IDEX MUTUAL FUNDS
www.idexfunds.com
ANNUAL REPORT
October 31, 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 T. Rowe Price Small Cap 2 40
IDEX JCC Capital Appreciation 4 44
IDEX Pilgrim Baxter Mid Cap Growth 6 45
IDEX Alger Aggressive Growth 8 46
IDEX GE/Scottish Equitable
International Equity 10 48
IDEX JCC Global 12 52
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 LKCM 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
Statements of Operations 84
Statements of Changes in Net Assets 88
Financial Highlights 94
Notes to Financial Statements 104
Report of Independent Accountants 113
Supplemental Federal Income Tax Information 114
To Contact Us 117
Fellow Shareholders,
The more things change...
Heartened by recovering economies around the world, and encouraged by a
thriving one here at home, financial markets moved higher this period-by
fits and starts, to be sure, but higher nonetheless. Indeed, many of the
equity markets' favorite indexes reached all-time highs at some point
across the last 12 months, not the least of which the venerable Dow Jones
Industrial Average. For its part, the NASDAQ Composite has been one of the
financial world's great marvels this year, alternately sinking and soaring
as investors changed their views on technology stocks.
Not too surprisingly then, "growth" stocks, most notably those in the
technology arena, carried the day most of this period. "Value" stocks,
meanwhile, despite an encouraging burst in the spring, remained almost
totally out of favor. As a result, the disparity in performance between the
growth and value styles of investing reached levels never before seen in
the marketplace.
For the IDEX Mutual Fund managers, this markedly changeful environment has
been challenging, to say the least. We encourage you to examine their
individual comments contained in this Report. Understanding how these
experts dealt with this complex market-how they measured the rhythms of
this marketplace and stayed true to their objectives-can only make it
easier for you to stick to your own investment plan.
We'll be the first to admit the cost of diversification this year has been
a bit steep. And we suspect many frustrated investors are, indeed, having
second thoughts about their diversified investment strategies. But as the
events of just the last few months remind us, no one is clever enough to
identify the next market leader at the most opportune time. Investing for
the long haul still demands discipline, determination, and diversification.
Short-term markets may change, but long-term investing stays invariably the
same.
Companies change too. With this Report, we bid a fond farewell to long-time
IDEX friend and Fund President, John Hurley. As Mr. Hurley-who has capably
served IDEX from its inception-moves on to his next challenge, we look
forward to the arrival of Mr. Pat Baird as new Fund President. Mr. Baird,
too, is a long-time IDEX friend and AEGON USA colleague. Companies can stay
the same too.
As we move inexorably towards the Year 2000, we think there's much to cheer
about-things like a strong economy, contained inflation, low interest
rates, and higher profits. That's not to say everything will be straight
up, of course. To the contrary, it's very likely stocks and bonds will
provide a few thrilling, even chilling, detours to higher ground. From
here, it's going to take steady nerves on your part and solid, well-managed
investment products on ours. Your personal task of financial planning is a
great one. We appreciate the opportunity to help.
Sincerely yours,
/s/ John R. Kenney
December 13, 1999
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
Since the fund's inception March 1, 1999, we've witnessed continued
strength in the economy and two increases in short-term rates by the
Federal Reserve to keep inflation in check. Like the market as a whole,
small-cap stocks went on a roller coaster ride but generated a respectable
gain for the period. Technology stocks soared for much of the time,
outstripping the broad market's advance.
The fund's inception date turned out to be beneficial, since it coincided
with a strong rebound in small-cap stocks after steep declines earlier in
1999. The rally lasted into the summer, with small-caps generally
performing better than the overall market for a few months. September saw a
sharp sell-off, however, and October was flat for small-caps. Among small-
company stocks, growth issues fared significantly better than value-
oriented stocks-a trend that benefited our fund.
Five Largest Holdings (% of Net Assets)
QRS Corp. 0.8%
Emmis Communications Corp. Class A 0.8%
Lattice Semiconductor Corp. 0.8%
Micro Warehouse, Inc. 0.8%
Proxim, Inc. 0.8%
Performance
For the period from inception through October 31, 1999, the fund
underperformed the Russell 2000 benchmark index for small-cap stocks. The
Russell 2000 Index slightly lagged the large-cap S&P 500 Stock Index for
the same period. Please refer to the Performance Table for additional
information.
Strategy Review
Our sector allocations have changed little since the fund's inception. Over
the period, our best performing industry sectors included technology and
business services and transportation. The chief engine in the technology
group was computer services and software, which represent approximately two-
thirds of that sector. Top performers within these areas included Polycom
and Microchip Technology in electronic systems and components, and Legato
Systems, Symantec, Clarify, and Mercury Interactive in the computer
services and software group.
Top Five Industries (% of Net Assets)
Software 16.4%
Semiconductors 7.8%
Communications 6.7%
Consumer Services 6.1%
Computers 4.3%
Consumer services holdings performed well, including specialty
merchandisers such as CDW Computer Centers and Williams-Sonoma, as did
media and communications stocks like Emmis Communications, one of our
larger positions. Higher oil prices benefited our energy services holdings,
but they account for only a small portion of assets.
Sectors that posted positive but more modest gains included consumer
nondurables and financial stocks. In the former sector, our holdings in
Smithfield Foods and Ben & Jerry's lost ground after we purchased them,
while healthcare stocks in general reflected political uncertainties
surrounding that industry. Financial stocks declined over the summer as
interest rates rose, but received a boost in October when Congress passed
banking reform legislation. Also under pressure were process industries,
including chemicals, paper, and building and construction. The fund's
holdings in MacDermid, Pentair, and Dycom Industries all lost ground.
Outlook
Small-cap growth stocks remain attractively priced compared with many large
blue chips and are drawing attention as merger and acquisition candidates.
While small-caps have not been able to sustain a market leadership position
this year, we believe their compelling valuations will generate increasing
investor attention. We will continue to maintain the fund's broad
diversification to provide meaningful exposure to the small-cap growth
universe while dampening the inherent volatility of this dynamic part of
the stock market.
/s/ Richard T. Whitney
Richard T. Whitney
Fund Manager
T. Rowe Price Associates, Inc.
This graph compares the 10/31/99 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) $11,043
Class A $10,407
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
Inception Date
Class A (NAV) 10.13% 3/1/99
Class A (POP) 4.08% 3/1/99
Russell 2000 (1) 10.43% 3/1/99
Class B (NAV) 9.70% 3/1/99
Class B (POP) 4.70% 3/1/99
Class M (NAV) 9.77% 3/1/99
Class M (POP) 7.67% 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
10/31/99
Basic Materials 0.3
Consumer Cyclical 16.5
Consumer Non-Cyclical 17.3
Energy 1.4
Financial 6.5
Industrial 7.1
Technology 44.8
Utilities 0.0
Short-term 6.6
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.
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 Capital Appreciation
Objective/Focus
Long-term growth of capital by normally investing at least
50% of assets in medium-sized companies.
Market Environment
In the face of a resilient U.S. economic expansion, interest rates moved
higher across the period, effectively keeping a lid on broad stock market
gains. While most economic indicators continued to reflect strong economic
growth with minimal inflation, the Federal Reserve nevertheless raised
rates twice in an effort to thwart any price pressure. This economic
tailwind generally boosted corporate earnings, though there were surprises-
both positive and negative. Like their larger brethren, small- and mid-cap
stocks finished the period with mixed results.
Performance
The fund's holdings successfully transcended the broader market's lethargy,
and for the year ended October 31, 1999, we easily outperformed our
benchmark, the S&P MidCap 400 Index. Please see the Performance Table on
the following page for further details. Stellar gains in our media and
technology holdings more than made up for the mixed showings posted by our
Internet companies.
Five Largest Holdings (% of Net Assets)
Paychex, Inc. 5.1%
SDL, Inc. 4.9%
VERITAS Software Corp. 144A 4.2%
Vitesse Semiconductor Corp. 3.8%
Exodus Communications 3.7%
Strategy Review
Our media stocks benefited from an increased awareness that solid earnings
growth is becoming increasingly scarce in this competitive business
climate. While many of the more traditional television and radio
broadcasters are encountering increased competition from cable and the
Internet, our Hispanic media companies, Univision and Hispanic
Broadcasting, continue to experience solid ratings gains. Advertisers have
demonstrated a willingness to pay a premium to access this burgeoning
demographic, and Univision has been able to raise its advertising rates by
more than 40%.
Top Five Industries (% of Net Assets)
Communciations 22.8%
Broadcasting 11.1%
Semiconductors 10.6%
Diversified 10.3%
Computers 8.1%
Our technology companies also outperformed the broad market this period.
Leading the list was VeriSign, whose software products ensure the security
of e-commerce. Although investors have long been attracted to VeriSign's
market position in the business-to-consumer arena, they are now beginning
to appreciate the company's potential in business-to-business applications.
With many corporations planning to upgrade the security of their web sites,
VeriSign's potential remains very open-ended. Also gaining significant
ground this period was VERITAS Software, the data management and storage
company. Corporate America's growing reliance upon data is continually
reflected in VERITAS' earnings quarter after quarter.
Internet content companies endured a difficult period, and our holdings
were no exception. Amazon.com, the Internet's version of one-stop shopping,
felt pressure from a number of different sources, not the least of which
being higher interest rates and Wall Street's displeasure with the
company's marketing strategy. Our position in eBay, the online auctioneer,
also endured a difficult period following a high-profile technological
miscue as well as declining revenues per registered user. While the
performance of both companies' stocks was disappointing, we were not
dissatisfied with either company's execution. They are exploring new
frontiers in business-to-consumer relationships, and volatility is merely
the price of admission to this open-ended opportunity.
Outlook
The U.S. economy's continued strength has created an uncertain outlook for
interest rates. However, it's business as usual for us. We remain firmly
focused on selecting individual companies with the ability to grow earnings
in any economic environment.
/s/ James P. Goff
James P. Goff
Fund Manager
Janus Capital Corporation
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Class A $36,174
S&P 500 (1) $32,914
S&P 400 (1) $25,452
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year Inception Date
Class A (NAV) 102.19% 31.38% 12/2/94
Class A (POP) 91.07% 29.88% 12/2/94
S&P 500 (1) 25.66% 27.42% 12/2/94
S&P 400 (1) 21.10% 20.93% 12/2/94
Class B (NAV) 101.72% 28.39% 10/1/95
Class B (POP) 96.72% 28.28% 10/1/95
Class M (NAV) 101.79% 30.89% 12/2/94
Class M (POP) 98.77% 30.62% 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.
10/31/99 10/31/98
Basic Materials 0.0 0.0
Consumer Cyclical 20.5 26.7
Consumer Non-Cyclical 10.8 24.7
Energy 0.0 0.0
Financial 1.0 9.2
Industrial 0.0 0.0
Technology 58.7 36.2
Utilities 5.1 0.9
Short-term 5.1 4.7
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.
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.
Market Environment
Last year, responding to the threat of global recession, the Federal
Reserve (the "Fed") was left with little choice but to pump additional
liquidity into financial markets. This year, however, with foreign
economies strengthening and domestic corporate profits soaring, monetary
authorities had more room to move. With its second rate increase in August
of this year, the central bank kept its promise to "act promptly and
forcefully" at the first signs of an overheating economy and re-igniting
inflation. While the current inflation picture still looks benign, the Fed
believes that strong domestic demand, a tight labor market, and rising core
producer prices are possible threats to future price stability. Some
economists are beginning to agree, and a few are even replacing the
question with a matter-of-fact reference to our "bubble economy".
To some extent, the market's decline since its mid-July high is a byproduct
of success. Recent economic reports have, indeed, been stronger than
expected. Consumers are still spending, the housing market is strong,
durable goods orders are up, the manufacturing sector is strong,
productivity appears to be holding its own and corporate earnings, if
slowing, are still better than last year. Even the widening trade deficit
resulted from an increase in imports rather than a decrease in exports.
Five Largest Holdings (% of Net Assets)
Emulex Corp. 2.9%
USWeb Corp. 2.6%
TriQuint Semiconductor, Inc. 2.5%
MedImmune, Inc. 2.4%
Lamar Advertising Company 2.4%
Performance
We are pleased with the fund's performance across the period. From its
inception March 1, 1999, through October 31, 1999, IDEX Pilgrim Baxter Mid
Cap Growth outpaced its benchmark, the Russell Mid Cap Growth Index. Please
see the Performance Table for additional information.
Top Five Industries (% of Net Assets)
Semiconductors 16.8%
Diversified 11.5%
Software 7.3%
Advertising 7.0%
Computers 5.0%
Strategy Review
Three key factors led to our favorable results. First, growth stocks
generally outperformed value stocks across all capitalizations. Second, the
fund's sector weightings were well positioned with overweighting in
technology and underweighting in the financial sector for example. And
third, the individual stocks in each sector of the fund outperformed the
stocks held in the benchmark for each sector. This was especially true for
the consumer, healthcare, and technology sectors. It is rare that all three
factors will simultaneously affect the fund positively.
The most significant sector changes during the period were an increase in
the energy sector and a decrease in the consumer and healthcare sectors. At
period's end, the fund's holdings were divided among six economic sectors:
technology, industrial, consumer cyclical, consumer non-cyclical, energy,
and financial.
Outlook
While we are extremely pleased with the fund's year-to-date results, we
also realize a number of positive factors have come together to drive these
results. It is always our goal to produce strong relative performance
returns, even during periods when everything isn't working in our favor. We
are encouraged with the widening breadth of stock appreciation across all
capitalizations, and we believe the fund's flexibility will prove
beneficial in a wide range of market environments.
/s/ Jeffrey A. Wrona
Jeffrey A. Wrona
Fund Manager
Pilgrim Baxter & Associates, Ltd.
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Class A $13,995
Russell MCG (1) $11,671
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
Inception Date
Class A (NAV) 48.06% 3/1/99
Class A (POP) 39.92% 3/1/99
Russell MCG (1) 23.21% 3/1/99
Class B (NAV) 47.63% 3/1/99
Class B (POP) 42.63% 3/1/99
Class M (NAV) 47.70% 3/1/99
Class M (POP) 45.22% 3/1/99
Notes
1 The Russell Mid Cap Growth (Russell MCG) 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
10/31/99
Consumer Cyclical 15.3
Consumer Non-Cyclical 7.3
Energy 6.6
Financial 2.3
Industrial 3.2
Technology 46.4
Short-term 17.3
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.
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
During the first half of the period, large-cap stocks marched forward with
nary a setback while their smaller counterparts struggled mightily. Large
inflows of overseas capital sought refuge in the largest, most liquid
corporate names, helping large-cap stocks to see big gains and reach record
valuation levels. For its part, the Dow Jones Industrial Average closed
over 10,000 for the first time on March 29, 1999.
But an ongoing fear of rising interest rates was realized on June 30 when
the Federal Reserve "took back" one of three previous interest rate cuts.
Though large-cap stocks continued to rally, breadth narrowed considerably,
as small-cap and value stocks languished. The rally ultimately failed,
partially due to another rate hike in August. Amid mounting fears of rising
interest rates, an upward spike in the price of gold, and a series of
dubious economic reports, the Dow dropped more than 1,000 points in less
than a month, briefly dipping below the 10,000 level on October 18th. But
as is so often the case, the market recovered when it appeared to be at its
weakest. The final two weeks of October saw dramatic gains throughout both
the stock and bond markets, with the long bond once again approaching 6%,
and the Dow Jones nearing 11,000.
Five Largest Holdings (% of Net Assets)
America Online, Inc. 5.2%
Microsoft Corp. 4.5%
eBay, Inc. 3.7%
Sun Microsystems, Inc. 3.1%
Cisco Systems, Inc. 3.1%
Despite the extreme volatility, the year was seemingly a rewarding one for
investors, at least as measured by the indexes. Further analysis, however,
reveals that the stock market's gains had somewhat limited breadth. What
was an extremely gratifying twelve months for some investors was an equally
frustrating period for others. If one were to exclude a few dozen large-cap
technology growth stocks (i.e., Microsoft, Intel, Cisco, Sun Microsystems)
from the major market indexes, the performance of equity markets during the
recent fiscal year would be characterized as merely average.
Top Five Industries (% of Net Assets)
Semiconductors 18.5%
Software 14.0%
Communications 12.3%
Retailers - Specialty 10.0%
Computers 6.7%
Performance
Fortunately, the fund was well positioned to benefit from the strong
performance of certain segments of the market. Our growth stock approach
and technology concentration both served to boost the performance of IDEX
Alger Aggressive Growth for the year ended October 31, 1999. Please refer
to the Performance Table for additional information.
Strategy Review
At the close of the period, the fund's technology orientation was highly
visible in top holdings like America Online, Inc., Microsoft Corp., eBay,
Inc., Sun Microsystems, Inc., and Cisco Systems, Inc. Large-cap technology
companies served as the fund's core holdings for the duration of the fiscal
year.
Outlook
The stock market is seemingly in the midst of a strong recovery, with out-
of-favor industries like financials and pharmaceuticals beginning to act
well. If the central bank does raise rates again, the move will be viewed
as the last in a set of three; no move will be considered bullish. Either
way, the market should continue to rally. I am maintaining my prediction of
Dow 11,500 by the millennium. Should market conditions remain neutral or
favorable, the fund will be well positioned to outperform broad market
averages. Our heavy technology weighting and bottom-up approach to stock
picking will continue to create large potential upside returns.
/s/ David D. Alger
David D. Alger
Fund Manager
Fred Alger Management, Inc.
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Class A $37,644
S&P 500 (1) $32,914
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year Inception Date
Class A (NAV) 55.49% 32.45% 12/2/94
Class A (POP) 46.93% 30.94% 12/2/94
S&P 500 (1) 25.66% 27.42% 12/2/94
Class B (NAV) 54.88% 21.56% 10/1/95
Class B (POP) 49.88% 21.43% 10/1/95
Class M (NAV) 54.97% 32.07% 12/2/94
Class M (POP) 52.42% 31.80% 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.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
Consumer Cyclical 19.1 16.4
Consumer Non-Cyclical 0.4 16.4
Energy 3.1 0.0
Financial 5.9 10.4
Independent 1.7 0.0
Industrial 2.3 6.2
Technology 59.4 40.5
Utilities 4.9 3.1
Short-term 3.5 5.0
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.
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)
Japan 20.9%
France 18.4%
United Kingdom 11.6%
Germany 8.7%
Netherlands 6.3%
Five Largest Holdings
(% of Net Assets)
Total SA 3.0%
AXA-UAP 2.6%
Mannesman AG 2.4%
ING Groep NV 2.4%
Carrefour SA 2.2%
Market Environment
Scottish Equitable Investment
Management Limited ("SEIM")
Overall, the international stock markets provided a mixed bag of
performances this year, with volatility a key feature of each. Asia was
notably strong, Malaysia and Korea in particular, while Finland virtually
doubled in value. And after many years of decline, the Japanese market
recovered over the period. European markets, meanwhile, were concentrated
at the lower end of the return spectrum.
GE Investment Management Incorporated ("GEIM")
At period end, the major markets were beginning to move in a similar
fashion. Significant outperformance was coming from Finland and Sweden,
both markets boosted by the performance of telecommunications equipment
stocks. Currency movements, meanwhile, were becoming less significant than
earlier in the year.
Performance
For the year ended October 31, 1999, the fund underperformed its benchmark,
the Morgan Stanley Capital International-Europe, Asia, and Far East Index.
Please refer to the Performance Table for further details.
Strategy Review
SEIM
It became evident in the early part of the year that economic growth in the
United States was much stronger than anticipated. Although growth in Europe
was still sluggish, the anticipated recovery there resulted in a very
sudden and rapid shift in market sentiment from defensive growth-oriented
stocks towards cyclical stocks. As a consequence, economically sensitive
stocks performed strongly at the expense of defensive stocks. As the year
progressed, the fund was adjusted to take the higher growth scenario into
account.
GEIM
Positive performance from the Asian and emerging markets was positive but
not enough to offset the effect of our underweighted position in Japan and
our heavy weighting in Continental Europe. Weak stock performance in the UK
was a negative as well. Among the top performing stocks for us were Taiwan
Semiconductor Manufacturing, Sony, and Comverse Technology.
Outlook
SEIM
Most recent economic data confirms that global economic growth is
strengthening and that all the major economic blocs will grow in parallel
next year. This should lead to a moderate pickup in inflation, resulting in
higher bond yields and volatile equity markets. The very high valuation
level of the U.S. stock market adds a further note of caution to the
outlook. Nevertheless, we remain confident in the longer-term economic and
investment outlook. In the new year, as investors come to terms with the
changing economic and investment environment, any significant setbacks in
share prices should present opportunities to reinvest at attractive levels.
GEIM
Consensus estimates for Japanese economic growth have begun to increase.
Combined with the announced corporate restructuring plans, this may signal
that the long awaited recovery in Japanese corporate profits will start
soon. This in turn should provide a big boost to the recovery in the rest
of Asia. The outlook for economic recovery in Europe also appears better,
though much will depend on how well prepared the European companies are for
the Y2K issue. Our analysis shows that most have completed their due
diligence and have contingency plans in place to avoid any disruption. We
therefore expect investor confidence to improve after the New Year.
/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
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
MSCI-EAFE (1) $14,353
Class A $12,227
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year Inception Date
Class A (NAV) 19.12% 9.86% 2/1/97
Class A (POP) 12.57% 7.61% 2/1/97
MSCI-EAFE (1) 23.32% 14.04% 2/1/97
Class B (NAV) 18.45% 9.18% 2/1/97
Class B (POP) 13.45% 8.23% 2/1/97
Class M (NAV) 18.55% 9.28% 2/1/97
Class M (POP) 16.37% 8.88% 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.
Investments by Region as a Percentage of Net Assets
10/31/99 10/31/98
Asia/Pacific Rim 26.9 5.6
Australia 2.8 1.1
Europe 62.5 84.8
Latin America 1.4 1.5
Middle East 1.1 1.2
North America 2.5 1.5
Short-term 3.4 3.1
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.
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
Global equity markets gained ground late in the period, as a strong rebound
in Japanese shares and rising, though volatile, equity prices in the U.S.
helped to offset sluggish performance by European markets. The markets
managed to end the period higher despite significant pressure late in the
summer from a weakening U.S. dollar relative to the Japanese yen, rising
commodity prices, and an uncertain interest rate environment.
Performance
Individual successes across a broad range of our positions helped the fund
to substantially outperform its benchmark, the MSCI World Index, for the
year ended October 31, 1999. Returns were especially strong among our
global telecommunications stocks. Please refer to the Performance Table for
additional information.
Five Largest Holdings (% of Net Assets)
NTT Mobile Communications 6.6%
Cisco Systems, Inc. 4.3%
Tyco International Group SA 3.1%
Nokia Corp. OY 2.8%
Mannesman AG 2.8%
Strategy Review
We have positioned the fund to take advantage of the advent of wireless
data, a mode that clearly represents the next leg of growth for the
cellular industry. The most notable example is NTT Mobile Communications,
Japan's preeminent cellular provider. The company continues to expand its
subscriber roles, which recently surpassed 25 million, a fact that helped
NTT Mobile stand out as one of the period's strongest performers.
Elsewhere, China Telecom continued to produce results despite the general
retreat in emerging market shares. The company is successfully leveraging
its near monopoly power in the provision of cellular service in three of
Mainland China's most dynamic and rapidly growing provinces.
We were also pleased with the performance of Netherlands-based information
technology and telecommunications services provider, Getronics NV.
Investors cheered the company's successful integration of rival Wang, as
well as an impressive 62% increase in operating earnings during the first
half of 1999. Our emphasis on U.S.-based technology companies Cisco Systems
and Sun Microsystems also aided performance, as demand for network capacity
rose in tandem with the explosive growth in Internet traffic worldwide.
Top Five Countries (% of Net Assets)
United States 41.2%
Japan 14.9%
United Kingdom 7.9%
Netherlands 7.3%
Finland 5.7%
Additionally, a number of our Japanese shares were boosted by improving
economic fundamentals, continuing political and economic reform, and a more
sanguine outlook for the country's Asian neighbors. Sony, Takeda Chemical,
Fujitsu, and Softbank were among our Japanese standouts during the period.
On the other hand, many of our European positions struggled as markets
there continued to languish. Our position in Brazilian telecom provider
Telebras also traded lower amid the downward volatility in Latin American
stocks. However, we remain optimistic about this company, which is the
dominant telecom provider in its national market and has the tremendous
potential to tap into unmet demand for voice and, eventually, Internet
services.
Outlook
Looking forward, we believe that the uncertainty surrounding U.S. interest
rates will continue. We are in fact actively looking for ways to exploit
the volatility associated with it. We look for European markets to gain
momentum and for emerging markets to remain on edge. Meanwhile, we have
sought to position the fund to perform well in any environment, selectively
adding all-weather companies capable of thriving in virtually any set of
circumstances.
/s/ Helen Young Hayes
Helen Young Hayes
Fund Manager
Janus Capital Corporation
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Class A $41,639
MSCIW (1) $29,350
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year 5 year Inception Date
Class A (NAV) 40.31% 21.75% 23.31% 10/1/92
Class A (POP) 32.59% 20.38% 22.33% 10/1/92
MSCIW (1) 25.25% 16.91% 12.29% 10/1/92
Class B (NAV) 39.62% - 23.47% 10/1/95
Class B (POP) 34.62% - 23.33% 10/1/95
Class M (NAV) 39.73% 21.51% 21.26% 10/1/93
Class M (POP) 37.33% 21.26% 21.06% 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.
Investments by Region as a Percentage of Net Assets
10/31/99 10/31/98
Asia/Pacific Rim 17.3 7.6
Europe 36.1 50.0
Latin America 2.6 1.3
North America 34.5 23.1
Short-term 9.4 23.6
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.
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
The U.S. stock market continued to be buffeted by the crosswinds of higher
expectations for both earnings and interest rates. For the most part, this
was due to clear signs of acceleration in global growth. The rotation into
the broad market during the June quarter, and the subsequent rotation back
into the narrower, high-growth, aggressively valued technology sector,
illustrate the market's uncertainty at this inflection point. While the
long-term secular trend of growth with low inflation is still intact, the
intermediate trend may be shifting to one of a cyclical increase in both
inflation and the earnings of economically sensitive companies. In our
view, this is normal and healthy for long-term economic growth.
Performance
From its inception, March 1, 1999, through October 31, 1999, the fund had
strong returns, beating its benchmark, the Russell 3000 Index, by a wide
margin. Please see the Performance Table on the following page for
additional information. The biggest contributors to the fund's performance
were its technology, telecom/media, and energy stocks. Our most material
underperformers were tobacco stocks, which are no longer prominent in the
fund. We do retain a material position in Nabisco Group Holdings, the
former parent of RJR Nabisco, which currently owns about 80% of the
country's leading cookie/cracker company.
Five Largest Holdings (% of Net Assets)
Rogers Cantel Mobile
Communications, Inc. 4.1%
Costco Wholesale Corp. 3.5%
Seagate Technology, Inc. 3.3%
Federated Dept. Stores, Inc. 3.1%
Nabisco Group Holdings 3.0%
Strategy Review
The broad market strategy that the fund employs has the benefit of
providing participation in most market environments. By using a bottom-up
stock selection process, we find opportunities in most sectors-whether or
not the sector is in or out of favor. In recent months, most of our
incremental purchases have come from three areas: energy, where
fundamentals are improving; traditional retailers, many of whom are out of
favor and developing e-commerce strategies; and technology, particularly in
companies with "hidden assets". We retain significant exposure to much of
the market, with the notable exception of the "dot.com" stocks. We prefer
to get our Internet exposure through the myriad of companies that are
benefiting from the trend but have sustainable earnings and cash flow that
can be valued.
Top Five Industries (% of Net Assets)
Communications 9.4%
Food Retailers 6.8%
Computers 6.1%
Banks 5.7%
Food - Other 5.6%
Outlook
The coming year should provide many opportunities within the stock market,
particularly in reasonably valued, out-of-favor companies. As global growth
accelerates, increased earnings will follow. While this environment may
cause price-to-earnings contraction for the market, those companies with
accelerating earnings should have stocks that appreciate. Most
importantly, the established companies that are embracing today's new
technologies with fiscal discipline have a huge long-term opportunity to
gain market share and accelerate their growth rates.
/s/ Ross S. Margolies
Ross S. Margolies
Fund Manager
Salomon Brothers Asset Management Inc
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Russell 3000 (1) $11,087
Class A $11,062
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
Inception Date
Class A (NAV) 17.03% 3/1/99
Class A (POP) 10.60% 3/1/99
Russell 3000 (1) 10.87% 3/1/99
Class B (NAV) 16.60% 3/1/99
Class B (POP) 11.60% 3/1/99
Class M (NAV) 16.67% 3/1/99
Class M (POP) 14.50% 3/1/99
Notes
1 The Russell 3000 (Russell 3000) 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
10/31/99
Basic Materials 5.3
Consumer Cyclical 14.2
Consumer Non-Cyclical 14.6
Energy 10.8
Financial 11.4
Independent 1.0
Industrial 7.0
Technology 23.4
Utilities 3.5
Short-term 5.0
Options 0.2
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.
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
Higher interest rates resulting from continued economic vigor stirred up
equity markets during the period, and the broader market finished with
mixed results. As we have seen for much of the past two years, the economic
data continued to paint the picture of growth with minimal inflation.
Nevertheless, the Federal Reserve, ever vigilant, raised interest rates
twice, pointing to tight labor markets as the precursor for price pressure.
Corporate earnings benefited from the strong economic tailwind, and most
companies continued to meet Wall Street's expectations. In many cases,
however, those expectations had been lowered, and investors flocked to
companies posting solid year-over-year profit gains in response.
Performance
This flight to quality earnings benefited the fund, which outpaced its
benchmark, the S&P 500 Index, for the year ended October 31, 1999. In
particular, we realized solid gains from our semiconductor,
telecommunications, and financial exposure. For additional information,
please see the Performance Table.
Five Largest Holdings (% of Net Assets)
Nokia Corp. ADR 8.2%
America Online, Inc. 7.6%
Microsoft Corp. 6.9%
Cisco Systems, Inc. 5.2%
General Electric Company 4.1%
Strategy Review
The advent of wireless data networks, which would allow users to access the
Internet from anywhere, portends a major upgrade cycle for wireless
handsets. Our position in Texas Instruments moved higher as investor
recognition of the company's burgeoning digital signal processor business
(DSP) accelerated. The company's DSP chips serve as the brains for most of
the wireless phones being designed today.
The emergence of wireless data networks also bolstered our
telecommunications holdings, especially Vodafone AirTouch and Nokia. Both
of these companies should benefit from the increased usage of wireless
phones that results from their greater application and utility, including
television and bill payment. In fact, these handsets' functionality will
broaden so dramatically over the next 10 years, it's not unreasonable to
wonder if the word "phone" will join the ranks of the anachronism.
Top Five Industries (% of Net Assets)
Communications 16.4%
Software 14.9%
Technology - Diversified 11.8%
Retailers - Specialty 10.0%
Semiconductors 6.0%
Meanwhile, American Express, our lone representative from the financial
sector, resisted the negative tide of higher interest rates that washed
over most other financial companies and finished on positive ground.
Although the reformation of the antiquated Glass-Steagall Act, which will
allow banks, insurers and brokerage firms to enter one another's
businesses, certainly contributed to the company's showing during the
period, AmEx also continues to define a strong marketing franchise that
will separate it from its faceless competitors.
Although overall performance was strong, there were isolated
disappointments. Our Internet holdings, for example, continued to languish.
Amazon.com declined as investors grew increasingly frustrated by the
company's willingness to spend now and put off profitability until later.
We, on the other hand, applaud the company's vision and understanding that
a strong brand carries weight in the marketplace-especially one like the
Internet where consumers are increasingly inundated with choices.
Outlook
From here, volatility, as we have maintained all along, is only likely to
increase. For the informed investor, this volatility presents opportunities
to invest in great companies at bargain prices. With this in mind, we will
continue to do what we do best: hit the road and get to know our holdings
better than anyone. In doing so, we hope to gain the insight that is
necessary to recognize a great opportunity when it presents itself.
/s/ Scott W. Schoelzel
Scott W. Schoelzel
/s/ Edward Keely
Edward Keely
Co-Fund Managers
Janus Capital Corporation
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past
10-year period.
Class A $62,483
S&P 500 (1) $51,301
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year 5 year 10 year Inception Date
Class A (NAV) 61.00% 32.24% 20.79% 20.65% 5/8/86
Class A (POP) 52.14% 30.75% 20.11% 20.14% 5/8/86
S&P 500 (1) 25.66% 25.95% 17.76% 17.01% 5/8/86
Class B (NAV) 60.36% - - 31.16% 10/1/95
Class B (POP) 55.36% - - 31.05% 10/1/95
Class M (NAV) 60.45% 31.91% - 24.77% 10/1/93
Class M (POP) 57.85% 31.65% - 24.56% 10/1/93
Class T (NAV) 61.34% 32.57% 21.21% 21.01% 6/4/85
Class T (POP) 47.63% 30.23% 20.14% 20.26% 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.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
Consumer Cyclical 19.9 4.6
Consumer Non-Cyclical 3.5 26.2
Energy 2.1 0.0
Financial 2.8 4.4
Industrial 5.5 4.9
Technology 54.7 42.9
Utilities 0.0 0.4
Short-term 12.0 16.1
Comparative Index
A comparative index is a general broad-based index, representative of the
objective of the fund, approved by the fund's Investment Adviser.
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
Though investor confidence rode high early in the period, several rounds of
Federal Reserve Board rate increases prompted increased volatility in the
U.S. stock market. The general market nevertheless ended the reporting
period on a positive note, rallying across October as investor fears of
rising interest rates eased on the news of moderate third quarter
inflation.
Performance
From its inception, March 1, 1999, through October 31, 1999, IDEX Goldman
Sachs Growth outperformed its benchmark, the S&P 500 Index. Please refer to
the Performance Table for additional information.
Strategy Review
In the technology sector, Intel Corp., Cisco Systems, Inc., Sun
Microsystems, Inc., and EMC Corp. performed positively, each benefiting
from the explosive growth of the Internet. These well-established companies
exhibit the characteristics we seek, including recurring revenues, dominant
market presence, and long product lifecycles. We prefer these investments
to start-up companies with short track records and growth rates that are
often unsustainable.
Five Largest Holdings (% of Net Assets)
Standard & Poor's 500
Depository Receipts 3.9%
Microsoft Corp. 3.8%
General Electric Company 3.5%
Intel Corp. 2.4%
Bristol-Myers Squibb Co., Inc. 2.2%
In the media and communications sector, our newspaper holdings, Central
Newspapers, Inc., The New York Times, and Tribune Company, appreciated due
to growth in advertising revenues, which they offer at a discount to
alternative media sources.
We were hurt, however, by our positions in the consumer staples area. Avon
Products, Inc., which experienced a sales slowdown in Mexico and Brazil,
and Coca-Cola Company, which has been plagued by its investment in Russia,
both performed poorly. On the other hand, renewed health in the
international economy propelled several blue-chip companies, such as
Colgate-Palmolive Company and PepsiCo, Inc., to rally at period end.
Top Five Industries (% of Net Assets)
Pharmaceuticals 9.4%
Communications 8.8%
Financial - Diversified 7.9%
Broadcasting 6.6%
Software 6.2%
In the financial sector, several of our holdings moved into negative
territory as a result of investor fears of inflation. These include State
Street Corp., Bank of America Corp., and Nationwide Financial Services,
Inc. Banc One Corp. also declined after the company announced that earnings
would fall materially short of expectations due to a slowdown in growth of
their First USA credit card business. Since we believed that Banc One
Corp.'s strength was in First USA, we made the decision to liquidate our
position in the company, rather than await an uncertain recovery.
Outlook
While we neither make nor rely on economic forecasts to make investment
decisions, we are generally bullish on the U.S. economy. Over the last
decade, global communication has increased, resulting from significant
technological advances and a generally peaceful world political
environment. We believe that this trend, combined with favorable
demographic trends, should benefit U.S. companies over the long term.
Fundamentally, we continue to focus on the core business characteristics
that provide a foundation for long-term growth, including strength of
franchise, quality of management, and free cash flow. We believe that the
enduring competitive advantage of the companies we own have the potential
to withstand even an uncertain market environment.
/s/ Herbert E. Ehlers
Herbert E. Ehlers
Fund Manager
Goldman Sachs Asset Management
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
S&P 500 (1) $11,098
Class A $10,772
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
Inception Date
Class A (NAV) 13.97% 3/1/99
Class A (POP) 7.70% 3/1/99
S&P 500 (1) 10.98% 3/1/99
Class B (NAV) 13.54% 3/1/99
Class B (POP) 8.54% 3/1/99
Class M (NAV) 13.61% 3/1/99
Class M (POP) 11.47% 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
10/31/99
Basic Materials 0.6
Consumer Cyclical 17.6
Consumer Non-Cyclical 20.3
Energy 5.1
Financial 16.1
Independent 0.4
Industrial 3.9
Technology 23.8
Utilities 4.0
Short-term 7.8
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.
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 stock market, for the most part, maintained a very narrow focus,
leaving the performance of most issues to lag that of the major indexes. At
the same time, the larger-cap and higher-tech names have often been "priced
for perfection", meaning any disappointment in the fundamentals of these
stocks has been met with a marked decline in their prices. In times like
these, we look towards stocks that have proven more resistant to market
choppiness and away from those more sensitive to interest rates. In
specific terms, we've been favoring telecommunication, high-growth
technology, pharmaceutical, consumer non-cyclicals, finance, and discount
retail stocks, avoiding transportation, basic industry, service sector,
real estate, and consumer cyclical investments.
Performance
Inside this environment, IDEX C.A.S.E. Growth performed well, substantially
outperforming, in fact, its benchmark, the Wilshire 5000 Equity Index.
Please refer to the following Performance Table for more details.
Five Largest Holdings (% of Net Assets)
ADC Telecommunications, Inc. 7.1%
GENESCO, Inc. 6.9%
Nortel Networks Corp. 5.1%
MCI WorldCom, Inc. 4.3%
Jones Apparel Group 4.2%
Strategy Review
Our investment strategy seeks to take profits on high-priced stocks that
appear to have overrun their growth expectations and invest in stocks that
demonstrate above-average upside potential. And we are continually
attempting to strengthen the fund's underlying fundamentals. Throughout
this period, we've attempted to take advantage of the market's uncommon
volatility. Overall, we think we've made our strategic adjustments pretty
much on our terms-buying during market dips and selling during market
peaks.
Top Five Industries (% of Net Assets)
Communications 21.3%
Retailers - Footwear 8.4%
Semiconductors 7.2%
Retailers - Apparel 7.0%
Financial - Diversified 5.5%
Outlook
For the near term, the investment environment looks favorable. In terms of
the economy, we expect moderate GDP growth, rising personal income, strong
consumer confidence, and low unemployment. With all of that, it's our
opinion that interest rates will rise, but only to moderate levels, and
companies will continue to increase their operating margins. Wage-push
demand inflation, balance of trade deficits, and a weakened U.S. dollar are
the problem areas we will be monitoring closely.
/s/ William E. Lange
William E. Lange
Fund Manager
C.A.S.E. Management, Inc.
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Wilshire 5000 (1) $21,257
Class A $14,178
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year Inception Date
Class A (NAV) 30.07% 11.42% 2/1/96
Class A (POP) 22.92% 9.76% 2/1/96
Wilshire 5000 (1) 25.67% 22.27% 2/1/96
S&P 500 (1) 25.66% 24.60% 2/1/96
Class B (NAV) 29.45% 10.79% 2/1/96
Class B (POP) 24.45% 10.38% 2/1/96
Class M (NAV) 29.54% 10.89% 2/1/96
Class M (POP) 27.25% 10.59% 2/1/96
Notes
1 The Wilshire 5000 Equity (Wilshire 5000) 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 October 31, 1998, the fund had
selected the Standard and Poor's 500 (S&P 500) Index as its benchmark
measure; however, the Wilshire 5000 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 dividends and capital gains
but do not reflect any sales charges.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
Consumer Cyclical 20.2 22.5
Consumer Non-Cyclical 8.8 12.0
Energy 4.1 5.5
Financial 6.1 6.3
Independent 2.7 1.6
Industrial 4.2 14.5
Technology 43.1 33.6
Utilities 4.3 0.0
Short-term 6.6 3.8
Sector
A sector is a broad grouping of specific industries. Our sectors and their
components correspond with those published in the
Wall Street Journal.
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 NWQ 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
To say the least, this has been one of the most frustrating periods for
value investors in the last twenty years. After 1998, when growth stocks
outperformed value stocks by the largest margin on record, the stage was
set for a dramatic recovery of value stocks once the necessary catalysts
were present. And, indeed, a dramatic rotation into value stocks started
this spring as investors became increasingly confident of a global
recovery.
Disappointingly, though, this change in market leadership was suddenly
interrupted when the Federal Reserve began taking back last year's rate
cuts. In response to the central bank's tightenings, the U.S. stock market
suffered an approximate 12% decline from the highs of mid-July and
sustained its first quarterly decline in over a year. In this environment
of increased uncertainty, stock market leadership again became very narrow,
focusing almost exclusively on a small number of very high multiple stocks
in technology.
Five Largest Holdings (% of Net Assets)
MediaOne Group, Inc. 3.8%
Texas Instruments, Inc. 3.5%
Delta Air Lines, Inc. 3.4%
Federal National Mortgage Assoc. 3.2%
Wells Fargo & Company 3.1%
Performance
The disappointing performance results for IDEX NWQ Value Equity reflect the
unfavorable overall performance of value stocks across the period. For the
year ended October 31, 1999, the fund underperformed its benchmark, the S&P
500. Please refer to the Performance Table for more information.
Strategy Review
Though investors have clearly been ignoring value stocks for a time, there
has been a record amount of corporate takeover activity in 1999. Within the
fund, there were five holdings receiving takeover offers during the first
ten months of 1999. We believe this is a clear sign of the undervaluation
and potential of the fund's holdings.
Top Five Industries (% of Net Assets)
Insurance 11.8%
Financial - Diversified 7.5%
Communications 7.2%
Banks 6.2%
Oilfield Equipment & Services 5.8%
Outlook
It has long been held that growth outperforms value during periods when
economic conditions deteriorate. Accordingly, the global crisis environment
that prevailed in 1998 fed investors' appetites for mega-cap growth stocks.
The question remains, then, as to what will be the catalyst for a shift
back to value. In past cycles, investors have gravitated towards value
stocks six to twelve months ahead of an anticipated turn in earnings
growth. Today, such a turn would very likely come once it becomes clear
that monetary authorities have finished with this current tightening
agenda. With that, many of the economic concerns that have driven investors
to pay extremely high valuations for a narrow list of "safe" stocks will
disappear.
As we saw this spring, what is needed for investors to return to value is a
little economic visibility. If, indeed, the Federal Reserve is nearing the
end of this string of tightenings, that turn to value may not be too far
away. With many value stocks selling at valuations not seen since the
beginning of this bull market, patience is required, but the potential is
clear.
/s/ Edward C. Friedel
Edward C. Friedel
Fund Manager
NWQ Investment Management Company, Inc.
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
S&P 500 (1) $18,080
Class A $10,980
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year Inception Date
Class A (NAV) 4.34% 5.63% 2/1/97
Class A (POP) (1.40)% 3.47% 2/1/97
S&P 500 (1) 25.66% 24.03% 2/1/97
Class B (NAV) 3.68% 4.98% 2/1/97
Class B (POP) (1.32)% 3.97% 2/1/97
Class M (NAV) 3.79% 5.08% 2/1/97
Class M (POP) 1.75% 4.70% 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.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
Basic Materials 3.6 6.1
Consumer Cyclical 10.2 6.6
Consumer Non-Cyclical 4.5 1.3
Energy 10.5 15.1
Financial 29.7 22.2
Independent 3.5 6.6
Industrial 11.1 13.2
Technology 15.5 7.7
Short-term 10.1 21.0
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.
