, IDEX JCC Balanced outperformed its
benchmark, the Lehman Brothers Government/Corporate Bond Index.
Please refer to the Performance Table for more details. I attribute the fund's
success to the skill and persistence of our research team, which continued to
find companies that investors rewarded for strong growth potential, robust
earnings, and leading market positions.
Five Largest Holdings (% of Net Assets)
Houston Industries, Inc. 5.7%
Charles Schwab Corp. 3.2%
U.S. Treasury Notes 11-15-2008 2.9%
Charter Communications
Holdings 4-1-2009 2.8%
U.S. Treasury Notes 5-15-2008 2.6%
Strategy Review
We were especially pleased with the standout performance of financial services
innovator, Charles Schwab. Online trading over Schwab's website has grown
substantially in recent months, driving the company's earnings growth. In
addition, Schwab is well ahead of its largest retail brokerage competitors in
building out its Web offerings, giving it a substantial advantage in this
promising service area.
Meanwhile, cable franchises such as Comcast Corp. and Time Warner continue to
improve their business models while they prepare to roll out new offerings,
including telephone services, cable-based Internet access, and digital cable. We
anticipate seeing more deals akin to AT&T's recently announced buy-out of
MediaOne Group, one of our holdings. For this reason, we have maintained a
number of fixed-income positions in cable companies like Adelphia Communications
that offer solid fundamentals along with the potential of being acquired by a
larger player.
Top Five Industries (% of Net Assets)
Communications 16.3%
Broadcasting 13.3%
U.S. Government Securities 7.7%
Financial - Diversified 6.7%
Utilities - Electric 5.7%
While we were pleased with overall results, a few positions underperformed
during the period. Longtime holding Dell Computer, for example, traded lower
after reporting a slowdown in computer sales that suggests it may be losing
ground to lower-price competitors. We decided to trim our position in the stock
and redeploy the capital elsewhere.
Outlook
While we believe the U.S. economy will remain healthy and inflation will be held
in check, companies in more mature or traditional industries may find it
difficult to meet their earnings targets. Our commitment is to find companies
that can grow their earnings in any kind of market environment. To that end, we
have personally met with nearly every company represented in the Fund, giving us
the confidence we can add value and produce strong results.
/s/ Blaine P. Rollins
Blaine P. Rollins
Fund Manager
Janus Capital Corporation
S&P 500(1) $31,574
Class A $24,110
LBLGCB(1) $16,129
LBGCB(1) $14,606
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Balanced Investing
The balanced style investor is one that keeps a consistent portion of their
investments in equity securities such as stocks, as well as income producing
securities such as bonds.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year Inception Date
Class A (NAV) 27.42% 29.44% 23.64% 12/2/94
Class A (POP) 20.41% 22.32% 22.07% 12/2/94
S&P 500 (1) 22.32% 9.05% 30.39% 12/2/94
LBLGCB (1) (1.52)% 6.07% 11.66% 12/2/94
LBGCB (1) (0.12)% 6.27% 9.14% 12/2/94
Composite Index(2) 11.09% 7.80% 20.46% 12/2/94
Class B (NAV) 27.03% 28.63% 24.06% 10/1/95
Class B (POP) 22.03% 23.63% 23.75% 10/1/95
Class M (NAV) 27.10% 28.77% 22.99% 12/2/94
Class M (POP) 24.83% 26.48% 22.71% 12/2/94
Notes
1 The Standard & Poor's 500 (S&P 500) Index and Lehman Brothers
Government/Corporate Bond (LBGCB) Index are unmanaged indices used as a general
measure of market performance. Calculations assume dividends and capital gains
are reinvested and do not include any managerial expenses. From inception
calculation is based on life of Class A shares. For reporting periods through
the six months ended April 30, 1998, the Fund had selected the Lehman Brothers
Long Government/Corporate Bond (LBLGCB) Index as one of its benchmark measures;
however, LBGCB values were inadvertently shown in reports. The LBGCB Index is
more appropriate for comparisons to the Fund. Differences in the LBLGCB Index
that was previously used and the LBGCB Index values for such periods were
relatively insignificant (see above). Commencing with periods ended October 31,
1998, the Fund has changed its benchmark index from LBLGCB to LBGCB.
2 The Composite Index reflects an equal blend of the two benchmark indices,
the LBGCB and the S&P 500.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX JCC Flexible Income
Credit Quality of Bonds
(% of Net Assets)
AAA 16.0%
AA 4.6%
A 12.5%
BBB 16.0%
BB 15.5%
B 21.6%
All C's 0.6%
NA -
Not Rated 4.6%
Objective/Focus
Maximum total return, consistent with preservation of capital, by investing in
income producing securities of any grade.
Market Environment
The stock market continued to advance this period, and despite a fair degree of
economic vigor, inflation remained largely in check. Nevertheless, the strong
economic data outweighed the apparent absence of upward price pressure and
interest rates backed up in response. By the end of April, yield on the
10-year Treasury Bond had risen to 5.35%, up from a low of 4.52% in early
December.
Performance
Against this economic backdrop, we let the fund's cash position build and
limited most of our purchases to intermediate-term bonds. We also found several
compelling ideas within the high-yield sector and increased our weighting in
high-yield bonds. This strategy worked in our favor and for the six months ended
April 30, 1999, the fund outperformed its benchmark, the Lehman Brothers
Government/Corporate Bond Index. Please see the Performance Table on page 33 for
details.
Five Largest Holdings (% of Net Assets)
U.S. Treasury Notes 5-15-2008 9.1%
Time Warner, Inc. 8-15-2007 3.3%
U.S. Treasury Notes 5-15-2007 3.2%
Ford Motor Credit Co. 8-15-2008 3.1%
News America, Inc. 1-9-2008 3.0%
Strategy Review
Within the investment-grade sector, we continued to focus on quality names like
McDonalds and IBM. In the high-yield sector, we continued to focus on cable
bonds but remained open to new ideas. With this mindset, we added a new position
in Charter Communications, a company that could perhaps best be described as a
"tele-cable" concern. In addition to traditional cable and pay-per-view
services, Charter offers its customers non-traditional services such as paging
and cable-based Internet access.
Meanwhile, our holdings in supermarket chain Fred Meyer gave back some of the
dramatic gains won last year. The company's bonds surged following last fall's
announcement that it would be purchased by super-regional chain Kroger, but
slipped slightly during the period as investors fully digested the news. We
remain extremely optimistic about the combination and look forward to the
improved earnings and creditworthiness that the union implies.
Top Five Industries (% of Net Assets)
U.S. Government Securities 15.2%
Communications 10.8%
Broadcasting 8.6%
Financial - Diversified 8.1%
Industrial - Diversified 5.4%
Outlook
The last few quarters have offered a glimpse into the productivity benefits
offered by technology and the positive impact these tools have on wage
inflation. Regardless of what happens in the overall economy, one thing is
certain: we will continue to scour the marketplace to find the strong
performers, drawing upon our in-depth research to select issues offering
competitive yields. At the same time, we will try to mitigate the potential
downside by meeting with management, and by scrutinizing the products and
balance sheets of our current and prospective investments.
/s/ Ronald V. Speaker
Ronald V. Speaker
Fund Manager
Janus Capital Corporation
LBLGCB(1) $25,662
LBGCB(1) $23,434
Class A $21,090
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices over the past 10-
year period.
Credit Ratings
A credit rating implies the potential for default of interest payments or
principal at maturity by a bond issuer. Ratings are provided by a number of
agencies such as Standard & Poor's and Moody's.
Average Annual Total Returns for the Period Ended 4/30/99
From Inception
6 months 1 year 5 year 10 year Inception Date
Class A (NAV) 2.59% 5.16% 8.44% 8.26% 8.32% 6/29/87
Class A (POP) (2.28)% 0.17% 7.39% 7.74% 7.87% 6/29/87
LBGCB (1) (0.12)% 6.27% 7.97% 8.88% 8.66% 6/29/87
LBLGCB (1) (1.52)% 6.07% 9.96% - 10.09% 1/1/91
Class B (NAV) 2.26% 4.48% - - 7.78% 10/1/95
Class B (POP (2.74)% (0.52)% - - 7.32% 10/1/95
Class M (NAV) 2.31% 4.59% 7.84% - 6.53% 10/1/93
Class M (POP) 0.29% 2.54% 7.62% - 6.34% 10/1/93
Notes
1 The Lehman Brothers Government/Corporate Bond (LBGCB) Index is an unmanaged
index used as a general measure of market performance. Calculations assume
dividends and capital gains are reinvested and do not include any managerial
expenses. From inception calculation is based on life of Class A shares. For
reporting periods through the six months ended April 30, 1998, the Fund had
selected the Lehman Brothers Long Government/Corporate Bond (LBLGCB) Index
(incepted January 1, 1991) as one of its benchmark measures; however, LBGCB
values were inadvertently shown in reports. The LBGCB Index is more appropriate
for comparisons to the Fund. Differences in the LBLGCB Index that was previously
used and the LBGCB Index values for such periods were relatively insignificant
(see above). Commencing with periods ended October 31, 1998, the Fund has
changed its benchmark index from LBLGCB to LBGCB.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 4.75% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX AEGON Income Plus
Credit Quality of Bonds
(% of Net Assets)
AAA -
AA -
A 17.3%
BBB 38.1%
BB 8.2%
B 16.7%
All C's -
D 1.0%
NA -
Not Rated 5.4%
Objective/Focus
High current income while avoiding excessive risk by investing primarily in
fixed-income.
Market Environment
During the first part of 1999, the high yield market regained some of the ground
lost late in 1998. Equity markets, too, moved higher as last year's global
liquidity crisis eased. Investors, although cautious, began moving back to the
bond market, initially in the most liquid and high quality sectors and more
recently into the less liquid and lower rated names. Nevertheless, we've not
felt that stretching for yield is appropriate at this point in the economic
cycle.
Performance
In this environment, for the six months ended April 30, 1999, IDEX AEGON Income
Plus returned 3.05%. By comparison, the Merrill Lynch High Yield Master Index
was up 7.37% for the same period.
Five Largest Holdings (% of Net Assets)
TCI Communications, Inc. 3.8%
BankBoston Capital Trust Corp. 12-15-2026 3.7%
HSBC America Capital II 144A 5-15-2027 3.6%
Ralston Purina Company 10-15-2009 3.4%
Arvin Industries, Inc. 3-15-2008 3.4%
Strategy Review
The investment-grade portion of the fund can be best characterized as having an
average rating of BBB with an average maturity of approximately 10 years. The
lack of a significant global financial crisis has actually allowed BBB-rated
corporate bonds to perform well relative to the A-rated sector. In other words,
the so-called "flight to quality" we experienced last year is but a distant
memory. This was particularly evident over the last two months of 1998 when
lower rated corporate bonds dramatically outperformed Treasuries and higher
rated issues. We are still favoring corporate bonds over Treasury issues,
believing there is further room for outperformance, although at a slower pace
than the final months of '98 or the first quarter of '99.
Top Five Industries (% of Net Assets)
Other Industrial Services 7.6%
Banks 7.3%
Retailers - Broadline 5.9%
Utilities - Electric 5.3%
Savings & Loans 5.0%
Outlook
An increase in interest rates and/or a deteriorating economy pose the key risks
to the fund. We took the stance early this period that growth would be stronger
than generally expected, making us, for the most part, buyers of credit and
sellers of duration. As such, the duration of the fund right now is slightly
shorter than our benchmark. We continue to maintain that view although not
as strongly as six months ago. For the remaining part of the year we should see
more of the same. But while higher than expected economic growth has tightened
credit spreads, strong consumer demand and a rebound in various economies around
the world suggest the possibility of less than neutral monetary policy.
If interest rates were indeed to rise above 6% on the long end of the Treasury
yield curve, we would have to seriously reconsider our position on duration.
Similarly, signs of a U.S. slowdown late in 1999, coupled with fragile economies
around the world, may compel us to shift our strategy to favoring duration over
credit.
/s/ David R. Halfpap
David R. Halfpap
/s/ Bradley J. Beman
Bradley J. Beman
/s/ Craig M. Enright
Craig M. Enright
Co-Fund Managers
AEGON USA Investment Management, Inc.
MLHYM(1) $29,132
Class A $24,333
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past 10-
year period.
Investment Grade or Junk?
Investment grade securities are those with credit ratings of BBB/Baa or above as
determined by Standard & Poor's and Moody's, respectively. Securities rated
below this level are what the industry refers to as speculative or "junk" bonds.
Average Annual Total Returns for the Period Ended 4/30/99
From Incption
6 months 1 year 5 year 10 year Inception Date
Class A (NAV) 3.05% 3.35% 8.75% 9.84% 10.04% 6/14/85
Class A (POP) (1.84)% (1.56)% 7.69% 9.31% 9.66% 6/14/85
MLHYM1 7.37% 3.04% 10.32% 11.29% 9.26% 6/14/85
Class B (NAV) 2.66% 2.62% - - 7.31% 10/1/95
Class B (POP) (2.34)% (2.38)% - - 6.84% 10/1/95
Class M (NAV) 2.72% 2.73% 8.03% - 6.54% 10/1/93
Class M (POP) 0.69% 0.71% 7.81% - 6.35% 10/1/93
Notes
1 The Merrill Lynch High Yield Master (MLHYM) Index is an unmanaged index
used as a general measure of market performance. Calculations assume dividends
and capital gains are reinvested and do not include any managerial expenses.
From inception calculation is based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 4.75% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX AEGON Tax Exempt
Credit Quality of Bonds
(% of Net Assets)
AAA 53.9%
AA 34.2%
A 4.2%
BBB -
BB -
B -
All C's -
NA -
Not Rated 4.0%
Objective/Focus
Maximum interest income exempt from federal income tax while preserving capital
by investing primarily in high quality municipal obligations.
Market Environment
The municipal bond market posted very strong relative returns during the last
six months, significantly exceeding the performance of Treasuries. While
Treasury yields rose on reports of faster than expected economic growth, tax-
free yields rose less due to strong demand for and lower supply of bonds. The
significant reduction in new issue activity from the record levels of last year
largely reflects the impact of higher Treasury yields on refunding activity. The
relative stability of municipal yields resulted in a decline in municipal-to-
Treasury yield ratios back to more historical norms. Current yield levels
provide taxable-equivalent yields on 30-year,
AAA-rated general obligation bonds of about 8.2% and 6.9% for an individual,
with a Federal marginal tax rate of 39.6% and 28%, respectively.
Performance
For the six months ended April 30, 1999, IDEX AEGON Tax Exempt has lagged its
benchmark, the Lehman Municipal Bond Index. The disappointing performance was
due partly to an unexpected par call on a holding valued at a substantial
premium, and the fund's larger weighting in the maturities that achieved
relatively weak results versus the general municipal market.
Strategy Review
Because the duration of the fund was generally longer than its benchmark
throughout the period, there was a greater impact on performance when market
yields increased and bond prices fell. The impact was exacerbated when duration
naturally extended in the rising rate environment as some bond holdings priced
to maturity rather than trading to their call dates. Transaction activity during
the last six months reflected cash flows and efforts to adjust the fund's
structure, including attempts to reduce call risk without sacrificing market
yield.
Regional Concentration (% of Net Assets)
Northeast 8.3%
Midwest 29.8%
South 30.6%
West 21.4%
Outlook
We currently hold a neutral view on the Treasury bond market, but continue to be
very positive on municipals. Our belief is that good value remains because the
fundamental credit quality of the municipal market is strong and the taxable-
equivalent yields remain attractive. The focus on high quality issuers remains
an appropriate strategy, we think, given the continued narrow yield spreads
between Aaa and lower-rated issues. The fund has the flexibility to adjust
quickly to any changes in our market outlook.
/s/ Jarrell D. Frey
Jarrell D. Frey
Fund Manager
AEGON USA Investment Management, Inc.
LBMB(1) $21,623
Class A $18,157
This graph compares the 4/30/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past 10-
year period.
General Obligation vs. Revenue Bonds Municipal bonds are backed by the full
faith, credit and taxing power of the issuer (General Obligation) or are secured
through the ability of the issuer to earn an income through a public project
(Revenue).
Average Annual Total Returns for the Period Ended 4/30/99
From Incption
6 months 1 year 5 year 10 year Inception Date
Class A (NAV) 0.67% 5.20% 6.42% 6.66% 7.91% 4/1/85
Class A (POP) (4.11)% 0.20% 5.39% 6.15% 7.53% 4/1/85
LBMB (1) 1.75% 6.95% 7.49% 8.01% 8.92% 4/1/85
Class B (NAV) 0.29% 4.46% - - 5.77% 10/1/95
Class B (POP) (4.71)% (0.54)% - - 5.29% 10/1/95
Class M (NAV) 0.45% 4.83% 6.13% - 5.14% 10/1/93
Class M (POP) (1.55)% 2.79% 5.92% - 4.95% 10/1/93
Notes
1 The Lehman Brothers Municipal Bond (LBMB) Index is an unmanaged index used
as a general measure of market performance. Calculations assume dividends and
capital gains are reinvested and do not include any managerial expenses. From
inception calculation is based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 4.75% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Periods less than 1 year represent total return and are not annualized.
Investments by Sector as a Percentage of Net Assets
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
Preface to the Schedule of Investments
This schedule provides a complete listing of each Fund's holdings at period end.
For all Funds except IDEX GE/Scottish Equitable International Equity, IDEX JCC
Global and IDEX AEGON Tax Exempt, positions are grouped together first by asset
type, then by sector, then by basic industry. Within an industry, securities
are listed alphabetically.
IDEX GE/Scottish Equitable International Equity and IDEX JCC Global positions
are grouped first according to country, then by asset type and finally, the
securities are listed alphabetically.
IDEX AEGON Tax Exempt invests in municipal securities, which are more easily
categorized by state. Within each state, securities are listed in descending
market value. For relevance purposes, sectors and industries are not included as
grouping levels for these three Funds.
Please refer to the graphics presented on these two pages for more detailed
explanations.
This section lists all open Forward Foreign Currency Contracts ("FEC's"). FEC's
are typically entered into to offset a purchase or sale of a non-U.S. security.
Purchases and sales of non-U.S. securities are denominated in, and require
settlement in, the currency of their country of issue. FEC's facilitate this
settlement requirement.
In addition to offsetting purchases and sales, FEC's can be entered into to
hedge another country's currency. Refer to your Fund's prospectus for
specifics. Notional Amount refers to the quantity of foreign currency listed
under Description. The U.S. dollar equivalent, as valued at period end, is
listed under Value.
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC CAPITAL APPRECIATION
Description Shares
Value
COMMON STOCK (97.9%)
Consumer, Cyclical (25.8%)
Advertising (0.9%)
Outdoor Systems, Inc. * 18,824
$474,130
Airlines (0.9%)
Ryanair Holdings PLC ADR * 11,048
494,397
Broadcasting (12.1%)
Chancellor Media Corp. * 18,890
1,036,589
Clear Channel Communications, Inc. * 23,830
1,656,185
Heftel Broadcasting Corp. * 34,010
1,849,294
TCA Cable TV, Inc. 25,885
1,289,397
Univision Communications, Inc. * 10,016
579,675
6,411,140
Entertainment (0.6%)
Premier Parks, Inc. * 9,590
331,454
Restaurants (1.7%)
PizzaExpress PLC + 62,192
910,185
Retailers - Specialty (9.6%)
Amazon.com, Inc. * 12,530
2,155,943
eBay, Inc. * 13,450
2,799,281
MSC Industrial Direct Company * 4,730
101,991
5,057,215
Consumer, Non-Cyclical (12.5%)
Consumer Services (6.6%)
Apollo Group, Inc. Class A * 116,101
2,873,500
ITT Educational Services, Inc. * 24,555
603,132
3,476,632
Medical Supplies (2.8%)
Sepracor, Inc. * 17,760
1,500,720
Pharmaceuticals (3.1%)
MedImmune, Inc. * 15,061
830,237
Watson Pharmaceuticals, Inc. * 20,015
810,608
1,640,845
Financial (3.8%)
Banks (1.7%)
Firstar Corp. 30,695
922,768
Savings & Loans (0.5%)
TeleBanc Financial Corp. * 2,335
241,965
Securities Brokers (1.6%)
Charles Schwab Corp. 7,805
856,599
Technology (51.6%)
Communications (23.3%)
Adelphia Communications Corp. * 21,735
1,483,414
American Tower Corp. Class A * 27,800
589,013
Crown Castle International Corp. * 42,115
805,449
Jacor Communications, Inc. * 19,390
1,556,047
Level 3 Communications, Inc. * 13,685
1,232,505
Metromedia Fiber Network, Inc. * 23,700
1,996,725
MetroNet Communications Corp. * 17,890
992,895
NEXTLINK Communications, Inc. * 23,965
1,755,436
NTL, Inc. + * 8,875
676,719
RF Micro Devices, Inc. * 7,040
393,360
Rogers Communications, Inc. Class B + * 46,320
865,605
12,347,168
Computers (9.1%)
Capita Group PLC + 41,852
$442,553
CheckFree Holdings Corp. * 25,450
1,221,600
Concentric Network Corp. * 6,195
517,283
Inktomi Corp. * 1,880
225,130
Paychex, Inc. 38,220
1,951,609
VeriSign, Inc. * 4,090
470,350
4,828,525
Diversified (7.9%)
E-Tek Dynamics, Inc. * 14,510
623,930
Exodus Communications * 22,410
2,019,701
Gemstar International Group, Ltd. * 8,755
922,558
Uniphase Corp. * 4,965
602,627
4,168,816
Semiconductors (4.5%)
Vitesse Semiconductor Corp. * 51,535
2,386,715
Software (6.8%)
MindSpring Enterprises, Inc. * 4,295
416,347
PSINet Inc. * 24,175
1,220,837
Verio, Inc. 2,445
173,595
VERITAS Software Corp. * 25,285
1,795,235
3,606,014
Utilities (4.2%)
Telephone
McLeodUSA, Inc. * 29,840
1,672,905
Sprint Corp. 12,250
519,094
2,191,999
Total Common Stock (cost $38,517,879) 51,847,287
Description Principal
Value
SHORT-TERM SECURITIES (4.3%)
Commercial Paper (4.2%)
Household Finance Company 4.880% 5-3-1999 $2,200,000
$2,199,403
Repurchase Agreements (0.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-30-1999
to be repurchased at $62,733 on 5-3-1999 62,715 62,715
Total Short-Term Securities (cost $2,262,119) 2,262,118
Total Investments (102.2%) (cost $40,779,998) 54,109,405
Liabilities in Excess of Other Assets (-2.2%) (1,170,318)
Net Assets (100.0%) $52,939,087
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX ALGER AGGRESSIVE GROWTH
Description Shares
Value
COMMON STOCK (95.6%)
Consumer, Cyclical (24.5%)
Advertising (0.5%)
Outdoor Systems, Inc. * 25,200
$634,725
Broadcasting (7.4%)
Broadcast.com, Inc. * 31,300
4,014,225
Capstar Broadcasting Corp. * 26,100
691,650
Clear Channel Communications, Inc. * 11,400
792,300
Comcast Corp. Special Class A 31,600
2,073,750
Fox Entertainment Group, Inc. * 12,000
307,500
Infinity Broadcasting Corp. * 19,300
534,369
8,413,794
Entertainment (0.4%)
Carnival Corp. 10,900
449,625
Footwear (0.5%)
Abercrombie & Fitche Company Class A * 6,100
580,262
Retailers - Broadline (5.1%)
Fred Meyer, Inc. * 20,100
1,087,912
Price / Costco, Inc. 22,900
1,852,038
Wal-Mart Stores, Inc. 60,800
2,796,800
5,736,750
Retailers - Drug Based (1.0%)
Cardinal Health, Inc. 18,600
1,112,512
Retailers - Specialty (9.6%)
Amazon.com, Inc. * 10,300
1,771,600
Best Buy Company, Inc. * 32,600
1,556,650
eBay, Inc. * 12,600
2,620,800
Home Depot, Inc. 49,200
2,948,925
Office Depot, Inc. * 43,200
950,400
Staples, Inc. * 32,775
983,250
10,831,625
Consumer, Non-Cyclical (5.7%)
Food Retailers (1.7%)
Safeway, Inc. * 23,300
1,256,744
The Kroger Company * 11,200
608,300
1,865,044
Pharmaceuticals (4.0%)
Pfizer, Inc. 25,300
2,911,081
Schering Plough Corp. 34,000
1,642,625
4,553,706
Energy (0.5%)
Oilfield Equipment and Services
Halliburton Company 13,300
566,913
Financial (9.6%)
Banks (0.9%)
BankAmerica Corp. 13,600
979,200
Diversified (3.4%)
Citigroup, Inc. 51,000
3,837,750
Insurance (1.3%)
American International Group, Inc. 12,400
1,456,224
Securities Brokers (4.0%)
Charles Schwab Corp. 4,700
515,825
Morgan Stanley, Dean Witter, Discover and Company 32,000
3,174,000
Paine Webber Group, Inc. 19,000
891,813
4,581,638
Industrial (3.5%)
Diversified
Tyco International, Ltd. 48,502
3,940,788
Technology (47.8%)
Biotechnology (2.2%)
Amgen, Inc. * 23,500
$1,442,313
Biogen, Inc. * 10,500
998,156
2,440,469
Communications (10.1%)
Ascend Communications, Inc. * 6,300
607,950
Cisco Systems, Inc. * 28,250
3,222,265
Frontier Corp. 20,100
1,109,269
Global TeleSystems Group, Inc. * 7,500
495,000
Jacor Communications, Inc. * 16,200
1,298,025
Motorola, Inc. 13,700
1,097,712
Qwest Communications International, Inc. * 14,500
1,237,938
Rhythms NetConnections, Inc. * 27,500
2,268,750
11,336,909
Computers (7.8%)
EMC Corp. * 14,100
1,536,018
Excite, Inc. * 18,900
2,759,400
Rambus, Inc. * 7,900
474,988
Sun Microsystems, Inc. * 48,800
2,918,850
Teradyne, Inc. * 23,200
1,094,750
8,784,006
Diversified (0.8%)
At Home Corp. Series A * 6,400
921,200
Industrial (1.5%)
IMS HEALTH 57,100
1,713,000
Semiconductors (12.5%)
Altera Corp. * 26,400
1,907,400
Applied Materials, Inc. * 42,700
2,287,119
ASM Lithography Holding NV ADR * 20,600
803,400
Intel Corp. 19,600
1,198,050
Linear Technology Corp. 31,000
1,763,125
Texas Instruments, Inc. 33,800
3,451,825
Xilinx, Inc. * 59,400
2,710,125
14,121,044
Software (12.9%)
America Online, Inc. * 35,000
4,996,250
Microsoft Corp. * 57,400
4,663,750
RealNetworks, Inc. * 5,700
1,262,550
Yahoo!, Inc. * 21,100
3,683,269
14,605,819
Utilities (4.0%)
Telephone
MCI WORLDCOM, Inc. * 34,700
2,851,906
NEXTEL Communications, Inc. Class A *. 39,000
1,594,125
4,446,031
Total Common Stock (cost $78,826,851) 107,909,034
CONVERTIBLE PREFERRED STOCK (0.9%)
Technology
Diversified
Nokia Corp. OY ADR (cost $663,463) 13,800
1,023,788
Description Principal
Value
SHORT-TERM SECURITIES (3.7%)
Commercial Paper (1.8%)
Corporacion Andina De Fomento + 4.830% 5-7-1999 $500,000
$499,598
National Australia Bank 4.770% 5-13-1999 1,000,000
998,410
United Airlines 4.810% 5-13-1999 600,000
599,038
2,097,046
Repurchase Agreements (1.9%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-30-1999
to be repurchased at $2,116,669 on 5-3-1999 2,116,051 2,116,051
Total Short-Term Securities (cost $4,213,097) 4,213,097
Total Investments (100.2%) (cost $83,703,411) 113,145,919
Liabilities in Excess of Other Assets (-0.2%) (281,492)
Net Assets (100.0%) $112,864,427
4-Jan-00
SCHEDULE OF INVESTMENTS (unaudited)
IDEX T. ROWE PRICE SMALL CAP
Description Shares
Value
COMMON STOCK (89.5%)
Consumer, Cyclical (19.9%)
Advertising (1.9%)
Catalina Marketing Corp. * 100
$8,544
HA-LO Industries, Inc. * 200
2,350
Harte-Hanks, Inc. 100
2,525
Outdoor Systems, Inc. * 200
5,037
Valassis Communications, Inc. * 100
5,600
24,056
Airlines (1.1%)
Alaska Air Group, Inc. * 100
4,406
Comair Holdings, Inc. 150
3,309
Mesaba Holdings, Inc. * 200
2,913
Triumph Group, Inc. * 100
2,713
13,341
Auto Parts and Equipment (0.5%)
O'Reilly Automotive, Inc. * 100
4,575
