IDEX Mutual Funds
Semi-Annual Report
April 30, 2000
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 46
IDEX JCC Growth 2 48
IDEX JCC Global 4 49
IDEX JCC Balanced 6 52
IDEX JCC Capital Appreciation 8 56
IDEX JCC Flexible Income 10 58
IDEX Alger Aggressive Growth 12 60
IDEX T. Rowe Price Dividend Growth 14 62
IDEX T. Rowe Price Small Cap 16 64
IDEX Pilgrim Baxter Mid Cap Growth 18 70
IDEX Pilgrim Baxter Technology 20 72
IDEX Goldman Sachs Growth 22 73
IDEX Transamerica Equity 24 75
IDEX Transamerica Small Company 26 76
IDEX Salomon All Cap 28 77
IDEX AEGON Income Plus 30 80
IDEX AEGON Tax Exempt 32 81
IDEX GE International Equity 34 82
IDEX GE U.S. Equity 36 84
IDEX Dean Asset Allocation 38 87
IDEX LKCM Strategic Total Return 40 88
IDEX NWQ Value Equity 42 90
IDEX C.A.S.E. Growth 44 91
Financial Statements
Preface to the Financial Statements 94
Statements of Assets and Liabilities 96
Statements of Operations 102
Statements of Changes in Net Assets 108
Financial Highlights 116
Notes to Financial Statements 130
Results of Shareholder Proxy Voting 141
To Contact Us 143
Fellow Shareholders,
Expected surprise.
It's easy now to say things had gone a bit too far a bit too fast.
Valuations in the technology sector were preposterous. Levels of margin debt
were outrageous. Speculation in the IPO market was rampant. Returns from
growth stocks were unsustainable. It's easy now to say we had all the pins
we needed to pop a speculative bubble.
If only it were that easy.
Fact is, it's hard to see trouble coming in the stock market-both the bubble
and the pin tend to become apparent only after the fact. Like conglomerates
in the 1960s, biotech in the 1990s, and now high tech in 2000, sharp, short-
term reversals in confidence happen abruptly. And they hurt...they hurt even
when we know they're coming. And we're left to remind ourselves once again
that short-term pain is a price we pay for long-term gain opportunities or
potential.
But the big picture outside the market turmoil of March and April has not
changed-a strong economy, low inflation, healthy corporate earnings, and
improvements in productivity provide a solid backdrop for the financial
markets. More than that, peace blankets most of the world, a growing global
population is bolstering demand, and increased retirement savings is pumping
cash into the stock markets. All of these press forward even as the world
undergoes a powerful shift in the way it does business.
Indeed, the microchip has ushered in a new age-an era magnificently
symbolized by the Internet-that's rewriting the rules for economies and
markets around the globe. Here at home, the fifteen largest technology
companies in the market are already worth more than the entire market a
decade ago. That the market keeps struggling to set fair prices for these
"new economy" stocks should surprise no one. From where we sit, it is
different this time.
For IDEX Mutual Funds' managers, this huge shift in economic reality has
been both challenging and exciting. We urge you to examine their individual
comments contained in this Report. Understanding how these experts dealt
with this complex market can only make it easier for you to stick to your
own investment strategy. We encourage you, too, to sit down with your
financial advisor and revisit your plans for diversification and asset
allocation. Discipline comes hard in periods of extreme, but it's the
exercise that separates investors from speculators.
As we've said before in this space, your personal investment success
requires not only a solid plan on your part but well-managed products on
ours. To that end, we added this period four impressive new options to the
IDEX line-up: IDEX Pilgrim Baxter Technology, IDEX GE U.S. Equity, IDEX
Transamerica Equity, and IDEX Transamerica Small Company. And there's more
to come. This June, we introduced two of the most intriguing investment
strategies in the industry today: IDEX Great Companies-America and IDEX
Great Companies-Technology. All together, the level of investment talent
represented in the IDEX family of funds has never been more imposing.
From here, while there's no way to predict with any assurance how the market
will act on any given day, we're of a mind to think that stocks are poised
to resume their upward track. Though your task of financial planning may
never have been more formidable, your potential for reward may never have
been more remarkable. We appreciate the opportunity to help you achieve it.
Sincerely yours,
/s/ John R. Kenney
June 20, 2000
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
Despite three rate hikes in six months, the U.S. economy powered ahead,
taking little notice of the Federal Reserve's efforts to moderate growth and
dampen demand. While the Fed tried vigilantly to head off inflation, the
first noticeable sign of price increases emerged in April with the release
of March's higher-than-expected consumer price index. After an impressive
rally that began late in 1999 and continued through mid-March, heightened
inflation fears and profit-taking caused the financial markets to fall back
a bit at period end.
Performance
For the six-month period ended April 30, 2000, IDEX JCC Growth substantially
outperformed its benchmark, the S&P 500 Index. Please refer to the
performance table for additional information.
Strategy Review
The fund successfully navigated much of the market's volatility by focusing
on companies with dominant franchises, superior management teams, and solid
earnings growth. One of those market leaders is NTT Mobile Communications,
Japan's dominant mobile phone operator. The company has seen its share price
climb dramatically on the success of I-Mode, a service that enables
subscribers to tap into the Internet via their cellular phones.
Another standout performer was Enron Corp., the nation's leading market-
maker for the buying and selling of natural gas and electricity. It's the
company's focus on building a global broadband network, however, that we are
most enthusiastic about. The network operates as a platform for carrying
data-intensive information from one point to another at very high speeds.
Our rigorous research has led us to conclude that the potential for these
services is enormous, and, as a result, we believe the value of Enron's
broadband assets could ultimately exceed that of its market-making
operations in natural gas and electricity. As a result, we are extremely
confident about the company's growth prospects.
There were a few disappointments this period, including Royal Caribbean
Cruises and AMFM. Our initial optimism about Royal Caribbean began to erode
when we discovered that bookings were not as strong as originally projected.
Additionally, rising fuel costs, lower prices, and a drop in rival Carnival
Cruise's fares weighed heavy on the stock price. As a result, we sold the
holding at a loss. AMFM, the largest radio station owner in the U.S., soon
to be acquired by Clear Channel Communications, suffered on the belief that
rising interest rates could ultimately affect AMFM's bottom line by reducing
advertising spending. But demand for advertising time and revenue growth at
AMFM-owned stations has never been better. Therefore, we view AMFM as a
buying opportunity and have added to our position in the company.
Outlook
From here, we expect the recent market volatility to be the rule rather than
the exception. That being the case, our long-term investment strategy is to
closely align the fund with the leaders of a number of forward-thinking
industries, thereby enabling us to weather the ups and downs of the market
successfully.
Five Largest Holdings (% of Net Assets)
Nokia Corp. OY ADR 11.5%
Cisco Systems, Inc. 7.0%
General Electric Company 5.4%
America Online, Inc. 4.7%
Time Warner, Inc. 4.1%
Top Five Industries (% of Net Assets)
Communications 18.1%
Technology - Diversified 17.3%
Software 13.5%
Broadcasting 9.4%
Semiconductors 7.8%
/s/ Edward Keely
Edward Keely
Fund Manager
Janus Capital Corporation
Class A $78,040
S&P 500 (1) $43,907
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past
10-year period.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year 5 year 10 year From Inception Inception
Date
Class A (NAV) 23.72% 37.52% 36.99% 23.51% 21.68% 5/8/86
Class A (POP) 16.92% 29.96% 35.45% 22.81% 21.19% 5/8/86
S&P 500 1 7.19% 10.13% 25.26% 18.78% 16.98% 5/8/86
Class B (NAV) 23.40% 36.85% - - 33.33% 10/1/95
Class B (POP) 18.40% 31.85% - - 33.25% 10/1/95
Class C (NAV)2 23.40% - - - 23.40% 11/1/99
Class M (NAV) 23.45% 36.96% 36.67% - 26.69% 10/1/93
Class M (POP) 21.22% 34.59% 36.39% - 26.49% 10/1/93
Class T (NAV) 23.89% 37.88% 37.31% 24.04% 21.98% 6/4/85
Class T (POP) 13.36% 26.16% 34.90% 22.95% 21.25% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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.
Class C shares do not impose a sales charge. 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.
This fund is currently heavily weighted in technology stocks, which
generally involve greater volatility and risks, so an investment in the fund
may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000 10/31/1999
Consumer Cyclical 18.9 19.6
Consumer Non Cyclical 3.5
Energy 2.9 2.1
Financial 1.8 2.8
Industrial 5.4 5.5
Technology 64.6 54.7
Short-term 6.9 12.0
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 JCC Global
Objective/Focus
Long-term growth and preservation of capital through investments primarily
in common stocks of foreign and domestic issuers.
Market Environment
The environment for global equities proved increasingly difficult across the
period. In the U.S., growing inflation concerns prompted the Federal Reserve
to raise short-term interest rates three times. The European Central Bank,
meanwhile, attempted to contain inflation via a series of interest rate
hikes. Although Asian and Latin American markets fared better, Japanese
markets were plagued by a growing budget deficit and lackluster economy.
Against this backdrop, what was a volatile market intensified dramatically.
For much of the period, demand for select telecommunications and technology-
driven stocks pushed equity indexes to all-time highs. In March, however, a
broad sell-off took hold, and markets experienced sharp swings on a daily
basis.
Performance
The fund delivered impressive returns for the six-month period ended April
30, 2000, outperforming its benchmark, the MSCI World Index. Please refer to
the performance table for additional information.
Strategy Review
Regardless of market conditions, we continued to pursue opportunities that
can transcend short-term fluctuations. In wireless communications, for
example, Japan's NTT Mobile Communications remained one of our favorites.
Rapid subscriber growth drove the company's gains, which were heightened by
the success of its new I-Mode wireless data service. Despite recent service
disruptions caused by an overtaxed infrastructure, we continue to view the
company favorably.
The boom in wireless data services created opportunities in Canada's JDS
Uniphase and Nortel Networks. Both leaders in photonics technology, these
companies are employing dense wave division multiplexing to increase the
carrying capacity of existing fiber-optic lines. Furthermore, as the demand
for bandwidth increases exponentially, the need for secure transactions
rises in tandem. Our position in Israel's Check Point Software Technologies,
a dominant force in e-security solutions and firewall software, benefited
from these developments.
Another strong performer was U.S. media conglomerate Time Warner, which
advanced on news of its anticipated merger with top Internet services
provider America Online (AOL). While the announcement saw AOL decline
modestly, we believe the union will create the model media company,
combining Time Warner's vast content library with AOL's sizable subscriber
base.
Although we were pleased with the fund's performance, a few holdings fell
short. Consumer electronics giant Sony retreated following reports of
technical glitches in its new PlayStation2 video-game console. Sony's
dominance in the game console business, however, remains a competitive
advantage. Consequently, we have maintained our position. Another stock that
faltered was Comcast, the U.S.-based cable operator. Investors have yet to
see whether new value-added services, such as high-speed Internet access and
video-on-demand, will drive future earnings and cash flow growth. We believe
they will, and, as a result, continue to hold this fundamentally sound
company.
Outlook
While we remain generally optimistic regarding the future of the global
economy, lingering economic uncertainty, particularly in Europe, will likely
lead to further volatility in the near term. The same goes for the U.S.,
currently under the threat of additional interest rate hikes. Given this
bumpy road, we will remain focused on the fundamentals of individual
companies, carefully watching valuation levels and investing in businesses
we believe can generate strong results in any economic environment.
Five Largest Holdings (% of Net Assets)
NTT Mobile Communications 4.2%
Cisco Systems, Inc. 3.7%
China Telecom, Ltd. ADR 3.4%
Vodafone AirTouch PLC 3.4%
Nokia Corp. OY 3.4%
Top Five Countries (% of Net Assets)
United States 37.9%
Japan 11.4%
United Kingdom 9.1%
Finland 6.2%
Sweden 4.9%
/s/Helen Young Hayes
Helen Young Hayes
/s/Laurence Change
Laurence Chang
Co-Fund Managers
Janus Capital Corporation
Class A $57,068
MSCIW (1) $32,489
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year 5 year From Inception Inception Date
Class A (NAV) 37.05% 56.06% 30.62% 26.79% 10/1/92
Class A (POP) 29.51% 47.48% 29.15% 25.84% 10/1/92
MSCIW 1 7.64% 12.63% 17.55% 16.39% 10/1/92
Class B (NAV) 36.83% 55.43% - 29.22% 10/1/95
Class B (POP) 31.83% 50.43% - 29.12% 10/1/95
Class C (NAV)2 36.83% - - 36.83% 11/1/99
Class M (NAV) 36.86% 55.53% 30.39% 25.34% 10/1/93
Class M (POP) 34.49% 52.97% 30.13% 25.15% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
Global investing involves special risks including currency fluctuations,
political instability, and different financial accounting standards.
Investments by Region as a Percentage of Net Assets
4/30/2000 10/31/1999
Asia/Pacific Rim 17.4 17.3
Australia 0.2
Europe 33.2 36.1
Latin America 4.7 2.6
Middle East 1.5
North America 29.3 34.5
Short-term 12.0 9.4
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 JCC Balanced
Credit Quality of Bonds
(% of Net Assets)
AAA 14.1%
AA 5.2%
A 4.4%
BBB 4.2%
BB 0.9%
B 3.9%
All C's 0.6%
NA 4.5%
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
Given the extreme volatility that rocked the financial markets this period,
it was a challenge to weather their ups and downs. As is often the case, the
volatility was triggered by fears of higher interest rates. These fears, in
turn, prompted a sell-off in many stocks. In the bond markets, investors
flocked to Treasury securities after the U.S. Treasury Department launched a
$30 billion debt buyback plan, only to abandon them later in favor of higher
yielding corporate and agency debt.
Performance
For the six-month period ended April 30, 2000, the fund slightly
outperformed its benchmark, the S&P 500 Index. Please refer to the
performance table for additional information.
Strategy Review
Amidst all the uncertainty, we slightly increased our cash position to take
advantage of several compelling opportunities. Furthermore, because the
Treasury buyback created an atypical environment for bonds, we repositioned
the fixed-income component of the fund to reflect a more even mix of
Treasuries and corporate debt securities.
Although the market downturn inflicted heavy damage on technology stocks,
Texas Instruments and EMC Corp. were among our top performers. Texas
Instruments continued to solidify its position as the leading maker of
digital signal processors, or DSPs, which power wireless phones. Moreover,
the company unveiled two new DSPs that will supply the speed and power
needed for personal wireless multimedia Internet devices. EMC is the
preeminent maker of memory storage and retrieval systems for large mainframe
computers. The company recently introduced a host of new products to attack
the midsize market and support network-attached storage, which allows users
to access data more quickly and efficiently. As EMC and Texas Instruments
continue to pioneer new leading-edge technology, we remain extremely
optimistic about their prospects.
Enron Corp. was another standout. The world's largest energy trader, Enron
is well positioned to leverage the ongoing deregulation of power markets in
the U.S. and overseas. On top of that, the company is building a global
broadband network using its existing interstate gas pipeline as a platform
for carrying data from one point to another at very high speeds. We think
the potential for the company's services is enormous. As a result, we expect
Enron to reward us with exceptional results well into the future.
While we were pleased with the fund's overall performance, working against
us was cable operator Comcast Corp. Despite company fundamentals that have
never been better, Comcast declined when a pullback in advertising spending
by the so-called "dot-com" companies, while amounting to a small percentage
of revenues, disproportionately affected results. Additionally, radio
company Infinity Broadcasting Corp. fell on investor perceptions that the
radio industry could not sustain its rapid rate of growth. Nevertheless, we
believe these downturns are temporary and therefore elected to hold both
positions.
Outlook
We expect the recent market volatility to persist as long as the economy
shows few signs of slowing. That being the case, we will rely on our proven
stock-picking approach to uncover companies led by outstanding management
teams committed to growing their top lines and improving returns on capital.
Five Largest Holdings (% of Net Assets)
U.S. Treasury Notes 11-15-2004 5.2%
U.S. Treasury Notes 8-15-2009 4.3%
General Electric Company 3.2%
U.S. Treasury Notes 11-30-2001 3.1%
Houston Industries, Inc. 2.9%
Top Five Industries (% of Net Assets)
U.S. Government Securities 12.5%
Communications 10.9%
Broadcasting 9.8%
Financial - Diversified 8.8%
Computers 6.0%
/s/Karen L. Reidy
Karen L. Reidy
Fund Manager
Janus Capital Corporation
Class A $27,042
S&P 500 (1) $31,625
LBGCB (1) $14,740
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year 5 year From Inception Inception
Date
Class A (NAV) 9.54% 12.13% 22.31% 21.42% 12/2/94
Class A (POP) 3.52% 5.97% 20.93% 20.16% 12/2/94
S&P 500 1 7.19% 10.13% 25.26% 26.25% 12/2/94
LBGCB 1 1.49% 0.93% 6.73% 9.46% 12/2/94
Composite Index 2 4.36% 4.87% 15.26% 18.47% 12/2/94
Class B (NAV) 9.25% 11.49% - 21.19% 10/1/95
Class B (POP) 4.25% 6.49% - 21.09% 10/1/95
Class C (NAV) 3 9.25% - - 9.25% 11/1/99
Class M (NAV) 9.30% 11.58% 21.67% 20.79% 12/2/94
Class M (POP) 7.20% 9.47% 21.43% 20.57% 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.
3 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
Basic Materials 3.0
Consumer Cyclical 16.2 30.1
Consumer Non Cyclical 2.1 2.8
Energy 1.1 1.8
Financial 11.4 13.7
Industrial 4.8 3.8
Technology 28.2 25.1
Utilites 4.5 6.8
Long-term U.S. Gov't 15.9 11.8
Short-term 12.9 1.9
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 Capital Appreciation
Objective/Focus
Long-term growth of capital by normally investing at least
50% of assets in medium-sized companies.
Market Environment
I've often argued that the fund performs best when growth is scarce. That
notion was certainly the case in the waning months of 1999 as investors
continued to reward a select core of the market's fastest-growing companies.
By the end of the period, however, volatility returned as markets grappled
with the uncertain interest rate environment and profit taking in several
high-profile segments. While finding companies that meet our stringent
criteria has always been challenging, the market's recent volatility has
made our task even more difficult.
Performance
Though impressive, the fund's return for the six-month period ended April
30, 2000, slightly underperformed its benchmark, the S&P MidCap 400 Index.
Please refer to the performance table for additional information.
Strategy Review
Our rigorous, stock-by-stock approach continued to identify individual
investments capable of performing well regardless of the market's overall
tone. One example was Network Solutions, which gained despite a difficult
environment for Internet companies. The company, which plays a vital role in
the infrastructure of the Internet by acting as the wholesaler for all
Internet addresses ending in -.com, -.net and -.org, was purchased by
Internet security leader and fellow portfolio holding, VeriSign, at a
substantial premium. We were encouraged by the deal, but not surprised.
Network Solutions could be described as one of the Internet sector's value
companies and, unlike many of its Web-related peers, has been earnings- and
cash flow-positive for quite awhile. It was only a matter of time before a
suitor swept up the company on favorable terms.
We have also sought to take advantage of outstanding growth in the wireless
business. While the extremely high market capitalizations awarded to a
number of companies prevents us from participating directly in many of the
industry's most prominent growth stories, we have found other ways to take
part in burgeoning growth in the cellular business. Our positions in
cellular tower operators American Tower and Crown Castle are two excellent
examples. Both companies reported outstanding revenue and operating earnings
growth during the period, and investors responded by bidding the shares
higher.
Unfortunately, not all positions aided performance. Lamar Advertising
slipped lower on concerns that the Federal Reserve's efforts to cool the
economy would curtail consumer spending and therefore reduce advertising
expenditures across the industry. Questions surrounding the sustainability
of recent increases in "dot-com" ad spending also pressured the company's
stock. We were disappointed by the decline, but believe Lamar's dominant
position in the outdoor advertising market will allow it to rebound.
Outlook
We think the market's recent volatility may indeed continue. The key to
surviving such periods of uncertainty is staying focused on the
fundamentals-finding ways to sort out the rubber balls from the eggs.
Ultimately, investors will be attracted to companies with rapid and
sustainable earnings growth and superior profitability regardless of an
occasional and sometimes violent rotation between the stocks of the "old"
and "new" economies. Meanwhile, we will continue to hit the road and meet
our companies face-to-face, always leveraging the in-depth research that has
allowed us to invest with confidence for so many years.
Five Largest Holdings (% of Net Assets)
Paychex, Inc. 4.0%
AMFM, Inc. 3.6%
Metromedia Fiber Network, Inc. Class A 3.5%
McLeodUSA, Inc. Class A 3.2%
Sepracor, Inc. 2.9%
Top Five Industries (% of Net Assets)
Communications 25.4%
Semiconductors 11.0%
Broadcasting 9.3%
Software 8.9%
Biotechnology 7.3%
/s/James P. Goff
James P. Goff
Fund Manager
Janus Capital Corporation
Class A $43,550
S&P 500 (1) $31,625
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year 5 year From Inception Inception
Date
Class A (NAV) 20.39% 53.86% 33.11% 32.59% 12/2/94
Class A (POP) 13.77% 45.40% 31.62% 31.21% 12/2/94
S&P 500 1 7.19% 10.13% 25.26% 26.25% 12/2/94
S&P 400 1 21.26% 23.46% 22.65% 23.13% 12/2/94
Class B (NAV) 20.16% 53.31% - 30.06% 10/1/95
Class B (POP) 15.16% 48.31% - 29.97% 10/1/95
Class C (NAV) 2 20.16% - - 20.16% 11/1/99
Class M (NAV) 20.19% 53.40% 32.63% 32.10% 12/2/94
Class M (POP) 17.99% 50.86% 32.36% 31.85% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
This fund is currently heavily weighted in technology stocks, which
generally involve greater volatility and risks, so an investment in the fund
may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000 10/31/1999
Consumer Cyclical 18.5 20.5
Consumer Non Cyclical 10.9 10.8
Energy 0.1
Financial 0.3 1.0
Industrial 1.8
Technology 64.0 58.7
Utilities 3.2 5.1
Short-term 1.8 5.1
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 JCC Flexible Income
Credit Quality of Bonds
(% of Net Assets)
AAA 11.7%
AA 6.2%
A 9.5%
BBB 22.4%
BB 11.7%
B 17.8%
All C's 1.3%
NA -
Not Rated 3.0%
Objective/Focus
Maximum total return, consistent with preservation of capital, by investing
in income producing securities of any grade.
Market Environment
In one of the more difficult periods for the bond market in recent history,
the fund's performance was clearly not up to expectations. Much of this had
to do with a confluence of events surrounding the broader economy. First
off, the U.S. continued to register robust economic growth. Fearing renewed
inflationary pressures, the Federal Reserve raised short-term interest rates
three times, which severely hindered bond prices. Another significant event
was the Treasury Department's announced buyback in January of longer-term
government debt. This created an acute imbalance between supply and demand
for Treasury securities, particularly on the long end of the maturity
spectrum. Consequently, yields on 10-year and 30-year Treasury bonds
declined sharply, causing the yield spread between corporate bonds and
Treasuries to widen. Corporate bonds suffered as a result. In turn, the high-
yield market fared no better, falling victim to increasing volatility in the
equity markets.
Performance
For the six-month period ended April 30, 2000, the fund modestly
underperformed its benchmark, the Lehman Brothers Government/Corporate Bond
Index. Please refer to the performance table for additional information.
Strategy Review
Despite an uncertain market, Venetian Casino, a high-yield credit previously
cited as a disappointment, delivered positive results. Venetian had declined
initially on reports of less-than-impressive traffic. However, this ran
counter to our own research, based on actually counting and videotaping
traffic flow, which revealed business was in fact booming. The market later
opened up, resulting in a substantial gain for our holdings.
One position that withstood the turmoil in technology stocks and finished
higher for the period was Concentric Network. This provider of Internet-
based network services moved ahead when it agreed to be acquired by NEXTLINK
Communications, a supplier of fiber-optic and broadband wireless
communications services to businesses. Worldwide Fiber, on the other hand,
faded with the general pullback in high-yield bonds. We remain,
nevertheless, extremely excited about the opportunities that lie ahead.
Recent meetings with management brought to light the company's plans to
complete an extensive 40,000-mile fiber-optic network as early as 2001. We
see a tremendous amount of potential in the company's business model and are
particularly encouraged by the strong interest in its pending IPO.
On the downside, a notable disappointment was Conseco, a diversified
insurance and consumer finance company. Despite the upgrading of its debt
from below-investment grade to investment grade, an eroding capital base
forced the company to write down the value of its asset portfolio and sell
its recently acquired Conseco Finance business. These weaknesses proved too
much to overcome, and we sold the position at a loss.
Outlook
Looking ahead, the Treasury Department's buyback program has created a
division of 10- and 30-year Treasuries on one end of the spectrum and
everything else on the other. While this has caused a great deal of turmoil,
the widening spreads enjoyed by corporate bonds should make select issues in
the corporate and high-yield markets extremely attractive. By leveraging our
rigorous, individual-issue approach, we hope to profit by being there first.
Five Largest Holdings (% of Net Assets)
U.S. Treasury Notes 2-15-2010 7.2%
Global Crossing, Ltd. 144A 11-15-2009 3.1%
Proctor & Gamble Company 9-15-2009 3.1%
Wal-Mart Stores, Inc. 8-10-2009 3.1%
Qwest Communications International,
Inc. 11-1-2008 2.9%
Top Five Industries (% of Net Assets)
Communications 19.9%
U.S. Government Securities 9.5%
Food Retailers 7.0%
Financial - Diversified 5.5%
Broadcasting 4.9%
/s/Ronald V. Speaker
Ronald V. Speaker
Fund Manager
Janus Capital Corporation
Class A $22,921
LBGCB (1) $21,812
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past
10-year period.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year 5 year 10 year From Inception Inception
Date
Class A (NAV) 1.13% 0.26% 7.55% 9.18% 7.67% 6/29/87
Class A (POP) (3.67)% (4.51)% 6.51% 8.65% 7.26% 6/29/87
LBGCB 1 1.49% 0.93% 6.73% 8.11% 8.04% 6/29/87
Class B (NAV) 0.85% (0.38)% - - 5.94% 10/1/95
Class B (POP) (4.15)% (5.36)% - - 5.76% 10/1/95
Class C (NAV) 2 0.85% - - - 0.85% 11/1/99
Class M (NAV) 0.89% (0.29)% 6.97% - 5.46% 10/1/93
Class M (POP) (1.11)% (2.27)% 6.75% - 5.30% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
Consumer Cyclical 16.2 25.5
Consumer Non Cyclical 15.6 15.6
Energy 0.7 0.9
Financial 11.3 14.7
Industrial 2.7 3.3
Technology 28.3 20.9
Utilities 1.8 3.1
Long-term U.S. Gov't 9.5 7.1
Short-term 10.4 7.0
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 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
Following an enormously strong finish in 1999 and an uneventful Y2K, the
market seemed poised to continue its rally during the traditionally bullish
month of January. Stocks, however, struggled during the month as profit
taking and interest rate fears weighed on most equity indexes. Against a
background of higher commodity prices and unrelenting economic expansion,
the Federal Reserve raised both the Fed Funds rate and the discount rate one
quarter of a percent on February 2nd.
As the market continued to flounder, technology and growth stocks regained
the momentum they had previously lost. The re-emergence of growth stocks,
combined with the continued struggles of most value stocks, brought
increased public attention to the ongoing bifurcated nature of the market. A
reversal of fortunes was clearly the trend in March, when money flowed out
of technology stocks and into so-called "old economy stocks," including
financials, pharmaceuticals and retailers. Many of the trading days during
March saw the Dow moving strongly in one direction and the NASDAQ moving
decisively in the other, with each index taking turns in the lead. As the
first quarter neared its close, the market continued to struggle with the
conflict between the new economy and the old economy. The Fed bumped
interest rates by another quarter point on March 21st, adding to interest
rate fears.
Alarmingly, on April 4th, the NASDAQ fell in excess of 500 points to an
intra-day low of 3,649. Despite several recovery attempts, the NASDAQ
continued to plummet throughout the first part of April, bottoming on the
17th to a low of 3,227-a drop of more than 37% from high to low, which
certainly qualifies as a full-fledged bear market. Equity markets continued
to be extraordinarily volatile throughout the remainder of April, with most
indexes fluctuating wildly amidst an overall minor recovery.
Performance
In this extremely volatile setting, the fund significantly outperformed its
benchmark, the S&P 500, for the six months ended April 30, 2000. Please
refer to the performance table for additional information.
Strategy Review
At period's end, the fund held 67 stocks and had a cash position of around
12%. Semiconductors, communication equipment, and computer
services/software represented the top three industries. The fund continues
to be heavily weighted in large technology stocks, including top holdings
eBay, Inc., Texas Instruments, Inc., and Applied Materials, Inc.
Outlook
What does the recent volatility mean? The answer is, not all that much. It
represents a dramatic, though perhaps obvious, wave of profit taking in
stocks that have done very well for a very long time. After all, the NASDAQ
is still up more than 50% versus one year ago. All together, things are
working out pretty much as we thought they would. Admittedly, the decline in
the NASDAQ was much more severe than we anticipated, and our tech stocks
(and hence our performance) suffered sharp declines. Nevertheless, we
continue to be very optimistic about the future of all the markets as we
look into the second half. An unintentional silver lining may be that the
very fragility of the market may well restrain the hand of the Fed. Finally,
we have used this opportunity to review all of our holdings and for the
moment, we are happy with what we have in the fund's portfolio.
Five Largest Holdings (% of Net Assets)
eBay, Inc. 3.7%
Texas Instruments, Inc. 3.3%
Applied Materials, Inc. 3.1%
Cisco Systems, Inc. 3.0%
LSI Logic Corp. 3.0%
Top Five Industries (% of Net Assets)
Semiconductors 22.2%
Software 12.9%
Computers 10.7%
Communications 10.7%
Retailers - Specialty 5.2%
/s/David D. Alger
David D. Alger
Fund Manager
Fred Alger Management, Inc.
Class A $49,547
S&P 500 (1) $31,625
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year 5 year From Inception Inception
Date
Class A (NAV) 25.71% 39.33% 32.76% 35.79% 12/2/94
Class A (POP) 18.80% 31.66% 31.26% 34.38% 12/2/94
S&P 500 1 7.19% 10.13% 25.26% 26.25% 12/2/94
Class B (NAV) 25.48% 38.74% - 25.05% 10/1/95
Class B (POP) 20.48% 33.74% - 24.96% 10/1/95
Class C (NAV) 2 25.48% - - 25.48% 11/1/99
Class M (NAV) 25.52% 38.83% 32.39% 35.41% 12/2/94
Class M (POP) 23.26% 36.44% 32.13% 35.16% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
This fund is currently heavily weighted in technology stocks, which
generally involve greater volatility and risks, so an investment in the fund
may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000 10/31/1999
Consumer Cyclical 12.5 19.1
Consumer Non Cyclical 0.6 0.4
Energy 3.1 3.1
Financial 3.4 5.9
Independent 1.7
Industrial 1.2 2.3
Technology 64.2 59.4
Utilities 2.5 4.9
Short-term 12.7 3.5
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 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
The economy maintained its vigorous growth over the past six months,
prompting the Federal Reserve to continue to raise short-term interest
rates. For much of the period, growth stocks-especially a narrow group of
high-flying technology stocks-soared, while value stocks continued their
sluggish performance. Fortunes reversed in mid-March in the wake of a
federal judge's ruling that Microsoft had violated antitrust laws. Nervous
investors quickly moved into forgotten "old economy" stocks, lifting the S&P
500 Stock Index 9.78% for the month. S&P stocks slipped again in April,
however, as interest-rate and valuation fears affected the entire market.
Investors' rotation from new to old economy stocks aided the fund, but
couldn't overcome losses sustained earlier in the period.
Performance
The market's sudden about-face in March contributed to stronger returns. The
fund posted a slight gain during the month of April while the S&P 500 lost
about 3%. Although the change was welcome, the fund had a modest decline for
the six-month period, underperforming its index. Please refer to the
performance table for additional information.
Strategy Review
Investors' lengthy pursuit of a narrow group of tech stocks led to weakness
in sectors we typically favor. The strong performance of Waddell & Reed
Financial, a money management and financial services firm, and one of our
largest holdings, helped our returns. The drug sector rebounded, with gains
provided by American Home Products, Warner-Lambert, and Pharmacia & Upjohn,
which acquired Monsanto and changed its name to Pharmacia Corp. Computer
products and services giant Hewlett-Packard was also a strong performer.
Disappointments included ALLTEL, Johnson & Johnson, and Galileo
International. Poor performance was not necessarily company-specific: The
market's focus on technology stocks and disregard of dividend-paying
companies with solid earnings continued to hurt the fund's total return.
We lightened our exposure to REITs during the first quarter of 2000,
eliminating our holding of underperformer Crescent Real Estate. The market's
neglect of fundamentals had its good side, though, as attractive valuations
in the kind of dividend-paying stocks we prefer allowed us to put cash to
work to become more fully invested. We continued to add some growth to the
fund, including Lowe's, a home-products retailer; United Technologies, owner
of Pratt & Whitney, Sikorsky Aircraft, Carrier, and Otis Elevator; and Tyco
International, a diversified manufacturing and service company whose
businesses include electronic components, fire protection systems, and
electronic security services. The fund remained underweighted in technology,
although we increased exposure to this sector as opportunities arose.
Outlook
Our outlook is positive for the months ahead. The fund owns many
attractively priced securities, and we continue to believe that owning
stocks of companies with strong earnings and dividend growth will provide
attractive returns for shareholders. Investors' single-minded focus on hot
technology stocks-many of which post no earnings and pay no dividends-
appeared to weaken in the spring. A further rebound in the financial sector,
combined with moderation in technology gains, would benefit relative
performance. Lower tech-sector valuations could also provide opportunities
to add more growth to the fund while still following our fundamental
strategy.
Five Largest Holdings (% of Net Assets)
Citigroup, Inc. 2.4%
Waddell & Reed Financial,
Inc. Class B 2.3%
Warner-Lambert Company 2.2%
Exxon Mobil Corp. 2.1%
Hewlett-Packard Company 2.0%
Top Five Industries (% of Net Assets)
Financial - Diversified 8.0%
Real Estate 7.9%
Oil Companies - Major 7.0%
Pharmaceuticals 6.7%
Industrial - Diversified 5.0%
/s/Thomas J. Huber
Thomas J. Huber
Fund Manager*
T. Rowe Price Associates, Inc.
* Through March 29, 2000, the fund was managed by
William J. Stromberg.
Class A $9,487
S&P 500 (1) $11,291
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year From Inception Inception Date
Class A (NAV) (2.19)% (6.56)% 0.13% 3/1/99
Class A (POP) (7.57)% (11.70)% (4.60)% 3/1/99
S&P 500 1 7.19% 10.13% 16.05% 3/1/99
Class B (NAV) (2.48)% (7.13)% (0.48)% 3/1/99
Class B (POP) (7.35)% (11.78)% (3.90)% 3/1/99
Class C (NAV) 2 (2.48)% - (2.48)% 11/1/99
Class M (NAV) (2.43)% (7.04)% (0.39)% 3/1/99
Class M (POP) (4.38)% (8.89)% (2.44)% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
Basic Materials 2.2 3.0
Consumer Cyclical 9.9 10.5
Consumer Non Cyclical 19.3 19.8
Energy 7.9 7.1
Financial 25.1 26.0
Independent 0.7 2.2
Industrial 7.7 5.6
Technology 16.2 7.5
Utilities 4.9 5.5
Short-term 5.6 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 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
Small-cap stocks outperformed large-caps during a volatile first four months
of 2000, continuing a trend that began in late 1999. The Russell 2000 Index
posted an 18.71% return for the six months ended April 30, 2000, while the
S&P 500 was up just 7.19%. For much of the period, investor sentiment
remained focused on "new economy" stocks, with technology, telecom, and
biotechnology leading performance. In mid-March, however, investors shifted
attention to "old economy" stocks in the wake of a federal judge's ruling
that Microsoft had violated antitrust laws. Although the new investor focus
caused some weakness amid much volatility, small-cap growth stocks
dramatically outperformed value stocks over the past year. The Lipper Small-
Cap Growth Index jumped 65.67% for the 12 months ended April 30, 2000,
versus a 7.35% rise for the Lipper Small-Cap Value Index. Through February,
speculative stocks dominated performance, but in March and April this group
underperformed, helping the fund's relative performance.
Performance
For the period, the fund's return handily topped that of its benchmark
index, the Russell 2000. Please refer to the performance table for
additional information. Heavy exposure to the robust technology sector,
which accounted for almost 50% of assets at the end of April, helped us post
solid returns. Our broad diversification-more than 400 names-and emphasis on
companies with attractive fundamentals also aided performance, especially
during the most volatile periods.
Strategy Review
Technology stocks clearly led performance during the period. Semiconductor
companies GlobeSpan, TranSwitch, PMC-Sierra, and QLogic were among the top
performers. Powerwave Technologies, a cable and wireless equipment maker,
and Learning Tree, a provider of education and training services to the
information technology industry, also contributed strongly. Liberate
Technologies, Sykes Enterprises, and Legato Systems were among the
disappointing issues. In keeping with our policy of broad diversification,
we increased the number of holdings in the fund, but made no significant
industry or sector moves.
Although our overall strategy remained more conservative than many small-cap
growth funds, we continued to look for growth. New additions included
Harmonic, Inc., a cable and wireless systems maker, Cree, Inc., a producer
of semiconductor-based electronics, Ancor Communications, a data
communications network equipment manufacturer, and Investment Technology
Group, a premier provider of technology-based stock trading solutions for
institutions.
Outlook
We expect market breadth to improve, with small-company stocks continuing to
perform well relative to large caps and non-technology stocks catching up
with tech stocks. If this is in fact the start of a small-cap cycle, then we
believe that there is still a long way to go. Small caps have suffered
through a long period of neglect, but historical cycles of small-cap
outperformance have lasted several years on average. Despite their recent
recovery, small caps are still near the low end of their relative valuation
ranges, and further advances seem a strong possibility. The companies in our
fund are performing well, and we expect that in the long run, fundamental
company performance will be closely linked with stock market return.
Five Largest Holdings (% of Net Assets)
Burr-Brown Corp. 1.0%
Powerwave Technologies, Inc. 1.0%
TranSwitch Corp. 0.8%
Mercury Interactive Corp. 0.7%
TriQuint Semiconductor, Inc. 0.7%
Top Five Industries (% of Net Assets)
Software 11.8%
Semiconductors 9.0%
Communications 8.2%
Electronic Components & Equip. 8.0%
Technology - Industrial 5.9%
/s/Richard T. Whitney
Richard T. Whitney
Fund Manager
T. Rowe Price Associates, Inc.
Class A $13,309
Russell 2000 (1) $12,902
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year From Inception Inception Date
Class A (NAV) 27.90% 38.70% 34.05% 3/1/99
Class A (POP) 20.87% 31.07% 27.72% 3/1/99
Russell 2000 1 18.71% 18.47% 26.12% 3/1/99
Class B (NAV) 27.63% 38.02% 33.36% 3/1/99
Class B (POP) 22.63% 33.02% 30.10% 3/1/99
Class C (NAV) 2 27.63% - 27.63% 11/1/99
Class M (NAV) 27.67% 38.12% 33.47% 3/1/99
Class M (POP) 25.40% 35.74% 37.74% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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.
Investing in small cap stocks generally involves greater risks and
volatility. This fund is currently heavily weighted in technology stocks,
which also involve greater risks and volatility, so an investment in the
fund may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000 10/31/1999
Basic Materials 1.1 0.3
Consumer Cyclical 12.1 16.5
Consumer Non Cyclical 12.0 17.3
Energy 3.0 1.4
Financial 5.6 6.5
Industrial 11.9 7.1
Technology 49.9 44.8
Utilities 0.4
Short-term 5.4 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 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
Growth stocks significantly outperformed value stocks this period, and they
did so across all capitalizations. This is evidenced by the trailing six-
month returns of the Russell Mid Cap Growth Index and the Russell Mid Cap
Value Index, 41.6% and 2.2%, respectively. Within the growth category,
however, those stocks that had biggest run up in price early corrected the
hardest late. Overall, the technology, industrial, and energy sectors were
the big winners for the period while basic materials, consumer non-
cyclicals, and financials lagged badly.
Performance
For the six months ended April 30, 2000, IDEX Pilgrim Baxter Mid Cap Growth
underperformed its benchmark, the Russell Mid Cap Growth Index. Please refer
to the performance table for additional information.
Strategy Review
The fund's technology weighting at period end was 59.7%, well above its
historical level. We continue to overweight this sector because the
fundamental outlook for these companies looks as good as ever. Overall, our
technology holdings outperformed those of the benchmark for the period,
although we were hurt by poor stock selection in the services and consumer
cyclical sectors, especially retail.
Utilizing a bottom-up approach to investing, we look for companies that
appear to have the potential for exceptional growth. The things we care most
about in stock selection are high growth rates in sales and earnings,
positive income statement surprises, and upward estimate revisions. We
prefer companies that are in the early stages of acceleration with an open-
ended growth opportunity. At the same time, we're relatively indifferent to
valuation analysis, believing that high-growth rate companies are typically
cheap if they accomplish their high growth rates for several years and
expensive if they do not. We are very sensitive to changes in business
momentum. When we spot a positive inflection point, we attempt to determine
if there are high probabilities of sustained growth.
Our discipline never changes. The fund will contain high quality companies
experiencing the best business momentum. At times, the market will place a
premium on these characteristics and at other times, like the end of 1998
when investors craved stability and/or liquidity, the market will ignore
these characteristics. We do not attempt to time the market and do very
little sector strategizing. We attempt to manage risk by following our
companies very closely and by building or reducing positions when we believe
that company fundamentals are changing.
Outlook
Rapidly growing companies and especially technology stocks experienced a
significant correction over the last two weeks of March and the month of
April. We strongly believe this "valuation correction" will not be
reflective of the business fundamentals for the companies in the fund. The
March quarter earning reports look great, and we would expect that trend to
continue into the June quarter. Our conviction to technology stocks has
risen commensurately with the decline in their prices.
Five Largest Holdings (% of Net Assets)
InfoSpace, Inc. 3.3%
Cooper Cameron Corp. 2.8%
Network Solutions, Inc. 2.4%
Convergys Corp. 2.4%
Teva Pharmaceutical
Industries, Ltd. ADS 2.3%
Top Five Industries (% of Net Assets)
Software 14.9%
Semiconductors 14.6%
Computers 9.3%
Technology - Diversified 7.7%
Pharmaceuticals 7.2%
/s/Jeffrey A. Wrona
Jeffrey A. Wrona
Fund Manager
Pilgrim Baxter & Associates, Ltd.
Class A $19,005
Russell MCG (1) $15,998
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year From Inception Inception Date
Class A (NAV) 35.81% 70.55% 81.76% 3/1/99
Class A (POP) 28.34% 61.17% 73.18% 3/1/99
Russell MCG 1 41.58% 53.01% 56.70% 3/1/99
Class B (NAV) 35.51% 69.83% 80.97% 3/1/99
Class B (POP) 30.51% 64.83% 77.87% 3/1/99
Class C (NAV) 2 35.51% - 35.51% 11/1/99
Class M (NAV) 35.55% 69.93% 81.08% 3/1/99
Class M (POP) 33.20% 67.23% 97.20% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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.
This fund is currently heavily weighted in technology stocks, which
generally involve greater volatility and risks, so an investment in the fund
may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000 10/31/1999
Consumer Cyclical 12.1 15.3
Consumer Non Cyclical 11.7 7.3
Energy 7.2 6.6
Financial 1.7 2.3
Industrial 2.2 3.2
Technology 59.7 46.4
Short-term 4.2 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 Pilgrim Baxter Technology
Objective/Focus
Growth of capital through investments in common stocks of small, medium or
large capitalization companies that rely extensively on doing business in
the technology or communications sectors of the market.
Market Environment
The Y2K cloud that hovered over the global economy in 1999, and the
potential disruptive impacts it was anticipated to have on the technology
sector, was well documented. The reality, though, was that Y2K had minimal
impact of any kind. To be sure, we witnessed a bit of inventory stockpiling
and some purchase delays until the New Year, but, all in all, our companies
saw little disruption in their businesses.
Performance
For the short two month period ended April 30, 2000, IDEX Pilgrim Baxter
Technology underperformed both its benchmarks. Please refer to the
performance table for additional information.
Strategy Review
One of our main themes has been the evolution of the global
telecommunications network infrastructure. With the massive build-out of new
age fiber networks, both on a domestic and a global scale, we believe the
main beneficiaries will be the equipment vendors. In fact, we see business
momentum that will enable the service providers to light up these networks,
expand the capacity of the fiber, route greater amounts of data around the
globe efficiently, and enhance the existing circuit switch network. We
continue to believe the demand for bandwidth both by businesses and
consumers, either via wireline (copper, fiber, coaxial) or wireless (mobile
or fixed), will further accelerate the demand for telecommunications
equipment and components. In addition, we have been investing in the
infrastructure companies that enable content to be stored and delivered more
efficiently across the Internet cloud.
One of the areas where we have significantly reduced exposure has been the
Internet portals and business to consumer (B2C) companies. While we continue
to be long-term believers of the Internet's impact on B2C commerce, we
remain skeptical of many of the business models that have arisen over the
past year. The entrance by the traditional bricks and mortar retailing
giants onto the e-commerce battlefield only heightens the concerns regarding
sustainable business models and eventual profitability. While we believe
those companies that establish Internet brand recognition and increase
traffic should thrive and ultimately achieve profitability, we continue to
take a wait and see approach.
Outlook
Technology stocks experienced a significant correction over the last two
weeks of March and the month of April. We have no way of calling the bottom,
but we strongly believe what we have experienced to date is a "valuation
correction" and in no way is reflective of the business fundamentals for the
companies in the fund. The March quarter earning reports have been terrific
and we would expect that to continue for the June quarter. We remain
positive on the technology sector long term, our conviction rising with the
recently falling prices.
Five Largest Holdings (% of Net Assets)
InfoSpace, Inc. 11.0%
JDS Uniphase Corp. 3.4%
E-Tek Dynamics, Inc. 3.1%
SDL, Inc. 2.9%
Ciena Corp. 2.7%
Top Five Industries (% of Net Assets)
Software 19.2%
Semiconductors 16.9%
Communications 15.4%
Technology - Diversified 13.3%
Advertising 11.6%
/Jeffrey A. Wrona
Jeffrey A. Wrona
Fund Manager
Pilgrim Baxter & Associates, Ltd.
Class A $6,905
PSEHT (1) $9,363
SOUNDVIEW (1) $9,262
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
From Inception Inception Date
Class A (NAV) (26.95)% 3/1/00
Class A (POP) (30.97)% 3/1/00
Soundview 1 (7.19)% 3/1/00
PSEHT 1 (6.84)% 3/1/00
Class B (NAV) (27.17)% 3/1/00
Class B (POP) (30.81)% 3/1/00
Class C (NAV) (27.17)% 3/1/00
Class M (NAV) (27.13)% 3/1/00
Class M (POP) (28.58)% 3/1/00
Notes
1 The Soundview Technology (Soundview) Index and Pacific Stock Exchange
High Technology (PSEHT) 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. Class C shares
do not impose a sales charge. 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.
Investing in technology stocks generally involves greater volatility and
risks, so an investment in the fund may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000
Consumer Cyclical 11.6
Consumer Non Cyclical 0.4
Industrial 2.6
Technology 77.8
Short-term 4.0
Dollar cost averaging
An investment strategy whereby a specific amount of money is invested each
month regardless of market conditions. This allows accumulation of shares
gradually, at an average price that often is lower over the long-term than
if you had purchased the entire investment at once.
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 the U.S. economy showed no signs of dramatic change these last six
months, the stock market nevertheless experienced significant volatility.
For their part, investors continued to invest heavily in technology and
Internet stocks, and these sectors posted the strongest performance for the
period. In March and April, however, a correction in these areas sent
consumers flocking to the perceived safe havens of consumer staples and
cyclical stocks.
Performance
For the six months ended April 30, 2000, IDEX Goldman Sachs Growth
outperformed its benchmark, the S&P 500. Please refer to the performance
table for additional information.
Strategy Review
Despite an underweighting in the top-performing technology sector, our
strong stock selection provided strong overall performance this period. In
the media and communications sector, for example, EchoStar Communications
Corp., operators of a Direct Broadcast Satellite (DBS) subscription
television service, was a top performer. The company delivers direct-to-home
satellite television products and services to customers worldwide. There
were, however, holdings in the media sector which detracted from
performance, including Central Newspapers, Inc., Tribune Company, and A.H.
Belo Corp. The newspaper industry overall was a depressed area of the
market.
In the utilities sector, The AES Corp., which owns and operates power plants
that sell electricity to utilities, industrial customers, and governments,
posted significant performance. The company has benefited from the growing
worldwide demand for new power plants, as well as the privatization
occurring in this industry. At the same time, the company has been expanding
its reach through strategic acquisitions, particularly in the South American
market.
As for the technology sector, our performance was strong overall, though we
did give back some gains in March and April. Inside the group, we seek to
invest in companies well positioned to capture the underlying growth
supporting the Internet boom; companies like Cisco Systems, EMC Corp., Sun
Microsystems, Inc., and Oracle Corp. exemplify our strategy. All of these
stocks, by the way, posted strong returns for the period. One notable
detractor from performance was Microsoft Corp. We believe, however, that
with the announcements behind us, there is potential upside to the stock.
Outlook
While we neither make nor rely on economic forecasts for investment
decisions, we are generally bullish on the U.S. economy. Over the last
decade, global communication has increased, resulting, for the most part,
from significant technological advances and a generally peaceful world
political environment. We believe this trend, combined with favorable
demographic trends, will benefit U.S. companies over the long term. More
fundamentally, we continue to focus on the core business characteristics
that provide a foundation for long-term growth, such as strength of
franchise, quality of management, and free cash flow. We believe that the
enduring competitive advantage of the companies whose stocks we own will
withstand even an uncertain market environment.
Five Largest Holdings (% of Net Assets)
General Electric Company 3.8%
Cisco Systems, Inc. 3.7%
Intel Corp. 3.3%
Standard & Poor's 500
Depository Receipts 3.2%
Microsoft Corp. 2.9%
Top Five Industries (% of Net Assets)
Communications 12.2%
Financial - Diversified 7.5%
Pharmaceuticals 7.4%
Software 6.7%
Computers 6.0%
/s/Herbert E. Ehlers
Herbert E. Ehlers
Fund Manager
Goldman Sachs Asset Management
Class A $11,826
S&P 500 (1) $11,291
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year From Inception Inception Date
Class A (NAV) 9.73% 14.58% 21.08% 3/1/99
Class A (POP) 3.70% 8.28% 15.36% 3/1/99
S&P 500 1 7.19% 10.13% 16.05% 3/1/99
Class B (NAV) 9.35% 13.86% 20.33% 3/1/99
Class B (POP) 4.35% 8.86% 17.01% 3/1/99
Class C (NAV) 2 9.35% - 9.35% 11/1/99
Class M (NAV) 9.41% 13.97% 20.45% 3/1/99
Class M (POP) 7.31% 11.83% 22.05% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
Basic Materials 1.8 0.6
Consumer Cyclical 14.4 17.6
Consumer Non Cyclical 14.5 20.3
Energy 5.3 5.1
Financial 16.1 16.1
Independent 0.4 0.4
Industrial 5.8 3.9
Technology 31.5 23.8
Utilities 4.8 4.0
Short-term 9.6 7.8
CDSC
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 Transamerica Equity
Objective/Focus
Long-term growth by investing in domestic common stocks of companies which
are considered to be under-valued in the stock market.
Market Environment
IDEX Transamerica Equity commenced operations on March 1, 2000. The fund's
intent is to own businesses that can sustain competitive advantage over long
periods of time. This philosophy, which we have consistently applied over
many years, leads us to own businesses that are highly unique and that
generate very high returns on the capital they invest on behalf of their
shareholders. Our initial investments in IDEX Transamerica Equity are
consistent with the above philosophy.
Performance
The fund's performance for the two months ended April 30, 2000, reflects a
short period of operation in a very difficult market environment. Please
refer to the performance table for additional information.
Strategy Review
We like to divide our investments into two categories-"technology creators"
and "technology deployers." We believe that technological innovation is
still in its early stages. Companies that can create or deploy technology
can sustain competitive advantage and earn high returns for their
shareholders. We like to call them "wealth-creating machines," and we seek
to own them. The fund was initially divided into about 40% technology
creators and 60% technology deployers.
Examples of companies that are great at deploying technology are Charles
Schwab and Dell Computer. Both have moved a large portion of their business
to the Internet and as a result have lowered their costs and are serving
their customers more efficiently. This is the sweet spot for skilled
technology deployment-better products or services at lower costs-and it
keeps demand for products and services high and competitors at bay. Another
area of investment in technology deployment is retail. Retailers have found
that by deploying technology they can reduce costs with their suppliers and
manage their supply chains more efficiently. We favor the less cyclical
retailers such as Safeway, Kroger, CVS Corp., and Gap.
Our technology creator investments are centered around the beneficiaries of
the emergence of the Internet, companies like EMC, Qwest Communications,
Intel, and Microsoft. Qwest and EMC are beneficiaries of the "moving and
storage" of data while Intel and Microsoft benefit from the desktop linkage
to the Net. Another fertile area for technology creation is the emergence of
wireless communications. Here we own companies like QUALCOMM, RF Micro
Devices, and Vodafone. We believe that data traffic is just beginning to
ramp in the word of wireless communications as opposed to traditional voice
communication.
What you will not find in the fund is investments in so-called "dot-com"
companies. We prefer to own companies with real profits and cash flow that
give them the ability to reinvest in their business. Better balance sheets
mean they do not have to come back to the market for financing and dilute
their shareholders.
Outlook
We want to emphasize that despite current market volatility, we remain long-
term bulls on the U.S. stock markets. The desktop computer did not fully
emerge as a common technology until about 1993, and the Internet's emergence
followed two years later. We are still very early in the technological
revolution, and it has many years to run. We also believe that the market
will be more discriminating going forward, as it looks for real growth and
profitability, and that our high quality portfolio of unique and profitable
companies is well positioned.