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
Equities posted solid gains from the fund's inception on March 1, 1999,
thanks largely to robust performance from the technology sector. In the
large-cap universe, growth issues outpaced value-oriented stocks, though
income-oriented stocks struggled amidst higher interest rates.
The types of companies the fund emphasizes-those with consistent earnings
and dividend growth-did not fare well during the period. The adverse
interest rate environment was particularly damaging to two of our larger
sector exposures, financial and real estate-related stocks, although banks
and some other financial services companies rebounded late in the period.
In addition, the fund is underweighted in technology stocks because they
lack the dividend component we seek.
Five Largest Holdings (% of Net Assets)
Bristol-Myers Squibb Co., Inc. 2.3%
Mobil Corp. 2.1%
Wells Fargo & Company 2.1%
Federal National Mortgage Assoc. 2.0%
BP Amoco PLC ADR 1.9%
Performance
Against that backdrop, the fund posted a modest positive return for the
period, but lagged its benchmark, the S&P 500. Please refer to the
Performance Table for additional information.
Strategy Review
Energy stocks, which benefited from rising oil prices and lower crude
production, were among our best performers; BP Amoco, Royal Dutch
Petroleum, and Amerada Hess posted robust returns. Mobil, which is being
acquired by Exxon, and Chevron were also strong. Utilities also did well
for us on the strength of telephone service holdings in ALLTEL, GTE, and
Sprint (which is being acquired by MCI Worldcom).
Financial stocks contributed positively as a group, but insurance holdings
were hurt by an expected increase in claims stemming from hurricane damage.
ACE, PartnerRe, and XL Capital were among the weakest holdings in this
area. Other financial stocks, however, rallied broadly in late October amid
a drop in long-term rates and hopes that bank reform proposals in Congress
would soon become law. This new legislation would essentially tear down
decades-old barriers between the banking, securities, and insurance
industries and could lead to the creation of huge diversified financial
conglomerates like Citigroup, which was one of our best performers this
period.
Top Five Industries (% of Net Assets)
Pharmaceuticals 8.3%
Real Estate 8.3%
Financial - Diversified 8.0%
Oil Companies - Major 7.1%
Utilities - Telephone 5.0%
Stocks in the consumer nondurables area rose modestly overall. PepsiCo was
weak, though General Mills and McCormick advanced. Among other consumer
stocks, Colgate-Palmolive fared well, but toy maker Hasbro fell as hype
surrounding the new Star Wars movie faded. Healthcare stocks were mixed
during the period amid lingering concerns about possible government reforms
and drug price regulations. Pharmaceutical stocks Bristol-Myers Squibb and
Johnson & Johnson performed well, but American Home Products was hurt by a
lawsuit verdict. Real estate-related stocks were disappointing, with
Crescent Real Estate, Starwood Hotels & Resorts, and Arden Realty among the
biggest decliners.
Outlook
While it was not pleasant to see investors turn away from well-managed
growth companies that can increase their dividends, we believe their
attractive valuations and long-term prospects will return them to favor,
particularly if the Federal Reserve succeeds in cooling the economy's pace.
/s/ William J. Stromberg
William J. Stromberg
Fund Manager
T. Rowe Price Associates, Inc.
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
S&P 500 (1) $11,098
Class A $9,716
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
Inception Date
Class A (NAV) 2.40% 3/1/99
Class A (POP) (3.24)% 3/1/99
S&P 500 (1) 10.98% 3/1/99
Class B (NAV) 1.96% 3/1/99
Class B (POP) (3.04)% 3/1/99
Class M (NAV) 2.03% 3/1/99
Class M (POP) 0.01% 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
10/31/99
Basic Materials 3.0
Consumer Cyclical 10.5
Consumer Non-Cyclical 19.8
Energy 7.1
Financial 26.0
Independent 2.2
Industrial 5.6
Technology 7.5
Utilities 5.5
Short-term 12.1
Yield
The annual
percentage rate of return attributed to dividends or interest earned on an
investment.
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 Bonds
(% of Net Assets)
AAA 6.6%
AA 0.7%
A 23.2%
BBB 4.8%
BB -
B -
All C's -
NA 3.3%
Not Rated -
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
While most major stock indexes continued their advance into record
territory this year, the performance of the "typical" stock suggests a
somewhat more bearish environment. Though the S&P 500 produced a robust
return for the period, few stocks within the index were able to exceed its
performance. Value stocks in particular experienced great difficulty.
Investors were concerned with inflation and interest rates as well as
premium valuations in the market. Meantime, an earnings disappointment, or
any hint of litigation or regulatory uncertainty, was met with little
sympathy. In this climate, market participants gravitated more and more to
a relatively few mega-cap winners.
Performance
Though our commitment to energy stocks proved to be beneficial this period,
most of our financial services stocks suffered, as did our investments in
the healthcare sector. Even our "defensive" positions-real estate
investment trusts and electric utilities-did not behave as we had hoped.
For the year ended October 31, 1999, the fund underperformed both its
benchmarks. Please see the Performance Table on the following page for
additional information.
Five Largest Holdings (% of Net Assets)
PHH Corp. 11-9-2001 3.4%
Bear Stearns Companies,
Inc. 8-1-2002 3.4%
Xerox Corp. 11-15-2026 3.4%
Tennessee Valley
Authority 6-15-2005 3.4%
New Plan Excel Realty
Trust, Inc. 9-15-2009 3.3%
Strategy Review
Throughout the year, we maintained a cautious approach toward equity
allocation. The fund has ranged between 50% and 58% exposure to stocks,
where 60% is considered a "neutral" position. While our models are still
indicating caution, the forecasts have recently been somewhat more
encouraging. As a result, allocation to stocks had increased to 57% of the
total fund by the end of the period, and given the opportunities available
in the market, we anticipate a continuation of this program to add to the
equity portfolio.
Top Five Industries (% of Net Assets)
Banks 14.8%
Utilities - Electric 9.6%
Financial - Diversified 7.6%
United States Government Agencies 7.3%
Securities Brokers 6.6%
We continue to emphasize investment themes that reduce the fund's risk
profile. For example, the fund's average market capitalization has steadily
increased over the past year. It's evident that in times of uncertainty,
investors gravitate toward stocks with high liquidity and familiar "brand
names", and our growing commitment to large-cap stocks should help provide
a "foundation of stability". We continue to uncover firms with what we
think are solid management teams, robust operating fundamentals, and
leading positions in growing markets, with share prices that have stagnated
in this market environment. Our conviction is that the underlying sales and
earnings growth in these companies will eventually be reflected in their
share prices. Current areas of emphasis include the banking sector, which
should benefit from a more favorable regulatory environment and continue a
consolidation trend. We are also maintaining a commitment to technology,
as well as select consumer staples names.
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 indexes. 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
Fund Manager
Dean Investment Associates
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Russell 3000 (1) $21,847
Class A $13,178
LBIGCB (1) $12,660
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year Inception Date
Class A (NAV) (3.74)% 8.48% 10/1/95
Class A (POP) (9.03)% 6.98% 10/1/95
Russell 1000 (1) 16.60% 21.09% 10/1/95
LBIGCB (1) 0.99% 5.95% 10/1/95
S&P 500 (1) 25.66% 25.18% 10/1/95
Composite Index (2) 8.84% 13.83% 10/1/95
Class B (NAV) (4.36)% 7.78% 10/1/95
Class B (POP) (9.14)% 7.59% 10/1/95
Class M (NAV) (4.26)% 7.89% 10/1/95
Class M (POP) (6.17)% 7.62% 10/1/95
Notes
1 The Russell 1000 Value (Russell 1000) 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. For reporting periods through October 31, 1998, the fund had
selected the Standard and Poor's (S&P 500) Index as its benchmark measure;
however, the Russell 1000 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.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
Basic Materials 1.1 4.1
Consumer Cyclical 7.6 12.4
Consumer Non-Cyclical 5.6 2.6
Energy 5.3 4.5
Financial 41.0 25.7
Independent 3.3 3.7
Industrial 3.0 4.6
Technology 10.2 6.5
Utilities 11.8 6.0
Long-term U.S. Gov't 6.6 26.2
Short-term 3.8 3.5
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.
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 6.5%
AA 4.3%
A 14.3%
BBB 3.5%
BB -
B 1.4%
All C's -
NA -
Not Rated 0.9%
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
For most of this period, the focus of the stock market remained on the
narrow large-cap growth market. As the fiscal year came to a close, stock
market winners were once again limited to a group of "in vogue" stocks and
industry groups. Higher interest rates had taken their toll earlier when
the market suffered three consecutive down months between July and
September. From a bond market perspective, the depressing effect of rising
interest rates on bond prices made it a difficult environment for total
returns.
Performance
The fund, which invests in both stocks and bonds, provided an attractive
absolute return for the year ended October 31, 1999, though it
underperformed both its benchmark indexes. Please refer to the Performance
Table for additional informantion. As should be expected over time, the
fund's common stock investments continued to be a large contributor to its
performance during the period.
Five Largest Holdings (% of Net Assets)
Nortel Networks Corp. 2.8%
CBS Corp. 2.3%
ALLTEL Corp. 2.2%
Bell Atlantic Corp. 2.2%
Colgate - Palmolive Company 2.2%
Strategy Review
While the fund maintained relatively low exposure to richly valued computer-
related technology stocks, we did increase our commitment to shares of
communications-related businesses. Alltel, Nortel Networks, and Motorola
are examples of holdings that benefited from such explosive communications
growth trends as data traffic and wireless telephones. Even Tandy, a top
performer during the period, benefited from the trend as the electronics
retailer repositioned itself as a one-stop shop for personal communications
needs. Another significant factor driving performance was a contrarian move
towards energy stocks near the bottom of the oil price lows in late 1998.
Top Five Industries (% of Net Assets)
Utilities - Telephone 10.4%
Financial - Diversified 10.0%
Communications 9.4%
Household Products 5.9%
Industrial - Diversified 4.4%
Disappointingly, an over-weighted position in the healthcare sector
detracted from performance. Nevertheless, the strong secular growth
characteristics of healthcare, specifically medical advances and an aging
population, coupled with relatively stable cash flows, warrant a long-term
investment commitment to this sector. Moreover, we are well positioned for
the consolidation of the health care industry. Overall, individual security
selection remains a vital element of the fund's success, but identification
of broad trends, communications and energy as two examples, contributed
strongly to performance over the fiscal year.
Outlook
The fund's structure remains well suited for the current environment, which
to us means an optimistic outlook for financial assets but caution
regarding currently high valuations. A continued trend toward rising
interest rates or, conversely, a slowing of economic growth would be
negatives for these high valuations. At the moment, the economy seems to
be adjusting back to its moderate growth, low inflation balance
condition-an environment that is altogether favorable. As we approach the
new year, we are excited about the promising potential the information-
based economy brings to companies that have the foresight to anticipate
changing industry dynamics. Most importantly, we remain committed to
investing in securities that offer the fund attractive reward/risk
opportunities.
/s/ Luther King
Luther King
/s/ Scot C. Hollmann
Scot C. Hollmann
Co-Fund Managers
Luther King Capital Management
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
S&P 500 (1) $32,914
Class A $19,348
LBIGCB (1) $14,063
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year Inception Date
Class A (NAV) 11.61% 15.68% 12/2/94
Class A (POP) 5.47% 14.36% 12/2/94
LBIGCB (1) 0.99% 7.18% 12/2/94
S&P 500 (1) 25.66% 27.42% 12/2/94
Composite Index (2) 13.39% 17.79% 12/2/94
Class B (NAV) 10.91% 13.63% 10/1/95
Class B (POP) 5.91% 13.46% 10/1/95
Class M (NAV) 11.02% 15.07% 12/2/94
Class M (POP) 8.91% 14.83% 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.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
Basic Materials 1.5 2.7
Consumer Cyclical 11.5 10.1
Consumer Non-Cyclical 14.8 19.9
Energy 6.8 5.9
Financial 17.5 19.5
Independent 1.0 2.0
Industrial 7.5 14.5
Technology 19.9 4.8
Utilities 11.3 7.5
Long-term U.S. Gov't 6.5 11.3
Short-term 1.5 1.4
"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).
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 12.3%
AA 5.5%
A 5.3%
BBB 7.1%
BB 1.6%
B 10.1%
All C's 3.4%
NA 2.3%
Not Rated 0.2%
Objective/Focus
Long-term growth and preservation of capital balanced with current income
through investments in stocks and income producing securities.
Market Environment
A persistent rise in interest rates shook equity markets this period,
though solid earnings gains spurred stocks generally higher. The Federal
Reserve, looking toward tight labor markets and robust consumer spending,
raised interest rates twice during the period despite minimal price
pressure at the consumer level. The strong economy continued to support
corporate earnings, and many companies posted solid fundamental gains.
Performance
For the year ended October 31, 1999, the fund kept pace with its benchmark.
Stellar performance from our telecommunications and media companies
generally offset poor showings from our retail stocks and bond holdings.
Please see the Performance Table for additional information.
Five Largest Holdings (% of Net Assets)
Houston Industries, Inc. 6.8%
U.S. Treasury Notes 8-15-2009 6.3%
Viacom, Inc. Class B 3.4%
Bank of New York Company, Inc. 3.2%
U.S. Treasury Notes 2-15-2006 2.5%
Strategy Review
Univision, the television broadcaster that appeals to the Hispanic
audience, and Infinity Broadcasting, the radio operator, enjoyed strong
results. Univision is one of the few television broadcasters that is
actually experiencing increases in its ratings. The resulting gains in
market share have allowed the company to raise its ad rates by more than
40%.
Our telecommunications holdings also fared well. Companies such as Nokia,
the Finnish wireless communications hardware manufacturer, are benefiting
from several global trends in telecommunications. Most notable, perhaps, is
the emergence of wireless data networks, which will allow users to surf the
Internet without being tied to a desk. Other value-added applications, such
as online bill payment, should increase usage and spark an impressive
hardware upgrade cycle.
Top Five Industries (% of Net Assets)
Communications 15.4%
Broadcasting 13.8%
Utilities - Electric 6.8%
Retailers - Specialty 6.3%
Banks 5.4%
The uptick in interest rates, and the corresponding threat of slower
consumer spending, pressured retail holdings like Amazon.com and Staples.
One exceptional standout in the retail sector was our position in Home
Depot, which investors bid higher on speculation that the damage wrought by
Hurricane Floyd would provide a temporary boost to earnings.
Many of our other pharmaceutical holdings declined as the prescription drug
industry failed to shake the negative speculation about potential
governmental drug price regulation. Although we have substantially reduced
our exposure to this sector, we believe our remaining positions possess
near-term catalysts that can power the stocks higher. We are particularly
excited about Schering Plough's research and development pipeline, which is
currently developing compounds for the treatment of cancer and hepatitis,
among other diseases.
Outlook
Continued strength in the U.S. economy may drive interest rates higher in
the near term. However, our focus remains on hand picking individual
companies with compelling business models, excellent management teams, and
cutting-edge products or services. We believe that in any market there will
be individual opportunities, and we remain committed to finding those
companies.
/s/ Blaine P. Rollins
Blaine P. Rollins
Fund Manager
Janus Capital Corporation
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
S&P 500 (1) $32,914
Class A $24,685
S&P 400 (1) $14,621
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year Inception Date
Class A (NAV) 30.43% 21.56% 12/2/94
Class A (POP) 23.26% 20.17% 12/2/94
S&P 500 (1) 25.66% 27.42% 12/2/94
LBGCB (1) (0.66)% 8.03% 12/2/94
Composite Index (2) 12.83% 18.28% 12/2/94
Class B (NAV) 29.64% 21.41% 10/1/95
Class B (POP) 24.64% 21.28% 10/1/95
Class M (NAV) 29.76% 20.92% 12/2/94
Class M (POP) 27.46% 20.67% 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.
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 s,hares 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.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
Basic Materials 0.0 0.6
Consumer Cyclical 30.1 28.4
Consumer Non-Cyclical 2.8 5.3
Energy 1.8 0.0
Financial 13.7 9.4
Industrial 3.8 1.7
Technology 25.1 27.4
Utilities 6.8 6.7
Long-term U.S Gov't 11.8 12.3
Short-term 1.9 7.9
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.
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 7.1%
AA 8.1%
A 10.8%
BBB 26.4%
BB 9.7%
B 20.8%
All C's 2.2%
NA 4.4%
Not Rated 1.2%
Objective/Focus
Maximum total return, consistent with preservation of capital, by investing
in income producing securities of any grade.
Market Environment
Fixed-income markets struggled this year against rising interest rates,
uncertainty over Y2K-related liquidity, and the slumping value of the U.S.
dollar relative to the yen. The Federal Reserve responded to the persistent
strength in the economy by raising short-term rates twice, for a total of
50 basis points in the six months. The central bank also signaled the
possibility of further increases if the economy does not slow. Higher
interest rates were especially negative for Treasuries and other high-
quality issues. High-yield bonds were better able to withstand the pressure
from interest rates, but were plagued by competition from new supply and
equity market returns.
Five Largest Holdings (% of Net Assets)
Proctor & Gamble Co. 9-15-2009 3.6%
Wal-Mart Stores, Inc. 8-10-2009 3.6%
Liberty Media Group 144A 7-15-2009 3.6%
Qwest Communications Int'l, Inc. 3.4%
Worldwide Fiber, Inc. 144A 8-1-2009 2.9%
Performance
In this difficult market, our diversification across asset classes helped
us outperform our benchmark, the Lehman Brothers Government/Corporate Bond
Index, for the year ended October 31, 1999. Please refer to the Performance
Table for additional information.
Strategy Review
Given the risks of higher interest rates and lingering uncertainties in the
emerging markets, we've maintained a conservative posture with our largest
weighting in investment-grade corporate debt. At the same time, we focused
on high-yield bonds trading close to their call prices that offered healthy
coupon payments and little downside risk. A number of these high-yield
holdings are in companies recently acquired by higher-grade companies.
Investment-grade companies typically retire expensive debt, in many cases
paying a premium to par value. One example is our new position in Unilab, a
clinical laboratory testing company that was acquired earlier this year in
a leveraged buyout by Kelso and Company. We expect Kelso will pay off
Unilab's high-yield debt.
Top Five Industries (% of Net Assets)
Communications 14.5%
Retailers - Broadline 6.8%
Broadcasting 5.8%
Financial - Diversified 5.3%
Food Retailers 5.1%
Consolidation in the supermarket industry also worked in our favor when two
of our large positions, Fred Meyer and Star Markets, were acquired by
companies with higher credit ratings. This effectively upgraded the quality
of our holdings.
Other positions that contributed favorably to performance were PSINet and
Qwest Communications. Internet provider PSINet continues to gain new
corporate clients with its reliable, low-cost service. Long-distance
carrier Qwest just completed its 18,500-mile, state-of-the-art fiber optic
network and continues to grow its revenue at a rapid pace, supported by
high demand for its Internet connections and fiber optic services.
Moderating our returns was sluggish performance by our positions in
Treasury bonds, which declined under the weight of rising interest rates.
Additionally, Healthsouth, a health care services provider, saw its stocks
and investment-grade bonds decline after it announced lower-than-expected
earnings. While we were disappointed by this misstep, we remain positive on
the management of this company and are confident they will get back on
track.
Outlook
In this uncertain investment climate, we will maintain our focus on quality
positions, emphasizing bonds backed by seasoned issuers with solid
fundamentals and strong business models. This is a true bond picker's
market and one that plays to our strengths. We are confident that our
disciplined, research-driven approach will continue to work in our favor,
providing solid long-term performance to the fund.
/s/ Ronald V. Speaker
Ronald V. Speaker
Fund Manager
Janus Capital Corporation
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past
10-year period.
LBGCB (1) $21,274
Class A $20,389
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year 5 year 10 year Inception Date
Class A (NAV) 1.70% 8.22% 7.91% 7.89% 6/29/87
Class A (POP) (3.13)% 7.17% 7.38% 7.46% 6/29/87
LBGCB (1) (0.66)% 7.86% 7.84% 8.25% 6/29/87
Class B (NAV) 1.01% - - 6.47% 10/1/95
Class B (POP) (3.99)% - - 6.27% 10/1/95
Class M (NAV) 1.11% 7.62% - 5.77% 10/1/93
Class M (POP) (0.90)% 7.40% - 5.60% 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.
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.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
Consumer Cyclical 25.5 27.2
Consumer Non-Cyclical 15.6 7.2
Energy 0.9 0.0
Financial 14.7 15.4
Industrial 3.3 6.5
Technology 20.9 9.4
Utilities 3.1 3.3
Long-term U.S. Gov't 7.1 22.0
Short-term 7.0 8.1
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.
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 1.1%
AA -
A 14.4%
BBB 37.4%
BB 10.3%
B 21.5%
All C's -
D 1.2%
NA -
Not Rated 5.8%
Objective/Focus
High current income while avoiding excessive risk by investing primarily in
fixed-income.
Market Environment
The period was a tale of contrasts. During last year's liquidity crisis,
central banks around the world led a coordinated effort to re-liquefy the
financial system in order to restore confidence. This led to a substantial
tightening of credit spreads during the first half of the 1999 fiscal year.
The second half was a different story, with the same central banks, led by
the U.S., tightening monetary policy to circumvent inflation fears. This
led to a widening of spreads during the second half of the fiscal year and
helped exacerbate the rise in yields started at the beginning of the fiscal
year.
The high-yield market lost some strength in the latter part of the summer.
Increasing default rates and mutual fund outflows, combined with the
Federal Reserve's decision to increase rates, caused softness in the
market. At the same time, investors were particularly harsh on those
companies that missed earnings estimates, breached minor covenants, or
showed any potential to have a liquidity strain-all situations the market
can overlook during times of strength. The wild card continues to be new
issuance. We think dealers will build their inventories in anticipation of
the first of the year, Y2K concerns will abate, and the increase in rates
will moderate new issue supply-all technical factors that should help the
market.
Five Largest Holdings (% of Net Assets)
TCI Communications, Inc. 4.1%
BankBoston Capital Trust Corp. 12-15-2026 3.8%
Chase Capital Corp. 3-1-2027 3.7%
HSBC America Capital II 144A 5-15-2027 3.7%
Ralston Purina Company 10-15-2009 3.6%
Performance
For the year ended October 31, 1999, IDEX AEGON Income Plus underperformed
its benchmark index, the Merrill Lynch High Yield Master Index. Please see
the Performance Table on the following page for further information.
Strategy Review
The duration of the fund is approximately equal to our blended index, a
stance we took in early 1999 given our belief that growth would be stronger
than expected and lead to perceived inflation fears. We continue to
maintain a neutral view toward duration and a slightly positive bias to
credit as spreads represent compelling value on a historical basis. An
increase in interest rates and/or a deteriorating economy pose the key
risks to the fund.
Top Five Industries (% of Net Assets)
Financial - Diversified 9.4%
Other Industrial Services 8.1%
Banks 7.5%
Communications 6.7%
Publishing 5.6%
Outlook
The outlook for fiscal 2000 looks favorable for IDEX AEGON Income Plus.
Spreads on high-yield bonds are still wide by historical standards and,
given a macro-economic backdrop that is still very favorable to credit,
should enable high yield the opportunity to experience positive returns
next year. We would caution, however, that due to various technical
considerations within the high-yield market and the current tightening
bias, we would emphasize issues of higher quality. The interest rate
outlook is more sanguine than a year ago as efforts to cool a surging
economy appear to be taking hold. Our strategy is to look for signs that
the economy will be slowing dramatically and whether or not inflation makes
its way through to final reported consumer price indexes, either of which
would lead us to become more aggressive toward duration.
/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.
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past
10-year period.
MLHYM (1) $27,886
Class A $22,259
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year 5 year 10 year Inception Date
Class A (NAV) 1.09% 8.48% 8.86% 9.53% 6/14/85
Class A (POP) (3.71)% 7.43% 8.33% 9.16% 6/14/85
MLHYM (1) 4.48% 9.25% 10.80% 8.91% 6/14/85
Class B (NAV) 0.38% - - 5.80% 10/1/95
Class B (POP) (4.62)% - - 5.59% 10/1/95
Class M (NAV) 0.54% 7.88% - 5.61% 10/1/93
Class M (POP) (1.46)% 7.66% - 5.43% 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.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
Basic Materials 2.0 2.8
Consumer Cyclical 19.7 25.1
Consumer Non-Cyclical 8.0 13.4
Energy 3.9 4.3
Financial 26.8 30.2
Industrial 15.2 8.4
Technology 11.9 5.6
Utilities 8.0 8.4
Long-term U.S. Gov't 3.7 0.0
Short-term 0.0 0.8
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".
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 49.5%
AA 39.2%
A -
BBB -
BB -
B -
All C's -
NA -
Not Rated 3.6%
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 poor relative returns for the last twelve
months, trailing the performance of Treasuries and most every other bond
sub-sector. Despite much lower supply, municipal yields still rose to their
highest levels in more than three years, mostly due to the Treasury market
sell-off and weaker demand for municipal bonds. The reduced demand reflects
the lack of interest among crossover buyers, primarily property and
casualty insurance companies, and the lack of cash flow at the mutual fund
level. Changes in the market environment resulted in lower municipal-to-
Treasury yield ratios in short-to-intermediate maturities and approximately
unchanged on long maturities.
Performance
For the year ended October 31, IDEX AEGON Tax Exempt lagged the average
general municipal fund, and the Lehman Brothers Municipal Bond Index.
Please see the Performance Table for additional information. The
disappointing performance primarily reflected the fund's longer duration
and its greater exposure at the long end of the curve, both of which
magnified the poor municipal market performance.
Strategy Review
Transaction activity during the year reflected the fund's cash flows and
our efforts to adjust its structure, including an appropriate attempt to
reduce call risk without sacrificing significant market yield. In
retrospect, given the market environment, even more emphasis should have
been placed preserving capital rather than minimizing the loss of
incremental current income obtained through exposure at the long end of the
curve.
Regional Concentration (% of Net Assets)
Northeast 11.7%
Midwest 43.3%
South 19.7%
West 21.7%
Outlook
We currently hold a neutral view on the Treasury bond market, but are
positive on municipals. Our belief is that great value exists in this high
quality sector of the bond market because the fundamental credit quality
(and rating trend) of the municipal market is strong, supply is under
control, relative valuation appears to be favorable versus other "spread"
sectors, and absolute taxable-equivalent yields remain very attractive.
Given the recent steepening, the long end of the municipal curve appears
especially cheap. The focus on high quality issuers remains an appropriate
strategy for the fund given the continued narrow yield spreads between Aaa
and lower-rated issues currently found in the market.
/s/ Jarrell D. Frey
Jarrell D. Frey
Fund Manager
AEGON USA Investment Management, Inc.
This graph compares the 10/31/99 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past
10-year period.
LBMB (1) $19,916
Class A $16,272
Average Annual Total Returns for the Period Ended 10/31/99
From Inception
1 year 5 year 10 year Inception Date
Class A (NAV) (6.23)% 4.95% 5.50% 7.10% 4/1/85
Class A (POP) (10.69)% 3.93% 4.99% 6.74% 4/1/85
LBMB (1) (1.77)% 6.92% 7.13% 8.56% 4/1/85
Class B (NAV) (6.89)% - - 3.15% 10/1/95
Class B (POP) (11.55)% - - 2.93% 10/1/95
Class M (NAV) (6.56)% 4.66% - 3.47% 10/1/93
Class M (POP) (8.42)% 4.45% - 3.30% 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.
Investments by Sector as a Percentage of Net Assets
10/31/99 10/31/98
General Obligation 27.0 21.1
Revenue Bonds
Education 7.5 12.8
Hospital 3.7 4.3
Housing 8.5 0.0
Industrial 16.0 28.0
Public Facilities 3.5 4.0
Transportation 7.4 4.4
Utilities 18.1 23.3
Short-term 4.1 0.0
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).
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX T. ROWE PRICE SMALL CAP
Description Shares Value
COMMON STOCK (93.9%)
Basic Materials (0.3%)
Chemicals
MacDermid, Inc. 300 $10,162
Consumer, Cyclical (16.5%)
Advertising (1.8%)
Catalina Marketing Corp. * 150 14,044
DoubleClick, Inc. * 84 11,760
Harte-Hanks, Inc. 400 7,925
Insight Enterprises, Inc. * 200 7,475
Lamar Advertising Company * 100 5,400
TMP Worldwide, Inc. * 100 6,244
Valassis Communications, Inc. * 50 2,150
54,998
Airlines (1.2%)
Alaska Air Group, Inc. * 200 7,950
Comair Holdings, Inc. 550 12,693
Mesaba Holdings, Inc. * 700 8,050
Triumph Group, Inc. * 300 7,219
35,912
Auto Parts and Equipment (0.7%)
O'Reilly Automotive, Inc. * 400 17,450
Tower Automotive, Inc. * 300 4,894
22,344
Broadcasting (2.0%)
Cox Radio, Inc. Class A * 300 21,000
Hispanic Broadcasting Corp. Class A * 100 8,100
Media General, Inc. Class A 200 10,925
USA Networks, Inc. * 150 6,759
Young Broadcasting Corp. Class A * 300 13,913
60,697
Clothing/Fabric (1.2%)
Fossil, Inc. * 425 11,741
Men's Wearhouse, Inc. * 500 10,968
Quiksilver, Inc. * 550 7,769
The Buckle, Inc. * 400 6,600
37,078
Consumer Electronics (0.4%)
Rent-A-Center, Inc. * 200 3,662
Rent-Way, Inc. * 500 8,313
11,975
Entertainment (1.5%)
Imax Corp. * 800 16,600
Premier Parks, Inc. * 400 11,575
SFX Entertainment, Inc. Class A * 300 10,481
Steinway Musical Instruments, Inc. * 400 7,100
45,756
Publishing (0.2%)
Consolidated Graphics, Inc. * 400 8,000
Recreation Products - Other (0.3%)
Sunterra Corp. * 900 9,000
Restaurants (1.5%)
Applebee's International, Inc. 400 11,525
Brinker International, Inc. * 500 11,656
Outback Steakhouse, Inc. * 350 8,050
RARE Hospitality International, Inc. * 300 5,981
Sonic Corp. * 300 8,400
45,612
Retailers - Apparel (1.8%)
G&K Services, Inc. 300 $11,269
Kenneth Cole Productions, Inc. Class A * 200 7,825
Neiman Marcus Group, Inc. * 500 11,969
Pacific Sunwear of California, Inc. * 500 15,093
Ross Stores, Inc. 400 8,250
54,406
Retailers - Broadline (1.3%)
Cost Plus, Inc. * 300 10,950
Dollar Tree Stores, Inc. * 500 21,781
Family Dollar Stores, Inc. 300 6,188
38,919
Retailers - Specialty (2.6%)
1-800 FLOWERS.COM, Inc. * 300 3,863
Barnes & Noble, Inc. * 200 4,163
Bed, Bath & Beyond, Inc. * 200 6,663
Beyond.com Corp. * 600 5,550
Borders Group, Inc. * 100 1,300
Global Imaging Systsems, Inc. * 400 5,525
Group 1 Automotive, Inc. * 400 6,700
Linens 'n Things, Inc. * 300 11,925
MSC Industrial Direct Company, Inc. Class A * 300 2,869
SCP Pool Corp. 100 2,269
USinternetworking, Inc. 400 13,324
Watsco, Inc. 800 8,100
Williams-Sonoma, Inc. * 200 10,750
83,001
Consumer, Non-Cyclical (17.3%)
Consumer Services (6.1%)
A.C. Nielsen Corp. * 400 8,800
Apollo Group, Inc. Class A * 500 13,156
Avis Rent A Car, Inc. * 300 5,363
Bright Horizons Family Solutions, Inc. * 400 5,875
Carriage Services, Inc. * 300 2,044
CORT Business Services Corp. * 100 2,031
DeVry, Inc. * 300 6,319
First Consulting Group, Inc. * 800 6,750
Hanger Orthopedic Group, Inc. * 300 3,694
ITT Educational Services, Inc. * 500 9,875
Lason, Inc. * 300 11,146
Learning Tree International, Inc. * 700 12,863
META Group, Inc. * 200 2,875
Metris Companies, Inc. 250 8,609
Modis Professional Services, Inc. * 1,000 11,188
Navigant Consulting, Inc. * 200 5,713
NOVA Corp. * 500 13,000
Plexus Corp. * 400 10,600
Pre-Paid Legal Services, Inc. * 300 7,275
Professional Staff PLC ADR * 400 2,025
Romac International, Inc. * 900 6,075
StaffMark, Inc. * 300 2,156
Sylvan Learning Systems, Inc. * 600 7,762
US Oncology, Inc. * 700 3,128
USWeb Corp. * 500 19,375
187,697
Cosmetics (0.2%)
Chattem, Inc. * 300 5,287
Food - Other (0.4%)
Ben & Jerry's Homemade, Inc. * 200 3,375
U.S. Foodservice * 500 9,594
12,969
Food Retailers (1.0%)
Smithfield Foods, Inc. * 300 6,825
The Hain Food Group, Inc. * 400 10,025
Whole Foods Market, Inc. * 200 6,800
Wild Oats Markets, Inc. * 200 7,050
30,700
Healthcare (2.7%)
Express Scripts, Inc. Class A * 200 $9,825
First Health Group Corp. * 300 6,975
KV Pharmaceutical Company Class A * 200 3,475
MedQuist, Inc. * 400 12,800
National Data Corp. 450 10,800
Orthodontic Centers of America * 600 8,250
Theragenics Corp. * 900 9,563
Universal Health Services Class B * 300 8,813
Ventana Medical Systems, Inc. * 100 2,006
Veterinary Centers of America, Inc. * 300 3,525
Wesley Jessen VisionCare, Inc. * 300 8,062
84,094
Household Products (0.8%)
Blyth Industries, Inc. * 500 12,531
Mohawk Industries, Inc. * 600 13,763
26,294
Medical Supplies (2.7%)
Henry Schein, Inc. * 200 2,600
Lincare Holdings, Inc. * 600 16,875
Medco Research, Inc. * 500 12,063
Mentor Corp. 700 16,494
Novoste Corp. * 400 6,875
Patterson Dental Company * 300 13,519
PSS World Medical, Inc. * 400 3,100
STERIS Corp. * 300 3,994
Sybron International Corp. * 300 7,143
82,663
Pharmaceuticals (3.4%)
Advance ParadigM, Inc. * 100 4,263
AmeriSource Health Corp. Class A * 300 4,500
Andrx Corp. * 100 4,775
Barr Laboratories, Inc. * 100 3,030
Duane Reade, Inc. * 500 13,438
Forest Laboratories, Inc. * 200 9,175
Jones Pharma, Inc. 500 15,500
Omnicare, Inc. 1,100 10,175
Priority Healthcare Corp. Class B * 350 7,022
Roberts Pharmaceutical Corp. * 400 12,900
Shire Pharmaceuticals Group PLC ADR * 300 9,525
Watson Pharmaceuticals, Inc. * 400 12,700
107,003
Energy (1.4%)
Oil Drilling (0.6%)
Barrett Resources Corp. * 200 6,713
Noble Affiliates, Inc. 400 10,125
16,838
Oilfield Equipment and Services (0.8%)
B.J. Services Company * 300 10,294
Cal Dive International, Inc. * 200 6,725
Oceaneering International, Inc. * 400 5,425
Smith International, Inc. * 100 3,456
25,900
Financial (6.5%)
Banks (1.3%)
City National Corp. 350 13,562
Commerce Bancorp, Inc. 300 13,444
Community First Bankshares, Inc. 600 11,419
38,425
Diversified (1.8%)
AmeriCredit Corp. * 900 15,638
Heller Financial, Inc. 118 2,802
NCO Group, Inc. * 500 21,188
Radian Group, Inc. 309 16,319
55,947
Insurance (1.0%)
E.W. Blanch Holdings, Inc. 200 $12,950
INSpire Insurance Solutions, Inc. * 650 4,143
Nationwide Financial Services, Inc. 200 7,575
Protective Life Corp. 200 7,238
31,906
Real Estate (0.7%)
Apartment Investment and Management Company Class A 450 16,931
Catellus Development Corp. * 500 5,875
22,806
Savings & Loans (0.2%)
TeleBanc Financial Corp. * 200 4,800
Securities Brokers (1.5%)
Affiliated Managers Group, Inc. * 600 16,050
Donaldson, Lufkin & Jenrette, Inc. * 100 1,413
Legg Mason, Inc. 300 10,912
Waddell & Reed Financial, Inc. Class A 700 16,800
45,175
Industrial (7.1%)
Building Materials (0.2%)
NCI Building Systems, Inc. * 300 4,744
Electronic Components and Equipment (4.0%)
Aeroflex, Inc. * 200 1,113
Alpha Industries, Inc. * 100 5,525
American Power Conversion Corp. * 400 8,975
Amphenol Corp. Class A * 100 5,913
Artesyn Technologies, Inc. * 200 3,950
C-Cube Microsystems, Inc. * 200 8,900
Cohu, Inc. 300 5,663
CTS Corp. 200 11,313
Dionex Corp. * 250 11,109
F.Y.I., Inc. * 200 6,600
Gentex Corp. * 600 10,312
Pentair, Inc. 200 7,525
Powerwave Technologies, Inc. * 100 6,506
SCI Systems, Inc. * 300 14,812
SLI, Inc. * 400 4,300
Symbol Technologies, Inc. 300 11,925
124,441
Heavy Construction (0.3%)
Simpson Manufacturing Company, Inc. * 200 8,112
Heavy Machinery (0.3%)
Terex Corp. * 400 10,575
Diversified (0.2%)
Rayovac Corp. 300 7,462
Other Industrial Services (0.9%)
Dycom Industries, Inc. * 450 14,653
Tetra Tech, Inc. * 900 14,288
28,941
Pollution Control (0.6%)
Casella Waste Systems, Inc. * 700 9,406
Catalytica, Inc. * 650 8,166
17,572
Trucking (0.6%)
Swift Transportation Company, Inc. * 550 9,590
USFreightways, Inc. 200 9,063
18,653
Technology (44.8%)
Advanced Medical Devices (1.3%)
DENTSPLY International, Inc. 300 $6,956
Renal Care Group, Inc. * 400 7,450
ResMed, Inc. * 200 6,925
VISX, Inc. * 200 12,513
Xomed Surgical Products, Inc. * 100 6,081
39,925
Aerospace/Defense (0.2%)
Orbital Sciences Corp. * 400 5,900
Biotechnology (1.4%)
Biogen, Inc. * 100 7,412
CYTYC Corp. * 400 15,900
Inhale Therapeutic Systems, Inc. * 400 11,025
Molecular Devices Corp. * 100 3,700
Serologicals Corp. * 700 2,713
The Liposome Company, Inc. * 400 3,150
43,900
Communications (6.7%)
ADC Telecommunications, Inc. * 171 8,155
Adelphia Communications Corp. * 1 43
American Tower Corp. Class A * 500 9,531
Andrew Corp. * 300 3,862
AT&T Canada, Inc. * 300 9,675
AVT Corp. * 400 13,400
CommScope, Inc. * 300 11,962
Concord Communications, Inc. * 300 15,581
Crown Castle International Corp. * 700 13,475
Emmis Communications Corp. Class A * 350 25,244
Gilat Satellite Networks, Ltd. * 350 18,244
ICG Communications, Inc. * 500 8,188
ITC DeltaCom, Inc. * 500 12,000
Pinnacle Holdings, Inc. * 200 4,800
Polycom, Inc. * 400 20,000
Premisys Communications, Inc. * 600 5,812
Time Warner Telecom, Inc. Class A * 400 10,075
United States Cellular Corp. * 200 17,700
207,747
Computers (4.3%)
CDW Computer Centers, Inc. * 300 18,525
CIBER, Inc. * 500 8,156
Citrix Systems, Inc. * 200 12,825
Cybex Computer Products Corp. * 500 19,531
Fair, Isaac and Company, Inc. 200 7,725
InterVoice, Inc. * 900 11,138
Jack Henry & Associates, Inc. 300 10,912
Mapics, Inc. * 200 1,700
Mastech Corp. * 400 6,850
Metamor Worldwide, Inc. * 400 7,550
National Computer Systems, Inc. 300 11,344
Teradyne, Inc. * 200 7,700
Xircom, Inc. * 200 10,088
134,044
Diversified (2.4%)
Gartner Group, Inc. Class A 300 2,925
JDS Uniphase Corp. * 100 16,688
QRS Corp. * 455 25,309
Quanta Services, Inc. * 300 8,362
Tech Data Corp. * 300 5,644
The BISYS Group, Inc. * 300 15,300
74,228
Industrial (3.5%)
American Management Systems, Inc. * 300 $7,763
American Xtal Technology * 300 3,881
Asyst Technologies, Inc. * 200 7,750
ATMI, Inc. * 400 10,775
Benchmark Electronics, Inc. * 200 3,200
Cognex Corp. * 300 8,981
Cymer, Inc. * 200 7,388
Kopin Corp. * 300 12,600
RSA Security, Inc. * 600 21,300
Spectrian Corp. * 300 10,050
Stanford Telecommunications, Inc. * 200 5,600
Visual Networks, Inc. * 200 8,325
107,613
Office Equipment (0.8%)
Proxim, Inc. * 500 23,405
Semiconductors (7.8%)
Applied Science and Technology, Inc. * 200 4,900
Burr-Brown Corp. * 500 19,656
Dallas Semiconductor Corp. 350 20,606
Etec Systems, Inc. * 300 11,456
Lattice Semiconductor Corp. * 700 24,763
Maxim Integrated Products, Inc. * 100 7,894
Micro Warehouse, Inc. * 440 23,925
Microchip Technology, Inc. * 300 19,988
MIPS Technologies, Inc. * 200 5,775
Novellus Systems, Inc. * 250 19,375
PMC - Sierra, Inc. * 80 7,540
QLogic Corp. * 200 20,825
S3, Inc. * 500 5,000
Sanmina Corp. * 150 13,509
Semtech Corp. * 400 15,325
Texas Instruments, Inc. 1 62
TranSwitch Corp. * 250 11,765
Vitesse Semiconductor Corp. * 240 11,010
243,374
Software (16.4%)
Activision, Inc. * 500 $7,062
Actuate Corp. * 200 6,800
Acxiom Corp. * 300 4,950
Affiliated Computer Services, Inc. Class A * 400 15,200
Ardent Software, Inc. * 400 8,825
Black Box Corp. * 300 15,225
Clarify, Inc. * 200 15,450
Cognos, Inc. * 300 8,512
Comverse Technology, Inc. * 100 11,350
Dendrite International, Inc. * 150 4,706
Digital River, Inc. * 300 6,806
Electronic Arts, Inc. * 100 8,081
Electronics For Imaging * 100 4,031
Engineering Animation, Inc. * 100 900
FactSet Research Systems, Inc. 300 19,931
Great Plains Software, Inc. * 200 11,100
Hyperion Solutions Corp. * 600 14,625
InfoCure Corp. * 200 3,150
Inter-Tel, Inc. 600 9,525
Intuit, Inc. * 420 12,232
ISS Group, Inc. * 300 11,438
Keane, Inc. * 300 7,050
Legato Systems, Inc. * 300 16,125
Liberate Technologies * 200 13,625
Macromedia, Inc. * 300 19,331
Mercury Interactive Corp. * 150 12,169
Micromuse, Inc. * 100 10,688
National Instruments Corp. * 600 18,038
Network Associates, Inc. * 300 5,494
Pegasus Systems, Inc. * 300 12,825
Peregrine Systems, Inc. * 300 13,162
Pinnacle Systems, Inc. * 500 13,875
Preview Travel, Inc. * 300 9,150
PSINet, Inc. * 200 7,200
Sterling Commerce, Inc. * 200 4,688
Summit Design, Inc. * 800 2,025
SunGard Data Systems, Inc. * 300 7,331
Sykes Enterprises, Inc. * 500 15,438
Symantec Corp. * 400 19,100
Synopsys, Inc. * 200 12,462
Transactions Systems Architects, Inc. Class A * 350 10,763
Visio Corp. * 200 7,919
WebTrends Corp. * 300 18,525
Whittman-Hart, Inc. * 350 13,453
Wind River Systems, Inc. * 400 8,150
Zebra Technologies Corp. Class A * 350 19,031
Zomax, Inc. * 300 8,363
505,879
Total Common Stock (cost $2,834,215) 2,902,879
SHORT-TERM SECURITIES (6.6%)
Other Short-Term Securities
SSgA Money Market Fund
7-day yield of 5.080% 11-1-1999 (cost $204,000)$204,000 $204,000
Total Investments (100.5%) (cost $3,038,215) 3,106,879
Liabilities in Excess of Other Assets (-0.5%) (14,471)
Net Assets (100.0%) $3,092,408
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX JCC CAPITAL APPRECIATION
Description Shares Value
COMMON STOCK (96.1%)
Consumer, Cyclical (20.5%)
Advertising (3.6%)
DoubleClick, Inc. * 17,985 $2,517,900
Lamar Advertising Company * 33,445 1,806,030
4,323,930
Broadcasting (11.1%)
AMFM, Inc. * 38,425 2,689,750
Citadel Communications Corp. * 25,195 1,217,233
Clear Channel Communications, Inc. * 28,510 2,291,491
Cox Radio, Inc. Class A * 2,220 155,400
Entercom Communications Corp. * 36,055 1,795,990
Hispanic Broadcasting Corp. Class A * 48,600 3,936,600
Univision Communications, Inc. Class A * 16,536 1,406,594
13,493,058
Entertainment (1.7%)
Premier Parks, Inc. * 33,785 977,653
SFX Entertainment, Inc. Class A * 30,890 1,079,219
2,056,872
Restaurants (0.5%)
PizzaExpress PLC + 40,108 530,668
Retailers - Specialty (3.6%)
Amazon.com, Inc. * 28,130 1,986,681
eBay, Inc. * 16,780 2,267,398
Fastenal Company 3,925 142,281
4,396,360
Consumer, Non-Cyclical (10.8%)
Consumer Services (3.4%)
Apollo Group, Inc. Class A * 157,076 4,133,062
Medical Supplies (4.2%)
MiniMed, Inc. * 20,840 1,579,932
QLT Phototherapeutics, Inc. * 36,360 1,540,755
Sepracor, Inc. * 23,780 1,978,199
5,098,886
Pharmaceuticals (3.2%)
Gilead Sciences, Inc. * 19,295 1,219,203
MedImmune, Inc. * 22,976 2,573,312
3,792,515
Financial (1.0%)
Securities Brokers
Charles Schwab Corp. 32,440 1,263,133
Technology (58.7%)
Communications (22.8%)
Adelphia Communications Corp. * 25,625 1,399,766
AT&T Canada, Inc. * 61,440 1,981,440
Clearnet Communications, Inc. * 14,220 312,840
Crown Castle International Corp. * 137,355 2,644,084
Juniper Networks, Inc. * 6,840 1,885,275
Level 3 Communications, Inc. * 32,230 2,203,726
Metromedia Fiber Network, Inc. Class A * 111,275 3,679,030
NEXTLINK Communications, Inc. * 66,935 4,003,550
Omnipoint Corp. * 25,910 2,140,814
Powertel, Inc. * 8,795 517,806
RF Micro Devices, Inc. * 4,845 250,123
Rogers Cantel Mobile Communications, Inc. * 23,980 687,926
Triton PCS Holdings, Inc. * 4,945 174,311
United States Cellular Corp. * 6,575 581,887
VoiceStream Wireless Corp. * 26,500 2,616,875
Western Wireless Corp. * 47,070 2,488,826
27,568,279
Computers (8.1%)
Commerce One, Inc. * 1,895 $324,519
Healtheon Corp. * 26,975 890,175
Paychex, Inc. 156,182 6,149,666
VeriSign, Inc. * 20,040 2,474,940
9,839,300
Diversified (10.3%)
E-Tek Dynamics, Inc. * 44,305 2,951,821
Exodus Communications * 52,550 4,519,300
Gemstar International Group, Ltd. * 28,895 2,510,252
InsWeb Corp. * 6,145 110,610
NTL, Inc. * 32,527 2,451,723
12,543,706
Semiconductors (10.6%)
SDL, Inc. 48,440 5,973,258
TriQuint Semiconductor, Inc. * 27,905 2,232,400
Vitesse Semiconductor Corp. * 100,645 4,617,089
12,822,747
Software (6.9%)
Brocade Communications Systems, Inc. * 2,490 669,810
Internet Capital Group, Inc. * 6,200 721,525
Proxicom, Inc. * 6,975 535,331
PSINet, Inc. * 37,690 1,356,840
VERITAS Software Corp. 144A * 46,780 5,046,393
8,329,899
Utilities (5.1%)
Telephone
McLeodUSA, Inc. * 95,315 4,253,432
Sprint Corp. 23,915 1,983,450
6,236,882
Total Common Stock (cost $82,171,764) 116,429,297
Description Principal Value
SHORT-TERM SECURITIES (5.1%)
Repurchase Agreements (0.0%)
State Street Bank & Trust *** $19,286 $19,286
3.500% Repurchase Agreement dated 10-29-1999
to be repurchased at $19,291 on 11-1-1999
United States Government Agencies (5.1%)
Federal Home Loan Mortgage Corp.