Tower Automotive, Inc. * 100
2,300
6,875
Broadcasting (3.9%)
Century Communications Corp. * 200
9,813
Chancellor Media Corp. * 100
5,488
Cox Radio, Inc. * 100
4,875
Heftel Broadcasting Corp. * 100
5,438
TCA Cable TV, Inc. 100
4,981
TV Guide, Inc. * 100
4,213
Univision Communications, Inc. * 100
5,787
USA Networks, Inc. * 100
3,737
Young Broadcasting Corp. * 100
4,237
48,569
Clothing/Fabric (1.2%)
Fossil, Inc. * 100
3,075
Quiksilver, Inc. * 150
3,984
The Buckle, Inc. * 100
2,338
The Men's Wearhouse, Inc. * 200
5,475
14,872
Consumer Electronics (0.9%)
Rent-A-Center, Inc. * 200
6,200
Rent-Way, Inc. * 200
5,450
11,650
Entertainment (1.7%)
Barnes & Noble, Inc. * 100
3,475
Imax Corp. ADR * 300
5,682
Premier Parks, Inc. * 100
3,455
SFX Entertainment, Inc. Class A * 100
6,175
Steinway Musical Instruments, Inc. * 100
2,357
21,144
Home Furnishings (0.2%)
Knoll, Inc. * 100
2,400
Publishing (0.5%)
Consolidated Graphics, Inc. * 100
4,263
World Color Press, Inc. * 100
2,556
6,819
Recreation Products - Other (0.3%)
Sunterra Corp. * 300
3,225
Restaurants (1.8%)
Applebee's International, Inc. 200
5,162
Brinker International, Inc. * 200
5,525
Dave & Buster's, Inc. * 200
4,100
Outback Steakhouse, Inc. * 150
5,372
Sonic Corp. * 100
2,812
22,971
Retailers - Apparel (2.1%)
G&K Services, Inc. 100
$4,675
Jones Apparel Group * 200
6,600
Pacific Sunwear of California, Inc. * 100
3,709
Polo Ralph Lauren Corp. * 100
2,225
Ross Stores, Inc. 100
4,594
The Neiman Marcus Group, Inc. * 200
4,813
26,616
Retailers - Broadline (1.2%)
Dollar Tree Stores, Inc. * 200
7,300
Family Dollar Stores, Inc. 100
2,413
Fred Meyer, Inc. * 100
5,412
15,125
Retailers - Specialty (2.6%)
Bed, Bath & Beyond, Inc. * 100
3,569
General Nutrition Companies * 100
1,656
Group 1 Automotive, Inc. * 100
2,575
Guitar Center, Inc. * 100
1,563
Linens 'n Things, Inc. * 100
4,575
Office Depot, Inc. * 150
3,300
USinternetworking, Inc. 100
5,112
Watsco, Inc. 200
3,925
Williams-Sonoma, Inc. * 200
5,800
32,075
Consumer, Non-Cyclical (19.6%)
Consumer Services (7.4%)
A.C. Nielsen Corp. * 100
2,787
Apollo Group, Inc. Class A * 200
4,950
Aviation Sales Company 100
4,000
Avis Rent A Car, Inc. * 100
3,138
Carriage Services, Inc. * 100
1,919
Central Parking Corp. 100
3,169
Coach USA, Inc. * 200
4,750
Concord EFS, Inc. * 100
3,337
CORT Business Services Corp. * 100
2,306
Data Processing Resources Corp. * 100
1,263
Expeditors International of Washington, Inc. 100
6,062
ITT Educational Services, Inc. * 200
4,912
First Consulting Group, Inc. * 200
2,300
Lason, Inc. * 100
3,956
Learning Tree International, Inc. * 200
1,950
META Group, Inc. * 200
1,825
Modis Professional Services, Inc. * 400
4,625
NOVA Corp. * 200
5,200
Plexus Corp. * 100
3,337
Pre-Paid Legal Services, Inc. * 200
5,700
Romac International, Inc. * 200
2,250
StaffMark, Inc. * 100
1,013
Strayer Education, Inc. 100
3,463
Sylvan Learning Systems, Inc. * 200
5,025
The Metzler Group, Inc. * 100
2,788
USWeb Corp. * 300
6,731
92,756
Cosmetics (0.3%)
Chattem, Inc. * 100
3,905
Food - Other (0.7%)
J & J Snack Foods Corp. * 200
4,350
U.S. Foodservice * 100
4,206
8,556
Food Retailers (0.9%)
Richfood Holdings, Inc. 200
2,500
Smithfield Foods, Inc. * 200
4,725
Whole Foods Market, Inc. * 100
3,900
11,125
Healthcare (3.7%)
ABR Information Services, Inc. * 100
$1,750
American Oncology Resources, Inc. * 200
1,788
Concentra Managed Care, Inc. * 200
2,713
Express Scripts, Inc. * 100
7,362
First Health Group Corp. * 200
3,263
KV Pharmaceutical Company * 100
1,550
MedQuist, Inc. * 100
3,425
Orthodontic Centers of America * 200
2,475
PacifiCare Health Systems, Inc. * 100
7,977
Theragenics Corp. * 300
2,175
Universal Health Services, Inc. * 100
5,181
Ventana Medical Systems, Inc. * 100
2,438
Veterinary Centers of America, Inc. * 100
1,313
Wesley Jessen VisionCare, Inc. * 100
3,062
46,472
Household Products (0.4%)
Blyth Industries, Inc. * 100
2,275
Mohawk Industries, Inc. * 100
3,225
5,500
Medical Supplies (2.7%)
Henry Schein, Inc. * 100
2,619
Lincare Holdings, Inc. * 200
5,925
Medco Research, Inc. * 200
4,425
Mentor Corp. 300
4,350
Novoste Corp. * 100
2,225
PathoGenesis Corp. * 100
1,313
Patterson Dental Company * 100
3,606
PSS World Medical, Inc. * 200
1,950
STERIS Corp. * 100
1,775
Sybron International Corp. * 200
5,537
33,725
Pharmaceuticals (3.5%)
AmeriSource Health Corp. * 200
5,537
Barr Laboratories, Inc. * 100
3,006
Covance, Inc. * 200
4,387
Duane Reade, Inc. * 200
5,363
Forest Laboratories, Inc. * 100
4,450
Jones Pharma, Inc. 100
3,213
Omnicare, Inc. 200
4,813
Priority Healthcare Corp. * 100
5,069
Roberts Pharmaceutical Corp. * 200
3,400
Watson Pharmaceuticals, Inc. * 100
4,050
43,288
Energy (1.1%)
Oil Drilling (0.3%)
Noble Affiliates, Inc. 100
3,206
Oilfield Equipment and Services (0.8%)
B.J. Services Company * 100
2,675
Oceaneering International, Inc. * 200
3,300
Smith International, Inc. * 100
4,488
10,463
Financial (6.8%)
Banks (2.2%)
City National Corp. 200
7,725
Commerce Bancorp, Inc. 100
4,413
Community First Bankshares, Inc. 200
4,087
North Fork Bancorporation, Inc. 200
4,500
Silicon Valley Bancshares * 200
3,513
Webster Financial Corp. 100
3,075
27,313
Diversified (1.5%)
AmeriCredit Corp. * 400
$6,625
HealthCare Financial Partners, Inc. * 100
3,375
NCO Group, Inc. * 200
6,525
Paymentech, Inc. * 100
2,388
18,913
Insurance (0.7%)
CMAC Investment Corp. 100
4,587
Protective Life Corp. 100
3,919
8,506
Real Estate (0.9%)
Amerin Corp. * 300
7,031
Apartment Investment & Management Company 100
4,006
11,037
Securities Brokers (1.5%)
Affiliated Managers Group, Inc. * 200
5,812
Legg Mason, Inc. 200
6,975
Waddell & Reed Financial, Inc. Class A 300
6,769
19,556
Industrial (6.9%)
Building Materials (0.4%)
NCI Building Systems, Inc. * 200
4,812
Electronic Components and Equipment (3.1%)
American Power Conversion Corp. * 100
3,300
Dionex Corp. * 100
4,100
Gentex Corp. * 300
9,019
Sawtek, Inc. * 100
3,525
SCI Systems, Inc. * 100
3,806
SLI, Inc. * 200
5,488
Symbol Technologies, Inc. 200
9,550
38,788
Heavy Construction (0.4%)
Simpson Manufacturing Company, Inc. * 100
4,625
Heavy Machinery (0.6%)
JLG Industries, Inc. 300
4,819
Terex Corp. * 100
3,162
7,981
Other Industrial Services (0.9%)
Dycom Industries, Inc. * 100
4,569
Tetra Tech, Inc. * 300
7,256
11,825
Pollution Control (0.5%)
Casella Waste Systems, Inc. * 100
2,500
Superior Services, Inc. * 200
3,675
6,175
Trucking (1.0%)
Swift Transportation Company, Inc. * 450
8,269
USFreightways, Inc. 100
3,750
12,019
Technology (35.2%)
Advanced Medical Devices (1.4%)
DENTSPLY International, Inc. 100
2,619
Renal Care Group, Inc. * 100
2,087
VISX, Inc. * 100
12,875
17,581
Aerospace/Defense (0.6%)
AAR Corp. 200
3,800
Orbital Sciences Corp. * 200
4,213
8,013
Biotechnology (2.1%)
Biogen, Inc. * 100
9,506
CYTYC Corp. * 200
3,913
Inhale Therapeutic Systems, Inc. * 100
2,875
PAREXEL International Corp. * 200
4,812
Serologicals Corp. * 300
2,250
The Liposome Company, Inc. * 200
2,500
25,856
Communications (4.4%)
American Tower Corp. Class A * 100
$2,119
AVT Corp. * 100
2,719
AXENT Technologies, Inc. * 100
937
CDW Computer Centers, Inc. * 100
8,950
Emmis Communications Corp. * 200
9,000
Gilat Satellite Networks, Ltd. ADR * 100
5,200
Jacor Communications, Inc. * 100
8,025
National Data Corp. * 200
9,225
Pacific Gateway Exchange, Inc. * 100
4,000
Polycom, Inc. * 100
2,444
Premisys Communications, Inc. * 100
850
Tollgrade Communications, Inc. * 100
1,500
54,969
Computers (4.5%)
CIBER, Inc. * 200
3,775
Citrix Systems, Inc. * 100
4,250
Cybex Computer Products Corp. * 200
3,800
Fair, Isaac and Company, Inc. 100
3,400
Insight Enterprises, Inc. * 300
8,100
InterVoice, Inc. * 200
1,994
Jack Henry & Associates, Inc. 100
3,300
Lexmark International Group, Inc. * 100
12,350
Mapics, Inc. * 100
559
Mastech Corp. * 200
2,937
Metamore Worldwide, Inc. * 200
3,913
National Computer Systems, Inc. 100
2,800
Teradyne, Inc. * 100
4,719
55,897
Diversified (2.7%)
DST Systems, Inc. * 100
5,825
Gartner Group, Inc. Class A * 100
1,906
Level One Communications, Inc. * 200
10,275
QRS Corp. * 100
5,500
Saville Systems PLC * 200
2,413
Tech Data Corp. * 100
2,337
The BISYS Group, Inc. * 100
5,075
33,331
Industrial (0.6%)
American Management Systems, Inc. * 100
3,437
Security Dynamics Technologies, Inc. * 200
4,350
7,787
Office Equipment (0.6%)
Proxim, Inc. * 200
7,700
Semiconductors (5.4%)
Analog Devices, Inc. * 100
3,513
Burr-Brown Corp. * 200
5,300
Dallas Semiconductor Corp. 100
4,250
Etec Systems, Inc. * 100
3,088
Lattice Semiconductor Corp. * 100
4,087
Maxim Integrated Products, Inc. * 100
5,600
Micrel, Inc. * 100
5,887
Microchip Technology, Inc. * 100
3,500
Novellus Systems, Inc. * 100
4,725
PMC - Sierra, Inc. * 100
9,587
QLogic Corp. * 100
6,994
Sanmina Corp. * 100
6,638
Vitesse Semiconductor Corp. * 100
4,631
67,800
Software (12.9%)
Affiliated Computer Services, Inc. * 100
$3,825
Black Box Corp. * 100
3,425
Cadence Design Systems, Inc. * 100
1,356
Clarify, Inc. * 100
2,350
Cognos, Inc. * 100
2,406
Comverse Technology, Inc. * 150
9,619
Cotelligent, Inc. * 100
1,169
Electronic Arts, Inc. * 100
5,081
Electronics For Imaging, Inc. * 100
4,731
Engineering Animation, Inc. * 100
1,488
FactSet Research Systems, Inc. 100
4,662
GeoTel Communications Corp. * 100
5,625
Great Plains Software, Inc. * 200
6,112
Hyperion Solutions Corp. * 200
3,025
IMRglobal Corp. * 100
1,725
Inter-Tel, Inc. 100
1,388
International Network Services * 150
5,700
Intuit, Inc. * 100
8,613
Keane, Inc. * 100
2,481
Legato Systems, Inc. * 100
4,044
Macromedia, Inc. * 100
4,144
Mercury Interactive Corp. * 100
2,819
National Instruments Corp. * 200
6,800
Netgravity, Inc. 100
4,044
Network Associates, Inc. * 100
1,325
Pegasus Systems, Inc. * 100
4,675
Peregrine Systems, Inc. * 100
2,250
Pinnacle Systems, Inc. * 100
5,437
PLATINUM Technology International, Inc. * 100
2,550
Preview Travel, Inc. 100
2,600
Secure Computing Corp. * 200
813
Sterling Commerce, Inc. * 100
3,131
SunGard Data Systems, Inc. * 100
3,194
Sykes Enterprises, Inc. * 200
4,100
Symantec Corp. * 200
3,975
Synopsys, Inc. * 200
9,425
Transactions Systems Architects, Inc. * 100
3,244
VERITAS Software Corp. * 100
7,100
Visio Corp. * 100
2,700
WebTrends Corp. * 100
5,312
Wind River Systems, Inc. * 200
3,000
161,463
Total Common Stock (cost $1,093,911)
1,120,681
Description Principal
Value
SHORT-TERM SECURITIES (12.3%)
Other Short-term Securities
T. Rowe Price Reserve Investment Fund
7-day yield of 5.016% $80,000
$80,000
SSgA Money Market Fund
7-day yield of 4.600% 74,000
74,000
Total Short-Term Securities (cost $154,000) 154,000
Total Investments (101.8%) (cost $1,247,911) 1,274,681
Liabilities in Excess of Other Assets (-1.8%) (22,797)
Net Assets (100.0%) $1,251,884
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX PILGRIM BAXTER MID CAP GROWTH
Description Shares
Value
COMMON STOCK (83.3%)
Consumer, Cyclical (20.4%)
Advertising (5.3%)
Omnicom Group, Inc. 100
$7,250
Outdoor Systems, Inc. * 700
17,631
Snyder Communications, Inc. * 500
14,688
39,569
Entertainment (2.7%)
Premier Parks, Inc. * 600
20,737
Footwear (4.4%)
Abercrombie & Fitche Company Class A * 100
9,513
American Eagle Outfitters, Inc. * 200
14,950
AnnTaylor Stores Corp. * 200
9,500
33,963
Retailers - Drug Based (1.1%)
0 Rexall Sundown, Inc. * 500
8,655
Retailers - Specialty (6.9%)
Bed, Bath & Beyond, Inc. * 400
14,275
Mettler-Toledo International, Inc. * 700
18,288
Staples, Inc. * 400
12,000
Tiffany & Company 100
8,400
52,963
Consumer, Non-Cyclical (1.2%)
Consumer Services
United Rentals, Inc. * 300
8,943
Energy (0.4%)
Oil Drilling
Diamond Offshore Drilling, Inc. 100
3,305
Financial (7.8%)
Diversified (5.0%)
Capital One Financial Corp. 100
17,369
Heller Financial, Inc. 300
8,138
Providian Financial Corp. 100
12,906
38,413
Savings & Loans (1.4%)
TeleBanc Financial Corp. * 100
10,363
Securities Brokers (1.4%)
Charles Schwab Corp. 100
10,975
Industrial (9.7%)
Electronic Components and Equipment (7.2%)
Celestica, Inc. * 100
3,913
Gentex Corp. * 500
15,031
L-3 Communications, Inc. * 400
19,525
Powerwave Technologies, Inc. * 300
9,112
SCI Systems, Inc. * 200
7,613
55,194
Diversified (0.8%)
Corning, Inc. 100
5,725
Technology (1.7%)
Danaher Corp. 200
13,288
Technology (43.8%)
Advanced Medical Devices (2.4%)
Guidant Corp. 100
$5,369
VISX, Inc. * 100
12,875
18,244
Biotechnology (2.2%)
Genentech, Inc. * 200
16,925
Communications (10.3%)
Adelphia Communications Corp. * 100
6,825
Amdocs, Ltd. * 400
10,750
CommScope, Inc. * 500
12,187
Frontier Corp. 200
11,038
General Instrument Corp. * 200
7,300
Metromedia Fiber Network, Inc. * 100
8,425
Qwest Communications International, Inc. * 200
17,087
RF Micro Devices, Inc. * 100
5,588
79,200
Computers (3.9%)
Fiserv, Inc. * 100
5,856
Inktomi Corp. * 100
11,975
Metamore Worldwide, Inc. * 100
1,956
Network Appliance, Inc. * 100
5,031
Teradyne, Inc. * 100
4,720
29,538
Diversified (1.9%)
At Home Corp. Series A * 100
14,393
Semiconductors (15.8%)
Altera Corp. * 300
21,675
ASM Lithography Holding NV ADR * 300
11,700
Atmel Corp. * 400
7,300
Broadcom Corp. Class A * 200
15,425
Conexant Systems, Inc. * 200
8,150
Lam Research Corp. * 200
6,300
Linear Technology Corp. 100
5,688
LSI Logic Corp. * 500
17,000
Maxim Integrated Products, Inc. * 100
5,600
MIPS Technologies, Inc. * 100
3,975
Xilinx, Inc. * 400
18,250
121,063
Software (7.3%)
Electronics For Imaging, Inc. * 100
4,731
New Era of Networks, Inc. * 300
11,269
PSINet Inc. * 300
15,150
VERITAS Software Corp. * 100
7,100
Yahoo!, Inc. * 100
17,469
55,719
Total Common Stock (cost $594,338)
637,175
Description Principal
Value
SHORT-TERM SECURITIES (25.0%)
Repurchase Agreements
State Street Bank & Trust ***
3.750% Repurchase Agreement dated 4-30-1998 to be
repurchased at $191,455 on 5-3-1999 (cost $191,400) $191,400
$191,400
Total Investments (108.3%) (cost $785,738) 828,575
Liabilities in Excess of Other Assets (-8.3%) (63,756)
Net Assets (100.0%) $764,819
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX GE/SCOTTISH EQUITABLE INTERNATIONAL EQUITY
Description Shares Value
Argentina (0.3%)
COMMON STOCK
YPF Sociedad Anonima SA ADR 560 $23,520
Australia (2.6%)
COMMON STOCK
Brambles Industries, Ltd. 2,375 69,747
Commonwealth Bank of Australia 2,185 39,761
News Corp., Ltd. 2,780 23,285
Rio Tinto, Ltd. 1,500 25,247
Westpac Banking Corp. 2,500 19,073
Woolworths, Ltd. 5,000 15,872
192,985
Austria (0.2%)
COMMON STOCK
VA Technologie AG 147 13,993
Brazil (0.8%)
COMMON STOCK
Companhia Energetica de Minas Gerais SA ADR 860 20,632
Companhia Vale do Rio Doce 1,000 19,229
Unibanco de Bancos Brasileiros SA GDR 667 16,550
56,411
Canada (0.7%)
COMMON STOCK
CGI Group, Inc. * 440 10,849
Newcourt Credit Group, Inc. 668 18,643
Northern Telecom, Ltd. ADR 380 25,911
55,403
Chile (0.3%)
COMMON STOCK
Distribucion y Servicio D&S SA 1,280 19,361
Denmark (0.5%)
COMMON STOCK
Novo-Nordisk A/S Series B 367 36,039
Finland (2.9%)
COMMON STOCK (1.2%)
Helsingin Puhelin OY 156 6,583
Merita, Ltd. 5,775 34,510
Pohjola Insurance Group 180 8,539
Sampo Insurance Company 1,201 37,866
87,498
CONVERTIBLE PREFERRED STOCK (1.7%)
Nokia Corp. OY 1,661 128,155
215,653
France (16.5%)
COMMON STOCK
Alcatel Alsthom Compagnie Generale d'Electricite * 2,870 94,099
AXA-UAP 1,544 199,554
Cap Gemini Sogeti SA 571 87,387
Carrefour SA 134 106,295
Coflexip SA ADR 940 41,830
Elf Aquitaine SA 562 87,377
Etablissements Economiques du Casino Guichard-Perrachon SA1,020 100,544
Lyonnaise des Eaux SA 459 78,159
Michelin Generale de Etablissments 805 36,568
Rhone-Poulenc Rorer, Inc. 1,482 70,535
Schneider SA 934 60,999
Societe Generale 279 $49,987
Total SA 1,178 161,470
Valeo SA 437 36,975
1,211,779
Germany (10.1%)
COMMON STOCK (10.0%)
Adidas AG 497 49,043
Bayerische hypo-und Vereinsbank AG 757 50,040
Commerzbank AG 48 1,553
DaimlerChrysler AG * 556 54,425
Fresenius Medical Care AG 543 29,404
Mannesman AG 1,391 182,281
Muenchener Ruckversicherungs-Namen AG 258 52,801
Muenchener Ruckversicherungs-Namen AG Warrants 4 140
Pruessag AG 3,455 182,526
Pruessag AG * 3,820 3,596
VEBA AG 1,665 91,131
Viag AG 17 8,585
Volkswagen AG 424 30,001
735,526
NON-CONVERTIBLE PREFERRED STOCK (0.1%)
Fresenius Medical Care AG 103 3,486
739,012
Greece (0.5%)
COMMON STOCK
Alpha Credit Bank Rights 240 17,150
Hellenic Telecommunication Organization SA 390 9,058
Hellenic Telecommunication Organization SA ADR * 795 9,490
35,698
Hong Kong (1.8%)
COMMON STOCK
Giordano International, Ltd. 12,000 5,574
HSBC Holdings PLC 1,200 44,589
Hutchison Whampoa, Ltd. 4,000 35,867
Johnson Electric Holdings, Ltd. 4,600 13,739
Sun Hung Kai Properties, Ltd. 4,000 35,093
134,862
Ireland (0.5%)
COMMON STOCK
Bank of Ireland 861 17,219
CRH PLC 1,018 19,965
37,184
Israel (1.2%)
COMMON STOCK
ECI Telecom, Ltd. ADR 1,655 61,028
Teva Pharmaceutical Industries, Ltd. ADR 600 27,450
88,478
Italy (6.5%)
COMMON STOCK
Banca Intesa SpA 6,096 32,495
ENI SpA 6,725 44,312
Istituto Nazionale delle Assicurazioni SpA 1,001 39,013
Montedison SpA 37,653 36,160
Saipem SpA 7,314 32,026
Telecom Italia SpA 30,324 247,235
Unicredito Italiano SpA 8,477 43,035
474,276
Japan (7.9%)
COMMON STOCK
Canon, Inc. 2,000 $48,942
Citizen Watch Company, Ltd. 1,000 8,297
East Japan Railway Company 1 5,908
Fujisawa Pharmaceutical Company 1,000 16,426
Fujitsu, Ltd. 1,000 17,138
Honda Motor Company, Ltd. 1,000 44,081
Japan Tobacco, Inc. 1 10,057
Juji Heavy Industries, Ltd. 3,000 20,113
Komatsu, Ltd. 2,000 11,917
Mabuchi Motor Company, Ltd. 100 7,769
Matsushita Electric Industrial Company, Ltd. 1,000 19,024
Mazda Motors Corp. 3,000 12,797
Minebea Company, Ltd. 2,000 19,359
Mitsui & Company, Ltd. 1,000 7,333
Mitsui Fudosan Company, Ltd. 1,000 9,219
Mitsui Mining & Smelting Company, Ltd. 2,000 10,358
Nintendo Company 100 9,327
Nippon Steel Corp. 4,000 8,984
Nippon Telegraph & Telephone Corp. 10 10,895
Noritz Corp. 1,000 11,791
Promise Company, Ltd. 200 11,397
Sanwa Bank 1,000 11,230
Shin-Etsu Chemical Company, Ltd. 1,000 31,846
Shiseido Company, Ltd. 1,000 15,755
Sony Corp. 600 56,065
Sumitomo Bank 1,000 13,543
Sumitomo Electric Industries 3,000 36,329
Toda Corp. 2,000 11,196
Tokyo Electric Power 600 12,822
Toray Industries, Inc. 2,000 10,610
Toshiba Corp. 6,000 40,226
Uny Company, Ltd. 1,000 15,923
576,677
Luxembourg (0.0%)
COMMON STOCK
Societe Europeenne de Communication SA spon ADR A * 3 50
Societe Europeenne de Communication SA spon ADR B * 29 493
543
Mexico (1.8%)
COMMON STOCK
Corporacion GEO, SA de C.V. 4,490 18,842
Desc SA de C.V. ADR * 630 15,592
Desc SA de C.V. Series B 3,550 4,526
Gruma SA * 1,043 1,994
Grupo Carso SA de C.V. ADR * 2,032 19,661
Grupo Financiero Banamex * 10,000 25,405
Grupo Televisa SA GDS * 490 20,090
Panamerican Beverages, Inc. ADR Class A 355 7,876
Telefonos de Mexico SA de C.V. ADR 260 19,695
133,681
Netherlands (6.7%)
COMMON STOCK
IHC Caland NV 925 41,970
ING Groep NV 2,839 175,056
Ispat International NV NYRS 157 2,051
Koninklijke Ahold NV 2,364 87,885
Philips Electronics NV 719 61,977
VNU NV 1,816 73,562
Wolters Kluwer NV 1,120 48,804
491,305
New Zealand (0.1%)
COMMON STOCK
Telecom Corp. of New Zealand, Ltd. 1,200 $6,239
Philippines (0.1%)
COMMON STOCK
San Miguel Corp. Class B 3,200 6,817
Portugal (1.6%)
COMMON STOCK
Banco Comercial Portugues SA 860 24,277
Jeronimo Martins SGPS SA 439 14,463
Jeronimo Martins SGPS SA * 146 4,810
Portugal Telecom SA 1,750 73,017
116,567
Singapore (0.8%)
COMMON STOCK
Overseas-Chinese Banking Corp., Ltd. 3,000 28,150
Singapore Press Holdings, Ltd. 2,000 29,507
57,657
South Korea (0.2%)
COMMON STOCK
Pohang Iron & Steel Company, Ltd. ADR 533 13,725
Spain (3.5%)
COMMON STOCK
Argentaria Corporacion Bancaria de Espana SA 4,443 104,602
ENDESA SA 2,370 52,740
Repsol SA 687 11,190
Telefonica de Espana SA 1,834 86,027
Telefonica SA * 1,834 1,707
256,266
Sweden (3.6%)
COMMON STOCK
Autoliv, Inc. 1,777 61,750
Fastighets AB Balder 75 801
Hoganas AB 2,957 57,865
Investor AB Class B 66 2,998
Invik & Company AB 143 10,685
Kinnevik Investments AB B-Free 164 3,598
L.M. Ericsson Telephone Company Class B 1,539 40,429
Netcom AB * 667 21,437
Svenska Handelsbanken 1,675 62,774
262,337
Switzerland (5.9%)
COMMON STOCK
ABB AG 20 29,193
Credit Suisse Group 416 82,552
Novartis AG 71 104,007
Roche Holding AG 6 70,614
Union Bank of Switzerland 150 50,973
Zurich Allied AG * 147 94,795
432,134
Taiwan (0.7%)
COMMON STOCK
Taiwan Semiconductor Manufacturing Company, Ltd. ADR *2,188 52,512
United Kingdom (19.3%)
COMMON STOCK
Airtours PLC 10,313 $71,734
BAA PLC 2,516 26,200
Beazer Group PLC 8,000 27,984
BG PLC 4,311 24,093
Billiton PLC 3,988 13,485
British Aerospace PLC 4,152 31,067
British Land Company PLC 5,740 52,296
British Petroleum Corp. 2,050 38,837
British Telecommunications PLC 2,770 46,464
BTR Siebe PLC 23,101 118,701
Cable & Wireless Communications PLC * 4,745 54,143
Cadbury Schweppes PLC 800 10,730
Canary Wharf Finance PLC * 1,792 11,009
Commercial Union PLC 1,200 18,874
Diageo PLC 1,580 18,321
Electrocomponents PLC 2,415 20,342
FKI PLC 12,389 34,270
General Electric Company PLC 2,280 24,054
Glaxo Wellcome PLC 1,203 35,483
Granada Group PLC 3,719 78,950
Great Universal Stores PLC 3,949 44,997
Johnson Matthey PLC 350 3,282
Legal & General Group PLC 6,160 17,808
Lloyds TSB Group PLC 3,780 60,822
Marks and Spencer PLC 4,670 32,014
Northern Rock PLC 4,500 42,590
Nycomed Amersham PLC 928 7,570
Railtrack Group PLC 893 18,627
Reed International PLC 6,567 59,619
Rentokil Initial Group PLC 4,800 28,003
Royal and Sun Alliance Insurance Group PLC 5,772 49,152
Saatchi & Saatchi PLC 1,903 7,376
Securicor PLC 2,900 27,354
SEMA Group PLC 6,419 62,456
Shell Transport & Trading Company 4,582 34,303
Somerfield PLC 4,337 24,099
Tesco PLC 13,860 41,070
Vodafone Group PLC 3,522 64,459
Zeneca Group PLC 879 34,239
1,416,877
United States (2.5%)
COMMON STOCK (1.5%)
Comverse Technology, Inc. * 750 48,094
Pharmacia & Upjohn, Inc. 575 32,200
Telekomunikacja Polska GDR 144A * 4,395 27,358
107,652
Description Principal Value
SHORT-TERM SECURITIES (1.0%)
State Street Bank & Trust ***
3.750% Repurchase Agreement dated 4-30-1998
to be repurchased at $72,599 on 5-3-1999 $72,578 $72,578
180,230
Total Investments (100.1%) (cost $6,378,615) 7,338,221
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (-0.0%) @
H 252,379 Hong Kong Dollar 5-4-1999 Buy $(6)
S 48,078 Singapore Dollar 5-4-1999 Buy 17
Total Unrealized Net Gain on Forward Foreign
Currency Contracts 11
Liabilities in Excess of Other Assets (-0.1%) (5,596)
Net Assets (100.0%) $7,332,636
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC GLOBAL
Description Shares Value
Argentina (0.9%)
COMMON STOCK
Telecom Arentina France SA ADR 49,445 $1,705,853
Telefonica de Argentina SA ADR 63,490 2,372,939
YPF Sociedad Anonima SA ADR 61,520 2,583,840
6,662,632
Brazil (1.1%)
COMMON STOCK
Telecomunicacoes Brasileiras Telebras SA ADR 88,410 8,061,887
Canada (0.8%)
COMMON STOCK
Rogers Communications, Inc. Class B * 52,888 988,345
Rogers Communications, Inc. * 133,544 2,496,919
Shaw Communications 20,662 849,065
Toronto-Dominion Bank 28,273 1,507,467
5,841,796
Finland (4.4%)
COMMON STOCK (0.6%)
Tieto Corp. OY 111,578 4,448,995
CONVERTIBLE PREFERRED STOCK (3.8%)
Nokia Corp. OY 192,494 14,851,984
Nokia Corp. OY ADR 164,330 12,191,232
27,043,216
31,492,211
France (6.2%)
COMMON STOCK
Accor SA 5,066 1,336,835
Atos SA * 25,422 2,177,894
AXA-UAP 28,641 3,701,701
Cap Gemini Sogeti SA 36,837 5,637,607
Carrefour SA 5,864 4,651,545
Compagnie Generale des Eaux 59,087 13,817,283
Elf Aquitaine SA 6,100 948,395
Lyonnaise des Eaux SA 29,055 4,947,533
Rhone-Poulenc Rorer, Inc. 44,103 2,099,049
Sanofi SA 15,342 2,406,385
Valeo SA 24,980 2,113,608
43,837,835
Germany (5.0%)
COMMON STOCK
Adidas AG 19,282 1,902,724
DaimlerChrysler AG * 25,801 2,525,563
DePfa Deutsche Pfandbriefbank AG 32,050 2,677,917
Deutsche Telekom AG * 40,871 1,627,505
Hoechst AG 19,222 880,295
Mannesman AG 159,682 20,925,182
Marschollek, Lautenschlaeger und Partner AG 4,854 2,723,498
Porsche AG 992 2,465,594
35,728,278
Hong Kong (0.9%)
COMMON STOCK
China Telecom, Ltd. * 2,742,000 6,261,728
Ireland (0.3%)
COMMON STOCK
Elan Corp. PLC ADR * 44,655 2,299,733
Italy (3.8%)
COMMON STOCK
Banca Commerciale Italiana SpA 267,862 $2,206,940
Banca di Roma 1,695,650 2,797,711
Istituto Nazionale delle Assicurazioni SpA 138,563 5,400,410
Mediaset SpA 11,348 98,418
Telecom Italia SpA 1,814,921 16,475,499
26,978,978
Japan (7.0%)
COMMON STOCK
Fujitsu, Ltd. 209,000 3,581,856
Honda Motor Company, Ltd. 67,000 2,953,446
Ito-Yokado Company, Ltd. 28,000 1,720,008
Kao Corp. 79,000 2,006,034
Kirin Brewery Company, Ltd. 267,000 3,020,742
Nippon Telegraph & Telephone Corp. 280 305,049
NTT Data Communications Systems Corp. 630 4,989,315
NTT Mobile Communications 347 20,356,170
Softbank Corp. 8,800 1,171,858
Sony Corp. 17,000 1,588,519
Takeda Chemical Industries, Ltd. 178,000 7,742,049
Tokyo Electron, Ltd. 9,000 512,885
49,947,931
Mexico (0.9%)
COMMON STOCK
Grupo Televisa SA GDS * 39,275 1,610,275
Telefonos de Mexico SA de C.V. ADR 58,850 4,457,887
6,068,162
Netherlands (7.0%)
COMMON STOCK
ASM Lithography Holding NV * 28,620 1,207,771
ASM Lithography Holding NV ADR * 6,950 271,050
EQUANT NV* 23,844 2,166,278
EQUANT NYRS * 26,193 2,337,725
Getronics NV 161,024 6,616,428
Heineken NV 80,023 4,020,225
ING Groep NV 61,487 3,791,350
Koninklijke Ahold NV 19,207 714,047
Koninklijke Philips Electronics NV ADR 79,486 6,786,117
Philips Electronics NV 79,692 6,869,329
United Pan-Europe Communications NV * 59,906 3,101,451
Wolters Kluwer NV 270,044 11,767,216
49,648,987
Spain (3.4%)
COMMON STOCK
Argentaria Corporacion Bancaria de Espana SA 118,134 2,781,263
Banco Bilbao Vizcaya SA 281,870 4,221,376
Banco Santander Central Hispano SA 114,542 2,490,757
Tele Pizza SA * 189,466 1,202,332
Telefonica de Espana SA 226,668 10,632,265
Telefonica SA * 226,668 210,967
Telefonica SA ADR 20,735 2,889,879
24,428,839
Sweden (3.4%)
COMMON STOCK
Assa Abloy AB 176,487 7,702,651
L.M. Ericsson Telephone Company Class B ADR 121,981 3,285,863
L.M. Ericsson Telephone Company Class B 97,304 2,556,137
Securitas AB 630,612 9,348,716
WM Data AB Class B 25,851 950,427
23,843,794
Switzerland (4.6%)
COMMON STOCK
Adecco SA 457 $230,546
Julius Baer Holding, Ltd. 841 2,739,243
Kuoni Reisen AG 99 350,707
Roche Holding AG 803 9,450,468
Swisscom AG * 25,925 9,524,059
Union Bank of Switzerland 20,760 7,054,600
Zurich Allied AG * 4,646 2,996,043
32,345,666
United Kingdom (8.9%)
COMMON STOCK
AMVESCAP PLC 132,034 1,396,160
British Telecommunications PLC 314,957 5,283,104
Capita Group PLC 57,387 606,824
COLT Telecom Group PLC * 229,224 4,250,529
Compass Group PLC 377,861 3,813,286
Energis PLC * 249,602 6,800,096
Glaxo Wellcome PLC 80,523 2,375,050
Hays PLC 596,763 6,655,825
Lloyds TSB Group PLC 148,538 2,390,057
Logica PLC 735,572 7,050,583
Orange PLC * 139,608 1,892,742
Rentokil Initial Group PLC 1,109,561 6,473,098
SEMA Group PLC 294,199 2,862,531
SmithKline Beecham PLC 169,374 2,239,093
SmithKline Beecham PLC ADR 39,200 2,574,950
Telewest Communications 630,302 2,904,202
Vodafone Group PLC 201,025 3,679,136
WPP Group PLC 7,008 62,045
63,309,311
United States (41.9%)
COMMON STOCK (33.7%)
Airtouch Communications, Inc. * 82,540 7,707,172
Amazon.com, Inc. * 17,840 3,068,480
America Online, Inc. * 23,245 3,318,223
American Express Company 41,130 5,375,176
American Home Products Corp. 44,600 2,720,600
At Home Corp. Series A * 23,570 3,392,606
AT&T Corp. 220,763 11,148,507
AT&T Corp. - Liberty Media Group * 23,170 1,479,983
Bristol-Myers Squibb Company, Inc. 52,500 3,337,031
Chancellor Media Corp. * 27,040 1,482,130
Cisco Systems, Inc. * 264,715 30,194,055
Clear Channel Communications, Inc. * 63,785 4,433,057
Comcast Corp. Special Class A 129,670 8,509,595
DaimlerChrysler AG * 13,330 1,308,839
eBay, Inc. * 20,805 4,327,440