Five Largest Holdings (% of Net Assets)
U.S. Trust Corp. 5.2%
EMC Corp. 4.4%
Clear Channel Communications, Inc. 4.3%
QUALCOMM, Inc. 4.2%
First Data Corp. 4.1%
Top Five Industries (% of Net Assets)
Communications 15.9%
Computers 14.6%
Semiconductors 13.8%
Banks 9.4%
Food Retailers 7.1%
/s/Jeffrey S. Van Harte
Jeffrey S. Van Harte
/s/Gary U. Rolle
Gary U. Rolle
Co-Fund Managers
Transamerica Investment Management, LLC
Class A $9,655
S&P 500 (1) $10,648
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
From Inception Inception Date
Class A (NAV) 2.15% 3/1/00
Class A (POP) (3.47)% 3/1/00
S&P 500 1 6.48% 3/1/00
Class B (NAV) 1.94% 3/1/00
Class B (POP) (3.06)% 3/1/00
Class C (NAV) 1.94% 3/1/00
Class M (NAV) 1.97% 3/1/00
Class M (POP) (0.05)% 3/1/00
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. Class C shares
do not impose a sales charge. 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.
This fund is currently heavily weighted in technology stocks, which
generally involve greater volatility and risks, so an investment in the fund
may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000
Consumer Cyclical 12.2
Consumer Non Cyclical 14.8
Financial 13.5
Industrial 6.2
Technology 47.6
Short-term 7.9
Automatic Investment Plan
With the Automatic Investment Plan, money is systematically invested into a
shareholder's IDEX account electronically from their bank account, taking
advantage of dollar cost averaging.
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 Transamerica Small Company
Objective/Focus
Long-term growth by investing principally in equity securities such as
common and preferred stocks, rights, warrants and securities convertible
into or exchangeable for common stocks of small companies.
Market Environment
IDEX Transamerica Small Company was opened March 1, 2000. Since then, the
broad equity markets showed mixed results. Following a long period of
technology-led strength, market participants displayed a classic flight to
quality. The Federal Reserve raised interest rates to tighten credit
standards and lessen potential inflationary pressures. At the same time,
corporate earnings growth continued at a strong pace driven by productivity,
not pricing power. We believe that the price of a stock will reflect the
strength of its underlying business. The market's refocus on sustainable
businesses-both large and small-is, therefore, healthy.
Performance
Since inception, the fund has taken positions in 31 leading small companies
that are characterized by outstanding management, competitive dominance, and
large market opportunity. For the short two month period ended April 30,
2000, the fund underperformed its benchmark index. Please refer to the
performance table.
Strategy Review
The fund focuses on small companies with big opportunities. We live in a
period of remarkable innovation...innovation that is creating new markets
for small companies to deliver unique value. Small, focused companies have
the advantage of speed, allowing them to dominate a new market more quickly
than their larger competitors. The combination of innovation and rapid time
to market presents a strong environment for leading small companies. The
fund represents a diversified collection of outstanding businesses found
through extensive research. Our positions include leaders in the
communications, media, computing, healthcare, and consumer industries.
Wireless communications is one area of focus for the fund. The new paradigm
of access to information from anywhere is just beginning, and the company
that controls a circuit manufacturing technology necessary for wireless data
to occur is RF Micro Devices. RF acquired this technology, originally used
for military communications, and adapted it towards commercial use. This
control makes the competitive advantage sustainable, allowing RF to earn
significant profits in a growing market.
Other top holdings include Lamar Advertising, VeriSign, Millipore, and
Forward Air Corp. Lamar, one of the nation's top billboard operators, has
expanded to where they are by attracting national accounts such as Nestle.
Because billboards are limited in supply, Lamar is earning strong returns in
a healthy media market. VeriSign, on the other hand, is an example of a
technology company that has moved rapidly to dominate a market. The company
has become the standard for secure network communications, its customers
including the likes of Amazon and Wells Fargo Bank and its partners,
including Microsoft and Cisco Systems. Millipore makes filtration solutions
for the biopharmaceutical and semiconductor markets; the solutions are
designed specifically for these demanding needs and therefore are difficult
to duplicate. Forward Air is a logistics provider that helps shippers and
air carriers maximize their returns on freight transportation. The company
is well positioned to benefit from the growth in shipping commerce.
Outlook
These holdings represent the type of businesses we seek: well-managed,
rapidly growing companies with sustainable advantages and big opportunities.
We believe these types of businesses will invest for shareholders at
attractive rates of return. While short-term volatility is unpredictable, we
believe that investing in businesses that exhibit these characteristics, and
avoiding those without them, will be most rewarding to our shareholders.
Five Largest Holdings (% of Net Assets)
QLogic Corp. 6.2%
Millipore Corp. 5.2%
i2 Technologies, Inc. 5.2%
VeriSign, Inc. 5.1%
RF Micro Devices, Inc. 4.9%
Top Five Industries (% of Net Assets)
Communications 18.1%
Computers 12.0%
Software 11.0%
Technology - Industrial 8.6%
Semiconductors 6.2%
/s/Christopher J. Bonavico
Christopher J. Bonavico
/s/Timothy S. Gaumer
Timothy S. Gaumer
Co-Fund Managers
Transamerica Investment Management, LLC
Class A $8,090
Russell 2000 (1) $9,398
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
From Inception Inception Date
Class A (NAV) (14.41)% 3/1/00
Class A (POP) (19.11)% 3/1/00
Russell 2000 1 (12.21)% 3/1/00
Class B (NAV) (14.62)% 3/1/00
Class B (POP) (18.89)% 3/1/00
Class C (NAV) (14.62)% 3/1/00
Class M (NAV) (14.59)% 3/1/00
Class M (POP) (16.28)% 3/1/00
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. Class C shares
do not impose a sales charge. 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.
Investing in small cap stocks generally involves greater risks and
volatility. This fund is currently heavily weighted in technology stocks,
which also involve greater risks and volatility, so an investment in the
fund may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000
Basic Material 3.5
Consumer Cyclical 13.6
Consumer Non Cyclical 11.0
Industrial 8.0
Technology 60.5
Short-term 10.4
Cost Basis
The "cost basis" is generally the amount paid for mutual fund shares,
including all reinvested distributions. Whenever shares are sold from a
taxable account, the cost basis determines the realized gain or loss, which
must be reported on your income tax 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 Salomon All Cap
Objective/Focus
Long-term growth of capital by investing fund assets principally in common
stocks and convertible securities.
Market Environment
Early in the period, the equity market was led by the technology sector,
which enjoyed considerable momentum until March. This momentum came at the
expense of most of the out-of-favor, "old economy" sectors, including
consumer stocks, financials, and pharmaceuticals. By the middle of March,
however, the tide had turned and the market rotated into broader,
undervalued sectors. As volatility increased over the last half of the
period, the NASDAQ plunged as much as 34% from its peak. The Dow Jones
Industrial Average and the S&P 500 also declined.
Performance
For the six-month period ended April 30, 2000, the fund outperformed its
benchmark, the Russell 3000. Please refer to the performance table for
additional information. The fund's outperformance was primarily due to stock
selection, particularly in the old economy companies. The fund's flexibility
to invest in the best possible opportunities throughout the market came in
handy this period, as we were able to significantly increase positions in
long-term growth sectors like consumers and pharmaceuticals, despite
technology being the flavor of the day.
Strategy Review
Throughout the period, we added to our positions in the consumer staples,
consumer cyclical, and energy sectors. By the end of the period, we were
adding oversold technology and telecommunications issues. We remain
overweighted in old economy companies. Many of our old economy companies,
however, are transitioning their businesses by adopting new technologies and
ways of doing business.
Safeway, Inc., a food retailer, is one of our largest positions. We believe
Safeway can sustain superior earnings growth through accelerating same store
sales, acquisitions, and improved efficiencies from better execution.
Safeway recently announced several e-commerce initiatives we believe might
be the start of a successful e-commerce strategy.
The fund is still underweighted relative to the market in technology but we
are adding to positions during the recent decline. In telecommunications, we
continue to believe that Bell Atlantic and GTE have very attractive
risk/reward profiles. Our energy holdings also paid off during the period,
leading us to trim positions selectively. In healthcare, we added to some
large cap pharmaceutical positions. Lastly, the fund maintains a diversified
blend of growth and value, as well as large and small/mid cap stocks.
Outlook
The market's rotation out of the momentum sectors, including technology,
telecommunications and biotechnology, is producing significant profits for
many of our positions. The market has broadened, as we expected, into a
variety of sectors that had lagged. We expect many of these stocks to build
on their gains, particularly the high quality companies. In the end, we
believe that better quality companies will leverage off of the efficiencies
generated by today's massive deployment of technology to gain market share
and boost their growth rates. We believe these companies will be the
ultimate winners in the new economy to the benefit of the fund.
Five Largest Holdings (% of Net Assets)
Safeway, Inc. 3.7%
Nabisco Group Holdings 3.2%
Federated Department Stores, Inc. 3.0%
Hormel Foods Corp. 2.7%
Advanced Micro Devices, Inc. 2.7%
Top Five Industries (% of Net Assets)
Food Retailers 9.9%
Communications 7.7%
Semiconductors 6.3%
Computers 6.1%
Food - Other 5.6%
/s/Ross S. Margolies
Ross S. Margolies
/s/Robert M. Donahue, Jr.
Robert M. Donahue, Jr.
Co-Fund Managers
Salomon Brothers Asset Management Inc
Class A $13,760
Russell 3000 (1) $11,795
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year From Inception Inception Date
Class A (NAV) 24.41% 30.56% 37.91% 3/1/99
Class A (POP) 17.57% 23.38% 31.39% 3/1/99
Russell 3000 1 10.33% 12.90% 18.85% 3/1/99
Class B (NAV) 24.02% 29.78% 37.09% 3/1/99
Class B (POP) 19.02% 24.78% 33.84% 3/1/99
Class C (NAV) 2 24.02% - 24.02% 11/1/99
Class M (NAV) 24.08% 29.90% 37.22% 3/1/99
Class M (POP) 21.84% 27.61% 42.31% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
Basic Materials 6.3 5.3
Consumer Cyclical 11.9 14.2
Consumer Non Cyclical 25.6 14.6
Energy 9.0 10.8
Financial 7.2 11.4
Independent 1.0 1.0
Industrial 5.4 7.0
Technology 24.8 23.4
Utilities 4.4 3.5
Short-term 8.6 5.0
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 AEGON Income Plus
Credit Quality of Bonds
(% of Net Assets)
AAA -
AA -
A 13.4%
BBB 33.9%
BB 10.9%
B 22.9%
All C's -
D -
NA 2.8%
Not Rated 5.2%
Objective/Focus
High current income while avoiding excessive risk by investing primarily in
fixed-income.
Market Environment
The first half of fiscal year 2000 witnessed a flattening yield curve as the
Federal Reserve continued to raise short-term interest rates and the
Treasury Department repurchased long-duration bonds. At the same time,
yields on credit spreads widened as investors discounted the impact of
further Fed tightenings. Continued default activity, combined with equity
market volatility and soft demand from mutual funds, contributed to the
underperformance of the high-yield sector.
Across the period, redemptions in high-yield mutual funds weighed on the
prices, with $2.8 billion leaving the market the last six months. What
demand there was came from insurance companies and pension funds. This
backdrop led to a spread widening of some 137 basis points for the high-
yield index. This decline was fairly evenly spread between the single-B and
double-B indexes with double-B's widening slightly less.
Performance
For the six months ended April 30, 2000, IDEX AEGON Income Plus
underperformed its benchmark, the Merrill Lynch High Yield Master Index.
Please refer to the performance table for additional information.
Strategy Review
The first three months of the year was the weakest beginning for any year
for new issue since the beginning of the Gulf War. Normally, weak supply
leads to tighter credit spreads and good performance in the corporate bond
market, but not so this time. In fact, spreads actually widened. There are
several culprits in the investment-grade market and they all come down to
the inability of Wall Street traders to establish a consistent hedge for
their spread product inventories. The rather unexpected inversion of the
Treasury curve apparently caught many professionals off guard. While many
firms attempted to employ fixed-to-floating rate swaps, these so-called swap
spreads have proven to be quite volatile and their value as a reliable hedge
has been less than hoped for. Finally, with all the equity market
volatility, the corporate bond market has become just plain nervous.
Outlook
For the coming months, we anticipate continued high domestic default rates,
even with the continued strength in the economy. The surprising strength in
the economy increases the concern as to whether the Fed can engineer a soft
landing. Volatility among individual issues has continued, but given the
widening in spreads and the declines in absolute dollar prices, the high-
yield market is becoming more attractive. This should present us with some
interesting opportunities in the coming months, particularly as demand picks
up.
An increase in interest rates and/or a deteriorating economy pose the key
risks to the fund. Right now, the fund's duration is approximately equal to
its benchmark, a stance we took in early 1999 given our belief that economic
growth would be stronger than expected. We continue to maintain a neutral
view toward duration while keeping a slightly positive bias toward credit.
Given a macroeconomic backdrop that is still favorable, high-yield bonds
should experience positive returns this year. We would caution, however,
that the emphasis must be on issues of higher quality. Our strategy is to
wait for signs the economy is slowing and move aggressively toward duration.
Five Largest Holdings (% of Net Assets)
TCI Communications, Inc. 4.6%
Chase Capital Corp. 3-1-2027 4.3%
BankBoston Capital Trust Corp. 12-15-2026 4.1%
HSBC America Capital II 144A 5-15-2027 4.0%
PDVSA Finance, Ltd. 2-15-2004 4.0%
Top Five Industries (% of Net Assets)
Financial - Diversified 9.1%
Banks 8.1%
Communications 7.6%
Savings & Loans 5.8%
Real Estate 5.4%
/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.
Class A $22,192
MLHYM (1) $28,337
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past
10-year period.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year 5 year 10 year From Inception Inception
Date
Class A (NAV) (0.17)% (2.07)% 6.65% 8.82% 9.18% 6/14/85
Class A (POP) (4.91)% (6.72)% 5.62% 8.29% 8.83% 6/14/85
MLHYM 1 0.15% (2.55)% 7.46% 10.98% 10.60% 6/14/85
Class B (NAV) (0.45)% (2.66)% - - 5.05% 10/1/95
Class B (POP) (5.43)% (7.53)% - - 4.86% 10/1/95
Class C (NAV)2 (0.45)% - - - (0.45)% 11/1/99
Class M (NAV) (0.41)% (2.52)% 6.08% - 5.11% 10/1/93
Class M (POP) (2.39)% (4.46)% 5.86% - 4.95% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
Basic Materials 2.3 2.0
Consumer Cyclical 18.3 19.7
Consumer Non Cyclical 8.8 8.0
Energy 4.3 3.9
Financial 28.4 26.8
Industrial 15.4 15.2
Technology 12.0 11.9
Utilities 6.8 8.0
Long-term U.S. Gov't 1.2 3.7
Short-term 0.7
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 59.0%
AA 34.0%
A -
BBB -
BB -
B -
All C's -
NA -
Not Rated -
Objective/Focus
Maximum interest income exempt from federal income tax while preserving
capital by investing primarily in high quality municipal obligations.
Market Environment
The tax-free bond market posted solid relative returns this period,
approximating, in fact, the overall performance of Treasuries. The municipal
yield curve flattened substantially across the period, with yields rising on
securities maturing in 10 years or less and yields declining modestly on
longer issues. There was significant and further reduction in new issue
activity in municipal bonds, reflecting the solid financial condition of
state and local governments. Despite the changes in the market environment,
municipal-to-Treasury yield ratios finished the period essentially unchanged
from fiscal year end (October 31, 1999). At around 95% on long maturities,
however, the ratio remained above historical norms throughout the period.
Current yield levels provide taxable-equivalent yields on 30-year Aaa-rated
general obligation bonds of about 9.4% and 7.9% for an individual with a
federal marginal tax rate of 39.6% and 28%, respectively.
Performance
The fund's return for the six months ended April 30, 2000 approximated those
achieved by its benchmark, the Lehman Brothers Long Municipal Bond Index.
Please refer to the performance table for additional information.
Strategy Review
Performance reflected both the duration position (generally longer than the
benchmark) and curve weighting (greater exposure at the long end of the
curve) of the fund. Across the period, we tried to take advantage of the
improved market environment to create a lower risk profile. Transaction
activity reflected attractive trade opportunities and efforts to decrease
duration and improve the structure of the fund. In addition, the activity
included actions to offset cash outflows that, unfortunately, forced the
liquidation of several positions into the weak market near calendar year
end.
Outlook
While we currently hold a somewhat cautious view on the Treasury bond
market, we are modestly positive on municipals. Our belief is that good
value exists in this 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 fair to favorable versus
other "spread" sectors, and absolute taxable-equivalent yields remain
attractive. While the long end of the municipal curve appears cheap, recent
changes in Treasury market technicals distort the comparison to the
historical relationship. Given the dramatic changes in the Treasury market,
the municipal market has had to alter its valuation metrics, with relative
value assessments based less upon Treasury yields and more on spread product
alternatives like agency, mortgage-backed, and corporate securities. 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.
Regional Concentration (% of Net Assets)
Northeast 13.8%
Midwest 57.4%
South 11.7%
West 15.1%
/s/Jarrell D. Frey
Jarrell D. Frey
Fund Manager
AEGON USA Investment Management, Inc.
Note: Effective June 15, 2000, Federated Investment Management Company
will replace AEGON USA Investment Management, Inc. as sub-adviser to the
fund. At that time, IDEX AEGON Tax Exempt will become IDEX Federated Tax
Exempt.
Class A $16,486
LBMB (1) $19,979
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past
10-year period.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year 5 year 10 year From Inception Inception
Date
Class A (NAV) 2.66% (4.37)% 4.33% 5.64% 7.04% 4/1/85
Class A (POP) 2.21)% (8.92)% 3.32% 5.13% 6.70% 4/1/85
LBMB 1 2.63% (0.96)% 5.92% 7.17% 8.45% 4/1/85
Class B (NAV) 2.38% (4.96)% - - 3.33% 10/1/95
Class B (POP) 2.62)% (9.71)% - - 3.14% 10/1/95
Class C (NAV) 2 2.38% - - - 2.38% 11/1/99
Class M (NAV) 2.55% (4.60)% 4.05% - 3.60% 10/1/93
Class M (POP) 0.53% (6.50)% 3.84% - 3.44% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
General Obligation Bonds 29.9 27.0
Revenue:
Education 4.9 7.5
Hospital 4.8 3.7
Housing 0.2 8.5
Industrial 5.1 16.0
Public Facilities 10.2 3.5
Transportation 4.3 7.4
Utilities 19.2 18.7
Environmental 4.8
Building Authority 9.5
Short-term 5.1 4.1
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).
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 International Equity
(formerly IDEX GE/Scottish Equitable International Equity)
Top Five Countries (% of Net Assets)
Japan 15.7%
France 15.3%
United Kingdom 14.4%
Germany 9.1%
Netherlands 8.6%
Five Largest Holdings (% of Net Assets)
Taiwan Semiconductor Manufacturing Company,
Ltd. ADR 2.9%
Canon, Inc. 2.8%
British Aerospace PLC 2.6%
Koninklijke (Royal)Philips Electronics NV 2.5%
AXA-UAP 2.4%
Objective/Focus
Long-term growth of capital by investing primarily in the common stock and
other equity securities of foreign issuers traded on overseas exchanges and
foreign over-the-counter markets.
Market Environment
A scenario of accelerating economic growth with low inflation, along with
continued corporate restructuring, created a healthy backdrop for equities.
The proliferation of the Internet and mobile phones, meanwhile, is
increasing pricing transparency to the consumer. While increased price
competition is usually not great news for the industry, well-positioned
companies will come out winners. In Europe, the boom of cellular
telephony-subscriber penetration is above 60% in Scandinavia-continues.
Migrating cellular subscribers to data creates a potent mobile-commerce
world, which is the key for mobile operators.
In Japan, the first few months of 2000 heralded an interesting change in the
general trend of its market. The 1999 stock market rally was extreme in that
only a handful of "New Japan" stocks rose sharply; as a result, valuation
gaps between New and Old Japan widened significantly. This polarizing trend
reversed in early 2000 as old economy sectors outperformed TMT sectors.
While corporate activity is still high, indicating that some companies are
serious about restructuring, bankruptcies continued to rise, suggesting that
some corporations are still suffering from the effects of non-performing
assets bought during the bubble era. Even after years of restructuring, the
economic outlook continues to look benign.
Performance
For the six-month period ended April 30, 2000, the fund comfortably
outperformed its benchmark, the MSCI EAFE Index. Please refer to the
performance table for additional information. Best performing stocks
included Chartered Semiconductor (Singapore), STMicro (Netherlands), and
Ericsson (Sweden).
Strategy Review
The fourth quarter of 1999 witnessed the birth of "TMT"-technology, media,
and telecoms. On the whole, these three sectors outperformed, seemingly at
the expense of all others. The trend continued into the first few months of
2000, although investors became more discriminatory as time progressed,
concentrating on companies whose future earnings and business plans looked
more realistic. By the middle of March, the valuations of many TMT stocks
reached unjustifiably high levels and share prices across the sectors fell
sharply, with the fall continuing into April.
During this period, many non-TMT stocks were weak although the underlying
fundamentals were generally good. These stocks became known as "old economy"
stocks and included such sectors as steels, chemicals, and papers, as well
as financials and general engineering. All of these companies should benefit
fundamentally from the strong economic growth most of the world is
experiencing. During the last three months, we reduced our holdings in the
TMT stocks because we could not justify their high valuations given their
expected growth rates, and increased our weights in the old economy sectors
where the valuations were more reasonable.
Outlook
There is no doubt that the last six months has been an unusual period in
global stock markets. Every few decades, a new technology is developed that
can transform the way in which companies operate. In the 1970's, the
introduction of the computer was seen as revolutionary, but the main
beneficiaries were companies that swiftly and successfully used computers in
their operations, rather than the computer manufacturers themselves.
Similarly, the main long-term beneficiaries of e-commerce will probably not
be the vendors, but those companies that successfully use e-commerce to
improve their operations. Many of the recent high-performance stocks,
especially those that have had a short life span, will either disappear or
be acquired. In our search for companies with share price valuations that
are cheap relative to their long-term growth, we will take their use of e-
commerce into account when estimating their future earnings.
/s/Ralph R. Layman
Ralph R. Layman
Fund Manager
GE Asset Management Incorporated
Class A $14,146
MSCI-EAFE (1) $15,089
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year From Inception Inception Date
Class A (NAV) 15.66% 20.79% 13.26% 2/1/97
Class A (POP) 9.30% 14.14% 11.30% 2/1/97
MSCI-EAFE 1 6.84% 14.18% 14.07% 2/1/97
Class B (NAV) 15.40% 20.17% 12.59% 2/1/97
Class B (POP) 10.40% 15.17% 12.11% 2/1/97
Class C (NAV) 2 15.40% - 15.40% 11/1/99
Class M (NAV) 15.44% 20.26% 12.69% 2/1/97
Class M (POP) 13.29% 18.06% 12.34% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
International investing involves special risks including currency
fluctuations, political instability, and different financial accounting
standards.
Investments by Region as a Percentage of Net Assets
4/30/2000 10/31/1999
Asia/Pacific Rim 24.2 26.9
Australia 2.2 2.8
Europe 62.1 62.5
Latin America 2.8 1.4
Middle East 2.0 1.1
North America 2.5 2.5
Short-term 5.0 3.4
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 GE U.S. Equity
Objective/Focus
Long-term growth of capital by investing principally in common stocks of
U.S. companies, combining growth and value investment management styles.
Market Environment
Since IDEX GE U.S. Equity began operations March 1, 2000, volatility has
been the theme for the markets. Despite an environment in the U.S. of robust
economic growth, low inflation, solid corporate earnings, modestly higher
interest rates, and declining oil prices, the markets have behaved like a
roller coaster. The NASDAQ slumped in the early part of the quarter and then
progressively rallied through the first part of March; profit taking in the
technology sector ultimately halved the NASDAQ's earlier gains. The S&P 500,
too, remained narrowly focused on the technology sector, with approximately
60% of its industry groups declining in price.
Performance
For the two-month period ended April 30, 2000, the fund slightly
underperformed its benchmark, the S&P 500 Index. Please refer to the
performance table for additional information.
Strategy Review
On a sector basis, technology and financials were the only groups to
outperform the index. Though energy and utilities produced positive overall
returns, they were not as strong as the benchmark. The remaining sectors
simply underperformed-capital goods as a whole was relatively weak while
basic materials and consumer staples were at the bottom. Proctor & Gamble
was the notable example in the consumer staple area, pre-announcing an
earnings disappointment and promptly losing over 30% of its market
capitalization. Consumer cyclicals experienced a reawakening late in the
quarter as interest rate worries subsided after the rate increase in March,
but the resurgence was not enough to offset the earlier pullback. While
energy performance was positive, mostly due to $34 per barrel oil, stock
prices rolled over and the sector finished the quarter up only modestly. And
despite a late-quarter rally in the "Old Economy" stocks, internal market
indicators need to improve in order to support continued positive equity
market performance.
In terms of the fund's holdings, we attempt to own stocks of those companies
with solid earnings growth. We look at the swings in the market as
opportunities to buy or sell those stocks that become respectively
undervalued or overvalued relative to the market and to their peers.
Outlook
In general, the earnings for S&P 500 companies were very good for 1999,
coming in at a 14% growth rate over 1998. The 2000 consensus earnings
estimate for the S&P 500 is now approaching 11%, and 2001 consensus earnings
are estimated to be up approximately 8%. Offsetting this positive outlook in
the short term, however, is the Federal Reserve's commitment to containing
any inflationary pressures through rate increases.
Still, we believe companies should produce healthy earnings over the next
few quarters, and the U.S. economy's strong underpinnings are encouraging
for the long term. The stock market, meanwhile, will continue to be
volatile, although this could be beneficial if the speculative excesses are
eliminated. With the fund broadly diversified in high-quality, reasonably
valued stocks, we believe it is well positioned for the volatility that we
expect for the remainder of the year.
Five Largest Holdings (% of Net Assets)
Intel Corp. 3.4%
Citigroup, Inc. 3.2%
Cisco Systems, Inc. 2.5%
Applied Materials, Inc. 2.1%
Merck and Company, Inc. 2.1%
Top Five Industries (% of Net Assets)
Financial - Diversified 9.5%
Communications 9.5%
Semiconductors 6.9%
Pharmaceuticals 6.9%
Computers 4.5%
/s/Eugene K. Bolton
Eugene K. Bolton
Fund Manager
GE Asset Management Incorporated
Class A $10,054
S&P 500 (1) $10,648
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index over the past
10-year period.
Average Annual Total Returns for the Period Ended 4/30/00
From Inception Inception Date
Class A (NAV) 6.40% 3/1/00
Class A (POP) 0.54% 3/1/00
S&P 500 1 6.48% 3/1/00
Class B (NAV) 6.19% 3/1/00
Class B (POP) 1.19% 3/1/00
Class C (NAV) 6.19% 3/1/00
Class M (NAV) 6.22% 3/1/00
Class M (POP) 4.16% 3/1/00
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 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. Class C shares
do not impose a sales charge. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
This fund is currently heavily weighted in technology stocks, which
generally involve greater volatility and risks, so an investment in the fund
may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000
Basic Materials 1.8
Consumer Cyclical 1.4
Consumer Non Cyclical 12.1
Energy 6.4
Financial 16.3
Independent 0.1
Industrial 5.5
Technology 28.1
Utilities 3.4
Short-term 9.0
Systematic Withdrawal Plan
With this option, funds are withdrawn from a shareholder's IDEX account and
sent electronically to his/her bank on a pre-designated schedule.
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 -
AA 0.9%
A 8.7%
BBB 10.4%
BB -
B -
All C's -
NA -
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
Concerns over rising interest rates have left most areas of the stock market
under selling pressure. The Federal Reserve's recent interest rate actions
are seen as an offset to possible inflationary pressures resulting from
higher oil prices and tighter labor markets. Meanwhile, market participants
were focused on the tug of war between the "new economy" stocks that have
fueled the rise in the NASDAQ Composite and the "old economy" stocks
typified by most of the components of the Dow Jones Industrial Average.
After an unprecedented rise in 1999, the NASDAQ continued its strong run in
the first 10 weeks of 2000, peaking above the 5000 barrier at mid-March. At
that point, valuation seemed to receive heightened attention, and by the end
of April, the NASDAQ had corrected 24% from its high. Over that same time
frame, the Dow increased 8%, suggesting that money managers were rotating
into the relatively less expensive "old economy" stocks.
Performance
For the six months ended April 30, 2000, the fund outperformed its benchmark
in this market environment. Please refer to the performance table for
additional information. Areas of strength included media (Disney), oil
services (Diamond Offshore), and technology (Hewlett-Packard, Intel).
Strategy Review
Our value discipline and asset allocation models are intended to provide
downside protection in times of market instability, while rewarding
investors with equity returns that are competitive with the market
benchmarks over the longer-term. We continue to emphasize investment themes
that are designed to reduce the fund's risk profile. For example, the fund's
average market capitalization has steadily increased over the past two
years, ending the period at over $66 billion. Fully 88% of the assets in the
equity component are invested in firms with a market capitalization
exceeding $5 billion. It's evident that in times of uncertainty, investors
will 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. At the same time, we remain disciplined value
investors with an eye toward companies that will grow.
Portfolio turnover was relatively slow during the period, with most of the
activity in the financial services area. We continue to see buying
opportunities in the banking sector, which should benefit from a more
favorable regulatory environment and continue a consolidation trend. Also,
we are attracted to the fundamentals in the insurance/investments industry,
in particular the cheap valuations and the strong demographic trends that
should help grow the long-term demand for these products.
Outlook
The environment for stocks remains favorable, particularly for investors
with a long-term time horizon. Corporate profits in aggregate were solid
last year, and most top CEOs generally reaffirmed an upbeat outlook for
2000. Companies are succeeding due to strong worldwide economic conditions,
continued productivity improvements, forward-looking use of technology, and
disciplined cost controls. We believe the fund is invested in solid
management teams and in firms that typically enjoy leadership positions in
their respective markets. Our confidence has prompted an increase in equity
allocation in the fund, from 56.3% at the beginning of the period, to 67.5%
at the end of April. A 60% weighting in stocks is considered a "neutral"
position for this investment style.
Five Largest Holdings (% of Net Assets)
Federal National Mortgage Association 4.8%
PHH Corp. 11-9-2001 4.5%
New Plan Excel Realty Trust, Inc. 9-15-2009 4.2%
First Union Corp. 2-15-2009 4.2%
FleetBoston Financial Corp. 4.2%
Top Five Industries (% of Net Assets)
Financial - Diversified 12.7%
Banks 12.1%
United States Government Agencies 6.5%
Utilities - Electric 5.3%
Real Estate 4.2%
/s/John Riazzi
John Riazzi
Fund Manager
Dean Investment Associates
Class A $13,539
Russell 1000 (1) $21,836
LBIGCB (1) $12,664
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year From Inception Inception Date
Class A (NAV) 2.74% (4.10)% 8.16% 10/1/95
Class A (POP) (2.91)% (9.38)% 6.83% 10/1/95
Russell 1000 1 (0.99)% (3.81)% 18.33% 10/1/95
LBIGCB1 1.05% 1.52% 5.54% 10/1/95
Composite Index 2 (1.95)% (1.17)% 12.18% 10/1/95
Class B (NAV) 2.45% (4.68)% 7.47% 10/1/95
Class B (POP) (2.55)% (9.44)% 7.30% 10/1/95
Class C (NAV) 3 2.45% - 2.45% 11/1/99
Class M (NAV) 2.49% (4.59)% 7.58% 10/1/95
Class M (POP) 0.47% (6.49)% 7.34% 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.
2 The Composite Index reflects an equal blend of the two benchmark
indices, the Russell 1000 and the LBIGCB.
3 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
Basic Materials 2.0 1.1
Consumer Cyclical 11.8 7.6
Consumer Non Cyclical 6.1 5.6
Energy 5.4 5.3
Financial 39.3 41.0
Independent 2.7 3.3
Industrial 2.2 3.0
Technology 9.1 10.2
Utilities 8.8 11.8
Long-term U.S. Gov't 6.6
Short-term 12.0 3.8
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 8.3%
AA 3.9%
A 14.2%
BBB 5.1%
BB -
B 2.2%
All C's -
NA -
Not Rated -
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
Though the stock market performed well across the last six months, the
period consisted of several wild swings, including two market "corrections"
and several powerful rallies. The character of the equity market
dramatically influenced fund performance. Short-term interest rates
continued to edge higher as the Federal Reserve continued its gradual
tightening of monetary policy. A higher interest rate environment is
generally negative for the stock market and the Fed action clearly added to
the short-term volatility. At the same time, huge money flows into the
market from individual and foreign investors fueled "tech-mania" and a
dramatic rally in technology stocks. Late in the period, however, the
combination of higher interest rates, the Microsoft antitrust ruling, and an
overwhelming supply of IPOs dampened investor enthusiasm for the group.
Performance
The fund's common stock investments were the largest contributor to absolute
performance, which should be expected over the long term and during most
periods. Bonds continued to act as a value-added component of the fund by
mitigating risk, generating income, and providing returns in excess of
passively managed fixed-income alternatives. The fund underperformed its
benchmark for the six-month period ended April 30, 2000. Please refer to the
performance table for additional information. Overall, the fund experienced
limited downside volatility during both of the stock market downdrafts
during the period.
Strategy Review
Though stock selection was a sound contributor to performance this period,
sector exposure relative to the overall market was less successful.
Specifically, an underweighted position in financial services and an
overweighted position in consumer staples prevented the fund from fully
participating in the powerful stock market rally in March. On the other
hand, good stock selection and our diversified investment approach allowed
the fund to perform well in April, an especially harsh month for the stock
market.
The fund's healthcare investments provide a telling example of successful
stock selection. Interestingly, healthcare stocks in general did not perform
particularly well over the period, mainly because of lackluster stock price
performance by pharmaceutical concerns. The fund's healthcare exposure,
however, emphasized niche companies outside of mainstream branded
pharmaceuticals and performed extremely well. Medtronic, a maker of cardiac
devices, Teva Pharmaceuticals, a generic drug manufacturer, and Sybron, a
supplier of laboratory products, serve as some examples.
Outlook
Given the Fed's bias towards further rate increases, we expect continued
volatility among financial assets. We remain, however, encouraged by the
health of the US economy, improvement in the global economy, and
unprecedented innovation. We continue to believe that IDEX LKCM Strategic
Total Return is well positioned when the balance of risks and opportunities
present in the current capital markets is considered. Our analytical efforts
will continue to be focused on uncovering attractive investment
opportunities and managing overall fund risk.
Five Largest Holdings (% of Net Assets)
Diebold, Inc. 2.4%
General Electric Company 2.4%
EMC Corp. 2.3%
Medtronic, Inc. 2.0%
Pharmacia Corp. 2.0%
Top Five Industries (% of Net Assets)
Communications 13.0%
Financial - Diversified 8.7%
Utilities - Telephone 8.5%
U.S. Government Securities 8.3%
Computers 5.4%
/s/Luther King
Luther King
/s/Scot C. Hollmann
Scot C. Hollmann
Co-Fund Managers
Luther King Capital Management
Class A $19,851
S&P 500 (1) $31,625
LBIGCB (1) $14,267
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Indices on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year 5 year From Inception Inception
Date
Class A (NAV) 2.58% 3.82% 13.84% 14.68% 12/2/94
Class A (POP) (3.06)% (1.89)% 12.56% 13.49% 12/2/94
LBIGCB1 1.05% 1.52% 6.19% 6.85% 12/2/94
S&P 500 1 7.19% 10.13% 25.26% 26.25% 12/2/94
Composite Index 2 4.10% 6.45% 16.10% 17.00% 12/2/94
Class B (NAV) 2.30% 3.21% - 12.62% 10/1/95
Class B (POP) (2.70)% (1.79)% - 12.48% 10/1/95
Class C (NAV) 3 2.30% - - 2.30% 11/1/99
Class M (NAV) 2.34% 3.30% 13.24% 14.08% 12/2/94
Class M (POP) 0.32% 1.27% 13.02% 13.87% 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.
3 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
Basic Materials 1.3 1.5
Consumer Cyclical 11.0 11.5
Consumer Non Cyclical 8.0 14.8
Energy 4.8 6.8
Financial 13.6 17.5
Independent 0.8 1.0
Industrial 6.7 7.5
Technology 30.9 19.9
Utilities 9.3 11.3
Long-term U.S. Gov't 8.3 6.5
Short-term 5.1 1.5
"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 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
While most major stock market averages reached new highs early in the year,
increased volatility in individual stocks may be signaling that the five
Federal Reserve tightenings, while not slowing the economy significantly,
are having an impact on the financial markets. The NASDAQ index rose 24%
from January through early March only to decline a startling 34% in a little
more than a month. This decline, led by many stocks in the strong technology
and biotechnology sectors, started a major rotation to value stocks as
investors appeared to recognize that the valuation disparity between growth
and value stocks had become too extreme.
Performance
IDEX NWQ Value Equity's performance benefited from this rotation with strong
relative and absolute performance, particularly during the turbulent
March/April period. The fund outperformed its benchmark index for the six
months ended April 30, 2000. Please refer to the performance table for
additional information.
Strategy Review
A number of significant factors contributed to the change in investor
sentiment toward value, including strong earnings trends by many so-called
"old economy" stocks. Also, with many value stocks selling at historically
low valuations, a significant increase in the number of share buybacks,
mergers, and leveraged buyouts occurred. Given the intrinsic value of the
fund's holdings, we were not surprised when four of our stocks received bids
at substantial premiums to the prior market prices over just the last four
months. Finally, a whiff of inflation appeared, which is frequently good for
many value sectors, including energy and oil service. These two sectors were
particularly strong performers in our fund over the last several months.
The old adage was "don't fight the Fed"; the current motto seems to be
"Forget the Fed". While Mr. Greenspan has rightly won praise from all
quarters for his stewardship over the past fourteen years, we remain
concerned that the economy will not cooperate this time. The risk is the
Fed, insistent in its belief that growth cannot exceed 31/2% without
unleashing inflation, will be forced to raise interest rates much higher
than the market currently expects. Given the politics of an election cycle,
it may be difficult for the Fed to pursue an extremely aggressive course
this year. Still, with other economies around the world beginning to
accelerate, we could be in for a prolonged battle. To date, the economy has
shrugged off the Fed rate hikes. At some point the Fed will be more
difficult to ignore.
Outlook
As a value manager, we place great emphasis on the valuation measures of the
stocks in which we invest-measures that historically have provided a safety
margin with less risk than the growth style. Nevertheless, as long-term
value investors, we recognize that it is not uncommon to experience periods
when our value style underperforms. Recent market action is a hopeful signal
this period of underperformance is coming to an end.
Five Largest Holdings (% of Net Assets)
Texas Instruments, Inc. 4.4%
MediaOne Group, Inc. 3.8%
Delta Air Lines, Inc. 3.1%
Wells Fargo & Company 3.1%
The Coastal Corp. 2.7%
Top Five Industries (% of Net Assets)
Financial - Diversified 8.0%
Communications 7.9%
Oil Companies - Major 7.6%
Oilfield Equipment and Services 5.6%
Insurance 5.5%
/s/Edward C. Friedel
Edward C. Friedel
Fund Manager
NWQ Investment Management Company, Inc.
Class A $11,880
S&P 500 (1) $18,366
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year From Inception Inception Date
Class A (NAV) 8.22% (1.15)% 7.33% 2/1/97
Class A (POP) 2.26% (6.59)% 5.47% 2/1/97
S&P 500 1 7.19% 10.13% 22.58% 2/1/97
Class B (NAV) 7.91% (1.75)% 6.68% 2/1/97
Class B (POP) 2.91% (6.66)% 6.14% 2/1/97
Class C (NAV) 2 7.91% - 7.91% 11/1/99
Class M (NAV) 7.99% (1.63)% 6.79% 2/1/97
Class M (POP) 5.91% (3.59)% 6.46% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. 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
4/30/2000 10/31/1999
Basic Materials 4.8 3.6
Consumer Cyclical 10.0 10.2
Consumer Non Cyclical 6.2 4.5
Energy 16.4 10.5
Financial 20.2 29.7
Independent 3.6 3.5
Industrial 8.0 11.1
Technology 17.7 15.5
Utilities 3.5
Short-term 11.4 10.1
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 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
An incredibly volatile stock market coupled with what appears to be an
economic boom without end has left investors chasing their tails-buying blue-
chip stocks one day and dumping them for technology stocks the next. At the
same time, the "boomers" are nearing retirement and are unintentionally
inflating the stock market the same way their predecessors inflated real
estate prices in the early 1980's. Indeed, the boomers have rippled through
our economic system for the last half-century, putting price pressure on
goods and services.
Meanwhile, the Department of Commerce has predicted a 25% gain in this
year's shipments of computers, computer parts, and telecommunication
equipment, the implication being that information technology has become the
driving force behind the U.S. economy. In this environment, there will
likely emerge 20 to 30 dominant high-tech companies out of the nearly 600
which have become public. It seems to us that many of the high-tech
newcomers are little more than hollow shells held together only by investor
confidence.
Performance
For the six months ended April 30, 2000, IDEX C.A.S.E. Growth underperformed
its benchmark, the Wilshire 5000. The NASDAQ's high-tech meltdown and the
retail sector's slow recovery noticeably impacted the fund's returns. Please
refer to the performance table for additional information.
Strategy Review
As a rule, we keep a very close eye on the factors that cause inflation. If
inflation is going to work its way into our economic system, we want to be
in position to protect the fund from its influences. But across this period,
corporate earnings continued their robust growth and inflationary pressures
actually subsided, making for a generally good investing background. The
great majority of tech stocks, however, are priced for perfection. Many of
these companies are selling at extreme price-to-earnings ratios even while
they're burning up capital at staggering rates. With little or no underlying
fundamentals to support them, we think these stocks exhibit far greater
downsides than upsides. There are sectors in this environment growing just
as fast as technology but far more reasonably priced. Our above market
weightings are in energy, finance, communications, and other more stable
segments of the economy. Our technology holdings are in those companies that
appear to have a firm grasp on the long-term future of this exciting
industry.
Outlook
It's likely the Federal Reserve will further raise short-term interest
rates. High-priced tech stocks are sensitive to rising rates because
customers often delay their purchases rather than grappling with higher
borrowing costs. At this stage of the economic cycle, we are likely to only
market weight the fund's technology holdings. We're also paying careful
attention to the "value" component of the fund's investments. We do this
because value stocks offer a measure of downside market protection often
missing from the high-priced, high-risk, high-momentum style of investing.
Five Largest Holdings (% of Net Assets)
Genesco, Inc. 8.0%
ANTEC Corp. 4.1%
Abercrombie & Fitche Company Class A 3.9%
Jones Apparel Group 3.8%
Transocean Sedco Forex, Inc. 3.8%
Top Five Industries (% of Net Assets)
Communications 23.2%
Software 12.2%
Footwear 11.9%
Pharmaceuticals 7.6%
Retailers - Apparel 6.6%
/s/William E. Lange
William E. Lange
Fund Manager
C.A.S.E. Management, Inc.
Class A $13,913
Wilshire 5000 (1) $21,470
This graph compares the 4/30/00 value of hypothetical simultaneous $10,000
investments made in Class A Shares and its comparative Index on Class A's
inception date.
Average Annual Total Returns for the Period Ended 4/30/00
6 months 1 year From Inception Inception Date
Class A (NAV) (1.85)% (0.35)% 9.54% 2/1/96
Class A (POP) (7.25)% (5.83)% 8.09% 2/1/96
Wilshire 5000 1 9.45% 11.83% 21.98% 2/1/96
Class B (NAV) (2.13)% (0.90)% 8.91% 2/1/96
Class B (POP) (7.02)% (5.86)% 8.73% 2/1/96
Class C (NAV) 2 (2.13)% - (2.13)% 11/1/99
Class M (NAV) (2.08)% (0.82)% 9.01% 2/1/96
Class M (POP) (4.03)% (2.79)% 8.75% 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.
2 Effective November 1, 1999 the fund began offering a new Class C share.
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. Class C shares
do not impose a sales charge. Net Asset Value (NAV) returns include the
reinvestment of dividends and capital gains but do not reflect any sales
charges.
This fund is currently heavily weighted in technology stocks, which
generally involve greater volatility and risks, so an investment in the fund
may not be appropriate for everyone.
Investments by Sector as a Percentage of Net Assets
4/30/2000 10/31/1999
Consumer Cyclical 21.5 20.2
Consumer Non Cyclical 7.6 8.8
Energy 8.9 4.1
Financial 9.0 6.1
Independent 2.7
Industrial 3.1 4.2
Technology 45.5 43.1
Utilities 3.3 4.3
Short-term 2.0 6.6
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.
Preface to the Schedule of Investments
This schedule provides a complete listing of each fund's holdings at period
end.
For all funds except IDEX GE International Equity, IDEX JCC Global and IDEX
AEGON Tax Exempt, positions are grouped together first by asset type, then
by sector, then by basic industry. Within an industry, securities are
listed alphabetically.
IDEX GE International Equity and IDEX JCC Global positions are grouped first
according to country, then by asset type and finally, the securities are
listed alphabetically.
IDEX AEGON Tax Exempt invests in municipal securities, which are more easily
categorized by state. Within each state, securities are listed in
descending market value. For purposes of simplicity, sectors and industries
are not included as grouping levels for these three funds.
Please refer to the graphics presented on these two pages for more detailed
explanations.
This section lists all open Forward Foreign Currency Contracts ("FEC's").
FEC's are often opened to hedge currency exposure involved with the purchase
or sale of a non-U.S. security. Purchases and sales of non-U.S. securities
are denominated and usually settle in the currency of their country of
issue. In addition to offsetting purchases and sales, FEC's can be entered
into to hedge another country's currency. Refer to the fund's prospectus
for specifics. Notional Amount refers to the quantity of foreign currency
listed under Description. The U.S. dollar equivalent, as valued at period
end, is listed under Value.
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC GROWTH
Description Shares Value
COMMON STOCK (81.9%)
Consumer, Cyclical (18.8%)
Broadcasting (9.4%)
AMFM, Inc. * 1,673,310 $111,065,951
Comcast Corp. Class A 1,055,115 42,270,545
EchoStar Communications Corp. * 506,105 32,232,562
Time Warner, Inc. 1,972,155 177,370,690
Viacom, Inc. Class B * 849,810 46,208,419
409,148,167
Retailers - Broadline (2.6%)
Costco Wholesale Corp. * 2,096,620 113,348,519
Retailers - Specialty (6.8%)
Amazon.com, Inc. * 1,858,630 102,573,143
eBay, Inc. * 236,645 37,670,926
Home Depot, Inc. 1,819,882 102,027,135
Staples, Inc. * 2,744,755 52,321,892
294,593,096
Energy (2.9%)
Oilfield Equipment and Services
Enron Corp. 1,780,680 124,091,137
Financial (1.7%)
Diversified
American Express Company 491,365 73,735,460
Industrial (5.4%)
Diversified
General Electric Company 1,496,765 235,366,296
Technology (53.1%)
Advanced Medical Devices (1.7%)
Medtronic, Inc. 1,413,810 73,429,757
Biotechnology (0.5%)
Genentech, Inc. * 165,715 19,388,655
Communications (18.1%)
AT&T Corp. Liberty Media Class A * 1,472,615 73,538,712
Cisco Systems, Inc. * 4,382,412 303,824,407
Nextel Communications, Inc. Class A * 754,030 82,519,158
Nortel Networks Corp. 556,490 63,022,492
NTT Mobile Communications + 26,030 86,983,524
Telefonica SA ADR * 488,805 32,383,331
Tellabs, Inc. * 1,146,390 62,836,502
Vodafone AirTouch PLC ADR 1,675,190 78,733,930
783,842,056
Computers (5.7%)
3Com Corp. * 1,053,600 41,551,350
Check Point Software Technologies, Ltd. * 206,580 35,802,896
Dell Computer Corp. * 1,599,335 80,166,667
EMC Corp. * 351,730 48,868,487
VeriSign, Inc. * 290,490 40,487,044
246,876,444
Diversified (5.8%)
Exodus Communications * 1,077,885 95,325,455
JDS Uniphase Corp. * 700,280 72,610,282
Network Solutions, Inc. * 201,000 29,748,000
NTL, Inc. * 695,482 53,204,373
250,888,110
Semiconductors (7.8%)
Lam Research Corp. * 1,716,210 78,731,134
Texas Instruments, Inc. 865,760 141,010,660
Xilinx, Inc. * 1,623,875 118,948,844
338,690,638
Software (13.5%)
America Online, Inc. * 3,430,345 $205,177,510
BEA Systems, Inc. * 1,831,380 88,364,085
Microsoft Corp. * 2,326,000 162,238,500
Sapient Corp. * 386,565 30,611,116
VERITAS Software Corp. 144A * 915,497 98,201,358
Vignette Corp. * 43,925 2,116,636
586,709,205
Total Common Stock (cost $2,099,203,711) 3,550,107,540
CONVERTIBLE PREFERRED STOCK (11.5%)
Technology
Diversified
Nokia Corp. OY ADR (cost $38,705,587) 8,767,600 498,657,250
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (0.1%)
Financial
Diversified
Charter Communications Holdings LLC
8.625% 4-1-2009 (cost $7,166,968) $7,188,000 $6,280,515
SHORT-TERM SECURITIES (6.9%)
Commercial Paper (0.9%)
Household Finance Company 6.000% 5-1-2000 37,400,000 37,400,000
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $26,064 on 5-1-2000 26,059 26,059
United States Government Agencies (6.0%)
Federal Home Loan Bank
5.780% 5-22-2000 25,000,000 24,915,708
5.890% 6-30-2000 30,000,000 29,705,500
5.920% 5-8-2000 40,000,000 39,953,956
94,575,164
Federal Home Loan Mortgage Corp.