5.160% 11-1-1999 6,100,000 6,100,000
Total Short-Term Securities (cost $6,119,286) 6,119,286
Total Investments (101.2%) (cost $88,291,050) 122,548,583
Liabilities In Excess of Other Assets (-1.2%) (1,405,537)
Net Assets (100.0%) $121,143,046
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX PILGRIM BAXTER MID CAP GROWTH
Description Shares Value
COMMON STOCK (81.1%)
Consumer, Cyclical (15.3%)
Advertising (7.0%)
Lamar Advertising Company * 2,900 $156,600
Omnicom Group, Inc. 1,700 149,600
Outdoor Systems, Inc. * 3,500 148,313
454,513
Broadcasting (0.3%)
Cinar Corp. Class B * 1,100 19,113
Consumer Electronics (2.0%)
Tandy Corp. 2,100 132,168
Entertainment (1.2%)
Premier Parks, Inc. * 2,600 75,237
Footwear (2.0%)
American Eagle Outfitters, Inc. * 3,000 128,437
Retailers - Specialty (2.8%)
Circuit City Stores, Inc. 1,200 51,225
Mettler-Toledo International, Inc. * 2,700 80,494
Tiffany & Company 800 47,600
179,319
Consumer, Non-Cyclical (7.3%)
Consumer Services (3.1%)
United Rentals, Inc. * 1,600 29,800
USWeb Corp. * 4,400 170,500
200,300
Healthcare (1.2%)
Express Scripts, Inc. Class A * 1,600 78,600
Medical Supplies (0.6%)
MiniMed, Inc. * 500 37,906
Pharmaceuticals (2.4%)
MedImmune, Inc. * 1,400 156,800
Energy (6.6%)
Oil Companies - Secondary (0.4%)
Devon Energy Corp. 700 27,212
Oil Drilling (4.5%)
Apache Corp. 1,500 58,500
Diamond Offshore Drilling, Inc. 3,700 117,475
EOG Resources, Inc. 5,400 112,388
288,363
Oilfield Equipment and Services (1.7%)
Cooper Cameron Corp. * 2,800 108,325
Financial (2.3%)
Banks (1.4%)
GreenPoint Financial Corp. 3,000 85,500
Diversified (0.9%)
Heller Financial, Inc. 2,500 59,375
Industrial (3.2%)
Electronic Components and Equipment
L-3 Communications Holdings, Inc. * 700 29,531
Optical Coating Laboratory, Inc. 600 64,125
Powerwave Technologies, Inc. * 800 52,050
Vishay Intertechnology, Inc. * 2,500 61,094
206,800
Biotechnology (2.3%)
Amgen, Inc. * 1,300 $103,675
PE Corp.-PE Biosystems Group 700 45,413
149,088
Communications (3.5%)
ANTEC Corp. * 1,600 77,600
CommScope, Inc. * 1,500 59,813
Ditech Communications Corp. * 400 35,150
Juniper Networks, Inc. * 200 55,125
227,688
Computers (5.0%)
Check Point Software Technologies, Ltd. * 1,200 138,825
InfoSpace.com, Inc. * 2,200 122,375
VeriSign, Inc. * 500 61,750
322,950
Diversified (11.5%)
Ciena Corp. * 1,300 45,825
Emulex Corp. * 1,200 187,125
Exodus Communications * 1,200 103,200
Extreme Networks, Inc. * 500 40,156
Flextronics International, Ltd. * 900 63,900
Gemstar International Group, Ltd. * 600 52,125
JDS Uniphase Corp. * 800 133,500
Network Solutions, Inc. * 500 59,250
PerkinElmer, Inc. 1,400 57,138
742,219
Semiconductors (16.8%)
ASM Lithography Holding NV NYRS * 700 50,837
Atmel Corp. * 2,500 96,562
Cypress Semiconductor Corp. * 1,800 46,012
Fairchild Semiconductor Corp. * 4,000 101,000
Intergrated Device Technology, Inc. * 5,500 113,094
KLA-Tencor Corp. * 700 55,431
Lam Research Corp. * 400 33,775
LSI Logic Corp. 1,200 63,825
Maxim Integrated Products, Inc. * 500 39,469
Microchip Technology, Inc. * 900 59,963
QLogic Corp. * 700 72,888
Sanmina Corp. * 1,100 99,069
TriQuint Semiconductor, Inc. * 2,000 160,000
Xilinx, Inc. * 1,200 94,350
1,086,275
Software (7.3%)
F5 Networks, Inc. * 600 83,250
Informatica Corp. 400 28,900
Lycos, Inc. * 2,300 123,050
MicroStrategy, Inc. * 1,000 96,625
Sycamore Networks, Inc. * 100 21,500
Verio, Inc. * 1,500 55,969
VERITAS Software Corp. 144A * 600 64,725
474,019
Total Common Stock (cost $4,562,544) 5,240,207
Description Principal Value
SHORT-TERM SECURITIES (17.3%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-29-1999 to be repurchased at $1,119,095
on 11-1-1999 (cost $1,118,773) $1,118,773 $1,118,773
Total Investments (98.4%) (cost $5,681,317) 6,358,980
Other Assets In Excess of Liabilities (1.6%) 102,550
Net Assets (100.0%) $6,461,530
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX ALGER AGGRESSIVE GROWTH
Description Shares Value
COMMON STOCK (96.2%)
Consumer, Cyclical (19.1%)
Advertising (0.9%)
Omnicom Group, Inc. 17,700 $1,557,600
Broadcasting (5.6%)
Clear Channel Communications, Inc. * 57,848 4,649,533
Comcast Corp. Class A 75,200 3,167,800
Cox Communications, Inc. Class A * 33,100 1,503,981
9,321,314
Retailers - Broadline (2.6%)
Costco Wholesale Corp. * 16,600 1,333,187
Wal-Mart Stores, Inc. 53,400 3,027,113
4,360,300
Retailers - Specialty (10.0%)
Amazon.com, Inc. * 61,400 4,336,375
Best Buy Company, Inc. * 28,300 1,572,419
eBay, Inc. * 45,900 6,202,237
Home Depot, Inc. 58,200 4,394,100
16,505,131
Consumer, Non-Cyclical (0.4%)
Pharmaceuticals
Bristol-Myers Squibb Company, Inc. 9,050 695,153
Energy (3.1%)
Oil Drilling (1.0%)
EOG Resources, Inc. 35,800 745,087
Nabors Industries, Inc. * 45,400 1,030,013
1,775,100
Oilfield Equipment and Services (2.1%)
B.J. Services Company * 18,800 645,075
Halliburton Company 73,750 2,779,453
3,424,528
Financial (5.9%)
Diversified (3.8%)
American Express Company 9,200 1,416,800
Citigroup, Inc. 91,500 4,952,438
6,369,238
Insurance (1.0%)
American International Group, Inc. 15,500 1,595,531
Securities Brokers (1.1%)
Morgan Stanley, Dean Witter, Discover and Company 16,600 1,831,188
Independent (1.7%)
Conglomerate
AlliedSignal, Inc. 49,200 2,801,325
Industrial (2.3%)
Diversified
Tyco International Group SA + 97,004 3,874,097
Technology (58.8%)
Biotechnology (1.7%)
Amgen, Inc. * 34,700 2,767,325
Communications (12.3%)
Ariba, Inc. * 10,400 1,612,000
Cablevision Systems Corp. * 9,000 608,062
Cisco Systems, Inc. * 68,500 5,069,000
CNET, Inc. * 32,600 1,538,313
Global TeleSystems Group, Inc. * 51,600 1,235,175
Motorola, Inc. 49,700 4,842,644
Nextel Communications, Inc. Class A * 36,100 3,111,369
QUALCOMM, Inc. * 9,000 2,004,750
Rhythms NetConnections, Inc. * 11,500 335,656
20,356,969
Computers (6.7%)
Dell Computer Corp. * 89,200 $3,579,150
Sun Microsystems, Inc. * 48,800 5,163,650
Teradyne, Inc. * 60,400 2,325,400
11,068,200
Diversified (4.6%)
At Home Corp. Series A * 35,082 1,311,190
Exodus Communications * 58,600 5,039,600
JDS Uniphase Corp. * 7,600 1,268,250
7,619,040
Industrial (1.0%)
IMS HEALTH 57,100 1,655,900
Semiconductors (18.5%)
Altera Corp. * 51,600 2,509,050
Applied Materials, Inc. * 48,100 4,319,981
ASM Lithography Holding NV NYRS * 20,600 1,496,075
Broadcom Corp. Class A * 10,800 1,380,375
Conexant Systems, Inc. * 20,200 1,886,175
Intel Corp. 39,400 3,051,037
Linear Technology Corp. 31,000 2,168,063
Micron Technology, Inc. * 56,600 4,036,288
SDL, Inc. * 12,300 1,516,744
Texas Instruments, Inc. 41,600 3,733,600
Xilinx, Inc. * 59,400 4,670,325
30,767,713
Software (14.0%)
America Online, Inc. * 66,600 8,637,188
BMC Software, Inc. * 15,400 988,487
Microsoft Corp. * 80,000 7,405,000
NetScout Systems, Inc. * 13,000 266,500
RealNetworks, Inc. * 11,400 1,250,437
Sycamore Networks, Inc. * 300 64,500
Yahoo!, Inc. * 26,107 4,674,785
23,286,897
Utilities (4.9%)
Electric (0.5%)
Calpine Corp. 15,000 864,375
Telephone (4.4%)
MCI WorldCom, Inc. * 46,900 4,024,606
McLeodUSA, Inc. * 28,000 1,249,500
Sprint Corp. 26,000 2,027,000
7,301,106
Total Common Stock (cost $118,662,018) 159,798,030
CONVERTIBLE PREFERRED STOCK (0.6%)
Technology
Diversified
Nokia Corp. ADR (cost $495,263) 8,200 947,612
Description Principal Value
SHORT-TERM SECURITIES (3.5%)
Commercial Paper (3.1%)
Atlantis One Funding Corp. 5.330% 11-8-1999 $2,000,000 $1,997,927
Concord Minutemen Capital Company LLC
5.380% 11-8-1999 1,000,000 998,954
Coca-Cola Company 5.270% 11-24-1999 600,000 597,980
Enterprise Funding Corp. 5.330% 11-19-1999 1,500,000 1,496,003
5,090,864
Repurchase Agreements (0.4%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-29-1999
to be repurchased at $700,135 on 11-1-1999 699,930 699,930
Total Short-Term Securities (cost $5,790,794) 5,790,794
Total Investments (100.3%) (cost $124,948,075) 166,536,436
Liablilities In Excess of Other Assets (-0.3%) (521,853)
Net Assets (100.0%) $166,014,583
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX GE/SCOTTISH EQUITABLE INTERNATIONAL EQUITY
Description Shares Value
Australia (2.8%)
Common Stock
Brambles Industries, Ltd. 2,955 $83,154
Cable & Wireless Optus, Ltd. * 7,041 16,129
News Corp., Ltd. 4,780 34,588
Telstra Corp., Ltd. 7,000 35,632
WMC, Ltd. 5,500 23,619
193,122
Austria (0.1%)
Common Stock
VA Technologie AG 132 8,847
Brazil (0.2%)
Common Stock
Unibanco de Bancos Brasileiros SA GDR 667 15,424
Canada (1.2%)
Common Stock
ATI Technologies, Inc. * 624 5,853
Celestica, Inc. * 318 17,507
CGI Group, Inc. * 1,023 22,945
Nortel Networks Corp. 610 37,782
84,087
Denmark (0.7%)
Common Stock
Novo-Nordisk A/S Series B 377 45,340
Finland (3.0%)
Common Stock (1.5%)
Helsingin Puhelin OY 97 4,617
Merita, Ltd. 4,854 28,198
Pohjola Insurance Group 180 9,678
Sampo Insurance Company 1,133 39,419
Sonera OY 820 24,682
106,594
Convertible Preferred Stock (1.5%)
Nokia Corp. OY 861 98,773
205,367
France (18.4%)
Common Stock
Aerospatiale Matra * 787 19,250
Alcatel Alsthom Compagnie Generale d'Electricite 1,488 45,181
AXA-UAP 1,260 178,141
Cap Gemini Sogeti SA 348 52,833
Carrefour SA 822 152,528
Castorama Dubois 132 39,635
Coflexip SA ADR 552 21,873
Etablissements Economiques du Casino
Guichard-Perrachon SA 1,020 116,142
Lagardere Group SA 1,153 46,801
Lyonnaise des Eaux SA 488 78,976
Michelin Generale de Etablissments 1,084 47,314
Rhodia SA 644 12,459
Rhone-Poulenc Rorer, Inc. 2,075 116,384
Schneider SA 1,262 87,150
Societe Generale 160 34,918
Total SA 1,539 208,500
Vivendi 181 13,749
1,271,834
Germany (8.7%)
Common Stock
Bayerische hypo-und Vereinsbank AG 326 $21,310
Commerzbank AG 48 1,827
DaimlerChrysler AG * 404 31,562
Deutsche Bank AG 618 44,156
Fresenius Medical Care AG 717 50,005
Henkel KGaA 181 12,270
Mannesman AG 1,090 168,586
Metallgesellschaft AG 1,475 30,837
Muenchener Ruckversicherungs-Namen AG 208 47,083
Muenchener Ruckversicherungs-Namen AG Warrants 4 167
Pruessag AG 2,729 148,031
VEBA AG 846 46,336
602,170
Greece (0.4%)
Common Stock
Hellenic Telecommunication Organization SA 850 18,075
Hellenic Telecommunication Organization SA ADR 996 10,583
28,658
Hong Kong (2.9%)
Common Stock
Esprit Holdings, Ltd. 40,000 37,843
Giordano International, Ltd. 14,000 14,867
Hutchison Whampoa, Ltd. 4,000 40,160
Johnson Electric Holdings, Ltd. 7,100 38,383
Sun Hung Kai Properties, Ltd. 4,000 32,308
Television Broadcasts, Ltd. 7,000 37,392
200,953
India (0.4%)
Common Stock
Larsen & Toubro, Ltd. GDR 1,200 25,800
Ireland (0.7%)
Common Stock
Bank of Ireland 3,328 25,929
CRH PLC 1,311 24,796
50,725
Israel (1.1%)
Common Stock
ECI Telecom, Ltd. ADR 1,574 45,843
Teva Pharmaceutical Industries, Ltd. ADR 600 29,025
74,868
Italy (1.8%)
Common Stock
Banca Intesa SpA 6,337 27,125
ENI SpA 6,725 39,421
Montedison SpA 2,023 3,615
Saipem SpA 6,920 29,548
Telecom Italia SpA 3,228 25,210
124,919
Japan (20.9%)
Common Stock
Advantest Corp. 200 30,137
Asahi Bank, Ltd. 5,000 44,438
Asahi Organic Chemicals Industry Company, Ltd. 4,000 24,187
Bridgestone Corp. 1,000 27,546
Canon, Inc. 3,000 84,941
Dai-Ichi Kangyo Bank AG 3,000 41,175
Daiwa Securities Group, Inc. 2,000 $21,365
East Japan Railway Company 4 24,532
Fuji Bank, Ltd. 4,000 54,900
Fujitsu, Ltd. 2,000 60,275
Funai Electric Company, Ltd. * 100 45,302
Hikari Tsushin, Inc. 100 80,526
Hirose Electric Company, Ltd. 100 17,458
Industrial Bank of Japan, Ltd. 3,000 40,599
Kawasaki Steel Corp. 9,000 20,386
Mazda Motors Corp. 6,000 32,652
Minebea Company, Ltd. 4,000 53,940
Mitsubishi Corp. 3,000 21,595
Mitsui & Company, Ltd. 3,000 22,200
Mitsukoshi, Ltd. 2,000 11,153
Namco, Ltd. * 100 4,722
Nintendo Company 200 31,769
Nippon Steel Corp. 10,000 25,434
NTT Mobile Communications 2 53,172
Promise Company, Ltd. 200 13,437
Ricoh Company, Ltd. 1,000 16,326
Sanwa Bank 2,000 29,773
Shin-Etsu Chemical Company, Ltd. 1,000 41,271
Shiseido Company, Ltd. 1,000 15,261
Softbank Corp. 100 41,559
Sony Corp. 700 109,243
Sumitomo Electric Industries 3,000 40,340
Suzuki Motor Company, Ltd. 1,000 15,203
Takeda Chemical Industries, Ltd. 1,000 57,491
Tokai Bank, Ltd. 4,000 34,936
Toppan Printing Company, Ltd. 2,000 24,551
Toray Industries, Inc. 4,000 22,075
Toshiba Corp. 11,000 69,258
Toyota Motor Corp. 1,000 34,648
1,439,776
Luxembourg (0.0%)
Common Stock
Societe Europeenne de Communication S.A. spon ADR A * 3 46
Societe Europeenne de Communication S.A. spon ADR B * 29 479
525
Mexico (1.2%)
Common Stock
Desc SA de C.V. ADR 630 10,001
Desc SA de C.V. Series B 5,827 4,755
Gruma SA * 1,060 1,382
Grupo Carso SA de C.V. ADR * 2,032 16,960
Grupo Financiero Banamex * 10,000 24,862
Grupo Televisa SA de C.V. GDS * 487 20,698
Panamerican Beverages, Inc. Class A ADR 120 1,928
80,586
Netherlands (6.3%)
Common Stock
IHC Caland NV 754 32,791
ING Groep NV 2,765 163,481
Ispat International NV NYRS 773 8,020
Koninklijke Ahold NV 1,965 60,494
Philips Electronics NV 531 54,584
STMicroelectronics NV 387 34,069
Vendex KBB NV 682 19,953
VNU NV 1,816 61,555
434,947
Philippines (0.1%)
Common Stock
San Miguel Corp. Class B 3,520 $5,091
Portugal (0.9%)
Common Stock
Banco Comercial Portugues SA 396 11,181
Jeronimo Martins SGPS SA 320 8,954
Portugal Telecom SA 920 41,126
61,261
Singapore (1.3%)
Common Stock
Overseas-Chinese Banking Corp., Ltd. 3,150 23,698
Singapore Airlines, Ltd. 4,000 42,371
Venture Manufacturing (Singapore), Ltd. 3,000 26,723
92,792
South Korea (1.3%)
Common Stock
Kookmin Bank GDR 144A 650 10,133
Korea Electric Power Corp. ADR 1,900 29,925
Korea Telecom Corp. ADR * 506 17,837
Pohang Iron & Steel Company, Ltd. ADR 916 30,572
88,467
Spain (2.5%)
Common Stock
Argentaria Corporacion Bancaria de Espana SA 934 20,778
Repsol SA 539 11,138
Telefonica SA 8,460 139,499
171,415
Sweden (3.0%)
Common Stock
Autoliv, Inc. 1,662 53,050
Fastighets AB Balder 75 895
Investor AB Class B 264 3,393
Invik & Company AB 95 6,423
Kinnevik Investments AB B-Free 164 3,257
L.M. Ericsson Telephone Company Class B 3,006 125,247
Netcom AB * 400 16,642
208,907
Switzerland (2.5%)
Common Stock
ABB AG 16 25,759
ABB, Ltd. * 71 7,162
Credit Suisse Group 156 30,035
Novartis AG 16 23,972
Roche Holding AG 6 72,151
Zurich Allied AG 26 14,744
173,823
Taiwan (1.9%)
Common Stock
Asustek Computer, Inc. GDR 2,100 29,663
Synnex Technology International Corp. GDR * 320 6,328
Taiwan Semiconductor Manufacturing
Company, Ltd. ADR * 2,693 93,245
129,236
United Kingdom (11.6%)
Common Stock
Airtours PLC 8,837 $47,277
BG PLC 4,311 23,931
BP Amoco PLC 2,100 20,399
British Land Company PLC 1,740 12,412
British Telecommunications PLC 1,770 32,132
Cable & Wireless Communications PLC * 3,996 42,067
Cadbury Schweppes PLC 1,600 10,440
Celltech Chiroscience PLC * 1,000 7,495
Commercial Union PLC 1,190 17,368
Corus Group PLC 8,659 16,438
Diageo PLC 1,580 16,049
Electrocomponents PLC 2,415 21,533
FKI PLC 7,826 20,838
General Electric Company PLC 1,280 14,001
Glaxo Wellcome PLC 1,203 35,511
Granada Group PLC 6,172 49,048
HSBC Holdings PLC 3,600 43,210
Invensys PLC 13,066 64,318
Lloyds TSB Group PLC 3,780 52,249
Northern Rock PLC 2,500 16,888
Nycomed Amersham PLC 4,193 27,119
Railtrack Group PLC 711 14,537
Reed International PLC 2,312 13,518
Rentokil Initial Group PLC 4,800 16,015
Royal and Sun Alliance Insurance Group PLC 4,445 30,282
Saatchi & Saatchi PLC 1,312 5,035
Securicor PLC 1,700 16,695
SEMA Group PLC 2,016 26,309
Shell Transport & Trading Company 2,582 19,797
Somerfield PLC 7,393 15,492
Tesco PLC 6,860 20,351
Vodafone AirTouch PLC 5,000 23,339
WPP Group PLC 1,000 10,963
803,056
United States (4.7%)
Common Stock (1.3%)
Comverse Technology, Inc. * 598 67,873
Pharmacia & Upjohn, Inc. 48 2,589
Telekomunikacja Polska GDR 144A 3,433 17,409
87,871
Description Principal Value
Short-term Securities (3.4%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-29-1999
to be repurchased at $238,788 on 11-1-1999 $238,719 $238,719
326,590
Total Investments (100.6%) (cost $6,009,548) 6,948,586
Notional
Amount Description Value
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 5,332 British Pound 11-1-1999 Buy $6
B 6,231 British Pound 11-1-1999 Sell (7)
E 8,622 Euro 11-1-1999 Buy 37
E 2,790 Euro 11-2-1999 Buy 12
E 12,369 Euro 11-30-1999 Sell 9
E 23,205 Euro 11-30-1999 Buy (16)
H 777,000 Hong Kong 11-2-1999 Sell (13)
Total Unrealized Net Gain on Forward Foreign
Currency Contracts 28
Liabilities In Excess of Other Assets (-0.6%) (39,988)
Net Assets (100.0%) $6,908,626
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX JCC GLOBAL
Description Shares Value
Brazil (1.0%)
Common Stock
Telecomunicacoes Brasileiras Telebras SA ADR * 114,810 $8,940,829
Canada (2.7%)
Common Stock
Le Groupe Videotron Ltee 238,159 3,399,265
Nortel Networks Corp. 179,250 11,102,298
QLT Phototherapeutics, Inc. * 31,960 1,354,305
Rogers Communications, Inc. Class B * 52,888 1,064,372
Rogers Communications, Inc. * 133,544 2,704,826
Shaw Communications 20,662 628,440
The Seagram Company, Ltd. 98,185 4,847,884
25,101,390
Finland (5.7%)
Common Stock (0.9%)
Sonera OY 146,240 4,401,862
Tieto Corp. OY 111,578 3,882,011
8,283,873
Convertible Preferred Stock (4.8%)
Nokia Corp. ADR 164,330 18,990,385
Nokia Corp. OY 225,187 25,833,089
44,823,474
53,107,347
France (4.5%)
Common Stock
Atos SA * 40,444 5,193,565
Cap Gemini Sogeti SA 44,923 6,820,174
Carrefour SA 49,978 9,273,758
Total SA 69,369 9,397,942
Vivendi 146,135 11,100,753
41,786,192
Germany (3.6%)
Common Stock
Mannesman AG 166,874 25,809,702
Marschollek, Lautenschlaeger und Partner AG 20,850 4,392,035
Porsche AG 992 2,719,251
32,920,988
Hong Kong (2.4%)
Common Stock
China Telecom, Ltd. 1,588,000 5,437,096
China Telecom, Ltd. ADR * 248,780 16,792,650
22,229,746
Italy (0.9%)
Common Stock
Bipop-Carire SpA 87,600 3,717,356
Telecom Italia SpA 741,196 4,641,771
8,359,127
Japan (14.9%)
Common Stock
Fuji Bank, Ltd. 697,000 9,566,273
Fujitsu, Ltd. 305,000 9,191,861
Ito-Yokado Company, Ltd. 28,000 2,241,290
Kirin Brewery Company, Ltd. 267,000 3,059,775
NEC Corp. 427,000 8,647,375
Nippon Telegraph & Telephone Corp. 186 2,856,320
NTT Data Communications Systems Corp. 529 8,377,483
NTT Mobile Communications 2,290 60,882,042
Rohm Company, Ltd. 7,800 1,751,800
Softbank Corp. 16,400 6,815,625
Sony Corp. 60,900 $9,504,118
Takeda Chemical Industries, Ltd. 178,000 10,233,420
Tokio Marine & Fire Insurance Company 97,000 1,270,804
Yamanouchi Parmaceutica 71,000 3,223,246
137,621,432
Mexico (1.6%)
Common Stock
Grupo Televisa SA de C.V. GDS * 121,540 5,165,450
Telefonos de Mexico SA de C.V. ADR 116,290 9,942,795
15,108,245
Netherlands (7.3%)
Common Stock
ASM Lithography Holding NV * 33,301 2,355,830
ASM Lithography Holding NV NYRS * 5,690 413,236
EQUANT NV NYRS * 26,193 2,540,721
EQUANT NV NYRS * 22,032 2,148,621
Getronics NV 282,124 14,098,814
Gucci Group NV 5,193 416,920
Gucci Group NV ADR 72,365 5,843,474
Koninklijke (Royal) Philips Electronics NV NYRS 85,002 8,834,895
Philips Electronics NV 122,774 12,620,462
STMicroelectronics NV 52,274 4,601,892
TNT Post Group NV 314,265 8,018,176
United Pan-Europe Communications NV * 78,063 6,016,263
67,909,304
Spain (1.9%)
Common Stock
Argentaria Corporacion Bancaria de Espana SA 118,134 2,627,977
Banco Bilbao Vizcaya SA 281,870 3,797,903
Banco Santander Central Hispano 184,760 1,922,602
Tele Pizza SA * 189,466 1,014,750
Telefonica SA 442,177 7,291,168
Telefonica SA ADR * 25,862 1,291,484
17,945,884
Sweden (3.6%)
Common Stock
Assa Abloy AB Class B 776,542 8,656,416
L.M. Ericsson Telephone Company Class B 169,951 7,081,119
L.M. Ericsson Telephone Company Class B ADR 168,121 7,187,173
Securitas AB 630,612 9,372,903
WM Data AB Class B 25,851 1,088,122
33,385,733
Switzerland (0.7%)
Common Stock
ABB, Ltd. * 39,966 4,031,266
Julius Baer Holding, Ltd. 841 2,533,832
6,565,098
United Kingdom (7.9%)
Common Stock
Capita Group PLC 51,566 685,659
COLT Telecom Group PLC * 295,133 8,838,169
Compass Group PLC 377,861 4,067,893
Energis PLC * 249,602 7,966,974
Hays PLC 513,163 5,870,306
Logica PLC 428,127 6,610,975
Orange PLC * 181,923 4,526,991
Prudential PLC 465,469 7,302,353
SEMA Group PLC 334,563 4,366,109
Telewest Communication PLC * 1,337,389 5,693,163
Telewest Communication PLC * 121,580 107,907
Vodafone AirTouch PLC ADR 242,970 11,647,374
Vodafone AirTouch PLC 1,223,125 5,709,332
73,393,205
United States (41.2%)
Common Stock (30.9%)
Amazon.com, Inc. * 66,630 $4,705,743
America Online, Inc. * 81,240 10,535,812
American Express Company 54,830 8,443,820
AMFM, Inc. * 38,950 2,726,500
Applied Materials, Inc. * 21,935 1,970,037
AT&T Corp. Liberty Media Class A * 231,810 9,199,959
Bank of New York Company, Inc. 95,420 3,995,712
Cisco Systems, Inc. * 534,995 39,589,630
Clear Channel Communications, Inc. * 63,785 5,126,719
Comcast Corp. Class A 259,340 10,924,697
Comverse Technology, Inc. * 62,185 7,057,998
Dell Computer Corp. * 100,685 4,039,986
Electronic Data Systems Corp. 43,370 2,537,145
EMC Corp. * 128,315 9,366,995
Enron Corp. 112,160 4,479,390
Firstar Corp. 154,445 4,536,822
Genentech, Inc. * 30,500 4,445,375
International Business Machines Corp. 39,010 3,837,609
JDS Uniphase Corp. * 41,900 6,992,063
Lucent Technologies, Inc. 41,555 2,669,909
Medtronic, Inc. 221,995 7,686,576
Microsoft Corp. * 203,430 18,829,989
Nextel Communications, Inc. Class A 26,195 2,257,682
NTL, Inc. * 63,543 4,789,554
Paychex, Inc. 141,655 5,577,666
Pfizer, Inc. 93,045 3,675,278
Schering Plough Corp. 160,795 7,959,353
Sepracor, Inc. * 27,930 2,323,426
Sprint Corp. 65,735 5,451,897
Staples, Inc. * 188,910 4,191,441
Sun Microsystems, Inc. * 83,890 8,876,611
Texas Instruments, Inc. 89,135 7,999,866
Time Warner, Inc. 322,315 22,461,327
Tyco International Group SA 713,353 28,489,535
Viacom, Inc. Class B * 98,195 4,394,226
Warner-Lambert Company 52,221 4,167,889
286,314,237
Convertible Preferred Stock (0.9%)
UnitedGlobalCom, Inc. 144A 132,945 7,976,700
Description Principal Value
Short-term Securities (9.4%)
Federal National Mortgage Association
5.200% 12-17-1999 $25,000,000 $24,833,889
5.480% 1-24-2000 25,000,000 24,680,333
Household Finance Company
5.300% 11-1-1999 37,900,000 37,900,000
87,414,222
381,705,159
Total Investments (99.9%) (cost $657,262,794) 926,079,679
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (-0.2%) @
B 166,880 British Pound 11-1-1999 Sell $3,246
B 221,052 British Pound 11-2-1999 Sell 2,001
B 836,813 British Pound 11-3-1999 Sell 4,561
B 310,828 British Pound 11-4-1999 Sell (1,365)
B 14,710,000 British Pound 12-9-1999 Sell (520,053)
B 6,210,000 British Pound 12-9-1999 Buy (137,180)
B 4,100,000 British Pound 4-7-2000 Sell 43,195
B 4,100,000 British Pound 4-7-2000 Buy (61,183)
C 500,000 Canadian Dollar 11-18-1999 Sell 4,097
C 2,700,000 Canadian Dollar 4-7-2000 Sell 5,794
E 112,022 Euro 11-1-1999 Sell 6
E 1,063,457 Euro 11-30-1999 Sell 4,969
E 12,800,000 Euro 12-3-1999 Sell 51,627
E 10,500,000 Euro 12-9-1999 Sell 218,744
E 10,500,000 Euro 12-9-1999 Buy (266,615)
E 18,000,000 Euro 4-14-2000 Sell 230,568
E 8,800,000 Euro 4-14-2000 Buy (301,306)
E 15,700,000 Euro 4-20-2000 Sell 360,233
H 38,270,800 Hong Kong Dollar 11-2-1999 Sell 850
H 9,000,000 Hong Kong Dollar 5-7-2001 Buy (3,566)
H 111,000,000 Hong Kong Dollar 5-7-2001 Sell (78,815)
J 83,417,116 Japanese Yen 11-1-1999 Buy (2,637)
J 5,961,121 Japanese Yen 11-1-1999 Sell 188
J 67,032,004 Japanese Yen 11-2-1999 Buy 3,894
J 440,000,000 Japanese Yen 11-18-1999 Sell (457,129)
J 450,000,000 Japanese Yen 12-3-1999 Sell (596,916)
J 2,235,000,000 Japanese Yen 4-7-2000 Sell (649,604)
J 2,235,000,000 Japanese Yen 4-7-2000 Buy 587,217
J 875,000,000 Japanese Yen 4-14-2000 Sell (159,767)
J 900,000,000 Japanese Yen 4-20-2000 Sell (128,566)
S 3,327,414 Swedish Krona 11-1-1999 Buy (986)
F 6,600,000 Swiss Franc 12-3-1999 Buy (80,683)
F 8,500,000 Swiss Franc 12-3-1999 Sell 32,621
Total Unrealized Net Loss on Forward Foreign
Currency Contracts (1,892,560)
Other Assets In Excess of Liabilities (0.3%) 2,594,221
Net Assets (100.0%) $926,781,340
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX SALOMON ALL CAP
Description Shares Value
COMMON STOCK (86.8%)
Basic Materials (5.3%)
Chemicals (2.0%)
Olin Corp. 1,500 $20,719
OM Group, Inc. 1,700 63,750
84,469
Other Non-ferrous (1.5%)
The Geon Company 2,400 63,000
Paper Products (1.8%)
International Paper Company 1,400 73,674
Consumer, Cyclical (12.8%)
Auto Manufacturers (2.3%)
General Motors Corp. Class H * 1,310 95,383
Broadcasting (2.6%)
Hearst-Argyle Television, Inc. * 2,400 48,750
Sinclair Broadcast Group, Inc. * 4,100 41,000
TV Guide, Inc. Class A * 400 21,050
110,800
Publishing (0.5%)
PRIMEDIA, Inc. * 1,800 20,137
Retailers - Apparel (3.1%)
Federated Department Stores, Inc. * 3,000 128,062
Retailers - Broadline (3.8%)
Costco Wholesale Corp. * 1,800 144,563
Dayton Hudson Corp. 200 12,925
157,488
Retailers - Drug Based (0.5%)
CombiChem, Inc. * 3,200 21,300
Consumer, Non-Cyclical (14.6%)
Food - Other (5.6%)
Fine Host Corp. * 1,371 12,817
Hormel Foods Corp. 1,700 73,313
John B. Sanfilippo & Son, Inc. * 3,800 12,825
Michael's Stores, Inc. 3,400 86,700
Tyson Foods, Inc. 3,100 47,275
232,930
Food Retailers (6.8%)
Delhaize America, Inc. Class A 800 15,050
Delhaize America, Inc. Class B 4,100 84,563
Nabisco Group Holdings 9,900 126,844
Safeway, Inc. * 1,700 60,031
286,488
Pharmaceuticals (2.2%)
Pharmacia & Upjohn, Inc. 1,700 91,693
Energy (10.2%)
Oil Companies - Major (2.3%)
Conoco, Inc. Class B 1,700 46,113
Unocal Corp. 1,400 48,300
94,413
Oil Companies - Secondary (2.9%)
Devon Energy Corp. 1,800 69,975
Suncor Energy, Inc. 1,400 53,375
123,350
Oil Drilling (1.2%)
R & B Falcon Corp. * 4,100 50,994
Oilfield Equipment and Services (3.8%)
Tesoro Petroleum Corp. * 5,100 61,838
Tosco Corp. 2,100 53,156
Valero Energy Corp. 2,400 44,100
159,094
Financial (11.3%)
Banks (5.7%)
Bank of New York Company, Inc. 2,000 $83,750
Comerica, Inc. 1,100 65,381
Mercantile Bankshares Corp. 700 25,200
Peoples Heritage Financial Group, Inc. 3,400 64,600
238,931
Diversified (4.1%)
American General Corp. 600 44,513
FleetBoston Financial Corp. 1,400 61,075
Goldman Sachs Group, Inc. 700 49,700
Neuberger Berman, Inc. * 500 14,500
169,788
Insurance (1.5%)
Protective Life Corp. 1,800 65,138
Independent (1.0%)
Conglomerate
Philip Morris Companies, Inc. 1,700 42,818
Industrial (4.7%)
Containers and Packaging (1.8%)
Crown Cork & Seal Company, Inc. 3,200 76,600
Electronic Components and Equipment (0.6%)
York International Corp. 1,000 23,562
Heavy Construction (1.0%)
Ingersoll-Rand Company 800 41,800
Diversified (1.3%)
Harnischfeger Industries, Inc. * 5,700 6,413
SpeedFam-IPEC, Inc. 4,300 47,569
53,982
Technology (23.4%)
Communications (9.4%)
Amdocs, Ltd. * 2,300 63,969
AT&T Corp. Liberty Media Class A * 1,700 67,469
PamAmSat Corp. * 1,600 63,200
Rogers Cantel Mobile Communications, Inc. * 6,000 172,125
Tellabs, Inc. * 400 25,300
392,063
Computers (6.1%)
3Com Corp. * 2,700 78,300
International Business Machines Corp. 400 39,350
Seagate Technology, Inc. * 4,700 138,356
256,006
Diversified (1.5%)
NTL, Inc. * 800 60,300
Semiconductors (4.0%)
Advanced Micro Devices, Inc. * 2,400 47,550
Cypress Semiconductor Corp. * 2,000 51,125
S3, Inc. * 6,800 68,000
166,675
Software (2.4%)
Comverse Technology, Inc. * 500 56,750
Jacada, Ltd. * 100 1,450
Paradigm Geophysical, Ltd. * 3,900 20,963
Sycamore Networks, Inc. * 100 21,500
100,663
Utilities (3.5%)
Telephone
Bell Atlantic Corp. 1,000 64,937
GTE Corp. 400 30,000
MCI WorldCom, Inc. * 600 51,488
146,425
Total Common Stock (cost $3,574,844) 3,628,026
COMMON STOCK (SHORT SALE) (0.0%)
Technology
Communications
Iridium World Communications, Ltd. Class A
(cost -$2,994) 300 $(919)
CONVERTIBLE PREFERRED STOCK (0.6%)
Energy
Oil Companies - Major
Kerr-McGee Corp. (cost $25,781) 700 26,338
NON-CONVERTIBLE PREFERRED STOCK (1.4%)
Consumer, Cyclical
Broadcasting
News Corp., Ltd. ADR (cost $60,500) 2,100 57,881
Description Principal Value
CONVERTIBLE CORPORATE BONDS (0.9%)
Industrial
Diversified
Sunbeam Corp. 144A 0.000% 3-25-2018 (cost $41,043)$250,000 $37,500
NON-CONVERTIBLE CORPORATE BONDS (1.5%)
Consumer, Cyclical (0.0%)
Auto Parts and Equipment
Breed Technologies, Inc. 9.250% 4-15-2008 5,000 175
Financial (0.1%)
Diversified
ContiFinancial Corp. 8.375% 8-15-2003 25,000 5,875
Industrial (1.4%)
Diversified
Harnischfeger Industries, Inc.