EMC Corp. * 16,580 1,806,184
Enron Corp. 36,935 2,779,359
Estee Lauder Companies, Inc. Class A 68,410 6,849,551
Excite, Inc. * 4,015 586,190
FDX Corp. * 48,090 5,413,131
Intuit, Inc. * 30,845 2,652,670
Level 3 Communications, Inc. * 46,455 4,180,950
MCI WORLDCOM, Inc. * 146,170 12,013,347
MediaOne Group, Inc. * 122,700 10,007,719
Medtronic, Inc. 32,355 2,327,538
Microsoft Corp. * 215,920 17,543,500
NTL, Inc. * 36,490 2,780,082
Paychex, Inc. 79,680 4,058,700
Pfizer, Inc. 28,590 3,289,637
Pharmacia & Upjohn, Inc. ADR 143,970 8,062,320
Pharmacia & Upjohn, Inc. 6,666 369,991
Sepracor, Inc. * 15,115 $1,277,218
Sprint Corp. 91,020 3,856,973
Sun Microsystems, Inc. * 69,205 4,139,324
The Kroger Company * 28,690 1,558,226
Time Warner, Inc. 254,220 17,795,400
Tyco International, Ltd. 325,854 26,475,638
Viacom, Inc. Class B * 73,080 2,964,308
Warner-Lambert Company, Inc. 61,176 4,156,145
Yahoo!, Inc. * 4,070 710,467
239,457,462
Description Principal Value
SHORT-TERM SECURITIES (8.2%)
Federal Home Loan Bank
4.730% 5-13-1999 $15,000,000 $14,976,350
Federal National Mortgage Association
Discount Notes 4.680% 6-7-1999 15,000,000 14,927,850
Household Finance Company
4.880% 5-3-1999 26,600,000 26,592,788
Treasury Bills
4.450% 7-22-1999 1,850,000 1,831,249
State Street Bank & Trust ***
3.750% Repurchase Agreement dated 4-30-1998
to be repurchased at $218,538 on 5-3-1999 218,474 218,474
58,546,711
298,004,173
Total Investments (100.5%) (cost $533,411,537) 714,761,941
Description Value
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.5%) @
B 9797767 British Pound 5-6-1999 Sell $343,829
B 1559947 British Pound 5-6-1999 Buy (10,335)
B 194391 British Pound 5-7-1999 Sell 306
B 304375 British Pound 5-7-1999 Buy (479)
B 1200000 British Pound 5-13-1999 Sell 54,047
B 10990000 British Pound 10-8-1999 Sell 31,801
B 2990000 British Pound 10-8-1999 Buy (6,370)
C 586268 Canadian Dollar 5-3-1999 Buy 3,786
C 664153 Canadian Dollar 5-4-1999 Buy 1,398
E 601633 Euro Dollar 5-3-1999 Sell 4,531
E 228915 Euro Dollar 5-3-1999 Buy (1,838)
E 910504 Euro Dollar 5-4-1999 Sell 7,366
E 2321270 Euro Dollar 5-4-1999 Buy (11,676)
E 48703 Euro Dollar 5-5-1999 Sell 247
E 123039 Euro Dollar 5-5-1999 Buy (303)
E 49793 Euro Dollar 5-6-1999 Sell 125
E 1739069 Euro Dollar 5-28-1999 Buy (7,844)
E 2700000 Euro Dollar 7-15-1999 Sell 293,026
E 900000 Euro Dollar 7-28-1999 Sell 101,121
E 6900000 Euro Dollar 8-12-1999 Sell 803,607
E 12800000 Euro Dollar 8-27-1999 Sell 1,365,332
F 1547293 Swiss Franc 5-3-1999 Buy (7,926)
F 12289 Swiss Franc 5-3-1999 Sell 63
F 39172 Swiss Franc 5-4-1999 Sell 91
F 1500000 Swiss Franc 10-8-1999 Sell 25,208
F 1400000 Swiss Franc 10-21-1999 Sell 25,124
H 2766495 Hong Kong Dollar 5-3-1999 Buy (37)
J 450000000 Japanese Yen 5-20-1999 Sell $28,765
J 850000000 Japanese Yen 9-16-1999 Sell 83,950
J 1950000000 Japanese Yen 10-8-1999 Sell 334,433
J 1900000000 Japanese Yen 10-8-1999 Buy (166,339)
J 875000000 Japanese Yen 10-14-1999 Sell 748
J 561000000 Japanese Yen 10-21-1999 Sell 38,254
J 140000000 Japanese Yen 11-18-1999 Sell 15,769
K 3242830 Swedish Krona 5-4-1999 Buy (1,888)
Total Unrealized Net Gain on Forward Foreign
Currency Contracts 3,347,892
Liabilities in Excess of Other Assets (-1.0%) (7,218,361)
Net Assets (100.0%) $710,891,472
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX SALOMON ALL CAP
Description Shares
Value
COMMON STOCK (87.3%)
Basic Materials (3.1%)
Chemicals (1.5%)
OM Group, Inc. 250
$9,094
Other Non-ferrous (1.6%)
The Geon Company 300
9,187
Consumer, Cyclical (11.3%)
Auto Parts and Equipment (1.0%)
Tower Automotive, Inc. * 250
5,750
Broadcasting (3.2%)
United States Satellite Broadcasting Company, Inc. * 600
10,725
Viacom, Inc. Class B * 200
8,113
18,838
Publishing (1.0%)
Hollinger International, Inc. 400
5,625
Retailers - Apparel (2.4%)
Federated Department Stores, Inc. * 300
14,006
Retailers - Broadline (3.4%)
Price / Costco, Inc. 200
16,187
Value America, Inc. * 100
3,944
20,131
Retailers - Drug Based (0.3%)
CombiChem, Inc. * 500
1,656
Consumer, Non-Cyclical (20.4%)
Food - Other (12.3%)
Food Lion, Inc. 2,300
23,287
Hormel Foods Corp. 700
25,725
John B. Sanfilippo & Son, Inc. * 500
1,594
Michael Foods, Inc. 400
9,150
Tyson Foods, Inc. 600
12,413
72,169
Pharmaceuticals (3.9%)
Centocor, Inc. * 200
8,875
Pharmacia & Upjohn, Inc. 250
14,000
22,875
Tobacco (4.2%)
RJR Nabisco Holdings Corp. 950
24,462
Energy (7.7%)
Oil Companies - Major (1.1%)
Texaco, Inc. 100
6,275
Oil Companies - Secondary (3.0%)
Devon Energy Corp. 300
9,975
Suncor Energy, Inc. 200
7,975
17,950
Oilfield Equipment and Services (3.6%)
Tesoro Petroleum Corp. * 800
9,050
Tosco Corp. 200
5,350
Valero Energy Corp. 300
6,694
21,094
Financial (6.5%)
Banks (5.2%)
Bank of New York Company, Inc. 250
10,000
Fleet Financial Group, Inc. 200
8,612
Independence Community Bank Corp. 400
5,825
Peoples Heritage Financial Group, Inc. 300
5,813
30,250
Insurance (1.3%)
Protective Life Corp. 200
$7,837
Independent (3.3%)
Conglomerate
Philip Morris Companies, Inc. 550
19,284
Industrial (5.0%)
Building Materials (2.3%)
Martin Marietta Materials, Inc. 100
6,181
Vulcan Materials Company 150
7,163
13,344
Electronic Components and Equipment (0.3%)
York International Corp. 50
2,063
Heavy Construction (1.2%)
Ingersoll-Rand Company 100
6,919
Diversified (1.2%)
SpeedFam-IPEC, Inc. 600
6,900
Technology (25.8%)
Communications (12.2%)
ADC Telecommunications, Inc. * 100
4,781
AT&T Corp. - Liberty Media Group * 100
6,387
Frontier Corp. 100
5,519
NTL, Inc. + * 200
15,250
PamAmSat Corp. * 400
14,025
Rogers Cantel Mobile Communications, Inc. * 1,000
17,563
Tellabs, Inc. * 75
8,217
71,742
Computers (5.8%)
Adaptec, Inc. *. 200
4,813
Hewlett-Packard Company 100
7,887
International Business Machines Corp. 50
10,459
Seagate Technology, Inc. * 400
11,150
34,309
Diversified (1.0%)
Emcor Group, Inc. * 300
6,206
Semiconductors (1.8%)
Applied Materials, Inc. * 100
5,363
S3, Inc. * 700
5,031
10,394
Software (5.0%)
Comverse Technology, Inc. * 100
6,413
Legato Systems, Inc. * 150
6,066
Marimba, Inc. 100
6,075
Net Perceptions, Inc. * 100
2,637
Network Associates, Inc. * 200
2,650
Paradigm Geophysical, Ltd. * 800
5,200
29,041
Utilities (4.2%)
Gas (1.0%)
KN Energy, Inc. 300
6,188
Telephone (3.2%)
Bell Atlantic Corp. 100
5,762
GTE Corp. 100
6,694
MCI WORLDCOM, Inc. * 75
6,164
18,620
Total Common Stock (cost $469,619) 512,208
CONVERTIBLE PREFERRED STOCK (0.8%)
Consumer, Cyclical
Auto Parts and Equipment
BTI Capital Trust 144A (cost $5,000) 400
$4,850
NON-CONVERTIBLE PREFERRED STOCK (1.6%)
Consumer, Cyclical
Broadcasting
News Corp., Ltd. ADR (cost $8,059) 300
9,169
Description Contracts
Value
OPTIONS (0.5%)
Purchased Puts
Sox - Philadelphia Semiconductor Index
Strike 330, Expires 5-15-1999 100
525
Standard & Poor's 500 Index
Strike 1310, Expires 5-15-1999 100
2,300
Total Options (cost $3,931) 2,825
Description Principal
Value
CONVERTIBLE CORPORATE BONDS (1.6%)
Industrial
Diversified
Sunbeam Corp. 144A 0.000% 3-25-2018 (cost $9,037) $75,000
$9,281
SHORT-TERM SECURITIES (6.6%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-30-1999 to be
repurchased at $38,541 on 5-3-1999 (cost $38,530) 38,530
38,530
Total Investments (98.4%) (cost $534,176) 576,863
Other Assets In Excess of Liabilities (1.6%) 9,632
Net Assets (100.0%) $586,495
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC GROWTH
Description Shares
Value
COMMON STOCK (86.2%)
Consumer, Cyclical (15.3%)
Broadcasting (6.5%)
Chancellor Media Corp. * 1,656,995
$90,824,038
Comcast Corp. Special Class A 345,000
22,640,625
Time Warner, Inc. 749,300
52,451,000
165,915,663
Entertainment (1.0%)
Royal Caribbean Cruises, Ltd. 734,360
27,125,423
Retailers - Broadline (4.6%)
Fred Meyer, Inc. * 1,258,255
68,103,052
Price / Costco, Inc. 606,770
49,072,524
117,175,576
Retailers - Specialty (3.2%)
Amazon.com, Inc. * 162,890
28,017,080
eBay, Inc. * 141,360
29,402,880
Home Depot, Inc. 429,715
25,756,043
83,176,003
Consumer, Non-Cyclical (11.3%)
Beverages (1.6%)
Coca-Cola Company 316,850
21,545,800
Pepsi Bottling Group, Inc. * 959,070
20,200,412
41,746,212
Food Retailers (1.8%)
Safeway, Inc. * 894,850
48,265,971
Pharmaceuticals (7.9%)
Elan Corp. PLC ADR * 609,125
31,369,938
Eli Lilly and Company 828,565
61,003,098
Pfizer, Inc. 768,140
88,384,109
Warner-Lambert Company, Inc. 332,615
22,597,032
203,354,177
Energy (1.5%)
Oilfield Equipment and Services
Enron Corp. 511,295
38,474,948
Financial (4.6%)
Banks (0.9%)
Firstar Corp. 786,645
23,648,515
Diversified (2.0%)
American Express Company 401,850
52,516,772
United States Government Agencies (1.7%)
Federal Home Loan Mortgage Corp. 705,710
44,283,303
Industrial (5.6%)
Diversified
General Electric Company 862,850
91,030,675
Tyco International, Ltd. 651,465
52,931,531
143,962,206
Technology (45.0%)
Advanced Medical Devices (1.9%)
Medtronic, Inc. 677,050
48,705,284
Communications (13.4%)
Airtouch Communications, Inc. * 440,810
41,160,634
AT&T Corp. - Liberty Media Group * 77,960
4,979,695
Cisco Systems, Inc. * 1,030,603
117,553,155
Lucent Technologies, Inc. 1,268,730
76,282,391
MediaOne Group, Inc. * 647,785
52,834,964
NEXTLINK Communications, Inc. * 11,390
825,775
Qwest Communications International, Inc. * 472,150
40,309,806
Tellabs, Inc. * 123,775
13,537,891
347,484,311
Computers (6.3%)
Dell Computer Corp. * 3,507,130
$144,230,721
Fiserv, Inc. * 336,925
19,731,170
163,961,891
Diversified (1.1%)
At Home Corp. Series A * 201,335
28,979,657
Semiconductors (5.0%)
Lam Research Corp. * 543,380
17,116,470
Texas Instruments, Inc. 909,045
92,836,221
Xilinx, Inc. * 401,215
18,305,434
128,258,125
Software (17.3%)
Acclaim Entertainment, Inc. Warrants 4,237
11,122
America Online, Inc. * 1,817,495
259,447,411
Microsoft Corp. * 2,326,000
188,987,500
448,446,033
Utilities (2.9%)
Telephone
MCI WORLDCOM, Inc. * 893,765
73,456,311
Total Common Stock (cost $1,191,434,208)
2,228,936,381
CONVERTIBLE PREFERRED STOCK (6.3%)
Technology
Diversified
Nokia Corp. OY ADR (cost $38,705,587) 2,191,900
162,611,581
Description Principal
Value
NON-CONVERTIBLE CORPORATE BONDS (0.5%)
Financial
Diversified
Charter Communications Holdings 144A
8.625% 4-1-2009 (cost $12,202,397) $12,239,000
$12,544,975
SHORT-TERM SECURITIES (6.7%)
United States Government Agencies (3.9%)
Federal Home Loan Bank
4.650% 5-13-1999 50,000,000
49,921,167
4.730% 6-30-1999 50,000,000
49,612,500
99,533,667
Commercial Paper (2.8%)
Household Finance Company 4.880% 5-3-1999 23,500,000
23,493,629
IBM Credit Corp. 4.800% 6-18-1999 50,000,000
49,680,000
Prudential Funding Corp. 4.870% 5-3-1999 300,000
299,919
73,473,548
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-30-1999
to be repurchased at $56,674 on 5-3-1999 56,657
56,657
Total Short-Term Securities (cost $173,063,872) 173,063,872
Total Investments (99.7%) (cost $1,415,406,064) 2,577,156,809
Notional
Amount Description
Value
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 4,700,000 British
Pound 5-13-1999 Sell $211,686
B 4,700,000 British
Pound 5-13-1999 Buy (223,804)
E 13,400,000 Euro
Dollar 7-22-1999 Sell 1,528,392
E 10,700,000 Euro
Dollar 7-22-1999 Buy (876,805)
Total Unrealized Net Gain on Forward Foreign
Currency Contracts 639,469
Other Assets In Excess of Liabilities (0.3%) 8,318,929
Net Assets (100.0%) $2,586,115,207
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX GOLDMAN SACHS GROWTH
Description Shares
Value
COMMON STOCK (89.2%)
Basic Materials (0.6%)
Chemicals
E.I. du Pont de Nemours and Company 70
$4,944
Consumer, Cyclical (17.5%)
Advertising (1.2%)
Valassis Communications, Inc. * 180
10,080
Broadcasting (5.7%)
CBS Corp. * 270
12,302
Chancellor Media Corp. * 150
8,231
EchoStar Communications Corp. * 30
3,009
Infinity Broadcasting Corp. * 280
7,753
Time Warner, Inc. 220
15,400
46,695
Consumer Electronics (1.3%)
Tandy Corp. 150
10,866
Entertainment (0.3%)
Walt Disney Company 90
2,857
Lodging (0.8%)
Marriott International, Inc. 160
6,700
Publishing (3.2%)
A.H. Belo Corp. 290
6,271
Central Newspapers, Inc. 130
4,412
Gannett Company, Inc. 80
5,665
The New York Times Company 130
4,485
Tribune Company 30
2,503
Ziff-Davis, Inc. * 170
2,688
26,024
Restaurants (0.4%)
McDonald's Corp. 80
3,390
Retailers - Broadline (1.5%)
Wal-Mart Stores, Inc. 270
12,420
Retailers - Drug Based (1.0%)
Walgreen Company 290
7,794
Retailers - Specialty (1.3%)
Ecolab, Inc. 120
5,033
Home Depot, Inc. 90
5,394
10,427
Toys (0.8%)
Hasbro, Inc. 180
6,142
Consumer, Non-Cyclical (20.6%)
Beverages (2.4%)
Coca-Cola Company 170
11,560
PepsiCo, Inc. 220
8,126
19,686
Consumer Services (1.8%)
Galileo International, Inc. 100
4,900
Service Corp. International 480
9,960
14,860
Cosmetics (1.5%)
Avon Products, Inc. 220
11,948
Food - Other (2.4%)
Nabisco Holdings Corp. Class A 150
5,672
Ralston Purina Company 290
8,845
Wm. Wrigley Jr. Company 60
5,321
19,838
Household Products (3.1%)
Colgate-Palmolive Company 140
$14,341
Proctor & Gamble Company 90
8,443
The Clorox Company 20
2,308
25,092
Medical Supplies (1.6%)
American Home Products Corp. 220
13,420
Pharmaceuticals (7.8%)
Bristol-Myers Squibb Company, Inc. 260
16,525
CVS Corp. 60
2,858
Johnson & Johnson 80
7,800
Merck and Company, Inc. 100
7,025
Pfizer, Inc. 130
14,958
Schering Plough Corp. 130
6,281
Warner-Lambert Company, Inc. 120
8,153
63,600
Energy (4.0%)
Oil Companies - Major (2.3%)
Exxon Corp. 70
5,814
Mobil Corp. 40
4,190
Royal Dutch Petroleum Company ADR 50
2,934
Texaco, Inc. 70
4,393
Unocal Corp. 40
1,663
18,994
Oil Drilling (0.2%)
Atlantic Richfield Company 20
1,679
Oilfield Equipment and Services (1.5%)
Schlumberger, Ltd. 190
12,136
Financial (17.1%)
Banks (6.5%)
Bank One Corp. 200
11,800
BankAmerica Corp. 110
7,920
First Union Corp. 110
6,093
MBNA Corp. 380
10,710
State Street Corp. 190
16,625
53,148
Diversified (3.5%)
Citigroup, Inc. 140
10,535
First Data Corp. 260
11,034
The CIT Group, Inc. Class A 80
2,600
Wells Fargo & Company 100
4,319
28,488
Insurance (3.3%)
Aetna, Inc. 100
8,768
AMBAC Financial Group, Inc. 50
3,019
American International Group, Inc. 80
9,395
Hartford Life, Inc. Class A 50
2,616
Nationwide Financial Services, Inc. 70
3,246
27,044
Real Estate (0.5%)
Starwood Hotels & Resorts Worldwide, Inc. 110
4,036
United States Government Agencies (3.3%)
Federal Home Loan Mortgage Corp. 230
14,432
Federal National Mortgage Association 180
12,769
27,201
Independent (0.4%)
Conglomerate
Philip Morris Companies, Inc. 100
3,506
Industrial (4.4%)
Diversified (2.9%)
General Electric Company 190
$20,045
Minnesota Mining & Manufacturing Company 40
3,560
23,605
Pollution Control (1.5%)
Waste Management, Inc. 220
12,430
Technology (20.6%)
Communications (10.5%)
AT&T Corp. 261
13,181
AT&T Corp. - Liberty Media Group * 330
21,079
Cablevision Systems Corp. * 100
7,737
Cisco Systems, Inc. * 120
13,687
Jacor Communications, Inc. * 60
4,815
Lucent Technologies, Inc. 100
6,013
MediaOne Group, Inc. * 140
11,419
QUALCOMM, Inc. * 40
8,000
85,931
Computers (3.8%)
EMC Corp. * 100
10,893
Excite, Inc. * 20
2,920
International Business Machines Corp. 30
6,276
Sun Microsystems, Inc. * 150
8,972
VeriSign, Inc. * 20
2,300
31,361
Diversified (0.4%)
At Home Corp. Series A * 20
2,879
Semiconductors (1.0%)
Intel Corp. 130
7,954
Software (4.9%)
America Online, Inc. * 50
7,137
Automatic Data Processing 80
3,560
Microsoft Corp. * 320
26,020
Sterling Commerce, Inc. * 120
3,758
40,475
Utilities (4.0%)
Electric (2.1%)
The AES Corp. * 350
$17,500
Telephone (1.9%)
MCI WORLDCOM, Inc. * 190
15,616
Total Common Stock (cost $676,089) 730,766
Description Principal
Value
SHORT-TERM SECURITIES (11.5%)
Repurchase Agreements
State Street Bank & Trust ***
3.750% Repurchase Agreement dated 4-30-1998 to be
repurchased at $94,487 on 5-3-1999 (cost $94,460) $94,460
$94,460
Total Investments (100.7%) (cost $770,549) 825,226
Liabilities in Excess of Other Assets (-0.7%) (5,436)
Net Assets (100.0%) $819,790
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX C.A.S.E. GROWTH
Description Shares
Value
COMMON STOCK (97.9%)
Consumer, Cyclical (28.4%)
Clothing/Fabric (3.3%)
Tommy Hilfiger Corp. * 3,800
$265,525
Footwear (6.9%)
GENESCO, Inc. * 51,000
554,625
Lodging (2.6%)
Prime Hospitality Corp. * 17,000
207,187
Retailers - Apparel (11.7%)
Claire's Stores, Inc. 15,500
513,438
Jones Apparel Group * 13,000
429,000
942,438
Retailers - Broadline (3.2%)
Kmart Corp. * 17,000
252,875
Retailers - Specialty (0.7%)
CompUSA, Inc. * 7,800
54,600
Consumer, Non-Cyclical (9.4%)
Healthcare (1.7%)
NovaCare, Inc. * 84,000
141,750
Household Products (2.1%)
Proctor & Gamble Company 1,800
168,862
Medical Supplies (2.0%)
Respironics, Inc. * 11,300
159,612
Pharmaceuticals (3.6%)
Merck and Company, Inc. 3,000
210,750
Warner-Lambert Company, Inc. 1,200
81,525
292,275
Energy (10.1%)
Oil Drilling (5.4)
Diamond Offshore Drilling, Inc. 6,000
198,375
Noble Drilling Corp. * 9,500
186,438
Transocean Offshore, Inc. 1,500
44,531
429,344
Oilfield Equipment and Services (4.7%)
Halliburton Company 5,000
213,125
SEACOR SMIT, Inc. * 2,500
132,344
Trico Marine Services, Inc. * 4,400
34,925
380,394
Financial (8.2%)
Banks (3.5%)
Bank One Corp. 1,600
94,400
BankAmerica Corp. 2,600
187,200
281,600
Diversified (4.7%)
Citigroup, Inc. 2,700
203,175
Washington Mutual, Inc. 4,200
172,725
375,900
Independent (2.8%)
Conglomerate
U.S. Industries, Inc. 12,000
222,750
Industrial (3.6%)
Diversified (2.6%)
General Electric Company 2,000
211,000
Marine Transport (1.0%)
Halter Marine Group, Inc. * 12,600
76,387
Technology (30.4%)
Communications (13.0%)
AT&T Corp. 5,550
$280,275
Lucent Technologies, Inc. 6,200
372,775
Northern Telecom, Ltd. ADR 5,700
388,669
1,041,719
Computers (3.5%)
Apple Computer, Inc. * 2,900
133,400
Storage Technology Corp. * 7,600
146,775
280,175
Diversified (5.3%)
Ciena Corp. * 18,000
423,000
Software (8.6%)
BMC Software, Inc. * 9,000
387,563
Compuware Corp. * 6,500
158,437
Network Associates, Inc. * 4,500
59,625
Structural Dynamics Research Corp. * 4,600
89,413
695,038
Utilities (5.0%)
Telephone
MCI WORLDCOM, Inc. * 4,900
402,719
Total Common Stock (cost $7,667,794) 7,859,775
Description Principal
Value
SHORT-TERM SECURITIES (2.6%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-30-1999 to be
repurchased at $206,673 on 5-3-1999 (cost $206,613)$206,613 $206,613
Total Investments (100.5%) (cost $7,874,407) 8,066,388
Liabilities in Excess of Other Assets (-0.5%) (37,777)
Net Assets (100.0%) $8,028,611
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX NWQ VALUE EQUITY
Description Shares
Value
COMMON STOCK (91.1%)
Basic Materials (6.4%)
Chemicals
Air Products & Chemicals, Inc. 4,400
$206,800
E.I. du Pont de Nemours and Company 2,200
155,375
Morton International, Inc. 8,500
343,188
Praxair, Inc. 6,000
310,500
1,015,863
Consumer, Cyclical (7.4%)
Airlines (1.2%)
Delta Air Lines, Inc. 3,000
190,313
Auto Parts and Equipment (1.0%)
Delphi Automotive Systems Corp. * 8,000
155,500
Broadcasting (2.6%)
Time Warner, Inc. 5,900
413,000
Retailers - Apparel (1.5%)
Federated Department Stores, Inc. * 5,400
252,112
Retailers - Specialty (1.1%)
American Greetings Corp. 6,700
175,456
Consumer, Non-Cyclical (1.5%)
Healthcare
Columbia/HCA Healthcare Corp. 9,700
239,469
Energy (11.3%)
Oil Companies - Major (0.9%)
Union Pacific Resources Group, Inc. 10,000
140,000
Oil Companies - Secondary (1.2%)
Ocean Energy, Inc. * 20,540
191,279
Oil Drilling (2.6%)
Noble Affiliates, Inc. 3,400
109,012
Noble Drilling Corp. * 11,900
233,538
Transocean Offshore, Inc. 2,300
68,281
410,831
Oilfield Equipment and Services (6.6%)
B.J. Services Company * 4,400
117,700
Halliburton Company 14,000
596,750
Weatherford International, Inc. * 10,000
338,750
1,053,200
Financial (30.6%)
Banks (11.1%)
Bank One Corp. 8,500
501,500
BankAmerica Corp. 4,894
352,368
Chase Manhattan Corp. 3,900
322,725
First Union Corp. 7,600
420,850
Fleet Financial Group, Inc. 4,000
172,250
1,769,693
Diversified (5.2%)
Citigroup, Inc. 2,500
188,125
Countrywide Credit Industries, Inc. 3,500
158,594
Wells Fargo & Company 11,300
488,019
834,738
Insurance (11.2%)
Aetna, Inc. 4,600
403,363
Allstate Corp. 5,200
189,150
CIGNA Corp. 3,500
305,156
Loews Corp. 6,400
468,400
Provident Companies, Inc. 4,500
177,187
Travelers Property Casualty Corp. Class A 7,000
241,500
1,784,756
Securities Brokers (1.1%)
Bear Stearns Companies, Inc. 3,885
$181,137
United States Government Agencies (2.0%)
Federal National Mortgage Association 4,500
319,219
Independent (4.8%)
Conglomerates
Fortune Brands, Inc. 9,000
355,500
Philip Morris Companies, Inc. 11,700
410,231
765,731
Industrial (13.2%)
Electronic Components and Equipment (4.7%)
Emerson Electric Company 3,100
199,950
Thomas & Betts Corp. 3,900
163,800
W. W. Grainger, Inc. 3,800
190,713
York International Corp. 4,700
193,875
748,338
Heavy Construction (4.9%)
Case Corp. 6,100
211,212
Deere & Company 4,100
176,300
Ingersoll-Rand Company 5,700
394,369
781,881
Diversified (0.8%)
Cooper Industries, Inc. 2,800
135,450
Pollution Control (2.8%)
Waste Management, Inc. 8,000
452,000
Technology (15.9%)
Aerospace/Defense (4.1%)
Lockheed Martin Corp. 5,400
232,538
Sunstrand Corp. 5,900
423,325
655,863
Communications (6.0%)
AT&T Corp. - Liberty Media Group * 3,000
191,625
MediaOne Group, Inc. * 9,400
766,688
958,313
Computers (1.2%)
Hewlett-Packard Company 2,500
197,187
Office Equipment (1.3%)
Xerox Corp. 3,400
199,750
Semiconductors (3.3%)
Texas Instruments, Inc. 5,200
531,050
Total Common Stock (cost $13,080,790)
14,552,129
Description Principal
Value
SHORT-TERM SECURITIES (8.5%)
Other Short-term Securities
SSgA Money Market Fund
7-day yield of 4.600% (cost $1,352,000) $1,352,000
$1,352,000
Total Investments (99.6%) (cost $14,432,790) 15,904,129
Other Assets in Excess of Liabilities (0.4%) 63,739
Net Assets (100.0%) $15,967,868
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX T. ROWE PRICE DIVIDEND GROWTH
Description Shares
Value
COMMON STOCK (81.2%)
Basic Materials (2.3%)
Chemicals (1.6%)
Great Lakes Chemical Corp. 200
$9,562
RPM, Inc. 300
4,219
13,781
Paper Products (0.7%)
Kimberly-Clark Corp. 100
6,131
Consumer, Cyclical (11.4%)
Advertising (1.1%)
Omnicom Group, Inc. 130
9,425
Auto Manufacturers (0.5%)
Genuine Parts Company 150
4,500
Clothing/Fabric (0.8%)
Warnaco Group, Inc. 280
7,472
Entertainment (0.7%)
Carnival Corp. 60
2,475
Royal Caribbean Cruises, Ltd. 70
2,586
Walt Disney Company 30
952
6,013
Footwear (0.7%)
Nike, Inc. Class B 100
6,219
Home Construction (1.1%)
The Stanley Works 150
4,566
Valspar Corp. 140
4,847
9,413
Home Furnishings (1.2%)
Newell Rubbermaid, Inc. 230
10,911
Lodging (1.7%)
Archstone Communities Trust 370
8,394
Chelsea GCA Realty, Inc. 200
6,588
14,982
Publishing (0.9%)
Tribune Company 100
8,344
Retailers - Broadline (0.9%)
Family Dollar Stores, Inc. 320
7,720
Retailers - Drug Based (0.4%)
Cardinal Health, Inc. 60
3,589
Toys (1.4%)
Hasbro, Inc. 280
9,555
Mattel, Inc. 120
3,105
12,660
Consumer, Non-Cyclical (18.9%)
Beverages (0.8%)
PepsiCo, Inc. 200
7,387
Consumer Services (4.4%)
C.H. Robinson Worldwide, Inc. 200
5,988
Galileo International, Inc. 300
14,700
H&R Block, Inc. 180
8,662
ServiceMaster Company 480
9,120
38,470
Cosmetics (0.6%)
International Flavors & Fragrances, Inc. 140
5,530
Food - Other (1.9%)
General Mills, Inc. 50
$3,656
McCormick & Company, Inc. 200
6,063
Sara Lee Corp. 300
6,675
16,394
Food Retailers (2.0%)
American Stores Company 270
8,522
Richfood Holdings, Inc. 400
5,000
SYSCO Corp. 140
4,156
17,678
Healthcare (0.3%)
Nationwide Health Properties, Inc. 150
3,047
Household Products (0.7%)
Colgate-Palmolive Company 60
6,146
Medical Supplies (2.1%)
Abbott Laboratories, Inc. 170
8,234
American Home Products Corp. 170
10,370
18,604
Pharmaceuticals (6.1%)
Bristol-Myers Squibb Company, Inc. 240
15,255
CVS Corp. 110
5,239
Johnson & Johnson 110
10,725
Merck and Company, Inc. 100
7,025
Pfizer, Inc. 50
5,753
Schering Plough Corp. 100
4,831
Warner-Lambert Company, Inc. 70
4,756
53,584
Energy (5.6%)
Oil Companies - Major
Amerada Hess Corp. 110
6,270
BP Amoco PLC ADR 120
13,583
Chevron Corp. 60
5,985
Mobil Corp. 150
15,712
Royal Dutch Petroleum Company ADR 140
8,216
49,766
Financial (23.2%)
Banks (4.8%)
Bank of New York Company, Inc. 230
9,200
Bank One Corp. 140
8,260
BankAmerica Corp. 50
3,600
Huntington Bancshares, Inc. 50
1,772
Mellon Bank Corp. 120
8,917
Mercantile Bancorp 100
5,700
U.S. Bancorp 140
5,189
42,638
Diversified (4.8%)
Associates First Capital Corp. 210
9,305
Bank of America Corp. 20
1,440
Citigroup, Inc. 160
12,040
Equifax, Inc. 100
3,594
Marsh & McLennan Companies, Inc. 30
2,297
Wells Fargo & Company 320
13,820
42,496
Insurance (2.4%)
ACE, Ltd. 350
10,587
PartnerRe, Ltd. 250
10,313
20,900
Real Estate (7.5%)
Arden Realty, Inc. 250
$6,250
Cousins Properties, Inc. 160
5,560
Crescent Real Estate Equities, Inc. 360
8,055
Manufactured Homes Communities, Inc. 260
6,581
Reckson Associates Realty Corp. 300
6,750
Starwood Hotels & Resorts Worldwide, Inc. 250
9,172
Vornado Realty Trust SBI 120
4,680
Weeks Corp. 200
6,213
XL Capital, Ltd. 220
13,351
66,612
Securities Brokers (1.2%)
Waddell & Reed Financial, Inc. 470
10,487
United States Government Agencies (2.5%)
Federal Home Loan Mortgage Corp. 120
7,530
Federal National Mortgage Association 200
14,188
21,718
Independent (2.8%)
Conglomerates
AlliedSignal, Inc. 260
15,275
Philip Morris Companies, Inc. 280
9,818
25,093
Industrial (5.8%)
Building Materials (1.0%)
Masco Corp. 310
9,106
Diversified (3.0%)
General Electric Company 40
4,220
ProLogis Trust 640
13,440
Raychem Corp. 150
3,966
Tomkins PLC ADR 25
437
Tomkins PLC + 1,100
4,644
26,707
Technology (0.1%)
Danaher Corp. 10
664
Pollution Control (0.9%)
Rentokil Initial Group PLC + 1,300
7,584
Railroads (0.8%)
Norfolk Southern Corp. 220
7,191
Technology (7.8%)
Aerospace/Defense (0.5%)
Raytheon Company Class B 60
4,215
Communications (2.0%)
SBC Communications, Inc. 310
17,360
Computers (1.5%)
Hewlett-Packard Company 170
13,409
Diversified (1.9%)
DQE, Inc. 200
8,237
Teleflex, Inc. 200
8,713
16,950
Industrial (0.7%)
Hubbel, Inc. 130
6,216
Semiconductors (0.1%)
Linear Technology Corp. 20
1,138
Software (1.1%)
Automatic Data Processing 100
4,450
Reynolds & Reynolds Company 240
5,475
9,925
Utilities (3.4%)
Electric (1.3%)
DPL, Inc. 200 $3,575
NiSource Inc. 140 3,885
TECO Energy, Inc. 170 3,623
11,083
Telephone (2.1%)
ALLTEL Corp. 160 10,790
GTE Corp. 120 8,033
18,823
Total Common Stock (cost $675,785) 718,081
Description Principal Value
SHORT-TERM SECURITIES (17.5%)
Other Short-term Securities
T. Rowe Price Reserve Investment Fund
7-day yield of 5.016% $80,000 $80,000
SSgA Money Market Fund
7-day yield of 4.600% 75,000 75,000
Total Short-Term Securities (cost $155,000) 155,000
Total Investments (98.7%) (cost $830,785) 873,081
Description
Value
UNREALIZED LOSS ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 351 British Pound
5-4-1999 Buy $(4)
Other Assets in Excess of Liabilities (1.3%) 11,062
Net Assets (100.0%) $884,139
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX DEAN ASSET ALLOCATION
Description Shares
Value
COMMON STOCK (51.5%)
Basic Materials (1.2%)
Mining - Diversified
Potash Corp. of Saskatchewan, Inc. ADR 7,000
$423,500
Consumer, Cyclical (5.1%)
Auto Manufacturers (1.4%)
Ford Motor Company 8,000
511,500
Home Construction (1.2%)
Clayton Homes, Inc. 39,062
434,565
Restaurants (2.5%)
Tricon Global Restaurants, Inc. * 14,000
901,250
Consumer, Non-Cyclical (3.9%)
Consumer Services (2.9%)
Convergys Corp. * 30,000
558,750
Storage USA, Inc. 15,000
481,875
1,040,625
Healthcare (1.0%)
Columbia/HCA Healthcare Corp. 15,000
370,313
Energy (4.6%)
Oil Companies - Major (0.9%)
Texaco, Inc. 5,000
313,750
Oil Drilling (2.1%)
Diamond Offshore Drilling, Inc. 22,500
743,905
Oilfield Equipment and Services (1.6%)
Tidewater, Inc. 22,500
596,250
Financial (21.2%)
Banks (3.2%)