5.100% 5-25-2000 25,000,000 24,915,000
5.880% 6-8-2000 10,000,000 9,937,933
6.040% 10-4-2000 40,000,000 38,953,067
73,806,000
Federal National Mortgage Association
5.820% 7-20-2000 25,000,000 24,676,111
5.980% 6-22-2000 30,000,000 29,740,867
6.070% 9-13-2000 40,000,000 39,089,500
93,506,478
Total Short-Term Securities (cost $299,313,701) 299,313,701
Total Investments (100.4%) (cost $2,444,389,967) 4,354,359,006
Liabilities In Excess of Other Assets (-0.4%) (20,564,365)
Net Assets (100.0%) $4,333,794,641
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC GLOBAL
Description Shares Value
Australia (0.2%)
COMMON STOCK (0.1%)
News Corp., Ltd. ADR 29,770 $1,531,294
NON-CONVERTIBLE PREFERRED STOCK (0.1%)
News Corp., Ltd. ADR 55,830 2,456,520
3,987,814
Brazil (1.5%)
COMMON STOCK
Globo Cabo SA ADR * 145,585 2,411,252
Petroleo Brasileiro SA ADR 397,080 9,407,381
Telecomunicacoes Brasileiras Telebras SA ADR 114,810 13,569,107
Tele Norte Leste SA ADR 13,443 239,461
25,627,201
Canada (3.4%)
COMMON STOCK
Celestica, Inc. * 169,155 9,229,520
Celestica, Inc. * 10,022 540,687
Le Groupe Videotron Ltee 300,766 7,229,757
Newbridge Networks Corp. 88,025 3,152,395
Nortel Networks Corp. 200,435 22,699,264
QLT Phototherapeutics, Inc. * 15,980 887,889
Rogers Communications, Inc. * 186,432 4,852,771
Shaw Communications, Inc. 358,333 8,383,685
56,975,968
Egypt (0.1%)
COMMON STOCK
MobiNil-Egyptian Mobile Services * 36,838 1,404,373
Finland (6.2%)
COMMON STOCK (4.0%)
Nokia Corp. OY 993,056 56,978,405
Sonera OY 73,775 4,058,558
Tieto Corp. OY 145,053 6,990,525
68,027,488
CONVERTIBLE PREFERRED STOCK (2.2%)
Nokia Corp. OY ADR 663,785 37,752,772
105,780,260
France (3.3%)
COMMON STOCK
Alcatel Alsthom Compagnie Generale d'Electricite * 24,959 5,787,281
Atos SA * 18,679 2,019,495
Canal Plus 19,924 3,840,781
Cap Gemini Sogeti SA 32,421 6,367,770
Total SA 245,472 37,253,363
55,268,690
Germany (1.7%)
COMMON STOCK (1.5%)
EM.TV & Merchandising AG 67,636 5,252,221
Intershop Communications AG * 10,068 4,238,688
Marschollek, Lautenschlaeger und Partner AG 20,850 10,958,247
Porsche AG 992 2,552,281
Software AG * 30,239 3,085,087
26,086,524
NON-CONVERTIBLE PREFERRED STOCK (0.2%)
SAP AG 5,402 3,126,513
29,213,037
Hong Kong (4.4%)
COMMON STOCK
China Telecom, Ltd. * 1,046,000 7,553,728
China Telecom, Ltd. ADR * 395,480 58,011,973
Citic Pacific, Ltd. * 1,634,000 7,489,062
Legend Holdings, Ltd. 1,372,000 1,594,079
74,648,842
India (0.2%)
COMMON STOCK
Reliance Industries, Ltd. GDR 144A * 206,631 $3,283,863
Israel (1.1%)
COMMON STOCK
Check Point Software Technologies, Ltd. * 108,510 18,806,139
Italy (0.7%)
COMMON STOCK
Bipop-Carire SpA 83,220 7,567,195
Telecom Italia SpA 443,797 4,237,218
11,804,413
Japan (11.4%)
COMMON STOCK
Fuji Bank, Ltd. 745,000 6,206,609
Fujitsu, Ltd. 185,000 5,240,211
Furukawa Electric Company, Ltd. 832,000 11,544,645
Ito-Yokado Company, Ltd. 28,000 2,044,988
Japan Tobacco, Inc. 482 3,547,070
Murata Manufacturing Company, Ltd. 59,000 11,469,037
NEC Corp. 435,000 11,838,378
Nippon Telegraph & Telephone Corp. 186 2,307,137
NTT Data Communications Systems Corp. 281 3,745,626
NTT Mobile Communications 2,117 70,743,035
Rohm Company, Ltd. 7,800 2,613,719
Softbank Corp. 22,500 5,540,128
Softbank Corp. * 45,000 11,121,911
Sony Corp. 118,900 13,658,697
Sony Corp. * 118,900 13,757,753
Takeda Chemical Industries, Ltd. 178,000 11,715,079
The Tokio Marine & Fire Insurance Company, Ltd. 323,000 3,151,365
Yamanouchi Parmaceutica 63,000 3,329,908
193,575,296
Mexico (3.2%)
COMMON STOCK
Grupo Televisa SA de C.V. GDR * 249,795 15,846,371
Telefonos de Mexico SA de C.V. ADR 659,375 38,779,492
54,625,863
Netherlands (4.6%)
COMMON STOCK
ASM Lithography Holding NV * 80,501 3,147,581
ASM Lithography Holding NV NYRS * 11,085 443,400
CompleTel Europe NV * 490,013 8,599,478
Getronics NV 175,496 10,468,351
Gucci Group NV NYRS 28,625 2,508,266
Koninklijke (Royal) Philips Electronics NV 446,488 19,922,005
Koninklijke (Royal) Philips Electronics NV NYRS 307,949 13,742,224
STMicroelectronics NV NYRS 7,130 1,352,472
STMicroelectronics NV 62,863 11,998,162
United Pan-Europe Communications NV * 140,464 5,112,788
World Online International NV * 46,321 623,371
77,918,098
South Africa (0.3%)
COMMON STOCK
Dimension Data Holdings, Ltd. 890,600 5,844,521
South Korea (1.4%)
COMMON STOCK
Dacom Corp. * 12,550 1,820,725
Hanaro Telecom, Inc. ADR * 78,140 620,236
Samsung Electronics * 29,190 7,890,967
SK Telecom Company, Ltd. ADR 434,835 13,941,897
24,273,825
Spain (2.3%)
COMMON STOCK
Banco Bilbao Vizcaya SA 799,737 $10,908,013
Telefonica SA 1,176,554 26,189,697
Telefonica SA ADR * 35,869 2,376,321
39,474,031
Sweden (4.9%)
COMMON STOCK
Assa Abloy AB Class B 776,542 15,805,968
L.M. Ericsson Telephone Company Class B 186,679 16,639,434
L.M. Ericsson Telephone Company Class B ADR 379,806 33,589,093
Securitas AB 638,244 16,559,968
82,594,463
Switzerland (0.4%)
COMMON STOCK
Carrier 1 International SA * 36,117 2,692,977
Synthes-Stratec, Inc. 144A 10,164 4,319,700
7,012,677
United Kingdom (9.1%)
COMMON STOCK
Autonomy Corp. PLC * 9,269 1,265,219
Capita Group PLC 51,566 1,320,096
COLT Telecom Group PLC * 290,557 12,641,039
Compass Group PLC 377,861 5,397,543
Energis PLC * 249,602 12,298,605
Flextech PLC * 40,444 1,206,991
Hays PLC 469,958 3,243,326
interactive investor international PLC * 1,176,439 1,920,027
Logica PLC 308,468 9,320,837
Prudential PLC 831,741 12,857,053
SEMA Group PLC 256,620 4,140,344
Telewest Communications PLC * 1,258,869 7,699,700
The Sage Group PLC 274,961 3,089,996
Vodafone AirTouch PLC 12,542,771 57,220,301
Vodafone AirTouch PLC ADR 225,305 10,589,335
Williams PLC 381,826 2,155,856
Zeneca Group PLC 183,312 7,667,487
154,033,755
United States (37.9%)
COMMON STOCK (25.8%)
3Com Corp. * 143,110 5,643,901
Amazon.com, Inc. * 97,555 5,383,816
Amdocs, Ltd. * 236,850 16,031,784
America Online, Inc. * 150,705 9,014,043
American Express Company 71,955 10,797,747
AMFM, Inc. * 38,950 2,585,306
Applied Materials, Inc. * 40,610 4,134,606
AstraZeneca PLC 2,155 90,779
AT&T Corp. Liberty Media Class A * 397,945 19,872,378
BEA Systems, Inc. * 117,120 5,651,040
Celera Genomics, Inc. * 24,030 1,982,475
Cisco Systems, Inc. * 904,520 62,708,676
Clear Channel Communications, Inc. * 90,585 6,522,120
Comcast Corp. Class A 259,340 10,389,809
Comverse Technology, Inc. * 70,510 6,288,611
Corning, Inc. 66,825 13,197,937
EMC Corp. * 128,315 17,827,765
Enron Corp. 112,160 7,816,150
Genentech, Inc. * 40,585 4,748,445
General Electric Company 109,220 17,174,845
i2 Technologies, Inc. * 30,950 4,000,288
Incyte Pharmaceuticals, Inc. * 17,700 1,361,794
Infinity Broadcasting Corp. * 30,090 1,021,179
JDS Uniphase Corp. * 163,930 16,997,492
United States (continued)
Johnson & Johnson 168,970 $13,940,025
Level 3 Communications, Inc. * 60,320 5,368,480
MarchFIRST, Inc. * 10,466 221,094
Medtronic, Inc. 229,880 11,939,393
Microsoft Corp. * 43,565 3,038,659
Nextel Communications, Inc. Class A * 26,195 2,866,715
NTL, Inc. * 79,428 6,076,242
Paychex, Inc. 87,055 4,581,269
PE Corp-PE Biosystems Group 57,450 3,447,000
Pfizer, Inc. 354,295 14,924,677
Pharmacia Corp. 154,101 7,695,439
Phone.com, Inc. * 50,700 4,258,800
QUALCOMM, Inc. * 26,755 2,901,245
Schering Plough Corp. 80,395 3,240,923
Sepracor, Inc. * 61,300 5,639,600
Sprint Corp. 39,890 2,193,950
Staples, Inc. * 130,190 2,481,747
Sun Microsystems, Inc. * 167,780 15,425,274
Texas Instruments, Inc. 82,290 13,402,984
Time Warner, Inc. 413,105 37,153,631
VeriSign, Inc. * 22,670 3,159,631
VERITAS Software Corp. 144A * 10,785 1,156,860
Viacom, Inc. Class B * 163,125 8,869,922
Viatel, Inc. * 142,975 5,468,794
Warner-Lambert Company 52,221 5,943,403
436,638,743
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (0.1%)
United Pan-Europe Communications NV 144A
11.250% 2-1-2010 $1,453,000 $1,351,290
United Pan-Europe Communications NV 144A
11.500% 2-1-2010 801,000 736,920
2,088,210
SHORT-TERM SECURITIES (12.0%)
Federal Home Loan Bank
5.770% 5-26-2000 25,000,000 24,899,826
5.780% 5-22-2000 20,000,000 19,932,567
5.890% 6-30-2000 20,000,000 19,803,667
5.930% 6-30-2000 50,000,000 49,505,833
Federal Home Loan Mortgage Corp.
5.850% 6-1-2000 20,000,000 19,899,250
5.940% 6-8-2000 10,000,000 9,937,300
5.950% 7-3-2000 2,000,000 19,791,750
Household Finance Company
6.000% 5-1-2000 39,800,000 39,800,000
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $10,638 on 5-1-2000
(cost $10,636) 10,636 10,636
203,580,829
642,307,782
Total Investments (98.3%) (cost $1,152,826,732) 1,668,460,911
Notional Amount Description Value
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.8%) @
B 244,263 British Pound 5-2-2000 Sell $6,246
B 312,173 British Pound 5-2-2000 Sell 7,983
B 165,223 British Pound 5-3-2000 Sell 4,309
B 629,745 British Pound 5-4-2000 Sell 15,171
B 79,918 British Pound 5-5-2000 Buy (1,805)
B 6,209 British Pound 5-5-2000 Sell 142
B 22,300,000 British Pound 6-9-2000 Sell 1,110,081
B 2,000,000 British Pound 6-9-2000 Buy (39,168)
B 13,700,000 British Pound 9-8-2000 Sell 357,871
B 5,300,000 British Pound 9-22-2000 Sell 198,149
B 5,000,000 British Pound 9-22-2000 Buy (151,308)
B 9,000,000 British Pound 9-29-2000 Sell 286,010
C 3,500,000 Canadian Dollar 5-18-2000 Sell 59,761
C 3,700,000 Canadian Dollar 9-22-2000 Sell 41,269
E 579,287 Euro 5-2-2000 Sell 7,664
E 406,568 Euro 5-3-2000 Sell (752)
E 21,000,000 Euro 5-18-2000 Sell 2,002,847
E 1,369,586 Euro 5-31-2000 Buy (18,137)
E 95,368 Euro 5-31-2000 Sell 1,568
E 12,800,000 Euro 6-2-2000 Sell 1,711,893
E 3,300,000 Euro 6-2-2000 Buy (171,870)
E 43,300,000 Euro 6-9-2000 Sell 3,656,379
E 41,000,000 Euro 6-9-2000 Buy (2,130,353)
E 63,750,000 Euro 9-8-2000 Sell 2,484,955
E 17,100,000 Euro 9-8-2000 Buy (837,654)
E 13,000,000 Euro 9-22-2000 Sell 569,066
E 25,900,000 Euro 9-29-2000 Sell 1,208,920
E 1,400,000 Euro 9-29-2000 Buy (62,645)
E 39,800,000 Euro 10-5-2000 Sell 1,550,254
F 1,900,000 Swiss Franc 6-2-2000 Sell 138,619
F 1,900,000 Swiss Franc 6-2-2000 Buy (72,600)
H 270,000,000 Hong Kong Dollar 5-7-2001 Sell (376,527)
H 45,000,000 Hong Kong Dollar 5-7-2001 Buy 11,100
H 190,000,000 Hong Kong Dollar 5-10-2001 Sell (97,976)
J 42,018,731 Japanese Yen 5-1-2000 Buy (5,788)
J 44,488,732 Japanese Yen 5-2-2000 Buy (6,380)
J 940,000,000 Japanese Yen 5-18-2000 Sell 221,207
J 6,770,000,000 Japanese Yen 9-8-2000 Sell 867,046
J 1,260,000,000 Japanese Yen 9-14-2000 Sell (33,929)
J 1,260,000,000 Japanese Yen 9-14-2000 Buy (340,003)
J 1,135,000,000 Japanese Yen 9-22-2000 Sell 323,506
J 800,000,000 Japanese Yen 9-22-2000 Buy (224,842)
J 875,000,000 Japanese Yen 9-29-2000 Sell 193,087
J 440,000,000 Japanese Yen 9-29-2000 Buy (154,120)
J 1,200,000,000 Japanese Yen 10-5-2000 Sell 424,902
Total Unrealized Net Gain on Forward Foreign
Currency Contracts 12,734,148
Assets In Excess of Other Liabilities (0.9%) 14,659,919
Net Assets (100.0%) $1,695,854,978
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC BALANCED
Description Shares Value
COMMON STOCK (35.9%)
Basic Materials (1.1%)
Chemicals
Lyondell Chemical Company 178,215 $3,274,701
Praxair, Inc. 13,190 586,130
3,860,831
Consumer, Cyclical (7.4%)
Advertising (0.2%)
DoubleClick, Inc. * 11,565 877,493
Broadcasting (4.5%)
Comcast Corp. Class A 108,999 4,366,772
Cox Communications, Inc. Class A * 14,079 602,757
Hispanic Broadcasting Corp. Class A * 23,520 2,376,990
Infinity Broadcasting Corp. * 66,835 2,268,213
Univision Communications, Inc. Class A * 22,675 2,477,244
Viacom, Inc. Class B * 67,695 3,680,916
15,772,892
Entertainment (0.1%)
Royal Caribbean Cruises, Ltd. 16,606 345,612
Retailers - Broadline (1.3%)
Costco Wholesale Corp. * 37,535 2,029,236
Wal-Mart Stores, Inc. 45,765 2,534,237
4,563,473
Retailers - Specialty (1.3%)
Home Depot, Inc. 51,129 2,866,420
Staples, Inc. * 81,385 1,551,401
4,417,821
Consumer, Non-Cyclical (1.1%)
Beverages (0.1%)
Anheuser-Busch Companies, Inc. 6,130 432,547
Medical Supplies (0.2%)
Allergan, Inc. 12,530 737,704
Pharmaceuticals (0.8%)
King Pharmaceuticals, Inc. * 21,605 1,066,747
Pfizer, Inc. 41,925 1,766,091
2,832,838
Energy (0.8%)
Oilfield Equipment and Services
Enron Corp. 37,695 2,626,870
Financial (4.2%)
Banks (0.3%)
Bank of New York Company, Inc. 28,325 1,163,095
Diversified (2.1%)
American Express Company 22,140 3,322,384
Associates First Capital Corp. Class A 34,260 760,144
Citigroup, Inc. 49,345 2,932,943
Firstar Corp. 4,935 122,758
ONO Finance PLC 144A * 350 47,738
7,185,967
Insurance (1.0%)
American International Group, Inc. 7,780 853,369
Prudential PLC + 180,719 2,793,554
3,646,923
Securities Brokers (0.8%)
Charles Schwab Corp. 62,676 2,789,082
Industrial (4.5%)
Electronic Components and Equipment (0.8%)
Symbol Technologies, Inc. 48,505 2,704,153
Diversified (3.7%)
Corning, Inc. 10,490 $2,071,775
General Electric Company 70,430 11,075,118
13,146,893
Technology (15.5%)
Biotechnology (1.1%)
Genentech, Inc. * 18,285 2,139,345
Pharmacia Corp. 31,135 1,554,804
3,694,149
Communications (4.0%)
AT&T Corp. Liberty Media Class A * 91,185 4,553,551
Cisco Systems, Inc. * 54,558 3,782,404
Nextel Communications, Inc. Class A * 8,240 901,765
Telefonica SA + 159,379 3,547,723
Telefonica SA ADR * 11,735 777,444
Vodafone AirTouch PLC ADR 11,135 523,345
14,086,232
Computers (4.0%)
EMC Corp. * 52,875 7,346,320
Paychex, Inc. 30,252 1,592,012
Sun Microsystems, Inc. * 36,270 3,334,573
VeriSign, Inc. * 13,120 1,828,600
14,101,505
Diversified (0.8%)
Gemstar International Group, Ltd. * 10,550 487,938
Network Solutions, Inc. * 10,500 1,554,000
Nokia Corp. OY + 10,024 575,145
2,617,083
Semiconductors (2.4%)
Linear Technology Corp. 30,760 1,757,165
Maxim Integrated Products, Inc. * 30,620 1,984,559
Texas Instruments, Inc. 28,330 4,614,249
8,355,973
Software (3.2%)
America Online, Inc. * 28,685 1,715,721
Automatic Data Processing, Inc. 89,160 4,797,923
Oracle Corp. * 41,295 3,301,019
VERITAS Software Corp. 144A * 13,057 1,400,567
11,215,230
Utilities (1.3%)
Telephone
McLeodUSA, Inc. Class A * 56,820 1,420,500
Sprint Corp. 54,360 2,989,800
4,410,300
Total Common Stock (cost $101,831,395) 125,584,666
CONVERTIBLE PREFERRED STOCK (7.1%)
Consumer, Cyclical (2.2%)
Broadcasting
Comcast Corp. 45,035 4,700,528
Cox Communications, Inc. 50,000 2,881,250
7,581,778
Technology (2.0%)
Communications (0.3%)
MediaOne Group, Inc.
(Convertible to Airtouch Communications, Inc.
Common Stock 8/15/2001) 12,475 1,248,280
Diversified (1.5%)
Nokia Corp. OY ADR 92,476 5,259,572
Software (0.2%)
PSINet, Inc. 144A 23,320 644,215
Utilities (2.9%)
Utilities - Electric
Houston Industries, Inc. 69,485 10,240,350
Total Convertible Preferred Stock (cost $19,677,879) 24,974,195
Description Principal Value
CONVERTIBLE CORPORATE BONDS (5.0%)
Consumer, Cyclical (0.7%)
Broadcasting
Clear Channel Communications, Inc.
2.625% 4-1-2003 $1,432,000 $1,825,800
Time Warner, Inc. 8.110% 8-15-2006 650,000 655,688
2,481,488
Technology (4.3%)
Communications (2.6%)
COLT Telecom Group PLC + 2.000% 3-29-2006 913,000 1,804,835
Nextel Communications, Inc. 4.750% 7-1-2007 2,390,000 5,804,713
Telewest Communications PLC 144A +
5.250% 2-19-2007 647,000 1,335,019
8,944,567
Computers (0.6%)
EMC Corp. 6.000% 5-15-2004 1,350,000 2,227,500
Diversified (0.5%)
NTL, Inc. 7.000% 12-15-2008 842,000 1,702,945
Software (0.6%)
BEA Systems, Inc. 144A 4.000% 12-15-2006 680,000 1,047,200
i2 Technologies, Inc. 144A 5.250% 12-15-2006 516,000 959,760
2,006,960
Total Convertible Corporate Bonds (cost $14,473,258) 17,363,460
NON-CONVERTIBLE CORPORATE BONDS (23.3%)
Basic Materials (1.9%)
Chemicals
E.I. du Pont de Nemours and Company
6.750% 10-15-2004 3,300,000 3,225,750
E.I. du Pont de Nemours and Company
6.500% 9-1-2002 700,000 686,000
E.I. du Pont de Nemours and Company
6.875% 10-15-2009 1,225,000 1,176,000
Lyondell Chemical Company 9.625% 5-1-2007 1,742,000 1,718,048
6,805,798
Consumer, Cyclical (5.9%)
Broadcasting (2.4%)
Cox Communications, Inc. 7.000% 8-15-2001 1,400,000 1,382,500
Cox Communications, Inc. 7.500% 8-15-2004 1,800,000 1,766,250
Cox Communications, Inc. 7.750% 8-15-2006 800,000 786,000
Cox Communications, Inc. 7.875% 8-15-2009 900,000 869,625
CSC Holdings, Inc. 8.125% 8-15-2009 850,000 803,250
CSC Holdings, Inc. 8.125% 7-15-2009 600,000 568,500
Galaxy Telecom, Ltd. 12.375% 10-1-2005 800,000 760,000
Paramount Communications, Inc. 7.500% 7-15-2023 760,000 680,200
Viacom, Inc. 7.750% 6-1-2005 1,000,000 991,250
8,607,575
Publishing (0.3%)
Frontier Vision Holdings LP 11.000% 10-15-2006 500,000 510,000
Lenfest Communications, Inc. 8.250% 2-15-2008 500,000 486,875
996,875
Retailers - Broadline (1.5%)
Fred Meyer, Inc. 7.450% 3-1-2008 500,000 468,750
Wal-Mart Stores, Inc. 6.150% 8-10-2001 2,000,000 1,975,000
Wal-Mart Stores, Inc. 6.550% 8-10-2004 1,000,000 972,500
Wal-Mart Stores, Inc. 6.875% 8-10-2009 1,800,000 1,734,750
5,151,000
Retailers - Specialty (1.7%)
Home Depot, Inc. 6.500% 9-15-2004 6,150,000 5,934,750
Consumer, Non-Cyclical (1.0%)
Beverages (0.6%)
Coca-Cola Enterprises, Inc. 6.625% 8-1-2004 250,000 241,563
Coca-Cola Enterprises, Inc. 7.125% 9-30-2009 1,825,000 1,761,125
2,002,688
Food Retailers (0.1%)
Safeway, Inc. 6.500% 11-15-2008 550,000 495,000
Pharmaceuticals (0.3%)
Warner-Lambert Company 6.000% 1-15-2008 1,000,000 922,500
Energy (0.3%)
Oilfield Equipment and Services
Enron Corp. 6.580% 9-10-2001 $1,000,000 $998,300
Financial (7.2%)
Banks (0.2%)
BankBoston Corp. 6.625% 12-1-2005 200,000 188,750
Northern Trust Corp. 7.100% 8-1-2009 450,000 428,063
616,813
Diversified (6.7%)
American Express Company 6.750% 6-23-2004 1,400,000 1,361,500
Associates Corp. of North America
5.600% 1-15-2001 400,000 396,000
Firstar Corp. 7.125% 12-1-2009 1,450,000 1,370,250
Ford Motor Credit Company 7.250% 1-15-2003 3,200,000 3,172,000
Ford Motor Credit Company 7.750% 2-15-2007 3,125,000 3,144,531
General Electric Capital Corp. 7.000% 3-1-2002 4,050,000 4,024,688
General Electric Capital Corp. 7.000% 2-3-2003 3,325,000 3,291,750
General Electric Capital Corp. 7.250% 5-3-2004 1,900,000 1,888,125
General Electric Capital Corp. 7.250% 2-1-2005 1,725,000 1,718,531
General Electric Capital Corp. 7.375% 1-19-2010 1,675,000 1,677,094
ONO Finance PLC + 13.000% 5-1-2009 350,000 332,972
SunAmerica, Inc. 6.750% 10-1-2007 1,000,000 957,500
23,334,941
Securities Brokers (0.3%)
Charles Schwab Corp. 8.050% 3-1-2010 1,100,000 1,101,375
Industrial (0.3%)
Diversified
Tyco International Group SA 144A 6.875% 9-5-2002 900,000 883,125
Technology (6.4%)
Biotechnology (0.5%)
Monsanto Company 6.000% 12-1-2005 1,750,000 1,607,811
Communications (4.0%)
Adelphia Communications Corp. 10.500% 7-15-2004 655,000 659,094
AT&T Corp. 6.000% 3-15-2009 3,200,000 2,852,000
Jones Intercable, Inc. 7.625% 4-15-2008 500,000 481,875
Liberty Media Corp. 7.875% 7-15-2009 2,600,000 2,486,250
Lucent Technologies, Inc. 5.500% 11-15-2008 1,300,000 1,153,750
Metromedia Fiber Network, Inc.
10.000% 12-15-2009 500,000 476,250
Nextel Communications, Inc. 9.375% 11-15-2009 3,043,000 2,906,065
Orange PLC 9.000% 6-1-2009 180,000 184,500
Telewest Communications PLC 144A
9.875% 2-1-2010 650,000 637,000
VoiceStream Wireless Corp. 144A
10.375% 11-15-2009 2,200,000 2,233,000
14,069,784
Computers (1.4%)
International Business Machines Corp.
7.000% 1-28-2002 1,475,000 1,465,781
MICROS Systems, Inc. 7.650% 8-15-2009 2,325,000 2,298,844
Sun Microsystems, Inc. 7.000% 8-15-2002 1,075,000 1,061,563
4,826,188
Diversified (0.3%)
Exodus Communications 11.250% 7-1-2008 249,000 252,112
NTL, Inc. + 0.000% 4-15-2009 920,000 807,067
1,059,179
Software (0.2%)
PSINet, Inc. 11.000% 8-1-2009 1,060,000 932,800
Utilities (0.3%)
Utilities - Telephone
ALLTEL Corp. 7.500% 3-1-2006 1,120,000 1,118,600
Total Non-Convertible Corporate Bonds (cost $83,544,663) 81,465,102
LONG-TERM GOVERNMENT BONDS (15.9%)
United States Government Agencies (3.4%)
Federal Home Loan Bank
6.750% 2-1-2002 $1,650,000 $1,639,688
Federal Home Loan Mortgage Corp.
7.000% 3-15-2010 1,050,000 1,027,341
Federal National Mortgage Association
5.750% 4-15-2003 6,200,000 5,957,084
6.250% 11-15-2002 3,300,000 3,227,334
9,184,418
United States Government Securities (12.5%)
Treasury Notes
5.875% 11-30-2001 10,850,000 10,716,979
5.875% 11-15-2004 18,780,000 18,276,696
6.000% 8-15-2009 15,200,000 14,861,192
43,854,867
Total Long-Term Government Bonds (cost $56,625,020) 55,706,314
SHORT-TERM SECURITIES (12.9%)
Commercial Paper (8.6%)
Household Finance Company 6.000% 5-1-2000 15,000,000 15,000,000
The CIT Group, Inc. 6.000% 5-1-2000 15,000,000 15,000,000
30,000,000
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $22,230 on 5-1-2000 22,226 22,226
United States Government Agencies (4.3%)
Federal Home Loan Bank
5.890% 6-30-2000 10,000,000 9,901,833
Federal National Mortgage Association
5.900% 5-17-2000 5,000,000 4,986,889
14,888,722
Total Short-Term Securities (cost $44,910,948) 44,910,948
Total Investments (100.1%) (cost $321,063,163) 350,004,685
Notional Amount Description Value
UNREALIZED GAINS ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 687,325 British Pound 5-2-2000 Sell
$13,666
B 710,000 British Pound 9-22-2000 Sell
26,545
B 340,000 British Pound 10-5-2000 Sell
9,051
Total Unrealized Net Gain on Forward Foreign
Currency Contracts 49,262
Liabilities In Excess of Other Assets (-0.1%) (467,795)
Net Assets (100.0%) $349,586,152
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC CAPITAL APPRECIATION
Description Shares Value
COMMON STOCK (98.8%)
Consumer, Cyclical (18.5%)
Advertising (5.7%)
DoubleClick, Inc. * 99,555 $7,553,736
Lamar Advertising Company * 182,725 8,051,320
TMP Worldwide, Inc. * 118,175 7,725,691
23,330,747
Broadcasting (9.3%)
AMFM, Inc. * 218,275 14,488,003
Citadel Communications Corp. * 51,825 2,024,414
Cox Radio, Inc. Class A * 26,155 1,896,238
Entercom Communications Corp. * 54,150 2,301,375
Hispanic Broadcasting Corp. Class A * 65,380 6,607,466
Radio One, Inc. * 107,900 6,258,200
Univision Communications, Inc. Class A * 39,815 4,349,789
37,925,485
Entertainment (2.4%)
Premier Parks, Inc. * 268,790 5,795,784
SFX Entertainment, Inc. Class A * 93,610 3,896,516
9,692,300
Retailers - Specialty (1.1%)
eBay, Inc. * 27,855 4,434,168
Consumer, Non-Cyclical (10.9%)
Consumer Services (1.7%)
Apollo Group, Inc. Class A * 234,321 6,795,309
Healthcare (0.7%)
Incyte Pharmaceuticals, Inc. * 37,250 2,868,250
Medical Supplies (3.8%)
MiniMed, Inc. * 29,385 3,612,518
Sepracor, Inc. * 128,660 11,836,720
15,449,238
Pharmaceuticals (4.7%)
Alkermes, Inc. * 29,265 1,558,361
Andrx Corp. * 107,630 5,509,311
CVS Corp. 45,140 1,963,590
King Pharmaceuticals, Inc. * 96,749 4,776,982
MedImmune, Inc. * 32,476 5,194,130
19,002,374
Energy (0.1%)
Oilfield Equipment and Services
Hanover Compressor Company * 4,115 239,699
Financial (0.3%)
Diversified
E*TRADE Group, Inc. * 61,500 1,322,250
Industrial (1.8%)
Electronic Components and Equipment
Applied Micro Circuits Corp. * 56,700 7,307,213
Technology (64.0%)
Biotechnology (7.3%)
Abgenix, Inc. * 74,940 6,711,813
Celera Genomics, Inc. * 69,790
5,757,675
CuraGen Corp. * 94,630 2,519,524
Human Genome Sciences, Inc. * 41,870 3,205,672
Maxygen Inc. * 40,065 1,675,218
Medarex, Inc. * 67,865 3,596,845
Millennium Pharmaceuticals, Inc. * 75,915 6,025,753
29,492,500
Communications (25.4%)
Adaptive Broadband Corp. * 31,100 $1,010,750
American Tower Corp. Class A * 183,735 8,543,677
AT&T Canada, Inc. * 214,785 9,155,211
Clearnet Communications, Inc. * 137,110 5,878,591
Crown Castle International Corp. * 189,680 7,278,970
Efficient Networks, Inc. * 40,170 2,641,178
Level 3 Communications, Inc. * 34,520 3,072,280
Mediacom Communications Corp. * 76,945 952,194
Metromedia Fiber Network, Inc. Class A * 454,925 14,045,809
Microcell Telecommunications, Inc. * 95,290 3,323,239
Millicom International Cellular SA ADR * 30,380 1,625,330
Net2Phone * 38,680 1,706,755
Netro Corp. * 90,480 3,901,950
NEXTLINK Communications, Inc. * 42,495 3,582,860
Pinnacle Holdings, Inc. * 54,695 3,073,175
Powertel, Inc. * 92,040 6,189,690
priceline.com, Inc. * 96,080 6,077,060
RF Micro Devices, Inc. * 26,360 2,743,088
Telesystem International Wireless, Inc. + * 97,800 3,235,787
VoiceStream Wireless Corp. * 60,778 6,017,022
Western Wireless Corp. * 189,465 9,414,042
103,468,658
Computers (6.0%)
CheckFree Holdings Corp. * 54,460 2,767,249
Digex, Inc. * 10,440 814,320
Paychex, Inc. 311,207 16,377,268
VeriSign, Inc. * 32,610 4,545,019
24,503,856
Diversified (5.4%)
Exodus Communications * 79,180 7,002,481
Network Solutions, Inc. * 48,875 7,233,500
NTL, Inc. * 46,070 3,524,355
Viasystems Group, Inc. * 260,690 4,154,747
21,915,083
Semiconductors (11.0%)
Cree, Inc. * 15,070 2,192,685
INTERSHOP Communications Aktiengesellshaft AG * 106,720 3,735,200
MRV Communications, Inc. * 46,445 3,201,802
SDL, Inc. * 52,740 10,284,300
TriQuint Semiconductor, Inc. * 79,555 8,179,248
Vitesse Semiconductor Corp. * 129,420 8,808,649
Xilinx, Inc. * 112,855 8,266,629
44,668,513
Software (8.9%)
Brocade Communications Systems, Inc. * 39,190 4,859,560
Inktomi Corp. * 73,320 11,286,697
Liberate Technologies * 109,155 4,270,689
Per-Se Technologies, Inc. * 513 3,495
Portal Software, Inc. * 82,600 3,789,275
Proxicom, Inc. * 55,645 1,902,363
PSINet, Inc. * 386,530 8,962,664
TenFold Corp. * 38,440 982,623
36,057,366
Utilities (3.2%)
Telephone
McLeodUSA, Inc. Class A * 519,855 12,996,375
Total Common Stock (cost $409,653,277) 401,469,384
Description Principal Value
SHORT-TERM SECURITIES (1.8%)
Commercial Paper (1.8%)
Household Finance Company 6.000% 5-1-2000 $7,200,000 $7,200,000
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $45,612 on 5-1-2000 45,604 45,604
Total Short-Term Securities (cost $7,245,604) 7,245,604
Total Investments (100.6%) (cost $416,898,881) 408,714,988
Notional
Amount Description Value
UNREALIZED GAIN ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
C 274,963 Canadian Dollar 5-1-2000 Sell
$705
Liabilities In Excess of Other Assets (-0.6%) (2,631,987)
Net Assets (100.0%) $406,083,706
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX JCC FLEXIBLE INCOME
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (74.6%)
Consumer, Cyclical (15.0%)
Auto Manufacturers (1.5%)
DaimlerChrysler AG 7.200% 9-1-2009 $500,000 $482,385
Broadcasting (3.7%)
Cox Communications, Inc. 6.375% 6-15-2000 230,000 229,713
Pegasus Communications Corp. 144A 12.500% 8-1-2007150,000 156,375
Time Warner, Inc. 8.180% 8-15-2007 750,000 757,500
1,143,588
Casinos (0.4%)
Venetian Casino 12.250% 11-15-2004 150,000 146,250
Home Furnishings (2.0%)
Selmer Company, Inc. 11.000% 5-15-2005 600,000 621,000
Lodging (0.6%)
LodgeNet Entertainment Corp. 10.250% 12-15-2006 180,000 180,000
Publishing (2.2%)
News America, Inc. 6.625% 1-9-2008 750,000 671,250
Retailers - Broadline (4.6%)
Fred Meyer, Inc. 7.150% 3-1-2003 500,000 483,750
Wal-Mart Stores, Inc. 6.875% 8-10-2009 1,000,000 963,750
1,447,500
Consumer, Non-Cyclical (15.6%)
Beverages (0.7%)
Joseph E. Seagram & Sons, Inc. 6.800% 12-15-2008 250,000 226,562
Consumer Services (1.6%)
Cendant Corp. 7.750% 12-1-2003 500,000 490,625
Food Retailers (7.0%)
Marsh Supermarkets, Inc. 8.875% 8-1-2007 250,000 232,500
Safeway, Inc. 5.875% 11-15-2001 750,000 729,375
Safeway, Inc. 7.500% 9-15-2009 250,000 240,000
Stater Brothers Holdings, Inc. 10.750% 8-15-2006 250,000 248,125
The Kroger Company 8.050% 2-1-2010 775,000 749,813
2,199,813
Healthcare (2.3%)
Bausch & Lomb, Inc. 6.750% 12-15-2004 250,000 238,438
Columbia/HCA Healthcare Corp. 8.360% 4-15-2024 250,000 224,594
HEALTHSOUTH Corp. 9.500% 4-1-2001 265,000 261,356
724,388
Household Products (4.0%)
Proctor & Gamble Company 6.875% 9-15-2009 1,000,000 966,250
Sherwin-Williams Company 6.850% 2-1-2007 290,000 278,038
1,244,288
Energy (0.7%)
Oilfield Equipment and Services
Enron Corp. 7.375% 5-15-2019 250,000 229,062
Financial (10.9%)
Banks (2.5%)
Dime Bancorp, Inc. 7.000% 7-25-2001 500,000 493,750
HUBCO, Inc. 8.200% 9-15-2006 300,000 298,125
791,875
Diversified (5.4%)
Ford Motor Credit Company 7.250% 1-15-2003 250,000 247,812
Ford Motor Credit Company 7.375% 10-28-2009 500,000 484,375
General Electric Capital Corp. 7.000% 2-3-2003 500,000 495,000
General Electric Capital Corp. 7.250% 5-3-2004 200,000 198,750
ONO Finance PLC 13.000% 5-1-2009 250,000 255,000
1,680,937
Insurance (1.6%)
Delphi Financial Group, Inc. 8.000% 10-1-2003 500,000 481,875
Savings & Loans (1.4%)
GS Escrow Corp. 7.125% 8-1-2005 $500,000 $438,750
Industrial (2.7%)
Diversified
Equinix, Inc. 144A 13.000% 12-1-2007 250,000 260,000
Isle of Capri Black Hawk, LLC 13.000% 8-31-2004 525,000 572,250
832,250
Technology (27.9%)
Communications (19.7%)
CapRock Communications Corp. 11.500% 5-1-2009 125,000 116,875
Global Crossing, Ltd. 144A 9.500% 11-15-2009 1,000,000 975,000
Hyperion Telecommunications, Inc.
12.000% 11-1-2007 150,000 151,125
Jazztel PLC 144A 13.250% 12-15-2009 250,000 228,962
Jones Intercable, Inc. 7.625% 4-15-2008 261,000 251,539
Level 3 Communications, Inc. 144A +
10.750% 3-15-2008 210,000 184,466
Level 3 Communications, Inc. 144A
11.000% 3-15-2008 500,000 483,750
Liberty Media Corp. 7.875% 7-15-2009 750,000 717,187
NEXTLINK Communications, Inc. 12.500% 4-15-2006 250,000 261,250
Price Communications Corp. 11.750% 7-15-2007 225,000 243,000
Qwest Communications International, Inc.
7.500% 11-1-2008 950,000 909,625
Versatel Telecom BV 13.250% 5-15-2008 200,000 203,000
Viatel, Inc. 11.500% 3-15-2009 150,000 129,000
VoiceStream Wireless Corp. 144A
10.375% 11-15-2009 500,000 507,500
Worldwide Fiber, Inc. 12.000% 8-1-2009 850,000 786,250
6,148,529
Computers (3.1%)
International Business Machines Corp.
7.000% 1-28-2002 500,000 496,875
International Business Machines Corp.
7.000% 10-30-2025 500,000 466,875
963,750
Diversified (1.5%)
Exodus Communications 10.750% 12-15-2009 200,000 180,951
Exodus Communications 11.250% 7-1-2008 125,000 126,562
NTL, Inc. 0.000% 4-15-2005 70,000 71,925
NTL, Inc. 0.000% 2-1-2006 100,000 92,000
471,438
Software (3.6%)
Concentric Network Corp. 12.750% 12-15-2007 250,000 267,500
Electronic Data Systems Corp. 7.125% 10-15-2009 500,000 493,125
PSINet, Inc. 11.000% 8-1-2009 400,000 352,000
1,112,625
Utilities (1.8%)
Electric
Caithness Coso Funding Corp. 6.800% 12-15-2001 130,307 127,212
El Paso Electric Company 9.400% 5-1-2011 400,000 425,500
552,712
Total Non-Convertible Corporate Bonds (cost $23,962,527) 23,281,452
CONVERTIBLE CORPORATE BONDS (1.4%)
Consumer, Cyclical (1.2%)
Broadcasting
Pegasus Media & Communications, Inc. 12.500% 7-1-2005350,000 371,875
Technology (0.2%)
Diversified
Digital Island, Inc. 6.000% 2-15-2005 95,000 59,019
Total Convertible Corporate Bonds (cost $445,000) 430,894
LONG-TERM GOVERNMENT BONDS (9.5%)
United States Government Securities
Treasury Notes
5.250% 8-15-2003 750,000 720,825
6.500% 2-15-2010 2,200,000 2,243,010
Total Long-Term Government Bonds (cost $3,051,886) 2,963,835
Description Shares Value
COMMON STOCK (0.3%)
Financial (0.1%)
Diversified
ONO Finance PLC Warrants * 250 $37,500
Technology (0.2%)
Communications
Versatel Telecom BV Warrants * 75 53,625
Total Common Stock (cost $498) 91,125
NON-CONVERTIBLE PREFERRED STOCK (0.3%)
Financial
Savings & Loans
Chevy Chase Bank (cost $116,375) 3,500 87,937
Description Principal Value
SHORT-TERM SECURITIES (10.4%)
Repurchase Agreements (0.2%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $57,600 on 5-1-2000 $57,589 $57,589
United States Government Agencies (10.2%)
Federal Home Loan Bank
5.880% 5-1-2000 3,200,000 3,200,000
Total Short-Term Securities (cost $3,257,589) 3,257,589
Total Investments (96.5%) (cost $30,833,875) 30,112,832
Notional Amount Description Value
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.2%) @
E 430,000 Euro 6-9-2000 Buy
$(25,286)
E 560,000 Euro 6-9-2000 Sell
62,718
E 60,000 Euro 9-8-2000 Sell
3,118
E 430,000 Euro 9-22-2000 Sell
18,823
Total Unrealized Net Gain on Forward Foreign
Currency Contracts 59,373
Other Assets In Excess of Liabilities (3.3%) 1,034,211
Net Assets (100.0%) $31,206,416
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX ALGER AGGRESSIVE GROWTH
Description Shares Value
COMMON STOCK (85.5%)
Consumer, Cyclical (12.5%)
Advertising (1.1%)
InfoSpace, Inc. * 24,000 $1,723,500
Omnicom Group, Inc. 17,700 1,611,806
3,335,306
Broadcasting (4.7%)
Clear Channel Communications, Inc. * 82,850 5,965,200
Comcast Corp. Class A 100,200 4,014,262
Cox Communications, Inc. Class A * 33,100 1,417,094
EchoStar Communications Corp. * 52,500 3,343,594
14,740,150
Retailers - Broadline (1.5%)
Costco Wholesale Corp. * 33,200 1,794,875
Wal-Mart Stores, Inc. 53,400 2,957,025
4,751,900
Retailers - Specialty (5.2%)
eBay, Inc. * 73,400 11,684,363
Home Depot, Inc. 87,300 4,894,256
16,578,619
Consumer, Non-Cyclical (0.6%)
Pharmaceuticals
Celgene Corp. * 38,700 1,818,900
Energy (3.1%)
Oil Drilling (0.6%)
Nabors Industries, Inc. * 47,000 1,853,563
Oilfield Equipment and Services (2.5%)
B.J. Services Company * 18,800 1,320,700
Halliburton Company 150,450 6,648,009
7,968,709
Financial (3.4%)
Diversified (2.4%)
American Express Company 14,800 2,220,925
Citigroup, Inc. 91,500 5,438,531
7,659,456
Securities Brokers (1.0%)
Morgan Stanley, Dean Witter, Discover and Company 41,000 3,146,750
Industrial (1.2%)
Diversified
Corning, Inc. 18,800 3,713,000
Technology (62.2%)
Biotechnology (3.2%)
Amgen, Inc. * 96,300 5,392,800
Celera Genomics, Inc. * 16,300 1,344,750
PE Corp-PE Biosystems Group 55,500 3,330,000
10,067,550
Communications (10.7%)
Amdocs, Ltd. * 43,000 2,910,561
Aspect Development, Inc. * 25,800 1,778,588
AT&T Corp. Liberty Media Class A * 107,400 5,363,288
Cisco Systems, Inc. * 137,000 9,497,953
Efficient Networks, Inc. * 10,300 674,650
Motorola, Inc. 37,400 4,452,938
Nextel Communications, Inc. Class A * 37,900 4,147,681
QUALCOMM, Inc. * 46,100 4,998,969
33,824,628
Computers (10.7%)
Ariba, Inc. * 64,500 $4,785,093
Commerce One, Inc. * 66,800 4,078,975
Dell Computer Corp. * 60,500 3,032,563
Entrust Technologies, Inc. * 15,600 765,375
Hewlett-Packard Company 31,500 4,252,500
Sun Microsystems, Inc. * 77,600 7,134,350
Teradyne, Inc. * 60,400 6,644,000
VeriSign, Inc. * 23,000 3,205,625
33,898,481
Diversified (2.5%)
CNET Networks, Inc. * 23,500 812,219
Exodus Communications * 80,500 7,119,219
7,931,438
Semiconductors (22.2%)
Altera Corp. * 72,500 7,413,123
Applied Materials, Inc. * 96,200 9,794,363
ASM Lithography Holding NV NYRS * 77,300 3,092,000
Broadcom Corp. Class A * 20,000 3,447,500
Conexant Systems, Inc. * 32,700 1,957,913
Intel Corp. 55,800 7,076,138
Linear Technology Corp. 62,000 3,541,750
LSI Logic Corp. * 151,600 9,475,000
PMC - Sierra, Inc. * 26,700 5,123,063
SDL, Inc. * 24,600 4,797,000
Texas Instruments, Inc. 63,600 10,358,850
Xilinx, Inc. * 56,500 4,138,625
70,215,325
Software (12.9%)
America Online, Inc. * 97,600 5,837,700
Brocade Communications Systems, Inc. * 22,900 2,839,600
i2 Technologies, Inc. * 19,600 2,533,300
Inktomi Corp. * 8,600 1,323,862
Microsoft Corp. * 115,500 8,056,125
Oracle Corp. * 39,000 3,117,563
Phone.com, Inc. * 23,300 1,957,200
RealNetworks, Inc. * 22,800 1,085,850
VERITAS Software Corp. 144A * 22,100 2,370,570
Vignette Corp. * 72,800 3,508,050
Yahoo!, Inc. * 62,400 8,127,600
40,757,420
Utilities (2.5%)
Electric (0.4%)
Calpine Corp. * 15,000 1,372,500
Telephone (2.1%)
MCI WorldCom, Inc. * 35,300 1,603,944
McLeodUSA, Inc. Class A * 84,000 2,100,000
Sprint Corp. 54,000 2,970,000
6,673,944
Total Common Stock (cost $193,098,336) 270,307,639
CONVERTIBLE PREFERRED STOCK (2.0%)
Technology
Diversified
Nokia Corp. OY ADR (cost $4,294,243) 108,800 6,188,000
Description Principal Value
SHORT-TERM SECURITIES (12.7%)
Commercial Paper (11.5%)
Banque Generale de Luxembourg +
6.040% 5-26-2000 $4,000,000 $3,983,221
Corporacion Andina De Fomento +
6.030% 5-17-2000 4,000,000 3,989,280
Duke Energy Corp. 5.980% 5-19-2000 5,000,000 4,985,050
FleetBoston Financial Corp. 6.010% 5-17-2000 2,000,000 1,992,630
FleetBoston Financial Corp. 6.030% 5-23-2000 3,000,000 2,991,987
Florida Power Corp. 6.100% 5-26-2000 2,000,000 1,991,528
National Fuel Gas Company 6.070% 5-3-2000 1,000,000 999,663
Oyster Creek Fuel Corp. 6.020% 5-10-2000 300,000 299,549
Progress Capital Corp. 6.030% 5-18-2000 6,000,000 5,982,915
Steamboat Funding Corp. 6.030% 5-4-2000 4,000,000 3,997,990
Sydney Capital Corp. 6.110% 5-25-2000 4,000,000 3,983,707
World Omni Financial Corp. 6.050% 5-4-2000 1,200,000 1,199,395
36,396,915
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $85,070 on 5-1-2000 $85,054 $85,054
Time Deposit (1.2%)
State Street Bank & Trust Eurodollar Time Deposit
4.250% 5-1-2000 3,800,000 3,800,000
Total Short-Term Securities (cost $40,281,969) 40,281,969
Total Investments (100.2%) (cost $237,674,548) 316,777,608
Liabilities In Excess of Other Assets (-0.2%) (734,992)
Net Assets (100.0%) $316,042,616
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX T. ROWE PRICE DIVIDEND GROWTH
Description Shares Value
COMMON STOCK (93.1%)
Basic Materials (2.2%)
Chemicals (0.6%)
Great Lakes Chemical Corp. 2,100 $56,569
Paper Products (1.0%)
Kimberly-Clark Corp. 1,700 98,706
Precious Metals (0.6%)
Newmont Mining Corp. 2,600 60,938
Consumer, Cyclical (9.9%)
Advertising (1.2%)
Omnicom Group, Inc. 1,300 118,381
Broadcasting (0.6%)
Comcast Corp. Class A 1,600 64,100
Casinos (0.2%)
MGM Grand, Inc. 850 22,568
Entertainment (1.1%)
Walt Disney Company 2,600 112,613
Footwear (0.4%)
Nike, Inc. Class B 980 42,569
Home Construction (0.6%)
Valspar Corp. 1,580 56,880
Lodging (1.1%)
Archstone Communities Trust 5,200 112,450
Publishing (0.6%)
Tribune Company 1,400 54,425
Retailers - Broadline (2.8%)
Family Dollar Stores, Inc. 8,000 152,500
Target Corp. 1,830 121,809
274,309
Retailers - Specialty (0.7%)
Lowe's Companies, Inc. 1,300 64,350
Toys (0.6%)
Hasbro, Inc. 3,900 62,156
Consumer, Non-Cyclical (19.3%)
Beverages (1.4%)
PepsiCo, Inc. 3,680 135,010
Consumer Services (4.0%)
C.H. Robinson Worldwide, Inc. 1,500 75,000
Galileo International, Inc. 3,850 89,031
H&R Block, Inc. 400 16,725
ServiceMaster Company 6,200 84,475
United Parcel Service, Inc. 400 26,600
Viad Corp. 4,300 109,113
400,944
Food - Other (2.7%)
Albertson's, Inc. 709 23,087
General Mills, Inc. 2,300 83,662
McCormick & Company, Inc. 3,300 102,919
Quaker Oats Company 900 58,669
268,337
Household Products (2.0%)
Colgate-Palmolive Company 1,200 $68,550
The Black & Decker Corp. 2,600 109,363
The Clorox Company 600 22,050
199,963
Medical Supplies (2.5%)
Abbott Laboratories, Inc. 1,900 73,031
American Home Products Corp. 3,100 174,181
247,212
Pharmaceuticals (6.7%)
Bristol-Myers Squibb Company, Inc. 1,700 89,144
CVS Corp. 2,300 100,050
Johnson & Johnson 500 41,250
Merck and Company, Inc. 900 62,550
Pfizer, Inc. 2,200 92,675
Schering Plough Corp. 1,700 68,531
Warner-Lambert Company 1,900 216,244
670,444
Energy (7.9%)
Oil Companies - Major (7.0%)
Amerada Hess Corp. 1,400 89,075
BP Amoco PLC ADR 2,500 127,500
Chevron Corp. 1,300 110,663
Exxon Mobil Corp. 2,748 213,485
Royal Dutch Petroleum Company NYRS 2,800 160,650
701,373
Oil Companies - Secondary (0.9%)
Baker Hughes, Inc. 2,700 85,894
Financial (25.1%)
Banks (1.8%)
Bank of New York Company, Inc. 4,300 176,569
Diversified (8.0%)
American General Corp. 1,300 72,800
Associates First Capital Corp. Class A 1,800 39,938
Bank of America Corp. 370 18,130
Capital One Financial Corp. 600 26,250
Citigroup, Inc. 4,045 240,425
Firstar Corp. 4,919 122,360
Marsh & McLennan Companies, Inc. 700 68,993
Mellon Financial Corp. 4,000 128,500
Wells Fargo & Company 2,000 82,125
799,521
Insurance (2.2%)
ACE, Ltd. 4,800 114,900
CIGNA Corp. 1,300 103,675
218,575
Real Estate (7.9%)
Arden Realty, Inc. 2,300 51,175
Cousins Properties, Inc. 3,000 117,750
Duke-Weeks Realty Corp. 5,062 109,782
Reckson Associates Realty Corp. 5,100 102,319
Starwood Hotels & Resorts Worldwide, Inc. 4,800 136,500
Vornado Realty Trust 3,300 113,850
XL Capital, Ltd. Class A 3,300 157,162
788,538
Securities Brokers (2.3%)
Waddell & Reed Financial, Inc. Class B 9,430 226,909
United States Government Agencies (2.9%)
Federal Home Loan Mortgage Corp. 3,500 160,781
Federal National Mortgage Association 2,200 132,688
293,469
Independent (0.7%)
Conglomerate
Philip Morris Companies, Inc. 3,200 $70,000
Industrial (7.7%)
Building Materials (1.3%)
Masco Corp. 5,700 127,893
Electronic Components and Equipment (0.9%)
Analogic Corp. 2,200 89,512
Diversified (5.0%)
General Electric Company 800 125,800
Pall Corp. 3,000 66,937
ProLogis Trust 7,400 145,687
Tyco International Group SA 2,600 119,438
Tomkins PLC + 14,100 43,066
500,928
Pollution Control (0.5%)
Rentokil Initial Group PLC + 19,800 53,627
Technology (15.4%)
Aerospace/Defense (0.9%)
United Technologies Corp. 1,400 87,062
Biotechnology (1.3%)
PE Corp-PE Biosystems Group 100 6,000
Pharmacia Corp. 2,442 121,947
127,947
Communications (4.1%)
Cisco Systems, Inc. * 1,000 69,328
MediaOne Group, Inc. * 1,260 95,288
Nortel Networks Corp. 900 101,925
SBC Communications, Inc. 2,100 92,006
Vodafone AirTouch PLC ADR 1,000 47,000
405,547
Computers (3.9%)
Compaq Computer Corp. 1,300 38,025
Computer Associates International, Inc. 1,800 100,462
Dell Computer Corp. * 1,100 55,138
Hewlett-Packard Company 1,450 195,750
389,375
Diversified (1.0%)
DQE, Inc. 200 7,650
Teleflex, Inc. 2,600 89,863
97,513
Semiconductors (0.8%)
Linear Technology Corp. 800 45,700
Texas Instruments, Inc. 250 40,719
86,419
Software (3.4%)
America Online, Inc. * 1,200 71,775
Automatic Data Processing, Inc. 1,800 96,862
BMC Software, Inc. * 1,100 51,494
Microsoft Corp. * 1,500 104,625
Oracle Corp. * 200 15,988
340,744
Utilities (4.9%)
Electric (1.0%)
TECO Energy, Inc. 4,370 95,593
Telephone (3.9%)
ALLTEL Corp. 1,400 $93,275
GTE Corp. 2,400 162,600
MCI WorldCom, Inc. * 1,000 45,438
Sprint Corp. 1,470 90,405
391,718
Total Common Stock (cost $9,020,132) 9,277,650
CONVERTIBLE PREFERRED STOCK (0.8%)
Technology
Diversified
Nokia Corp. OY ADR (cost $62,003) 1,400 79,625
Description Principal Value
SHORT-TERM SECURITIES (5.6%)
Commercial Paper (3.0%)
Park Avenue Receivables Corp. 6.020% 5-11-2000 $300,000 $299,498
Other Short-Term Securities (2.6%)
SSgA Money Market Fund
5.750% 5-1-2000 261,000 261,000
Total Short-Term Securities (cost $560,498) 560,498
Total Investments (99.5%) (cost $9,642,633) 9,917,773
Other Assets In Excess of Liabilities (0.5%) 45,724
Net Assets (100.0%) $9,963,497
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX T. ROWE PRICE SMALL CAP
Description Shares Value
COMMON STOCK (96.0%)
Basic Materials (1.1%)
Building Materials (0.2%)
Carlisle Companies, Inc. 700 $28,831
Chemicals (0.8%)
Cabot Corp. 1,500 40,500
OM Group, Inc. 400 18,400
Spartech Corp. 1,300 45,175
104,075
Mining - Diversified (0.1%)
Stillwater Mining Company * 300 8,400
Consumer, Cyclical (12.1%)
Advertising (1.2%)
Catalina Marketing Corp. * 400 40,500
Getty Images, Inc. * 1,000 30,375
Harte-Hanks, Inc. 800 19,800
Insight Enterprises, Inc. * 600 25,087
Lamar Advertising Company * 400 17,625
TMP Worldwide, Inc. * 100 6,538
Valassis Communications, Inc. * 400 13,625
153,550
Airlines (0.3%)
Alaska Air Group, Inc. * 100 2,875