8.900% 3-1-2022 # 30,000 11,400
8.700% 6-15-2022 # 70,000 26,600
7.250% 12-15-2025 # 50,000 19,000
57,000
Total Non-Convertible Corporate Bonds (cost $89,803) 63,050
SHORT-TERM SECURITIES (5.0%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-29-1999 to be repurchased at $209,060 on
11/01/1999 (cost $209,000) 209,000 209,000
PURCHASED OPTIONS (0.3%)
Purchased Calls (0.0%)
Iridium World Communications, Ltd. * Jan-25 200 $38
Purchased Puts (0.3%)
Dayton Hudson Corp. Nov-70 200 1,350
Iix-interactive Wk Internet Index Nov-33 100 500
International Business Machines Corp. Nov-90 200 125
International Business Machines Corp. Nov-120 300 6,450
Global Crossing, Ltd. * Nov-30 500 250
Morgan Stanley High Tech Index Nov-120 100 1,000
Standard & Poor's 500 Index * Nov-130 300 2,400
12,075
Total Purchased Options (cost $10,812) 12,113
Total Investments (96.5%) (cost $4,008,789) 4,032,989
Description Contracts Value
WRITTEN OPTIONS (-0.1%)
Written Calls (0.0%)
Iridium World Communications, Ltd. * Jan-7 400 $(150)
Iridium World Communications, Ltd. * Jan-10 200 (75)
(225)
Written Puts (-0.1%)
Iridium World Communications, Ltd. * Jan-10 300 (2,288)
Total Written Options (premium -$2,137) (2,513)
Notional
Amount Description Value
UNREALIZED GAINS ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 6,069 British Pound 11-1-1999 Buy $44
Other Assets In Excess of Liabilities (3.6%) 148,330
Net Assets (100.0%) $4,178,850
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX JCC GROWTH
Description Shares Value
COMMON STOCK (79.6%)
Consumer, Cyclical (19.6%)
Broadcasting (5.5%)
AMFM, Inc. * 1,093,560 $76,549,200
Comcast Corp. Class A 886,110 37,327,384
Time Warner, Inc. 819,935 57,139,220
171,015,804
Entertainment (1.4%)
Royal Caribbean Cruises, Ltd. 818,815 43,448,371
Retailers - Broadline (2.7%)
Costco Wholesale Corp. * 1,048,310 84,192,397
Retailers - Specialty (10.0%)
Amazon.com, Inc. * 1,786,630 126,180,744
eBay, Inc. * 186,850 25,248,106
Home Depot, Inc. 1,349,655 101,898,953
Staples, Inc. * 2,577,010 57,177,409
310,505,212
Consumer, Non-Cyclical (3.5%)
Beverages (0.6%)
Coca-Cola Company 316,850 18,694,150
Food Retailers (2.0%)
The Kroger Company * 3,010,030 62,646,249
Pharmaceuticals (0.9%)
Pfizer, Inc. 715,895 28,277,853
Energy (2.1%)
Oilfield Equipment and Services
Enron Corp. 1,596,115 63,744,843
Financial (2.4%)
Diversified
American Express Company 491,365 75,670,210
Industrial (5.5%)
Diversified
General Electric Company 934,630 126,700,779
Tyco International Group SA 1,062,940 42,451,166
169,151,945
Technology (46.5%)
Advanced Medical Devices (1.8%)
Medtronic, Inc. 1,636,000 56,646,500
Communications (16.4%)
AT&T Corp. Liberty Media Class A * 1,472,615 58,444,408
Cisco Systems, Inc. * 2,191,206 162,149,244
Juniper Networks, Inc. * 116,200 32,027,625
Lucent Technologies, Inc. 1,264,505 81,244,446
Nextel Communications, Inc. Class A 730,690 62,976,344
Nortel Networks Corp. 396,925 24,584,542
NTT Mobile Communications + 14,510 38,576,351
Vodafone AirTouch PLC ADR 1,061,560 50,888,533
510,891,493
Computers (3.8%)
Dell Computer Corp. * 1,510,640 60,614,430
EMC Corp. * 227,085 16,577,205
Fiserv, Inc. * 1,257,512 40,240,384
117,432,019
Diversified (3.6%)
Exodus Communications * 440,780 37,907,080
JDS Uniphase Corp. * 207,060 34,553,138
NTL, Inc. * 503,706 37,966,840
110,427,058
Semiconductors (6.0%)
Lam Research Corp. * 370,280 $31,265,518
Texas Instruments, Inc. 918,300 82,417,425
Xilinx, Inc. * 911,375 71,656,859
185,339,802
Software (14.9%)
America Online, Inc. * 1,817,495 235,706,383
Compuware Corp. * 461,410 12,832,965
Microsoft Corp. * 2,326,000 215,300,375
463,839,723
Total Common Stock (cost $1,415,145,338) 2,471,923,629
CONVERTIBLE PREFERRED STOCK (8.2%)
Technology
Diversified
Nokia Corp. ADR (cost $38,705,587) 2,191,900 253,301,444
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (0.4%)
Financial
Diversified
Charter Communications Holdings
144A 8.625% 4-1-2009 (cost $12,205,509) $12,239,000 $11,565,854
SHORT-TERM SECURITIES (12.0%)
Commercial Paper (2.3%)
Household Finance Company 5.300% 11-1-1999 70,100,000 70,100,000
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-29-1999 to be repurchased at $12,367
on 11-1-1999 12,363 12,363
United States Government Agencies (9.7%)
Federal Home Loan Mortgage Corp.
5.000% 12-10-1999 50,000,000 49,729,167
5.050% 11-5-1999 25,000,000 24,985,972
5.100% 5-25-2000 25,000,000 24,270,417
5.190% 12-17-1999 75,000,000 74,502,625
5.200% 11-23-1999 50,000,000 49,841,111
5.220% 12-3-1999 25,000,000 24,884,000
5.220% 12-10-1999 25,000,000 24,858,625
5.220% 12-23-1999 30,000,000 29,773,800
302,845,717
Total Short-Term Securities (cost $372,958,080) 372,958,080
Total Investments (100.2%) (cost $1,839,014,514) 3,109,749,007
Liabilities In Excess of Other Assets (-0.2%) (5,677,458)
Net Assets (100.0%) $3,104,071,549
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX GOLDMAN SACHS GROWTH
Description Shares Value
COMMON STOCK (91.8%)
Basic Materials (0.6%)
Chemicals
E.I. du Pont de Nemours and Company 431 $27,773
Consumer, Cyclical (17.6%)
Advertising (0.8%)
Valassis Communications, Inc. * 980 42,140
Auto Manufacturers (0.3%)
General Motors Corp. 210 14,753
Broadcasting (6.6%)
AMFM, Inc. * 510 35,700
CBS Corp. * 990 48,324
Clear Channel Communications, Inc. * 382 30,703
Comcast Corp. Class A 1,020 42,967
EchoStar Communications Corp. * 420 25,988
Infinity Broadcasting Corp. * 1,280 44,240
Time Warner, Inc. 1,450 101,047
328,969
Casinos (0.3%)
Harrah's Entertainment, Inc. * 420 12,154
Consumer Electronics (1.0%)
Tandy Corp. 810 50,979
Entertainment (0.3%)
Walt Disney Company 550 14,506
Lodging (0.6%)
Marriott International, Inc. 930 31,329
Publishing (3.4%)
A.H. Belo Corp. 1,700 34,638
Central Newspapers, Inc. 760 32,633
Gannett Company, Inc. 460 35,478
The New York Times Company 680 27,370
Tribune Company 340 20,400
Ziff-Davis, Inc. * 1,240 18,523
169,042
Restaurants (0.4%)
McDonald's Corp. 480 19,800
Retailers - Broadline (1.9%)
Wal-Mart Stores, Inc. 1,700 96,369
Retailers - Drug Based (0.8%)
Walgreen Company 1,640 41,307
Retailers - Specialty (1.0%)
Ecolab, Inc. 300 10,144
Home Depot, Inc. 530 40,015
50,159
Toys (0.2%)
Hasbro, Inc. 390 8,044
Consumer, Non-Cyclical (20.3%)
Beverages (2.4%)
Coca-Cola Company 1,280 75,520
PepsiCo, Inc. 1,260 43,706
119,226
Consumer Services (1.0%)
Cendant Corp. * 1,210 19,965
Galileo International, Inc. 500 15,031
Service Corp. International 1,490 14,248
49,244
Cosmetics (0.7%)
Avon Products, Inc. 1,200 $38,700
Food - Other (1.6%)
Ralston Purina Company 1,640 51,557
Wm. Wrigley Jr. Company 350 27,978
79,535
Food Retailers (0.5%)
Nabisco Group Holdings 1,960 25,113
Household Products (3.4%)
Colgate-Palmolive Company 1,540 93,170
Proctor & Gamble Company 520 54,535
The Clorox Company 520 21,288
168,993
Medical Supplies (1.3%)
American Home Products Corp. 1,250 65,312
Pharmaceuticals (9.4%)
Bristol-Myers Squibb Company, Inc. 1,440 110,610
CVS Corp. 370 16,072
Eli Lilly and Company 430 29,616
Johnson & Johnson 470 49,232
Merck and Company, Inc. 630 50,124
Pfizer, Inc. 2,480 97,960
Schering Plough Corp. 760 37,620
Warner-Lambert Company 950 75,822
467,056
Energy (5.1%)
Oil Companies - Major (3.6%)
Exxon Corp. 750 55,547
Mobil Corp. 430 41,495
Royal Dutch Petroleum Company NYRS 660 39,559
Texaco, Inc. 550 33,756
Unocal Corp. 220 7,590
177,947
Oil Drilling (0.2%)
Atlantic Richfield Company 120 11,183
Oilfield Equipment and Services (1.3%)
Schlumberger, Ltd. 1,040 62,985
Financial (16.1%)
Banks (2.8%)
MBNA Corp. 2,190 60,499
State Street Corp. 1,040 79,170
139,669
Diversified (7.9%)
Bank of America Corp. 630 40,556
Citigroup, Inc. 1,200 64,950
First Data Corp. * 1,420 64,876
Standard & Poor's 500 Depository Receipts 1,435 196,057
Wells Fargo & Company 550 26,331
392,770
Insurance (2.1%)
AMBAC Financial Group, Inc. 280 16,730
American International Group, Inc. 530 54,557
Hartford Life, Inc. Class A 320 16,720
Nationwide Financial Services, Inc. 430 16,286
104,293
Real Estate (0.5%)
Starwood Hotels & Resorts Worldwide, Inc. 1,150 26,378
United States Government Agencies (2.8%)
Federal Home Loan Mortgage Corp. 1,270 $68,659
Federal National Mortgage Association 1,020 72,165
140,824
Independent (0.4%)
Conglomerate
Philip Morris Companies, Inc. 780 19,646
Industrial (3.9%)
Diversified
General Electric Company 1,280 173,520
Minnesota Mining & Manufacturing Company 220 20,914
194,434
Technology (23.8%)
Communications (8.8%)
AT&T Corp. Liberty Media Class A * 2,070 82,153
Cablevision Systems Corp. * 440 29,728
Cisco Systems, Inc. * 1,410 104,340
Crown Castle International Corp. * 1,280 24,640
Lucent Technologies, Inc. 840 53,970
MediaOne Group, Inc. * 1,050 74,616
QUALCOMM, Inc. * 210 46,778
SBC Communications, Inc. 470 23,941
440,166
Computers (5.0%)
CheckFree Holdings Corp. * 420 15,698
Dell Computer Corp. * 240 9,630
EMC Corp. * 680 49,640
International Business Machines Corp. 650 63,944
Sun Microsystems, Inc. * 810 85,708
VeriSign, Inc. * 180 22,230
246,850
Diversified (1.0%)
At Home Corp. Series A * 570 21,304
General Instrument Corp. * 320 17,220
Network Solutions, Inc. * 90 10,665
49,189
Semiconductors (2.8%)
Intel Corp. 1,560 $120,802
Texas Instruments, Inc. 220 19,745
140,547
Software (6.2%)
America Online, Inc. * 380 49,281
Automatic Data Processing, Inc. 480 23,130
Microsoft Corp. * 2,040 188,827
Oracle Corp. * 760 36,147
Yahoo!, Inc. * 80 14,325
311,710
Utilities (4.0%)
Electric (1.4%)
The AES Corp. * 1,190 67,161
Telephone (2.6%)
GTE Corp. 630 47,249
MCI WorldCom, Inc. * 960 82,380
129,629
Total Common Stock (cost $4,308,955) 4,575,884
Description Principal Value
SHORT-TERM SECURITIES (7.8%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-29-1999 to be repurchased at $389,962
on 11-1-1999 (cost $389,850) $389,850 $389,850
Total Investments (99.6%) (cost $4,698,805) 4,965,734
Other Assets In Excess of Liabilities (0.4%) 21,715
Net Assets (100.0%) $4,987,449
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX C.A.S.E. GROWTH
Description Shares Value
COMMON STOCK (93.5%)
Consumer, Cyclical (20.2%)
Clothing/Fabric (3.1%)
Tommy Hilfiger Corp. * 10,600 $299,450
Footwear (6.9%)
GENESCO, Inc. * 51,000 675,750
Retailers - Apparel (8.5%)
Abercrombie & Fitche Company Class A * 5,200 141,700
Claire's Stores, Inc. 15,500 273,188
Jones Apparel Group * 13,000 411,125
826,013
Retailers - Broadline (1.7%)
Kmart Corp. * 17,000 171,063
Consumer, Non-Cyclical (8.8%)
Healthcare (1.0%)
NovaCare, Inc. * 145,000 99,688
Household Products (1.9%)
Proctor & Gamble Company 1,800 188,775
Medical Supplies (0.9%)
Respironics, Inc. * 10,800 91,125
Pharmaceuticals (5.0%)
Merck and Company, Inc. 3,000 238,688
SmithKline Beecham PLC ADR 1,300 83,200
Warner-Lambert Company 2,000 159,625
481,513
Energy (4.1%)
Oil Drilling (2.5%)
Diamond Offshore Drilling, Inc. 2,600 82,550
Noble Drilling Corp. * 3,900 86,531
Transocean Offshore, Inc. 2,800 76,125
245,206
Oilfield Equipment and Services (1.6%)
Halliburton Company 4,000 150,750
Financial (6.1%)
Banks (0.6%)
Bank One Corp. 1,600 60,100
Diversified (5.5%)
Bank of America Corp. 2,600 167,375
Citigroup, Inc. 4,050 219,205
Washington Mutual, Inc. 4,200 150,938
537,518
Independent (2.7%)
Conglomerates
AlliedSignal, Inc. 1,400 79,712
U.S. Industries, Inc. 12,000 177,750
257,462
Industrial (4.2%)
Diversified (2.8%)
General Electric Company 2,000 271,125
Marine Transport (1.4%)
Halter Marine Group, Inc. * 24,600 133,763
Technology (43.1%)
Communications (21.3%)
Adaptive Broadband Corp. * 3,000 $110,812
ANTEC Corp. * 4,200 203,700
AT&T Corp. 5,550 259,462
Digital Microwave Corp. * 8,300 123,463
Lucent Technologies, Inc. 6,200 398,350
Nortel Networks Corp. 8,000 495,500
Qwest Communications International, Inc. * 5,300 190,800
US West, Inc. 4,800 293,100
2,075,187
Diversified (9.2%)
ADC Telecommunications, Inc. * 14,450 689,084
Jabil Circuit, Inc. * 4,000 209,000
898,084
Semiconductors (7.2%)
Altera Corp. * 4,800 233,400
PMC - Sierra, Inc. * 2,300 216,775
Vitesse Semiconductor Corp. * 3,000 137,625
Xilinx, Inc. * 1,500 117,938
705,738
Software (5.4%)
America Online, Inc. * 2,000 259,375
Compuware Corp. * 6,500 180,782
Network Associates, Inc. * 4,500 82,406
522,563
Utilities (4.3%)
Telephone
MCI WorldCom, Inc. * 4,900 420,481
Total Common Stock (cost $8,652,018) 9,111,354
Description Principal Value
SHORT-TERM SECURITIES (6.6%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-29-1999 to be repurchased at $646,251
on 11-1-1999 (cost $646,064) $646,064 $646,064
Total Investments (100.1%) (cost $9,298,082) 9,757,418
Liabilities In Excess of Other Assets (-0.1%) (14,648)
Net Assets (100.0%) $9,742,770
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX NWQ VALUE EQUITY
Description Shares Value
COMMON STOCK (88.6%)
Basic Materials (3.6%)
Chemicals
Air Products & Chemicals, Inc. 7,400 $203,500
Lyondell Chemical Company 12,500 151,563
Praxair, Inc. 6,000 280,500
635,563
Consumer, Cyclical (10.2%)
Airlines (3.4%)
Delta Air Lines, Inc. 11,000 598,812
Auto Parts and Equipment (1.9%)
Delphi Automotive Systems Corp. 20,000 328,750
Broadcasting (3.0%)
Time Warner, Inc. 7,400 515,688
Retailers - Apparel (1.3%)
Federated Department Stores, Inc. * 5,400 230,513
Retailers - Broadline (0.6%)
J.C. Penney Company, Inc. 4,000 101,500
Consumer, Non-Cyclical (4.5%)
Consumer Services (1.3%)
Galileo International, Inc. 7,500 225,469
Food Retailers (1.2%)
Nabisco Group Holdings 16,500 211,406
Healthcare (2.0%)
Columbia/HCA Healthcare Corp. 14,700 354,638
Energy (10.5%)
Oil Companies - Major (1.2%)
Conoco, Inc. Class B 2,702 73,292
Union Pacific Resources Group, Inc. 10,000 145,000
218,292
Oil Companies - Secondary (1.1%)
Ocean Energy, Inc. * 20,540 188,711
Oil Drilling (2.4%)
Noble Affiliates, Inc. 3,400 86,063
Noble Drilling Corp. * 11,900 264,031
Transocean Offshore, Inc. 2,300 62,531
412,625
Oilfield Equipment and Services (5.8%)
B.J. Services Company * 4,400 150,975
Halliburton Company 14,000 527,625
Weatherford International, Inc. * 10,000 338,750
1,017,350
Financial (29.7%)
Banks (6.2%)
Bank One Corp. 8,500 319,281
Chase Manhattan Corp. 3,900 340,763
First Union Corp. 10,100 431,144
1,091,188
Diversified (7.5%)
Bank of America Corp. 6,894 443,801
Citigroup, Inc. 3,750 202,969
Countrywide Credit Industries, Inc. 3,500 118,781
Wells Fargo & Company 11,300 540,988
1,306,539
Insurance (11.8%)
Aetna, Inc. 4,600 231,150
Allstate Corp. 9,900 284,625
CIGNA Corp. 3,500 261,625
Hartford Financial Services Group, Inc. 9,000 466,312
Loews Corp. 6,400 $453,600
Travelers Property Casualty Corp. Class A 7,000 252,000
UnumProvident Corp. 3,285 108,200
2,057,512
Securities Brokers (1.0%)
Bear Stearns Companies, Inc. 3,885 165,597
United States Government Agencies (3.2%)
Federal National Mortgage Association 8,000 566,000
Independent (3.5%)
Conglomerates
Fortune Brands, Inc. 9,000 318,938
Philip Morris Companies, Inc. 11,700 294,693
613,631
Industrial (11.1%)
Electronic Components and Equipment (3.6%)
Emerson Electric Company 3,100 186,194
Thomas & Betts Corp. 3,900 175,012
W. W. Grainger, Inc. 3,800 161,025
York International Corp. 4,700 110,744
632,975
Heavy Construction (4.4%)
Case Corp. 6,100 323,300
Deere & Company 4,100 148,625
Ingersoll-Rand Company 5,700 297,825
769,750
Diversified (2.3%)
Textron, Inc. 5,200 401,375
Pollution Control (0.8%)
Waste Management, Inc. 8,000 147,000
Technology (15.5%)
Aerospace/Defense (1.8%)
Lockheed Martin Corp. 5,400 108,000
United Technologies Corp. 3,292 199,166
307,166
Communications (7.2%)
AT&T Corp. Liberty Media Class A * 6,000 238,125
CoreComm, Ltd. * 9,000 354,375
MediaOne Group, Inc. * 9,400 667,988
1,260,488
Computers (1.1%)
Hewlett-Packard Company 2,500 185,156
Diversified (1.6%)
NTL, Inc. * 3,750 282,656
Office Equipment (0.3%)
Xerox Corp. 1,700 47,600
Semiconductors (3.5%)
Texas Instruments, Inc. 6,900 619,274
Total Common Stock (cost $15,962,202) 15,493,224
Description Principal Value
SHORT-TERM SECURITIES (10.1%)
Other Short-Term Securities
SSgA Money Market Fund
7-day yield of 5.080% 11-1-1999(cost $1,762,000)$1,762,000 $1,762,000
Total Investments (98.7%) (cost $17,724,202) 17,255,224
Other Assets In Excess of Liabilities (1.3%) 232,004
Net Assets (100.0%) $17,487,228
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX T. ROWE PRICE DIVIDEND GROWTH
Description Shares Value
COMMON STOCK (87.2%)
Basic Materials (3.0%)
Chemicals (1.6%)
Great Lakes Chemical Corp. 1,500 $53,250
RPM, Inc. 2,040 24,353
77,603
Paper Products (1.0%)
Kimberly-Clark Corp. 800 50,500
Precious Metals (0.4%)
Newmont Mining Corp. 1,000 21,938
Consumer, Cyclical (10.5%)
Advertising (1.6%)
Omnicom Group, Inc. 900 79,200
Clothing/Fabric (0.4%)
Warnaco Group, Inc. 1,380 19,665
Entertainment (0.8%)
Carnival Corp. 470 20,915
Walt Disney Company 710 18,726
39,641
Footwear (0.9%)
Nike, Inc. Class B 780 44,021
Home Construction (1.6%)
The Stanley Works 1,700 47,175
Valspar Corp. 1,180 35,621
82,796
Home Furnishings (0.7%)
Newell Rubbermaid, Inc. 1,000 34,625
Lodging (1.0%)
Archstone Communities Trust 2,500 50,000
Publishing (1.4%)
Tribune Company 1,020 61,200
Wolters Kluwer NV + 300 10,049
71,249
Retailers - Broadline (1.5%)
Dayton Hudson Corp. 530 34,251
Family Dollar Stores, Inc. 2,100 43,313
77,564
Toys (0.6%)
Hasbro, Inc. 1,400 28,875
Consumer, Non-Cyclical (19.8%)
Beverages (1.0%)
PepsiCo, Inc. 1,480 51,338
Consumer Services (3.2%)
C.H. Robinson Worldwide, Inc. 1,270 42,942
Galileo International, Inc. 1,850 55,616
H&R Block, Inc. 900 38,306
ServiceMaster Company 1,790 23,382
160,246
Food - Other (3.1%)
Albertson's, Inc. 1,210 43,920
General Mills, Inc. 300 26,156
McCormick & Company, Inc. 1,020 32,003
Sara Lee Corp. 1,990 53,854
155,933
Food Retailers (0.5%)
Koninklijke Ahold NV + 800 24,628
Household Products (1.3%)
Colgate-Palmolive Company 510 $30,855
The Black & Decker Corp. 800 34,400
65,255
Medical Supplies (2.4%)
Abbott Laboratories, Inc. 1,300 52,488
American Home Products Corp. 1,300 67,925
120,413
Pharmaceuticals (8.3%)
Bristol-Myers Squibb Company, Inc. 1,520 116,755
CVS Corp. 1,410 61,247
Johnson & Johnson 700 73,325
Merck and Company, Inc. 500 39,781
Pfizer, Inc. 900 35,550
Schering Plough Corp. 800 39,600
Warner-Lambert Company 650 51,878
418,136
Energy (7.1%)
Oil Companies - Major
Amerada Hess Corp. 700 40,163
BP Amoco PLC ADR 1,700 98,175
Chevron Corp. 500 45,656
Mobil Corp. 1,100 106,150
Royal Dutch Petroleum Company NYRS 1,100 65,931
356,075
Financial (26.0%)
Banks (3.7%)
Bank of New York Company, Inc. 1,670 69,931
Firstar Corp. 2,019 59,308
Huntington Bancshares, Inc. 654 19,375
U.S. Bancorp 1,060 39,286
187,900
Diversified (8.0%)
American General Corp. 400 29,675
Associates First Capital Corp. Class A 1,500 54,750
Bank of America Corp. 570 36,694
Citigroup, Inc. 1,745 94,448
Marsh & McLennan Companies, Inc. 200 15,812
Mellon Financial Corp. 1,810 66,857
Wells Fargo & Company 2,200 105,325
403,561
Insurance (1.4%)
ACE, Ltd. 2,350 45,678
CIGNA Corp. 100 7,475
PartnerRe, Ltd. ADR 600 18,713
71,866
Real Estate (8.3%)
Arden Realty, Inc. 1,490 29,986
Chelsea GCA Realty, Inc. 730 22,630
Cousins Properties, Inc. 1,050 33,272
Crescent Real Estate Equities, Inc. 2,330 38,882
Duke-Weeks Realty Corp. 2,062 40,475
Manufactured Homes Communities, Inc. 1,600 37,300
Reckson Associates Realty Corp. 2,300 42,550
Starwood Hotels & Resorts Worldwide, Inc. 1,700 38,994
Vornado Realty Trust 1,500 47,531
XL Capital, Ltd. Class A 1,600 85,900
417,520
Securities Brokers (1.5%)
Waddell & Reed Financial, Inc. Class A 390 9,360
Waddell & Reed Financial, Inc. Class B 2,720 62,900
72,260
United States Government Agencies (3.1%)
Federal Home Loan Mortgage Corp. 1,000 54,063
Federal National Mortgage Association 1,400 99,050
153,113
Independent (2.2%)
Conglomerates
AlliedSignal, Inc. * 1,110 $63,200
Philip Morris Companies, Inc. 1,960 49,368
112,568
Industrial (5.6%)
Building Materials (1.2%)
Masco Corp. 1,930 58,865
Electronic Components and Equipment (0.4%)
Analogic Corp. 900 23,625
Diversified (3.1%)
General Electric Company 290 39,313
ProLogis Trust 4,300 83,044
Tyco International Group SA 200 7,988
Tomkins PLC + 7,600 25,576
155,921
Pollution Control (0.9%)
Rentokil Initial Group PLC + 13,000 43,375
Technology (7.5%)
Communications (1.6%)
MediaOne Group, Inc. * 160 11,370
SBC Communications, Inc. 1,400 71,312
82,682
Computers (2.3%)
Compaq Computer Corp. 400 7,600
Computer Associates International, Inc. 700 39,550
Hewlett-Packard Company 900 66,655
113,805
Diversified (1.7%)
DQE, Inc. 1,300 51,919
Teleflex, Inc. 1,000 34,062
85,981
Industrial (0.7%)
Hubbel, Inc. Class B 390 10,797
IMS HEALTH 770 22,330
33,127
Semiconductors (0.2%)
Linear Technology Corp. 150 10,491
Software (1.0%)
Automatic Data Processing, Inc. 700 33,731
Reynolds & Reynolds Company Class A 1,050 19,097
52,828
Utilities (5.5%)
Electric (0.5%)
TECO Energy, Inc. 1,270 $28,019
Telephone (5.0%)
ALLTEL Corp. 1,100 91,575
GTE Corp. 950 71,250
Sprint Corp. 1,170 86,946
249,771
Total Common Stock (cost $4,431,239) 4,386,979
Description Principal Value
SHORT-TERM SECURITIES (12.1%)
Commercial Paper (8.9%)
Campbell Soup Company 5.350% 12-3-1999 $100,000 $99,525
Caterpillar Financial Services 5.280% 11-9-1999 100,000 99,883
H.J. Heinz Company 5.280% 11-17-1999 100,000 99,765
Metlife Funding, Inc. 5.300% 11-10-1999 150,000 149,801
448,974
Other Short-Term Securities (3.2%)
SSgA Money Market Fund
7-day yield of 5.080% 11-1-1999 160,000 160,000
Total Short-Term Securities (cost $608,974) 608,974
Total Investments (99.3%) (cost $5,040,213) 4,995,953
Other Assets In Excess of Liabilities (0.7%) 36,384
Net Assets (100.0%) $5,032,337
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX DEAN ASSET ALLOCATION
Description Shares Value
COMMON STOCK (56.0%)
Basic Materials (1.1%)
Chemicals
E.I. du Pont de Nemours and Company 5,000 $322,188
Consumer, Cyclical (5.1%)
Auto Manufacturers (1.1%)
Ford Motor Company 6,000 329,250
Entertainment (2.2%)
Walt Disney Company 24,000 633,000
Restaurants (1.8%)
Host Marriott Corp. 30,000 270,000
Tricon Global Restaurants, Inc. * 6,500 261,219
531,219
Consumer, Non-Cyclical (5.6%)
Consumer Services (1.4%)
Convergys Corp. * 20,000 391,250
Food - Other (1.3%)
Albertson's, Inc. 10,000 363,125
Healthcare (1.7%)
Columbia/HCA Healthcare Corp. 20,000 482,500
Pharmaceuticals (1.2%)
Merck and Company, Inc. 4,500 358,031
Energy (5.3%)
Oil Companies - Major (3.1%)
Exxon Corp. 8,000 592,500
Texaco, Inc. 5,000 306,875
899,375
Oil Drilling (1.7%)
Diamond Offshore Drilling, Inc. 16,000 508,000
Oilfield Equipment and Services (0.5%)
Tidewater, Inc. 5,000 150,000
Financial (20.5%)
Banks (8.3%)
Bank One Corp. 15,000 563,438
BB&T Corp. 10,000 363,749
Chase Manhattan Corp. 7,800 681,525
Summit Bancorp 24,000 831,000
2,439,712
Diversified (3.5%)
Berkshire Hathaway, Inc. * 200 418,000
FleetBoston Financial Corp. 14,000 610,750
1,028,750
Insurance (5.2%)
AFLAC, Inc. 11,500 587,937
Allstate Corp. 11,000 316,250
AMBAC Financial Group, Inc. 7,000 418,250
MGIC Investment Corp. 3,500 209,125
1,531,562
Real Estate (1.1%)
Duke-Weeks Realty Corp. 17,000 333,625
United States Government Agencies (2.4%)
Federal Home Loan Mortgage Corp. 3,000 162,188
Federal National Mortgage Association 7,500 530,625
692,813
Independent (3.3%)
Conglomerates
AlliedSignal, Inc. 5,000 $284,687
Philip Morris Companies, Inc. 27,500 692,656
977,343
Industrial (3.0%)
Heavy Construction (1.4%)
Caterpillar, Inc. 7,500 414,375
Diversified (1.6%)
Minnesota Mining & Manufacturing Company 5,000 475,313
Technology (6.8%)
Aerospace/Defense (1.4%)
Raytheon Company Class B 14,000 407,750
Communications (2.2%)
AT&T Corp. 13,500 631,125
Computers (1.3%)
Hewlett-Packard Company 5,000 370,313
Semiconductors (1.9%)
Intel Corp. 7,000 542,063
Utilities (5.3%)
Electric (3.1%)
DPL, Inc. 15,000 303,750
Southern Company 22,500 597,656
901,406
Telephone (2.2%)
Bell Atlantic Corp. 10,000 649,375
Total Common Stock (cost $15,567,227) 16,363,463
NON-CONVERTIBLE PREFERRED STOCK (0.9%)
Consumer, Cyclical
Broadcasting
News Corp., Ltd. ADR (cost $223,412) 10,000 275,625
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (32.0%)
Consumer, Cyclical (1.6%)
Broadcasting
Cox Radio, Inc. 6.375% 5-15-2005 $500,000 $475,000
Financial (20.5%)
Banks (6.5%)
First Union National Bank 6.180% 2-15-2036 1,000,000 948,750
Household Finance Company 6.000% 5-1-2004 1,000,000 950,000
1,898,750
Diversified (4.1%)
Commericial Credit Company 6.625% 6-1-2015 200,000 199,750
PHH Corp. 7.020% 11-9-2001 1,000,000 1,000,000
1,199,750
Real Estate (3.3%)
New Plan Excel Realty Trust, Inc.
7.400% 9-15-2009 1,000,000 960,000
Securities Brokers (6.6%)
Bear Stearns Companies, Inc. 6.450% 8-1-2002 1,000,000 985,000
Morgan Stanley, Dean Witter,
Discover and Company 5.625% 1-20-2004 1,000,000 951,250
1,936,250
Technology (3.4%)
Office Equipment
Xerox Corp. 6.250% 11-15-2026 1,000,000 980,000
Utilities (6.5%)
Electric
Tennessee Valley Authority 6.375% 6-15-2005 $1,000,000 $975,000
Washington Water Power Company
5.990% 12-10-2007 ^ 1,000,000 908,750
1,883,750
Total Non-Convertible Corporate Bonds (cost $9,576,023) 9,333,500
LONG-TERM GOVERNMENT BONDS (6.6%)
United States Government Agencies (4.9%)
Federal Home Loan Bank
5.620% 2-25-2004 1,000,000 956,740
6.100% 4-29-2004 500,000 482,525
1,439,265
United States Government Securities (1.7%)
Treasury Notes
5.250% 5-31-2001 500,000 496,100
Total Long-Term Government Bonds (cost $1,994,820) 1,935,365
SHORT-TERM SECURITIES (3.8%)
Commercial Paper (1.7%)
Merrill Lynch & Company, Inc. 5.330% 11-2-1999 $500,000 $499,926
Repurchase Agreements (2.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-29-1999
to be repurchased at $616,272 on 11-1-1999 616,095 616,095
Total Short-Term Securities (cost $1,116,021) 1,116,021
Total Investments (99.3%) (cost $28,477,503) 29,023,974
Other Assets In Excess of Liabilities (0.7%) 212,941
Net Assets (100.0%) $29,236,915
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX LKCM STRATEGIC TOTAL RETURN
Description Shares Value
COMMON STOCK (64.8%)
Basic Materials (1.5%)
Paper Products
Kimberly-Clark Corp. 15,000 $946,875
Consumer, Cyclical (9.0%)
Advertising (2.3%)
Harte-Hanks, Inc. 31,000 614,188
Outdoor Systems, Inc. * 20,000 847,500
1,461,688
Broadcasting (2.3%)
CBS Corp. * 29,700 1,449,731
Consumer Electronics (1.3%)
Tandy Corp. 13,000 818,187
Publishing (0.9%)
A.H. Belo Corp. 27,600 562,350
Retailers - Broadline (1.1%)
Wal-Mart Stores, Inc. 12,000 680,250
Retailers - Specialty (1.1%)
Home Depot, Inc. 8,679 655,265
Consumer, Non-Cyclical (12.2%)
Cosmetics (0.8%)
The Gillette Company 14,000 506,625
Food - Other (1.4%)
U.S. Foodservice * 44,000 844,250
Household Products (4.2%)
Colgate-Palmolive Company 22,500 1,361,250
Proctor & Gamble Company 12,000 1,258,500
2,619,750
Medical Supplies (2.9%)
American Home Products Corp. 18,500 966,625
Sybron International Corp. * 36,000 857,250
1,823,875
Pharmaceuticals (2.9%)
Schering Plough Corp. 10,000 495,000
SmithKline Beecham PLC ADR 15,000 960,000
Teva Pharmaceutical Industries, Ltd. ADR 7,200 348,300
1,803,300
Energy (5.9%)
Oil Companies - Major (2.6%)
BP Amoco PLC ADR 13,232 764,148
Exxon Corp. * 11,500 851,719
1,615,867
Oil Drilling (2.0%)
Atlantic Richfield Company 8,000 745,500
Nabors Industries, Inc. * 21,000 476,439
1,221,939
Oilfield Equipment and Services (1.3%)
Schlumberger, Ltd. 13,800 835,762
Financial (10.3%)
Banks (1.3%)
Compass Bancshares, Inc. 31,000 827,313
Diversified (6.7%)
American General Corp. 8,500 $630,594
Associates First Capital Corp. Class A 26,000 949,000
Capital One Financial Corp. 13,000 689,000
Mellon Financial Corp. 24,000 886,500
Wells Fargo & Company 21,000 1,005,375
4,160,469
Insurance (1.8%)
Allstate Corp. 16,000 460,000
American International Group, Inc. 6,250 643,359
1,103,359
Real Estate (0.5%)
Crescent Real Estate Equities, Inc. 18,000 300,375
Independent (1.0%)
Conglomerate
Philip Morris Companies, Inc. 25,000 629,687
Industrial (4.1%)
Diversified (3.5%)
General Electric Company 10,000 1,355,625
Tyco International Group SA 21,200 846,675
2,202,300
Pollution Control (0.6%)
Republic Services, Inc. * 30,000 367,500
Technology (14.3%)
Advanced Medical Devices (1.0%)
Medtronic, Inc. 17,200 595,550
Communications (4.3%)
Motorola, Inc. 10,000 974,375
Nortel Networks Corp. 28,000 1,734,250
2,708,625
Computers (2.9%)
EMC Corp. * 15,000 1,095,000
Hewlett-Packard Company 9,600 711,000
1,806,000
Diversified (1.7%)
Diebold, Inc. 40,000 1,050,000
Industrial (1.8%)
IMS HEALTH 39,000 1,131,000
Semiconductors (1.0%)
Intel Corp. 8,000 619,500
Software (1.6%)
Microsoft Corp. * 10,500 971,906
Utilities (6.5%)
Telephone
ALLTEL Corp. 16,600 1,381,950
Bell Atlantic Corp. 21,000 1,363,687
MCI WorldCom, Inc. * 15,000 1,287,188
4,032,825
Total Common Stock (cost $31,068,185) 40,352,123
CONVERTIBLE PREFERRED STOCK (2.6%)
Consumer, Cyclical (0.8%)
Publishing
Tribune Company 3,500 $473,375
Consumer, Non-Cyclical (0.9%)
Cosmetics
Estee Lauder Companies, Inc. 7,200 596,700
Technology (0.9%)
Communications
DECS Trust V 30,000 570,000
Total Convertible Preferred Stock (cost $1,501,280) 1,640,075
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (24.4%)
Consumer, Cyclical (1.7%)
Retailers - Broadline (1.0%)
Wal-Mart Stores, Inc. 6.550% 8-10-2004 $600,000 $599,250
Retailers - Specialty (0.7%)
Toys 'R' Us, Inc. 8.250% 2-1-2017 475,000 477,375
Consumer, Non-Cyclical (1.7%)
Household Products
Procter & Gamble Company 5.250% 9-15-2003 600,000 571,500
The Black & Decker Corp. 7.500% 4-1-2003 500,000 506,250
1,077,750
Energy (0.9%)
Oil Drilling
Northern Natural Gas 6.875% 5-1-2005 600,000 586,500
Financial (7.2%)
Banks (2.5%)
Citicorp 7.000% 7-1-2007 575,000 566,375
First Bank National Association 6.875% 4-1-2006 500,000 491,250
Mellon Bank Corp. 6.500% 8-1-2005 500,000 486,250
1,543,875
Diversified (3.3%)
Associates Corp. of North America
6.200% 5-16-2005 600,000 578,906
Block Financial Corp. 6.750% 11-1-2004 600,000 591,000
Nationsbank Corp. 6.500% 3-15-2006 678,000 652,575
Norwest Financial, Inc. 7.000% 1-15-2003 200,000 201,000
2,023,481
Insurance (1.1%)
Chartwell Re Corp. 10.250% 3-1-2004 300,000 312,750
Hartford Life, Inc. Class A 6.900% 6-15-2004 400,000 396,000
708,750
Securities Brokers (0.3%)
J.P. Morgan & Company, Inc. 7.625% 9-15-2004 200,000 204,000
Industrial (3.4%)
Electronic Components and Equipment (2.3%)
Kent Electronics Corp. 4.500% 9-1-2004 1,075,000 851,937
Thomas & Betts Corp. 6.500% 1-15-2006 525,000 505,969
1,357,906
Diversified (0.9%)
Dexter Corp. 9.250% 12-15-2016 15,000 15,577
Tyco International Group SA ADR 6.375% 6-15-2005 600,000 568,500
584,077
Railroads (0.2%)
Union Pacific Corp. 7.375% 5-15-2001 100,000 100,750
Union Pacific Corp. 8.500% 1-15-2017 41,000 42,435
143,185
Technology (4.7%)
Aerospace/Defense (0.5%)
Lockheed Martin Corp. 7.450% 6-15-2004 $300,000 $297,750
Communications (4.2%)
AT&T Corp. 6.000% 3-15-2009 1,350,000 1,248,750
Lucent Technologies, Inc. 6.900% 7-15-2001 600,000 604,500
Worldcom, Inc. 6.125% 8-15-2001 250,000 248,125
Vodafone AirTouch PLC 7.000% 10-1-2003 500,000 498,750
2,600,125
Utilities (4.8%)
Electric (0.7%)
Interstate Power Company 8.625% 9-15-2021 175,000 186,156
Kentucky Utilities Company 8.550% 5-15-2027 250,000 257,500
443,656
Gas (0.2%)
Southwest Gas Corp. 7.500% 8-1-2006 150,000 153,375
Telephone (3.9%)
ALLTEL Corp. 7.250% 4-1-2004 800,000 800,000
GTE Hawaiian Telephone Company, Ltd.