Bank One Corp. 10,000
590,000
Chase Manhattan Corp. 6,800
562,700
1,152,700
Diversified (1.2%)
Countrywide Credit Industries, Inc. 10,000
453,125
Insurance (11.3%)
AFLAC, Inc. 14,000
759,500
Allstate Corp. 25,000
909,375
AMBAC Financial Group, Inc. 10,000
603,750
Conseco, Inc. 24,748
781,108
Frontier Insurance Group, Inc. 20,000
276,250
MGIC Investment Corp. 15,000
728,438
4,058,421
Real Estate (2.7%)
Duke Realty Investments, Inc. 20,000
470,000
Simon Property Group, Inc. 17,500
502,031
972,031
United States Government Agencies (2.8%)
Federal Home Loan Mortgage Corp. 8,000
502,000
Federal National Mortgage Association 7,000
496,563
998,563
Independent (2.4%)
Conglomerate
Philip Morris Companies, Inc. 25,000
876,563
Industrial (2.1%)
Heavy Construction (0.9%)
Caterpillar, Inc. 5,000
321,875
Diversified (1.2%)
Minnesota Mining & Manufacturing Company 5,000
$445,000
Technology (8.6%)
Aerospace/Defense (1.8%)
Raytheon Company Class B 9,000
632,250
Communications (4.3%)
AT&T Corp. 20,000
1,010,000
ECI Telecom, Ltd. ADR 15,000
553,125
1,563,125
Computers (2.5%)
Miami Computer Supply Corp. * 15,000
279,375
NCR Corp. * 15,000
615,000
894,375
Utilities (2.4%)
Electric (2.1%)
DPL, Inc. 25,000
446,875
Southern Company 12,000
324,750
771,625
Telephone (0.3%)
Sprint Corp. 2,500
105,938
Total Common Stock (cost $15,924,073) 18,581,249
NON-CONVERTIBLE PREFERRED STOCK (3.4%)
Consumer, Cyclical
Broadcasting
News Corp., Ltd. ADR (cost $788,713) 40,000
1,222,500
Description Principal
Value
NON-CONVERTIBLE CORPORATE BONDS (13.7%)
Basic Materials (2.8%)
Chemicals
E.I. du Pont de Nemours and Company
6.500% 9-1-2002 $1,000,000 $1,020,000
Financial (8.3%)
Diversified (5.5%)
Commercial Credit Company 6.500% 8-1-2004 1,000,000
1,010,000
PHH Corp. 7.020% 11-9-2001 1,000,000
981,250
1,991,250
Securities Brokers (2.8%)
Merrill Lynch & Company, Inc. 6.020% 5-11-2001 1,000,000
1,005,000
Utilities (2.6%)
Electric
Washington Water Power Company 5.990% 12-10-2007 1,000,000
951,250
Total Non-Convertible Corporate Bonds (cost $5,011,301) 4,967,500
LONG-TERM GOVERNMENT BONDS (24.0%)
United States Government Agencies (16.8%)
Federal Home Loan Bank
5.500% 7-14-2000 1,000,000
1,003,350
5.620% 2-25-2004 1,000,000
985,860
6.100% 4-29-2004 1,000,000
1,000,000
Federal National Mortage Assocoation
5.250% 1-15-2003 1,000,000
990,000
5.625% 3-15-2001 1,000,000
1,006,160
6.970% 9-4-2007 1,000,000
1,033,080
6,018,450
United States Government Securities (7.2%)
Treasury Notes
5.875% 2-15-2004 1,000,000
1,025,430
6.000% 10-15-1999 500,000
502,835
6.500% 1-15-2006 1,000,000
1,064,810
2,593,075
Total Long-Term Government Bonds (cost $8,586,871)
8,611,525
SHORT-TERM SECURITIES (7.0%)
Commercial Paper (5.5%)
Eagle Funding Capital Corp. 4.850% 5-5-1999 $1,500,000
$1,499,192
Gotham Funding Corp. 4.910% 5-19-1999 500,000
498,772
1,997,964
Repurchase Agreements (1.5%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-30-1999
to be repurchased at $535,648 on 5-3-1999 535,492 535,492
Total Short-Term Securities (cost $2,533,456) 2,533,456
Total Investments (99.6%) (cost $32,844,414) 35,916,230
Other Assets In Excess of Liabilities (0.4%) 148,076
Net Assets (100.0%) $36,064,306
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX LKCM STRATEGIC TOTAL RETURN
Description Shares
Value
COMMON STOCK (64.6%)
Basic Materials (1.2%)
Paper Products
Kimberly-Clark Corp. 11,000
$674,437
Consumer, Cyclical (8.6%)
Advertising (2.3%)
Harte-Hanks, Inc. 31,000
782,750
Outdoor Systems, Inc. * 20,000
503,750
1,286,500
Broadcasting (2.4%)
CBS Corp. * 29,700
1,353,206
Consumer Electronics (1.4%)
Tandy Corp. 11,000
796,812
Publishing (1.1%)
A.H. Belo Corp. 27,600
596,850
Retailers - Drug Based (1.4%)
Cardinal Health, Inc. 14,250
852,328
Consumer, Non-Cyclical (17.8%)
Beverages (1.2%)
PepsiCo, Inc. 19,000
701,813
Consumer Services (0.6%)
ITT Educational Services, Inc. * 15,000
368,437
Cosmetics (1.3%)
The Gillette Company 14,000
730,625
Food - Other (1.6%)
U.S. Foodservice * 22,000
925,375
Household Products (3.6%)
Colgate-Palmolive Company 9,000
921,938
Proctor & Gamble Company 12,000
1,125,750
2,047,688
Medical Supplies (3.3%)
American Home Products Corp. 14,000
854,000
Sybron International Corp. * 36,000
996,750
1,850,750
Pharmaceuticals (6.2%)
Covance, Inc. * 31,500
691,031
Pharmacia & Upjohn, Inc. 20,000
1,120,000
Schering Plough Corp. 10,000
483,125
SmithKline Beecham PLC ADR 12,000
788,250
Warner-Lambert Company, Inc. 6,000
407,625
3,490,031
Energy (5.2%)
Oil Companies - Major (2.8%)
BP Amoco PLC ADR 6,616
748,849
Exxon Corp. 10,000
830,625
1,579,474
Oil Drilling (1.2%)
Atlantic Richfield Company 8,000
671,500
Oilfield Equipment and Services (1.2%)
Schlumberger, Ltd. 11,000
702,625
Financial (14.3%)
Banks (2.6%)
Compass Bancshares, Inc. 31,000
844,750
Mellon Bank Corp. 8,300
616,794
1,461,544
Diversified (4.3%)
Associates First Capital Corp. 16,000
$709,000
The CIT Group, Inc. Class A 26,000
845,000
Wells Fargo & Company 21,000
906,938
2,460,938
Insurance (4.6%)
American General Corp. 12,000
888,000
American International Group, Inc. 10,534
1,237,122
PartnerRe, Ltd. ADR 12,000
495,000
2,620,122
Real Estate (2.1%)
Crescent Real Estate Equities, Inc. 18,000
402,750
Starwood Hotels & Resorts Worldwide, Inc. 21,000
770,438
1,173,188
United States Government Agencies (0.7%)
Federal National Mortgage Association 5,600
397,250
Independent (0.6%)
Conglomerate
Philip Morris Companies, Inc. 9,000
315,563
Industrial (5.9%)
Diversified (3.8%)
General Electric Company 10,000
1,055,000
Tyco International, Ltd. 13,400
1,088,750
2,143,750
Pollution Control (2.1%)
Waste Management, Inc. 21,000
1,186,500
Technology (7.0%)
Communications (3.5%)
Motorola, Inc. 13,000
1,041,625
Northern Telecom, Ltd. ADR 14,000
954,625
1,996,250
Computers (1.8%)
Hewlett-Packard Company 12,850
1,013,545
Software (1.7%)
BMC Software, Inc. * 8,000
344,000
Microsoft Corp. * 7,600
617,500
961,500
Utilities (4.0%)
Telephone
ALLTEL Corp. 16,600
1,119,463
MCI WORLDCOM, Inc. * 13,549
1,113,558
2,233,021
Total Common Stock (cost $27,947,664)
36,591,622
CONVERTIBLE PREFERRED STOCK (1.1%)
Consumer, Non-Cyclical
Cosmetics
Estee Lauder Companies, Inc. (cost $497,232) 7,200
633,600
Description Principal
Value
CONVERTIBLE CORPORATE BONDS (3.5%)
Consumer, Cyclical (1.4%)
Publishing (0.5%)
Tribune Company $1,860
$274,815
Retailers - Specialty (0.9%)
Home Depot, Inc. 3.250% 10-1-2001 200,000
504,750
Energy (2.1%)
Oil Drilling
Nabors Industries, Inc. 5.000% 5-15-2006 1,000,000
1,178,750
Total Convertible Corporate Bonds (cost $1,527,046) 1,958,315
NON-CONVERTIBLE CORPORATE BONDS (21.8%)
Consumer, Non-Cyclical (2.0%)
Consumer Services (1.0%)
Service Corp. International 6.000% 12-15-2005 $600,000
$567,000
Household Products (1.0%)
Procter & Gamble Company 5.250% 9-15-2003 600,000
588,000
Financial (5.6%)
Banks (2.3%)
Citicorp 7.000% 7-1-2007 575,000
597,906
First Bank National Association 6.875% 4-1-2006 500,000
513,125
J.P. Morgan & Company, Inc. 7.625% 9-15-2004 200,000
211,500
1,322,531
Diversified (2.6%)
Associates Corp. of North America 6.200% 5-16-2005 600,000
594,432
Nationsbank Corp. 6.500% 3-15-2006 678,000
678,000
Norwest Financial, Inc. 7.000% 1-15-2003 200,000
207,000
1,479,432
Insurance (0.7%)
Hartford Life, Inc. Class A 6.900% 6-15-2004 400,000
410,000
Industrial (4.1%)
Electronic Components and Equipment (2.3%)
Kent Electronics Corp. 4.500% 9-1-2004 1,075,000
804,906
Thomas & Betts Corp. 6.500% 1-15-2006 525,000
525,000
1,329,906
Diversified (1.1%)
Dexter Corp. 9.250% 12-15-2016 15,000
15,585
Tyco International Group SA ADR 6.375% 6-15-2006 600,000
603,750
619,335
Other Industrial Services (0.4%)
Olsten Corp. 7.000% 3-15-2003 250,000
244,060
Railroads (0.3%)
Union Pacific Corp. 8.500% 1-15-2017 41,000
42,435
Union Pacific Corp. 7.375% 5-15-2001 100,000
102,250
144,685
Technology (4.4%)
Aerospace/Defense (1.5%)
Lockheed Martin Corp.7.450% 6-15-2004 300,000
315,750
Raytheon Company 6.500% 7-15-2005 520,000
526,500
842,250
Communications (2.9%)
Airtouch Communications, Inc. 7.000% 3-15-2009 500,000
515,625
AT&T Corp. 6.000% 3-15-2009 500,000
488,125
Lucent Technologies, Inc. 6.900% 7-15-2001 600,000
616,500
1,620,250
Utilities (5.7%)
Electric (2.3%)
Florida Power & Light Company 7.875% 1-1-2013 400,000 418,500
Interstate Power Company 8.625% 9-15-2021 175,000 186,813
Kentucky Utilities Company 8.550% 5-15-2027 250,000 262,188
Old Dominion Electric Co-op 8.760% 12-1-2022 375,000 418,125
1,285,626
Gas (0.3%)
Southwest Gas Corp. 7.500% 8-1-2006 150,000
160,123
Telephone (3.1%)
ALLTEL Corp. 7.250% 4-1-2004 400,000
419,000
GTE Hawaiian Telephone Company, Ltd. 6.750% 2-15-2005 500,000 510,625
GTE Hawaiian Telephone Company, Ltd. 7.375% 9-1-2006225,000 238,500
New York Telephone Company 6.000% 4-15-2008 600,000 587,250
1,755,375
Total Non-Convertible Corporate Bonds (cost $12,598,463) 12,368,573
LONG-TERM GOVERNMENT BONDS (4.8%)
United States Government Securities
Treasury Notes
6.250% 2-28-2002 $300,000
$308,232
6.375% 5-15-2000 475,000
481,821
6.375% 3-31-2001 625,000
639,169
6.375% 9-30-2001 650,000
667,934
6.500% 5-31-2001 625,000
641,875
Total Long-Term Government Bonds (cost $2,694,495) 2,739,031
SHORT-TERM SECURITIES (4.4%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-30-1999 to be re-
purchased at $2,502,325 on 5-3-1999 (cost $2,501,595)2,501,595 2,501,595
Total Investments (100.2%) (cost $47,766,495) 56,792,736
Liabilities in Excess of Other Assets (-0.2%) (99,832)
Net Assets (100.0%) $56,692,904
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC BALANCED
Description Shares
Value
COMMON STOCK (29.3%)
Consumer, Cyclical (9.8%)
Airlines (0.1%)
Ryanair Holdings PLC ADR * 1,460
$64,605
Broadcasting (6.3%)
Comcast Corp. Special Class A 33,247
2,181,834
Heftel Broadcasting Corp. * 8,905
479,757
Infinity Broadcasting Corp. * 23,005
636,951
Univision Communications, Inc. * 22,675
1,312,316
Viacom, Inc. Class B * 46,670
1,893,052
Viacom, Inc. Warrants 23,290
326,060
6,829,970
Entertainment (1.4%)
Carnival Corp. 10,885
449,006
Royal Caribbean Cruises, Ltd. 28,485
1,052,165
1,501,171
Publishing (0.4%)
Meredith Corp. 11,055
405,580
Retailers - Broadline (0.4%)
Price / Costco, Inc. 6,710
542,671
Retailers - Specialty (1.2%)
Amazon.com, Inc. * 1,665
286,380
eBay, Inc. * 4,920
1,023,360
1,309,740
Consumer, Non-Cyclical (3.1%)
Beverages (0.5%)
Heineken NV + 10,690
537,048
Consumer Services (0.2%)
Robert Half International, Inc. * 10,765
257,014
Medical Supplies (0.8%)
Allergan, Inc. 2,860
257,043
Bausch & Lomb Inc. 8,045
603,375
860,418
Pharmaceuticals (1.6%)
Pfizer, Inc. 5,815
669,088
Pharmacia & Upjohn, Inc. 15,200
851,200
Schering Plough Corp. 3,660
176,824
1,697,112
Energy (1.1%)
Oilfield Equipment and Services
Enron Corp. 15,720
1,182,930
Financial (8.7%)
Banks (2.9%)
Bank of New York Company, Inc. 31,815
1,272,600
Carolin First Corp. 8,975
241,203
Firstar Corp. 9,600
288,600
M & T Bank Corp. 590
329,810
Mutual Risk Management, Ltd. 10,680
415,185
Northern Trust Corp. 6,015
557,891
3,105,289
Insurance (2.0%)
Progressive Corp. 7,810
1,120,735
Reinsurance Group of America, Inc. 15,155
647,876
StanCorp Financial Group, Inc. * 16,415
394,986
2,163,597
Securities Brokers (3.5%)
Affiliated Managers Group, Inc. * 13,765
400,045
Charles Schwab Corp. 31,338
3,439,346
3,839,391
United States Government Agencies (0.3%)
Federal National Mortgage Association 4,540
322,056
Industrial (0.6%)
Electronic Components and Equipment
Dionex Corp. * 16,495
$676,295
Technology (6.0%)
Communications (1.8%)
AT&T Corp. - Liberty Media Group * 8,655
552,838
Cisco Systems, Inc. * 12,727
1,451,674
2,004,512
Computers (0.8%)
Dell Computer Corp. * 6,250
257,031
Paychex, Inc. 11,685
595,205
852,236
Industrial (0.2%)
IMS HEALTH 9,570
287,100
Semiconductors (2.1)
Linear Technology Corp. 15,380
874,738
Maxim Integrated Products, Inc. * 15,310
857,360
Texas Instruments, Inc. 5,255
536,667
2,268,765
Software (1.1%)
Bell Technologies, Inc. Warrants * 97
1,528
Microsoft Corp. * 11,290
917,312
Wind River Systems, Inc. * 17,197
257,955
1,176,795
Total Common Stock (cost $22,236,188)
31,884,295
CONVERTIBLE PREFERRED STOCK (15.1%)
Consumer, Cyclical (3.2%)
Auto Parts and Equipment (0.7%)
Federal-Mogul Corp. 14,757
796,878
Broadcasting (1.8%)
Adelphia Communications Corp. 10,000
2,000,000
Entertainment (0.7%)
Royal Caribbean Cruises, Ltd. Series A 6,500
746,720
Technology (6.2%)
Communications (5.2%)
Cox Communications, Inc. STRYPES * 24,350
1,527,963
MediaOne Group, Inc. 16,248
2,615,927
MediaOne Group, Inc. (Convertible to Airtouch 6,780
543,248
Communications, Inc. Common Stock 8/15/2001)
Qwest Trends Trust Series 144A 14,420
1,027,425
5,714,563
Diversified (0.6%)
Nokia Corp. OY ADR 8,550
634,303
Software (0.4%)
PSINet, Inc. 8,250
421,781
Utilities (5.7%)
Electric
Houston Industries, Inc. 52,325
6,174,350
Total Convertible Preferred Stock (cost $12,974,688) 16,488,595
Description Principal
Value
CONVERTIBLE CORPORATE BONDS (9.0%)
Consumer, Cyclical (3.1%)
Broadcasting (0.7%)
Time Warner, Inc. 8.110% 8-15-2006 $650,000
$712,562
Retailers - Specialty (2.4%)
Amazon.com, Inc. 144A 4.750% 2-1-2009 990,000
1,251,113
Home Depot, Inc. 3.250% 10-1-2001 560,000
1,413,300
2,664,413
Industrial (0.2%)
Other Industrial Services
Athena Neurosciences, Inc. 4.750% 11-15-2004 $161,000
$167,037
Technology (5.7%)
Communications (1.5%)
COLT Telecom Group PLC + 2.000% 3-29-2006 913,000
967,179
NTL, Inc. 144A 0.000% 4-15-2009 435,000
621,507
1,588,686
Computers (0.7%)
Citrix Systems, Inc. 144A 0.000% 3-22-2019 2,133,000
805,207
Diversified (2.4%)
Exodus Communications 144A 5.000% 3-15-2006 1,255,000
2,571,181
Software (1.1%)
MindSpring Enterprises, Inc. 5.000% 4-15-2006 846,000
899,933
VERITAS Software Corp. 5.250% 11-1-2004 200,000
358,500
1,258,433
Total Convertible Corporate Bonds (cost $7,941,399) 9,767,519
NON-CONVERTIBLE CORPORATE BONDS (34.2%)
Consumer, Cyclical (10.4%)
Advertising (0.0%)
R.H. Donnelley Corp. 9.125%6-1-2008 35,000
37,144
Auto Parts and Equipment (0.9%)
Federal-Mogul Corp. 144A 7.375% 1-15-2006 500,000
489,375
Federal-Mogul Corp. 144A 7.500% 1-15-2009 530,000
518,075
1,007,450
Broadcasting (4.5%)
Classic Cable 144A 9.875% 8-1-2008 200,000
213,000
Galaxy Telecom, Ltd. 12.375% 10-1-2005 800,000
892,000
Paramount Communications, Inc. 8.250% 8-1-2022 316,000
330,615
Paramount Communications, Inc. 7.500% 7-15-2023 753,000
731,351
Viacom, Inc. 7.750% 6-1-2005 2,524,000
2,675,440
Viacom, Inc. 7.625% 1-15-2006 41,000
43,255
4,885,661
Casinos (0.5%)
Station Casinos, Inc. 10.125% 3-15-2006 115,000
122,475
Station Casinos, Inc. 8.875% 12-1-2008 385,000
398,475
520,950
Entertainment (1.1%)
Royal Caribbean Cruises, Ltd. 7.000% 10-15-2007 800,000
793,388
Royal Caribbean Cruises, Ltd. 6.750% 3-15-2008 400,000
391,913
1,185,301
Lodging (0.3%)
Hard Rock Hotel & Casino 9.250% 4-1-2005 177,000
169,477
HMH Properties 7.875% 8-1-2008 175,000
169,313
338,790
Publishing (2.5%)
Frontier Vision Partners 11.000% 10-15-2006 500,000
561,250
Lenfest Communications, Inc. 8.250% 2-15-2008 500,000
535,625
Mediacom, LLC 8.500% 4-15-2008 500,000
511,250
News America, Inc. 6.625% 1-9-2008 500,000
500,625
Rifkin Acquisition Partners, LLP 11.125% 1-15-2006 500,000
568,125
2,676,875
Restaurants (0.1%)
Tricon Global Restaurants, Inc. 7.450% 5-15-2005 27,000
27,507
Tricon Global Restaurants, Inc. 7.650% 5-15-2008 131,000
135,421
162,928
Retailers - Broadline (0.5%)
Fred Meyer, Inc. 7.450% 3-1-2008 500,000
523,750
Consumer, Non-Cyclical (0.8%)
Beverages (0.3%)
Anheuser-Busch Companies, Inc. 5.650% 9-15-2008 300,000
291,750
Food Retailers (0.1%)
Marsh Supermarkets, Inc. 8.875% 8-1-2007 $59,000
$62,245
Household Products (0.4%)
Procter & Gamble Company 5.250% 9-15-2003 500,000
490,000
Energy (0.3%)
Oilfield Equipment and Services
Enron Corp. 6.750% 8-1-2009 300,000
303,000
Financial (9.6%)
Banks (1.4%)
Bank of Boston Corp. 6.625% 12-1-2005 200,000
202,500
First Union National Bank 5.800% 12-1-2008 500,000
477,500
General Motors Acceptance Corp. 5.850% 1-14-2009 345,000
329,906
Wachovia Corp. 5.625% 12-15-2008 500,000
473,125
1,483,031
Diversified (6.7%)
Associates Corp. of North America 5.600% 1-15-2001 400,000
400,000
Charter Communications Holdings 144A
8.625% 4-1-2009 3,000,000 3,075,000
Ford Motor Credit Corp. 5.800% 1-12-2009 845,000
808,031
International Lease Finance Corp.5.750% 12-15-1999 400,000
401,400
Newcourt Credit Group, Inc. 144A 6.875% 2-16-2005 1,150,000
1,174,438
ONO Finance PLC + 13.000% 5-1-2009 350,000
370,177
SunAmerica, Inc. 6.750% 10-1-2007 1,000,000
1,040,000
7,269,046
Insurance (1.1%)
AFLAC, Inc. 6.500% 4-15-2009 500,000
492,500
Progressive Corp. 6.625% 3-1-2029 768,000
731,520
1,224,020
Securities Brokers (0.4%)
1,030,000 Merrill Lynch & Company, Inc. 6.375% 10-15-2008 500,000
498,125
Industrial (2.5%)
Electronic Components and Equipment (0.4%)
MTS Systems Corp. 9.375% 5-1-2005 428,000
391,620
Diversified (2.1%)
Tyco International Group SA 144A 6.125% 1-15-2009 2,033,000
1,979,634
Tyco International Group SA 144A 6.125% 11-1-2008 344,000
335,400
2,315,034
Technology (10.1%)
Communications (7.8%)
Adelphia Communications Corp. 10.500% 7-15-2004 655,000
731,963
Adelphia Communications Corp. 9.250% 10-1-2002 905,000
954,775
Adelphia Communications Corp. 7.875% 1-15-2009 2,000,000
2,005,000
Bresnan Communications 144A 8.000% 2-1-2009 340,000
349,350
Hyperion Telecommunications, Inc. 144A
12.000% 11-1-2007 500,000 526,250
Intermedia Communications, Inc. 8.600% 6-1-2008 56,000
56,000
Intermedia Communications, Inc. Series B
8.500% 1-15-2008 153,000 152,235
Jones Intercable, Inc. 7.625% 4-15-2008 500,000
533,750
Lucent Technologies, Inc. 5.500% 11-15-2008 500,000
477,500
Metropolitan Fiber Network, Inc. 10.000% 11-15-2008 100,000
108,250
NEXTLINK Communications, Inc. 144A
10.750% 11-15-2008 250,000 268,750
NTL, Inc. + 0.000% 4-15-2009 920,000
902,549
Orange PLC + 8.000% 8-1-2008 809,000
831,247
Qwest Communications International, Inc.
10.875% 4-1-2007 111,000 128,066
WorldCom, Inc. 6.400% 8-15-2005 500,000
503,750
8,529,435
Computers (0.7%)
Dell Computer Corp. 6.550% 4-15-2008 400,000
401,500
International Business Machines Corp.
5.375% 2-1-2009 400,000 378,500
780,000
Diversified (0.3%)
Exodus Communications 11.250% 7-1-2008 249,000
273,278
Software (1.3%)
America Online, Inc. 4.000% 11-15-2002 $100,000
$1,070,340
Aspen Technology, Inc. 5.250% 6-15-2005 450,000
257,062
Globix Corp. 13.000% 5-1-2005 97,000
98,698
1,426,100
Utilities (0.5%)
Telephone
McLeodUSA, Inc. 144A 9.250% 7-15-2007 320,000
336,800
McLeodUSA, Inc. 144A 8.125% 2-15-2009 155,000
153,838
490,638
Total Non-Convertible Corporate Bonds (cost $36,616,855) 37,166,171
LONG-TERM GOVERNMENT BONDS (7.7%)
United States Government Securities
Treasury Notes
4.750% 11-15-2008 3,300,000
3,151,467
5.625% 2-28-2001 200,000
201,826
5.625% 5-15-2008 2,750,000
2,788,032
5.875% 11-15-1999 200,000
201,136
6.000% 6-30-1999 150,000
150,371
6.000% 8-15-2000 575,000
581,958
6.125% 8-15-2007 400,000
417,792
6.625% 4-30-2002 500,000
519,505
6.625% 5-15-2007 300,000
322,893
Total Long-Term Government Bonds (cost $8,424,695) 8,334,980
Commercial Paper (3.9%)
Household Finance Company 4.880% 5-3-1999 $4,300,000 $4,298,835
Repurchase Agreements (0.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-30-1999
to be repurchased at $95,272 on 5-3-1999 95,244 95,244
4,394,079
108,035,639
Notional
Amount Description Value
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 290,000 British Pound 10-21-1999 Sell
$1,860
E 350,000 Euro Dollar 5-6-1999 Buy
(1,460)
Total Unrealized Net Gain on Forward Foreign
Currency Contracts 400
761,826
$108,797,865
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC FLEXIBLE INCOME
Description Principal
Value
NON-CONVERTIBLE CORPORATE BONDS (73.9%)
Consumer, Cyclical (22.1%)
Auto Parts and Equipment (1.0%)
Federal-Mogul Corp. 144A 7.500% 1-15-2009 $250,000
$244,375
Broadcasting (6.1%)
Chancellor Media Corp. 9.000% 10-1-2008 110,000
117,700
EchoStar Communications Corp. 144A 9.375% 2-1-2009 175,000
182,438
TCI Communications, Inc. 6.875% 2-15-2006 400,000
415,500
Time Warner, Inc. 8.180% 8-15-2007 750,000
831,562
1,547,200
Casinos (2.2%)
Isle of Capri Casinos 8.750% 4-15-2009 250,000
248,750
Station Casinos, Inc. 8.875% 12-1-2008 50,000
51,750
Venetian Casino 12.250% 11-15-2004 250,000
264,375
564,875
Entertainment (1.2%)
Walt Disney Company 6.750% 3-30-2006 300,000
311,625
Home Furnishings (2.5%)
Selmer Company, Inc. 11.000% 5-15-2005 600,000
640,500
Lodging (0.2%)
Florida Panthers Holdings, Inc. 9.875% 4-15-2009 50,000
50,125
Publishing (3.7%)
Digital Television Services, LLC 12.500% 8-1-2007 150,000
166,500
News America, Inc. 6.625% 1-9-2008 750,000
750,937
917,437
Restaurants (1.0%)
McDonald's Corp. 6.375% 1-8-2028 250,000
240,937
Retailers - Apparel (0.5%)
Ames Department Stores 10.000% 4-15-2006 120,000
118,800
Retailers - Broadline (3.7%)
Fred Meyer, Inc. 7.450% 3-1-2008 400,000
419,000
Fred Meyer, Inc. 7.150% 3-1-2003 500,000
511,875
930,875
Consumer, Non-Cyclical (9.3%)
Beverages (1.0%)
Joseph E. Seagram & Sons, Inc. 6.800% 12-15-2008 250,000
250,000
Consumer Services (3.0%)
ComDisco, Inc. 5.950% 4-30-2002 500,000
497,500
The Sports Club 144A 11.375% 3-15-2006 250,000
249,375
746,875
Food - Other (2.0%)
Ralston Purina Company 7.875% 6-15-2025 475,000
515,969
Food Retailers (0.8%)
Star Markets Company, Inc. 13.000% 11-1-2004 185,000
203,962
Healthcare (1.3%)
Columbia/HCA Healthcare Corp. 8.360% 4-15-2024 45,000
42,925
Healthsouth Corp. 9.500% 4-1-2001 265,000
272,287
315,212
Household Products (1.2%)
Sherwin-Williams Company 6.850% 2-1-2007 290,000
302,325
Financial (18.0%)
Banks (4.2%)
Bank One - Texas 6.250% 2-15-2008 250,000
248,438
HUBCO, Inc. 8.200% 9-15-2006 300,000
311,625
Swiss Bank Corp. 7.000% 10-15-2015 500,000
498,750
1,058,813
Diversified (8.1%)
Charter Communications Holdings 144A 8.625% 4-1-2009 $500,000
$512,500
Ford Motor Credit Corp. 6.750% 8-15-2008 750,000
774,375
Newcourt Credit Group, Inc. 144A 6.875% 2-16-2005 500,000
510,625
ONO Finance PLC + 13.000% 5-1-2009 250,000
250,000
2,047,500
Insurance (3.7%)
Delphi Financial Group, Inc. 8.000% 10-1-2003 500,000
518,125
Orion Capital Corp. 7.250% 7-15-2005 400,000
409,000
927,125
Savings & Loans (2.0%)
GS Escrow Corp. 7.125% 8-1-2005 500,000
497,590
Industrial (6.4%)
Diversified (5.4%)
Aviation Sales Company 8.125% 2-15-2008 170,000
171,700
Isle of Capri Black Hawk, LLC13.000% 8-31-2004 525,000
570,937
The Pantry, Inc. 10.250% 10-15-2007 350,000
368,375
Unifrax Investment Corp.10.500% 11-1-2003 250,000
254,688
1,365,700
Transportation Equipment (1.0%)
Dana Corp. 6.250% 3-1-2004 250,000
250,313
Technology (12.7%)
Communications (10.8%)
360 Communications Company 6.650% 1-15-2008 250,000
255,000
Bresnan Communications 144A 8.000% 2-1-2009 100,000
102,750
CAI Wireless Systems, Inc. 0.000% 10-14-2004 555,000
271,950
Filtronic PLC 144A 10.000% 12-1-2005 30,000
31,425
Hyperion Telecommunications, Inc. 144A 12.000% 11-1-2007 200,000
210,500
International CableTel, Inc. 0.000% 4-15-2005 70,000
67,200
Jones Intercable, Inc. 7.625% 4-15-2008 261,000
278,617
Level 3 Communications, Inc.9.125% 5-1-2008 250,000
255,000
Metropolitan Fiber Network, Inc. 10.000% 11-15-2008 250,000
270,625
NEXTLINK Communications, Inc. 144A 10.750% 11-15-2008 250,000
268,750
Qwest Communications International, Inc. 144A
7.500% 11-1-2008 250,000
261,875
Talton Holdings, Inc. Series B 11.000% 6-30-2007 400,000
360,000
Versatel Telecom BV 13.250% 5-15-2008 75,000
80,813
2,714,505
Computers (1.9%)
International Business Machines Corp. 6.500% 1-15-2028 500,000
486,250
Utilities (5.4%)
Electric (2.4%)
Calpine Corp. 7.750% 4-15-2009 150,000
150,750
El Paso Electric Company 9.400% 5-1-2011 400,000
462,500
613,250
Telephone (3.0%)
LCI International, Inc. 7.250% 6-15-2007 700,000
719,250
McLeodUSA, Inc. 9.250% 7-15-2007 35,000
36,838
756,088
Total Non-Convertible Corporate Bonds (cost $18,165,249) 18,618,226
CONVERTIBLE CORPORATE BONDS (1.5%)
Consumer, Cyclical
Broadcasting
Pegasus Media & Communications, Inc.
12.500% 7-1-2005 (cost $350,000) 350,000
388,500
LONG-TERM GOVERNMENT BONDS (16.0%)
United States Government Agencies (0.8%)
Federal Home Loan Mortgage Corp.
4.70% 4-30-1999 $200,000
$195,606
United States Government Securities (15.2%)
United States Government Securities (15.8%)
Treasury Notes ##
5.250% 8-15-2003 750,000
749,460
5.625% 5-15-2008 2,250,000
2,281,117
6.625% 5-15-2007 750,000
807,233
3,837,810
Total Long-Term Government Bonds (cost $4,128,782) 4,033,416
Description Shares
Value
COMMON STOCK (0.0%)
Technology
Communications
Versatel Telecom BV + Warrants (cost $498) 75
$5,250
NON-CONVERTIBLE PREFERRED STOCK (0.4%)
Financial
Savings & Loans (2.0%) Savings & Loans
Chevy Chase Bank (cost $116,375) 3,500
106,750
CONVERTIBLE PREFERRED STOCK (1.0%)
Consumer, Cyclical
Broadcasting
Adelphia Communications Corp. (cost $232,000) 1,160
232,000
SHORT-TERM SECURITIES (4.5%)
Commercial Paper (4.4%)
Household Finance Company 4.880% 5-3-1999 $1,100,000
$1,099,702
Repurchase Agreements (0.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-30-1999
to be repurchased at $21,604 on 5-3-1999 21,597
21,597
Total Short-Term Securities (cost $1,121,299) 1,121,299
Total Investments (97.3%) (cost $24,114,203) 24,505,441
Description
Value
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 240,000 British Pound 10-21-1999 Sell
$(1,342)
B 240,000 British Pound 10-21-1999 Buy
(665)
E 60,615 Euro Dollar 5-3-1999 Sell
251
Total Unrealized Net Loss on Forward Foreign
Currency Contracts (1,756)
Other Assets In Excess of Liabilities (2.7%) 691,733
Net Assets (100.0%) $25,195,418
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX AEGON INCOME PLUS
Description Principal
Value
NON-CONVERTIBLE CORPORATE BONDS (84.4%)
Basic Materials (1.9%)
Mining - Diversified
Scotia Pacific Company Series B
7.110% 7-20-2028 $2,000,000 $1,640,000
Consumer, Cyclical (15.2%)
Airlines (1.8%)
Piedmont Aviation, Inc. 10.100% 5-13-2007 1,048,000
1,113,500
USAir, Inc. 10.800% 1-1-2005 400,000
432,000
1,545,500
Auto Parts and Equipment (3.4%)
Arvin Industries, Inc. 6.750% 3-15-2008 3,000,000
2,928,540
Entertainment (1.2%)
Walt Disney Company 144A 2.000% 3-1-2000 1,000,000
1,005,000
Publishing (2.9%)
Golden Books Publishing, Inc. #
7.650% 9-15-2002 2,250,000 855,000
New America, Inc. 8.625% 2-1-2003 1,500,000
1,614,900
2,469,900
Retailers - Broadline (5.9%)
Dayton Hudson Corp. 8.500% 12-1-2022 2,000,000
2,117,720
Kmart Corp. 8.125% 12-1-2006 1,000,000
1,072,500
Neiman Marcus Group, Inc. 7.125% 6-1-2028 2,000,000
1,906,440
5,096,660
Consumer, Non-Cyclical (11.1%)
Consumer Services (2.3%)
Hertz Corp. 6.000% 1-15-2003 2,000,000
1,987,480
Food - Other (3.4%)
Ralston Purina Company 9.250% 10-15-2009 2,450,000
2,935,171
Food Retailers (3.6%)
American Stores Company 9.125% 4-1-2002 1,000,000
1,085,220
Great Atlantic & Pacific Tea, Inc.
7.700% 1-15-2004 2,000,000 2,009,320
3,094,540
Medical Supplies (1.8%)
C. R. Bard, Inc. 6.700% 12-1-2026 1,500,000
1,537,500
, Energy (3.7%)
Oil Drilling (2.5%)
Louisiana Land Exploration Company
7.625% 4-15-2013 2,000,000 2,120,060
Oilfield Equipment and Services (1.2%)
McDermott, Inc. 9.375% 3-15-2002 1,000,000
1,032,130
Financial (23.7%)
Banks (7.3%)
BankBoston Capital Trust Corp.
8.250% 12-15-2026 3,000,000 3,136,740
HSBC America Capital II 144A 8.375% 5-15-2027 3,000,000
3,061,200
6,197,940
Diversified (7.8%)
Charter Communications Holdings 144A
8.625% 4-1-2009 2,000,000 1,683,750
Chase Capital Corp. 5.570% 3-1-2027 3,000,000
2,871,690
First Security Capital Trust Corp.
8.410% 12-15-2026 2,000,000 2,103,660
6,659,100
Insurance (1.2%)
American Financial Group, Inc.