Mesaba Holdings, Inc. * 1,800 22,500
Triumph Group, Inc. * 500 13,438
38,813
Auto Parts and Equipment (0.2%)
O'Reilly Automotive, Inc. * 1,500 20,250
Broadcasting (1.7%)
Cox Radio, Inc. Class A * 800 58,000
Cumulus Media, Inc. Class A * 1,200 15,750
Entercom Communications Corp. * 500 21,250
Hispanic Broadcasting Corp. Class A * 100 10,106
Pegasus Communications Corp. * 500 54,563
Radio One, Inc. * 300 17,400
USA Networks, Inc. * 432 9,936
Westwood One, Inc. * 400 14,150
YouthStream Media Networks, Inc. * 1,600 10,200
211,355
Clothing/Fabric (1.0%)
Fossil, Inc. * 1,925 39,944
Men's Wearhouse, Inc. * 2,300 49,306
Quiksilver, Inc. * 1,850 34,919
The Buckle, Inc. * 100 1,281
125,450
Consumer Electronics (0.2%)
Ethan Allen Interiors, Inc. 200 5,338
Rent-Way, Inc. * 700 18,156
23,494
Entertainment (1.2%)
Barnes & Noble, Inc. * 400 7,400
Imax Corp. * 2,300 52,900
International Speedway Corp. 500 21,500
Premier Parks, Inc. * 1,300 28,031
SFX Entertainment, Inc. Class A * 500 20,812
Steinway Musical Instruments, Inc. * 900 17,663
148,306
Footwear (0.1%)
AnnTaylor Stores Corp. * 600 12,413
Home Furnishings (0.0%)
Furniture Brands International, Inc. * 200 3,738
Lodging (0.3%)
LodgeNet Entertainment Corp. * 1,500 38,625
Publishing (0.1%)
Consolidated Graphics, Inc. * 600 $7,088
Recreation Products - Other (0.3%)
The Topps Company, Inc. * 3,900 34,125
Restaurants (0.8%)
Applebee's International, Inc. 100 3,644
CEC Entertainment, Inc. * 200 6,000
P.F. Chang's China Bistro, Inc. * 400 14,000
Papa John's International, Inc. * 700 19,250
RARE Hospitality International, Inc. * 900 27,844
Sonic Corp. * 900 25,031
95,769
Retailers - Apparel (1.4%)
G&K Services, Inc. 200 4,900
Kenneth Cole Productions, Inc. Class A * 1,350 55,181
Neiman Marcus Group, Inc. * 1,300 33,475
Pacific Sunwear of California, Inc. * 1,300 44,281
Ross Stores, Inc. 900 18,675
The Timberland Company Class A * 100 6,938
Vans, Inc. * 400 6,050
169,500
Retailers - Broadline (0.7%)
Cost Plus, Inc. * 700 21,394
Dollar Tree Stores, Inc. * 1,000 57,875
Family Dollar Stores, Inc. 700 13,344
92,613
Retailers - Specialty (2.3%)
1-800 FLOWERS.COM, Inc. * 1,100 6,463
Global Imaging Systems, Inc. * 300 2,194
Group 1 Automotive, Inc. * 1,400 16,625
Linens 'n Things, Inc. * 1,300 40,137
MSC Industrial Direct Company, Inc. Class A * 800 11,200
SCP Pool Corp. * 1,100 40,494
Tweeter Home Entertainment Group, Inc. * 1,100 40,562
USinternetworking, Inc. * 1,025 25,497
Watsco, Inc. 2,400 30,900
Whitehall Jewellers, Inc. * 2,300 39,531
Williams-Sonoma, Inc. * 500 17,313
Zale Corp. * 300 12,375
283,291
Toys (0.3%)
JAKKS Pacific, Inc. * 2,200 40,425
Consumer, Non-Cyclical (12.0%)
Consumer Services (4.4%)
A.C. Nielsen Corp. * 700 16,144
Apollo Group, Inc. Class A * 200 5,800
Avis Rent A Car, Inc. * 900 18,225
Bright Horizons Family Solutions, Inc. * 1,400 25,200
C.H. Robinson Worldwide, Inc. 1,100 55,000
DeVry, Inc. * 800 19,050
Diamond Technology Partners, Inc. * 1,000 79,125
E.piphany, Inc. * 200 13,213
First Consulting Group, Inc. * 600 5,400
Hanger Orthopedic Group, Inc. * 600 3,000
Heidrick & Struggles International, Inc. * 300 10,800
Interim Services, Inc. * 200 3,425
Learning Tree International, Inc. * 1,500 71,906
META Group, Inc. * 200 4,500
Metris Companies, Inc. 700 26,250
Modis Professional Services, Inc. * 2,700 20,419
NOVA Corp. * 1,500 47,437
Plexus Corp. * 1,000 76,625
Pre-Paid Legal Services, Inc. * 400 12,800
Professional Staff ADR * 400 2,000
Romac International, Inc. * 400 4,125
The Profit Recovery Group International, Inc. * 1,400 24,587
545,031
Cosmetics (0.1%)
Chattem, Inc. * 600 $7,650
Food - Other (0.0%)
Ben & Jerry's Homemade, Inc. * 100 4,331
Food Retailers (0.5%)
Smithfield Foods, Inc. * 400 8,525
The Hain Food Group, Inc. * 1,400 37,537
Whole Foods Market, Inc. * 300 12,769
Wild Oats Markets, Inc. * 600 7,950
66,781
Healthcare (2.8%)
Express Scripts, Inc. Class A * 300 10,725
First Health Group Corp. * 700 21,306
Hooper Holmes, Inc. 2,200 38,225
Incyte Pharmaceuticals, Inc. * 200 15,400
KV Pharmaceutical Company Class A * 1,000 25,250
LifePoint Hospitals, Inc. * 1,800 30,825
MedQuist, Inc. * 1,800 63,787
National Data Corp. 750 20,813
Province Healthcare Company * 500 14,438
Theragenics Corp. * 2,500 24,844
TLC Laser Eye Centers, Inc. * 300 2,020
Universal Health Services Class B * 800 43,800
Ventana Medical Systems, Inc. * 100 2,819
Veterinary Centers of America, Inc. * 700 9,450
Wesley Jessen VisionCare, Inc. * 600 23,625
347,327
Household Products (0.4%)
Mohawk Industries, Inc. * 1,900 47,144
Medical Supplies (1.4%)
ICU Medical, Inc. * 100 2,187
Lincare Holdings, Inc. * 1,300 39,650
Mentor Corp. 2,500 44,219
Patterson Dental Company * 800 38,500
PolyMedica Corp. * 400 21,475
PSS World Medical, Inc. * 1,900 16,328
Sybron International Corp. * 400 12,450
174,809
Pharmaceuticals (2.4%)
Advance ParadigM, Inc. * 1,200 15,000
Andrx Corp. * 400 20,475
Duane Reade, Inc. * 1,200 36,000
Forest Laboratories, Inc. * 200 16,812
Jones Pharma, Inc. 800 23,050
King Pharmaceuticals, Inc. * 875 43,203
Omnicare, Inc. 3,100 47,081
Priority Healthcare Corp. Class B * 500 27,687
Shire Pharmaceuticals Group PLC ADS * 1,021 41,095
Triangle Pharmaceuticals, Inc. * 1,800 11,644
ViroPharma, Inc. * 500 7,563
Watson Pharmaceuticals, Inc. * 200 8,988
298,598
Energy (3.0%)
Oil Companies - Major (0.3%)
Cabot Oil & Gas Corp. 900 16,706
Tom Brown, Inc. * 1,100 20,900
37,606
Oil Drilling (1.4%)
Barrett Resources Corp. * 2,100 66,675
Marine Drilling Company, Inc. * 1,900 49,400
Noble Affiliates, Inc. 800 28,850
Patterson Energy, Inc. * 1,200 33,900
178,825
Oilfield Equipment and Services (1.3%)
B.J. Services Company * 400 $28,100
Cal Dive International, Inc. * 500 24,875
Oceaneering International, Inc. * 1,300 22,425
Smith International, Inc. * 400 30,400
UTI Energy Corp. * 1,500 52,125
157,925
Financial (5.6%)
Banks (1.4%)
Bank United Corp. Class A 600 19,913
City National Corp. 1,150 42,334
Commerce Bancorp, Inc. 1,125 44,648
Community First Bankshares, Inc. 1,700 28,688
National Commerce Bancorp. 1,100 18,081
Southwest Bancorp. of Texas, Inc. * 500 9,781
Sterling Bancshares, Inc. 1,300 14,300
177,745
Diversified (1.5%)
AmeriCredit Corp. * 1,300 24,294
Heller Financial, Inc. 418 8,125
Investors Financial Services Corp. 200 16,325
NCO Group, Inc. * 1,500 51,562
Radian Group, Inc. 1,309 66,677
SierraCities.com, Inc. * 2,100 12,600
179,583
Electronic Components and Equipment (0.3%)
F.Y.I., Inc. * 1,300 34,856
Insurance (0.6%)
Annuity and Life Re (Holdings), Ltd. 1,000 21,625
INSpire Insurance Solutions, Inc. * 1,750 5,250
Medical Assurance, Inc. * 300 3,975
Nationwide Financial Services, Inc. 500 13,938
PMI Group, Inc. 300 14,531
Protective Life Corp. 600 14,287
73,606
Real Estate (0.4%)
Apartment Investment and Management Company Class A 750 29,813
Catellus Development Corp. * 1,300 16,900
CoStar Group, Inc. * 300 7,195
53,908
Securities Brokers (1.4%)
Affiliated Managers Group, Inc. * 1,200 48,150
Investment Technology Group, Inc. * 1,400 52,500
Waddell & Reed Financial, Inc. Class A 2,650 70,556
171,206
Industrial (11.9%)
Air Freight (0.3%)
EGL, Inc. * 1,700 38,994
Building Materials (0.1%)
NCI Building Systems, Inc. * 900 17,213
Electronic Components and Equipment (8.0%)
Alpha Industries, Inc. * 1,400 $72,800
American Power Conversion Corp. * 300 10,594
Amphenol Corp. Class A * 800 51,000
Applied Micro Circuits Corp. * 100 12,888
Artesyn Technologies, Inc. * 2,000 48,500
C-Cube Microsystems, Inc. * 500 32,125
Cohu, Inc. 1,200 45,675
CTS Corp. 900 56,756
Dionex Corp. * 1,250 45,469
Exar Corp. * 500 40,086
Gentex Corp. * 1,500 48,375
L-3 Communications Holdings, Inc. * 1,300 69,225
Mechanical Technology, Inc. * 1,800 31,837
Pentair, Inc. 1,400 53,550
Pericom Semiconductor Corp. * 1,100 48,331
Power-One, Inc. * 300 20,475
Powerwave Technologies, Inc. * 600 124,837
SCI Systems, Inc. * 200 10,650
Supertex, Inc. * 100 3,100
Symbol Technologies, Inc. 800 44,600
Technitrol, Inc. 700 47,600
Three-Five Systems, Inc. * 500 43,500
Varian Semiconductor Equipment Associates, Inc. * 400 26,900
988,873
Heavy Construction (0.2%)
Simpson Manufacturing Company, Inc. * 500 22,625
Heavy Machinery (0.2%)
Terex Corp. * 1,200 18,750
Home Construction (0.0%)
Kaufman and Broad Home Corp. 200 3,850
Diversified (0.8%)
Checkpoint Systems, Inc. * 200 1,788
Elcor Corp. 1,200 38,175
Maverick Tube Corp. * 1,300 37,050
Rayovac Corp. 900 18,787
95,800
Other Industrial Services (1.0%)
Dycom Industries, Inc. * 1,425 74,100
Tetra Tech, Inc. * 2,000 47,125
121,225
Pollution Control (0.3%)
Casella Waste Systems, Inc. * 1,600 11,900
Catalytica, Inc. * 2,750 30,594
42,494
Trucking (1.0%)
Forward Air Corp. * 1,800 61,875
Swift Transportation Company, Inc. * 1,500 30,094
USFreightways, Inc. 800 37,300
129,269
Technology (49.9%)
Advanced Medical Devices (2.5%)
CONMED Corp. * 2,100 54,863
Datascope Corp. 1,700 56,312
DENTSPLY International, Inc. 500 14,531
Renal Care Group, Inc. * 2,000 44,625
ResMed, Inc. * 1,800 61,200
Techne Corp. * 1,000 71,125
Zoll Medical Corp. * 100 4,419
307,075
Aerospace/Defense (0.1%)
The Titan Corp. * 300 $12,881
Biotechnology (2.6%)
Aurora Biosciences Corp. * 700 25,375
Cell Genesys, Inc. * 400 7,475
Cephalon, Inc. * 300 16,875
Collateral Therapeutics, Inc. * 600 14,700
CYTYC Corp. * 1,100 49,225
Enzo Biochem, Inc. * 500 20,250
Enzon, Inc. * 200 7,450
Inhale Therapeutic Systems, Inc. * 800 49,500
Invitrogen Corp. * 500 31,187
Lynx Therapeutics, Inc. * 300 7,200
Molecular Devices Corp. * 200 8,597
Protein Design Labs, Inc. * 300 30,450
Serologicals Corp. * 2,200 7,975
The Liposome Company, Inc. * 600 10,500
Transkaryotic Therapies, Inc. * 100 2,994
Trimeris, Inc. * 500 17,219
Vical, Inc. * 1,000 18,000
324,972
Communications (8.2%)
Adaptive Broadband Corp. * 200 6,500
Advanced Fibre Communications * 700 31,981
American Tower Corp. Class A * 500 23,250
Ancor Communications, Inc. * 1,100 33,206
Andrew Corp. * 1,000 29,438
AT&T Canada, Inc. * 400 17,050
AudioCodes, Ltd. * 300 22,500
AVT Corp. * 1,100 12,169
CapRock Communications Corp. * 1,300 43,550
Carrier Access Corp. * 600 26,175
Com21, Inc. * 300 8,400
CommScope, Inc. * 1,100 52,250
Concord Communications, Inc. * 700 19,600
Crown Castle International Corp. * 700 26,862
Emmis Communications Corp. Class A * 1,700 72,250
Gilat Satellite Networks, Ltd. * 400 34,350
ICG Communications, Inc. * 600 17,850
Insight Communications Company, Inc. * 1,300 26,488
Intermedia Communications, Inc. * 900 36,675
MGC Communications, Inc. 600 29,400
Millicom International Cellular SA ADR * 100 5,350
Natural MicroSystems Corp. * 400 26,050
Nortel Networks Corp. 260 29,445
NorthEast Optic Network, Inc. * 1,200 67,200
Pinnacle Holdings, Inc. * 700 39,331
Plantronics, Inc. * 600 53,100
Polycom, Inc. * 800 63,300
Price Communications Corp. * 1,700 34,425
Primus Telecommunications Group, Inc. * 800 26,250
Regent Communications, Inc. * 500 4,281
Rhythms NetConnections, Inc. * 100 2,069
Time Warner Telecom, Inc. Class A * 1,000 54,750
Vari-L Company, Inc. * 500 9,219
ViaSat, Inc. * 300 14,044
Xceed, Inc. * 1,300 17,875
1,016,633
Computers (5.3%)
24/7 Media, Inc. * 300 $5,888
Advanced Digital Information Corp. * 1,900 46,669
Apex, Inc. * 300 8,869
BackWeb Technologies, Ltd. * 300 7,031
CDW Computer Centers, Inc. * 200 20,800
ChoicePoint, Inc. * 500 19,000
CIBER, Inc. * 500 9,031
Concurrent Computer Corp. * 300 3,000
Cybex Computer Products Corp. * 1,500 41,062
eLoyalty Corp. * 1,100 18,081
Fair, Isaac and Company, Inc. 300 12,694
Go2Net, Inc. * 200 11,900
InterVoice, Inc. * 2,500 39,844
Jack Henry & Associates, Inc. 1,000 39,500
L90, Inc. * 500 5,000
Loislaw.com, Inc. * 200 1,375
Media Metrix, Inc. * 600 19,275
Mercury Computer Systems * 1,200 46,125
MessageMedia, Inc. * 600 3,300
Metamor Worldwide, Inc. * 200 3,875
MICROS Systems, Inc. * 100 4,025
MobiNil-Egyptian Mobile Services 1,000 26,500
MTI Technology Corp. * 1,200 18,600
MyPoints.com, Inc. * 300 5,250
National Computer Systems, Inc. 800 41,150
NBC Internet, Inc. Class A * 200 4,625
Netegrity, Inc. * 100 4,437
Pixar, Inc. * 400 14,875
Primus Knowledge Solutions, Inc. * 200 7,438
SanDisk Corp. * 400 36,650
Teradyne, Inc. * 200 22,000
The Cobalt Group, Inc. * 300 3,338
Verity, Inc. * 1,000 32,437
Xircom, Inc. * 1,800 70,987
654,631
Diversified (3.9%)
APA Optics, Inc. * 400 8,700
C-COR.net Corp. * 1,000 39,125
Emulex Corp. * 700 31,763
Harmonic, Inc. * 1,100 81,194
iGATE Capital Corp. * 300 9,000
JDS Uniphase Corp. * 400 41,475
Network Peripherals, Inc. * 1,200 33,600
Optical Cable Corp. * 600 14,925
Optimal Robotics Corp. * 400 17,000
Osicom Technologies, Inc. * 300 15,600
QRS Corp. * 155 5,115
Quanta Services, Inc. * 1,550 71,978
Radiant Systems, Inc. * 1,450 27,006
SBS Technologies, Inc. * 100 3,450
Tech Data Corp. * 500 20,969
The BISYS Group, Inc. * 400 25,025
Varian, Inc. * 1,100 40,012
485,937
Industrial (5.9%)
American Management Systems, Inc. * 1,000 $37,000
American Xtal Technology * 500 12,195
Anaren Microwave, Inc. * 400 41,600
Asyst Technologies, Inc. * 1,200 64,200
ATMI, Inc. * 1,700 65,450
Benchmark Electronics, Inc. * 400 16,075
Cognex Corp. * 800 45,500
Cymer, Inc. * 1,100 42,969
GlobeSpan, Inc. * 500 47,500
Insituform Technologies, Inc. * 1,400 46,988
KEMET Corp. * 800 59,600
Kopin Corp. * 1,000 77,437
Macrovision Corp. * 1,000 48,875
RSA Security, Inc. * 900 52,819
Spectrian Corp. * 1,900 33,606
Visual Networks, Inc. * 900 35,100
726,914
Office Equipment (0.4%)
Proxim, Inc. * 600 46,161
Securities Brokers (0.2%)
Legg Mason, Inc. 500 18,905
Semiconductors (9.0%)
Advanced Energy Industries, Inc. * 700 48,300
Applied Materials, Inc. * 289 29,424
Applied Science and Technology, Inc. * 1,100 29,906
Burr-Brown Corp. * 1,900 129,437
Cree, Inc. * 500 72,750
Dallas Semiconductor Corp. 1,400 60,113
International Rectifier Corp. * 600 29,475
Lattice Semiconductor Corp. * 1,100 74,112
Maxim Integrated Products, Inc. * 200 12,963
Micro Warehouse, Inc. * 800 69,200
Microchip Technology, Inc. * 500 31,031
MIPS Technologies, Inc. * 500 14,438
Novellus Systems, Inc. * 900 60,019
PMC - Sierra, Inc. * 400 76,750
QLogic Corp. * 600 60,188
S3, Inc. * 1,700 23,906
Sanmina Corp. * 200 12,013
Semtech Corp. * 1,200 81,825
TranSwitch Corp. * 1,100 96,868
TriQuint Semiconductor, Inc. * 800 82,250
Vitesse Semiconductor Corp. * 340 23,141
1,118,109
Software (11.8%)
Activision, Inc. * 1,200 $7,500
Actuate Corp. * 1,100 32,931
Advent Software, Inc. * 600 31,500
Affiliated Computer Services, Inc. Class A * 500 16,563
Akamai Technologies, Inc. * 119 11,780
Allaire Corp. * 1,000 55,062
Aspen Technology, Inc. * 600 21,225
Black Box Corp. * 500 38,469
Brio Technology, Inc. * 1,000 24,750
Cognizant Technology Solutions Corp. * 400 18,350
Comverse Technology, Inc. * 400 35,675
CyberSource Corp. * 1,600 24,200
Dendrite International, Inc. * 650 14,869
Digital River, Inc. * 400 6,000
Electronic Arts, Inc. * 200 12,100
Electronics For Imaging * 500 26,125
Exchange Applications, Inc. * 1,200 14,625
F5 Networks, Inc. * 100 4,669
FactSet Research Systems, Inc. 1,300 37,375
Great Plains Software, Inc. * 400 16,925
Harbinger Corp. * 200 3,775
Hyperion Solutions Corp. * 1,400 42,459
InfoCure Corp. * 1,300 11,863
Informix Corp. * 550 6,050
Inter-Tel, Inc. 1,600 32,400
Intuit, Inc. * 220 7,906
ISS Group, Inc. * 600 54,262
Keane, Inc. * 1,400 40,425
Liberate Technologies * 600 23,475
Macromedia, Inc. * 800 69,600
Manugistics Group, Inc. * 800 34,250
Mercator Software, Inc. * 200 7,363
Mercury Interactive Corp. * 1,000 90,000
Micromuse, Inc. * 500 49,062
MicroStrategy, Inc. * 140 3,623
Mission Critical Software, Inc. * 200 7,200
National Instruments Corp. * 800 39,000
NetIQ Corp. * 300 11,025
Netopia, Inc. * 800 33,400
Network Associates, Inc. * 500 12,719
Pegasus Systems, Inc. * 1,200 21,300
Peregrine Systems, Inc. * 1,100 26,469
Pinnacle Systems, Inc. * 1,400 33,600
PSINet, Inc. * 400 9,275
Remedy Corp. * 1,300 69,062
S1 Corp. * 100 5,431
SeaChange International, Inc. * 200 6,000
Software.com, Inc. * 100 8,088
Sybase, Inc. * 1,200 24,225
Symantec Corp. * 400 24,975
THQ, Inc. * 1,400 21,700
TSI International Software, Ltd. * 400 14,725
U.S. Interactive, Inc. * 1,900 31,587
WebTrends Corp. * 800 26,250
Wind River Systems, Inc. * 500 21,344
Zebra Technologies Corp. Class A * 800 45,600
Zomax, Inc. * 1,000 47,312
1,467,493
Utilities (0.4%)
Electric (0.2%)
Calpine Corp. * 200 $18,300
Telephone (0.2%)
ITC DeltaCom, Inc. * 800 26,300
Total Common Stock (cost $11,321,971) 11,900,446
Description Principal Value
SHORT-TERM SECURITIES (5.4%)
Commercial Paper (1.6%)
E.I. du Pont de Nemours and Company
6.030% 5-18-2000 $200,000 $199,431
Other Short-Term Securities (3.8%)
Commercial Paper (11.2%)
SSgA Money Market Fund
5.750% 5-1-2000 474,000 474,000
Total Short-Term Securities (cost $673,431) 673,431
Total Investments (101.4%) (cost $11,995,402) 12,573,877
Liabilities In Excess of Other Assets (-1.4%) (176,085)
Net Assets (100.0%) $12,397,792
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX PILGRIM BAXTER MID CAP GROWTH
Description Shares Value
COMMON STOCK (94.6%)
Consumer, Cyclical (12.1%)
Advertising (5.1%)
Getty Images, Inc. * 29,400 $893,025
InfoSpace, Inc. * 31,500 2,262,094
Omnicom Group, Inc. 3,700 336,931
3,492,050
Broadcasting (0.9%)
Univision Communications, Inc. Class A * 5,700 622,725
Consumer Electronics (0.7%)
Tandy Corp. 8,500 484,500
Entertainment (0.6%)
Premier Parks, Inc. * 20,500 442,031
Retailers - Specialty (4.8%)
Mettler-Toledo International, Inc. * 34,200 1,179,900
Tiffany & Company 8,900 646,919
USinternetworking, Inc. * 11,200 278,600
Zale Corp. * 28,700 1,183,875
3,289,294
Consumer, Non-Cyclical (11.7%)
Consumer Services (3.0%)
Convergys Corp. * 37,100 1,632,400
H&R Block, Inc. 10,500 439,031
2,071,431
Healthcare (1.5%)
Incyte Pharmaceuticals, Inc. * 13,500 1,039,500
Pharmaceuticals (7.2%)
Celgene Corp. * 27,100 1,275,394
Medicis Pharmaceutical Corp. Class A * 19,600 857,500
MedImmune, Inc. * 7,500 1,199,531
Teva Pharmaceutical Industries, Ltd. ADS 36,700 1,614,800
4,947,225
Energy (7.2%)
Oil Drilling (3.1%)
ENSCO International, Inc. * 40,900 1,357,369
Santa Fe International Corp. 23,700 814,687
2,172,056
Oilfield Equipment and Services (4.1%)
B.J. Services Company * 12,600 885,150
Cooper Cameron Corp. * 26,000 1,950,000
2,835,150
Financial (1.7%)
Banks
Bank One Corp. 37,900 1,155,950
Industrial (2.2%)
Electronic Components and Equipment
Bookham Technology PLC ADS * 1,800 93,600
Celestica, Inc. * 10,200 556,538
Powerwave Technologies, Inc. * 1,300 270,481
Veeco Instruments, Inc. * 9,600 596,400
1,517,019
Technology (59.7%)
Advanced Medical Devices (1.1%)
Allscripts, Inc. * 25,400 787,400
Biotechnology (1.2%)
CYTYC Corp. * 18,700 836,825
Communications (6.4%)
Advanced Fibre Communications * 13,000 $593,937
China.com Corp. * 7,700 374,412
Ditech Communications Corp. * 8,500 728,875
Juniper Networks, Inc. * 4,700 999,631
Natural MicroSystems Corp. * 4,500 293,063
Netro Corp. * 12,100 521,813
Polycom, Inc. * 6,700 530,138
Tekelec * 9,500 332,500
4,374,369
Computers (9.3%)
Ariba, Inc. * 14,400 1,068,300
Check Point Software Technologies, Ltd. * 4,000 692,000
Commerce One, Inc. * 14,700 897,619
Foundry Networks, Inc. * 7,100 646,100
Rare Medium Group, Inc. * 18,600 382,462
Redback Networks, Inc. * 13,400 1,063,625
SanDisk Corp. * 10,100 925,413
ValueClick, Inc. * 1,700 21,781
VeriSign, Inc. * 5,000 696,875
6,394,175
Diversified (7.7%)
C-COR.net Corp. * 6,900 269,962
Ciena Corp. * 7,800 964,275
Emulex Corp. * 6,100 276,788
Extreme Networks, Inc. * 13,600 783,700
JDS Uniphase Corp. * 11,900 1,233,881
Network Solutions, Inc. * 11,300 1,672,400
Viasystems Group, Inc. * 7,700 122,719
5,323,725
Industrial (4.5%)
ATMI, Inc. * 15,100 581,350
GlobeSpan, Inc. * 16,800 1,596,000
KEMET Corp. * 12,400 923,800
3,101,150
Semiconductors (14.6%)
Amkor Technology, Inc. * 1,600 97,900
Atmel Corp. * 6,300 308,306
Credence Systems Corp. * 7,800 1,113,450
Cypress Semiconductor Corp. * 21,400 1,111,462
Finisar Corp. * 21,000 783,563
LSI Logic Corp. * 10,700 668,750
Microchip Technology, Inc. * 10,000 620,625
MRV Communications, Inc. * 18,600 1,282,238
QLogic Corp. * 6,300 631,969
SDL, Inc. * 3,700 721,500
TriQuint Semiconductor, Inc. * 15,700 1,614,156
Xilinx, Inc. * 15,100 1,106,075
10,059,994
Software (14.9%)
Active Software, Inc. * 4,400 $177,375
Akamai Technologies, Inc. * 1,700 168,088
Art Technology Group, Inc. * 25,900 1,573,425
BEA Systems, Inc. * 19,200 926,400
Broadbase Software, Inc. * 10,200 161,288
Brocade Communications Systems, Inc. * 7,300 905,200
Clarent Corp. * 12,400 843,200
Interwoven, Inc. * 4,100 283,925
Micromuse, Inc. * 7,200 706,500
MicroStrategy, Inc. * 10,700 276,862
Peregrine Systems, Inc. * 11,000 264,687
Quest Software, Inc. * 10,600 399,487
SmartForce PLC ADS * 18,400 878,600
Sycamore Networks, Inc. * 8,700 682,950
VERITAS Software Corp. 144A * 6,200 665,047
Vignette Corp. * 21,300 1,026,394
Vitria Technology, Inc. * 8,700 321,356
10,260,784
Total Common Stock (cost $71,938,244) 65,207,353
Description Principal Value
SHORT-TERM SECURITIES (4.2%)
Repurchase Agreements (0.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $82,264 on 5-1-2000 $82,249 $82,249
Time Deposit (4.1%)
Commercial Paper (4.1%)
State Street Bank & Trust Eurodollar
Time Deposit 4.250% 5-1-2000 2,800,000 2,800,000
Total Short-Term Securities (cost $2,882,249) 2,882,249
Total Investments (98.8%) (cost $74,820,493) 68,089,602
Other Assets In Excess of Liabilities (0.2%) 807,815
Net Assets (100.0%) $68,897,417
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX PILGRIM BAXTER TECHNOLOGY
Description Shares Value
COMMON STOCK (92.4%)
Consumer, Cyclical (11.6%)
Advertising
Getty Images, Inc. * 10,100 $306,787
InfoSpace, Inc. * 73,900 5,306,944
5,613,731
Consumer, Non-Cyclical (0.4%)
Consumer Services
E.piphany, Inc. * 1,100 72,668
PurchasePro.com, Inc. * 4,600 138,000
210,668
Industrial (2.6%)
Electronic Components and Equipment
Applied Micro Circuits Corp. * 9,600 1,237,200
Technology (77.8%)
Communications (15.4%)
ADC Telecommunications, Inc. * 8,200 498,150
Advanced Fibre Communications * 18,200 831,512
Ask Jeeves, Inc. * 2,800 85,050
Aspect Development, Inc. * 4,000 276,500
China.com Corp. * 5,500 267,437
Ditech Communications Corp. * 8,100 694,575
Juniper Networks, Inc. * 4,800 1,020,900
Mediacom Communications Corp. * 7,500 92,813
Metromedia Fiber Network, Inc. Class A * 15,200 469,300
Netro Corp. * 2,900 125,063
Next Level Communications, Inc. * 3,300 262,763
Nortel Networks Corp. 7,100 804,075
Polycom, Inc. * 4,500 356,062
QUALCOMM, Inc. * 3,500 379,531
RF Micro Devices, Inc. * 7,100 738,844
Silicon Image, Inc. * 3,700 148,463
Tekelec * 11,100 388,500
7,439,538
Computers (10.9%)
Ariba, Inc. * 5,600 415,450
BackWeb Technologies, Ltd. * 5,000 117,188
Commerce One, Inc. * 18,400 1,123,550
Entrust Technologies, Inc. * 5,500 270,187
Foundry Networks, Inc. * 5,000 455,000
Go2Net, Inc. * 4,900 291,550
InterNAP Network Services Corp. * 8,500 327,250
Network Appliance, Inc. * 2,500 184,844
Rare Medium Group, Inc. * 10,700 220,019
Redback Networks, Inc. * 7,800 619,125
SanDisk Corp. * 8,600 787,975
VeriSign, Inc. * 3,100 432,062
5,244,200
Diversified (13.3%)
Ciena Corp. * 10,400 1,285,700
E-Tek Dynamics, Inc. * 7,300 1,494,675
Extreme Networks, Inc. * 13,300 766,413
FSI International, Inc. * 700 10,456
JDS Uniphase Corp. * 15,800 1,638,262
Network Solutions, Inc. * 8,100 1,198,800
6,394,306
Industrial (2.1%)
GlobeSpan, Inc. * 10,400 988,000
Semiconductors (16.9%)
Avanex Corp. * 4,600 $560,625
Cypress Semiconductor Corp. * 9,400 488,213
Finisar Corp. * 18,100 675,356
Intergrated Device Technology, Inc. * 4,100 197,056
LSI Logic Corp. * 6,900 431,250
Microchip Technology, Inc. * 6,800 422,025
Micron Technology, Inc. * 1,900 264,575
MRV Communications, Inc. * 18,600 1,282,237
Novellus Systems, Inc. * 7,000 466,813
SDL, Inc. * 7,100 1,384,500
TranSwitch Corp. * 6,200 545,988
TriQuint Semiconductor, Inc. * 10,400 1,069,250
Xilinx, Inc. * 4,900 358,925
8,146,813
Software (19.2%)
Active Software, Inc. * 1,000 40,313
Agile Software Corp. * 15,200 563,350
Akamai Technologies, Inc. * 2,200 217,525
Art Technology Group, Inc. * 12,700 771,525
AT&T Wireless Group 9,700 308,581
BEA Systems, Inc. * 20,100 969,825
Brocade Communications Systems, Inc. * 7,600 942,400
Clarent Corp. * 11,100 754,800
i2 Technologies, Inc. * 3,000 387,750
Intertrust Technologies Corp. * 700 16,100
Interwoven, Inc. * 1,700 117,725
MicroStrategy, Inc. * 9,300 240,637
Quest Software, Inc. * 8,000 301,500
Sycamore Networks, Inc. * 12,600 989,100
VERITAS Software Corp. 144A * 10,000 1,072,656
Vignette Corp. * 25,300 1,219,144
Vitria Technology, Inc. * 10,000 369,375
9,282,306
Total Common Stock (cost $49,058,304) 44,556,762
Description Principal Value
SHORT-TERM SECURITIES (4.0%)
Repurchase Agreements (0.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $15,124 on 5-1-2000 $15,121 $15,121
Time Deposit (3.9%)
Commercial Paper (4.1%)
State Street Bank & Trust Eurodollar
Time Deposit 4.250% 5-1-2000 1,900,000 1,900,000
Total Short-Term Securities (cost $1,915,121) 1,915,121
Total Investments (96.4%) (cost $50,973,425) 46,471,883
Other Assets In Excess of Liabilities (3.6%) 1,757,917
Net Assets (100.0%) $48,229,800
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX GOLDMAN SACHS GROWTH
Description Shares Value
COMMON STOCK (94.6%)
Basic Materials (1.8%)
Chemicals (0.9%)
Dow Chemical Company 330 $37,290
E.I. du Pont de Nemours and Company 1,361 64,562
101,852
Forest Products (0.2%)
Weyerhaeuser Company 500 26,719
Paper Products (0.4%)
International Paper Company 710 26,092
Kimberly-Clark Corp. 360 20,903
46,995
Precious Metals (0.3%)
Alcoa, Inc. 420 27,248
Consumer, Cyclical (14.4%)
Advertising (0.6%)
DoubleClick, Inc. * 350 26,556
Valassis Communications, Inc. * 1,170 39,853
66,409
Auto Manufacturers (1.6%)
Ford Motor Company 1,020 55,781
General Motors Corp. 760 71,155
General Motors Corp. Class H * 570 54,898
181,834
Broadcasting (4.5%)
AMFM, Inc. * 870 57,746
Cablevision Systems Corp. * 480 32,490
CBS Corp. * 1,680 98,700
Comcast Corp. Class A 780 31,249
EchoStar Communications Corp. * 780 49,676
Infinity Broadcasting Corp. * 1,110 37,671
Time Warner, Inc. 2,060 185,271
492,803
Casinos (0.6%)
Harrah's Entertainment, Inc. * 3,120 64,155
Consumer Electronics (0.3%)
Tandy Corp. 590 33,630
Entertainment (0.4%)
Walt Disney Company 940 40,714
Lodging (0.5%)
Marriott International, Inc. 1,600 51,200
Publishing (1.7%)
A.H. Belo Corp. 2,930 48,894
Central Newspapers, Inc. 900 27,619
Gannett Company, Inc. 580 37,048
The New York Times Company 1,170 48,189
Tribune Company 580 22,548
184,298
Restaurants (0.6%)
McDonald's Corp. 1,710 65,194
Retailers - Broadline (1.9%)
Wal-Mart Stores, Inc. 3,750 207,656
Retailers - Drug Based (0.7%)
Walgreen Company 2,820 79,313
Retailers - Specialty (1.0%)
Home Depot, Inc. 1,960 109,883
Consumer, Non-Cyclical (14.5%)
Beverages (1.7%)
PepsiCo, Inc. 2,160 $79,245
The Coca-Cola Company 2,200 103,538
182,783
Consumer Services (0.4%)
Cendant Corp. * 2,510 38,748
E.piphany, Inc. * 150 9,909
48,657
Cosmetics (0.7%)
Avon Products, Inc. 1,050 43,575
The Gillette Company 790 29,230
72,805
Food - Other (0.8%)
Ralston Purina Company 2,820 49,879
Wm. Wrigley Jr. Company 600 43,425
93,304
Food Retailers (0.4%)
Nabisco Group Holdings 3,380 43,518
Household Products (2.1%)
Colgate-Palmolive Company 2,450 139,956
Energizer Holdings, Inc. * 2,010 34,296
Proctor & Gamble Company 880 52,470
226,722
Medical Supplies (1.0%)
American Home Products Corp. 1,900 106,756
Pharmaceuticals (7.4%)
Bristol-Myers Squibb Company, Inc. 3,450 180,909
CVS Corp. 640 27,840
Eli Lilly and Company 730 56,438
Johnson & Johnson 820 67,650
Merck and Company, Inc. 1,460 101,470
Pfizer, Inc. 3,450 145,331
Schering Plough Corp. 1,300 52,406
Warner-Lambert Company 1,620 184,376
816,420
Energy (5.3%)
Oil Companies - Major (3.8%)
BP Amoco PLC ADR 424 21,603
Chevron Corp. 510 43,414
Exxon Mobil Corp. 2,692 209,135
Royal Dutch Petroleum Company NYRS 1,730 99,259
Texaco, Inc. 520 25,740
Unocal Corp. 360 11,632
410,783
Oil Drilling (0.1%)
Transocean Sedco Forex, Inc. 268 12,596
Oilfield Equipment and Services (1.4%)
Enron Corp. 460 32,057
Schlumberger, Ltd. 1,620 124,031
156,088
Financial (16.1%)
Banks (2.9%)
Bank of New York Company, Inc. 820 33,671
Chase Manhattan Corp. 270 19,457
MBNA Corp. 3,440 91,375
State Street Corp. 1,790 173,406
317,909
Diversified (7.5%)
Bank of America Corp. 1,300 $63,700
Citigroup, Inc. 2,900 172,369
First Data Corp. 2,240 109,060
Metlife, Inc. * 4,510 74,697
Standard & Poor's 500 Depository Receipts 2,388 346,484
Wells Fargo & Company 1,260 51,738
818,048
Insurance (2.1%)
AMBAC Financial Group, Inc. 1,140 54,720
American International Group, Inc. 1,210 132,721
Hartford Life, Inc. Class A 530 26,103
Nationwide Financial Services, Inc. 730 20,349
233,893
Real Estate (0.5%)
Starwood Hotels & Resorts Worldwide, Inc. 1,980 56,306
Securities Brokers (0.9%)
Charles Schwab Corp. 1,400 62,300
Merrill Lynch & Company, Inc. 370 37,717
100,017
United States Government Agencies (2.2%)
Federal Home Loan Mortgage Corp. 2,540 116,681
Federal National Mortgage Association 2,110 127,260
243,941
Independent (0.4%)
Conglomerate
Philip Morris Companies, Inc. 1,960 42,875
Industrial (5.8%)
Electronic Components and Equipment (0.1%)
Emerson Electric Company 170 9,329
Diversified (5.6%)
Corning, Inc. 480 94,800
General Electric Company 2,620 411,995
Minnesota Mining & Manufacturing Company 840 72,660
Tyco International Group SA 860 39,506
618,961
Pollution Control (0.1%)
Waste Management, Inc. 610 9,684
Technology (31.5%)
Aerospace/Defense (0.4%)
Honeywell International, Inc. 310 17,360
United Technologies Corp. 370 23,009
40,369
Biotechnology (0.4%)
Amgen, Inc. * 790 44,240
Communications (12.2%)
AT&T Corp. Liberty Media Class A * 2,600 129,838
Cisco Systems, Inc. * 5,840 404,875
Crown Castle International Corp. * 1,020 39,143
Lucent Technologies, Inc. 1,910 118,778
MediaOne Group, Inc. * 1,800 136,124
Motorola, Inc. 445 52,983
Nortel Networks Corp. 1,610 182,333
QUALCOMM, Inc. * 960 104,100
SBC Communications, Inc. 2,930 128,371
Vodafone AirTouch PLC ADR 890 41,830
1,338,375
Computers (6.0%)
CheckFree Holdings Corp. * 360 $18,293
Dell Computer Corp. * 1,930 96,741
EMC Corp. * 980 136,159
Hewlett-Packard Company 600 81,000
International Business Machines Corp. 1,460 162,972
Sun Microsystems, Inc. * 1,430 131,471
VeriSign, Inc. * 240 33,450
660,086
Diversified (0.9%)
E-Tek Dynamics, Inc. * 110 22,523
Gemstar International Group, Ltd. * 270 12,487
JDS Uniphase Corp. * 120 12,443
Network Solutions, Inc. * 360 53,280
100,733
Office Equipment (0.1%)
Xerox Corp. 460 12,160
Semiconductors (4.8%)
Analog Devices, Inc. * 150 11,522
Applied Materials, Inc. * 270 27,489
Intel Corp. 2,820 357,611
Texas Instruments, Inc. 750 122,156
Xilinx, Inc. * 150 10,988
529,766
Software (6.7%)
America Online, Inc. * 1,230 73,569
Automatic Data Processing, Inc. 830 44,664
Microsoft Corp. * 4,540 316,665
Oracle Corp. * 2,600 207,838
S1 Corp. * 320 17,380
VERITAS Software Corp. 144A * 140 15,017
Yahoo!, Inc. * 440 57,310
732,443
Utilities (4.8%)
Electric (1.5%)
Duke Energy Corp. 300 17,250
Southern Company 640 15,960
The AES Corp. * 1,400 125,913
159,123
Telephone (3.3%)
GTE Corp. 1,830 123,982
MCI WorldCom, Inc. * 2,470 112,231
Sprint Corp. 2,230 130,710
366,923
Total Common Stock (cost $9,682,403) 10,385,516
Description Principal Value
SHORT-TERM SECURITIES (9.6%)
Repurchase Agreements (0.5%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $49,516 on 5-1-2000 $49,506 $49,506
Time Deposit (9.1%)
State Street Bank & Trust Eurodollar
Time Deposit 4.250% 5-1-2000 1,000,000 1,000,000
Total Short-Term Securities (cost $1,049,506) 1,049,506
Total Investments (104.2%) (cost $10,731,909) 11,435,022
Liabilities In Excess of Other Assets (-4.2%) (457,629)
Net Assets (100.0%) $10,977,393
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX TRANSAMERICA EQUITY
Description Shares Value
COMMON STOCK (94.3%)
Consumer, Cyclical (12.2%)
Advertising (4.1%)
Lamar Advertising Company * 2,200 $96,937
Broadcasting (4.3%)
Clear Channel Communications, Inc. * 1,400 100,800
Retailers - Apparel (3.8%)
Gap, Inc. 2,400 88,200
Consumer, Non-Cyclical (14.8%)
Consumer Services (4.0%)
United Parcel Service, Inc. 1,400 93,100
Food Retailers (7.1%)
Safeway, Inc. * 1,900 83,838
The Kroger Company * 4,500 83,531
167,369
Pharmaceuticals (3.7%)
CVS Corp. 2,000 87,000
Financial (13.5%)
Banks (9.4%)
Northern Trust Corp. 1,500 96,188
U.S. Trust Corp. 800 123,100
219,288
Diversified (4.1%)
First Data Corp. 2,000 97,375
Industrial (6.2%)
Containers and Packaging (3.5%)
Sealed Air Corp. * 1,500 83,437
Electronic Components and Equipment (2.7%)
American Power Conversion Corp. * 1,800 63,563
Technology (47.6%)
Communications (15.9%)
Cisco Systems, Inc. * 800 55,463
QUALCOMM, Inc. * 900 97,594
Qwest Communications International, Inc. * 2,100 91,087
RF Micro Devices, Inc. * 400 41,625
Vodafone AirTouch PLC ADR 1,900 89,300
375,069
Computers (14.6%)
3Com Corp. * 1,300 51,269
Dell Computer Corp. * 1,900 95,237
EMC Corp. * 750 104,203
Palm, Inc. * 1,400 38,150
VeriSign, Inc. * 400 55,750
344,609
Diversified (0.9%)
JDS Uniphase Corp. * 200 20,738
Semiconductors (13.8%)
Applied Materials, Inc. * 800 $81,450
Intel Corp. 750 95,109
Maxim Integrated Products, Inc. * 1,500 97,219
QLogic Corp. * 500 50,156
323,934
Software (2.4%)
Microsoft Corp. * 800 55,800
Total Common Stock (cost $2,256,032) 2,217,219
Description Principal Value
SHORT-TERM SECURITIES (7.9%)
Repurchase Agreements (3.6%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $85,362 on 5-1-2000 $85,345 $85,345
Time Deposit (4.3%)
State Street Bank & Trust Eurodollar Time Deposit
3.000% 5-1-2000 100,000 100,000
Total Short-Term Securities (cost $185,345) 185,345
Total Investments (102.2%) (cost $2,441,377) 2,402,564
Liabilities In Excess of Other Assets (-2.2%) (51,458)
Net Assets (100.0%) $2,351,106
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX TRANSAMERICA SMALL COMPANY
Description Shares Value
COMMON STOCK (96.6%)
Basic Materials (3.5%)
Mining - Diversified
Minerals Technologies, Inc. 3,020 $139,675
Consumer, Cyclical (13.6%)
Advertising (4.7%)
Lamar Advertising Company * 4,295 189,249
Auto Parts and Equipment (3.5%)
Midas, Inc. 5,530 139,978
Entertainment (3.8%)
Speedway Motorsports, Inc. * 6,300 150,806
Recreation Products - Other (0.9%)
Vail Resorts, Inc. * 2,300 37,088
Retailers - Specialty (0.7%)
Williams-Sonoma, Inc. * 815 28,219
Consumer, Non-Cyclical (11.0%)
Consumer Services (4.3%)
C.H. Robinson Worldwide, Inc. 3,460 173,000
Food - Other (3.5%)
Dreyer's Grand Ice Cream, Inc. 5,845 140,280
Healthcare (1.9%)
NovaMed Eyecare, Inc. 9,380 77,385
Pharmaceuticals (1.3%)
ChiRex, Inc. * 2,970 50,490
Industrial (8.0%)
Electronic Components and Equipment (4.3%)
American Power Conversion Corp. * 4,880 172,325
Trucking (3.7%)
Forward Air Corp. * 4,380 150,563
Technology (60.5%)
Biotechnology (3.1%)
Diametrics Medical, Inc. * 15,685 125,480
Communications (18.1%)
360networks, Inc. * 12,875 195,539
Aether Systems, Inc. * 230 38,291
DigitalThink, Inc. * 5,465 109,983
NetRatings, Inc. * 7,080 187,620
RF Micro Devices, Inc. * 1,885 196,158
727,591
Computers (12.0%)
Palm, Inc. * 3,780 103,005
ProBusiness Services, Inc. * 3,730 98,379
Redback Networks, Inc. * 980 77,787
VeriSign, Inc. * 1,475 205,578
484,749
Diversified (1.5%)
Exodus Communications * 675 59,695
Industrial (8.6%)
Cymer, Inc. * 2,755 107,617
Lydall, Inc. * 3,380 29,998
Millipore Corp. 2,895 207,535
345,150
Semiconductors (6.2%)
QLogic Corp. * 2,480 $248,775
Software (11.0%)
724 Solutions, Inc. * 355 17,928
Aspen Technology, Inc. * 2,310 81,716
HNC Software, Inc. * 2,730 135,135
i2 Technologies, Inc. * 1,600 206,800
441,579
Total Common Stock (cost $4,313,262) 3,882,077
Description Principal Value
SHORT-TERM SECURITIES (10.4%)
Repurchase Agreements (0.4%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $17,932 on 5-1-2000 $17,928 $17,928
Time Deposit (10.0%)
Commercial Paper (9.3%)
State Street Bank & Trust Eurodollar
Time Deposit 3.000% 5-1-2000 400,000 400,000
Total Short-Term Securities (cost $417,928) 417,928
Total Investments (107.0%) (cost $4,731,190) 4,300,005
Liabilities In Excess of Other Assets (-0.7%) (282,158)
Net Assets (100.0%) $4,017,847
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX SALOMON ALL CAP
Description Shares Value
COMMON STOCK (92.5%)
Basic Materials (6.3%)
Chemicals (2.3%)
Olin Corp. 1,800 $31,950
OM Group, Inc. 5,900 271,400
303,350
Other Non-ferrous (1.1%)
The Geon Company 6,700 146,562
Paper Products (1.1%)
International Paper Company 4,200 154,350
Steel (1.8%)
AK Steel Holdings Corp. 13,700 151,556
The LTV Corp. 25,300 90,131
241,687
Consumer, Cyclical (10.9%)
Broadcasting (1.5%)
Hearst-Argyle Television, Inc. * 6,000 127,875
Sinclair Broadcast Group, Inc. * 10,300 80,469
208,344
Casinos (1.0%)
Sun International Hotels, Ltd. * 6,800 130,900
Publishing (1.3%)
PRIMEDIA, Inc. * 8,600 179,525
Restaurants (1.6%)
Wendy's International, Inc. 9,500 212,562
Retailers - Apparel (3.0%)
Federated Department Stores, Inc. * 11,800 401,200
Retailers - Broadline (2.5%)
Costco Wholesale Corp. * 6,300 340,593
Consumer, Non-Cyclical (25.6%)
Beverages (3.9%)
Pepsi Bottling Group, Inc. * 14,500 312,656
PepsiCo, Inc. 5,900 216,456
529,112
Consumer Services (1.8%)
Organic, Inc. * 5,500 82,500
UnitedGlobalCom, Inc. 3,000 159,375
241,875
Food - Other (5.6%)
Hormel Foods Corp. 24,200 369,050
John B. Sanfilippo & Son, Inc. * 9,400 37,600
Michael's Stores, Inc. 10,100 216,519
Tyson Foods, Inc. 13,300 138,819
761,988
Food Retailers (9.9%)
Delhaize America, Inc. Class B 10,400 187,200
Hannaford Brothers Company 3,100 224,363
Nabisco Group Holdings 33,100 426,162
Safeway, Inc. * 11,300 498,613
1,336,338
Healthcare (0.9%)
Health Management Associates, Inc. * 7,800 124,313
Pharmaceuticals (3.5%)
Merck and Company, Inc. 4,800 333,600
Schering Plough Corp. 3,300 133,031
466,631
Energy (9.0%)
Oil Companies - Major (2.0%)
Conoco, Inc. Class B 5,000 $124,375
USX-Marathon Group 6,100 142,206
266,581
Oil Companies - Secondary (3.3%)
Devon Energy Corp. 6,600 318,038
Suncor Energy, Inc. 3,000 128,062
446,100
Oil Drilling (1.2%)
R & B Falcon Corp. * 8,000 166,000
Oilfield Equipment and Services (2.5%)
Tesoro Petroleum Corp. * 28,100 330,175
Financial (7.1%)
Banks (5.4%)
Bank of New York Company, Inc. 6,600 271,013
Comerica, Inc. 3,200 135,600
Mercantile Bankshares Corp. 7,400 210,900
Peoples Heritage Financial Group, Inc. 8,500 111,031
728,544
Diversified (0.7%)
FleetBoston Financial Corp. 2,600 92,138
Insurance (1.0%)
Protective Life Corp. 5,900 140,493
Independent (1.0%)
Conglomerate
Philip Morris Companies, Inc. 6,500 142,188
Industrial (3.4%)
Containers and Packaging (1.0%)
Crown Cork & Seal Company, Inc. 8,500 138,125
Electronic Components and Equipment (0.2%)
Bookham Technology PLC ADS * 500 26,000
Heavy Construction (1.1%)
Ingersoll-Rand Company 3,200 150,200
Diversified (1.1%)
Harnischfeger Industries, Inc. * # 18,700 11,103
SpeedFam-IPEC, Inc. 8,200 129,663
140,766
Technology (24.8%)
Biotechnology (0.5%)
Nycomed Amersham PLC ADR 1,800 74,250
Communications (7.7%)
AT&T Corp. Liberty Media Class A * 2,500 124,844
Digital Microwave Corp. * 5,600 206,850
Dobson Communications Corp. * 8,200 210,125
ICG Communications, Inc. * 5,000 148,750
Rogers Cantel Mobile Communications, Inc. * 5,300 167,612
SBC Communications, Inc. 4,000 175,250
1,033,431
Computers (6.1%)
3Com Corp. * 5,600 220,850
Compaq Computer Corp. 5,900 172,575
International Business Machines Corp. 1,400 156,275
Seagate Technology, Inc. * 5,400 274,388
824,088
Diversified (1.3%)
NTL, Inc. * 2,300 $175,950
Industrial (0.7%)
Visual Networks, Inc. * 2,300 89,700
Semiconductors (6.3%)
Advanced Micro Devices, Inc. * 4,100 359,775
ASM International NV * 5,400 186,300
Cypress Semiconductor Corp. * 4,100 212,944
S3, Inc. * 6,100 85,781
844,800
Software (2.2%)
Caminus Corp. * 4,600 68,712
Comverse Technology, Inc. * 1,800 160,538
Paradigm Geophysical, Ltd. * 9,100 52,894
Razorfish, Inc. * 900 17,044
299,188
Utilities (4.4%)
Telephone
Bell Atlantic Corp. 3,200 189,600
GTE Corp. 2,800 189,700
MCI WorldCom, Inc. * 4,650 211,284
590,584
Total Common Stock (cost $11,878,010) 12,478,631
NON-CONVERTIBLE PREFERRED STOCK (1.0%)
Consumer, Cyclical
Broadcasting
News Corp., Ltd. ADR (cost $125,010) 3,200 140,800
Description Principal Value
CONVERTIBLE CORPORATE BONDS (1.2%)
Energy (0.0%)
Oilfield Equipment and Services
Friede Goldman Halter, Inc. 4.500% 9-15-2004 $10,000 $4,800
Industrial (1.2%)
Diversified
Sunbeam Corp. 0.000% 3-25-2018 500,000 83,750
Sunbeam Corp. 144A 0.000% 3-25-2018 450,000 75,375
159,125
Total Convertible Corporate Bonds (cost $167,602) 163,925
NON-CONVERTIBLE CORPORATE BONDS (0.9%)
Consumer, Cyclical (0.0%)
Auto Parts and Equipment
Breed Technologies, Inc. 9.250% 4-15-2008 * # $5,000 $44
Financial (0.1%)
Diversified
ContiFinancial Corp. 8.125% 4-1-2008 * # 85,000 9,137
ContiFinancial Corp. 8.375% 8-15-2003 * # 25,000 2,688
11,825
Industrial (0.8%)
Diversified
Harnischfeger Industries, Inc. 0.000%
3-1-2022 * # 55,000 23,238
Harnischfeger Industries, Inc. 0.000%
6-15-2022 * # 70,000 29,575
Harnischfeger Industries, Inc. 0.000%
12-15-2025 * # 125,000 52,812
105,625
Total Non-Convertible Corporate Bonds (cost $144,008) 117,494
SHORT-TERM SECURITIES (8.6%)
Repurchase Agreements
SBC Warburg Dillon Read, Inc. ***
5.700% Repurchase Agreement dated
4-28-2000 to be repurchased at $1,153,360
on 5-1-2000 (cost $1,153,000) 1,153,000 1,153,000
Description Contracts Value
PURCHASED OPTIONS (0.1%)
Purchased Puts
Standard & Poor's 500 Index * 300 $4,500
Iix-interactive Wk Internet Index (cost $11,250) 300 7,013
11,513
Total Investments (104.3%) (cost $13,478,880) 14,065,363
Liabilities In Excess of Other Assets (-4.3%) (570,974)
Net Assets (100.0%) $13,494,389
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX AEGON INCOME PLUS
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (85.0%)
Basic Materials (2.3%)
Mining - Diversified
Scotia Pacific Company Series B
7.110% 7-20-2028 $2,000,000 $1,560,000
Consumer, Cyclical (12.4%)
Airlines (2.0%)
Piedmont Aviation, Inc. 10.100% 5-13-2007 1,048,000 960,230
USAir, Inc. 10.800% 1-1-2005 400,000 385,000
1,345,230
Auto Parts and Equipment (3.9%)
Arvin Industries, Inc. 6.750% 3-15-2008 3,000,000 2,679,630
Publishing (4.0%)
Golden Books Publishing, Inc. PIK
14.250% 12-31-2004 1,305,000 783,000
World Color Press, Inc. 7.750% 2-15-2009 2,000,000 1,866,400
2,649,400
Retailers - Apparel (2.5%)
Neiman Marcus Group, Inc. 7.125% 6-1-2028 2,000,000 1,694,940
Consumer, Non-Cyclical (8.8%)
Food - Other (3.9%)
Ralston Purina Company 9.250% 10-15-2009 2,450,000 2,635,171
Food Retailers (2.8%)
Great Atlantic & Pacific Tea, Inc.