7.375% 9-1-2006 550,000 549,313
6.750% 2-15-2005 500,000 486,875
New York Telephone Company 6.000% 4-15-2008 600,000 555,000
2,391,188
Total Non-Convertible Corporate Bonds (cost $15,706,266) 15,192,243
LONG-TERM GOVERNMENT BONDS (6.5%)
United States Government Securities
Treasury Notes
5.750% 8-15-2003 600,000 595,116
6.250% 2-28-2002 900,000 907,641
6.250% 8-31-2002 600,000 605,334
6.375% 3-31-2001 625,000 630,019
6.375% 9-30-2001 650,000 656,279
6.500% 5-31-2001 625,000 631,656
Total Long-Term Government Bonds (cost $4,012,415) 4,026,045
SHORT-TERM SECURITIES (1.5%)
Repurchase Agreements
State Street Bank & Trust *** 951,018 951,018
3.500% Repurchase Agreement dated
10-29-1999 to be repurchased at $951,296
on 11-1-1999 (cost $951,018)
Total Investments (99.8%) (cost $53,239,164) 62,161,504
Other Assets In Excess of Liabilities (0.2%) 107,148
Net Assets (100.0%) $62,268,652
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX JCC BALANCED
Description Shares Value
COMMON STOCK (34.7%)
Consumer, Cyclical (13.6%)
Advertising (0.5%)
Insight Enterprises, Inc. * 24,525 $916,622
Broadcasting (7.4%)
Comcast Corp. Class A 66,494 2,801,060
Cox Communications, Inc. Class A * 14,079 639,715
Hispanic Broadcasting Corp. Class A * 10,905 883,305
Infinity Broadcasting Corp. * 45,385 1,568,619
Univision Communications, Inc. Class A * 22,675 1,928,792
Viacom, Inc. Class B * 147,210 6,587,647
14,409,138
Entertainment (1.6%)
Carnival Corp. 20,930 931,385
Royal Caribbean Cruises, Ltd. 42,485 2,254,360
3,185,745
Restaurants (0.6%)
McDonald's Corp. 26,905 1,109,831
Retailers - Broadline (1.0%)
Costco Wholesale Corp. * 25,700 2,064,031
Retailers - Specialty (2.5%)
Amazon.com, Inc. * 3,330 235,180
eBay, Inc. * 4,920 664,815
Home Depot, Inc. 28,643 2,162,547
Staples, Inc. * 81,385 1,805,730
4,868,272
Consumer, Non-Cyclical (1.8%)
Beverages (0.2%)
Anheuser-Busch Companies, Inc. 6,625 475,758
Medical Supplies (0.4%)
Allergan, Inc. 6,265 672,705
Pharmaceuticals (1.2%)
Pharmacia & Upjohn, Inc. 15,200 819,850
Schering Plough Corp. 29,480 1,459,260
2,279,110
Energy (1.2%)
Oilfield Equipment and Services
Enron Corp. 59,000 2,356,313
Financial (9.1%)
Banks (4.2%)
Bank of New York Company, Inc. 148,000 6,197,500
Carolin First Corp. 20,235 418,612
Firstar Corp. 9,600 282,000
M & T Bank Corp. 590 292,345
Northern Trust Corp. 6,015 580,824
State Street Corp. 4,725 359,691
8,130,972
Diversified (1.3%)
American Express Company 16,510 2,542,540
ONO Finance PLC + 350 22,140
2,564,680
Insurance (2.4%)
Prudential PLC + 133,557 2,095,264
Reinsurance Group of America, Inc. 59,244 1,969,853
StanCorp Financial Group, Inc. 21,150 536,682
4,601,799
Securities Brokers (1.2%)
Charles Schwab Corp. 62,676 2,440,447
Industrial (1.9%)
Electronic Components and Equipment (0.5%)
Dionex Corp. * 20,475 $909,858
Diversified (1.4%)
General Electric Company 7,095 961,816
Tyco International Group SA 45,310 1,809,568
2,771,384
Technology (7.1%)
Advanced Medical Devices (0.3%)
Medtronic, Inc. 17,850 618,056
Biotechnology (1.0%)
Genentech, Inc. * 14,080 2,052,160
Communications (2.5%)
AT&T Corp. Liberty Media Class A * 37,545 1,490,067
Cisco Systems, Inc. * 28,244 2,090,056
Lucent Technologies, Inc. 21,295 1,368,204
4,948,327
Computers (0.4%)
Paychex, Inc. 17,527 690,126
Semiconductors (1.7%)
Linear Technology Corp. 15,380 1,075,638
Maxim Integrated Products, Inc. * 15,310 1,208,533
Texas Instruments, Inc. 10,510 943,273
3,227,444
Software (1.2%)
Automatic Data Processing, Inc. 47,560 2,291,798
Bell Technologies, Inc. Warrants * 97 1,527
2,293,325
Total Common Stock (cost $52,873,737) 67,586,103
CONVERTIBLE PREFERRED STOCK (13.4%)
Consumer, Cyclical (2.1%)
Broadcasting (1.6%)
Cox Communications, Inc. 50,000 3,050,000
Entertainment (0.5%)
Royal Caribbean Cruises, Ltd. Series A 6,500 1,040,000
Technology (4.5%)
Communications (3.6%)
Adelphia Communications Corp. 10,000 1,710,000
MediaOne Group, Inc. (convertible to Vodafone
AirTouch PLC common stock 8/15/2001) 6,780 705,120
NEXTLINK Communications, Inc. 5,776 812,972
Omnipoint Communications, Inc. 28,330 3,817,468
7,045,560
Diversified (0.9%)
Nokia Corp. ADR 14,005 1,618,452
Utilities (6.8%)
Electric
Houston Industries, Inc. 114,377 13,267,732
Total Convertible Preferred Stock (cost $21,090,278) 26,021,744
Description Principal Value
CONVERTIBLE CORPORATE BONDS (8.2%)
Consumer, Cyclical (2.7%)
Advertising (0.6%)
Lamar Advertising Company 5.250% 9-15-2006 $900,000 $1,207,125
Broadcasting (0.8%)
Clear Channel Communications, Inc.
2.625% 4-1-2003 $547,000 $771,953
Time Warner, Inc. 8.110% 8-15-2006 650,000 675,188
1,447,141
Retailers - Specialty (1.3%)
Amazon.com, Inc. 4.750% 2-1-2009 1,497,000 1,581,206
Amazon.com, Inc. 4.750% 2-1-2009 990,000 1,045,688
2,626,894
Financial (0.1%)
Diversified
Net.B@nk, Inc. 4.750% 6-1-2004 280,000 242,550
Technology (5.4%)
Communications (3.3%)
COLT Telecom Group PLC 144A + *
2.000% 3-29-2006 913,000 1,310,355
EMC Corp. 6.000% 5-15-2004 1,350,000 1,491,750
Nextel Communications, Inc. 144A
4.750% 7-1-2007 835,000 1,614,681
Telewest Communications PLC 144A +
5.250% 2-19-2007 1,200,000 1,952,597
6,369,383
Diversified (2.1%)
Exodus Communications 144A 5.000% 3-15-2006 305,000 1,168,531
NTL, Inc. 7.000% 12-15-2008 316,000 534,435
NTL, Inc. 144A 7.000% 12-15-2008 1,388,000 2,347,455
4,050,421
Total Convertible Corporate Bonds (cost $13,338,398) 15,943,514
NON-CONVERTIBLE CORPORATE BONDS (27.8%)
Consumer, Cyclical (11.7%)
Auto Parts and Equipment (0.5%)
Federal-Mogul Corp. 7.375% 1-15-2006 500,000 458,750
Federal-Mogul Corp. 7.500% 1-15-2009 530,000 471,038
929,788
Broadcasting (4.0%)
Cox Communications, Inc. 7.000% 8-15-2001 975,000 976,218
Cox Communications, Inc. 7.500% 8-15-2004 1,100,000 1,106,875
Cox Communications, Inc. 7.750% 8-15-2006 800,000 805,000
Cox Communications, Inc. 7.875% 8-15-2009 900,000 930,375
Galaxy Telecom, Ltd. 12.375% 10-1-2005 800,000 854,000
Mediacom, LLC 8.500% 4-15-2008 500,000 465,000
Paramount Communications, Inc. 7.500% 7-15-2023 760,000 693,500
Paramount Communications, Inc. 8.250% 8-1-2022 316,000 310,865
Susquehanna Bancshares, Inc. 144A
8.500% 5-15-2009 500,000 482,500
Viacom, Inc. 7.625% 1-15-2016 41,000 40,180
Viacom, Inc. 7.750% 6-1-2005 1,000,000 1,013,750
7,678,263
Casinos (0.2%)
Station Casinos, Inc. 8.875% 12-1-2008 385,000 371,525
Station Casinos, Inc. 10.125% 3-15-2006 115,000 117,875
489,400
Entertainment (1.0%)
Carnival Corp. 6.150% 4-15-2008 500,000 461,875
Royal Caribbean Cruises, Ltd. 6.750% 3-15-2008 400,000 372,057
Royal Caribbean Cruises, Ltd. 7.000% 10-15-20071,075,000 1,018,311
1,852,243
Lodging (0.1%)
Hard Rock Hotel & Casino 9.250% 4-1-2005 177,000 129,652
Publishing (0.5%)
Frontier Vision Partners 11.000% 10-15-2006 500,000 526,250
Lenfest Communications, Inc. 8.250% 2-15-2008 500,000 507,500
1,033,750
Restaurants (0.7%)
McDonald's Corp. 5.350% 9-15-2008 $250,000 $225,000
Perkins Family Restaurants, Inc.
10.125% 12-15-2007 1,000,000 997,500
Tricon Global Restaurants, Inc. 7.450% 5-15-2005 27,000 26,088
Tricon Global Restaurants, Inc. 7.650% 5-15-2008 131,000 125,105
1,373,693
Retailers - Broadline (2.2%)
Fred Meyer, Inc. 7.450% 3-1-2008 500,000 493,750
Wal-Mart Stores, Inc. 6.150% 8-10-2001 1,000,000 995,000
Wal-Mart Stores, Inc. 6.550% 8-10-2004 1,000,000 998,750
Wal-Mart Stores, Inc. 6.875% 8-10-2009 1,800,000 1,809,000
4,296,500
Retailers - Specialty (2.5%)
Home Depot, Inc. 144A 6.500% 9-15-2004 5,000,000 4,968,750
Consumer, Non-Cyclical (1.0%)
Food Retailers (0.3%)
Marsh Supermarkets, Inc. 8.875% 8-1-2007 59,000 56,492
Safeway, Inc. 6.500% 11-15-2008 550,000 513,563
570,055
Household Products (0.2%)
Procter & Gamble Company 5.250% 9-15-2003 500,000 476,250
Pharmaceuticals (0.5%)
Warner-Lambert Company 6.000% 1-15-2008 1,000,000 945,000
Energy (0.6%)
Oilfield Equipment and Services
Enron Corp. 6.750% 7-1-2005 400,000 386,000
Enron Corp. 6.750% 8-1-2009 300,000 282,000
Enron Corp. 7.125% 5-15-2007 500,000 486,250
1,154,250
Financial (4.5%)
Banks (1.2%)
BankBoston Corp. 6.625% 12-1-2005 200,000 194,000
HSBC Holdings PLC 7.500% 7-15-2009 1,200,000 1,204,500
Northern Trust Corp. 7.100% 8-1-2009 400,000 398,000
Wachovia Corp. 5.625% 12-15-2008 500,000 448,125
2,244,625
Diversified (2.9%)
Associates Corp. of North America
5.600% 1-15-2001 400,000 396,000
Charter Communications Holdings 8.625% 4-1-20093,729,000 3,523,905
International Lease Finance Corp.
5.750% 12-15-1999 400,000 400,044
ONO Finance PLC 144A 13.000% 5-1-2009 350,000 361,625
SunAmerica, Inc. 6.750% 10-1-2007 1,000,000 985,000
5,666,574
Insurance (0.4%)
AFLAC, Inc. 6.500% 4-15-2009 500,000 467,500
Progressive Corp. 6.625% 3-1-2029 400,000 343,000
810,500
Industrial (1.9%)
Electronic Components and Equipment (0.2%)
MTS Systems Corp. 9.375% 5-1-2005 428,000 310,834
Diversified (1.7%)
Tyco International Group SA 6.125% 11-1-2008 340,000 310,250
Tyco International Group SA 6.125% 1-15-2009 2,033,000 1,844,948
Tyco International Group SA 144A 6.875% 9-5-20021,200,000 1,191,000
3,346,198
Technology (8.1%)
Communications (6.0%)
Adelphia Communications Corp. 7.875% 5-1-2009$2,000,000 $1,810,000
Adelphia Communications Corp. 9.250% 10-1-2002 905,000 916,313
Adelphia Communications Corp. 10.500% 7-15-2004 655,000 684,475
Bresnan Communications Group 8.000% 2-1-2009 340,000 335,750
CapRock Communications Corp. 11.500% 5-1-2009 159,000 153,435
Jones Intercable, Inc. 7.625% 4-15-2008 500,000 501,875
Liberty Media Group 144A 7.875% 7-15-2009 1,400,000 1,405,250
Lucent Technologies, Inc. 5.500% 11-15-2008 1,300,000 1,181,375
Nextel Communications, Inc. 9.750% 8-15-2004 1,475,000 1,497,125
NEXTLINK Communications, Inc. 10.750% 11-15-2008 250,000 252,500
NEXTLINK Communications, Inc. 10.750% 6-1-2009 536,000 542,700
Orange PLC 8.000% 8-1-2008 809,000 810,011
Orange PLC 144A 9.000% 6-1-2009 180,000 185,850
Vodafone AirTouch PLC 6.650% 5-1-2008 1,400,000 1,335,250
11,611,909
Computers (1.0%)
Dell Computer Corp. 6.550% 4-15-2008 400,000 379,000
International Business Machines Corp.
5.375% 2-1-2009 500,000 450,625
Microsystems, Inc. 7.650% 8-15-2009 1,100,000 1,122,000
1,951,625
Diversified (0.5%)
Exodus Communications 11.250% 7-1-2008 249,000 253,358
NTL, Inc. + 0.000% 4-15-2009(increasing to
9.750% on 4-15-2004 and thereafter) 920,000 865,684
1,119,042
Software (0.6%)
Globix Corp. 13.000% 5-1-2005 97,000 85,481
PSINet, Inc. 144A 11.000% 8-1-2009 1,060,000 1,083,850
1,169,331
Total Non-Convertible Corporate Bonds (cost $56,035,014) 54,128,232
United States Government Securities
5.625% 2-28-2001 $200,000 $199,792
5.625% 2-15-2006 5,100,000 4,973,877
5.875% 11-15-1999 200,000 200,092
6.000% 8-15-2000 575,000 577,082
6.000% 8-15-2009 12,300,000 12,281,796
6.125% 8-15-2007 4,000,000 3,981,120
6.625% 4-30-2002 500,000 508,650
6.625% 5-15-2007 300,000 307,566
23,029,975
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-29-1999
to be repurchased at $39,236 on 11-1-1999 39,225 39,225
United States Government Agencies (1.9%)
Federal Home Loan Mortgage Corp.
3.500% 11-1-1999 3,700,000 3,700,000
3,739,225
190,448,793
Notional
Amount Description Value
B 610,000 British Pound 4-7-2000 Sell $6,535
B 290,000 British Pound 4-20-2000 Sell 6,730
13,265
OTHER ASSETS IN EXCESS OF LIABILITIES 4,242,070
NET ASSETS $194,704,128
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX JCC FLEXIBLE INCOME
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (82.2%)
Consumer, Cyclical (24.1%)
Advertising (1.0%)
Go Outdoor Systems Holding SA 144A +
10.500% 7-15-2009 $250,000 $268,978
Auto Manufacturers (2.7%)
DaimlerChrysler AG + 7.200% 9-1-2009 750,000 750,822
Broadcasting (4.4%)
Classic Cable, Inc. 9.375% 8-1-2009 35,000 34,125
Cox Communications, Inc. 6.375% 6-15-2000 230,000 229,713
Digital Television Services, Inc. 12.500% 8-1-2007150,000 159,750
Time Warner, Inc. 8.180% 8-15-2007 750,000 789,375
1,212,963
Casinos (0.8%)
Venetian Casino 12.250% 11-15-2004 285,000 224,437
Entertainment (1.5%)
Clubhause PLC 144A + 12.875% 6-1-2009 250,000 429,234
Home Furnishings (2.3%)
Selmer Company, Inc. 11.000% 5-15-2005 600,000 630,000
Lodging (0.9%)
Marriott International, Inc. 7.875% 9-15-2009 250,000 250,312
Publishing (2.5%)
News America, Inc. 6.625% 1-9-2008 750,000 701,250
Restaurants (0.8%)
McDonald's Corp. 6.375% 1-8-2028 250,000 223,125
Retailers - Apparel (0.4%)
Ames Department Stores, Inc. 10.000% 4-15-2006 120,000 117,600
Retailers - Broadline (6.8%)
Fred Meyer, Inc. 7.150% 3-1-2003 500,000 496,875
Fred Meyer, Inc. 7.450% 3-1-2008 400,000 395,000
Wal-Mart Stores, Inc. 6.875% 8-10-2009 1,000,000 1,005,000
1,896,875
Consumer, Non-Cyclical (15.6%)
Beverages (0.9%)
Joseph E. Seagram & Sons, Inc. 6.800% 12-15-2008250,000 237,187
Consumer Services (0.9%)
The Sports Club Company, Inc. 11.375% 3-15-2006 250,000 244,375
Food - Other (1.7%)
Ralston Purina Company 7.875% 6-15-2025 475,000 483,312
Food Retailers (5.1%)
Marsh Supermarkets, Inc. 8.875% 8-1-2007 250,000 239,375
Safeway, Inc 5.875% 11-15-2001 500,000 490,625
Safeway, Inc. 7.500% 9-15-2009 250,000 250,000
Star Markets Company, Inc. 13.000% 11-1-2004 185,000 197,025
Stater Brothers Holdings, Inc. 10.750% 8-15-2006250,000 254,375
1,431,400
Healthcare (2.0%)
Bausch & Lomb, Inc. 6.750% 12-15-2004 250,000 243,125
Columbia/HCA Healthcare Corp. 8.360% 4-15-2024 45,000 41,409
HEALTHSOUTH Corp. 9.500% 4-1-2001 265,000 257,712
542,246
Household Products (4.6%)
Proctor & Gamble Company 6.875% 9-15-2009 1,000,000 1,006,250
Sherwin-Williams Company 6.850% 2-1-2007 290,000 284,200
1,290,450
Medical Supplies (0.4%)
Unilab Corp. 144A 12.750% 10-1-2009 $100,000 $100,500
Energy (0.9%)
Oilfield Equipment and Services
Enron Corp. 7.375% 5-15-2019 250,000 238,750
Financial (14.4%)
Banks (2.9%)
Dime Bancorp, Inc. 7.000% 7-25-2001 500,000 498,125
HUBCO, Inc. 8.200% 9-15-2006 300,000 300,000
798,125
Diversified (5.3%)
Charter Communications Holdings 8.625% 4-1-2009 500,000 472,500
Ford Motor Credit Corp. 7.375% 10-28-2009 750,000 757,500
ONO Finance PLC 144A 13.000% 5-1-2009 250,000 248,750
1,478,750
Insurance (4.5%)
Conseco, Inc. 7.600% 6-21-2001 500,000 496,250
Conseco, Inc. 9.000% 10-15-2006 250,000 251,250
Delphi Financial Group, Inc. 8.000% 10-1-2003 500,000 503,750
1,251,250
Savings & Loans (1.7%)
GS Escrow Corp. 7.125% 8-1-2005 500,000 460,000
Industrial (3.3%)
Diversified
Isle of Capri Black Hawk, LLC 13.000% 8-31-2004 525,000 574,875
The Pantry, Inc. 10.250% 10-15-2007 350,000 331,625
906,500
Technology (20.8%)
Communications (14.5%)
CapRock Communications Corp. 11.500% 5-1-2009 125,000 120,625
ESAT Telecom Group PLC + 11.875% 11-1-2009 200,000 217,449
Hyperion Telecommunications, Inc.
12.000% 11-1-2007 150,000 154,500
International CableTel, Inc. 0.000% 4-15-2005
(increasing to 12.750% on 4-15-2000 and thereafter) 70,000 69,213
Jones Intercable, Inc. 7.625% 4-15-2008 261,000 261,979
Liberty Media Group 144A 7.875% 7-15-2009 1,000,000 1,003,750
Qwest Communications International, Inc.
7.500% 11-1-2008 950,000 946,438
Versatel Telecom BV + 11.875% 7-15-2009 100,000 103,321
Versatel Telecom BV 13.250% 5-15-2008 200,000 200,000
Viatel, Inc. 11.500% 3-15-2009 150,000 145,125
Worldwide Fiber, Inc. 144A 12.000% 8-1-2009 800,000 802,000
4,024,400
Computers (1.7%)
International Business Machines Corp.
7.000% 10-30-2025 500,000 486,875
Diversified (0.5%)
Exodus Communications 11.250% 7-1-2008 125,000 127,188
Software (4.1%)
Concentric Network Corp. 12.750% 12-15-2007 250,000 257,500
Electronic Data Systems Corp. 7.125% 10-15-2009 250,000 250,313
PSINet, Inc. 144A 11.000% 8-1-2009 400,000 409,000
PSINet, Inc. 144A + 11.000% 8-1-2009 200,000 216,348
1,133,161
Utilities (3.1%)
Electric (2.4%)
Caithness Coso Funding Corp. 144A
6.800% 12-15-2001 250,000 246,875
El Paso Electric Company 9.400% 5-1-2011 400,000 435,000
681,875
Telephone (0.7%)
McLeodUSA, Inc. 9.250% 7-15-2007 200,000 199,000
Total Non-Convertible Corporate Bonds (cost $22,907,461) 22,820,940
CONVERTIBLE CORPORATE BONDS (1.4%)
Consumer, Cyclical
Broadcasting
Pegasus Media & Communications, Inc.
12.500% 7-1-2005 (cost $350,000) $350,000 $382,375
LONG-TERM GOVERNMENT BONDS (7.1%)
United States Government Securities
Treasury Notes
5.250% 8-15-2003 750,000 731,610
5.625% 5-15-2008 500,000 482,110
6.625% 5-15-2007 750,000 768,915
Total Long-Term Government Bonds (cost $2,077,798) $1,982,635
Description Shares Value
COMMON STOCK (0.1%)
Financial (0.0%)
Diversified
ONO Finance PLC Warrants * 250 $12,500
Technology (0.0%)
Communications (0.0%)
Versatel Telecom BV Warrants 75 11,222
Total Common Stock (cost $498) 23,722
NON-CONVERTIBLE PREFERRED STOCK (0.3%)
Financial
Savings & Loans
Chevy Chase Bank (cost $116,375) 3,500 104,125
SHORT-TERM SECURITIES (7.0%)
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-29-1999
to be repurchased at $11,530 on 11-1-1999 $11,527 $11,527
United States Government Agencies (7.0%)
Federal Home Loan Mortgage Corp.
5.160% 11-1-1999 1,900,000 1,900,000
Total Short-Term Securities (cost $1,911,527) 1,911,527
Total Investments (98.1%) (cost $27,363,659) 27,225,324
Notional
Amount Description Value
UNREALIZED GAINS ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.1%) @
B 245,000 British Pound 4-20-2000 Sell $5,686
E 90,000 Euro 11-4-1999 Sell 356
E 185,000 Euro 12-9-1999 Sell 2,552
E 430,000 Euro 4-7-2000 Sell 9,882
Total Unrealized Net Gain on Forward Foreign
Currency Contracts 18,476
Other Assets In Excess of Liabilities (1.8%) 502,734
Net Assets (100.0%) $27,746,534
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX AEGON INCOME PLUS
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (85.6%)
Basic Materials (2.0%)
Mining - Diversified
Scotia Pacific Company Series B
7.110% 7-20-2028 $2,000,000 $1,580,000
Consumer, Cyclical (14.5%)
Airlines (1.8%)
Piedmont Aviation, Inc. 10.100% 5-13-2007 1,048,000 1,000,840
USAir, Inc. 10.800% 1-1-2005 400,000 396,500
1,397,340
Auto Parts and Equipment (3.6%)
Arvin Industries, Inc. 6.750% 3-15-2008 3,000,000 2,759,730
Entertainment (1.3%)
Walt Disney Company 144A 2.000% 3-1-2000 1,000,000 988,100
Publishing (5.6%)
Golden Books Publishing, Inc.
7.650% 9-15-2002 * # 2,250,000 945,000
News America, Inc. 8.625% 2-1-2003 1,500,000 1,551,165
World Color Press, Inc. 7.750% 2-15-2009 2,000,000 1,880,000
4,376,165
Retailers - Apparel (2.2%)
Neiman Marcus Group, Inc. 7.125% 6-1-2028 2,000,000 1,742,580
Consumer, Non-Cyclical (8.0%)
Food - Other (3.6%)
Ralston Purina Company 9.250% 10-15-2009 2,450,000 2,786,145
Food Retailers (2.5%)
Great Atlantic & Pacific Tea, Inc.
7.700% 1-15-2004 2,000,000 1,939,660
Medical Supplies (1.9%)
C. R. Bard, Inc. 6.700% 12-1-2026 1,500,000 1,452,945
Energy (3.9%)
Oil Drilling (2.6%)
Louisiana Land Exploration Company
7.625% 4-15-2013 2,000,000 1,993,480
Oilfield Equipment and Services (1.3%)
McDermott, Inc. 9.375% 3-15-2002 1,000,000 1,015,810
Financial (22.1%)
Banks (7.5%)
BankBoston Capital Trust Corp.
8.250% 12-15-2026 3,000,000 2,917,650
HSBC America Capital II 144A 8.380% 5-15-2027 3,000,000 2,867,220
5,784,870
Diversified (9.4%)
Charter Communications Holdings 0.000% 4-1-2011
(increasing to 9.920% on 4-1-2004
and thereafter) 1,000,000 590,000
Charter Communications Holdings 8.625% 4-1-20091,000,000 945,000
Chase Capital Corp. 6.053% 3-1-2027 3,000,000 2,871,480
First Security Capital Trust Corp.
8.410% 12-15-2026 2,000,000 1,968,380
Goldman Sachs Group, Inc. 6.650% 5-15-2009 1,000,000 950,000
7,324,860
Savings & Loans (5.2%)
GS Escrow Corp. 7.125% 8-1-2005 2,000,000 1,829,140
Peoples Bank - Bridgeport CT 7.200% 12-1-2006 2,300,000 2,220,558
4,049,698
Industrial (15.2%)
Air Freight (1.3%)
Federal Express Corp. 9.625% 10-15-2019 1,000,000 1,040,140
Containers and Packaging (1.4%)
Stone Container Corp. 12.580% 8-1-2016 1,000,000 1,072,500
Factory Equipment (2.2%)
Columbus Mckinnon Corp. 8.500% 4-1-2008 2,000,000 1,680,000
Other Industrial Services (8.1%)
PDVSA Finance, Ltd. 6.450% 2-15-2004 $3,000,000 $2,650,230
Petroleum Geo-Services ASA 6.625% 3-30-2008 2,300,000 2,153,812
Westinghouse Air Brake Company 9.375% 6-15-20051,500,000 1,485,000
6,289,042
Pollution Control (2.2%)
Allied Waste Industries, Inc. 144A
10.000% 8-1-2009 2,000,000 1,700,000
Technology (11.9%)
Aerospace/Defense (3.6%)
AAR Corp. 7.250% 10-15-2003 2,000,000 1,985,460
BE Aerospace, Inc. 8.000% 3-1-2008 1,000,000 867,500
2,852,960
Communications (6.7%)
Intermedia Communications, Inc. 9.500% 3-1-20091,000,000 917,500
KPNQwest BV 144A 8.125% 6-1-2009 2,000,000 1,920,000
NEXTLINK Communications, Inc. 0.000% 6-1-2009
(increasing to 12.250% on 6-1-2004
and thereafter) 4,000,000 2,340,000
5,177,500
Diversified (1.6%)
Loral Space & Communications, Ltd.
9.500% 1-15-2006 1,500,000 1,230,000
Utilities (8.0%)
Electric (5.5%)
Calpine Corp. 7.750% 4-15-2009 2,000,000 1,860,000
Texas Utilities Electric Company 6.750% 4-1-20031,500,000 1,484,160
The AES Corp. 8.500% 11-1-2007 1,000,000 910,000
4,254,160
Telephone (2.5%)
McLeodUSA, Inc. 8.375% 3-15-2008 1,000,000 935,000
McLeodUSA, Inc. 9.250% 7-15-2007 1,000,000 995,000
1,930,000
Total Non-Convertible Corporate Bonds (cost $71,169,722) 66,417,685
COLLATERALIZED MORTGAGE OBLIGATIONS (2.4%)
Financial
Real Estate
Aetna Commercial Mortgage Trust
7.230% 1-15-2028 (cost $2,040,480) 2,000,000 1,885,625
LONG-TERM GOVERNMENT BONDS (3.7%)
Foreign Governments (2.6%)
Mexican United States 9.875% 1-15-2007 2,000,000 2,002,000
United States Government Securities (1.1%)
Treasury Notes
5.250% 2-15-2029 1,000,000 865,160
Total Long-Term Government Bonds (cost $2,867,434) 2,867,160
Description Shares Value
CONVERTIBLE PREFERRED STOCK (7.5%)
Consumer, Cyclical (5.2%)
Broadcasting (4.1%)
TCI Communications, Inc. 120,000 $3,157,500
Publishing (1.1%)
PRIMEDIA, Inc. 10,000 860,000
Financial (2.3%)
Real Estate
Duke-Weeks Realty Corp. 40,000 1,800,000
Total Convertible Preferred Stock (cost $6,293,000) 5,817,500
Total Investments (99.2%) (cost $82,370,636) 76,987,970
Other Assets In Excess of Liabilities (0.8%) 539,223
Net Assets (100.0%) $77,527,193
October 31, 1999
SCHEDULE OF INVESTMENTS
IDEX AEGON TAX EXEMPT
Description ** Principal Value
LONG-TERM MUNICIPAL BONDS (92.3%)
Alaska (3.9%)
Valdez Alaska Marine Project, Revenue Bonds,
Series A, 5.850%, 8-1-2025, AA+/Aa1 $1,000,000 $956,390
Illinois (7.8%)
City of Peoria Parking Facility Improvements,
General Obligation Bonds, Series A
5.300%, 1-1-2021, AAA/Aaa 1,000,000 903,530
McHenry County Community School District,
General Obligation Bonds, Series 1996
5.850%, 1-1-2016, AAA/Aaa 1,000,000 991,660
1,895,190
Indiana (3.8%)
City of Petersburg, Pollution Control,
Revenue Bonds, Series 1977,
5.500%, 10-1-2023, AA-/Aa2 1,000,000 927,320
Iowa (11.9%)
Iowa Finance Authority, Drake University
Project, Revenue Bonds,
5.400%, 12-1-2016, AAA/Aaa 1,000,000 943,490
Iowa Finance Authority, Hospital Facilities,
Revenue Bonds, 5.250%, 7-1-2015, AAA/Aaa 1,000,000 920,590
Iowa State Certificate of Participation,
Revenue Bonds, Series 1992A,
6.500%, 7-1-2006, AAA/Aaa 1,000,000 1,053,500
2,917,580
Massachusettes (3.5%)
Massachusttes Bay Transportation Authority,
Revenue Bonds, Series B,
5.000%, 3-1-2028, AA-/Aa3 1,000,000 845,350
Michigan (4.4%)
City of Holt, Public Schools,
General Obligation Bonds, Series E,
5.125%, 5-1-2021, NR/Aaa 1,000,000 890,750
Michigan State Building Authority, Revenue
Refunding Special Sinking Fund, Series
1992A, 6.800%, 10-1-2021, AA/Aa2 175,000 183,549
1,074,299
Nebraska (3.7%)
Nebraska Public Power District,
Revenue Bonds, Series A,
5.125%, 1-1-2019, AAA/Aaa 1,000,000 894,950
New York (3.5%)
City of New York, Municipal Water Finance Authority,
Water and Sewer System, Revenue Bonds,
5.125%, 6-15-2030, AAA/Aaa 1,000,000 864,360
Ohio (8.1%)
Ohio State Building Authority, Adult Correctional
Facilities Improvements, Revenue Bonds,
Series A, 5.500%, 10-1-2011, AA-/Aa2 1,000,000 1,008,120
Ohio State Turnpike Authority,
Revenue Bonds, Series A
5.500%, 2-15-2017, AAA/Aaa 1,000,000 970,610
1,978,730
Pennsylvania (0.0%)
Pennsylvania Housing Finance Agency, Multi-
Family Mortgage, Revenue Bonds, Series 1985A,
9.375%, 8-1-2028, AAA/Aa2 5,000 5,045
Rhode Island (3.9%)
Rhode Island Clean Water Financing Agency
Revenue Bonds, 5.800%, 9-1-2022, AAA/Aaa 1,000,000 954,900
South Dakota (3.6%)
South Dakota State Building Authority,
Revenue Bonds, 5.125%, 9-1-2019, AAA/NR ^$1,000,000 $886,710
Tennessee (7.2%)
Metropolitan Government of Nashville &
Davidson County, General Obligation Bonds,
5.125%, 5-15-2025, AA/Aa2 1,000,000 871,090
Shelby County, General Obligation Bonds,
Series A, 5.100%, 3-1-2022, AA+/Aa3 1,000,000 884,140
1,755,230
Texas (7.5%)
City of Dallas, Civic Center Project
Revenue Bonds, 5.000%, 8-15-2028, AAA/Aaa 1,000,000 847,970
Harris County, Permanent Improvement,
General Obligation Bonds,
5.250%, 10-1-2012, AA/Aa1 1,000,000 978,850
1,826,820
Utah (4.0%)
Salt Lake County, Municipal Building
Authority, Revenue Bonds,
5.850%, 10-1-2017, AA-/Aa3 1,000,000 986,850
Virginia (3.8%)
City of Norfolk Water Systems, Revenue Bonds,
Series 1995, 5.375%, 11-1-2023, AAA/Aaa 1,000,000 921,030
Washington (7.7%)
City of Seattle Water Systems, Revenue Bonds,
5.625%, 8-1-2026 AAA/Aaa 1,000,000 937,630
King County Sewer Systems,
General Obligation Bonds, Series C
5.250%, 1-1-2014 AA+/Aa1 1,000,000 949,110
1,886,740
Wyoming (4.0%)
Wyoming State Farm Loan Board, Capital
Facilities, General Obligation Bonds,
5.750%, 10-1-2020, AA-/NR 1,000,000 983,750
Total Long-Term Municipal Bonds (cost $24,186,211) 22,561,244
SHORT-TERM MUNICIPAL BONDS (4.1%)
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
Mississippi (0.8%)
Jackson County, Pollution Control,
Revenue Bonds, Put Bonds - Weekly,
3.350%, 12-1-2016, A-1+/VMIG1 200,000 200,000
Pennsylvania (0.8%)
Quakertown, Hospital Authority,
Revenue Bonds, Put Bonds - Weekly,
3.300%, 7-1-2005, A-1+/VMIG1 200,000 200,000
Washington (2.1%)
Washington State Health Care Facility
Revenue Bonds, Put Bonds - Weekly
3.000%, 10-1-2005, A-1+/VMIG1 500,000 500,000
Total Short-Term Municipal Bonds (cost $1,000,000) 1,000,000
Total Investments (96.4%) (cost $25,186,211) 23,561,244
Other Assets In Excess of Liabilities (3.6%) 881,080
Net Assets (100.0%) $24,442,324
October 31, 1999
SCHEDULE OF INVESTMENTS
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 $1,982,635 have been segregated with the custodian to
cover margin requirements on twenty, 10-year U.S. Treasury Notes, Dec
1999 futures contracts. At October 31, 1999, the fund had unrealized
losses of $2,344 and variation margin payable of $10,000 on these
contracts.
IDEX GE/Scottish Equitable International Equity owned Japanese Yen futures
with a market value of $146,574 on one, Dec 1999 contract. At October
31, 1999, the fund had unrealized losses of $4,888 and a variation margin
receivable of $32,517.
# Golden Books Publishing, Inc. and Harnischfeger Industries, Inc.
are currently in default on interest payments.
@ 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; F-Swiss Franc;
H-Hong Kong Dollar; J-Japanese Yen; S-Swedish Krona.
* Presently non-income producing.
**Ratings indicated are by Standard & Poor's/Moody's, respectively, and
are unaudited; NR: not rated by this service.
^ Affiliated company as defined by Section 851 of the Internal Revenue
Code.
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
Principal and Description at 10-31-1999
IDEX JCC Capital Appreciation
$ 20,000 U. S. Treasury Bonds 8.875%, 2-15-2019 $25,300
IDEX Alger Aggressive Growth
605,000 U. S. Treasury Bonds 8.125%, 5-15-2021 716,925
IDEX Pilgrim Baxter Mid Cap Growth
965,000 U. S. Treasury Bonds 8.125%, 8-15-2019 1,143,525
IDEX GE/Scottish Equitable International Equity
235,000 U. S. Treasury Bonds 8.875%, 8-15-2017 252,085
IDEX Salomon All Cap
170,000 U. S. Treasury Bonds 8.875%, 2-15-2019 215,050
IDEX JCC Growth
15,000 U. S. Treasury Notes 6.625%, 6-30-2001 15,506
IDEX Goldman Sachs Growth
405,000 U. S. Treasury Notes 5.500%, 3-31-2003 400,748
IDEX C.A.S.E. Growth
560,000 U. S. Treasury Bonds 8.125%, 8-15-2019 663,600
IDEX Dean Asset Allocation
573,000 U. S. Treasury Notes 8.125%, 8-15-2019 633,975
IDEX LKCM Strategic Total Return
820,000 U. S. Treasury Bonds 8.125%, 8-15-2019 971,700
IDEX JCC Balanced
35,000 U. S. Treasury Bonds 8.125%, 5-15-2021 42,480
IDEX JCC Flexible Income
15,000 U. S. Treasury Notes 6.250%, 10-31-2001 15,575
STATEMENTS OF ASSETS AND LIABILITIES
All numbers (except per share amounts) in thousands
October 31, 1999
IDEX T. Rowe Price IDEX JCC
Small Cap Capital
Appreciation
Assets:
Investment securities, at market value $3,107 $122,549
Cash (1) 1 -
Receivables:
Investment securities sold 12 515
Shares of beneficial interest sold 21 1,909
Interest 1 -
Dividends - 17
Due from investment adviser 10 -
Variation margin - -
Forward foreign currency contracts - -
Other - 11
3,152 125,001
Liabilities:
Accounts payable:
Investment securities purchased 5 3,577
Shares of beneficial interest redeemed 5 94
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees - 45
Distribution fees . 2 52
Transfer agent fees and expenses 6 32
Forward foreign currency contracts - -
Other 42 58
60 3,858
Net Assets $3,092 $121,143
Net Assets Consist Of:
Shares of beneficial interest, unlimited
shares authorized 2,943 77,893
Undistributed net investment income (loss) or
distribution in excess of net investment income - (509)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions 80 9,495
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in
foreign currencies 69 34,264
Net Assets $3,092 $121,143
Investment securities, at cost $3,038 $88,291
Shares Of Beneficial Interest Outstanding:
Class A shares 116 2,400
Class B shares 103 1,195
Class M shares 62 329
Class T shares (2)
Net Asset Value Per Share:
Class A shares $11.01 $31.09
Class B shares $10.97 $30.51
Class M shares $10.98 $30.60
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $11.65 $32.90
Class M shares $11.09 $30.91
Class T shares (2)
IDEX Pilgrim Baxter IDEX Alger
Mid Cap Growth Aggressive
Growth
Assets:
Investment securities, at market value $6,359 $166,536
Cash (1) - 366
Receivables:
Investment securities sold 194 249
Shares of beneficial interest sold 74 710
Interest - -
Dividends 1 20
Due from investment adviser 5 8
Variation margin - -
Forward foreign currency contracts - -
Other 1 16
6,634 167,905
Liabilities:
Accounts payable:
Investment securities purchased 117 1,517
Shares of beneficial interest redeemed 3 130
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees - -
Distribution fees . 3 78
Transfer agent fees and expenses 5 96
Forward foreign currency contracts - -
Other 44 69
172 1,890
Net Assets $6,462 $166,015
Net Assets Consist Of:
Shares of beneficial interest, unlimited
shares authorized 5,611 109,943
Undistributed net investment income (loss) or
distribution in excess of net investment income - (7)
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 173 14,484
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in
foreign currencies 678 41,595
Net Assets $6,462 $166,015
Investment securities, at cost $5,681 $124,948
Shares Of Beneficial Interest Outstanding:
Class A shares 174 3,028
Class B shares 195 1,461
Class M shares 69 570
Class T shares (2)
Net Asset Value Per Share:
Class A shares $14.80 $33.05
Class B shares $14.76 $32.44
Class M shares $14.77 $32.53
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $15.66 $34.97
Class M shares $14.92 $32.86
Class T shares (2)
IDEX GE/Scottish Equitable IDEX JCC
International Equity Global
Assets:
Investment securities, at market value $6,949 $926,080
Cash (1) 11 1,340
Receivables:
Investment securities sold 145 5,859
Shares of beneficial interest sold - 4,316
Interest - -
Dividends 15 2,975
Due from investment adviser 8 -
Variation margin 33 -
Forward foreign currency contracts - 1,553
Other 1 85
7,162 942,208
Liabilities:
Accounts payable:
Investment securities purchased 210 9,715
Shares of beneficial interest redeemed - 974
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees - 233
Distribution fees . 3 470
Transfer agent fees and expenses 4 233
Forward foreign currency contracts - 3,446
Other 36 356
253 15,427
Net Assets $6,909 $926,781
Net Assets Consist Of:
Shares of beneficial interest, unlimited
shares authorized 5,710 628,946
Undistributed net investment income (loss) or
distribution in excess of net investment income - (141)
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 264 31,032
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in
foreign currencies 935 266,944
Net Assets $6,909 $926,781
Investment securities, at cost $6,010 $657,263
Shares Of Beneficial Interest Outstanding:
Class A shares 381 14,431
Class B shares 120 8,608
Class M shares 38 4,714
Class T shares (2)
Net Asset Value Per Share:
Class A shares $12.85 $33.80
Class B shares $12.70 $32.98
Class M shares $12.73 $32.91
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $13.60 $35.77
Class M shares $12.86 $33.24
Class T shares (2)
IDEX Salomon IDEX JCC
All Cap Growth
Assets:
Investment securities, at market value $4,033 $3,109,749
Cash (1) 4 31
Receivables:
Investment securities sold 67 -
Shares of beneficial interest sold 153 9,686
Interest - 88
Dividends 2 164
Due from investment adviser 11 -
Variation margin - -
Forward foreign currency contracts - -
Other - 287
4,270 3,120,005
Liabilities:
Accounts payable:
Investment securities purchased 32 9,555
Shares of beneficial interest redeemed 5 4,089
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees - 446
Distribution fees . 2 763
Transfer agent fees and expenses 7 523
Forward foreign currency contracts - -
Other 45 557
91 15,933
Net Assets $4,179 $3,104,072
Net Assets Consist Of:
Shares of beneficial interest, unlimited
shares authorized 4,103 1,274,676
Undistributed net investment income (loss) or
distribution in excess of net investment income - (196)
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 52 558,783
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in
foreign currencies 24 1,270,809
Net Assets $4,179 $3,104,072
Investment securities, at cost $4,009 $1,839,015
Shares Of Beneficial Interest Outstanding:
Class A shares 161 31,412
Class B shares 135 7,227
Class M shares 62 3,106
Class T shares (2) 24,592
Net Asset Value Per Share:
Class A shares $11.70 $46.72
Class B shares $11.66 $45.38
Class M shares $11.67 $45.58
Class T shares (2) $47.45
Maximum Offering Price Per Share (3):
Class A shares $12.38 $49.44
Class M shares $11.79 $46.04
Class T shares (2) $51.86
IDEX GoldmanIDEX C.A.S.E.