10-625% 4-15-2000 1,000,000 1,036,120
Savings & Loans (5.0%)
GS Escrow Corp. 7.125% 8-1-2005 2,000,000
1,990,360
Peoples Bank - Bridgeport CT 7.200% 12-1-2006 2,300,000
2,278,058
4,268,418
Securities Brokers (2.4%)
Lehman Brothers Holding, Inc. 7.625% 6-1-2006 2,000,000
2,083,860
Industrial (14.6%)
Air Freight (1.2%)
Federal Express Corp. 9.625% 10-15-2019 1,000,000
1,053,950
Containers and Packaging (1.2%)
Stone Container Corp. 12.575% 8-1-2016 $1,000,000
$1,010,000
Factory Equipment (2.3%)
Columbus Mckinnon Corp. 8.500% 4-1-2008 2,000,000
1,980,000
Other Industrial Services (7.6%)
PDVSA Finance, Ltd. 6.450% 2-15-2004 3,000,000
2,692,320
Petroleum Geo-Services ASA 6.625% 3-30-2008 2,300,000
2,254,575
Westinghouse Air Brake Company 144A
9.375% 6-15-2005 1,500,000 1,560,000
6,506,895
Pollution Control (2.3%)
Allied Waste Industries, Inc. 7.875% 1-1-2009 2,000,000
1,975,000
Technology (6.5%)
Aerospace/Defense (3.6%)
AAR Corp. 7.250% 10-15-2003 2,000,000
2,041,940
BE Aerospace, Inc. 8.000% 3-1-2008 1,000,000
1,000,000
3,041,940
Communications (1.2%)
Intermedia Communications, Inc. 144A
9.500% 3-1-2009 1,000,000 1,040,000
Diversified (1.7%)
Loral Space & Communications, Ltd. 144A
9.500% 1-15-2006 1,500,000 1,436,250
Utilities (7.7%)
Electric (5.3%)
Calpine Corp. 7.750% 4-15-2009 2,000,000
2,010,000
Texas Utilities Electric Company
6.750% 4-1-2003 1,500,000 1,536,990
The AES Corp. 8.500% 11-1-2007 1,000,000
1,000,000
4,546,990
Telephone (2.4%)
McLeodUSA, Inc. 8.375% 3-15-2008 2,000,000
2,055,000
Total Non-Convertible Corporate Bonds ($72,853,795) 72,283,944
COLLATERALIZED MORTGAGE OBLIGATION (2.3%)
Financial
Real Estate
Aetna Commercial Mortgage Trust
7.230% 1-15-2028 (cost $2,040,702) 2,000,000
1,966,250
Description Shares
Value
CONVERTIBLE PREFERRED STOCK (7.1%)
Consumer, Cyclical (4.9%)
Broadcasting (3.8%)
TCI Communications, Inc. 120,000
$3,247,500
Publishing (1.1%)
PRIMEDIA, Inc. 10,000
955,000
Financial (2.2%)
Real Estate
Duke Realty Investments, Inc. 40,000
1,872,720
Total Convertible Preferred Stock (cost $6,293,000) 6,075,220
Description Principal
Value
SHORT-TERM SECURITIES (4.5%)
Repurchase Agreements
State Street Bank & Trust ***
3.750% Repurchase Agreement dated 4-30-1998
to be repurchased at $3,812,020 on 5-3-1999
(cost $3,810,909) $3,810,909 $3,810,909
Total Investments (98.3%) (cost $84,998,406) 84,136,323
Other Assets in Excess of Liabilities (1.7%) 1,490,512
Net Assets (100.0%) $85,626,835
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
IDEX AEGON TAX EXEMPT
Description ** Principal
Value
LONG-TERM MUNICIPAL BONDS (96.3%)
Alabama (4.3%)
City of Huntsville, Public Building Authority,
Revenue Bonds, Series 1996A,
6.000%, 10-1-2025, AAA/Aaa $1,000,000
$1,086,700
Alaska (4.2%)
Valdez Alaska Marine Project, Revenue Bonds,
Series A, 5.850%, 8-1-2025, AA+/Aa1 1,000,000
1,042,350
Georgia (4.1%)
City of Atlanta Solid Waste Management Authority,
Landfill Closure Project, General Obligation Bonds,
5.100%, 12-1-2010, AA/Aa3 1,000,000
1,034,070
Illinois (8.3%)
McHenry County Community School District,
General Obligation Bonds, Series 1996
5.850%, 1-1-2016, AAA/Aaa 1,000,000
1,072,650
City of Peoria Parking Facility Improvements,
General Obligation Bonds, Series A
5.300%, 1-1-2021, AAA/Aaa 1,000,000
1,006,180
2,078,830
Indiana (4.1%)
City of Petersburg, Pollution Control,
Revenue Bonds, Series 1977,
5.500%, 10-1-2023, AA-/Aa2 1,000,000
1,023,820
Iowa (12.6%)
Iowa Finance Authority, Drake University
Project, Revenue Bonds,
5.400%, 12-1-2016, AAA/Aaa 1,000,000
1,033,810
Iowa Finance Authority, Hospital Facilities,
Revenue Bonds, 5.250%, 7-1-2015, AAA/Aaa 1,000,000
1,021,130
Iowa State Certificate of Participation,
Revenue Bonds, Series 1992A,
6.500%, 7-1-2006, AAA/Aaa 1,000,000
1,095,070
3,150,010
Massachusettes (3.9%)
Massachusttes Bay Transportation Authority,
Revenue Bonds, Series B,
5.000%, 3-1-2028, AA-/Aa3 1,000,000
964,430
Michigan (5.6%)
City of Holt, Public Schools,
General Obligation Bonds, Series E,
5.125%, 5-1-2021, NR/Aaa 1,000,000
992,180
Michigan State Building Authority, Revenue
Refunding Special Sinking Fund, Series
1992A, 6.800%, 10-1-2021, AA/Aa2 375,000
404,246
1,396,426
New York (3.9%)
City of New York, Municipal Water Finance Authority,
Water and Sewer System, Revenue Bonds,
5.125%, 6-15-2030, AAA/Aaa 1,000,000
985,400
Ohio (4.3%)
Ohio State Turnpike Authority,
Revenue Bonds, Series A
5.500%, 2-15-2017, AAA/Aaa 1,000,000
1,074,330
Pennsylvania (0.0%)
Pennsylvania Housing Finance Agency,
Multi-Family Mortgage Revenue
Bonds, Series 1985A,
9.375%, 8-1-2028, AAA/Aa2 5,000
5,052
Rhode Island (4.2%)
Rhode Island Clean Water Financing Agency
Revenue Bonds, 5.800%, 9-1-2022, AAA/Aaa $1,000,000
$1,052,330
Tennessee (7.9%)
Metropolitan Government of Nashville &
Davidson County, General Obligation Bonds,
5.125%, 5-15-2025, AA/Aa2 1,000,000
983,730
Shelby County, General Obligation Bonds,
Series A, 5.100%, 3-1-2022, AA+/Aa3 1,000,000
997,390
1,981,120
Texas (8.0%)
Harris County, Permanent Improvement,
General Obligation Bonds,
5.250%, 10-1-2012, AA/Aa2 1,000,000
1,037,250
City of Dallas, Civic Center Project
Revenue Bonds, 5.000%, 8-15-2028, AAA/Aaa 1,000,000
970,010
2,007,260
Utah (4.2%)
Salt Lake County, Municipal Building
Authority, Revenue Bonds,
5.850%, 10-1-2017, A+/Aa3 1,000,000
1,060,340
Virginia (4.1%)
City of Norfolk Water Systems, Revenue Bonds,
Series 1995, 5.375%, 11-1-2023, AAA/Aaa 1,000,000
1,016,160
Washington (8.3%)
City of Seattle Water Systems, Revenue Bonds,
5.625%, 8-1-2026 AAA/Aaa 1,000,000
1,046,310
Spokane County, School District No. 356,
General Obligation Bonds, Series A
5.000%, 12-1-2011 AAA/Aaa 1,000,000
1,024,170
2,070,480
Wyoming (4.3%)
Wyoming State Farm Loan Board, Capital
Facilities Revenue Bonds,
5.750%, 10-1-2020, AA-/NR 1,000,000
1,087,911
Total Municipal Bonds (cost $23,464,192) 24,117,019
SHORT-TERM MUNICIPAL BONDS (2.0%)
Georgia (0.4%)
Municipal Electric Authority
Revenue Bonds, Put Bonds - Weekly, Series B,
4.000%, 6-1-2020, A-1+/VMIG1 100,000
100,000
Louisiana (0.4%)
Lousiana Public Facilities Authority - Hospital
Revenue Bonds, Put Bonds - Weekly,
3.000%, 9-1-2025, A-1+/VMIG1 100,000
100,000
South Carolina (1.2%)
Piedmont Municipal Power Agency - Electric,
Revenue Bonds, Put Bonds - Weekly, Series C
4.000%, 1-1-2022, A-1+/VMIG1 300,000
300,000
Total Short-Term Securities (cost $500,000) 500,000
Total Investments (98.3%) (cost $23,964,192) 24,617,019
Other Assets In Excess of Liabilities (1.7%) 416,646
Net Assets (100.0%) $25,033,665
April 30, 1999
SCHEDULE OF INVESTMENTS (unaudited)
NOTES TO SCHEDULES OF INVESTMENTS
ADR, GDR or NYRS after the name of a security represents American Depository
Receipts, Global Depository Receipts or New York Registered Shares,
respectively, representing ownership of foreign securities on deposit with a
domestic custodian.
144A after the name of a security represents a security exempt from
registration under 144A of the Securities Act of 1933. These securities
may be resold as transactions exempt from registration, normally to
qualified institutional buyers.
STRYPES after the name of a security represents structured yield
products exchangeable for stock.
+ Non-U.S. securities.
## U.S. Treasury Notes owned by IDEX JCC Flexible Income with an aggregate
market value of $2,867,188 have been segregated with the custodian to
cover margin requirements on twenty-five, 10-year U.S. Treasury Note
June 1999 futures contracts. At April 30, 1999, the Fund had
unrealized gains of $27,344 and variation margin payable of $4,375 on
these contracts.
# Golden Books is currently in default on payment of its past (2) six month
interest payments which were due 9-15-1998 and 3-15-1999.
@ Notional amount of forward foreign currency contracts and principal
amount of foreign bonds are denominated in the indicated currency:
B-British Pound; C-Canadian Dollar; E-Euro Dollar; F-Swiss Franc
H-Hong Kong Dollar; J-Japanese Yen; K-Swedish Krona; S-Singapore Dollar.
* Presently non-income producing.
** Ratings indicated are by Standard & Poor's/Moody's, respectively, and
are unaudited; NR: not rated by this service.
See Note 1 in the Notes to Financial Statements for security valuation,
futures, options, forward foreign currency contracts and other derivative
transactions as well as other significant accounting policies.
See Note 5 in the Notes to Financial Statements for cost and unrealized
appreciation and depreciation of investments for Federal income tax
purposes.
*** Repurchase Agreement Collateral Table
Market Value and
Accrued Interest
Description Principal Amount on 4-30-1999
IDEX JCC Capital Appreciation
U. S. Treasury Bonds 10.750%, 8-15-2005 $50,000 $65,250
IDEX Alger Aggressive Growth
U. S. Treasury Bonds 8.875%, 8-15-2017 1,595,000 2,161,225
IDEX Pilgrim Baxter Mid Cap Growth
U. S. Treasury Notes 6.500%, 8-15-2005 185,000 199,107
IDEX GE/Scottish Equitable International Equity
U. S. Treasury Bonds 10.750%, 5-15-2003 60,000 74,700
IDEX JCC Global
U. S. Treasury Notes 6.250%, 2-15-2007 210,000 224,495
IDEX Salomon All Cap
U. S. Treasury Bonds 13.250%, 5-15-2014 25,000 40,969
IDEX JCC Growth
U. S. Treasury Bonds 9.250%, 2-15-2016 45,000 62,269
IDEX Goldman Sachs Growth
U. S. Treasury Bonds 7.875%, 2-15-2021 80,000 100,900
IDEX C.A.S.E. Growth
U. S. Treasury Bonds 7.500%, 11-15-2016 175,000 212,625
IDEX Dean Asset Allocation
U. S. Treasury Notes 6.250%, 8-15-2007 515,000 550,548
IDEX LKCM Strategic Total Return
U. S. Treasury Bonds 8.125%, 8-15-2019 1,990,000 2,552,175
IDEX JCC Balanced
U. S. Treasury Bonds 8.750%, 5-15-2017 75,000 102,188
IDEX JCC Flexible Income
U. S. Treasury Bonds 6.500%, 11-15-2026 20,000 22,425
IDEX AEGON Income Plus
U. S. Treasury Bonds 11.875%, 11-15-2003 2,955,000 3,893,213
Preface to the Financial Statements
Statement of Assets and Liabilities
This schedule is also known as the Balance Sheet. Its objective is to report
the financial position (net worth) of your Fund. Items listed are the major
components of your Fund's net assets. Net Assets are derived by subtracting
liabilities from assets. Net Asset Value Per Share is Net Assets divided by the
Shares of Beneficial Interest Outstanding of the Fund. Items of particular
interest are defined below.
Assets Articles of value the Fund owns such as investments and receivables
Liabilities Obligations of the Fund such as expenses and payables
Net Assets The result of Assets less Liabilities
Net Assets Consist Of Composition of Net Assets in terms of Capital,
investments by shareholders and accumulated earnings and profits of the Fund
Shares of Beneficial Interest Outstanding The number of shares owned by
shareholders for each Share Class at the close of the period
Net Asset Value ("NAV") Per Share Net Assets attributable to a particular Class
of Shares divided by the shares outstanding of that Class
Maximum Offering Price Per Share The NAV plus the maximum sales load, if any,
attributable to the Share Class
Statement of Operations
This schedule is also known as the Income Statement. Its objective is to
provide a financial summary of the Fund's operations by listing the revenues
generated during
the period, expenses incurred during the period and the Fund's profits and/or
losses. Items of particular interest are defined below.
Investment Income Earnings on Fund investments such as dividends and interest
Expenses Expenses incurred by the Funds such as management fees
Net Investment Income The result of Investment Income less Expenses
Realized Gains or Losses Gains or Losses from the sale of investments
Unrealized Gains or Losses Represents the difference between the current market
value and the acquisition cost of securities currently held
Statement of Changes in Net Assets
The objective of this statement is to summarize, in comparative form, the
changes in net assets resulting from operations. For comparative purposes, the
two most recent reporting periods are provided. Items of particular interest
are defined below.
Operations Summarized information from the Statement of Operations
Distributions to Shareholders Capital Gains and Investment Income distributions
paid to shareholders
Change in Net Assets resulting from Shares of Beneficial Interest The change in
Net Assets due to share purchases, reinvestment of distributions and share
redemptions in the Fund
Undistributed Net Investment Income The amount of Net Investment Income that
was not distributed to shareholders
Financial Highlights
The objective of this table is to present all critical financial data in terms
of per share amounts. Beginning with the ending NAV from the prior period,
carrying through all current period income, capital gains and distributions to
arrive at the NAV at the end of the current period. Other specific detail
represented within the schedule is defined below.
Total Return The performance for an investment made exactly one year prior,
assuming no sales load
Expense Ratios The percentage of a Fund's average net assets used to pay its
annual advisory and administrative expenses
Portfolio Turnover A measure of Fund trading activity during the year. A
turnover ratio of 100% would represent a portfolio whose average holding period
for a security was one year. A higher percentage would represent a shorter
holding period. Funds with high turnover ratios incur higher transaction costs
and are more likely to realize and distribute capital gains
STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
April 30, 1999
All numbers (except per share amounts) in thousands
IDEX T. Rowe Price IDEX JCC
Small Cap Capital Apprec
Assets:
Investment securities, at market value $1,275 $54,109
Cash (1) 1 -
Receivables:
Investment securities sold 5 -
Shares of beneficial interest sold 3 125
Interest - -
Dividends - 4
Due from investment adviser 3 -
Forward foreign currency contracts - -
Other - 4
1,287 54,242
Liabilities:
Accounts payable:
Investment securities purchased 24 1,155
Shares of beneficial interest redeemed - -
Accrued liabilities:
Management and advisory fees - 46
Distribution fees 1 19
Transfer agent fees and expenses 5 18
Forward foreign currency contracts - -
Other 5 65
35 1,303
Net Assets $1,252 $52,939
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 1,233 32,897
Undistributed net investment loss or distribution
in excess of net investment income (2) (325)
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions (6) 7,038
Net unrealized appreciation of investments,
futures/options contracts and on
translation of assets and liabilities in
foreign currencies 27 13,329
Net Assets $1,252 $52,939
Investment securities, at cost $1,248 $40,780
Shares Of Beneficial Interest Outstanding:
Class A shares 50 1,704
Class B shares 39 360
Class M shares 34 120
Class T shares (2)
Net Asset Value Per Share:
Class A shares $10.16 $24.33
Class B shares $10.14 $23.91
Class M shares $10.15 $23.98
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $10.75 $25.75
Class M shares $10.25 $24.22
Class T shares (2)
See notes to the Balance Sheet at pages 82 and 83.
IDEX Pilgrim Baxter IDEX Alger
Mid Cap Growth Aggressive Growth
Assets:
Investment securities, at market value $829 $113,146
Cash (1) - 66
Receivables:
Investment securities sold - 727
Shares of beneficial interest sold 5 193
Interest - -
Dividends - 20
Due from investment adviser 3 -
Forward foreign currency contracts - -
Other - 10
837 114,162
Liabilities:
Accounts payable:
Investment securities purchased 62 1,112
Shares of beneficial interest redeemed - 6
Accrued liabilities:
Management and advisory fees - 58
Distribution fees - 51
Transfer agent fees and expenses 5 30
Forward foreign currency contracts - -
Other 5 41
72 1,298
Net Assets $765 $112,864
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 670 72,588
Undistributed net investment loss or
distribution in excess of net investment income (1) (605)
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 53 11,435
Net unrealized appreciation of investments,
futures/options contracts and on
translation of assets and liabilities
in foreign currencies 43 29,446
Net Assets $765 $112,864
Investment securities, at cost $786 $83,703
Shares Of Beneficial Interest Outstanding:
Class A shares 25 2,527
Class B shares 20 890
Class M shares 20 388
Class T shares (2)
Net Asset Value Per Share:
Class A shares $11.79 $29.82
Class B shares $11.78 $29.34
Class M shares $11.78 $29.41
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $12.48 $31.56
Class M shares $11.90 $29.71
Class T shares (2)
See notes to the Balance Sheet at pages 82 and 83.
IDEX GE/Scottish Eq IDEX JCC
International Equity Global
Assets:
Investment securities, at market value $7,338 $714,762
Cash (1) 5 85
Receivables:
Investment securities sold 317 7,300
Shares of beneficial interest sold 10 2,842
Interest - -
Dividends 25 778
Due from investment adviser 1 -
Forward foreign currency contracts - 3,563
Other 1 62
7,697 729,392
Liabilities:
Accounts payable:
Investment securities purchased 281 16,605
Shares of beneficial interest redeemed - 698
Accrued liabilities:
Management and advisory fees - 182
Distribution fees 3 355
Transfer agent fees and expenses 4 129
Forward foreign currency contracts - 215
Other 76 317
364 18,501
Net Assets $7,333 $710,891
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 6,436 528,067
Undistributed net investment loss or
distribution in excess of net investment income (30) (2,885)
Undistributed net realized gain (loss)
from investments, futures/options contracts
and foreign currency transactions (31) 977
Net unrealized appreciation of investments,
futures/options contracts and on
translation of assets and liabilities
in foreign currencies 958 184,732
Net Assets $7,333 $710,891
Investment securities, at cost $6,379 $533,412
Shares Of Beneficial Interest Outstanding:
Class A shares 455 13,570
Class B shares 110 6,831
Class M shares 32 3,788
Class T shares (2)
Net Asset Value Per Share:
Class A shares $12.31 $29.69
Class B shares $12.20 $29.03
Class M shares $12.22 $28.97
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $13.03 $31.42
Class M shares $12.34 $29.26
Class T shares (2)
See notes to the Balance Sheet at pages 82 and 83.
IDEX Salomon IDEX JCC
All Cap Growth
Assets:
Investment securities, at market value $577 $2,577,157
Cash (1) 3 376
Receivables:
Investment securities sold 18 14
Shares of beneficial interest sold 2 9,240
Interest - 129
Dividends - 216
Due from investment adviser 3 -
Forward foreign currency contracts - 1,740
Other 1 236
604 2,589,108
Liabilities:
Accounts payable:
Investment securities purchased 8 -
Shares of beneficial interest redeemed - 270
Accrued liabilities:
Management and advisory fees - 376
Distribution fees - 555
Transfer agent fees and expenses 5 343
Forward foreign currency contracts - 1,101
Other 5 348
18 2,993
Net Assets $586 $2,586,115
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 527 1,068,731
Undistributed net investment loss or
distribution in excess of net investment income - (5,335)
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 13 360,274
Net unrealized appreciation of investments,
futures/options contracts and on
translation of assets and liabilities in
foreign currencies 46 1,162,445
Net Assets $586 $2,586,115
Investment securities, at cost $534 $1,415,406
Shares Of Beneficial Interest Outstanding:
Class A shares 18 29,654
Class B shares 18 4,116
Class M shares 17 2,031
Class T shares (2) 25,511
Net Asset Value Per Share:
Class A shares $11.15 $42.03
Class B shares $11.14 $40.92
Class M shares $11.14 $41.09
Class T shares (2) $42.64
Maximum Offering Price Per Share (3):
Class A shares $11.80 $44.48
Class M shares $11.25 $41.51
Class T shares (2) $46.60
See notes to the Balance Sheet at pages 82 and 83.
IDEX Goldman IDEX C.A.S.E.
Sachs Growth Growth
Assets:
Investment securities, at market value $825 $8,066
Cash (1) 1 -
Receivables:
Investment securities sold 3 -
Shares of beneficial interest sold 2 1
Interest - -
Dividends - 4
Due from investment adviser 3 1
Forward foreign currency contracts - -
Other 1 1
835 8,073
Liabilities:
Accounts payable:
Investment securities purchased 5 -
Shares of beneficial interest redeemed - -
Accrued liabilities:
Management and advisory fees - -
Distribution fees - 4
Transfer agent fees and expenses 5 8
Forward foreign currency contracts - -
Other 5 32
15 44
Net Assets $820 $8,029
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 769 7,513
Undistributed net investment loss or
distribution in excess of net investment income (1) (58)
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions (3) 382
Net unrealized appreciation of investments,
futures/options contracts and on
translation of assets and liabilities in
foreign currencies 55 192
Net Assets $820 $8,029
Investment securities, at cost $771 $7,874
Shares Of Beneficial Interest Outstanding:
Class A shares 26 339
Class B shares 26 255
Class M shares 23 82
Class T shares (2)
Net Asset Value Per Share:
Class A shares $10.91 $11.96
Class B shares $10.90 $11.78
Class M shares $10.91 $11.81
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $11.54 $12.66
Class M shares $11.02 $11.93
Class T shares (2)
See notes to the Balance Sheet at pages 82 and 83.
IDEX NWQ IDEX T. Rowe Price
Value Equity Dividend Growth
Assets:
Investment securities, at market value $15,904 $873
Cash (1) 5 5
Receivables:
Investment securities sold - 7
Shares of beneficial interest sold 78 61
Interest - -
Dividends 10 1
Due from investment adviser 2 3
Forward foreign currency contracts - -
Other 2 -
16,001 950
Liabilities:
Accounts payable:
Investment securities purchased - 56
Shares of beneficial interest redeemed - -
Accrued liabilities:
Management and advisory fees - -
Distribution fees 8 -
Transfer agent fees and expenses 11 5
Forward foreign currency contracts - -
Other 14 5
33 66
Net Assets $15,968 $884
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 14,874 839
Undistributed net investment loss or
distribution in excess of net investment income (5) 1
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions (373) 2
Net unrealized appreciation of investments,
futures/options contracts and on
translation of assets and liabilities
in foreign currencies 1,472 42
Net Assets $15,968 $884
Investment securities, at cost $14,433 $831
Shares Of Beneficial Interest Outstanding:
Class A shares 708 27
Class B shares 449 29
Class M shares 143 27
Class T shares (2)
Net Asset Value Per Share:
Class A shares $12.35 $10.72
Class B shares $12.19 $10.71
Class M shares $12.21 $10.71
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $13.07 $11.34
Class M shares $12.33 $10.82
Class T shares (2)
See notes to the Balance Sheet at pages 82 and 83.
IDEX Dean IDEX LKCM
Asset AllocationStrategic Total Re
turn
Assets:
Investment securities, at market value $35,916 $56,793
Cash (1) 18 -
Receivables:
Investment securities sold - 256
Shares of beneficial interest sold 10 88
Interest 170 268
Dividends 26 32
Due from investment adviser - -
Forward foreign currency contracts - -
Other 4 5
36,144 57,442
Liabilities:
Accounts payable:
Investment securities purchased - 617
Shares of beneficial interest redeemed - 27
Accrued liabilities:
Management and advisory fees 17 29
Distribution fees 21 26
Transfer agent fees and expenses 15 20
Forward foreign currency contracts - -
Other 27 30
80 749
Net Assets $36,064 $56,693
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 33,011 46,810
Undistributed net investment loss or
distribution in excess
of net investment income 150 127
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions (168) 728
Net unrealized appreciation of investments,
futures/options contracts and on
translation of assets and liabilities in
foreign currencies 3,071 9,028
Net Assets $36,064 $56,693
Investment securities, at cost $32,844 $47,766
Shares Of Beneficial Interest Outstanding:
Class A shares 1,146 2,059
Class B shares 1,171 723
Class M shares 508 456
Class T shares (2)
Net Asset Value Per Share:
Class A shares $12.77 $17.52
Class B shares $12.76 $17.50
Class M shares $12.76 $17.50
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $13.51 $18.54
Class M shares $12.89 $17.68
Class T shares (2)
See notes to the Balance Sheet at pages 82 and 83.
IDEX JCC IDEX JCC
Balanced Flexible Income
Assets:
Investment securities, at market value $108,036 $24,505
Cash (1) 44 246
Receivables:
Investment securities sold 371 171
Shares of beneficial interest sold 1,187 326
Interest 811 474
Dividends 36 -
Due from investment adviser - -
Forward foreign currency contracts 2 -
Other 9 20
110,496 25,742
Liabilities:
Accounts payable:
Investment securities purchased 1,377 482
Shares of beneficial interest redeemed 116 -
Accrued liabilities:
Management and advisory fees 93 19
Distribution fees 59 12
Transfer agent fees and expenses 6 6
Forward foreign currency contracts 1 2
Other 46 26
1,698 547
Net Assets $108,798 $25,195
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 90,002 24,708
Undistributed net investment loss or
distribution in excess
of net investment income 185 61
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 3,157 33
Net unrealized appreciation of investments,
futures/options contracts and on
translation of assets and liabilities in
foreign currencies 15,454 393
Net Assets $108,798 $25,195
Investment securities, at cost $92,588 $24,114
Shares Of Beneficial Interest Outstanding:
Class A shares 2,411 1,574
Class B shares 2,478 636
Class M shares 947 352
Class T shares (2)
Net Asset Value Per Share:
Class A shares $18.66 $9.83
Class B shares $18.62 $9.83
Class M shares $18.63 $9.83
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $19.75 $10.32
Class M shares $18.82 $9.93
Class T shares (2)
See notes to the Balance Sheet at pages 82 and 83.
IDEX AEGON IDEX AEGON
Income Plus Tax Exempt
Assets:
Investment securities, at market value $84,136 $24,617
Cash (1) 18 113
Receivables:
Investment securities sold - -
Shares of beneficial interest sold 82 5
Interest 1,505 341
Dividends - -
Due from investment adviser - -
Forward foreign currency contracts - -
Other 8 3
85,749 25,079
Liabilities:
Accounts payable:
Investment securities purchased - -
Shares of beneficial interest redeemed 3 -
Accrued liabilities:
Management and advisory fees 41 13
Distribution fees 33 8
Transfer agent fees and expenses 18 6
Forward foreign currency contracts - -
Other 27 18
122 45
Net Assets $85,627 $25,034
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 85,848 24,131
Undistributed net investment loss or
distribution in excess
of net investment income 307 30
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 335 221
Net unrealized appreciation of investments,
futures/options contracts and on
translation of assets and liabilities in
foreign currencies (863) 652
Net Assets $85,627 $25,034
Investment securities, at cost $84,998 $23,964
Shares Of Beneficial Interest Outstanding:
Class A shares 6,546 1,858
Class B shares 970 93
Class M shares 866 207
Class T shares (2)
Net Asset Value Per Share:
Class A shares $10.22 $11.59
Class B shares $10.21 $11.59
Class M shares $10.21 $11.59
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $10.73 $12.17
Class M shares $10.31 $11.71
Class T shares (2)
See notes to the Balance Sheet at pages 82 and 83.
(1) IDEX GE/Scottish Equitable International Equity cash balance includes
foreign cash of $ 6 with a cost of $ 6.
(2) Class T shares are not available to new investors; only existing Class T
shareholders may purchase additional Class T shares.
(3) Includes the maximum selling commission (represented as a percentage of
offering price) which is reduced on certain levels of sales as set forth in the
Prospectus. Net asset value per share for Class B shares represents offering
price. The redemption price for Class B and Class M shares equals
net asset value less any applicable contingent deferred sales charges.
The notes to the financial statements are an integral part of these statements.
STATEMENTS OF OPERATIONS (unaudited)
For the six months ended April 30, 1999
All numbers in thousands
IDEX T. Rowe Price IDEX JCC
Small Cap (1)Capital Appreciation
Investment Income:
Interest $1 $23
Dividends - 21
Withholding taxes on foreign dividends - -
1 44
Expenses:
Management and advisory fees 1 185
Transfer agent fees and expenses 5 66
Custody and accounting fees and expenses 2 33
Registration fees 5 30
Trustees fees and expenses - 2
Audit fees and expenses 1 2
Other - 9
Distribution and service fees:
Class A - 52
Class B 1 27
Class M 1 8
Gross Expenses 16 414
Less fee waivers and reimbursements by the
investment adviser (13) (49)
Less custodian earnings credits - -
Net Expenses 3 365
Net Investment Loss (2) (321)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments (6) 7,146
Futures/options contracts - -
Foreign currency transactions - 6
(6) 7,152
Unrealized Gain (Loss) on Investments, Futures/Options
Contracts andForeign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 27 9,764
Futures/Options contracts - -
Translation of assets and liabilities denominated
in foreign currency - -
27 9,764
Net Gain on Investments, Futures/Options Contracts
and Foreign Currency Transactions 21 16,916
Net Increase in Net Assets Resulting from Operations $19 $16,595
IDEX Pilgrim Baxter IDEX Alger
Mid Cap Growth (1) Aggressive Growth
Investment Income:
Interest $1 $91
Dividends - 141
Withholding taxes on foreign dividends - (1)
1 231
Expenses:
Management and advisory fees 1 399
Transfer agent fees and expenses 5 188
Custody and accounting fees and expenses 2 21
Registration fees 5 33
Trustees fees and expenses - 5
Audit fees and expenses 1 3
Other 1 26
Distribution and service fees:
Class A - 108
Class B - 86
Class M - 37
Gross Expenses 15 906
Less fee waivers and reimbursements by the investment
adviser (13) (76)
Less custodian earnings credits - -
Net Expenses 2 830
Net Investment Loss (1) (599)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 53 11,645
Futures/options contracts - -
Foreign currency transactions - -
53 11,645
Unrealized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 43 15,678
Futures/Options contracts - -
Translation of assets and liabilities denominated
in foreign currency - -
43 15,678
Net Gain on Investments, Futures/Options Contracts
and Foreign Currency Transactions 96 27,323
Net Increase in Net Assets Resulting from Operations $95 $26,724
IDEX GE/Scottish Eq IDEX JCC
International Equity Global
Investment Income:
Interest $4 $1,500
Dividends 46 1,642
Withholding taxes on foreign dividends (4) (136)
46 3,006
Expenses:
Management and advisory fees 33 2,974
Transfer agent fees and expenses 14 644
Custody and accounting fees and expenses 42 278
Registration fees 24 67
Trustees fees and expenses - 26
Audit fees and expenses 2 8
Other 3 100
Distribution and service fees:
Class A 10 622
Class B 6 772
Class M 2 383
Gross Expenses 136 5,874
Less fee waivers and reimbursements by the investment
adviser (60) -
Less custodian earnings credits - (11)
Net Expenses 76 5,863
Net Investment Loss (30) (2,857)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 253 5,227
Futures/options contracts 12 1,026
Foreign currency transactions 19 (3,006)
284 3,247
Unrealized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 692 108,812
Futures/Options contracts - -
Translation of assets and liabilities denominated
in foreign currency - 8,106
692 116,918
Net Gain on Investments, Futures/Options Contracts
and Foreign Currency Transactions 976 120,165
Net Increase in Net Assets Resulting from Operations $946 $117,308
IDEX Salomon IDEX JCC
All Cap (1) Growth
Investment Income:
Interest $1 $4,489
Dividends 1 4,272
Withholding taxes on foreign dividends - 8
2 8,769
Expenses:
Management and advisory fees 1 9,471
Transfer agent fees and expenses 5 1,364
Custody and accounting fees and expenses 2 80
Registration fees 5 92
Trustees fees and expenses - 107
Audit fees and expenses 1 19
Other 1 253
Distribution and service fees:
Class A - 1,841
Class B - 464
Class M - 277
Gross Expenses 15 13,968
Less fee waivers and reimbursements by the investment
adviser (13) -
Less custodian earnings credits - (7)
Net Expenses 2 13,961
Net Investment Loss - (5,192)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 15 360,147
Futures/options contracts (2) -
Foreign currency transactions - (424)
13 359,723
Unrealized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 48 398,732
Futures/Options contracts (1) -
Translation of assets and liabilities denominated
in foreign currency - 1,276
47 400,008
Net Gain on Investments, Futures/Options Contracts
and Foreign Currency Transactions 60 759,731
Net Increase in Net Assets Resulting from Operations $60 $754,539
IDEX Goldman IDEX C.A.S.E.
Sachs Growth (1) Growth
Investment Income:
Interest $- $2
Dividends 1 21
Withholding taxes on foreign dividends - -
1 23
Expenses:
Management and advisory fees 1 37
Transfer agent fees and expenses 5 25
Custody and accounting fees and expenses 2 19
Registration fees 5 20
Trustees fees and expenses - -
Audit fees and expenses 1 3
Other 1 2
Distribution and service fees:
Class A - 7
Class B - 14
Class M - 4
Gross Expenses 15 131
Less fee waivers and reimbursements by the investment
adviser (13) (51)
Less custodian earnings credits - -
Net Expenses 2 80
Net Investment Loss (1) (57)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments (3) 392
Futures/options contracts - -
Foreign currency transactions - -
(3) 392
Unrealized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 55 1,649
Futures/Options contracts - -
Translation of assets and liabilities denominated in
foreign currency - -
55 1,649
Net Gain on Investments, Futures/Options Contracts
and Foreign Currency Transactions 52 2,041
Net Increase in Net Assets Resulting from Operations $51 $1,984
IDEX NWQ IDEX T. Rowe Price
Value EquityDividend Growth (1)
Investment Income:
Interest $53 $1
Dividends 90 2
Withholding taxes on foreign dividends - -
143 3
Expenses:
Management and advisory fees 68 1
Transfer agent fees and expenses 41 5
Custody and accounting fees and expenses 17 2
Registration fees 24 5
Trustees fees and expenses - -
Audit fees and expenses 2 1
Other 4 1
Distribution and service fees:
Class A 14 -
Class B 24 -
Class M 8 -
Gross Expenses 202 15
Less fee waivers and reimbursements by the investment
adviser (55) (13)
Less custodian earnings credits - -
Net Expenses 147 2
Net Investment Loss (4) 1
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments (374) 2
Futures/options contracts - -
Foreign currency transactions - -
(374) 2
Unrealized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 2,297 42
Futures/Options contracts - -
Translation of assets and liabilities denominated
in foreign currency - -
2,297 42
Net Gain on Investments, Futures/Options Contracts
and Foreign Currency Transactions 1,923 44
Net Increase in Net Assets Resulting from Operations $1,919 $45
IDEX Dean IDEX LKCM
Asset Allocation Strgc Ttl Return
Investment Income:
Interest $461 $516
Dividends 220 231
Withholding taxes on foreign dividends - (1)
681 746
Expenses:
Management and advisory fees 174 244
Transfer agent fees and expenses 58 87
Custody and accounting fees and expenses 20 22
Registration fees 21 28
Trustees fees and expenses - 1
Audit fees and expenses 3 3
Other 9 11
Distribution and service fees:
Class A 26 60
Class B 75 55
Class M 32 33
Gross Expenses 418 544
Less fee waivers and reimbursements by the investment
adviser (24) (30)
Less custodian earnings credits - -
Net Expenses 394 514
Net Investment Loss 287 232
Realized Gain (Loss) on Investments, Futures/Options
Contracts and
Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments (168) 1,103
Futures/options contracts - -
Foreign currency transactions - -
(168) 1,103
Unrealized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 941 3,731
Futures/Options contracts - -
Translation of assets and liabilities denominated
in foreign currency - -
941 3,731
Net Gain on Investments, Futures/Options Contracts
and Foreign Currency Transactions 773 4,834
Net Increase in Net Assets Resulting from Operations $1,060 $5,066
IDEX JCC IDEX JCC
Balanced Flexible Income
Investment Income:
Interest $748 $786
Dividends 191 7
Withholding taxes on foreign dividends - -
939 793
Expenses:
Management and advisory fees 338 95
Transfer agent fees and expenses 71 24
Custody and accounting fees and expenses 28 24
Registration fees 40 23
Trustees fees and expenses 6 1
Audit fees and expenses 3 5
Other 13 4
Distribution and service fees:
Class A 56 26
Class B 129 22
Class M 43 11
Gross Expenses 727 235
Less fee waivers and reimbursements by the investment
adviser - (11)
Less custodian earnings credits (1) (1)
Net Expenses 726 223
Net Investment Loss 213 570
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 3,156 163
Futures/options contracts - 64
Foreign currency transactions 1 -
3,157 227
Unrealized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 11,184 (284)
Futures/Options contracts - 4
Translation of assets and liabilities denominated in
foreign currency - (3)
11,184 (283)
Net Gain on Investments, Futures/Options Contracts
and Foreign Currency Transactions 14,341 (56)
Net Increase in Net Assets Resulting from Operations $14,554 $514
IDEX AEGON IDEX AEGON
Income Plus Tax Exempt
Investment Income:
Interest $2,742 $631
Dividends 273 -
Withholding taxes on foreign dividends - -
3,015 631
Expenses:
Management and advisory fees 237 74
Transfer agent fees and expenses 66 15
Custody and accounting fees and expenses 23 20
Registration fees 24 22
Trustees fees and expenses 2 -
Audit fees and expenses 4 5
Other 11 5
Distribution and service fees:
Class A 114 38
Class B 39 5
Class M 28 6
Gross Expenses 548 190
Less fee waivers and reimbursements by the investment
adviser - (14)
Less custodian earnings credits (5) (3)
Net Expenses 543 173
Net Investment Loss 2,472 458
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 334 220
Futures/options contracts - -
Foreign currency transactions - -
334 220
Unrealized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments (517) (517)
Futures/Options contracts - -
Translation of assets and liabilities denominated
in foreign currency - -
(517) (517)
Net Gain on Investments, Futures/Options Contracts
and Foreign Currency Transactions (183) (297)
Net Increase in Net Assets Resulting from Operations $2,289 $161
(1) From commencement of investment operations on March 1, 1999 through April
30, 1999.