7.700% 1-15-2004 2,000,000 1,872,980
Medical Supplies (2.1%)
C. R. Bard, Inc. 6.700% 12-1-2026 1,500,000 1,409,130
Energy (4.3%)
Oil Drilling (2.8%)
Louisiana Land Exploration Company
7.625% 4-15-2013 2,000,000 1,908,120
Oilfield Equipment and Services (1.5%)
McDermott, Inc. 9.375% 3-15-2002 1,000,000 990,110
Financial (23.0%)
Banks (8.1%)
BankBoston Capital Trust Corp.
8.250% 12-15-2026 3,000,000 2,743,320
HSBC America Capital II 144A 8.380% 5-15-2027 3,000,000 2,699,340
5,442,660
Diversified (9.1%)
Charter Communications Holdings LLC
0.000% 4-1-2011 1,000,000 547,500
Charter Communications Holdings LLC
8.625% 4-1-2009 1,000,000 870,000
Chase Capital Corp. 6.660% 3-1-2027 3,000,000 2,874,720
First Security Capital Trust Corp.
8.410% 12-15-2026 2,000,000 1,842,140
6,134,360
Savings & Loans (5.8%)
GS Escrow Corp. 7.125% 8-1-2005 2,000,000 1,775,220
Peoples Bank - Bridgeport CT 7.200% 12-1-2006 2,300,000 2,107,099
3,882,319
Industrial (15.4%)
Containers and Packaging (1.6%)
Stone Container Corp. 12.580% 8-1-2016 1,000,000 1,055,000
Factory Equipment (2.6%)
Columbus Mckinnon Corp. 8.500% 4-1-2008 2,000,000 1,780,000
Other Industrial Services (9.2%)
PDVSA Finance, Ltd. 6.450% 2-15-2004 3,000,000 2,695,050
Petroleum Geo-Services ASA 6.625% 3-30-2008 2,300,000 2,064,112
Westinghouse Air Brake Company
9.375% 6-15-2005 1,500,000 1,455,000
6,214,162
Pollution Control (2.0%)
Allied Waste Industries, Inc.
10.000% 8-1-2009 2,000,000 1,370,000
Technology (12.0%)
Aerospace/Defense (2.9%)
AAR Corp. 7.250% 10-15-2003 $2,000,000 $1,947,940
Communications (7.6%)
Intermedia Communications, Inc.
9.500% 3-1-2009 1,000,000 957,500
KPNQwest NV 8.125% 6-1-2009 2,000,000 1,900,000
NEXTLINK Communications, Inc. 0.000% 6-1-2009 4,000,000 2,320,000
5,177,500
Diversified (1.5%)
Loral Space & Communications, Ltd.
9.500% 1-15-2006 1,500,000 1,012,500
Utilities (6.8%)
Electric (4.1%)
Calpine Corp. 7.750% 4-15-2009 2,000,000 1,870,000
The AES Corp. 8.500% 11-1-2007 1,000,000 905,000
2,775,000
Telephone (2.7%)
McLeodUSA, Inc. 8.375% 3-15-2008 1,000,000 905,000
McLeodUSA, Inc. 9.250% 7-15-2007 1,000,000 950,000
1,855,000
Total Non-Convertible Corporate Bonds (cost $62,941,365) 57,391,152
COLLATERALIZED MORTGAGE OBLIGATION (2.8%)
Financial
Real Estate
Aetna Commercial Mortgage Trust
7.230% 1-15-2028 (cost $2,040,249) 2,000,000 1,889,880
Long-Term Government Bonds (1.2%)
Foreign Governments
Republic of Colombia
9.750% 4-23-2009 (cost $902,983) 1,000,000 792,500
Description Shares Value
COMMON STOCK (0.1%)
Consumer, Cyclical
Publishing
Golden Books Publishing, Inc. * (cost $168,425) 63,750 $67,734
CONVERTIBLE PREFERRED STOCK (8.4%)
Consumer, Cyclical (5.8%)
Broadcasting (4.5%)
TCI Communications, Inc. 120,000 3,090,000
Publishing (1.3%)
PRIMEDIA, Inc. 10,000 860,000
Financial (2.6%)
Real Estate
Duke-Weeks Realty Corp. 40,000 1,767,500
Total Convertible Preferred Stock (cost $6,293,000) 5,717,500
Description Principal Value
SHORT-TERM SECURITIES (0.7%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $453,305 on 5-1-2000
(cost $453,218) $453,218 $453,218
Total Investments (98.2%) (cost $72,799,240) 66,311,984
Other Assets In Excess of Liabilities (1.8%) 1,252,394
Net Assets (100.0%) $67,564,378
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX AEGON TAX EXEMPT
Description ** Principal Value
LONG-TERM MUNICIPAL BONDS (92.9%)
Illinois (10.2%)
Illinois State Partnership, Dept. of Central
Management, Public Improvements,
General Obligation Bonds,
5.650%, 7-1-2017, AAA/Aaa $1,000,000 $989,090
McHenry County Community School District,
General Obligation Bonds, Series 1996
5.850%, 1-1-2016, AAA/Aaa 1,000,000 1,010,980
2,000,070
Indiana (9.7%)
City of Petersburg, Pollution Control,
Revenue Bonds, Series 1977,
5.500%, 10-1-2023, A+/Aa2 1,000,000 932,730
Indianapolis Gas Utility,
Revenue Bonds, Series A
5.250%, 8-15-2012, AAA/Aaa 1,000,000 976,910
1,909,640
Iowa (15.0%)
Iowa Finance Authority, Drake University
Project, Revenue Bonds,
5.400%, 12-1-2016, AAA/Aaa 1,000,000 968,440
Iowa Finance Authority, Hospital Facilities,
Revenue Bonds, 5.250%, 7-1-2015, AAA/Aaa 1,000,000 934,380
Iowa State Certificate of Participation,
Revenue Bonds, Series 1992A,
6.500%, 7-1-2006, AAA/Aaa 1,000,000 1,042,100
2,944,920
Massachusetts (4.3%)
Massachusetts Bay Transportation Authority,
Revenue Bonds, Series B,
5.000%, 3-1-2028, AA-/Aa3 1,000,000 854,380
Nebraska (4.6%)
Nebraska Public Power District,
Revenue Bonds, Series A,
5.125%, 1-1-2019, AAA/Aaa 1,000,000 908,910
New York (4.4%)
City of New York, Municipal Water Finance Authority,
Water and Sewer System, Revenue Bonds,
5.125%, 6-15-2030, AAA/Aaa 1,000,000 869,930
Ohio (10.2%)
Ohio State Building Authority, Adult Correctional
Facilities Improvements, Revenue Bonds,
Series A, 5.500%, 10-1-2011, AA/Aa2 1,000,000 1,013,420
Ohio State Turnpike Authority,
Revenue Bonds, Series A
5.500%, 2-15-2017, AAA/Aaa 1,000,000 995,570
2,008,990
Pennsylvania (0.2%)
Pennsylvania Housing Finance Agency, Multi-
Family Mortgage, Revenue Bonds, Series 1985A,
9.375%, 8-1-2028, AAA/Aa2 5,000 5,044
Rhode Island (4.9%)
Rhode Island Clean Water Financing Agency,
Revenue Bonds, 5.800%, 9-1-2022, AAA/Aaa 1,000,000 963,570
South Dakota (4.6%)
South Dakota State Building Authority,
Revenue Bonds, 5.125%, 9-1-2019, AAA/NR ^ $1,000,000 $903,960
Tennessee (4.6%)
Shelby County, General Obligation Bonds,
Series A, 5.100%, 3-1-2022, AA+/Aa3 1,000,000 895,970
Utah (5.1%)
Salt Lake County, Municipal Building
Authority, Revenue Bonds,
5.850%, 10-1-2017, AA-/Aa3 1,000,000 994,550
Virginia (5.1%)
Fairfax County, Public Improvements,
General Obligation Bonds, Series A
5.000%, 6-1-2007, AAA/Aaa 1,000,000 997,000
Washington (4.9%)
King County Sewer Systems,
General Obligation Bonds, Series C
5.250%, 1-1-2014 AA+/Aa1 1,000,000 963,090
Wyoming (5.1%)
Wyoming State Farm Loan Board, Capital
Facilities, General Obligation Bonds,
5.750%, 10-1-2020, AA-/NR 1,000,000 1,005,320
Total Long-Term Municipal Bonds (cost $18,976,643) 18,225,344
SHORT-TERM MUNICIPAL BONDS (5.1%)
Georgia (2.0%)
Municipal Electric Authority,
Revenue Bonds, Put Bonds - Monthly,
3.850%, 1-1-2016, A-1+/VMIG1 400,000 400,000
Missouri (3.1%)
Missouri Higher Education, Revenue Bonds,
Series A, Put Bonds - Monthly,
3.800%, 12-1-2005, NR/VMIG1 600,000 600,000
Total Short-Term Municipal Bonds (cost $1,000,000) 1,000,000
Total Investments (98.0%) (cost $19,976,643) 19,225,344
Other Assets In Excess of Liabilities (2.0%) 387,870
Net Assets (100.0%) $19,613,214
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX GE INTERNATIONAL EQUITY
Description Shares Value
Australia (2.2%)
COMMON STOCK
Brambles Industries, Ltd. 5,802 $163,403
Cable & Wireless Optus, Ltd. * 18,333 59,237
222,640
Brazil (0.7%)
COMMON STOCK
Telecomunicacoes Brasileiras Telebras SA ADR 238 28,129
Tele Norte Leste SA ADR 27 497
Unibanco de Bancos Brasileiros SA GDR 1,687 42,069
70,695
Canada (2.0%)
COMMON STOCK
ATI Technologies, Inc. * 2,475 47,879
Celestica, Inc. * 1,896 103,450
CGI Group, Inc. * 5,231 47,330
198,659
Denmark (0.3%)
COMMON STOCK
Novo-Nordisk A/S Series B 190 25,507
Finland (2.0%)
COMMON STOCK
Nordic Baltic Holding AB * 8,262 52,288
Pohjola Insurance Group 222 11,042
Sampo Insurance Company 2,368 89,574
Sonera OY 84 4,621
Stora Enso OY 3,189 32,912
Tieto Corp. OY 176 8,482
198,919
France (15.3%)
COMMON STOCK (15.2%)
Aerospatiale Matra 3,071 63,361
Alcatel Alsthom Compagnie Generale d'Electricite 5,342 133,143
AXA-UAP 1,596 236,698
Banque Nationale de Paris 951 76,876
Cap Gemini Sogeti SA 26 5,107
Carrefour SA 300 19,532
Coflexip SA ADR 1,146 58,160
Lafarge SA Warrants * 154 812
Lagardere Group SA 2,753 186,496
Lyonnaise des Eaux SA 448 70,271
Michelin Generale de Etablissments 2,472 82,044
Rhodia SA 2,805 52,032
Rhone-Poulenc Rorer, Inc. 2,008 110,465
Schneider SA 1,337 87,533
Total SA 1,436 217,930
Vivendi 1,058 104,670
1,505,130
CONVERTIBLE CORPORATE BONDS (0.1%)
Lafarge SA 100.000% 3-20-2001 15,400 11,861
1,516,991
Germany (9.1%)
COMMON STOCK
Bayer AG 937 38,042
Bayerische hypo-und Vereinsbank AG 749 46,585
Bayerische Motoren Werke (BMW) AG 2,500 65,470
DaimlerChrysler AG * 684 40,054
Deutsche Bank AG 1,195 80,192
Fresenius Medical Care AG 1,337 97,867
Henkel KGaA 941 54,505
Infineon Technologies AG * 226 $15,372
Metallgesellschaft AG 7,315 115,071
Muenchener Ruckversicherungs-Namen AG 491 142,646
Muenchener Ruckversicherungs-Namen AG Warrants 4 291
Pruessag AG 2,757 112,812
VEBA AG 1,867 90,825
899,732
Greece (0.6%)
COMMON STOCK
Hellenic Telecommunication Organization SA 1,640 36,859
Hellenic Telecommunication Organization SA ADR 1,804 20,292
57,151
Hong Kong (2.7%)
COMMON STOCK
Cheung Kong, Ltd. 6,217 74,229
Giordano International, Ltd. 38,000 62,202
Hutchison Whampoa, Ltd. 1,000 14,571
Johnson Electric Holdings, Ltd. 14,600 117,618
268,620
Ireland (2.2%)
COMMON STOCK
Bank of Ireland 14,863 100,821
CRH PLC 5,322 85,172
Jefferson Smurfit Group PLC 16,169 34,934
220,927
Israel (2.0%)
COMMON STOCK
ECI Telecom, Ltd. 4,380 121,819
Teva Pharmaceutical Industries, Ltd. ADS 1,742 76,648
198,467
Italy (2.2%)
COMMON STOCK
Banca Intesa SpA 14,702 54,142
Riunione Adriatica di Sicurta SpA * 5,728 58,543
Saipem SpA 15,102 74,703
Telecom Italia SpA 2,603 36,403
223,791
Japan (15.7%)
COMMON STOCK
Asahi Bank, Ltd. 3,000 14,440
Canon, Inc. 6,000 274,368
Fuji Bank, Ltd. 5,000 41,655
Fujitsu, Ltd. 6,000 169,953
Itochu Corp. * 10,879 50,654
KAO Corp. 4,000 121,818
Mazda Motors Corp. 22,000 67,611
Minebea Company, Ltd. 9,000 109,970
Namco, Ltd. 500 20,411
Nippon Telegraph & Telephone Corp. 8 99,232
Shin-Etsu Chemical Company, Ltd. 2,000 105,711
Sony Corp. 800 91,900
Sony Corp. * 700 80,996
Sumitomo Electric Industries 3,000 39,961
Tokyo Electric Power 2,300 54,291
Toshiba Corp. 22,000 213,422
1,556,393
Malaysia (0.2%)
COMMON STOCK
Gamuda Berhad 12,000 $15,947
Mexico (2.1%)
COMMON STOCK
Desc SA de C.V. ADR * 1,968 27,552
Desc SA de C.V. Series B 12,243 8,648
Grupo Carso SA de C.V. ADR * 2,348 15,964
Grupo Financiero Banamex * 23,174 84,067
Grupo Televisa SA de C.V. GDR * 1,035 65,658
Panamerican Beverages, Inc. Class A ADR 519 8,531
210,420
Netherlands (8.6%)
COMMON STOCK
Getronics NV 1,019 60,783
IHC Caland NV 1,642 66,442
ING Groep NV 3,642 198,766
Ispat International NV NYRS 2,355 27,524
Koninklijke (Royal) Philips Electronics NV 5,519 246,254
Koninklijke Ahold NV 1,897 44,245
Royal KPN NV 1,362 137,284
STMicroelectronics NV 276 52,678
Vendex KBB NV 1,378 21,239
855,215
Portugal (0.2%)
COMMON STOCK
Banco Comercial Portugues 3,751 17,600
Singapore (0.1%)
COMMON STOCK
Chartered Semiconductor Manufacturing, Ltd. ADS * 137 11,970
South Korea (2.7%)
COMMON STOCK
Kookmin Bank GDR 144A 1,213 12,888
Korea Electric Power Corp. ADR 1,383 22,647
Korea Telecom Corp. * 59 4,030
Korea Telecom Corp. ADR * 1,714 59,133
Pohang Iron & Steel Company, Ltd. ADR 2,879 60,459
Samsung Electronics GDR * 807 109,082
268,239
Spain (2.4%)
COMMON STOCK
Repsol SA 1,764 36,090
Telefonica SA 9,018 200,738
236,828
Sweden (3.1%)
COMMON STOCK
Autoliv, Inc. 3,114 87,413
Investor AB Class B 885 12,471
Invik & Company AB 191 23,817
Kinnevik Investments AB B-Free 370 12,828
L.M. Ericsson Telephone Company Class B 1,564 139,405
Netcom AB * 229 16,314
Svenska Handelsbanken 897 11,888
304,136
Switzerland (1.7%)
COMMON STOCK
ABB, Ltd. * 754 $84,702
Credit Suisse Group 389 70,347
Novartis AG 9 12,587
167,636
Taiwan (2.8%)
COMMON STOCK
Taiwan Semiconductor Manufacturing
Company, Ltd. ADR * 5,433 284,214
United Kingdom (14.4%)
COMMON STOCK
Bank of Scotland 3,605 32,024
British Aerospace PLC 41,076 254,268
Cable & Wireless PLC 9,486 157,030
Commercial Union PLC 12,009 171,822
Corus Group PLC 64,923 87,290
Granada Group PLC 18,118 177,278
Invensys PLC 30,162 144,983
Nycomed Amersham PLC 12,712 96,325
Railtrack Group PLC 1,662 21,222
Reed International PLC 6,722 46,652
Royal and Sun Alliance Insurance Group PLC 9,398 52,698
Saatchi & Saatchi PLC 2,630 13,470
Somerfield PLC 19,191 17,152
Vodafone AirTouch PLC 33,742 153,931
1,426,145
United States (5.5%)
COMMON STOCK (0.5%)
Pharmacia Corp. 287 14,332
Telekomunikacja Polska GDR 144A 5,350 39,250
53,582
Description Principal Value
SHORT-TERM SECURITIES (5.0%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $494,705 on
5-1-2000 (cost $494,610) $494,610 $494,610
548,192
Total Investments (100.8%) (cost $9,735,106) 10,005,034
Notional Amount Description Value
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 16,394 British Pound 5-2-2000 Buy $(453)
B 17,130 British Pound 5-2-2000 Sell 354
B 7,339 British Pound 5-3-2000 Sell 152
E 3,942 Euro 5-2-2000 Buy (139)
E 13,125 Euro 5-31-2000 Buy (462)
Total Unrealized Net Loss on Forward Foreign
Currency Contracts (548)
Liabilities In Excess of Other Assets (-0.8%) (77,047)
Net Assets (100.0%) $9,927,439
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX GE U.S. EQUITY
Description Shares Value
COMMON STOCK (85.1%)
Basic Materials (1.8%)
Chemicals (0.3%)
Airgas, Inc. 58 $341
Dow Chemical Company 21 2,373
E.I. du Pont de Nemours and Company 46 2,182
4,896
Forest Products (0.7%)
Champion International Corp. 80 5,260
Rayonier, Inc. 70 3,286
Weyerhaeuser Company 40 2,137
10,683
Paper Products (0.1%)
Mead Corp. 59 2,054
Precious Metals (0.7%)
Barrick Gold Corp. 210 3,530
Newmont Mining Corp. 315 7,383
10,913
Consumer, Cyclical (11.4%)
Advertising (1.3%)
Catalina Marketing Corp. * 77 7,796
Interpublic Group of Companies, Inc. 311 12,751
20,547
Airlines (0.6%)
Continental Airlines, Inc. * 108 4,320
Delta Air Lines, Inc. 92 4,853
9,173
Auto Manufacturers (0.3%)
Ford Motor Company 84 4,594
Broadcasting (0.8%)
Comcast Corp. Class A 312 12,499
Time Warner, Inc. 3 270
12,769
Consumer Electronics (0.0%)
Harman International Industries, Inc. 12 785
Entertainment (0.9%)
Carnival Corp. 87 2,164
Walt Disney Company 294 12,734
14,898
Publishing (0.9%)
Gannett Company, Inc. 166 10,603
Knight-Ridder, Inc. 92 4,514
15,117
Restaurants (0.9%)
McDonald's Corp. 366 13,954
Retailers - Apparel (0.3%)
Federated Department Stores, Inc. * 149 5,066
Retailers - Broadline (2.2%)
Costco Wholesale Corp. * 44 2,379
Target Corp. 278 18,504
Wal-Mart Stores, Inc. 269 14,896
35,779
Retailers - Drug Based (1.5%)
Cardinal Health, Inc. 457 25,164
Retailers - Specialty (1.7%)
Home Depot, Inc. 207 11,605
Lowe's Companies, Inc. 181 8,959
Pitney Bowes, Inc. 187 7,644
28,208
Consumer, Non-Cyclical (12.1%)
Beverages (1.3%)
Anheuser-Busch Companies, Inc. 63 $4,445
PepsiCo, Inc. 452 16,583
21,028
Cosmetics (0.5%)
Avon Products, Inc. 85 3,528
The Gillette Company 110 4,070
7,598
Food - Other (1.2%)
Bestfoods 57 2,864
General Mills, Inc. 97 3,528
H.J. Heinz Company 63 2,142
Ralston Purina Company 391 6,916
Sara Lee Corp. 200 3,000
18,450
Household Products (0.7%)
Colgate-Palmolive Company 27 1,542
Energizer Holdings, Inc. * 160 2,730
Proctor & Gamble Company 120 7,155
11,427
Medical Supplies (1.5%)
Abbott Laboratories, Inc. 257 9,878
Allergan, Inc. 13 765
American Home Products Corp. 64 3,596
Henry Schein, Inc. * 101 1,412
Lincare Holdings, Inc. * 128 3,904
Sybron International Corp. * 170 5,291
24,846
Pharmaceuticals (6.9%)
Bristol-Myers Squibb Company, Inc. 357 18,720
CVS Corp. 217 9,440
Eli Lilly and Company 80 6,185
Johnson & Johnson 185 15,262
Merck and Company, Inc. 479 33,291
Omnicare, Inc. 38 577
Pfizer, Inc. 127 5,350
Schering Plough Corp. 158 6,369
Warner-Lambert Company 88 10,016
Watson Pharmaceuticals, Inc. * 158 7,100
112,310
Energy (6.4%)
Oil Companies - Major (4.3%)
Anadarko Petroleum Corp. 78 3,388
BP Amoco PLC ADR 46 2,346
Burlington Resources, Inc. 118 4,639
Chevron Corp. 48 4,086
Conoco, Inc. Class B 168 4,179
Exxon Mobil Corp. 400 31,075
Royal Dutch Petroleum Company NYRS 189 10,844
Texaco, Inc. 38 1,881
Unocal Corp. 177 5,719
USX-Marathon Group 90 2,098
70,255
Oil Companies - Secondary (0.2%)
Baker Hughes, Inc. 107 3,404
Oil Drilling (0.2%)
Nabors Industries, Inc. * 53 2,090
Transocean Sedco Forex, Inc. 18 846
2,936
Oilfield Equipment and Services (1.4%)
Enron Corp. 39 2,718
Halliburton Company 126 5,567
Schlumberger, Ltd. 188 14,394
22,679
Pipelines (0.3%)
El Paso Energy Corp. 128 5,440
Financial (16.3%)
Banks (1.5%)
Bank One Corp. 32 $976
Chase Manhattan Corp. 125 9,008
PNC Financial Services Group, Inc. 120 5,235
State Street Corp. 58 5,619
U.S. Bancorp 126 2,559
23,397
Diversified (9.5%)
American Express Company 74 11,105
Associates First Capital Corp. Class A 289 6,412
Bank of America Corp. 264 12,936
Berkshire Hathaway, Inc. * 2 3,832
Citigroup, Inc. 885 52,602
Countrywide Credit Industries, Inc. 40 1,105
Equifax, Inc. 574 14,027
First Data Corp. 652 31,744
FleetBoston Financial Corp. 231 8,186
Goldman Sachs Group, Inc. 42 3,917
Marsh & McLennan Companies, Inc. 56 5,519
Wells Fargo & Company 72 2,957
154,342
Insurance (2.7%)
AFLAC, Inc. 19 927
American International Group, Inc. 132 14,479
AXA Financial, Inc. 76 2,479
Chubb Corp. 97 6,172
Fidelity National Financial, Inc. 71 1,047
Hartford Financial Services Group, Inc. 151 7,880
Lincoln National Corp. 57 1,984
Loews Corp. 33 1,819
ReliaStar Financial Corp. 74 3,187
St. Paul Companies, Inc. 92 3,278
43,252
Securities Brokers (1.5%)
Lehman Brothers Holding, Inc. 68 5,580
Morgan Stanley, Dean Witter, Discover and Company 252 19,341
24,921
United States Government Agencies (1.1%)
Federal National Mortgage Association 309 18,637
Independent (0.1%)
Conglomerate
Philip Morris Companies, Inc. 84 1,837
Industrial (5.5%)
Building Materials (0.5%)
Martin Marietta Materials, Inc. 111 5,883
Masco Corp. 97 2,176
8,059
Electronic Components and Equipment (1.5%)
Emerson Electric Company 228 12,512
Molex, Inc. 293 11,720
24,232
Heavy Construction (0.2%)
Deere & Company 44 1,776
Ingersoll-Rand Company 36 1,690
3,466
Diversified (2.7%)
Canadian Pacific, Ltd. 193 4,596
Dover Corp. 423 21,494
Eaton Corp. 36 3,024
Parker Hannifin Corp.. 61 2,836
Textron, Inc. 200 12,388
44,338
Pollution Control (0.2%)
Waste Management, Inc. 210 3,334
Railroads (0.4%)
Burlington Northern Santa Fe, Inc. 252 $6,080
Technology (28.1%)
Advanced Medical Devices (0.1%)
DENTSPLY International, Inc. 59 1,715
Aerospace/Defense (2.3%)
General Dynamics 69 4,037
Honeywell International, Inc. 282 15,792
The Boeing Company 131 5,199
United Technologies Corp. 195 12,126
37,154
Biotechnology (0.7%)
Amgen, Inc. * 122 6,832
Pharmacia Corp. 70 3,496
10,328
Communications (9.5%)
Adelphia Communications Corp. * 15 743
AT&T Corp. 281 13,119
AT&T Corp. Liberty Media Class A * 305 15,231
Cisco Systems, Inc. * 594 41,181
Global Crossing, Ltd. * 95 2,993
Lucent Technologies, Inc. 157 9,763
Motorola, Inc. 94 11,192
NEXTLINK Communications, Inc. * 9 759
Nortel Networks Corp. 144 16,308
SBC Communications, Inc. 464 20,329
Tellabs, Inc. * 82 4,495
US West, Inc. 149 10,607
Vodafone AirTouch PLC ADR 161 7,567
154,287
Computers (4.5%)
Dell Computer Corp. * 387 19,398
EMC Corp. * 144 20,007
Hewlett-Packard Company 36 4,860
International Business Machines Corp. 92 10,270
Sun Microsystems, Inc. * 109 10,021
Unisys Corp. * 384 8,904
73,460
Diversified (1.2%)
NTL, Inc. * 178 13,617
PerkinElmer, Inc. 36 1,971
PPG Industries, Inc. 63 3,426
19,014
Industrial (0.3%)
Hubbel, Inc. Class B 180 4,691
Semiconductors (6.9%)
Analog Devices, Inc. * 215 16,514
Applied Materials, Inc. * 327 33,293
Intel Corp. 441 55,924
Texas Instruments, Inc. 42 6,841
112,572
Software (2.6%)
Automatic Data Processing, Inc. 242 13,023
Microsoft Corp. * 420 29,295
42,318
Utilities (3.4%)
Electric (1.1%)
Calpine Corp. * 16 $1,464
Duke Energy Corp. 110 6,325
Edison International 158 3,012
FPL Group, Inc. 42 1,898
New Century Energies, Inc. 162 5,285
17,984
Telephone (2.3%)
ALLTEL Corp. 63 4,197
Bell Atlantic Corp. 101 5,984
GTE Corp. 207 14,024
MCI WorldCom, Inc. * 97 4,408
Sprint Corp. 128 7,872
36,485
Total Common Stock (cost $1,350,167) 1,380,876
Description Principal Value
SHORT-TERM SECURITIES (9.0%)
Repurchase Agreements (2.8%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $46,255 on 5-1-2000 $46,246 $46,246
Time Deposit (6.2%)
State Street Bank & Trust Eurodollar
Time Deposit 3.000% 5-1-2000 100,000 100,000
Total Short-Term Securities (cost $146,246) 146,246
Total Investments (94.1%) (cost $1,496,413) 1,527,122
Other Assets In Excess of Liabilities (5.9%) 96,486
Net Assets (100.0%) $1,623,608
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX DEAN ASSET ALLOCATION
Description Shares Value
COMMON STOCK (66.7%)
Basic Materials (2.0%)
Chemicals
E.I. du Pont de Nemours and Company 9,000 $426,938
Consumer, Cyclical (8.9%)
Auto Manufacturers (2.7%)
Ford Motor Company 11,000 601,562
Entertainment (3.7%)
Walt Disney Company 19,000 822,938
Restaurants (2.5%)
Host Marriott Corp. 30,000 320,625
Tricon Global Restaurants, Inc. * 6,500 221,813
542,438
Consumer, Non-Cyclical (6.1%)
Consumer Services (1.2%)
Convergys Corp. * 6,000 264,000
Food - Other (1.9%)
Albertson's, Inc. 13,000 423,311
Healthcare (1.6%)
Columbia/HCA Healthcare Corp. 12,000 341,250
Pharmaceuticals (1.4%)
Merck and Company, Inc. 4,500 312,750
Energy (5.4%)
Oil Companies - Major (3.6%)
Exxon Mobil Corp. 7,000 543,813
Texaco, Inc. 5,000 247,500
791,313
Oil Drilling (1.8%)
Diamond Offshore Drilling, Inc. 10,000 403,125
Financial (25.5%)
Banks (7.9%)
BB&T Corp. 10,000 266,250
Chase Manhattan Corp. 7,800 562,088
Summit Bancorp 36,000 913,500
1,741,838
Diversified (7.3%)
Alliance Capital Management Holding LP 15,500 694,594
FleetBoston Financial Corp. 26,000 921,375
1,615,969
Insurance (3.8%)
Hartford Life, Inc. Class A 8,000 394,000
Lincoln National Corp. 13,000 452,563
846,563
United States Government Agencies (6.5%)
Federal Home Loan Mortgage Corp. 8,000 367,500
Federal National Mortgage Association 17,500 1,055,469
1,422,969
Independent (2.7%)
Conglomerate
Philip Morris Companies, Inc. 27,500 601,561
Industrial (2.2%)
Heavy Construction (1.0%)
Caterpillar, Inc. 5,500 216,905
Diversified (1.2%)
Minnesota Mining & Manufacturing Company 3,000 259,500
Technology (9.1%)
Aerospace/Defense (2.7%)
Honeywell International, Inc. 5,000 $280,000
Raytheon Company Class B 14,000 310,625
590,625
Communications (2.3%)
AT&T Corp. 11,000 513,561
Computers (1.5%)
Hewlett-Packard Company 2,400 324,000
Semiconductors (2.6%)
Intel Corp. 4,500 570,656
Utilities (4.8%)
Electric (1.3%)
DPL, Inc. 12,000 279,000
Telephone (3.5%)
Bell Atlantic Corp. 13,000 770,250
Total Common Stock (cost $14,321,596) 14,683,022
NON-CONVERTIBLE PREFERRED STOCK (0.8%)
Consumer, Cyclical
Broadcasting
News Corp., Ltd. ADR (cost $89,490) 4,000 176,000
Description Principal Value
NON-CONVERTIBLE CORPORATE BONDS (19.9%)
Consumer, Cyclical (2.1%)
Broadcasting
Cox Radio, Inc. 6.375% 5-15-2005 $500,000 $464,375
Financial (13.8%)
Banks (4.2%)
First Union Corp. 6.180% 2-15-2036 1,000,000 926,250
Diversified (5.4%)
Commericial Credit Company 6.625% 6-1-2015 200,000 195,250
PHH Corp. 7.020% 11-9-2001 1,000,000 986,250
1,181,500
Real Estate (4.2%)
New Plan Excel Realty Trust, Inc.
7.400% 9-15-2009 1,000,000 932,500
Utilities (4.0%)
Electric
Washington Water Power Company
5.990% 12-10-2007 1,000,000 885,000
Total Non-Convertible Corporate Bonds (cost $4,671,627) 4,389,625
SHORT-TERM SECURITIES (12.0%)
Repurchase Agreements (0.2%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $35,253 on 5-1-2000 35,246 35,246
Time Deposit (11.8%)
Commercial Paper (11.9%)
State Street Bank & Trust Eurodollar
Time Deposit 4.250% 5-1-2000 2,600,000 2,600,000
Total Short-Term Securities (cost $2,635,246) 2,635,246
Total Investments (99.4%) (cost $21,717,959) 21,883,893
Other Assets In Excess of Liabilities (0.6%) 129,376
Net Assets (100.0%) $22,013,269
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX LKCM STRATEGIC TOTAL RETURN
Description Shares Value
COMMON STOCK (58.8%)
Basic Materials (1.3%)
Paper Products
Kimberly-Clark Corp. 15,000 $870,938
Consumer, Cyclical (7.0%)
Advertising (1.2%)
Harte-Hanks, Inc. 31,000 767,250
Broadcasting (3.2%)
CBS Corp. * 21,700 1,274,875
Infinity Broadcasting Corp. * 25,000 848,438
2,123,313
Publishing (0.7%)
A.H. Belo Corp. 27,600 460,575
Retailers - Broadline (1.1%)
Wal-Mart Stores, Inc. 13,000 719,875
Retailers - Specialty (0.8%)
Home Depot, Inc. 10,000 560,625
Consumer, Non-Cyclical (6.4%)
Consumer Services (1.3%)
United Parcel Service, Inc. 13,000 864,500
Healthcare (1.0%)
Tenet Healthcare Corp. * 27,000 688,500
Household Products (1.9%)
Colgate-Palmolive Company 22,500 1,285,312
Medical Supplies (1.2%)
Sybron International Corp. * 26,000 809,250
Pharmaceuticals (1.0%)
Teva Pharmaceutical Industries, Ltd. ADS 14,400 633,600
Energy (3.9%)
Oil Companies - Major (2.3%)
BP Amoco PLC ADR 13,232 674,832
Exxon Mobil Corp. 11,500 893,406
1,568,238
Oilfield Equipment and Services (1.6%)
Schlumberger, Ltd. 13,800 1,056,562
Financial (6.5%)
Banks (1.3%)
Chase Manhattan Corp. 12,500 900,780
Diversified (4.7%)
Citigroup, Inc. 14,100 838,069
First Data Corp. 13,000 632,938
Mellon Financial Corp. 24,000 771,000
Wells Fargo & Company 21,000 862,312
3,104,319
Real Estate (0.5%)
Crescent Real Estate Equities, Inc. 18,000 308,250
Independent (0.8%)
Conglomerate
Philip Morris Companies, Inc. 25,000 546,875
Industrial (3.5%)
Electronic Components and Equipment (1.1%)
Harris Corp. 24,000 775,500
Diversified (2.4%)
General Electric Company 10,000 $1,572,500
Technology (25.2%)
Advanced Medical Devices (2.0%)
Medtronic, Inc. 26,000 1,350,375
Biotechnology (2.0%)
Pharmacia Corp. 26,180 1,307,364
Communications (7.7%)
ANTEC Corp. * 20,000 1,075,000
AT&T Corp. 26,500 1,237,219
Cisco Systems, Inc. * 8,000 554,625
Motorola, Inc. 6,000 714,375
Nortel Networks Corp. 10,000 1,132,500
US West, Inc. 5,400 384,412
5,098,131
Computers (5.4%)
Dell Computer Corp. * 16,000 802,000
EMC Corp. * 11,000 1,528,313
Hewlett-Packard Company 9,600 1,296,000
3,626,313
Diversified (3.0%)
Diebold, Inc. 55,000 1,588,125
Viasystems Group, Inc. * 25,000 398,438
1,986,563
Semiconductors (2.5%)
Intel Corp. 8,000 1,014,500
National Semiconductor Corp. * 10,200 619,650
1,634,150
Software (2.6%)
Microsoft Corp. * 16,500 1,150,875
Oracle Corp. * 7,500 599,531
1,750,406
Utilities (4.2%)
Telephone
ALLTEL Corp. 16,600 1,105,975
Bell Atlantic Corp. 11,000 651,750
MCI WorldCom, Inc. * 22,500 1,022,344
2,780,069
Total Common Stock (cost $31,030,283) 39,150,133
CONVERTIBLE PREFERRED STOCK (2.2%)
Consumer, Cyclical (0.7%)
Publishing
Tribune Company 3,500 450,625
Technology (1.5%)
Communications
DECS Trust V (Crown Castle International Corp.) 30,000 1,012,500
Total Convertible Preferred Stock (cost $1,004,048) 1,463,125
Description Principal Value
CONVERTIBLE CORPORATE BONDS (0.8%)
Utilities
Telephone
ITC DeltaCom, Inc. 4.500% 5-15-2006 (cost $442,513)$377,000 $523,559
NON-CONVERTIBLE CORPORATE BONDS (24.6%)
Consumer, Cyclical (3.3%)
Broadcasting (2.4%)
CBS Corp. 7.150% 5-20-2005 $600,000 $586,500
Continental Cablevision, Inc.
8.875% 9-15-2005 1,000,000 1,045,000
1,631,500
Retailers - Broadline (0.9%)
Wal-Mart Stores, Inc. 6.550% 8-10-2004 600,000 583,500
Consumer, Non-Cyclical (1.6%)
Household Products
Procter & Gamble Company 5.250% 9-15-2003 600,000 561,750
The Black & Decker Corp. 7.500% 4-1-2003 500,000 490,625
1,052,375
Energy (0.9%)
Oil Drilling
Northern Natural Gas 6.875% 5-1-2005 600,000 573,000
Financial (7.1%)
Banks (2.2%)
Citicorp 7.000% 7-1-2007 575,000 546,969
First Bank National Association 6.875% 4-1-2006 500,000 470,000
Mellon Bank Corp. 6.500% 8-1-2005 500,000 471,875
1,488,844
Diversified (4.0%)
Associates Corp. of North America
6.200% 5-16-2005 600,000 560,312
Block Financial Corp. 6.750% 11-1-2004 600,000 557,250
Block Financial Corp. 8.500% 4-15-2007 700,000 686,000
NationsBank NA 6.500% 3-15-2006 678,000 633,930
Norwest Financial, Inc. 7.000% 1-15-2003 200,000 197,000
2,634,492
Insurance (0.6%)
Hartford Life, Inc. Class A 6.900% 6-15-2004 400,000 384,000
Securities Brokers (0.3%)
J.P. Morgan & Company, Inc. 7.625% 9-15-2004 200,000 199,250
Industrial (3.2%)
Electronic Components and Equipment (2.2%)
Kent Electronics Corp. 4.500% 9-1-2004 1,075,000 947,344
Thomas & Betts Corp. 6.500% 1-15-2006 525,000 496,125
1,443,469
Diversified (0.8%)
Tyco International Group SA 6.375% 6-15-2005 600,000 561,750
Railroads (0.2%)
Union Pacific Corp. 7.375% 5-15-2001 100,000 99,373
Technology (4.2%)
Aerospace/Defense (0.4%)
Lockheed Martin Corp. 7.450% 6-15-2004 300,000 290,250
Communications (3.8%)
AirTouch Communications, Inc. 7.000% 10-1-2003 500,000 490,625
AT&T Corp. 6.000% 3-15-2009 1,350,000 1,203,188
Lucent Technologies, Inc. 6.900% 7-15-2001 600,000 597,750
Worldcom, Inc. 6.125% 8-15-2001 250,000 246,562
2,538,125
Utilities (4.3%)
Electric (0.6%)
Interstate Power Company 8.625% 9-15-2021 $175,000 $176,531
Kentucky Utilities Company 8.550% 5-15-2027 250,000 247,813
424,344
Gas (0.2%)
Southwest Gas Corp. 7.500% 8-1-2006 150,000 149,250
Telephone (3.5%)
ALLTEL Corp. 7.250% 4-1-2004 800,000 786,000
GTE Hawaiian Telephone Company, Ltd.
6.750% 2-15-2005 500,000 479,375
GTE Hawaiian Telephone Company, Ltd.
7.375% 9-1-2006 550,000 539,000
New York Telephone Company 6.000% 4-15-2008 600,000 534,750
2,339,125
Total Non-Convertible Corporate Bonds (cost $17,189,611) 16,392,647
LONG-TERM GOVERNMENT BONDS (8.3%)
United States Government Securities
Treasury Notes
6.250% 1-31-2002 1,000,000 992,390
6.250% 2-28-2002 900,000 893,016
6.250% 8-31-2002 1,200,000 1,189,140
6.375% 9-30-2001 1,250,000 1,244,338
6.500% 5-31-2001 1,175,000 1,174,424
Total Long-Term Government Bonds (cost $5,526,318) 5,493,308
SHORT-TERM SECURITIES (5.1%)
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $19,338 on 5-1-2000 19,334 19,334
Time Deposit (5.1%)
State Street Bank & Trust Eurodollar
Time Deposit 4.250% 5-1-2000 3,400,000 3,400,000
Total Short-Term Securities (cost $3,419,334) 3,419,334
Total Investments (99.8%) (cost $58,612,107) 66,442,106
Other Assets In Excess of Liabilities (0.2%) 111,835
Net Assets (100.0%) $66,553,941
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX NWQ VALUE EQUITY
Description Shares Value
COMMON STOCK (90.4%)
Basic Materials (4.8%)
Chemicals
Air Products & Chemicals, Inc. 7,400 $229,863
Praxair, Inc. 6,000 266,625
Rohm and Haas Company 11,000 391,875
888,363
Consumer, Cyclical (10.0%)
Airlines (3.1%)
Delta Air Lines, Inc. 11,000 580,250
Auto Parts and Equipment (2.0%)
Delphi Automotive Systems Corp. 20,000 382,500
Broadcasting (2.7%)
Time Warner, Inc. 5,500 494,656
Retailers - Apparel (1.0%)
Federated Department Stores, Inc. * 5,400 183,600
Retailers - Specialty (1.2%)
Pitney Bowes, Inc. 5,500 224,811
Consumer, Non-Cyclical (6.2%)
Food - Fishing (1.2%)
Unilever NV 4,800 218,700
Food - Other (1.4%)
Sara Lee Corp. 17,000 255,000
Healthcare (2.2%)
Columbia/HCA Healthcare Corp. 14,700 418,030
Pharmaceuticals (1.4%)
CVS Corp. 6,000 261,000
Energy (16.4%)
Oil Companies - Major (7.6%)
Conoco, Inc. Class B 19,702 490,087
The Coastal Corp. 10,000 501,875
Union Pacific Resources Group, Inc. 22,000 422,125
1,414,087
Oil Drilling (3.2%)
Noble Affiliates, Inc. 3,400 122,613
Noble Drilling Corp. * 11,900 475,256
597,869
Oilfield Equipment and Services (5.6%)
Grant Prideco, Inc. 10,000 192,500
Halliburton Company 10,000 441,875
Weatherford International, Inc. * 10,000 406,250
1,040,625
Financial (20.2%)
Banks (3.2%)
Chase Manhattan Corp. 3,900 281,043
First Union Corp. 10,100 321,938
602,981
Diversified (8.0%)
Bank of America Corp. 6,894 337,806
Citigroup, Inc. 3,750 222,891
Countrywide Credit Industries, Inc. 13,500 372,938
Wells Fargo & Company 13,800 566,662
1,500,297
Insurance (5.5%)
Aetna, Inc. 4,600 266,225
CIGNA Corp. 3,500 279,125
Hartford Financial Services Group, Inc. 9,000 469,688
1,015,038
Securities Brokers (0.9%)
Bear Stearns Companies, Inc. 4,079 174,886
United States Government Agencies (2.6%)
Federal National Mortgage Association 8,000 482,500
Independent (3.6%)
Conglomerates
Fortune Brands, Inc. 9,000 $225,000
Philip Morris Companies, Inc. 20,700 452,813
677,813
Industrial (8.0%)
Containers and Packaging (1.2%)
Packaging Corp. of America * 19,000 225,625
Electronic Components and Equipment (1.5%)
Emerson Electric Company 3,100 170,112
Thomas & Betts Corp. 3,900 120,169
290,281
Heavy Construction (2.3%)
Deere & Company 4,100 165,538
Ingersoll-Rand Company 5,700 267,543
433,081
Diversified (3.0%)
Textron, Inc. 5,200 322,075
Tyco International Group SA 5,000 229,688
551,763
Technology (17.7%)
Advanced Medical Devices (1.0%)
Agilent Technologies, Inc. * 2,200 194,975
Communications (7.7%)
AT&T Corp. Liberty Media Class A * 6,000 299,625
CoreComm, Ltd. * 13,500 421,875
MediaOne Group, Inc. * 9,400 710,875
1,432,375
Computers (2.7%)
Computer Associates International, Inc. 2,900 161,856
Hewlett-Packard Company 2,500 337,500
499,356
Diversified (1.9%)
NTL, Inc. * 4,687 358,556
Semiconductors (4.4%)
Texas Instruments, Inc. 5,000 814,375
Utilities (3.5%)
Telephone
MCI WorldCom, Inc. * 7,000 318,063
Telephone and Data Systems, Inc. 3,300 336,600
654,663
Total Common Stock (cost $14,818,236) 16,868,056
Description Principal Value
SHORT-TERM SECURITIES (11.4%)
Other Short-Term Securities (5.0%)
SSgA Money Market Fund
5.750% 5-1-2000 927,000 927,000
Repurchase Agreements (1.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $212,897 on 5-1-2000 212,856 212,856
United States Government Agencies (5.3%)
Treasury Bills
5.730% 6-22-2000 1,000,000 991,723
Total Short-Term Securities (cost $2,131,579) 2,131,579
Total Investments (101.8%) (cost $16,949,815) 18,999,635
Liabilities In Excess of Other Assets (-1.8%) (332,503)
Net Assets (100.0%) $18,667,132
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
IDEX C.A.S.E. GROWTH
Description Shares Value
COMMON STOCK (98.9%)
Consumer, Cyclical (21.5%)
Footwear (11.9%)
Abercrombie & Fitche Company Class A * 36,000 $396,000
Genesco, Inc. * 62,800 812,475
1,208,475
Retailers - Apparel (6.6%)
Claire's Stores, Inc. 15,500 285,781
Jones Apparel Group * 13,000 385,938
671,719
Retailers - Broadline (1.4%)
Kmart Corp. * 17,000 138,124
Retailers - Specialty (1.6%)
Amazon.com, Inc. * 3,000 165,561
Consumer, Non-Cyclical (7.6%)
Pharmaceuticals
Eli Lilly and Company 2,800 216,475
Merck and Company, Inc. 3,000 208,500
Pfizer, Inc. 6,200 261,175
SmithKline Beecham PLC ADR 1,300 89,375
775,525
Energy (8.9%)
Oil Drilling (6.6%)
Diamond Offshore Drilling, Inc. 7,100 286,219
Transocean Sedco Forex, Inc. 8,100 380,700
666,919
Oilfield Equipment and Services (2.3%)
Friede Goldman Halter, Inc. * 9,022 55,824
Halliburton Company 4,000 176,750
232,574
Financial (9.0%)
Banks (2.2%)
Bank One Corp. 1,600 48,800
Chase Manhattan Corp. 2,500 180,156
228,956
Diversified (4.7%)
Bank of America Corp. 2,600 127,400
Citigroup, Inc. 4,050 240,723
Washington Mutual, Inc. 4,200 107,363
475,486
Insurance (2.1%)
Conseco, Inc. 39,000 212,062
Industrial (3.1%)
Diversified
General Electric Company 2,000 314,500
Technology (45.5%)
Aerospace/Defense (0.8%)
Honeywell International, Inc. 1,400 78,400
Communications (23.2%)
ADC Telecommunications, Inc. * 6,000 364,500
ANTEC Corp. * 7,700 413,874
AppNet, Inc. * 6,000 144,000
AT&T Corp. 5,550 259,115
Lucent Technologies, Inc. 3,400 211,438
QUALCOMM, Inc. * 3,500 379,531
Qwest Communications International, Inc. * 5,300 229,888
US West, Inc. 5,000 355,938
2,358,284
Computers (0.5%)
VerticalNet, Inc. * 1,000 54,000
Diversified (4.7%)
Jabil Circuit, Inc. * 8,000 $327,500
JDS Uniphase Corp. * 1,400 145,163
472,663
Semiconductors (4.1%)
Conexant Systems, Inc. * 5,000 299,375
PMC - Sierra, Inc. * 600 115,125
414,500
Software (12.2%)
America Online, Inc. * 4,000 239,250
Compuware Corp. * 6,500 81,656
Electronic Arts, Inc. * 5,000 302,500
Microsoft Corp. * 2,900 202,275
Network Associates, Inc. * 9,200 234,025
Sapient Corp. * 2,200 174,213
1,233,919
Utilities (3.3%)
Telephone
MCI WorldCom, Inc. * 7,350 333,965
Total Common Stock (cost $10,602,977) 10,035,632
Description Principal Value
SHORT-TERM SECURITIES (2.0%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 4-28-2000
to be repurchased at $198,950 on
5-1-2000 (cost $198,912) $198,912 $198,912
Total Investments (100.9%) (cost $10,801,889) 10,234,544
Liabilities In Excess of Other Assets (-0.9%) (86,962)
Net Assets (100.0%) $10,147,582
April 30, 2000
SCHEDULE OF INVESTMENTS (unaudited)
NOTES TO SCHEDULES OF INVESTMENTS
ADR, GDR or NYRS after the name of a security
represents American Depository Receipts,
Global Depository Receipts or New York
Registered Shares, respectively, representing
ownership of foreign securities on deposit
with a domestic custodian.
144A after the name of a security represents a
security exempt from registration under 144A of the
Securities Act of 1933. These securities may be
resold as transactions exempt from registration,
normally to qualified institutional buyers.
STRYPES after the name of a security
represents structured yield
products exchangeable for stock.
+ Non-U.S. securities.
# Breed Technologies, Inc., ContiFinancial Corp.
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
* Presently non-income producing.
** Ratings indicated are by Standard &
Poor's/Moody's, respectively, and
are unaudited; NR: not rated by this service.
CARROT SYMBOL Affiliated company as defined by
Section 851 of the InternalRevenue 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
Principal Amount
IDEX JCC Growth $20,000
IDEX JCC Global 10,000
IDEX JCC Balanced 25,000
IDEX JCC Capital Appreciation 50,000
IDEX JCC Flexible Income 40,000
IDEX Alger Aggressive Growth 85,000
IDEX Pilgrim Baxter Mid Cap Growth 85,000
IDEX Pilgrim Baxter Technology 15,000
IDEX Goldman Sachs Growth 45,000
IDEX Transamerica Equity 85,000
IDEX Transamerica Small Company 15,000
IDEX Salomon All Cap 792,000
IDEX AEGON Income Plus 370,000
IDEX GE International Equity 405,000
IDEX GE U.S. Equity 40,000
IDEX Dean Asset Allocation 30,000
IDEX LKCM Strategic Total Return 20,000
IDEX Value Equity 220,000
IDEX C.A.S.E. Growth 205,000
Description
IDEX JCC Growth U. S. Treasury Bonds 9.875%, 11-15-2015
IDEX JCC Global U. S. Treasury Bonds 8.500%, 2-15-2020
IDEX JCC Balanced U. S. Treasury Notes 6.000%, 8-15-2000
IDEX JCC Capital Appreciation U. S. Treasury Notes 6.250%, 2-15-2007
IDEX JCC Flexible Income U. S. Treasury Bonds 11.250%, 2-15-2015
IDEX Alger Aggressive Growth U. S. Treasury Notes 6.625%, 5-15-2007
IDEX Pilgrim Baxter Mid Cap
Growth U. S. Treasury Notes 5.500%, 8-31-2001
IDEX Pilgrim Baxter TechnologyU. S. Treasury Notes 7.000%, 7-15-2006
IDEX Goldman Sachs Growth U. S. Treasury Bonds 7.500%, 11-15-2016
IDEX Transamerica Equity U. S. Treasury Bonds 6.375%, 8-15-2027
IDEX Transamerica Small CompanyU. S. Treasury Bonds 8.125%, 5-15-2021
IDEX Salomon All Cap U. S. Treasury Bonds 11.250%, 2-15-2015
IDEX AEGON Income Plus U. S. Treasury Bonds 10.375%, 11-15-2012
IDEX GE International Equity U. S. Treasury Bonds 10.375%, 11-15-2012
IDEX GE U.S. Equity U. S. Treasury Bonds 7.875%, 2-15-2021
IDEX Dean Asset Allocation U. S. Treasury Bonds 9.000%, 11-15-2018
IDEX LKCM Strategic Total ReturnU. S. Treasury Notes 8.750%, 8-15-2000
IDEX Value Equity U. S. Treasury Notes 5.000%, 2-28-2001
IDEX C.A.S.E. Growth U. S. Treasury Notes 5.250%, 5-31-2001
Market Value and
Accrued Interest
4-30-2000
IDEX JCC Growth $27,825
IDEX JCC Global 12,572
IDEX JCC Balanced 25,289
IDEX JCC Capital Appreciation 49,838
IDEX JCC Flexible Income 59,209
IDEX Alger Aggressive Growth 87,951
IDEX Pilgrim Baxter Mid Cap Growth 84,575
IDEX Pilgrim Baxter Technology 15,638
IDEX Goldman Sachs Growth 51,712
IDEX Transamerica Equity 87,508
IDEX Transamerica Small Company 18,653
IDEX Salomon All Cap 1,177,110
IDEX AEGON Income Plus 466,604
IDEX GE International Equity 510,742
IDEX GE U.S. Equity 47,707
IDEX Dean Asset Allocation 39,755
IDEX LKCM Strategic Total Return 20,498
IDEX Value Equity 219,175
IDEX C.A.S.E. Growth 206,538
Preface to the Financial Statements
Statement of Assets and Liabilities
This schedule is also known as the Balance Sheet. Its objective is to
report the financial position (net worth) of your fund. Items listed are the
major components of your fund's net assets. Net Assets are derived by
subtracting liabilities from assets. Net Asset Value Per Share is Net
Assets divided by the Shares of Beneficial Interest Outstanding of the fund.