Sachs Growth Growth
Assets:
Investment securities, at market value $4,966 $9,757
Cash (1) - -
Receivables:
Investment securities sold 16 -
Shares of beneficial interest sold 132 15
Interest - -
Dividends 1 6
Due from investment adviser 14 2
Variation margin - -
Forward foreign currency contracts - -
Other 1 2
5,130 9,782
Liabilities:
Accounts payable:
Investment securities purchased 68 -
Shares of beneficial interest redeemed 21 2
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees - -
Distribution fees . 3 5
Transfer agent fees and expenses 5 7
Forward foreign currency contracts - -
Other 46 25
143 39
Net Assets $4,987 $9,743
Net Assets Consist Of:
Shares of beneficial interest, unlimited
shares authorized 4,708 9,123
Undistributed net investment income (loss) or
distribution in excess of net investment income - (1)
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 12 162
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in
foreign currencies 267 459
Net Assets $4,987 $9,743
Investment securities, at cost $4,699 $9,298
Shares Of Beneficial Interest Outstanding:
Class A shares 174 374
Class B shares 199 324
Class M shares 66 112
Class T shares (2)
Net Asset Value Per Share:
Class A shares $11.40 $12.14
Class B shares $11.35 $11.93
Class M shares $11.36 $11.96
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $12.06 $12.85
Class M shares $11.47 $12.08
Class T shares (2)
IDEX NWQ IDEX T. Rowe
Price
Value Equity Dividend
Growth
Assets:
Investment securities, at market value $17,255 $4,996
Cash (1) 1 -
Receivables:
Investment securities sold 156 14
Shares of beneficial interest sold 108 128
Interest 6 -
Dividends 13 6
Due from investment adviser - 14
Variation margin - -
Forward foreign currency contracts - -
Other 2 -
17,541 5,158
Liabilities:
Accounts payable:
Investment securities purchased - 61
Shares of beneficial interest redeemed 8 13
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees 1 -
Distribution fees . 10 3
Transfer agent fees and expenses 10 5
Forward foreign currency contracts - -
Other 25 44
54 126
Net Assets $17,487 $5,032
Net Assets Consist Of:
Shares of beneficial interest, unlimited
shares authorized 18,123 5,115
Undistributed net investment income (loss) or
distribution in excess of net investment income (1) 4
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions (167) (43)
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in
foreign currencies (468) (44)
Net Assets $17,487 $5,032
Investment securities, at cost $17,724 $5,040
Shares Of Beneficial Interest Outstanding:
Class A shares 707 180
Class B shares 659 209
Class M shares 198 104
Class T shares (2)
Net Asset Value Per Share:
Class A shares $11.28 $10.20
Class B shares $11.09 $10.19
Class M shares $11.12 $10.19
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $11.94 $10.79
Class M shares $11.23 $10.29
Class T shares (2)
IDEX Dean IDEX LKCM
Asset Allocation Strategic
Total Return
Assets:
Investment securities, at market value $29,024 $62,162
Cash (1) - -
Receivables:
Investment securities sold - -
Shares of beneficial interest sold 51 91
Interest 218 293
Dividends 31 35
Due from investment adviser - -
Variation margin - -
Forward foreign currency contracts - -
Other 3 6
29,327 62,587
Liabilities:
Accounts payable:
Investment securities purchased - 96
Shares of beneficial interest redeemed 12 106
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees 15 25
Distribution fees . 17 30
Transfer agent fees and expenses 13 26
Forward foreign currency contracts - -
Other 33 35
90 318
Net Assets $29,237 $62,269
Net Assets Consist Of:
Shares of beneficial interest, unlimited
shares authorized 28,820 51,989
Undistributed net investment income (loss) or
distribution in excess of net investment income 180 81
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions (309) 1,275
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in
foreign currencies 546 8,924
Net Assets $29,237 $62,269
Investment securities, at cost $28,478 $53,239
Shares Of Beneficial Interest Outstanding:
Class A shares 1,050 2,155
Class B shares 1,033 882
Class M shares 398 499
Class T shares (2)
Net Asset Value Per Share:
Class A shares $11.79 $17.62
Class B shares $11.78 $17.60
Class M shares $11.78 $17.61
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $12.48 $18.65
Class M shares $11.90 $17.79
Class T shares (2)
IDEX JCC IDEX JCC
Balanced Flexible
Income
Assets:
Investment securities, at market value $190,449 $27,225
Cash (1) - -
Receivables:
Investment securities sold 2,323 315
Shares of beneficial interest sold 1,497 30
Interest 1,523 594
Dividends 93 -
Due from investment adviser - -
Variation margin - -
Forward foreign currency contracts 13 18
Other 18 3
195,916 28,185
Liabilities:
Accounts payable:
Investment securities purchased 662 324
Shares of beneficial interest redeemed 133 27
Variation margin - 10
Due to custodian - -
Accrued liabilities:
Management and advisory fees 153 12
Distribution fees . 117 15
Transfer agent fees and expenses 57 9
Forward foreign currency contracts - -
Other 90 41
1,212 438
Net Assets $194,704 $27,747
Net Assets Consist Of:
Shares of beneficial interest, unlimited
shares authorized 171,418 28,297
Undistributed net investment income (loss) or
distribution in excess of net investment income 310 65
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 2,763 (493)
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in
foreign currencies 20,213 (122)
Net Assets $194,704 $27,747
Investment securities, at cost $170,262 $27,364
Shares Of Beneficial Interest Outstanding:
Class A shares 3,573 1,582
Class B shares 4,900 952
Class M shares 1,801 399
Class T shares (2)
Net Asset Value Per Share:
Class A shares $18.96 $9.46
Class B shares $18.95 $9.46
Class M shares $18.95 $9.46
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $20.06 $9.93
Class M shares $19.14 $9.56
Class T shares (2)
IDEX AEGON IDEX AEGON
Income Plus Tax Exempt
Assets:
Investment securities, at market value $76,988 $23,561
Cash (1) - 62
Receivables:
Investment securities sold - -
Shares of beneficial interest sold 70 521
Interest 1,400 350
Dividends - -
Due from investment adviser - -
Variation margin - -
Forward foreign currency contracts - -
Other 7 3
78,465 24,497
Liabilities:
Accounts payable:
Investment securities purchased - -
Shares of beneficial interest redeemed 56 -
Variation margin - -
Due to custodian 755 -
Accrued liabilities:
Management and advisory fees 40 10
Distribution fees . 33 8
Transfer agent fees and expenses 18 5
Forward foreign currency contracts - -
Other 36 32
938 55
Net Assets $77,527 $24,442
Net Assets Consist Of:
Shares of beneficial interest, unlimited
shares authorized 82,313 25,811
Undistributed net investment income (loss) or
distribution in excess of net investment income 133 38
Undistributed net realized gain (loss) from
investments, futures/options contracts
and foreign currency transactions 466 219
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in
foreign currencies (5,385) (1,626)
Net Assets $77,527 $24,442
Investment securities, at cost $82,371 $25,186
Shares Of Beneficial Interest Outstanding:
Class A shares 6,111 1,981
Class B shares 1,338 118
Class M shares 571 207
Class T shares (2)
Net Asset Value Per Share:
Class A shares $9.67 $10.60
Class B shares $9.67 $10.59
Class M shares $9.67 $10.59
Class T shares (2)
Maximum Offering Price Per Share (3):
Class A shares $10.15 $11.13
Class M shares $9.77 $10.70
Class T shares (2)
(1) IDEX GE/Scottish Equitable International Equity cash balance includes
foreign cash of $5 with a cost of $5. IDEX JCC Gobal cash balance
includes foreign cash of $1,009 with a cost of $1,009.
(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
For the year ended October 31, 1999
All numbers in thousands
IDEX T. Rowe Price IDEX JCC
Small Cap (1) Capital
Appreciation
Investment Income:
Interest $3 $112
Dividends 2 53
Withholding taxes on foreign dividends - -
5 165
Expenses:
Management and advisory fees 10 561
Transfer agent fees and expenses 12 210
Custody and accounting fees and expenses 33 69
Registration fees 34 62
Trustees fees and expenses - 8
Audit fees and expenses 4 6
Interest income write off - -
Other 3 27
Distribution and service fees:
Class A 2 142
Class B 4 121
Class M 3 31
Gross Expenses 105 1,237
Less fee waivers and reimbursements by the
investment adviser (81) (101)
Less custodian earnings credits - (1)
Net Expenses 24 1,135
Net Investment Income (Loss) (19) (970)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 99 10,070
Futures/options contracts - -
Foreign currency transactions - 5
99 10,075
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and
Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 69 30,699
Futures/options contracts - -
Translation of assets and liabilities denominated
in foreign currency - (1)
69 30,698
Net Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions 168 40,773
Net Increase (Decrease) in Net Assets Resulting
from Operations $149 $39,803
IDEX Pilgrim Baxter IDEX Alger
Mid Cap Growth (1) Aggressive
Growth
Investment Income:
Interest $8 $246
Dividends 2 266
Withholding taxes on foreign dividends - (2)
10 510
Expenses:
Management and advisory fees 12 936
Transfer agent fees and expenses 12 592
Custody and accounting fees and expenses 31 47
Registration fees 35 63
Trustees fees and expenses 1 10
Audit fees and expenses 4 8
Interest income write off - -
Other 1 65
Distribution and service fees:
Class A 2 257
Class B 6 259
Class M 3 102
Gross Expenses 107 2,339
Less fee waivers and reimbursements by the investment
adviser (79) (318)
Less custodian earnings credits - -
Net Expenses 28 2,021
Net Investment Income (Loss) (18) (1,511)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 191 16,203
Futures/options contracts - -
Foreign currency transactions - -
191 16,203
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and
Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 678 27,828
Futures/options contracts - -
Translation of assets and liabilities denominated
in foreign currency - -
678 27,828
Net Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions 869 44,031
Net Increase (Decrease) in Net Assets Resulting
from Operations $851 $42,520
IDEX GE/Scottish Equitable IDEX JCC
International Equity Global
Investment Income:
Interest $5 $3,085
Dividends 132 7,931
Withholding taxes on foreign dividends (14) (446)
123 10,570
Expenses:
Management and advisory fees 61 6,949
Transfer agent fees and expenses 30 1,662
Custody and accounting fees and expenses 88 629
Registration fees 35 126
Trustees fees and expenses - 45
Audit fees and expenses 7 23
Interest income write off - -
Other 3 219
Distribution and service fees:
Class A 18 1,378
Class B 14 1,944
Class M 4 962
Gross Expenses 260 13,937
Less fee waivers and reimbursements by the investment
adviser (115) -
Less custodian earnings credits - (12)
Net Expenses 145 13,925
Net Investment Income (Loss) (22) (3,355)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 523 36,995
Futures/options contracts 26 1,026
Foreign currency transactions 36 (5,462)
585 32,559
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and
Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 672 196,292
Futures/options contracts (5) -
Translation of assets and liabilities denominated
in foreign currency 2 2,838
669 199,130
Net Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions 1,254 231,689
Net Increase (Decrease) in Net Assets Resulting
from Operations $1,232 $228,334
IDEX Salomon IDEX JCC
All Cap (1) Growth
Investment Income:
Interest $9 $12,690
Dividends 12 6,980
Withholding taxes on foreign dividends - -
21 19,670
Expenses:
Management and advisory fees 9 22,094
Transfer agent fees and expenses 12 3,526
Custody and accounting fees and expenses 31 185
Registration fees 34 193
Trustees fees and expenses - 144
Audit fees and expenses 4 49
Interest income write off - -
Other 2 535
Distribution and service fees:
Class A 2 4,139
Class B 4 1,630
Class M 2 759
Gross Expenses 100 33,254
Less fee waivers and reimbursements by the investment
adviser (79) (713)
Less custodian earnings credits - (10)
Net Expenses 21 32,531
Net Investment Income (Loss) - (12,861)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 63 570,861
Futures/options contracts (11) -
Foreign currency transactions - 178
52 571,039
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and
Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 23 507,736
Futures/options contracts 1 -
Translation of assets and liabilities denominated
in foreign currency - 636
24 508,372
Net Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions 76 1,079,411
Net Increase (Decrease) in Net Assets Resulting
from Operations $76 $1,066,550
IDEX GoldmanIDEX C.A.S.E.
Sachs Growth (1) Growth
Investment Income:
Interest $5 $11
Dividends 10 44
Withholding taxes on foreign dividends - -
15 55
Expenses:
Management and advisory fees 12 73
Transfer agent fees and expenses 12 55
Custody and accounting fees and expenses 41 42
Registration fees 34 32
Trustees fees and expenses - -
Audit fees and expenses 4 8
Interest income write off - -
Other 2 3
Distribution and service fees:
Class A 2 15
Class B 7 32
Class M 2 9
Gross Expenses 116 269
Less fee waivers and reimbursements by the investment
adviser (87) (104)
Less custodian earnings credits - -
Net Expenses 29 165
Net Investment Income (Loss) (14) (110)
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 26 281
Futures/options contracts - -
Foreign currency transactions - -
26 281
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and
Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during the
period on:
Investments 267 1,916
Futures/options contracts - -
Translation of assets and liabilities denominated
in foreign currency - -
267 1,916
Net Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions 293 2,197
Net Increase (Decrease) in Net Assets Resulting
from Operations $279 $2,087
IDEX NWQ IDEX T. Rowe
Price
Value Equity Dividend
Growth (1)
Investment Income:
Interest $89 $10
Dividends 213 28
Withholding taxes on foreign dividends - -
302 38
Expenses:
Management and advisory fees 140 12
Transfer agent fees and expenses 87 12
Custody and accounting fees and expenses 35 40
Registration fees 36 35
Trustees fees and expenses - -
Audit fees and expenses 6 4
Interest income write off - -
Other 11 3
Distribution and service fees:
Class A 29 2
Class B 61 6
Class M 17 3
Gross Expenses 422 117
Less fee waivers and reimbursements by the investment
adviser (105) (88)
Less custodian earnings credits - -
Net Expenses 317 29
Net Investment Income (Loss) (15) 9
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments (167) (43)
Futures/options contracts - -
Foreign currency transactions - -
(167) (43)
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and
Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 357 (44)
Futures/options contracts - -
Translation of assets and liabilities denominated
in foreign currency - -
357 (44)
Net Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions 190 (87)
Net Increase (Decrease) in Net Assets Resulting
from Operations $175 $(78)
IDEX Dean IDEX LKCM
Asset Allocation Strategic
Total Return
Investment Income:
Interest $926 $1,114
Dividends 403 471
Withholding taxes on foreign dividends (1) (2)
1,328 1,583
Expenses:
Management and advisory fees 307 479
Transfer agent fees and expenses 117 200
Custody and accounting fees and expenses 42 44
Registration fees 40 47
Trustees fees and expenses - 2
Audit fees and expenses 7 7
Interest income write off - -
Other 16 24
Distribution and service fees:
Class A 50 124
Class B 144 124
Class M 58 71
Gross Expenses 781 1,122
Less fee waivers and reimbursements by the investment
adviser (69) (85)
Less custodian earnings credits - -
Net Expenses 712 1,037
Net Investment Income (Loss) 616 546
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments (309) 1,606
Futures/options contracts - -
Foreign currency transactions - -
(309) 1,606
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and
Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments (1,585) 3,627
Futures/options contracts - -
Translation of assets and liabilities denominated
in foreign currency - -
(1,585) 3,627
Net Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions (1,894) 5,233
Net Increase (Decrease) in Net Assets Resulting
from Operations $(1,278) $5,779
IDEX JCC IDEX JCC
Balanced Flexible
Income
Investment Income:
Interest $2,793 $1,847
Dividends 603 13
Withholding taxes on foreign dividends (3) -
3,393 1,860
Expenses:
Management and advisory fees 1,093 221
Transfer agent fees and expenses 305 60
Custody and accounting fees and expenses 77 58
Registration fees 85 44
Trustees fees and expenses 14 1
Audit fees and expenses 7 13
Interest income write off - -
Other 37 8
Distribution and service fees:
Class A 155 53
Class B 474 64
Class M 159 29
Gross Expenses 2,406 551
Less fee waivers and reimbursements by the investment
adviser (6) (36)
Less custodian earnings credits (4) (1)
Net Expenses 2,396 514
Net Investment Income (Loss) 997 1,346
Realized Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 2,876 (305)
Futures/options contracts - 37
Foreign currency transactions (52) (33)
2,824 (301)
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and
Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments 15,930 (814)
Futures/options contracts - (2)
Translation of assets and liabilities denominated
in foreign currency 13 17
15,943 (799)
Net Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions 18,767 (1,100)
Net Increase (Decrease) in Net Assets Resulting
from Operations $19,764 $246
IDEX AEGON IDEX AEGON
Income Plus Tax Exempt
Investment Income:
Interest $5,749 $1,292
Dividends 546 -
Withholding taxes on foreign dividends - -
6,295 1,292
Expenses:
Management and advisory fees 485 151
Transfer agent fees and expenses 142 31
Custody and accounting fees and expenses 34 38
Registration fees 41 41
Trustees fees and expenses 1 -
Audit fees and expenses 13 12
Interest income write off 86 -
Other 29 6
Distribution and service fees:
Class A 225 77
Class B 97 11
Class M 62 22
Gross Expenses 1,215 389
Less fee waivers and reimbursements by the investment
adviser - (28)
Less custodian earnings credits (1) (9)
Net Expenses 1,214 352
Net Investment Income (Loss) 5,081 940
Realized Gain (Loss) on Investments, Futures/Options
Contracts and
Foreign Currency Transactions:
Net realized gain (loss) during the period on:
Investments 466 219
Futures/options contracts - -
Foreign currency transactions - -
466 219
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and
Foreign Currency Transactions:
Net unrealized appreciation (depreciation) during
the period on:
Investments (5,039) (2,796)
Futures/options contracts - -
Translation of assets and liabilities denominated in
foreign currency - -
(5,039) (2,796)
Net Gain (Loss) on Investments, Futures/Options
Contracts and Foreign Currency Transactions (4,573) (2,577)
Net Increase (Decrease) in Net Assets Resulting
from Operations $508 $(1,637)
(1) From commencement of investment operations on March 1, 1999 through
October 31, 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 (1)
Operations:
Net investment income (loss) $(19)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 99
Net unrealized appreciation (depreciation)
during the period 69
149
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class M (2) -
Class T -
-
From net realized gains:
Class A -
Class B -
Class M (2) -
Class T -
-
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 1,210
Class B 1,084
Class M (2) 649
Class T -
2,943
Net increase (decrease) in net assets 3,092
Net Assets:
Beginning of period -
End of period $3,092
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $-
IDEX JCC
Capital Appreciation
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $(970) $(406)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 10,075 3,248
Net unrealized appreciation (depreciation) during
the period 30,698 50
39,803 2,892
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (2) - -
Class T - -
- -
From net realized gains:
Class A (2,404) (589)
Class B (417) (82)
Class M (2) (141) (47)
Class T - -
(2,962) (718)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 24,897 1,303
Class B 24,262 691
Class M (2) 6,229 (476)
Class T - -
55,388 1,518
Net increase (decrease) in net assets 92,229 3,692
Net Assets:
Beginning of period 28,914 25,222
End of period $121,143 $28,914
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $(509) $(3)
IDEX Pilgrim Baxter
Mid Cap Growth
Increase (Decrease) In Net Assets From: 1999 (1)
Operations:
Net investment income (loss) $(18)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 191
Net unrealized appreciation (depreciation) during
the period 678
851
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class M (2) -
Class T -
-
From net realized gains:
Class A -
Class B -
Class M (2) -
Class T -
-
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 2,231
Class B 2,527
Class M (2) 853
Class T -
5,611
Net increase (decrease) in net assets 6,462
Net Assets:
Beginning of period -
End of period $6,462
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $-
IDEX Alger
Aggressive Growth
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $(1,511) $(650)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 16,203 3,253
Net unrealized appreciation (depreciation) during
the period 27,828 7,048
42,520 9,651
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (2) - -
Class T - -
- -
From net realized gains:
Class A (2,492) (1,015)
Class B (622) (163)
Class M (2) (321) (110)
Class T - -
(3,435) (1,288)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 27,107 8,620
Class B 28,199 4,565
Class M (2) 9,074 1,394
Class T - -
64,380 14,579
Net increase (decrease) in net assets 103,465 22,942
Net Assets:
Beginning of period 62,550 39,608
End of period $166,015 $62,550
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $(7) $(5)
IDEX GE/Scottish
Equitable International Equity
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $(22) $(19)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 585 (286)
Net unrealized appreciation (depreciation) during
the period 669 335
1,232 30
Distributions To Shareholders:
From net investment income:
Class A - (20)
Class B - (1)
Class M (2) - (1)
Class T - -
- (22)
From net realized gains:
Class A - -
Class B - -
Class M (2) - -
Class T - -
- -
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A (1,012) 1,879
Class B 99 641
Class M (2) 14 (16)
Class T - -
(899) 2,504
Net increase (decrease) in net assets 333 2,512
Net Assets:
Beginning of period 6,576 4,064
End of period $6,909 $6,576
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $- $-
IDEX JCC
Global
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $(3,355) $(2,496)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 32,559 (2,828)
Net unrealized appreciation (depreciation) during
the period 199,130 32,057
228,334 26,733
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (2) - -
Class T - -
- -
From net realized gains:
Class A - (19,124)
Class B - (4,194)
Class M (2) - (2,552)
Class T - -
- (25,870)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 58,510 72,572
Class B 111,965 70,019
Class M (2) 57,340 37,336
Class T - -
227,815 179,927
Net increase (decrease) in net assets 456,149 180,790
Net Assets:
Beginning of period 470,632 289,842
End of period $926,781 $470,632
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $(141) $(28)
IDEX Salomon
All Cap
Increase (Decrease) In Net Assets From: 1999 (1)
Operations:
Net investment income (loss) $-
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 52
Net unrealized appreciation (depreciation) during
the period 24
76
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class M (2) -
Class T -
-
From net realized gains:
Class A -
Class B -
Class M (2) -
Class T -
-
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 1,852
Class B 1,551
Class M (2) 700
Class T -
4,103
Net increase (decrease) in net assets 4,179
Net Assets:
Beginning of period -
End of period $4,179
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $-
IDEX JCC
Growth
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $(12,861) $(5,859)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 571,039 21,456
Net unrealized appreciation (depreciation) during
the period 508,372 416,705
1,066,550 432,302
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (2) - -
Class T - (802)
- (802)
From net realized gains:
Class A (10,777) (80,490)
Class B (715) (1,902)
Class M (2) (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 141,079 71,245
Class B 229,531 23,928
Class M (2) 52,641 37,693
Class T (36,613) 25,693
386,638 158,559
Net increase (decrease) in net assets 1,431,479 427,579
Net Assets:
Beginning of period 1,672,593 1,245,014
End of period $3,104,072 $1,672,593
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $(196) $(143)
IDEX Goldman
Sachs Growth
Increase (Decrease) In Net Assets From: 1999 (1)
Operations:
Net investment income (loss) $(14)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 26
Net unrealized appreciation (depreciation) during
the period 267
279
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class M (2) -
Class T -
-
From net realized gains:
Class A -
Class B -
Class M (2) -
Class T -
-
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 1,859
Class B 2,148
Class M (2) 701
Class T -
4,708
Net increase (decrease) in net assets 4,987
Net Assets:
Beginning of period -
End of period $4,987
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $-
IDEX C.A.S.E.
Growth
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $(110) $(90)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 281 820
Net unrealized appreciation (depreciation) during
the period 1,916 (2,025)
2,087 (1,295)
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (2) - -
Class T - -
- -
From net realized gains:
Class A (340) (340)
Class B (205) (191)
Class M (2) (65) (157)
Class T - -
(610) (688)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A (560) 1,293
Class B 908 656
Class M (2) 295 (727)
Class T - -
643 1,222
Net increase (decrease) in net assets 2,120 (761)
Net Assets:
Beginning of period 7,623 8,384
End of period $9,743 $7,623
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $(1) $(1)
IDEX NWQ
Value Equity
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $(15) $(38)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (167) 398
Net unrealized appreciation (depreciation) during
the period 357 (1,499)
175 (1,139)
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class M (2) - -
Class T - -
- -
From net realized gains:
Class A (191) (23)
Class B (123) (11)
Class M (2) (46) (7)
Class T - -
(360) (41)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A (212) 3,324
Class B 2,575 2,577
Class M (2) 241 585
Class T - -
2,604 6,486
Net increase (decrease) in net assets 2,419 5,306
Net Assets:
Beginning of period 15,068 9,762
End of period $17,487 $15,068
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $(1) $(1)
IDEX T. Rowe Price
Dividend Growth
Increase (Decrease) In Net Assets From: 1999 (1)
Operations:
Net investment income (loss) $9
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (43)
Net unrealized appreciation (depreciation) during
the period (44)
(78)
Distributions To Shareholders:
From net investment income:
Class A (3)
Class B -
Class M (2) (1)
Class T -
(4)
From net realized gains:
Class A -
Class B -
Class M (2) -
Class T -
-
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 1,862
Class B 2,171
Class M (2) 1,081
Class T -
5,114
Net increase (decrease) in net assets 5,032
Net Assets:
Beginning of period -
End of period $5,032
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $4
IDEX Dean
Asset Allocation
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $616 $489
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (309) 1,854
Net unrealized appreciation (depreciation) during
the period (1,585) (467)
(1,278) 1,876
Distributions To Shareholders:
From net investment income:
Class A (278) (229)
Class B (181) (122)
Class M (2) (87) (71)
Class T - -
(546) (422)
From net realized gains:
Class A (762) (688)
Class B (741) (562)
Class M (2) (354) (302)
Class T - -
(1,857) (1,552)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A (1,838) 3,481
Class B (1,013) 4,970
Class M (2) (1,999) 2,289
Class T - -
(4,850) 10,740
Net increase (decrease) in net assets (8,531) 10,642
Net Assets:
Beginning of period 37,768 27,126
End of period $29,237 $37,768
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $180 $111
IDEX LKCM
Strategic Total Return
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $546 $455
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 1,606 463
Net unrealized appreciation (depreciation) during
the period 3,627 1,265
5,779 2,183
Distributions To Shareholders:
From net investment income:
Class A (420) (340)
Class B (71) (42)
Class M (2) (52) (42)
Class T - -
(543) (424)
From net realized gains:
Class A (415) (961)
Class B (133) (225)
Class M (2) (89) (199)
Class T - -
(637) (1,385)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 2,953 10,079
Class B 4,758 5,034
Class M (2) 1,138 2,675
Class T - -
8,849 17,788
Net increase (decrease) in net assets 13,448 18,162
Net Assets:
Beginning of period 48,821 30,659
End of period $62,269 $48,821
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $81 $141
IDEX JCC
Balanced
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $997 $239
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 2,824 228
Net unrealized appreciation (depreciation) during
the period 15,943 2,767
19,764 3,234
Distributions To Shareholders:
From net investment income:
Class A (474) (175)
Class B (227) (17)
Class M (2) (102) (12)
Class T - -
(803) (204)
From net realized gains:
Class A (129) (1,280)
Class B (88) (260)
Class M (2) (32) (158)
Class T - -
(249) (1,698)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 36,281 8,745
Class B 73,439 9,015
Class M (2) 26,464 3,158
Class T - -
136,184 20,918
Net increase (decrease) in net assets 154,896 22,250
Net Assets:
Beginning of period 39,808 17,558
End of period $194,704 $39,808
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $310 $56
IDEX JCC
Flexible Income
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $1,346 $1,044
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (301) 254
Net unrealized appreciation (depreciation) during
the period (799) (129)
246 1,169
Distributions To Shareholders:
From net investment income:
Class A (842) (920)
Class B (325) (66)
Class M (2) (158) (72)
Class T - -
(1,325) (1,058)
From net realized gains:
Class A - -
Class B - -
Class M (2) - -
Class T - -
- -
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 589 (676)
Class B 6,942 1,641
Class M (2) 1,731 1,282
Class T - -
9,262 2,247
Net increase (decrease) in net assets 8,183 2,358
Net Assets:
Beginning of period 19,564 17,206
End of period $27,747 $19,564
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $65 $42
IDEX AEGON
Income Plus
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $5,081 $4,651
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 466 1,445
Net unrealized appreciation (depreciation) during
the period (5,039) (3,738)
508 2,358
Distributions To Shareholders:
From net investment income:
Class A (4,250) (4,224)
Class B (580) (170)
Class M (2) (410) (274)
Class T - -
(5,240) (4,668)
From net realized gains:
Class A (1,219) (1,318)
Class B (128) (38)
Class M (2) (98) (77)
Class T - -
(1,445) (1,433)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 429 1,203
Class B 8,682 3,450
Class M (2) 1,985 845
Class T - -
11,096 5,498
Net increase (decrease) in net assets 4,919 1,755
Net Assets:
Beginning of period 72,608 70,853
End of period $77,527 $72,608
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $133 $293
IDEX AEGON
Tax Exempt
Increase (Decrease) In Net Assets From: 1999 1998
Operations:
Net investment income (loss) $940 $990
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 219 449
Net unrealized appreciation (depreciation) during
the period (2,796) 233
(1,637) 1,672
Distributions To Shareholders:
From net investment income:
Class A (844) (925)
Class B (34) (14)
Class M (2) (75) (40)
Class T - -
(953) (979)
From net realized gains:
Class A (365) (306)
Class B (15) (4)
Class M (2) (30) (12)
Class T - -
(410) (322)
Net Increase (Decrease) in
Net Assets from shares of
Beneficial Interest Transactions:
Class A 1,279 (1,369)
Class B 736 272
Class M (2) 853 682
Class T - -
2,868 (415)
Net increase (decrease) in net assets (132) (44)
Net Assets:
Beginning of period 24,574 24,618
End of period $24,442 $24,574
Undistributed Net Investment Income
(Loss) or (Distribution in
Excess of Net Investment Income): $38 $51
(1) From commencement of investment operations on March 1, 1999
through October 31, 1999.
(2) On March 1, 1999, the fund changed the load and expense structure
of C shares and renamed them M shares.
The notes to the financial statements are an integral part of these
statements.
FINANCIAL HIGHLIGHTS
For a share of beneficial interest outstanding throughout each period:
Invmnt Ops
Net Asset
Year or Value, Net
Period Beginning Investment
Ended of PeriodIncome (Loss)10
IDEX T. Rowe Price Small Cap
Class A 10/31/1999 (1) $10.00 $0.02
Class B 10/31/1999 (1) 10.00 (0.02)
Class M 10/31/1999 (1) 10.00 (0.01)
IDEX JCC Capital Appreciation
Class A 10/31/1999 16.97 0.05
10/31/1998 15.90 0.01
10/31/1997 15.49 0.04
10/31/1996 (3) 15.75 (0.02)
9/30/1996 (4) 13.54 (0.02)
9/30/1995 (5) 10.00 (0.03)
Class B 10/31/1999 16.72 (0.28)
10/31/1998 15.74 (0.08)
10/31/1997 15.42 (0.05)
10/31/1996 (3) 15.69 (0.03)
9/30/1996 13.49 (0.10)