The notes to the financial statements are an integral part of these statements.
STATEMENTS OF CHANGES IN NET ASSETS
All numbers in thousands
IDEX T. Rowe Price
Small Cap
Increase (Decrease) In Net Assets From: 1999 (4)
Operations:
Net investment income (loss) $(2)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (6)
Net unrealized appreciation (depreciation)
during the period 27
19
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class M (3) -
Class T
-
From net realized gains:
Class A -
Class B -
Class M (3) -
Class T
-
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 496
Class B 393
Class M (3) 344
Class T
1,233
1,252
Net increase (decrease) in net assets
Net Assets:
Beginning of period -
End of period $1,252
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(2)
IDEX JCC
Capital Appreciation
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $(321) $(406)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 7,152 3,248
Net unrealized appreciation (depreciation)
during the period 9,764 50
16,595 2,892
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (3) - -
Class T
- -
From net realized gains:
Class A (2,403) (589)
Class B (417) (82)
Class M (3) (141) (47)
Class T
(2,961) (718)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 6,734 1,303
Class B 2,839 691
Class M (3) 818 (476)
Class T
10,391 1,518
24,025 3,692
Net increase (decrease) in net assets
Net Assets:
Beginning of period 28,914 25,222
End of period $52,939 $28,914
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(325) $(3)
IDEX Pilgrim Baxter
Mid Cap Growth
Increase (Decrease) In Net Assets From: 1999 (4)
Operations:
Net investment income (loss) $(1)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 53
Net unrealized appreciation (depreciation)
during the period 43
95
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class M (3) -
Class T
-
From net realized gains:
Class A -
Class B -
Class M (3) -
Class T
-
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 259
Class B 203
Class M (3) 208
Class T
670
765
Net increase (decrease) in net assets
Net Assets:
Beginning of period -
End of period $765
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(1)
IDEX Alger
Aggressive Growth
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $(599) $(650)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 11,645 3,253
Net unrealized appreciation (depreciation)
during the period 15,678 7,048
26,724 9,651
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (3) - -
Class T
- -
From net realized gains:
Class A (2,492) (1,015)
Class B (621) (163)
Class M (3) (321) (110)
Class T
(3,434) (1,288)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 12,094 8,620
Class B 11,254 4,565
Class M (3) 3,676 1,394
Class T
27,024 14,579
50,314 22,942
Net increase (decrease) in net assets
Net Assets:
Beginning of period 62,550 39,608
End of period $112,864 $62,550
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(605) $(5)
IDEX GE/Scottish
Equitable International Equity
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $(30) $(19)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 284 (286)
Net unrealized appreciation (depreciation)
during the period 692 335
946 30
Distributions To Shareholders:
From net investment income:
Class A - (20)
Class B - (1)
Class M (3) - (1)
Class T
- (22)
From net realized gains:
Class A - -
Class B - -
Class M (3) - -
Class T
- -
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A (108) 1,879
Class B (29) 641
Class M (3) (52) (16)
Class T
(189) 2,504
757 2,512
Net increase (decrease) in net assets
Net Assets:
Beginning of period 6,576 4,064
End of period $7,333 $6,576
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(30) $-
IDEX JCC
Global
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $(2,857) $(2,496)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 3,247 (2,828)
Net unrealized appreciation (depreciation)
during the period 116,918 32,057
117,308 26,733
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (3) - -
Class T
- -
From net realized gains:
Class A - (19,124)
Class B - (4,194)
Class M (3) - (2,552)
Class T
- (25,870)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 34,549 72,572
Class B 58,624 70,019
Class M (3) 29,778 37,336
Class T
122,951 179,927
240,259 180,790
Net increase (decrease) in net assets
Net Assets:
Beginning of period 470,632 289,842
End of period $710,891 $470,632
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(2,885) $(28)
IDEX Salomon
All Cap
Increase (Decrease) In Net Assets From: 1999 (4)
Operations:
Net investment income (loss) $-
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 13
Net unrealized appreciation (depreciation)
during the period 47
60
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class M (3) -
Class T
-
From net realized gains:
Class A -
Class B -
Class M (3) -
Class T
-
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 178
Class B 180
Class M (3) 168
Class T
526
586
Net increase (decrease) in net assets
Net Assets:
Beginning of period -
End of period $586
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $-
IDEX JCC
Growth
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $(5,192) $(5,859)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 359,723 21,456
Net unrealized appreciation (depreciation)
during the period 400,008 416,705
754,539 432,302
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (3) - -
Class T - (802)
- (802)
From net realized gains:
Class A (10,777) (80,490)
Class B (715) (1,902)
Class M (3) (428) (1,933)
Class T (9,789) (78,155)
(21,709) (162,480)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 68,771 71,245
Class B 100,938 23,928
Class M (3) 7,952 37,693
Class T 3,031 25,693
180,692 158,559
913,522 427,579
Net increase (decrease) in net assets
Net Assets:
Beginning of period 1,672,593 1,245,014
End of period $2,586,115 $1,672,593
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(5,335) $(143)
IDEX Goldman
Sachs Growth
Increase (Decrease) In Net Assets From: 1999 (4)
Operations:
Net investment income (loss) $(1)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (3)
Net unrealized appreciation (depreciation)
during the period 55
51
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class M (3) -
Class T
-
From net realized gains:
Class A -
Class B -
Class M (3) -
Class T
-
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 266
Class B 266
Class M (3) 237
Class T
769
820
Net increase (decrease) in net assets
Net Assets:
Beginning of period -
End of period $820
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(1)
IDEX C.A.S.E.
Growth
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $(57) $(90)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 392 820
Net unrealized appreciation (depreciation)
during the period 1,649 (2,025)
1,984 (1,295)
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (3) - -
Class T
- -
From net realized gains:
Class A (341) (340)
Class B (205) (191)
Class M (3) (65) (157)
Class T
(611) (688)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A (983) 1,293
Class B 80 656
Class M (3) (64) (727)
Class T
(967) 1,222
406 (761)
Net increase (decrease) in net assets
Net Assets:
Beginning of period 7,623 8,384
End of period $8,029 $7,623
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(58) $(1)
IDEX NWQ
Value Equity
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $(4) $(38)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (374) 398
Net unrealized appreciation (depreciation)
during the period 2,297 (1,499)
1,919 (1,139)
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (3) - -
Class T
- -
From net realized gains:
Class A (191) (23)
Class B (123) (11)
Class M (3) (46) (7)
Class T
(360) (41)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A (194) 3,324
Class B (38) 2,577
Class M (3) (427) 585
Class T
(659) 6,486
900 5,306
Net increase (decrease) in net assets
Net Assets:
Beginning of period 15,068 9,762
End of period $15,968 $15,068
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $(5) $(1)
IDEX T. Rowe Price
Dividend Growth
Increase (Decrease) In Net Assets From: 1999 (4)
Operations:
Net investment income (loss) $1
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 2
Net unrealized appreciation (depreciation)
during the period 42
45
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class M (3) -
Class T
-
From net realized gains:
Class A -
Class B -
Class M (3) -
Class T
-
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 270
Class B 298
Class M (3) 271
Class T
839
884
Net increase (decrease) in net assets
Net Assets:
Beginning of period -
End of period $884
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $1
IDEX Dean
Asset Allocation
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $287 $489
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (168) 1,854
Net unrealized appreciation (depreciation)
during the period 941 (467)
1,060 1,876
Distributions To Shareholders:
From net investment income:
Class A (128) (229)
Class B (79) (122)
Class M (3) (41) (71)
Class T
(248) (422)
From net realized gains:
Class A (762) (688)
Class B (741) (562)
Class M (3) (354) (302)
Class T
(1,857) (1,552)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A (682) 3,481
Class B 671 4,970
Class M (3) (648) 2,289
Class T
(659) 10,740
(1,704) 10,642
Net increase (decrease) in net assets
Net Assets:
Beginning of period 37,768 27,126
End of period $36,064 $37,768
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $150 $111
IDEX LKCM
Strategic Total Return
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $232 $455
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 1,103 463
Net unrealized appreciation (depreciation)
during the period 3,731 1,265
5,066 2,183
Distributions To Shareholders:
From net investment income:
Class A (194) (340)
Class B (29) (42)
Class M (3) (23) (42)
Class T
(246) (424)
From net realized gains:
Class A (414) (961)
Class B (133) (225)
Class M (3) (89) (199)
Class T
(636) (1,385)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 1,294 10,079
Class B 1,994 5,034
Class M (3) 400 2,675
Class T
3,688 17,788
7,872 18,162
Net increase (decrease) in net assets
Net Assets:
Beginning of period 48,821 30,659
End of period $56,693 $48,821
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $127 $141
IDEX JCC
Balanced
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $213 $239
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 3,157 228
Net unrealized appreciation (depreciation)
during the period 11,184 2,767
14,554 3,234
Distributions To Shareholders:
From net investment income:
Class A (64) (175)
Class B (13) (17)
Class M (3) (6) (12)
Class T
(83) (204)
From net realized gains:
Class A (129) (1,280)
Class B (87) (260)
Class M (3) (32) (158)
Class T
(248) (1,698)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 14,935 8,745
Class B 29,024 9,015
Class M (3) 10,808 3,158
Class T
54,767 20,918
68,990 22,250
Net increase (decrease) in net assets
Net Assets:
Beginning of period 39,808 17,558
End of period $108,798 $39,808
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $185 $56
IDEX JCC
Flexible Income
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $570 $1,044
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 227 254
Net unrealized appreciation (depreciation)
during the period (283) (129)
514 1,169
Distributions To Shareholders:
From net investment income:
Class A (391) (920)
Class B (103) (66)
Class M (3) (57) (72)
Class T
(551) (1,058)
From net realized gains:
Class A - -
Class B - -
Class M (3) - -
Class T
- -
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 520 (676)
Class B 3,881 1,641
Class M (3) 1,267 1,282
Class T
5,668 2,247
5,631 2,358
Net increase (decrease) in net assets
Net Assets:
Beginning of period 19,564 17,206
End of period $25,195 $19,564
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $61 $42
IDEX AEGON
Income Plus
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $2,472 $4,651
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 334 1,445
Net unrealized appreciation (depreciation)
during the period (517) (3,738)
2,289 2,358
Distributions To Shareholders:
From net investment income:
Class A (2,058) (4,224)
Class B (214) (170)
Class M (3) (185) (274)
Class T
(2,457) (4,668)
From net realized gains:
Class A (1,219) (1,318)
Class B (128) (38)
Class M (3) (98) (77)
Class T
(1,445) (1,433)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A 4,719 1,203
Class B 5,030 3,450
Class M (3) 4,883 845
Class T
14,632 5,498
13,019 1,755
Net increase (decrease) in net assets
Net Assets:
Beginning of period 72,608 70,853
End of period $85,627 $72,608
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $307 $293
IDEX AEGON
Tax Exempt
Increase (Decrease) In Net Assets From: 1999 (1) 1998 (2)
Operations:
Net investment income (loss) $458 $990
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 220 449
Net unrealized appreciation (depreciation)
during the period (517) 233
161 1,672
Distributions To Shareholders:
From net investment income:
Class A (430) (925)
Class B (15) (14)
Class M (3) (33) (40)
Class T
(478) (979)
From net realized gains:
Class A (365) (306)
Class B (15) (4)
Class M (3) (30) (12)
Class T
(410) (322)
Net Increase (Decrease) in Net Assets from Shares Of
Beneficial Interest Transactions:
Class A (121) (1,369)
Class B 455 272
Class M (3) 853 682
Class T
1,187 (415)
460 (44)
Net increase (decrease) in net assets
Net Assets:
Beginning of period 24,574 24,618
End of period $25,034 $24,574
Undistributed Net Investment Income (Loss) or
(Distribution in Excess of Net Investment Income): $30 $51
(1) For the six month period ended April 30, 1999, unaudited.
(2) For the year ended October 31, 1998.
(3) On March 1, 1999, the Fund changed the organizational structure of C
shares and renamed them M shares.
(4) From commencement of investment operations on March 1, 1999 through April
30, 1999, unaudited.
The notes to the financial statements are an integral part of these statements.
FINANCIAL HIGHLIGHTS (unaudited)
For a share of beneficial interest outstanding throughout each period:
Investment Operations
Net Asset
Year or Value, Net Net Realized
Period Beginning Investment and Unrealized
Ended of Period Income (Loss) Gain (Loss)
IDEX T. Rowe Price Small Cap
Class A 4/30/99 (1) $10.00 $(0.01) $0.17
Class B 4/30/99 (1) 10.00 (0.03) 0.17
Class M 4/30/99 (1) (2) 10.00 (0.02) 0.17
IDEX JCC Capital Appreciation
Class A 4/30/99 16.97 (0.10) 9.27
10/31/98 15.90 0.01 1.51
10/31/97 15.49 0.04 0.58
10/31/96 (3) 15.75 (0.02) (0.24)
9/30/96 (4) 13.54 (0.02) 3.12
9/30/95 (5) 10.00 (0.03) 3.57
Class B 4/30/99 16.72 (0.27) 9.27
10/31/98 15.74 (0.08) 1.51
10/31/97 15.42 (0.05) 0.58
10/31/96 (3) 15.69 (0.03) (0.24)
9/30/96 13.49 (0.10) 3.12
Class M 4/30/99 (2) 16.76 (0.24) 9.27
10/31/98 15.77 (0.07) 1.51
10/31/97 15.43 (0.03) 0.58
10/31/96 (3) 15.70 (0.03) (0.24)
9/30/96 (4) 13.49 (0.08) 3.12
9/30/95 (5) 10.00 (0.08) 3.57
IDEX Pilgrim Baxter Mid Cap Growth
Class A 4/30/99 (1) 10.00 (0.01) 1.80
Class B 4/30/99 (1) 10.00 (0.02) 1.80
Class M 4/30/99 (1) (2) 10.00 (0.02) 1.80
IDEX Alger Aggressive Growth
Class A 4/30/99 22.24 (0.07) 8.83
10/31/98 18.77 0.03 4.02
10/31/97 15.70 0.05 3.69
10/31/96 (3) 15.75 (0.01) (0.04)
9/30/96 (4) 17.68 (0.15) (0.76)
9/30/95 (5) 10.00 (0.14) 7.82
Class B 4/30/99 21.93 (0.24) 8.83
10/31/98 18.58 (0.09) 4.02
10/31/97 15.58 (0.02) 3.69
10/31/96 (3) 15.63 (0.01) (0.04)
9/30/96 (4) 17.64 (0.23) (0.76)
Class M 4/30/99 (2) 21.98 (0.22) 8.83
10/31/98 18.61 (0.07) 4.02
10/31/97 15.60 (0.01) 3.69
10/31/96 (3) 15.65 (0.01) (0.04)
9/30/96 (4) 17.64 (0.21) (0.76)
9/30/95 (5) 10.00 (0.18) 7.82
IDEX GE/SE International Equity
Class A 4/30/99 10.77 (0.03) 1.57
10/31/98 (4) 10.57 0.07 0.20
10/31/97 (6) 10.00 0.07 0.50
Class B 4/30/99 10.71 (0.08) 1.57
10/31/98 (4) 10.52 - 0.20
10/31/97 (6) 10.00 0.02 0.50
Class M 4/30/99 (2) 10.72 (0.07) 1.57
10/31/98 (4) 10.53 0.01 0.20
10/31/97 (6) 10.00 0.03 0.50
IDEX JCC Global
Class A 4/30/99 $24.09 $- $5.60
10/31/98 (4) 23.74 0.08 2.34
10/31/97 21.39 0.07 4.38
10/31/96 (3) 21.40 (0.02) 0.01
9/30/96 17.73 (0.09) 4.38
9/30/95 15.93 (0.06) 2.42
Class B 4/30/99 23.62 (0.19) 5.60
10/31/98 (4) 23.38 (0.03) 2.34
10/31/97 21.13 (0.03) 4.38
10/31/96 (3) 21.14 (0.02) 0.01
9/30/96 17.57 (0.19) 4.38
Class M 4/30/99 (2) 23.56 (0.19) 5.60
10/31/98 (4) 23.30 (0.01) 2.34
10/31/97 21.03 (0.01) 4.38
10/31/96 (3) 21.04 (0.02) 0.01
9/30/96 17.46 (0.18) 4.38
9/30/95 15.74 (0.14) 2.42
IDEX Salomon All Cap
Class A 4/30/99 (1) 10.00 - 1.15
Class B 4/30/99 (1) 10.00 (0.01) 1.15
Class M 4/30/99 (1) (2) 10.00 (0.01) 1.15
IDEX JCC Growth
Class A 4/30/99 29.35 (0.11) 13.18
10/31/98 25.04 (0.02) 7.64
10/31/97 21.97 (0.02) 3.56
10/31/96 (3) 22.21 - (0.24)
9/30/96 22.84 (0.11) 4.66
9/30/95 16.78 (0.05) 6.18
Class B 4/30/99 28.63 (0.50) 13.18
10/31/98 24.55 (0.25) 7.64
10/31/97 21.60 (0.14) 3.56
10/31/96 (3) 21.85 (0.01) (0.24)
9/30/96 22.64 (0.27) 4.66
Class M 4/30/99 (2) 28.74 (0.44) 13.18
10/31/98 24.62 (0.21) 7.64
10/31/97 21.65 (0.12) 3.56
10/31/96 (3) 21.91 (0.02) (0.24)
9/30/96 22.64 (0.21) 4.66
9/30/95 16.68 (0.15) 6.18
Class T 4/30/99 29.74 0.11 13.18
10/31/98 (4) 25.31 0.13 7.64
10/31/97 22.17 0.05 3.56
10/31/96 (3) 22.41 - (0.24)
9/30/96 (7) 22.23 - 0.18
IDEX Goldman Sachs Growth
Class A 4/30/99 (1) 10.00 (0.01) 0.92
Class B 4/30/99 (1) 10.00 (0.02) 0.92
Class M 4/30/99 (1) (2) 10.00 (0.01) 0.92
IDEX C.A.S.E. Growth
Class A 4/30/99 $10.14 $(0.05) $2.71
10/31/98 12.90 0.03 (1.84)
10/31/97 (4) 10.56 (0.01) 2.86
10/31/96 (3) 10.46 (0.07) 0.17
9/30/96 (8) 10.00 0.61 (0.15)
Class B 4/30/99 10.02 (0.11) 2.71
10/31/98 12.85 (0.04) (1.84)
10/31/97 (4) 10.51 (0.07) 2.86
10/31/96 (3) 10.41 (0.07) 0.17
9/30/96 (8) 10.00 0.56 (0.15)
Class M 4/30/99 (2) 10.04 (0.10) 2.71
10/31/98 12.86 (0.03) (1.84)
10/31/97 (4) 10.52 (0.06) 2.86
10/31/96 (3) 10.42 (0.07) 0.17
9/30/96 (8) 10.00 0.57 (0.15)
IDEX NWQ Value Equity
Class A 4/30/99 11.09 0.02 1.51
10/31/98 11.71 0.03 (0.61)
10/31/97 (6) 10.00 0.02 1.69
Class B 4/30/99 10.98 (0.03) 1.51
10/31/98 11.67 (0.04) (0.61)
10/31/97 (6) 10.00 (0.02) 1.69
Class M 4/30/99 (2) 11.00 (0.03) 1.51
10/31/98 11.67 (0.02) (0.61)
10/31/97 (6) 10.00 (0.02) 1.69
IDEX T. Rowe Price Dividend Growth
Class A 4/30/99 (1) 10.00 0.02 0.70
Class B 4/30/99 (1) 10.00 0.01 0.70
Class M 4/30/99 (1) (2) 10.00 0.01 0.70
IDEX Dean Asset Allocation
Class A 4/30/99 13.14 0.28 0.11
10/31/98 13.19 0.22 0.67
10/31/97 11.19 0.19 2.02
10/31/96 (3) 11.03 0.02 0.14
9/30/96 10.00 0.08 1.03
Class B 4/30/99 13.13 0.24 0.11
10/31/98 13.18 0.14 0.67
10/31/97 11.18 0.11 2.02
10/31/96 (3) 11.02 0.02 0.14
9/30/96 10.00 - 1.03
Class M 4/30/99 (2) 13.13 0.24 0.11
10/31/98 13.18 0.15 0.67
10/31/97 11.18 0.12 2.02
10/31/96 (3) 11.03 0.01 0.14
9/30/96 10.00 0.02 1.03
IDEX LKCM Strategic Total Return
Class A 4/30/99 $16.18 $0.11 $1.54
10/31/98 15.91 0.21 0.94
10/31/97 13.43 0.20 2.79
10/31/96 (3) 13.27 0.01 0.15
9/30/96 11.74 0.20 1.65
9/30/95 (5) 10.00 0.09 1.75
Class B 4/30/99 16.17 0.05 1.54
10/31/98 15.89 0.11 0.94
10/31/97 13.42 0.10 2.79
10/31/96 (3) 13.27 - 0.15
9/30/96 11.73 0.13 1.65
Class M 4/30/99 (2) 16.17 0.05 1.54
10/31/98 15.90 0.12 0.94
10/31/97 13.42 0.12 2.79
10/31/96 (3) 13.27 - 0.15
9/30/96 11.73 0.15 1.65
9/30/95 (5) 10.00 0.03 1.75
IDEX JCC Balanced
Class A 4/30/99 14.75 0.07 3.96
10/31/98 14.34 0.15 1.76
10/31/97 13.58 0.19 2.52
10/31/96 (3) 13.47 0.01 0.10
9/30/96 11.47 0.24 2.25
9/30/95 (5) 10.00 0.05 1.47
Class B 4/30/99 14.74 0.01 3.96
10/31/98 14.33 0.06 1.76
10/31/97 13.56 0.12 2.52
10/31/96 (3) 13.46 - 0.10
9/30/96 11.47 0.15 2.25
Class M 4/30/99 (2) 14.74 0.03 3.96
10/31/98 14.33 0.07 1.76
10/31/97 13.57 0.12 2.52
10/31/96 (3) 13.46 0.01 0.10
9/30/96 11.47 0.16 2.25
9/30/95 (5) 10.00 0.01 1.47
IDEX JCC Flexible Income
Class A 4/30/99 9.84 0.28 (0.01)
10/31/98 9.75 0.61 0.10
10/31/97 9.33 0.61 0.42
10/31/96 (3) 9.19 0.05 0.14
9/30/96 9.17 0.60 -
9/30/95 8.83 0.61 0.37
Class B 4/30/99 9.83 0.25 (0.01)
10/31/98 9.75 0.54 0.10
10/31/97 9.32 0.56 0.42
10/31/96 (3) 9.18 0.05 0.14
9/30/96 9.17 0.53 -
Class M 4/30/99 (2) 9.84 0.25 (0.01)
10/31/98 9.75 0.56 0.10
10/31/97 9.32 0.57 0.42
10/31/96 (3) 9.18 0.05 0.14
9/30/96 9.17 0.54 -
9/30/95 8.83 0.56 0.37
IDEX AEGON Income Plus
Class A 4/30/99 $10.43 $0.33 $(0.01)
10/31/98 10.96 0.69 (0.30)
10/31/97 10.61 0.76 0.44
10/31/96 (3) 10.41 0.04 0.22
9/30/96 10.36 0.72 0.04
9/30/95 9.75 0.75 0.71
Class B 4/30/99 10.42 0.29 (0.01)
10/31/98 10.96 0.61 (0.30)
10/31/97 10.61 0.69 0.44
10/31/96 (3) 10.40 0.05 0.22
9/30/96 10.35 0.65 0.04
Class M 4/30/99 (2) 10.42 0.29 (0.01)
10/31/98 10.96 0.62 (0.30)
10/31/97 10.61 0.70 0.44
10/31/96 (3) 10.40 0.05 0.22
9/30/96 10.35 0.66 0.04
9/30/95 9.74 0.69 0.71
IDEX AEGON Tax Exempt
Class A 4/30/99 11.94 0.22 (0.14)
10/31/98 11.75 0.48 0.34
10/31/97 11.40 0.53 0.43
10/31/96 (3) 11.36 0.05 0.04
9/30/96 11.34 0.55 0.10
9/30/95 11.10 0.55 0.29
Class B 4/30/99 11.94 0.17 (0.14)
10/31/98 11.74 0.41 0.34
10/31/97 11.40 0.44 0.43
10/31/96 (3) 11.36 0.04 0.04
9/30/96 11.34 0.48 0.10
Class M 4/30/99 (2) 11.94 0.19 (0.14)
10/31/98 11.75 0.45 0.34
10/31/97 11.40 0.50 0.43
10/31/96 (3) 11.36 0.04 0.04
9/30/96 11.34 0.52 0.10
9/30/95 11.10 0.52 0.29
Distributions
Year or From Net From Net
Period Total Investment Realized
Ended Operations Income Capital Gains
IDEX T. Rowe Price Small Cap
Class A 4/30/99 (1) $0.16 $- $-
Class B 4/30/99 (1) 0.14 - -
Class M 4/30/99 (1) (2) 0.15 - -
IDEX JCC Capital Appreciation
Class A 4/30/99 9.17 - (1.81)
10/31/98 1.52 - (0.45)
10/31/97 0.62 - (0.21)
10/31/96 (3) (0.26) - -
9/30/96 (4) 3.10 (0.07) (0.82)
9/30/95 (5) 3.54 - -
Class B 4/30/99 9.00 - (1.81)
10/31/98 1.43 - (0.45)
10/31/97 0.53 - (0.21)
10/31/96 (3) (0.27) - -
9/30/96 3.02 - (0.82)
Class M 4/30/99 (2) 9.03 - (1.81)
10/31/98 1.44 - (0.45)
10/31/97 0.55 - (0.21)
10/31/96 (3) (0.27) - -
9/30/96 (4) 3.04 (0.01) (0.82)
9/30/95 (5) 3.49 - -
IDEX Pilgrim Baxter Mid Cap Growth
Class A 4/30/99 (1) 1.79 - -
Class B 4/30/99 (1) 1.78 - -
Class M 4/30/99 (1) (2) 1.78 - -
IDEX Alger Aggressive Growth
Class A 4/30/99 8.76 - (1.18)
10/31/98 4.05 - (0.58)
10/31/97 3.74 - (0.67)
10/31/96 (3) (0.05) - -
9/30/96 (4) (0.91) - (1.02)
9/30/95 (5) 7.68 - -
Class B 4/30/99 8.59 - (1.18)
10/31/98 3.93 - (0.58)
10/31/97 3.67 - (0.67)
10/31/96 (3) (0.05) - -
9/30/96 (4) (0.99) - (1.02)
Class M 4/30/99 (2) 8.61 - (1.18)
10/31/98 3.95 - (0.58)
10/31/97 3.68 - (0.67)
10/31/96 (3) (0.05) - -
9/30/96 (4) (0.97) - (1.02)
9/30/95 (5) 7.64 - -
IDEX GE/SE International Equity
Class A 4/30/99 1.54 - -
10/31/98 (4) 0.27 (0.07) -
10/31/97 (6) 0.57 - -
Class B 4/30/99 1.49 - -
10/31/98 (4) 0.20 (0.01) -
10/31/97 (6) 0.52 - -
Class M 4/30/99 (2) 1.50 - -
10/31/98 (4) 0.21 (0.02) -
10/31/97 (6) 0.53 - -
IDEX JCC Global
Class A 4/30/99 $5.60 $- $-
10/31/98 (4) 2.42 - (2.07)
10/31/97 4.45 - (2.10)
10/31/96 (3) (0.01) - -
9/30/96 4.29 - (0.62)
9/30/95 2.36 - (0.56)
Class B 4/30/99 5.41 - -
10/31/98 (4) 2.31 - (2.07)
10/31/97 4.35 - (2.10)
10/31/96 (3) (0.01) - -
9/30/96 4.19 - (0.62)
Class M 4/30/99 (2) 5.41 - -
10/31/98 (4) 2.33 - (2.07)
10/31/97 4.37 - (2.10)
10/31/96 (3) (0.01) - -
9/30/96 4.20 - (0.62)
9/30/95 2.28 - (0.56)
IDEX Salomon All Cap
Class A 4/30/99 (1) 1.15 - -
Class B 4/30/99 (1) 1.14 - -
Class M 4/30/99 (1) (2) 1.14 - -
IDEX JCC Growth
Class A 4/30/99 13.07 - (0.39)
10/31/98 7.62 - (3.31)
10/31/97 3.54 - (0.47)
10/31/96 (3) (0.24) - -
9/30/96 4.55 - (5.18)
9/30/95 6.13 - (0.07)
Class B 4/30/99 12.68 - (0.39)
10/31/98 7.39 - (3.31)
10/31/97 3.42 - (0.47)
10/31/96 (3) (0.25) - -
9/30/96 4.39 - (5.18)
Class M 4/30/99 (2) 12.74 - (0.39)
10/31/98 7.43 - (3.31)
10/31/97 3.44 - (0.47)
10/31/96 (3) (0.26) - -
9/30/96 4.45 - (5.18)
9/30/95 6.03 - (0.07)
Class T 4/30/99 13.29 - (0.39)
10/31/98 (4) 7.77 (0.03) (3.31)
10/31/97 3.61 - (0.47)
10/31/96 (3) (0.24) - -
9/30/96 (7) 0.18 - -
IDEX Goldman Sachs Growth
Class A 4/30/99 (1) 0.91 - -
Class B 4/30/99 (1) 0.90 - -
Class M 4/30/99 (1) (2) 0.91 - -
IDEX C.A.S.E. Growth
Class A 4/30/99 $2.66 $- $(0.84)
10/31/98 (1.81) - (0.95)
10/31/97 (4) 2.85 (0.51) -
10/31/96 (3) 0.10 - -
9/30/96 (8) 0.46 - -
Class B 4/30/99 2.60 - (0.84)
10/31/98 (1.88) - (0.95)
10/31/97 (4) 2.79 (0.45) -
10/31/96 (3) 0.10 - -
9/30/96 (8) 0.41 - -
Class M 4/30/99 (2) 2.61 - (0.84)
10/31/98 (1.87) - (0.95)
10/31/97 (4) 2.80 (0.46) -