Items of particular interest are defined below.
Assets Articles of value the fund owns such as investments and receivables
Liabilities Obligations of the fund such as expenses and payables
Net Assets The result of Assets less Liabilities
Net Assets Consist Of Composition of Net Assets in terms of Capital,
investments by shareholders and accumulated earnings and profits of the fund
Shares of Beneficial Interest Outstanding The number of shares owned by
shareholders for each Share Class at the close of the period
Net Asset Value ("NAV") Per Share Net Assets attributable to a particular
Class of Shares divided by the shares outstanding of that Class
Maximum Offering Price Per Share The NAV plus the maximum sales load, if
any, attributable to the Share Class
Statement of Operations
This schedule is also known as the Income Statement. Its objective is to
provide a financial summary of each fund's operations by listing the
revenues generated during
the period, expenses incurred during the period and the fund's profits
and/or losses. Items of particular interest are defined below.
Investment Income Earnings on fund investments such as dividends and
interest
Expenses Expenses incurred by the funds such as management fees
Net Investment Income or Loss The result of Investment Income less Expenses
Realized Gains or Losses Gains or Losses from the sale of investments
Unrealized Gains or Losses The difference between the current market value
and the acquisition cost of securities currently held
Statement of Changes in Net Assets
The objective of this statement is to summarize, in comparative form, the
changes in net assets resulting from operations. For comparative purposes,
the two most recent reporting periods are provided. Items of particular
interest are defined below.
Operations Summarized information from the Statement of Operations
Distributions to Shareholders Capital Gains and Investment Income
distributions paid to shareholders
Change in Net Assets resulting from Shares of Beneficial Interest The
change in Net Assets due to share purchases, reinvestment of distributions
and share redemptions in the fund
Undistributed Net Investment Income The amount of Net Investment Income
that was not distributed to shareholders
Financial Highlights
The objective of this table is to present all critical financial data in
terms of per share amounts. Beginning with the ending NAV from the prior
period, carrying through all current period income, capital gains and
distributions to arrive at the NAV at the end of the current period. Other
specific detail represented within the schedule is defined below.
Total Return The performance for an investment made exactly one year prior,
assuming no sales load
Expense Ratios The percentage of a fund's average net assets used to pay
its expenses
Portfolio Turnover A measure of fund trading activity during the year. A
turnover ratio of 100% would represent a portfolio whose average holding
period for a security was one year. A higher percentage would represent a
shorter holding period. Funds with high turnover ratios incur higher
transaction costs and are more likely to realize and distribute capital
gains
STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
April 30, 2000
All numbers (except per share amounts) in thousands
IDEX JCC IDEX JCC
Growth Global
Assets:
Investment securities, at market value $4,354,359 $1,668,461
Cash 199 22,142
Receivables:
Investment securities sold 12,836 13,650
Shares of beneficial interest sold 11,444 10,463
Interest 52 72
Dividends 86 1,360
Due from investment adviser - -
Variation margin - -
Forward foreign currency contracts - 17,460
Other 331 112
4,379,307 1,733,720
Liabilities:
Accounts payable:
Investment securities purchased 41,472 31,200
Shares of beneficial interest redeemed 1,590 389
Variation margin - -
Due to Custodian
Accrued liabilities:
Management and advisory fees 281 263
Distribution fees 1,328 936
Transfer agent fees and expenses 270 67
Forward foreign currency contracts - 4,726
Other 571 284
45,512 37,865
Net Assets $4,333,795 $1,695,855
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 2,320,170 1,094,011
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) (10,943) (6,937)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions 114,517 80,416
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies 1,910,051 528,365
Net Assets $4,333,795 1,695,855
Investment securities, at cost $2,444,390 1,152,827
Shares Of Beneficial Interest Outstanding:
Class A shares 38,552 16,901
Class B shares 14,394 12,933
Class C shares 1,741 1,690
Class M shares 5,815 6,698
Class T shares (1) 28,309 -
Net Asset Value Per Share:
Class A shares $48.91 $45.05
Class B shares $47.16 $43.85
Class C shares $47.16 $43.85
Class M shares $47.43 $43.78
Class T shares (1) $49.86 $-
Maximum Offering Price Per Share (2):
Class A shares $51.76 $47.67
Class M shares $47.91 $44.22
Class T shares (1) $54.49 $-
IDEX JCC IDEX JCC
Balanced
Capital
Apprecia
tion
Assets:
Investment securities, at market value $350,005 $408,715
Cash 746 203
Receivables:
Investment securities sold 2,359 3,646
Shares of beneficial interest sold 2,530 4,419
Interest 2,762 -
Dividends 74 30
Due from investment adviser - -
Variation margin - -
Forward foreign currency contracts 49 1
Other 22 20
358,547 417,034
Liabilities:
Accounts payable:
Investment securities purchased 8,353 10,001
Shares of beneficial interest redeemed 52 255
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees 272 310
Distribution fees 216 223
Transfer agent fees and expenses 9 84
Forward foreign currency contracts - -
Other 59 77
8,961 10,950
Net Assets $349,586 $406,084
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 312,472 397,413
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) 346 (2,944)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions 7,783 19,786
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies 28,985 (8,171)
Net Assets $349,586 $406,084
Investment securities, at cost $321,063 $416,899
Shares Of Beneficial Interest Outstanding:
Class A shares 5,278 4,929
Class B shares 8,258 4,391
Class C shares 1,001 991
Class M shares 2,667 1,314
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $20.33 $35.36
Class B shares $20.32 $34.60
Class C shares $20.32 $34.60
Class M shares $20.32 $34.71
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $21.51 $37.42
Class M shares $20.53 $35.06
Class T shares (1) $- $-
IDEX JCC IDEX Alger
Flexible Income Aggressive
Growth
Assets:
Investment securities, at market value $30,113 $316,778
Cash 9 218
Receivables:
Investment securities sold 496 279
Shares of beneficial interest sold 125 1,472
Interest 673 1
Dividends - 20
Due from investment adviser - -
Variation margin - -
Forward foreign currency contracts 84 -
Other 2 21
31,502 318,789
Liabilities:
Accounts payable:
Investment securities purchased 200 2,278
Shares of beneficial interest redeemed 3 44
Variation margin 10 -
Due to custodian - -
Accrued liabilities:
Management and advisory fees 23 202
Distribution fees 18 164
Transfer agent fees and expenses 7 7
Forward foreign currency contracts 25 -
Other 10 51
296 2,746
Net Assets $31,206 $316,043
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 32,375 241,945
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) 88 (1,932)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions (593) (3,083)
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies (664) 79,113
Net Assets $31,206 $316,043
Investment securities, at cost $30,834 $237,675
Shares Of Beneficial Interest Outstanding:
Class A shares 1,502 4,223
Class B shares 1,257 2,833
Class C shares 186 285
Class M shares 417 962
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $9.28 $38.46
Class B shares $9.28 $37.63
Class C shares $9.28 $37.63
Class M shares $9.28 $37.76
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $9.74 $40.70
Class M shares $9.37 $38.14
Class T shares (1) $- $-
IDEX T. Rowe Price IDEX T. Rowe
Price
Dividend Growth Small Cap
Assets:
Investment securities, at market value $9,918 $12,574
Cash 10 290
Receivables:
Investment securities sold 57 7
Shares of beneficial interest sold 226 51
Interest - -
Dividends 10 1
Due from investment adviser 1 -
Variation margin - -
Forward foreign currency contracts - -
Other 1 -
10,223 12,923
Liabilities:
Accounts payable:
Investment securities purchased 229 266
Shares of beneficial interest redeemed 2 -
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees - 3
Distribution fees 6 7
Transfer agent fees and expenses 7 4
Forward foreign currency contracts - -
Other 16 245
260 525
Net Assets $9,963 $12,398
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
a uthorized 10,086
11,553
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) 2 (52)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions (390) 318
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies 275 579
Net Assets $9,963 $12,398
Investment securities, at cost $9,643 $11,995
Shares Of Beneficial Interest Outstanding:
Class A shares 329 384
Class B shares 448 332
Class C shares 104 53
Class M shares 124 134
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $9.93 $13.77
Class B shares $9.92 $13.69
Class C shares $9.92 $13.69
Class M shares $9.92 $13.70
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $10.51 $14.57
Class M shares $10.02 $13.84
Class T shares (1) $- $-
IDEX Pilgrim Baxter IDEX Pilgrim
Baxter
Mid Cap Growth Technology
Assets:
Investment securities, at market value $68,090 $46,472
Cash 96 92
Receivables:
Investment securities sold 488 1,048
Shares of beneficial interest sold 355 1,994
Interest 1 1
Dividends - -
Due from investment adviser - 3
Variation margin - -
Forward foreign currency contracts - -
Other 1 -
69,031
49,610
Liabilities:
Accounts payable:
Investment securities purchased - 1,290
Shares of beneficial interest redeemed 63 44
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees 10 -
Distribution fees 38 22
Transfer agent fees and expenses 9 2
Forward foreign currency contracts - -
Other 14 22
134 1,380
Net Assets $68,897 $48,230
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 74,135 56,008
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) (197) (49)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions 1,689 (3,227)
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies (6,730) (4,502)
Net Assets $68,897 $48,230
Investment securities, at cost $74,820 $50,973
Shares Of Beneficial Interest Outstanding:
Class A shares 1,271 2,208
Class B shares 1,586 2,623
Class C shares 270 960
Class M shares 369 825
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $19.77 $7.30
Class B shares $19.67 $7.28
Class C shares $19.67 $7.28
Class M shares $19.68 $7.29
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $20.92 $7.72
Class M shares $19.88 $7.36
Class T shares (1) $- $-
IDEX Goldman IDEX
Transamerica
Sachs Growth Equity
Assets:
Investment securities, at market value $11,435 $2,403
Cash 49 4
Receivables:
Investment securities sold - -
Shares of beneficial interest sold 158 51
Interest - -
Dividends 6 -
Due from investment adviser - 12
Variation margin - -
Forward foreign currency contracts - -
Other 1 -
11,649 2,470
Liabilities:
Accounts payable:
Investment securities purchased 642 106
Shares of beneficial interest redeemed - -
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees 1 -
Distribution fees 7 1
Transfer agent fees and expenses 6 3
Forward foreign currency contracts - -
Other 16 9
672 119
Net Assets $10,977 $2,351
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 10,094 2,362
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) (38) (4)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions 217 32
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies 704 (39)
Net Assets $10,977 $2,351
Investment securities, at cost $10,732 $2,441
Shares Of Beneficial Interest Outstanding:
Class A shares 297 124
Class B shares 396 56
Class C shares 44 35
Class M shares 147 15
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $12.47 $10.21
Class B shares $12.38 $10.19
Class C shares $12.38 $10.19
Class M shares $12.40 $10.20
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $13.20 $10.80
Class M shares $12.53 $10.30
Class T shares (1) $- $-
IDEX Transamerica IDEX Salomon
Small Company All Cap
Assets:
Investment securities, at market value $4,300 $14,065
Cash 64 79
Receivables:
Investment securities sold - 12
Shares of beneficial interest sold 7 167
Interest - 2
Dividends - 8
Due from investment adviser 11 -
Variation margin - -
Forward foreign currency contracts - -
Other 1 1
4,383 14,334
Liabilities:
Accounts payable:
Investment securities purchased 351 810
Shares of beneficial interest redeemed - -
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees - 2
Distribution fees 2 7
Transfer agent fees and expenses 2 7
Forward foreign currency contracts - -
Other 10 14
365 840
Net Assets $4,018 $13,494
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 4,413 11,963
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) (5) 4
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions 41 941
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies (431) 586
Net Assets $4,018 $13,494
Investment securities, at cost $4,731 $13,479
Shares Of Beneficial Interest Outstanding:
Class A shares 118 383
Class B shares 193 355
Class C shares 67 87
Class M shares 93 119
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $8.56 $14.34
Class B shares $8.54 $14.24
Class C shares $8.54 $14.24
Class M shares $8.54 $14.26
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $9.06 $15.17
Class M shares $8.63 $14.40
Class T shares (1) $- $-
IDEX
IDEX
AEGON AEGON
Income Plus Tax Exempt
Assets:
Investment securities, at market value $66,312 $19,225
Cash - -
Receivables:
Investment securities sold - 154
Shares of beneficial interest sold 3 -
Interest 1,356 256
Dividends - -
Due from investment adviser - -
Variation margin - -
Forward foreign currency contracts - -
Other 6 2
67,677 19,637
Liabilities:
Accounts payable:
Investment securities purchased - -
Shares of beneficial interest redeemed 12 -
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees 34 -
Distribution fees 29 7
Transfer agent fees and expenses 20 5
Forward foreign currency contracts - -
Other 18 12
113 24
Net Assets $67,564 $19,613
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 75,309 21,106
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) 149 31
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions (1,402) (771)
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies (6,492) (753)
Net Assets $67,564 $19,613
Investment securities, at cost $72,799 $19,977
Shares Of Beneficial Interest Outstanding:
Class A shares 5,348 1,591
Class B shares 1,357 95
Class C shares 89 9
Class M shares 487 165
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $9.27 $10.54
Class B shares $9.27 $10.54
Class C shares $9.27 $10.54
Class M shares $9.27 $10.54
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $9.73 $11.07
Class M shares $9.36 $10.65
Class T shares (1) $- $-
IDEX GE IDEX GE
International Equity (3) U.S. Equity
Assets:
Investment securities, at market value $10,005 $1,527
Cash 15 5
Receivables:
Investment securities sold 114 -
Shares of beneficial interest sold 5 91
Interest 2 -
Dividends 35 1
Due from investment adviser 20 13
Variation margin - -
Forward foreign currency contracts 1 -
Other 1 -
10,198 1,637
Liabilities:
Accounts payable:
Investment securities purchased 242 -
Shares of beneficial interest redeemed - -
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees - -
Distribution fees 5 1
Transfer agent fees and expenses 4 3
Forward foreign currency contracts 1 -
Other 19 9
271 13
Net Assets $9,927 $1,624
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 7,960 1,585
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) (12) (1)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions 1,716 9
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies 263 31
Net Assets $9,927 $1,624
Investment securities, at cost $9,735 $1,496
Shares Of Beneficial Interest Outstanding:
Class A shares 449 51
Class B shares 182 50
Class C shares 20 29
Class M shares 45 23
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $14.36 $10.64
Class B shares $14.16 $10.62
Class C shares $14.16 $10.62
Class M shares $14.19 $10.62
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $15.20 $11.26
Class M shares $14.33 $10.73
Class T shares (1) $- $-
IDEX Dean IDEX LKCM
Asset Allocation Strategic Total Rtrn
Assets:
Investment securities, at market value $21,884 $66,442
Cash - 61
Receivables:
Investment securities sold 315 -
Shares of beneficial interest sold 23 170
Interest 82 347
Dividends 48 56
Due from investment adviser - -
Variation margin - -
Forward foreign currency contracts - -
Other 2 6
22,354 67,082
Liabilities:
Accounts payable:
Investment securities purchased - 398
Shares of beneficial interest redeemed 285 13
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees 8 37
Distribution fees 13 32
Transfer agent fees and expenses 17 23
Forward foreign currency contracts - -
Other 18 25
341 528
Net Assets $22,013 $66,554
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 21,555 56,585
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) 78 115
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions 216 2,023
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies 164 7,831
Net Assets $22,013 $66,554
Investment securities, at cost $21,718 $58,612
Shares Of Beneficial Interest Outstanding:
Class A shares 824 2,262
Class B shares 756 1,020
Class C shares 12 76
Class M shares 256 441
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $11.92 $17.53
Class B shares $11.91 $17.51
Class C shares $11.91 $17.51
Class M shares $11.91 $17.52
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $12.61 $18.55
Class M shares $12.03 $17.70
Class T shares (1) $- $-
IDEX NWQ IDEX C.A.S.E.
Value Equity Growth
Assets:
Investment securities, at market value $19,000 $10,235
Cash 920 1
Receivables:
Investment securities sold - -
Shares of beneficial interest sold 43 36
Interest 1 -
Dividends 8 8
Due from investment adviser 8 10
Variation margin - -
Forward foreign currency contracts - -
Other 1 1
19,981 10,291
Liabilities:
Accounts payable:
Investment securities purchased 372 108
Shares of beneficial interest redeemed - 14
Variation margin - -
Due to custodian - -
Accrued liabilities:
Management and advisory fees - -
Distribution fees 11 6
Transfer agent fees and expenses 11 5
Forward foreign currency contracts - -
Other 13 10
1,314 143
Net Assets $18,667 $10,148
Net Assets Consist Of:
Shares of beneficial interest, unlimited shares
authorized 18,000 9,950
Undistributed net investment income (loss)
or (distribution in excess of net investment
income) (5) (57)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions (1,378) 823
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and
on translation of assets and liabilities in
foreign currencies 2,050 (568)
Net Assets $18,667 $10,148
Investment securities, at cost $17,870 $10,802
Shares Of Beneficial Interest Outstanding:
Class A shares 628 402
Class B shares 694 346
Class C shares 37 27
Class M shares 188 100
Class T shares (1) - -
Net Asset Value Per Share:
Class A shares $12.21 $11.72
Class B shares $11.97 $11.48
Class C shares $11.97 $11.48
Class M shares $12.01 $11.52
Class T shares (1) $- $-
Maximum Offering Price Per Share (2):
Class A shares $12.92 $12.40
Class M shares $12.13 $11.64
Class T shares (1) $- $-
(1) Class T shares are not available to new investors; only existing Class
T shareholders may purchase additional Class T shares.
(2) 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 and Class C 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.
(3) Effective March 1, 2000, IDEX GE/Scottish Equitable International Equity
changed its name to IDEX GE International Equity.
See notes to the Statements of Assets and Liabilities on pages 98 and 99.
The notes to the financial statements are an integral part of these
statements.
STATEMENTS OF OPERATIONS (unaudited)
For the six months ended April 30, 2000
All numbers in thousands
IDEX JCC IDEX JCC
Growth Global
Investment Income:
Interest $12,353 $4,184
Dividends 4,017 2,800
Less withholding taxes on foreign dividends (259) (275)
16,111 6,709
Expenses:
Management and advisory fees 16,957 7,016
Transfer agent fees and expenses 2,034 962
Custody and accounting fees and expenses 176 406
Registration fees 278 121
Trustees fees and expenses 166 68
Audit fees and expenses 17 11
Other 288 250
Distribution and service fees:
Class A 3,135 1,191
Class B 2,636 2,267
Class C 179 146
Class M 992 1,069
Gross Expenses 26,858 13,507
Less fee waivers and reimbursements
by the investment adviser - -
Less custodian earnings credits - (2)
Net Expenses 26,858 13,505
Net Investment Income (Loss) (10,747) (6,796)
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments 114,607 73,750
Futures/options contracts - -
Foreign currency transactions 17 7,268
114,624 81,018
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments 639,242 246,833
Futures/options contracts - -
Translation of assets and liabilities
denominated in foreign currency - 14,588
639,242 261,427
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions 753,866 342,445
Net Increase in Net Assets
Resulting from Operations $743,119 $335,649
IDEX JCC IDEX JCC
Balanced Capital
Appreciation
Investment Income:
Interest $4,198 $564
Dividends 485 53
Less withholding taxes on foreign dividends (8) -
4,675
617
Expenses:
Management and advisory fees 1,327 1,438
Transfer agent fees and expenses 220 421
Custody and accounting fees and expenses 51 53
Registration fees 53 96
Trustees fees and expenses 12 15
Audit fees and expenses 5 4
Other 34 45
Distribution and service fees:
Class A 153 255
Class B 649 506
Class C 38 86
Class M 199 137
Gross Expenses 2,741 3,056
Less fee waivers and reimbursements
by the investment adviser - -
Less custodian earnings credits (1) (4)
Net Expenses 2,740 3,052
Net Investment Income (Loss) 1,935 (2,435)
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain(loss) during the period on:
Investments 7,746 20,041
Futures/options contracts - -
Foreign currency transactions 65 (1)
7,811 20,040
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments 8,756 (42,434)
Futures/options contracts - -
Translation of assets and liabilities
denominated in foreign currency 16 -
8,772
(42,434)
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions 16,583 (22,394)
Net Increase in Net Assets
Resulting from Operations $18,518 $(24,829)
IDEX JCC IDEX Alger
Flexible Income Aggressive
Growth
Investment Income:
Interest $1,225 $345
Dividends 7 166
Less withholding taxes on foreign dividends - (3)
1,232 508
Expenses:
Management and advisory fees 131 1,069
Transfer agent fees and expenses 34 380
Custody and accounting fees and expenses 26 25
Registration fees 18 51
Trustees fees and expenses 1 13
Audit fees and expenses 6 5
Other 4 51
Distribution and service fees:
Class A 25 258
Class B 55 421
Class C 4 24
Class M 17 137
Gross Expenses 321 2,434
Less fee waivers and reimbursements
by the investment adviser - -
Less custodian earnings credits (1) (1)
Net Expenses 320 2,433
Net Investment Income (Loss) 912 (1,925)
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments (233) (1,742)
Futures/options contracts 43 -
Foreign currency transactions 90 -
(100) (1,742)
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments (583) 37,518
Futures/options contracts 2 -
Translation of assets and liabilities
denominated in foreign currency 39 -
(542) 37,518
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions (642) 35,776
Net Increase in Net Assets
Resulting from Operations $270 $33,851
IDEX T. Rowe Price IDEX T. Rowe Price
Dividend Growth Small Cap
Investment Income:
Interest $13 $13
Dividends 70 4
Less withholding taxes on foreign dividends - -
83 17
Expenses:
Management and advisory fees 27 29
Transfer agent fees and expenses 19 19
Custody and accounting fees and expenses 30 27
Registration fees 13 13
Trustees fees and expenses - -
Audit fees and expenses 3 3
Other 1 1
Distribution and service fees:
Class A 4 6
Class B 15 13
Class C 2 1
Class M 5 6
Gross Expenses 119 118
Less fee waivers and reimbursements
by the investment adviser (53) (49)
Less custodian earnings credits - -
Net Expenses 66 69
Net Investment Income (Loss) 17 (52)
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments (347) 332
Futures/options contracts - -
Foreign currency transactions - -
(347) 332
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments 319 510
Futures/options contracts - -
Translation of assets and liabilities
denominated in foreign currency - -
319
510
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions (28) 842
Net Increase in Net Assets
Resulting from Operations $(11) $790
IDEX Pilgrim Baxter IDEX Pilgrim Baxter
Mid Cap Growth Technology (1)
Investment Income:
Interest $116 $52
Dividends 5 -
Less withholding taxes on foreign dividends - -
121 52
Expenses:
Management and advisory fees 131 48
Transfer agent fees and expenses 70 21
Custody and accounting fees and expenses 24 2
Registration fees 29 12
Trustees fees and expenses 2 -
Audit fees and expenses 3 -
Other 5 4
Distribution and service fees:
Class A 21 6
Class B 75 16
Class C 10 6
Class M 16 7
Gross Expenses 386 122
Less fee waivers and reimbursements
by the investment adviser (68) (21)
Less custodian earnings credits - -
Net Expenses 318 101
Net Investment Income (Loss) (197) (49)
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments 1,700 (3,227)
Futures/options contracts - -
Foreign currency transactions - -
1,700 (3,227)
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments (7,408) (4,502)
Futures/options contracts - -
Translation of assets and liabilities
denominated in foreign currency - -
(7,408) (4,502)
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions (5,708) (7,729)
Net Increase in Net Assets
Resulting from Operations $(5,905) $(7,778)
IDEX Goldman IDEX Transamerica
Sachs Growth Equity (1)
Investment Income:
Interest $8 $1
Dividends 31 -
Less withholding taxes on foreign dividends - -
39 1
Expenses:
Management and advisory fees 32 2
Transfer agent fees and expenses 19 3
Custody and accounting fees and expenses 28 2
Registration fees 13 5
Trustees fees and expenses - -
Audit fees and expenses 3 -
Other 1 3
Distribution and service fees:
Class A 5 1
Class B 18 -
Class C 1 -
Class M 5 -
Gross Expenses 125 16
Less fee waivers and reimbursements
by the investment adviser (48) (11)
Less custodian earnings credits - -
Net Expenses 77 5
Net Investment Income (Loss) (38) (4)
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments 222 32
Futures/options contracts - -
Foreign currency transactions - -
222 32
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments 437 (39)
Futures/options contracts - -
Translation of assets and liabilities
denominated in foreign currency - -
437 (39)
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions 659 (7)
Net Increase in Net Assets
Resulting from Operations $621 $(11)
IDEX Transamerica IDEX Salomon
Small Company (1) All Cap
Investment Income:
Interest $2 $32
Dividends - 42
Less withholding taxes on foreign dividends - -
2 74
Expenses:
Management and advisory fees 3 29
Transfer agent fees and expenses 3 16
Custody and accounting fees and expenses 2 30
Registration fees 5 13
Trustees fees and expenses - -
Audit fees and expenses - 3
Other 2 1
Distribution and service fees:
Class A - 5
Class B 1 15
Class C 1 2
Class M 1 4
Gross Expenses 18 118
Less fee waivers and reimbursements
by the investment adviser (11) (48)
Less custodian earnings credits - -
Net Expenses 7 70
Net Investment Income (Loss) (5) 4
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments 41 976
Futures/options contracts - (11)
Foreign currency transactions - -
41 965
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments (431) 565
Futures/options contracts - (3)
Translation of assets and liabilities
denominated in foreign currency - -
(431) 562
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions (390) 1,527
Net Increase in Net Assets
Resulting from Operations $(395) $1,531
IDEX AEGON IDEX AEGON
Income Plus Tax Exempt
Investment Income:
Interest $2,862 $591
Dividends 273 -
Less withholding taxes on foreign dividends - -
3,135 591
Expenses:
Management and advisory fees 222 63
Transfer agent fees and expenses 71 16
Custody and accounting fees and expenses 26 20
Registration fees 27 22
Trustees fees and expenses 1 -
Audit fees and expenses 6 6
Other 14 2
Distribution and service fees:
Class A 97 31
Class B 66 6
Class C 2 -
Class M 24 6
Gross Expenses 556 172
Less fee waivers and reimbursements
by the investment adviser - (21)
Less custodian earnings credits - (2)
Net Expenses 556 149
Net Investment Income (Loss) 2,579 442
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments (1,399) (763)
Futures/options contracts - -
Foreign currency transactions - -
(1,399) (763)
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments (1,107) 873
Futures/options contracts - -
Translation of assets and liabilities
denominated in foreign currency - -
(1,107) 873
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions (2,506) 110
Net Increase in Net Assets
Resulting from Operations $73 $552
IDEX GE IDEX GE
International Equity U.S.Equity (1)
Investment Income:
Interest $9 $1
Dividends 68 1
Less withholding taxes on foreign dividends (6) -
71 2
Expenses:
Management and advisory fees 35 1
Transfer agent fees and expenses 19 3
Custody and accounting fees and expenses 42 2
Registration fees 32 5
Trustees fees and expenses - -
Audit fees and expenses 3 -
Other 7 4
Distribution and service fees:
Class A 10 -
Class B 11 -
Class C - -
Class M 3 -
Gross Expenses 162 15
Less fee waivers and reimbursements
by the investment adviser (79) (12)
Less custodian earnings credits - -
Net Expenses 83 3
Net Investment Income (Loss) (12) (1)
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments 1,730 9
Futures/options contracts 19 -
Foreign currency transactions (30) -
1,719 9
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments (669) 31
Futures/options contracts - -
Translation of assets and liabilities
denominated in foreign currency (3) -
(672) 31
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions 1,047 40
Net Increase in Net Assets
Resulting from Operations $1,035 $39
IDEX Dean IDEX LKCM
Asset Allocation Strategic Total
Return
Investment Income:
Interest $282 $700
Dividends 227 299
Less withholding taxes on foreign dividends - (1)
509 998
Expenses:
Management and advisory fees 99 256
Transfer agent fees and expenses 54 103
Custody and accounting fees and expenses 21 22
Registration fees 17 21
Trustees fees and expenses - 2
Audit fees and expenses 3 4
Other 5 11
Distribution and service fees:
Class A 19 68
Class B 51 83
Class C - 2
Class M 17 38
Gross Expenses 286 610
Less fee waivers and reimbursements
by the investment adviser (50) (34)
Less custodian earnings credits - (1)
Net Expenses 236 575
Net Investment Income (Loss) 273 423
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments 525 2,229
Futures/options contracts - -
Foreign currency transactions - -
525 2,229
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments (382) (1,093)
Futures/options contracts - -
Translation of assets and liabilities
denominated in foreign currency - -
(382) (1,093)
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions 143 1,136
Net Increase in Net Assets
Resulting from Operations $416 $1,559
IDEX NWQ IDEX C.A.S.E.
Value Equity Growth
Investment Income:
Interest $43 $13
Dividends 115 31
Less withholding taxes on foreign dividends - -
158 44
Expenses:
Management and advisory fees 68 42
Transfer agent fees and expenses 46 32
Custody and accounting fees and expenses 18 21
Registration fees 30 27
Trustees fees and expenses - -
Audit fees and expenses 3 3
Other 3 -
Distribution and service fees:
Class A 13 9
Class B 36 21
Class C 1 1
Class M 10 6
Gross Expenses 228 162
Less fee waivers and reimbursements
by the investment adviser (66) (62)
Less custodian earnings credits - -
Net Expenses 162 100
Net Investment Income (Loss) (4) (56)
Realized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net realized gain (loss) during the period on:
Investments (1,209) 833
Futures/options contracts - -
Foreign currency transactions - -
(1,209) 833
Unrealized Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions:
Net unrealized appreciation (depreciation)
during the period on:
Investments 2,518 (1,027)
Futures/options contracts - -
Translation of assets and liabilities
denominated in foreign currency - -
2,518 (1,027)
Net Gain (Loss) on Investments,
Futures/Options Contracts and Foreign
Currency Transactions 1,309 (194)
Net Increase in Net Assets
Resulting from Operations $1,305 $(250)
(1) From commencement of investment operations on March 1, 2000 through
April 30, 2000.
See notes to the Statements of Operations on page 104.
The notes to the financial statements are an integral part of these
statements.
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
All numbers in thousands
IDEX JCC Growth
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(10,747) $(12,861)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 114,624 571,039
Net unrealized appreciation
(depreciation) during the period 639,242 508,372
743,119 1,066,550
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
Class T - -
- -
From net realized gains:
Class A (259,288) (10,777)
Class B (66,577) (715)
Class C (1,156) -
Class M (28,292) (428)
Class T (203,577) (9,789)
(558,890) (21,709)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 329,879 141,079
Class B 335,883 229,531
Class C 82,824 -
Class M 127,356 52,641
Class T 169,552 (36,613)
1,045,494 386,638
Net increase (decrease) in net assets 1,229,723 1,431,479
Net Assets:
Beginning of period 3,104,072 1,672,593
End of period $4,333,795 $3,104,072
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(10,943) $(196)
IDEX JCC Global
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(6,796) $(3,355)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 81,018 32,559
Net unrealized appreciation
(depreciation) during the period 261,427 199,130
335,649 228,334
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
Class T - -
- -
From net realized gains:
Class A (15,933) -
Class B (10,225) -
Class C (80) -
Class M (5,402) -
Class T - -
(31,640) -
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 112,039 58,510
Class B 189,319 111,965
Class C 75,736 -
Class M 87,971 57,340
Class T - -
465,065 227,815
Net increase (decrease) in net assets 769,074 456,149
Net Assets:
Beginning of period 926,781 470,632
End of period $1,695,855 $926,781
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(6,937) $(141)
IDEX JCC Balanced
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $1,935 $997
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 7,811 2,824
Net unrealized appreciation
(depreciation) during the period 8,772 15,943
18,518 19,764
Distributions To Shareholders:
From net investment income:
Class A (775) (474)
Class B (792) (227)
Class C (43) -
Class M (289) (102)
Class T - -
(1,899) (803)
From net realized gains:
Class A (947) (129)
Class B (1,353) (88)
Class C (14) -
Class M (477) (32)
Class T - -
(2,791) (249)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 34,779 36,281
Class B 68,161 73,439
Class C 20,524 -
Class M 17,590 26,464
Class T - -
141,054 136,184
Net increase (decrease) in net assets 154,882 154,896
Net Assets:
Beginning of period 194,704 39,808
End of period $349,586 $194,704
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $346 $310
IDEX JCC Capital Appreciation
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(2,435) $(970)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 20,040 10,075
Net unrealized appreciation
(depreciation) during the period (42,434) 30,698
(24,829) 39,803
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
Class T - -
- -
From net realized gains:
Class A (5,433) (2,404)
Class B (3,160) (417)
Class C (219) -
Class M (937) (141)
Class T - -
(9,749) (2,962)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 107,904 24,897
Class B 130,294 24,262
Class C 41,079
Class M 40,243 6,229
Class T -
319,520 55,388
Net increase (decrease) in net assets 284,942 92,229
Net Assets:
Beginning of period 121,143 28,914
End of period $406,084 $121,143
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(2,944) $(509)
IDEX JCC Flexible Income
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $912 $1,346
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (100) (301)
Net unrealized appreciation
(depreciation) during the period (542) (799)
270 246
Distributions To Shareholders:
From net investment income:
Class A (444) (842)
Class B (311) (325)
Class C (25) -
Class M (109) (158)
Class T - -
(889) (1,325)
From net realized gains:
Class A - -
Class B - -
Class C - -
Class M - -
Class T - -
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A (750) 589
Class B 2,895 6,942
Class C 1,766 -
Class M 167 1,731
Class T - -
4,078 9,262
Net increase (decrease) in net assets 3,459 8,183
Net Assets:
Beginning of period 27,747 19,564
End of period $31,206 $27,747
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $88 $65
IDEX Alger Aggressive
Growth Increase
(Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(1,925) $(1,511)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (1,742) 16,203
Net unrealized appreciation
(depreciation) during the period 37,518 27,828
33,851 42,520
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
- -
From net realized gains:
Class A (9,201) (2,492)
Class B (4,789) (622)
Class C (48) -
Class M (1,787) (321)
(15,825) (3,435)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 48,602 27,107
Class B 55,613 28,199
Class C 11,760 -
Class M 16,027 9,074
132,002 64,380
Net increase (decrease) in net assets 150,028 103,465
Net Assets:
Beginning of period 166,015 62,550
End of period $316,043 $166,015
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(1,932) $(7)
IDEX T. Rowe Price Dividend Growth
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $17 $9
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (347) (43)
Net unrealized appreciation
(depreciation) during the period 319 (44)
(11) (78)
Distributions To Shareholders:
From net investment income:
Class A (11) (3)
Class B (6) -
Class C - -
Class M (2) (1)
(19) (4)
From net realized gains:
Class A - -
Class B - -
Class C - -
Class M - -
- -
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 1,453 1,862
Class B 2,316 2,171
Class C 992 -
Class M 200 1,081
4,961 5,114
Net increase (decrease) in net assets 4,931 5,032
Net Assets:
Beginning of period 5,032 -
End of period $9,963 $5,032
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $2 $4
IDEX T. Rowe Price Small Cap
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(52) $(19)
Net realized gain (loss) on investments, -
futures/options contracts and
foreign currency transactions 332 99
Net unrealized appreciation
(depreciation) during the period 510 69
790 149
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
- -
From net realized gains:
Class A (40) -
Class B (33) -
Class C (1) -
Class M (20) -
(94) -
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 3,702 1,210
Class B 3,204 1,084
Class C 741 -
Class M 963 649
8,610 2,943
Net increase (decrease) in net assets 9,306 3,092
Net Assets:
Beginning of period 3,092 -
End of period $12,398 $3,092
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(52) $-
IDEX Pilgrim Baxter Mid Cap Growth
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(197) $(18)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 1,700 191
Net unrealized appreciation
(depreciation) during the period (7,408) 678
(5,905) 851
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
- -
From net realized gains:
Class A (68) -
Class B (84) -
Class C (5) -
Class M (27) -
(184) -
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 25,197 2,231
Class B 30,772 2,527
Class C 5,902 -
Class M 6,653 853
68,524 5,611
Net increase (decrease) in net assets 62,435 6,462
Net Assets:
Beginning of period 6,462 -
End of period $68,897 $6,462
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(197) $-
IDEX Pilgrim Baxter Technology
Increase (Decrease) In Net Assets From: 2000 (3)
Operations:
Net investment income (loss) $(49)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (3,227)
Net unrealized appreciation
(depreciation) during the period (4,502)
(7,778)
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class C -
Class M -
-
From net realized gains:
Class A -
Class B -
Class C -
Class M -
-
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 19,028
Class B 21,557
Class C 7,942
Class M 7,481
56,008
Net increase (decrease) in net assets 48,230
Net Assets:
Beginning of period -
End of period $48,230
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(49)
IDEX Goldman Sachs Growth
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(38) $(14)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 222 26
Net unrealized appreciation
(depreciation) during the period 437 267
621 279
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
- -
From net realized gains:
Class A (7) -
Class B (7) -
Class C - -
Class M (3) -
(17) -
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 1,497 1,859
Class B 2,383 2,148
Class C 532 -
Class M 974 701
5,386 4,708
Net increase (decrease) in net assets 5,990 4,987
Net Assets:
Beginning of period 4,987 -
End of period $10,977 $4,987
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(38) $-
IDEX Transamerica IDEX Transamerica
Equity Small Company
Increase (Decrease) In Net Assets From: 2000 (3) 2000 (3)
Operations:
Net investment income (loss) $(4) $(5)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 32 41
Net unrealized appreciation
(depreciation) during the period (39) (431)
(11) (395)
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
- -
From net realized gains:
Class A - -
Class B - -
Class C - -
Class M - -
- -
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 1,268 1,128
Class B 576 1,760
Class C 365 646
Class M 153 879
2,362 4,413
Net increase (decrease) in net assets 2,351 4,018
Net Assets:
Beginning of period - -
End of period $2,351 $4,018
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(4) $(5)
IDEX Salomon All Cap
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $4 $-
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 965 52
Net unrealized appreciation
(depreciation) during the period 562 24
1,531 76
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
- -
From net realized gains:
Class A (33) -
Class B (29) -
Class C (2) -
Class M (12) -
(76) -
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 3,014 1,852
Class B 2,906 1,551
Class C 1,174 -
Class M 766 700
7,860 4,103
Net increase (decrease) in net assets 9,315 4,179
Net Assets:
Beginning of period 4,179 -
End of period $13,494 $4,179
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $4 $-
IDEX AEGON Income Plus
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $2,579 $5,081
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (1,399) 466
Net unrealized appreciation
(depreciation) during the period (1,107) (5,039)
73 508
Distributions To Shareholders:
From net investment income:
Class A (1,952) (4,250)
Class B (429) (580)
Class C (10) -
Class M (172) (410)
(2,563) (5,240)
From net realized gains:
Class A (355) (1,219)
Class B (80) (128)
Class C - -
Class M (34) (98)
(469 (1,445)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A (7,255) 429
Class B 195 8,682
Class C 844 -
Class M (788) 1,985
(7,004) 11,096
Net increase (decrease) in net assets (9,963) 4,919
Net Assets:
Beginning of period 77,527 72,608
End of period $67,564 $77,527
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $149 $133
IDEX AEGON Tax Exempt
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $442 $940
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (763) 219
Net unrealized appreciation
(depreciation) during the period 873 (2,796)
552 (1,637)
Distributions To Shareholders:
From net investment income:
Class A (386) (844)
Class B (22) (34)
Class C (1) -
Class M (40) (75)
(449) (953)
From net realized gains:
Class A (191) (365)
Class B (13) (15)
Class C (1) -
Class M (22) (30)
(227) (410)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A (4,121) 1,279
Class B (244) 736
Class C 97 -
Class M (437) 853
(4,705) 2,868
Net increase (decrease) in net assets (4,829) (132)
Net Assets:
Beginning of period 24,442 24,574
End of period $19,613 $24,442
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $31 $38
IDEX GE International Equity
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(12) $(22)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 1,719 585
Net unrealized appreciation
(depreciation) during the period (672) 669
1,035 1,232
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
- -
From net realized gains:
Class A (186) -
Class B (63) -
Class C - -
Class M (18) -
(267) -
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 980 (1,012)
Class B 884 99
Class C 288 -
Class M 98 14
2,250 (899)
Net increase (decrease) in net assets 3,018 333
Net Assets:
Beginning of period 6,909 6,576
End of period $9,927 $6,909
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(12) $-
IDEX GE U.S. Equity
Increase (Decrease) In Net Assets From: 2000 (3)
Operations:
Net investment income (loss) $(1)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 9
Net unrealized appreciation
(depreciation) during the period 31
39
Distributions To Shareholders:
From net investment income:
Class A -
Class B -
Class C -
Class M -
-
From net realized gains:
Class A -
Class B -
Class C -
Class M -
-
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 529
Class B 521
Class C 300
Class M 235
1,585
Net increase (decrease) in net assets 1,624
Net Assets:
Beginning of period -
End of period $1,624
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(1)
IDEX Dean Asset Allocation
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $273 $616
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 525 (309)
Net unrealized appreciation
(depreciation) during the period (382) (1,585)
416 (1,278)
Distributions To Shareholders:
From net investment income:
Class A (181) (278)
Class B (142) (181)
Class C - -
Class M (52) (87)
(375) (546)
From net realized gains:
Class A - (762)
Class B - (741)
Class C - -
Class M - (354)
- (1,857)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A (2,582) (1,838)
Class B (3,185) (1,013)
Class C 138 -
Class M (1,636) (1,999)
(7,265) (4,850)
Net increase (decrease) in net assets (7,224) (8,531)
Net Assets:
Beginning of period 29,237 37,768
End of period $22,013 $29,237
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $78 $180
IDEX LKCM Strategic Total Return
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $423 $546
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 2,229 1,606
Net unrealized appreciation
(depreciation) during the period (1,093) 3,627
1,559 5,779
Distributions To Shareholders:
From net investment income:
Class A (276) (420)
Class B (72) (71)
Class C (1) -
Class M (40) (52)
(389) (543)
From net realized gains:
Class A (903) (415)
Class B (376) (133)
Class C (2) -
Class M (200) (89)
(1,481) (637)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 1,881 2,953
Class B 2,407 4,758
Class C 1,328 -
Class M (1,020) 1,138
4,596 8,849
Net increase (decrease) in net assets 4,285 13,448
Net Assets:
Beginning of period 62,269 48,821
End of period $66,554 $62,269
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $115 $81
IDEX NWQ Value Equity
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(4) $(15)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions (1,209) (167)
Net unrealized appreciation
(depreciation) during the period 2,518 357
1,305 175
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
-
-
From net realized gains:
Class A (1) (191)
Class B (1) (123)
Class C - -
Class M - (46)
(2) (360)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A (878) (212)
Class B 455 2,575
Class C 413 -
Class M (113) 241
(123) 2,604
Net increase (decrease) in net assets 1,180 2,419
Net Assets:
Beginning of period 17,487 15,068
End of period $18,667 $17,487
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(5) $(1)
IDEX C.A.S.E. Growth
Increase (Decrease) In Net Assets From: 2000 (1) 1999 (2)
Operations:
Net investment income (loss) $(56) $(110)
Net realized gain (loss) on investments,
futures/options contracts and
foreign currency transactions 833 281
Net unrealized appreciation
(depreciation) during the period (1,027) 1,916
(250) 2,087
Distributions To Shareholders:
From net investment income:
Class A - -
Class B - -
Class C - -
Class M - -
- -
From net realized gains:
Class A (81) (340)
Class B (68) (205)
Class C - -
Class M (23) (65)
(172) (610)
Net Increase (Decrease) in Net
Assets from Shares of
Beneficial Interest Transactions:
Class A 369 (560)
Class B 277 908
Class C 327 -
Class M (146) 295
827 643
Net increase (decrease) in net assets 405 2,120
Net Assets:
Beginning of period 9,743 7,623
End of period $10,148 $9,743
Undistributed Net Investment (Loss)
or (Distribution in Excess of
Net Investment Income): $(57) $(1)
(1) For the six months ended April 30, 2000.
(2) For the year or period ended October 31, 1999.
(3) From the commencement of investment operations on March 1, 2000 through
April 30, 2000, unaudited.
See notes to the Statements of Changes in Net Assets on page 112.
The notes to the financial statements are an integral part of these
statements.