Class M 10/31/1999 (2) 16.76 (0.23)
10/31/1998 15.77 (0.07)
10/31/1997 15.43 (0.03)
10/31/1996 (3) 15.70 (0.03)
9/30/1996 (4) 13.49 (0.08)
9/30/1995 (5) 10.00 (0.08)
IDEX Pilgrim Baxter Mid Cap Growth
Class A 10/31/1999 (1) 10.00 0.02
Class B 10/31/1999 (1) 10.00 (0.02)
Class M 10/31/1999 (1) 10.00 (0.01)
IDEX Alger Aggressive Growth
Class A 10/31/1999 22.24 0.17
10/31/1998 18.77 0.03
10/31/1997 15.70 0.05
10/31/1996 (3) 15.75 (0.01)
9/30/1996 (4) 17.68 (0.15)
9/30/1995 (5) 10.00 (0.14)
Class B 10/31/1999 21.93 (0.13)
10/31/1998 18.58 (0.09)
10/31/1997 15.58 (0.02)
10/31/1996 (3) 15.63 (0.01)
9/30/1996 (4) 17.64 (0.23)
Class M 10/31/1999 (2) 21.98 (0.09)
10/31/1998 18.61 (0.07)
10/31/1997 15.60 (0.01)
10/31/1996 (3) 15.65 (0.01)
9/30/1996 (4) 17.64 (0.21)
9/30/1995 (5) 10.00 (0.18)
IDEX GE/SE International Equity
Class A 10/31/1999 10.77 0.03
10/31/1998 (4) 10.57 0.07
10/31/1997 (6) 10.00 0.07
Class B 10/31/1999 10.71 (0.06)
10/31/1998 (4) 10.52 -
10/31/1997 (6) 10.00 0.02
Class M 10/31/1999 (2) 10.72 (0.04)
10/31/1998 (4) 10.53 0.01
10/31/1997 (6) 10.00 0.03
IDEX JCC Global
Class A 10/31/1999 (13) $24.09 $0.22
10/31/1998 (4) 23.74 0.08
10/31/1997 21.39 0.07
10/31/1996 (3) 21.40 (0.02)
9/30/1996 17.73 (0.09)
9/30/1995 15.93 (0.06)
Class B 10/31/1999 (13) 23.62 (0.13)
10/31/1998 (4) 23.38 (0.03)
10/31/1997 21.13 (0.03)
10/31/1996 (3) 21.14 (0.02)
9/30/1996 17.57 (0.19)
Class M 10/31/1999(2) (13) 23.56 (0.14)
10/31/1998 (4) 23.30 (0.01)
10/31/1997 21.03 (0.01)
10/31/1996 (3) 21.04 (0.02)
9/30/1996 17.46 (0.18)
9/30/1995 15.74 (0.14)
IDEX Salomon All Cap
Class A 10/31/1999 (1) 10.00 0.02
Class B 10/31/1999 (1) 10.00 (0.02)
Class M 10/31/1999 (1) 10.00 (0.01)
IDEX JCC Growth
Class A 10/31/1999 29.35 0.06
10/31/1998 25.04 (0.02)
10/31/1997 21.97 (0.02)
10/31/1996 (3) 22.21 -
9/30/1996 22.84 (0.11)
9/30/1995 16.78 (0.05)
Class B 10/31/1999 28.63 (0.56)
10/31/1998 24.55 (0.25)
10/31/1997 21.60 (0.14)
10/31/1996 (3) 21.85 (0.01)
9/30/1996 22.64 (0.27)
Class M 10/31/1999 (2) 28.74 (0.47)
10/31/1998 24.62 (0.21)
10/31/1997 21.65 (0.12)
10/31/1996 (3) 21.91 (0.02)
9/30/1996 22.64 (0.21)
9/30/1995 16.68 (0.15)
Class T 10/31/1999 29.74 0.40
10/31/1998 (4) 25.31 0.13
10/31/1997 22.17 0.05
10/31/1996 (3) 22.41 -
9/30/1996 (7) 22.23 -
IDEX Goldman Sachs Growth
Class A 10/31/1999 (1) 10.00 0.03
Class B 10/31/1999 (1) 10.00 (0.02)
Class M 10/31/1999 (1) 10.00 (0.01)
IDEX C.A.S.E. Growth
Class A 10/31/1999 $10.14 $0.06
10/31/1998 12.90 0.03
10/31/1997 (4) 10.56 (0.01)
10/31/1996 (3) 10.46 (0.07)
9/30/1996 (8) 10.00 0.61
Class B 10/31/1999 10.02 (0.03)
10/31/1998 12.85 (0.04)
10/31/1997 (4) 10.51 (0.07)
10/31/1996 (3) 10.41 (0.07)
9/30/1996 (8) 10.00 0.56
Class M 10/31/1999 (2) 10.04 (0.02)
10/31/1998 12.86 (0.03)
10/31/1997 (4) 10.52 (0.06)
10/31/1996 (3) 10.42 (0.07)
9/30/1996 (8) 10.00 0.57
IDEX NWQ Value Equity
Class A 10/31/1999 (4) 11.09 0.05
10/31/1998 11.71 0.03
10/31/1997 (6) 10.00 0.02
Class B 10/31/1999 (4) 10.98 (0.03)
10/31/1998 11.67 (0.04)
10/31/1997 (6) 10.00 (0.02)
Class M 10/31/1999 (2) (4) 11.00 (0.02)
10/31/1998 11.67 (0.02)
10/31/1997 (6) 10.00 (0.02)
IDEX T. Rowe Price Dividend Growth
Class A 10/31/1999 (1) 10.00 0.06
Class B 10/31/1999 (1) 10.00 0.01
Class M 10/31/1999 (1) 10.00 0.02
IDEX Dean Asset Allocation
Class A 10/31/1999 (4) 13.14 0.27
10/31/1998 13.19 0.22
10/31/1997 11.19 0.19
10/31/1996 (3) 11.03 0.02
9/30/1996 10.00 0.08
Class B 10/31/1999 (4) 13.13 0.19
10/31/1998 13.18 0.14
10/31/1997 11.18 0.11
10/31/1996 (3) 11.02 0.02
9/30/1996 10.00 -
Class M 10/31/1999 (2) (4) 13.13 0.20
10/31/1998 13.18 0.15
10/31/1997 11.18 0.12
10/31/1996 (3) 11.03 0.01
9/30/1996 10.00 0.02
IDEX LKCM Strategic Total Return
Class A 10/31/1999 $16.18 $0.20
10/31/1998 15.91 0.21
10/31/1997 13.43 0.20
10/31/1996 (3) 13.27 0.01
9/30/1996 11.74 0.20
9/30/1995 (5) 10.00 0.09
Class B 10/31/1999 16.17 0.09
10/31/1998 15.89 0.11
10/31/1997 13.42 0.10
10/31/1996 (3) 13.27 -
9/30/1996 11.73 0.13
Class M 10/31/1999 (2) 16.17 0.11
10/31/1998 15.90 0.12
10/31/1997 13.42 0.12
10/31/1996 (3) 13.27 -
9/30/1996 11.73 0.15
9/30/1995 (5) 10.00 0.03
IDEX JCC Balanced
Class A 10/31/1999 14.75 0.19
10/31/1998 14.34 0.15
10/31/1997 13.58 0.19
10/31/1996 (3) 13.47 0.01
9/30/1996 11.47 0.24
9/30/1995 (5) 10.00 0.05
Class B 10/31/1999 14.74 0.08
10/31/1998 14.33 0.06
10/31/1997 13.56 0.12
10/31/1996 (3) 13.46 -
9/30/1996 11.47 0.15
Class M 10/31/1999 (2) 14.74 0.10
10/31/1998 14.33 0.07
10/31/1997 13.57 0.12
10/31/1996 (3) 13.46 0.01
9/30/1996 11.47 0.16
9/30/1995 (5) 10.00 0.01
IDEX JCC Flexible Income
Class A 10/31/1999 9.84 0.54
10/31/1998 9.75 0.61
10/31/1997 9.33 0.61
10/31/1996 (3) 9.19 0.05
9/30/1996 9.17 0.60
9/30/1995 8.83 0.61
Class B 10/31/1999 9.83 0.49
10/31/1998 9.75 0.54
10/31/1997 9.32 0.56
10/31/1996 (3) 9.18 0.05
9/30/1996 9.17 0.53
Class M 10/31/1999 (2) 9.84 0.49
10/31/1998 9.75 0.56
10/31/1997 9.32 0.57
10/31/1996 (3) 9.18 0.05
9/30/1996 9.17 0.54
9/30/1995 8.83 0.56
IDEX AEGON Income Plus
Class A 10/31/1999 $10.43 $0.65
10/31/1998 10.96 0.69
10/31/1997 10.61 0.76
10/31/1996 (3) 10.41 0.04
9/30/1996 10.36 0.72
9/30/1995 9.75 0.75
Class B 10/31/1999 10.42 0.59
10/31/1998 10.96 0.61
10/31/1997 10.61 0.69
10/31/1996 (3) 10.40 0.05
9/30/1996 10.35 0.65
Class M 10/31/1999 (2) 10.42 0.60
10/31/1998 10.96 0.62
10/31/1997 10.61 0.70
10/31/1996 (3) 10.40 0.05
9/30/1996 10.35 0.66
9/30/1995 9.74 0.69
IDEX AEGON Tax Exempt
Class A 10/31/1999 11.94 0.44
10/31/1998 11.75 0.48
10/31/1997 11.40 0.53
10/31/1996 (3) 11.36 0.05
9/30/1996 11.34 0.55
9/30/1995 11.10 0.55
Class B 10/31/1999 11.94 0.35
10/31/1998 11.74 0.41
10/31/1997 11.40 0.44
10/31/1996 (3) 11.36 0.04
9/30/1996 11.34 0.48
Class M 10/31/1999 (2) 11.94 0.39
10/31/1998 11.75 0.45
10/31/1997 11.40 0.50
10/31/1996 (3) 11.36 0.04
9/30/1996 11.34 0.52
9/30/1995 11.10 0.52
Investment Operations
Year or Net Realized
Period and Unrealized Total
Ended Gain (Loss) Operations
IDEX T. Rowe Price Small Cap
Class A 10/31/1999 (1) $0.99 $1.01
Class B 10/31/1999 (1) 0.99 0.97
Class M 10/31/1999 (1) 0.99 0.98
IDEX JCC Capital Appreciation
Class A 10/31/1999 15.88 15.93
10/31/1998 1.51 1.52
10/31/1997 0.58 0.62
10/31/1996 (3) (0.24) (0.26)
9/30/1996 (4) 3.12 3.10
9/30/1995 (5) 3.57 3.54
Class B 10/31/1999 15.88 15.60
10/31/1998 1.51 1.43
10/31/1997 0.58 0.53
10/31/1996 (3) (0.24) (0.27)
9/30/1996 3.12 3.02
Class M 10/31/1999 (2) 15.88 15.65
10/31/1998 1.51 1.44
10/31/1997 0.58 0.55
10/31/1996 (3) (0.24) (0.27)
9/30/1996 (4) 3.12 3.04
9/30/1995 (5) 3.57 3.49
IDEX Pilgrim Baxter Mid Cap Growth
Class A 10/31/1999 (1) 4.78 4.80
Class B 10/31/1999 (1) 4.78 4.76
Class M 10/31/1999 (1) 4.78 4.77
IDEX Alger Aggressive Growth
Class A 10/31/1999 11.82 11.99
10/31/1998 4.02 4.05
10/31/1997 3.69 3.74
10/31/1996 (3) (0.04) (0.05)
9/30/1996 (4) (0.76) (0.91)
9/30/1995 (5) 7.82 7.68
Class B 10/31/1999 11.82 11.69
10/31/1998 4.02 3.93
10/31/1997 3.69 3.67
10/31/1996 (3) (0.04) (0.05)
9/30/1996 (4) (0.76) (0.99)
Class M 10/31/1999 (2) 11.82 11.73
10/31/1998 4.02 3.95
10/31/1997 3.69 3.68
10/31/1996 (3) (0.04) (0.05)
9/30/1996 (4) (0.76) (0.97)
9/30/1995 (5) 7.82 7.64
IDEX GE/SE International Equity
Class A 10/31/1999 2.05 2.08
10/31/1998 (4) 0.20 0.27
10/31/1997 (6) 0.50 0.57
Class B 10/31/1999 2.05 1.99
10/31/1998 (4) 0.20 0.20
10/31/1997 (6) 0.50 0.52
Class M 10/31/1999 (2) 2.05 2.01
10/31/1998 (4) 0.20 0.21
10/31/1997 (6) 0.50 0.53
IDEX JCC Global
Class A 10/31/1999 (13) $9.49 $9.71
10/31/1998 (4) 2.34 2.42
10/31/1997 4.38 4.45
10/31/1996 (3) 0.01 (0.01)
9/30/1996 4.38 4.29
9/30/1995 2.42 2.36
Class B 10/31/1999 (13) 9.49 9.36
10/31/1998 (4) 2.34 2.31
10/31/1997 4.38 4.35
10/31/1996 (3) 0.01 (0.01)
9/30/1996 4.38 4.19
Class M 10/31/1999(2) (13) 9.49 9.35
10/31/1998 (4) 2.34 2.33
10/31/1997 4.38 4.37
10/31/1996 (3) 0.01 (0.01)
9/30/1996 4.38 4.20
9/30/1995 2.42 2.28
IDEX Salomon All Cap
Class A 10/31/1999 (1) 1.68 1.70
Class B 10/31/1999 (1) 1.68 1.66
Class M 10/31/1999 (1) 1.68 1.67
IDEX JCC Growth
Class A 10/31/1999 17.70 17.76
10/31/1998 7.64 7.62
10/31/1997 3.56 3.54
10/31/1996 (3) (0.24) (0.24)
9/30/1996 4.66 4.55
9/30/1995 6.18 6.13
Class B 10/31/1999 17.70 17.14
10/31/1998 7.64 7.39
10/31/1997 3.56 3.42
10/31/1996 (3) (0.24) (0.25)
9/30/1996 4.66 4.39
Class M 10/31/1999 (2) 17.70 17.23
10/31/1998 7.64 7.43
10/31/1997 3.56 3.44
10/31/1996 (3) (0.24) (0.26)
9/30/1996 4.66 4.45
9/30/1995 6.18 6.03
Class T 10/31/1999 17.70 18.10
10/31/1998 (4) 7.64 7.77
10/31/1997 3.56 3.61
10/31/1996 (3) (0.24) (0.24)
9/30/1996 (7) 0.18 0.18
IDEX Goldman Sachs Growth
Class A 10/31/1999 (1) 1.37 1.40
Class B 10/31/1999 (1) 1.37 1.35
Class M 10/31/1999 (1) 1.37 1.36
IDEX C.A.S.E. Growth
Class A 10/31/1999 $2.78 $2.84
10/31/1998 (1.84) (1.81)
10/31/1997 (4) 2.86 2.85
10/31/1996 (3) 0.17 0.10
9/30/1996 (8) (0.15) 0.46
Class B 10/31/1999 2.78 2.75
10/31/1998 (1.84) (1.88)
10/31/1997 (4) 2.86 2.79
10/31/1996 (3) 0.17 0.10
9/30/1996 (8) (0.15) 0.41
Class M 10/31/1999 (2) 2.78 2.76
10/31/1998 (1.84) (1.87)
10/31/1997 (4) 2.86 2.80
10/31/1996 (3) 0.17 0.10
9/30/1996 (8) (0.15) 0.42
IDEX NWQ Value Equity
Class A 10/31/1999 (4) 0.41 0.46
10/31/1998 (0.61) (0.58)
10/31/1997 (6) 1.69 1.71
Class B 10/31/1999 (4) 0.41 0.38
10/31/1998 (0.61) (0.65)
10/31/1997 (6) 1.69 1.67
Class M 10/31/1999 (2) (4) 0.41 0.39
10/31/1998 (0.61) (0.63)
10/31/1997 (6) 1.69 1.67
IDEX T. Rowe Price Dividend Growth
Class A 10/31/1999 (1) 0.18 0.24
Class B 10/31/1999 (1) 0.18 0.19
Class M 10/31/1999 (1) 0.18 0.20
IDEX Dean Asset Allocation
Class A 10/31/1999 (4) (0.73) (0.46)
10/31/1998 0.67 0.89
10/31/1997 2.02 2.21
10/31/1996 (3) 0.14 0.16
9/30/1996 1.03 1.11
Class B 10/31/1999 (4) (0.73) (0.54)
10/31/1998 0.67 0.81
10/31/1997 2.02 2.13
10/31/1996 (3) 0.14 0.16
9/30/1996 1.03 1.03
Class M 10/31/1999 (2) (4) (0.73) (0.53)
10/31/1998 0.67 0.82
10/31/1997 2.02 2.14
10/31/1996 (3) 0.14 0.15
9/30/1996 1.03 1.05
IDEX LKCM Strategic Total Return
Class A 10/31/1999 $1.65 $1.85
10/31/1998 0.94 1.15
10/31/1997 2.79 2.99
10/31/1996 (3) 0.15 0.16
9/30/1996 1.65 1.85
9/30/1995 (5) 1.75 1.84
Class B 10/31/1999 1.65 1.74
10/31/1998 0.94 1.05
10/31/1997 2.79 2.89
10/31/1996 (3) 0.15 0.15
9/30/1996 1.65 1.78
Class M 10/31/1999 (2) 1.65 1.76
10/31/1998 0.94 1.06
10/31/1997 2.79 2.91
10/31/1996 (3) 0.15 0.15
9/30/1996 1.65 1.80
9/30/1995 (5) 1.75 1.78
IDEX JCC Balanced
Class A 10/31/1999 4.27 4.46
10/31/1998 1.76 1.91
10/31/1997 2.52 2.71
10/31/1996 (3) 0.10 0.11
9/30/1996 2.25 2.49
9/30/1995 (5) 1.47 1.52
Class B 10/31/1999 4.27 4.35
10/31/1998 1.76 1.82
10/31/1997 2.52 2.64
10/31/1996 (3) 0.10 0.10
9/30/1996 2.25 2.40
Class M 10/31/1999 (2) 4.27 4.37
10/31/1998 1.76 1.83
10/31/1997 2.52 2.64
10/31/1996 (3) 0.10 0.11
9/30/1996 2.25 2.41
9/30/1995 (5) 1.47 1.48
IDEX JCC Flexible Income
Class A 10/31/1999 (0.38) 0.16
10/31/1998 0.10 0.71
10/31/1997 0.42 1.03
10/31/1996 (3) 0.14 0.19
9/30/1996 - 0.60
9/30/1995 0.37 0.98
Class B 10/31/1999 (0.38) 0.11
10/31/1998 0.10 0.64
10/31/1997 0.42 0.98
10/31/1996 (3) 0.14 0.19
9/30/1996 - 0.53
Class M 10/31/1999 (2) (0.38) 0.11
10/31/1998 0.10 0.66
10/31/1997 0.42 0.99
10/31/1996 (3) 0.14 0.19
9/30/1996 - 0.54
9/30/1995 0.37 0.93
IDEX AEGON Income Plus
Class A 10/31/1999 $(0.54) $0.11
10/31/1998 (0.30) 0.39
10/31/1997 0.44 1.20
10/31/1996 (3) 0.22 0.26
9/30/1996 0.04 0.76
9/30/1995 0.71 1.46
Class B 10/31/1999 (0.54) 0.05
10/31/1998 (0.30) 0.31
10/31/1997 0.44 1.13
10/31/1996 (3) 0.22 0.27
9/30/1996 0.04 0.69
Class M 10/31/1999 (2) (0.54) 0.06
10/31/1998 (0.30) 0.32
10/31/1997 0.44 1.14
10/31/1996 (3) 0.22 0.27
9/30/1996 0.04 0.70
9/30/1995 0.71 1.40
IDEX AEGON Tax Exempt
Class A 10/31/1999 (1.14) (0.70)
10/31/1998 0.34 0.82
10/31/1997 0.43 0.96
10/31/1996 (3) 0.04 0.09
9/30/1996 0.10 0.65
9/30/1995 0.29 0.84
Class B 10/31/1999 (1.14) (0.79)
10/31/1998 0.34 0.75
10/31/1997 0.43 0.87
10/31/1996 (3) 0.04 0.08
9/30/1996 0.10 0.58
Class M 10/31/1999 (2) (1.14) (0.75)
10/31/1998 0.34 0.79
10/31/1997 0.43 0.93
10/31/1996 (3) 0.04 0.08
9/30/1996 0.10 0.62
9/30/1995 0.29 0.81
Distributions
Year or From Net From Net
Period Investment Realized
Ended IncomeCapital Gains
IDEX T. Rowe Price Small Cap
Class A 10/31/1999 (1) $- $-
Class B 10/31/1999 (1) - -
Class M 10/31/1999 (1) - -
IDEX JCC Capital Appreciation
Class A 10/31/1999 - (1.81)
10/31/1998 - (0.45)
10/31/1997 - (0.21)
10/31/1996 (3) - -
9/30/1996 (4) (0.07) (0.82)
9/30/1995 (5) - -
Class B 10/31/1999 - (1.81)
10/31/1998 - (0.45)
10/31/1997 - (0.21)
10/31/1996 (3) - -
9/30/1996 - (0.82)
Class M 10/31/1999 (2) - (1.81)
10/31/1998 - (0.45)
10/31/1997 - (0.21)
10/31/1996 (3) - -
9/30/1996 (4) (0.01) (0.82)
9/30/1995 (5) - -
IDEX Pilgrim Baxter Mid Cap Growth
Class A 10/31/1999 (1) - -
Class B 10/31/1999 (1) - -
Class M 10/31/1999 (1) - -
IDEX Alger Aggressive Growth
Class A 10/31/1999 - (1.18)
10/31/1998 - (0.58)
10/31/1997 - (0.67)
10/31/1996 (3) - -
9/30/1996 (4) - (1.02)
9/30/1995 (5) - -
Class B 10/31/1999 - (1.18)
10/31/1998 - (0.58)
10/31/1997 - (0.67)
10/31/1996 (3) - -
9/30/1996 (4) - (1.02)
Class M 10/31/1999 (2) - (1.18)
10/31/1998 - (0.58)
10/31/1997 - (0.67)
10/31/1996 (3) - -
9/30/1996 (4) - (1.02)
9/30/1995 (5) - -
IDEX GE/SE International Equity
Class A 10/31/1999 - -
10/31/1998 (4) (0.07) -
10/31/1997 (6) - -
Class B 10/31/1999 - -
10/31/1998 (4) (0.01) -
10/31/1997 (6) - -
Class M 10/31/1999 (2) - -
10/31/1998 (4) (0.02) -
10/31/1997 (6) - -
IDEX JCC Global
Class A 10/31/1999 (13) $- $-
10/31/1998 (4) - (2.07)
10/31/1997 - (2.10)
10/31/1996 (3) - -
9/30/1996 - (0.62)
9/30/1995 - (0.56)
Class B 10/31/1999 (13) - -
10/31/1998 (4) - (2.07)
10/31/1997 - (2.10)
10/31/1996 (3) - -
9/30/1996 - (0.62)
Class M 10/31/1999(2) (13) - -
10/31/1998 (4) - (2.07)
10/31/1997 - (2.10)
10/31/1996 (3) - -
9/30/1996 - (0.62)
9/30/1995 - (0.56)
IDEX Salomon All Cap
Class A 10/31/1999 (1) - -
Class B 10/31/1999 (1) - -
Class M 10/31/1999 (1) - -
IDEX JCC Growth
Class A 10/31/1999 - (0.39)
10/31/1998 - (3.31)
10/31/1997 - (0.47)
10/31/1996 (3) - -
9/30/1996 - (5.18)
9/30/1995 - (0.07)
Class B 10/31/1999 - (0.39)
10/31/1998 - (3.31)
10/31/1997 - (0.47)
10/31/1996 (3) - -
9/30/1996 - (5.18)
Class M 10/31/1999 (2) - (0.39)
10/31/1998 - (3.31)
10/31/1997 - (0.47)
10/31/1996 (3) - -
9/30/1996 - (5.18)
9/30/1995 - (0.07)
Class T 10/31/1999 - (0.39)
10/31/1998 (4) (0.03) (3.31)
10/31/1997 - (0.47)
10/31/1996 (3) - -
9/30/1996 (7) - -
IDEX Goldman Sachs Growth
Class A 10/31/1999 (1) - -
Class B 10/31/1999 (1) - -
Class M 10/31/1999 (1) - -
IDEX C.A.S.E. Growth
Class A 10/31/1999 $- $(0.84)
10/31/1998 - (0.95)
10/31/1997 (4) (0.51) -
10/31/1996 (3) - -
9/30/1996 (8) - -
Class B 10/31/1999 - (0.84)
10/31/1998 - (0.95)
10/31/1997 (4) (0.45) -
10/31/1996 (3) - -
9/30/1996 (8) - -
Class M 10/31/1999 (2) - (0.84)
10/31/1998 - (0.95)
10/31/1997 (4) (0.46) -
10/31/1996 (3) - -
9/30/1996 (8) - -
IDEX NWQ Value Equity
Class A 10/31/1999 (4) - (0.27)
10/31/1998 - (0.04)
10/31/1997 (6) - -
Class B 10/31/1999 (4) - (0.27)
10/31/1998 - (0.04)
10/31/1997 (6) - -
Class M 10/31/1999 (2) (4) - (0.27)
10/31/1998 - (0.04)
10/31/1997 (6) - -
IDEX T. Rowe Price Dividend Growth
Class A 10/31/1999 (1) (0.04) -
Class B 10/31/1999 (1) - -
Class M 10/31/1999 (1) (0.01) -
IDEX Dean Asset Allocation
Class A 10/31/1999 (4) (0.24) (0.65)
10/31/1998 (0.21) (0.73)
10/31/1997 (0.17) (0.04)
10/31/1996 (3) - -
9/30/1996 (0.08) -
Class B 10/31/1999 (4) (0.16) (0.65)
10/31/1998 (0.13) (0.73)
10/31/1997 (0.09) (0.04)
10/31/1996 (3) - -
9/30/1996 (0.01) -
Class M 10/31/1999 (2) (4) (0.17) (0.65)
10/31/1998 (0.14) (0.73)
10/31/1997 (0.10) (0.04)
10/31/1996 (3) - -
9/30/1996 (0.02) -
IDEX LKCM Strategic Total Return
Class A 10/31/1999 $(0.20) $(0.21)
10/31/1998 (0.21) (0.67)
10/31/1997 (0.19) (0.32)
10/31/1996 (3) - -
9/30/1996 (0.17) (0.15)
9/30/1995 (5) (0.10) -
Class B 10/31/1999 (0.10) (0.21)
10/31/1998 (0.10) (0.67)
10/31/1997 (0.10) (0.32)
10/31/1996 (3) - -
9/30/1996 (0.09) (0.15)
Class M 10/31/1999 (2) (0.11) (0.21)
10/31/1998 (0.12) (0.67)
10/31/1997 (0.11) (0.32)
10/31/1996 (3) - -
9/30/1996 (0.11) (0.15)
9/30/1995 (5) (0.05) -
IDEX JCC Balanced
Class A 10/31/1999 (0.17) (0.08)
10/31/1998 (0.15) (1.35)
10/31/1997 (0.20) (1.75)
10/31/1996 (3) - -
9/30/1996 (0.21) (0.28)
9/30/1995 (5) (0.05) -
Class B 10/31/1999 (0.06) (0.08)
10/31/1998 (0.06) (1.35)
10/31/1997 (0.12) (1.75)
10/31/1996 (3) - -
9/30/1996 (0.13) (0.28)
Class M 10/31/1999 (2) (0.08) (0.08)
10/31/1998 (0.07) (1.35)
10/31/1997 (0.13) (1.75)
10/31/1996 (3) - -
9/30/1996 (0.14) (0.28)
9/30/1995 (5) (0.01) -
IDEX JCC Flexible Income
Class A 10/31/1999 (0.54) -
10/31/1998 (0.62) -
10/31/1997 (0.61) -
10/31/1996 (3) (0.05) -
9/30/1996 (0.58) -
9/30/1995 (0.64) -
Class B 10/31/1999 (0.48) -
10/31/1998 (0.56) -
10/31/1997 (0.55) -
10/31/1996 (3) (0.05) -
9/30/1996 (0.52) -
Class M 10/31/1999 (2) (0.49) -
10/31/1998 (0.57) -
10/31/1997 (0.56) -
10/31/1996 (3) (0.05) -
9/30/1996 (0.53) -
9/30/1995 (0.59) -
IDEX AEGON Income Plus
Class A 10/31/1999 $(0.67) $(0.20)
10/31/1998 (0.70) (0.22)
10/31/1997 (0.75) (0.10)
10/31/1996 (3) (0.06) -
9/30/1996 (0.71) -
9/30/1995 (0.75) (0.10)
Class B 10/31/1999 (0.60) (0.20)
10/31/1998 (0.63) (0.22)
10/31/1997 (0.68) (0.10)
10/31/1996 (3) (0.06) -
9/30/1996 (0.64) -
Class M 10/31/1999 (2) (0.61) (0.20)
10/31/1998 (0.64) (0.22)
10/31/1997 (0.69) (0.10)
10/31/1996 (3) (0.06) -
9/30/1996 (0.65) -
9/30/1995 (0.69) (0.10)
IDEX AEGON Tax Exempt
Class A 10/31/1999 (0.44) (0.20)
10/31/1998 (0.48) (0.15)
10/31/1997 (0.53) (0.08)
10/31/1996 (3) (0.05) -
9/30/1996 (0.56) (0.07)
9/30/1995 (0.56) (0.04)
Class B 10/31/1999 (0.36) (0.20)
10/31/1998 (0.40) (0.15)
10/31/1997 (0.45) (0.08)
10/31/1996 (3) (0.04) -
9/30/1996 (0.49) (0.07)
Class M 10/31/1999 (2) (0.40) (0.20)
10/31/1998 (0.45) (0.15)
10/31/1997 (0.50) (0.08)
10/31/1996 (3) (0.04) -
9/30/1996 (0.53) (0.07)
9/30/1995 (0.53) (0.04)
Distributions
Net Asset
Year or Value,
Period Total End
Ended Distributions of Period
IDEX T. Rowe Price Small Cap
Class A 10/31/1999 (1) $- $11.01
Class B 10/31/1999 (1) - 10.97
Class M 10/31/1999 (1) - 10.98
IDEX JCC Capital Appreciation
Class A 10/31/1999 (1.81) 31.09
10/31/1998 (0.45) 16.97
10/31/1997 (0.21) 15.90
10/31/1996 (3) - 15.49
9/30/1996 (4) (0.89) 15.75
9/30/1995 (5) - 13.54
Class B 10/31/1999 (1.81) 30.51
10/31/1998 (0.45) 16.72
10/31/1997 (0.21) 15.74
10/31/1996 (3) - 15.42
9/30/1996 (0.82) 15.69
Class M 10/31/1999 (2) (1.81) 30.60
10/31/1998 (0.45) 16.76
10/31/1997 (0.21) 15.77
10/31/1996 (3) - 15.43
9/30/1996 (4) (0.83) 15.70
9/30/1995 (5) - 13.49
IDEX Pilgrim Baxter Mid Cap Growth
Class A 10/31/1999 (1) - 14.80
Class B 10/31/1999 (1) - 14.76
Class M 10/31/1999 (1) - 14.77
IDEX Alger Aggressive Growth
Class A 10/31/1999 (1.18) 33.05
10/31/1998 (0.58) 22.24
10/31/1997 (0.67) 18.77
10/31/1996 (3) - 15.70
9/30/1996 (4) (1.02) 15.75
9/30/1995 (5) - 17.68
Class B 10/31/1999 (1.18) 32.44
10/31/1998 (0.58) 21.93
10/31/1997 (0.67) 18.58
10/31/1996 (3) - 15.58
9/30/1996 (4) (1.02) 15.63
Class M 10/31/1999 (2) (1.18) 32.53
10/31/1998 (0.58) 21.98
10/31/1997 (0.67) 18.61
10/31/1996 (3) - 15.60
9/30/1996 (4) (1.02) 15.65
9/30/1995 (5) - 17.64
IDEX GE/SE International Equity
Class A 10/31/1999 - 12.85
10/31/1998 (4) (0.07) 10.77
10/31/1997 (6) - 10.57
Class B 10/31/1999 - 12.70
10/31/1998 (4) (0.01) 10.71
10/31/1997 (6) - 10.52
Class M 10/31/1999 (2) - 12.73
10/31/1998 (4) (0.02) 10.72
10/31/1997 (6) - 10.53
IDEX JCC Global
Class A 10/31/1999 (13) $- $33.80
10/31/1998 (4) (2.07) 24.09
10/31/1997 (2.10) 23.74
10/31/1996 (3) - 21.39
9/30/1996 (0.62) 21.40
9/30/1995 (0.56) 17.73
Class B 10/31/1999 (13) - 32.98
10/31/1998 (4) (2.07) 23.62
10/31/1997 (2.10) 23.38
10/31/1996 (3) - 21.13
9/30/1996 (0.62) 21.14
Class M 10/31/1999(2) (13) - 32.91
10/31/1998 (4) (2.07) 23.56
10/31/1997 (2.10) 23.30
10/31/1996 (3) - 21.03
9/30/1996 (0.62) 21.04
9/30/1995 (0.56) 17.46
IDEX Salomon All Cap
Class A 10/31/1999 (1) - 11.70
Class B 10/31/1999 (1) - 11.66
Class M 10/31/1999 (1) - 11.67
IDEX JCC Growth
Class A 10/31/1999 (0.39) 46.72
10/31/1998 (3.31) 29.35
10/31/1997 (0.47) 25.04
10/31/1996 (3) - 21.97
9/30/1996 (5.18) 22.21
9/30/1995 (0.07) 22.84
Class B 10/31/1999 (0.39) 45.38
10/31/1998 (3.31) 28.63
10/31/1997 (0.47) 24.55
10/31/1996 (3) - 21.60
9/30/1996 (5.18) 21.85
Class M 10/31/1999 (2) (0.39) 45.58
10/31/1998 (3.31) 28.74
10/31/1997 (0.47) 24.62
10/31/1996 (3) - 21.65
9/30/1996 (5.18) 21.91
9/30/1995 (0.07) 22.64
Class T 10/31/1999 (0.39) 47.45
10/31/1998 (4) (3.34) 29.74
10/31/1997 (0.47) 25.31
10/31/1996 (3) - 22.17
9/30/1996 (7) - 22.41
IDEX Goldman Sachs Growth
Class A 10/31/1999 (1) - 11.40
Class B 10/31/1999 (1) - 11.35
Class M 10/31/1999 (1) - 11.36
IDEX C.A.S.E. Growth
Class A 10/31/1999 $(0.84) $12.14
10/31/1998 (0.95) 10.14
10/31/1997 (4) (0.51) 12.90
10/31/1996 (3) - 10.56
9/30/1996 (8) - 10.46
Class B 10/31/1999 (0.84) 11.93
10/31/1998 (0.95) 10.02
10/31/1997 (4) (0.45) 12.85
10/31/1996 (3) - 10.51
9/30/1996 (8) - 10.41
Class M 10/31/1999 (2) (0.84) 11.96
10/31/1998 (0.95) 10.04
10/31/1997 (4) (0.46) 12.86
10/31/1996 (3) - 10.52
9/30/1996 (8) - 10.42
IDEX NWQ Value Equity
Class A 10/31/1999 (4) (0.27) 11.28
10/31/1998 (0.04) 11.09
10/31/1997 (6) - 11.71
Class B 10/31/1999 (4) (0.27) 11.09
10/31/1998 (0.04) 10.98
10/31/1997 (6) - 11.67
Class M 10/31/1999 (2) (4) (0.27) 11.12
10/31/1998 (0.04) 11.00
10/31/1997 (6) - 11.67
IDEX T. Rowe Price Dividend Growth
Class A 10/31/1999 (1) (0.04) 10.20
Class B 10/31/1999 (1) - 10.19
Class M 10/31/1999 (1) (0.01) 10.19
IDEX Dean Asset Allocation
Class A 10/31/1999 (4) (0.89) 11.79
10/31/1998 (0.94) 13.14
10/31/1997 (0.21) 13.19
10/31/1996 (3) - 11.19
9/30/1996 (0.08) 11.03
Class B 10/31/1999 (4) (0.81) 11.78
10/31/1998 (0.86) 13.13
10/31/1997 (0.13) 13.18
10/31/1996 (3) - 11.18
9/30/1996 (0.01) 11.02
Class M 10/31/1999 (2) (4) (0.82) 11.78
10/31/1998 (0.87) 13.13
10/31/1997 (0.14) 13.18
10/31/1996 (3) - 11.18
9/30/1996 (0.02) 11.03
IDEX LKCM Strategic Total Return
Class A 10/31/1999 $(0.41) $17.62
10/31/1998 (0.88) 16.18
10/31/1997 (0.51) 15.91
10/31/1996 (3) - 13.43
9/30/1996 (0.32) 13.27
9/30/1995 (5) (0.10) 11.74
Class B 10/31/1999 (0.31) 17.60
10/31/1998 (0.77) 16.17
10/31/1997 (0.42) 15.89
10/31/1996 (3) - 13.42
9/30/1996 (0.24) 13.27
Class M 10/31/1999 (2) (0.32) 17.61
10/31/1998 (0.79) 16.17
10/31/1997 (0.43) 15.90
10/31/1996 (3) - 13.42
9/30/1996 (0.26) 13.27
9/30/1995 (5) (0.05) 11.73
IDEX JCC Balanced
Class A 10/31/1999 (0.25) 18.96
10/31/1998 (1.50) 14.75
10/31/1997 (1.95) 14.34
10/31/1996 (3) - 13.58
9/30/1996 (0.49) 13.47
9/30/1995 (5) (0.05) 11.47
Class B 10/31/1999 (0.14) 18.95
10/31/1998 (1.41) 14.74
10/31/1997 (1.87) 14.33
10/31/1996 (3) - 13.56
9/30/1996 (0.41) 13.46
Class M 10/31/1999 (2) (0.16) 18.95
10/31/1998 (1.42) 14.74
10/31/1997 (1.88) 14.33
10/31/1996 (3) - 13.57
9/30/1996 (0.42) 13.46
9/30/1995 (5) (0.01) 11.47
IDEX JCC Flexible Income
Class A 10/31/1999 (0.54) 9.46
10/31/1998 (0.62) 9.84
10/31/1997 (0.61) 9.75
10/31/1996 (3) (0.05) 9.33
9/30/1996 (0.58) 9.19
9/30/1995 (0.64) 9.17
Class B 10/31/1999 (0.48) 9.46
10/31/1998 (0.56) 9.83
10/31/1997 (0.55) 9.75
10/31/1996 (3) (0.05) 9.32
9/30/1996 (0.52) 9.18
Class M 10/31/1999 (2) (0.49) 9.46
10/31/1998 (0.57) 9.84
10/31/1997 (0.56) 9.75
10/31/1996 (3) (0.05) 9.32
9/30/1996 (0.53) 9.18
9/30/1995 (0.59) 9.17
IDEX AEGON Income Plus
Class A 10/31/1999 $(0.87) $9.67
10/31/1998 (0.92) 10.43
10/31/1997 (0.85) 10.96
10/31/1996 (3) (0.06) 10.61
9/30/1996 (0.71) 10.41
9/30/1995 (0.85) 10.36
Class B 10/31/1999 (0.80) 9.67
10/31/1998 (0.85) 10.42
10/31/1997 (0.78) 10.96
10/31/1996 (3) (0.06) 10.61
9/30/1996 (0.64) 10.40
Class M 10/31/1999 (2) (0.81) 9.67
10/31/1998 (0.86) 10.42
10/31/1997 (0.79) 10.96
10/31/1996 (3) (0.06) 10.61
9/30/1996 (0.65) 10.40
9/30/1995 (0.79) 10.35
IDEX AEGON Tax Exempt
Class A 10/31/1999 (0.64) 10.60
10/31/1998 (0.63) 11.94
10/31/1997 (0.61) 11.75
10/31/1996 (3) (0.05) 11.40
9/30/1996 (0.63) 11.36
9/30/1995 (0.60) 11.34
Class B 10/31/1999 (0.56) 10.59
10/31/1998 (0.55) 11.94
10/31/1997 (0.53) 11.74
10/31/1996 (3) (0.04) 11.40
9/30/1996 (0.56) 11.36
Class M 10/31/1999 (2) (0.60) 10.59
10/31/1998 (0.60) 11.94
10/31/1997 (0.58) 11.75
10/31/1996 (3) (0.04) 11.40
9/30/1996 (0.60) 11.36
9/30/1995 (0.57) 11.34
Net Assets,
Year or End of
Period Total Period
Ended Return (9) (000's)
IDEX T. Rowe Price Small Cap
Class A 10/31/1999 (1) 10.13% $1,272
Class B 10/31/1999 (1) 9.70 1,135
Class M 10/31/1999 (1) 9.77 685
IDEX JCC Capital Appreciation
Class A 10/31/1999 102.19 74,614
10/31/1998 9.87 23,798
10/31/1997 4.09 20,605
10/31/1996 (3) (1.59) 19,350
9/30/1996 (4) 24.35 18,713
9/30/1995 (5) 35.40 6,241
Class B 10/31/1999 101.72 36,467
10/31/1998 9.35 3,734
10/31/1997 3.56 2,866
10/31/1996 (3) (1.66) 2,132
9/30/1996 23.63 2,022
Class M 10/31/1999 (2) 101.79 10,062
10/31/1998 9.43 1,382
10/31/1997 3.64 1,751
10/31/1996 (3) (1.66) 2,243
9/30/1996 (4) 23.81 2,369
9/30/1995 (5) 34.90 2,565
IDEX Pilgrim Baxter Mid Cap Growth
Class A 10/31/1999 (1) 48.06 2,571
Class B 10/31/1999 (1) 47.63 2,875
Class M 10/31/1999 (1) 47.70 1,016
IDEX Alger Aggressive Growth
Class A 10/31/1999 55.49 100,078
10/31/1998 22.48 46,413
10/31/1997 24.71 31,260
10/31/1996 (3) (0.32) 21,938
9/30/1996 (4) (4.91) 22,078
9/30/1995 (5) 76.80 16,747
Class B 10/31/1999 54.88 47,399
10/31/1998 22.04 10,564
10/31/1997 24.47 4,880
10/31/1996 (3) (0.32) 1,992
9/30/1996 (4) (5.33) 1,800
Class M 10/31/1999 (2) 54.97 18,538
10/31/1998 22.11 5,573
10/31/1997 24.50 3,468
10/31/1996 (3) (0.32) 2,129
9/30/1996 (4) (5.22) 2,250
9/30/1995 (5) 76.40 1,736
IDEX GE/SE International Equity
Class A 10/31/1999 19.12 4,902
10/31/1998 (4) 2.58 4,981
10/31/1997 (6) 5.70 3,076
Class B 10/31/1999 18.45 1,527
10/31/1998 (4) 1.89 1,198
10/31/1997 (6) 5.20 589
Class M 10/31/1999 (2) 18.55 480
10/31/1998 (4) 1.99 397
10/31/1997 (6) 5.30 399
IDEX JCC Global
Class A 10/31/1999 (13) 40.31% $487,787
10/31/1998 (4) 11.30 296,450
10/31/1997 22.72 218,681
10/31/1996 (3) (0.05) 135,837
9/30/1996 25.04 131,347
9/30/1995 15.47 89,397
Class B 10/31/1999 (13) 39.62 283,847
10/31/1998 (4) 10.93 110,630
10/31/1997 22.53 43,951
10/31/1996 (3) (0.05) 5,966
9/30/1996 24.70 5,000
Class M 10/31/1999(2) (13) 39.73 155,147
10/31/1998 (4) 11.08 63,552
10/31/1997 22.72 27,210
10/31/1996 (3) (0.05) 8,624
9/30/1996 24.91 8,081
9/30/1995 15.14 3,567
IDEX Salomon All Cap
Class A 10/31/1999 (1) 17.03 1,880
Class B 10/31/1999 (1) 16.60 1,571
Class M 10/31/1999 (1) 16.67 728
IDEX JCC Growth
Class A 10/31/1999 61.00 1,467,595
10/31/1998 35.21 817,749
10/31/1997 16.40 614,544
10/31/1996 (3) (1.09) 565,032
9/30/1996 22.41 567,564
9/30/1995 36.70 485,935
Class B 10/31/1999 60.36 327,926
10/31/1998 34.96 40,809
10/31/1997 16.11 13,046
10/31/1996 (3) (1.14) 5,242
9/30/1996 21.87 4,536
Class M 10/31/1999 (2) 60.45 141,586
10/31/1998 35.00 58,265
10/31/1997 16.19 14,295
10/31/1996 (3) (1.19) 11,016
9/30/1996 22.15 11,167
9/30/1995 36.32 5,593
Class T 10/31/1999 61.34 1,166,965
10/31/1998 (4) 35.53 755,770
10/31/1997 16.54 603,129
10/31/1996 (3) (1.03) 573,884
9/30/1996 (7) 0.81 585,505
IDEX Goldman Sachs Growth
Class A 10/31/1999 (1) 13.97 1,978
Class B 10/31/1999 (1) 13.54 2,261
Class M 10/31/1999 (1) 13.61 748
IDEX C.A.S.E. Growth
Class A 10/31/1999 30.07% $4,537
10/31/1998 (14.83) 4,284
10/31/1997 (4) 28.31 3,920
10/31/1996 (3) 0.96 1,675
9/30/1996 (8) 4.60 1,455
Class B 10/31/1999 29.45 3,868
10/31/1998 (15.40) 2,460
10/31/1997 (4) 27.62 2,436
10/31/1996 (3) 0.96 1,159
9/30/1996 (8) 4.10 1,100
Class M 10/31/1999 (2) 29.54 1,338
10/31/1998 (15.31) 879
10/31/1997 (4) 27.73 2,028
10/31/1996 (3) 0.96 687
9/30/1996 (8) 4.20 613
IDEX NWQ Value Equity
Class A 10/31/1999 (4) 4.34 7,972
10/31/1998 (4.96) 8,035
10/31/1997 (6) 17.14 5,305
Class B 10/31/1999 (4) 3.68 7,311
10/31/1998 (5.55) 5,020
10/31/1997 (6) 16.65 2,850
Class M 10/31/1999 (2) (4) 3.79 2,204
10/31/1998 (5.46) 2,013
10/31/1997 (6) 16.73 1,607
IDEX T. Rowe Price Dividend Growth
Class A 10/31/1999 (1) 2.40 1,840
Class B 10/31/1999 (1) 1.96 2,134
Class M 10/31/1999 (1) 2.03 1,058
IDEX Dean Asset Allocation
Class A 10/31/1999 (4) (3.74) 12,377
10/31/1998 7.25 15,747
10/31/1997 19.84 12,291
10/31/1996 (3) 1.45 8,396
9/30/1996 11.07 7,401
Class B 10/31/1999 (4) (4.36) 12,171
10/31/1998 6.56 14,679
10/31/1997 19.08 9,747
10/31/1996 (3) 1.45 5,013
9/30/1996 10.39 4,848
Class M 10/31/1999 (2) (4) (4.26) 4,689
10/31/1998 6.67 7,342
10/31/1997 19.20 5,088
10/31/1996 (3) 1.36 4,758
9/30/1996 10.50 4,641
IDEX LKCM Strategic Total Return
Class A 10/31/1999 11.61% $37,959
10/31/1998 7.43 32,055
10/31/1997 22.80 21,629
10/31/1996 (3) 1.20 11,744
9/30/1996 16.00 11,314
9/30/1995 (5) 18.43 5,167
Class B 10/31/1999 10.91 15,531
10/31/1998 6.74 9,789
10/31/1997 22.03 4,698
10/31/1996 (3) 1.13 1,684
9/30/1996 15.38 1,537
Class M 10/31/1999 (2) 11.02 8,779
10/31/1998 6.85 6,977
10/31/1997 22.15 4,332
10/31/1996 (3) 1.13 1,792
9/30/1996 15.49 1,728
9/30/1995 (5) 17.95 281
IDEX JCC Balanced
Class A 10/31/1999 30.43 67,749
10/31/1998 14.69 22,995
10/31/1997 22.96 13,414
10/31/1996 (3) 0.81 8,402
9/30/1996 22.12 8,056
9/30/1995 (5) 15.27 3,670
Class B 10/31/1999 29.64 92,833
10/31/1998 13.97 11,916
10/31/1997 22.19 2,583
10/31/1996 (3) 0.74 878
9/30/1996 21.38 687
Class M 10/31/1999 (2) 29.76 34,122
10/31/1998 14.08 4,897
10/31/1997 22.31 1,561
10/31/1996 (3) 0.81 967
9/30/1996 21.49 943
9/30/1995 (5) 14.77 3,365
IDEX JCC Flexible Income
Class A 10/31/1999 1.70 14,963
10/31/1998 7.43 14,970
10/31/1997 11.53 15,532
10/31/1996 (3) 2.08 17,001
9/30/1996 6.73 17,065
9/30/1995 11.57 19,786
Class B 10/31/1999 1.01 9,006
10/31/1998 6.74 2,387
10/31/1997 10.79 746
10/31/1996 (3) 2.04 522
9/30/1996 5.94 494
Class M 10/31/1999 (2) 1.11 3,778
10/31/1998 6.84 2,207
10/31/1997 10.91 928
10/31/1996 (3) 2.04 846
9/30/1996 6.03 883
9/30/1995 10.95 558
IDEX AEGON Income Plus
Class A 10/31/1999 1.09% $59,082
10/31/1998 3.54 63,494
10/31/1997 11.86 65,612
10/31/1996 (3) 2.53 66,285
9/30/1996 7.64 65,252
9/30/1995 15.85 68,746
Class B 10/31/1999 0.38 12,930
10/31/1998 2.87 5,041
10/31/1997 11.10 1,761
10/31/1996 (3) 2.59 804
9/30/1996 6.95 774
Class M 10/31/1999 (2) 0.54 5,515
10/31/1998 2.97 4,073
10/31/1997 11.22 3,480
10/31/1996 (3) 2.59 2,781
9/30/1996 7.05 2,684
9/30/1995 15.08 1,980
IDEX AEGON Tax Exempt
Class A 10/31/1999 (6.23) 20,996
10/31/1998 7.19 22,313
10/31/1997 8.68 23,320
10/31/1996 (3) 0.76 24,439
9/30/1996 5.89 24,708
9/30/1995 7.75 27,401
Class B 10/31/1999 (6.89) 1,253
10/31/1998 6.50 654
10/31/1997 7.93 377
10/31/1996 (3) 0.71 198
9/30/1996 5.21 189
Class M 10/31/1999 (2) (6.56) 2,193
10/31/1998 6.92 1,607
10/31/1997 8.39 921
10/31/1996 (3) 0.74 939
9/30/1996 5.63 907
9/30/1995 7.48 454
Ratios/Supplemental Data
Ratio of Expenses to
Year or Average Net Assets (10) (11)
Period Excluding Including
Ended Credits Gross Credits
IDEX T. Rowe Price Small Cap
Class A 10/31/1999 (1) 1.55% 7.93% 1.55%
Class B 10/31/1999 (1) 2.20 8.58 2.20
Class M 10/31/1999 (1) 2.10 8.48 2.10
IDEX JCC Capital Appreciation
Class A 10/31/1999 1.84 2.02 1.84
10/31/1998 1.85 2.24 1.85
10/31/1997 1.85 2.66 1.85
10/31/1996 (3) 1.85 2.48 1.85
9/30/1996 (4) 1.85 2.72 1.85
9/30/1995 (5) 2.90 4.17 2.85
Class B 10/31/1999 2.49 2.67 2.49
10/31/1998 2.50 2.89 2.50
10/31/1997 2.50 3.31 2.50
10/31/1996 (3) 2.50 3.13 2.50
9/30/1996 2.50 3.37 2.50
Class M 10/31/1999 (2) 2.39 2.57 2.39
10/31/1998 2.40 2.79 2.40
10/31/1997 2.40 3.21 2.40
10/31/1996 (3) 2.40 3.03 2.40
9/30/1996 (4) 2.40 3.27 2.40
9/30/1995 (5) 3.45 4.72 3.40
IDEX Pilgrim Baxter Mid Cap Growth
Class A 10/31/1999 (1) 1.55 6.95 1.55
Class B 10/31/1999 (1) 2.20 7.60 2.20
Class M 10/31/1999 (1) 2.10 7.50 2.10
IDEX Alger Aggressive Growth
Class A 10/31/1999 1.61 1.90 1.61
10/31/1998 1.85 2.18 1.85
10/31/1997 1.85 2.44 1.85
10/31/1996 (3) 1.85 2.62 1.85
9/30/1996 (4) 1.85 2.60 1.85
9/30/1995 (5) 2.85 3.35 2.85
Class B 10/31/1999 2.26 2.55 2.26
10/31/1998 2.50 2.83 2.50
10/31/1997 2.50 3.09 2.50
10/31/1996 (3) 2.50 3.27 2.50
9/30/1996 (4) 2.50 3.25 2.50
Class M 10/31/1999 (2) 2.16 2.45 2.16
10/31/1998 2.40 2.73 2.40
10/31/1997 2.40 2.99 2.40
10/31/1996 (3) 2.40 3.17 2.40
9/30/1996 (4) 2.40 3.15 2.40
9/30/1995 (5) 3.40 3.91 3.40
IDEX GE/SE International Equity
Class A 10/31/1999 1.90 3.53 1.90
10/31/1998 (4) 2.03 4.22 2.03
10/31/1997 (6) 1.70 8.93 1.70
Class B 10/31/1999 2.55 4.18 2.55
10/31/1998 (4) 2.68 4.87 2.68
10/31/1997 (6) 2.35 9.58 2.35
Class M 10/31/1999 (2) 2.45 4.08 2.45
10/31/1998 (4) 2.58 4.77 2.58
10/31/1997 (6) 2.25 9.48 2.25
IDEX JCC Global
Class A 10/31/1999 (13) 1.73% - 1.73%
10/31/1998 (4) 1.82 - 1.82
10/31/1997 1.91 - 1.91
10/31/1996 (3) 2.08 - 2.07
9/30/1996 2.09 - 2.06
9/30/1995 2.10 - 1.97
Class B 10/31/1999 (13) 2.38 - 2.38
10/31/1998 (4) 2.47 - 2.47
10/31/1997 2.56 - 2.56
10/31/1996 (3) 2.73 - 2.72
9/30/1996 2.74 - 2.71
Class M 10/31/1999(2) (13) 2.28 - 2.28
10/31/1998 (4) 2.37 - 2.37
10/31/1997 2.46 - 2.46
10/31/1996 (3) 2.63 - 2.62
9/30/1996 2.64 - 2.61
9/30/1995 2.65 - 2.52
IDEX Salomon All Cap
Class A 10/31/1999 (1) 1.55 8.85 1.54
Class B 10/31/1999 (1) 2.20 9.50 2.19
Class M 10/31/1999 (1) 2.10 9.40 2.09
IDEX JCC Growth
Class A 10/31/1999 1.40 1.43 1.40
10/31/1998 1.51 - 1.51
10/31/1997 1.61 - 1.61
10/31/1996 (3) 1.68 - 1.68
9/30/1996 1.83 - 1.82
9/30/1995 1.86 - 1.84
Class B 10/31/1999 2.05 2.08 2.05
10/31/1998 2.16 - 2.16
10/31/1997 2.26 - 2.26
10/31/1996 (3) 2.32 - 2.32
9/30/1996 2.46 - 2.45
Class M 10/31/1999 (2) 1.95 1.98 1.95
10/31/1998 2.06 - 2.06
10/31/1997 2.16 - 2.16
10/31/1996 (3) 2.23 - 2.23
9/30/1996 2.34 - 2.33
9/30/1995 2.41 - 2.38
Class T 10/31/1999 1.05 1.08 1.05
10/31/1998 (4) 1.16 - 1.16
10/31/1997 1.26 - 1.26
10/31/1996 (3) 1.33 - 1.33
9/30/1996 (7) 1.18 - 1.17
IDEX Goldman Sachs Growth
Class A 10/31/1999 (1) 1.55 7.65 1.54
Class B 10/31/1999 (1) 2.20 8.30 2.19
Class M 10/31/1999 (1) 2.10 8.20 2.09
IDEX C.A.S.E. Growth
Class A 10/31/1999 1.64% 2.87% 1.64%
10/31/1998 1.85 2.44 1.85
10/31/1997 (4) 1.85 4.62 1.85