10/31/96 (3) 0.10 - -
9/30/96 (8) 0.42 - -
IDEX NWQ Value Equity
Class A 4/30/99 1.53 - (0.27)
10/31/98 (0.58) - (0.04)
10/31/97 (6) 1.71 - -
Class B 4/30/99 1.48 - (0.27)
10/31/98 (0.65) - (0.04)
10/31/97 (6) 1.67 - -
Class M 4/30/99 (2) 1.48 - (0.27)
10/31/98 (0.63) - (0.04)
10/31/97 (6) 1.67 - -
IDEX T. Rowe Price Dividend Growth
Class A 4/30/99 (1) 0.72 - -
Class B 4/30/99 (1) 0.71 - -
Class M 4/30/99 (1) (2) 0.71 - -
IDEX Dean Asset Allocation
Class A 4/30/99 0.39 (0.11) (0.65)
10/31/98 0.89 (0.21) (0.73)
10/31/97 2.21 (0.17) (0.04)
10/31/96 (3) 0.16 - -
9/30/96 1.11 (0.08) -
Class B 4/30/99 0.35 (0.07) (0.65)
10/31/98 0.81 (0.13) (0.73)
10/31/97 2.13 (0.09) (0.04)
10/31/96 (3) 0.16 - -
9/30/96 1.03 (0.01) -
Class M 4/30/99 (2) 0.35 (0.07) (0.65)
10/31/98 0.82 (0.14) (0.73)
10/31/97 2.14 (0.10) (0.04)
10/31/96 (3) 0.15 - -
9/30/96 1.05 (0.02) -
IDEX LKCM Strategic Total Return
Class A 4/30/99 $1.65 $(0.10) $(0.21)
10/31/98 1.15 (0.21) (0.67)
10/31/97 2.99 (0.19) (0.32)
10/31/96 (3) 0.16 - -
9/30/96 1.85 (0.17) (0.15)
9/30/95 (5) 1.84 (0.10) -
Class B 4/30/99 1.59 (0.05) (0.21)
10/31/98 1.05 (0.10) (0.67)
10/31/97 2.89 (0.10) (0.32)
10/31/96 (3) 0.15 - -
9/30/96 1.78 (0.09) (0.15)
Class M 4/30/99 (2) 1.59 (0.05) (0.21)
10/31/98 1.06 (0.12) (0.67)
10/31/97 2.91 (0.11) (0.32)
10/31/96 (3) 0.15 - -
9/30/96 1.80 (0.11) (0.15)
9/30/95 (5) 1.78 (0.05) -
IDEX JCC Balanced
Class A 4/30/99 4.03 (0.04) (0.08)
10/31/98 1.91 (0.15) (1.35)
10/31/97 2.71 (0.20) (1.75)
10/31/96 (3) 0.11 - -
9/30/96 2.49 (0.21) (0.28)
9/30/95 (5) 1.52 (0.05) -
Class B 4/30/99 3.97 (0.01) (0.08)
10/31/98 1.82 (0.06) (1.35)
10/31/97 2.64 (0.12) (1.75)
10/31/96 (3) 0.10 - -
9/30/96 2.40 (0.13) (0.28)
Class M 4/30/99 (2) 3.99 (0.02) (0.08)
10/31/98 1.83 (0.07) (1.35)
10/31/97 2.64 (0.13) (1.75)
10/31/96 (3) 0.11 - -
9/30/96 2.41 (0.14) (0.28)
9/30/95 (5) 1.48 (0.01) -
IDEX JCC Flexible Income
Class A 4/30/99 0.27 (0.28) -
10/31/98 0.71 (0.62) -
10/31/97 1.03 (0.61) -
10/31/96 (3) 0.19 (0.05) -
9/30/96 0.60 (0.58) -
9/30/95 0.98 (0.64) -
Class B 4/30/99 0.24 (0.24) -
10/31/98 0.64 (0.56) -
10/31/97 0.98 (0.55) -
10/31/96 (3) 0.19 (0.05) -
9/30/96 0.53 (0.52) -
Class M 4/30/99 (2) 0.24 (0.25) -
10/31/98 0.66 (0.57) -
10/31/97 0.99 (0.56) -
10/31/96 (3) 0.19 (0.05) -
9/30/96 0.54 (0.53) -
9/30/95 0.93 (0.59) -
IDEX AEGON Income Plus
Class A 4/30/99 $0.32 $(0.33) $(0.20)
10/31/98 0.39 (0.70) (0.22)
10/31/97 1.20 (0.75) (0.10)
10/31/96 (3) 0.26 (0.06) -
9/30/96 0.76 (0.71) -
9/30/95 1.46 (0.75) (0.10)
Class B 4/30/99 0.28 (0.29) (0.20)
10/31/98 0.31 (0.63) (0.22)
10/31/97 1.13 (0.68) (0.10)
10/31/96 (3) 0.27 (0.06) -
9/30/96 0.69 (0.64) -
Class M 4/30/99 (2) 0.28 (0.29) (0.20)
10/31/98 0.32 (0.64) (0.22)
10/31/97 1.14 (0.69) (0.10)
10/31/96 (3) 0.27 (0.06) -
9/30/96 0.70 (0.65) -
9/30/95 1.40 (0.69) (0.10)
IDEX AEGON Tax Exempt
Class A 4/30/99 0.08 (0.23) (0.20)
10/31/98 0.82 (0.48) (0.15)
10/31/97 0.96 (0.53) (0.08)
10/31/96 (3) 0.09 (0.05) -
9/30/96 0.65 (0.56) (0.07)
9/30/95 0.84 (0.56) (0.04)
Class B 4/30/99 0.03 (0.18) (0.20)
10/31/98 0.75 (0.40) (0.15)
10/31/97 0.87 (0.45) (0.08)
10/31/96 (3) 0.08 (0.04) -
9/30/96 0.58 (0.49) (0.07)
Class M 4/30/99 (2) 0.05 (0.20) (0.20)
10/31/98 0.79 (0.45) (0.15)
10/31/97 0.93 (0.50) (0.08)
10/31/96 (3) 0.08 (0.04) -
9/30/96 0.62 (0.53) (0.07)
9/30/95 0.81 (0.53) (0.04)
Net Asset
Year or Value,
Period Total End Total
Ended Distributions of Period Return (9)
IDEX T. Rowe Price Small Cap
Class A 4/30/99 (1) $- $10.16 1.55%
Class B 4/30/99 (1) - 10.14 1.45
Class M 4/30/99 (1) (2) - 10.15 1.46
IDEX JCC Capital Appreciation
Class A 4/30/99 (1.81) 24.33 58.21
10/31/98 (0.45) 16.97 9.87
10/31/97 (0.21) 15.90 4.09
10/31/96 (3) - 15.49 (1.59)
9/30/96 (4) (0.89) 15.75 24.35
9/30/95 (5) - 13.54 35.40
Class B 4/30/99 (1.81) 23.91 58.10
10/31/98 (0.45) 16.72 9.35
10/31/97 (0.21) 15.74 3.56
10/31/96 (3) - 15.42 (1.66)
9/30/96 (0.82) 15.69 23.63
Class M 4/30/99 (2) (1.81) 23.98 58.11
10/31/98 (0.45) 16.76 9.43
10/31/97 (0.21) 15.77 3.64
10/31/96 (3) - 15.43 (1.66)
9/30/96 (4) (0.83) 15.70 23.81
9/30/95 (5) - 13.49 34.90
IDEX Pilgrim Baxter Mid Cap Growth
Class A 4/30/99 (1) - 11.79 17.91
Class B 4/30/99 (1) - 11.78 17.80
Class M 4/30/99 (1) (2) - 11.78 17.81
IDEX Alger Aggressive Growth
Class A 4/30/99 (1.18) 29.82 40.29
10/31/98 (0.58) 22.24 22.48
10/31/97 (0.67) 18.77 24.71
10/31/96 (3) - 15.70 (0.32)
9/30/96 (4) (1.02) 15.75 (4.91)
9/30/95 (5) - 17.68 76.80
Class B 4/30/99 (1.18) 29.34 40.07
10/31/98 (0.58) 21.93 22.04
10/31/97 (0.67) 18.58 24.47
10/31/96 (3) - 15.58 (0.32)
9/30/96 (4) (1.02) 15.63 (5.33)
Class M 4/30/99 (2) (1.18) 29.41 40.11
10/31/98 (0.58) 21.98 22.11
10/31/97 (0.67) 18.61 24.50
10/31/96 (3) - 15.60 (0.32)
9/30/96 (4) (1.02) 15.65 (5.22)
9/30/95 (5) - 17.64 76.40
IDEX GE/SE International Equity
Class A 4/30/99 - 12.31 14.07
10/31/98 (4) (0.07) 10.77 2.58
10/31/97 (6) - 10.57 5.70
Class B 4/30/99 - 12.20 13.75
10/31/98 (4) (0.01) 10.71 1.89
10/31/97 (6) - 10.52 5.20
Class M 4/30/99 (2) - 12.22 13.80
10/31/98 (4) (0.02) 10.72 1.99
10/31/97 (6) - 10.53 5.30
IDEX JCC Global
Class A 4/30/99 $- $29.69 23.21%
10/31/98 (4) (2.07) 24.09 11.30
10/31/97 (2.10) 23.74 22.72
10/31/96 (3) - 21.39 (0.05)
9/30/96 (0.62) 21.40 25.04
9/30/95 (0.56) 17.73 15.47
Class B 4/30/99 - 29.03 22.91
10/31/98 (4) (2.07) 23.62 10.93
10/31/97 (2.10) 23.38 22.53
10/31/96 (3) - 21.13 (0.05)
9/30/96 (0.62) 21.14 24.70
Class M 4/30/99 (2) - 28.97 22.96
10/31/98 (4) (2.07) 23.56 11.08
10/31/97 (2.10) 23.30 22.72
10/31/96 (3) - 21.03 (0.05)
9/30/96 (0.62) 21.04 24.91
9/30/95 (0.56) 17.46 15.14
IDEX Salomon All Cap
Class A 4/30/99 (1) - 11.15 11.53
Class B 4/30/99 (1) - 11.14 11.42
Class M 4/30/99 (1) (2) - 11.14 11.44
IDEX JCC Growth
Class A 4/30/99 (0.39) 42.03 44.84
10/31/98 (3.31) 29.35 35.21
10/31/97 (0.47) 25.04 16.40
10/31/96 (3) - 21.97 (1.09)
9/30/96 (5.18) 22.21 22.41
9/30/95 (0.07) 22.84 36.70
Class B 4/30/99 (0.39) 40.92 44.60
10/31/98 (3.31) 28.63 34.96
10/31/97 (0.47) 24.55 16.11
10/31/96 (3) - 21.60 (1.14)
9/30/96 (5.18) 21.85 21.87
Class M 4/30/99 (2) (0.39) 41.09 44.63
10/31/98 (3.31) 28.74 35.00
10/31/97 (0.47) 24.62 16.19
10/31/96 (3) - 21.65 (1.19)
9/30/96 (5.18) 21.91 22.15
9/30/95 (0.07) 22.64 36.32
Class T 4/30/99 (0.39) 42.64 44.97
10/31/98 (4) (3.34) 29.74 35.53
10/31/97 (0.47) 25.31 16.54
10/31/96 (3) - 22.17 (1.03)
9/30/96 (7) - 22.41 0.81
IDEX Goldman Sachs Growth
Class A 4/30/99 (1) - 10.91 9.15
Class B 4/30/99 (1) - 10.90 9.04
Class M 4/30/99 (1) (2) - 10.91 9.06
IDEX C.A.S.E. Growth
Class A 4/30/99 $(0.84) $11.96 28.12%
10/31/98 (0.95) 10.14 (14.83)
10/31/97 (4) (0.51) 12.90 28.31
10/31/96 (3) - 10.56 0.96
9/30/96 (8) - 10.46 4.60
Class B 4/30/99 (0.84) 11.78 27.85
10/31/98 (0.95) 10.02 (15.40)
10/31/97 (4) (0.45) 12.85 27.62
10/31/96 (3) - 10.51 0.96
9/30/96 (8) - 10.41 4.10
Class M 4/30/99 (2) (0.84) 11.81 27.89
10/31/98 (0.95) 10.04 (15.31)
10/31/97 (4) (0.46) 12.86 27.73
10/31/96 (3) - 10.52 0.96
9/30/96 (8) - 10.42 4.20
IDEX NWQ Value Equity
Class A 4/30/99 (0.27) 12.35 14.22
10/31/98 (0.04) 11.09 (4.96)
10/31/97 (6) - 11.71 17.14
Class B 4/30/99 (0.27) 12.19 13.88
10/31/98 (0.04) 10.98 (5.55)
10/31/97 (6) - 11.67 16.65
Class M 4/30/99 (2) (0.27) 12.21 13.93
10/31/98 (0.04) 11.00 (5.46)
10/31/97 (6) - 11.67 16.73
IDEX T. Rowe Price Dividend Growth
Class A 4/30/99 (1) - 10.72 7.18
Class B 4/30/99 (1) - 10.71 7.07
Class M 4/30/99 (1) (2) - 10.71 7.09
IDEX Dean Asset Allocation
Class A 4/30/99 (0.76) 12.77 3.13
10/31/98 (0.94) 13.14 7.25
10/31/97 (0.21) 13.19 19.84
10/31/96 (3) - 11.19 1.45
9/30/96 (0.08) 11.03 11.07
Class B 4/30/99 (0.72) 12.76 2.79
10/31/98 (0.86) 13.13 6.56
10/31/97 (0.13) 13.18 19.08
10/31/96 (3) - 11.18 1.45
9/30/96 (0.01) 11.02 10.39
Class M 4/30/99 (2) (0.72) 12.76 2.84
10/31/98 (0.87) 13.13 6.67
10/31/97 (0.14) 13.18 19.20
10/31/96 (3) - 11.18 1.36
9/30/96 (0.02) 11.03 10.50
IDEX LKCM Strategic Total Return
Class A 4/30/99 $(0.31) $17.52 10.28%
10/31/98 (0.88) 16.18 7.43
10/31/97 (0.51) 15.91 22.80
10/31/96 (3) - 13.43 1.20
9/30/96 (0.32) 13.27 16.00
9/30/95 (5) (0.10) 11.74 18.43
Class B 4/30/99 (0.26) 17.50 9.93
10/31/98 (0.77) 16.17 6.74
10/31/97 (0.42) 15.89 22.03
10/31/96 (3) - 13.42 1.13
9/30/96 (0.24) 13.27 15.38
Class M 4/30/99 (2) (0.26) 17.50 9.98
10/31/98 (0.79) 16.17 6.85
10/31/97 (0.43) 15.90 22.15
10/31/96 (3) - 13.42 1.13
9/30/96 (0.26) 13.27 15.49
9/30/95 (5) (0.05) 11.73 17.95
IDEX JCC Balanced
Class A 4/30/99 (0.12) 18.66 27.42
10/31/98 (1.50) 14.75 14.69
10/31/97 (1.95) 14.34 22.96
10/31/96 (3) - 13.58 0.81
9/30/96 (0.49) 13.47 22.12
9/30/95 (5) (0.05) 11.47 15.27
Class B 4/30/99 (0.09) 18.62 27.03
10/31/98 (1.41) 14.74 13.97
10/31/97 (1.87) 14.33 22.19
10/31/96 (3) - 13.56 0.74
9/30/96 (0.41) 13.46 21.38
Class M 4/30/99 (2) (0.10) 18.63 27.10
10/31/98 (1.42) 14.74 14.08
10/31/97 (1.88) 14.33 22.31
10/31/96 (3) - 13.57 0.81
9/30/96 (0.42) 13.46 21.49
9/30/95 (5) (0.01) 11.47 14.77
IDEX JCC Flexible Income
Class A 4/30/99 (0.28) 9.83 2.59
10/31/98 (0.62) 9.84 7.43
10/31/97 (0.61) 9.75 11.53
10/31/96 (3) (0.05) 9.33 2.08
9/30/96 (0.58) 9.19 6.73
9/30/95 (0.64) 9.17 11.57
Class B 4/30/99 (0.24) 9.83 2.26
10/31/98 (0.56) 9.83 6.74
10/31/97 (0.55) 9.75 10.79
10/31/96 (3) (0.05) 9.32 2.04
9/30/96 (0.52) 9.18 5.94
Class M 4/30/99 (2) (0.25) 9.83 2.31
10/31/98 (0.57) 9.84 6.84
10/31/97 (0.56) 9.75 10.91
10/31/96 (3) (0.05) 9.32 2.04
9/30/96 (0.53) 9.18 6.03
9/30/95 (0.59) 9.17 10.95
IDEX AEGON Income Plus
Class A 4/30/99 $(0.53) $10.22 3.05%
10/31/98 (0.92) 10.43 3.54
10/31/97 (0.85) 10.96 11.86
10/31/96 (3) (0.06) 10.61 2.53
9/30/96 (0.71) 10.41 7.64
9/30/95 (0.85) 10.36 15.85
Class B 4/30/99 (0.49) 10.21 2.66
10/31/98 (0.85) 10.42 2.87
10/31/97 (0.78) 10.96 11.10
10/31/96 (3) (0.06) 10.61 2.59
9/30/96 (0.64) 10.40 6.95
Class M 4/30/99 (2) (0.49) 10.21 2.72
10/31/98 (0.86) 10.42 2.97
10/31/97 (0.79) 10.96 11.22
10/31/96 (3) (0.06) 10.61 2.59
9/30/96 (0.65) 10.40 7.05
9/30/95 (0.79) 10.35 15.08
IDEX AEGON Tax Exempt
Class A 4/30/99 (0.43) 11.59 0.67
10/31/98 (0.63) 11.94 7.19
10/31/97 (0.61) 11.75 8.68
10/31/96 (3) (0.05) 11.40 0.76
9/30/96 (0.63) 11.36 5.89
9/30/95 (0.60) 11.34 7.75
Class B 4/30/99 (0.38) 11.59 0.29
10/31/98 (0.55) 11.94 6.50
10/31/97 (0.53) 11.74 7.93
10/31/96 (3) (0.04) 11.40 0.71
9/30/96 (0.56) 11.36 5.21
Class M 4/30/99 (2) (0.40) 11.59 0.45
10/31/98 (0.60) 11.94 6.92
10/31/97 (0.58) 11.75 8.39
10/31/96 (3) (0.04) 11.40 0.74
9/30/96 (0.60) 11.36 5.63
9/30/95 (0.57) 11.34 7.48
Ratios/Supp. Data
NAs,
Year or End ofRatio of Exp to Avg NAs (10)
(11)
Period Period Excluding
Ended (000's) Credits Gross
IDEX T. Rowe Price Small Cap
Class A 4/30/99 (1) $503 1.55% 8.66%
Class B 4/30/99 (1) 400 2.20 9.31
Class M 4/30/99 (1) (2) 349 2.10 9.21
IDEX JCC Capital Appreciation
Class A 4/30/99 41,447 1.85 2.10
10/31/98 23,798 1.85 2.24
10/31/97 20,605 1.85 2.66
10/31/96 (3) 19,350 1.85 2.48
9/30/96 (4) 18,713 1.85 2.72
9/30/95 (5) 6,241 2.90 4.17
Class B 4/30/99 8,605 2.50 2.75
10/31/98 3,734 2.50 2.89
10/31/97 2,866 2.50 3.31
10/31/96 (3) 2,132 2.50 3.13
9/30/96 2,022 2.50 3.37
Class M 4/30/99 (2) 2,887 2.40 2.65
10/31/98 1,382 2.40 2.79
10/31/97 1,751 2.40 3.21
10/31/96 (3) 2,243 2.40 3.03
9/30/96 (4) 2,369 2.40 3.27
9/30/95 (5) 2,565 3.45 4.72
IDEX Pilgrim Baxter Mid Cap Growth
Class A 4/30/99 (1) 291 1.55 14.22
Class B 4/30/99 (1) 235 2.20 14.87
Class M 4/30/99 (1) (2) 239 2.10 14.77
IDEX Alger Aggressive Growth
Class A 4/30/99 75,340 1.72 1.90
10/31/98 46,413 1.85 2.18
10/31/97 31,260 1.85 2.44
10/31/96 (3) 21,938 1.85 2.62
9/30/96 (4) 22,078 1.85 2.60
9/30/95 (5) 16,747 2.85 3.35
Class B 4/30/99 26,116 2.37 2.55
10/31/98 10,564 2.50 2.83
10/31/97 4,880 2.50 3.09
10/31/96 (3) 1,992 2.50 3.27
9/30/96 (4) 1,800 2.50 3.25
Class M 4/30/99 (2) 11,408 2.27 2.45
10/31/98 5,573 2.40 2.73
10/31/97 3,468 2.40 2.99
10/31/96 (3) 2,129 2.40 3.17
9/30/96 (4) 2,250 2.40 3.15
9/30/95 (5) 1,736 3.40 3.91
IDEX GE/SE International Equity
Class A 4/30/99 5,598 2.00 3.69
10/31/98 (4) 4,981 2.03 4.22
10/31/97 (6) 3,076 1.70 8.93
Class B 4/30/99 1,338 2.65 4.34
10/31/98 (4) 1,198 2.68 4.87
10/31/97 (6) 589 2.35 9.58
Class M 4/30/99 (2) 397 2.55 4.24
10/31/98 (4) 397 2.58 4.77
10/31/97 (6) 399 2.25 9.48
IDEX JCC Global
Class A 4/30/99 $402,849 1.72% -
10/31/98 (4) 296,450 1.82 -
10/31/97 218,681 1.91 -
10/31/96 (3) 135,837 2.08 -
9/30/96 131,347 2.09 -
9/30/95 89,397 2.10 -
Class B 4/30/99 198,321 2.37 -
10/31/98 (4) 110,630 2.47 -
10/31/97 43,951 2.56 -
10/31/96 (3) 5,966 2.73 -
9/30/96 5,000 2.74 -
Class M 4/30/99 (2) 109,721 2.27 -
10/31/98 (4) 63,552 2.37 -
10/31/97 27,210 2.46 -
10/31/96 (3) 8,624 2.63 -
9/30/96 8,081 2.64 -
9/30/95 3,567 2.65 -
IDEX Salomon All Cap
Class A 4/30/99 (1) 199 1.55 15.54
Class B 4/30/99 (1) 200 2.20 16.19
Class M 4/30/99 (1) (2) 187 2.10 16.09
IDEX JCC Growth
Class A 4/30/99 1,246,488 1.40 -
10/31/98 817,749 1.51 -
10/31/97 614,544 1.61 -
10/31/96 (3) 565,032 1.68 -
9/30/96 567,564 1.61 -
9/30/95 485,935 1.86 -
Class B 4/30/99 168,414 2.05 -
10/31/98 40,809 2.16 -
10/31/97 13,046 2.26 -
10/31/96 (3) 5,242 2.32 -
9/30/96 4,536 2.46 -
Class M 4/30/99 (2) 83,435 1.95 -
10/31/98 58,265 2.06 -
10/31/97 14,295 2.16 -
10/31/96 (3) 11,016 2.23 -
9/30/96 11,167 2.34 -
9/30/95 5,593 2.41 -
Class T 4/30/99 1,087,778 1.05 -
10/31/98 (4) 755,770 1.16 -
10/31/97 603,129 1.26 -
10/31/96 (3) 573,884 1.33 -
9/30/96 (7) 585,505 1.18 -
IDEX Goldman Sachs Growth
Class A 4/30/99 (1) 281 1.55 13.10
Class B 4/30/99 (1) 285 2.20 13.75
Class M 4/30/99 (1) (2) 254 2.10 13.65
IDEX C.A.S.E. Growth
Class A 4/30/99 $4,058 1.75% 3.04%
10/31/98 4,284 1.85 2.44
10/31/97 (4) 3,920 1.85 4.62
10/31/96 (3) 1,675 1.85 6.79
9/30/96 (8) 1,455 2.85 5.89
Class B 4/30/99 3,007 2.40 3.69
10/31/98 2,460 2.50 3.09
10/31/97 (4) 2,436 2.50 5.27
10/31/96 (3) 1,159 2.50 7.44
9/30/96 (8) 1,100 3.50 6.54
Class M 4/30/99 (2) 964 2.30 3.59
10/31/98 879 2.40 2.99
10/31/97 (4) 2,028 2.40 5.17
10/31/96 (3) 687 2.40 7.34
9/30/96 (8) 613 3.40 6.44
IDEX NWQ Value Equity
Class A 4/30/99 8,750 1.75 2.51
10/31/98 8,035 1.85 2.51
10/31/97 (6) 5,305 1.50 4.05
Class B 4/30/99 5,471 2.40 3.16
10/31/98 5,020 2.50 3.16
10/31/97 (6) 2,850 2.15 4.70
Class M 4/30/99 (2) 1,747 2.30 3.06
10/31/98 2,013 2.40 3.06
10/31/97 (6) 1,607 2.05 4.60
IDEX T. Rowe Price Dividend Growth
Class A 4/30/99 (1) 285 1.55 13.83
Class B 4/30/99 (1) 315 2.20 14.48
Class M 4/30/99 (1) (2) 284 2.10 14.38
IDEX Dean Asset Allocation
Class A 4/30/99 14,636 1.75 1.88
10/31/98 15,747 1.85 1.87
10/31/97 12,291 1.85 2.30
10/31/96 (3) 8,396 1.85 2.65
9/30/96 7,401 2.85 3.20
Class B 4/30/99 14,938 2.40 2.53
10/31/98 14,679 2.50 2.52
10/31/97 9,747 2.50 2.95
10/31/96 (3) 5,013 2.50 3.30
9/30/96 4,848 3.50 3.85
Class M 4/30/99 (2) 6,490 2.30 2.43
10/31/98 7,342 2.40 2.42
10/31/97 5,088 2.40 2.85
10/31/96 (3) 4,758 2.40 3.20
9/30/96 4,641 3.40 3.75
IDEX LKCM Strategic Total Return
Class A 4/30/99 $36,062 1.74% 1.86%
10/31/98 32,055 1.85 1.92
10/31/97 21,629 1.85 2.28
10/31/96 (3) 11,744 1.85 2.76
9/30/96 11,314 1.85 2.79
9/30/95 (5) 5,167 2.99 4.57
Class B 4/30/99 12,653 2.39 2.51
10/31/98 9,789 2.50 2.57
10/31/97 4,698 2.50 2.93
10/31/96 (3) 1,684 2.50 3.40
9/30/96 1,537 2.50 3.44
Class M 4/30/99 (2) 7,978 2.29 2.41
10/31/98 6,977 2.40 2.47
10/31/97 4,332 2.40 2.83
10/31/96 (3) 1,792 2.40 3.30
9/30/96 1,728 2.40 3.34
9/30/95 (5) 281 3.54 5.12
IDEX JCC Balanced
Class A 4/30/99 44,992 1.80 -
10/31/98 22,995 1.85 2.04
10/31/97 13,414 1.85 2.88
10/31/96 (3) 8,402 1.85 3.44
9/30/96 8,056 1.85 3.11
9/30/95 (5) 3,670 2.92 4.48
Class B 4/30/99 46,156 2.45 -
10/31/98 11,916 2.50 2.69
10/31/97 2,583 2.50 3.53
10/31/96 (3) 878 2.50 4.09
9/30/96 687 2.50 3.76
Class M 4/30/99 (2) 17,650 2.35 -
10/31/98 4,897 2.40 2.59
10/31/97 1,561 2.40 3.43
10/31/96 (3) 967 2.40 3.99
9/30/96 943 2.40 3.66
9/30/95 (5) 3,365 3.47 5.03
IDEX JCC Flexible Income
Class A 4/30/99 15,480 1.85 1.95
10/31/98 14,970 1.83 -
10/31/97 15,532 1.85 2.40
10/31/96 (3) 17,001 1.85 2.98
9/30/96 17,065 1.85 2.07
9/30/95 19,786 1.87 1.94
Class B 4/30/99 6,257 2.50 2.60
10/31/98 2,387 2.48 -
10/31/97 746 2.50 3.05
10/31/96 (3) 522 2.50 3.63
9/30/96 494 2.50 2.72
Class M 4/30/99 (2) 3,458 2.40 2.50
10/31/98 2,207 2.38 -
10/31/97 928 2.40 2.95
10/31/96 (3) 846 2.40 3.53
9/30/96 883 2.40 2.62
9/30/95 558 2.42 2.49
IDEX AEGON Income Plus
Class A 4/30/99 $66,876 1.27% -
10/31/98 63,494 1.24 -
10/31/97 65,612 1.27 -
10/31/96 (3) 66,285 1.33 -
9/30/96 65,252 1.33 -
9/30/95 68,746 1.29 -
Class B 4/30/99 9,905 1.92 -
10/31/98 5,041 1.89 -
10/31/97 1,761 1.92 -
10/31/96 (3) 804 1.98 -
9/30/96 774 1.98 -
Class M 4/30/99 (2) 8,846 1.82 -
10/31/98 4,073 1.79 -
10/31/97 3,480 1.82 -
10/31/96 (3) 2,781 1.88 -
9/30/96 2,684 1.88 -
9/30/95 1,980 1.84 -
IDEX AEGON Tax Exempt
Class A 4/30/99 21,548 1.38 1.49
10/31/98 22,313 1.23 1.27
10/31/97 23,320 1.00 1.63
10/31/96 (3) 24,439 1.00 1.89
9/30/96 24,708 1.00 1.46
9/30/95 27,401 1.02 1.35
Class B 4/30/99 1,082 2.03 2.14
10/31/98 654 1.88 1.92
10/31/97 377 1.65 2.28
10/31/96 (3) 198 1.65 2.54
9/30/96 189 1.65 2.11
Class M 4/30/99 (2) 2,404 1.63 1.74
10/31/98 1,607 1.48 1.52
10/31/97 921 1.25 1.88
10/31/96 (3) 939 1.25 2.14
9/30/96 907 1.25 1.71
9/30/95 454 1.27 1.60
Net Investment
Year or Income (Loss) Portfolio
Period Including to Average Turnover
Ended CreditsNet Assets (11) Rate (12)
IDEX T. Rowe Price Small Cap
Class A 4/30/99 (1) 1.55% (0.98)% 6.13%
Class B 4/30/99 (1) 2.20 (1.63) 6.13
Class M 4/30/99 (1) (2) 2.10 (1.53) 6.13
IDEX JCC Capital Appreciation
Class A 4/30/99 1.85 (1.60) 74.69
10/31/98 1.85 (1.37) 136.59
10/31/97 1.85 (1.27) 130.48
10/31/96 (3) 1.85 (1.41) 10.11
9/30/96 (4) 1.85 (0.35) 160.72
9/30/95 (5) 2.85 0.75 262.97
Class B 4/30/99 2.50 (2.25) 74.69
10/31/98 2.50 (2.02) 136.59
10/31/97 2.50 (1.92) 130.48
10/31/96 (3) 2.50 (2.06) 10.11
9/30/96 2.50 (1.00) 160.72
Class M 4/30/99 (2) 2.40 (2.15) 74.69
10/31/98 2.40 (1.92) 136.59
10/31/97 2.40 (1.82) 130.48
10/31/96 (3) 2.40 (1.96) 10.11
9/30/96 (4) 2.40 (0.90) 160.72
9/30/95 (5) 3.40 0.20 262.97
IDEX Pilgrim Baxter Mid Cap Growth
Class A 4/30/99 (1) 1.55 (0.85) 76.67
Class B 4/30/99 (1) 2.20 (1.50) 76.67
Class M 4/30/99 (1) (2) 2.10 (1.40) 76.67
IDEX Alger Aggressive Growth
Class A 4/30/99 1.72 (1.19) 58.30
10/31/98 1.85 (1.11) 142.08
10/31/97 1.85 (1.07) 120.96
10/31/96 (3) 1.85 (1.06) 9.40
9/30/96 (4) 1.85 (1.15) 127.49
9/30/95 (5) 2.85 (2.39) 88.28
Class B 4/30/99 2.37 (1.84) 58.30
10/31/98 2.50 (1.76) 142.08
10/31/97 2.50 (1.71) 120.96
10/31/96 (3) 2.50 (1.71) 9.40
9/30/96 (4) 2.50 (1.80) 127.49
Class M 4/30/99 (2) 2.27 (1.74) 58.30
10/31/98 2.40 (1.66) 142.08
10/31/97 2.40 (1.62) 120.96
10/31/96 (3) 2.40 (1.62) 9.40
9/30/96 (4) 2.40 (1.70) 127.49
9/30/95 (5) 3.40 (2.94) 88.28
IDEX GE/SE International Equity
Class A 4/30/99 2.00 (0.70) 31.80
10/31/98 (4) 2.03 (0.21) 50.01
10/31/97 (6) 1.70 0.19 21.85
Class B 4/30/99 2.65 (1.35) 31.80
10/31/98 (4) 2.68 (0.86) 50.01
10/31/97 (6) 2.35 (0.45) 21.85
Class M 4/30/99 (2) 2.55 (1.25) 31.80
10/31/98 (4) 2.58 (0.76) 50.01
10/31/97 (6) 2.25 (0.35) 21.85
IDEX JCC Global
Class A 4/30/99 1.72% (0.71)% 28.81%
10/31/98 (4) 1.82 (0.45) 87.68
10/31/97 1.91 (0.50) 91.02
10/31/96 (3) 2.07 (1.15) 2.59
9/30/96 2.06 (0.67) 97.94
9/30/95 1.97 (0.43) 161.48
Class B 4/30/99 2.37 (1.36) 28.81
10/31/98 (4) 2.47 (1.10) 87.68
10/31/97 2.56 (1.15) 91.02
10/31/96 (3) 2.72 (1.80) 2.59
9/30/96 2.71 (1.32) 97.94
Class M 4/30/99 (2) 2.27 (1.26) 28.81
10/31/98 (4) 2.37 (1.00) 87.68
10/31/97 2.46 (1.05) 91.02
10/31/96 (3) 2.62 (1.70) 2.59
9/30/96 2.61 (1.22) 97.94
9/30/95 2.52 (0.98) 161.48
IDEX Salomon All Cap
Class A 4/30/99 (1) 1.55 0.52 29.71
Class B 4/30/99 (1) 2.20 (0.13) 29.71
Class M 4/30/99 (1) (2) 2.10 (0.03) 29.71
IDEX JCC Growth
Class A 4/30/99 1.40 (0.59) 35.87
10/31/98 1.51 (0.55) 27.19
10/31/97 1.61 (0.10) 91.52
10/31/96 (3) 1.68 (0.13) 9.40
9/30/96 1.82 (0.22) 57.80
9/30/95 1.84 (0.26) 123.26
Class B 4/30/99 2.05 (1.24) 35.87
10/31/98 2.16 (1.20) 27.19
10/31/97 2.26 (0.75) 91.52
10/31/96 (3) 2.32 (0.78) 9.40
9/30/96 2.45 (0.86) 57.80
Class M 4/30/99 (2) 1.95 (1.14) 35.87
10/31/98 2.06 (1.10) 27.19
10/31/97 2.16 (0.65) 91.52
10/31/96 (3) 2.23 (0.68) 9.40
9/30/96 2.33 (0.77) 57.80
9/30/95 2.38 (0.81) 123.26
Class T 4/30/99 1.05 (0.24) 35.87
10/31/98 (4) 1.16 (0.20) 27.19
10/31/97 1.26 (0.25) 91.52
10/31/96 (3) 1.33 (0.20) 9.40
9/30/96 (7) 1.17 (0.36) 57.80
IDEX Goldman Sachs Growth
Class A 4/30/99 (1) 1.55 (0.45) 4.86
Class B 4/30/99 (1) 2.20 (1.10) 4.86
Class M 4/30/99 (1) (2) 2.10 (1.00) 4.86
IDEX C.A.S.E. Growth
Class A 4/30/99 1.75% (1.16)% 71.55%
10/31/98 1.85 (0.73) 147.01
10/31/97 (4) 1.85 (0.34) 183.06
10/31/96 (3) 1.84 0.27 20.69
9/30/96 (8) 2.85 10.00 654.49
Class B 4/30/99 2.40 (1.81) 71.55
10/31/98 2.50 (1.38) 147.01
10/31/97 (4) 2.50 (0.99) 183.06
10/31/96 (3) 2.49 0.38 20.69
9/30/96 (8) 3.50 9.35 654.49
Class M 4/30/99 (2) 2.30 (1.71) 71.55
10/31/98 2.40 (1.28) 147.01
10/31/97 (4) 2.40 (0.89) 183.06
10/31/96 (3) 2.39 0.28 20.69
9/30/96 (8) 3.40 9.45 654.49
IDEX NWQ Value Equity
Class A 4/30/99 1.75 0.22 15.92
10/31/98 1.85 - 30.43
10/31/97 (6) 1.50 0.38 6.40
Class B 4/30/99 2.40 (0.43) 15.92
10/31/98 2.50 (0.65) 30.43
10/31/97 (6) 2.15 (0.28) 6.40
Class M 4/30/99 (2) 2.30 (0.33) 15.92
10/31/98 2.40 (0.55) 30.43
10/31/97 (6) 2.05 (0.18) 6.40
IDEX T. Rowe Price Dividend Growth
Class A 4/30/99 (1) 1.55 1.19 11.00
Class B 4/30/99 (1) 2.20 0.54 11.00
Class M 4/30/99 (1) (2) 2.10 0.64 11.00
IDEX Dean Asset Allocation
Class A 4/30/99 1.75 1.91 25.89
10/31/98 1.85 1.82 55.45
10/31/97 1.85 1.57 71.63
10/31/96 (3) 1.85 1.26 2.38
9/30/96 2.85 0.72 56.22
Class B 4/30/99 2.40 1.26 25.89
10/31/98 2.50 1.17 55.45
10/31/97 2.50 0.92 71.63
10/31/96 (3) 2.50 0.61 2.38
9/30/96 3.50 0.07 56.22
Class M 4/30/99 (2) 2.30 1.36 25.89
10/31/98 2.40 1.27 55.45
10/31/97 2.40 1.02 71.63
10/31/96 (3) 2.40 0.71 2.38
9/30/96 3.40 0.17 56.22
IDEX LKCM Strategic Total Return
Class A 4/30/99 1.74% 1.10% 35.01%
10/31/98 1.85 1.30 32.12
10/31/97 1.85 1.41 51.44
10/31/96 (3) 1.82 1.47 5.50
9/30/96 1.79 1.67 40.58
9/30/95 (5) 2.85 0.85 34.67
Class B 4/30/99 2.39 0.45 35.01
10/31/98 2.50 0.65 32.12
10/31/97 2.50 0.76 51.44
10/31/96 (3) 2.47 0.82 5.50
9/30/96 2.44 1.02 40.58
Class M 4/30/99 (2) 2.29 0.55 35.01
10/31/98 2.40 0.75 32.12
10/31/97 2.40 0.86 51.44
10/31/96 (3) 2.37 0.92 5.50
9/30/96 2.34 1.12 40.58
9/30/95 (5) 3.40 0.30 34.67
IDEX JCC Balanced
Class A 4/30/99 1.80 0.95 20.11
10/31/98 1.85 1.12 61.50
10/31/97 1.85 1.29 127.08
10/31/96 (3) 1.85 1.84 9.08
9/30/96 1.85 1.87 175.78
9/30/95 (5) 2.85 0.56 82.48
Class B 4/30/99 2.45 0.30 20.11
10/31/98 2.50 0.47 61.50
10/31/97 2.50 0.64 127.08
10/31/96 (3) 2.50 1.18 9.08
9/30/96 2.50 1.22 175.78
Class M 4/30/99 (2) 2.35 0.40 20.11
10/31/98 2.40 0.57 61.50
10/31/97 2.40 0.74 127.08
10/31/96 (3) 2.40 1.28 9.08
9/30/96 2.40 1.32 175.78
9/30/95 (5) 3.40 0.01 82.48
IDEX JCC Flexible Income
Class A 4/30/99 1.85 5.41 34.26
10/31/98 1.83 6.22 90.63
10/31/97 1.85 6.41 135.53
10/31/96 (3) 1.85 6.15 16.16
9/30/96 1.85 6.46 135.38
9/30/95 1.85 7.03 149.58
Class B 4/30/99 2.50 4.76 34.26
10/31/98 2.48 5.57 90.63
10/31/97 2.50 5.76 135.53
10/31/96 (3) 2.50 5.50 16.16
9/30/96 2.50 5.81 135.38
Class M 4/30/99 (2) 2.40 4.86 34.26
10/31/98 2.38 5.67 90.63
10/31/97 2.40 5.86 135.53
10/31/96 (3) 2.40 5.60 16.16
9/30/96 2.40 5.91 135.38
9/30/95 2.40 6.48 149.58
IDEX AEGON Income Plus
Class A 4/30/99 1.26% 6.35% 10.33%
10/31/98 1.24 6.38 53.09
10/31/97 1.27 7.14 62.28
10/31/96 (3) 1.32 5.60 1.58
9/30/96 1.31 6.89 65.96
9/30/95 1.26 7.53 25.07
Class B 4/30/99 1.91 5.70 10.33
10/31/98 1.89 5.73 53.09
10/31/97 1.92 6.49 62.28
10/31/96 (3) 1.97 4.95 1.58
9/30/96 1.96 6.24 65.96
Class M 4/30/99 (2) 1.81 5.80 10.33
10/31/98 1.79 5.83 53.09
10/31/97 1.82 6.59 62.28
10/31/96 (3) 1.87 5.05 1.58
9/30/96 1.86 6.34 65.96
9/30/95 1.81 6.98 25.07
IDEX AEGON Tax Exempt
Class A 4/30/99 1.35 3.74 21.91
10/31/98 1.23 4.08 42.42
10/31/97 1.00 4.60 71.29
10/31/96 (3) 1.00 4.60 3.79
9/30/96 1.00 4.88 71.05
9/30/95 1.00 4.83 126.48
Class B 4/30/99 2.00 3.09 21.91
10/31/98 1.88 3.43 42.42
10/31/97 1.65 3.95 71.29
10/31/96 (3) 1.65 3.94 3.79
9/30/96 1.65 4.23 71.05
Class M 4/30/99 (2) 1.60 3.49 21.91
10/31/98 1.48 3.83 42.42
10/31/97 1.25 4.35 71.29
10/31/96 (3) 1.25 4.34 3.79
9/30/96 1.25 4.63 71.05
9/30/95 1.25 4.58 126.48
Notes to Financial Highlights
(1) From commencement of investment operations, March 1, 1999.