FINANCIAL HIGHLIGHTS (unaudited)
For a share of beneficial interest outstanding throughout each period:
Investment Operations
Net Asset
Year or Value, Net Net Realized
Period Beginning Investment and Unrealized Total
Ended of Period Income (Loss)12 Gain (Loss) Operations
IDEX JCC Growth
Class A 04/30/2000 $46.72 $(0.09) $10.57 $10.48
10/31/1999 29.35 0.06 17.70 17.76
10/31/1998 25.04 (0.02) 7.64 7.62
10/31/1997 21.97 (0.02) 3.56 3.54
10/31/1996(5) 22.21 - (0.24) (0.24)
09/30/1996 22.84 (0.11) 4.66 4.55
09/30/1995 16.78 (0.05) 6.18 6.13
Class B 04/30/2000 45.38 (0.50) 10.57 10.07
10/31/1999 28.63 (0.56) 17.70 17.14
10/31/1998 24.55 (0.25) 7.64 7.39
10/31/1997 21.60 (0.14) 3.56 3.42
10/31/1996 (5) 21.85 (0.01) (0.24) (0.25)
09/30/1996 22.64 (0.27) 4.66 4.39
Class C 04/30/2000 (2) 45.38 (0.50) 10.57 10.07
Class M 04/30/2000 45.58 (0.43) 10.57 10.14
10/31/1999 (4) 28.74 (0.47) 17.70 17.23
10/31/1998 24.62 (0.21) 7.64 7.43
10/31/1997 21.65 (0.12) 3.56 3.44
10/31/1996 (5) 21.91 (0.02) (0.24) (0.26)
09/30/1996 22.64 (0.21) 4.66 4.45
09/30/1995 16.68 (0.15) 6.18 6.03
Class T 04/30/2000 47.45 0.13 10.57 10.70
10/31/1999 29.74 0.40 17.70 18.10
10/31/1998 (6) 25.31 0.13 7.64 7.77
10/31/1997 22.17 0.05 3.56 3.61
10/31/1996 (5) 22.41 - (0.24) (0.24)
09/30/1996 (9) 22.23 - 0.18 0.18
IDEX JCC Global
Class A 04/30/2000 33.80 0.01 12.37 12.38
10/31/1999 (15) 24.09 0.22 9.49 9.71
10/31/1998 (6) 23.74 0.08 2.34 2.42
10/31/1997 21.39 0.07 4.38 4.45
10/31/1996 (5) 21.40 (0.02) 0.01 (0.01)
09/30/1996 17.73 (0.09) 4.38 4.29
09/30/1995 15.93 (0.06) 2.42 2.36
Class B 04/30/2000 32.98 (0.37) 12.37 12.00
10/31/1999 (15) 23.62 (0.13) 9.49 9.36
10/31/1998 (6) 23.38 (0.03) 2.34 2.31
10/31/1997 21.13 (0.03) 4.38 4.35
10/31/1996 (5) 21.14 (0.02) 0.01 (0.01)
09/30/1996 17.57 (0.19) 4.38 4.19
Class C 04/30/2000 (2) 32.98 (0.37) 12.37 12.00
Class M 04/30/2000 32.91 (0.37) 12.37 12.00
10/31/1999(4) (15) 23.56 (0.14) 9.49 9.35
10/31/1998 (6) 23.30 (0.01) 2.34 2.33
10/31/1997 21.03 (0.01) 4.38 4.37
10/31/1996 (5) 21.04 (0.02) 0.01 (0.01)
09/30/1996 17.46 (0.18) 4.38 4.20
09/30/1995 15.74 (0.14) 2.42 2.28
IDEX JCC Balanced
Class A 04/30/2000 $18.96 $0.18 $1.62 $1.80
10/31/1999 14.75 0.19 4.27 4.46
10/31/1998 14.34 0.15 1.76 1.91
10/31/1997 13.58 0.19 2.52 2.71
10/31/1996 (5) 13.47 0.01 0.10 0.11
09/30/1996 11.47 0.24 2.25 2.49
09/30/1995 (7) 10.00 0.05 1.47 1.52
Class B 04/30/2000 18.95 0.13 1.62 1.75
10/31/1999 14.74 0.08 4.27 4.35
10/31/1998 14.33 0.06 1.76 1.82
10/31/1997 13.56 0.12 2.52 2.64
10/31/1996 (5) 13.46 - 0.10 0.10
09/30/1996 11.47 0.15 2.25 2.40
Class C 04/30/2000 (2) 18.95 0.13 1.62 1.75
Class M 04/30/2000 18.95 0.13 1.62 1.75
10/31/1999 (4) 14.74 0.10 4.27 4.37
10/31/1998 14.33 0.07 1.76 1.83
10/31/1997 13.57 0.12 2.52 2.64
10/31/1996 (5) 13.46 0.01 0.10 0.11
09/30/1996 11.47 0.16 2.25 2.41
09/30/1995 (7) 10.00 0.01 1.47 1.48
IDEX JCC Capital Appreciation
Class A 04/30/2000 31.09 0.05 6.29 6.34
10/31/1999 16.97 0.05 15.88 15.93
10/31/1998 15.90 0.01 1.51 1.52
10/31/1997 15.49 0.04 0.58 0.62
10/31/1996 (5) 15.75 (0.02) (0.24) (0.26)
09/30/1996 (6) 13.54 (0.02) 3.12 3.10
09/30/1995 (7) 10.00 (0.03) 3.57 3.54
Class B 04/30/2000 30.51 (0.13) 6.29 6.16
10/31/1999 16.72 (0.28) 15.88 15.60
10/31/1998 15.74 (0.08) 1.51 1.43
10/31/1997 15.42 (0.05) 0.58 0.53
10/31/1996 (5) 15.69 (0.03) (0.24) (0.27)
09/30/1996 13.49 (0.10) 3.12 3.02
Class C 04/30/2000 (2) 30.51 (0.13) 6.29 6.16
Class M 04/30/2000 30.60 (0.11) 6.29 6.18
10/31/1999 (4) 16.76 (0.23) 15.88 15.65
10/31/1998 15.77 (0.07) 1.51 1.44
10/31/1997 15.43 (0.03) 0.58 0.55
10/31/1996 (5) 15.70 (0.03) (0.24) (0.27)
09/30/1996 (6) 13.49 (0.08) 3.12 3.04
09/30/1995 (7) 10.00 (0.08) 3.57 3.49
IDEX JCC Flexible Income
Class A 04/30/2000 $9.46 $0.30 $(0.19) $0.11
10/31/1999 9.84 0.54 (0.38) 0.16
10/31/1998 9.75 0.61 0.10 0.71
10/31/1997 9.33 0.61 0.42 1.03
10/31/1996 (5) 9.19 0.05 0.14 0.19
09/30/1996 9.17 0.60 - 0.60
09/30/1995 8.83 0.61 0.37 0.98
Class B 04/30/2000 9.46 0.27 (0.19) 0.08
10/31/1999 9.83 0.49 (0.38) 0.11
10/31/1998 9.75 0.54 0.10 0.64
10/31/1997 9.32 0.56 0.42 0.98
10/31/1996 (5) 9.18 0.05 0.14 0.19
09/30/1996 9.17 0.53 - 0.53
Class C 04/30/2000 (2) 9.46 0.27 (0.19) 0.08
Class M 04/30/2000 9.46 0.28 (0.19) 0.09
10/31/1999 (4) 9.84 0.49 (0.38) 0.11
10/31/1998 9.75 0.56 0.10 0.66
10/31/1997 9.32 0.57 0.42 0.99
10/31/1996 (5) 9.18 0.05 0.14 0.19
09/30/1996 9.17 0.54 - 0.54
09/30/1995 8.83 0.56 0.37 0.93
IDEX Alger Aggressive Growth
Class A 04/30/2000 33.05 (0.26) 8.67 8.41
10/31/1999 22.24 0.17 11.82 11.99
10/31/1998 18.77 0.03 4.02 4.05
10/31/1997 15.70 0.05 3.69 3.74
10/31/1996 (5) 15.75 (0.01) (0.04) (0.05)
09/30/1996 (6) 17.68 (0.15) (0.76) (0.91)
09/30/1995 (7) 10.00 (0.14) 7.82 7.68
Class B 04/30/2000 32.44 (0.48) 8.67 8.19
10/31/1999 21.93 (0.13) 11.82 11.69
10/31/1998 18.58 (0.09) 4.02 3.93
10/31/1997 15.58 (0.02) 3.69 3.67
10/31/1996 (5) 15.63 (0.01) (0.04) (0.05)
09/30/1996 (6) 17.64 (0.23) (0.76) (0.99)
Class C 04/30/2000 (2) 32.44 (0.48) 8.67 8.19
Class M 04/30/2000 32.53 (0.44) 8.67 8.23
10/31/1999 (4) 21.98 (0.09) 11.82 11.73
10/31/1998 18.61 (0.07) 4.02 3.95
10/31/1997 15.60 (0.01) 3.69 3.68
10/31/1996 (5) 15.65 (0.01) (0.04) (0.05)
09/30/1996 (6) 17.64 (0.21) (0.76) (0.97)
09/30/1995 (7) 10.00 (0.18) 7.82 7.64
IDEX T. Rowe Price Dividend Growth
Class A 04/30/2000 10.20 0.05 (0.27) (0.22)
10/31/1999 (3) 10.00 0.06 0.18 0.24
Class B 04/30/2000 10.19 0.02 (0.27) (0.25)
10/31/1999 (3) 10.00 0.01 0.18 0.19
Class C 04/30/2000 (2) 10.19 0.02 (0.27) (0.25)
Class M 04/30/2000 10.19 0.02 (0.27) (0.25)
10/31/1999 (3) 10.00 0.02 0.18 0.20
IDEX T. Rowe Price Small Cap
Class A 04/30/2000 $11.01 $(0.06) $3.10 $3.04
10/31/1999 (3) 10.00 0.02 0.99 1.01
Class B 04/30/2000 10.97 (0.10) 3.10 3.00
10/31/1999 (3) 10.00 (0.02) 0.99 0.97
Class C 04/30/2000 (2) 10.97 (0.10) 3.10 3.00
Class M 04/30/2000 10.98 (0.10) 3.10 3.00
10/31/1999 (3) 10.00 (0.01) 0.99 0.98
IDEX Pilgrim Baxter Mid Cap Growth
Class A 04/30/2000 14.80 (0.02) 5.30 5.28
10/31/1999 (3) 10.00 0.02 4.78 4.80
Class B 04/30/2000 14.76 (0.08) 5.30 5.22
10/31/1999 (3) 10.00 (0.02) 4.78 4.76
Class C 04/30/2000 (2) 14.76 (0.08) 5.30 5.22
Class M 04/30/2000 14.77 (0.08) 5.30 5.22
10/31/1999 (3) 10.00 (0.01) 4.78 4.77
IDEX Pilgrim Baxter Technology
Class A 04/30/2000 (1) 10.00 - (2.70) (2.70)
Class B 04/30/2000 (1) 10.00 (0.02) (2.70) (2.72)
Class C 04/30/2000 (1) 10.00 (0.02) (2.70) (2.72)
Class M 04/30/2000 (1) 10.00 (0.01) (2.70) (2.71)
IDEX Goldman Sachs Growth
Class A 04/30/2000 11.40 (0.03) 1.13 1.10
10/31/1999 (3) 10.00 0.03 1.37 1.40
Class B 04/30/2000 11.35 (0.07) 1.13 1.06
10/31/1999 (3) 10.00 (0.02) 1.37 1.35
Class C 04/30/2000 (2) 11.35 (0.07) 1.13 1.06
Class M 04/30/2000 11.36 (0.06) 1.13 1.07
10/31/1999 (3) 10.00 (0.01) 1.37 1.36
IDEX Transamerica Equity
Class A 04/30/2000 (1) 10.00 (0.01) 0.22 0.21
Class B 04/30/2000 (1) 10.00 (0.03) 0.22 0.19
Class C 04/30/2000 (1) 10.00 (0.03) 0.22 0.19
Class M 04/30/2000 (1) 10.00 (0.02) 0.22 0.20
IDEX Transamerica Small Company
Class A 04/30/2000 (1) 10.00 0.01 (1.45) (1.44)
Class B 04/30/2000 (1) 10.00 (0.01) (1.45) (1.46)
Class C 04/30/2000 (1) 10.00 (0.01) (1.45) (1.46)
Class M 04/30/2000 (1) 10.00 (0.01) (1.45) (1.46)
IDEX Salomon All Cap
Class A 04/30/2000 11.70 0.03 2.80 2.83
10/31/1999 (3) 10.00 0.02 1.68 1.70
Class B 04/30/2000 11.66 (0.03) 2.80 2.77
10/31/1999 (3) 10.00 (0.02) 1.68 1.66
Class C 04/30/2000 (2) 11.66 (0.03) 2.80 2.77
Class M 04/30/2000 11.67 (0.02) 2.80 2.78
10/31/1999 (3) 10.00 (0.01) 1.68 1.67
IDEX AEGON Income Plus
Class A 04/30/2000 $9.67 $0.34 $(0.34) $-
10/31/1999 10.43 0.65 (0.54) 0.11
10/31/1998 10.96 0.69 (0.30) 0.39
10/31/1997 10.61 0.76 0.44 1.20
10/31/1996 (5) 10.41 0.04 0.22 0.26
09/30/1996 10.36 0.72 0.04 0.76
09/30/1995 9.75 0.75 0.71 1.46
Class B 04/30/2000 9.67 0.31 (0.34) (0.03)
10/31/1999 10.42 0.59 (0.54) 0.05
10/31/1998 10.96 0.61 (0.30) 0.31
10/31/1997 10.61 0.69 0.44 1.13
10/31/1996 (5) 10.40 0.05 0.22 0.27
09/30/1996 10.35 0.65 0.04 0.69
Class C 04/30/2000 (2) 9.67 0.31 (0.34) (0.03)
Class M 04/30/2000 9.67 0.31 (0.34) (0.03)
10/31/1999 (4) 10.42 0.60 (0.54) 0.06
10/31/1998 10.96 0.62 (0.30) 0.32
10/31/1997 10.61 0.70 0.44 1.14
10/31/1996 (5) 10.40 0.05 0.22 0.27
09/30/1996 10.35 0.66 0.04 0.70
09/30/1995 9.74 0.69 0.71 1.40
IDEX AEGON Tax Exempt
Class A 04/30/2000 10.60 0.22 0.06 0.28
10/31/1999 11.94 0.44 (1.14) (0.70)
10/31/1998 11.75 0.48 0.34 0.82
10/31/1997 11.40 0.53 0.43 0.96
10/31/1996 (5) 11.36 0.05 0.04 0.09
09/30/1996 11.34 0.55 0.10 0.65
09/30/1995 11.10 0.55 0.29 0.84
Class B 04/30/2000 10.59 0.19 0.06 0.25
10/31/1999 11.94 0.35 (1.14) (0.79)
10/31/1998 11.74 0.41 0.34 0.75
10/31/1997 11.40 0.44 0.43 0.87
10/31/1996 (5) 11.36 0.04 0.04 0.08
09/30/1996 11.34 0.48 0.10 0.58
Class C 04/30/2000 (2) 10.59 0.19 0.06 0.25
Class M 04/30/2000 10.59 0.22 0.06 0.28
10/31/1999 (4) 11.94 0.39 (1.14) (0.75)
10/31/1998 11.75 0.45 0.34 0.79
10/31/1997 11.40 0.50 0.43 0.93
10/31/1996 (5) 11.36 0.04 0.04 0.08
09/30/1996 11.34 0.52 0.10 0.62
09/30/1995 11.10 0.52 0.29 0.81
IDEX GE International Equity
Class A 04/30/2000 $12.85 $(0.03) $2.03 $2.00
10/31/1999 10.77 0.03 2.05 2.08
10/31/1998 (6) 10.57 0.07 0.20 0.27
10/31/1997 (8) 10.00 0.07 0.50 0.57
Class B 04/30/2000 12.70 (0.08) 2.03 1.95
10/31/1999 10.71 (0.06) 2.05 1.99
10/31/1998 (6) 10.52 - 0.20 0.20
10/31/1997 (8) 10.00 0.02 0.50 0.52
Class C 04/30/2000 (2) 12.70 (0.08) 2.03 1.95
Class M 04/30/2000 12.73 (0.08) 2.03 1.95
10/31/1999 (4) 10.72 (0.04) 2.05 2.01
10/31/1998 (6) 10.53 0.01 0.20 0.21
10/31/1997 (8) 10.00 0.03 0.50 0.53
IDEX GE U.S. Equity
Class A 04/30/2000 (1) 10.00 - 0.64 0.64
Class B 04/30/2000 (1) 10.00 (0.02) 0.64 0.62
Class C 04/30/2000 (1) 10.00 0.40 0.22 0.62
Class M 04/30/2000 (1) 10.00 (0.02) 0.64 0.62
IDEX Dean Asset Allocation
Class A 04/30/2000 11.79 0.35 (0.03) 0.32
10/31/1999 (6) 13.14 0.27 (0.73) (0.46)
10/31/1998 13.19 0.22 0.67 0.89
10/31/1997 11.19 0.19 2.02 2.21
10/31/1996 (5) 11.03 0.02 0.14 0.16
09/30/1996 10.00 0.08 1.03 1.11
Class B 04/30/2000 11.78 0.31 (0.03) 0.28
10/31/1999 (6) 13.13 0.19 (0.73) (0.54)
10/31/1998 13.18 0.14 0.67 0.81
10/31/1997 11.18 0.11 2.02 2.13
10/31/1996 (5) 11.02 0.02 0.14 0.16
09/30/1996 10.00 - 1.03 1.03
Class C 04/30/2000 (2) 11.78 0.32 (0.03) 0.29
Class M 04/30/2000 11.78 0.32 (0.03) 0.29
10/31/1999(4) (6) 13.13 0.20 (0.73) (0.53)
10/31/1998 13.18 0.15 0.67 0.82
10/31/1997 11.18 0.12 2.02 2.14
10/31/1996 (5) 11.03 0.01 0.14 0.15
09/30/1996 10.00 0.02 1.03 1.05
IDEX LKCM Strategic Total Return
Class A 04/30/2000 17.62 0.16 0.30 0.46
10/31/1999 16.18 0.20 1.65 1.85
10/31/1998 15.91 0.21 0.94 1.15
10/31/1997 13.43 0.20 2.79 2.99
10/31/1996 (5) 13.27 0.01 0.15 0.16
09/30/1996 11.74 0.20 1.65 1.85
09/30/1995 (7) 10.00 0.09 1.75 1.84
Class B 04/30/2000 17.60 0.11 0.30 0.41
10/31/1999 16.17 0.09 1.65 1.74
10/31/1998 15.89 0.11 0.94 1.05
10/31/1997 13.42 0.10 2.79 2.89
10/31/1996 (5) 13.27 - 0.15 0.15
09/30/1996 11.73 0.13 1.65 1.78
Class C 04/30/2000 (2) 17.60 0.11 0.30 0.41
Class M 04/30/2000 17.61 0.12 0.30 0.42
10/31/1999 (4) 16.17 0.11 1.65 1.76
10/31/1998 15.90 0.12 0.94 1.06
10/31/1997 13.42 0.12 2.79 2.91
10/31/1996 (5) 13.27 - 0.15 0.15
09/30/1996 11.73 0.15 1.65 1.80
09/30/1995 (7) 10.00 0.03 1.75 1.78
IDEX NWQ Value Equity
Class A 04/30/2000 $11.28 $0.03 $0.90 $0.93
10/31/1999 (6) 11.09 0.05 0.41 0.46
10/31/1998 11.71 0.03 (0.61) (0.58)
10/31/1997 (8) 10.00 0.02 1.69 1.71
Class B 04/30/2000 11.09 (0.02) 0.90 0.88
10/31/1999 (6) 10.98 (0.03) 0.41 0.38
10/31/1998 11.67 (0.04) (0.61) (0.65)
10/31/1997 (8) 10.00 (0.02) 1.69 1.67
Class C 04/30/2000 (2) 11.09 (0.02) 0.90 0.88
Class M 04/30/2000 11.12 (0.01) 0.90 0.89
10/31/1999(4) (6) 11.00 (0.02) 0.41 0.39
10/31/1998 11.67 (0.02) (0.61) (0.63)
10/31/1997 (8) 10.00 (0.02) 1.69 1.67
IDEX C.A.S.E. Growth
Class A 04/30/2000 12.14 (0.17) (0.04) (0.21)
10/31/1999 10.14 0.06 2.78 2.84
10/31/1998 12.90 0.03 (1.84) (1.81)
10/31/1997 (6) 10.56 (0.01) 2.86 2.85
10/31/1996 (5) 10.46 (0.07) 0.17 0.10
09/30/1996 (10) 10.00 0.61 (0.15) 0.46
Class B 04/30/2000 11.93 (0.20) (0.04) (0.24)
10/31/1999 10.02 (0.03) 2.78 2.75
10/31/1998 12.85 (0.04) (1.84) (1.88)
10/31/1997 (6) 10.51 (0.07) 2.86 2.79
10/31/1996 (5) 10.41 (0.07) 0.17 0.10
09/30/1996 (10) 10.00 0.56 (0.15) 0.41
Class C 04/30/2000 (2) 11.93 (0.20) (0.04) (0.24)
Class M 04/30/2000 11.96 (0.19) (0.04) (0.23)
10/31/1999 (4) 10.04 (0.02) 2.78 2.76
10/31/1998 12.86 (0.03) (1.84) (1.87)
10/31/1997 (6) 10.52 (0.06) 2.86 2.80
10/31/1996 (5) 10.42 (0.07) 0.17 0.10
09/30/1996 (10) 10.00 0.57 (0.15) 0.42
Distributions
Year or From Net From Net
Period Investment Realized Total
Ended Income Capital Gains Distributions
IDEX JCC Growth
Class A 04/30/2000 $- $(8.29) $(8.29)
10/31/1999 - (0.39) (0.39)
10/31/1998 - (3.31) (3.31)
10/31/1997 - (0.47) (0.47)
10/31/1996 (5) - - -
09/30/1996 - (5.18) (5.18)
09/30/1995 - (0.07) (0.07)
Class B 04/30/2000 - (8.29) (8.29)
10/31/1999 - (0.39) (0.39)
10/31/1998 - (3.31) (3.31)
10/31/1997 - (0.47) (0.47)
10/31/1996 (5) - - -
09/30/1996 - (5.18) (5.18)
Class C 04/30/2000 (2) - (8.29) (8.29)
Class M 04/30/2000 - (8.29) (8.29)
10/31/1999 (4) - (0.39) (0.39)
10/31/1998 - (3.31) (3.31)
10/31/1997 - (0.47) (0.47)
10/31/1996 (5) - - -
09/30/1996 - (5.18) (5.18)
09/30/1995 - (0.07) (0.07)
Class T 04/30/2000 - (8.29) (8.29)
10/31/1999 - (0.39) (0.39)
10/31/1998 (6) (0.03) (3.31) (3.34)
10/31/1997 - (0.47) (0.47)
10/31/1996 (5) - - -
09/30/1996 (9) - - -
IDEX JCC Global
Class A 04/30/2000 - (1.13) (1.13)
10/31/1999 (15) - - -
10/31/1998 (6) - (2.07) (2.07)
10/31/1997 - (2.10) (2.10)
10/31/1996 (5) - - -
09/30/1996 - (0.62) (0.62)
09/30/1995 - (0.56) (0.56)
Class B 04/30/2000 - (1.13) (1.13)
10/31/1999 (15) - - -
10/31/1998 (6) - (2.07) (2.07)
10/31/1997 - (2.10) (2.10)
10/31/1996 (5) - - -
09/30/1996 - (0.62) (0.62)
Class C 04/30/2000 (2) - (1.13) (1.13)
Class M 04/30/2000 - (1.13) (1.13)
10/31/1999(4) (15) - - -
10/31/1998 (6) - (2.07) (2.07)
10/31/1997 - (2.10) (2.10)
10/31/1996 (5) - - -
09/30/1996 - (0.62) (0.62)
09/30/1995 - (0.56) (0.56)
IDEX JCC Balanced
Class A 04/30/2000 $(0.18) $(0.25) $(0.43)
10/31/1999 (0.17) (0.08) (0.25)
10/31/1998 (0.15) (1.35) (1.50)
10/31/1997 (0.20) (1.75) (1.95)
10/31/1996 (5) - - -
09/30/1996 (0.21) (0.28) (0.49)
09/30/1995 (7) (0.05) - (0.05)
Class B 04/30/2000 (0.13) (0.25) (0.38)
10/31/1999 (0.06) (0.08) (0.14)
10/31/1998 (0.06) (1.35) (1.41)
10/31/1997 (0.12) (1.75) (1.87)
10/31/1996 (5) - - -
09/30/1996 (0.13) (0.28) (0.41)
Class C 04/30/2000 (2) (0.13) (0.25) (0.38)
Class M 04/30/2000 (0.13) (0.25) (0.38)
10/31/1999 (4) (0.08) (0.08) (0.16)
10/31/1998 (0.07) (1.35) (1.42)
10/31/1997 (0.13) (1.75) (1.88)
10/31/1996 (5) - - -
09/30/1996 (0.14) (0.28) (0.42)
09/30/1995 (7) (0.01) - (0.01)
IDEX JCC Capital Appreciation
Class A 04/30/2000 - (2.07) (2.07)
10/31/1999 - (1.81) (1.81)
10/31/1998 - (0.45) (0.45)
10/31/1997 - (0.21) (0.21)
10/31/1996 (5) - - -
09/30/1996 (6) (0.07) (0.82) (0.89)
09/30/1995 (7) - - -
Class B 04/30/2000 - (2.07) (2.07)
10/31/1999 - (1.81) (1.81)
10/31/1998 - (0.45) (0.45)
10/31/1997 - (0.21) (0.21)
10/31/1996 (5) - - -
09/30/1996 - (0.82) (0.82)
Class C 04/30/2000 (2) - (2.07) (2.07)
Class M 04/30/2000 - (2.07) (2.07)
10/31/1999 (4) - (1.81) (1.81)
10/31/1998 - (0.45) (0.45)
10/31/1997 - (0.21) (0.21)
10/31/1996 (5) - - -
09/30/1996 (6) (0.01) (0.82) (0.83)
09/30/1995 (7) - - -
IDEX JCC Flexible Income
Class A 04/30/2000 $(0.29) $- $(0.29)
10/31/1999 (0.54) - (0.54)
10/31/1998 (0.62) - (0.62)
10/31/1997 (0.61) - (0.61)
10/31/1996 (5) (0.05) - (0.05)
09/30/1996 (0.58) - (0.58)
09/30/1995 (0.64) - (0.64)
Class B 04/30/2000 (0.26) - (0.26)
10/31/1999 (0.48) - (0.48)
10/31/1998 (0.56) - (0.56)
10/31/1997 (0.55) - (0.55)
10/31/1996 (5) (0.05) - (0.05)
09/30/1996 (0.52) - (0.52)
Class C 04/30/2000 (2) (0.26) - (0.26)
Class M 04/30/2000 (0.27) - (0.27)
10/31/1999 (4) (0.49) - (0.49)
10/31/1998 (0.57) - (0.57)
10/31/1997 (0.56) - (0.56)
10/31/1996 (5) (0.05) - (0.05)
09/30/1996 (0.53) - (0.53)
09/30/1995 (0.59) - (0.59)
IDEX Alger Aggressive Growth
Class A 04/30/2000 - (3.00) (3.00)
10/31/1999 - (1.18) (1.18)
10/31/1998 - (0.58) (0.58)
10/31/1997 - (0.67) (0.67)
10/31/1996 (5) - - -
09/30/1996 (6) - (1.02) (1.02)
09/30/1995 (7) - - -
Class B 04/30/2000 - (3.00) (3.00)
10/31/1999 - (1.18) (1.18)
10/31/1998 - (0.58) (0.58)
10/31/1997 - (0.67) (0.67)
10/31/1996 (5) - - -
09/30/1996 (6) - (1.02) (1.02)
Class C 04/30/2000 (2) - (3.00) (3.00)
Class M 04/30/2000 - (3.00) (3.00)
10/31/1999 (4) - (1.18) (1.18)
10/31/1998 - (0.58) (0.58)
10/31/1997 - (0.67) (0.67)
10/31/1996 (5) - - -
09/30/1996 (6) - (1.02) (1.02)
09/30/1995 (7) - - -
IDEX T. Rowe Price Dividend Growth
Class A 04/30/2000 (0.05) - (0.05)
10/31/1999 (3) (0.04) - (0.04)
Class B 04/30/2000 (0.02) - (0.02)
10/31/1999 (3) - - -
Class C 04/30/2000 (2) (0.02) - (0.02)
Class M 04/30/2000 (0.02) - (0.02)
10/31/1999 (3) (0.01) - (0.01)
IDEX T. Rowe Price Small Cap
Class A 04/30/2000 $- $(0.28) $(0.28)
10/31/1999 (3) - - -
Class B 04/30/2000 - (0.28) (0.28)
10/31/1999 (3) - - -
Class C 04/30/2000 (2) - (0.28) (0.28)
Class M 04/30/2000 - (0.28) (0.28)
10/31/1999 (3) - - -
IDEX Pilgrim Baxter Mid Cap Growth
Class A 04/30/2000 - - -
10/31/1999 (3) - - -
Class B 04/30/2000 - - -
10/31/1999 (3) - - -
Class C 04/30/2000 (2) - - -
Class M 04/30/2000 - - -
10/31/1999 (3) - - -
IDEX Pilgrim Baxter Technology
Class A 04/30/2000 (1) - - -
Class B 04/30/2000 (1) - - -
Class C 04/30/2000 (1) - - -
Class M 04/30/2000 (1) - - -
IDEX Goldman Sachs Growth
Class A 04/30/2000 - (0.03) (0.03)
10/31/1999 (3) - - -
Class B 04/30/2000 - (0.03) (0.03)
10/31/1999 (3) - - -
Class C 04/30/2000 (2) - (0.03) (0.03)
Class M 04/30/2000 - (0.03) (0.03)
10/31/1999 (3) - - -
IDEX Transamerica Equity
Class A 04/30/2000 (1) - - -
Class B04/30/2000 (1) - - -
Class C04/30/2000 (1) - - -
Class M04/30/2000 (1) - - -
IDEX Transamerica Small Company
Class A 04/30/2000 (1) - - -
Class B 04/30/2000 (1) - - -
Class C 04/30/2000 (1) - - -
Class M 04/30/2000 (1) - - -
IDEX Salomon All Cap
Class A 04/30/2000 - (0.19) (0.19)
10/31/1999 (3) - - -
Class B 04/30/2000 - (0.19) (0.19)
10/31/1999 (3) - - -
Class C 04/30/2000 (2) - (0.19) (0.19)
Class M 04/30/2000 - (0.19) (0.19)
10/31/1999 (3) - - -
IDEX AEGON Income Plus
Class A 04/30/00 $(0.34) $(0.06) $(0.40)
10/31/1999 (0.67) (0.20) (0.87)
10/31/1998 (0.70) (0.22) (0.92)
10/31/1997 (0.75) (0.10) (0.85)
10/31/1996 (5) (0.06) - (0.06)
09/30/1996 (0.71) - (0.71)
09/30/1995 (0.75) (0.10) (0.85)
Class B 04/30/00 (0.31) (0.06) (0.37)
10/31/1999 (0.60) (0.20) (0.80)
10/31/1998 (0.63) (0.22) (0.85)
10/31/1997 (0.68) (0.10) (0.78)
10/31/1996 (5) (0.06) - (0.06)
09/30/1996 (0.64) - (0.64)
Class C 04/30/2000 (2) (0.31) (0.06) (0.37)
Class M 04/30/00 (0.31) (0.06) (0.37)
10/31/1999 (4) (0.61) (0.20) (0.81)
10/31/1998 (0.64) (0.22) (0.86)
10/31/1997 (0.69) (0.10) (0.79)
10/31/1996 (5) (0.06) - (0.06)
09/30/1996 (0.65) - (0.65)
09/30/1995 (0.69) (0.10) (0.79)
IDEX AEGON Tax Exempt
Class A 04/30/00 (0.22) (0.11) (0.33)
10/31/1999 (0.44) (0.20) (0.64)
10/31/1998 (0.48) (0.15) (0.63)
10/31/1997 (0.53) (0.08) (0.61)
10/31/1996 (5) (0.05) - (0.05)
09/30/1996 (0.56) (0.07) (0.63)
09/30/1995 (0.56) (0.04) (0.60)
Class B 04/30/00 (0.19) (0.11) (0.30)
10/31/1999 (0.36) (0.20) (0.56)
10/31/1998 (0.40) (0.15) (0.55)
10/31/1997 (0.45) (0.08) (0.53)
10/31/1996 (5) (0.04) - (0.04)
09/30/1996 (0.49) (0.07) (0.56)
Class C 04/30/2000 (2) (0.19) (0.11) (0.30)
Class M 04/30/00 (0.21) (0.11) (0.32)
10/31/1999 (4) (0.40) (0.20) (0.60)
10/31/1998 (0.45) (0.15) (0.60)
10/31/1997 (0.50) (0.08) (0.58)
10/31/1996 (5) (0.04) - (0.04)
09/30/1996 (0.53) (0.07) (0.60)
09/30/1995 (0.53) (0.04) (0.57)
IDEX GE International Equity
Class A 04/30/2000 $- $(0.49) $(0.49)
10/31/1999 - - -
10/31/1998 (6) (0.07) - (0.07)
10/31/1997 (8) - - -
Class B 04/30/2000 - (0.49) (0.49)
10/31/1999 - - -
10/31/1998 (6) (0.01) - (0.01)
10/31/1997 (8) - - -
Class C 04/30/2000 (2) - (0.49) (0.49)
Class M 04/30/2000 - (0.49) (0.49)
10/31/1999 (4) - - -
10/31/1998 (6) (0.02) - (0.02)
10/31/1997 (8) - - -
IDEX GE U.S. Equity
Class A 04/30/2000 (1) - - -
Class B 04/30/2000 (1) - - -
Class C 04/30/2000 (1) - - -
Class M 04/30/2000 (1) - - -
IDEX Dean Asset Allocation
Class A 04/30/2000 (0.19) - (0.19)
10/31/1999 (6) (0.24) (0.65) (0.89)
10/31/1998 (0.21) (0.73) (0.94)
10/31/1997 (0.17) (0.04) (0.21)
10/31/1996 (5) - - -
09/30/1996 (0.08) - (0.08)
Class B 04/30/2000 (0.15) - (0.15)
10/31/1999 (6) (0.16) (0.65) (0.81)
10/31/1998 (0.13) (0.73) (0.86)
10/31/1997 (0.09) (0.04) (0.13)
10/31/1996 (5) - - -
09/30/1996 (0.01) - (0.01)
Class C 04/30/2000 (2) (0.16) - (0.16)
Class M 04/30/2000 (0.16) - (0.16)
10/31/1999 (4) (6) (0.17) (0.65) (0.82)
10/31/1998 (0.14) (0.73) (0.87)
10/31/1997 (0.10) (0.04) (0.14)
10/31/1996 (5) - - -
09/30/1996 (0.02) - (0.02)
IDEX LKCM Strategic Total Return
Class A 04/30/2000 (0.13) (0.42) (0.55)
10/31/1999 (0.20) (0.21) (0.41)
10/31/1998 (0.21) (0.67) (0.88)
10/31/1997 (0.19) (0.32) (0.51)
10/31/1996 (5) - - -
09/30/1996 (0.17) (0.15) (0.32)
09/30/1995 (7) (0.10) - (0.10)
Class B 04/30/2000 (0.08) (0.42) (0.50)
10/31/1999 (0.10) (0.21) (0.31)
10/31/1998 (0.10) (0.67) (0.77)
10/31/1997 (0.10) (0.32) (0.42)
10/31/1996 (5) - - -
09/30/1996 (0.09) (0.15) (0.24)
Class C 04/30/2000 (2) (0.08) (0.42) (0.50)
Class M 04/30/2000 (0.09) (0.42) (0.51)
10/31/1999 (4) (0.11) (0.21) (0.32)
10/31/1998 (0.12) (0.67) (0.79)
10/31/1997 (0.11) (0.32) (0.43)
10/31/1996 (5) - - -
09/30/1996 (0.11) (0.15) (0.26)
09/30/1995 (7) (0.05) - (0.05)
IDEX NWQ Value Equity
Class A 04/30/2000 $- $- $-
10/31/1999 (6) - (0.27) (0.27)
10/31/1998 - (0.04) (0.04)
10/31/1997 (8) - - -
Class B 04/30/2000 - - -
10/31/1999 (6) - (0.27) (0.27)
10/31/1998 - (0.04) (0.04)
10/31/1997 (8) - - -
Class C 04/30/2000 (2) - - -
Class M 04/30/2000 - - -
10/31/1999 (4) (6) - (0.27) (0.27)
10/31/1998 - (0.04) (0.04)
10/31/1997 (8) - - -
IDEX C.A.S.E. Growth
Class A 04/30/2000 - (0.21) (0.21)
10/31/1999 - (0.84) (0.84)
10/31/1998 - (0.95) (0.95)
10/31/1997 (6) (0.51) - (0.51)
10/31/1996 (5) - - -
09/30/1996 (10) - - -
Class B 04/30/2000 - (0.21) (0.21)
10/31/1999 - (0.84) (0.84)
10/31/1998 - (0.95) (0.95)
10/31/1997 (6) (0.45) - (0.45)
10/31/1996 (5) - - -
09/30/1996 (10) - - -
Class C 04/30/2000 (2) - (0.21) (0.21)
Class M 04/30/2000 - (0.21) (0.21)
10/31/1999 (4) - (0.84) (0.84)
10/31/1998 - (0.95) (0.95)
10/31/1997 (6) (0.46) - (0.46)
10/31/1996 (5) - - -
09/30/1996 (10) - - -
Net Asset Net Assets,
Year or Value, End of
Period End Total Period
Ended of Period Return (11) (000's)
IDEX JCC Growth
Class A 04/30/2000 $48.91 23.72% $1,885,533
10/31/1999 46.72 61.00 1,467,595
10/31/1998 29.35 35.21 817,749
10/31/1997 25.04 16.40 614,544
10/31/1996 (5) 21.97 (1.09) 565,032
09/30/1996 22.21 22.41 567,564
09/30/1995 22.84 36.70 485,935
Class B 04/30/2000 47.16 23.40 678,813
10/31/1999 45.38 60.36 327,926
10/31/1998 28.63 34.96 40,809
10/31/1997 24.55 16.11 13,046
10/31/1996 (5) 21.60 (1.14) 5,242
09/30/1996 21.85 21.87 4,536
Class C 04/30/2000 (2) 47.16 23.40 82,118
Class M 04/30/2000 47.43 23.45 275,774
10/31/1999 (4) 45.58 60.45 141,586
10/31/1998 28.74 35.00 58,265
10/31/1997 24.62 16.19 14,295
10/31/1996 (5) 21.65 (1.19) 11,016
09/30/1996 21.91 22.15 11,167
09/30/1995 22.64 36.32 5,593
Class T 04/30/2000 49.86 23.89 1,411,557
10/31/1999 47.45 61.34 1,166,965
10/31/1998 (6) 29.74 35.53 755,770
10/31/1997 25.31 16.54 603,129
10/31/1996 (5) 22.17 (1.03) 573,884
09/30/1996 (9) 22.41 0.81 585,505
IDEX JCC Global
Class A 04/30/2000 45.05 37.05 761,419
10/31/1999 (15) 33.80 40.31 487,787
10/31/1998 (6) 24.09 11.30 296,450
10/31/1997 23.74 22.72 218,681
10/31/1996 (5) 21.39 (0.05) 135,837
09/30/1996 21.40 25.04 131,347
09/30/1995 17.73 15.47 89,397
Class B 04/30/2000 43.85 36.83 567,111
10/31/1999 (15) 32.98 39.62 283,847
10/31/1998 (6) 23.62 10.93 110,630
10/31/1997 23.38 22.53 43,951
10/31/1996 (5) 21.13 (0.05) 5,966
09/30/1996 21.14 24.70 5,000
Class C 04/30/2000 (2) 43.85 36.83 74,095
Class M 04/30/2000 43.78 36.86 293,230
10/31/1999(4) (15) 32.91 39.73 155,147
10/31/1998 (6) 23.56 11.08 63,552
10/31/1997 23.30 22.72 27,210
10/31/1996 (5) 21.03 (0.05) 8,624
09/30/1996 21.04 24.91 8,081
09/30/1995 17.46 15.14 3,567
IDEX JCC Balanced
Class A 04/30/2000 $20.33 9.54% $107,311
10/31/1999 18.96 30.43 67,749
10/31/1998 14.75 14.69 22,995
10/31/1997 14.34 22.96 13,414
10/31/1996 (5) 13.58 0.81 8,402
09/30/1996 13.47 22.12 8,056
09/30/1995 (7) 11.47 15.27 3,670
Class B 04/30/2000 20.32 9.25 167,765
10/31/1999 18.95 29.64 92,833
10/31/1998 14.74 13.97 11,916
10/31/1997 14.33 22.19 2,583
10/31/1996 (5) 13.56 0.74 878
09/30/1996 13.46 21.38 687
Class C 04/30/2000 (2) 20.32 9.25 20,328
Class M 04/30/2000 20.32 9.30 54,182
10/31/1999 (4) 18.95 29.76 34,122
10/31/1998 14.74 14.08 4,897
10/31/1997 14.33 22.31 1,561
10/31/1996 (5) 13.57 0.81 967
09/30/1996 13.46 21.49 943
09/30/1995 (7) 11.47 14.77 3,365
IDEX JCC Capital Appreciation
Class A 04/30/2000 35.36 20.39 174,298
10/31/1999 31.09 102.19 74,614
10/31/1998 16.97 9.87 23,798
10/31/1997 15.90 4.09 20,605
10/31/1996 (5) 15.49 (1.59) 19,350
09/30/1996 (6) 15.75 24.35 18,713
09/30/1995 (7) 13.54 35.40 6,241
Class B 04/30/2000 34.60 20.16 151,902
10/31/1999 30.51 101.72 36,467
10/31/1998 16.72 9.35 3,734
10/31/1997 15.74 3.56 2,866
10/31/1996 (5) 15.42 (1.66) 2,132
09/30/1996 15.69 23.63 2,022
Class C 04/30/2000 (2) 34.60 20.16 34,270
Class M 04/30/2000 34.71 20.19 45,614
10/31/1999 (4) 30.60 101.79 10,062
10/31/1998 16.76 9.43 1,382
10/31/1997 15.77 3.64 1,751
10/31/1996 (5) 15.43 (1.66) 2,243
09/30/1996 (6) 15.70 23.81 2,369
09/30/1995 (7) 13.49 34.90 2,565
IDEX JCC Flexible Income
Class A 04/30/2000 $9.28 1.13% $13,944
10/31/1999 9.46 1.70 14,963
10/31/1998 9.84 7.43 14,970
10/31/1997 9.75 11.53 15,532
10/31/1996 (5) 9.33 2.08 17,001
09/30/1996 9.19 6.73 17,065
09/30/1995 9.17 11.57 19,786
Class B 04/30/2000 9.28 0.85 11,662
10/31/1999 9.46 1.01 9,006
10/31/1998 9.83 6.74 2,387
10/31/1997 9.75 10.79 746
10/31/1996 (5) 9.32 2.04 522
09/30/1996 9.18 5.94 494
Class C 04/30/2000 (2) 9.28 0.85 1,727
Class M 04/30/2000 9.28 0.89 3,873
10/31/1999 (4) 9.46 1.11 3,778
10/31/1998 9.84 6.84 2,207
10/31/1997 9.75 10.91 928
10/31/1996 (5) 9.32 2.04 846
09/30/1996 9.18 6.03 883
09/30/1995 9.17 10.95 558
IDEX Alger Aggressive Growth
Class A 04/30/2000 38.46 25.71 162,436
10/31/1999 33.05 55.49 100,078
10/31/1998 22.24 22.48 46,413
10/31/1997 18.77 24.71 31,260
10/31/1996 (5) 15.70 (0.32) 21,938
09/30/1996 (6) 15.75 (4.91) 22,078
09/30/1995 (7) 17.68 76.80 16,747
Class B 04/30/2000 37.63 25.48
106,591
10/31/1999 32.44 54.88 47,399
10/31/1998 21.93 22.04 10,564
10/31/1997 18.58 24.47 4,880
10/31/1996 (5) 15.58 (0.32) 1,992
09/30/1996 (6) 15.63 (5.33) 1,800
Class C 04/30/2000 (2) 37.63 25.48 10,713
Class M 04/30/2000 37.76 25.52 36,303
10/31/1999 (4) 32.53 54.97 18,538
10/31/1998 21.98 22.11 5,573
10/31/1997 18.61 24.50 3,468
10/31/1996 (5) 15.60 (0.32) 2,129
09/30/1996 (6) 15.65 (5.22) 2,250
09/30/1995 (7) 17.64 76.40 1,736
IDEX T. Rowe Price Dividend Growth
Class A 04/30/2000 9.93 (2.19) 3,269
10/31/1999 (3) 10.20 2.40 1,840
Class B 04/30/2000 9.92 (2.48) 4,439
10/31/1999 (3) 10.19 1.96 2,134
Class C 04/30/2000 (2) 9.92 (2.48) 1,027
Class M 04/30/2000 9.92 (2.43) 1,228
10/31/1999 (3) 10.19 2.03 1,058
IDEX T. Rowe Price Small Cap
Class A 04/30/2000 $13.77 27.90% $5,293
10/31/1999 (3) 11.01 10.13 1,272
Class B 04/30/2000 13.69 27.63 4,545
10/31/1999 (3) 10.97 9.70 1,135
Class C 04/30/2000 (2) 13.69 27.63 727
Class M 04/30/2000 13.70 27.67 1,833
10/31/1999 (3) 10.98 9.77 685
IDEX Pilgrim Baxter Mid Cap Growth
Class A 04/30/2000 20.08 35.81 25,136
10/31/1999 (3) 14.80 48.06 2,571
Class B 04/30/2000 19.98 35.51 31,192
10/31/1999 (3) 14.76 47.63 2,875
Class C 04/30/2000 (2) 19.98 35.51 5,301
Class M 04/30/2000 19.99 35.55 7,268
10/31/1999 (3) 14.77 47.70 1,016
IDEX Pilgrim Baxter Technology
Class A 04/30/2000 (1) 7.30 (26.95) 16,129
Class B 04/30/2000 (1) 7.28 (27.17) 19,100
Class C 04/30/2000 (1) 7.28 (27.17) 6,989
Class M 04/30/2000 (1) 7.29 (27.13) 6,012
IDEX Goldman Sachs Growth
Class A 04/30/2000 12.47 9.73 3,701
10/31/1999 (3) 11.40 13.97 1,978
Class B 04/30/2000 12.38 9.35 4,908
10/31/1999 (3) 11.35 13.54 2,261
Class C 04/30/2000 (2) 12.38 9.35 544
Class M 04/30/2000 12.40 9.41 1,824
10/31/1999 (3) 11.36 13.61 748
IDEX Transamerica Equity
Class A 04/30/2000 (1) 10.21 2.15 1,268
Class B 04/30/2000 (1) 10.19 1.94 566
Class C 04/30/2000 (1) 10.19 1.94 361
Class M 04/30/2000 (1) 10.20 1.97 156
IDEX Transamerica Small Company
Class A 04/30/2000 (1) 8.56 (14.41) 1,010
Class B 04/30/2000 (1) 8.54 (14.62) 1,648
Class C 04/30/2000 (1) 8.54 (14.62) 568
Class M 04/30/2000 (1) 8.54 (14.59) 792
IDEX Salomon All Cap
Class A 04/30/2000 14.34 24.41 5,494
10/31/1999 (3) 11.70 17.03 1,880
Class B 04/30/2000 14.24 24.02 5,061
10/31/1999 (3) 11.66 16.60 1,571
Class C 04/30/2000 (2) 14.24 24.02 1,243
Class M 04/30/2000 14.26 24.08 1,696
10/31/1999 (3) 11.67 16.67 728
IDEX AEGON Income Plus
Class A 04/30/00 $9.27 -0.17% $49,583
10/31/1999 9.67 1.09 59,082
10/31/1998 10.43 3.54 63,494
10/31/1997 10.96 11.86 65,612
10/31/1996 (5) 10.61 2.53 66,285
09/30/1996 10.41 7.64 65,252
09/30/1995 10.36 15.85 68,746
Class B 04/30/00 9.27 (0.45) 12,577
10/31/1999 9.67 0.38 12,930
10/31/1998 10.42 2.87 5,041
10/31/1997 10.96 11.10 1,761
10/31/1996 (5) 10.61 2.59 804
09/30/1996 10.40 6.95 774
Class C 04/30/2000 (2) 9.27 (0.45) 826
Class M 04/30/00 9.27 (0.41) 4,516
10/31/1999 (4) 9.67 0.54 5,515
10/31/1998 10.42 2.97 4,073
10/31/1997 10.96 11.22 3,480
10/31/1996 (5) 10.61 2.59 2,781
09/30/1996 10.40 7.05 2,684
09/30/1995 10.35 15.08 1,980
IDEX AEGON Tax Exempt
Class A 04/30/00 10.55 2.66 16,779
10/31/1999 10.60 (6.23) 20,996
10/31/1998 11.94 7.19 22,313
10/31/1997 11.75 8.68 23,320
10/31/1996 (5) 11.40 0.76 24,439
09/30/1996 11.36 5.89 24,708
09/30/1995 11.34 7.75 27,401
Class B 04/30/00 10.54 2.38 997
10/31/1999 10.59 (6.89) 1,253
10/31/1998 11.94 6.50 654
10/31/1997 11.74 7.93 377
10/31/1996 (5) 11.40 0.71 198
09/30/1996 11.36 5.21 189
Class C 04/30/2000 (2) 10.54 2.38 96
Class M 04/30/00 10.55 2.55 1,741
10/31/1999 (4) 10.59 (6.56) 2,193
10/31/1998 11.94 6.92 1,607
10/31/1997 11.75 8.39 921
10/31/1996 (5) 11.40 0.74 939
09/30/1996 11.36 5.63 907
09/30/1995 11.34 7.48 454
IDEX GE International Equity
Class A 04/30/2000 $14.36 15.66% $6,446
10/31/1999 12.85 19.12 4,902
10/31/1998 (6) 10.77 2.58 4,981
10/31/1997 (8) 10.57 5.70 3,076
Class B 04/30/2000 14.16 15.40 2,571
10/31/1999 12.70 18.45 1,527
10/31/1998 (6) 10.71 1.89 1,198
10/31/1997 (8) 10.52 5.20 589
Class C 04/30/2000 (2) 14.16 15.40 278
Class M 04/30/2000 14.19 15.44 632
10/31/1999 (4) 12.73 18.55 480
10/31/1998 (6) 10.72 1.99 397
10/31/1997 (8) 10.53 5.30 399
IDEX GE U.S. Equity
Class A 04/30/2000 (1) 10.64 6.40 540
Class B 04/30/2000 (1) 10.62 6.19 535
Class C 04/30/2000 (1) 10.62 6.19 308
Class M 04/30/2000 (1) 10.62 6.22 241
IDEX Dean Asset Allocation
Class A 04/30/2000 11.92 2.74 9,820
10/31/1999 (6) 11.79 (3.74) 12,377
10/31/1998 13.14 7.25 15,747
10/31/1997 13.19 19.84 12,291
10/31/1996 (5) 11.19 1.45 8,396
09/30/1996 11.03 11.07 7,401
Class B 04/30/2000 11.91 2.45 9,004
10/31/1999 (6) 11.78 (4.36) 12,171
10/31/1998 13.13 6.56 14,679
10/31/1997 13.18 19.08 9,747
10/31/1996 (5) 11.18 1.45 5,013
09/30/1996 11.02 10.39 4,848
Class C 04/30/2000 (2) 11.91 2.45 141
Class M 04/30/2000 11.91 2.49 3,048
10/31/1999 (4) (6) 11.78 (4.26) 4,689
10/31/1998 13.13 6.67 7,342
10/31/1997 13.18 19.20 5,088
10/31/1996 (5) 11.18 1.36 4,758
09/30/1996 11.03 10.50 4,641
IDEX LKCM Strategic Total Return
Class A 04/30/2000 17.53 2.58 39,648
10/31/1999 17.62 11.61 37,959
10/31/1998 16.18 7.43 32,055
10/31/1997 15.91 22.80 21,629
10/31/1996 (5) 13.43 1.20 11,744
09/30/1996 13.27 16.00 11,314
09/30/1995 (7) 11.74 18.43 5,167
Class B 04/30/2000 17.51 2.30 17,857
10/31/1999 17.60 10.91 15,531
10/31/1998 16.17 6.74 9,789
10/31/1997 15.89 22.03 4,698
10/31/1996 (5) 13.42 1.13 1,684
09/30/1996 13.27 15.38 1,537
Class C 04/30/2000 (2) 17.51 2.30 1,324
Class M 04/30/2000 17.52 2.34 7,725
10/31/1999 (4) 17.61 11.02 8,779
10/31/1998 16.17 6.85 6,977
10/31/1997 15.90 22.15 4,332
10/31/1996 (5) 13.42 1.13 1,792
09/30/1996 13.27 15.49 1,728
09/30/1995 (7) 11.73 17.95 281
IDEX NWQ Value Equity
Class A 04/30/2000 $12.21 8.22% $7,591
10/31/1999 (6) 11.28 4.34 7,972
10/31/1998 11.09 (4.96) 8,035
10/31/1997 (8) 11.71 17.14 5,305
Class B 04/30/2000 11.97 7.91 8,216
10/31/1999 (6) 11.09 3.68 7,311
10/31/1998 10.98 (5.55) 5,020
10/31/1997 (8) 11.67 16.65 2,850
Class C 04/30/2000 (2) 11.97 7.91 435
Class M 04/30/2000 12.01 7.99 2,233
10/31/1999 (4) (6) 11.12 3.79 2,204
10/31/1998 11.00 (5.46) 2,013
10/31/1997 (8) 11.67 16.73 1,607
IDEX C.A.S.E. Growth
Class A 04/30/2000 11.72 (1.85) 4,714
10/31/1999 12.14 30.07 4,537
10/31/1998 10.14 (14.83) 4,284
10/31/1997 (6) 12.90 28.31 3,920
10/31/1996 (5) 10.56 0.96 1,675
09/30/1996 (10) 10.46 4.60 1,455
Class B 04/30/2000 11.48 (2.13) 3,975
10/31/1999 11.93 29.45 3,868
10/31/1998 10.02 (15.40) 2,460
10/31/1997 (6) 12.85 27.62 2,436
10/31/1996 (5) 10.51 0.96 1,159
09/30/1996 (10) 10.41 4.10 1,100
Class C 04/30/2000 (2) 11.48 (2.13) 310
Class M 04/30/2000 11.52 (2.08) 1,149
10/31/1999 (4) 11.96 29.54 1,338
10/31/1998 10.04 (15.31) 879
10/31/1997 (6) 12.86 27.73 2,028
10/31/1996 (5) 10.52 0.96 687
09/30/1996 (10) 10.42 4.20 613
Year or Ratio of Expenses to Average Net Assets (12) (13)
Period Excluding Including
Ended Credits Gross Credits
IDEX JCC Growth
Class A 04/30/2000 1.35% - 1.35%
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 (5) 1.68 - 1.68
09/30/1996 1.83 - 1.82
09/30/1995 1.86 - 1.84
Class B 04/30/2000 2.00 - 2.00
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 (5) 2.32 - 2.32
09/30/1996 2.46 - 2.45
Class C 04/30/2000 (2) 2.00 - 2.00
Class M 04/30/2000 1.90 - 1.90
10/31/1999 (4) 1.95 1.98 1.95
10/31/1998 2.06 - 2.06
10/31/1997 2.16 - 2.16
10/31/1996 (5) 2.23 - 2.23
09/30/1996 2.34 - 2.33
09/30/1995 2.41 - 2.38
Class T 04/30/2000 1.00 - 1.00
10/31/1999 1.05 1.08 1.05
10/31/1998 (6) 1.16 - 1.16
10/31/1997 1.26 - 1.26
10/31/1996 (5) 1.33 - 1.33
09/30/1996 (9) 1.18 - 1.17
IDEX JCC Global
Class A 04/30/2000 1.61 - 1.61
10/31/1999 (15) 1.73 - 1.73
10/31/1998 (6) 1.82 - 1.82
10/31/1997 1.91 - 1.91
10/31/1996 (5) 2.08 - 2.07
09/30/1996 2.09 - 2.06
09/30/1995 2.10 - 1.97
Class B 04/30/2000 2.26 - 2.26
10/31/1999 (15) 2.38 - 2.38
10/31/1998 (6) 2.47 - 2.47
10/31/1997 2.56 - 2.56
10/31/1996 (5) 2.73 - 2.72
09/30/1996 2.74 - 2.71
Class C 04/30/2000 (2) 2.26 - 2.26
Class M 04/30/2000 2.16 - 2.16
10/31/1999(4) (15) 2.28 - 2.28
10/31/1998 (6) 2.37 - 2.37
10/31/1997 2.46 - 2.46
10/31/1996 (5) 2.63 - 2.62
09/30/1996 2.64 - 2.61
09/30/1995 2.65 - 2.52
IDEX JCC Balanced
Class A 04/30/2000 1.61% - 1.61%
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 (5) 1.85 3.44 1.85
09/30/1996 1.85 3.11 1.85
09/30/1995 (7) 2.92 4.48 2.85
Class B 04/30/2000 2.26 - 2.26
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 (5) 2.50 4.09 2.50
09/30/1996 2.50 3.76 2.50
Class C 04/30/2000 (2) 2.26 - 2.26
Class M 04/30/2000 2.16 - 2.16
10/31/1999 (4) 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 (5) 2.40 3.99 2.40
09/30/1996 2.40 3.66 2.40
09/30/1995 (7) 3.47 5.03 3.40
IDEX JCC Capital Appreciation
Class A 04/30/2000 1.75 - 1.75
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 (5) 1.85 2.48 1.85
09/30/1996 (6) 1.85 2.72 1.85
09/30/1995 (7) 2.90 4.17 2.85
Class B 04/30/2000 2.40 - 2.40
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 (5) 2.50 3.13 2.50
09/30/1996 2.50 3.37 2.50
Class C 04/30/2000 (2) 2.40 - 2.40
Class M 04/30/2000 2.30 - 2.30
10/31/1999 (4) 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 (5) 2.40 3.03 2.40
09/30/1996 (6) 2.40 3.27 2.40
09/30/1995 (7) 3.45 4.72 3.40
IDEX JCC Flexible Income
Class A 04/30/2000 1.82% 1.82% 1.81%
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 (5) 1.85 2.98 1.85
09/30/1996 1.85 2.07 1.85
09/30/1995 1.87 1.94 1.85
Class B 04/30/2000 2.47 2.47 2.46
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 (5) 2.50 3.63 2.50
09/30/1996 2.50 2.72 2.50
Class C 04/30/2000 (2) 2.47 2.47 2.46
Class M 04/30/2000 2.37 2.37 2.36
10/31/1999 (4) 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 (5) 2.40 3.53 2.40
09/30/1996 2.40 2.62 2.40
09/30/1995 2.42 2.49 2.40
IDEX Alger Aggressive Growth
Class A 04/30/2000 1.54 - 1.54
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 (5) 1.85 2.62 1.85
09/30/1996 (6) 1.85 2.60 1.85
09/30/1995 (7) 2.85 3.35 2.85
Class B 04/30/2000 2.19 - 2.19
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 (5) 2.50 3.27 2.50
09/30/1996 (6) 2.50 3.25 2.50
Class C 04/30/2000 (2) 2.19 - 2.19
Class M 04/30/2000 2.09 - 2.09
10/31/1999 (4) 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 (5) 2.40 3.17 2.40
09/30/1996 (6) 2.40 3.15 2.40
09/30/1995 (7) 3.40 3.91 3.40
IDEX T. Rowe Price Dividend Growth
Class A 04/30/2000 1.55 3.07 1.55
10/31/1999 (3) 1.55 7.57 1.55
Class B 04/30/2000 2.20 3.72 2.20
10/31/1999 (3) 2.20 8.22 2.20
Class C 04/30/2000 (2) 2.20 3.72 2.20
Class M 04/30/2000 2.10 3.62 2.10
10/31/1999 (3) 2.10 8.12 2.10
IDEX T. Rowe Price Small Cap
Class A 04/30/2000 1.55% 2.87% 1.55%
10/31/1999 (3) 1.55 7.93 1.55
Class B 04/30/2000 2.20 3.52 2.20
10/31/1999 (3) 2.20 8.58 2.20
Class C 04/30/2000 (2) 2.20 3.52 2.20
Class M 04/30/2000 2.10 3.42 2.10
10/31/1999 (3) 2.10 8.48 2.10
IDEX Pilgrim Baxter Mid Cap Growth
Class A 04/30/2000 1.55 1.95 1.55
10/31/1999 (3) 1.55 6.95 1.55
Class B 04/30/2000 2.20 2.60 2.20
10/31/1999 (3) 2.20 7.60 2.20
Class C04/30/2000 (2) 2.20 2.60 2.20
Class M 04/30/2000 2.10 2.50 2.10
10/31/1999 (3) 2.10 7.50 2.10
IDEX Pilgrim Baxter Technology
Class A 04/30/2000 (1) 1.75 2.18 1.75
Class B 04/30/2000 (1) 2.40 2.83 2.40
Class C 04/30/2000 (1) 2.40 2.83 2.40
Class M 04/30/2000 (1) 2.30 2.73 2.30
IDEX Goldman Sachs Growth
Class A 04/30/2000 1.55 2.77 1.55
10/31/1999 (3) 1.55 7.65 1.54
Class B 04/30/2000 2.20 3.42 2.20
10/31/1999 (3) 2.20 8.30 2.19
Class C 04/30/2000 (2) 2.20 3.42 2.20
Class M 04/30/2000 2.10 3.32 2.10
10/31/1999 (3) 2.10 8.20 2.09
IDEX Transamerica Equity
Class A 04/30/2000 (1) 1.55 5.53 1.55
Class B 04/30/2000 (1) 2.20 6.18 2.20
Class C 04/30/2000 (1) 2.20 6.18 2.20
Class M 04/30/2000 (1) 2.10 6.08 2.10
IDEX Transamerica Small Company
Class A 04/30/2000 (1) 1.55 4.47 1.55
Class B 04/30/2000 (1) 2.20 5.12 2.20
Class C 04/30/2000 (1) 2.20 5.12 2.20
Class M 04/30/2000 (1) 2.10 5.02 2.10
IDEX Salomon All Cap
Class A 04/30/2000 1.55 2.87 1.55
10/31/1999 (3) 1.55 8.85 1.54
Class B 04/30/2000 2.20 3.52 2.20
10/31/1999 (3) 2.20 9.50 2.19
Class C 04/30/2000 (2) 2.20 3.52 2.20
Class M 04/30/2000 2.10 3.42 2.10
10/31/1999 (3) 2.10 9.40 2.09
IDEX AEGON Income Plus
Class A 04/30/00 1.35% - 1.35%
10/31/1999 1.38 - 1.38
10/31/1998 1.24 - 1.24
10/31/1997 1.27 - 1.27
10/31/1996 (5) 1.33 - 1.32
09/30/1996 1.33 - 1.31
09/30/1995 1.29 - 1.26
Class B 04/30/00 2.00 - 2.00
10/31/1999 2.03 - 2.03
10/31/1998 1.89 - 1.89
10/31/1997 1.92 - 1.92
10/31/1996 (5) 1.98 - 1.97
09/30/1996 1.98 - 1.96
Class C 04/30/2000 (2) 2.00 - 2.00
Class M 04/30/00 1.90 - 1.90
10/31/1999 (4) 1.93 - 1.93
10/31/1998 1.79 - 1.79
10/31/1997 1.82 - 1.82
10/31/1996 (5) 1.88 - 1.87
09/30/1996 1.88 - 1.86
09/30/1995 1.84 - 1.81
IDEX AEGON Tax Exempt
Class A 04/30/00 1.37 1.61 1.35
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 (5) 1.00 1.89 1.00
09/30/1996 1.00 1.46 1.00
09/30/1995 1.02 1.35 1.00
Class B 04/30/00 2.02 2.26 2.00
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 (5) 1.65 2.54 1.65
09/30/1996 1.65 2.11 1.65
Class C 04/30/2000 (2) 2.02 2.26 2.00
Class M 04/30/00 1.62 1.86 1.60
10/31/1999 (4) 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 (5) 1.25 2.14 1.25
09/30/1996 1.25 1.71 1.25
09/30/1995 1.27 1.60 1.25
IDEX GE International Equity
Class A 04/30/2000 1.72% 3.55% 1.72%
10/31/1999 1.90 3.53 1.90
10/31/1998 (6) 2.03 4.22 2.03
10/31/1997 (8) 1.70 8.93 1.70
Class B 04/30/2000 2.37 4.20 2.37
10/31/1999 2.55 4.18 2.55
10/31/1998 (6) 2.68 4.87 2.68
10/31/1997 (8) 2.35 9.58 2.35
Class C 04/30/2000 (2) 2.37 4.20 2.37
Class M 04/30/2000 2.27 4.10 2.27