10/31/1996 (3) 1.85 6.79 1.84
9/30/1996 (8) 2.85 5.89 2.85
Class B 10/31/1999 2.29 3.52 2.29
10/31/1998 2.50 3.09 2.50
10/31/1997 (4) 2.50 5.27 2.50
10/31/1996 (3) 2.50 7.44 2.49
9/30/1996 (8) 3.50 6.54 3.50
Class M 10/31/1999 (2) 2.19 3.42 2.19
10/31/1998 2.40 2.99 2.40
10/31/1997 (4) 2.40 5.17 2.40
10/31/1996 (3) 2.40 7.34 2.39
9/30/1996 (8) 3.40 6.44 3.40
IDEX NWQ Value Equity
Class A 10/31/1999 (4) 1.64 2.28 1.64
10/31/1998 1.85 2.51 1.85
10/31/1997 (6) 1.50 4.05 1.50
Class B 10/31/1999 (4) 2.29 2.93 2.29
10/31/1998 2.50 3.16 2.50
10/31/1997 (6) 2.15 4.70 2.15
Class M 10/31/1999 (2) (4) 2.19 2.83 2.19
10/31/1998 2.40 3.06 2.40
10/31/1997 (6) 2.05 4.60 2.05
IDEX T. Rowe Price Dividend Growth
Class A 10/31/1999 (1) 1.55 7.57 1.55
Class B 10/31/1999 (1) 2.20 8.22 2.20
Class M 10/31/1999 (1) 2.10 8.12 2.10
IDEX Dean Asset Allocation
Class A 10/31/1999 (4) 1.66 1.85 1.66
10/31/1998 1.85 1.87 1.85
10/31/1997 1.85 2.30 1.85
10/31/1996 (3) 1.85 2.65 1.85
9/30/1996 2.85 3.20 2.85
Class B 10/31/1999 (4) 2.31 2.50 2.31
10/31/1998 2.50 2.52 2.50
10/31/1997 2.50 2.95 2.50
10/31/1996 (3) 2.50 3.30 2.50
9/30/1996 3.50 3.85 3.50
Class M 10/31/1999 (2) (4) 2.21 2.40 2.21
10/31/1998 2.40 2.42 2.40
10/31/1997 2.40 2.85 2.40
10/31/1996 (3) 2.40 3.20 2.40
9/30/1996 3.40 3.75 3.40
IDEX LKCM Strategic Total Return
Class A 10/31/1999 1.64% 1.79% 1.64%
10/31/1998 1.85 1.92 1.85
10/31/1997 1.85 2.28 1.85
10/31/1996 (3) 1.85 2.76 1.82
9/30/1996 1.85 2.79 1.79
9/30/1995 (5) 2.99 4.57 2.85
Class B 10/31/1999 2.29 2.44 2.29
10/31/1998 2.50 2.57 2.50
10/31/1997 2.50 2.93 2.50
10/31/1996 (3) 2.50 3.40 2.47
9/30/1996 2.50 3.44 2.44
Class M 10/31/1999 (2) 2.19 2.34 2.19
10/31/1998 2.40 2.47 2.40
10/31/1997 2.40 2.83 2.40
10/31/1996 (3) 2.40 3.30 2.37
9/30/1996 2.40 3.34 2.34
9/30/1995 (5) 3.54 5.12 3.40
IDEX JCC Balanced
Class A 10/31/1999 1.81 1.82 1.81
10/31/1998 1.85 2.04 1.85
10/31/1997 1.85 2.88 1.85
10/31/1996 (3) 1.85 3.44 1.85
9/30/1996 1.85 3.11 1.85
9/30/1995 (5) 2.92 4.48 2.85
Class B 10/31/1999 2.46 2.47 2.46
10/31/1998 2.50 2.69 2.50
10/31/1997 2.50 3.53 2.50
10/31/1996 (3) 2.50 4.09 2.50
9/30/1996 2.50 3.76 2.50
Class M 10/31/1999 (2) 2.36 2.37 2.36
10/31/1998 2.40 2.59 2.40
10/31/1997 2.40 3.43 2.40
10/31/1996 (3) 2.40 3.99 2.40
9/30/1996 2.40 3.66 2.40
9/30/1995 (5) 3.47 5.03 3.40
IDEX JCC Flexible Income
Class A 10/31/1999 1.85 2.00 1.85
10/31/1998 1.83 - 1.83
10/31/1997 1.85 2.40 1.85
10/31/1996 (3) 1.85 2.98 1.85
9/30/1996 1.85 2.07 1.85
9/30/1995 1.87 1.94 1.85
Class B 10/31/1999 2.50 2.65 2.50
10/31/1998 2.48 - 2.48
10/31/1997 2.50 3.05 2.50
10/31/1996 (3) 2.50 3.63 2.50
9/30/1996 2.50 2.72 2.50
Class M 10/31/1999 (2) 2.40 2.55 2.40
10/31/1998 2.38 - 2.38
10/31/1997 2.40 2.95 2.40
10/31/1996 (3) 2.40 3.53 2.40
9/30/1996 2.40 2.62 2.40
9/30/1995 2.42 2.49 2.40
IDEX AEGON Income Plus
Class A 10/31/1999 1.38% - 1.38%
10/31/1998 1.24 - 1.24
10/31/1997 1.27 - 1.27
10/31/1996 (3) 1.33 - 1.32
9/30/1996 1.33 - 1.31
9/30/1995 1.29 - 1.26
Class B 10/31/1999 2.03 - 2.03
10/31/1998 1.89 - 1.89
10/31/1997 1.92 - 1.92
10/31/1996 (3) 1.98 - 1.97
9/30/1996 1.98 - 1.96
Class M 10/31/1999 (2) 1.93 - 1.93
10/31/1998 1.79 - 1.79
10/31/1997 1.82 - 1.82
10/31/1996 (3) 1.88 - 1.87
9/30/1996 1.88 - 1.86
9/30/1995 1.84 - 1.81
IDEX AEGON Tax Exempt
Class A 10/31/1999 1.35 1.50 1.31
10/31/1998 1.23 1.27 1.23
10/31/1997 1.00 1.63 1.00
10/31/1996 (3) 1.00 1.89 1.00
9/30/1996 1.00 1.46 1.00
9/30/1995 1.02 1.35 1.00
Class B 10/31/1999 2.00 2.15 1.96
10/31/1998 1.88 1.92 1.88
10/31/1997 1.65 2.28 1.65
10/31/1996 (3) 1.65 2.54 1.65
9/30/1996 1.65 2.11 1.65
Class M 10/31/1999 (2) 1.60 1.75 1.56
10/31/1998 1.48 1.52 1.48
10/31/1997 1.25 1.88 1.25
10/31/1996 (3) 1.25 2.14 1.25
9/30/1996 1.25 1.71 1.25
9/30/1995 1.27 1.60 1.25
Ratios/Supplemental Data
Net Invmnt
Year or Inc (Loss) Portfolio
Period to Average Turnover
Ended NA (10) (11) Rate (12)
IDEX T. Rowe Price Small Cap
Class A 10/31/1999 (1) (1.15)% 42.52%
Class B 10/31/1999 (1) (1.80) 42.52
Class M 10/31/1999 (1) (1.70) 42.52
IDEX JCC Capital Appreciation
Class A 10/31/1999 (1.55) 93.54
10/31/1998 (1.37) 136.59
10/31/1997 (1.27) 130.48
10/31/1996 (3) (1.41) 10.11
9/30/1996 (4) (0.35) 160.72
9/30/1995 (5) 0.75 262.97
Class B 10/31/1999 (2.20) 93.54
10/31/1998 (2.02) 136.59
10/31/1997 (1.92) 130.48
10/31/1996 (3) (2.06) 10.11
9/30/1996 (1.00) 160.72
Class M 10/31/1999 (2) (2.10) 93.54
10/31/1998 (1.92) 136.59
10/31/1997 (1.82) 130.48
10/31/1996 (3) (1.96) 10.11
9/30/1996 (4) (0.90) 160.72
9/30/1995 (5) 0.20 262.97
IDEX Pilgrim Baxter Mid Cap Growth
Class A 10/31/1999 (1) (0.88) 150.78
Class B 10/31/1999 (1) (1.53) 150.78
Class M 10/31/1999 (1) (1.43) 150.78
IDEX Alger Aggressive Growth
Class A 10/31/1999 (1.15) 96.25
10/31/1998 (1.11) 142.08
10/31/1997 (1.07) 120.96
10/31/1996 (3) (1.06) 9.40
9/30/1996 (4) (1.15) 127.49
9/30/1995 (5) (2.39) 88.28
Class B 10/31/1999 (1.80) 96.25
10/31/1998 (1.76) 142.08
10/31/1997 (1.71) 120.96
10/31/1996 (3) (1.71) 9.40
9/30/1996 (4) (1.80) 127.49
Class M 10/31/1999 (2) (1.70) 96.25
10/31/1998 (1.66) 142.08
10/31/1997 (1.62) 120.96
10/31/1996 (3) (1.62) 9.40
9/30/1996 (4) (1.70) 127.49
9/30/1995 (5) (2.94) 88.28
IDEX GE/SE International Equity
Class A 10/31/1999 (0.16) 71.70
10/31/1998 (4) (0.21) 50.01
10/31/1997 (6) 0.19 21.85
Class B 10/31/1999 (0.81) 71.70
10/31/1998 (4) (0.86) 50.01
10/31/1997 (6) (0.45) 21.85
Class M 10/31/1999 (2) (0.71) 71.70
10/31/1998 (4) (0.76) 50.01
10/31/1997 (6) (0.35) 21.85
IDEX JCC Global
Class A 10/31/1999 (13) (0.22)% 145.40%
10/31/1998 (4) (0.45) 87.68
10/31/1997 (0.50) 91.02
10/31/1996 (3) (1.15) 2.59
9/30/1996 (0.67) 97.94
9/30/1995 (0.43) 161.48
Class B 10/31/1999 (13) (0.87) 145.40
10/31/1998 (4) (1.10) 87.68
10/31/1997 (1.15) 91.02
10/31/1996 (3) (1.80) 2.59
9/30/1996 (1.32) 97.94
Class M 10/31/1999(2) (13) (0.77) 145.40
10/31/1998 (4) (1.00) 87.68
10/31/1997 (1.05) 91.02
10/31/1996 (3) (1.70) 2.59
9/30/1996 (1.22) 97.94
9/30/1995 (0.98) 161.48
IDEX Salomon All Cap
Class A 10/31/1999 (1) 0.35 82.70
Class B 10/31/1999 (1) (0.30) 82.70
Class M 10/31/1999 (1) (0.20) 82.70
IDEX JCC Growth
Class A 10/31/1999 (0.60) 70.97
10/31/1998 (0.55) 27.19
10/31/1997 (0.10) 91.52
10/31/1996 (3) (0.13) 9.40
9/30/1996 (0.22) 57.80
9/30/1995 (0.26) 123.26
Class B 10/31/1999 (1.25) 70.97
10/31/1998 (1.20) 27.19
10/31/1997 (0.75) 91.52
10/31/1996 (3) (0.78) 9.40
9/30/1996 (0.86) 57.80
Class M 10/31/1999 (2) (1.15) 70.97
10/31/1998 (1.10) 27.19
10/31/1997 (0.65) 91.52
10/31/1996 (3) (0.68) 9.40
9/30/1996 (0.77) 57.80
9/30/1995 (0.81) 123.26
Class T 10/31/1999 (0.25) 70.97
10/31/1998 (4) (0.20) 27.19
10/31/1997 (0.25) 91.52
10/31/1996 (3) (0.20) 9.40
9/30/1996 (7) (0.36) 57.80
IDEX Goldman Sachs Growth
Class A 10/31/1999 (1) (0.55) 21.91
Class B 10/31/1999 (1) (1.20) 21.91
Class M 10/31/1999 (1) (1.10) 21.91
IDEX C.A.S.E. Growth
Class A 10/31/1999 (0.99)% 125.60%
10/31/1998 (0.73) 147.01
10/31/1997 (4) (0.34) 183.06
10/31/1996 (3) 0.27 20.69
9/30/1996 (8) 10.00 654.49
Class B 10/31/1999 (1.64) 125.60
10/31/1998 (1.38) 147.01
10/31/1997 (4) (0.99) 183.06
10/31/1996 (3) 0.38 20.69
9/30/1996 (8) 9.35 654.49
Class M 10/31/1999 (2) (1.54) 125.60
10/31/1998 (1.28) 147.01
10/31/1997 (4) (0.89) 183.06
10/31/1996 (3) 0.28 20.69
9/30/1996 (8) 9.45 654.49
IDEX NWQ Value Equity
Class A 10/31/1999 (4) 0.21 26.29
10/31/1998 - 30.43
10/31/1997 (6) 0.38 6.40
Class B 10/31/1999 (4) (0.44) 26.29
10/31/1998 (0.65) 30.43
10/31/1997 (6) (0.28) 6.40
Class M 10/31/1999 (2) (4) (0.34) 26.29
10/31/1998 (0.55) 30.43
10/31/1997 (6) (0.18) 6.40
IDEX T. Rowe Price Dividend Growth
Class A 10/31/1999 (1) 1.09 20.48
Class B 10/31/1999 (1) 0.44 20.48
Class M 10/31/1999 (1) 0.54 20.48
IDEX Dean Asset Allocation
Class A 10/31/1999 (4) 2.12 82.20
10/31/1998 1.82 55.45
10/31/1997 1.57 71.63
10/31/1996 (3) 1.26 2.38
9/30/1996 0.72 56.22
Class B 10/31/1999 (4) 1.47 82.20
10/31/1998 1.17 55.45
10/31/1997 0.92 71.63
10/31/1996 (3) 0.61 2.38
9/30/1996 0.07 56.22
Class M 10/31/1999 (2) (4) 1.57 82.20
10/31/1998 1.27 55.45
10/31/1997 1.02 71.63
10/31/1996 (3) 0.71 2.38
9/30/1996 0.17 56.22
IDEX LKCM Strategic Total Return
Class A 10/31/1999 1.20% 60.18%
10/31/1998 1.30 32.12
10/31/1997 1.41 51.44
10/31/1996 (3) 1.47 5.50
9/30/1996 1.67 40.58
9/30/1995 (5) 0.85 34.67
Class B 10/31/1999 0.55 60.18
10/31/1998 0.65 32.12
10/31/1997 0.76 51.44
10/31/1996 (3) 0.82 5.50
9/30/1996 1.02 40.58
Class M 10/31/1999 (2) 0.65 60.18
10/31/1998 0.75 32.12
10/31/1997 0.86 51.44
10/31/1996 (3) 0.92 5.50
9/30/1996 1.12 40.58
9/30/1995 (5) 0.30 34.67
IDEX JCC Balanced
Class A 10/31/1999 1.28 59.57
10/31/1998 1.12 61.50
10/31/1997 1.29 127.08
10/31/1996 (3) 1.84 9.08
9/30/1996 1.87 175.78
9/30/1995 (5) 0.56 82.48
Class B 10/31/1999 0.63 59.57
10/31/1998 0.47 61.50
10/31/1997 0.64 127.08
10/31/1996 (3) 1.18 9.08
9/30/1996 1.22 175.78
Class M 10/31/1999 (2) 0.73 59.57
10/31/1998 0.57 61.50
10/31/1997 0.74 127.08
10/31/1996 (3) 1.28 9.08
9/30/1996 1.32 175.78
9/30/1995 (5) 0.01 82.48
IDEX JCC Flexible Income
Class A 10/31/1999 5.72 100.22
10/31/1998 6.22 90.63
10/31/1997 6.41 135.53
10/31/1996 (3) 6.15 16.16
9/30/1996 6.46 135.38
9/30/1995 7.03 149.58
Class B 10/31/1999 5.07 100.22
10/31/1998 5.57 90.63
10/31/1997 5.76 135.53
10/31/1996 (3) 5.50 16.16
9/30/1996 5.81 135.38
Class M 10/31/1999 (2) 5.17 100.22
10/31/1998 5.67 90.63
10/31/1997 5.86 135.53
10/31/1996 (3) 5.60 16.16
9/30/1996 5.91 135.38
9/30/1995 6.48 149.58
IDEX AEGON Income Plus
Class A 10/31/1999 6.41% 26.95%
10/31/1998 6.38 53.09
10/31/1997 7.14 62.28
10/31/1996 (3) 5.60 1.58
9/30/1996 6.89 65.96
9/30/1995 7.53 25.07
Class B 10/31/1999 5.76 26.95
10/31/1998 5.73 53.09
10/31/1997 6.49 62.28
10/31/1996 (3) 4.95 1.58
9/30/1996 6.24 65.96
Class M 10/31/1999 (2) 5.86 26.95
10/31/1998 5.83 53.09
10/31/1997 6.59 62.28
10/31/1996 (3) 5.05 1.58
9/30/1996 6.34 65.96
9/30/1995 6.98 25.07
IDEX AEGON Tax Exempt
Class A 10/31/1999 3.83 35.97
10/31/1998 4.08 42.42
10/31/1997 4.60 71.29
10/31/1996 (3) 4.60 3.79
9/30/1996 4.88 71.05
9/30/1995 4.83 126.48
Class B 10/31/1999 3.18 35.97
10/31/1998 3.43 42.42
10/31/1997 3.95 71.29
10/31/1996 (3) 3.94 3.79
9/30/1996 4.23 71.05
Class M 10/31/1999 (2) 3.58 35.97
10/31/1998 3.83 42.42
10/31/1997 4.35 71.29
10/31/1996 (3) 4.34 3.79
9/30/1996 4.63 71.05
9/30/1995 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 load and expense 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 per
iod 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 $0.01 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 $0.08
and for IDEX NWQ Value Equity Classes A, B and M for the period ended
10/31/99 in the amount of $0.12 and IDEX Dean Asset Allocation Classes A, B
and M for the period ended 10/31/99 in the amount of $0.11.
(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).
Net Investment Income (Loss) (net investment income prior to certain
reclassifications for Federal income or excise taxes).
(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.
(13) Net investment income, the ratio net investment income to average net
assets and the portfolio turnover rate reflect activity relating to a non
recurring initiative to invest in dividend producing securities.
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 series or "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 and the Fund's Valuation
Committee, 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/or
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.
Premiums received on written options are reflected in other liabilities.
Transactions in written call and put options were as follows (amounts in
thousands):
IDEX Salomon All Cap
Premium Contracts
Balance at 3/1/99 $ 0 0
Sales 10,445 4,400
Closing Buys (6,752) (2,600)
Expirations (1,556) (900)
Exercised 0 0
Balance at 10/31/99 $ 2,137 900
Short sales: The Funds may enter into short sales of equity securities. In
the event that the value of the security that the Fund sold short declines,
the Fund will gain as it repurchases the security in the market at the
lower price. If the price of the security increases, the Fund will suffer
a loss as it will have to repurchase the security at the higher price.
Short sales may incur higher transaction costs than regular securities
transactions. IDEX Salomon All Cap has recorded these obligations in the
Schedule of Investments and in investments on 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' principal 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 October 31, 1999 are as follows:
Annual Rates Underwriter
Commissions (3)
Exp.
Limit
(excl Class Class Class
12b-1 A B M
Mgmt fees) 12b-1 12b-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% $ 33,728 $29,698 $ 206
IDEX JCC Capital
Appreciation 1.000% 1.50% 0.35% 1.00% 0.90% 882,472 772,645 39,260
IDEX Pilgrim
Baxter Mid
Cap Growth 0.800% 1.20% 0.35% 1.00% 0.90% 66,207 57,809 1,022
IDEX Alger
Aggressive
Growth 0.800% 1.20% 0.35% 1.00% 0.90% 1,519,5111,321,658 14,456
IDEX GE/Scottish
Equitable
Intl Equity 0.800% 1.45% 0.35% 1.00% 0.90% 21,901 19,102 5,186
IDEX JCC Global 1.000% -none- 0.35% 1.00% 0.90% 4,132,8803,671,479 80,272
IDEX Salomon
All Cap 0.800% 1.20% 0.35% 1.00% 0.90% 56,382 48,803 2
IDEX JCC Growth 0.825% 1.50% 0.35% 1.00% 0.90%11,290,0519,851,566235,460
IDEX Goldman
Sachs Growth 0.800% 1.20% 0.35% 1.00% 0.90% 57,489 50,035 191
IDEX C.A.S.E.
Growth 0.800% 1.20% 0.35% 1.00% 0.90% 65,496 57,639 7,662
IDEX NWQ Value
Equity 0.800% 1.20% 0.35% 1.00% 0.90% 117,549 102,842 11,933
IDEX T. Rowe
Price Dividend
Growth 0.800% 1.20% 0.35% 1.00% 0.90% 65,630 57,802 1,022
IDEX Dean Asset
Allocation 0.800% 1.20% 0.35% 1.00% 0.90% 111,737 97,158 14,182
IDEX LKCM
Strategic Total
Return 0.800% 1.20% 0.35% 1.00% 0.90% 416,127 356,357 24,253
IDEX JCC
Balanced 1.000% 1.50% 0.35% 1.00% 0.90% 1,767,5901,566,316 40,014
IDEX JCC
Flexible Income 0.875% 1.50% 0.35% 1.00% 0.90% 131,918 115,018 21,141
IDEX AEGON
Income Plus 0.600% 1.25% 0.35% 1.00% 0.90% 348,609 296,635 19,908
IDEX AEGON
Tax Exempt 0.600% 1.00% 0.35% 1.00% 0.60% 78,111 68,807 12,967
(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. Effective March 1, 1999,
management fees and expense limitation rates for certain Funds were
reduced.
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. Such credits have been added back to custody fees to reflect
gross expenses of the funds as applicable.
Brokerage commissions: Brokerage commissions incurred by IDEX Alger
Aggressive Growth on security transactions placed with an affiliate of its
sub-adviser totaled $136,631 for the year ended October 31, 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
October 31, 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 $ 284
IDEX C.A.S.E. Growth 895
IDEX JCC Capital Appreciation 11,046
IDEX NWQ Value Equity 1,609
IDEX Pilgrim Baxter Mid Cap Growth 588
IDEX T. Rowe Price Dividend Growth 458
IDEX Alger Aggressive Growth 15,223
IDEX Dean Asset Allocation 2,686
IDEX GE/Scottish Equitable
International Equity 636
IDEX LKCM Strategic Total Return 5,725
IDEX JCC Balanced 17,847
IDEX JCC Global 85,075
IDEX JCC Flexible Income 2,554
IDEX Salomon All Cap 376
IDEX AEGON Income Plus 7,150
IDEX JCC Growth 285,096
IDEX AEGON Tax Exempt 2,248
IDEX Goldman Sachs Growth 452
Total $ 439,948
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$ 3,548,661 $ 813,625 $ - $ -
IDEX JCC Capital Appreciation 99,547,924 52,123,903 - -
IDEX Pilgrim Baxter Mid
Cap Growth 7,604,214 3,232,755 - -
IDEX Alger Aggressive Growth 159,941,263 101,030,028 28,972 383,866
IDEX GE/Scottish Equitable
International Equity 4,784,555 5,564,342 - -
IDEX JCC Global 1,132,569,646 914,000,372 2,858,226 2,661,117
IDEX Salomon All Cap 5,133,307 1,407,189 - -
IDEX JCC Growth 1,782,095,375 1,528,486,942 44,931,198 35,594,276
IDEX Goldman Sachs Growth 4,627,459 482,437 137,819 -
IDEX C.A.S.E. Growth 10,307,049 10,707,063 - -
IDEX NWQ Value Equity 6,688,587 3,822,931 564,629 -
IDEX T. Rowe Price Dividend
Growth 4,760,373 432,398 146,488 -
IDEX Dean Asset Allocation 23,217,885 22,070,157 3,942,086 11,555,270
IDEX LKCM Strategic Total
Return 38,474,414 28,287,361 1,798,031 3,923,760
IDEX JCC Balanced 165,960,898 52,738,910 27,731,707 8,654,408
IDEX JCC Flexible Income 29,575,923 18,976,272 1,482,156 3,451,907
IDEX AEGON Income Plus 30,056,359 20,785,360 883,750 -
IDEX AEGON Tax Exempt 10,126,870 8,519,650 - -
NOTE 4. Shares of beneficial interest transactions (all amounts in
thousands):
IDEX T. Rowe Price Small Cap
Period Ended 10/31/99
Shares Amount
Proceeds from shares sold
Class A 126 $1,321
Class B 105 1,106
Class M 65 676
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class M - -
Cost of shares repurchased
Class A (10) $(111)
Class B (2) (22)
Class M (3) (27)
IDEX JCC Capital Appreciation
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 2,997 $69,975 2,806 $46,957
Class B 1,031 25,835 80 1,331
Class M 308 7,654 28 475
Shares issued on reinvestment
of distributions
Class A 137 $2,383 38 $585
Class B 24 415 5 81
Class M 8 138 3 46
Cost of shares repurchased
Class A (2,136) $(47,461) (2,738) $(46,239)
Class B (83) (1,988) (44) (721)
Class M (69) (1,563) (60) (997)
IDEX Pilgrim Baxter Mid Cap Growth
Period Ended 10/31/99
Shares Amount
Proceeds from shares sold
Class A 181 $2,319
Class B 201 2,612
Class M 72 888
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class M - -
Cost of shares repurchased
Class A (7) $(88)
Class B (6) (85)
Class M (3) (35)
IDEX Alger Aggressive Growth
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 3,067 $89,148 1,785 $37,151
Class B 1,087 31,340 264 5,508
Class M 393 11,279 169 3,531
Shares issued on reinvestment
of distributions
Class A 98 $2,472 57 $1,001
Class B 24 610 9 161
Class M 13 318 6 110
Cost of shares repurchased
Class A (2,224) $(64,513) (1,418) $(29,532)
Class B (132) (3,751) (54) (1,104)
Class M (90) (2,523) (107) (2,247)
IDEX GE/Scottish Equitable International Equity
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 181 $2,169 217 $2,411
Class B 44 530 71 808
Class M 19 229 23 264
Shares issued on reinvestment
of distributions
Class A - $- 2 $20
Class B - - 1 1
Class M - - - -
Cost of shares repurchased
Class A (262) $(3,181) (48) $(552)
Class B (36) (431) (16) (168)
Class M (18) (215) (24) (280)
IDEX JCC Global
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 27,700 $820,257 12,239 $309,587
Class B 4,663 133,208 2,952 74,132
Class M 5,826 167,072 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 (25,574) $(761,747) (10,012) $(255,632)
Class B (739) (21,243) (340) (8,161)
Class M (3,810) (109,732) (1,627) (39,844)
IDEX Salomon All Cap
Year Ended 10/31/99
Shares Amount
Proceeds from shares sold
Class A 164 $1,895
Class B 148 1,707
Class M 63 713
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class M - -
Cost of shares repurchased
Class A (3) $(43)
Class B (13) (156)
Class M (1) (13)
IDEX JCC Growth
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 27,876 $1,136,277 10,485 $284,285
Class B 6,437 255,166 953 26,000
Class M 18,101 628,319 8,338 223,774
Class T 1,824 72,436 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 276 9,606 3,550 77,497
Cost of shares repurchased
Class A (24,632) $(1,005,620) (10,784) $(291,088)
Class B (657) (26,339) (147) (3,944)
Class M (17,035) (576,096) (6,982) (188,005)
Class T (2,921) (118,655) (3,450) (92,807)
IDEX Goldman Sachs Growth
Period Ended 10/31/99
Shares Amount
Proceeds from shares sold
Class A 181 $1,946
Class B 203 2,194
Class M 69 732
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class M - -
Cost of shares repurchased
Class A (7) $(87)
Class B (4) (46)
Class M (3) (31)
IDEX C.A.S.E. Growth
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 156 $1,798 283 $3,163
Class B 164 1,916 112 1,295
Class M 57 673 47 562
Shares issued on reinvestment
of distributions
Class A 35 $340 30 $339
Class B 20 200 17 191
Class M 7 63 14 155
Cost of shares repurchased
Class A (240) $(2,698) (194) $(2,209)
Class B (106) (1,208) (73) (830)
Class M (40) (441) (131) (1,444)
IDEX NWQ Value Equity
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 358 $4,103 479 $5,802
Class B 453 5,390 262 3,143
Class M 130 1,535 133 1,627
Shares issued on reinvestment
of distributions
Class A 18 $188 2 $22
Class B 12 119 1 11
Class M 4 44 1 7
Cost of shares repurchased
Class A (393) $(4,503) (210) $(2,500)
Class B (263) (2,934) (50) (577)
Class M (119) (1,338) (89) (1,049)
IDEX T. Rowe Price Dividend Growth
Period Ended 10/31/99
Shares Amount
Proceeds from shares sold
Class A 188 $1,940
Class B 221 2,294
Class M 109 1,133
Shares issued on reinvestment
of distributions
Class A - $3
Class B - 1
Class M - 1
Cost of shares repurchased
Class A (8) $(81)
Class B (12) (124)
Class M (5) (53)
IDEX Dean Asset Allocation
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 295 $3,687 477 $6,265
Class B 248 3,138 573 7,555
Class M 131 1,654 551 7,236
Shares issued on reinvestment
of distributions
Class A 83 $1,022 72 $900
Class B 74 914 54 679
Class M 35 435 30 372
Cost of shares repurchased
Class A (527) $(6,547) (282) $(3,684)
Class B (407) (5,065) (249) (3,264)
Class M (327) (4,088) (408) (5,319)
IDEX LKCM Strategic Total Return
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 650 $11,161 851 $13,885
Class B 437 7,519 379 6,158
Class M 247 4,227 317 5,204
Shares issued on reinvestment
of distributions
Class A 50 $824 82 $1,287
Class B 12 202 17 262
Class M 9 140 15 239
Cost of shares repurchased
Class A (526) $(9,032) (312) $(5,093)
Class B (173) (2,963) (86) (1,386)
Class M (188) (3,229) (174) (2,768)
IDEX JCC Balanced
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 2,382 $42,864 729 $10,433
Class B 4,512 80,957 655 9,430
Class M 1,655 29,799 328 4,699
Shares issued on reinvestment
of distributions
Class A 34 $591 112 $1,450
Class B 18 305 21 270
Class M 8 128 13 164
Cost of shares repurchased
Class A (402) $(7,174) (217) $(3,138)
Class B (438) (7,823) (48) (685)
Class M (194) (3,463) (118) (1,705)
IDEX JCC Flexible Income
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 638 $6,150 281 $2,795
Class B 1,076 10,476 225 2,228
Class M 402 3,928 261 2,584
Shares issued on reinvestment
of distributions
Class A 68 $662 72 $711
Class B 28 270 6 59
Class M 15 143 7 68
Cost of shares repurchased
Class A (646) $(6,223) (424) $(4,182)
Class B (395) (3,804) (65) (646)
Class M (242) (2,340) (139) (1,370)
IDEX AEGON Income Plus
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 2,123 $21,588 4,896 $52,552
Class B 1,194 12,105 387 4,137
Class M 9,542 95,731 2,492 26,628
Shares issued on reinvestment
of distributions
Class A 425 $4,292 396 $4,242
Class B 57 569 15 161
Class M 42 420 30 319
Cost of shares repurchased
Class A (2,527) $(25,451) (5,188) $(55,591)
Class B (397) (3,992) (79) (848)
Class M (9,404) (94,166) (2,449) (26,102)
IDEX AEGON Tax Exempt
Year Ended 10/31/99 Year Ended 10/31/98
Shares Amount Shares Amount
Proceeds from shares sold
Class A 560 $6,410 426 $5,075
Class B 102 1,163 28 347
Class M 125 1,455 181 2,167
Shares issued on reinvestment
of distributions
Class A 71 $816 70 $832
Class B 3 38 1 13
Class M 8 94 4 45
Cost of shares repurchased
Class A (519) $(5,947) (612) $(7,276)
Class B (41) (465) (7) (88)
Class M (61) (696) (128) (1,530)
The following schedule reflects the number of shareholders, each owning 5%
or more of a fund and the total percentage of the fund held by such
shareholders.
Number of % of
Fund Shareholders Fund Held
IDEX T. Rowe Price Small Cap Class A 1 28.7
IDEX T. Rowe Price Small Cap Class B 1 32.3
IDEX T. Rowe Price Small Cap Class M 2 58.9
IDEX Pilgrim Baxter Mid Cap Growth Class A 1 9.5
IDEX Pilgrim Baxter Mid Cap Growth Class B 1 8.5
IDEX Pilgrim Baxter Mid Cap Growth Class M 1 24.1
IDEX GE/Scottish Equitable International Equity Class A 2 32.5
IDEX GE/Scottish Equitable International Equity Class M 2 39.5
IDEX Salomon All Cap Class A 1 10.3
IDEX Salomon All Cap Class B 2 17.6
IDEX Salomon All Cap Class M 2 51.0
IDEX JCC Growth Class T 1 23.7
IDEX Goldman Sachs Growth Class A 2 16.6
IDEX Goldman Sachs Growth Class B 1 8.3
IDEX Goldman Sachs Growth Class M 1 25.2
IDEX C.A.S.E. Growth Class A 1 13.1
IDEX NWQ Value Equity Class A 1 6.6
IDEX T. Rowe Price Dividend Growth Class A 1 9.3
IDEX T. Rowe Price Dividend Growth Class B 1 8.0
IDEX T. Rowe Price Dividend Growth Class M 5 51.9
IDEX Dean Asset Allocation Class A 1 5.1
IDEX JCC Flexible Income Class B 1 5.4
IDEX AEGON Income Plus Class A 2 16.4
IDEX AEGON Income Plus Class M 1 10.7
IDEX AEGON Tax Exempt Class A 1 5.6
IDEX AEGON Tax Exempt Class B 3 18.8
IDEX AEGON Tax Exempt Class M 3 30.4
NOTE 5. Information for Federal income tax purposes:
At October 31, 1999:
Cost of securities Unrealized
appreciation of
investments Unrealized
Depreciation of
Investments Net unrealized
appreciation
(depreciation)
IDEX T. Rowe Price
Small Cap $ 3,049,687 $ 335,134 $ (277,942) $ 57,192
IDEX JCC Capital
Appreciation 88,533,732 35,359,807 (1,344,956) 34,014,851
IDEX Pilgrim Baxter
Mid Cap Growth 5,691,205 783,861 (116,086) 667,775
IDEX Alger Aggressive
Growth 126,231,273 42,851,236 (2,546,073) 40,305,163
IDEX GE/Scottish
Equitable
International Equity 6,011,963 1,227,410 (290,787) 936,623
IDEX JCC Global 659,646,241 272,216,625 (5,783,187) 266,433,438
IDEX Salomon All Cap 4,029,770 (248,595) (247,889) 706
IDEX JCC Growth 1,839,014,514 1,297,328,890 (26,594,397) 1,270,734,493
IDEX Goldman Sachs
Growth 4,702,311 379,201 (115,778) 263,423
IDEX C.A.S.E. Growth 9,308,137 1,599,040 (1,149,759) 449,281
IDEX NWQ Value Equity 17,724,202 2,141,341 (2,610,319) (468,978)
IDEX T. Rowe Price
Dividend Growth 5,050,944 232,719 (287,710) (54,991)
IDEX Dean Asset
Allocation 28,477,504 1,914,121 (1,367,651) 546,470
IDEX LKCM Strategic
Total Return 53,322,532 10,527,341 (1,688,369) 8,838,972
IDEX JCC Balanced 170,261,967 23,752,356 (3,565,531) 20,186,825
IDEX JCC Flexible
Income 27,363,659 350,331 (488,666) (138,335)
IDEX AEGON Income
Plus 82,370,636 472,528 (5,855,194) (5,382,666)
IDEX AEGON Tax
Exempt 25,186,211 25,555 (1,650,522) (1,624,967)
Realized net capital gains available to distribute will be paid to
shareholders in December 1999. Capital loss carryforwards utilized during
the fiscal year ended October 31, 1999 for IDEX GE/Scottish Equitable
International Equity and IDEX JCC Global were $314,431 and $4,732,928,
respectively.
The following Funds have capital loss carryforwards available through the
date specified to offset future realized net capital gains.
IDEX T. Rowe Price Dividend Growth 32,171 October 31, 2007
IDEX Dean Asset Allocation 308,887 October 31, 2007
IDEX JCC Flexible Income 188,609 October 31, 2002
288,062 October 31, 2007
IDEX NWQ Value Equity 166,812 October 31, 2007
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.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of
IDEX Mutual Funds
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of each of
the series constituting IDEX Mutual Funds (hereafter referred to as the
"Fund") at October 31, 1999, and the results of each of their operations,
the changes in each of their net assets and the financial highlights for
the periods indicated, in conformity with accounting principles generally
accepted in the United States. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express
an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with
auditing standards generally accepted in the United States, which require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at October 31, 1999
by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Kansas City, Missouri
December 15, 1999
IDEX MUTUAL FUNDS
SUPPLEMENTAL FEDERAL INCOME TAX INFORMATION
October 31, 1999
(unaudited)
The following dividend information for the period ended October 31, 1999,
is being provided according to notice requirements under Internal Revenue
Code section 852; however, refer to form 1099-DIV information to prepare
income tax returns.
FOR INDIVIDUAL/OTHERS
Quarterly/Annual Funds Class A.B,M and T Shares
Record Ordinary Long-term
Date Total Income Capital Gain
Alger Aggressive Growth 12/21/98 1.18353 - 1.18353
JCC Capital Appreciation 12/21/98 1.81270 0.07201 1.74069
JCC Growth 12/21/98 0.38645 - 0.38645
C.A.S.E. Growth 12/21/98 0.83570 0.19368 0.64202
NWQ Value Equity 12/21/98 0.26786 0.10102 0.16684
Dean Asset Allocation
Class A 12/21/98 0.72457 0.10583 0.61874
3/12/99 0.02919 0.02919 -
6/14/99 0.06060 0.06060 -
9/14/99 0.07422 0.07422 -
TOTAL 0.88858 0.26984 0.61874
Class B 12/21/98 0.70087 0.08213 0.61874
3/12/99 0.01296 0.01296 -
6/14/99 0.04025 0.04025 -
9/14/99 0.05367 0.05367 -
TOTAL 0.80775 0.18901 0.61874
Class M 12/21/98 0.70452 0.08578 0.61874
3/12/99 0.01546 0.01546 -
6/14/99 0.04338 0.04338 -
9/14/99 0.05683 0.05683 -
TOTAL 0.82019 0.20145 0.61874
LKCM Strategic Total Return
Class A 12/21/98 0.27865 0.10621 0.17244
3/12/99 0.02655 0.02655 -
6/14/99 0.04570 0.04570 -
9/14/99 0.06222 0.06222 -
TOTAL 0.41312 0.24068 0.17244
Class B 12/21/98 0.24902 0.07658 0.17244
3/12/99 0.00486 0.00486 -
6/14/99 0.01748 0.01748 -
9/14/99 0.03377 0.03377 -
TOTAL 0.30513 0.13269 0.17244
Class M 12/21/98 0.25358 0.08114 0.17244
3/12/99 0.00820 0.00820 -
6/14/99 0.02182 0.02182 -
9/14/99 0.03815 0.03815 -
TOTAL 0.32175 0.14931 0.17244
JCC Balanced
Class A 12/21/98 0.11692 0.03906 0.07786
3/12/99 - - -
6/14/99 0.06702 0.06702 -
9/14/99 0.06651 0.06651 -
TOTAL 0.25045 0.17259 0.07786
Class B 12/21/98 0.08949 0.01163 0.07786
3/12/99 - - -
6/14/99 0.01585 0.01585 -
9/14/99 0.03739 0.03739 -
TOTAL 0.14273 0.06487 0.07786
Class M 12/21/98 0.09371 0.01585 0.07786
3/12/99 - - -
6/14/99 0.02372 0.02372 -
9/14/99 0.04187 0.04187 -
TOTAL 0.15930 0.08144 0.07786
T. Rowe Price Dividend Growth
Class A 6/14/99 0.01943 0.01943 -
9/14/99 0.02074 0.02074 -
TOTAL 0.04017 0.04017 -
Class B 6/14/99 0.00055 0.00055 -
9/14/99 0.00333 0.00333 -
TOTAL 0.00388 0.00388 -
Class M 6/14/99 0.00346 0.00346 -
9/14/99 0.00601 0.00601 -
TOTAL 0.00947 0.00947 -
JCC Flexible Income
Class A 11/13/98 0.04596 0.04596 -
12/21/98 0.04999 0.04999 -
1/14/99 0.03187 0.03187 -
2/12/99 0.04463 0.04463 -
3/12/99 0.03817 0.03817 -
4/14/99 0.04652 0.04652 -
5/14/99 0.05334 0.05334 -
6/14/99 0.03915 0.03915 -
7/14/99 0.04542 0.04542 -
8/13/99 0.05123 0.05123 -
9/14/99 0.04948 0.04948 -
10/14/99 0.04713 0.04713 -
TOTAL 0.54289 0.54289 -
Class B 11/13/98 0.04037 0.04037 -
12/21/98 0.04216 0.04216 -
1/14/99 0.02923 0.02923 -
2/12/99 0.03896 0.03896 -
3/12/99 0.03343 0.03343 -
4/14/99 0.04110 0.04110 -
5/14/99 0.04472 0.04472 -
6/14/99 0.03416 0.03416 -
7/14/99 0.04033 0.04033 -
8/13/99 0.04576 0.04576 -
9/14/99 0.04445 0.04445 -
10/14/99 0.04210 0.04210 -
TOTAL 0.47677 0.47677 -
Class M 11/13/98 0.04123 0.04123 -
12/21/98 0.04336 0.04336 -
1/14/99 0.02963 0.02963 -
2/12/99 0.03984 0.03984 -
3/12/99 0.03416 0.03416 -
4/14/99 0.04193 0.04193 -
5/14/99 0.04558 0.04558 -
6/14/99 0.03492 0.03492 -
7/14/99 0.04111 0.04111 -
8/13/99 0.04660 0.04660 -
9/14/99 0.04522 0.04522 -
10/14/99 0.04287 0.04287 -
TOTAL 0.48645 0.48645 -
AEGON Income Plus
Class A 11/13/98 0.06492 0.06492 -
12/21/98 0.28076 0.12737 0.15339
1/14/99 0.02369 0.02369 -
2/12/99 0.05097 0.05097 -
3/12/99 0.04523 0.04523 -
4/14/99 0.05719 0.05719 -
5/14/99 0.05863 0.05863 -
6/14/99 0.05501 0.05501 -
7/14/99 0.05825 0.05825 -
8/13/99 0.05110 0.05110 -
9/14/99 0.05478 0.05478 -
10/14/99 0.06741 0.06741 -
TOTAL 0.86794 0.71455 0.15339
Class B 11/13/98 0.05897 0.05897 -
12/21/98 0.26638 0.11299 0.15339
1/14/99 0.02095 0.02095 -
2/12/99 0.04508 0.04508 -
3/12/99 0.04031 0.04031 -
4/14/99 0.05155 0.05155 -
5/14/99 0.05278 0.05278 -
6/14/99 0.04983 0.04983 -
7/14/99 0.05298 0.05298 -
8/13/99 0.04539 0.04539 -
9/14/99 0.04957 0.04957 -
10/14/99 0.06219 0.06219 -
TOTAL 0.79598 0.64259 0.15339
Class M 11/13/98 0.05989 0.05989 -
12/21/98 0.26859 0.11520 0.15339
1/14/99 0.02137 0.02137 -
2/12/99 0.04599 0.04599 -
3/12/99 0.04106 0.04106 -
4/14/99 0.05242 0.05242 -
5/14/99 0.05368 0.05368 -
6/14/99 0.05063 0.05063 -
7/14/99 0.05379 0.05379 -
8/13/99 0.04627 0.04627 -
9/14/99 0.05037 0.05037 -
10/14/99 0.06299 0.06299 -
TOTAL 0.80705 0.65366 0.15339
Exempt-
Interest Long-term
Total Dividends(1) Capital Gain
AEGON Tax Exempt
Class A 11/13/98 0.04050 0.04050 -
12/21/98 0.26118 0.11515 0.14603
1/14/99 0.01551 0.01551 -
2/12/99 0.03595 0.03595 -
3/12/99 0.03284 0.03284 -
4/14/99 0.03973 0.03973 -
5/14/99 0.03656 0.03656 -
6/14/99 0.02980 0.02980 -
7/14/99 0.03561 0.03561 -
8/13/99 0.03664 0.03664 -
9/14/99 0.03577 0.03577 -
10/14/99 0.03593 0.03593 -
TOTAL 0.63602 0.48999 0.14603
Class B 11/13/98 0.03366 0.03366 -
12/21/98 0.24482 0.09879 0.14603
1/14/99 0.01241 0.01241 -
2/12/99 0.02930 0.02930 -
3/12/99 0.02723 0.02723 -
4/14/99 0.03332 0.03332 -
5/14/99 0.02993 0.02993 -
6/14/99 0.02389 0.02389 -
7/14/99 0.02962 0.02962 -
8/13/99 0.03023 0.03023 -
9/14/99 0.02998 0.02998 -
10/14/99 0.03011 0.03011 -
TOTAL 0.55450 0.40847 0.14603
Class M 11/13/98 0.03787 0.03787 -
12/21/98 0.24832 0.10229 0.14603
1/14/99 0.01374 0.01374 -
2/12/99 0.03138 0.03138 -
3/12/99 0.03068 0.03068 -
4/14/99 0.03727 0.03727 -
5/14/99 0.03401 0.03401 -
6/14/99 0.02752 0.02752 -
7/14/99 0.03331 0.03331 -
8/13/99 0.03417 0.03417 -
9/14/99 0.03354 0.03354 -
10/14/99 0.03369 0.03369 -
TOTAL 0.59550 0.44947 0.14603
(1) AEGON Tax Exempt is a municipal bond portfolio, therefore, for tax
purposes, the dividends declared are considered exempt-interest dividends,
exempt from Federal income tax.
IDEX Series Fund
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
John R. Kenney
Largo, Florida
Chairman of the Board and Chief Executive Officer 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 and Chief Executive Officer
Patrick S. Baird
President
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 10048-9301
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 90067-3214
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 64105-1591