(2) On March 1, 1999, the Fund changed the organizational structure of C
Shares and renamed them M Shares.
(3) For the month ended October 31, 1996. On October 1, 1996, each Fund
changed its fiscal year end from September 30 to October 31.
(4) Distributions from net realized capital gains include distributions in
excess of current net realized capital gains for IDEX Alger Aggressive Growth
Classes A, B and M, for the period ended 9/30/96, in the amount of $1.02 and for
IDEX JCC Global Classes A, B and M, for the period ended 10/31/98 in the amount
of $0.17. Dividends from net investment income include distributions in excess
of current net investment income for IDEX GE/Scottish Equitable International
Equity Classes A, B and M, for the period ended 10/31/98 in the amount of $0.06,
$0.01 and $0.02, respectively and for IDEX JCC Capital Appreciation Classes A
and M, for the period ended 9/30/96 in the amount of $.01 and for IDEX JCC
Growth Class T for the period ended 10/31/98 in the amount of $0.03 and for IDEX
C.A.S.E. Growth Classes A, B and M, for the period ended 10/31/97 in the amount
of $.08.
(5) From commencement of investment operations, December 2, 1994.
(6) From commencement of investment operations, February 1, 1997.
(7) From commencement of investment operations, September 20, 1996.
(8) From commencement of investment operations, February 1, 1996.
(9) Total return has been calculated for the applicable period without
deduction of a sales load, if any, on an initial purchase for Class A or Class T
Shares.
Periods of less than one year are not annualized.
(10) Ratio of expenses to average net assets shows:
Excluding Credits (total expenses less fee waivers and reimbursements by the
investment adviser).
Gross (total expenses not taking into account fee waivers and reimbursements by
the investment adviser or affiliated brokerage and custody earnings credits, if
any).
Including Credits (expenses less fee waivers and reimbursements by the
investment adviser and reduced by affiliated brokerage and custody earnings
credits, if any).
(11) Periods of less than one year are annualized. The ratio of Net
Investment Income (Loss) to Average Net Assets is based upon Net Investment
Income (Loss) prior to certain reclassifications as discussed in Note 1 of the
Notes to the Financial Statements.
(12) Periods of less than one year are not annualized.
The notes to the financial statements are an integral part of these statements.
NOTE 1. Organization and significant accounting policies:
IDEX Mutual Funds (formerly IDEX Series Fund) is a Massachusetts business trust
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as an open-end management investment company. IDEX Mutual Funds currently
consists of eighteen funds (each a "Fund" and collectively the "Funds"). All
Funds are diversified except IDEX JCC Capital Appreciation and IDEX Salomon All
Cap.
IDEX Series Fund changed its name to IDEX Mutual Funds effective March 1, 1999.
At that time, five new series were added to the Fund: IDEX T. Rowe Price Small
Cap, IDEX Pilgrim Baxter Mid Cap Growth, IDEX Salomon All Cap, IDEX Goldman
Sachs Growth and IDEX T. Rowe Price Dividend Growth. Each of the existing
series of the Fund also changed its name as follows: Capital Appreciation
Portfolio became IDEX JCC Capital Appreciation; Aggressive Growth Portfolio
became IDEX Alger Aggressive Growth; International Equity Portfolio became IDEX
GE/Scottish Equitable International Equity; Global Portfolio became IDEX JCC
Global; Growth Portfolio became IDEX JCC Growth; C.A.S.E. Portfolio became IDEX
C.A.S.E. Growth; Value Equity became IDEX NWQ Value Equity; Tactical Asset
Allocation Portfolio became IDEX Dean Asset Allocation; Strategic Total Return
Portfolio became IDEX LKCM Strategic Total Return; Balanced Portfolio became
IDEX JCC Balanced; Flexible Income Portfolio became IDEX JCC Flexible Income;
Income Plus Portfolio became IDEX AEGON Income Plus; and Tax-Exempt Portfolio
became IDEX AEGON Tax Exempt. Further, on March 1, 1999, Class C shares became
known as Class M shares.
Multiple class operations: The Funds offer for sale three classes of shares
(four classes for IDEX JCC Growth), each with a public offering price that
reflects different sales charges, if any, and expense levels. Income, non-class
specific expenses and realized and unrealized gains and losses are allocated
daily to each class based upon a simultaneous equation methodology as permitted
under Rule 18f-3 of the 1940 Act. IDEX JCC Growth Class T is closed to new
shareholders.
The following policies were consistently followed by the Funds, in accordance
with generally accepted accounting principles ("GAAP"). In preparing the Funds'
financial statements in accordance with GAAP, estimates or assumptions (which
could differ from actual results) may be used that affect reported amounts and
disclosures.
Security valuations: Fund investments traded on an exchange are stated at the
last reported sales price on the day of valuation on the exchange where the
security is principally traded. Securities traded in the over-the-counter
market and listed securities for which no sale was reported on that date are
valued at the last quoted bid price. Debt securities are valued by independent
pricing services, however, those that mature in sixty days or less are valued at
amortized cost, which approximates market. Other securities for which quotations
are not readily available are valued at fair value determined in such a manner
as the adviser and sub-advisers, under the supervision of the Board of Trustees,
determine in good faith.
Security transactions and related investment income: Security transactions are
accounted for on the trade date. Security gains and losses are calculated on the
specific identification basis. Dividend income is recorded on the ex-dividend
date except those of foreign securities, which are recorded as soon as a Fund is
informed of the ex-dividend date. Interest income, adjusted for discounts and
premiums, is recorded on the accrual basis commencing on the settlement date.
Foreign currency translation: The accounting records of the Funds are maintained
in U.S. dollars. Securities and other assets and liabilities denominated in
foreign currencies are translated into U.S. dollars at the closing exchange rate
each day. The cost of foreign securities is translated at the exchange rate in
effect when the investment was acquired. The Funds combine fluctuations from
currency exchange rates and fluctuations in market value when computing net
realized and unrealized gain or loss from investments. Net foreign currency
gains and losses resulting from changes in exchange rates include: 1) foreign
currency fluctuations between trade date and settlement date of investment
security transactions; 2) gains and losses on forward foreign currency
contracts; and 3) the difference between the receivable amounts of interest and
dividends recorded in the accounting records in U.S. dollars and the amounts
actually received. Foreign denominated assets may involve risks not typically
associated with domestic transactions, including unanticipated movements in
exchange rates, the degree of government supervision and regulation of security
markets, and the possibility of political or economic instability.
Forward foreign currency contracts: The Funds may enter into forward foreign
currency contracts to hedge against exchange rate risk arising from investments
in securities denominated in foreign currencies. Contracts are valued at the
contractual forward rate and are marked to market daily, with the change in
market value recorded as an unrealized gain or loss. When the contracts are
closed a realized gain or loss is incurred. Risks may arise from changes in
market value of the underlying instruments and from the possible inability of
counter parties to meet the terms of their contracts.
Futures and options contracts: The Funds may enter into futures and options
contracts to manage exposure to market, interest rate or currency fluctuations.
Contracts are valued at the settlement price established each day by the board
of trade or exchange on which they are traded. The primary risks associated with
futures contracts and options are imperfect correlation between the change in
market value of the securities held and the prices of futures contracts and
options; the possibility of an illiquid market and inability of the counter-
party to meet the contract terms. Variation margin on contracts is reflected in
other assets and/or other liabilities in the Statement of Assets and
Liabilities.
Federal taxes: No provisions for Federal income or excise taxes have been made
as the Funds intend to distribute all income and realized gains to shareholders
and otherwise qualify as regulated investment companies under the Internal
Revenue Code.
Dividend distributions and expenses: Distributions to shareholders are recorded
on ex-dividend date and are determined in accordance with Federal income tax
regulations which may differ from GAAP. Each Fund bears its own specific
expenses as well as a portion of general common expenses.
Reclassifications are made to each Fund's components of net assets to reflect
income and gains available for distribution (or available capital loss
carryforwards) under Federal income tax regulations. Certain reclassification
adjustments are made among undistributed net investment income, undistributed
net realized gains and shares of beneficial interest due to different book and
tax accounting for such items as wash sales, foreign currency transactions, net
operating losses and capital loss carryforwards.
NOTE 2. Fees, earnings credits and related party transactions:
Idex Management, Inc. ("IMI") is the investment adviser for the Funds.
InterSecurities, Inc. ("ISI") is the Funds' underwriter. Idex Investor
Services, Inc. ("IIS") is the Funds' transfer agent. IMI, ISI and IIS are 100%
owned by AUSA Holding Company ("AUSA"). AUSA is a wholly owned indirect
subsidiary of AEGON NV, a Netherlands corporation.
Investment advisory and distribution and service fees: The Funds pay management
fees based upon average daily net assets to IMI, who will reimburse the Funds to
the extent that certain operating expenses exceed the stated annual limitation,
if any. The Funds (except IDEX JCC Growth Class T) have a 12b-1 distribution
plan under the 1940 Act pursuant to which an annual fee, based on average daily
net assets, is paid to ISI for various disbursements such as broker-dealer
account servicing fees and other promotional expenses of the Funds. The 12b-1
fee for all Funds is comprised of a 0.25% service fee and the remaining amount
is an asset-based sales charge/distribution fee. IMI has entered into sub-
advisory agreements with various management companies to provide investment
services to the Funds. IMI compensates the sub-advisers as described in the
Prospectus. AEGON USA Investment Management, Inc. and Scottish Equitable
Investment Management Limited are affiliates of the Funds and are sub-advisers
to certain Funds.
Management fees paid to IMI for its services and other information for the
period ended April 30, 1999 are as follows:
Annual Rates Underwriter Commissions (3)
Exp.
Limit
(excl ClassClass Class
12b-1 A B M
Mgmt fees) 12b-112b-1 12b-1 Recvd Retaind Sales
Fee (1) (2) Fee Fee Fee by ISI by ISI Chrges
IDEX T. Rowe Price
Small Cap 0.800% 1.20% 0.35% 1.00%0.90% $ 1,265 $ 148 $ -
IDEX JCC Capital
Appreciation 1.000% 1.50% 0.35% 1.00% 0.90% 175,717 24,046 3,849
IDEX Pilgrim Baxter
Mid Cap Growth 0.800% 1.20% 0.35% 1.00% 0.90% 907 102 -
IDEX Alger Aggressive
Growth 0.800% 1.20% 0.35% 1.00% 0.90% 615,717 83,601 8,762
IDEX GE/Scottish
Equitable Intl Eqty 0.800% 1.45% 0.35% 1.00% 0.90% 10,334 1,360 646
IDEX JCC Global 1.000% -none- 0.35% 1.00% 0.90% 1,864,162 221,574 34,414
IDEX Salomon All Cap 0.800% 1.20% 0.35% 1.00% 0.90% 286 34 -
IDEX JCC Growth 0.825% 1.50% 0.35% 1.00% 0.90% 5,202,564 697,132 48,300
IDEX Goldman Sachs
Growth 0.800% 1.20% 0.35% 1.00% 0.90% 2,069 190 -
IDEX C.A.S.E. Growth 0.800% 1.20% 0.35% 1.00% 0.90% 43,819 3,568 4,543
IDEX NWQ Value Equity 0.800% 1.20% 0.35% 1.00% 0.90% 34,490 4,751 4,322
IDEX T. Rowe Price
Dividend Growth 0.800% 1.20% 0.35% 1.00% 0.90% 3,308 180 -
IDEX Dean Asset
Allocation 0.800% 1.20% 0.35% 1.00% 0.90% 69,229 8,711 12,003
IDEX LKCM Strategic
Total Return 0.800% 1.20% 0.35% 1.00% 0.90% 184,564 27,178 12,858
IDEX JCC Balanced 1.000% 1.50% 0.35% 1.00% 0.90% 619,627 76,136 7,810
IDEX JCC Flexible
Income 0.875% 1.50% 0.35% 1.00% 0.90% 52,184 6,596 946
IDEX AEGON Income Plus0.600% 1.25% 0.35% 1.00% 0.90% 193,209 24,208 1,626
IDEX AEGON Tax Exempt
Exempt 0.600% 1.00% 0.35% 1.00% 0.60% 21,965 1,296 10,304
(1) Management fee represents each fund's current breakpoint based on its net
assets. The table below illustrates each fund's various breakpoint levels
attained at relative net assets.
First $750 million Next $250 million
Over $1 billion First $100 million Next $150 million Over $250 million
First $500 million Over $500 million
First Next Over First Next Over First Over
$750 $250 $1 $100 $150 $250 $500 $500
mill mill bill mill mill mill mill mill
IDEX T. Rowe Price
Small Cap 0.80% 0.70%
IDEX JCC Capital
Appreciation * 1.00% 0.90% 0.85%
IDEX Pilgrim Baxter
Mid Cap Growth 0.80% 0.70%
IDEX Alger Aggressive
Growth 0.80% 0.70%
IDEX GE/Scottish
Equitable Intl Eq
0.80%
0.70%
IDEX JCC Global 1.00% 0.90% 0.85%
IDEX Salomon All Cap 0.80% 0.70%
IDEX JCC Growth * 1.00% 0.90% 0.85%
IDEX Goldman Sachs
Growth 0.80% 0.70%
IDEX C.A.S.E. Growth 0.80% 0.70%
IDEX NWQ Value Equity 0.80% 0.70%
IDEX T. Rowe Price
Dividend Growth 0.80% 0.70%
IDEX Dean Asset
Allocation 0.80% 0.70%
IDEX LKCM Strategic
Total Return 0.80% 0.70%
IDEX JCC Balanced * 1.00% 0.90% 0.85%
IDEX JCC Flexible
Income ** 0.90% 0.80% 0.70%
IDEX AEGON Income Plus 0.60% 0.60% 0.60%
IDEX AEGON Tax Exempt 0.60% 0.60% 0.60%
* IMI will waive advisory fees through 6-30-2000 as follows: .025% of
average daily net assets from $100-500 million; .075% from $500-750 million;
.025% from $750 million-$1 billion; and .025% over $1 billion.
** IMI will waive advisory fees through 6-30-2000 as follows: .025% of
average daily net assets for the first $100 million; .025%
from $100-$250 million; and .025% over $250 million.
(2) IDEX GE/Scottish Equitable International Equity's expense limit was 1.75%
for the four months ended February 28, 1999, decreasing to 1.45% thereafter.
Further, IDEX Alger Aggressive Growth, IDEX C.A.S.E. Growth, IDEX NWQ Value
Equity, IDEX Dean Asset Allocation and IDEX LKCM Strategic Total Return had
expense limits of 1.50% for the four months ended February 28, 1999, decreasing
to 1.20% thereafter.
(3) Underwriter commissions relate only to front-end sales charges imposed for
Class A, M and T shares and contingent deferred sales charges result from Class
B and Class M share redemptions.
Transfer agency fees and expenses: Each Fund incurs IIS annual per-account
charges of $16.02 for each open shareholder account, $2.79 for each new account
opened, $1.67 for each closed account maintained, and certain out-of-pocket
expenses.
Custody earnings credits: Investors Fiduciary Trust Company ("IFTC") is
custodian for the Funds. Custody earnings credits represent reductions in IFTC's
fees in lieu of interest income earned on incidental uninvested cash balances.
For the period ended April 30, 1999, such credits have been added back to
custody fees to reflect total gross expenses as follows:
IDEX Alger Aggressive Growth $ 266 IDEX Dean Asset Allocation $ 221
IDEX GE/Scottish Equitable IDEX JCC Balanced 725
International Equity 61 IDEX JCC Flexible Income 519
IDEX JCC Global 11,031 IDEX AEGON Income Plus 4,694
IDEX JCC Growth 6,653 IDEX AEGON Tax Exempt 3,336
IDEX NWQ Value Equity 43
Brokerage commissions: Brokerage commissions incurred by IDEX Alger Aggressive
Growth on security transactions placed with an affiliate of its sub-adviser
totaled $62,550 for the six months ended April 30, 1999.
Deferred compensation plan: Each eligible Fund trustee may elect participation
in the Deferred Compensation Plan ("the Plan"). Under the Plan, such trustees
may defer payment of a percentage of their total fees earned as a Fund trustee.
These deferred amounts may be invested in any Fund. Contributions made under the
Plan and appreciation (depreciation) and income of Plan assets are included in
Trustees fees and expenses. At April 30, 1999, invested plan amounts are
included in Other Assets, and the total liability for deferred compensation to
trustees is included in Other Liabilities as follows:
IDEX T. Rowe Price Small Cap $ 94 IDEX C.A.S.E. Growth $ 709
IDEX JCC Capital Appreciation 3,984 IDEX NWQ Value Equity 1,292
IDEX Pilgrim Baxter Mid IDEX T. Rowe Price
Cap Growth 51 Dividend Growth 54
IDEX Alger Aggressive Growth 9,660 IDEX Dean Asset Allocation 3,359
IDEX GE/Scottish Equitable IDEX LKCM Strategic
International Equity 660 Total Return 5,039
IDEX JCC Balanced 8,494
IDEX JCC Global 62,366 IDEX JCC Flexible Income 2,186
IDEX Salomon All Cap 50 IDEX AEGON Income Plus 7,532
IDEX JCC Growth 234,460 IDEX AEGON Tax Exempt 2,402
IDEX Goldman Sachs Growth 59 Total $ 342,451
NOTE 3. Investment transactions:
The cost of securities purchased and proceeds from securities sold (excluding
non-U.S. Government short-term securities) for the period ended April 30, 1999
were as follows:
Non-U.S. Non-U.S. U.S. U.S.
Government Government Government Government
Purchases Sales Purchases Sales
IDEX T. Rowe Price Small Cap $ 1,165,220 $ 65,007 $ 3,001,612 $ 3,002,000
IDEX JCC Capital Appreciation 34,522,892 27,828,312 63,888,271 67,000,000
IDEX Pilgrim Baxter Mid
Cap Growth 979,033 438,096 - -
IDEX Alger Aggressive Growth72,068,268 48,621,187 - -
IDEX GE/Scottish Equitable
International Equity 2,161,220 2,135,837 - -
IDEX JCC Global 310,096,681 154,542,868 98,039,960 138,498,813
IDEX Salomon All Cap 632,100 159,271 - -
IDEX JCC Growth 920,813,130 438,902,980 197,899,236 548,771,000
IDEX Goldman Sachs Growth 697,618 31,026 12,527 -
IDEX C.A.S.E. Growth 5,668,488 7,163,873 - -
IDEX NWQ Value Equity 2,414,098 1,983,391 324,888 1,498,701
IDEX T. Rowe Price Dividend
Growth 727,195 67,189 1,013,738 1,000,000
IDEX Dean Asset Allocation 8,943,588 9,671,741 146,745 3,071,875
IDEX LKCM Strategic Total
Return 19,530,632 15,445,828 - 2,552,136
IDEX JCC Balanced 62,443,351 12,993,454 390,356,796 389,900,000
IDEX JCC Flexible Income 12,483,931 6,720,658 163,468,984 165,053,673
IDEX AEGON Income Plus 17,070,229 7,838,390 - -
IDEX AEGON Tax Exempt
Exempt 6,109,750 5,238,700 - -
NOTE 4. Shares of beneficial interest transactions (all amounts in thousands):
IDEX T. Rowe Price Small Cap
Period Ended 4/30/99
Shares Amount
Proceeds from shares sold
Class A 50 $496
Class B 39 393
Class M 34 344
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class M - -
Cost of shares repurchased
Class A - $-
Class B - -
Class M - -
IDEX JCC Capital Appreciation
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 1,344 $26,971 2,806 $46,957
Class B 135 2,892 80 1,331
Class M 64 1,365 28 475
Shares issued on reinvestment
of distributions
Class A 136 $2,383 38 $585
Class B 25 415 5 81
Class M 8 138 3 46
Cost of shares repurchased
Class A (1,178) $(22,620) (2,738) $(46,239)
Class B (23) (468) (44) (721)
Class M (34) (685) (60) (997)
IDEX Pilgrim Baxter Mid Cap Growth
Period Ended 4/30/99
Shares Amount
Proceeds from shares sold
Class A 25 $259
Class B 20 203
Class M 21 224
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class M - -
Cost of shares repurchased
Class A - $-
Class B - -
Class M (1) (16)
IDEX Alger Aggressive Growth
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 1,259 $34,789 1,782 $37,151
Class B 440 12,116 264 $5,508
Class M 173 4,735 169 $3,531
Shares issued on reinvestment
of distributions
Class A 99 $2,472 57 $1,001
Class B 24 610 9 $161
Class M 13 318 6 $110
Cost of shares repurchased
Class A (919) $(25,167) (1,418) $(29,532)
Class B (55) (1,472) (54) $(1,104)
Class M (52) (1,377) (107) $(2,247)
IDEX GE/Scottish Equitable International Equity
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 57 $650 217 $2,411
Class B 25 294 71 $808
Class M 6 73 23 $264
Shares issued on reinvestment
of distributions
Class A - $- 2 $20
Class B - - 1 $1
Class M - - - $-
Cost of shares repurchased
Class A (64) $(758) (48) $(552)
Class B (27) (323) (16) $(168)
Class M (11) (125) (24) $(280)
IDEX JCC Global
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 10,563 $296,241 12,239 $309,587
Class B 2,496 68,175 2,952 $74,132
Class M 2,704 73,538 3,038 $74,673
Shares issued on reinvestment
of distributions
Class A - $- 866 $18,617
Class B - - 192 $4,048
Class M - - 119 $2,507
Cost of shares repurchased
Class A (9,298) $(261,692) (10,012) $(255,632)
Class B (349) (9,551) (340) $(8,161)
Class M (1,614) (43,760) (1,627) $(39,844)
IDEX Salomon All Cap
Period Ended 4/30/99
Shares Amount
Proceeds from shares sold
Class A 20 $199
Class B 18 180
Class M 17 169
Class T
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class M - -
Class T
Cost of shares repurchased
Class A (2) $(21)
Class B - -
Class M - -
Class T
IDEX JCC Growth
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 10,356 $395,662 10,485 $284,285
Class B 2,885 $108,422 953 $26,000
Class M 16,783 $573,568 8,338 $223,774
Class T 1,202 $45,757 1,480 $41,003
Shares issued on reinvestment
of distributions
Class A 304 $10,422 3,622 $78,048
Class B 21 $704 89 $1,872
Class M 12 $418 91 $1,924
Class T 277 $9,606 3,550 $77,497
Cost of shares repurchased
Class A (8,871) $(337,313) (10,784) $(291,088)
Class B (216) $(8,188) (147) $(3,944)
Class M (16,792) $(566,034) (6,982) $(188,005)
Class T (1,380) $(52,332) (3,450) $(92,807)
IDEX Goldman Sachs Growth
Period Ended 4/30/99
Shares Amount
Proceeds from shares sold
Class A 26 $266
Class B 26 268
Class M 24 243
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class M - -
Cost of shares repurchased
Class A (1) $(2)
Class B - -
Class M (1) (6)
IDEX C.A.S.E. Growth
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 75 $837 283 $3,163
Class B 42 $470 112 $1,295
Class M 13 $141 47 $562
Shares issued on reinvestment
of distributions
Class A 34 $340 30 $339
Class B 21 $200 17 $191
Class M 7 $63 14 $155
Cost of shares repurchased
Class A (194) $(2,160) (194) $(2,209)
Class B (54) $(590) (73) $(830)
Class M (25) $(268) (131) $(1,444)
IDEX NWQ Value Equity
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 199 $2,147 479 $5,802
Class B 119 1,344 262 $3,143
Class M 34 362 133 $1,627
Shares issued on reinvestment
of distributions
Class A 18 $188 2 $22
Class B 11 119 1 $11
Class M 4 44 1 $7
Cost of shares repurchased
Class A (233) $(2,531) (210) $(2,500)
Class B (139) (1,501) (50) $(577)
Class M (77) (833) (89) $(1,049)
IDEX T. Rowe Price Dividend Growth
Period Ended 4/30/99
Shares Amount
Proceeds from shares sold
Class A 28 $270
Class B 29 298
Class M 29 298
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class M - -
Cost of shares repurchased
Class A - $-
Class B - -
Class M (3) (27)
IDEX Dean Asset Allocation
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 170 $2,157 477 $6,265
Class B 185 2,354 573 $7,555
Class M 99 1,258 551 $7,236
Shares issued on reinvestment
of distributions
Class A 72 $876 72 $900
Class B 66 812 54 $679
Class M 32 390 30 $372
Cost of shares repurchased
Class A (295) $(3,715) (282) $(3,684)
Class B (198) (2,495) (249) $(3,264)
Class M (182) (2,296) (408) $(5,319)
IDEX LKCM Strategic Total Return
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 310 $5,250 851 $13,885
Class B 194 3,294 379 $6,158
Class M 121 2,041 317 $5,204
Shares issued on reinvestment
of distributions
Class A 36 $602 82 $1,287
Class B 9 161 17 $262
Class M 7 111 15 $239
Cost of shares repurchased
Class A (268) $(4,558) (312) $(5,093)
Class B (86) (1,461) (86) $(1,386)
Class M (103) (1,752) (174) $(2,768)
IDEX JCC Balanced
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 995 $17,404 729 $10,433
Class B 1,808 31,406 655 $9,430
Class M 687 12,038 328 $4,699
Shares issued on reinvestment
of distributions
Class A 12 $190 112 $1,450
Class B 6 98 21 $270
Class M 2 37 13 $164
Cost of shares repurchased
Class A (155) $(2,659) (217) $(3,138)
Class B (144) (2,480) (48) $(685)
Class M (74) (1,267) (118) $(1,705)
IDEX JCC Flexible Income
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 217 $2,146 281 $2,795
Class B 520 5,125 225 $2,228
Class M 247 2,445 261 $2,584
Shares issued on reinvestment
of distributions
Class A 31 $305 72 $711
Class B 8 83 6 $59
Class M 5 51 7 $68
Cost of shares repurchased
Class A (196) $(1,931) (424) $(4,182)
Class B (134) (1,327) (65) $(646)
Class M (125) (1,229) (139) $(1,370)
IDEX AEGON Income Plus
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 1,305 $13,425 4,896 $52,552
Class B 642 6,644 387 $4,137
Class M 3,550 36,597 2,492 $26,628
Shares issued on reinvestment
of distributions
Class A 255 $2,620 396 $4,242
Class B 27 274 15 $161
Class M 23 235 30 $319
Cost of shares repurchased
Class A (1,105) $(11,327) (5,188) $(55,591)
Class B (183) (1,888) (79) $(848)
Class M (3,097) (31,949) (2,449) $(26,102)
IDEX AEGON Tax Exempt
Six Months Ended 4/30/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 282 $3,301 426 $5,075
Class B 62 723 28 $347
Class M 101 1,180 181 $2,167
Shares issued on reinvestment
of distributions
Class A 47 $558 70 $832
Class B 2 22 1 $13
Class M 5 58 4 $45
Cost of shares repurchased
Class A (341) $(3,981) (612) $(7,276)
Class B (25) (290) (7) $(88)
Class M (33) (384) (128) $(1,530)
NOTE 5. Information for Federal income tax purposes:
At April 30, 1999:
Net
Unrealized Unrealized unrealized
Cost Appreciation Depreciation appreciation
Of Securities of Investments Of Investments (depreciatn)
IDEX T. Rowe Price
Small Cap $ 1,247,911 $ 110,897 $ (84,127) $ 26,770
IDEX JCC Capital Appr. 40,779,998 14,213,155 (883,748) 13,329,407
IDEX Pilgrim Baxter
Mid Cap Growth 785,738 55,838 (13,001) 42,837
IDEX Alger Aggressive
Growth 83,703,411 30,146,015 (703,507) 29,442,508
IDEX GE/Scottish
Equitable Intl Equity 6,378,615 1,185,708 (226,102) 959,606
IDEX JCC Global 533,411,537 187,192,606 (5,842,202) 181,350,404
IDEX Salomon All Cap 534,176 53,243 (10,555) 42,688
IDEX JCC Growth 1,415,406,064 1,178,569,062 (16,818,317) 1,161,750,745
IDEX Goldman Sachs
Growth 770,549 65,833 (11,156) 54,677
IDEX C.A.S.E. Growth 7,874,407 1,242,488 (1,050,507) 191,981
IDEX NWQ Value Equity 14,432,790 2,666,962 (1,195,623) 1,471,339
IDEX T. Rowe Price
Dividend Growth 830,785 54,087 (11,791) 42,296
IDEX Dean Asset
Allocation 32,844,414 4,112,726 (1,040,910) 3,071,816
IDEX LKCM Strategic
Total Return 47,766,495 9,646,332 (620,091) 9,026,241
IDEX JCC Balanced 92,587,904 17,058,113 (1,610,378) 15,447,735
IDEX JCC Flexible Income 24,114,203 671,006 (279,768) 391,238
IDEX AEGON Income Plus 84,998,406 1,955,015 (2,817,098) (862,083)
IDEX AEGON Tax Exempt 23,964,192 772,945 (120,118) 652,827
Realized net capital gains available to distribute were paid to shareholders in
December 1998. Capital loss carryforwards utilized and expired during the fiscal
year ended October 31, 1998 for IDEX JCC Flexible Income were $241,943 and
$238,976, respectively.
The following Funds have capital loss carryforwards available through the date
specified to offset future realized net capital gains.
IDEX GE/Scottish Equitable International Equity $ 28,802 October 31, 2005
285,629 October 31, 2006
IDEX JCC Global 4,732,928 October 31, 2006
IDEX JCC Flexible Income 188,609 October 31, 2002
These Funds will make net capital gain distributions in future years to the
extent that net capital gains are realized in excess of available loss
carryforwards.
IDEX Mutual Funds
TRUSTEES
Peter R. Brown
Largo, Florida
Chairman of the Board,
Peter Brown Construction Company
Daniel Calabria
South Pasadena, Florida
Retired; former President and Chief Executive Officer, Templeton Funds
Management, Inc.
James L. Churchill
Hilton Head, South Carolina
Retired; former President of the Avionics
Group of Rockwell International Corporation
Charles C. Harris
Belleair, Florida
Retired; former Senior Vice President,
Western Reserve Life Assurance Co. of Ohio
G. John Hurley
Largo, Florida
President and Chief Executive Officer
of the Fund;
Chairman of the Board of InterSecurities, Inc.
John R. Kenney
Largo, Florida
Chairman of the Board of the Fund;
Chairman of the Board of
Western Reserve Life Assurance Co. of Ohio
Julian A. Lerner
Dallas, Texas
Retired; former Investment Consultant
and Senior Vice President,
AIM Capital Management
William W. Short, Jr.
Largo, Florida
President, Shorts, Inc.
Chairman, Southern Apparel Corporation
and S.A.C. Distributors
Jack E. Zimmerman
Dayton, Ohio
Retired; former Director, Regional Marketing,
Martin Marietta Corporation
CORPORATE ADDRESS
570 Carillon Parkway
St. Petersburg, Florida, 33716-1202
OFFICERS
John R. Kenney
Chairman of the Board
G. John Hurley
President and Chief Executive Officer
David J. Bullock
Executive Vice President
Thomas R. Moriarty
Senior Vice President, Treasurer and
Principal Financial Officer
Thomas E. Pierpan
Vice President, Associate General
Counsel and Secretary
Christopher G. Roetzer
Vice President, Assistant Treasurer and
Principal Accounting Officer
INVESTMENT ADVISER
Idex Management, Inc.
570 Carillon Parkway
St. Petersburg, Florida 33716-1202
SUB-ADVISERS
AEGON USA Investment
Management, Inc.
4333 Edgewood Road, N.E.
Cedar Rapids, Iowa 52499-0002
C.A.S.E. Management, Inc.
5355 Town Center Road, Suite 701
Boca Raton, Florida 33486-1081
Dean Investment Associates
2480 Kettering Tower
Dayton, Ohio 45423-2480
Fred Alger Management, Inc.
1 World Trade Center, Suite 9333
New York, New York 10048
GE Investment Management Incorporated
3003 Summer Street
Stamford, Connecticut 06905-4316
Goldman Sachs Asset Management
One New York Plaza
New York, New York 10004-1950
Janus Capital Corporation
100 Fillmore Street, Suite 300
Denver, Colorado 80206-4928
Luther King Capital Management
301 Commerce Street, Suite 1600
Fort Worth, Texas 76102-4190
NWQ Investment Management
Company, Inc.
2049 Century Park East, 4th Floor
Los Angeles, California 90067
Pilgrim Baxter & Associates, Ltd.
825 Duportail Road
Wayne, Pennsylvania 19087-5593
Salomon Brothers Asset
Management Inc.
7 World Trade Center
New York, New York 10048-4600
Scottish Equitable Investment
Management Limited
Edinburgh Park,
Edinburgh EH12 9SE, Scotland
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, Maryland 21202-1090
SEND YOUR
CORRESPONDENCE TO:
Idex Investor Services, Inc.
P.O. Box 9015
Clearwater, Florida 33758-9015
CUSTOMER SERVICE
(888) 233-IDEX (4339)
toll free call
Hours: 8 a.m. to 7 p.m. Monday - Thursday,
8 a.m. to 6 p.m. Friday Eastern time
IDEX WEBSITE
www.idexfunds.com
DISTRIBUTOR
InterSecurities, Inc.
570 Carillon Parkway
St. Petersburg, Florida, 33716-1202
CUSTODIAN
Investors Fiduciary Trust Company
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1055 Broadway, 10th Floor
Kansas City, Missouri 64105