10/31/1999 (4) 2.45 4.08 2.45
10/31/1998 (6) 2.58 4.77 2.58
10/31/1997 (8) 2.25 9.48 2.25
IDEX GE U.S. Equity
Class A 04/30/2000 (1) 1.55 8.88 1.55
Class B 04/30/2000 (1) 2.20 9.53 2.20
Class C 04/30/2000 (1) 2.20 9.53 2.20
Class M 04/30/2000 (1) 2.10 9.43 2.10
IDEX Dean Asset Allocation
Class A 04/30/2000 1.55 1.96 1.55
10/31/1999 (6) 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 (5) 1.85 2.65 1.85
09/30/1996 2.85 3.20 2.85
Class B 04/30/2000 2.20 2.61 2.20
10/31/1999 (6) 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 (5) 2.50 3.30 2.50
09/30/1996 3.50 3.85 3.50
Class C 04/30/2000 (2) 2.20 2.61 2.20
Class M 04/30/2000 2.10 2.51 2.10
10/31/1999 (4) (6) 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 (5) 2.40 3.20 2.40
09/30/1996 3.40 3.75 3.40
IDEX LKCM Strategic Total Return
Class A 04/30/2000 1.55 1.66 1.55
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 (5) 1.85 2.76 1.82
09/30/1996 1.85 2.79 1.79
09/30/1995 (7) 2.99 4.57 2.85
Class B 04/30/2000 2.20 2.31 2.20
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 (5) 2.50 3.40 2.47
09/30/1996 2.50 3.44 2.44
Class C 04/30/2000 (2) 2.20 2.31 2.20
Class M 04/30/2000 2.10 2.21 2.10
10/31/1999 (4) 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 (5) 2.40 3.30 2.37
09/30/1996 2.40 3.34 2.34
09/30/1995 (7) 3.54 5.12 3.40
IDEX NWQ Value Equity
Class A 04/30/2000 1.55% 2.32% 1.55%
10/31/1999 (6) 1.64 2.28 1.64
10/31/1998 1.85 2.51 1.85
10/31/1997 (8) 1.50 4.05 1.50
Class B 04/30/2000 2.20 2.97 2.20
10/31/1999 (6) 2.29 2.93 2.29
10/31/1998 2.50 3.16 2.50
10/31/1997 (8) 2.15 4.70 2.15
Class C 04/30/2000 (2) 2.20 2.97 2.20
Class M 04/30/2000 2.10 2.87 2.10
10/31/1999 (4) (6) 2.19 2.83 2.19
10/31/1998 2.40 3.06 2.40
10/31/1997 (8) 2.05 4.60 2.05
IDEX C.A.S.E. Growth
Class A 04/30/2000 1.55 2.72 1.55
10/31/1999 1.64 2.87 1.64
10/31/1998 1.85 2.44 1.85
10/31/1997 (6) 1.85 4.62 1.85
10/31/1996 (5) 1.85 6.79 1.84
09/30/1996 (10) 2.85 5.89 2.85
Class B 04/30/2000 2.20 3.37 2.20
10/31/1999 2.29 3.52 2.29
10/31/1998 2.50 3.09 2.50
10/31/1997 (6) 2.50 5.27 2.50
10/31/1996 (5) 2.50 7.44 2.49
09/30/1996 (10) 3.50 6.54 3.50
Class C 04/30/2000 (2) 2.20 3.37 2.20
Class M 04/30/2000 2.10 3.27 2.10
10/31/1999 (4) 2.19 3.42 2.19
10/31/1998 2.40 2.99 2.40
10/31/1997 (6) 2.40 5.17 2.40
10/31/1996 (5) 2.40 7.34 2.39
09/30/1996 (10) 3.40 6.44 3.40
Net Investment
Year or Income (Loss) Portfolio
Period to Average Turnover
Ended Net Assets (12) (13) Rate (14)
IDEX JCC Growth
Class A 04/30/2000 (0.54)% 18.33%
10/31/1999 (0.60) 70.97
10/31/1998 (0.55) 27.19
10/31/1997 (0.10) 91.52
10/31/1996 (5) (0.13) 9.40
09/30/1996 (0.22) 57.80
09/30/1995 (0.26) 123.26
Class B 04/30/2000 (1.19) 18.33
10/31/1999 (1.25) 70.97
10/31/1998 (1.20) 27.19
10/31/1997 (0.75) 91.52
10/31/1996 (5) (0.78) 9.40
09/30/1996 (0.86) 57.80
Class C 04/30/2000 (2) (1.19) 18.33
Class M 04/30/2000 (1.09) 18.33
10/31/1999 (4) (1.15) 70.97
10/31/1998 (1.10) 27.19
10/31/1997 (0.65) 91.52
10/31/1996 (5) (0.68) 9.40
09/30/1996 (0.77) 57.80
09/30/1995 (0.81) 123.26
Class T 04/30/2000 0.51 18.33
10/31/1999 (0.25) 70.97
10/31/1998 (6) (0.20) 27.19
10/31/1997 (0.25) 91.52
10/31/1996 (5) (0.20) 9.40
09/30/1996 (9) (0.36) 57.80
IDEX JCC Global
Class A 04/30/2000 (0.65) 27.32
10/31/1999 (15) (0.22) 145.40
10/31/1998 (6) (0.45) 87.68
10/31/1997 (0.50) 91.02
10/31/1996 (5) (1.15) 2.59
09/30/1996 (0.67) 97.94
09/30/1995 (0.43) 161.48
Class B 04/30/2000 (1.30) 27.32
10/31/1999 (15) (0.87) 145.40
10/31/1998 (6) (1.10) 87.68
10/31/1997 (1.15) 91.02
10/31/1996 (5) (1.80) 2.59
09/30/1996 (1.32) 97.94
Class C 04/30/2000 (2) (1.30) 27.32
Class M 04/30/2000 (1.20) 27.32
10/31/1999(4) (15) (0.77) 145.40
10/31/1998 (6) (1.00) 87.68
10/31/1997 (1.05) 91.02
10/31/1996 (5) (1.70) 2.59
09/30/1996 (1.22) 97.94
09/30/1995 (0.98) 161.48
IDEX JCC Balanced
Class A 04/30/2000 1.86% 40.21%
10/31/1999 1.28 59.57
10/31/1998 1.12 61.50
10/31/1997 1.29 127.08
10/31/1996 (5) 1.84 9.08
09/30/1996 1.87 175.78
09/30/1995 (7) 0.56 82.48
Class B 04/30/2000 1.21 40.21
10/31/1999 0.63 59.57
10/31/1998 0.47 61.50
10/31/1997 0.64 127.08
10/31/1996 (5) 1.18 9.08
09/30/1996 1.22 175.78
Class C 04/30/2000 (2) 1.21 40.21
Class M 04/30/2000 1.31 40.21
10/31/1999 (4) 0.73 59.57
10/31/1998 0.57 61.50
10/31/1997 0.74 127.08
10/31/1996 (5) 1.28 9.08
09/30/1996 1.32 175.78
09/30/1995 (7) 0.01 82.48
IDEX JCC Capital Appreciation
Class A 04/30/2000 (1.33) 77.52
10/31/1999 (1.55) 93.54
10/31/1998 (1.37) 136.59
10/31/1997 (1.27) 130.48
10/31/1996 (5) (1.41) 10.11
09/30/1996 (6) (0.35) 160.72
09/30/1995 (7) 0.75 262.97
Class B 04/30/2000 (1.98) 77.52
10/31/1999 (2.20) 93.54
10/31/1998 (2.02) 136.59
10/31/1997 (1.92) 130.48
10/31/1996 (5) (2.06) 10.11
09/30/1996 (1.00) 160.72
Class C 04/30/2000 (2) (1.98) 77.52
Class M 04/30/2000 (1.88) 77.52
10/31/1999 (4) (2.10) 93.54
10/31/1998 (1.92) 136.59
10/31/1997 (1.82) 130.48
10/31/1996 (5) (1.96) 10.11
09/30/1996 (6) (0.90) 160.72
09/30/1995 (7) 0.20 262.97
IDEX JCC Flexible Income
Class A 04/30/2000 6.42% 57.88%
10/31/1999 5.72 100.22
10/31/1998 6.22 90.63
10/31/1997 6.41 135.53
10/31/1996 (5) 6.15 16.16
09/30/1996 6.46 135.38
09/30/1995 7.03 149.58
Class B 04/30/2000 5.77 57.88
10/31/1999 5.07 100.22
10/31/1998 5.57 90.63
10/31/1997 5.76 135.53
10/31/1996 (5) 5.50 16.16
09/30/1996 5.81 135.38
Class C 04/30/2000 (2) 5.77 57.88
Class M 04/30/2000 5.87 57.88
10/31/1999 (4) 5.17 100.22
10/31/1998 5.67 90.63
10/31/1997 5.86 135.53
10/31/1996 (5) 5.60 16.16
09/30/1996 5.91 135.38
09/30/1995 6.48 149.58
IDEX Alger Aggressive Growth
Class A 04/30/2000 (1.17) 34.82
10/31/1999 (1.15) 96.25
10/31/1998 (1.11) 142.08
10/31/1997 (1.07) 120.96
10/31/1996 (5) (1.06) 9.40
09/30/1996 (6) (1.15) 127.49
09/30/1995 (7) (2.39) 88.28
Class B 04/30/2000 (1.82) 34.82
10/31/1999 (1.80) 96.25
10/31/1998 (1.76) 142.08
10/31/1997 (1.71) 120.96
10/31/1996 (5) (1.71) 9.40
09/30/1996 (6) (1.80) 127.49
Class C 04/30/2000 (2) (1.82) 34.82
Class M 04/30/2000 (1.72) 34.82
10/31/1999 (4) (1.70) 96.25
10/31/1998 (1.66) 142.08
10/31/1997 (1.62) 120.96
10/31/1996 (5) (1.62) 9.40
09/30/1996 (6) (1.70) 127.49
09/30/1995 (7) (2.94) 88.28
IDEX T. Rowe Price Dividend Growth
Class A 04/30/2000 0.90 34.93
10/31/1999 (3) 1.09 20.48
Class B 04/30/2000 0.25 34.93
10/31/1999 (3) 0.44 20.48
Class C 04/30/2000 (2) 0.25 34.93
Class M 04/30/2000 0.35 34.93
10/31/1999 (3) 0.54 20.48
IDEX T. Rowe Price Small Cap
Class A 04/30/2000 (1.09)% 26.67%
10/31/1999 (3) (1.15) 42.52
Class B 04/30/2000 (1.74) 26.67
10/31/1999 (3) (1.80) 42.52
Class C 04/30/2000 (2) (1.74) 26.67
Class M 04/30/2000 (1.64) 26.67
10/31/1999 (3) (1.70) 42.52
IDEX Pilgrim Baxter Mid Cap Growth
Class A 04/30/2000 (0.80) 91.87
10/31/1999 (3) (0.88) 150.78
Class B 04/30/2000 (1.45) 91.87
10/31/1999 (3) (1.53) 150.78
Class C 04/30/2000 (2) (1.45) 91.87
Class M 04/30/2000 (1.35) 91.87
10/31/1999 (3) (1.43) 150.78
IDEX Pilgrim Baxter Technology
Class A 04/30/2000 (1) (0.65) 48.81
Class B 04/30/2000 (1) (1.30) 48.81
Class C 04/30/2000 (1) (1.30) 48.81
Class M 04/30/2000 (1) (1.20) 48.81
IDEX Goldman Sachs Growth
Class A 04/30/2000 (0.55) 13.76
10/31/1999 (3) (0.55) 21.91
Class B 04/30/2000 (1.20) 13.76
10/31/1999 (3) (1.20) 21.91
Class C 04/30/2000 (2) (1.20) 13.76
Class M 04/30/2000 (1.10) 13.76
10/31/1999 (3) (1.10) 21.91
IDEX Transamerica Equity
Class A 04/30/2000 (1) (1.01) 5.82
Class B 04/30/2000 (1) (1.66) 5.82
Class C 04/30/2000 (1) (1.66) 5.82
Class M 04/30/2000 (1) (1.56) 5.82
IDEX Transamerica Small Company
Class A 04/30/2000 (1) (1.00) 2.80
Class B 04/30/2000 (1) (1.65) 2.80
Class C 04/30/2000 (1) (1.65) 2.80
Class M 04/30/2000 (1) (1.55) 2.80
IDEX Salomon All Cap
Class A 04/30/2000 0.47 54.11
10/31/1999 (3) 0.35 82.70
Class B 04/30/2000 (0.18) 54.11
10/31/1999 (3) (0.30) 82.70
Class C 04/30/2000 (2) (0.18) 54.11
Class M 04/30/2000 (0.08) 54.11
10/31/1999 (3) (0.20) 82.70
IDEX AEGON Income Plus
Class A 04/30/00 7.17% 2.57%
10/31/1999 6.41 26.95
10/31/1998 6.38 53.09
10/31/1997 7.14 62.28
10/31/1996 (5) 5.60 1.58
09/30/1996 6.89 65.96
09/30/1995 7.53 25.07
Class B 04/30/00 6.52 2.57
10/31/1999 5.76 26.95
10/31/1998 5.73 53.09
10/31/1997 6.49 62.28
10/31/1996 (5) 4.95 1.58
09/30/1996 6.24 65.96
Class C 04/30/2000 (2) 6.52 2.57
Class M 04/30/00 6.62 2.57
10/31/1999 (4) 5.86 26.95
10/31/1998 5.83 53.09
10/31/1997 6.59 62.28
10/31/1996 (5) 5.05 1.58
09/30/1996 6.34 65.96
09/30/1995 6.98 25.07
IDEX AEGON Tax Exempt
Class A 04/30/00 4.26 14.73
10/31/1999 3.83 35.97
10/31/1998 4.08 42.42
10/31/1997 4.60 71.29
10/31/1996 (5) 4.60 3.79
09/30/1996 4.88 71.05
09/30/1995 4.83 126.48
Class B 04/30/00 3.61 14.73
10/31/1999 3.18 35.97
10/31/1998 3.43 42.42
10/31/1997 3.95 71.29
10/31/1996 (5) 3.94 3.79
09/30/1996 4.23 71.05
Class C 04/30/2000 (2) 3.61 14.73
Class M 04/30/00 4.01 14.73
10/31/1999 (4) 3.58 35.97
10/31/1998 3.83 42.42
10/31/1997 4.35 71.29
10/31/1996 (5) 4.34 3.79
09/30/1996 4.63 71.05
09/30/1995 4.58 126.48
IDEX GE International Equity
Class A 04/30/2000 (0.06)% 91.89%
10/31/1999 (0.16) 71.70
10/31/1998 (6) (0.21) 50.01
10/31/1997 (8) 0.19 21.85
Class B 04/30/2000 (0.71) 91.89
10/31/1999 (0.81) 71.70
10/31/1998 (6) (0.86) 50.01
10/31/1997 (8) (0.45) 21.85
Class C 04/30/2000 (2) (0.71) 91.89
Class M 04/30/2000 (0.61) 91.89
10/31/1999 (4) (0.71) 71.70
10/31/1998 (6) (0.76) 50.01
10/31/1997 (8) (0.35) 21.85
IDEX GE U.S. Equity
Class A 04/30/2000 (1) (0.44) 15.40
Class B 04/30/2000 (1) (1.09) 15.40
Class C 04/30/2000 (1) (1.09) 15.40
Class M 04/30/2000 (1) (0.99) 15.40
IDEX Dean Asset Allocation
Class A 04/30/2000 2.56 16.82
10/31/1999 (6) 2.12 82.20
10/31/1998 1.82 55.45
10/31/1997 1.57 71.63
10/31/1996 (5) 1.26 2.38
09/30/1996 0.72 56.22
Class B 04/30/2000 1.91 16.82
10/31/1999 (6) 1.47 82.20
10/31/1998 1.17 55.45
10/31/1997 0.92 71.63
10/31/1996 (5) 0.61 2.38
09/30/1996 0.07 56.22
Class C 04/30/2000 (2) 1.91 16.82
Class M 04/30/2000 2.01 16.82
10/31/1999 (4) (6) 1.57 82.20
10/31/1998 1.27 55.45
10/31/1997 1.02 71.63
10/31/1996 (5) 0.71 2.38
09/30/1996 0.17 56.22
IDEX LKCM Strategic Total Return
Class A 04/30/2000 1.57 30.52
10/31/1999 1.20 60.18
10/31/1998 1.30 32.12
10/31/1997 1.41 51.44
10/31/1996 (5) 1.47 5.50
09/30/1996 1.67 40.58
09/30/1995 (7) 0.85 34.67
Class B 04/30/2000 0.92 30.52
10/31/1999 0.55 60.18
10/31/1998 0.65 32.12
10/31/1997 0.76 51.44
10/31/1996 (5) 0.82 5.50
09/30/1996 1.02 40.58
Class C 04/30/2000 (2) 0.92 30.52
Class M 04/30/2000 1.02 30.52
10/31/1999 (4) 0.65 60.18
10/31/1998 0.75 32.12
10/31/1997 0.86 51.44
10/31/1996 (5) 0.92 5.50
09/30/1996 1.12 40.58
09/30/1995 (7) 0.30 34.67
IDEX NWQ Value Equity
Class A 04/30/2000 0.31% 29.37%
10/31/1999 (6) 0.21 26.29
10/31/1998 - 30.43
10/31/1997 (8) 0.38 6.40
Class B 04/30/2000 (0.34) 29.37
10/31/1999 (6) (0.44) 26.29
10/31/1998 (0.65) 30.43
10/31/1997 (8) (0.28) 6.40
Class C 04/30/2000 (2) (0.34) 29.37
Class M 04/30/2000 (0.24) 29.37
10/31/1999 (4) (6) (0.34) 26.29
10/31/1998 (0.55) 30.43
10/31/1997 (8) (0.18) 6.40
IDEX C.A.S.E. Growth
Class A 04/30/2000 (0.72) 121.34
10/31/1999 (0.99) 125.60
10/31/1998 (0.73) 147.01
10/31/1997 (6) (0.34) 183.06
10/31/1996 (5) 0.27 20.69
09/30/1996 (10) 10.00 654.49
Class B 04/30/2000 (1.37) 121.34
10/31/1999 (1.64) 125.60
10/31/1998 (1.38) 147.01
10/31/1997 (6) (0.99) 183.06
10/31/1996 (5) 0.38 20.69
09/30/1996 (10) 9.35 654.49
Class C 04/30/2000 (2) (1.37) 121.34
Class M 04/30/2000 (1.27) 121.34
10/31/1999 (4) (1.54) 125.60
10/31/1998 (1.28) 147.01
10/31/1997 (6) (0.89) 183.06
10/31/1996 (5) 0.28 20.69
09/30/1996 (10) 9.45 654.49
Notes to Financial Highlights
(1) From commencement of investment operations, March 1, 2000.
(2) From commencement of investment operations, November 1, 1999.
(3) From commencement of investment operations, March 1, 1999.
(4) On March 1, 1999, the fund changed the load and expense structure
of C shares and renamed them M shares.
(5) For the month ended October 31, 1996. On October 1, 1996, each
fund changed its fiscal year end from September 30 to October 31.
(6) 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 International Equity Classes A, B
and M, for the period ended 10/31/98 in the amount of $0.06, $0.01
and $0.02, respectively and for IDEX JCC Capital Appreciation Classes
A and M, for the period ended
9/30/96 in the amount of $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.
(7) From commencement of investment operations, December 2, 1994.
(8) From commencement of investment operations, February 1, 1997.
(9) From commencement of investment operations, September 20, 1996.
(10) From commencement of investment operations, February 1, 1996.
(11) Total return has been calculated for the applicable period without
deduction of a sales load, if any, on an initial purchase for Class A,
Class C or Class T Shares.
Periods of less than one year are not annualized.
(12) 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 (total 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).
(13) 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.
(14) Periods of less than one year are not annualized.
(15) Net investment income, the ratio of net investment income to average
net assets and the portfolio turnover rate reflect activity relating to a
non-recurring initiative to invest in divident producing securities.
See notes to the Financial Highlights at pages 126 and 127.
The notes to the financial statements are an integral part of these
statements.
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited)
April 30, 2000
NOTE 1.Organization and significant accounting policies:
IDEX Mutual Funds 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
twenty-two series or "funds" (each a "Fund" and collectively the "Funds").
All Funds are diversified except IDEX JCC Capital Appreciation, IDEX Salomon
All Cap and IDEX Pilgrim Baxter Technology.
On November 1, 1999, the Funds added a new class of shares for sale: Class C
shares. On March 1, 2000, four new series were added to IDEX Mutual Funds:
IDEX Pilgrim Baxter Technology, IDEX GE U.S. Equity, IDEX Transamerica
Equity and IDEX Transamerica Small Company. Also at that time, IDEX
GE/Scottish Equitable International Equity became IDEX GE International
Equity.
Multiple class operations: The Funds currently offer for sale four classes
of shares (five 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 10/31/99 $ 2,137 900
Sales 20,454 700
Closing Buys (22,591) (1,600)
Expirations 0 0
Exercised 0 0
Balance at 4/30/00 $ 0 0
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.
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 Transamerica Investment Management, LLC are
affiliates of the Funds and are sub-advisers to certain Funds.
Management fees paid to IMI for its services and other information for the
period ended April 30, 2000 are as follows:
Annual Rates Underwriter Commissions (3)
Expense Limit Class A Class B Class C
Management (excluding 12b-1 12b-1 12b-1
Fee (1) 12b-1 fees)(2) Fee Fee Fee
IDEX JCC Growth 0.825% 1.50% 0.35% 1.00% 1.00%
IDEX JCC Global 1.000% -none- 0.35% 1.00% 1.00%
IDEX JCC Balanced 1.000% 1.50% 0.35% 1.00% 1.00%
IDEX JCC Capital Appreciation 1.000% 1.50% 0.35% 1.00% 1.00%
IDEX JCC Flexible Income 0.875% 1.50% 0.35% 1.00% 1.00%
IDEX Alger Aggressive Growth 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX T. Rowe Price Dividend Growth 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX T. Rowe Price Small Cap 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX Pilgrim Baxter Mid Cap Growth 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX Pilgrim Baxter Technology 1.000% 1.40% 0.35% 1.00% 1.00%
IDEX Goldman Sachs Growth 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX Transamerica Equity 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX Transamerica Small Company 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX Salomon All Cap 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX AEGON Income Plus 0.600% 1.25% 0.35% 1.00% 1.00%
IDEX AEGON Tax Exempt 0.600% 1.00% 0.35% 1.00% 1.00%
IDEX GE International Equity 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX GE U.S. Equity 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX Dean Asset Allocation 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX LKCM Strategic Total Return 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX NWQ Value Equity 0.800% 1.20% 0.35% 1.00% 1.00%
IDEX C.A.S.E. Growth 0.800% 1.20% 0.35% 1.00% 1.00%
Underwriter Commissions (3)
Class Received Retained Contingent
12b-1 by by Sales
Fee ISI ISI Charges
IDEX JCC Growth 0.90% $9,985,762 $8,827,054 $361,906
IDEX JCC Global 0.90% 6,455,622 5,793,457 121,892
IDEX JCC Balanced 0.90% 1,644,992 1,462,550 87,456
IDEX JCC Capital Appreciation 0.90% 3,832,947 3,381,189 111,790
IDEX JCC Flexible Income 0.90% 69,428 61,259 6,819
IDEX Alger Aggressive Growth 0.90% 2,145,168 1,872,217 60,990
IDEX T. Rowe Price Dividend Growth 0.90% 74,579 64,794 3,998
IDEX T. Rowe Price Small Cap 0.90% 124,045 108,831 810
IDEX Pilgrim Baxter Mid Cap Growth 0.90% 728,714 639,792 7,862
IDEX Pilgrim Baxter Technology 0.90% 619,288 549,434 14,267
IDEX Goldman Sachs Growth 0.90% 105,009 92,290 2,746
IDEX Transamerica Equity 0.90% 7,543 6,480 0
IDEX Transamerica Small Company 0.90% 44,142 39,548 0
IDEX Salomon All Cap 0.90% 116,029 100,772 2,281
IDEX AEGON Income Plus 0.90% 63,549 56,280 15,293
IDEX AEGON Tax Exempt 0.60% 12,412 10,298 1,909
IDEX GE International Equity 0.90% 43,867 37,734 1,311
IDEX GE U.S. Equity 0.90% 13,281 11,341 0
IDEX Dean Asset Allocation 0.90% 18,680 16,445 6,423
IDEX LKCM Strategic Total Return 0.90% 211,336 179,557 23,830
IDEX NWQ Value Equity 0.90% 45,679 40,183 5,153
IDEX C.A.S.E. Growth 0.90% 47,154 40,747 5,022
First Next
$750 $250 Over
million million $1 billion
IDEX JCC Growth* 1.00% 0.90% 0.85%
IDEX JCC Global 1.00% 0.90% 0.85%
IDEX JCC Balanced* 1.00% 0.90% 0.85%
IDEX JCC Capital Appreciation* 1.00% 0.90% 0.85%
IDEX JCC Flexible Income**
IDEX Alger Aggressive Growth
IDEX T. Rowe Price Dividend Growth
IDEX T. Rowe Price Small Cap
IDEX Pilgrim Baxter Mid Cap Growth
IDEX Pilgrim Baxter Technology
IDEX Goldman Sachs Growth
IDEX Transamerica Equity
IDEX Transamerica Small Company
IDEX Salomon All Cap
IDEX AEGON Income Plus 0.60% 0.60% 0.60%
IDEX AEGON Tax Exempt 0.60% 0.60% 0.60%
IDEX GE International Equity
IDEX GE U.S. Equity
IDEX Dean Asset Allocation
IDEX LKCM Strategic Total Return
IDEX NWQ Value Equity
IDEX C.A.S.E. Growth
First Next Over First Over
$100 $150 $250 $500 $500
millionmillion million million mil
IDEX JCC Growth*
IDEX JCC Global
IDEX JCC Balanced*
IDEX JCC Capital Appreciation*
IDEX JCC Flexible Income** 0.90% 0.80% 0.70%
IDEX Alger Aggressive Growth 0.80% 0.70%
IDEX T. Rowe Price Dividend Growth 0.80% 0.70%
IDEX T. Rowe Price Small Cap 0.80% 0.70%
IDEX Pilgrim Baxter Mid Cap Growth 0.80% 0.70%
IDEX Pilgrim Baxter Technology 1.00% 0.90%
IDEX Goldman Sachs Growth 0.80% 0.70%
IDEX Transamerica Equity 0.80% 0.70%
IDEX Transamerica Small Company 0.80% 0.70%
IDEX Salomon All Cap 0.80% 0.70%
IDEX AEGON Income Plus
IDEX AEGON Tax Exempt
IDEX GE International Equity 0.80% 0.70%
IDEX GE U.S. Equity 0.80% 0.70%
IDEX Dean Asset Allocation 0.80% 0.70%
IDEX LKCM Strategic Total Return 0.80% 0.70%
IDEX NWQ Value Equity 0.80% 0.70%
IDEX C.A.S.E. Growth 0.80% 0.70%
* 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 International Equity's expense limit was 1.45% for the four
months ended February 28, 2000, 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 $15.70 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: State Street Bank and Trust Company ("State
Street") is custodian for the Funds. Custody earnings credits represent
reductions in State Street'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 on security
transactions placed with an affiliate of its sub-adviser for the period
ended April 30, 2000 by each of IDEX Alger Aggressive Growth, IDEX Goldman
Sachs Growth and IDEX Salomon All Cap totaled $90,118, $6,348 and $24,576,
respectively.
Deferred compensation plan: Each eligible Fund trustee may elect
participation in the Deferred Compensation Plan ("the Plan"). Under the
Plan, such trustees may defer payment of a percentage of their total fees
earned as a Fund trustee. These deferred amounts may be invested in any
Fund. Contributions made under the Plan and appreciation (depreciation) and
income of Plan assets are included in Trustees fees and expenses. At April
30, 2000, 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 JCC Growth $328,411 IDEX Transamerica Equity $ 0
IDEX JCC Global 112,218 IDEX Transamerica Small Company 0
IDEX JCC Balanced 21,558 IDEX Salomon All Cap 529
IDEX JCC Capital Appreciation 19,969 IDEX AEGON Income Plus 5,622
IDEX JCC Flexible Income 2,326 IDEX AEGON Tax Exempt 2,016
IDEX Alger Aggressive Growth 20,856 IDEX GE International Equity 791
IDEX T. Rowe Price Dividend Growth 573 IDEX GE U.S. Equity 0
IDEX T. Rowe Price Small Cap 486 IDEX Dean Asset Allocation 2,495
IDEX Pilgrim Baxter MidCap Grwth 1,453 IDEX LKCM Strategic Ttl Retrn
6,151
IDEX Pilgrim Baxter Technology 0 IDEX NWQ Value Equity 666
IDEX Goldman Sachs Growth 700 IDEX C.A.S.E. Growth 1,035
Total $527,855
NOTE 3. Investment transactions:
The cost of securities purchased and proceeds from securities sold
(excluding U.S. Government short-term securities and other investments
usually held to maturity) for the period ended April 30, 2000 were as
follows:
Non-U.S. Non-U.S.
Government purchases Government
sales
IDEX JCC Growth $1,210,785,788 $646,265,957
IDEX JCC Global 645,984,349 340,343,396
IDEX JCC Balanced 158,005,897 92,274,214
IDEX JCC Capital Appreciation 518,435,583 210,997,988
IDEX JCC Flexible Income 13,658,684 11,849,349
IDEX Alger Aggressive Growth 166,910,116 86,933,338
IDEX T. Rowe Price Dividend Growth 7,174,175 2,243,646
IDEX T. Rowe Price Small Cap 10,036,937 1,880,686
IDEX Pilgrim Baxter Mid Cap Growth 92,774,306 27,098,905
IDEX Pilgrim Baxter Technology 69,537,194 17,252,183
IDEX Goldman Sachs Growth 6,050,752 1,028,506
IDEX Transamerica Equity 2,333,341 108,947
IDEX Transamerica Small Company 4,353,966 82,125
IDEX Salomon All Cap 11,372,414 3,836,037
IDEX AEGON Income Plus 1,851,426 9,764,316
IDEX AEGON Tax Exempt 2,944,920 7,382,178
IDEX GE International Equity 9,388,378 7,652,067
IDEX GE U.S. Equity 1,486,498 162,692
IDEX Dean Asset Allocation 3,098,727 10,746,838
IDEX LKCM Strategic Total Return 16,539,956 17,963,707
IDEX NWQ Value Equity 4,686,351 4,619,166
IDEX C.A.S.E. Growth 13,153,181 12,034,870
U.S. U.S.
Government purchasesGovernment sales
IDEX JCC Growth $ - -$
IDEX JCC Global - -
IDEX JCC Balanced 42,481,694 5,815,055
IDEX JCC Capital Appreciation - -
IDEX JCC Flexible Income 4,243,223 3,697,489
IDEX Alger Aggressive Growth - -
IDEX T. Rowe Price Dividend Growth 86,127 18,814
IDEX T. Rowe Price Small Cap - -
IDEX Pilgrim Baxter Mid Cap Growth
IDEX Pilgrim Baxter Technology - -
IDEX Goldman Sachs Growth 128,877 -
IDEX Transamerica Equity - -
IDEX Transamerica Small Company - -
IDEX Salomon All Cap - -
IDEX AEGON Income Plus - 830,000
IDEX AEGON Tax Exempt - -
IDEX GE International Equity - -
IDEX GE U.S. Equity 20,491 3,339
IDEX Dean Asset Allocation 834,650 1,994,997
IDEX LKCM Strategic Total Return 2,887,145 776,841
IDEX NWQ Value Equity - -
IDEX C.A.S.E. Growth - -
NOTE 4. Shares of beneficial interest transactions (all amounts in
thousands):
IDEX JCC Growth
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 6,315 $309,191 27,876 $1,136,277
Class B 6,665 316,859 6,437 255,166
Class C 1,783 84,970 - -
Class M 2,555 122,204 18,101 628,319
Class T 967 48,295 1,824 72,436
Shares issued on reinvestment
of distributions
Class A 5,511 $251,201 304 $10,422
Class B 1,452 64,245 21 704
Class C 26 1,144 - -
Class M 617 27,409 12 418
Class T 4,311 199,628 276 9,606
Cost of shares repurchased
Class A (4,686) $(230,513) (24,632)$(1,005,620)
Class B (950) (45,221) (657) (26,339)
Class C (68) (3,290) - -
Class M (463) (22,257) (17,035) (576,096)
Class T (1,561) (78,371) (2,921) (118,655)
IDEX JCC Global
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 6,281 $280,378 27,700 $820,257
Class B 4,582 201,389 4,663 133,208
Class C 1,758 78,827 - -
Class M 2,276 99,973 5,826 167,072
Class T N/A N/A N/A N/A
Shares issued on reinvestment
of distributions
Class A 384 $15,452 - $-
Class B 252 9,869 -
-
Class C 2 79 - -
Class M 132 5,208 -
-
Class T N/A N/A N/A N/A
Cost of shares repurchased
Class A (4,195) $(183,791) (25,574) $(761,747)
Class B (509) (21,939) (739) (21,243)
Class C (70) (3,170) - -
Class M (424) (17,210) (3,810) (109,732)
Class T N/A N/A N/A N/A
IDEX JCC Balanced
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 2,169 $44,304 2,382 $42,864
Class B 3,914 79,502 4,512 80,957
Class C 1,059 21,711 - -
Class M 1,085 22,051 1,655 29,799
Shares issued on reinvestment
of distributions
Class A 85 $1,681 34 $591
Class B 103 2,062 18
305
Class C 3 56 - -
Class M 37 730 8 128
Cost of shares repurchased
Class A (549) $(11,206) (402) $(7,174)
Class B (659) (13,403) (438) (7,823)
Class C (61) (1,243) - -
Class M (256) (5,191) (194) (3,463)
IDEX JCC Capital Appreciation
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 3,233 $137,592 2,997 $69,975
Class B 3,398 138,396 1,031 25,835
Class C 1,064 43,980 - -
Class M 1,038 42,459 308 7,654
Shares issued on reinvestment
of distributions
Class A 148 $5,270 137 $2,383
Class B 89 3,103 24
415
Class C 6 218 - -
Class M 26 925 8 138
Cost of shares repurchased
Class A (852) $(34,958) (2,136) $(47,461)
Class B (291) (11,205) (83) (1,988)
Class C (79) (3,119) - -
Class M (79) (3,141) (69) (1,563)
IDEX JCC Flexible Income
Six Months Ended 04/30/00 Year Ended
10/31/99
Shares Amount Shares
Amount
Proceeds from shares sold
Class A 132 $1,262 638 $6,150
Class B 776 7,349 1,076
10,476
Class C 291 2,762 -
-
Class M 136 1,279 402
3,928
Shares issued on reinvestment
of distributions
Class A 38 $357 68 $662
Class B 27 256 28 270
Class C 3 25 - -
Class M 10 99 15 143
Cost of shares repurchased
Class A (250) $(2,369) (646) $(6,223)
Class B (498) (4,710) (395) (3,804)
Class C (108) (1,021) - -
Class M (128) (1,211) (242) (2,340)
IDEX Alger Aggressive Growth
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 2,189 $89,952 3,067 $89,148
Class B 1,399 57,252 1,087 31,340
Class C 301 12,435 - -
Class M 416 17,099 393 11,279
Shares issued on reinvestment
of distributions
Class A 241 $9,006 98 $2,472
Class B 129 4,727 24
610
Class C 1 46 - -
Class M 47 1,745 13
318
Cost of shares repurchased
Class A (1,235) $(50,356) (2,224) $(64,513)
Class B (156) (6,366) (132) (3,751)
Class C (17) (721) - -
Class M (71) (2,817) (90) (2,523)
IDEX T. Rowe Price Dividend Growth
Six Months Ended 04/30/00 Period Ended 10/31/99
Shares Amount Shares
Amount
Proceeds from shares sold
Class A 191 $1,857 188 $1,940
Class B 333 3,238 221
2,294
Class C 104 994 - -
Class M 68 669 109 1,133
Shares issued on reinvestment
of distributions
Class A 1 $11 - $3
Class B 1 5 - 1
Class C - 1 - -
Class M - 2 - 1
Cost of shares repurchased
Class A (43) $(415) (8)
$(81)
Class B (95) (927) (12) (124)
Class C - (3) - -
Class M (48) (471) (5) (53)
IDEX T. Rowe Small Cap
Six Months Ended 04/30/00 Period Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 292 $4,057 126 $1,321
Class B 248 3,483 105
1,106
Class C 57 795 - -
Class M 77 1,042 65
676
Shares issued on reinvestment
of distributions
Class A 3 $41 - $-
Class B 3 33 - -
Class C - 1 - -
Class M 2 20 - -
Cost of shares repurchased
Class A (27) $(396) (10)
$(111)
Class B (22) (312) (2) (22)
Class C (4) (55) - -
Class M (7) (99) (3) (27)
IDEX Pilgrim Baxter Mid Cap Growth
Six Months Ended 04/30/00 Period Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 1,494 $34,603 181 $2,319
Class B 1,531 33,738 201 2,612
Class C 307 6,742 -
-
Class M 319 7,040 72
888
Shares issued on reinvestment
of distributions
Class A 4 $68 - $-
Class B 5 83 - -
Class C - 5 - -
Class M 2 27 - -
Cost of shares repurchased
Class A (401) $(9,474) (7) $(88)
Class B (145) (3,049) (6) (85)
Class C (37) (845) - -
Class M (21) (414) (3) (35)
IDEX Pilgrim Baxter Technology
Period Ended 04/30/00
Shares Amount
Proceeds from shares sold
Class A 2,825 $25,032
Class B 2,744 22,431
Class C 1,011 8,321
Class M 834 7,554
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class C - -
Class M - -
Cost of shares repurchased
Class A (617) $(6,004)
Class B (121) (874)
Class C (51) (379)
Class M (9) (73)
IDEX Goldman Sachs Growth
Six Months Ended 04/30/00 Period Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 194 $2,361 181 $1,946
Class B 247 2,984 203
2,194
Class C 52 621 - -
Class M 95 1,134 69
732
Shares issued on reinvestment
of distributions
Class A - $6 - $-
Class B - 7 - -
Class C - 1 - -
Class M - 3 - -
Cost of shares repurchased
Class A (71) $(870) (7)
$(87)
Class B (50) (608) (4) (46)
Class C (8) (90) - -
Class M (14) (163) (3) (31)
IDEX Transamerica Equity
Period Ended 04/30/00
Shares Amount
Proceeds from shares sold
Class A 133 $1,365
Class B 58 596
Class C 36 366
Class M 15 153
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class C - -
Class M - -
Cost of shares repurchased
Class A (9) $(97)
Class B (2) (20)
Class C (1) (1)
Class M - -
IDEX Transamerica Small Company
Period Ended 04/30/00
Shares Amount
Proceeds from shares sold
Class A 118 $1,131
Class B 198 1,804
Class C 67 647
Class M 93 879
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class C - -
Class M - -
Cost of shares repurchased
Class A - $(3)
Class B (5) (44)
Class C - (1)
Class M - -
IDEX Salomon All Cap
Six Months Ended 04/30/00 Period Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 258 $3,472 164 $1,895
Class B 281 3,708 148
1,707
Class C 88 1,182 -
-
Class M 67 881 63 713
Shares issued on reinvestment
of distributions
Class A 3 $33 - $-
Class B 2 28 - -
Class C - 2 - -
Class M 1 12 - -
Cost of shares repurchased
Class A (39) $(491) (3)
$(43)
Class B (63) (830) (13) (156)
Class C (1) (10) - -
Class M (11) (127) (1) (13)
IDEX AEGON Income Plus
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 602 $5,723 2,123 $21,588
Class B 393 3,745 1,194
12,105
Class C 92 874 - -
Class M 100 956 9,542 95,731
Shares issued on reinvestment
of distributions
Class A 190 $1,811 425 $4,292
Class B 44 417 57 569
Class C 1 6 - -
Class M 17 161 42 420
Cost of shares repurchased
Class A (1,555) $(14,789) (2,527) $(25,451)
Class B (418) (3,967) (397) (3,992)
Class C (4) (36) - -
Class M (201) (1,905) (9,404) (94,166)
IDEX AEGON Tax Exempt
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 30 $317 560 $6,410
Class B 21 218 102 1,163
Class C 10 110 - -
Class M 4 38 125 1,455
Shares issued on reinvestment
of distributions
Class A 37 $396 71 $816
Class B 3 30 3 38
Class C 1 2 - -
Class M 5 56 8 94
Cost of shares repurchased
Class A (457) $(4,834) (519) $(5,947)
Class B (47) (492) (41) (465)
Class C (2) (15) - -
Class M (51) (531) (61) (696)
IDEX GE International Equity
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 92 $1,348 181 $2,169
Class B 77 1,113 44
530
Class C 22 317 - -
Class M 11 158 19 229
Shares issued on reinvestment
of distributions
Class A 14 $183 - $-
Class B 5 61 - -
Class C - - - -
Class M 1 18 - -
Cost of shares repurchased
Class A (38) $(551) (262)
$(3,181)
Class B (20) (290) (36) (431)
Class C (2) (29) - -
Class M (5) (78) (18) (215)
IDEX GE U.S. Equity
Period Ended 04/30/00
Shares Amount
Proceeds from shares sold
Class A 52 $544
Class B 62 651
Class C 29 304
Class M 23 235
Shares issued on reinvestment
of distributions
Class A - $-
Class B - -
Class C - -
Class M - -
Cost of shares repurchased
Class A (1) $(15)
Class B (12) (130)
Class C - (4)
Class M - -
IDEX Dean Asset Allocation
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 113 $1,311 295 $3,687
Class B 45 508 248 3,138
Class C 13 148 - -
Class M 14 164 131 1,654
Shares issued on reinvestment
of distributions
Class A 16 $178 83 $1,022
Class B 12 140 74 914
Class C - - - -
Class M 5 51 35 435
Cost of shares repurchased
Class A (355) $(4,071) (527) $(6,547)
Class B (334) (3,833) (407) (5,065)
Class C (1) (10) - -
Class M (161) (1,851) (327) (4,088)
IDEX LKCM Strategic Total Return
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 388 $6,807 650 $11,161
Class B 280 4,912 437
7,519
Class C 77 1,346 -
-
Class M 60 1,047 247
4,227
Shares issued on reinvestment
of distributions
Class A 66 $1,165 50 $824
Class B 25 446 12 202
Class C - 3 - -
Class M 13 238 9 140
Cost of shares repurchased
Class A (347) $(6,091) (526) $(9,032)
Class B (167) (2,951) (173) (2,963)
Class C (1) (21) - -
Class M (131) (2,305) (188) (3,229)
IDEX NWQ Value Equity
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 135 $1,545 358 $4,103
Class B 222 2,539 453
5,390 Class C 37 414 -
- Class M 48 543 130
1,535
Shares issued on reinvestment
of distributions
Class A - $1 18 $188
Class B - 1 12 119
Class C - - - -
Class M - - 4 44
Cost of shares repurchased
Class A (214) $(2,424) (393) $(4,503)
Class B (187) (2,085) (263) (2,934)
Class C - (1) - -
Class M (58) (656) (119) (1,338)
IDEX C.A.S.E. Growth
Six Months Ended 04/30/00 Year Ended 10/31/99
Shares Amount Shares Amount
Proceeds from shares sold
Class A 117 $1,471 156 $1,798
Class B 146 1,774 164
1,916
Class C 28 335 - -
Class M 20 248 57 673
Shares issued on reinvestment
of distributions
Class A 6 $81 35 $340
Class B 5 66 20 200
Class C - - - -
Class M 2 23 7 63
Cost of shares repurchased
Class A (95) $(1,183) (240) $(2,698)
Class B (129) (1,563) (106) (1,208)
Class C (1) (8) - -
Class M (34) (417) (40) (441)
The following schedule reflects the number of shareholder accounts, each
owning 5% or more of a fund class and the total percentage
of the class held by such shareholders.
Fund Shareholder Accounts % of Class Held
IDEX JCC Growth Class T 1 24.6 %
IDEX JCC Flexible Income Class C 3 25.7
IDEX T. Rowe Price Dividend Growth Class A 1 5.1
IDEX T. Rowe Price Dividend Growth Class C 4 35.5
IDEX T. Rowe Price Dividend Growth Class M 2 19.4
IDEX T. Rowe Price Small Cap Class A 2 14.5
IDEX T. Rowe Price Small Cap Class B 1 10.3
IDEX T. Rowe Price Small Cap Class C 3 17.0
IDEX T. Rowe Price Small Cap Class M 3 38.1
IDEX Pilgrim Baxter Mid Cap Growth C 1 5.0
IDEX Pilgrim Baxter Technology Class C 1 8.0
IDEX Pilgrim Baxter Technology Class M 1 5.6
IDEX Goldman Sachs Growth Class A 1 5.6
IDEX Goldman Sachs Growth Class C 6 46.9
IDEX Goldman Sachs Growth Class M 3 22.8
IDEX Transamerica Equity Class A 4 63.8
IDEX Transamerica Equity Class B 2 39.3
IDEX Transamerica Equity Class C 6 68.8
IDEX Transamerica Equity Class M 2 90.0
IDEX Transamerica Small Company Class A 1 10.6
IDEX Transamerica Small Company Class B 2 11.9
IDEX Transamerica Small Company Class C 4 41.9
IDEX Transamerica Small Company Class M 2 18.9
IDEX Salomon All Cap Class C 3 24.1
IDEX Salomon All Cap Class M 6 52.1
IDEX AEGON Income Plus Class A 2 19.6
IDEX AEGON Income Plus Class C 4 56.4
IDEX AEGON Income Plus Class M 1 12.5
IDEX AEGON Tax Exempt Class B 5 32.8
IDEX AEGON Tax Exempt Class C 4 93.5
IDEX AEGON Tax Exempt Class M 4 45.4
IDEX GE International Equity Class A 2 28.7
IDEX GE International Equity Class C 7 59.1
IDEX GE International Equity Class M 3 42.3
IDEX GE U.S. Equity Class A 4 42.3
IDEX GE U.S. Equity Class B 3 36.5
IDEX GE U.S. Equity Class C 5 72.4
IDEX GE U.S. Equity Class M 3 82.1
IDEX Dean Asset Allocation Class A 1 6.5
IDEX Dean Asset Allocation Class C 6 74.9
IDEX Strategic Total Return Class C 1 9.3
IDEX NWQ Value Equity Class A 1 7.5
IDEX NWQ Value Equity Class C 5 52.2
IDEX NWQ Value Equity Class M 1 9.7
IDEX C.A.S.E. Growth Class A 1 12.4
IDEX C.A.S.E. Growth Class C 6 49.0
IDEX C.A.S.E. Growth Class M 3 16.3
NOTE 5.Information for Federal income tax purposes:
At April 30, 2000: Unrealized
Cost of appreciation of
securities investments
IDEX JCC Growth 2,444,389,967 1,965,715,648
IDEX JCC Global 1,152,826,732 566,863,310
IDEX JCC Balanced 321,063,163 35,650,533
IDEX JCC Capital Appreciation 416,898,881 61,364,880
IDEX JCC Flexible Income 30,833,875 246,912
IDEX Alger Aggressive Growth 237,674,548 93,043,028
IDEX T. Rowe Price Dividend Growth 9,642,633 605,120
IDEX T. Rowe Price Small Cap 11,995,402 1,821,085
IDEX Pilgrim Baxter Mid Cap Growth 74,820,493 4,641,744
IDEX Pilgrim Baxter Technology 50,973,425 1,719,578
IDEX Goldman Sachs Growth 10,731,909 1,208,152
IDEX Transamerica Equity 2,441,377 114,357
IDEX Transamerica Small Company 4,731,190 154,216
IDEX Salomon All Cap 13,478,880 1,178,355
IDEX AEGON Income Plus 72,799,240 101,616
IDEX AEGON Tax Exempt 19,976,643 72,016
IDEX GE International Equity 9,735,106 943,239
IDEX GE U.S.Equity 1,496,413 65,279
IDEX Dean Asset Allocation 21,717,959 2,040,185
IDEX LKCM Strategic Total Return 58,612,107 10,231,903
IDEX NWQ Value Equity 16,949,815 3,420,045
IDEX C.A.S.E. Growth 10,801,889 1,423,756
Unrealized Net unrealized
Depreciation of appreciation
Investments (depreciation)
IDEX JCC Growth (55,746,609) 1,909,969,039
IDEX JCC Global (51,229,131) 515,634,179
IDEX JCC Balanced (6,709,011) 28,941,522
IDEX JCC Capital Appreciation (69,548,773) (8,183,893)
IDEX JCC Flexible Income (967,955) (721,043)
IDEX Alger Aggressive Growth (13,939,968) 79,103,060
IDEX T. Rowe Price Dividend Growth (329,980) 275,140
IDEX T. Rowe Price Small Cap (1,242,610) 578,475
IDEX Pilgrim Baxter Mid Cap Growth (11,372,635) (6,730,891)
IDEX Pilgrim Baxter Technology (6,221,120) (4,501,542)
IDEX Goldman Sachs Growth (505,039) 703,113
IDEX Transamerica Equity (153,170) (38,813)
IDEX Transamerica Small Company (585,401) (431,185)
IDEX Salomon All Cap (591,872) 586,483
IDEX AEGON Income Plus (6,588,872) (6,487,256)
IDEX AEGON Tax Exempt (823,315) (751,299)
IDEX GE International Equity (673,311) 269,928
IDEX GE U.S.Equity (34,570) 30,709
IDEX Dean Asset Allocation (1,874,251) 165,934
IDEX LKCM Strategic Total Return (2,401,904) 7,829,999
IDEX NWQ Value Equity (1,370,223) 2,049,822
IDEX C.A.S.E. Growth (1,991,101) (567,345)
Realized net capital gains available for distribution were paid to
shareholders in December 1999. Capital loss carryforwards utilized during
the fiscal period ended October 31, 1999 for IDEX GE International Equity
and IDEX JCC Global were $314,431 and $4,732,928, respectively.
As of October 31, 1999, 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.
IDEX MUTUAL FUNDS
TO THE SHAREHOLDERS OF IDEX GE INTERNATIONAL EQUITY
Section 270.30d-1 under the Investment Company Act of 1940, as amended,
titled "Report to Stockholders of Management Companies," requires regulated
investment companies to report on all subject matters put to the vote of
shareholders and provide final results. Accordingly, IDEX Management, Inc.
solicited a vote by the shareholders for:
Proposal 1: Approval of a new Investment Advisory Agreement between IDEX
Management, Inc. and IDEX Mutual Funds on behalf of IDEX GE
International Equity.
Proposal 2: Approval of a new Sub-Advisory Agreement between IDEX
Management, Inc. and GE Asset Management Incorporated on beh
alf of IDEX GE International Equity.
FOR AGAINST ABSTAIN
Proposal 1 96.5% 1.3% 2.2%
Proposal 2 97.1% 0.7% 2.2%
IDEX Mutual Funds
TRUSTEES
Peter R. Brown
Treasure Island, Florida
Retired; former 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
Patrick S. Baird
Cedar Rapids, Iowa
President of the Fund;
Senior Vice President, Chief Financial Officer of AEGON USA
John R. Kenney
St. Petersburg, 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, Trustee Emeritus
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
John K. Carter
Vice President,
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 Asset 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 Corporation
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
Transamerica Investment Management, LLC
1150 South Olive Street, Suite 2700
Los Angeles, CA 90015
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 - Friday,
Eastern Standard Time
IDEX WEBSITE
www.idexfunds.com
DISTRIBUTOR
InterSecurities, Inc.
570 Carillon Parkway
St. Petersburg, Florida, 33716-1202
CUSTODIAN
State Street Bank and Trust Company
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
400 N. Ashley Drive, Suite 2800
Tampa, Florida 33602-4319
